MONDAY 24TH JANUARY 2022

Dangote Oil Refinery to Begin Production before Q3, 2022 Business mogul's fortune up $1.3bn this year on cement firm gains Emmanuel Addeh in Abuja and Ugo Aliogo in Lagos with agency report Africa’s richest man, Aliko Dangote, said mechanical work on his much-awaited

crude oil refinery located at the Lekki Free Zone, in Lagos State, had been completed and the facility would begin to run between August and September this year. Dangote disclosed this at the weekend in Lagos

during a facility tour of the oil refinery, the fertiliser plant, and the Dangote Jetty, in the company of President, African Development Bank (AfDB), Dr. Akinwumi Adesina.

Dangote said full production

at the refinery could commence by the end of the year or the beginning of 2023. He lauded the AfDB president, and hinted that its polypropylene plant would yield about a million tonnes, which would bring

$1.6 billion in terms of export revenue to the country. He assured his visitor that Dangote Group would continue to do more towards strengthening investment in the country, stating that the company has

been meeting its tax obligations.

Dangote added that the Dangote Group had revitalised road infrastructure within Apapa and Isolo in Lagos, Continued on page 10

Hayatudeen, Ex-banker, Signs Up for PDP, Says Nigeria Headed in Wrong Direction...Page 11 Monday 24 January, 2022 Vol 27. No 9785. Price: N250

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Beaten Super Eagles Crash out of AFCON in Cameroon...Page 47

With New Portal, CBN Moves to Halt Over-invoicing By Importers Exporters also guilty of under-invoicing Action will preserve Nigeria’s scarce forex

The Central Bank of Nigeria (CBN) has taken a major step to arrest the age-long practice of over-invoicing which dodgy importers and exporters have over the years used to cart

away the nation’s forex with its directive that effective February 1, 2022, all import and export operations would require the submission of an electronic invoice (e-invoice)

authenticated by Authorised Dealer Banks (ADBs) on the Nigeria Single Window Price Portal – Trade Monitoring System (TRMS).

A top central bank official

who pleaded to remain anonymous, disclosed this in a chat with THISDAY yesterday, saying it would also help the country preserve forex.

The source reiterated that

the new portal is a globally imported would be keyed acceptable price monitoring into the portal.

The apex bank had explained platform where before a bank would open ‘Form M’ for a in a circular at the weekend customer who wants to import, Continued on page 10 the price of the item being

With Global Stocks in Red, Nigerian Market Gains N2.46trn in Three Weeks Dangote Cement, BUA Foods buoy performance Increased liquidity responsible for massive gains, experts say

Kayode Tokede Global equities suffered their biggest decline in more than a year last week, as heavy losses in Netflix shares accentuated a sell-off in tech stocks that spilled into other sectors. But in Nigeria, it was the opposite, as the market capitalisation of the Nigerian Exchange Limited (NGX) appreciated remarkably by 11.05 per cent or N2.46 trillion in the first three weeks of trading in 2022.

Precisely, the market capitalisation of the NGX opened in 2022 at N22.297 trillion, and closed last Friday at N24.761 trillion, while the NGX All-Share Index (NGX ASI) grew by 7.6 per cent or 3,240.91 basis points to 45,957.35 basis points, from Continued on page 10

STATE BANQUET FOR THE PRESIDENT...

L-R: Wives of Kaduna State Governor, Halima Buhari Sheriff and Hajiya Ummi Aisha El-Rufai; Head of Service, Hajiya Bariatu Yusuf Mohammed, and wife of the Governor, Hajiya Hadiza Isma El-Rufai, during state banquet in honour of President Muhammadu Buhari, to round off his official visit to Kaduna State...recently SUNDAY AGHAEZE

Again, Court Strikes out Suit Challenging Legality of Buni-led CECPC ... Page 44

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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 08033506821, 08097777322, 08074010580

HIGH EXPECTATIONS FROM LEKKI DEEP SEA PORT...

L-R: Chief Technical Officer, Lekki Port LFTZ Enterprise Limited (Lekki Port), Mr. Steven Heukelom; Chief Operating Officer, Mr. Laurence Smith; Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi; Acting Managing Director, Nigerian Ports Authority, Mohammed Bello-Koko and the Director, Maritime Services, DMS, Federal Ministry of Transportation, Awwal Suleiman, during the minister's inspection of the port at Ibeju-Lekki, Lagos…recently

Shell Asks Court to Overturn N800bn Oil Spill Judgement Says ruling may imperil IOC's $3bn planned asset sale if upheld Emmanuel Addeh in Abuja Shell Petroleum Development Company (SPDC) will tomorrow attempt to convince the Court of Appeal, Owerri Division, to upturn an N800 billion judgement against the oil giant by a Federal High Court in the state in 2020. No official of the oil company was willing to speak publicly on the matter, citing the fact that the case was already in court and could attract a “contempt” charge.

But the company was expected to tell the appeal court that the lower court failed to listen to its argument that the oil spill claim was unsubstantiated.

Following the 2020 Federal High Court’s ruling, SPDC had appealed against the judgement and applied to suspend its enforcement.” SPDC is not just filing an appeal, as indicated in your enquiry,” one of the company’s representatives said in response to a THISDAY enquiry.

Another representative of the oil giant, when contacted, said, “Shell does not comment on court cases”.

But the SPDC and the Nigerian National Petroleum Corporation (NNPC), operators of the facility, had jointly denied the occurrence of spills on the alleged dates before the court.

SPDC argued that the court was duty bound to hear evidence to determine, first, if the spill occurred and the alleged cause before proceeding to fix liability and compensation, which it noted, didn't happen in the case.

Lawyers to Shell maintained that the pollution claim was largely unsubstantiated, and that the Compact Disk containing the expert reports being relied upon were neither served on the SPDC nor were the experts produced in court to be crossexamined by SPDC. SPDC had appealed against the judgement and applied to the court to suspend its enforcement.

Shell has been selling onshore

and shallow water fields to Nigerian independent producers for more than a decade and is trying to find a buyer for the rest of the assets so it can focus on deep-water projects.

Earlier this month, it was reported that at least five Nigerian oil and gas companies were preparing to submit bids for the onshore oilfields in a sale that could fetch up to $3 billion.

Negotiations have been on for some time between the international oil company and the Nigerian government about selling its stake in its onshore fields to focus on its offshore operations and eventually exit the fossil fuels space.

The Anglo-Dutch company has stakes in 19 oil mining leases in Nigeria's onshore oil and gas joint venture and if the judgement is upheld, it could significantly impact Shell’s efforts to sell its remaining licenses. The affected community, Ejalawa, in Rivers State, plans to file a motion asking the appeals court to prevent the company from disposing of the permits while the award remains unpaid.

Tomorrow, the appellate court would also hear all other pending applications, including that of the plaintiffs/ respondents seeking an order of court directing Shell to deposit the said judgment sum with the court as a condition for hearing the application for stay as well as another seeking to set aside the notice of appeal filed by Shell on the grounds that it is incompetent and an abuse of court process.

Justice Tijani Ringim of the Federal High Court, Owerri, had in a judgement delivered on November 27, 2020 held that SPDC, Shell International Exploration and Production BV (SIE&P), and the NNPC were liable for oil spillage from their facility in Ejalawa community in Oken-Ogosu swamp farmlands, Ebubu/ Eleme Local government.

One Isaac Torchi and 87 members of the Ejalawa

community had dragged SPDC, SIE&P BV and NNPC to court over the oil spillage, which they claimed damaged their environment as well as source of livelihood.

Other defendants are Shell International Company Limited and the Attorney General of the Federation (AGF).

The plaintiffs had in the suit dated January 16, 2020 asked the court to determine whether by the combined provisions of the 1999 Constitution, Oil Pipeline Act, African charter on humans

and people’s Rights, Oil and Gas Pipeline Regulations, they were entitled to compensation from the defendants.

The community claimed that there had been a continuous injury of hydrocarbon oil spillage, rain acid pollution, and non-maintenance of ruptured pipes causing deaths of plaintiffs’ children.

Also impacted by the spill, according to Ejalawa farmers, were trees, and drinking water, causing irreparable damage to the plaintiffs and relations farm

products, fish ponds, fish nets, and machines worth several billions of naira.

They also sought another order directing shell to depollute and rehabilitate the destroyed farmland, ponds and agricultural products, as well as a 10 per cent post-judgement interest from the date of the judgement and litigation cost of N1 billion.

Delivering judgement, Ringim had held that there was evidence of rupture at the defendants Akuka/Ebubu flow line named

Aka-Ebu-Onu-Ban 55 situated on the plaintiffs’ land.

“I am convinced that there were oil spills in the EkenOgun farmland swamp of the plaintiffs since September 18, 2019 and still continue without remediation as could be gleaned from the uncontroverted facts,” the judge had held.

The judge further ordered the defendants to promptly and expeditiously remediate the land of the plaintiffs to its International Agricultural Soil (IAS).

Champion Breweries’ Shareholders Kick as Core Investor Moves to Make 100% Acquisition Say SEC not doing enough to protect minority shareholders Goddy Egene Shareholders under the aegis of the Progressive Shareholders Association of Nigeria (PSAN) have picked holes in the approval given by the Securities and Exchange Commission (SEC) to The Raysun Nigeria Limited, which is a subsidiary of Heineken N.A, to take over Champion Breweries Plc 100 per cent.

The Dutch company currently holds about 84.7 per cent of the shares of Champion Breweries Plc. However, SEC recently granted the company approval to proceed with the proposed Mandatory Takeover Offer (MTO) for 1,196,799,164 ordinary shares of Champion Breweries Plc at N2.60 per share, which represent the remaining 15.3 per cent stake in the company that the Dutch brewery did not yet own.

But PSAN has kicked against the move, saying SEC is not protecting minority investors in the country’s capital market enough.

In a letter to the apex capital market regulator, signed by National Chairman of PSAN, Mr. Boniface Okezie, the group urged SEC to stop The Raysun Nigeria Limited from buying

out the minority shareholders.

The shareholders, instead, asked that the company be merged with Nigerian Breweries as Heineken did with previous acquisitions it had in Nigeria. PSAN alleged that the company did not follow due process in coming up with the MTO, saying the proposal is being carried out with the intention to delist Champion Breweries Plc from the Nigerian Exchange Limited (NGX).

PSAN stated, “The core investor has sought an MTO of the Champion Breweries Plc, which may result in the eventual delisting of its shares, a position we feel is detrimental to the interest of the minority investors.

“It is also our understanding that SEC approved the MTO without a tender paper indicating the approved buy-back price and other relevant details of the transaction. In the same vein, the NGX’s free float regulations require a minimum local ownership which appears not to be obtainable in the current ownership structure. “We would like to know what offence the minority shareholders have committed not to be invited to an extraordinary general

meeting (EGM) where issues on the proposed MTO may have been adequately explained and due process followed to ensure that the interest of the common investor is protected.”

The shareholders lamented that the regulator was not doing enough to protect minority shareholders, a development, it said was causing low patronage of the capital market.

PSAN argued that Champion Breweries Plc was revived through the efforts of minority shareholders, including the Akwa Ibom Government, but they were about to be denied reaping benefits of their investments through the MTO. The shareholders said they had resolved that none of their shares, including the 11 per cent owned

by Akwa Ibom State, would be offered for sale to achieve the MTO. It said, “We rather propose that a merger between the company and any other suitable match would be a more reasonable approach as has been done in the past by the same core investor instead of delisting the company shares.

“We request that shareholders be allowed to endorse a potential

deal formally at an EGM where all stakeholder interests are represented. We have no issue with the core investor if they want to divest their investment, which they are at liberty to, but we insist that the core investor desists from practices can endanger the fortunes of other minority investors in the company.”

Market operators said the apprehension of the PSAN might be justified given recent experience of MTO in the market. In the past, Nigerian Bottling Company Plc and Seven-Up Bottling Company got delisted from the NGX after the majority shareholders bought out the minority shareholders.

Recently, shareholders of Mobil Oil Nigeria Plc had a similar experience, when NIPCO Plc acquired controlling stake in the company and later took out the minority shareholders through an MTO. Mobil Oil Nigeria was later delisted from the NGX in May 2021. Also early this month, Union Diagnostic and Clinical Services Plc, and Studio Press Plc got delisted from the NGX after the majority shareholders of both companies bought out the minority investors of the separate companies.

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COURTESY VISIT TO THE EMIR OF BICHI...

The Ejeh of Ankpa and Chairman, Ankpa Traditional Council, His Royal Highness, Alhaji Abubakar Sadiq Ahmed Yakubu II (left) and Emir of Bichi Alhaji Nasiru Ado Bayero, during the Ejeh of Ankpa's visit to the Emir in Bichi in Kano State...recently

CSL Report Predicts 35% Fuel Subsidy Removal in 2022, Naira Devaluation

Dike Onwuamaeze

Analysts at CSL Stockbrokers Limited (CSLS) have projected that the federal government may only achieve a 35 per cent removal of fuel subsidy in 2022 due to political considerations in view of the upcoming 2023 general election and labour restiveness.

The CSLS stated this in its 2022 Economic Outlook titled: “In Dribs and Drabs,” in which it also projected that inflationary pressure would be unleashed on the economy with the anticipated removal of the subsidy, currency devaluation, increase in electricity tariffs, and interest rate.

It also projected that the Central Bank of Nigeria (CBN) might devalue the naira at the official windows and increase interest rate this year.

The Monetary Policy Committee would commence

its first meeting in 2022 today.

The two-day meeting would end tomorrow.

The financial advisory company anticipated that Nigeria’s debt-to-Gross Domestic Product (GDP) ratio might cross the International Monetary Fund’s (IMF) 40 per cent benchmark and warned that high-interest repayment on the country’s public debt might lead to debt unsustainability. It projected 2.8 per cent GDP growth in 2022 for Nigeria.

It said: “We expect spillover effect from petrol adjustment and currency depreciation to pressure the core inflation. While the elimination of subsidies will support FGN’s fiscal position, we expect kickback from the labour unions and a likely delay due to elections. Hence, we project about 20 per cent to 35 per cent subsidy elimination.

“The PMS adjustment will

pressure the headline inflation, but the government’s plans to implement N5,000 transport subsidy will help cushion the impact.

“Beyond the PMS adjustment, our expectation for moderate currency devaluation and a likely electricity price hike are expected to add an additional layer of pressure on consumer prices.

“Price pressure will emanate in Q2 and Q3 (2022) due to PMS adjustments, before moderating slightly in Q4. Overall, we expect headline inflation in 2022 to average 14.35 per cent and close the year at 14.20 per cent.”

The CSLS also projected that

James Sowole in Abeokuta The Ogun State Internal Revenue Service (OGIRS) has said it would be able to block revenue leakages in the state with collective efforts of Ministries, Departments and Agencies (MDAs) to achieve the more than N155 billion revenue target for 2022.

The Executive Chairman of OGIRS, Mr. Olugbenga Olaleye stated this in Abeokuta, during a one-day budget strategy session, promising that the agency would ensure the state delivers more than the targeted N155 billion Internally Generated Revenue (IGR), while leveraging on the digitalisation efforts.

He added: “The percentage increase over last year budget figure necessitated the collective efforts geared towards blocking

and bringing all revenue leakages into the government coffers.

"When all units and MDAs work together, share ideas and information, area of leakages and more revenue opportunities will be identified."

Olaleye enjoined all taxable adults in the state to pay appropriate taxes as and when due to complement government’s efforts, to enable it provide more social amenities in line with electoral mandates. in his contribution, the Special Adviser to the Governor on Revenue, Mr. Abiodun Adeleye said the programme was put together for revenue officers to rub minds, reflect on last year performance and strategise on how best to expand tax net, boost revenue generation and surpass the targeted revenue figure for 2022.

investors have in the past few years shown apathy towards Nigerian equities and we do not expect any significant comeback in a pre-election year. If historical trends are anything to go by, stock market performance in the last 2 pre-election periods (2014 and 2018) has been negative, making us more inclined to anticipate a weak market in 2022, especially as forex concerns which were not there in 2018, add another layer of concern.

The CSLS also warned that the seemingly moderate debt level of the country, “has increasingly become vulnerable due to high-interest payments, which continue to absorb a significant

portion of federal government revenues.

“Debt to revenue is estimated at 70 per cent for 2022 vs. a five-year average of 68 per cent.

Nigeria’s total public debt (DMO and non-DMO) is projected to reach 36.9 per cent of GDP in 2022 from 35.5 per cent in 2020.

“While this remains lower than most SSA peers - Ghana (86.4 per cent of GDP) and Kenya (70.2 per cent of GDP), it’s likely to breach the 40 per cent IMF benchmark in the medium term.”

The CSLS also forecasted robust earnings for players in the cement sector players, albeit growth may moderate in 2022.

NSITF Has Recorded N17bn in Savings, Says Ngige Gives management January deadline to re-adjust salary structure Onyebuchi Ezigbo in Abuja

Ogun Revenue Body Parleys MDAs on N155bn 2022 Target

the naira would be weakened at the investors and exporters’ window to an average of N455.00 per dollar in 2022 from N415.00 in 2021.

It noted that while a weaker currency regime was a step in the right direction in addressing concerns over naira’s overvaluation, foreign investments, including portfolio investors, would likely remain tepid as, “investors will consider pre-election year risk, carry trade level, clarity on forex repatriation policy, and the CBN’s strategy to clear the existing backlog – before making a big be on Nigeria in 2022.”

It added that, “foreign

The Minister of Labour and Employment, Senator Chris Ngige, has disclosed that the Nigeria Social Insurance Trust Fund (NSITF) made savings of N17 billion in the last six months. Ngige said as part of measures to motivate the staff of NSITF, he had given its management up till end of January to re-adjust the salary structure of the staff.

The minister said he had also gave the agency another three months deadline to fully automate its operations.

He was quoted as saying these at the weekend in an address at the closing ceremony of a twoday Management Performance Review in Abuja.

According to a statement signed by Deputy Director, Press and Public Relations, Mr. Charles Akpan, the minister said the NSITF had progressively grown its savings from N2 billion in 2020 to N17 billion in the last six months.

He added, "When in July 2020 the president approved the suspension and later removal

of the former management of the NSITF after over three years in office, the fund’s savings was at a paltry sum of N2 billion.

“The acting management of Kelly Nwagha who bridged the gap for less than a year, moved the savings to N8 billion and in six months, the current management under Mike Akabogu has moved it to N17 billion."

Ngige expressed regret that the previous management of NSITF did not re-adjust the staff salary when it was due. He described the new management as being workerfriendly.

Ngige added, regarding the new management, "Unlike the politicians before them, they have not given themselves N10 million for vacation with their spouses. Even though it is there in the operational manual, but I advised them that it is immoral for them to do so when some staff members cannot afford house rents, that the strategic reform they set for themselves must be all-inclusive and they paid heed.

“We discovered very sadly

that the NSITF has not readjusted staff salary but it is not the fault of this management, but that of preceding ones who didn’t think about the lowly placed persons. We discovered it and have given them an ultimatum to do so by the end of January 2022.”

Ngige told the NSITF management that other incentives for the workers would be tied to performance.

He stated, "If you improve your contributions before the end of March, all your allowances will be reviewed.

So, all the staff must sit up. A new system is here to reward hard work. The era of clocking in at 8:30am to sleep and clock out 4pm is over.

“The more target you meet in terms of returns, generation of contributions, the more the incentive. When you exceed your target, there must be a way of saying thank you. You must leave the NSITF of old and brace up for the new NSITF, where there will be special promotions for outstanding performance.

There will also be a review of condition of service."

The minister charged the management to fully automate the operations of the agency within three months, in line with the global trend.

In addition, he directed that the management performance review be made more frequent, every month, especially for those in operations, using virtual platforms, to bridge the gap in communication between the branches, zones and the headquarters.

Ngige said, "Information on every aspect of this agency should prop up at the touch of a button. It saves cost, saves time, and promotes synergy, efficiency and transparency, which is a bulwark against fraud.

“You must achieve this in three months. Both ITF and FIRS are organisations you should be competing with, but they have left you behind,” The minister directed that every contract given by NSITF must be in line with the Public Procurement Act and must be done based on needs assessment, vowing that the era of procurement just for sake of it was over.

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PAGE TEN WITH NEW PORTAL, CBN MOVES TO HALT OVER-INVOICING BY IMPORTERS that the introduction of the e-valuator and e-Invoice would replace hard copy final invoice as part of the documentation required for all import and export transactions going forward.

The circular titled: “Guidelines on the Introduction of E-Evaluator, E-Invoicing for Import and Export in Nigeria,” signed

by CBN Director, Trade and Exchange Department, Dr. Ozoemena Nnaji was

directed to all authorised dealers and the price. The apex bank pointed out that the new regulation aims to achieve accurate value from import and export items in and out of the country.

But shedding more light on the new policy, the central bank insider explained: “Over the last several years, the Nigerian economy has suffered from the challenge of overinvoicing by importers and under-invoicing by exporters.

Through over-invoicing, unscrupulous importers are able to illegally wire monies out of the country and ship them abroad.

“On the other hand, exporters, because they under-invoice their exports, are also able to take some monies abroad and when this happens, what would come back home would be lower than the actual exports.

“So, this portal is a globally acceptable price monitoring

platform where before a bank can open ‘Form M’ for a customer who wants to import, the price of the item being imported is keyed into the portal. If that price that is being keyed into the portal is not more than 2.5 per cent above the globally acceptable price, the Form M is approved.

“But, if the price quoted by the importer is higher than two per cent above the globally acceptable price, the Form M

is rejected automatically. It is to save massive forex for the country.”

Speaking further, the source alleged that most importers, whether Nigerians, Indians, Lebanese are involved in the illegal practice, “and so this is a fantastic idea to stop all that nonsense.”

The CBN circular had stated that the new system would operate on a Global Price Verification Mechanism guided by a benchmark price.

we import, it is about $57 billion worth of different products and we export only about $50.4 billion.

“So, we have to balance that with about $7 billion and talking to them here, they showed us that they can have a domestic market of about $11 billion and that is an incredible market and that will save Nigeria about $9 billion dollars a year from importing petroleum products.

This is huge for Nigeria and even for Africa as a continent.”

On the fertiliser complex, Adesina said, “Being a man passionate about agriculture, this is a company that is producing three million metric tonnes of urea, which will make Nigeria totally self-sufficient.”

He added, “Nigeria will become net exporter of fertilisers. It will drive productivity growth in Nigeria, prices will come down and the quality will also improve.”

In October 2021, Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, stated that Nigeria’s import of petroleum products using 30 per cent of its forex could be reversed by the successful commencement of operations by the Dangote refinery. Emefiele was speaking during a foreign investors’ meeting held in New York while answering questions

raised by foreign investors.

Meanwhile, Dangote, originally a cement tycoon, is worth $20.4 billion, according to the Bloomberg Billionaires Index. Bloomberg reported that Dangote saw his fortune grow by $1.3 billion this month alone on the back of steep gains in the share price of his cement company.

Dangote Cement Plc, which accounts for about half the entrepreneur’s net worth of $20.4 billion, closed at the highest since 2010 on Friday, having gained 11 per cent in 2022 compared with 7.4 per cent on the Nigerian Stock Exchange (NSE), stressed the report.

The Lagos-based company recently completed a share buyback to boost value.

Dangote is one of only 35 billionaires among the richest 100 ranked on the Bloomberg Billionaires Index that have seen their fortunes grow in January.

India’s richest person, Gautam Adani, is up the most, up $13 billion to $89.5 billion.

