MONDAY 22TH JANUARY 2024

Tinubu Seeks Review of Global Tax System, Says It Serves Interest of Rich Nations James Emejo in Abuja President Bola Ahmed Tinubu, yesterday, called for a review of the global taxation system to redress

imbalance in the international tax regime.

Tinubu, who spoke at the opening of Third South Summit of the Group of 77 and China, in

Kampala, Uganda, reaffirmed his commitment to multilateralism as a way of addressing global challenges.

The president was represented

at the event by Minister of Budget and Economic Planning, Senator Atiku Bagudu, according to a statement by Director, Information, Ministry of Budget and Economic

Planning, Mrs. Folasade Boriowo.

Stating that the issue of global taxation was crucial because of its impact on developing countries, Tinubu said current international

tax systems, largely shaped by the interests of more affluent nations, often left developing countries Continued on page 5

Oyedele: FG Meeting with State Governors to Suspend ‘Nuisance’ Taxes...

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Air Crash That Killed Attahiru Linked to Terror Financiers, Retired General Claims Wants Tinubu to probe crash Kingsley Nwezeh in Abuja Former General Officer Commanding (GOC) 1 Division of the Nigerian

Army, Maj Gen Danjuma Ali-Keffi (rtd), weekend, called on President Bola Tinubu to probe the air crash that killed former Chief of Army

Staff, Lt Gen Ibrahim Attahiru.

Ali-Keffi, who made the appeal in an interview with THISDAY, alleged that the crash was linked to terror

sponsors.

He lamented that no less a person than the chief of army staff and 11 senior officers died in a "suspicious"

In the no-holds-barred interview plane crash and the matter was swept under the carpet, as the full report with THISDAY, Ali-Keffi said Attahiru of the crash investigation was not Continued on page 5 made known.

The Economist: Kidnappers are Wreaking Havoc in Nigeria ȱ ¢ȱ ȱ ȱť

Says defence budget fallen in real terms Laments ‘many politicians seem keener to spend on themselves, rather than create the conditions for peace or fill the country’s fiscal hole’ FG: A lot has been done that goes unreported, a lot more in the works to tackle insecurity

GLO: TWENTY AND UNLIMITED...

Executive Vice Chairman of Globacom, Mrs. Bella Disu (9th from left) with some of the 89 staff members of Globacom who were rewarded with millions of naira for working for the company for up to 20 years at the Glo Staff Party held at Eko Hotel & Suites in Lagos on Saturday night

Akpabio, Makinde, Aiyedatiwa Grace Inauguration of First Female NSE President in 65 Years...

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PEBEC Unveils 2024 Outlook, Targets 23 Firms with $1bn Annual Earning Folalumi Alaran in Abuja The Presidential Enabling Business Environment Council (PEBEC) has unveiled its 2024 Outlook, which extends to 23 companies in Nigeria with over $1 billion in annual revenue.

Special Adviser to the President on PEBEC and Investment, Dr Jumoke Oduwole, in a statement, justified the approach, citing the

need for a faster and more impactful strategy amid economic challenges.

“Out of the 345 $1 billion companies in revenue in Africa, only 23 are in Nigeria. The decision to change models stems from the observation that larger businesses exhibit an ‘osmosis’ effect,” said Oduwole According to her, PEBEC will be working with the Business Facilitation Act of 2022, signed

into law in February 2023.

The Act, she said, is a codification of Executive Order No. 001 from 2017; sub-national interventions, such as the World Bank’s State Action on Business Enabling Reforms (SABER) and programme-for-results, currently entering its second year of implementation.

Oduwole noted that there is a $750 million loan available for reimbursing states participating in

the SABER programme.

She said: "The business champions intervention targets medium to large-sized industries, with the first part focusing on a pilot cohort of about 23 businesses. This bespoke service aims to assist businesses in navigating the regulatory landscape more effectively.”

She added that legislatively, PEBEC is engaged in reviewing the omnibus bill, a collaborative

effort involving over 40 pro bonocontributing law firms, resulting in the 2022 omnibus bill.

Also, PEBEC, she said, is working with state judiciaries to increase small claims courts from eight to 25 in 2023.

Oduwole emphasised the importance of strategic communications interventions to comprehensively disseminate information about reforms, fostering

Oduwole awareness and understanding among businesses and key stakeholders nationwide.

AIR CRASH THAT KILLED ATTAHIRU LINKED TO TERROR FINANCIERS, RETIRED GENERAL CLAIMS devised the strategy to end terrorism in the North, part of which was infiltration of terror groups and the instigation of crisis among terror leaders, which culminated in the elimination of Boko Haram leader, Abubakar Shekau, by a rival terror group, Islamic State for West African Province (ISWAP).

Part of the strategy was to also cut off the oxygen of terrorism, including funding and logistics, and to take down terror financiers, Ali-Keffi stated.

Attahiru and 11 senior military officers died in a plane crash in Kaduna, when the aircraft was preparing to land at the Kaduna International Airport. The crash also killed the crew members.

Ali-Keffi, who had been billed to receive the late army chief, as GOC 1 Division in Kaduna, pointed to the sudden change of time for Attahiru’s trip to Kaduna, the change of aircraft, change of airport of landing, from the military airstrip to the Kaduna International Airport, his landing in a turbulent, stormy weather, and the ear-shattering explosion that occurred before the crash.

He also pointed to the fact that there was no crater or impact on the crash area, noting that the bodies of the passengers were flung out of the aircraft and burnt beyond recognition long before the aircraft came down, a strong indication that there was an "explosion".

The ill-fated crash involved a Nigerian Air Force (NAF) plane. It occurred near the Kaduna International Airport in bad weather.

Attahiru, one of the victims, was

on his way to Kaduna to attend a passing-out parade for army recruits.

The Nigerian Army had listed the officers, who died in the crash, to include Attahiru, Brig Gen. M. I. Abdulkadir, Brig. Gen. Olayinka, Brig.

Gen. Kuliya, Maj. L.A. Hayat, Maj. Hamza, and Sgt. Umar.

The crew members were Flt. Lt. T.O. Asaniyi, Flt. Lt., A.A. Olufade, Sgt. Adesina, and ACM Oyedepo.

Ali-Keffi, who claimed that the crash was swept under the carpet, said, "Let me put it succinctly, late General Attahiru showed strong commitment to end the insurgency ravaging the northern parts of the country.

“The Operation Service Wide (OSW), a presidential task force, which I was commanding at the time of Late General Attahiru’s headship of the Nigerian Army, had as its primary mandate to dismantle the terrorism financing network in order to aid the fight against terrorism and insurgency.

"Late General Attahiru appointed me as GOC 1 Div (whilst still being the Commander of OSW) to enable me effectively discharge the task (OSW).

It is important to note that OSW was not just an investigative outfit but also carried out covert operations to capture, or kill insurgents’ leaders and key fighters in the field; destroy insurgent camps and facilities, as well support the military and other security agencies' operations.

"Furthermore, having command of 1 Div served as cover for me to carry out the task (OSW) without attracting unnecessary attention or making people aware of the existence of the outfit (OSW).”

Ali-Keffi explained, "About 2100 hrs on Thursday 20 May 2021, I spoke on phone with the Chief of Staff (COS) to the late COAS regarding their impending trip to Kaduna the following day (21 May 2021). I had earlier spoken with General Attahiru on the same issue. We ended our conversation on the note that the late COAS and entourage would come by flight at about 1000 hrs the following day.

"About 0630 hrs the following morning, I called the COS to the late COAS to confirm if their travel plan was as we discussed the night before, as I needed to make arrangements for the Mosque that the COAS would attend Jummu’at (Friday) prayers.

“The COS informed me that there was a change of plan. He said after we finished speaking last night, they received a message that the late COAS was to attend a meeting either at the Honourable Minister of Defence (HMOD) office or at the Presidential Villa at about 1000 hrs on Friday 21 May 2021 and that the late COAS was to attend in person and not send a representative.

“It is important to note that the late COAS’ trip to Kaduna was part of his visit to Zaria to attend the Passing Out Parade at the Depot NA slated for Saturday 22 May 2021.

"It is worth noting that the movement of service chiefs out of station (Abuja) is with the prior knowledge of the Chief of Defence Staff (CDS), the Honourable Minister of Defence (HMOD), and the presidency.

"So, why was a meeting scheduled for about the same time that the late

COAS was to have departed for (or arrived) Kaduna and why the insistence that he (COAS) should not be represented?

“In any case, the COS informed me that in view of the meeting, they would depart the Flag House (official residence of the COAS) at about 1530 hrs (after attending the meeting and also after the Jummu’ at prayers) for the airport.

"They expected to arrive the airport at about 1600 hrs, board the aircraft at about 1610 - 1615 hrs and depart for Kaduna. At about 1600 hrs, I was informed that they had arrived the Presidential Wing of the Airport. I then set off from the Stallion House (official residence of the GOC) with my entourage in a convoy and arrived the Air Force Base at about 1615 hrs.

"For reasons that I cannot understand till today, the flight was delayed for over an hour and did not take off until 1730 hrs or there about. The reason for the delay, as I was informed, was that there was issue with the aircraft that was initially assigned for the mission (to convey the COAS and his entourage) and that it had to be changed.”

Ali-Keffi also disclosed, "Meantime, there was meteorological alert that Kaduna airspace was going to experience heavy rainfall accompanied with storm (wind shear) and it was advised. Already, the cloud had formed in Kaduna, which was visible to us at the airport.

“As a matter of fact, the cloud was so thick, which was indicative of a massive storm. I began to nurse doubts about the flight. At some point,

THE ECONOMIST: KIDNAPPERS ARE WREAKING HAVOC IN NIGERIA Emmanuel Addeh in Abuja As Nigeria’s worsening insecurity continues to attract international attention, The Economist, a weekly British magazine, has described President Bola Tinubu’s security plan as “worrying” amid the deteriorating security situation nationwide, marked by a terrifying spate of kidnappings.

But in response to The Economist’s critical review, a top official of the government, who preferred anonymity, revealed that security operatives were working round the clock to eliminate kidnappings and other forms of insecurity in the country.

In a scathing analysis on insecurity in Nigeria, the magazine argued that how much politicians in the country cared about national insecurity had long been correlated with how close it got to their mansions in Abuja, the nation’s capital.

It recalled that on the outskirts of Abuja on January 2, a father and his six daughters were kidnapped, prompting a rare outcry, with a crowdfunding effort to pay the ransom even backed by a former minister.

The Economist stated, “But the kidnappers instead killed one of the girls and demanded more cash. The wife of President Bola Tinubu publicly lamented a ‘devastating loss’.

“Yet such horrors are still appallingly frequent—and largely ignored by politicians. In one incident last week in the South-east 45 people were kidnapped and are still missing, yet few leaders spoke out.”

With hardly any part of the country spared, The Economist described the deadliest zone as the North-east, where jihadists linked to Islamic State, attack the army and villages.

The North-west, too, the magazine said, was riddled with gangs that routinely kidnapped for ransom, while a decades-long conflict between mostly Muslim herders and largely Christian crop farmers rumbled on in the country’s centre, where on Christmas Eve gunmen mowed down at least 160 people.

“Separatist violence still smoulders in the South-east,” it added.

The review said at his inauguration last May, Tinubu declared security his “top priority”, yet more than 3,600 people were kidnapped in 2023, the most ever, quoting ACLED, a global conflict monitor.

The snatching menace, the analysis said, rose sharply after Tinubu took office, with almost 9,000 Nigerians killed in conflict last year.

It said, “The government stresses that, in its most recent budget, spending on defence and the police took the biggest share, about 12 per cent in all. Defence got a fifth more than it did last year. Yet inflation is running at 29 per cent, so in real terms the defence budget has actually fallen.

“The government tends to splurge on fancy weapons systems that fail to tackle the roots of the problem, which is poverty, poor education and anger at army atrocities.

“The latest budget includes funds for six T-129 Turkish attack helicopters on top of the 12 costly Bell choppers bought last year from America for $1 billion, not to mention 12 Super Tucano attack aircraft. Buying strike drones has become so popular that the army actually runs its own fleet alongside that of the air force.

“But drones are not much good at guarding schools from kidnappings, and heavy weaponry risks disaster.

A drone recently killed at least 85

civilians at a festival in Kaduna State – not the first such cock-up.”

The Economist said the army promised to “fine-tune” its operations, but explained that more radical change was needed.

According to The Economist, the police, well equipped but able to use better human intelligence, should lead on domestic security, not the army, which has been deployed in all 36 of Nigeria’s states.

Another huge problem, the magazine said, was graft in security spending.

“Defence is a really prime part of the budget where you can take large quantities of money out without people being any the wiser,” said Matthew Page of Chatham House, a think-tank in London, according to The Economist.

Much of the budget, Page alleged, was still about rewarding those who paid to get Tinubu elected. Sometimes the army failed to receive its budget allocation, the magazine noted.

According to the analysis, the situation is worsened by a system known as “security votes”, whereby parts of defence spending are deemed too sensitive to require public oversight.

The practice, which accounts for, perhaps, $700 million a year, The Economist said, increased sharply under the last president and might well jump more under Tinubu.

It stressed that the defence budget had nearly tripled since 2019. But thanks to inflation, wasteful purchases and corruption, Nigerians did not seem safer.

Chief of the Defence Staff, Gen. Christopher Musa, appeared to understand the roots of the insecurity, the magazine stated. It added,

quoting Musa, “Military effort alone is incapable of restoring enduring peace.”

It said the army had helped build hundreds of schools in the North-east under Musa’s command.

The Economist added, “Yet many politicians seem keener to spend on themselves, rather than create the conditions for peace or fill the country’s fiscal hole. Even if Tinubu resists the temptation to reinstate the petrol subsidy that he largely removed last year, debt servicing alone in 2024 may gobble up 61 per cent of revenue.

“In November the National Assembly approved new SUVs for all 460 lawmakers, at a reported cost of $150,000-plus per car.

“In two months, the government has budgeted $31 million to improve accommodation for the president and vice president in a country of around 220 million people where more than 80 million are reckoned to live on less than $2.15 a day and many fear being kidnapped.”

However, rising to the defence of the administration, a top official of the Tinubu government, who chose not to be named, said, “We have foiled many kidnap attempts and killed many kidnappers, which doesn’t get reported in the media.

It’s only the few that succeed that make headlines.

“However, the situation is a call to arms to do more. We are not relenting.

At the moment we are ramping up technology to target these criminals and eliminate them wherever they are operating from.

“We are having 95 percent success in our efforts to eliminate them and ensure a safe and secure environment for our people. We kill kidnappers every day in the North-west and other parts of the country.“

I voiced my doubts to Air Commodore Iyamu and Air Commodore Ilo, who were with me to receive the COAS. "I even suggested that they should advise Abuja of weather condition with a view to having the flight cancelled.

At that point, I was informed that the aircraft was airborne (at about 1745 hrs). I became concerned as to whether the aircraft would be able to land at the airport in such a heavy rainfall, storm (the rain had started falling then).

“Thus, I was not surprised when Air Commodore Ilo informed me that we had go to the Civil (International Airport) as the NAF runway was not long enough to enable the aircraft land under the atrocious weather condition.

We then set off for the International Airport but at a snail speed due to the heavy rainfall, which was accompanied with shale (ice particles)."

The former GOC further said, "When we got to the vicinity of the airport, there was a thunderous sound, which I thought was the sound of thunder. We had earlier sited what I believed was the aircraft descending

to land on the runway. When we turned the bend to enter the tarmac, the thought on my mind was that the aircraft had touched down and was taxing to the parking area.

"I couldn’t see any aircraft on the runway. I frantically looked around and by the far side of the runway there was a fireball. It was the aircraft conveying General Attahiru! We got out the vehicles, crossed the runway and approached the burning aircraft.

Fire fighters were on hand to put out the blaze. At some point we had to pull back due to the fear of exploding cylinders.

"We later recovered the corpses of the 10 passengers on board the ill-fated plane far from where the plane wreckage was. Apparently, their bodies, which were on fire, were flung from the aircraft before it came down (already in flames). Furthermore, the aircraft (or what was left of it), at least what I could recollect, was on a relatively flat grassland.

"There was no crater. This was Continued on page 44

TINUBU SEEKS REVIEW OF GLOBAL TAX SYSTEM, SAYS IT SERVES INTEREST OF RICH NATIONS at a disadvantage, especially in taxing digital economies.

The statement quoted Tinubu as saying that the systemic imbalance had led to significant revenue losses, hampering efforts towards sustainable development and economic self-reliance.

Consequently, he said Nigeria, alongside other member states of the African Group, championed a historic initiative at the United Nations calling for a framework convention on tax.

The resolution, according to the president, marked a pivotal step towards establishing a more equitable and inclusive global tax system.

With the theme, "Leaving No One Behind," the summit was attended by several Heads of State and Government as well as heads of international organisations, including United Nations SecretaryGeneral Antonio Guterres.

Expressing Nigeria's appreciation to all the countries that supported the global tax review initiative, Tinubu said their solidarity reflected "our shared commitment to rectifying the inequities of the current tax system and fostering a more just economic order".

He reaffirmed the country's commitment to South-South economic collaboration, emphasising the critical role of the Action Committee on Raw Materials (ACRM) of the G-77, established in 1987, for enhancing cooperation in the development and processing of raw materials.

While acknowledging the importance of comprehensive data on raw material availability and location, the president advocated the revival of the ACRM. He said, "This is crucial for coordinated information dissemination, facilitating access for international entrepreneurs and joint venture partners and addressing challenges in raw material development that hinder industrialisation and economic growth."

Tinubu said the resuscitation of ACRM, with a focus on data-driven strategies and information systems, was imperative to improving trade terms, fostering economic selfreliance, and enhancing resilience among developing countries.

On the 75th anniversary of the UN, Tinubu spoke of the G77's enduring commitment to fostering a world where no one was left behind – where every individual had an equal opportunity to thrive. He said this year's summit and theme resonated with the aspirations and principles of G77.

According to the president, "It seeks our collective commitment to building an influential force that champions international peace and security; protects the rights and dignity of our citizens; and fosters cooperation in the spirit of South-South collaboration.

"Considering the interconnected nature of our world, we need a concerted action to tackle issues of climate change, eco-disparities, environmental concerns and technological programmes in this post-pandemic era.

"Similarly, emerging global challenges, such as the digital divide, cyber security, illicit financial flows, terrorism and corruption, are interconnected threats that undermine our socio-economic stability and require a united approach by this assembly."

Tinubu added, "With illicit financial flows alone estimated to siphon off billions of dollars annually from economies, especially in the Global South, the urgency for early action has never been greater.

"We advocate enhanced international cooperation, stronger regulatory frameworks and a robust collaborative approach.

"By uniting our efforts and sharing best practices, we can promote transparency, accountability and a more secure, prosperous future for all G77 and China member states."

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NEWS

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

SIGNING CEREMONY FOR THE O42 ARENA AND ENTERTAINMENT PARK...

L-R: Secretary to the State Government, Prof. Chidiebere Onyia; Governor of Enugu State, Dr. Peter Mbah; CEO, Del-York Group, Linus Idahosa; CEO, Phoenix Group Global, Larisa Miller; and the Executive Vice President, Product Development, Del-York Group, Frank Pastorino, at the signing ceremony for the O42 Arena and Entertainment Park at the Government House, Enugu, at the weekend.

Oyedele: FG Meeting with State Governors to Suspend ‘Nuisance’ Taxes Says unremitted collections on car stickers for big LGs up to N50bn annually Panel may recommend training of ‘area boys’ to enforce compliance Emmanuel Addeh in Abuja Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, yesterday, said delegations from the federal government were currently meeting with state governors to suspend what he described as “nuisance taxes” nationwide.

In an interview with Channels Television, the former PWC chief stressed that while waiting for

the legal instrument, which part of the reforms required before implementation, some consultations were ongoing to ensure smooth execution.

In August last year, President Bola Tinubu inaugurated the panel, saying it reflects his commitment to addressing challenges and bringing about transformative reforms in fiscal policy and taxation.

The committee’s primary objective is to enhance revenue collection

Glo Splashes Millions of Naira on Long-serving Employees Digital solutions provider, Globacom, on Saturday night splashed millions of naira on its long-serving employees at a lavish appreciation party held at Eko Hotel and Suites, Victoria Island, Lagos.

The party which was themed: “Twenty and Unlimited”, was held as part of Globacom’s 20th Anniversary celebration.

The company rewarded a total of 89 staff members who had worked for the company for up to 20 years with mouth-watering figures running into millions of naira each.

Speaking at the party, the Executive Vice Chairman of Globacom, Mrs. Bella Disu, noted that the board and management of the company were pleased with the awardees for their contributions to the growth of the business in the last 20 years, and to encourage them to continue to strive for excellence.

“This year, I want us to move forward with even greater zeal and energy than we had in our first two decades, and I want you know without a doubt that your work is the foundation and key to our future.

“This year, we are committed not only to our company's growth but to your individual success. We will work tirelessly to increase value for you, our staff, all our subscribers and to all stakeholders. This is our promise to you. Thank you for 20 years. Together, we are good and together we are unlimited,”she stated.

The high-octane party and night

of razzmatazz and fine dining and exquisite wine had in attendance members of staff from across the country who thronged the venue in signature Glo colour-compliant dresses and were entertained by the trio of Wande Coal, and Glo ambassadors Chike Ezekpeazu Osebuka and Oluwatobiloba Anidugbe popularly known as Kizz Daniel.

Also in attendance were the Governor of Osun State, Ademola Adeleke; Ovation Publisher, Dele Momodu; Nollywood stars, Ego Boyo, Ini Edo, Ebube Nwagbo, and Bolanle Ninalowo, as well as comedian Broda Shaggi, and fashion icon, Mai Atafo.

Other highlights of the evening were different categories of competitions for staff which also attracted handsome rewards from the company.

These included Mr. and Miss Glo pageants where winners went home with N2 million each, while the first and second runners-up went home with N1 million and N750,000 respectively. The best dressed male and female staff members won N500,000 each.

There were also dancing and singing competitions which attracted N500,000 to the winners in the male and female categories, while 50 early birds (first to arrive at the party) won N250,000 each.

Also, 50 Midnight Owls (last to leave) also got N500,000 each in the two gender categories.

efficiency, ensure transparent reporting, and promote the effective utilisation of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.

Oyedele stated that banning the nuisance taxes, which did not even go to government coffers, would ensure more revenue for government, while relieving the tax payer of the burden of paying multiple taxes.

He said, “We are not waiting for the instrument to be out. Some of it would be, for example, asking states and local governments to suspend nuisance taxes that just create problems with very little revenue to show for it.

“We are already meeting with the governors. In some cases, we will set off small committees to discuss with their teams. So we’re already working on that. Once the thing is signed, there’s no excuse, just implement like the next day.”

He emphasised that when the governors agreed, then more than 90 per cent of the problem would have been solved, with the local governments following closely.

Oyedele stated, “So we’re discussing with the governors, first, and demonstrating to them why this is good for the local government, good for them and good for us as a people. Once the governors agree, then, we’re not going to ignore the

local governments.

“We are now taking top-down approach, but we will engage with everyone, including during the conference of speakers, and the forums of finance commissioners.

We’re engaging with everyone.”

The tax reform chairman stated that he believed most of the levies that were charged by the collectors did not get to government, stressing that the current chaos of multiple taxation nationwide will be eliminated when implementation starts.

Quoting the National Bureau of Statistics, Oyedele stated that for 2022, all the local governments in Nigeria that sent reports to them did not collect N50 billion in a whole year, even though a lot was taken by non-state actors.

He said if properly streamlined, only the collection of stickers on vehicles could attract as much as N50 billion Internally Generated Revenue (IGR) for a big local government area in the country.

Oyedele said, “I think only one local government should collect N50 billion. The amount of wastage is mind-boggling. You don’t want to fathom it. And the reason why it’s so painful is that these are the monies we are extracting from the poorest people.

“But when you extract money from people who are just trying to make ends meet on a day-to-day

basis, it’s painful that those monies are pilfered and you know, they are extorted and all of that.

“The state is not benefiting, the local government is not benefiting and the people are sacrificing, they are going through pain. So what we are proposing is vastly different and benefits everyone.”

The committee chairman stated that he was as impatient as many Nigerians to see the results of the reforms, and more importantly, the impact on the people, particularly the small businesses.

“Unfortunately, fiscal policy matters are not as quick. So if you make a monetary policy decision today, you can see the impact tomorrow. Sometimes, fiscals take a little longer,” he stressed.

He stated that efforts were on to present some bills to the lawmakers so that the citizens could begin to feel the positive impact sooner rather than later, saying that by the end of the first quarter the process would have been concluded.

According to him, when the new reforms take effect, payment of taxes will be easier.

Oyedele said, “You can pay it once or you pay it in instalments and electronically. It shouldn’t be that hard. It should not be harder to pay taxes than it is to buy pizza. So the receipt comes on your phone.

“That way, the money gets to

the government, and the people pay less. The government collects more and then we can then move on to the second phase of what we are also working on, which is how to spend that money to benefit the people.”

He said the view of the committee was that the local governments could collect more than 10 times what they were collecting now by following the recommendations.

He stated, “We are looking for sources where we can find at least N50 billion, which we can then use to compensate them for suspending the taxes we’re asking them to suspend.

“We’re also thinking about how you bring all stakeholders on board because at the end of the day, if you stop the livelihood of anyone, whether they are earning it legitimately or not, you can create crises that would be difficult to manage.

“But once you bring everybody in, maybe we need to train those ‘area boys’ and touts, give them uniforms and then they’ll be the ones to ask you to show the evidence on your phone.

“And then they get paid a decent salary. And if you give them the skills, some of them will, on their own, move on from that job to something else. So, our strategy is, let’s think about what’s best for our country and get all stakeholders to align.”

Lekki Deep Seaport Berths Largest Container Vessel on Nigerian Waters The Nigerian Ports Authority (NPA), yesterday in Lagos, said it took trade facilitation a notch higher with the berthing at the Lekki Deep Seaport of the largest container carrier to sail on Nigerian territorial waters.

The vessel measuring 367m in length overall christened "Maersk Edirne" has a Breadth of 48.2 and carried a Gross Registered Tonnage (GRT) of 142,131metric tonnes and a Dead weight Tonnage (DWT) of 147,340 metric tonnes,

constituting 3,376 total cargo onboard was navigated to safety by the experienced and thoroughly equipped Pilots of the NPA. This development validates the assurances given by the Managing Director / CEO of NPA,, Mr. Bello Koko during the signing of the presidential / ministerial performance bond in December 2023, that: "The Authority under my watch is poised to provide the leadership and technical guidance required to maximize the potentials

inherent in our marine and blue economy."