The Nigerian cement tycoon is set to boost his wealth by completing a $19 billion refinery project scheduled to start operations later this year. The crude processor has enough capacity to meet all the domestic fuel needs of Africa’s largest crude producer, while also boosting exports.

DANGOTE OIL REFINERY TO BEGIN PRODUCTION BEFORE Q3, 2022 and also in Ogun and Kaduna, stressing that the group is equally involved in the development of deep seaports and other infrastructural projects across the country.

“Hopefully, before the end of the third quarter we should be in the market,” he stated.

The plant will start with a processing capacity of 540, 000 barrels per day, Dangote said, with full-fledged activities expected by the end of the year.

“Full production can start, maybe, by the end of the year or beginning of 2023,” he said.

The facility, which will cost an estimated $19 billion to build, has an installed capacity of 650, 000 barrels per day and was earlier scheduled to begin operation by the first half of this year. Its output would be more than enough to meet Nigeria’s fuel demand and turn Africa’s largest crude producer into an exporter of refined crude.

Recently, the African Petroleum Producers Organisation (APPO) estimated that beyond Nigeria, the refinery could reduce importation of petroleum products into the continent by as much as 36 per cent, according to Bloomberg.

Besides, APPO stated that the success of the project could incentivise the rise of similar projects across Africa, despite the current focus on energy transition.

Secretary General of the continental body, Dr Omar Farouk Ibrahim, had said the refinery would be supplying over 12 per cent of Africa’s demand when operational.

Group Executive Director, Strategy, Portfolio Development and Capital Projects, Dangote Industries Limited, Devakumar Edwin, said the refinery complex, which includes a refinery, petrochemical plant, a fertiliser plant, and a subsea pipeline project, was the largest single-train refinery in the world. Edwin stated that the 650,000 barrels per day refinery would stimulate economic development in Nigeria.

According to Edwin, Dangote Petroleum Refinery can meet 100 per cent of Nigeria’s requirement of all liquid products (gasoline, diesel, kerosene, and aviation jet), and also have surplus of each of these products for export.

He stated that this would create a market for $11 billion per annum of Nigerian crude and foreign exchange savings/ earnings of $9.9 billion.

Edwin stated, “We have impacted on job creation with 3,580 Nigerian personnel on site, excluding employment by the various contractors and subcontractors at the site.”

He called on the federal government to harness the potential in the private sector as part of efforts to drive economic growth in the country.

Edwin also explained that continued investment in infrastructure would lower the cost of doing business, noting

that consistency and stability of power would drive more growth for business, “and when investors put in a lot of money, that shows that there should be a lot for us to do.

“I think we also have to promote our own successes.

We should celebrate our own business successes; we should support them and give them the chances to grow. We should provide them access to build a successful business environment in the country. Not just Dangote alone, but also the Small and Medium Enterprises (SMEs), too, to grow and thrive more in agriculture, agribusiness, digital economy, creative industries, and others that require a lot of support.”

He said strong support from government would go a long way in boosting business growth in the country.

In his remarks, the AfDB president described Dangote Refinery and Fertiliser projects as the best industrialised project to happen to Africa.

He said the projects would not only positively affect Nigeria’s economic growth and development, but Africa’s as well.

Adesina described Dangote as an enigma, who should be honoured in Africa and even beyond for his passion, vision, and determination to develop

and ensure that Africa was transformed.

He added, “One of the things I admire the most about Alhaji Dangote is that, he actually believes in Nigeria, and he invests his money in Nigeria. He believes in Africa and invests in Africa.

“Nobody could invest the type of billions of dollars that is here, unless the person not only has the vision but also the commitment and passion for his country. We are extremely proud of you and of your commitment to the continent.

“Aliko is quite an inspirational and visionary business leader and for anybody to have done what I have seen here, I think that person deserves world class kudos for that. I see a company that I will proudly call Africa’s growth accelerator company. With this project, we see an acceleration of how to reduce imports. We see an acceleration on how to have an outbound on export; a value chain development and how to compete regionally and globally.

“I am completely blown away with what I saw here today. I can’t believe what I saw. This project will reverse the huge sum the nation spends on foreign exchange.

When you look at how much

The benchmark price is the actual spot market price obtainable at the time of consummation of invoicing in that market where the goods are traded. The guideline however, provided exemptions from compliance with the new regulation for all individual invoices with a value of less than $10, 000 (or its equivalent in another currency), except where suppliers have an annual cumulative invoicing value equal to or above $500, 000 (or its equivalent in another currency).

Such would be required to submit their invoices regardless of the individual value of an invoice.

Exemptions were also granted to import and export transactions made by all security agencies in the country.

According to the CBN, supplies to diplomatic and consular missions as well as international agencies dependent on the United Nations are further exempted from the regulation, including donations made to foreign governments or international organisations to foundations, charities and recognised humanitarian organisations – and goods directly supplied by a foreign government.

The circular added that fees, where relevant, shall be advised from time to time as the system progresses.

Essentially, the guidelines stipulated that an importer/ exporter of goods into Nigeria shall ensure that the purchase/sales contract with a foreign supplier/ buyer stipulates compliance with the obligations set out in the regulation and that the supplier’s/seller’s invoice must be submitted in electronic format and authenticated by ADB as part of the documentation for payment.

WITH GLOBAL STOCKS IN RED, NIGERIA’S MARKET GAINS N2.46TRN IN THREE WEEKS the 42,716.44 basis points it opened this year.

The NGX ASI last week reached highest level since January 19, 2018, when it hit 45,092.83 basis points.

The stock market in the first trading week kicked off on a strong note, gaining N1.33 trillion in market capitalisation.

In the second trading week, market capitalisation gained N323 billion week-on-week to close at N23.951 trillion from the N23.628 trillion it had opened for trading.

Market analysts attributed the strong rally in the market to improvement in the economy, boost in liquidity, as well as investors’ renewed interest in the stock market.

Notably, price appreciation in BUA Foods, BUA Cement Plc, Seplat Energy Plc, Airtel Africa Plc, Dangote Cement Plc, among others, sustained gains recorded in the first three weeks of trading on the NGX, as investors took position on companies with strong fundamentals in anticipation of the release of their 2021 audited financial results and dividend pay-out.

BUA Foods was the most appreciated stock on the Exchange, gaining 61 per cent to close at N64.4 per share, from N40 per share it was when it was listed this year. This was followed by Airtel Africa that has so far gained 21 per cent to close at N1, 155.50 per share, higher that the N955 per share it opened for trading.

Similarly, the stock price of Dangote Cement added nearly 11 per cent to close last week at N284.9 per share, up from the N257 per share it opened in 2022, while Lafarge Africa Plc rose by 6.1 per cent to close at N25.4 per share, up from N23.9 per share.

Seplat was one of leading stocks on the Exchange, gaining 16.2 per cent to N755.1 last week, from N650 per share it opened for trading, just as BUA Cement gained 6.5 per cent to close at N71.4 per share, from N67.05 the market opened this year.

In the same vein, Zenith Bank’s stock rose by 2.59 per cent to N25.80, up from N25.15, and FBN Holdings gained 5.3 per cent to N12, from N11.40, both lifting the NGX banking index by 3.22 per cent to close last week at 419.14 basis points.

The NGX Oil & Gas and Industrial Good indices led others, gaining 9.90 per cent and 8.45 per cent, respectively, in year-to-date (YTD) performance, as Consumer Good recorded a decline of 4.21 per cent YTD growth.

It was investors bargain hunting in BUA Foods, Dangote Cement, Guinness Nigeria, and International Breweries, which drove the weekly gains.

In early January 2022, BUA Foods was approved by the management of the NGX to list on the Main Board a total of 18 billion units at N40.00 per share and

Dangote Cement announced the commencement of the second tranche of its share buyback programme. The cement manufacturing company said it would be repurchasing 170 million ordinary shares of 50 kobo each, representing one per cent of the company’s issued shares.

According to the company, this includes 40.2 million shares held as treasury shares, following the conclusion of Tranche I of the share buyback programme. It said the transaction would take place at the open market on the NGX, subject to prevailing market conditions and under the current daily trading rules of the Bourse.

However, Vice President, Highcap Securities, Mr. David Adnori, noted that increase in macroeconomic activities as well as liquidity following a successful bid in bond market in December boosted the stock market lately.

According to Adnori, “Towards the end of 2021, a lot of investors subscribed to the debt market and it was oversubscribed. Some of those funds are now being invested in the stock market, a major reason we are witnessing appreciation in market performance.

“Also, we have seen activities that have attracted investors into the stock market. The BUA Foods listing, the transactions by Airtel in East Africa, and

Dangote Cement share buyback have impacted on the market in the last three weeks.

“Overall, the market is driven by information regarding anticipation towards 2021 full year results and accounts. Investors are investing in stocks with good fundamentals and dividend paying stock on NGX.” On his part, Chief Executive Officer, APT securities & Funds Limited, Mallam Garba Kurfi, attributed the growth to various activities by listed companies on the NGX. Kurfi said, “We have seen the issue of Dangote Cement share buyback, the BUA Foods listing. We have also seen many investors trying to balance their portfolio and it has contributed to the volume of transactions recorded in the last three months.”

Analysts at Cordros Capital, however stated, “In the week ahead, we believe investors will be focused on the outcome of the monetary policy committee (MPC) meeting to gain further clarity on the movement of yields in the fixed income market.

“Consequently, we expect a ‘choppy theme’, as cautious trading will likely dominate the market.

Notwithstanding, we advise investors to take positions in only fundamentally justified stocks, as the weak macro story remains a significant headwind for corporate earnings.”

According to the Financial Times, investors have raced out of speculative corners of the US market, as the Federal Reserve moves to tighten financial conditions.

It reported that share decline had been particularly extreme in the US, where many of last year’s high-flying tech companies were listed. The tech-heavy Nasdaq Composite index fell 7.6 per cent this week, its biggest slide since the coronavirus pandemic rocked US financial markets in March 2020.

The blue-chip S&P 500 index, the closely followed barometer of the $50 trillion US stock market, shed 5.7 per cent over the past week.

More than two-thirds of the companies within the index are now in a technical correction — or down at least 10 per cent from their record high — including 149 stocks that declined 20 per cent or more.

The FTSE All-World index of developed and emerging market shares has fallen 4.2 per cent since last Friday, recording its steepest weekly decline since October 2020.

Among the hardest hit US stocks was Netflix, which tumbled 22 per cent on Friday after the streaming group warned subscriber growth would slow substantially. The decline shaved about $49bn from its valuation, or roughly the market capitalisation of foods group Kraft Heinz.

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NEWS

MATAWALLE BRIEFS BUHARI...

President Muhammadu Buhari (L) welcoming the Zamfara State Governor, Muhammad Bello Matawalle to the Presidential Villa, Abuja... yesterday

Hayatudeen, Ex-banker, Signs Up for PDP, Says Nigeria Headed in Wrong Direction Declares life in country now nasty, brutish and short Chuks Okocha in Maiduguri Renowned economist and former Chairman/CEO of FSB International Bank PLC, Alhaji Mohammed Hayatu-Deen, yesterday, joined the Peoples Democratic Party (PDP), during which he lamented that Nigeria was headed in wrong direction.

Hayatudeen, who claimed his decision to sign up for the PDP was after reviewing her deteriorating economic and security situation, said the PDP has shown to be different in many ways, despite its shortcomings and would rather be with the main opposition party.

The banker-turned politician was thereafter handed over a new PDP membership card by the state chairman of the party in Borno State, Alhaji Zanna Mustapha, in the presence of other members of the PDP

State executive council and a large crowd.

Addressing a large crowd of supporters after revalidating his PDP membership, Hayatudeen said, "It is there for all to see that the nation is headed in the wrong direction. The signs of decay have been looming on the horizon for quite sometime.

"But, how do we ever expect change to happen if we, as citizens, do not effectively participate in the political process, demand results from leaders and hold them accountable.

“It, therefore, goes without saying that such a desired change can only happen if we significantly expand citizens participation in democratic and political institutions by taking concerted action to deepen and enrich the pool of political practitioners."

According to him, "The

Elumelu: APC Designed to Serve Selfish Interests, Not Nigerians Udora Orizu in Abuja The Minority Leader of the House of Representatives, Hon. Ndudi Elumelu, has taken a swipe at the ruling All Progressives Congress (APC), saying the party was hopelessly corrupt and could not serve the interest of Nigerians.

Elumelu, who spoke while addressing a mammoth crowd at the Peoples Democratic Party (PDP) Mega Rally in Asaba, Delta State capital, at the weekend, described the APC as a party of treasury-looting and incompetent politicians, who could not keep their promises, adding also that the PDP was back to rescue the nation from the “corrupt and wicked” APC. According to him, whereas the PDP remained sincere, forwardthinking, development-oriented and always has the interest and wellbeing of the people at heart, the APC was insincere and completely anti-people.

“We are not like APC that makes promises that they will not fulfill. The APC promised

one naira to one dollar, but today, a dollar is more than N500. The APC promised better healthcare and social safety nets; they promised better education, promised scholarship, good roads and so on but they never fulfilled their promises," he said.

Lamenting that the APC had reversed all the gains achieved by successive PDP administrations, Elumelu recalled how the PDP, upon assumption of office, cleared the nation's debts only for the APC to wreck the economy and now resorted to fresh accumulation of foreign debts to the detriment of the nation.

The minority leader, however, urged Nigerians not to relent in their determination, on the platform of the PDP, to rescue the nation from the stranglehold of APC, come 2023.

He commended Governor Ifeanyi Okowa of Delta State for his massive development projects in the state and praised him for repositioning Delta as a hub of development and good governance in the country.

economy and the society have literally been in free fall as we have been witnesses to the sharp and rapid unraveling of our way of life, our dignity and self-worth as a people and our time-honoured institutions."

The former banker lamented that, "despite the abundant blessings bestowed on this beautiful land by Almighty God, something as basic as putting bread and butter on the table is a daily struggle for the majority of Nigerian families.

"For a great number of our fellow citizens, getting clothed and having a roof over their heads is a utopian dream. And collectively, for all of us as citizens , we can no longer feel safe or secure in our homes, streets or highways "It is common knowledge that having unfettered access to basic social amenities such as portable water, good sanitary conditions, stable and reliable electricity, good motorable roads, decent and affordable public transportation systems, quality education and healthcare, social safety nets to protect the weak and the downtrodden –

all of which have been taken for granted for centuries in other climes, have so far eluded the Nigerian people. In short, for the greater number of our fellow citizens, life is “nasty, brutish and short” as Thomas Hobbes put it crisply.

"Our sacred national anthem, which is the glue that binds us as one nation is observed more in the breach than in practice as we see the foundations of our union come under severe stresses and strains. But by far the most perplexing and egregious issue of the moment is the carnage being unleashed on citizens by connoisseurs of violence and terror allover our peace-loving and God-fearing communities.

“Not by the wildest stretch of the imagination did I ever conceive of the nation being bathed by such vast oceans of blood of innocent men, women and children in tandem with the displacement of entire communities."

He lamented that vast sections of the country have been torched up by bandits and terrorists, who are hell bent on extracting more than

their fair share through the back door what they believe should legitimately accrue to them through the front door based on their expectations of dividends of democracy.

His words: “I have thought long and hard about the calamity that has befallen our dear country and identified many factors that are responsible for this grim state of affairs. One of them is the glaring absence of citizens action and participation in the political affairs of the nation.

“Many of us are simply complacent and just happy to go about seeking our daily bread and not bothering to take an active interest in how we are governed and administered", adding, “Therefore, after a profound and deep reflection, I have decided to put my lot with the Peoples Democratic Party by getting on board as a member of the Party.”

Explaining why he joined the main opposition party, he said, "In the last several months, the evidence on the ground would seem to suggest that PDP has pulled its act together based on the disciplined and seamless

manner it conducted elections for various party offices and organs, the heavy emphasis it has placed on merit in the election of the leadership of the party and the mature and methodical manner in which it has proceeded to conduct its affairs since the election".

Although he said much was still expected of the PDP, the manner the Iyorchia Ayu-led National Working Committee (NWC) was elected gave him hope that it was the party to be, explaining also that he had implicit confidence in Ayu, who was his classmate.

"I will, therefore, give it my all and strive to place matters pertaining to the economic well-being of the Nigerian people as well as the burning issues of insecurity afflicting our communities all over the country at the center of the party platform.

“For all of the above reasons and much more, I give my solemn pledge that I will donate the full measure of my energy and devotion as a member to advance the interests of the party, my beloved community and the country," he said.

ICAO to Conduct Nigeria Aviation Sector Safety Audit in Q3 Chinedu Eze The Director General of the Nigerian Civil Aviation Authority (NCAA), Captain Musa Nuhu has disclosed that the International Civil Aviation Organisation (ICAO) would conduct security audit of the aviation industry in the third quarter of 2022.

Nuhu made this known yesterday, while fielding questions during a telephone interview.

He explained that the first audit that would be conducted

by ICAO in Nigeria would be the safety audit expected to take place between February and March this year, while security audit would be done later in the year.

The Director General said the forthcoming ICAO safety audit was known as the

Universal Safety Oversight Audit Programme (USOAP) Continuous Monitoring Approach (CMA), which involves the effective implementation of critical safety elements by the country’s civil aviation authority.

The USOAP audit is an activity during which ICAO assesses the effective implementation of the critical elements (CEs) of a safety oversight system and conducts a systematic and objective review of a State's safety oversight system to verify the status of its compliance with the provisions of ICAO Convention.

This is aimed at ensuring that flight operations are safe and in accordance with global standard.

Nuhu further explained that safety audit has nothing to do with either facilitation or security audits, noting that security has

its own separate audit, expected later in the year. According to him, Nigeria performed well in the last security audit conducted in the country by ICAO. Nuhu recalled that in the last ICAO Security Audit (USOAPCMA) of Nigeria - the Effective Implementation (EI), Nigeria Scored 96.4 per cent and the country received ICAO Council President Award Certificate for its performance and hinted that all hands are on deck to ensure the forthcoming security becomes a successful reality.

“NCAA will step up its oversight function and collaboration with all relevant stakeholders to ensure continued improvement in aviation security and facilitation. Security Audit is different from safety audit.

“What we are doing now is

quite different from security audit and it’s not related to facilitation.

I understand facilitation is good for passengers, but it has nothing to do with the current audit.

“The last security audit we had, Nigeria scored 96.4 per cent and because of this performance, Nigeria received ICAO Council President Award Certificate for its performance. Yes, I accept we have some challenges in the industry, just like in the other countries around the world.

“However, to say Nigeria is not ready for audit is a misnomer.

Someone is saying we are not ready for two issues that are not part of the forthcoming audit. I think that is wrong,” he added.

According to him, the NCAA was on top of its game to ensure a successful outing for the Nigeria in the ICAO audit.

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NEWSXTRA

DELIBERATING ON STATE OF THE NATION...

L-R: Nasarawa State Governor, Engr. Abdullahi Sule; Kano State Governor, Dr. Abdullahi Umar Ganduje; Chairman, Nigeria Governors Forum (NGF) and Governor of Ekiti State, Dr. Kayode Fayemi; Governor Willie Obiano of Anambra State, during the Nigeria Governors Forum Meeting in Abuja ...recently

Osinbajo: Constant Inter-ethnic Dialogue Necessary to Uphold Nigeria's Diversity Says late Soun of Ogbomoso delivered four decades of exceptional leadership Deji Elumoye and Sunday Aborisade, Abuja The Vice President, Prof. Yemi Osinbajo has stressed the need for constant dialogues among the various ethnic nationalities in Nigeria as a means of taking the advantages of the country's diversities.

Osinbajo gave the charge in Abuja recently, at the 10th anniversary of UFUK Dialogue Foundation, an organisation devoted to the promotion of dialogue and a culture of peaceful co-existence.

This was disclosed in Abuja yesterday, by the group's media consultant, Olumide Bajulaiye, titled, "Nigeria’s diversity is to be enjoyed and not weaponised - VP Osinabjo" Osinbajo, according to the statement, called for a sustained dialogue and negotiation among citizens while stating that the country’s diversity must be enjoyed instead of being weaponised. He stressed the significance of a sustained dialogue in a multicultural society as Nigeria.

The vice president noted that building a nation required leaders across every sphere of influence to sacrifice personal interest and achieve a consensus that guarantees a win-win for all.

He maintained that a sustained and productive nationhood would give access to diverse multi-ethnic strengths and provide opportunities to gain more from being together than otherwise.

He said, “It’s true that in the last two decades, we face severe threats to our mutual coexistence, violent extremism in the north-east has resulted in the destruction and unfortunate loss of lives of many, banditry and kidnappings has traumatised families.

“We have also seen secessionist agitations, especially in parts of the south and the east of Nigeria in particular, these affected and slow down economic activities in those parts of the region.”

He warned against the

promotion of underlying issues that give rise to insecurity.

He admitted that there were no simple solutions to the challenges.

Osinbajo, however, maintained that the federal government would effectively bring its full power to bear in tackling insecurity and its threats to collective existence.

Clerics and other contributors at the event, frowned at the ignorance of some youths who use religion to commit atrocities.

They wanted Nigerians to be open-minded irrespective of their faith and religion to promote peace in diversity.

UFUK Dialogue Foundation, a non-governmental organisation, is dedicated to promoting dialogue and establishing mutual coexistence.

The group expressed the hope that Nigerians would continue to pursue peaceful coexistence to make the world, a better place.

The group said it strongly believed that the United Nations Sustainable Development Goals were crucial and should be supported.

Meanwhile, Osinbajo has described the tenure of the late Soun of Ogbomoso, Oba Oyewumi Ajagungbade, as an exceptionally long, peaceful, and progressive reign, for which everyone must just continue to give thanks to God Almighty.

Osinbajo spoke yesterday at the funeral thanksgiving service for the first-class monarch at the First Baptist Church, Oke’Lerin, Ogbomoso.

According to him, having ascended the throne on the 24th of October, 1973, the Oba delivered four decades and eight years of exceptional and transformational leadership, leaving behind the indelible marks of peace and prosperity.

He said the late monarch was a thoroughbred leader who dedicated himself to the people of Ogbomoso, for both their social and human capital development.

Osinbajo said, "On behalf of His Excellency, President

Muhammadu Buhari and the entire Government and people of Nigeria, I express my deepest condolences to His Excellency, the Governor of Oyo State, Engineer Seyi Makinde, the Gbagun Ruling House of Ogbomoso, the wives and children of Soun Ajagungbade III, the entire Royal Family, as well as all the people of Ogbomoso.

“Today, we celebrate the life and times of a much loved and respected monarch, an astute statesman, and a great leader among Yoruba Obas, Alayeluwa Oba (Dr.) Oladunni Oyewumi, Ajagungbade III, who departed this world on Monday, December 13, 2021, at the ripe old age of 95 years.

"I know that no matter how

long our loved ones live, we all still want them around for longer especially when they have been so consequential and have made such a significant impact in our lives!

“But these things are for God to order, with the assurance that God loves him even more, the best we can do now is pray that his transition shall herald a time of more abundant grace and goodness in Ogbomosho, and in Nigeria as a whole.

I, therefore, join the whole town in saying, “eyin baba a dara o!” Without a doubt, the Oba’s passing has created a big vacuum among the league of traditional rulers in Nigeria.

“And this is not just because of his age and almost half a century on the throne. It

is because he was not just there, he made remarkable contributions to Ogbomosho and to Nigeria, for which the Nation honoured him twice, first as Commander of the Order of the Niger (CON) and then as Commander of the Federal Republic (CFR)."