Responding to the milestone achievement yesterday, Koko commended the Minister of Marine and Blue Economy, Adegboyega Oyetola for the consistent support and endorsement of the authority's initiatives and investments in employee upskilling and equipment renewal which made this milestone seamlessly achievable.

Before this time, the largest commercial vessels to sail on

Nigerian waters were "MV Stadelhorn" and "MSC Maureen" at Onne Port and TinCan Island Port Complexes respectively.

Thus the berthing of a ship of measuring 367, at Lekki Deep Seaport, the NPA said, represented a quantum leap.

The organisation added that the Lekki deep seaport had by the feat in addition to its pioneering of full automation and facilitation of transhipment proven its readiness to exceed stakeholders' expectations.

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DAMAGE ASSESSMENT TOUR OF RECENT EXPLOSION...

L-R: Director, Clinical Services, UCH, Dr Moshood Oladejo; Chief Medical Director, UCH, Prof Abiodun Otegbayo and Minster of state for Health, Dr. Tunji Alausa, when the minister visited to assess damages caused by the recent explosion in Ibadan...at the weekend

Akpabio, Makinde, Aiyedatiwa Grace Inauguration of First Female NSE President in 65 Years Say Oguntala’s emergence testament to progress in gender equality

Emmanuel Addeh in Abuja The Nigerian Society of Engineers (NSE) at the weekend inaugurated Margaret Oguntala, a fellow and former deputy president of the society, as its first female president in its 65 years of existence.

Dignitaries who attended the event, including the Senate President, Godswill Akpabio, Governor of Oyo state, Seyi Makinde and his Ondo counterpart, Lucky Aiyedatiwa, said that the emergence of Oguntala marked a major triumph for gender equality in the country.

Speaking at the investiture of Oguntala as the 34th president of the group in Abuja, Akpabio who hinged his address on: "Rebirthing the Nigeria Society of Engineers for the Growth, Empowerment and Advancement of Engineering," described it as a milestone, saying she had shattered the glass ceiling for women.

“Today, we celebrate the progress our society has made in promoting gender equality and inclusivity in the field of engineering. Oguntala's appointment serves as a powerful testament to the fact that talent, dedication, and expertise know no gender boundaries.

“It is a clear indication that the NSE recognises and values the invaluable contributions of women in shaping the future of engineering.

Thirty-three men have come before her, serving as presidents of this great body.

“They have worked tirelessly to make the NSE the outstanding professional organisation it is today.

Let us applaud their efforts. However, the time has come for the NSE to enter the labour room and give birth to a new version of itself,” he advised .

Akpabio who was represented by his Deputy, Senator Barau Jibrin, argued that it was only fitting that a mother, who knows the pains of giving birth, should be in charge of the proposed rebirth.

He stressed that the NSE faces numerous obstacles that hinder its growth and development, noting that one area that demands immediate attention is the enhancement of engineering education and training.

According to the senate president,

Nigeria must strive to equip its engineers with the necessary skills and knowledge to compete on a global scale through partnerships with educational institutions, industry leaders, and professional organisations.

Besides, he noted that the country must address the issue of inadequate infrastructure and technological advancements as it possesses immense potential for growth and development.

He urged the NSE to reach out to Nigerian engineers in the Diaspora and convince them to come home and share their skills.

The senate president stated that focus must be on empowering engineers, especially the younger generation and urged the professionals to embrace diversity and inclusivity In his remarks, Oyo governor, Makinde stated that Nigeria has a lot to learn from the emergence of Oguntala as the president, having campaigned vigorously to earn the position.

He lauded the NSE in Ibadan for leading the efforts to review the structural integrity of the houses around the area of last week’s explosion, stressing that about 230 houses had so far been checked by the NSE. Also speaking, Ondo governor, Aiyedatiwa expressed joy that a female was leading the group in a male-dominated field and highlighted the need to ensure that women get to positions of leadership in the country.

He stressed that Oguntala had crossed several hurdles to become the president, describing her as a woman of substance.

The governor argued that building Nigeria rests on the shoulders of engineers and technologists and told them to salvage the economy and ensure young people play active roles in nation building.

In her maiden address, Oguntala promised to enhance mandatory professional development, pledging to make top priority the continuous learning, retraining, and upskilling of members.

Besides, she stated that under her watch, the NSE shall embrace innovation and technological advancement as its guiding principles,

encourage research and development, support innovative start-ups, and champion engineering solutions that address the unique challenges faced by our nation.

“We should in our private closets be at the forefront of technological change and make Nigeria a hub for engineering innovation,” she added.

She also advocated Vocational Science, Technology, Engineering, and Mathematics (VSTEM) education

for young people, recognising that nurturing the talents of young minds is essential for the future of our nation.

“We will strategically endow dedicated institutions, ensuring that VSTEM education thrives and cultivates a generation of STEM leaders. By investing in VSTEM, we lay the foundation for a prosperous Nigeria driven by innovation and excellence,” she added.

In terms of advocacy and

collaboration, she explained that engineers, as stewards of progress, must engage with communities to address pressing issues, from infrastructure gaps to sustainable development.

Among others, she vowed to formulate a policy to compel employers of labour to pay commensurate welfare packages/ hazard allowances for engineers and md promote Nigerian-made goods

and services.

Also speaking, the outgoing President of the NSE, Tasiu GidariWudil, expressed joy that he had also made history as the first NSE president to hand over to a woman.

He lauded Oguntala for being instrumental to the success of his tenure, stressing that the new NSE head was directly involved in most of the breakthroughs recorded in the last one year.

Bayelsa, Delta Youths Move to Cut Shell's 200,000bpd Oil Output over Non-payment of Surface Rents We made a one-time all-inclusive compensation, oil giant insists Ejiofor Alike Amid a landmark deal by the Shell Group to sell its Nigerian onshore assets operated by Shell Petroleum Development Company (SPDC), some host communities in Delta and Bayelsa states have threatened to shut down the company’s four flow stations and cut the production of 200,000 barrels of crude oil per day (bpd) over the company’s alleged non- payment of surface rents for its operations.

The threat by the host communities is coming as the company has insisted that it made a one-time all-inclusive compensation to the affected communities for the loss of use of surface and other rights for the parcels of land in the affected areas.

Shell had agreed to sell its Nigerian onshore oil assets to Renaissance, a consortium of four Nigerian firms and one foreign company, for $2.4 billion.

But THISDAY gathered that the youths of Ojobo Federated Communities in Burutu Local Government Area (LGA) of Delta State and Ogbotobo in Ekeremor LGA of Bayelsa State are mobilising others from neighbouring communities to shut down Benisede, Ogbotobo, Opukusu and Tunu flow stations operated by SPDC. Investigation revealed that the average combined capacity of the

four flow stations is about 200, 000 barrels of crude oil per day.

In a statement issued yesterday by the Youth President of Ojobo Federated Communities, Atimapre Tesufa, and two coordinators of the youths, Julius Pabor and Laye Kalu, the communities said they were taking their destiny in their hands to avoid a repeat of the fate that befell Oloibiri, a community in Bayelsa State where oil was first discovered in Nigeria.

Part of the statement read, “We will close down the flow stations because Shell has taken us for granted for too long, since 1972. We are challenging Shell to point to a single development or anything they had done for the people of Ojobo, Ogbotobo or neighboring communities in the 52 years of their operations in our land that has destroyed all our alternative sources of our livelihood.

“For all portions of Ojobo Federated Communities land measuring approximately 1, 500 hectares and 579.28 hectares at Beniseide and Oil Fields in which Shell operates her OML 36 oil wells among other facilities, Shell had only paid nine shillings, less than one dollar at the time it commenced operations and now claimed it is reasonable and adequate for the people.”

The youths argued that “the laws of Nigeria concerning land rent must be respected. Otherwise, our flow stations henceforth won't form part

of Shell's assets. Enough is enough.”

They accused SPDC of deploying double standards and taking advantage of the locals.

“SPDC has the same entry documents to most of the communities in Delta and Bayelsa, paying some communities while others are shortchanged by paying little and in the case of Ojobo, it’s nothing,” the statement added.

The youths cited several attempts by the communities to ensure that Shell paid the statutory surface rents, including correspondence to the oil company by their legal representatives, which yielded no positive result.

The law firm of Roland A. Akpe and Co, based in Effurun, Delta State, had in October 23, 2023, written a letter on behalf of the communities to the managing director of SPDC, requesting “payment of surface rents for 50 years for each of the Beniseide and Osuopele oil field to the Ojobo Federated Communities for loss of use of the expanses of land by way of loss of fishing rights, farming rights, hunting rights, etc”.

But in swift response, Shell had in a letter dated November 17, 2023 and referenced, SPDC-202311-00000069, said it had made a one-time all-inclusive compensation for the loss of use of surface and other rights for the various parcels of land in question.

Shell’s response, which was

signed by Corporate Lands Manager, Corporate Relations Nigeria, SPDC, Trevor Akpomughe, insisted that: “Consequent to the said payment, the land ceased to attract any further compensation from SPDC. “SPDC therefore, does not owe your client or any person any form of compensation or rent in respect of the said parcels of land and cannot accede to your demand”, the letter added.

The aggrieved communities have also petitioned the federal government, threatening that SPDC’s stance was capable of igniting dire consequences.

The law firm of Roland A. Ekpe & Co, in a letter addressed to the Minister of Petroleum Resources (Oil), and dated 15th January, 2024, told the minister that: “SPDC’s stance is totally inimical to the attainment of President Bola Ahmed Tinubu’s objective of increasing oil production to 2.6 million barrels per day. SPDC conduct is capable of provoking unwarranted disruptions of production in and around our client’s Federated Communities housing SPDC’s installations and properties.

“There is a limit to which our clients can rein in the youths, hence this passionate plea of our clients to the Hon. Minister of Petroleum Resources (Oil)…If the youths should carry out their threats, our clients cannot be held responsible for their actions”

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T H I S D AY • MONDAY, JANUARY 22, 2024

NEWS

THANKSGIVING SERVICE TO MARK SUPREME COURT VICTORY....

L-R: Archbishop, Ecclesiastical Province of Lagos and Diocesan Bishop of Remo, The Most Rev. (Dr.) Olusina Fape; Ogun State Governor, Prince Dapo Abiodun; his wife, Bamidele Abiodun; Ogun State Deputy Governor, Engr. (Mrs.) Noimot Salako-Oyedele and the Bishop of the Diocese of Awori (Anglican Communion), Rev. (Dr) Akin Atere, during the Thanksgiving service to commemorate the victory of Governor Abiodun at the Supreme Court...yesterday

Heirs Energies Marks Third Anniversary, Raises Oil Production to 40,000 bpd Heirs Energies, Africa’s foremost indigenous-owned integrated energy company, has commemorated its three-year anniversary.

In a short timescale, Heirs Energy said it has implemented a track record of significant production increases, pioneered a new model of community engagement and built at world class Nigerian management team, all contributing to a new beginning in ensuring Nigeria's sustainable energy future.

Heirs Energies launched in January 2021, following the completion of an eight-year $1.2 billion transaction to acquire oil license OML 17, from the Shell Petroleum Development Company of Nigeria Limited (SPDC), Total E&P Nigeria Limited, and ENI, and solidifying

the joint venture partnership with the Nigerian National Petroleum Company Limited (NNPC).

The Chairman of Heirs Energies, Tony Elumelu, according to a statement by the Head of External Relations, Chidimma Ugbojiaku, expressed his pride, while reflecting on his vision for Heirs Energies.

“As someone from the Niger Delta, I had seen first-hand how Nigeria’s resource wealth can be mishandled. The energy sector was an industry that had frankly not served Nigeria’s interest. I knew Nigeria could do better and control her destiny.

“My vision was to build Africa’s largest indigenous-owned integrated energy company, focused on Africa’s unique energy needs. As I look back now, we have more than succeeded,”

he said.

Heirs Energies has become a role model institution within the energy sector. Milestones, and achievements within three-years of operations include: The company said it recorded significant rise in oil production at a time when Nigeria needs to optimise output, noting that Heirs Energies’ oil production has surged from 27,000 to 40,000 barrels a day.

Theft and losses which reached a peak of 97 per cent late 2021, it said, has now been reduced to less than 15 per cent, with definitive actions taken by government to address the pipeline security and related concerns.

The company said it commenced gas production and has rapidly become an important contributor to domestic

gas supply in Nigeria as 100 per cent of gas produced goes into domestic market to meet local demand.

This , it said, is providing energy to thousands of households, supplementing power plants, and supporting various gas-reliant industries in the region.

Heirs Energies also said it now boasts three incident free years, maintaining zero Loss Time Injury (LTI) operations in OML 17 with 1.5 million man-hours.

The firm said it continues to live up to a philosophy of a shared destiny with local communities, by seeking out local talent and creating entrepreneurs.

“Over 300 young people have been empowered through skill acquisition programmes, while the electrical infrastructure upgrades

NAFDAC Moves to Tackle Narcotic Drug Abuse Among Youths Onyebuchi Ezigbo in Abuja In its bid to combat the menace of drug and substance abuse in Nigeria, the National Agency for Food and Drug Administration and Control (NAFDAC) said it has put in place effective mechanisms to track and trace distribution of narcotic drugs and substandard and falsified medicines.

It said the new device will enable the agency to track and trace narcotic products right from the very source of production, the manufacturing plant, to the end user, the patient through narcotic drugs serialization.

A statement signed by NAFDAC's Resident Media Consultant Sayo Akintola said that the Director General, Prof.

Mojisola Adeyeye, unveiled the strategy at the commissioning of the narcotic drugs serialization pilot project in Lagos last Friday.

Adeyeye noted that narcotics were chosen amongst other classes of drugs to make sure that we do not have drug or substance abuse in Nigeria or to mitigate it, adding that this will be replicated for all other NAFDAC-regulated drug products.

She said the track and trace technology is a veritable tool

to be deployed in the event of medication recalls.

Her words: “The commissioning event of the project is a crystallization of a series of activities that the agency embarked upon since May 2018, when we attended the very first GS1 Africa healthcare conference in Addis Ababa, Ethiopia.

"This led to the development and formulation of the Traceability Strategy Document, a five-year implementation roadmap for pharmaceutical products that was launched by the then Minister for Health in October 2020’’.

The DG said that the narcotic drugs serialization pilot project symbolizes a significant milestone in the agency’s commitment to delivering quality, efficacious, and easily verifiable medical products to the Nigerian consumer by adequately securing the drug distribution network.

She explained that the need to commence the track and trace of pharmaceutical products with narcotic medicines is a very strategic one, noting that narcotic drugs occupy a very prime place in healthcare, and due to the very high propensity for abuse and diversion of this group of essential medicines cannot always be overruled.

The DG also disclosed that the pilot project will be on for about one year, during which “we expect to have been familiar with all that will be necessary to enhance the deployment and full implementation of the track and trace project for other drug classes in scalable phases.’’

Adeyeye further stated that manufacturers must first commission the products they are registered to distribute into the NAFDAC Traceability System, and when it gets to the distributors or the wholesalers, they will also scan the products using a 2D Data Matrix barcode scanner to capture the event related to the movement of the product.

The NAFDAC boss said that all this will be captured in the Agency’s Information Traceability System so that if something goes off the track within the supply chain it would be easily traced and tracked and help in no small measure to reduce drug abuse.

Adeyeye said that with this technology, medicines can now be tracked and traced right from the very source of production, the manufacturing plant, to the end user, the patient.

"Through the scanning device on an android phone, the NAFDAC

boss said consumers can now verify the authenticity of the drug product they consume and be assured of the quality of medicines," she said.

The Managing Director of the technical partner, GS1 Nigeria, Mr. Tunde Odunlami, described the occasion as a very significant day in the history of traceability in Nigeria.

For GS1, he said that it has been a journey that started over ten years ago when the company started preaching the importance of traceability.

He, however, commended NAFDAC for identifying the importance of this standard in transforming the way we do things in the country and enabling traceability and a good distribution system for the country.

“NAFDAC has taken the mantle as you can see today where we are now doing serialization of a very important class of medication which is Narcotics,” he said, as he explained the GSI standard and the role it will play in the system.

Odunlami further explained that GS1 provided the standard while Newsoft Nigeria Plc is the solution provider saddled with the responsibility of developing the solution and carrying out the implementation.

across host communities, have impacted a population of over 270,000 people.

“Heirs Energies takes particular pride in its fully Nigerian team, who are catalysing and delivering innovative technical solutions every day. A true demonstration of Nigerian excellence in institutionalising and executing key strategies,” it added.

Elumelu commended the team, sharing his deep gratitude for their commitment to his vision of creating value for all stakeholders within the energy sector.

He said, “I want to take this opportunity and mark this anniversary, by saluting and thanking the Heirs Energies team, led by Managing Director/ CEO, Osa Igiehon. Your hard work, dedication and expertise has enabled us to become a role model within the energy sector, as we strive towards our purpose of improving lives and communities across our continent.’’

Heirs Energies said it recognises the importance of a sustainable future and plans to play a role in Nigeria's transition to a more sustainable energy source.

Group Accuses Edo Varsity VC of Overstaying His Tenure Adibe Emenyonu in Benin City A crisis is brewing in the Edo State University, Uzairue, Etsako West over the alleged continued stay in office of the Vice Chancellor of the institution, Prof. Emmanuel Aluyor.

The second term tenure of vice chancellor was said to have terminated on November 28, 2023 , after he served eight years.

Since then, his continued stay in office has led to some disquiet within the academic circle as well as the stagnation of his possible successors.

A socio-political group known as The Edo Consciousness (TEC) said it believes the sittight posture of Aluyor goes against the letter and the spirit of the regulations established by the National Universities Commission (NUC) and vowed to resist it .

In a press statement at the weekend signed by its ‘protem’ Chairman, Mr. Johnny Ogbode, it said the continued stay of the vice chancellor, even after the expiration of his tenure, was not tenable in law.

The group called on the relevant authorities to wade in to fend off any breakdown of law and order that may ensue if the situation is allowed to persist.

The Edo state university was established during the second term of the former Governor, Mr. Adams Oshiomole, now a serving Senator.

According to the group,

Aluyor has made it extremely difficult to find suitable successors by the governing council of the institution, noting that the governing council was expected to appoint an acting VC on November 29, 2023 and initiate the process of finding a substantive successor.

Ogbode said Aluyor had embarked on clandestine moves to frustrate other qualified candidates from taking over from him, even if it means doing so in an acting capacity.

The group cited the instance of the duo of Prof Vincent Aizebeoje Balogun, Deputy Vice Chancellor (Academics) and Prof. Obioma Anthony Nwaopara, Deputy Vice Chancellor (Administration), to buttress their point.

Reacting, the school Registrar, Habib Idris Ekhalefo said only the governing council and the visitor to the school which is the state governor, Mr. Godwin Obaseki, has the right to determine issue of tenure of the vice chancellor.

The petitioners according to him, "are interlopers who habe no business on the issue at stake."

But the group said it was trying to prevent the National Universities Commission (NUC) hammer from falling on the institution, given that the regulatory body does not waste any time in sanctioning institutions that flout its code on the tenure of vice chancellors.

T H I S D AY • MONDAY, JANUARY 22, 2024

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NEWS

NCC'S INTERACTIVE SESSION WITH INDUSTRY STAKEHOLDERS...

L-R: Chairman, Association of Licensed Telephone Operators of Nigeria, Gbenga Adebayo; Executive Commissioner, Stakeholder Management, Nigerian Communications Commission (NCC), Adeleke Adewolu; Executive Vice Chairman/Chief Executive Officer, NCC, Dr. Aminu Maida; Executive Commissioner, Technical Services, NCC, Ubale Maska and President, Association of Telecom Companies of Nigeria, Tony Emoekpere at the Commission's interactive session with industry stakeholders in Lagos at the weekend

Police, Army Rescue Bwari, Sauka KidnapVictims Bandits kill one in Niger, kidnap 21 others Troops repel suspected herdsmen in Agatu Olawale Ajimotokan in Abuja, Laleye Dipo in Minna and George Okoh in Makurdi The joint operation of the Federal Capital Territory Police Command and the Nigerian Army, has rescued the persons kidnapped at Zuma 1 and Sagwari Estate Layout of Bwari Area Council and Sauka, along Airport Road, Abuja.

Also, after a respite of about six weeks, banditry resurfaced in Niger communities especially the villages

adjoining Kaduna State, where they killed one person and kidnapped 21 others.

At the same time, Force Commander of Operation Whirl Stroke (OPWS), Major General Sunday Igbinowanhia, has disclosed that forces of the operation repelled the attack by suspected Fulani militias for several hours, during an attack on some communities in Agatu Local Government Area of Benue State on Thursday.

Meanwhile, those who regained

60 Nigerian Physicians in Americas Coming to Abia on Free Medical Outreach Emmanuel Ugwu-Nwogo in Umuahia No fewer than 60 Nigerian medical doctors practising in North and South America are expected in Abia State for a free medical outreach aimed at complementing the efforts of the state government in improving the health sector.

The healthcare mission put together by the Association of Nigerian Physicians in the Americas (ANPA), has been scheduled to take place between April 4 and 10, 2024.

This was made known in a statement jointly signed by the Abia Commissioner for Health, Dr Ngozi Okoronkwo and the chairman of the local organising committee, Professor Azubuike Onyebuchi, who is also the Chief Medical Director of the Federal Medical Centre (FMC) Umuahia.

It said that, "ANPA's choice of Abia for the medical mission, was an acknowledgement of Governor Otti's special attention to the health sector, demonstrated by his decision to, within the first six months of his administration" renovate and upgrade a number of health facilities.

The health facilities that received the Otti touch were listed as the Abia Specialist and Diagnostic Centre, Umuahia; Amachara General Hospital, Amachara; and the Abia State University Teaching Hospital (ABSUTH), Aba. The rehabilitation of ABSUTH had facilitated the restoration of Medical and Dental Council of Nigeria (MDCN) accreditation of the Abia State University Medical College, which was lost under the immediate past administration in the state.

The organisers said that during the 10-day medical mission, free surgeries would be conducted on patients

with different medical cases, while thousands of others would receive free medical treatments.

Apart from the over 60 physicians from North and South America, other Nigerian experts in various branches of medicine, who are based in the two continents would also be part of the medical team.

According to the statement, surgeries would be conducted simultaneously at three designated centres with the necessary facilities, including FMC Umuahia, Abia Diagnostic Centre, Umuahia, and Abia Specialist Hospital, Amachara, Umuahia.

It stated further that, "various complicated cases including screening for cancer would be carried out during the mission".

To benefit from the free medical exercise, prospective patients are expected to "must have been screened and approved before the arrival of the experts from the Americas".

Abia residents with various health challenges were enjoined to present themselves for screening at the designated desk offices in all 17 General Hospitals in the state, as well as designated health centers.

According to the statement, date for the commencement of the screening exercise will soon be made public, adding that the screening will be bankrolled by the state government.

To ease the cost burden of travelling from distant locations to access the free medical care, the state government would provide patients with free transport, to and fro the three surgery centres.

In addition to the foreign doctors, home-based medical personnel, including House Officers, would be involved in the exercise "as part of the effort to build capacity and transfer knowledge to the locals."

their freedom in Bwari included the five Nahebaa sisters, who were abducted at Sagwari Estate, Bwari, on January 2.

The criminals who abducted them had killed three other captives while demanding a ransom of N700 million to free the victims.

The FCT Police Public Relations Officer, SP Josephine Adeh, who quoted the FCT Police Commissioner, Haruna Garba, confirmed their freedom in statement issued to newsmen in Abuja, yesterday.

She said the victims, who were rescued around Kajuru Forest, Kaduna State, had since been reunited them with their families.

The statement stated: "Following the relentless advancement of the Federal Capital Territory Police Command Anti-Kidnapping squad in a concerted effort with troops of the Nigerian Army, on the heels of the kidnappers that struck the Zuma 1 area in the Bwari Area Council on the 2nd of January 2024, The FCT Police has rescued the victims and reunited them with their families.

"The operatives successfully rescued the Victims around Kajuru forest in Kaduna state at about 11:30 pm on Saturday 20th January 2024.

"While appreciating the Inspectors General of Police IGP Olukayode Egbetokun, for the deployment of the newly commissioned Special Intervention Squad, which has given an uplift to the existing

security architecture of the FCT and has brewed public confidence, the Commissioner of Police FCT Command CP Haruna G. Garba, wishes to reiterate the Commands commitment to sustaining the robust security deployment made in the area and other parts of the Territory for the utmost maintenance of peace for all and sundry.”

The Police also confirmed that operatives attached to Iddo Divisional Headquarters, yesterday, rescued another kidnapped victim, a man, Suleiman Sabo, from Kidnappers in Sauka, along Airport Road, Abuja.

The police said during the rescue operation, one Mr. Muhammad Abel aged 32, from Kogi state was apprehended while one LAR rifle with 10 rounds of life ammunition was recovered from him.

The Police added that the victim, who sustained some injuries from the kidnappers, was currently receiving medical attention and would be reunited with his family once certified fit by the medical team.

In a a related development, the FCT police command, has refuted the story making the rounds that a kidnapping incident took place at River Park estate in the nation's capital.

The FCT PPRO, SP Josephine Adeh, in a statement, quoted the FCT Police Commissioner, Haruna Garba as saying: "The FCT police Command is aware of the news

making rounds about an alleged kidnapping incident at River Park estate in the early hours of today and wishes to state that contrary to reports, nobody was kidnapped in River Park Estate.

"One Nnandi Agu 'm' of Games Village only faked his own kidnap in an attempt to defraud his brother who lives within the said Estate.

"The suspect is currently in police custody undergoing interrogation. While investigation is still ongoing, further development would be communicated to the public."

Bandits Storm Niger Community Kill 1, Kidnap 21 Others After a respite of about six weeks, banditry has resurfaced in Niger communities, especially those villages adjoining Kaduna State.

The recent activities of the bandits were despite the posting of men of the local vigilante at the routes usually taken by the bandits which had stopped them from entering the state.

However, THISDAY learnt that between Friday and Saturday the bandits struck at Dangunu village taking away 21 Villagers and killing one person.

According to the findings the criminals first abducted five villagers before going to kidnap one Alhaji Ahmadu Adamu Dangunu with his wives and children.

On their way out of the community it was gathered that the bandits released the first five villagers kidnapped but went away with Adamu and members of his family.

The heavily armed gunmen, THISDAY was told accessed the Dangunu by boat from the river between Chikun and the town. They were also said to have escaped with the family members through the same route.

An eyewitness said two years ago, Alhaji Adamu described as a big time farmer in the area was kidnapped and was released only after huge ransom was paid by his relation.

The latest incident, the eyewitness said might be the handiwork of informants since most farmers had completed the harvests of their crops.

However, reports from the Community on Sunday claimed Adamu was later killed by the gunmen and his remains dumped in the bush.

The eyewitness said the remains were brought to the community on Sunday afternoon amidst wailing by villagers, and expected to be buried according to Islamic rites later in the day.

NEPC: Food Exports from Nigeria Must Meet International Standards Okon Bassey in Uyo

The Nigerian Export Promotion Council (NEPC) has stressed the need for exported foods from the country to always meet international standards or risk being rejected at the destination ports.

The Executive Director and Chief Executive Officer of NEPC, Mrs. Nonye Ayeni gave the advice at a one-day technical session on addressing non-compliance with food safety standards in oil palm production held in Uyo, Akwa Ibom at the weekend.

She said the council was vigorously pursuing the economic agenda to enforce compliance in food standards by developing the capacity of oil palm value chain actors through seminars and workshops to achieve improved quality for market competitiveness.

Ayeni noted that oil palm

exported from Nigeria in recent times has witnessed stricter restrictions imposed on them due to issues of non-compliance with standards at the international markets.

Exported foods, she maintained, must strive to meet international standards or face the risk of being rejected at the port of destination.

“Oil palm is an important agricultural commodity used globally in a wide range of products, and it is a major agricultural product in Akwa Ibom State. It is also regarded as the world most popular edible vegetable oil, with the global market worth of over $45 billion,” she added.

The MD declared that NEPC over time had implemented a number of programmes and evidenced-based interventions in the oil palm industry such as capacity building and training, sponsorship of stakeholders to study

Malaysian model of operation and distribution of inputs to farmers aimed at ensuring efficiency and growth in the oil palm sector.

She stated that the council will continue to work with critical stakeholders to reposition the industry in the quest to return Nigeria as net exporter of oil palm.

Ayeni however appreciated the resource persons, participants and the stakeholders for their commitment, noting that with the knowledge gained from the seminar, Nigerian exportable products would gain acceptability, visibility, easy access to markets and confidence of international buyers and consumers.

Also, the Akwa Ibom state Cocoordinator, NEPC, Mr. Idongesit Essien described the council as a focal agency of the federal government entrusted with the development and promotion of the non-oil sector.

He said that in fulfilment of the council’s mandate, the onestate – one- product policy was created to empower states and their communities to maximise their locally available resources to achieve economic growth.

In line with the vision, he said Akwa Ibom State government through the Ministry of Trade and Investment/Akwa Ibom State Committee on Export Promotion recommended oil palm and seafood as priority products for inclusion in the national export basket.

He equally acknowledged the presence of other abundant resources in produce, solid minerals, manufacturing and services.

Essien however, lamented that while Akwa Ibom State is among major producers of oil palm, the state is yet to be counted among the major exporters of oil palm.

MONDAY JANUARY 22, 2024 • T H I S D AY

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T H I S D AY ˾ MONDAY JANUARY 22, 2024

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E As S’ Court Decides on Remaining Four Governorship Election Cases...

With 17 state governors retaining their seats because their challengers failed to prove allegations made against their elections, will the remaining four governors be as lucky as their colleagues at the apex court, Alex Enumah asks.

Fubara

W

ithin the last one month, the Supreme Court has heard appeals against the 2023 governorship election from 21 states of the federation.

In the last two weeks it has also delivered judgments involving 17 states, remaining just four, whose judgments are just by the corner.

Against the hope of some litigants as well as permutations of pundits, the apex court declined appeals to sack some governors, especially those earlier sacked by either the election petition tribunals or the Court of Appeal.

Among the governorship election cases that attracted the most attention as well as generated much tension were those of Kano, Plateau, Zamfara and Nasarawa states.

But, the apex court held that the decisions of the appellate court to sack the governors of Kano, Plateau and Zamfara states were not in tandem with the law and subsequently went ahead to nullify the decisions and declared that the governors were duly elected and declared so by the Independent National Electoral Commission (INEC).

In the case of Nasarawa State and also Kaduna State, the apex court however upheld the judgments of the Court of Appeal, which had nullified the judgments of the tribunal which had voided their victories at the March 18, 2023 governorship election.

Recall that while the tribunal in the case of Nasarawa had declared Hon. David Ombugadu of the People’s Democratic Party (PDP) as the authentic winner of the governorship election as against the declaration of Governor Abdullahi Sule of the All Progressives Congress (APC) by INEC, in the case of Kaduna State, the tribunal had voided the election of Governor Uba Sani of the APC and ordered a rerun in four local government areas.

The question on the lips of many as they await the apex court judgment is would any of the remaining four be so unfortunate to have his election nullified and his declaration as a governor set aside. Would there be a repeat of the 2020 shocker that saw the eviction of Governor Emeka Ihedioha of the PDP from the Government House in Owerri, Imo State on the grounds that he did not win majority of the lawful votes cast at the March 2019 governorship poll in Imo State.

Recall that the apex court had in a unanimous judgment declared Hope Uzodinma of the APC winner of the 2019 polls after restoring votes said to have accrued to him but were not included in the overall votes by INEC. According to the judgment delivered by Justice Kudirat Kekere-Ekun in 2020, “Vote due to the appellant, Senator Hope Uzodinma and the APC from 388 Polling Units were wrongly excluded from scores ascribed to the appellant”, she held, and went further to order that, “the

Aliyu appellant votes from 388 Polling Units unlawfully excluded from the appellant vote declared shall be added and that the first respondent, Emeka Ihedioha, was not duly elected by a majority of lawful votes cast at the said election.

“His return as the elected governor of Imo State is hereby declared null and void and accordingly set aside.

“It is hereby declared that the first appellant (Mr Uzodinma) holds the majority of lawful votes cast at the governorship election held in Imo State on March 9, 2019.”

Subsequently Kekere-Ekun held that Uzodinma haven satisfied the mandatory constitutional requirements be declared governor.

“It is hereby declared that first appellant, Senator Hope Uzodinma, is the winner of the governorship of Imo State held on March 9, 2019. The certificate issued to the first defendant (Mr Ihedioha) is hereby withdrawn.

“It is hereby ordered that the certificate of return shall be issued to the first appellant, Senator Hope Uzodinma, forthwith and he should be sworn in as the governor of Imo State,” the apex court held.

As we await the verdict in the remaining four appeals and as anxiety begins to build, the question is; among the appeals involving Sokoto, Rivers, Taraba and Adamawa, which would likely go the way of Emeka Ihedioha.

Recall that the apex court last week heard three of the appeals and has reserved judgment which would be delivered anytime before Friday. Those

Agbu

Fintiri

whose judgments are pending include Rivers, Sokoto, Taraba and Adamawa.

For Rivers, it is APC’s Tonye Cole against Governor Siminalayi Fubara, who was recently threatened with impeachment from his former boss, Nyesome Wike, through a faction of the state’s legislators.

While candidate of the Labour Party (LP) withdrew her appeal shortly after it was filed, the apex court had last Monday, dismissed the appeal by the Allied Peoples Movement (APM). The appeal was dismissed following its withdrawal by the APM’s counsel, Confidence Kere. When the case of the APM was called its counsel, Kere attempted to adopt and argue its client’s case, however Kere was cut short by the panel led by Justice Kudirat Kekere-Ekun, who pointed out that the APM lacked the legal standing to institute the appeal on the grounds that it did not take part in the actual election.

Kere subsequently applied orally to withdraw the appeal and since the respondents did not object to the withdrawal, the apex court subsequently dismissed it.

Meanwhile, Cole in his appeal is seeking the reversal of both the Court of Appeal and tribunal judgments which upheld the declaration of Fubara of the People’s Democratic Party (PDP) as winner of the March 18, 2023 governorship election in Rivers State. He insisted that the lower court erred in law when it agreed with the Rivers State Governorship Election Petition Tribunal that he did not prove his allegations against the governorship poll.

The APC’s hopeful therefore urged the apex court to allow his appeal and grant the reliefs sought which included the setting aside of the concurrent judgments of the two lower courts and declare him winner of the March 18, 2023 governorship poll in Rivers State.

The Independent National Electoral Commission (INEC) had declared PDP’s Fubara as governor having won majority of the lawful votes cast at the governorship poll.

Dissatisfied, APC and Cole citing alleged irregularities, non-compliance with the Electoral Act, corrupt practices, amongst others, had asked the tribunal to void Fubara’s election as governor.

Besides they claimed that Fubara was not qualified to contest the election over alleged violation of the law because he had allegedly continued to sign documents as the Rivers State’s Accountant-General despite being nominated governorship candidate of the PDP. But, the tribunal in a unanimous judgment held that the allegations were not proved to warrant the grant of the reliefs sought and subsequently dismissed it.

Dissatisfied, Cole approached the appellate court to reverse the judgment of the tribunal, but was told he did not advance any cogent reason to warrant the Court of Appeal to deviate from the findings and conclusion of the tribunal.

The judgment of the appellate court led to the instant appeal which has now been reserved for judgment anytime from now, as the 60 days allowed by law for the apex court to hear and deliver its judgment expires on Friday, January 26, 2024.

Another case which would also lapse on January 26, is that of Sokoto State, where candidate of the PDP, Saidu Umar, is challenging the election of Ahmed Aliyu as Governor of Sokoto State. Umar and the PDP had listed nine grounds upon which they are asking the Supreme Court to set aside the concurrent judgments of the election petition tribunal and the Court of Appeal which affirmed the election of Ahmed Aliyu as Governor of Sokoto State.

INEC had in March last year declared Aliyu and his party, the APC winner of the Sokoto governorship election, having won majority of the lawful votes cast at the poll.

Dissatisfied Umar and PDP citing grounds such as malpractices, non-compliance as well as non-qualification urged the tribunal to void the election of Aliyu as governor.

In one hand, they prayed the tribunal to sack Aliyu and declare them authentic winner of the election, while on the other they urged that the election be declared inconclusive and a rerun in about 138 polling units be ordered.

But, the three-member panel of Justices of the tribunal, led by Justice Haruna Msheila, in a unanimous judgment delivered on September 30, dismissed the petition for lacking in merit.

The tribunal held that the petitioners failed to prove the six grounds formulated in their joint petition.

Of the four pending governorship appeals before the Supreme Court, that of Sokoto State seems to be interesting. If the apex court did not allow over 165,000 voters in Kano State suffer disenfranchisement because of the negligence of the electoral officials, would the apex court allow the over 82,000 electorates in Sokoto, whose votes were cancelled suffer disenfranchisement, simply because the appellants did not lead oral evidence to support the documents showing cancellation of votes in 138 polling units? Recall also that the over 82,000 cancelled votes are far higher than the 49,000 votes upon which Aliyu was declared winner of the Sokoto governorship election.

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

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Monday January 22, 2024 Vol 27. No 10510

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opinion@thisdaylive.com

www.thisdaylive.com

UNBUNDLING NIGERIAN RAILWAY FOR EFFICIENCY The Ministry of Transportation is initiating measures to open up the corporation, writes AUGUSTINE A. SALIFU

See page 21

MORE ROOM IN THE ARK Lagos State government’s effort at empowering MSMEs operatives is paying off, argues TAYO OGUNBIYI

See page 21 EDITORIAL

AS DANGOTE REFINERY COMES ON STREAM...

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Regular communication is essential in uncertain times, contends LINUS OKORIE

LEADING IN TIMES OF UNCERTAINTY Uncertainty refers to the lack of certainty about the future. In recent years, our world has experienced unprecedented levels of uncertainty. From the attending consequences posed by the COVID-19 pandemic to the rapid advancements in technology and economic ÁXFWXDWLRQV WR JOREDO FRQÁLFWV OHDGHUV DFURVV various sectors are navigating these uncharted waters. In this article, we will delve into the concept of leading in times of uncertainty DQG RͿHU LQVLJKWV LQWR HͿHFWLYH OHDGHUVKLS strategies.

In times of uncertainty, maintaining regular communication is essential. Even if you are uncertain or don’t have enough answers, let SHRSOH NQRZ EHFDXVH LI \RX GRQ·W ÀOO LQ WKH information gap, your people will. It should EH QR VXUSULVH WKDW LQ WKH DEVHQFH RI HͿHFWLYH communication, people will develop their conclusions, often drawing on rumors and speculations.

In this light, it is important to understand LW LV HTXDOO\ HͿHFWLYH WR FRPPXQLFDWH ZKDW is unknown as it is to communicate what is known. Leaders often delay communicating with their teams because no decision or course of action has been made, but simply communicating a decision still under review LV PRUH HͿHFWLYH WKDQ OHDYLQJ HPSOR\HHV guessing.

Likewise, remember that communication is as much about listening as it is speaking. Giving people the opportunity to express their concerns can help leaders better understand where worry is coming from, and SHUKDSV OHDG PRUH HͿHFWLYHO\ In the face of uncertainty, courage is vital for transformational leadership. As aptly stated in the Army Leadership Manual, "Courage isn't the absence of fear; rather, it's the ability to put fear aside and do what is necessary."

In the context of leadership during uncertain times, courage is not about fearlessness.

It acknowledges the existence of fear but emphasizes the capacity to set it aside to take essential actions.

Uncertainty may demand tough decisions WKDW DͿHFW WKH RUJDQL]DWLRQ DQG LWV PHPEHUV Courageous leaders confront these decisions head-on, considering the greater good and sustainability of the team. They understand that avoiding tough choices can lead to stagnation or decline.

Leading with courage involves inspiring others to face challenges with resilience.

By demonstrating a fearless approach to uncertainty, leaders motivate their teams to persevere, innovate, and contribute their best HͿRUWV GXULQJ FKDOOHQJLQJ WLPHV In times of uncertainty, the ability to adapt and thrive hinges on a leader's commitment to continuous learning. Embracing a culture of lifelong learning is not just a strategy; it's a IXQGDPHQWDO QHFHVVLW\ IRU HͿHFWLYH OHDGHUVKLS in the face of unpredictability. Leaders who prioritize learning can draw from a diverse range of experiences and insights, enabling them to make informed and strategic decisions even in the absence of complete information.

Additionally, leaders who value continuous

learning set a powerful example for their teams. When team members observe their leader actively seeking knowledge, they are more likely to embrace a similar mindset. This creates a culture of growth and adaptability within the organization, essential for navigating uncertainties together. By championing a commitment to ongoing learning, leaders not only enhance their capabilities but also fortify their teams and organizations to thrive amidst the challenges.

Navigating through times of uncertainty requires leaders to embody and instill resilience—a key strategy that not only helps weather the storm but also fosters strength, adaptability, and growth within the team and organization. Resilience enables leaders to embrace change with an open mindset. In uncertain times, shifts in the business landscape are inevitable. Leaders should exhibit resilience and inspire their teams to adapt to change, viewing it as an opportunity for learning and growth rather than a hindrance.

Resilience is the capacity to bounce back from setbacks. Resilient leaders shouldn't view challenges as insurmountable obstacles but as temporary hurdles. By demonstrating a positive and solution-oriented mindset, leaders inspire their teams to overcome setbacks and persevere in the face of adversity. (ͿHFWLYHO\ PDQDJLQJ ULVNV LV D SLYRWDO strategy for leaders navigating these unpredictable times of uncertainty. By incorporating risk management into their strategic planning, leaders can safeguard their organizations and guide their teams through challenging times.

Leaders must be proactive, not reactive in identifying potential risks. This involves a thorough analysis of the external environment, market trends, and potential disruptions. By thinking and staying ahead of emerging risks, leaders can develop preemptive strategies to mitigate their impact.

Leaders can enhance their ability to manage risks by also engaging in scenario planning.

This strategic exercise involves envisioning multiple potential future scenarios and developing corresponding response plans.

By preparing for a range of outcomes, leaders

empower their teams to respond swiftly and HͿHFWLYHO\ WR XQIRUHVHHQ FKDOOHQJHV Maintaining a strategic vision is a crucial strategy for leaders navigating the seasons of uncertainty. In the face of unpredictability, a steadfast vision provides a guiding light, helping leaders steer their organizations toward long-term success. Leaders with a clear vision are better equipped to make decisions that align with the organization's overarching goals. This ensures that even amid ambiguity, actions are purposeful and contribute to the strategic direction.

This is a pivotal strategy for leaders navigating through the unpredictable landscape of uncertainty. While challenges may be inherent during uncertain times, astute leaders recognize that opportunities also abound. Embracing and leveraging these opportunities strategically can not only help organizations weather the storm but also position them for growth and success.

Leaders must be quick to identify changing market dynamics, emerging trends, or gaps in the competition and are adept at adjusting strategies to exploit these openings. This enables organizations to stay ahead of the curve, even in uncertain environments.

Leaders who recognize the potential of technology and invest strategically can position their organizations to thrive amid uncertainty.

This may include adopting emerging technologies, enhancing digital capabilities, or streamlining operations through automation.

Leaders who capitalize on opportunities learn from adversity. Every challenge presents lessons that can be applied to future situations.

By cultivating a culture of learning and resilience within the organization, leaders ensure that the team is equipped to identify and capitalize on opportunities that arise during times of uncertainty.

Focusing on core values emerges as a foundational strategy for leaders steering their organizations through times of uncertainty.

Core values serve as guiding principles, providing a moral compass for decisionmaking and a source of stability for teams.

Leaders who prioritize and reinforce these values during uncertain times create a stable foundation. This emphasis on core values provides a consistent framework for decisionmaking and actions, fostering a resilient organizational culture.

Uncertain times often bring about rapid changes. Core values provide a stable IRXQGDWLRQ RͿHULQJ D VHQVH RI FRQWLQXLW\ amidst external disruptions. Leaders who consistently emphasize and embody these values help create a reassuring environment, fostering a sense of security and purpose within the organization.

Okorie MFR is a leadership development expert spanning 27 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre. www.gotni.africa.linus.okorie@gotni.africa

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MONDAY JANUARY 22, 2024

The Ministry of Transportation is initiating measures to open up the corporation, writes AUGUSTINE A. SALIFU

UNBUNDLING NIGERIAN RAILWAY FOR EFFICIENCY The Nigerian Railway Corporation (NRC) was established by Act CAP N129 Laws of the Federation of Nigeria 2004 in 1955 to facilitate the operation of effective rail system for carriage of passengers and goods across the country.

The objective of the Corporation is to provide an alternative road transport system that is affordable and cost effective, operated with high sense of professionalism to contribute towards economic development and ease of doing business through conveyance of goods and services at affordable rate with guaranteed public safety and efficiency.

The rail system has been identified as a major form of transport that enhances economic development in view of its safety, affordability, revenue generation potentialities, geographical spread and welfare component in accommodating the interest of the rich, the poor and stranded.

After the enactment of the Act in 1955, it was amended in 1958 to strengthen its contents towards effective operation to ensure sustainable outcome at the time the colonial regime was busy strengthening laws and institutions as part of careful arrangements to hand over power to a democratically elected indigenous government.

Despite the effort of ensuring the bequest of effective legal regime to regulate its operations, the NRC Act could not meet expectations given its archaic nature, obsolete provisions, and over concentration of powers.

Due to paucity associated with the legal regime, the Corporation faces financial, logistic and operational challenges which affect its operations, visibility, and contribution to economic development.

It is interesting to note that on assumption of office, the Transport Minister, Senator Said Ahmed Alkali, commenced the reform initiative of President Bola Ahmed Tinubu by undertaking an inspection tour of facilities of the Nigerian Railway in Lagos and major routes including Lagos-Ibadan, Abuja-Kaduna-Kano, KanoMaradi with extension to Dutse Federal University of Transportation, Daura and the Eastern narrow Guage Port Harcourt to Maiduguri.

The tour was undertaken to familiarize the minister with ongoing railway modernization projects and interact with the management of NRC and that of constructing companies to identify challenges and areas that require the intervention of the ministry to enhance efficient service delivery.

Major resolutions made during the familiarization visit include a ministerial directive to complete and operate the Asiwaju Bola Ahmed Tinubu Train Station within three weeks from the date of such visit, expansion of assembling of containers at Rail Wagon Assembly Plant at Kajola to make the realization of objectives of transfer of technology a reality while the Managing Director of Nigerian Railway Corporation, Fidet Okhiria, was directed to train the staff of the corporation to facilitate effective management after handing over of the projects on completion.

Also, the China Civil Engineering Construction Company (CCECC) has been directed to complete narrow gauge from Lagos to Kano within three months from the last familiarization visit which has been completed and ready for operation any moment from now. This development will ease difficulties in conveyance of containers and save the rail track lines from vandalism as a result of underutilization.

At the moment, the construction of Lagos – Ibadan Standard Gauge of 156.5km with extension of 6.5km to Lagos Port Complex at Apapa with 10 Railway Stations has been completed and put to

use. Also, the Abuja – Kaduna Standard Gauge of 186.5km with railway stations has been completed and put to use while the Kano-Maradi Standard Gauge of 387km with extension to Dutse in Jigawa State is progressively ongoing under EPCTF financing model.

Furthermore, the Eastern Narrow Gauge Railway Line of 2044.1Km covering Port Harcourt to Maiduguri, Bonny Deep Sea Port, Port Harcourt Industrial Park Projects, Construction of new narrow gauge branch line to Yobe State from Goniri to Gashua 216Km and 150.1Km from Elelenwa-Ubima-Owerri – Onne to Bonny including construction of Onne Port Station is ongoing with reports that indicate appreciable commitments by the contractors whose counterpart fund is anxiously awaited to harness its potential on completion.

In addition to the foregoing numerous ongoing projects which the ministry and the federal government are passionate about completing especially given the centrality of transportation in the Renewed Hope Agenda of Mr. President, a number of other rail modernization projects whose execution is about to commence that cut across the coastal and central states within the country – exist.

The Central Rail Line Abuja – Itakpe – Warri of 315.12Km standard gauge covering the FCT, Kogi, Edo and Delta States along with the Coastal Rail Line (Lagos – Calabar) of 1,402K standard gauge covering Lagos, Ogun, Edo, Delta, Bayelsa and Anambra States are by products of the Presidential Committee for the Concessioning of the Nigerian Railway Corporation constituted by the Obasanjo Administration in 2004.

The ministerial initiative in facilitating speedy execution of the on-going rail modernization projects has been extended to the completion of Rolling Stock Projects involving contracts for the design, manufacture, installation, commissioning of rolling stock, supply of spare parts and maintenance of equipment for all the ongoing projects.

In spite of the huge on-going projects which experts believe would be sufficient to meet the transport demands of Nigerians if completed, the federal government in collaboration with the private sector is initiating new projects from Lekki Deep Sea Port to Ijebu-Ode to Kajola, Port Harcourt to Abuja and a Bullet Train (high speed rail) Integrated Project to collectively support the realisation of the Renewed Hope Agenda aimed at ensuring affordability operation, efficiency and public safety in Nigeria's rail transport system.

Added to the above multiple projects, the ministry is also facilitating the establishment of National Road Transport Data Bank through a Private-Public Partnership financed by Africa Asia Investment Limited.

Salifu is of the Coalition for Transparency and Integrity Watch, Abuja

Lagos State government’s effort at empowering MSMEs operatives is paying off, argues TAYO OGUNBIYI

MORE ROOM IN THE ARK in achieving gender equality, self-reliance, skill balance, inclusion in social security systems and stable means of livelihood.

To this end, a series of programmes and activities aimed at improving the status of women in Lagos and making them economically independent have been organised by the government.

In order to increase the total GDP for LQFRPH JHQHUDWLRQ ÀQDQFLDO JURZWK DQG stability, the government embarked on supporting women through direct cash intervention and capacity building.

2YHU ZRPHQ KDYH EHQHÀWWHG from the state’s agricultural training for rural women on cultivation of vegetables, cassava planting and cultivation, garri processing and other arable crops.

Similarly, 250 women were empowered through a workshop on intercrop of maize and cassava with demonstration plots for practical knowledge.

Widows and other vulnerable women are equally not left out in the scheme, as they have been empowered with working tools such as sewing machines, hairdryers and clippers, pepper grinding machines, generators and popcorn making machines.

Similarly, over 200 household heads for orphans and vulnerable children were empowered with 76 grinding machines, 69 sewing machines, 10 tools, 10 deep freezers, 15 hair-drying machines, 10 braving equipment and seven ovens, among others.

In Lagos, unemployed youths fall into various categories viz employable and unemployable degree holders, medium OHYHO HGXFDWLRQ FHUWLÀFDWH KROGHUV VFKRRO FHUWLÀFDWH KROGHUV DQG GURS RXWV DQG those who never made it beyond primary schools.

Cheerfully, the various interventions of Recently, two senior citizens, Mrs. Majekodunmi Bolanle (66) and Mrs. Kuburat the government take cognisance of this Animashaun (64) were among the 4,592 categorization. For instance, to prepare trainees that graduated in the Lagos State graduates for life after school, the ReadyGovernment empowerment program held at Set-Work was launched.

It is an entrepreneurial and employability the LTV Blue Roof, Agidingbi, Ikeja.

The graduates took vocational training in training programme aimed at ensuring the skill development centres across the state. that every student who graduates from The course fees were borne by the government. any tertiary institution in Lagos has The programme, a brainchild of the Ministry knowledge, skills, and attitude required RI :RPHQ $ͿDLUV DQG 3RYHUW\ $OOHYLDWLRQ to gain employment upon graduation. :$3$ RͿHUV FRXUVHV VXFK DV SKRWRJUDSK\ Thousands of graduates have been textile making, catering and hotel management, empowered from the scheme.

Similarly, the CodeLagos scheme, hairdressing, fashion designing, welding, aluminum fabrication, leather work, furniture aimed at making coding education and technology accessible to Lagosians, and woodwork, among others.

Speaking at the event, Governor Babajide principally targets the youth, and it holds Sanwo-Olu said the initiative was targeted across the six Educational Districts of the at empowering the grassroots, while giving State with a total of 611 facilitators and over young people an opportunity to discover 27,000 participants.

For young residents with ingenious their innate potential and to be economically business ideas, the LSETF comes handy engaged. (ͿRUWV DUH FRQVWDQWO\ PDGH WR GHYHORS with its three in one programme. It the skills of graduates of the Centres. Lately, FRPSULVHV DFFHVV WR TXLFN DQG DͿRUGDEOH 2,000 tradesmen and artisans were reskilled loans for Micro, Small and Medium through the re-skilling programme developed Enterprises (MSMEs) to start up, build, to equip them towards becoming 21st-century expand and create wealth and employment for the residents. From 2019 till date, over compliant.