The vice president added, "It is worthy of note that upon his ascension to the throne of his forefathers, His Royal Majesty, Soun Ajagungbade III became the first Soun of Ogbomoso land to wear the beaded crown.

This introduced a new historical perspective into the Obaship system, which he went on to amply justify.

“But the event also went far beyond mere symbolism, by his illustrious and noble

reign, Ajagungbade III has established and affirmed the place of Ogbomoso among the great cities of Nigeria, and proved over and again that the honour was so well deserved.

"At a gathering such as this, we must recall those attributes that stood out in the life of this great man.

By his own account, one of them is contentment. Speaking during the celebration of his 90th birthday anniversary, he attributed his longevity on the throne, and on the earth, to the Almighty God and an attitude of contentment. According to him - "I am contented. I don't rush to own or have the whole world." What a testimony to a peaceful life well spent!

Illegal Firearm Possession: Industrialist’s Son, Sulaimon Sanusi, Bags 2 Years Imprisonment Wale Igbintade After several years of trial, an Igbosere Chief Magistrate’s Court in Lagos has sentenced Sulaimon Sanusi, the son of a foremost industrialist, late Chief Abdul-Rasak Sanusi, to two years imprisonment for illegal possession of firearm.

The court presided over by Chief Magistrate Kemi Doja-Ojo convicted and sentenced the businessman after pronouncing him guilty of one-count-charge filed against him by the men of the Nigeria Police.

In a judgement dated Monday December 23, 2021, Doja-Ojo held that the prosecution successfully proved the charge against the defendant beyond every reasonable doubt.

The court further held that there was no evidence before it that the convicted businessman obtained the permission of either Inspector-General of Police (IGP) or Lagos State Police Commissioner, before possessing the Dane gun.

Consequently, the court convicted and sentenced

Sulaimon Sanusi to two years imprisonment with an option to pay a fine of N1, 000 (One thousand naira only).

The magistrate noted that Sulaimon, being a first offender from the records of the court, was not a menace to society.

Doja-Ojo also ordered that the Dane gun, which was illegally possessed by Sulaimon, be forfeited to the armoury of the Nigeria Police and to be disposed of in accordance with the instruction of the InspectorGeneral of Police The police had dragged the Sulaimon before the court some time in 2014, in a charge marked A/43A/2014, on a count charge of illegal possession of firearm and flaunting of a court order.

Sulaimon was said to have on or about 16th of October, 2014, at number 2 Akanni Doherty Street, off Oba Akran Road, Ikeja, Lagos, in the Lagos Magisterial District unlawfully, had in his possession an unregistered Dane gun, having barrel length of 46’’ and overall length of 64’’.

The offence, according to

the prosecutor, Mr. Stephen Molo, was to contrary to and punishable under Section 27 (a} Law of the Federation of Nigeria 2004 As Amended).

The convict had pleaded not guilty to the charge, the development that led to commencement of his trial During the trial, the prosecutor called two witnesses, which included the Investigation Police Officer (IPO), Oyedele Temidayo, and Mr. Taminu Atubi Jeremiah, a Ballistics expert.

The prosecutor also tendered several exhibits, including the Dane gun, recovered from the convicted businessman, his confessional statement; the search and arrest warrants; petitions from the complainants and others.

Children of the late business mogul and foremost industrialist, late Chief AbdulRasak Sanusi, have been at loggerheads since 2002 over their father’s last will.

In a sister case before a Lagos High Court, the claimants had accused the executors

of mismanagement of their father’s estate before Justice Williams-Dawodu.

In a 2006 ruling in the matter, the judge ordered the executors to submit report of stewardship to the court.

The criminal charges stemmed from the bitter tussle, which had been raging in the family since the demise of their father.

The late Sanusi until his death bequeathed his properties and companies comprising Sanusi Brothers Nigeria Ltd, Sanusi Steels Industries Ltd, Sanusi Rubber Works Ltd, Nigeria Industries Products Agencies and Global Stars Nigeria Ltd, (formerly Sambros International Ltd) to at least 22 of his children.

Also included in the will prepared by the late Chief F.R.A Williams were Alhaji Sanusi’s five wives, Alhaja Suwebath, Alhaja Simbiat, Alhaja Adikatu, Alhaja Rasheedat and Alhaja Musilat.

Since the execution of the will, the Sanusi siblings have been engaged in family war over the management of their father’s estate.

MONDAY JANUARY 24, 2022 • T H I S D AY

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T H I S D AY • MONDAY, JANUARY 24, 2022

COMMENT

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

WHO SHALL TELL THE PRESIDENT?

Sola Oni urges the National Assembly to stop bullying the SEC to operate as a profit-making venture

T

he title of this piece is a reminder of the classic novel, published in 1977, by the English author, Jeffery Archer “ Shall We Tell The President?” The Theme is about the plot to kill the President of the United States, Edward Kennedy, but foiled by the Federal Bureau of investigation (FBI) agent, Mark Andrews, working with the head of FBI. Archer later revised the novel, using fictional characters with plot structures on love affairs. This piece has no direct link with the Theme of Archer’s celebrated novel. There was no assassination attempt on President Muhammad Buhari. But there are issues that the President need to know in order to engage the relevant government functionaries on the way forward.

Ghana secured freedom from its colonial masters in 1957 and power changed hands from the white to black officials. Seven years after the independence, the famous Ghanaian novelist, Ayi kwei Armah, released his political satire titled: “The Beautiful Ones Are Not Yet Born”. The novel blames the political, social, and economic challenges in Ghana on phony leadership.

Nigeria does not lack the Beautiful Ones. However, artificial obstacles have consistently prevented the beautiful ones from attaining leadership positions. The few that manage to operate in the political space often stand the risk of being tainted through group influence.

Only the super-rich can afford the cost of election in Nigeria and the same set of people have always resurfaced at juicy political levels while the country moves without motion. Expectedly, Nigerians do not trust the ruling class. New strategy brings new results. This is the focus of Rescue Nigeria, a group of astute professionals in search for Nigerians with topsoil management skills and integrity to reposition the country.

Every day, Nigerians contend with insecurity, acute unemployment, macroeconomic instability and blurred political future among others, fuelling uncertainties. Over 90 million Nigerians live in abject poverty of less than one dollar per day. Manufacturers battle with high cost of production and low consumers’ purchasing power. The naira is devalued, and analysts have forecast another devaluation this year on low oil output, politics of petroleum subsidy and likely increase in interest rate. Foreign Direct Investment (FDI), a major pillar of economic transformation shrinks daily because of the country risk. Portfolio investors have put a hold on their hot money as a risk aversion measure, thereby denying the stock market the much-needed liquidity. The country can no longer attract Hedge Funds and other private capitals.

The recent unveiling of mega rice pyramids and celebration of Anchor Borrower’s Programme of Central Bank of Nigeria (CBN), are mere political cosmetics. Food inflation that causes migraine for the poor in Nigeria rose from 17.21 in November 2021 to 17.37 percent in December. Ordinary Nigerians carry the burden of a trust deficit.

The weakness of the economy as the underlying asset for the capital market have prompted some analysts to cast doubt on the efficacy of the market as the barometer for the economy. Commodities market, including commodities exchanges ought to be another gold mine for the country’s revenue stream but regulatory arbitrage stifles the sector. It is the voice of Securities and Exchange Commission (SEC), the statutory regulator of the commodities ecosystem

IT IS TIME TO CONSUMMATE THE COMMERCIALISATION OF NIGERIAN NATIONAL PETROLEUM CORPORATION WITH LISTING OF ITS SHARES ON THE SECURITIES EXCHANGES TO DEEPEN THE MARKET

and hands of the apex bank, a case of loss of focus.

It is never too late for President Buhari to redeem his administration’s economic credentials by focusing on the capital market which channels funds from the surplus economic unit to deficit one. Unfortunately, this is one sector that government does not pay desired attention. The capital market operators in Nigeria are not bereft of ideas that can transform the economy into infinite exponential growth. The big elephant in the house is the government’s lack of political will to implement the operators’ consistent recommendations. In its recent Webinar on Economic Review and Outlook for 2022, the Chartered Institute of Stockbrokers (CIS), articulated some prayers that can hedge against the current and future economic headwinds: The federal government should commence engagement with the capital market operators on utilization of the market to finance the N7 trillion deficit in the 2022 budget rather than continuous borrowings with dire consequences of interest payment on the revenue. Government is obliged to review some knotty areas of the Petroleum Industry Act (PIA) to rebrand the Oil and Gas Sectors for profitability. The tax burden, including the re-introduction of the controversial capital gain tax should be reversed. The tax is not only a disincentive to investors but a drawback to the market’s global competitiveness. It is time to consummate the commercialization of Nigerian National Petroleum Corporation (NNPC) with listing of its shares on the securities exchanges to deepen the market. Stockbrokers have always sought alignment of monetary and fiscal policy and representation on the Monetary Policy Committee (MPC) for enhanced professional advice on the implications of every policy on the capital market.

The foreign exchange market should be reformed to stabilize the exchange rate and tame volatility. The National Assembly should expedite action in passing the pending bills to further globalize the capital market.

The financial engineers of the market, Stockbrokers or Securities Dealers in a broader sense face hard time. While less than 20 percent of the Dealing Member Houses under the umbrella of Association of Securities Dealing Houses of Nigeria (ASHON) are fat cats because of their strong financial muscles, others operate with loose life jackets.

The latest upward review of annual registration fees of Capital Market Operators (CMOs) by SEC has triggered market disquiet.

Registration fees of the members of Association of Securities Dealing Houses of Nigeria (ASHON) has risen from N500,000 to N5 million. That of individual stockbrokers has jumped by 1000 percent from N N125,000 to N1. B25M and this cuts across other Operators in varying degrees.

The Commission should engage these Houses and other six groups of CMOs to strike a common ground in the face of the current economic realities. The National Assembly should face its fiduciary duties squarely and stop bullying the Commission to operate as a profit-making venture. It is against the spirit and letter of the Commission’s statutory functions. In the first instance, regulators exist because of investors and operators.

Oni, an Integrated Communications Strategist, Chartered Stockbroker and Commodity Broker, is the Chief Executive Officer, Sofunix Investment and Communications

GREAT EXPECTATIONS FROM TWO WISEMEN Cross River awaits the verdict of Donald Duke and Liyel Imoke on the controversy on zoning, writes Ashifel Adie

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ross River State politics resumed at the stroke of the new year as the major stalwarts in the Cross River State Peoples Democratic Party (PDP) gathered at the Asokoro home of former governor, Liyel Imoke, in Abuja. Apart from Liyel Imoke, the new year party included his predecessor, Donald Duke, the State PDP Chairman, Venatus Ikem, and the Senators of the Southern and Central Districts and gubernatorial aspirants, Gershom Bassey and Prof. Sandy Onor. They were joined by the Rivers State Governor, Nyesom Wike, who as it were, was said to be quite central to the reports of division in the state PDP. Much against the many accounts about what really went down at the meeting, with lies and half-truths thrown all over social media, one can speak authoritatively to the facts.

The meeting at Imoke’s house was called at the instance of Duke and Imoke, who being ex-governors and major PDP stakeholders were concerned about the lingering controversy that sought to tear the party in the state apart. The controversy was that of zoning of the gubernatorial seat at the 2023 elections. Prof. Sandy Onor had declared his gubernatorial interest, claiming that whatever zoning arrangement there was, had fallen away. This was to the chagrin of those from the Southern Senatorial District who insisted that a zoning arrangement existed and that by previous agreement, it was now the turn of the Southern

Senatorial District to produce the next governor.

State PDP Chairman, Venatus Ikem, who was meant to be neutral on the issue, chose rather to pitch his tent with the no-zoning camp. Then, Imoke’s predecessor, Donald Duke, claimed on a video that went viral that he was not privy to any zoning arrangement. But Senator Gershom Bassey would later clarify the party’s position, having been in the party from the inception of the PDP in the state.

He cited the party constitution and said there was indeed a zoning arrangement which came into effect in 2015 when only candidates from the North presented candidates.

But the zoning question was not on the table in the new year meeting at Imoke’s Abuja home.

Rather, it was the issue of Nyesom Wike’s position in the affairs of the CRS PDP. It is important to state that Wike only came into the picture when he had issues with the CRS Governor, Senator Ben Ayade.

His reaction to the hostility between them was to support political activities against his foe. When the issue was brought up, it is reported that Wike showed remarkable respect especially to the two ex-governors who were in attendance. He forbade them from addressing him as ‘His Excellency’, choosing instead to be addressed by his first name, Nyesom. Wike then proceeded to speak about his friendship and predispositions for Prof. Sandy Onor, with whom he was a member of the Association of Local Government Chairmen of Nigeria (ALGON) during their spells as local government chairmen.

He, however, announced that he deferred to the decision of the CRS PDP caucus, especially to the

judgement of the two ex-governors, Duke and Imoke, on the way forward for the CRS PDP especially with regard to the way and manner the gubernatorial electioneering process should go. Wike promised to abide by the decision of the meeting.

When state chairman, Ikem, tried to bring up the zoning arrangement, it was Wike in truth who stopped him and asked him to await the decision of the ex-governors as agreed by the meeting. As a mark of honour, Duke and Imoke, both saw the Rivers State Governor off to his awaiting vehicle. It was a beautiful end of a meeting to start the year.

So, it seems there is a reset in Cross River State PDP politics with all parties sheathing their swords while awaiting the decision of the two wisemen – Donald Duke and Liyel Imoke. Consultations, however, are still ongoing in the camps of the various gubernatorial aspirants - Gershom Bassey, Sandy Onor, Efiok Cobham, Arthur Jarvis Archibong, Ambassador Nkoyo Toyo, and Dan Asuquo (DanSuki), while they await the ominous outcome. All sides seem to be optimistic.

The issues flowing from the Duke and Imoke arbitration are many. In the first place, will the State PDP executive respect their decision if the outcome is different from their individual expectations? Then, is the Wike resolution a red herring? Will Wike really honour the decision of the duo if it does not favour his friend, Onor? Also, will Onor step back and rerun for the senate if he is asked to step down his gubernatorial aspirations. On the other hand, will the aspirants from South respect the decision of the wisemen if the result goes the other way?

There is great confidence that Donald Duke and Liyel Imoke will make the right decision. Before the new year meeting, they had been getting together trying to chart the way forward for the PDP in the state. For one, they are both passionate about the progress and prosperity of Cross River State.

In their tenures, they both introduced phenomenal infrastructure and policies by which the state was to have made great leaps into a future of elevated excellence. They are both concerned about the degradation of the quality of life and infrastructure that have attended the state in the past seven years.

Whatever differences or misunderstandings they may have had in the past are bound to be set aside in this onerous task bestowed on them. They are mature in their various ways and would never allow the blight of parochialism to come in between them. Instead, they will foist their decisions on truth, fairness, progress, and foresight. Albeit the entire PDP in the state and indeed the entire population await a kind decision by Duke and Imoke.

It is heart-warming to know that the party which was once in the vice grip of divisiveness and fear can now breathe and expect a breath of fresh air again. The pall of hopelessness and suspicion that followed its faithful can now give way to an atmosphere of carnival and jollity. All in the expectation that Cross River State will be on the path to greatness. But that will be consequence of a well-thought-out decision by two great men – Duke and Imoke.

Adie is a politician and a commentator on public affairs

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T H I S D AY • MONDAY, JANUARY 24, 2022

EDITORIAL MENACE OF SOOT IN RIVERS The regulator should do well by enforcing the law

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of illegal refineries has since resumed with its dire environmental and health consequences. Also, the National Oil Spill Detection and Response Agency (NOSDRA) confirmed that the black soot originates from close to a hundred abattoirs in the city that burn tyres to process meat, and also the burning of stolen petroleum products by security agencies.

here is growing outcry and understandable anxiety in Port Harcourt, the Rivers State capital, over increasing presence of black soot, resulting in poor air quality. Last week, the government expressed concern about the situation and linked the soot to the activities of illegal oil refineries, bunkers and burning of tyres.

Critical stakeholders should be concerned about this lingering problem that has become a serious public health issue. Doctors in Port Harcourt have already confirmed an increase in the number of people with breathing difficulty, according to reports.

Since the last quarter of 2016, the black soot has become an environmental issue for residents of Port Harcourt. Scientists have determined that the soot particles are extremely small and stay in the air for months, stinging the eyes and THESE PARTICLES CAN causing irritation ENTER ANY CLOSED to the nose and SPACE THAT AIR ENTERS, throat. The soot particle, according INCLUDING HOMES, to experts, is 2.5 CLASSROOMS, WORSHIP micron in size PLACES AND OFFICES. and can only be THE SOOT IS INHALED EFFORTLESSLY BY PEOPLE seen through a WHO DO NOT WEAR MASKS high-powered microscopic lens.

These particles can enter any closed space that air enters, including homes, classrooms, worship places and offices. The soot is inhaled effortlessly by people who do not wear masks.

The fine particles of black soot get into the respiratory system triggering or aggravating asthma, bronchitis, pneumonia, heart disease, birth defects and even cancer. In 2018, the Federal Ministry of Environment linked the problem of soot enveloping the city to the operation of illegal oil refineries or kpo-fire (street language for illegal oil bunkering business) and their destruction. “There is a direct correlation between the level, intensity and composition of the soot and illegal oil refinery activities, including their destruction in the Niger Delta,” the ministry concluded. The destruction

Letters to the Editor

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

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

ivers State Governor, Nyesom Wike, told some residents of the city who planned a protest to direct their anger to the federal government, making veiled reference to the Port Harcourt refineries as the biggest source of the black soot. He said the state government has no power to shut down the refinery which would be regarded as economic sabotage. He added that the state government also cannot stop the Nigerian Navy from destroying illegal refineries unsafely, leading to pollution of the environment. But Port Harcourt can be rid of soot with planning, strategy, and logistics, according to Precious Ede, member of a committee established by the state government to deal with the challenge. Ede, a professor of climate science called on the federal government to provide logistics for those that would go down to the creeks to stop kpo-fire. He listed the required items as swamp buggy, badges to store crude oil that is seized, boats to reach some parts of the creeks, protection, drones to monitor the creeks, among others.

There is urgent need for the government to launch awareness programmes on the harmful effect of producing black soot from illegal activities, as well as the danger of being exposed to the particles. Nigeria’s air quality is expected to be governed by the National Environmental (Air Quality Control) Regulations, 2014. The purpose of these regulations, according to the government is to provide for improved control of the nation’s air quality to such an extent that would enhance the protection of flora and fauna, human health and other resources affected by air quality deteriorations. Lack of political will to enforce the regulations explains why living in Port Harcourt is now becoming an environmental nightmare.

TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

NNAMDI KANU AND NIGERIA’S NEW CLOTHES

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ireworks have continued to play out in the trial of Mr. Nnamdi Kanu the leader of the Indigenous People of Biafra who is facing charges bordering on terrorism at the Federal High Court.

There have been many adjournments, many avoidable incidents involving the men of the Department of State Services, lawyers, supporters of Mr. Nnamdi Kanu and spectators angling to bear witness to a momentous trial.

Everything that has gone into judicial proceedings in the matter bespeaks the high stakes legal battle that many predicted it would be when Mr. Kanu was arrested in Kenya and brough back to Nigeria last year.

The Court recently ordered the Department of State Services which has Mr. Kanu in its custody to allow him a change of clothes. When the defendant returned to court the following day for the continuation of his trial in the same cloth, while the prosecution told the court that he chose to wear the same clothes, the defendant`s lead lawyer told the court that they had not been able to get a fresh set of clothes to Mr. Kanu as it was not yet his visiting day.

Sometime last year, Mr. Mbazulike Amaechi, a contemporary of Mr. Nnamdi Azikiwe and a First Republic parliamentarian in the first republic led a delegation to Mr. Muhammadu

Buhari. Their demand was one: that Mr. Nnamdi Kanu be released to them. In response, Mr. Buhari said he was going to consider the request. However, after seemingly giving it due consideration, Mr. Buhari spoke during a recent interview wherein he said that he would allow the law to take its course.

Many Nigerians have clearly expressed their opinion that at the end of the day, what the whole Nnamdi Kanu saga needs is a political solution. But what is meant by a political solution and the immediate and intimate target of a political solution is not immediately obvious.

A political solution would envisage that a lot of politics would go into resolving both the continued detention of Mr. Nnamdi Kanu and the bigger question of Biafra. Mr. Kanu fled Nigeria for the UK in 2017 after the Nigerian army invaded his house. He was on bail then. For more than three years, from the safety of the UK, he put the Nigerian government on trial. It was during one of such altercations that Twitter was dragged into the fray. The microblogging platform was dealt a heavy seven-month suspension when it had the temerity to censor the president. Since his incarceration, his loyalists have threatened to rip up the Southeast with punitive measures which include sit-at-home orders. Their activities have caused the Southeast to cascade into insecurity.

The federal government knows that to release Mr. Kanu would require some very delicate balancing act. It would appear that such dexterity is beyond it.

The question of Biafra which casts a withering look at the place of the Igbos in Nigeria won`t disappear anytime soon whether Mr. Nnamdi Kanu is released or not. Although he is the face of the agitation for Biafra as things stand, the truth is that it goes beyond him. The questions that demand urgent answers are as old as Nigeria. What ails the country is the uncertainty that its diversity engenders. A country of over 200 million people split between six regions and over 250 groups was always going to struggle even without an internecine Civil War, destructively disruptive military coups and a seemingly insoluble problem of corruption.

Even if Nigeria does not need the birth of another country or a new name, the country stands in critical need of restructuring. Nigeria needs equity and justice which are almost impossible with the way the country is currently set up to benefit the minority and burden the majority.

The Giant of Africa may not need a new country to be carved out of it or a new name but surely it stands in need of new clothes to replace the rags it currently wears.

Kene Obiezu, keneobiezu@gmail.com

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T H I S D AY ˾ MONDAY JANUARY 24, 2022

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Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

Where Are the Missing Firearms?

Acting on a report from the Auditor-General’s office, the House of Representatives is determined to find over 178,459 arms and ammunition reportedly missing from the Nigeria Police Armoury, writes Udora Orizu

Buhari

Gbajabiamila

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t the plenary last week, the House of Representatives resolved to investigate the missing 178,459 arms and ammunition in the Nigeria Police Force as contained in the 2019 report of the Auditor General for the Federation (AuGF).

The worsening insecurity in Nigeria, evident in terrorism, insurgency, kidnapping, communal clashes, armed robbery and so on, provide enough evidence that small and illicit arms are circulating in abundance. In Nigeria, the proliferation of small arms and light weapons is a problem that has been with us for a long time. The influx of these lethal weapons have brought about more heinous crimes, challenges to law enforcement agencies and availability of weapons for insurgents. Aside the lingering terrorism, they also help to explain the spate of armed rob-

Baba

beries across the country and number of recovered arms from robbers by security agents. Arms proliferation dates back to the Nigerian Civil War. At the end of the war there was no comprehensive disbandment protocol and demobilisation programme implemented thus the post-civil war era marked the spread of illicit weapons.

However, the war was just one of the factors that led to proliferation. Another factor is arms smuggling, there have been deep concerns over the influx of firearms across the country attributed to the country’s porous borders and corruption by the agencies manning them.