In the same vein, over 10,050 rural women 15,000 residents have been empowered received intensive training in boosting outputs through the Fund. in agricultural production and giving the Ogunbiyi EHQHÀFLDULHV HTXDO DFFHVV WR PDUNHWV is Director (Features), Ministry of Largely, the government has prioritized Information and Strategy, Alausa, Ikeja intervention programmes that support women The commitment of the Lagos State Government under the leadership of Mr. Babajide Olusola Sanwo-Olu toward empowering more Lagosians has been further strengthened with programmes such as the Jobs Initiatives Lagos (JIL), Eko Digital Skills, Adult Literacy Education, Vocational Training, Quarterly Mega Empowerment Programme and LSETF Funding Initiatives, among others.

The Sanwo-Olu administration is embarking on several intervention programmes to empower the youths, women and indigent citizens in tandem with its vision of attaining a ‘Greater Lagos’.

In order to sustain the momentum in its skill acquisition centers, the government has completed the upgrading of most of its vocational training centers to world-class standards.

It has also equipped those centers with additional working tools to allow for expansion and more enrollment.

Over 75,000 trainees have graduated from the state’s 19 vocation centers in the last four and a half years.

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EDITORIAL

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

AS DANGOTE REFINERY COMES ON STREAM...

It's a triumph of courage and determination

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The Nigerian National Petroleum Company Limited and its partners must ensure the facility gets enough supply of crude oil so as not to disrupt production T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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T H I S D AY ˾ DAY ͰͰ˜ ͰͮͰͲ

FEATURES

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

TCN: Mainstreaming Power Infrastructure Development for Reliable Electricity Precious Ugwuzor writes that for the Transmission Company of Nigeria, TCN, its responsibility of mainstreaming power infrastructure development is sacrosanct as the goal is to ensure that all Nigerians experience better and more reliable electricity supply across the country

T

ransmission Company of Nigeria (TCN), controlled by the federal government, is said to be the most reliable, dependable and most transparent in the power sector value chain. The reason is not far-fetched; it has been responsible for mainstreaming power infrastructure development.

Just last December, TCN announced that about 53 Transmission projects will be completed and commissioned in May 2024. The projects entail the delivery of eight 150MVA power transformers, 19 1000MVA transformers, 60MVA transformers, reconductoring existing transmission lines (conductors and accessories), upgrading of the existing 132/33KV substations, and construction of 33KV line bays.

Spread across the six geo-political zones of the country, the projects are aimed at ensuring steady and regular supply of electricity, which at its completion, additional 1,000 megawatts of power will be transmitted.

The Managing Director TCN, Sule Abdulaziz had at major power conferences and dialogue re-assured Nigerians of increase power supply, saying the ongoing projects were funded by the Central Bank of Nigeria CBN with a loan of N122 BIllion in its continuous power intervention programme aimed at ending the power sector menace.

He said TCN loyalty and accountability is to the federal government and consumers of electricity, in pursuance with its core mandate in the electricity value chain which consist of Generation, Transmission and Distribution.

In a chat with a major power sector player, Anthony Uchendu, he said TCN has sustained a veritable record of performance in-spite of regular vandalism of its power installations across the country, describing the organisation as the most effective and most transparent in the power sector value chain.

According to Uchendu, the 53 ongoing contracts were visited by the media in last year drawing officials from the Central Bank of Nigeria, officials from the Ministry of Power and the Transmission Company of Nigeria TCN to sensitise consumers of electricity of the efforts made by government to address the challenges in the power sector.

Earlier, the Minister of Power, Adebayo Adelabu, mentioned that even though the country has handed over the responsibility of generating and distributing power to private entities, the part that handles transmitting electricity is still managed by the government.

However, this area hasn’t seen enough progress mainly because the infrastructure, such as substations, transformers, and power lines, are getting old and aren't strong enough.

Adelabu promised that the government would focus on reorganising and improving this infrastructure. The aim is to ensure that all Nigerians experience better and more reliable electricity supply across the country.

Moreover, the Abuja Transmission Scheme when completed would add 1,380mva transformer capacity, equivalent to 624 megawatts (mw), to the grid. It is confirmed that the TCN had received, with the assistance of the federal government, a credit from Agence Francaise de Development (AFD) to reinforce the high-voltage transmission ring around Abuja. TCN is adding additional two 330/132/34KV substations and additional three 132/33KV substations in the FCT. The increase in transmission capacity would improve power supply within Abuja and its environs, as well as positively impact the socio-economic wellbeing of the people.

Engr. Sule Abdulaziz MD. TCN

The Abuja feeding scheme is one of the projects under the Transmission Rehabilitation and Expansion Programme (TREP) designed to tackle issues of transmission nationwide, and in specific locations.

Under the TREP project, the TCN had been able to commission several transmission substations and installed over 30 power transformers across the country, and also achieved a frequency control within 49.8-50.2 in the last one year.

It is of note that the 132 kilovolt Dawaki Gas Insulated Substation (GIS) near Gwarinpa in the Federal Capital Territory (FCT), which is one of the projects, has been completed.

The project is just one of the five already substations under the AFD-funded Abuja Feeding Scheme, comprising a 330kv substation, four 132kv substations, and their transmission lines, as well as a 330kv transmission line from Lafia to Abuja.

The project site assessment exercise by the AFD team was part of its first mission aimed at monitoring and providing timely intervention that would ensure a timely actualisation of the projects. However, various

presidential power initiatives have given support to and aided the competence of the Transmission Company of Nigeria which translates to the remarkable improvement in the supply of power.

Recall that at the end of 2023, the Minister of Power Adebayo Adelabu had announced the unbundling of the Transmission Company of Nigeria TCN under the President Bola Ahmed Tinubu Electricity Turn Around Agenda (ETA).

According to the minister, the plan will lead to efficiency and enhance delivery.

However, the Nigerian Labour Congress (NLC) through its president, Joe Ajaero differ in thoughts. The congress has insisted that TCN be allowed to function as entity without any interference or division if the needed power sector reforms must be achieved.

Ajaero told newsmen that the further divisions anticipated will rather slow down the infrastructure development agenda of TCN, lamenting that 10 years after privatisation of the sector, no meaningful impact has been made to increase generation and distribution of electricity.

He therefore called on government to strengthen the capacity and funding of TCN to ensure that obsolete transmission lines and outdated power installations are replaced to enhance increase in the supply

Even though the country has handed over the responsibility of generating and distributing power to private entities, the part that handles transmitting electricity is still managed by the government... government would focus on reorganising and improving this infrastructure. The aim is to ensure that all Nigerians experience better and more reliable electricity supply across the country

of electricity.

A ministry official had said earlier that the TCN is synonymous to power sector development, saying allegations of corrupt practices against it is intended to disrepute the Managing Director, Sule Abdulaziz and create tension to actualise the polarisation of the agency.

According to him, government has looked the other way in a contract sum of N39 Billion paid in full to a contractor in the Ministry of Power for the supply and installation of meters to military formations, Ministries, Departments and Agencies MDAs in 2017 and up untill now not a single meter has been supplied.

The official further alleged that the N39 Billion has yielded over N20 Billion in interest and proceeds shared between ministry officials, the contractor and a new generation bank.

He said the Minister of Power, Adebayo Adelabu had intervened in the matter and ordered the release of the funds to a contractor under a consortium agreement to commence the project but the company had remained adamant.

He advised government to go after the two principal actors to ensure the commencement of the project and as well be prosecuted for money laundering, rather than waste energy in fighting heads of agencies when contractors and commercial banks are conniving with government officials to defraud and loot the treasury.

Similarly, in November last year, the Chairman House Committee on Finance at the National Assembly, Hon. James Falake, had summoned the contractor and Ministry of Power officials to appear before its committee to offer explanation to why N39 Billion of federal government funds was stashed in the bank without utilisation.

Notwithstanding all these hiccups, the Transmission Company of Nigeria is bent on living up to its responsibility of transmitting and mainstreaming power to the betterment of society.

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T H I S D AY ˾ MONDAY, JANUARY 22, 2024

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BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

J A N U A R Y

S & P INDEX

1 9 , 2 0 2 4

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

At 19.39%, Interbank Call Rate Hits 6-year High on Illiquidity

Kayode Tokede Nigeria’s interbank call rate at which banks lend and borrow money from each other on a short-term basis, has jumped to its highest level since 2018, numbers released by the Central Bank of Nigeria (CBN) has revealed.

The interbank call money rate is primarily determined by the demand and supply of funds in the interbank market and is used as a benchmark rate for other short-term lending rates.

The CBN in its money market data revealed that Interbank call rate jumped to 19.39 per cent in November 2023, which is the highest since February, 2018 when it was

at 26.19 per cent.

Data sighted by THISDAY revealed that the weighted average call rate stood at 19.5per cent as of January 18, 2024, translating into high lending rate by banks to real sector.

The rate opened January 2023 at 10.35 per cent, hits its second highest peak at 15.8per cent in April 2023.

The interbank call rate had opened at 14 per cent in January 2023 and closed at 12 per cent December 2022.

“There is low naira liquidity in the money market at the moment.

And some banks and companies are unable to access cheaper funding as a result,” said David Adnori, Vice President, Highcap Securities Limited.

He expressed that the CBN

maintaining MPR at 18.75 per cent also contributed to the hike in interbank call rate, another key factor contributing to macro economic challenges as CBN tackles inflation rate.

“I believe this will be temporary because of the current high inflation rate in the country will require monetary policy tightening. The rate is primarily determined by the demand and supply of funds in the interbank market and is used as a benchmark rate for other short-term lending rates. It is often an important indicator of the overall liquidity and health of the banking system,” he added.

The CBN also revealed that the

average maximum lending rate in the banking sector dropped to 27.61 per cent in November 2023 from 28.97 per cent reported in October 2023.

The average maximum lending rate was at 27.24 per cent in September and the CBN reported 27.59 per cent average maximum lending rate in August 2023 With the rising MPR and inflation rate, banking sector customers are to face another challenge as average maximum lending rate increased to 28.94 per cent in June 2023, making it the second highest in 2023.

The CBN in its money market data revealed that average

maximum lending rate that opened in January 2023 at 27.63 per cent has increased to 28.94 per cent in June amid 18.5 per cent MPR and 22.97 per cent inflation rate as at June 2023.

The average maximum lending rate was at 27.61 per cent in June 2022 on the backdrop of 13.00 per cent MPR. Maximum lending rate refers to the rate charged by Deposit Money Banks (DMBs) for lending to customers with low credit rating.

According to THISDAY investigations, average maximum lending rate in the banking sector reached record high June 2023.

The average maximum lending

rate closed December 2022 at 29.13 per cent, making it the highest since January 2020 when it was at 30.77 per cent.

The CBN data revealed that average prime lending rate dropped to 14.05 per cent in November 2023 from 14.39 per cent in October 2023.

Average prime lending is the interest rate that banks charged on loans and products held by customers with the highest credit rating.

The rate reached 14.39 per cent in October, the highest in 2023 and 13.62 per cent lowest as of February 2023.

The story continues online on www.thisdaylive.com

Currency Outside Banks Surges to N3tn, 92% of Currency in Circulation Nume Ekeghe Recent data released by the Central Bank of Nigeria (CBN) has revealed a notable spike in currency outside the banks during the month of November 2023, reaching unprecedented levels based on historical records.

According to the Money and Credit Statistics data from the apex bank, the total currency in circulation (CIC) for November

amounted to N3.35 trillion, while currency outside the banks is N3.08 trillion, constituting a significant 92 per cent of the overall CIC. This clearly surpassed the previous record of N2.73 trillion in currency outside banks, reported in September 2022, representing 85 per cent of the N3.2 trillion CIC. This earlier peak had prompted the Central Bank to implement the naira redesign policy in a bid to curtail the increase of currency

outside banks as well as currency in circulation.

A breakdown of the elevenmonth trend reveals fluctuations in both CIC and currency outside banks. In January 2023, CIC was N3.29 trillion, followed by February at N982 billion, March at N1.68 trillion, April at N2.38 trillion, and May at N2.53 trillion.

June saw a slight increase to N2.6 trillion, with a marginal dip to N2.59 trillion in July.

August witnessed an uptick to N2.66 trillion, another rise to N2.76 trillion in September, and an increase to N3.01 trillion in October, culminating in the November peak at N3.35 trillion.

The breakdown of currency outside banks for the same period ranged from a low of N792 billion in January, a slight increase to N843 billion in February, a reversal in March to the overturn of the policy to N1.45 trillion, a further

rise to N2.07 trillion in April, and N2.18 trillion in May. June recorded N2.26 trillion, July N2.21 trillion, August N2.22 trillion, September N2.42 trillion, October N2.7 trillion, and a continued upward trend to N3.08 trillion in November 2023.

Notably, November 2023 marked the highest recorded levels for both currency in circulation and currency outside banks. The percentage of money outside the

banks concerning CIC also reached a peak of 92 per cent.

Analysts believe the surge in cash outside banks emphasizes the need for decisive action, “Addressing the underlying factors driving this phenomenon is imperative, necessitating a sustainable approach to encourage the widespread adoption of electronic banking.”

Continued on page 32

M A R K E T D ATA A S AT F R I D AY, J A N U A R Y 1 9 , 2 0 2 4 BONDS Change Updated Time DESCRIPTION Price Yield (%) January 19, ^13.53 230.00 2024 101.49 12.09 MAR-2025 ^12.50 22January 19, 99.40 12.85 0.00 2024 JAN-2026 ^16.2884 17January 19, 109.01 12..72 0.00 2024 MAR-2027 ^13.98 23January 19, 101.63 13.44 0.00 2024 FEB-2028 ^14.55 26January 19, 101.40 14.15 0.00 2024 APR-2029

BILLS MATURITY

Discount Yield

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

1.25

1.26

January 19, 0.00 2024

1.61

1.61

January 19, 0.00 2024

2.06

2.07

January 19, 0.00 2024

2.41

2.43

January 19, 0.00 2024

2.80

January 19, 0.00 2024

2.77

OTC F X F U T U R E S

CPS

Change (%) Updated Time

MATURITY CRSL CP II 18-FEB-24

Discount Yield 8.97

9.04

FLOURMILLS CP III 29-FEB-24

10.38

10.50

UACN CP VI 19-MAR-24

7.79

7.89

8.75

8.94

6.53

6.67

LFZC CP IV 16-APR-24 MTNN CP VII 14-MAY-24

Change (%)

Updated Time

January 19, 0,00 2024 January 19, 0,00 2024 January 19, 0,00 2024 January 19, 0,00 2024 January 19, 0,00 2024

CONTRACT TENOR Contract (MONTH) 13

13M

14

14M

15

15M

16

16M

17

17M

Current Rate ($/₦)

Updated Time

NGUS JAN 29 2025 NGUS FEB 26 2025 NGUS MAR 26 2025 NGUS APR 30 2025 NGUS MAY 28 2025

January 19, 2024 January 19, 2024 January 19, 2024 January 19, 2024 January 19, 2024

32

MONDAY, JANUARY 22, 2024 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Transforming the Landscape of Pension Fund Investments The Nigerian Exchange Limited (NGX) and the National Pension Commission (PenCom) collaborated to introduce the NGX Pension Broad Index (NGXPENBRD), aimed at transforming the equities investment landscape for pension funds. Launched on June 15, 2023, the new index addresses the limitations of existing benchmarks, providing a more inclusive and representative measure of the investment universe of pension funds EVOLVING FROM CONSTRAINTS Traditionally, pension funds relied on the NGX All Share Index (ASI) and NGX Pension Index (PI) for assessing the performance of their equity portfolios.

However, both indices had their limitations. The ASI encompassed all stocks listed on the Nigerian Stock Exchange, including those ineligible for pension fund investments. On the other hand, the PI comprised only 40 stocks, leading to a narrow representation dominated by high-value stocks. Recognising these constraints, PenCom and NGX sought to develop

a more comprehensive benchmark.

NGX PENSION BROAD INDEX The NGXPENBRD addresses the shortcomings of the ASI and PI by expanding the universe of eligible stocks and incorporating stringent criteria in line with the Regulation on Investment of Pension Fund Assets.

In order to qualify for inclusion in the NGX Pension Broad Index, companies are required to satisfy specific eligibility criteria. This includes demonstrating a consistent track record of taxable profits over a minimum of three out of the last five years prior to the investment consideration.

Moreover, companies seeking inclusion must exhibit a history of either distributing dividends or issuing bonuses in at least one of the preceding five years.

Furthermore, adherence to the NGX’s free float rules is essential. To meet this criterion, companies must maintain a Free Float Factor of no less than 5%. This ensures that a significant portion of their shares

is actively traded in the market, aligning with the Exchange’s commitment to maintaining a robust and representative index.

It also aids the pension funds liquidity requirement through easy entry and exit of investments.

PENSION INDEX KEY FEATURES Expanded Composition is a major feature of the new index the NGX Pension Broad Index. It now includes 84 stocks, up from the 40 in the previous NGX Pension Index. This expansion resulted from a meticulous selection process, ensuring adherence to profitability and dividend payment criteria set by the regulatory framework.

Regular Rebalancing is a significant feature of the NGX Pension Broad Index.

To maintain integrity, the index undergoes semi-annual rebalancing, adjusting sector weights to reflect market dynamics accurately. In addition, the NGX Pension Broad Index has introduced diversification. The broader universe of the NGX Pension Broad Index provides a more diversified representation, catering to Pension Fund Administrators (PFAs)

pension industry equity investment portfolios.

This stamp of approval solidifies the index’s credibility as a reliable yardstick for evaluating equity performance within the pension industry.

PENCOM DG, Aisha Dahir-Umar

with investments beyond the confines of the NGX Pension Index.

PERFORMANCE, REGULATORY APPROVAL Since its launch, the NGX Pension Broad Index has demonstrated robust performance. Comprising high-quality stocks across

key sectors such as Banking, Insurance, Oil & Gas, Consumer Goods, and Industrial Goods, the index aligns seamlessly with the provisions of the PenCom Regulation on the Investment of Pension Fund Assets.

PenCom has officially endorsed the NGX Pension Broad Index as the benchmark for Nigeria’s

INVESTMENT DECISIONS, ENSURING STABILITY The NGX Pension Broad Index is expected to play a pivotal role in guiding investment decisions for PFAs, offering a comprehensive view of the market. Its well-diversified composition and adherence to regulatory criteria contribute to enhancing the overall stability of Nigeria’s pension industry.

In conclusion, the introduction of the NGX Pension Broad Index marks a significant leap forward in the evolution of benchmarks for pension fund investments, ensuring a more inclusive, representative, and stable investment landscape for the pension industry.

CURRENCY OUTSIDE BANKS SURGES TO N3TN, 92% OF CURRENCY IN CIRCULATION

Soludo Sponsors Anambra Startup Team to Silicon Valley, USA Emma Okonji Governor Charles Chukwuma Soludo of Anambra State has again demonstrated his commitment to transform the state into a startup destination,

with the recent sponsorship of an Anambra-based startup, Foris Labs Team to the Silicon Valley in the United States of America (USA) to participate in the TechCrunch Startup Battlefield in California.

Foris Labs is a gamified virtual

science lab startup simplifying the complexities of science experiments.

The startup was selected among the top startups to participate in the highly competitive ‘TechCrunch Startup Battlefield 200’ as one of the top 200 startups from around

the globe to exhibit in the event held recently in San Francisco, California.

Speaking about the sponsorship, Special Adviser to the governor on Innovation and Business Incubation, Chinwe

Okoli, said: Governor Soludo’s administration is committed to building the Solution Innovation District (SID), which will become the Silicon Valley of Africa and see to the emergence of startups, digital tribe, and smart SMEs.

New NCAA DG Unveils Agenda to Improve Air Transport in Nigeria Chinedu Eze The acting Director general, Nigerian Civil Aviation Authority (NCAA), Captain Chris Najomo at the weekend unveiled his agenda on how to reposition the agency, improve air safety and make commercial flight operations

more viable in other to attract investment in the sector.

Tagged, “NCAA project 2024,” Najomo outlines the priorities of his management built on quick resolution of issues, stressing that the areas of attention would include prompt and simplified licencing/certification, enhanced

surveillance, consumer protection, staff welfare, among others.

He aims to eliminate knotty and cumbersome procedures that that tend to encourage bureaucracy and promised digital transformation; intensified revenue drive; Universal Safety Audit and ISO 9001certification as part of

his agenda for the year, 2024.

In a collaborative manner and for one who has over 40 years flying experience, he emphasized new partnership with airlines, noting that to actualize his set objectives his agency would need funds and therefore called on debtor airlines to pay up their debts or risk being

denied services henceforth.

In order not to make the payment of the debts burdensome, he gave the airlines the option to schedule the payment and disclosed that NCAA has adopted ‘no pay, no service’ policy as airlines would no longer get services not paid for.

The governor takes pride in promoting great ideas, products, and services out of Anambra State. He has continuously demonstrated his support to startups as well as building the innovation ecosystem and enabling environment required for startups to thrive in the state.”

Foris Labs, founded

by John Onuigbo, is an innovative startup dedicated to transforming the way students engage with science. It is aimed at developing cutting-edge products that simulate real-life science laboratory environments, allowing students to conduct experiments virtually using mobile devices or desktop computers. Foris Labs has demonstrated exceptional innovation and dedication in the fields of education and technology.

33

MONDAY, JANUARY 22, 2024 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Okeke-Lawal: Optiva Capital’s Edge is its Elite Partnership Across the World Ms. Amaka Okeke-Lawal, is the Executive Director of Optiva Capital Partners, a leading investment immigration wealth management company, with responsibility for overall business development.

A quintessential business leader who is focused and goal-oriented, she has, by merit and dint of hard work risen to her exalted position. In an interview, she reminisces on her years at Optiva Capital Partners, and the firm’s distinctive edge in investment immigration. Excerpts Tell us about yourself. am the Executive Director of Business Development at Optiva Capital Partners, and I have been with Optiva for 10 years and currently in charge of 21 branches.

I am a member of the board and the executive committee at Optiva Capital Partners.

For my educational qualification, I obtained a BSc in Sociology from the University of Lagos and I am also a certified business analysis professional.

I am God-fearing, a goal-getter, hardworking, dedicated, and intelligent. When I set goals, I remain resolute and focused on them with high commitment, unwavering determination, and persistence until I achieve them. No number of obstacles or challenges will deter me. I am from Anambra State and happily married to a Yoruba man from Ibadan, Oyo State.

“I believe in the power of effective leadership and teamwork. I will foster a collaborative and inclusive culture within our organization, encouraging open communication and empowering our team members to contribute their unique perspectives.

By nurturing talent and providing professional development opportunities, we will build a high-performing team motivated to achieve excellence.”

I

What motivated you to join Optiva Capital Partners 10 years ago?

The Chairman of Optiva Capital Partners, Mr. Franklin Nechi motivated me to join the company.

I met the chairman in September 2013. I was young and naive with no clear sense of direction. I wanted to be so many things at the same time but he redirected my energy and focus to ONE GOAL-to be a person of significance through focus, confidence, and action. He elevated my trust in God and trained me to be mentally tough, the kind of mental toughness that helped me to glide through the challenges of life unfazed. He taught me that if God be for me, no opposition or challenges can overcome me. The chairman is a visionary.

The first thing you would notice from your interaction with him is his brilliant mind. He didn’t know me from anywhere but he believed in me and challenged me. The truth is that I love a good challenge. When I set my mind to do something, nothing can stop me. He identified my strengths and weaknesses and began to train me. He built an extreme hunger for success in me. He taught me all I know about the business and has been there every step of the way. He is my mentor.

Can you share some of your most memorable moments or achievements during your time at Optiva Capital Partners?

My life has been a life of achievements and it’s evident from my growth. As I learned to focus on one goal at a time and become a goal-oriented and result-driven person that I have transformed into, there was no looking back. It has been laurel after laurel. I started my career as a relationship management executive with primary duties of establishing and maintaining relationships with clients, deep knowledge of the company’s products and services, providing clients with comprehensive products/services, and guiding their decision-making process. From there, I grew to General Manager and I am now the Executive Director of Business Development in charge of the implementation of business strategies, training, and development of the team, work tools for business development, overseeing over 21 branches, branch expansion, and strategies, institutional operations, social media marketing and so on.

I have the recognition of being the top salesperson consistently, and this means a lot to me. The doors it has opened professionally

my dedication to Optiva Capital Partners for the long term.

How has the company culture contributed to your long-term commitment?

How do you envision your role in the company’s future?

I am thrilled to have the opportunity to share my vision for the future and outline how I envision my role in the company’s future as the Executive Director at Optiva Capital Partners. With a focus on driving growth, fostering innovation, and ensuring sustainable success, I am committed to contributing to our organization toward new heights. As the Executive Director, my primary objective is to provide strategic direction and ensure the effective execution of our mission. I will work closely with the board of directors, leveraging their expertise and guidance to shape our long-term goals and objectives. By aligning our vision with industry trends and market opportunities, we will position Optiva Capital Partners as a leader in the investment immigration service sector.

Furthermore, I believe in the power of effective leadership and teamwork. I will foster a collaborative and inclusive culture within our organization, encouraging open communication and empowering our team members to contribute their unique perspectives.

By nurturing talent and providing professional development opportunities, we will build a high-performing team motivated to achieve excellence. In addition, I recognize the importance of building and nurturing relationships with our clients, partners, and stakeholders. I will actively engage with them, understanding their needs and expectations, and ensure that we consistently deliver exceptional service and value. By fostering trust and maintaining transparent communication, we will strengthen our reputation and attract new opportunities.

The company culture at Optiva Capital Partners has played a significant role in fostering my long-term commitment to the organization. The emphasis on collaboration, innovation, and continuous learning has created an environment that encourages personal and professional growth. The supportive and inclusive nature of the culture has allowed me to thrive, feel valued, and contribute meaningfully to the company’s success. This positive atmosphere, combined with the shared commitment to excellence, has solidified

What motivated you to stay this long at Optiva Capital Partners?

Firstly, I found fulfillment in the challenging and dynamic nature of the sales and financial services industry which Optiva Capital Partners provided with ample opportunities for professional growth and development. Thereby allowing me to expand my skill set, broaden my knowledge, and take on new challenges which in turn, fueled my motivation to stay and excel within the organization. Lastly, the vision, mission, and goal of Optiva Capital Partners are aligned with my aspirations.

Okeke-Lawal have been mind-blowing. I have grown in product knowledge, my profile has risen in society, opportunities knock on my door, and the responsibilities and accolades that my current role entails are both challenging and exciting. Recently I received the GAHAWARD Youth Icon Award as the Future Shaper 2023 by GMYT Group. It has been challenging and gratifying and I am grateful to God for everything He has enabled me to achieve What do you find most rewarding about working at Optiva?