For instance, in October 2010 Nigeria’s Secret Service, reportedly intercepted the shipment of 13 containers filled with rocket launchers, grenades and other

Aghughu

explosives and ammunition. The cargo was said to be on its way to Gambia and had begun its journey from a port in Iran. Another is the reported interception and seizure of a consignment of pump action rifles alleged to have originated from China through Turkey, along the Mile 2 – Apapa Road, Lagos by the operatives of Nigeria Customs Service (NCS). Also, the Tin-Can Customs Command of NCS in December of last year said it’s officers intercepted a container suspected to contain firearms and ammunition. Another instance is the discovery of an illegal arms factory in Agbada, Nenwe in Aninri Local Government Area of Enugu State during the first quarter of 2011 by the State Security Service, Enugu State Command. Also, in 2020, the police said at

least 1,889 weapons and 52,577 rounds of live ammunition were recovered between January and December 2021.

While the Comptroller- General of Customs, Hameed Ali lamented that the porous borders and dearth of necessary equipment is a challenge to stemming the flow of weapons into the country, President Muhammadu Buhari worried by the frightening trend, recently said only God could “effectively supervise” Nigeria’s 1,400km border with Niger Republic.

The most worrisome factor which also account for the widespread circulation of arms, is theft from security agencies armories or claims of selling of arms by security agents.

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

AbdulRazaq’s Deliberate High Priority for Kwarans Governor AbdulRahman AbdulRazaq of Kwara State and his team have made some influential decisions to bring home huge benefits to Kwarans beyond anything they experienced in the past, writes Nseobong Okon-Ekong

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ost of the political fireworks in Kwara State right now is either conflagration from the All Progressives Congress (APC) intra-party feud or the continuing face-off between Governor AbdulRahman AbdulRazaq and the leaders of the immediate past Peoples Democratic Party (PDP)-led administration in the state. On the side of the APC, a huge ditch of controversies has been dug to separate the Kwara Governor and his team and APC members who have queued behind Information and Culture Minister, Lai Mohammed.

Neither of these fighting political armies are going to solve social problems like mass illiteracy, lack of access to qualitative health care, and generational poverty—which have been recurring decimal confronting each administration in Kwara State since 1999.

While past governments, especially the immediate past, lays claims to towering achievements, in all areas, which are not quite supported by reality on ground, the current administration asserts that the state was virtually on its knees, humbled by crippling debts and rot in all Ministries, Departmentsand Agencies. Counterpart fund from the erstwhile Kwara State Government to many international development partners and national organizations were not paid, necessitating a withdrawal or negligence of shared obligation by these bodies. Unpaid salaries due to civil servants had accumulated for close to one year. Retirees were owed for a much longer period. The state’s work force was demoralized. Pupils in public primary and secondary schools were gathered under trees for tutorials when they were not sitting on the floor in dilapidated classrooms.

have been deliberate, seeking a higher priority for the people, who simply want to taste a better life. Both on the surface and on a deeper level, this is an impressive target, not minding the tension that it has created with the factions in the Kwara APC; and between AbdulRazaq and his predecessor. The Governor is at the head of a homogeneous team that supports his expected outcome, which have been tested in his private enterprise. For instance, the appointment of a commendable number of women and youths into his cabinet to handle sensitive offices is groundbreaking nationwide. His concern that best thinking does not always prevail and that a future government can reverse this important gain inspired an executive bill mandating the state to have at least 35 per cent women appointees in the state executive council and other classes of political appointments. This has since been passed by the Kwara State House of Assembly and cited as Political Offices (Gender Composition) Bill 2021.

In the later part of last year, AbdulRazaq highlighted a worrisome data of maternal mortality indicting the previous administration.

These flaws have not been limited to healthcare, in the area of education, internal revenue generation, roads construction and education, according to AbdulRazaq, the persistent efforts of his administration to overcome the difficult environment which was bequeathed to him, has led to excellent decisions which produce more comforting grounds for the people of Kwara.

Communities were cut off from the rest of the state, owing to collapsed road infrastructure.

With a need to drive his own narrative

by changing approach to governance and optimizing performance, AbdulRazaq and leaders of the new government in Kwara

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

MONDAY JANUARY 24, 2022 • T H I S D AY

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MONDAY, JANUARY 24, 2022 • 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 20Jan-2022, 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 N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 9.84% AIICO Balanced Fund 3.42 3.49 -3.26% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 7.28% Anchoria Equity Fund 140.26 142.02 1.15% Anchoria Fixed Income Fund 1.17 1.17 1.79% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.65 21.27 1.78% ARM Discovery Balanced Fund 463.04 477.00 2.63% ARM Ethical Fund 39.55 40.74 1.51% ARM Eurobond Fund ($) 0.00 0.00 -100.00% ARM Fixed Income Fund 1.01 1.02 0.17% ARM Money Market Fund 1.00 1.00 8.55% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.34 108.34 0.37% AVA GAM Fixed Income Naira Fund 1,073.89 1,073.89 0.58% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund (Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.05 1.05 0.55% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 10.02% Paramount Equity Fund 16.95 17.26 0.74% Women's Investment Fund 139.80 141.40 0.54% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.22% Cordros Milestone Fund 136.33 137.20 3.12% 110.76 110.76 0.29% Cordros Dollar Fund ($) CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 8.13% Coronation Balanced Fund 1.28 1.29 2.35% Coronation Fixed Income Fund 1.41 1.41 -1.12% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.44% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 7.27% EDC Nigeria Fixed Income Fund 1,154.35 1,156.43 -1.35% assetmanagement@emergingafricafroup.com EMERGING AFRICA ASSET MANAGEMENT LIMITED 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 8.92% Emerging Africa Bond Fund 1.05 1.05 3.08% Emerging Africa Balanced Diversity Fund 1.12 1.12 0.55% Emerging Africa Eurobond Fund 104.78 104.78 0.17% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn 1,402.29 FBN Bond Fund 1,402.29 11.11% 176.65 FBN Balanced Fund 177.88 0.80% 116.29 FBN Halal Fund 116.29 9.16% 100.00 FBN Money Market Fund 100.00 8.94% FBN Dollar Fund (Retail) FBN Nigeria Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

122.50 150.99

122.50 3.81% 152.79 0.51% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 3.99 1.78 1.21

Offer Price Yield / T-Rtn 1.00 7.68% 3.99 -0.39% 1.81 2.24% 1.21 0.24% coralfunds@fsdhgroup.com

Bid Price N/A N/A N/A

Offer Price N/A N/A N/A

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

INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 8.41% Vantage Balanced Fund 2.89 2.96 1.32% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 142.00 142.05 -8.75% Vantage Equity Income Fund (VEIF) - June Year End 1.27 1.31 0.93% Vantage Dollar Fund (VDF) - June Year End 1.07 1.07 4.07% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.55 1.57 2.63% Lotus Halal Fixed Income Fund 1,143.61 1,143.61 0.61% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 12.01 12.12 1.96% Meristem Money Market Fund 10.00 10.00 10.10% 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 PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.59 1.61 PACAM Fixed Income Fund 11.69 11.66 4.34% PACAM Money Market Fund 10.00 10.00 7.51% PACAM Equity Fund 1.46 1.48 1.48% PACAM EuroBond Fund 114.38 116.67 -0.79% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 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 1.08 1.08 10.03% 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 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 0.94 0.97 1.36% United Capital Balanced Fund 1.37 1.39 0.66% United Capital Wealth for Women Fund 1.11 1.13 2.39% United Capital Sukuk Fund 1.08 1.08 0.43% United Capital Fixed Income Fund 1.96 1.96 0.36% United Capital Eurobond Fund 122.68 122.68 0.28% United Capital Money Market Fund 1.00 1.00 8.77% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.29 13.41 0.74% Zenith ESG Impact Fund 14.93 15.10 2.20% Zenith Income Fund 24.93 24.93 0.21% Zenith Money Market Fund 1.00 1.00 7.26%

REITS NAV Per Share

Yield / T-Rtn

124.98 54.65

10.62% 8.10%

Bid Price

Offer Price

Yield / T-Rtn

14.03 130.70 103.60 18.40 21.88

14.13 133.97 105.87 18.50 21.98

0.46% -0.69% -0.02% 0.00% 0.00%

Fund Name SFS REIT Union Homes REIT

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.15 5.58 18.14 1.00 21.68 159.45

4.25 5.68 18.34 1.00 21.88 161.45

10.13% 9.46% 5.55% 8.10% 11.75% 1.06%

NAV Per Share

Yield / T-Rtn

107.28

10.80%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY JANUARY 24, 2022 • T H I S D AY

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MONDAY JANUARY 24, 2022 •T H I S D AY

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T H I S D AY • MONDAY, JANUARY 24, 2022

INTERVIEW

Moses Essien: Nigerians are Eager for Jonathan to Become President in 2023 Why do you think the North is rooting for former President Goodluck Jonathan to run for president in 2023?

The answer to that question is very straightforward. A good product often sells itself because it is attractive, naturally attracting patronage. That is what we are witnessing in the case of former President Goodluck Ebele Jonathan. Nigeria is standing on the brink of its unity and history. The country needs urgent rescue through a trustworthy, detribalised and sincere democratic leadership that rebuild national confidence and faith. That is what GEJ represents to this country. When you look at it from this common national denominator, you will discover that it is not just enough to say the North, but every segment of this country is hungry and anxious to have their beloved GEJ back to power once again. GEJ stands for equity and justice, so in his first tenure, we saw a democratic leadership that is the very definition of equitable political and economic governance. He was fair to all, and the North, in particular, was a huge beneficiary of GEJ’s inclusive governance. For instance, in education, which is central, GEJ left indelible footprints in northern Nigeria as president. I recall his establishment of Almajeri schools across 19 northern states.

He planned to bring back over 10 million out-of-school children from the streets into the classroom. The purpose was to reduce illiteracy, add value to their quality of life through skill acquisition, and reduce insecurity in the region. In addition, GEJ established nine federal universities and ensured that every state in the North had a federal university. The people of northern Nigeria cannot forget GEJ in a hurry. Also, in sharing political offices, GEJ was very generous to the people of northern Nigeria that he had to remove NSA appointee from his place of origin to appoint a northerner.

Throughout the presidency of GEJ, the North never complained of marginalization. The people of northern Nigeria believe strongly that GEJ is trustworthy and reliable any day.

In infrastructure, GEJ constructed 25,000 kilometres of roads in four years, with most of these federal roads delivered in northern Nigeria. In agriculture and health, GEJ made the North very proud of him.

GEJ was able to contain terrorist groups in northern Nigeria, thereby preventing the type of massacre and bloodbath that is going on now in the region. The people of northern Nigeria will always root for GEJ anytime if it pleases him to indicate interest in the presidency once again.

In this interview with journalists, Chief Moses Essien, Akwa Ibom’s former Commissioner for Education, Director-General of Diplomatic Business Group, and the National Coordinator of Goodluck Jonathan Campaign Organisation spoke on issues about the 2023 general elections, especially the pressure by the North on ex-President Goodluck Jonathan to return to power in 2023. He explained why GEJ’s 2023 project is widely acceptable to various ethnic groups and regions in Nigeria, among other things. Excerpts:

Why should the South-South do only four years if Goodluck Jonathan is given a chance as the next president?

Constitutionally, GEJ can only be sworn into office two times, having been sworn in before as a democratically elected president for the first tenure of four years. He can only be sworn in for his last four years, but besides GEJ, the South-South is entitled to eight years.

Essien

Are there other South-South persons as qualified and widely accepted as Goodluck Jonathan?

Among all South-South persons, GEJ is the most reliable, dependable and credible person, having been tested and trusted over the remember we are talking about national interest. The larger interest, the country’s unity, is currently at stake as we head towards the 2023 general elections and the good people of this country are truly concerned. And you know trust is the hardest currency in a democratic leadership like Nigeria. In times like this, you don’t need guesswork. It’s good to be sure about your choice concerning the prevailing national exigency. That is why Nigerians want GEJ back. He has been tested and proven; no guesswork this time.

What’s the way forward now that the South-West is interested in producing the next president?

You will recall that the South-West has done eight years under the former President Olusegun Obasanjo. Now, the South-West holds the position of the Vice President close

It appears as if there’s no sign of seriousness in the South-South for Goodluck Jonathan for 2023. Why? It is not true that there is no sign of seriousness in the South-South for GEJ. I can tell you that intense mobilization has been going on in the South-South and across the country for the return of GEJ to Aso Villa come 2023. Granting you this interview is one of those sensitization and mobilization efforts. I can assure you that Nigerians from the North and South will go in one direction for GEJ as soon as he formally declares his interest in the presidential race.

How will Goodluck Jonathan’s return benefit Nigeria as a country?

GEJ’s return will be the best thing to happen to Nigeria. First, he will return Nigeria to the path of peace; mutual suspicion will cease; feeling of ethnic domination will drastically reduce; there will be a sense of inclusiveness and belonging by all ethnic nationalities because GEJ is known for fairness, justice and equity in the distribution of political offices and amenities. Insecurity will drastically reduce if not eliminated.

to another wight years in the person of Prof. Yemi Osinbajo. That is more than a fair share for the South-West alone in the presidency when other zones in the region have not enjoyed similar privileges. As long as the southern region is concerned, the South-West will be asking for too much to occupy the presidency this soon again.

Zoning will play a crucial role in the emergence of parties’ presidential flagbearers. All the parties are currently keeping everyone guessing as they head to their respective conventions. What do you think?

Naturally, the new officers of the party will emerge on a zonal basis where the various offices have been zoned. However, it is left for delegates to the convention to determine through transparent, democratic the process and how party officials will emerge. I am aware that the party’s national chairmanship has been zoned to the NorthCentral, which confirmed that the party has officially zoned its presidency to the southern region of the country.

Is there any sincerity about rooting for Goodluck Jonathan?

Like I said earlier, the South-West has no basis and justification for seeking the presidency this time around, having had more than their fair share under former President Obasanjo and Vice President Yemi Osinbajo from the same zone. The nation’s current mood requires a leader

that all geopolitical zones in the country can trust.

Nigeria is witnessing its most trying times since after the Civil War. The unity of the country has come under intense question. Most ethnic nationalities have continued to interrogate the essence of our continued coexistence as a nation due to increased feelings of marginalization, domination, oppression, and perceived targeted killings. The only man, Nigeria and friends of Nigeria, can truly turn to in 2023 to rescue the country is GEJ. He is one leader who is the rallying point for all geopolitical zones in the country today. Both the North and South trust GEJ absolutely. He is a leader that all sections of the country can listen to and talk to with an open mind. GEJ is known for his impartiality, fairness to all, accommodation of both the oppressor and the oppressed; he is not known to say one thing and do another or engage in deception and intrigues.

These are just a few of the credentials required of the next president that will keep the country united and strong again.

To this extent, I do not doubt that there is absolute sincerity in rooting for GEJ. Do you think the PDP should also look for a southern candidate?

The PDP has no choice but to zone its presidency in 2023 to the South after the North has done eight years. It is unthinkable that the PDP will do otherwise.

Why did APC suddenly decide to go for Goodluck Jonathan when there are other potential aspirants?

As I said earlier, GEJ is the only Nigerian leader that all ethnic nationalities can trust and speak very frankly without fear of betrayal. GEJ is the highest and most valuable political asset in Nigeria today. His credentials are loaded with an unquestionable capacity of a world-class democrat, lover of peace, an advocate of justice for all, promoter of human rights and lives, tested and trusted nationalist.

These rare qualities make him a political jewel of inestimable value to any sensible political party. The choice of GEJ is the best decision APC has made to reinvent itself to win back the confidence of the masses and earn the international community’s trust. GEJ is the only leader who can win the presidential election for APC in 2023.

APC is fully aware that the South-East, South-West, South-South will effortlessly accept to vote GEJ than any other candidate from the South. Since APC is a dominant party in the North, winning the presidential election through GEJ will be a foregone conclusion. APC fully understands that GEJ is the highest and most valuable political asset to deliver the party in 2023.

What roles are you playing in the South-South for Jonathan?

I am the national coordinator of the Goodluck Jonathan Campaign Organisation.

We have been mobilising in the six states of the South-South and across Nigeria. So far, we have witnessed so much impatience from Nigerians who are eager to have GEJ return to Aso Rock in 2023. The mention of GEJ’s return to power has been greeted with immense enthusiasm. The youths admit they can’t wait to bring GEJ back as president. They insisted that if GEJ was president of Nigeria, the shooting of innocent Nigerian youths at Lekki Toll Gate would not have happened. They commended GEJ so highly and remembered all his lofty programmes and the hand of friendship he extended to Nigerian youths. Nigerian youths acknowledged GEJ as the most youth-friendly president in the history of Nigeria. They repeatedly said they would get their PVC to vote for GEJ in the coming presidential election. Our organisation is intensifying the mobilisation of Nigerian youths, and we will not stop until GEJ is back in Aso Rock in 2023.

T H I S D AY ˾ MONDAY, JANUARY 24, 2022

27

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

J A N U A R Y

S & P INDEX

2 1 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

4%

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

6%

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

Credit to Private Sector Adds N9.03trn in 3 Years, Reached All-time High in 2021

Source: CBN

Kayode Tokede On the backdrop of the announced minimum Loan-to-Deposit Ratio (LDR) of 60 per cent by the Central bank of Nigeria (CBN), credit to private sector between 2019 and 2021 appreciated by N9.03trillion, THISDAY can report.

The apex bank in July 2019, announced an increase in the required minimum LDR to 60 per cent effective end of September

2019.

Upon review of the results of the monetary policy, the CBN decided to raise the ratio higher to 65 per cent which banks were expected to comply with by the end of December the same year.

The CBN in its latest money and credit statistics revealed that credit to private sector reached N35.73trillion in 2021, an all-time high in banks lending to private sector.

The apex bank had reported N26.65trillion credit to private sector in 2019 and with the latest figure of N35.73trillion, it means credit to private sector has added N9.03 trillion in the last three years.

THISDAY can report that credit to private sector in 2019 when the LDR policy was introduced, gained N3.75trillion or 16.33 per cent to close at N26.69trillion from N22.95trillion it opened in 2019.

In 2020, credit to private sector

added N3.5trillion or 13.12 per cent to close December 2020 at N30.15trillion from N26.65trillion recorded in January 2020.

However, in the full year of 2021, credit to private sector rose

by N5.08trillion or 16.57 per cent close 2021 at N35.38trillion from N30.65trillion reported by the CBN in January 2021.

The Deputy Governor, Financial System Stability, CBN, Aisha Ahmad, in her personal state-

ment at the end of Monetary Policy Meeting of November 2021 noted that improvements in the macro economy was propelled by a resilient financial system which channelled significant credit to support growth enhancing sectors such as agriculture, manufacturing and general commerce, as well as individuals and households.

According to her, “Total credit increased by N4.10 trillion (21.12 per cent) between end-October 2020

and end-October 2021, due largely to the increase in the industry funding base and the CBN’s LDR policy, which has encouraged banks to increase lending to the real sector of the economy. This credit to the real sector has been critical for the economic.”

An Economist & Private Sector Advocate, Dr Muda Yusuf had Continued on page 30

Agusto to FG: Admit Nigeria Has Debt Challenge Before Economy Crumbles Nume Ekeghe, Dike Onwuamaeze and Kayode Tokede The Founder of Nigeria’s first rating agency, Agusto & Co Limited, Mr. Bode Agusto, has called on the federal government to admit that the country has a serious debt problem that required urgent steps to address before the

Nigerian economy and its local currency would crumble and crash.

Agusto also projected that pressure in the parallel foreign exchange market might push the Naira to exchange at N620 to $1 in the parallel market before the end of 2022 if the Central Bank of Nigeria (CBN) would not sell dollars directly to the Bureau De Change (BDC) operators.

He expressed these views yesterday during a webinar titled “Nigeria in 2022- ‘Will 2022 Be a Year of Strong Growth Driven by Herd Immunity from COVID-19?” in which he projected that the economy would grow between three and four per cent in 2022.

Agusto said: “The federal government says ‘we don’t have a debt problem and that

we have a revenue problem.’

But I disagree completely. We have a debt problem that we are not taking very seriously. We are taking it lightly.

“Let’s look at their argument: the tax revenue is about 8.0 per cent of the national income of GDP. And when we compare this with Ghana, and Kenya, both of them are roughly 16 per cent while

South Africa is 24 per cent. You can see very clearly that there is potential (for Nigeria) to grow its tax revenue. So even if Nigeria grows tax revenue to 16 per cent, which is the number in Kenya.

What that tells me about our debt to revenue ratio is that Nigeria will double its revenue, isn’t it?

So, our revenue will become N10 trillion and our debt remains at

N40 trillion. So that is still four times debt.

“Therefore, we need to reduce these local currency debts, as these Naira debts are not sustainable and will have significant implications for the value of our currency.”

Agusto also called on the Central Bank of Nigeria (CBN) Continued on page 30

M A R K E T D ATA A S AT F R I D AY, J A N U A R Y 2 1 , 2 0 2 2 FGN BONDS DESCRIPTION 12.75 27-APR2023 14.20 14-MAR2024 13.53 23-MAR2025 12.50 22-JAN2026 16.2884 17MAR-2027

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

Contract

Current Rate ($/₦)

C Ps MATURITY

Discount Yield

Change (%)

7.40

7.43

0.00

9.87

10.15 0.03

17.05

18.08 0.02

9.70

10.03 0.0

.

.

2

NGUS MAR 30 2022 424.04

3

NGUS APR 27 2022 425.46

4.05 0.00

4

NGUS MAY 25 2022 426.89

MREP CP XXXVI 11-FEB-22 UNCP CP VI 2-MAY-22 NEVE CP I 24MAY-22 DANC CP II 25MAY-22

3.72 0.00

5

NGUS JUN 29 2022 428.32

.

106.34

7.38

-0.01

NTB 10-Feb-22

4.00

4.01 0.00

109.84

9.03

-0.01

NTB 10-Mar-22

2.98

2.99 0.00

107.93

10.51 0.00

NTB 28-Apr-22

4.50

4.55 0.00

103.30

11.45 -0.03

NTB 12-May-22 4.00

115.63

12.11 0.00

NTB 9-Jun-22

3.67

CONTRACT TENOR (MONTH) 1

NGUS FEB 23 2022 422.61

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MONDAY, JANUARY 24, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

YOU ARE ONE OF US…

L-R: Past President, Lagos Chamber of Commerce and Industry (LCCI), Mr. Babatunde Ruwase; Immediate Past President, LCCI, Mrs Toki Mabogunje; Honorary Life Vice President, LCCI, Chief Dr. Lawrence Shoyombo; President, LCCI, Dr. Michael Olawale-Cole and Director General, LCCI, Dr. Chinyere Almona during the ‘WE CARE’ Programme Visit to Chief Shoyombo in Lagos… recently

Lekki Port: FG Expresses Satisfaction at Level of Work Done, Urges Promoters to Double Efforts Eromosele Abiodun The federal government has expressed his satisfaction with the increased pace of work on the construction of the Lekki Deep Sea Port.

Minister of Transportation, Chibuike Rotimi stated this comment in Lagos during his inspection of the port site in Ibeju-Lekki, Lagos, in the company of top government functionaries from the Federal Ministry of Transportation and Heads of relevant agencies, including the Nigerian Ports Authority (NPA) and the Nigerian Shippers Council (NSC).

Speaking shortly after his tour of the port site, the Minister commended the promoters on the pace of work. He urged them to double their effort on the construction to complete the Port and start operations ahead of schedule.

“I am happy; from the last time we came here, there has been huge progress; what this shows is that when you set your mind on something, you can achieve it.