Working in an organization like Optiva Capital Partners can be rewarding for several reasons. Firstly, it offers the opportunity to work with a diverse range of clients and industries, allowing professionals to gain valuable insights into various sectors of the economy. This exposure can be intellectually stimulating and provide a broader perspective on global markets.

Secondly, Optiva Capital Partners offers competitive compensation packages, including bonuses and performance-based incentives. This can be financially rewarding for individuals who excel in their roles and contribute to the success of the company.

Lastly, there is the opportunity to make a meaningful impact on the lives of people.

The company has a culture of helping people and introduced welfare packages tagged “No One Is Left Behind” and “Now I Can See” programs to cater to our staff and family members. Parents and grandparents are offered free eye treatment including

“My future goals or aspirations within the organization are to align with the mission of the company which is to improve lives by protecting, growing, enhancing, and optimizing wealth and also, fostering strong client relationships, and delivering exceptional financial services.”

surgeries and long-term care. Many parents have benefitted, and some were flown from interior villages to Lagos for medical treatment with full hotel accommodation for the parents and accompanying aids till treatment is completed on an all-expense paid basis.

How have you seen Optiva grow and evolve during the past 10 years you have been here?

Optiva has grown from a single location to expanding its horizons in over 21 branches across Nigeria, from having only 15 staff to over 1,000 paid staff.

From being an agent to having elite international partners across the world.

Optiva Capital Partners is also globally recognized as the number one investment immigration company in Africa.

What are your future goals or aspirations within the organization?

My future goals or aspirations within the organization are to align with the mission of the company which is to improve lives by protecting, growing, enhancing, and optimizing wealth and also, fostering strong client relationships, and delivering exceptional financial services.

34

BUSINESSWORLD

MONDAY, JANUARY 22, 2024 ˾ T H I S D AY

PERSPECTIVE

Rise and Rise of Abdulrasaq Isa Kutepa’s Waltersmith Petroman Tunde Olusunle

N

igeria’s popular and highly regarded THISDAY Newspapers did its typical annual summation of remarkable individuals and corporate entities who and which impacted the broad esplanade of the nation’s multispectral space, last year.

The front page of the Monday December 25, 2023, which was the Christmas day edition of the publication featured portraits of some of those the newspaper described as “Movers and Shakers” of the receding year. It was a potpourri of impactful contenders for the highest political offices in the land, as well as state governors who were deemed to have offered good governance to their constituents.

High-flying business leaders and standout bankers who were variously considered to have etched footprints on the sands of the year, equally made the honours roll.

While the front page of the newspaper under review could understandably not accommodate the faces of all those who were adjudged to have excelled in their various departments, the inside pages were more encompassing. “Usual suspects” like the pluri-faceted businessman, entrepreneur and industrialist Aliko Dangote and his “running mate” Abdul Samad Isyaku Rabiu who is breaking grounds in agriculture, infrastructure and manufacturing, had their faces featured on the front page of that newspaper. So was the visage of “Lagos boy” Femi Otedola, a precursor in the power and banking sectors, who is also famous for his philanthropic activities. Mele Kyari, Group Executive Officer of the Nigerian National Petroleum Company Limited, also featured on the cover of the publication.

Abdulrasaq Isa Kutepa may not have been emblazoned on the outer pages of the tabloid under reference. He features very prominently, nonetheless, in the section devoted to the interrogation of “movers and shakers” of national socioeconomic space. Indeed a few days before the mention in THISDAY, I had authored an essay titled “As Torrents Of Trophies Pour for Isa Kutepa” which received generous media ventilation. Kutepa is the Chairman and Co-Founder of Waltersmith Group of Companies. Waltersmith Petroman Oil Limited,* one of the subsidiaries under the umbrella organisation is prosecuting a silent revolution in the nation’s oil sector. The piece published in the Saturday December 23, 2023 edition of THISDAY, drew attention to the unmistakable ascent of the Kutepa/ Waltersmith brand in Nigeria’s business and investment firmament.

From its Ibigwe field in Imo State, Waltersmith Petroman operates a modular refinery which was commissioned in 2020,

by Muhammadu Buhari, Nigeria’s former President. The refinery aims to produce diesel, naphtha, heavy fuel oil, (HFO), and kerosene.

Refined petroleum products from Petroman’s modular complex is targeted primarily for states in the south east zone. Anambra, Enugu, Abia, Imo and Ebonyi states therefore, are the primary beneficiaries of the Petroman, 5000 barrels per day modular refinery. Efforts are afoot to upscale the capacity of the refinery to one with a processing capacity of 40,000 barrels per day. This upgraded capacity will be fed from the Assa*marginal field acquired in 2021.

More lately, Waltersmith Petroman has featured very prominently on the list of a quintuple of investors who aspire to procure the Shell Petroleum Development Company of Nigeria, (SPDC), from the British energy giant, Shell. The foremost global brand desires to withdraw from onshore oil production in the Niger Delta region after nearly 100 years of oil and gas operations in Nigeria. Renaissance Consortium* a muscular agglomeration comprising: ND Western, Aradel Energy, First E & P and Waltersmith, all prominent local oil exploration and production entities, in collaboration with Petrolin, a Swiss-based trading and investment company, nicked the deal.

The very fact that Kutepa’s organisation is having a bite of a $2.4Billion SPDC transaction speaks to the rapid ascent of Petroman in the nation’s oil and gas sector.

An initial $1.3Billion will be raised by the

consortium of buyers and paid to SPDC. At the consummation of the deal, $1.1billion will be remitted to SPDC as balance and final payment. Waltersmith Petroman and its collaborators have made good progress in their recent collegial bid for the SPDC onshore assets, after efforts by a number of Nigerian-based energies failed. For the assurance of doubts, Sahara Group, Seplat Energies, Famfa Oil, Niger Delta Exploration and Production, as well as Triolus Investments Limited, previously took shots at the acquisition of SPDC. Heirs Oil and Gas, as well as ND Western equally bided for SPDC. Beyond accentuating its activities in the Nigerian oil and gas sector, Waltersmith Petroman has been making international incursions. In 2019 for example, the organisation acquired an oil block in Equatorial Guinea’s Niger Delta basin, known as Block EG-23. Waltersmith Petroman Oil Limited and Hawtai Energy Hong-Kong were granted a 40% participating interest each in the oil block while Equatorial Guinea’s national oil company, GE Petrol, was granted 20%. The octogenarian Teodoro Obiang Mbasogo Nguema has exercised a vice grip on the central African country for 44 years and still counting. The former Spanish colony with a population of less than two million people struck oil in 1995.

The country’s Minister for Mines and Hydrocarbons, Gabriel Mbega Obiang Lima noted at the signing ceremony that the EG-23 Block was very strategic for the country’s economy. He noted that Equatorial Guinea had just signed a Memorandum of Understanding, (MOU), for its Liquefied Natural Gas, (LNG) train.

The gas reserves from the block Obiang Nguema noted will be needed for gas supply to the LNG. He applauded the proven competence and experience of Waltersmith Petroman, despite being a brother African country. The reputation of the Nigerian outfit had long preceded the eventual consummation of the deal, the Minister noted. Kutepa assured on that occasion that Waltersmith will draw from its experiences in its operations in deltas and riverine areas of Nigeria in fast tracking operations on “Block EG23.” He pledged that the operations of Waltersmith in the region will indeed boost the economy of the country by helping to extend value creation down the line.

Founded in 1998, fully operationalised in 2008, Waltersmith Petroman has blossomed into a formidable player in Nigeria’s business firmament through the years. Kutepa’s dream across time has been to grow Waltersmith into a diversified Nigerian conglomerate, which he continues to pursue. The walls and shelves of the corporate headquarters of the organisation beam with commemorative plaques and mementos presented to it for its innovations in the oil and gas sector.

In 2020, Waltersmith Petroman won the “Refinery Project of the Year” as well as the “Future Industry Leader” awards. In the following year, it won the Nigerian Oil and Gas Indigenous Company of the Year” award, among several honours.

Kutepa himself has chaired the “Independent Petroleum Producers Group of Nigeria,” (IPPG), established in 2015, by indigenous exploration and production companies. Its principal focus is to help the maximisation of the contributions of the domestic oil and gas industry to the development of the country’s socioeconomy. Central to Kutepa’s corporate governance ethos and success is the ultra-strict adherence to global best practices. Things must be done rightly, transparently and methodically in conformity with laid down rules and procedures. Kutepa accepts nothing short of these minimums.

The 360° transmutation of this man who graduated with an honours degree sociology over four decades but who is today a big player in the corporate world should command studies and exegesis by research enthusiasts. t 5VOEF 0MVTVOMF 1I% QPFU KPVSOBMJTU TDIPMBS BOE BVUIPS JT B 'FMMPX PG UIF "TTPDJBUJPO PG /JHFSJBO "VUIPST '"/"

35

MONDAY, JANUARY 22, 2024 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 18Jan-2024, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 365.01 365.01 17.79% Afrinvest Plutus Fund 100.00 100.00 10.22% Nigeria International Debt Fund 342.45 342.45 0.55% Afrinvest Dollar Fund 110.62 110.62 0.36% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.00% Anchoria Equity Fund 238.50 241.46 23.24% Anchoria Fixed Income Fund 1.31 1.31 1.89% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 36.17 37.26 18.40% ARM Discovery Balanced Fund 735.87 758.06 11.08% ARM Ethical Fund 60.79 62.62 11.48% ARM Eurobond Fund ($) 1.11 1.11 -113.61% ARM Fixed Income Fund 1.10 1.10 -97.79% ARM Money Market Fund 1.00 1.00 10.71% ARM Short Term Bond Fund 1.01 1.01 -119.51% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.01 107.01 781.00% AVA GAM Fixed Income Naira Fund 1,191.36 1,191.36 1171.00% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.02 1.02 8.89% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.26% Cordros Milestone Fund 186.73 188.18 8.00% Cordros Fixed Income Fund 108.08 108.08 7.14% Cordros Halal Fixed Income Fund 109.81 109.81 7.87% Cordros Dollar Fund ($) 114.81 114.81 7.04% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 13.39% Emerging Africa Bond Fund 1.11 1.11 2.68% Emerging Africa Balanced Diversity Fund 1.49 1.51 14.18% Emerging Africa Eurobond Fund 107.74 107.74 1.06% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1555.62 1555.62 11.98% FBN Balanced Fund 298.97 301.73 10.56% FBN Halal Fund 134.47 134.47 13.17% FBN Money Market Fund 100.00 100.00 11.46% FBN Dollar Fund 124.35 124.35 7.47% FBN Smart Beta Equity Fund 293.90 298.40 18.19% FBN Specialized Dollar Fund 112.34 112.34 9.23% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.10% Legacy Debt Fund 3.59 3.59 2.61% Legacy Equity Fund 3.29 3.36 18.65% Legacy USD Bond Fund 1.33 1.33 4.46% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 6,541.60 6,594.02 N/A Coral Income Fund 4,014.46 4,014.46 8.02% Coral Money Market Fund 100.00 100.00 11.80% FSDH Dollar Fund 1.20 1.20 0.00%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 21.31 21.47 15.96% Meristem Money Market Fund 10.00 10.00 12.41% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) N/A N/A N/A Norrenberger Money Market Fund (NMMF) N/A N/A N/A Norrenberger Dollar Fund (NDF) ($) N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.67 2.71 14.89% PACAM Fixed Income Fund 12.04 12.29 54.71% PACAM Money Market Fund 10.00 10.00 0.00% PACAM Equity Fund 2.64 2.67 22.31% PACAM EuroBond Fund 132.27 135.50 0.27% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund N/A N/A N/A SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.01 1.01 11.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund N/A N/A N/A Stanbic IBTC Bond Fund N/A N/A N/A Stanbic IBTC Ethical Fund N/A N/A N/A Stanbic IBTC Guaranteed Investment Fund N/A N/A N/A Stanbic IBTC Iman Fund N/A N/A N/A Stanbic IBTC Money Market Fund N/A N/A N/A Stanbic IBTC Nigerian Equity Fund N/A N/A N/A Stanbic IBTC Dollar Fund (USD) N/A N/A N/A Stanbic IBTC Shariah Fixed Income Fund N/A N/A N/A Stanbic IBTC Enhanced Short-Term Fixed Income Fund N/A N/A N/A Stanbic IBTC Absolute Fund N/A N/A N/A Stanbic IBTC Aggressive Fund N/A N/A N/A Stanbic IBTC Conservative Fund N/A N/A N/A UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.67 1.69 22.75% United Capital Balanced Fund 2.08 2.09 12.39% United Capital Wealth for Women Fund 1.64 1.65 15.06% United Capital Sukuk Fund 1.19 1.19 9.31% United Capital Fixed Income Fund 1.96 1.96 7.30% United Capital Eurobond Fund 124.65 124.65 5.30% United Capital Global Fixed Income Fund 1.09 1.09 10.12% United Capital Money Market Fund 1.00 1.00 10.89% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 20.78 21.04 12.69% Zenith ESG Impact Fund 24.00 24.23 10.16% Zenith Income Fund 25.44 25.44 0.42% Zenith Money Market Fund 1.00 1.00 11.80% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 10.55 10.65 -3.28% Vetiva Consumer Goods Exchange Traded Fund 13.66 13.76 1.93% Vetiva Griffin 30 Exchange Traded Fund 33.18 33.38 2.62% Vetiva Money Market Fund 1.00 1.00 10.38% Vetiva Industrial Goods Exchange Traded Fund 36.58 36.78 19.36% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 3.05%

REITS NAV Per Share

Yield / T-Rtn

130.01 N/A N/A N/A

0.11% N/A N/A N/A

Bid Price

Offer Price

Yield / T-Rtn

N/A N/A N/A 26.40 42.94

N/A N/A N/A 26.80 43.41

N/A N/A N/A 12.33% 13.99%

NAV Per Share

Yield / T-Rtn

N/A

N/A

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC REIT

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

I N F R AST R U CT U R E F U N D Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

T H I S D AY • MONDAY, JANUARY 22, 2024

36

FOCUS

Ebenezer Onyeagwu’s Leadership Makes the Difference Donatus Eleko

S

ince his appointment as the Managing Director/Chief Executive Officer of Zenith Bank in 2019, Mr. Ebenezer Onyeagwu has continued to lead the financial institution on a positive trajectory. This has seen Zenith Bank surpass its peers in all metrics with the bank carting away numerous awards.

Onyeagwu, a strategic thinker, an inspirational leadership, an energetic banker who possesses entrepreneurial skills, is a vastly experienced banker and financial expert. He was trained in reputable institutions of learning in Nigeria, the United Kingdom and United States of America and has about 35 years industry experience.

Indeed, true leaders are gifted with exceptional influencing and charismatic qualities which can drive others towards delivering their best.

Inspirational leaders play crucial role in inspiring their teams and motivating them towards achieving superior performance. They are also passionate about their environment and keep communicating the vision of the organisation in a way as to excite and encourage others towards delivering their best performances. These are the attributes that Onyeagwu embodies that makes the difference between Zenith Bank and other financial institutions. In terms of financial indicators, customer experience, stakeholders’ engagements and awards, Zenith Bank has continued to record phenomenal growth since Onyeagwu assumed office.

Onyeagwu is the Chairman of the Body of Banks’ Chief Executive Officers in Nigeria. A graduate of Accounting from Auchi Polytechnic where he obtained the Ordinary National diploma in 1984 and Higher National Diploma in 1987, he qualified as a Chartered Accountant in 1989 while he was still undergoing the compulsory National Youth Service Corp (NYSC) postgraduation and was named a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) in 2003.

He is an alumnus of the prestigious University of Oxford, England, from where he obtained a Postgraduate Diploma in Financial Strategy, and certificate in Macroeconomics. He also undertook extensive executive level business education in Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, the Harvard Business School of Harvard University (all in the United States) and Lagos Business School of the Pan African University, Nigeria.

Onyeagwu, joined Zenith Bank Plc in 2002, as a Senior Manager, in the Internal Control and Audit Group of the bank. His professionalism, competence, integrity and commitment to the set objectives of the bank saw him rise swiftly between 2003 and 2005, first, as Assistant General Manager, then Deputy General Manager, and eventually as General Manager of the bank. In these capacities, he handled strategies for new business and branch development, management of risk assets portfolios, treasury functions, strategic top level corporate, multinationals and public institutional relationships, among others.

As Deputy Managing Director, Onyeagwu had oversight over the bank’s Financial Control and Strategic Planning, Risk Management, Retail Banking, Institutional and Corporate banking business portfolios, IT Group, Credit Administration, Treasury and Foreign Exchange Trading, as well as general administration of the bank, among others.

He was named Executive Director of the bank in 2013, and put in charge of Lagos and South-South Zones as well as strategic groups/business units of the bank including Financial Control & Strategic Planning, Treasury and Correspondent Groups, Human Resources Group, Oil and Gas Group, and Credit Risk Management Group, etc. He was named Deputy Managing Director of the bank in 2016.

Onyeagwu is unassuming and committed to his job. Inspiring in silence and action, Onyeagwu is a sure-footed leader of men with a sense of corporate clairvoyance. He is the brain behind the superlative financial performances that Zenith Bank continues to churn out, to the delight of its shareholders. Onyeagwu’s myriad exploits have solidified his sterling leadership qualities.

“Built upon the three principles of people, technology and service, the optimisation of experience and satisfaction across its vast customer base inspires Zenith Bank’s digitalisation strategy, which delivers innovative solutions that are consistently ahead of the local competition.”

Onyeagwu He was recently named the ‘Best Banking CEO of the Year in Africa’ in the International Banker 2023 Banking Awards.

Expressing gratitude over the recognition, Onyeagwu, in a statement commended Publishers of the International Banker for considering him a fitting recipient of the ‘Best Banking CEO of the Year in Africa’ award.

He stated, “This award reflects the bank’s position as a leading financial institution in Nigeria and the African continent. It also attests to our commitment to principles of sustainability and high ethical standards, which have become integral to our overall strategy as an institution.”

He dedicated the award to the Founder and Chairman, Jim Ovia, CFR, for his guidance and mentorship; the bank’s management team and staff, for being the shoulder upon which his achievements and success as CEO rests; and the bank’s customers for making Zenith Bank their bank of choice.

Onyeagwu’s outstanding career has led to him receiving multiple awards, including Bank CEO of the Year (2019)

by Champion Newspaper, Bank CEO of the Year (2020, 2021 & 2022) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year (2022) – Leadership Newspaper.

As Group Managing Director/CEO, Onyeagwu has led Zenith Bank to achieve tremendous feats and milestones in financial performance (including 47 per cent growth in the bank’s market capitalisation in four years), financial inclusion, corporate

governance and sustainability.

These efforts have culminated in several local and international awards and recognitions including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; ‘Best in Corporate Governance’ Financial Services’ Africa, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; and the Most Responsible Organisation in Africa 2021 by SERAS Awards.

On March 25, 2023, he was conferred with a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka, Nigeria’s first indigenous University, in recognition of his immense achievements as Group Managing Director/CEO of Zenith Bank as well as his contributions to the growth of the financial services sector in Nigeria and across the African continent.

The award was given during the 50th convocation ceremony of the University.

Also, Zenith Bank was recently named the “Best Bank for Digital Solutions in Nigeria” in the Euromoney Awards for Excellence 2023. Established in 1992 as the first of their kind, the awards recognise

“Indeed, Onyeagwu, as a transformational leader, is committed to Zenith Bank’s vision that promotes re-engineering and innovation and we expect this to continue to rub off positively on all aspects of the financial institution.”

excellence in the global banking industry, with this year’s edition receiving a record number of submissions from banks in the regional and country awards programme that covers more than 50 regional awards and best bank awards in 100 countries.

Unarguably, Zenith Bank laid the foundation for digital banking in Nigeria and has remained a leader in offering alternative banking channels, under Onyeagwu. The bank is verifiably a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with the deployment of state-of-the-art technologies in banking.

Built upon the three principles of people, technology and service, the optimisation of experience and satisfaction across its vast customer base inspires Zenith Bank’s digitalisation strategy, which delivers innovative solutions that are consistently ahead of the local competition.

The bank can proudly boast of having deployed several firsts in cutting-edge offerings that continuously satisfy evolving customer preferences and are thus pioneering the digital-banking revolution transpiring across the country—and, indeed, the continent—at present.

While Zenith Bank’s full year 2023 financial performance is being awaited, its unaudited results for the third quarter (Q3) ended September 30, 2023, showed that it recorded a remarkable triple-digit growth of 114 per cent from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023. The performance demonstrated the Group’s resilience and strong market share despite a very challenging macroeconomic environment. It also reflected the leadership direction Zenith Bank has been enjoying under its Chief Executive Officer/Managing Director, Ebenezer Onyeagwu.

According to the bank’s unaudited Q3 financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the top-line also enhanced the bottom line, as the Group recorded a 149 per cent year-on-year (YoY) increase in profit before tax, growing from N202.5 billion in Q3 2022 to N505 billion in Q3 2023.

Under Onyeagwu, Zenith Bank’s profit after tax also grew remarkably by 149 per cent from N174.3 billion to N434.2 billion in the same period. The growth in the top-line arose from both interest income and non-interest income.

Interest income grew in the current period by 72 per cent to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186 per cent, from N212 billion to N607.2 billion. The growth in profit was similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon.

Indeed, Onyeagwu, as a transformational leader, is committed to Zenith Bank’s vision that promotes re-engineering and innovation and we expect this to continue to rub off positively on all aspects of the financial institution.

MONDAY JANUARY 22, 2024 • T H I S D AY

37

38

MONDAY, JANUARY 22, 2024 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Goddy Egene goddy.egene@thisdaylive.com 0803 350 6821

Oyerinde: Innovation Will Take Centre Stage in 2024 The Director General of Nigeria Employers’ Consultative Association (NECA), Mr. Adewale-Smatt Oyerinde, who spoke with selects journalists postulated that 2024 is a year innovation will take the centre stage as businesses adjust and embrace backward integration. Dike Onwuamaeze brings the excerpts:

What is your view about 2023 and expectations for 2024? e thank God that 2023 has come and gone. It was a year with many lesson points. Some dashed hopes and some “renewed hopes” as the new administration would say. Generally, 2023 started with the election campaigns and election of new administration, which immediately removed fuel subsidy and floated the Naira exchange rate. But were those policies right? Only time will tell. Were they timely? Yes, we believe that they were timely because we were really in the dish as a nation.

And we commend the administration for taking those bold steps. The reality we have seen now showed that the past government was defending the Naira with over N150 billion every month that were borrowed to sustain the Naira.

The step to float the Naira and let it find its true value is a good one that will help the economy.

The removal of the fuel subsidy was also a bold move taken by this administration and we hope that the gains of fuel removal will start showing from 2024. The monetary and policy rates seem to be going up which are also reactions to the many reforms that the government is coming up with and we hope that these reforms will start bearing fruits probably in the second or third quarters of 2024.

For businesses, it was a serious time to adjust to a difficult reality as cost of forex and inputs were going up. So, 2023 was a difficult year for many businesses and those that could not survive it, left Nigeria because the environment is no longer conducive.

But we hope that 2024 will be a better year as everybody continues to adjust to the reality that Nigeria is not a rich a country and begin to imbibe fiscal discipline so that we can all enjoy the prosperity and inclusive growth that we all anticipate. So, 2023 was a year of mixed bags of positives and negatives and we hope that we learn from the negatives and maximise the positives to change the trajectory of our growth in 2024.

W

What were the major lessons employers learnt in 2023 that would be taken to 2024?

One of the things employers have learnt is the need for us to be innovative. Therefore, innovation will take the centre stage in 2024 within the context of how businesses will generate their own forex and reduce their exposures to the fluctuations in the forex market? And one of those ways is to deeply explore the concept of backward integration. We have many of our members who have started local sourcing raw materials for inputs that were previously imported from abroad. Some of them have started to develop raw materials locally and export them to generate forex. That is one of the key lessons that employers have learnt. Another key lesson is the need to contain cost. As production cost continues to escalate, it has become imperative to start asking where we cut costs. Or where do we minimise waste so that the business will be sustainable and competitive. These are the critical lessons that employers have learnt in 2023.

How do you situate the Nigeria economy and make projections into 2024?

Economists categorise economies as developed, developing and underdeveloped. We will situate Nigeria as a developing economy. And a lot of things we are seeing in Nigeria like government not getting its priorities right as we have seen in the past administration are features of a developing economy. From expert analysis of 2024 budget, we hope that the current administration have learnt some lessons within the context of fiscal discipline and the need to set its priorities right in line with its development plan. The budget is a developmental document that should speak to the government’s seven point agenda. The government mentioned employment, infrastructure, food security, security, etc., the expectation is that a large amount of the budget should be speaking to these areas the government has marked out as its priorities. But for many experts, this current budget is not speaking directly to these priorities and we have escalated this concern to the government to take a critical look at.

What measures will you suggest to the federal government to ensure that the funds it promised to SMEs and big manufacturers are accessible?

Oyerinde We are canvasing for three definitive things.

One is transparency. Let the parameters for selecting the 10 firms that will benefit from the fund be made known. Two, let the process of the selection of those that will benefit from the fund be transparent also. Once these are done and the funds are disbursed, the government has to definitively address the issues of legislative and regulatory environment. Three critical challenges we faced during the past administration when the central bank came up with many interventions were that the criteria for selection was not transparent; those that collected the loans were hardly known and the legislative and regulatory environment that those businesses will operate were not hospitable.

You cannot give someone money to do business when the contradictions in the environment will make those businesses not to be sustainable. It is setting them them up to fail and invariably built up a large pool of nonperforming loans. These are the issues government has to look at so that whoever that collects the loan will operate in an environment that will enable him to grow and pay back the loan.

What are your thoughts on how to arrive at a new minimum wage that will be acceptable as the negotiation will soon commence?

NECA as an organisation representing the organised private sector is committed to the national minimum wage. And being a strong constituent of the International Labour Organisation (ILO) we affirm that a wage commensurate to the realities of the current situations in the country should be negotiated. We affirm our commitment to the negation, which we think is timely. We think that the N30,000 minimum wage is no more realistic because inflation has eroded its purchasing power.

For employers, arriving at a minimum wage that is reasonable is a case of enlightened self-interest because a manufacturer or business man can only sell as much as the consumer can buy. So the more disposable income an average worker has, the more his capacity and ability to buy, and more the

ability of businesses to sell their products.

It is an enlightened self-interest for us to support a minimum wage that is realistic.