The agreement was that we would commission by the last quarter of 2022, but if we double our effort on this project, we could commission

by July or August, and that would be great”, he said.

Speaking during the tour, the

Group Business Editor Eromosele Abiodun Comms/e-Business Editor Emma Okonji Aviation Editor Chinedu Eze Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafo (Energy) Emmanuel Addeh (Energy) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

Chief Technical Officer, Lekki Port, Mr Steven Heukelom, explained that construction work on the project is on course and as scheduled.

He noted that dredging and reclamation works had reached 89.93 per cent completion, Quay Wall 85.65 per cent completion, Breakwater 79.66 per cent completion, the landside infrastructure development 67.82 per cent completion, thus

bringing total works carried out on the project to approximately 80% completion stage.

Heukelom also informed the Honourable Minister that work has commenced on the marine services jetty, which the NPA will use to carry out their marine services obligation.

He commended the Acting Managing Director, Mohammed

Bello-Koko, for the support and partnership in preparing the Port to start operations.

Mr Muhammed Bello-Koko reaffirmed the agency’s readiness to provide marine services for the Ports operations. To this end, he disclosed that NPA is procuring tug boats and other necessary infrastructure for the smooth take-off of the Port.

In his remarks, the Chief Operating Officer of Lekki Port, Laurence Smith, reaffirmed the company’s commitment to delivering the project by the fourth quarter of 2022.

He noted that the EPC Contractor, China Habour Engineering LFTZ Enterprise, is working day and night to make this commitment a reality.

Smith expressed confidence that the Port, upon completion, would

be a world-class port and would become a regional distribution and transhipment hub for the African region.

Lekki Port is being developed

by Tolaram and China Harbour Engineering Company. The Lagos State Government and NPA are also shareholders in the project company.

The Port is scheduled to start port operations by the end of 2022.

Okebukola: Digital Skills, Local Content Development Key to Economic Growth Emma Okonji The former Executive Secretary, National University Commission (NUC), Prof. Peter Okebukola has stressed the need for digital skills development among professionals of Computer Science and the need for the adoption of local content tools in any learning environment.

Citing the 2020 report on the state of university in Nigeria, Okebukola said the report further urged professors of Computer Science to regularly upscale their digital skills.

Okebukola gave the advice recently, while presenting a keynote paper at a webinar organised by the

Nigeria Computer Society (NCS).

According to Okebukola, teachers in the universities would need to improve on their digital literacy skills.

“There is therefore urgent need to revise the university curriculum and re-focus it on digital literacy. I am happy that the Teachers’ Registration Council of Nigeria (TRCN) is organising training programmes for university teachers to enhance their digital literacy skills. NUC has come up with a new curriculum and digital literacy is the major component of the new curriculum. This is important because the acquisition of digital literacy skills is very important to every student, irrespective of their

disciplines.”

Speaking about the importance of the new curriculum for schools, Okebukola said the digital literacy aspect of the new curriculum, made it a good trigger for the acquisition of relevant educational skills in schools. He equally stressed the need for refresher courses for teachers at all levels of education, including university education, adding that the professors at the universities need to update their digital skills.

Okebukola also stressed the need for local content development across all learning centres, adding that the use of local contents in

teaching and learning, will make the students learn faster with high level of retention on what have been thought. “I hate to see images and learning tools that are alien being displayed on power point presentations, because such will not impart good knowledge on the students. Teachers should be innovative enough in today’s digital era to use indigenous contents for their teaching aids and tools,” Okebukola said.

The Minister of Education, Mallam Adamu Adamu, who was represented by Mohammed Mahmud, said the Federal Ministry of Education would continue to

place priority on Information Technology (IT) in education and e-learning.

Other speakers who made presentations at the NCS organised conference, spoke on how to reinforce virtual learning environment in a digital era, as well as the new waves of innovation in computing and information technology training.

In his welcome address, the President of NCS, Prof. Adesina Sodiya, called on Nigerians to embrace digital education and to make use of technology to drive Nigeria’s educational system and the economy.

Nigerian Seafarers’ Secure over 200 Job Opportunities Leveraging on Social Network Eromosele Abiodun Despite the difficulty in securing employment opportunities for Nigerian seafarers, a group of seafarers, which started as a WhatsApp platform in 2018 has secured over 300 job opportunities on coastal and international vessels.

The group established by three young seafarers; Jeremiah Emmanuel, Vincent Ajala and Franklin Anoyika, to address stereotypes encountered

by Nigerian marine officers started with about 60 members, all licenced seafarers.

Although they are qualified seafarers, they faced the usual discrimination meted to Nigerians and were generally considered incompetent, but this unfair perception inspired the group to build a strong support

system where capacity building, mentorship and information sharing thrived and the group has become a formidable network of seafarers with over 1000 professionals.

One of the founders, Mr. Jeremiah Emmanuel- a Nigerian Seafarer who works on-board as a Licenced ElectroTechnical Officer (ETO) shared the experience with our correspondent, even as he revealed that the group is concluding plans to set-up its website.

His words: “We began as a WhatsApp group, sharing job opportunities among ourselves.

We realised that young seafarers (officers)/Nigerian Seafarers Development Programme (NSDP) officers were finding it hard to get jobs and HR/Crewing agents specifically require recommendation from other officers they have worked with. Such

referrals imply trust especially when ship owners still doubt if Nigerians can do the Job and HR/crewing agents have to convince them that Nigerians are competent.

“We also found out that some of our colleagues known to the crewing agents are almost always engaged when the crewing agents call. So, we decided that instead of letting the offer go or restricting it to let’s say five people out of which some are unavailable, we better create a group to post job offers and create opportunity for others who although qualified are out of work.”

He, however, expressed regret that during the 2020 celebration of the Day of the Seafarer, a ship owner said Nigerians are not competent.

“Well, he gave his reasons and as a person, I don’t like to argue with

people because they may be talking from experience. Some people in our group were angry but I calmed them down and told them it is now up to us to prove him wrong. We need to be exemplary by changing our ways and letting him know that the Nigerian Seafarers are educated, competent and competing all over the world, “he said.

According to him, the group is bent on gradually filling the void created by the lack of jobs locally and internationally, adding that several job opportunities are posted on the group frequently and members apply in numbers.

“There is advantage in numbers because someone might be very competent and up to date but without knowledge or access to the advert or the Crewing Company,

they won’t get the job opportunities. Our forum has also been one focused on educating Nigerian Seafarers. You won’t believe that when we started, we found out that some Nigerians believed they cannot get international jobs with the licence issued by NIMASA! We thank God that’s a thing of the past now. Nigerians with NIMASA licence are now working and competing globally. We have members who are working and getting jobs in the Middle East and other African Nations with the Nigerian licence,”he added.

At the last count, more than 100 people have benefitted and more than 10 Nigerian ETOs are currently on international waters and the group has transmuted to telegram with over 1055 Nigerian mariners.

T H I S D AY ˾ MONDAY, JANUARY 24, 2022

29

BUSINESSWORLD

STATUS REPORT

UAC: Dividend Payout May Miss Shareholders’ Expectation

Kayode Tokede

U

AC of Nigeria Plc might not improve on its dividend payout to shareholders in 2021 financial year. This is because analysis of its result and accounts for the year under review revealed that profit after tax and profit before tax dropped by 70.4 per cent and 44.3 per cent respectively in nine months ended September 30, 2021 The leading diversified Company, operating in the Food and Beverage, Real Estate, Paint and Logistics sectors of the economy also reported losses in its third quarter (Q3) unaudited results for period ended September 30, 2021.

In Q3 unaudited results, UAC of Nigeria reported 63.2 per cent drop in Operating Profit to N437 million, with operating profit margin contracting by 386 basis points to 1.8per cent from 5.6 per cent recorded in Q3 2020.

The Group reported loss after tax from continuing operations N199 million in Q3 2021 compared to a N1.2 billion profit in Q3 2020.

Total loss for the period was N199 million in Q3 2021 compared to a profit of N744 million in Q3 2020 as loss per share from continuing operations for Q3 2021 was 9 kobo (Q3 2020: earnings per share of 31 kobo).

The weak performance impacted negatively on its stock price on the Nigerian Exchange Limited (NGX) and Basic Earnings Per Share that dipped to a loss of N0.09 in Q3 2021 from N0.15 recorded in Q3 2020.

Over the years, UAC of Nigeria maintained mixed performance in dividend payout to shareholders.

For instance, the company reported N3.93billion profit in 2020 from a loss of N9.26billion in 2019 and paid shareholders a dividend of N1.20 (N3.46billion) as against N0.10 dividend in 2019 (N288million) paid to shareholders in 2019.

However, UAC of Nigeria in its nine months result and accounts improved on its revenue but hike in finance cost and operating expenses, two key financial parameters weaken profits in the period under review.

UAC of Nigeria reported 23 per cent increase in revenue to N71.4billion in nine months of 2021 from N57.8billion reported in nine months of 2020.

GROWTH IN REVENUE

The growth in revenue was driven by 13.7 per cent increase in Animal Feeds and Other Edibles segment to N41.64billion in nine months of 2021 from N36.65billion reported in nine months of 2020, amid increasing price that offset rising raw material costs.

Paints segment grew by 41.3 per cent to N10.2billion from N7.14billion on account of higher volumes compared to 2020 which was impacted by limited sales due to the restrictions in the movement of people and goods in second quarter (Q2) 2020.

Packaged Food and Beverages segment grew by 39.4 to N17.7billion, driven by volume growth in the snacks, water and dairy categories and price increases in the snacks and water categories;

and the Quick Service Restaurants (QSR) segment gained 51.2 per cent to N1.6billion as additions to company-owned restaurants (corporate stores) and improved volumes and performance of existing stores.

The fish feed category in the Group’s Animal Feeds and Other Edibles continued to benefit from customers migrating from imported brands to locally produced brands.

OPERATING PROFIT

Operating profit in the Animal Feeds and Other Edibles increased by 47 per cent to N1.7 billion in nine months of 2021 from N1.2billion reported in nine months of 2020 on account of price increases to offset higher raw material costs, as well as lower operating expenses.

Since the outbreak of COVID-19, Grand Cereals Limited and Livestock Feeds PLC have embarked on operational improvements in power consumption and initiatives focused on reducing distribution expenses. The segment recorded a N731 million Profit before Tax in nine months of 2021, against a N855 million Profit before Tax in nine months of 2020, on account of higher finance costs to support deliberate efforts to build inventory.

The Paints segment reported operating profit of 33.7 per cent, lower at N708 million as a result of lower gross margin and increased operating expenses and non-recurring merger restructuring costs in the period totalling N121 million.

Profit before Tax was N853million in nine months of 2021, 32.1per cent lower than the N1.3 billion recorded in nine months of 2020.

The growth recorded in UAC of Nigeria Packaged Food and Beverages segment by driven by double-digit volume growth across all categories(snacks, spring water, and ice cream). Volume growth was supported by improved distribution in Southern Nigeria, improved product mix with greater contribution from the recently introduced larger 100g Gala SKU, as well as additional spring water capacity.

However, the Packaged Food and Beverages Operating profit increased by 52 per cent in nine months of 2021 to N1 billion from N663million reported in nine months of 2020 supported by revenue growth. Profit before Tax increased by 43.5 per cent to N985 million from N686million in nine months of 2020.

QSR segment recorded a N153 million operating loss in nine months of 2021 from N50million loss recorded in nine months of 202, driven by escalating raw material costs and increased operating expenses.

QSR SEGMENT

The QSR segment recorded a N183 million Loss before Tax in nine months of 2021, against a N54 million Loss before Tax in nine months of 2020.

Associate: Real Estate (UPDC – 43per

cent ownership) recorded an operating loss of N512 million in nine months of 2021 as against N379million recorded in nine months of 2020 on account of increased cost of sales as gains on property disposal and reduction in administrative expenses were partially offset by a one-off credit loss expense.

The real sector of UAC of Nigeria recorded a N1billion loss before Tax for nine months of 2021, an improvement from the N2.2 billion loss before Tax recorded in nine months of2020.

In addition, the MDS Logistics’ revenue increased 11per cent to N6.5 billion in nine months of 2021 from N5.9 billion in nine months of 2020, driven by increase in pharma logistics and haulage services.

MDS Logistics’ recorded a loss before Tax of N200 million in nine months of 2021 compared to a Profit before Tax of N352 million in nine months of 2020 primarily due to higher cost of sales and operating expenses, as well as finance costs incurred on a loan to fund recent capital expenditure to support the haulage business.

KEY FINANCIAL PARAMETERS

From the loss and profit figures, cost of sales grew by 27.2 per cent to N59billion in nine months of 2021 from N46.4billion in nine months of 2020, to position gross profit at N12.34billion, 8.45 per cent growth when compared to N11.4billion reported in nine months of 2020.

Consequently, gross profit margin declined 240 basis points to 17.3 per cent in nine months of 2021 from 19.7 per cent in nine months of 2020.

The Group’s total operating expenses grew by 9.03 per cent to N10.59billion from N9.72billion in nine months of 2020. As selling and Distribution Expenses grew by 1.8 per cent to N4.5billion in nine months of 2021 from N4.46billion in nine months of 2020, Administrative Expenses also grew by 1.8 per cent to N4.54billion as against N4.46billion reported in nine months of 2020.

The proportion of Operating Expense/ revenue dropped to 14.8 per cent in nine months of 2021 from 16.8 per cent recorded in nine months of 2020.

UAC Nigeria reported operating Profit of N2.1 billion in nine months of 2021, about six higher than the N2 billion recorded in nine months of 2020.

The group recognised higher finance costs on account of increased short-term borrowings in the Animal Feeds and Other Edibles segment to support deliberate efforts to build inventory as well as rising interest rates. Performance was negatively impacted by the loss from associate companies (UPDC and MDS) in nine months of 2021 versus a profit from associates in nine months of 2020.

As a result, Profit before tax was N1.4 billion, a decrease of 44.3per cent against N2.5 billion in nine months of 2020. Profit after Tax from continuing operations was N565 million compared to N1.45 billion in nine months 2020.

Total profit for the period was N563 million in nine months of 2021 compared to N1.9 billion reported in nine months of 2020. UAC recorded N451 million profit from discontinued operations in nine months of 2020 which impacts year on year comparison.

Loss per share from continuing operations for nine months of 2021 was N0.3 kobo, compared to the earnings per share from continuing operations of N0.24 kobo in nine months of 2020.

UAC of Nigeria cash flow in the period under review was negative N8.4 billion in nine months of 2021, compared with positive N1.4 billion in nine months of 2020.

According to the company: “Free cash flow was impacted by a deliberate strategy to increase in inventory levels in the Animal Feeds and Other Edibles segment and the Paints segments, advance payments to suppliers in the Animal Feeds and Other Edibles segment, settlement of short term obligations across all segments, and the shareholder loan disbursed to UPDC PLC to refinance its corporate bond.”

DECLINING PERFORMANCE

UAC of Nigeria recorded 5.4 per cent decline in total assets to N87.19billion as at September 30, 2021 from N9217billion reported in full year ended December 31, 2020.

As UAC of Nigeria reported 8.8per cent drop in total non-current assets to N37.3 billion as at September from N40.99billion in full year ended December 31, 2020, total current assets closed September 30, 2021 at N45.99billion, about 10 per cent decline from N50.9billion reported in 2020.

From the financial position, the Group reported nearly 19 per cent decline in total equity to N49.72billion as at September 30, 2021 from N61.37billion reported in 2020.

The decline in total equity was driven primarily by 14.6 per cent decline in equity attributable to equity holders of the parent to N44.9billion from N52.64billion reported in 2020 financial year.

ANALYST’S VIEW

The Group Managing Director, Fola Aiyesimoju in a statement explained that: “The Group recorded meaningful revenue growth of 23per cent year on year and a six per cent increase in operating profit.

“The operating environment remains challenging on account of rising inflation and raw material cost escalation which remains an ongoing concern and as such we are carefully assessing pricing of key products across our portfolio.

“Net income was negatively impacted by higher finance costs and losses from our associate companies UPDC PLC and MDS Logistics Limited.”

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MONDAY, JANUARY 24, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Senior Consultant Digital Encode, Ekene Abuah; Chief Operating Officer, 03 Capital, Mr Taye Falana; Chief Visionary Officer Digital Encode, Dr Wale Obadare and Head Corporate Communications O3 Capital Mrs Tayo Balogun when 03 Capital received PCI DSS Certification in Lagos… recently

CREDIT TO PRIVATE SECTOR ADDS N9.03TRN IN 3 YEARS, REACHED ALL-TIME HIGH IN 2021 explained to THISDAY that the apex bank has no doubt been quite bullish about lending to the real sector and the Small and Mid-size Enterprises (SMEs), stressing that there are various intervention funds- the LDR and other credit boosting measures by the apex bank.

He explained further that: “However, there are concerns about the quality of the loan assets, especially those disbursed outside the framework of the deposit money banks.

“There are reports of high default rates which have implications for the sustainability of such interventions. There are also concerns about the risk of lending to the targeted growth sectors of the economy. This often results in the reluctance of the deposit money banks to lend to those sectors as they are responsible for bearing the credit risks.

“Many banks have suffered the shocks of direct debits for their failure to meet the mandatory lending thresholds. Therefore, policy makers should come up with strategies of derisking the real sector and the SMEs space.

These are critical for boosting credit growth to the growth sectors of the economy.”

Commenting, the Vice President, Highcap Securities Limited, Mr. David Adnori noted that recovery in the economy enhanced banks financing critical sectors.

He noted that: “The steady increase in the economy boost banks lending to real sector. Secondly, In December, there was demand for goods and services The growth of banks lending to real sector was as a result of private sector borrowing from banks to meet their daily obligations.”

In addition, Analyst at PAC

Holdings, Mr. Wole Adeyeye, said: “The LDR of 65 per cent played a significant role in the economic activities in the country as it encouraged higher loans from banks to the private sector. The lending helped most companies to meet the higher demand in 2021.

“For instance, 40 out of the 46 economic activities in the nation’s GDP basket recorded positive growth rate in the third quarter of 2021 (compared with 18 out or 46 economic activities in the third quarter of 2020). This resulted in positive economic growth in the first three quarters of 2021.”

From the same data, the CBN disclosed that currency in circulation closed 2021 at N3.33trillion from N2.83trillion it opened in the year under review.

Currency in circulation had historical hits N3trillion mark in November 2021 as bank customers withdraw physical cash amid festive period.

Finance expert, Mr Rotimi Fakeyejo explained that excess liquidity in the “Ber” months contributed to growth in currency in circulation, stressing that Nigerians are finding it difficult to embrace the cashless policy of the CBN. According to him: “The market currently is awash with excess liquidity and it is due to season of the year. CBN interventions in the foreign exchange and other key sectors of the nation’s economy are factors contributing to hike in currency in circulation.”

He explained further that Nigeria is still more of a cash economy, facing infrastructure challenges.

“Someone can blame infrastructure deficit to CBN’s good intention of making Nigeria a cashless society. The infrastructure

that will make the cashless policy work is missing compared to what we have in Kenya,” he added.

The apex bank had disclosed that currency in circulation dropped to N2.78trillion in August from N2.81trillion in July.

In June, it was N2.74trillion and in May, N2.79trillio. It stood at N2.79trillion in April and N2.8trillion in March.

Adeyeye said that a double-digit inflation rate is responsible for hike in currency in circulation in 2021.

He also expressed that most banks in Nigeria showed a significant rise in ATM withdrawals and this could be linked to increase in currency in circulation According to him: “Many things may have contributed N3.4trillion in currency in circulation in 2021.

The double-digit inflation rate as prices of goods and services increased significantly in the market, hence people need to spend more money.

“Also, the persistent depreciation of Naira in the foreign exchange market shows that people need more Naira to exchange for one US dollar. Also, data from most banks in Nigeria showed significant rise in ATM withdrawals and this could be linked to increase in currency in circulation. In addition, the increase in domestic credit may have contributed to higher currency in circulation.”

Adnori in his part attributed hike in currency in circulation to money created by the CBN to finance federal government budget and intervention by the apex bank in some key sectors.

In his words: “In my own view, the money creation by CBN through lending to banks as to assist them finance some key projects in the economy might increase physical currency.”

AGUSTO TO FG: ADMIT NIGERIA HAS DEBT CHALLENGE BEFORE ECONOMY CRUMBLES to prioritise the country above the federal government and begin to initiate measures that would constrain the federal government to leave within its means rather than supporting its spending with overdraft and ways and means.

He said: “First of all, we must take the view that the country is bigger than any government. Let’s also take the view that we must save our country otherwise we will have problems. The central bank must be able to take a position that will force the federal government to live within its means.

“It is going to force difficult reforms on the government because what we are doing today is to give governments an easy way out of their spending. If only we had a central bank that insists that the law says ‘I cannot give you the overdraft of more than 15 per cent of your previous year’s revenue.’”

He argued that the government should be made to look inward and find ways to reduce its expenses and manage its resources better.

“But if you just pull the tab and allow the government to be drawing, the discipline will not be there and the more we grow the debt, the more difficult it is going to be to resolve the question down the road.”

Agusto pointed out that the Cash Reserve Ratio (CRR) would likely remain high in 2022 because “the central bank has used a significant portion of these cash reserves to fund hardcore overdrafts to the federal government and to subsidise loans to the ‘preferred sectors’ of the economy.”

He also projected that the much anticipated convergence of rates in the foreign exchange market might not happen soon as the central bank would be bent on pegging the official exchange rate.

He described a single exchange rate as where the parallel market premium is not more than the official rate by 3.0 per cent. But “we see continued pressure on the parallel market exchange rates. And the only way to reduce pressure in

the parallel market is to through money there by selling dollars to the BDCs. If there is no additional funding to the BDCs from the CBN then the parallel market rate will be between N610 and N620 in 2022. It will be fueled by scarcity and the difference between inflation rates of the dollar and the Naira.”

The founder of the first rating agency in Nigeria also doubted the ability of the federal government to fund its proposed N17 trillion national budget with N5 trillion revenues.

He also did not expect the federal and state governments to be able to boost infrastructure spending significantly in 2022 because their ability would be constrained by weak tax revenue and high operating expense and obligatory spending. “They have to pay interest on their loans, salaries and wages of their workers and have to pay statutory transfers. These three things will add up to about N11 trillion in 2022,” he said.

MONDAY, JANUARY 24, 2022 ˾ T H I S D AY

31

BUSINESSWORLD

NEWS

ANLCA Advises FG against Signing $3.1bn Customs Modernisation Project Gilbert Ekugbe The Association of Nigeria Licensed Customs Agents (ANLCA) has advised President Muhammadu Buhari and the Minister of Finance, Zainab Ahmed, to avoid assenting to the $3.1 billion customs modernisation project deal.

The National president, ANLCA, Mr. Iju Tony Nwabunike, during a briefing in Lagos said the deal expected to run for 20 years will only increase the nation’s debt profile, adding that Nigeria already is in serious debts, explaining that the Nigeria Customs being a strategic non oil revenue earner should not be tied to another long term repayments for two decades.

“On this, we call on the National Assembly to take very closer look at the details and ensure the Federal Ministry of Finance, Nigeria Customs Service and all parties involved observe due diligence that won’t entrap the country into another long debt repayment for 20 years and maybe for lesser value,” he warned He also expressed concerns over the N4.1 trillion 2022 revenue target for Nigeria Customs Service (NCS), saying the seemingly outrageous targets will undermine the productivity of the overall economy.

According to him, pursuing bigger revenue and failing to strengthen trade results is

greater losses to the country as investments are either threatened, reduced or made non existent.