But we cannot also lose sight that within the context of negotiation there are other variables beyond inflation rate. You will also look at the ability of businesses to pay, the economic situation and productivity as it is. When the conversation starts we will approach it with an open mind to negotiate openly to support workers as much as possible and practicable, so that we can arrive at a minimum wage that can actually take workers home. But I will also mention that there have been conversations around the concept of living wage. While living wage is desirable, the reality globally is that there is no frame work at arriving at a living wage now.

The conversation is going on at the ILO and the International Organisation of Employers and we are supporting and championing the conversation for a living wage. But there must be a framework. We have Convention 131 on the setting of national minimum wage but we do not have any framework for a living wage. This makes it difficult to talk on a living wage. But for a national minimum wage we have a parameter that is already established and has been used in setting the minimum wage at N18,000, which also helped us to arrive at N30,000 and we believe strongly that the same parameter will be used to help us arrive at the next national minimum wage that will be acceptable to all stakeholders.

Nigerians are really suffering and what do you think will be done to reduce it?

Previous successive administrations will take the blame for where we find ourselves now. If we had removed fuel subsidy 10 years ago we would not be where we are currently. If successive governments had addressed the issue of our refineries long ago, we would not have been where we are presently. Also, all of us directly or indirectly are co-conspirators in getting this nation to its knees. We have either supported the non-removal of fuel subsidies or were unscrupulously benefitting from the subsidy regime. But these are our expectations for

2024. The Port Harcourt refinery has partially come on stream. It is expected that the Dangote Refinery will also come on stream.

We have also heard that one or two refineries are also coming up. The expectation is that there should be slight drop in the price of petrol. The argument that crude oil will be sold to local refineries at international prices does not hold water. Otherwise, what is the benefit of the natural resources that God has deposited in our country? We are paying subsidies because we were importing PMS. We are also looking at 2024 where there will be more stability in the fiscal and monetary policies’ space, when government will have more foreign exchange revenue as it addresses the issue of oil theft and sell more crude oil to earn more FX. As Port Harcourt and Dangote refineries begins to produce our propensity to import petrol will also reduce, which will reduce the pressure in the forex market; which might also affect the value of Naira in a positive sense. So, we expect stability in the fiscal and monetary space.

Thirdly, we expect government to take more than a cursory look on local manufacturing. If we real want to deal with this many issues that we are facing we cannot escape promoting “Made in Nigeria” products.

There is no option to local manufacturing. It must take place. Nigeria must produce what we wear and eat and we must also export. Those are just fundamentals for national development.

Beyond the N75 billion the government has promised to give to manufacturers, we expect it to take a deep look at the regulatory and legislative environment to make sure that they are conducive so that all legitimate businesses will operate without hindrance from either the regulators or legislators.

In fact a key parameter for any regulator is how many businesses it has promoted. There key performance indicator should be how many businesses do they promote. We will also want government to take a deep look at the issue of national debt. We cannot continue to borrow and dig holes for ourselves and expect that the World Bank or the IMF will have unusual compassion on us for debt relief. We do not also have options than to imbibe fiscal discipline not only in words because it has to be seen in government expenditures. We cannot be seeing legislators buying cars with hundred millions of Naira; we cannot continue to be seeing government renovating houses with N5 billion when it is not building a new one. These are some of the issues we want government to look into in 2024.

Why is the government lacking the will to resolve the logjam in our sea ports?

If you will remember there was an executive order during the President Buhari’s administration to create sanity in the ports. There was also a taskforce that was created to make sure that the Apapa corridor was cleared of trailers and the rest. But few months later everything came back. So, it will take very strong political will to address the issue of Apapa ports, which are among the biggest in the country and are generating billions of Naira in revenue for the government.

It is ironic that successive governments have found it difficult to address the issues about Apapa ports. Today, we are having Nigerian businesses using ports in Togo and Republic of Benin as preferred terminal ports for their imports before they bring them into Nigeria.

It is worrisome and probably the managing director of the Nigerian Ports Authority will be in a better position to explain the science hindering the resolutions of Apapa ports crises.

How will the issues of “Japa” and high unemployment problem be resolved?

Mobility of labour is a global phenomenon.

So, as people are leaving the country foreigners are coming into Nigeria to get employment. For us the issue is this: when your best brains are leaving it creates problems for you. It is also creating problems for organised businesses.

The exit of trained labour to foreign lands is creating distortions in the production chain.

Unemployment is rising because the environment is squeezing existing businesses in such a way that even their capacity to produce is not being maximised. These issues are all situated in the regulatory and legislative environments, the fiscal and monetary issues that have not favoured the organised private sector for many years.

T H I S D AY ˾ MONDAY, JANUARY 22, 2024

39

BUSINESS SPECIAL

ANALYSIS

Transcorp Hotels Sustains Leadership on Improved Corporate Earnings, Innovations

Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc has defied the challenging operating environment to post impressive corporate earnings on innovations, which has led to renewed demand for the stock by investors, writes Kayode Tokede

T

ranscorp Hotels Plc posted the highest capital appreciation on the Nigerian Stock Exchange (NGX) in 2023 as its share price jumped from N6.25 per share to close at N70.18, showing an increase of 1,022.9 per cent. Its market capitalisation rose to N718.8 billion at the last trading day of 2023. With the 1,022.9 per cent appreciation, Transcorp Hotels emerged the best performing stock on the NGX in 2023.

While it was expected that profit-taking by some investors may lead to slide in the stock price in 2024, more investors have continued to swoop on the stock, thereby leading to further jump in the share price. The stock price in 2024 has soared to N100 per share, representing 42.49per cent compared with the N70.18 per share it opened for trading this year. Again, the increase has outperformed the overall market index that has gained 26.43 per cent as at last Friday.

Also, the company’s market capitalisation so far this year has gained N305.43 billion to cross the N1trillion mark and it is expected to increase further when 2023 results and dividend payout are declared to investing public. The company witnessed increased investors demand when it declared consistent growth in financial performance.

Analysts believe the renewed demand for the shares of Transcorp Hotels may not be unconnected to the confidence investors have in the company’s ability to weather storm after recovering from the loss it posted during the COVID-19 pandemic.

Despite the highly competitive hospitality industry, Transcorp Hotel has shown resilience and posted impressive results since 2022.

For instance, the company in 2022 financial year ended December 31, 2022, declared a resounding performance, driven by the management’s effective strategy and innovations.

Transcorp Hotels reported N31.44billion revenue in 2022 financial year, an increase of

nearly 47 per cent from N21.42billion in 2021, driven by 61 per cent or N19.15billion contribution from Transcorp Hotels room revenue in 2022.

The top hospitality company’s growth in revenue is on the backdrop of the management expansion in key business segments such as its rooms service in Transcorp Hilton Abuja and Transcorp Hilton Calabar as both remain the firstchoice destination for high-profile guests, and catering to guests from all over the world for any travel need including business and leisure.

The group’s cost of sales hits N9.05billion in 2022, an increase of 64 per cent from N5.51billion reported in 2021.

Transcorp Hotels N3.37billion spent maintaining room and N4.85billion food and beverages were the overall drivers of cost of sales in 2022.

This brings the group’s gross profit to N22.39billion in 2022, an increase of 41 per cent from N15.9billion reported in 2021.

As operating expenses stood at N14.63billion in 2022, an increase of 31.8per cent from N11.1billion in 2021, operating profit grew by 51.1 per cent to N8.66billion in 2022 from N5.73billion in 2021.

The group’s operating expenses was driven by N2.33billion energy cost in 2022 from N1.68billion in 2021 and N2.2billion Employee costs in 2022, an increase of 31.2 per cent from N1.67billion reported in 2021.

The group’s bottom-line performance showed a resilient result and accounts with N4.53billion profit before tax in 2022, an increase of 172 per cent from N1.66billion in 2021.

With about N1.91billion tax expenses, Transcorp Hotels closed 2022 financial year with N2.62billion profit after tax as against N1.12billion reported in 2021.

Amid impressive 2022 performance, the

company paid shareholders a dividend of 13 kobo per share, amounting to N1.33billion as against N716.98million paid to shareholders in 2021 financial year.

Investors are warming up for another impressive performance for the 2023 financial year, having seen a positive nine months results ended September 30, 2023.

Its nine months ended September 30, 2023, Transcorp Hotels sustained growth momentum with 62per cent profit growth.

Also, the leading hospitality brand sustained strong growth, recording 31.76per cent growth in revenue to N29.9billion from N22.7billion the previous year, and significantly higher than pre-COVID-19 performance.

Specifically, nine months’ profit grew by 62per cent to N5.5billion from N3.4billion.

The results reflect the company’s commitment to delivering exceptional value to its stakeholders and sustaining its growth momentum.

Transcorp Hotels revenue for the period ended September 30, 2023 was N29.9billion, signifying a 31.76per cent increase from N22.7billion in September 30, 2022. Profit grew by 62per cent to N5.5billion, from N3.4billion by the end of September 2022.

Average Daily Rate (ADR) increased by 38percent to N134,739 from N99,390 during the same period in 2022. Revenue per Available Room (REVPAR) grew to N106,244 by the end of September 2023 from N77,428 at the end of September 2022, a 34percent increase.

Transcorp Hotels also continues to maintain its strong leisure business, setting the pace with excellence in the delivery of both business and leisure offerings, as the importance of the leisure segment expands in the industry.

Commenting on the performance, the Managing Director/CEO of Transcorp

Hotels, Dupe Olusola said: “This consistent financial upswing reinforces our dedication to excellence and resilience in the face of economic challenges. We have remained nimble, adapting quickly to meet the dynamic preferences of our guests”.

According to Olusola, the company continued to experience strong performance in its International Business Travel segment, as it took advantage of renewed investor confidence in the Nigerian economy as a new government resumed office.

“Transcorp Hotels also continues to maintain its strong leisure business, setting the pace with excellence in the delivery of both business and leisure offerings, as the importance of the leisure segment expands in the industry,” she said.

Transcorp Hotels is one of Africa’s leading hospitality companies, committed to redefining hospitality standards.

The company’s hotels include the awardwinning Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura by Transcorp Hotels, an online platform for booking homes, hotels and memorable lifestyle experiences.

Going forward, according to the company, it plans to inaugurate a 5,000-seater capacity event centre in Abuja by the first quarter (Q1) of 2024. Transcorp Hotels Plc also plans to build a five-star hotel in the upmarket Ikoyi neighbourhood of Lagos.

The decision, the CEO had noted earlier this year is part of the broad plan to sustain post-pandemic recovery after covid lockdowns tipped the hospitality firm into a brief but substantial loss in 2020.

The facility is planned as a 300-room hotel towering 20 storeys alongside a 21-storeyed office block, with construction cost estimated at $110 million.

“We are expanding to Lagos, Ikoyi Glover and this is going to be phenomenal, a five-star hotel that offers accommodation, event space, restaurant, health & fitness, everything,” she had said.

40

MONDAY, JANUARY 22, 2024

T H I S D AY

BUSINESS/MONEYGUIDE

Odu’a Investment Coy Seeks NGX Collaboration to Build World-class Conglomerate Kayode Tokede The management of Odu’a Investment Company Limited (OICL) said it seeks collaboration with the Nigerian Exchange Limited (NGX), to achieve its objective of becoming a world-class conglomerate.

Speaking at the Closing Gong Ceremony to commemorate its partnership with the Exchange over the weekend, the Group Chairman of OICL, Bimbo Ashiru stated that the company is poised for growth with its subsidiaries cutting across diverse value chains.

According to him, “Every investor wants the security of his funds at every point in time. They want to be sure that their investment is secured.

One of the companies that we believe that investment can be secured is Odu’a Investment Company. We are into real

estate, energy and financial activities, among others. Like so many people said that we are one-stop shop.”

While noting that Odu’a Investment Company was incorporated in 1976 as the engine of growth for the six south-west states in Nigeria, he explained that the company has grown to become a conglomerate with substantial investment in real estate, hospitality, financial services, energy, agriculture, logistics, healthcare and ICT digital in south-west Nigeria.

He, therefore, urged stockbrokers to share the gospel to their investors about the opportunities that awaits investments in the company.

“Our focus is to be a worldclass conglomerate. To be a world class conglomerate, you have to ensure you bring everybody on board, and that

is what we are doing -seeking partnership with investors.

“We are at the Exchange to let the market stakeholders know that we are willing to be part of them and be a partner in progress,” Ashiru said.

Expressing delight at having members of OICL on the floor of the Exchange, Acting Chief Executive Officer of NGX, Mr. Jude Chiemeka commended the company, while expressing optimism that the capital market would further improve if the Investment Group lists on the Exchange.

In response, the Doyen of the market, Rasheed Yusuf expressed confidence in OICL, while noting that with the company had kept a ‘A credit rating’ for three consecutive years from one of the best rating agency, reflecting that the company is healthy for investments.

L-R: Executive Director, Corporate Banking, FirstBank, Tosin Adewuyi; Founder and Chief Consultant, B. Adedipe Associates Limited (BAA Consult), Dr. ‘Biodun Adedipe; Group Head, Commercial Banking (Lagos Mainland Group), FirstBank, Olufunmilayo Nwanguma; CEO, FirstBank Group, Dr. Adesola Adeduntan; Managing Director, FBNQuest Securities, Fiona Ahimie; Executive Director, Investment Management and Oversight, FBNHoldings, Oyewale Ariyibi; Managing Director and Chief Executive Officer, First Pension Custodian Nigeria Limited, Timi George and Executive Director, Retail Banking South, FirstBank, Oluseyi Oyefeso at the Nigeria Economic Outlook 2024 organised by FirstBank in Lagos…recently

MARKET INDICATORS

Coal Miners Extol FG’s Fight to Curb Illegal Mining in Kogi State Gilbert Ekugbe The Licensed and Legal Coal Miners in Kogi State has lauded the Ministry of Solid Mineral Development for its fight against illegal mining in the country.

In a statement, the coal miners commended the Minister of Solid Mineral Development, Mr. Dele Alake, for taking up the fight against economic saboteurs who have the tendency to breed terrorism, saying the nefarious activities of these individuals have negative impact on the economy and the security of the nation.

“We sincerely hope that the fight will be sustained to the full eradication of illegal mining activities not only in the coal mining sector but in all aspects of mining in Nigeria,”

the statement read.

The statement said that following the announcement by the Minister of Solid Minerals Development, in December 2023 to restate the ban on illegal mining activities by the federal government, the Kogi State Government on 18 December 2023 sprang into action with a corresponding enforcement action by setting up a Joint Taskforce comprising Police, NSCDC, the State Security Service, Federal Mines Office, Kogi State, State Ministry of Solid Minerals and natural Resources and Kogi State Vigilante Service (KSVS) to impound a total of 21 trucks loaded with coal amounting to 945 tonnes being product of illegal mining “Consequently, on 8 January 2024, an application was filed before the Federal High Court,

Lokoja seeking an Order of forfeiture of the Nine hundred and forty-five (945) tonnes of coal to the Federal Government through the Federal Ministry of Solid Minerals Development. Subsequently, on 18 January 2024, the Federal High Court presided over by Hon. Justice Abdul DOGO granted an interim forfeiture order for the 945 tonnes of coal to the Federal Government of Nigeria,” they said.

According to them, the Court directed that, the Notice of Order be pasted in public places including Federal High Court, State High Court and various mining sites in Ankpa LGA, where the products were impounded for any interested person to show cause why the Order should not be made absolute/final.

MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

i-invest Introduces Ethical Investment on Digital Platform

Reserve Money (Base Money

19,429,603.25

Nume Ekeghe

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

In a move towards inclusive and faith-aligned investing, i-invest recently announced the launch of the Mudarabah Term Deposit (MTD) on its revolutionary app.

The firm in a statement noted that Mudarabah, an Islamic financial concept that epitomises a partnership contract between an investor who provides capital and an Investment Manager.

It added that this distinctive arrangement involves the capital provider entrusting funds for investment to be skillfully managed by the investment manager.

Chief Operating Officer at i-invest, Tobi Olusoga said: “At i-invest, we are committed to inclusivity and providing our customers with innovative investment opportunities that align with their values. The Mudarabah Term Deposit product is a testament to our dedication

to ethical and compliant investing, ensuring that our customers’ investments resonate with their values and beliefs.”

She added that i-invest’s Mudarabah offering is a carefully curated investment package, embodying Shariah compliance at its core. Upon maturity, the capital, along with theprofits, is returned to the investor, reinforcing the commitment to transparency and ethical financial practices.

New Quarantine Boss Pledges to Boost Agro-exports Regime James Emejo ÓØ ÌßÔË The newly appointed acting Comptroller General, Nigeria Agricultural Quarantine Service, (NAQS), Dr. Godwin Audu, has promised to improve the agro- export environment by expediting inspection and certification services.

He said the service would also streamline application processes, and automate quarantine procedures to facilitate export of agroallied products - and align its operation in line with President Bola Tinubu’s food security and Renewed Hope agenda.

Audu who recently took over the helm of affairs of the service from the pioneer Comptroller General, Dr. Vincent Isegbe, whose tenure elapsed on December 12, 2023, said it will improve on its service delivery and mandate going forward.

Audu said in line with the Presidential Enabling Environment Council effort within the export environment in which the service participates, NAQS remained committed to enhancing the export environment.

He added that these efforts aim to significantly

make life easier for agroexporters and reduce the processing time for agricultural export documentation.

He also promised to optimise operations at interstate control stations to minimise delays in the haulage of agro commodities, adding that collaborative efforts with stakeholders will address and eliminate illegal operators causing bottlenecks on federal highways.

He said his administration will be committed to staff welfare as well as ensuring sustainability of equal opportunities for all personnel.

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 29TH SEPTEMBER , 2023

The price of OPEC basket of thirteen crudes stood at $97.48 a barrel on Thursday, compared with $97.08 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ DAY, JANUARY 22, 2024

41

MARKET NEWS

Stock Market Gains N6.29trn WoW as Analysts Predict Mixed Trading Kayode Tokede The Nigerian stock market sustained its positive momentum for the third consecutive week in 2024, as the market capitalisation recorded N6.29trillion Week-on-Week (WoW) gain.

Strong buy sentiment drove the biggest weekly gains on the domestic bourse in nine years, as bulls pushed the NGX-ASI higher by 13.84 per cent to a record 94,538.12 basis points,

to bring the stock Year-till-Date (YtD) growth to 26.43 per cent.

As a result, market capitalisation expanded N6.29 trillion to close the week at N51.735 trillion.

Across the sectoral performance, it was largely positive.

The NGX Industrial Goods index recorded the most significant weekly gain of 46.9 per cent. NGX Insurance index followed with a weekly gain of 14.9 per cent, while NGX

P R I C E S MAIN BOARD

F O R DEALS

Oil & Gas and NGX Consumer Goods indices rose by 8.8 per cent and 8.2 per cent W-o-W. The NGX Banking index was the sole loser for the week by 0.1 per cent decline.

The market breadth for the week was positive as 81 equities appreciated in price, 58 equities depreciated in price, while 16 equities remained unchanged. The Initiates Plc led the gainers table by 59.78 per cent to close at N2.94,

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

QUANTITY TRADED

per share. Dangote Cement followed with a gain of 53.94 per cent to close at N538.80, while Honeywell Flour Mill went up by 50.77 per cent to close to N5.85, per share.

On the other side, Royal Exchange led the decliners table by 22.45 per cent to close at 76 kobo, per share.

Ikeja Hotel followed with a loss of 10.57 per cent to close at N7.70, while Linkage Assurance declined by 8.16

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

per cent to close at N1.35, per share.

Overall, a total turnover of 5.179 billion shares worth N77.797 billion in 79,012 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 5.719 billion shares valued at N88.828 billion that exchanged hands prior week in 80,064 deals.

Meanwhile, analysts have anticipated Nigerian stock market

J A N UA RY DEALS

dynamics for the new week include a mix of sentiments, profit-taking activities, and the ongoing presence of bargain hunters, all unfolding against the backdrop of expectations for unaudited fourth quarter (Q4) 2023 financial results.

The local stock market has exhibited robust bullish momentum, fueled by heightened buying interest in bellwether stocks and those with strong fundamentals.

/ 1 8 / 2 4 MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY • MONDAY, JANUARY 22, 2024

42

NEWS

"FACTS BEHIND THE FIGURES" SESSION...

L-R: Managing Director/Chief Executive Officer, Abbey Mortgage Bank Plc, Mr. Mobolaji Adewumi; Acting. Chief Executive Officer, Nigerian Exchange Group, Mr.Jude Chiemeka; Company Secretary/Legal Adviser, Abbey Mortgage Bank Plc, Mr. Geoffrey Amaghereonu; and Executive Director, Treasury and Business Growth, Abbey Mortgage Bank plc,Mr. Dipo Adeoye, during the "Facts Behind the Figures" ETOP UKUTT Session held at the Nigerian Exchange Group House, Lagos...weekend

Immigration Officials Lament Inability to Process Passports with New Conditions Applicants requesting passports renewal stranded Chinedu Eze The Nigeria Immigration Service officials have lamented that the newly introduced automated passport application process has become an obstacle instead of expediting passport acquisition for Nigerians.

This is because the newly introduced conditions, which could not be met by applicants, have left many of them stranded in passport issuing offices across the country.

THISDAY investigation revealed that some of the conditions included the provision of letter of identification from the local government by applicants renewing their passport, a condition hitherto given to applicants obtaining passport for the first time.

Many Nigerians, who returned from overseas to Lagos and Abuja could not go to their local government areas to obtain letter of identification within the limited time they have.

The new policy also insisted that minors should obtain letter of identification as well as the elderly,

who in the past were given waivers, as minors were identified by their parents whose data page of their passports were attached to the minor’s application.

THISDAY also learnt that the fee for five-year passport has been increased by N10, 000, from N25, 000 to N35, 000, which has not been made public but applicants were asked to add the amount while paying for the passport.

Applicants were also asked to provide passport photographs with American standard specification of size and white background, but Immigration officials said NIS did not use passports provided by applicants in the passport.

Instead, they were put in the file of the applicant while the passport of the applicant was captured by the system, which is what appears on the data page of the passport, meaning the request for passport specification was not necessary.

A fortnight ago, the Minister of Interior, Olubunmi Tunji-Ojo, unveiled the automated passport

application process in Abuja and assured the public that this new solution would enhance national security and data protection.

The minister explained that the new reform sought to redefine how citizens enrolled and procured the international passport with an emphasis on convenience, reduced processing time, and an overall seamless experience.

But THISDAY learnt that instead of reducing processing time, the new conditions had begun to cause delays and because many applicants were not meeting the new conditions, a few applicants were qualified to be processed.

An Immigration official at the Ikoyi passport office told THISDAY that, “The delay we are having is that many applicants are not meeting the new conditions introduced by the Ministry of Interior. How can you tell a minor to go and get a letter of identification from his local government of origin?

“Our passport before now has met the International Civil Aviation

Organsiation (ICAO) standard. In 2007, we were the third country to meet ICAO standard after Germany and Britain and our passport was studied by others because of its security features,” the official said.

The source, however, disclosed that, “Nothing is working at the passport offices all over the federation. Date of birth and letter of identification are not required for passport renewal, but they have been made compulsory.

“So, it is difficult for people to meet that requirement, especially thousands of Nigerians who returned from overseas.

“We didn’t know about the increase in the price of the five-year passport till now and the media hype of the new changes in the process of obtaining the passport was to ostensibly hide the fact that N10,000 was added to the cost of five-year passport.”

Cost of passports currently is as follows: the five-year passport is now N35, 000 plus bank charges of N2, 000, totaling N37, 000 and

Lagos Bans Single Use Plastics, Says They Constitute Menace to Environment Segun James The Lagos state government has banned the use and distribution of Styrofoam and other single use plastics in the state with immediate effect, saying they have become an environmental menace to the environment.

With the ban, supermarkets, traders and others who use the plastic as carrier or storage will have to find other biodegradable product such paper bag from henceforth.

The state Commissioner for the Environment and Water Resources, Tokunbo Wahab, who made this known in a statement said that the decision was reached following the menace which the single use plastics, especially the non-biodegradable Styrofoam has constituted on the environment.

According to him, most drainage channels in the state are daily clogged up by Styrofoam through its indiscriminate distribution and

usage despite the regular cleaning and evacuation of the drains with humongous amounts.

He reiterated that the larger chunk of littering across major roads and markets which the Lagos Waste Management Authority (LAWMA) contends with daily is made up of Styrofoam.

The commissioner added that the state government cannot fold its hands and watch the continued desecration of its environment especially for a coastal city.

Wahab subsequently directed the LAWMA and the Kick Against Indiscipline (KAI) to immediately commence the implementation of the ban.

He asked the two agencies to clamp down on all the production companies and distribution outlets for Styrofoam in the state to prevent further distribution.

Wahab explained that the state took the action, relying on several enabling laws and

regulations such as the National Environmental (Sanitation and Waste Control) Regulation 2009 which was established pursuant to NESREA Act that prohibited and specifically ban single use plastic in the country but has not been enforced.

Other laws, according to Wahab, include the 2017 State Environmental Management and Protection Law which states under section 56(I) (y): "Prevent, stop or discontinue any activity or omission, which is likely to cause harm or has caused harm to human health or the environment.”

The commissioner advised producers, distributors, and endusers of the Styrofoam packs to take the ban seriously and find alternatives or risk heavy fines, and other penalties including sealing of their premises.

He warned that they could also be made to bear the costs of the

daily clean-up of their products from roads and drainage channels which run into tens of millions of naira daily.

"Our state cannot be held hostage to the economic interests of a few wealthy business owners compared to the millions of Lagosians suffering the consequences of indiscriminate dumping of single use plastics and other types of waste," he stated.

According to Wahab, the well known consequence include climate change, flooding, and diseases like cholera.

He advised consumers and residents to boycott Styrofoam packs and single use plastics while imbibing the practice of using reusable food containers and water bottles for their food and drinks.

"The convenience of single use plastic comes at a huge cost to the society. We must all make small sacrifices for our collective well-being," Wahab pleaded.

the 10-year passport is N70, 000 plus N2000 bank charges, totaling N72, 000.

Another official, who spoke to THISDAY at the Ikoyi passport office said there was no time frame for applicants to obtain their passports because it has become very difficult for many applicants to meet the new requirements.

“Securing your passport is now rigorous because of unnecessary documentation requirement. It is difficult for minors and old people

to meet the new requirements. These are not security risk. That was why they were exempted.

“How can you tell someone born in 1930s to bring date of birth certificate and an infant to get letter from its local government of origin? Before now senior citizens were given waivers.

“Currently passport processing is not going on because the system uploading and processing them is rejecting the data pages which have not met the new stringent conditions.