He said the high target would place the NCS under pressure of high revenue collection and ne the trade facilitation role the service should render.

He however commended the federal government for inaugurating the expanded partnership committee on blue economy chaired by the Vice President, Prof Yemi Osinbajo, describing it as a very bold step in the right direction.

“For us, this shows more commitment by the Buhari administration to maritime matters. We urge that the committee go beyond conference room talk and paper work to addressing real challenges militating against full harvesting of our marine environment benefits in a sustainable manner,” he said.

He said going forward in 2022, as his administration rounds off its activities, which has barely 16 months to go, it would be focused on improved professionalism, increasing the capacity of Nigerian customs brokers for local and international trade under the aegis of African Continental Free Trade Area (AfCFTA) and matching human Capacity with technology for better results.

“We are encouraging our members to embrace ICT, go paperless, increase and sustain their compliance levels and seek

to achieve more with lesser human contacts in the face of covid-19 pandemic that has mutated over time with omicron and other variants,” he urged.

He also assured its members that his tenure would not spend a day in office after the expiration of his administration, disregarding the falsehood being peddled about tenure elongation “There is no tenure elongation

in our association. The single tenure of five years starts with my administration. Personally, | must say that it disenfranchised me from having a second term but | am abiding by it because that is the new rule. Accepting the bitter pill is also a personal sacrifice because we must separate leadership from selfishness,” he added.

Speaking on its expelled and

suspended persons, the ANLCA boss, said the association is open to reconsidering its decision to readmit them only if it sees genuine remorse and repentance by granting them a sort of amnesty.

“We can only do this if we see true change in behaviours and resolve on their part to obey constituted authority of the association. You may

recall that in the past, they sponsored fake stories about us, orchestrated physical attacks at us and attempted to illegally invade this national secretariat.

All these attempts failed by the grace of God,” he stressed.

In his words: “I hereby call them to true change of heart and character for them to deploy their energies to productive usage and enjoy peace of mind.”

Laursen: APM Terminals Transforming into World-class Facility Eromosele Abiodun APM Terminals Apapa, one of the largest container terminals in West Africa, is rapidly transforming into a world-class facility, Country Manager, Klaus Laursen has said.

Speaking in Lagos while reviewing the performance of APM Terminals Apapa in 2021, Laursen said, “Over the past few years APM Terminals Apapa has been on a remarkable transformation journey. In APM Terminals, we have led with a strong ambition – to become a world-class terminal operator. We enable access to the jobs, products, foods, and medicine that allow to create and live a better life.

“Here in APM Terminals Apapa, it is not just about moving boxes around. We are a heartbeat for the Nigerian local society, we create value for our customers, and we do our best to ensure that our people are here because they want to be here.”

He said the transformation of APM Terminals Apapa aims to create an engaging work environment for all stakeholders.

“However, it is a process with many elements that requires prioritization and time to mature and make sustainable changes,” he said.

The Terminal Manager of APM Terminals Apapa, Steen Knudsen said, “Now – more than ever – global trade needs efficient port operations and integrated solutions. We started a new and exciting journey in Apapa last year – a significant amount of new equipment was deployed; we are improving our facilities and we have kicked off a significant training plan for all employees across functions and levels. This journey is our transformation to international standards.

“It is important that we embrace the transformation and accept that it is a multi-year journey, which is

closely linked to our values as a company and our primary objective to create value for the Nigerian economy. Transformation will offer all of us exciting new challenges, which we can all learn and grow from.”

Steen Knudsen reflected that ongoing implementation of APM Terminals global initiatives provides a strong foundation to deliver consistent and repeatable standard processes to help drive the APM Terminals strategy of becoming a world class terminal operator, enhance seamless flow of operations and increase efficiency.

“We have been putting a significant focus on employee engagement, looking into different aspects of our workforce well-being at individual, team and community levels. The focus has been on encouragement of feedback culture development, team bonding,

investment into people’s personal and professional development and grooming our leadership capabilities,” Steen Knudsen said.

He said in 2022, APM Terminals Apapa will continue to invest in its people, complete the ongoing facility upgrade, strengthen its capabilities and raise its level of engagement with stakeholders.

“We are here to lead the container terminal industry forward by continuously improving and transforming the rules of the game,” he said.

APM Terminals Apapa is the largest container terminal in Nigeria.

With an investment of over USD438 million in equipment, facilities and other elements of its operations over the last 15 years, the terminal has continued to introduce new innovations to help both shipping lines and landside customers achieve improved supply chain efficiency and flexibility in a cost-effective manner.

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MONDAY, JANUARY 24, 2022 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Talks with Taliban Begin in Norway

On Sunday, a Taliban delegation led by acting Foreign Minister Amir Khan Muttaqi started three days of talks in Oslo with Western government officials and Afghan civil society representatives amid a deteriorating humanitarian situation in Afghanistan.

The closed-door meetings are taking place at a hotel in the snow-capped mountains above the Norwegian capital. The first day will see Taliban representatives meeting with women’s rights activists and human rights defenders from Afghanistan and the Afghan diaspora.

Before the talks, the Taliban’s deputy minister of culture and information tweeted a voice message he said was from Muttaqi, expressing hope for “a good trip full of achievements” and thanking Norway, a country he said he hopes will become “a gateway for a positive relationship with Europe.”

The trip is the first time since the Taliban took over the country in August that their representatives have held official meetings in Europe.

Seoul Pays Iran’s Delinquent UN Dues to Restore Vote Using Iranian bank funds freed from American sanctions, South Korea has paid Iran’s $18 million in delinquent dues owed to the United Nations.

Iran’s mission to the United Nations did not immediately respond to a request for comment.

But the South Korean Foreign Ministry said Seoul had paid the sum using Iranian assets frozen in the country after consulting with the United States Treasury -- a potential signal of flexibility amid floundering nuclear negotiations.

The ministry said it expected Iran’s voting rights to be restored immediately after their suspension earlier this month for delinquent dues.

The funds had been impounded at a Korean bank under sanctions imposed by former President Donald Trump after withdrawing the US from Tehran’s landmark nuclear deal with world powers. The US Treasury Department’s Office of Foreign Assets Control must grant a license for these transactions under the American banking sanctions imposed on Iran.

The Treasury did not immediately respond to a request for comment on the unfrozen funds.

The Biden administration wants to restore the 2015 nuclear deal, which granted Iran sanctions relief in exchange for curbs on its nuclear program.

Diplomats are now engaged in delicate negotiations to revive the accord in Vienna, although a breakthrough remains elusive as Iran abandons every limitation the deal imposed on its nuclear enrichment.

Syrian Kurdish Forces Tighten Siege After ISIS Prison Break Kurdish-led Syrian Democratic Forces (SDF) troops aided by US troops tightened their siege of a prison housing Islamic State suspects after inmates took over the facility, residents and officials said Sunday.

At least 70 inmates were killed in the attack on the prison in northeastern Syria, which began on Thursday. Militants detonated a car bomb near the prison gates, helping dozens of inmates flee to the neighbouring Ghweiran district of al-Hasaka, witnesses and officials said.

The SDF initially said it had thwarted the breakout and arrested 89 militants sheltering nearby but later acknowledged that inmates had taken over parts of the facility.

It said Sunday that 17 of its forces were killed in the deadliest rioting in detention centres holding thousands of suspected militants arrested after they were defeated with US support in north and east Syria.

The Pentagon confirmed the US-led coalition had carried out airstrikes supporting the SDF

as it sought to end the prison break.

Arab tribal figures in touch with residents in the area said US coalition troops had taken over positions around the prison, and planes were seen flying overhead.

Fatal Attack: UAE Bans Recreational Drones The United Arab Emirates has banned the flying of drones in the country for recreation after Yemen’s Houthi rebels claimed a fatal drone attack on an oil facility and major airport in the country.

As of Saturday, drone hobbyists and other light electric sports aircraft operators face “legal liabilities” if caught flying the objects, the Interior Ministry said, adding it may grant exemptions to businesses seeking to film.

A rare drone and missile strike on the capital of Abu Dhabi blew up several fuel tankers and killed three people last week.

The Houthis, who hold Yemen’s capital and have fought a bloody, yearslong war with a Saudi-led military coalition that includes the UAE, claimed the assault.

While the UAE has largely withdrawn troops from the stalemated conflict, the country remains a major player and supports local militias on the ground.

The UAE said the Houthis targeted the country with bomb-laden drones and cruise and ballistic missiles, adding the government had intercepted some of the projectiles. In response to the strike, the Saudi-led coalition has escalated attacks on the rebel-held parts of Yemen in the last week.

Government regulations in the UAE already restrict flying drones in residential areas and near, around and over airports.

Drone users typically must obtain a certificate from the civil aviation authorities.

French Soldier Killed in Mali Military Base Attack A French soldier has died after a rocket attack on the French army base in Gao, Mali.

The French Armed Forces Ministry released a statement Sunday morning saying the attack occurred on the Gao, Mali, Operation Barkhane military base on Saturday.

The statement claimed the attack was carried out by “terrorists.”

Operation Barkhane, France’s counterinsurgency military operation in the Sahel, has operated in Mali since 2014. It replaced Operation Serval, the French army’s operation to regain control of northern Mali, which Islamists had taken over in 2012.

This year, after what French President Emmanuel Macron called a drawdown of the French military presence in Mali, Barkhane forces were withdrawn from northern Mali’s Tessalit, Kidal and Timbuktu

military bases. The Gao base continues to serve as the centre of Operation Barkhane.

Popular opposition to the French military presence in Mali has increased dramatically in recent years. France has backed recent sanctions imposed by the Economic Community of the West African States following a 2026 presidential election plan proposed by Mali’s current military government.

Thousands of Malians took to the streets in cities across the country this month to denounce the sanctions, with most also denouncing France’s presence in Mali.

Malaysia’s Anti-Corruption Cop Sues Whistleblower for Defamation Malaysia’s anti-corruption czar has sued a local journalist for defamation over articles questioning the legality of his past shareholdings in a case seen by some as a bellwether and test of the country’s rule of law.

Azam Baki, the chief commissioner of the Malaysian Anti-Corruption Commission, filed suit against Lalitha Kunaratnam on January 12, seeking some $2.38 million in damages and costs over a pair of articles first published in October by the Independent News Service, a local online news outlet.

In them, Lalitha catalogues Azam’s alleged business interests and connections and questions whether they were properly declared or pose a conflict of interest.

According to the reports, Azam held nearly three million shares in a pair of companies and over two million warrants in another over the course of 2015 and 2016 while director of investigation at the MACC, also in possible breach of legal limits for public servants. Azam’s brothers, the articles add, built up their own extensive business interests during his rise through the ranks at the commission.

Azam denied any wrongdoing at a January 5 press conference and said he no longer held shares in any company.

He said his brother, Nasir Baki, had used his trading account to buy shares in 2015 and that those shares were transferred to his brother’s account later that year.

Myanmar Court Sentences Prominent Activists to Death Two prominent political activists in military-ruled Myanmar have been sentenced to death for alleged involvement in terrorist activities, an army television station reported Friday.

Myawaddy TV said on its evening news broadcast that Kyaw Min Yu, better known as Ko Jimmy, and Phyo Zeyar Thaw, also known as Maung Kyaw, were convicted under the country’s Counterterrorism Law. They were found guilty of offences involving

explosives, bombings and financing terrorism.

Since their arrests, both have been detained, unable to comment on the allegations, and no lawyer ever emerged to comment on their behalf. In October, Min Yu’s wife, Nilar Thein, denied the allegations lodged against her husband.

Details of their trials were unavailable because the proceedings were carried out in a closed military court. It was unclear if their two cases were linked.

Modern-day Myanmar has a record of rarely carrying out death sentences.

The two are among the most prominent activists to be given death sentences since the military in February last year seized power from the elected government of Aung San Suu Kyi. Its takeover sparked wide-scale popular protests, which have since turned into a low-level insurgency after nonviolent demonstrations were met with deadly force by the security forces. Almost 1,500 civilians are estimated to have been killed, and more than 11,000 arrests carried out for political offences.

Some resistance factions have engaged in assassinations, drive-by shootings and bombings in urban areas. The mainstream opposition organizations generally disavow such activities while supporting armed resistance in rural areas, often subject to brutal military attacks.

Kyaw Min Yu is one of the 88 Generation Students Group leaders, veterans of the popular uprising that failed to unseat a previous military government.

Cameroon Violence: UN Appeals for $60m Million for Victims UNHCR, the United Nations Refugee Agency, is appealing for nearly $60 million for tens of thousands of victims of intercommunal clashes over dwindling resources in Cameroon’s Far North region.

The United Nations Refugee Agency Friday released an appeal for just under $60 million to support those fleeing intercommunal violence in Cameroon’s Far North region.

The appeal is aimed at helping UNHCR, and its partners provide needed humanitarian aid for those displaced by the crisis during the next six months.

An ongoing dispute over diminishing water resources between herders on one side and fishermen and farmers on the other last month erupted into a violent confrontation. The UN refugee agency says 44 people were killed, more than 100 injured, and 112 villages burned to the ground.

In the space of two weeks, UNHCR spokesman Boris Cheshirkov said 100,000 people fled to neighbouring Chad or elsewhere in Cameroon.

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T H I S D AY ˾ MONDAY, JANUARY 24, 2022

HOMES&DESIGN

4 Bourdillon, An Infinite Star in Ikoyi Skyline

MONDAY, JANUARY 24, 2022 ˾ T H I S D AY

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HOMES&DESIGN

Fortified for Freedom, Fulfilment and Fun When 4 Bourdillon Ikoyi was conceived, the promoters visualised an abode with limitless possibilities, particularly in space and size, translating to architectural and design masterpiece and a landmark in Nigeria. Bennett Oghifo writes

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nvestors looking to build skyscrapers, particularly in Ikoyi, Lagos, try as much as possible to take a cue from 4 Bourdillon, a leading architectural and design masterpiece and landmark in Nigeria.

4 Bourdillon is an iconic residential facility that conveys a unique lifetime experience, according to its promoters.

The 25-storey building sets new heights and standards of luxury in Lagos.

Living becomes a daily bliss of peace of mind—growing and prospering flows as smooth as the landscape itself. The number ‘four’ is infinite.

4 Bourdillon is one of the tallest residential buildings in West Africa.

It is located on the corner of Bourdillon and Thompson Road, Ikoyi, Lagos. It is a twin tower of 25 floors comprising 41 apartments. The 41 units have threeand four-bedroom flats, five-bedroom duplex flats, and duplex penthouses.

The investors say it has “infinite enchantment.” It is a fact.

One only needs to witness the sunlight reflecting on the balconies’ avantgarde curves to reveal the distinctive architecture’s dynamism and elegance.

The building design has adopted environmental passive strategies such as natural daylight and cross ventilation to save energy and provide a healthier indoor environment.

An innovative light feature crowns the structure; a beacon announces the status of the building where the revelation of an aspirational dream home takes place. The edifice allows one to step into the heart of Lagos and enjoy Ikoyi, the best neighbourhood in the city. Beneath that stands the vibrant uptown Bourdillon Road, the centre of the community and the ideal living entourage. Nothing beats such a lifestyle. Memories are different here, brighter and more fulfilling.

The building offers the privilege of the ultimate uplifting walk no further than one’s garden, an escape oasis. The wind, the earth and the water are all united to revive residents’ daily journey across every aspect of this outstanding landmark.

The tower’s infinite design provides a sensational setting of modern, luxurious and highly functional interiors—a perfect match to the building’s outer glamour. Immense attention to detail has produced unrivalled quality and finishing material. Residents only need to pick from a specially selected range of floor, kitchen and bathroom options.

The massive ground floor comprises an international-sized tennis court; a big swimming pool with a water cascade, including a pool for children; entrance cascade; clubhouse; leisure room; outdoor children area; gymnasium; utilities; and gatehouse. There are also a reception lobby, panoramic lifts; service and goods lifts; gardens; external visitors parking, and allocated parking for residents.

The 25-storey building offers several luxurious apartments of choice: three-bedroom apartments of 510sqm, four-bedroom apartments of 584sqm, fourbedroom duplex apartments of 969sqm, four-bedroom penthouse apartments of 967sqm, and 1,137sqm. The massive ground floor comprises a tennis court, a swimming pool, decorative water features, a gym, leisure and entertainment spots, and a multi-purpose club room.

Underground parking is provided for all residents.

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MONDAY, JANUARY 24, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

Fuel Subsidy Removal: One Step Forward, Two Steps Backward A country that has consistently grappled with low revenue generation cannot continue to waste huge resources subsidising fuel consumption, writes Obinna Chima

I

n Nigeria, arguments over fuel subsidy removal have a long history. In the past few days, this age-long debate has resurfaced.

While the Nigerian National Petroleum Company Limited (NNPC), most state governors and multilateral institutions have been raising the alarm that the country cannot continue with the policy, members of the organised labour appear to be standing their ground, resisting the elimination of the policy.

Already, members of the organised labour are preparing for what they described as a nationwide protest this week, over the planned fuel subsidy removal, which had been reportedly scheduled for the second half of this year. Not even the enactment of the Petroleum Industry Act (PIA), which expressly phased out the fuel subsidy regime will make those who believe the policy should continue think otherwise.

The matter is presently complicated as with almost 12 months to the general elections, indications have emerged that the federal government may be reluctant to press further and yield to political considerations, despite the fiscal burden it is presently shouldering due to the policy.

Indeed, the removal of the subsidy on petrol remains a critical free-market reform and it would be beneficial to the finances of the government and the overall economy. Many believe it would boost investments in the downstream sector of the oil and gas industry and free revenues for the government to provide essential services, considering the burden of removing N250 billion monthly from the federation account that is paid for subsidy.

Statistics showed that over N2 trillion was spent on fuel subsidy in 2021, while reports had also shown that prices of petroleum products are 100 per cent higher in neighboring countries than what is obtainable in Nigeria.

The World Bank had last November sounded the alarm bells to Nigeria, saying further delay in removing the fuel subsidy which had been described as a major drain and waste on the economy could see the federal and state governments unable to pay salaries this year.

The multilateral institution had painted a gloomy picture of Nigeria if the country decides to continue with the controversial fuel subsidy.

The World Bank urged Nigeria to remove subsidy on petroleum motor spirit in February 2022, as prescribed by the Petroleum Industry Act, warning that further delay could worsen the precarious revenue situation confronting the country. It also warned that the present fiscal condition of the sub-national governments would take a turn for the worse in 2022 with 35 of the 36 states unable to meet their financial obligations. It pointed to the mounting fiscal pressures due to lower-than-expected revenues in 2021 and the rising cost of petrol subsidy.

It stated: “Because most states rely heavily on inter-governmental transfers, diminished revenue inflows to the Federation Account are jeopardising fiscal sustainability at the state level.

“For example, in the oil-producing State of Bayelsa federal transfers account for 91 per cent of revenues, and declining transfers caused a 22-percent drop in Bayelsa’s revenues per capita during the year.

“Even in the state of Lagos, which relies the least on Federal transfers, transfers accounted for 29 per cent of revenues in 2020. Most State expenditures cover salaries and administrative expenses, and given their rigid (i.e., nondiscretionary) nature, State-level expenditures are difficult to cut.”

The Senate President, Dr. Ahmad Lawan, last week sparked the fresh debate while briefing journalists after a closed-door meeting with President Muhammadu Buhari. Lawan stunned Nigerians when he said the president told him that he had not directed anyone in his government to implement the removal of petroleum subsidy.

The Senate President said the federal legislators were worried about the different agitation and planned protests around the country, necessitating the discussion with the president. According to him, subsidy burden cannot be transferred to citizens even as he expressed doubts on the 100 million liters of petrol said to be consumed per day in the country.

He explained: “Well, it will be of interest to Nigerians to hear what I’ve come to discuss with Mr. President among several other things. Many of us are very concerned with the recent agitations, protests, and many citizens were so concerned, our constituents across the country are very concerned that the federal government will remove the petroleum subsidy.

Buhari “And for us, as parliamentarians, as legislators representing the people of Nigeria, this must be of interest to us. And we’ve just finished our recess, we had gone home to our constituencies and senatorial districts.

“And will felt the pulse of our people. And I found it necessary to visit Mr. President, as the leader of our government and our leader in the country, to discuss this particular issue of concern to Nigerians, and I’m happy to inform Nigerians that Mr. President never told anyone that the petroleum subsidy should be removed.

“I know and I agree that the subsidy is very heavy. But I think we must never transfer the burden to the citizens. I believe that we need to look at the quoted figure of maybe 100 million litres that people claim we’re consuming. Is it real? I mean is it either under recoveries of subsidy? Is it really 100 million liters per day?

How on earth are we consuming that?

“We need to look at this critically and see how we can find the truth. Because I am not convinced that within the boundaries of Nigeria, we are consuming 100 million liters. Probably neighboring countries maybe benefiting from this. Can’t we do something about it?

“It is a failure on us if we are not able to control it, this particular aspect of smuggling of the petrol and then in return, push the burden to the ordinary citizen.”

This came few months after the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had announced that the federal government made provision for petrol subsidy only for the first six months of 2022, as the government looked towards complete deregulation of the sector.

“In our 2022 budget, we only factored in subsidy for the first half of the year; the second half of the year, we are looking at complete deregulation of the sector, saving foreign exchange and potentially earning more from the oil and gas industry,” Ahmed had said.

To the Governor of Edo State, Mr. Godwin Obaseki, the issue of subsidy had been one matter that the National Economic Council (NEC) has

continued to deliberate on for more than a year.

According to Obaseki, there was an Adhoc Committee which was set up by NEC headed by Governor El-Rufai of Kaduna state that included members of the executive arm of government that worked on recommendations as to what should be done about the cost of petrol which sells for N162 per litre, whereas every other country surrounding Nigeria sells same product at more than 100 per cent of the cost in Nigeria.

“So, for NEC, the arguments have been put out, should we continue this regime of spending money we do not have to subsidise the living standards of only mostly those who have vehicles? And when NEC looked at some of the analysis last year, we then realised that less than one-third of the states of this country consume two thirds of the subsidy. So, the issue of equity also came up,” Obaseki explained.

Speaking in the same vein, Nasarawa State Governor, Abdullahi Sule noted that with the NNPC now becoming a limited liability company, the company would now be run differently in designing a fuel pricing regime.

“If the Minister of Finance, you know, provides for six months, you probably can understand part of the reason for provision of six months before NNPC fully takes off and at that moment, that’s when decisions will be made.

“But I want to make the correction that it is not governors who are making recommendations. It is actually a NEC committee, you know, which comprises of all the other people that are looking at this and no decision has been made.

“Probably at the appropriate time, a decision will be made. You know, the Petroleum Industry Act has fully taken charge, and it will not require any recommendation from anybody,” he added.

Former Head of State, Abdulsalami Abubakar, however, cautioned the federal government against removing fuel subsidy, saying it would throw Nigerians into more economic hardship.

“There is a continuous rise in the prices of food items beyond the reach of many

Nigerians. On top of all these, fuel prices are expected to rise significantly in the coming months as announced last November. We all know that when this happens, it will push many millions of Nigerians into poverty,” he argued.

Also, the Nigeria Labour Congress (NLC) has maintained that the planned removal of petrol subsidy was tantamount to leaving Nigerians to bear the consequence of in-built inefficiency in the product supply value chain. President of the NLC, Mr Ayuba Waba, reiterated the body’s earlier decision to embark on a warning protest on January 27, over the matter.

Wabba said the removal of subsidy would cause more pains to Nigerians and push millions into poverty, arguing that as it is, inflation has also already rendered wages and salaries valueless.

The NLC helmsman noted that the federal government cannot be talking about subsidy removal when it imports all its products, explaining that the first point to start is to begin local refining.

He posited that the refineries have not worked for years because there are certain highly placed individuals who benefit from the importation of products.

He pointed out that labour had engaged government for the past 20 years over the matter and proffered solutions, including building the country’s refining capacity.

“We must be able to refine product for domestic use, and that is what most OPEC countries are doing.

We should not rely 100 per cent on importation of petrol and other petroleum products.

“One, we’re exporting our jobs, not only exporting jobs, we are also imposing a burden on many Nigerians.

In fact, we can take over the entire West Africa markets if we’re able to refine products for domestic use,” he noted.

According to him, modular refineries can actually address the perennial issue of shortage of gas and diesel and also bring down the price which has continued to rise as well as pushing the prices of foodstuff beyond ordinary Nigerians.

“Diesel is almost going for between N340 per litre and N360, depending on where you’re buying.

And then it will make transportation so expensive, and therefore costs of goods and services that will also depend on transportation. Those costs will be built into it. So, those are the issues.

“There is confusion. How much of petrol do we consume? Do we know? And that is why we have said that the inefficiency that is in the system should not actually be transferred to consumers to continue to carry,” he explained.

Wabba opined that government’s position that the high volume of consumption was due to products that are being smuggled across the borders does not hold water, stating that it will take hundreds of tankers to take that volume out of the country.

His counterpart at the Trade Union Congress (TUC) has also directed its state councils and affiliates to commence mobilisation for industrial actions against subsidy removal. The Congress insisted that the government must fulfil the various conditions it earlier presented before stopping the policy.

However, National President of the Trade Union Congress (TUC), Mr. Quadri Olaleye, said the trade union centre was not against the removal of subsidy if it would yield positive results for the economy.

He, nonetheless, expressed concerns over the palliative measures put in place by government to cushion the adverse impact of the proposed removal.

He, however, questioned government’s sincerity over move to remove the subsidy on petroleum products.

Similarly, the Senior Staff Association of Nigerian Universities (SSANU) said that its branches all over the country had been adequately mobilised in line with the directive of the NLC for the protest.

SSANU President, Mr. Mohammed Haruna Ibrahim, accused the federal government of not being sensitive to the pains the citizens were going through while taking its decisions. Ibrahim said as an affiliate of the NLC, SSANU would participate actively in the proposed protest.

Clearly, a country that has consistently grappled with low revenue generation cannot continue waste huge resources subsidising fuel consumption. It is obvious that spending on petrol is infringing on other critical areas of capital development, hence the need for the government to see beyond political considerations otherwise it would continue to expend most of the borrowed funds on financing recurrent expenditure such as subsidy payments as had been alleged.

T H I S D AY ˾ MONDAY, JANUARY 24, 2022

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BUSINESS SPECIAL

ANALYSIS

Unde r st a n d i n g Key Changes in New Finance Act Obinna Chima highlights key provisions in the Finance Act 2021, which has been described as a game changer for the Nigerian economy

Ahmed

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resident Muhammadu Buhari on December 31, 2021, signed the Finance Bill 2021 into law. The new legislation is expected to boost government revenue and support its economic recovery drive.

Tax measures introduced in the Finance Act which also reinforced the Federal Inland Revenue Services (FIRS) as the principal tax collection agency in the country, include the introduction of 10 per cent rate for capital gains tax on gains from disposal of shares in any Nigerian company when the gross proceeds from such sales in any 12 consecutive months exceed N100million (except when the proceeds are reinvested in shares of the same or other Nigerian company within the same year of assessment).

Also, in its renewed drive to boost domestic resource mobilisation, the federal government limited companies involved in the trade or business of gas utilisation in downstream operations in the country to a, “once in a lifetime” tax-free regime, according to the latest changes effected in the Finance Act, 2021.

The new law states that additional investment, re-organisation or other forms of corporate restructuring shall not qualify for a further tax incentive under the gas investment programme.

Such companies are further barred from similar incentive under any other sections of the Companies Income Tax Act (CITA) or other law. Moreover, companies engaged in upstream petroleum operations would continue to have obligation to withhold VAT, even when they have not commenced commercial operations or have not reached N25 million turnover.

However, profits of companies engaged in educational activities in the country are now liable to tax due to the removal of educational activities from the exempt provisions of Section 23(1)(c) of CITA. Also, the rate of tertiary education tax has been increased from two per cent of assessable profits to 2.5 per cent.

According to the FIRS, profits of companies from the exports of goods produced in upstream, midstream and downstream petroleum operations are also liable to tax as clarified in section 23(1)(q) of CITA. Additionally, it stipulates that non-resident companies liable to tax on profits arising from providing digital goods or services to Nigerian customers under the Significant Economic Presence (SEP) Rule may be assessed on fair and reasonable percentage of their turnover in the event that there is no assessable profit, the assessable profit is less than what is to be expected from that type of trade or business, or the assessable profit cannot be ascertained.

Furthermore, the new amendments to the Finance Act states that capital allowance on qualifying capital

Nami expenditure incurred in generating tax-exempt income was not deductible from the assessable profits arising from income not exempt from tax under CITA. In addition, it stated that capital allowances accruing in respect of QCE employed for both taxable and tax-exempt income shall be pro-rated where the tax-exempt income constitutes more than 20 per cent of the total income of the company.

Furthermore, capital allowance on qualifying capital expenditure incurred by small companies are deemed utilised during the periods such companies are tax-exempt in accordance with Section 31(1C) of CITA. However, minimum tax rate was reduced from 0.5 per cent to 0.25 per cent for any two consecutive accounting periods falling on 1 January 2019 to 31 December 2021, as may be elected by the taxpayer.

The Finance Act also states that any company that claims the reduced 0.25 per cent rate under the minimum tax rule in section 33 of CITA but filed its tax returns late would be liable to penalty equal to the benefits or reduction claimed.

The FIRS also stipulate that taxpayers may pay tax due in instalments provided that the final instalment shall be paid on or before the due date of payment.

Under the current regime, Withholding Tax (WHT) deducted from payments to a Unit Trust shall be the final tax on such income provided the said deduction is fully remitted to FIRS. Moreover, companies engaged in the business of banking, mobile telecommunication, ICT, aviation, maritime and oil and gas with turnover of N100 million and above, are liable to pay NASENI Levy at 0.25 per cent of their profits before tax and the tax is to be administered by FIRS. The Finance Act also vested the FIRS with the duty to assess, collect, account and enforce the payment of the Nigeria Police Trust Fund Levy.

The levy is 0.005 per cent of the net profit of companies operating business in Nigeria as provided under Section 4 of the Nigeria Police Trust Fund (Establishment) Act. While also strengthening the service, the Act stipulated that any person who fails to grant FIRS access to its information processing systems to deploy its automated tax administration technology after a 30 days’ notice, or such extension granted by the service, is liable to a penalty of N25, 000 for each day it continues to fail to grant the access.

Also, any bank that fails to prepare and submit quarterly returns of new accounts or any information requested by the relevant tax authority, or submit

incorrect returns or information, under section 28 of FIRSEA or sections 47 and 49 of PITA, is liable to a penalty of N1 million for each quarterly return or information not provided or incorrect returns or information provided.

The law further provided that, “Any person employed in the service or otherwise that has access to taxpayer information is under a strict legal obligation to keep such information confidential.

“Leakages of taxpayer information by such person is liable to fine, imprisonment or both fine and imprisonment.”

The FIRS explained, “It is an offence, punishable by a fine of N10 million imprisonment or both, for any agency of the federal government (other than FIRS) or any of their staff or consultant, to demand for books or returns for the purposes of tax, or carry out the function of assessment, collection or enforcement of tax, or pay any portion of tax revenue to any person or into any account, other than the relevant accounts designated by the constitution or relevant laws of the National Assembly.”

Other agencies of the federal government are under statutory obligation to report cases requiring tax investigation, enforcement or compliance, encountered in the course of performing their function, to the service for necessary action; they are forbidden from carrying out tax monitoring, audit or investigation.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, explained that the tax on digital services included apps, high frequency trading, electronic data storage and online advertising, adding that, “this is introducing turnover tax on a fair and reasonable basis.”

The policy is contained in Section 30 of the Finance Act which amended the provisions of Section 10, 31 and 14 on VAT obligations for non-resident digital companies.

Ahmed said, “Section 30 of the Finance Act designed to amend section 10, 31 and 14 of VAT is in relations to VAT obligations for non-resident digital companies and the mechanism that will be used is to restrict VAT obligations mainly to digital non-resident companies who supply individuals in Nigeria who can’t themselves self-account for VAT. “So, if you visit Amazon, we are expecting Amazon to add VAT charge to whatever transaction you are paying for. I am using Amazon as an example.

We are going to be working with Amazon to be registered as a tax agent for the FIRS. So, Amazon will now collect this payment and remit to FIRS and this is in line with global best practices, we

have been missing out on this stream of revenue.”

According to her, the new law applies to foreign companies that provide digital services such as apps, high-frequency trading, electronic data storage, online and advertising, among others.

She noted that in line with Section 4 of the Finance Act, non-resident companies are expected to pay tax at six per cent per cent on their turnover.

The minister who stated that the government was desirous of modernising taxes for its digital economy and to improve compliance, noted that digital non-resident companies do not need to be registered locally but would have an arrangement with the Federal Inland Revenue Services(FIRS) to collect and remit taxes in a bid to reduce the compliance burden.

Also, on the introduction of an excise duty of N10 per litre on all non-alcoholic, carbonated and sweetened beverages in the co untry, which has been kicked against by members of the organised private sector, the minister stated that the charge on beverages was introduced to raise excise duties and revenues for health-related and other critical expenditures in line with the 2022 budget priorities.

The aimed according to her, was to also discourage excessive consumption of sugar in beverages, which contributed to diabetes, obesity and other diseases adding that the Finance Act had also raised excise duties and revenues for the health sector.

To the Fiscal Policy Partner and Africa Tax Leader, PwC Nigeria, Taiwo Oyedele, the Finance Act 2021 is expected to generate an estimate of N60 billion in revenue yearly for the federal government.

He, however, warned that the development would have impact on tuition fees and further degenerate human capital in Nigeria in the long run, based on the amendment to the tax on Tertiary Education Trust Fund from two per cent to 2.5 per cent.

However, the Special Adviser to the President on Finance and Economy, Sarah Alade, noted that the government was committed to ensuring growth across all sectors.

She said: “We want to see prioritisation and implementation of critical infrastructure, physical, digital, financial infrastructure. We are deficient in infrastructures and we give priority to this.

“There must be measures to diversify our revenue base, we are hoping in this plan that by 2025, the present revenue to GDP which is about a less than eight per cent, we would be able to grow it to 15 per cent of GDP and then there must be continuous support and interventions for manufacturing, for agriculture and for MSMEs.” It is expected these tax reforms would help boost government revenue, improve the ease of doing business and stimulate economic growth this year.

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T H I S D AY ˾ MONDAY JANUARY 24, 2022

CITYSTRINGS

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

Promoting Women, Youths in Pursuit of a Better Nigeria Politics they say shape the economy and invariably, lives of citizens. While many see it as a dirty game and avoid it, they must however live with the outcome. Chiemelie Ezeobi reports that the forthcoming 2023 general elections is another litmus test for the polity, especially for the ruling party, All Progressives Congress and its plans for women and the youths, all in pursuit for a better Nigeria

Buhari

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adi Adesanya is a medical doctor.

He has been for 15 years. The last time he participated in any electoral process in Nigeria was during the June 12, 1993 presidential election believed to have been won by the late Chief MKO Abiola. Efforts to convince him to either join a political party or participate as a voter have been met with his ready answer: "Politics is a dirty game."

Adesanya is not alone. Several Nigerians share this view and have distanced themselves from the political process. Unfortunately, as dirty as politics is, it determines a lot of things about the life of every Nigerian.

The economy, for instance, is controlled by the political class. The medical profession to which Adesanya belongs depends on the political class for a lot of things. Really, no facet of Nigerian life is complete with the political class influencing it directly or otherwise.

Decision Making Powers A chieftain of the All Progressives Congress (APC) in Cross River State, Mbang David, is of the view that a patriotic citizen should need no motivation to get involved in politics.

"Politics is the field where decision-makers emerge. The decisions made by political leaders affect each and every one of us, so anyone who wants a good deal for himself and that of his family will be interested in what happens in the political scene," David said.

Mobilising Youths David, who is the President of the National Youth Summit Group, is mobilising the youth to embrace politics. The foundation of any good government, he added, is the political party. If the majority of the youth, he added, get involved in the activities of their political parties, it will go a long way in bringing the much-needed energy into the Nigerian project and will instantly change the Nigerian story.

"I encourage my brothers and sisters to hinge on things that give us an advantage. Things like youthful strength, social media and the Entertainment Industry are just a few things we have control of. If we capitalise on these and remain resolute, I believe 2023 will smile on the youth of this great nation and give us an opportunity to contribute to the national development," he said.

As the country moves towards another general election, there are campaigns for people to participate either as card-carrying members of a political party or as a voter. The ruling APC, for instance, is mounting an aggressive membership drive. It started some months back after Yobe State Governor Mai Mala Buni

Buni took over the leadership of the party in a caretaker capacity.

The Import of Women in Shaping Society It would be stating the obvious to reiterate the import of women in politics especially when it comes to grassroot mobilisation.

This much was made clear at the maiden National Progressives Women Conference held in Abuja last week.

According to Mai Buni, APC parades over 41 million registered members, thus reinforces their position as Africa’s largest political party and of course, Nigeria’s leading political party. "With this, we are confident of winning the 2023 general with huge success,” he said, but not without the help of the women-the grassroot mobilisers.

The Caretaker and Extra-ordinary Convention Planning Committee (CECPC) National Chairman also urged women to embrace politics and preach the doctrine of peaceful elections across the country ahead of the 2023 general elections.

“You should enlighten your spouses, children, brothers, in-laws, neighbours and the larger society that we must not see the election as a do-or-die affair. We should promote peaceful elections and service delivery against personal gains.

“Today, Nigeria proudly parades a good number of women at the federal and state levels, as well as in political offices serving with excellence.

“At the home front, you define the future of the country through great values and support to your spouses which helps in shaping the society and modelling the present and future of the country.

“Politically, women have always played key roles in our electioneering process and administration. You remain the best and most reliable mobilisers of support to any political party and its candidates. You have always been there on queue on election days,” Buni said.

Buni expressed gratitude to the party’s

Stella Okotete women for their support before, during and after the exercise. The National Caretaker Committee of the All Progressives Congress (APC) Women Representative is Hon Stella Okotete.

He said the party was looking forward to more support from the women during its February 26 National Convention and during the 2023 general elections.

He described the APC as the most womenfriendly party in the country and vowed that the party would support women's political aspirations to enable them realise their political dreams.

“We look forward to having more women contesting in the forthcoming National Convention of the party and the 2023 general elections.

“Now, as we approach the convention and move closer to the next general election, l wish to remind you of your progressive role in supporting progressive-minded leaders,” Buni added.

Need for Progressive-minded Leaders Really, for Nigerians to have a better Nigeria, the role of progressive-minded leaders cannot be over-emphasised. That is why David is urging Nigerians not to stay away from politics because of the state of things.

"There is a popular saying, that goes, “Rome was not built in a day”. This applies to everything great. The economic condition of a country is dependent on so many past, present, and future factors. Nigeria is not different. Even with the global effect of the COVID-19 pandemic, Nigeria should do better; but I am more concerned on the pathway and direction we are headed.

"The rejuvenation of our railways, expansion of our ports and reconstruction of key road networks, shows we are heading in the right direction. For the first time in a very long time, Nigerians are using the Trains.

"Nigeria has the potential to be one of the greatest countries in the world. All we need is, Patience, Patriotism, and a Plan.

"Today, Nigeria proudly parades a good number of women at the federal and state levels, as well as in political offices serving with excellence. At the home front, you define the future of the country through great values and support to your spouses which helps in shaping the society and modelling the present and future of the country"

I see this administration has a plan, what we need now is patience and a patriotic citizenry," he said.

Timely Reconciliation Well, how the APC handles its national convention and subsequent political events will go a long away to assure Nigerians of a better Nigeria.

"Wherever there is interaction, there will be friction. Being the largest black political party in the world comes with its challenges. But trust me, the APC will come out of its convention stronger and more united," the President, National Youth Summit Group.

Buni and his co-travellers say there is no cause for alarm as far as the convention is concerned.

They say nothing short of a world-class convention will be delivered on February 26.

Mayowa Alakija, a chieftain of the party, said: "The differences we have in the APC today is not a big deal; it is merely family rancour because we are one big family. Though there are personal and selfish interests here and there, I am optimistic that at the end of the day, these issues would be sorted out amicably; knowing full well that they would have implications on the party. So, I believe the differences would be sorted out and the convention would hold next month. The leadership of the party would ensure that it happens."

To ensure it remains a political party that will encourage more Nigerians to join the political train, the CECPC, it is said, is determined to work against impunity and flagrant abuse of the constitution and procedures in activities leading to and during the national convention.

A source told this newspaper: " The CECPC is ready to set the party structures aright by ensuring compliance with all sacrosanct rules and regulations of the party and the Electoral Act as it pertains to the national convention. The CECPC will build on its relatively successful ward, LGA congresses and state congresses during the convention. We have a stronger membership base now, less litigations and rancour and the convention will be the ultimate achievement of the CECPC and it will give the party the legitimacy to maintain its hold on power across the country."

An insider said the CECPC is also intent on timely reconciliation of aggrieved members, identification and collation of delegates to the national convention as well as display of the list prior to the convention to avoid another set of rancour.

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

41

T H I S D AY ˾ MONDAY JANUARY 24, 2022

CRIME&SECURITY

NDLEA Raids Abuja Garden, Arrests Six over Drug-laced Noodles, Cookies, Drinks

Some of the suspects with the exhibits

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Body of Missing Mother of Two Found in Sacks,Vital Organs Missing Rebecca Ejifoma

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42

T H I S D AY ˾ ˜ JANUARY 24, 2022

BUSINESS/MONEYGUIDE

FG Sets $700m TV Revenue Target for Audience Measurement Panel Olawale Ajimotokan ÓØ ÌßÔË The federal government has mandated the Audience Measurement panel to increase the Nigerian television advertisement revenue to over $700 million the next three years.

Minister of Information and Culture, Lai Mohammed handed the charge at the inauguration of the 15–man task force for accurate, reliable and timely audience measurement system for the Nigerian broadcast and advertising industry.

He decried the absence of a scientific audience measurement system as cause of underdevelopment in the broadcast and advertising industries.

He said the country’s broadcast advertising market conservatively at $309 million is punching far below its weight in comparison to that of South Africa, which generated $1.6 billion in 2016.

The minister said the advertising community has continued to rely on subjective factors when making decisions on the content they want, as opposed to how many viewers the content truly attracts. He said the absence of a scientific audience measurement regime has resulted in under-investment in the sector, which is necessary to foster the growth of the industry.

The minister said the existing model will never allow the country’s Creative Industry to

attain its full potential, adding it stunts the quality of the content that can be created and also limits the capacity of television platforms to invest in dynamic contents that consumers will be attracted to.

He described a world-class audience measurement system as critical to the success of the Digital Switch Over (DSO), noting without it there will be no growth the television or the value creation in the Creative Industry that the economy and people of Nigeria desire.

The Chairman of the Task Force, Mr. Tolu Ogunkoya described the task before the members as enormous. He said they would reach out to all other stakeholders in the industry.

Baobab Microfinance Bank Launches New App to Boost Mobile Banking As part of its effort to ensure its customers have easy access to their funds and carry out seamless transactions, Baobab Microfinance Bank has launched a new mobile app.

The bank in a statement said the mobile app known as MyBaobab will offer its customers a new banking experience, built on cutting-edge technology, with ease of usage and excellent customer experience.

According to the Managing Director / Chief Executive Officer Dr. Kazeem Olarewanju, “our aim is to ensure our customers have access to their funds to carry out transactions while keeping safe at all times. In view of this, customers who use the new mobile app till the middle of February will be offered Free

Transfer Fees.”

“In delivering on our promise to continually enable our customers to unleash their potentials, we have continued to invest in technology to create value, and we developed MyBaobab mobile app to suit our customers’ lifestyle and meet their financial needs, ”he noted “Some of the unique features of the Mobile App include Bank to Bank transfers, Taka loan applications, loan repayment management, and lots more. My Baobab app allows customers to easily access their account with their smartphones. All they need to do is download the app and sign up. With this, they can perform various fund transfers, account inquiries,

and check their loan status.”

“The App which is available on google play store, is designed to also prompt our customers on when next they will repay their loans, and for those who have accessed our Taka Loans, they can disburse their Taka loans through the mobile App. “Baobab Microfinance Bank has continued to invest in technology to create value for customers and reach the unbanked with its digital transformation project. Presently, the e-payment channels deployed by the bank include USSD, with code *732*348#, and a Debit card for customer use. The bank has also partnered with Interswitch to deepen e-payment deployment and transactions via Quickteller channels, “he said.

O3 Capital Awarded 2022 PCI DSS Certification O3 Captital has been awarded the Payment Card Industry Data Security Standard version 3.2.1 certification 2022.

The company’s Chief Operating Officer, Mr. Taye Falana affirms the company’s full commitment to providing a secure environment which ensures cardholder data is protected all through data storage and transaction processing.

“The award of this certification is a testament to that commitment.

He said that although Customer Experience is the corner stone of the O3 philosophy, security and data protection cannot be ccompromised “This certification aligns with O3 Ca0itals growth vision which involves Pan African expansion and partnerships with international institutions that would enhance the value of the O3 Carss and the user experience, “he said.

Falana added that it was a painstaking journey as twelve

strict compliance standards have to be attained in other to acquire the PCI DSS certification; “The PCI version 3.2.1 compliance certificate was awarded to O3 Capital Nigeria Limited by a Quality Security Assessor, Sync InfoSec LLC, Roanoke Texas, USA on behalf of the PCI Standards Security Council and in partnership with Digital Encode Ltd, its Nigerian partner.”

The Chief Visionary Officer, Digital Encode, Dr Obadare Peter Adewale explained that the PCI DSS certification is an important certification for any organization whose business operation involves the storage, processing, and transmission of card data.

He also stated that PCI compliance is an important asset that assures customers that doing business with you is safe or secured.

“The financial and reputational costs of non-compliance, on the other hand, should be enough to compel any company to put data

security first. The Payment Card Industry Data Security Standard is a set of compliance requirements put together to ensure that all companies that process, store, or transmit card holder information and data maintain a secure environment. These set of requirements are globally set for compliance purpose, “he said.

O3 Capital is one of the fastest growing Neo banks in the Fintech space in Nigeria. O3 Capital provides physical and virtual credit cards to individuals, business owners and the unbanked population with limits up to N5 million. The cards are compatible with all POS, ATM terminals and E-Commerce sites in Nigeria while the mobile app O3Card (on Android or IOS) provides free and seamless transaction functionalities conveniently for all users. O3 is creating a Credit Card culture that offers total freedom and bank less financial services (Bank Agnostic).

LandWey joins Deloitte, Others as Great Place to Work LandWey Investment Limited, one of Nigeria’s leading real estate developers has joined the list of companies who for their innovative people practice and workplace culture have been certified a great place to work.