Edo 2024: APC Governorship Aspirant, Umakhihe, Refutes Claims of Stepping Down An aspirant for the All Progressives Congress (APC) Governorship Ticket in Edo State, Dr. Ernest Afolabi Umakhihe, has refuted claims that he has stepped aside from the primary scheduled to hold next month.

Umakhihe insisted, Sunday, that he has not withdrawn from the race and urged his supporters across the state to remain steadfast on his aspirations to become the next occupant of the Government House on Denis Osadebey Avenue in Benin City.

His official statement came amidst shocks and confusion in the ranks and leadership of the APC on the true position of the wrongly interpreted message he sent out earlier on Sunday.

According to his statement titled “Rebuttal on Withdrawal from the Governorship Race,” Dr. Umakhihe who is one of the last six aspirants that have been cleared by the Professor Julius Ihonvbere Committee set up by the party hierarchy stated, “I refer to an earlier text message I sent to friends and fans of the EAU Movement which has been misrepresented in the social media.

“I hereby wish to state that after clarification from the leadership of the party, I remain in the race, in line with the policy of no zoning.

“I have only put on hold my

tour of the Local Government Areas, which will take place in due course.

“To this end, I enjoin all to continue the mobilisation for nomination and vote of Ernest Afolabi Umakhihe Ph.D, OON as APC flag bearer in the forthcoming 2024 Governorship elections in Edo State.”

Umakhihe kicked off his Edo 2024 campaign in Afuze, headquarters of Owan East Local Government Area of the State with fanfare early in January.

The organisation of this former Federal Permanent Secretary of the Ministry of Agriculture and Food Security has created ripples in the APC in the state, leading to general belief that the Governorship Primary could swing to this Otuo indigene from Edo North.

His ‘Fresh Hope Agenda’ attracted several disciples to his call to enthrone a government with ‘human face’ in the state in the new dispensation.

This quintessential former Civil Servant is a product of the prestigious University of Benin, Benin-City, Edo State, Nigeria; where he obtained B.Sc. Accounting (Second Class, Upper Division); and a Master of Business Administration (MBA) from the same university. He obtained his Ph.D in Security and Strategic Studies from the Nasarawa State University, Keffi, Nasarawa State.

T H I S D AY • MONDAY, JANUARY 22, 2024

43

NEWS

NIGERIA-SINGAPORE BILATERAL MEETING IN KAMPALA...

Minister of Budget & Economic Planning and Head of Federal Government Delegation to the just-ended 19th Summit of Heads of State & Government of Non-Aligned Movement, Senator Abubakar Atiku Bagudu, and Singapore's Minister in the Prime Minister’s Office & Second Minister for Foreign Affairs, Dr. Mohammed Maliki Bin Osman, during a bilateral meeting between the two in Kampala, Uganda at the weekend.

Ibadan Explosion: FG Awaits Forensic Investigation on Cause of Incident Folalumi Alaran in Abuja The federal government, through the Ministry of Solid Minerals, is waiting for the outcome of the forensic investigation ordered to ascertain the actual cause of the explosion that rocked Ibadan, Oyo State capital, last week.

President Bola Ahmed Tinubu, had telephoned the Oyo State Governor, immediately after the incident, in the presence of

the Minister of Solid Minerals, Dele Alake, to commiserate with Governor Seyi Makinde, victims, and the good people of Oyo state.

Thereafter, the Minister issued a statement of condolences to the families of those who lost their lives, and other victims, and also commended Oyo State Government for mobilising relief response.

The ministry thereafter

deployed Mine Inspectorate officers to the scene of the explosion to join other security agencies to unravel the cause of the explosion.

The federal government is now waiting for the outcome of forensic investigations that would determine the real cause of the blast, the explosives type that triggered it and the circumstances leading to the unfortunate incident that led

to loss of lives and properties.

Alongside the press statement personally signed by Alake to convey his deepest sympathies to the people of Oyo State, he had also been at the forefront of working with the security agencies to unearth the cause and put mechanisms in place to avert a recurrence.

Last week Wednesday during the Federal Executive Council meeting, President Bola Tinubu

took a step to holistically address insecurity around our nation's natural resources by constituting an inter-ministerial committee led by Alake to come up with a blueprint to effectively and efficiently secure solid minerals, forests, and marine economy, which constitutes Nigeria's natural resources.

The committee held a maiden

meeting last Friday and has been working round the clock to draw up strategies of achieving the presidential mandate.

In the coming days, there will be an expanded meeting with heads of security agencies, which will assist the committee in getting the requisite inputs that will guide it in turning in a robust report to the President.

Osun Govt: Oyetola’s NAF Air Strikes Neutralise Notorious Record Was Disaster

Terrorist, Gang Members in Kaduna Says education system undergoing reform John Shiklam in Kaduna An alleged notorious terrorist and kidnap kingpin, popularly known as Janari, has been neutralised alongside members of his syndicate in air strikes by the air component of Operation Whirl Punch of the Nigerian Air force (NAF).

In a statement yesterday, the Director of Public Relations and Information of the NAF, Air Vice Marshal Edward Gabkwet, said

Janari and his criminal gang met their Waterloo on Thursday, January 18, 2024.

According to the NAF spokesperson: “Janari and his cohorts have been responsible for several attacks and abductions within Kaduna State and along the Abuja-Kaduna highway. “ He said the strikes were authorised after Janari and his gang were sighted at a location near Gadar Katako in Igabi Local Government Area of Kaduna state.

The statement said, intelligence surveillance revealed that the criminals were massing up for a likely attack or kidnapping of vulnerable civilians, hence the need to immediately attack the location.

Gabkwet said intelligence received after the strike revealed that Janari was indeed eliminated alongside several other terrorists and kidnappers.

He added that similar air strikes were also carried out on January

20, 2024 on confirmed terrorists and kidnappers’ hideouts near Chukuba in Niger State with various degrees of success.

He said: “Feedback after the strikes was also positive as it confirmed that the targets were neutralised and their mobility destroyed.”

The statement said the NAF will continue to collaborate with other security agencies across all locations suspected of harbouring terrorists and kidnappers.

Abiodun: Election Litigation Unnecessary Distraction Ogun State Governor, Dapo Abiodun, has described the election litigations in the state, which ended at the Supreme Court on Friday as unnecessary distractions.

The governor also promised to devote the remaining three and a half years of his administration to work for the welfare and wellbeing of the people of the state.

Abiodun stated this at a Thanksgiving Service to mark his victory, held at the St. James'

Anglican Church, Iperu, Ikenne Local Government Area.

The governor said the period preceding the court judgement was a great distraction, which he had put behind him.

"Although this period has brought a lot of distractions, I am relieved it is now behind us, allowing us to fully focus on our unwavering commitment to lead Ogun State to new heights and make it a shining example amongst not just Nigerian states, but other states in Africa.

"With just three years and four months remaining in our term, we are determined to implement the rest of our sustainable legacies that will create jobs, foster individual prosperity and promote the well-being and welfare of all our citizens," he said.

According to him, his administration has made Ogun one of the two most resilient states in Nigeria by achieving significant economic improvement in four years.

"We are now the number two state in Internally Generated Revenue. This means we can afford to build more roads and more houses. We can also afford to build more schools and do more people's oriented projects across the state," he said.

Abiodun appreciated President Bola Tinubu for standing by him through thick and thin as well as the All Progressives Congress (APC) for believing in him, saying their unflinching support contributed to the court victory.

Yinka Kolawole in Osogbo

Osun State government has attributed the huge number of out of school children in the state to years of neglect of the education sector by the Gboyega Oyetola administration, saying his governance record was a disaster.

It, however, listed pending recruitment of 6000 teachers as part of the administration’s three pronged approach to redressing the situation The state government, which reacted to a statement credited to Oyetola, rebuking it, described the linkage of high number of out of school to disengagement of last minute, illegally recruited teachers as an insult on the people of the state.

The government posited that Osun suffered years of educational neglect and misplaced priority under the Oyetola government.

“It is on records that the last administration in a series of post-election booby traps employed over 10,000 workers to make the state ungovernable for the incoming Adeleke government, a development the new government promptly

addressed with six executive orders to restore normalcy.

“If the former Governor was really interested in addressing the rot in the education sector, how come he waited till he lost the election before rushing through recruitment of teachers against due process and extant laws?

“If the so-called recruited teachers were retained, how would that have positively impacted on poor learning conditions, dilapidated school infrastructures, parental economic crisis and overwhelming dislocations within the school environment, which are the real reasons for the high number of out of school children inherited from Oyetola government?

“As part of efforts to clear the mess of past government, the state government organised an education summit which proffered far reaching recommendations covering all sub-sectors of the state education system.

“A white paper has now being approved by the state Executive Council for the implementation of the recommendations of the summit,” it stated.

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T H I S D AY • MONDAY, JANUARY 22, 2024

NEWS

MEETING TO EXPLORING COLLABORATION AND BILATERAL ENGAGEMENTS...

L-R: Senior Special Assistant to the President on Technical, Vocational and Entrepreneurship Education, Madam Abiola Arogundade; the Finnish Ambassador to Nigeria, Ambassador Leena Pylvanainen, and Trade Officer, Embassy of Finland, Ms. Adeline Suihko shortly before a constructive meeting towards exploring collaboration and bilateral engagements in technical and vocational education between the two countries at the Finnish Embassy Asokoro, Abuja last Thursday

NDLEA Intercepts 1,274 Cocaine, Colorado Parcels in Lagos, 5.6m Opioid Pills in Kano Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA), have intercepted at the Tincan Seaport in Lagos, large consignments of cocaine and Colorado, a strong strain of cannabis, concealed in containerised household items and vehicles imported from Durban, South Africa and Canada.

Spokesman of the anti-narcotics agency, Femi Babafemi, in a statement, yesterday, said the success

of the exercise followed coordinated intelligence and months of tracking of the containers by three special units of NDLEA. He stated further that the illicit drugs along with arms, ammunition and sundry military effects were seized during joint examination of the three containers by the agency’s officers and their counterparts from Customs Service and other security agencies between last Thursday and Friday.

He revealed that some of the

agency’s sniffer dogs were also deployed to help identify locations and bags used in concealing the illicit items.

Some of the items recovered from the containers included 1, 274 parcels of cocaine and Colorado with a total weight of 884.09 kilogrammes; four pistols; 197 rounds of 9mm ammunition, 49 rounds of 7.62mm ammunition, 275 rounds of 5.56mm ammunition, 14 rounds of 9mm ammunition and sundry military personnel effects as well as some

chemicals in kegs.

He noted that with the exception of 32.5 kilogrammes shipment of Colorado that came in used vehicles from Canada, the rest of the items were found in two of three containers that arrived the Tincan port from Durban, South Africa onboard a vessel marked MSC RESILIENT III and discharged on new year eve, 31st December 2023.

Babafemi also disclosed that a suspect linked to one of the containers, UACU 5348336, bearing

Edo Guber: APC NWC's Adoption of Direct Primary Illegal, Says Lukman Adedayo Akinwale in Abuja The former National Vice Chairman, North-west of the All Progressives Congress (APC), Dr. Salihu Lukman, has described the decision of the National Working Committee (NWC) of the party to adopt direct primary election to produce the governorship candidate of APC in Edo State as illegal.

The leadership of the party had last Monday met with Edo APC stakeholders where they agreed to adopt direct primary. The ruling party

scheduled the primary election for February 17.

However, Lukman in a statement, maintained that the decision of the NWC was a clear usurpation of the powers of the National Executive Committee (NEC).

"The recent decision by the APC National Working Committee (NWC) regarding the 2024 Edo election, whereby the NWC announced that the party’s candidate will emerge through direct primary may be informed by the strong desire of party leaders to manipulate the process," he said.

Lukman maintained that the decision of the NWC to organise direct primary contradicted provisions of Article 13.4(iv) of the APC constitution, which only empowers the NWC to ‘propose electoral guidelines and regulations governing the conduct of elections to party offices at all levels, and procedure for selecting party candidates for elective offices … to the National Executive Committee.

The party chieftain noted that there were already media reports alleging that APC stakeholders in Edo State had decided to limit the number of

aspirants for the primary.

"We must appeal to our leaders, including Comrade Adams Oshiomhole not to be carried away by the aura of being today's rulers and conduct themselves in the same mode previous rulers of Nigeria conducted themselves," he said.

He emphasised that the debate around direct or indirect primary had been a constant issue in APC since 2014, stressing that part of the experience was that aspiring politicians and godfathers continued to impose their preferences.

the 32.5 kilogrammes Colorado, 41-year-old Akara Chibugo, has already been tracked and arrested

by NDLEA operatives.

He added that two vigilant freight agents and a traveler escaped being roped into two drug trafficking operations by desperate traffickers at the Murtala Muhammed International Airport, Lagos, stating that the two agents were contacted to send a consignment of 1 kilogramme cannabis concealed in tins of beverage to Turkey but chose to submit the shipment to NDLEA checks before processing the cargo, noting that the psychoactive substance was later discovered to be hidden inside the shipment.

Babafemi said, in the same vein, NDLEA operatives last Friday arrested one Okosun Punitt, the consignee of a consignment of tramadol concealed in a bottle of dietary supplements, which a staff of Pathfinder International Ltd, Ajuzieogu Ugochukwu attempted sending through an intending passenger on Ibom Air to Accra, Ghana at the Lagos airport last Tuesday.

He added that a video of the face-off between the passenger and

Ajuzieogu later went viral after the vigilant passenger suspected the consignment contained illicit substances.

He said both Ajuzieogu and the exhibit were later transferred to NDLEA last Thursday by the Federal Airports Authority of Nigeria (FAAN) for investigation, stating that preliminary findings by NDLEA showed the parcel contained 50 pills of tramadol 225mg concealed in a bottle of dietary supplements, and that a follow-up operation by the agency led to the arrest of Okosun upon his return from Ghana on Friday, whom in his statement confirmed ownership of the drug.

Babafemi said in Kano, no fewer than 5,653,000 pills of tramadol 250mg and exol-5 were seized from three suspects, noting that while Nura Abdullahi, 38, and Tahir Mukhtar, 42, were arrested at Bacharawa area of Kano with 5,404,000 pills of tramadol 250mg on Sunday 14th January, Yusuf Umar, 50, was nabbed at Gadar Tamburawa area of the state the previous day, Saturday, 13th January, with 249,000 tablets of exol-5

by NDLEA operatives.

AIR CRASH THAT KILLED ATTAHIRU LINKED TO TERROR FINANCIERS, RETIRED GENERAL CLAIMS indicative of a mid-air explosion. So, what caused the aircraft to explode?

I wonder what the Air Safety and Accident Investigation Bureau report says about the incident."

Ali-Keffi further queried, "Was the flight deliberately delayed in order to be caught up in the rainstorm? Was the aircraft sabotaged, which caused it to explode mid-air? Was the explosion caused by explosives? Was a bomb planted in the aircraft or contained in a parcel, which a passenger unknowingly (or knowingly) carried?"

Ali-Keffi had earlier written to Tinubu over his arrest, detention and compulsory retirement, following the revelations of a presidential investigative taskforce that he headed. The inquest had exposed the involvement of senior government officials, a top banker, and top military brass in terrorism financing.

He was head of OPS, which was set up by former President Muhammadu Buhari to investigate those allegedly

involved in terrorism financing.

Ali-Keffi said he headed a presidency-instituted Board of Inquiry (BOI) convened by Major General BM Monguno (rtd), the former National Security Adviser (NSA), which sat in the Office of the National Security Adviser (ONSA) for five weeks, from early January to late February 2020.

He stated, "I was the president of the BOI, with members/secretary drawn from the NCS, NIS, DSS, NIA, ONSA, NFIU. The Board of Inquiry, which largely conducted its work as an investigative body was tasked to investigate circumstances surrounding the illegal smuggling of petroleum products contained in 168 oil tankers into Benin Republic through a single smuggling route in Ilesa Barbara in Kwara State.”

Ali-Keffi said the BOI went further to uncover 295 oil tankers that conveyed Premium Motor Spirit (PMS), with the major smugglers identified.

He said, “The petition stated that the BOI made a significant discovery regarding the relationship between the smuggling racket, the terrorism besetting the North-east, the banditry/ kidnapping for ransom, which was at its formative stage in the North-west and parts of North-central geo-political zones, the illegal mining of minerals in the North-west and North-central, and large scale laundering of mostly funds meant for counterterrorism/insurgency operations that was ongoing mostly in the northern regions of the country.

"A syndicate, which had extensive network in the country as well as being affiliated to international criminal network, was as the centre of moving finances for terrorism for other criminal activities stated above.”

Ali-Keffi revealed, "The most worrisome aspect was that some of the individuals involved in terrorism financing of Boko Haram terrorists and who were also involved in procurement and movement of arms

and ammunition for BH and other criminal organisations had links with the military.

"It was, thus, apparent that terrorism and insurgency in the North-east, North-west, and North-central were a criminal enterprise and were largely undertaken with profit rather than any ideology, as the primary motive.

"Thus, we at the BOI arrived at the obvious conclusion that progress cannot be achieved except the financiers, collaborators, supporters and the leadership of the terrorists and insurgents groups are identified and the network dismantled."

The Nigerian Air Force (NAF) constituted an audit committee four days after the Kaduna air crash that claimed the lives of Attahiru and other officers to investigate the incident.

The then Chief of the Air Staff (CAS), Air Marshal Oladayo Amao, formed a team of serving and retired senior officers to conduct a safety audit of all NAF operational and

engineering units.

Air Force Spokesman, Air Vice Marshal Edward Gabkwet, said in a statement at the time of the crash that the committee was to, among others, analyse safety reports from operational and engineering units, conduct safety evaluation of NAF units, and recommend safety measures.

It said the team would also interact with unit operational and technical personnel for views, observations, and contributions on safety measures.

Chaired by Air Vice Marshal Abraham Adole, then Deputy Theatre Commander, Operation HADIN KAI, the committee was to submit its report not later than June 18, 2021.

The Accident Investigation Bureau (AIB) in collaboration with Nigerian Air Force also submitted an interim report on the Air Force aircraft, King Air 350.

Presenting the report to Amao, former Chief Executive Officer of AIB, Akin Olateru, said the report

contained 27 findings and eight recommendations for immediate implementation.

Although the statement, jointly signed by Gabkwet and his AIB counterpart, Tunji Oketunbi, did not contain the details of the recommendations, the statement said the report was organised into three sections.

It said, “The submitted report is organised into three sections, namely, the information obtained in the course of the investigation; analysis of data collected in view of the board’s terms of reference and the conclusion, which covers the initial findings and immediate recommendations.”

The statement also said the final report would contain more detailed information. But it was not made public.

When contacted, Defence spokesman, Brig Gen Tukur Gusau, promised to react to Ali-Keffi's claims, but referred the reporter to the army.

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MONDAY JANUARY 22, 2024˾ T H I S D AY

,NEWS

SHIPPERS COUNCIL VISITS PORT AND CARGO HANDLING…

L-R: Executive Director, Administration, Ports and Cargo Handling Services Limited, Capt. Ibraheem Olugbade; newly-appointed Executive Secretary/CEO, Nigerian Shippers Council, Pius Ukeyima Akutah; Managing Director, Ports and Cargo Handling Services Limited, John Jenkins, and Executive Director, Operations, Ports and Cargo Handling Services Limited, Tobi Afolabi, during a courtesy visit to Ports and Cargo Handling Services Limited, operator of Terminal C, Tin Can Island Port in Lagos…recently SUNDAY ADIGUN

Group Slams Akpabio for Attacking Victor Attah, Other Past Leaders of A’ Ibom Alleges plot to instigate violence ahead of 2027

ChuksOkochainAbuja Stakeholders and professionals in Akwa Ibom State have informed the Senate President, Godswill Akpabio, that “his desperate plot to forcefully take over Akwa Ibom State in 2027,” is a futile venture and pathetic pipedream.

They also called for an immediate

unreserved apology from Senator Akpabio to the former state Governor, Obong Victor Attah, and other past leaders, “insulted by Akpabio in his recent unwarranted outbursts.”

The stakeholders, under the aegis of Akwa Ibom Professionals, counseled Akpabio to know that the people of Akwa Ibom State

16 Dead, Four Injured in Kaduna Auto Crash John ShiklaminKaduna

Sixteen people have reportedly died while four others were seriously injured yesterday in a motor accident on the Kano-Zaria highway at about 11:30am.

The passenger bus, which took off from Kano, was heading to Markudi, Benue State, when it crashed at Taban Sani Junction, Tashar Yari on the Zaria-Kano expressway. The Sector Commander of the Federal Road Safety Commission FRSC), Kabir Nadabo, in charge of Kaduna State,

confirmed the unfortunate incident in a statement.

Nadabo said the lone accident was attributed to over speeding, as the driver lost control of the vehicle and crashed into a ditch.

He said the corpses of the deceased were deposited at the Ahmadu Bello University Teaching Hospital (ABUTH), Shika -Zaria, alongside the passenger manifest to help identify and reach their families.

The sector commander added that the injured were conveyed to the General Hospital in Makarfi, Kaduna State.

FCTA Ransacks 200 Structures for NAF Presidential Fleet Expansion Olawale Ajimotokan inAbuja

The Federal Capital Territory (FCT) Administration Department of Development Control at the weekend, demolished over 200 structures at the Nuwalege community on the Airport Road corridor in Abuja to pave the way to reclaim swathe of land which the Nigerian Air Force planned to use for the expansion of the presidential fleet area.

Rationalising the exercise, the Director of the Department of Development Control of the FCT, Mukhtar Galadima, said the land was occupied by squatters.

He said the FCT Minister, Nyesom Wike, had given the approval to remove the squatters after the Chief of Air Staff had on October 23, 2023, notified the FCTA of their intentions to remove the illegal occupiers from the said land.

Galadima said: “We informed the residents residing on the Nigeria Air Force land about the impending action and granted them a two-month window to pack their belongings.

“When the Air Force approached us, we told them about the FCTA policy on relocation and resettlement of indigenous communities.”

have already move on the path of unity, progress and development under the leadership of Governor Umo Eno, and cannot be swayed

play an instrumental role in enhancing the strategic direction, governance and success of the company.

Tafida, a seasoned financial professional with more than 15 years of experience in the banking industry, is an expert in accounting, treasury management, and financial planning. He has a proven track record of providing topnotch consultancy services to clients and is also well-versed in Business Consulting, Client Relations, and Project Management.

stakeholders in a meeting that before his administration came on board in 2007, no meaningful progress or development had been experienced

in any part of the state, and that he introduced dual carriage roads and other infrastructure to the state for the first time.

CSOs Uncovers FG’s Alleged Plan to Relocate Katsina Airport Project

Francis Sardauna in Katsina

Civil society organisations in Katsina State have uncovered an alleged plan by the federal government to relocate the refurbish airport rescue and firefighting vehicles project of the Umaru Musa Yar’Adua

International Airport to other part of the country.

The project, according to the CSOs, was awarded to Avsatel Communication Limited on December 7, 2022, by former President Muhammadu Buhari to boost Hajj operations and

socio-economic development of the state.

The National Secretary of Muryar Talaka Awareness Initiative, Bishir Dauda Sabon-Ungwa, who read the speech of the three civil society organisations before journalists in Katsina

yesterday, warned against relocating the project.

Other CSOs that kicked against the relocation of the project are the Katsina Youth Enlightenment Crusade on Peace and Development, and Citizens Participation Against Corruption Initiative.

False Demolition: I Was Misinformed, Overwhelmed by Emotion, Untouchable Begs Gov Mbah A social media influencer, Chibuike Gabriel Ugwu, popularly known as ‘Untouchable’, has apologised to the Governor of Enugu State, Dr. Peter Mbah, over his viral video at the weekend claiming that the state government was executing a massive demolition

of completed houses at the Enugu Lifestyle and Golf City, also known as Enugu Centenary City.

Sandwiched in the apology video by his two friends, who are also content creators, the Untouchable Comedy producer said he was misinformed and

had also acted out of emotions.

In the short video, which he released yesterday morning, he said: “Information reaching me this morning was like I was even the one, who did not understand what was going on at the Enugu Centenary City. They now explained to

me what was happening, and it is a very long matter. It is plenty, but I now know better.

“I wrongly accused the governor and I just want to beg him not to be angry. I was misinformed and I was also overwhelmed by fear and emotion.”

Indonesia Seeks Investment Opportunities, Areas of Economic Partnerships with Abia Emmanuel Ugwu-Nwogo in Umuahia Indonesia has joined other nations that have signified interest to invest in Abia State and explore other areas of economic interests for partnerships with the state.

The Indonesian Ambassador to Nigeria, Dr. Usra Hendra Harahap, disclosed his country’s economic interest and intentions in Abia State when he came to the state on a working visit, and was warmly received by the state Governor, Alex Otti.

According to a statement issued by the Governor’s Chief Press Secretary, Mr. Kazie Uko, Harahap expressed his country’s “sincere commitment to fostering diplomatic cooperation with Nigeria and Abia State.”

He said his visit “signifies

Indonesia’s keen interest in establishing meaningful partnerships in crucial sectors of Abia State economy, namely: trade, investment, agriculture, education, technology, construction and works, healthcare and pharmaceuticals, as well as entrepreneurship.”

FG Urged to Implement Zero Duties on Imported LPG, Gas Accessories Hammed Shittu in Ilorin The Chairman of Gas Nigerian Initiative (GNI), Opeyemi Olabanji, at the weekend urged the federal government to expedite action on prompt implementation of its recent directive slamming zero duties on some imported LPG

and other specified gas accessories.

The federal government had last year approved a 100 per cent tax waiver for the LPG importation amid the rising cost of the product in the domestic market based in a letter issued by the Federal Ministry of Finance on November 28, 2023.

Other items exempted from

VAT and duty payment are LPG cylinders, cascades, gas leak detectors, steel pipes, valves and fittings, dispensers, gas generators and trucks.

Olabanji, who spoke with journalists in Ilorin, Kwara State capital, on the issue, said the relevant agencies responsible for

the implementation of the policies are allegedly lethargic with it.

The GNI leader recounted on how he had late last year in another press conference at the same venue urged the Nigerian Custom Services (NCS) to fasttrack the implementation of the directive.

Increased Immorality: Bauchi Gov Moves to Reposition Hisbah Board

Ronchess Global Appoints New Directors SegunAwofadejiinBauchi Ronchess Global Resources Plc has announced some significant leadership changes under the guidance of its Board Chair, Mr. Adeolu Adeboye. During a recent meeting, the Board of Directors re-appointed Mr Temitope Adebosin as Executive Director.

Two new independent non-executive directors, Mr. Yusuf Tafida and Ms Habibah Waziri, were also appointed.

According to the company, the two new directors are bringing with them extensive industry experience and will

by his (Akpabio) “self-aggrandising and divisive antics.”

Akpabio reportedly told All Progressives Congress (APC)

Bauchi State Governor, Senator Bala Abdukadir Mohammed, has expressed displeasure for the inability of the State Hisbah Board to address the increasing immorality and anti-social behaviour affecting the attitude of youth and children

across the state.

To this end, he assured the people that his administration will reposition the board in a manner that would allow competent persons to carryout it activities effectively.

The governor gave the indication yesterday while granting audience

to a forum of Chief Imams from various Juma’at Mosques in Bauchi Metropolis.

Governor Mohammed also said plans were underway to appoint Senior Special Assistants from different Islamic and Christian organisations to further support government’s commitment in

societal re-orientation.

While expressing dissatisfaction with the mode of preaching by some clergies capable for inciting public disorder, the governor therefore, urged the religious leaders to use their knowledge in propagating the real teachings of the religion.

Supreme Court Victory: Omo-Agege, Isoko North PDP Congratulate Oborevwori Sylvester Idowu in Warri

The gubernatorial candidate of the All Progressive Congress, (APC), in Delta State, Senator Ovie Omo-Agege, and the leadership of the Peoples

Democratic Party (PDP), have congratulated Governor Sheriff Oborevwori on his victory at the Supreme Court.

Omo-Agege, in a statement he personally signed, said it has been a long-drawn-out struggle

to offer Deltans the best in the governance of the state and asked Deltans to respect the Supreme Court decision and give their best to promote peace everywhere in state.

Similarly, the Isoko PDP

leadership, who met at the at the Ozoro Country home of the former Minority Leader of the House of Representatives, Rt. Hon. Leo Ogor, thanked God for the victory of the governor and the party.

T H I S D AY • MONDAY, JANUARY 22, 2024

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BACKPAGE CONTINUATION ALL QUIET ON NON-ALIGNED FRONT in Lagos.

So you see, it was not that I was not a sports fan before. Two years ago we hosted a visiting delegation of Frenchmen and their leader asked me which is my English Premier League team. I told him I don’t have any. Come and see disappointment in his face. He said they heard in Europe that every Nigerian has a Premier League team that he supports.

I said well, maybe many do, but the last football teams I ever supported were Mighty Jets of Jos, Sahara Storms of Sokoto, Alyufsalam Rocks of Ilorin, Ranchers Bees of Kaduna, BCC Lions of Gboko, Iwuanyanwu Nationale of Owerri and P&T Vasco Da Gama of Lagos. If any European never heard of them, that is his own headache.

But how can any Nigerian not have heard of the Non-Aligned Movement, which was formed in 1961 as a counterweight to the then two superpower world blocs, the US-led North Atlantic Treaty Organisation [NATO] and the USSR-led Warsaw Pact of communist nations? Ok, young Nigerian, have you ever heard of Josip Broz Tito, Jawaharlal Nehru, Gamal Abdel-Nasser, Fidel Castro, Kwame Nkrumah or Suharto? If you say you did, they were the respective leaders of which countries?

Just to verify your claim, where is Tito’s country today? His father was a Croat and his mother was a Slovene; if he were alive, he will be a citizen of two different countries today. If you claim that you ever heard of Nehru, what is the name of his daughter as well as his grandson who all became prime ministers of India?

You say you once heard of Nasser; but have you ever heard of Arab League and

of one Egyptian called Mahmoud Riad, who was its secretary general throughout the 1970s?

I doubt if many young Nigerians ever heard of Fidel Castro. You should thank your stars because when Apartheid South African troops burst out from South West Africa and deep into Angola, it was Fidel Castro’s 50,000-man intervention force that stopped them at Cubango river, otherwise they would have reached Nigeria through Bakassi Peninsula and Nigerian school children would be listening to Afrikaans music by now.

For nearly two decades after its founding, there was some confusion among member states as to real mission of Non-Aligned Movement. Even though none of its members belonged to either NATO or Warsaw Pact, some member countries such as Cuba and Yugoslavia were Communist, while others such as Iran under the Shah, South Korea and majority of South American countries were visibly in the American orbit, as were Saudi Arabia and the Gulf Arab states. Egypt, Iraq, Algeria, India and many African countries on the other hand were loosely oriented towards USSR, which heavily supported liberation struggles with weapons and training.

It was at the movement’s highly publicized 1979 conference in Havana that Fidel Castro provided a definition that brought clarity to the movement’s mission. He said NAM’s aim should be to “ensure the national independence, sovereignty, territorial integrity and security of non-aligned countries in their struggle against imperialism, colonialism, neo-colonialism, racism and all forms of foreign aggression,

occupation, domination, interference or hegemony as well as against great power and bloc politics." No wonder that one of the first resolutions adopted at NAM’s Kampala conference was to condemn Israel’s brutal attacks in Gaza and called for an immediate ceasefire.

Israel falls foul of at least four of those aims stated by Castro: racism [being a Jewish state in which other citizens are second class citizens], aggression [in Gaza], occupation [of the West Bank of the River Jordan, Syria’s Golan Heights and Lebanon’s Sheba Farms] and aligning with great power politics [in this case, being an American client state].

In years gone by, before NAM faded from newspaper headlines, it thrust many statesmen onto the world stage and they made important contributions to world peace. In January 1991 when US troops were poised to eject Iraqi troops from Kuwait, the world frantically shopped around for anyone who could talk to Saddam Hussein. It was agreed that then President of Zambia Kenneth Kaunda was close to him and might be able to convince Saddam to withdraw his troops from Kuwait and avert a war.

Oldman KK went to Baghdad, but he came back empty handed. Saddam was living in a world of fantasy. He pointed out to Kaunda an anti-war protest that took place in New York that morning, and said US will never go to war as a result. I thought of the demonstration that took place on the Lafia to Akwanga highway last Friday against the Supreme Court ruling that upheld Governor Abdullahi Sule’s election. How can a demonstration, however noisy, upturn a Supreme Court ruling?

Since the passing of Nelson Mandela, who do we have in Africa today that we can send to talk sense to Benjamin Netanyahu, to Vladimir Putin and Volodymyr Zelensky, or if need be, to talk to Kim Jong Un to stop firing long-range missile over the heads of Japanese, into the Pacific Ocean? Even the skirmishes in Ethiopia’s Amhara region and the war between Generals Abdelfattah Burhan and General Hamdan Dagalo in Sudan, which African statesman can we send to talk to them?

You young fellow who never heard that NAM was meeting in Kampala, have you ever heard of Yoweri Museveni?

Maybe you have because he has been ruling Uganda since 1986. He is only a few years short of overtaking Muammar Gaddafi’s longevity of rule record in Libya. If you heard of Museveni, have you ever heard of Milton Obote, Idi Amin, Professor Yusuf Lule, Godfrey Binaisa, Paulo Muwanga or General Tito Okello?

You heard of AFCON, but you never heard of these African rulers? You know all the strikers, goalkeepers, midfielders, wingers, defenders, coaches, referees and even linesmen at AFCON but you don’t know Ahmed Sekou Toure, Goukouni Waddeye, Siaka Stevens, Modibbo Keita, N’garta Tombalbaye, Emperor Haile Selassie, Diori Hamani, Sam Nujoma, Julius Nyerere or Samora Machel? At student and labour union rallies in Nigeria you are shouting Aluta Continua. Do you know it was Samora Machel that brought that battle cry to Nigeria when he spoke at Ahmadu Bello University Zaria in 1977, with our military Head of State General Obasanjo sitting there and looking askance?

LOOTED FUNDS AND NIGERIA'S PUBLIC ACCOUNTABILITY GAPS to address corruption and public theft issues effectively. This theft of public funds and failure of governance have had severe consequences for Nigeria's social and economic development. It has resulted in enduring poverty, inadequate public services, a weakened economy, and a loss of public trust in government.

Another peculiar thing about Nigeria's official corruption ring is that no tangible effort has been made to address the gaps in the public accounting value chain and our procurement regime and execution monitoring frameworks that serve as enablers. It sends the signal that it is an embedded culture that is generally acceptable. This is a big dent in our reputation and a significant negative in requesting assistance from multilateral agencies and the global community.

It ought to concern our government that it is the vigilance of other nations financial systems that has helped in the recovery of vast sums of looted funds from Nigeria. There is an urgent need to bring our financial systems surveillance in line with international best practices.

Like elsewhere, the theft of public funds in Nigeria is a betrayal of the dreams of our people, a crime that shackles progress and strangles the hopes of a nation. Theft of public funds in Nigeria isn't just an economic crime; it is a theft of education, healthcare, and infrastructure, leaving the people to pay the price for the greed of a few. When public funds vanish into the shadows of corruption, the light of opportunity dims for every Nigerian. We must stand united against the theft that darkens our collective future.

Nigerian citizens who are supposed to be victims of looted funds are either indifferent or complicit by default. Citizens' activism and demand for accountability on institutions and government officials and a more open government is almost non-existent. Tolerance for corrupt government officials is relatively high for various reasons.

Theft of public funds and failure of governance are serious issues that can have significant consequences for a society.

Addressing the theft of public funds and failure of governance requires a holistic approach that involves legal, institutional, and societal changes. It is an ongoing

Tinubu

process requiring sustained efforts from domestic and international stakeholders.

We must overhaul our financial management systems and procedures to track and monitor public funds at every stage. We must deepen the adoption of technology for financial transactions and reporting. Government must embrace digital technologies and e-governance initiatives to minimise the manual handling of funds management, reduce corruption opportunities, and enhance

transparency and efficiency in public service delivery. This is more important not only to checkmate the continuous looting of public funds but also to stop the re-stealing of the recovered stolen funds from abroad.

We must strengthen our anti-corruption institutions, such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

These institutions must ensure that existing

anti-corruption laws are rigorously enforced.

This includes prosecuting individuals involved in corrupt practices regardless of their status or influence.

The government must demonstrate a strong political will at the highest levels of government to stop the theft of public funds at all levels of government.

Leaders must set an example of integrity and accountability, creating a culture of transparency throughout the government.

They must strengthen internal and external auditing processes to ensure a thorough examination of government expenditures.

Independent audit bodies can be crucial in identifying irregularities and holding officials accountable.

The government must establish effective mechanisms to recover stolen assets domestically and continuously through international cooperation. This includes cooperation and collaboration with the international community, international institutions, and other countries to trace and repatriate funds from abroad, share best practices, receive technical assistance, and coordinate efforts against transnational corruption.

We must adopt a multi-dimensional and multi-stakeholder engagement approach to make any meaningful improvement in tackling public funds theft. Civil society organisations, the media, and the public must actively monitor government activities and expose corrupt practices. This can help create a checks-and-balances system.

Citizen activism, advocacy, and public awareness campaigns can help shed light on corrupt practices and push for necessary reforms.

The return of looted funds is not just a financial recovery but a wake-up call to take necessary steps towards rebuilding Nigeria's integrity, public sector financial control mechanism, audit reforms and securing a brighter future for all Nigerians.

As looted funds find their way back to Nigeria, it is a testament to the global commitment against corruption. We must ensure these resources are invested in projects that benefit the people and strengthen the nation. Repatriating looted funds is more than a legal process; it is a moral imperative. Nigerians are watching and will hold the government accountable for using these funds.

47

T H I S D AY ˾ ˜ ͺͺ˜ ͺ͸ͺͼ

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Vengeance Not on Super Eagles Minds as they Battle Guinea-Bissau Peseiro insists what matters is winning all three points to top Group A Duro Ikhazuagbe

After getting back into the groove at the 34th Africa Cup of Nations (AFCON) with a 1-0 victory over host country Côte d’Ivoire on matchday 2, the Super Eagles are now determined to beat Guinea-Bissau to finish top of Group A standing on seven points.

Eagles drew 1-1 with Equatorial Guinea in their opening game penultimate Sunday.

But yesterday in Abidjan, Super Eagles Head Coach, José Santos Peseiro, insisted that despite looking good for a spot in the Round of 16 with their four points, Nigeria will not take feet off the pedal when they clash with Guinea Bissau this evening.

“We defeated Cote d’Ivoire, but that is already in the past. We know that in football, what counts is the moment. We must temper our confidence, and put in more work as required. We must not rest.

“We want to take the first place and for that, we must do battle.

We must do what is necessary to accomplish our mission on Monday (today),” Peseiro said at the prematch conference at the Palais de la Culture in the Treichville area of Abidjan on Sunday.

Peseiro will lead Nigeria to come face-to-face with the only team to have beaten his Super Eagles in a competitive match since he took the reins of the three-time African champions 20 months ago.

With four points from their first two matches, including a morale-pumping victory over the host nation and one of the favourites, the Eagles are walking with springs in their steps at their Pullman Hotel Abidjan and at their training sessions at the École National de la Police.

Peseiro however cautioned that the work is not yet done and there is utmost need for level heads.

AFCON RESULTS Morocco 1-1 DR Congo Zambia 1-1 Tanzania S’Africa 4-0 Namibia

TODAY G’Bissau v Nigeria E’Guinea v Côte d’Ivoire C’ Verde v Egypt Moz’bique v Ghana

Super Eagles at training ahead of Nigeria’s crucial Group A clash with Guinea-Bissau today in Abidjan “We have to forget that we defeated the host nation. There is a lot more work to be done. We want to be here for the long haul,” he said at the press conference.

Peseiro won his first two competitive games with the Super Eagles – a 2-1 defeat of Sierra Leone in Abuja and a record-breaking international win of 10—0 against Sao Tome and Principe in Agadir, Morocco in June 2022.

However, the Wild Dogs stepped on Nigeria soil and pipped the Eagles 1-0 in an AFCON 2023

qualifier. Nigeria repaid the compliment a few days later in Bissau, but the Portuguese trainer says the Portuguese-speaking nation still owes him a clapback.

“We are not thinking about revenge but we are here to top the group and they are in our sights. We must do what has to be done. Guinea Bissau have no point and will play with freedom, and that is when a team becomes dangerous.”

Both teams clash at the Stade Félix Houphoüet-Boigny in central

Abidjan from 5pmCIV time on Monday, which is 6pmNigeria time.

Today’s crucial game, which will be Nigeria’s 100th match at the Africa Cup of Nations since a group phase encounter against Egypt in nearby Ghana in 1963, will see the Super Eagles finish top of Group A with a win, as long as Equatorial Guinea, also on four points, do not humiliate host nation Cote d’Ivoire at an encounter holding simultaneously at the Stade Olympique Alassane Ouattara in Ebimpe outskirts of Abidjan.

NPFL: Lobi Retain Top Spot as Enyimba Gun Down 3SC in Ibadan Femi Solaja

There was no change at the top of the log as the ongoing Nigeria Premier Football League (NPFL) season hit the halfway mark with former champion, Lobi Stars of Makurdi maintaining the top spot after a lone-goal win at Plateau United yesterday in Jos. It was Suur Kumaga’s lone strike in the 23rd minute that canceled Remo Stars’ momentary lead at the top following an early-minute goal against Abia

Warriors at the Ikenne stadium in the 8th minute.

The win by Lobi Stars takes the team to 36 points while Remo Stars who also won 2-1 at home against Abia Warriors are on 35 points with 10 goal difference.

At the Lekan Salami Stadium, Enyimba recorded the biggest 2-1 win of the Sunday afternoon.

The massive away win shot the team to the third position on the log with 32 points.

Chijioke Mboama silenced the Ibadan crowd with a 56th-minute

penalty but Ademola Kareem restored parity in the 83rd minute. Shooting Stars search for the winning goal backfired when the visitors scored in the injury time to leave the scoreline at 2-1.

In the other matches, Gombe United played a 1-1 draw at home with Bayelsa United while Akwa United continued their resurgence with a lone-goal win against Enugu Rangers.

Two goals from Idris Suleiman and Ali Rabiu assured Kano

Pillars maximum points against visiting Heartland of Owerri. The final scoreline was 2-1.

Niger Tornadoes and Katsina United played a goalless scoreline.

Matches are to resume for the second stanza this weekend with reverse fixtures of the just concluded week games.

Meanwhile, two outstanding matches will come up mid-week with Enugu Rangers at home to Rivers United while Heartland will host Kwara United in Owerri.

Australian Open: Djokovic Boniface on West Ham’s Qualifies for Quarter-finals Radar this Winter Window Top seed Novak Djokovic moved ominously into the Australian Open quarter-finals with a ruthless thrashing of French 20th seed Adrian Mannarino.

Djokovic, chasing a record 25th Grand Slam title, claimed a dominant 6-0 6-0 6-3 win in one hour and 44 minutes.

"The first two sets were the best I have played in a while," Djokovic said.

The 36-year-old will face 12th seed Taylor Fritz in the quarter-

finals after the American beat last year's finalist Stefanos Tsitsipas.

Later on Sunday, Italy's Jannik Sinner secured his last-eight spot with a 6-4 7-5 6-3 win over world number 15 Karen Khachanov.

Sinner is one of the favourites to challenge Djokovic in Melbourne.

He will take on fifth seed Andrey Rublev next after the Russian prevailed in a gruelling five-set tussle to knock out Alex de Minaur and end Australia's hopes of a home singles champion.

West Ham United are pushing to break their transfer record to sign Victor Boniface.

According to the British tabloid The Sun, West Ham technical director Tim Steidten is pushing for massive transfer coup to sign Victor Boniface from his former club before the transfer window closes at the end of the month.

Victor Boniface has been a huge hit in his first season with Bayer Leverkusen in the Bundesliga.

He has netted 16 goals and

provided eight assists in 23 games thus far.

West Ham have the cash on a major transfer and manager David Moyes supports going big for a proven goal scorer.

It was reported the German club are prepared to sell the 23-year-old striker, who is currently on the mend after groin surgery.

He missed the AFCON due to the injury. Other Premier League who have been linked with him are Chelsea and Newcastle.

GROUP A E’Guinea Nigeria C’ d’Ivoire G’Bissau

P 2 2 2 2

W 1 1 1 0

D 1 1 0 0

L 0 0 1 2

GF 5 2 2 2

GA 3 1 1 6

GD 2 1 1 -4

Pts 4 4 3 0

DR Congo Hold Morocco to Earn a Deserved Point Silas' clinical second-half strike earned DR Congo a deserved point against Morocco in Group F of the 2023 Africa Cup of Nations.

Morocco took an early lead when Achraf Hakimi lost his marker and volleyed the opener from Hakim Ziyech's corner.

Cedric Bakambu missed a chance to equalise from the penalty spot for DR Congo shortly before half-time.

But the Leopards levelled 1-1 when Silas calmly stroked the ball into the net from Meschack Elia's

cutback.

The Atlas Lions' superior goal difference - a product of their 3-0 win over Tanzania in their opening match- means a point is likely to be enough for them to reach the round of 16 when they play Zambia in the final round of group-stage games on Wednesday (20:00 GMT).

DR Congo, who drew 1-1 with Zambia on Wednesday, will enter their simultaneous decider against the Taifa Stars of Tanzania targeting a win to guarantee their place in the Round of 16.

Underdogs Hunt Giants for AFCON Knockout Glory Live on StarTimes Monday promises electrifying encounters as underdogs plot shocking upsets in the final AFCON group stage matches.

The matches are available live and in HD on StarTimes for as low as N2500 weekly, and StarTimes-ON mobile app.

The tournament has taken David and Goliath's outlook thus far with African giants struggling to match-up with underdogs.

Guinea-Bissau have threatened to stage a comeback after losing to Côte d’Ivoire and Equatorial Guinea. They will face the Super Eagles of Nigeria at 6pm live and in HD on Sports Premium channel on StarTimes.

Same time, underdogs Equatorial Guinea will face host nation Côte d’Ivoire on the Sports Life channel on StarTimes. Group A leaders Equatorial Guinea, fueled by Nsue's enigmatic wing play, hope to breach the Elephants' formidable defence.

The Black Stars of Ghana, after a stuttering start, face a crucial test against a Mozambique side desperate to get their campaign back on track. Ghana sit on one point after losing to underdog, Cape Verde and drawing with Egypt. Mozambique, however, are no pushovers and are eager to upset the applecart, after a draw with Egypt and a loss to Cape Verde.

Monday, January 22, 2024

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MISSILE ActionAid to Nigeria “The Transparency International report is an unequivocal indictment on the Nigerian government and the collective conscience of Nigerians, especially public office holders. The persistent corruption scores, fluctuating between 25 and 28 out of 100 from 2012 to 2016, and continuing a downward spiral through 2022, underscore a deplorable performance by the Nigerian government in its anticorruption endeavours" –ActionAid Nigeria's Country Director, Andrew Mamedu, thumbs-down Nigeria's anti-corruption war.

MAHMUDJEGA All Quiet on Non-Aligned Front VIEW FROM THE GALLERY

T

he first time I heard that Africa Cup of Nations [AFCON 2024] was about to start was when I saw a photo of the Super Eagles national football team at the airport, about to depart for the tournament. It was three days later that I asked a young boy, who was watching one of the matches with the keenest interest, in which country the tournament is taking place. He was taken aback; how could I not know that AFCON is taking place in Ivory Coast, which countries are represented there, how many matches the Eagles have played already and the progress they are making [or not making] in the tournament?

I quietly asked the boy where the 19th Summit of the Non-Aligned Movement is taking place right now, at the same time as AFCON. He looked at me in amazement; he has apparently never heard of the Non Aligned Movement. Or for that matter of the Ugandan capital, Kampala, where it is currently taking place. I didn’t blame him very much because three decades ago when, in the course of teaching a university class of

NAM Chairman, Yoweri Museveni

over 200 students, I mentioned Mount Kilimanjaro, they said they never heard of it. One of the students said, “Sir, we are biologists, not geographers.” I was a biologist too, so how come that I ever heard of Olduvai Gorge, Ngorongoro

Crater, Lake Bosumtwi, Awbari Sand Sea, Mariana Trench, Manchuria, Lake Titicaca, Death Valley, Niagara Falls and Galapagos Island?

Anyway, it was my turn to be amazed that any Nigerian will know about the score tables at AFCON but did not know that the Non-Aligned Movement, the largest bloc of nations in the world after the United Nations, with 120 members, twenty observer nations, ten international organisations and 55% of the world’s population, is meeting at the same time, right here on the African continent, but he never heard of it.

Really, things have changed so much on the communications front that important things are happening without most Nigerians not knowing about them.

In the 1970s, at the height of African liberation struggles, Dr. Yusuf Bala Usman chided Nigerian newspapers for “regurgitating the standard imperialist line of Moscow-backed, Luanda-based MPLA government in Angola.” At least they copiously reported foreign events.

As a member of the old generation who completely lost interest in football 30 years ago, I forgive myself for not

knowing that AFCON was at hand, but the newspapers of today also failed to give it saturation publicity, as was done in the past.

Before the 2nd All Africa Games was held in Lagos in 1973, everybody in this country heard about it, even though there was neither internet nor social media then and relatively few people had tv sets. When FESTAC was taking place here in January 1977, every Nigerian heard about it at least three years in advance, including in General Murtala Mohammed’s first speech as Head of State in July 1975 when he announced a two years’ postponement to allow more time for preparation. In the 1970s we used to have the Nigeria-Ghana Games, and the newspapers made sure everyone heard about it. We heard about the powerful male Ghanaian sprinter Ohene Karikari and his equally powerful female counterpart Alice Anum. They became as well known in Nigeria as the Egyptian female swimmer Faten Afifi, who bagged the largest number of medals at the 1973 All Africa Games Continued on page 46

DAKUKUPETERSIDE BENEATH THE SURFACE

Looted Funds and Nigeria's Public Accountability Gaps

N

igeria lately has been lucky, though, for the wrong reasons. Money has metaphorically been falling from the sky when the nation is in severe economic distress and needs every dollar to meet her obligations. First, it was the series of Abacha loots. From the United States alone, approximately $332.4 million were recovered. Between March 2021 and May 2022, €6,324,627 was recovered from foreign countries, according to the former Justice Minister, Abubakar Malami. This is among recoveries from other countries. The latest is from unknown persons and unidentified sources in Jersey, a Channel Island.

The funds worth $8.9m are believed to be proceeds of corruption disguised as government-sanctioned contracts in 2014 for arms purchases but diverted to shell companies. The silent heist in Nigeria is not executed with masks and guns but with pens and deceit.

The nation is robbed of her promise with the bleeding dry of public funds.

In the dance of corruption, Nigeria's public funds are the unwilling partner, waltzing away from the grasp of those who need it the most. The key actors are those we entrust with our commonwealth.

Though these alleged looted funds, though were never declared missing before being recovered now, raise a lot of fundamental questions and concerns about our public finance management and accounting systems. To the best of my knowledge, our government has never declared any fund missing, our auditors never raised any red flags about some money that cannot be traced, and nobody has been prosecuted on account of public funds traced to foreign countries. Since there is no justification for this kind of unaccounted fund that escaped our public finance gatekeepers and National Assembly oversight, the proper inferences to draw are ; there is a failure of our public finance management system, official fraud, or we are simply a criminal enterprise posing as a responsible Sovereign.

This issue is not peculiar to Nigeria

though . The United States, the bastion of democracy and policeman of transparency, once invited Ernst and Young to audit the Pentagon as its Department of Defence is called. The auditor, mid-way into the exercise, concluded that the financial records of the Pentagon were riddled with irregularities to the extent that a reliable audit was simply impossible.

However, the US case is a different context; some funds were untraceable, leading to significant changes.

The Nigerian case is hard to understand.

Almost all recovered looted funds can be traced to government officials under the guise of legitimate transactions but end up in private accounts abroad. Yet nobody is punished, not even the civil servants who are the enablers and the contractors who serve as conduits are called to account .

Each time news of discovery or recovery of looted fund breaks , we are happy.

However, the painful realisation that each recovered loot speaks to the gaps in our governance accounting and audit reporting system is yet to dawn on us.

The brazenness with which government actors loot public funds, inspired by the conviction that there will be no consequences, erases any hope of a pause in official corruption.

Lack of effective internal control, non-tracking of financial transactions, absence of proper and regular audit trails, and weak oversight have combined to rub us of any sense of financial discipline and responsibility.

This explains why no alarm or red flag is ever raised about the misuse of public funds. The criminal prosecution of the immediate past Accountant General of the country, whose office administered the state treasury, for alleged fraud depicts the depth into which we sank in official corruption.

Failure of governance often goes hand in hand with corruption and lack of accountability. Nigeria's weak institutions and governance structures generally lead to a lack of stability and hinder the government's ability Continued on page 46

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