This certification was issued by the Great Place to Work Institute Nigeria, the global authority on workplace culture and employee experience, having deemed company qualified as they surpassed the minimum threshold of a 65% average trust index score. Other companies certified by the Great Place to Work Institute Nigeria

include Sterling Bank, Nigerian Breweries, Deloitte, Courtville to mention a few.

According to a survey conducted by the AIS Workplace Stress Survey, workers are often burned out or stressed by their work and this in retrospect has a significant effect on their output at work. Consequently, employers and employees face work-life balance struggles, burnouts, growth stagnation and talent deficit which is why the need for a healthy workspace environment becomes more imperative.

Speaking to this fact, the Group Managing Director, LandWey, Olawale Ayilara, in a statement issued by the company, mentioned that, “Most employers and even employees often battle the fear that the bigger a company grows, the more difficult it becomes to work in, especially in a fast-paced and competitive environment like ours in Nigeria. This is why we encourage healthy competition, reward great performance and support all our employees in their pursuit of excellence and this honor is a testament to this fact.”

Senior Consultant Digital Encode, Ekene Abuah; Chief Operating Officer, 03 Capital, Mr Taye Falana; Chief Visionary Officer Digital Encode, Dr Wale Obadare and Head Corporate Communications O3 Capital Mrs Tayo Balogun when 03 Capital received PCI DSS Certification in Lagos… recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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

43

T H I S D AY ˾ ˜ ͰͲ˜ ͰͮͰͰ

Livingtrust Mortgage Bank Grow Loans to Customers by 90.3% Kayode Tokede Livingtrust Mortgage Bank Plc reported 90.3 per cent increase in loans and advances to customers in its unaudited full year ended December 31, 2021 result and accounts released on the Nigerian Exchange Limited (NGX).

The Mortgage Bank loans to customers moved to N7.76billion in unaudited 2021 from N4.08billion reported in audited full year results

for period ended December 31, 2020.

This implies that LivingTrust Mortgage Bank gave loans up to N3.68billion to customers between January and December of 2021.

From the company’s balance sheet position, due to customers also rose by 91.1 per cent to N5.01billion in unaudited December 31, 2021 from N2.62billion reported in audited December 31, 2020.

The growth in loans to

P R I C E S MAIN BOARD

F O R

DEALS

customers and due to customers contributed to Livingtrust Mortgage Bank’s total assets that grew by 80.2 per cent to N11.35billion in unaudited full year ended December 31, 2021 from N6.3billion reported in 2020.

The Mortgage Bank grew its profit after tax by 333.4 per cent in the full year unaudited of 2021 to stand at N573.62million from N132.4million reported in audited full year ended December

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

31, 2020. Also from the profit & loss figures, it grew profit before tax by 346.8 per cent to N676.61million in unaudited 2021 from N151.4million in audited 2020 result and accounts.

Gross earnings during the period grew by 149.4 per cent to stand at N1.63billion in unaudited 2021 results, compared to N652.62 million recorded in the comparable period of 2020.

LivingTrust Mortgage Bank,

T R A D E D MAIN BOARD

A S

however, reported total operating expenses of N690.56 million in its unaudited full year ended December 31, 2021 from N408.86million reported in 2020.

The bank’s performance can be attributable to the investment by the pan-African financial services conglomerate, Cititrust Holdings Plc in 2020, which consequently changed the name from Omoluabi Mortgage Bank to LivingTrust Mortgage Bank.

O F

2 1

The Mortgage Bank focus to deliver double-figure growth is evident in its investment of a sum of N35.04 million in the purchase of property, plant, and equipment during the period compared to the corresponding period of last year when nothing was allocated to this. LivingTrust Mortgage Bank, formerly Omoluabi Mortgage Bank Plc is a public limited liability company domiciled in Osun State, Nigeria.

/ 1 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY, JANUARY 24, 2022 • T H I S D AY

44

NEWSXTRA

SERVICE OF SONGS FOR FORMER CHIEF OF NAVAL STAFF...

L-R: Representative of the Chief of the Naval Staff (CNS), Rear Admiral Akinga Ayafa; Chief of Defence Staff, General Lucky Irabor; Secretary to the Government of the Federation, Mr Boss Mustapha, and Minister of State for Health, Senator Olorunimbe Mamora, during the service of songs for the late CNS, Vice Admiral Ishaku Ibrahim in Abuja ...recently

Jonathan Tasks Nigerian Engineers on Digital Revolution, Renewable Energy Former President Goodluck Jonathan, has tasked Nigerian engineers to key into the prospects of digital revolution by innovating competitively to ensure that the nation and the African continent did not lose out on the growth and development opportunities being offered by the Fourth Industrial Revolution.

The former President noted that the extant industrial revolution characterised by the dominance of the Internet and a fusion of technologies was reshaping and changing the world at a fast rate, adding that Africa could not afford to miss out as it did in the previous technological revolutions.

Jonathan, who stated this on Friday in Abuja, at the investiture of Tasiu Sa’ad Gidari-Wudil as the 33rd President of the Nigerian Society of Engineers (NSE), further charged engineers to take the lead in the push for sustainable growth and development.

Describing engineering as the foundation for development, technological advancement and national transformation, the former President further stated that the nation has vast natural endowments to support the development of alternative and renewable energy sources.

His words: “I believe that our engineers hold the key to our economic and technological advancement, be it in the

prevailing information technology and knowledge industry or in the conventional brick and mortar infrastructural development. Our engineers should take the lead in the push for sustainable growth in the nation’s development impetus.

“I made the point at the last event of NSE that the frequent collapse of buildings in the country does not speak well of the integrity and quality of our engineering; and this is happening at a time when many developing countries can boast of several secure skyscrapers standing above 100 floors.

“Having produced accomplished engineers for this long as an independent nation, we should be aiming to take the lead in the building of quality roads, rail, and other civil infrastructural development in the country.

“It is a good thing that the person taking charge today to lead NSE is an accomplished electrical engineer, with a knack for innovation. I believe he is carefully watching global developments in the energy sector where the world is gradually migrating to renewable energy, with less attention being given to fossil sources, because of environmental concerns.

“Ours is a nation with enormous power challenges. We need relevant engineering and creative engineers not only to revamp and boost power supply,

but also to be able to diversify our power infrastructure. We need to build and consolidate a good energy mix that is required to reinvigorate the nation’s economy.

“If we diligently apply ourselves to developing alternative and renewable energy sources, we will become a force to be reckoned with in this regard, considering that we have abundant all-year-

round sunshine, several kilometres of ocean coastline and different bodies of water with significant waves, currents and wind.

“These are all natural endowments that require good engineering to make our country a champion in the development of hydro, solar and wind energy infrastructure, all of which are renewable sources.

“I must point out, as a teacher, that NSE should pay special attention to the teaching of engineering in schools to ensure that its curriculum is constantly retooled in tune with the changing needs of modern society.

“If our universities should serve as hubs for technological innovation and national transformation, the society

of engineers should be ready to play a role to ensure that engineering is recalibrated to provide transformative solutions to the challenges of our society.

“To remain a progressive nation, we should be better positioned to deploy the capacity and ingenuity of our workforce, especially in science and technology, to innovate and improve our society.”

FAAN, Bi-Courtney Pledge to Collaborate Chinedu Eze The Federal Airport Authority of Nigeria (FAAN) and Bi-Courtney Aviation Services of Nigeria (BASL), operators of Murtala Mohammed Airport (MMA2) have pledged that they would henceforth work together.

The two organisations had battled each other over the years on issues bordering on the conditions of concessional agreement given to BASL. The pledge came over the weekend when the Managing Director of FAAN, Captain Rabiu Hamisu Yadudu, led his management team on a condolence visit to the Chairman of Bi-Courtney Aviation Services, Dr. Wale Babalakin, following the recent demise of his father, retired Justice Bolarinwa Babalakin.

Receiving the FAAN delegation at his Lagos residence, Babalakin

who was obviously delighted about the visit, said, “I was pleasantly surprised when I was told that the esteemed management of FAAN was coming to visit us. I was expecting one or two persons, but to receive the whole management of FAAN in Lagos here today, I am very touched and I am most grateful.”

He further told his visitors, “Through you, again, we repeat our gratitude to the federal government of Nigeria because my father left the service 29 years ago and yet the president sent a delegation to condole with us.

“The vice president came to our home in the village. At the Fidaus, there were eight governors even though it happened within a week. So, we are grateful to Nigeria. I was stunned when I got a call from the Office of the Chief of Staff that a delegation led by Mr. Babatunde Fashola

was coming on behalf of the federal government. And I said this man (my late father) left service 29 years ago. So, this sort of gratitude from the federal government, we can never forget it.”

Babalakin added that, “And now for our own partner, FAAN, to deem it fit to come and pay us condolence, it is moving, it is touching and we are extremely grateful. And the relationship you have referred to from this day will become better and we would come to understand each other in a better way, for the furtherance of the business we do and to enhance human relations.

“My last point is that, God bless everyone. And when it is time for us to go, because as He said, we will all go, it is a matter of time, may we find ourselves in the right place.”

Responding, Yadudu said,

“About us coming, of course you should know that Pa Babalakin was an elder statesman. And for us as FAAN and Bi-Courtney, and any other individual, first thing first, we are all humans and Nigerians.

“From there, any other thing will follow. So, we never tried to forget that and this management team tries to cultivate that. At this time, we must work with people that are working with us. The relationship is first. We are doing the same thing, we are delivering service to Nigerians, adding value to the industry, I think we should celebrate ourselves.”

Yadudu thereafter prayed for the repose of the soul of the deceased and urged the family to take solace in the fact that their patriarch lived an upright life. BASL built and is managing the MMA2.

Buni Committee Has Power of NEC, NWC, Says Akpanudoedehe Dismisses summoning NEC to ratify convention date Again, court strikes out suit challenging legality of CECPC Adedayo Akinwale in Abuja and Segun James National Secretary of Caretaker/ Extraordinary Convention Planning Committee (CECPC) of the ruling All Progressives Congress (APC), Senator John Akpanudoedehe, yesterday said the Governor Mai Mala Buni leadership of the party had the power of both the National Executive Committee (NEC) and National Working Committee (NWC) of the party.

Akpanudoedehe said the committee would not summon a NEC meeting for the approval of the convention date finally fixed for February 26.

That was as a Federal High Court sitting in Port Harcourt

struck out a suit challenging the legality of the Buni-led CECPC. A High Court in Delta State had earlier struck out a similar case against the APC governing body.

APC recently fixed February 26 for the party's national convention after a series of postponements.

Article 25 (I) of the APC constitution states, "The National Convention of the party shall be held once in two (2) years at a date, venue and time to be recommended by the National Working Committee (NWC) and approved by the National Executive Committee (NEC) subject to the giving of the statutory notices to the Independent National Electoral Commission (INEC) and at least

14 days’ notice given to members eligible to attend."

However, asked if the caretaker committee would summon a NEC meeting, Akpanudoedehe said the NEC of the party had seceded its powers to the committee and as such, the committee could sit as NWC and as NEC of the party.

"We are NEC and we are the caretaker committee,” he said, adding, “We have the power of NEC and NWC." According to the party's constitution, members of NEC are National Chairmen, Deputy National Chairman (North), Deputy National Chairman (South), National Secretary, Deputy National Secretary, Six National Vice Chairmen, one from

each geo-political zone of the country (to be also known as zonal chairmen), National Legal Adviser, Deputy National Legal Adviser, and National Treasurer.

Others are Deputy National Treasurer, National Financial Secretary, Deputy National Financial Secretary, National Organising Secretary, Deputy National Organising Secretary, National Publicity Secretary, Deputy National Publicity Secretary, and National Welfare Secretary.

There are also Deputy National Welfare Secretary, National Auditor, Deputy National Auditor, National Women Leader, Deputy National Women Leader, National Youth Leader, Deputy National Youth Leader,

Special (physically challenged) Leader, Zonal Secretary, Zonal Youth Leader, Zonal Organising Secretary, Zonal Women Leader, and States’ Chairmen of the party.

Members of NEC include the president and vice president, who are members of the party, senate president and deputy senate president, speaker and deputy speaker of the House of Representatives, governors, majority or minority leader, party whip, and their deputies in the senate and house.

The NEC membership further includes two serving senators from each geo-political zone of the country, who are members of the party, to be nominated by the senators from such zone,

three members of the House from each geo-political zone, who are members of the party, to be nominated by members from such zone, among others.

Court Strikes Out Suit Challenging Legality of Buni Committee Meanwhile, delivering judgement on the suit no: FHC/ABJ/857/2021, Justice Pheobe Msuen Ayua struck out the name of the national chairman of the party, the CECPC, and the national secretary, CECPC, sued as the second, third and fourth defendants, respectively, for being non-juristic persons.

45

MONDAY JANUARY 24, 2022 • T H I S D AY

NEWS

Residents Protest as Gunmen Kill Four Persons in Plateau Community Seriki Adinoyi in Jos

Following a night attack by gunmen on Dong Community of Jos North Local Government Area of Plateau State, there was a massive protest yesterday by residents of the community demanding for justice.

The angry residents protested with placards and leaves over their heads.

They also blocked the major roads passing through the community while calling on the federal and state governments to stop the incessant killings in by suspected herders in the community.

Spokesman of the community, Mr. John Emmanuel, said: “Yesterday( Saturday), some gunmen suspected to be herdsmen invaded Dong community and went to a mining site where some people were working and opened gunfire on them, killing four persons on the spot and injuring two others who now in critical conditions in the hospital.

“So, this morning the residents of the community decided to come out to protest against the incessant killings in the community and demanded

justice. There had been series of attacks and killings in recent days without anybody brought to book.

"By this protest, we are now demanding justice.

Government cannot continue to look away while our people

are serially attacked, maimed and killed."

State Police Public Relations Officer Mr. Gabriel Ubah

said that the command was aware of the killings, adding that security men had been deployed in the area maintain

peace, while investigations are going on to unravel the perpetrators and get them arrested.

FEELING THE DANGOTE FERTILIZER…

L-R: Wife of the President, African Development Bank (AfDB), Yemisi Adesina, President/ Chief Executive, Dangote Industries Limited, Aliko Dangote; President, AfDB, Dr. Akinwunmi Adesina, and Chairman, Geregu Power Plc; Femi Otedola, during Adesina’s familirasation visit to the Dangote Oil Refinery Projects, Lekki Lagos…recently

Commission Warns Principals Labour Gives 14-day Ultimatum to Kogi over Minimum Wage against Imposing Hijab on Students in Kwara Ibrahim Oyewale in Lokoja

Hammed Shittu in Ilorin

Another religious crisis seems to be looming in Kwara State over the use of Hijab dress code in secondary schools in the state.

Meanwhile, the state Teaching Service Commission (TESCOM) has warned school principals in the state against imposing the use of hijab or beret on any students in the state.

THISDAY checks revealed that the principals of some schools in Offa and Oyun Local Government Areas in the state at the weekend sent Muslim students who used the Hijab in school to go back home.

The affected schools, according to THISDAY checks, are owned by the state government, but made to bear the names of the original

founders having been taken over since 1976 but reportedly denied Muslim girls wearing hijab entry into their respective Schools.

The Schools affected according to report are St. Clares Girls High School, Offa and Oyun Baptist High School Ijagbo among others.

The Ilorin High Court and Court of Appeal Ilorin had ruled in 2016 and 2019 respectively that state government is the owner of all schools handed-over to Muslim and Christian Missionaties since 1976.

It was learnt that, the crisis might have resulted into another religious crisis but quickly intervened by the government by convening a peace meeting with stakeholders on the issue.

Members of the organised labour in Kogi State have issued a 14day ultimatum to the Kogi State government to implement the N30,000 new minimum wage, threatening to embark on an indefinite strike action.

While addressing a media briefing in Lokoja at the weekend, shortly after the meeting of labour leaders, the

Kogi State Chairman, Nigeria Labour Congress, (NLC), Mr. Onuh Edoka, said the current administration in the state led

by Governor Yahaya Bello was yet to add any value to workers since it was elected in 2016.

Kogi State is one of the seven states yet to implement the national minimum wage as directed by the federal government.

Consequently the President

of the NLC, Mr. Ayuba Wabah had directed those affected to commence strike .

Edoka noted that the committee on minimum wage set up on February 14, 2020, by Governor Bello had refused to submit its report for the implementation of the new minimum wage and its consequential adjustment of 23 per cent.

Edoka added that, the present

administration also refused to cash back promotion arrears for workers and has continued to pay percentage salaries to local government workers and pensioners in the state without considering the present economic hardship.

He disclosed that the strike action would take effect after the expiration of the two-week ultimatum which begins from January 25, 2022.

Army Urged to Exercise Restraint in Reprisal Attacks on Abia Communities Emmanuel Ugwu-Nwogo in Umuahia Troops of the Nigerian Army from the 144 Battalion Asa have been urged to exercise restraint in their reprisal attacks on Abia oil communities of Owaza and Obuzor in Ukwa West Local Government of Abia State to avoid further killing of innocent people.

Former state Chairman of the Peoples Democratic Party(PDP), Senator Emma Nwaka made the call for restraint in a statement he issued yesterday, expressing sadness over the killing of soldiers and the attendant havoc wreaked on the communities by angry soldiers.

Two soldiers were said to have been killed by hoodlums, believed to be oil bunkerers near an oil

pipeline between Owaza and Obuzor last Monday, prompting troops to lay siege on the two communities, allegedly shooting people and burning houses indiscriminately.

"It is disheartening that these soldiers died in the course of duty to fatherland. They didn't send themselves to that checkpoint.

They were there on duty to protect lives and property,"

Nwaka said. He condoled with families of the fallen heroes and the Federal Government.

While he described the killing of the soldiers as "dastardly, horrible, and criminal assault on the integrity of law enforcement in our beloved state", the former Abia ruling party chairman said that troops should be circumspect in their revenge operations to avoid killing innocent people.

The African Diaspora Development Institute (ADDI) and a Nigerian firm, International Property Investment and Development (IPIAD), have forged a partnership to build a $2.5 billion ‘Lost City of TUSONDEL’ in Rivers State.

The project being championed

other foreign partners was aimed at bringing back descendants of Africans that were sold into slavery all over the world, and who are interested in relocating to Nigeria or re-discover their ancestral roots, families, kingdoms and villages in Nigeria.

issued yesterday said the first phase of the proposed TUSONDEL City project was estimated to cost $2.5 billion, and it is expected to attract investments of around $10 billion over a period of 10 years.

On the choice of Rivers State as

advisory board, said Bonny Kingdom was one of the oldest, richest and most famous of all the kingdoms in the region.

He stated that: "Historically, Bonny Kingdom was a major strategic trading and economic hub hundreds of years ago.

House Member Hails Firm Partners African Institute to Build $2.5bn Lost Akeredolu's Commitment City of TUSONDEL in Rivers

by IPIAD, a historical tourism IPIAD's President, Mr. Kalada the location, William-Jumbo, who to Security in Ondo Adedayo Akinwale inAbuja development firm, ADDI and William-Jumbo, in a statement is also a member of the ADDI

Fidelis David in Akure

A member representing Odigbo/Oke-Igbo/Ile-Oluji in the House of Representatives, Hon. Mayowa Akinfolarin, has described Governor Oluwarotimi Akeredolu of Ondo State investment in security as one of the most valuable achievements of his administration, declaring that the governor’s commitment to Amotekun Corps has gone a long way in reducing fears of residents of any external invasion.

The lawmaker, who stated this during an interview said the governor's commitment to protecting and sustaining the security architecture of the state is one which must be commended by all.

Akinfolarin said: "For a man considered the chief security officer of the state, also regarded as the Amotekun Generalissimo, the governor has truly lived up to the expectations of the people, particularly, in the area of security in the state and the South-west in general.

"Upon his emergence as the governor of the sunshine state, he made a salient promise to the good people of the state that he would always ensure that he leaves no stone unturned in making sure that there's a conducive atmosphere across the 18 local government areas of the state, one which he believes will herald the various progressive plans he has for the state.

Alleged Negligence: Student Slams N2.1bn Suit against Abuja School Alex Enumah in Abuja A student of Baptist High School Abuja Limited has dragged the school to court over alleged negligence which led to bodily injury he suffered while in care of the school.

The student of Junior Secondary School (JSS3) in the suit filed on his behalf

by his guardian, one Mr. Davies Dada, is specifically claiming the total sum of N2 .1 billion from the school as compensation for cost of medical treatment, cost of instituting the legal action, general as well as exemplary / punitive damages.

According to the claimant, in the suit marked CV/2437/2021,

the school failed in its duty as "loco parentis" by not noticing or providing necessary care and attention to claimant after he fell and could no longer walk while participating in the school's Physical and Health Education Practical Examination for the Basic Education Certificate Examination 2020/2021

academic session.

The fall and the alleged neglect of the school to either informed the claimant's parents or provide urgent medical attention, claimant said resulted in him suffering what doctors called "Slipped Upper Femoral Epiphysis (SUFE)" on his right leg and "Prophylactic Pinning-in-situ" on the left.

46

MONDAY JANUARY 24, 2022 • T H I S D AY

NEWS XTRA

NDLEA Arrests Six in Abuja Garden with Drug Cookies, Noodles Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA) have raided a relaxation centre, popularly called Garden in Abuja and arrested six persons for selling drug cookies and noodles.

The raid, according to a statement by the spokesman of NDLEA, Femi Babafemi, followed credible intelligence, which led to the raid of the Garden at Wuse Zone 5 behind Shoprite.

He said during the raid a woman, Rachael Famiyesun, 29, who deals in drug cookies was arrested along with her salesgirl, Stella Sunday, 20, and beside the cookies, they were also caught selling bottles of black currant drink popularly called Zobo prepared with cannabis.

Also in case the Garden, another business operator, Moses Obi, 30, was arrested with his salesgirl, Aisha Abdulrahman, 19, for selling indomie noodles prepared with cannabis.

A barman, Ahonye Jonah, 31, who works with the owner

of the Garden, was equally arrested with one of their customers, 38-year-old Ngozi Emelogu during the raid last Wednesday.

Babafemi said two days earlier, officers of the FCT command of the agency had raided the Zuba Yam Market, where a drug dealer, Haruna Hassan was arrested with 19.3 kilogrammes cannabis.

In other interceptions, attempts by drug traffickers to export 1.53 kilogrammes of cocaine hidden inside hair cream to London, and another 880 grammes of cocaine concealed inside synthetic hair to Jeddah, Saudi Arabia as well as 3 grammes of cocaine and 5 grammes of cannabis to Cyprus packed inside locally made shoes through two major courier companies in Lagos have been foiled by narcotic officers attached to the firms.

Babafemi said in Edo State, operatives last Tuesday intercepted a Toyota Camry car with Reg. No. FKJ 897 DG (LAGOS) loaded with 360.4 kilogrammes cannabis sativa heading to Abuja and arrested

the driver, Nurudeen Subaru, 42, in Auchi, Etsako West area of the state. said the following day, the Edo command officers also evacuated 111 kilogrammes cannabis stored in a bush at

Bandits have a again struck in Niger community killing one person and abducting 15 other villagers.

It was learnt that the armed men stormed Batagari Village in the Maikujeri district of Rafi Local Government at about 10pm on Saturday.

THISDAY was informed by eyewitnesses that the gunmen rode on motorcycles into the village and shot indiscriminately into the air

to instill fears into the villagers after which they started moving from house to house ransacking the buildings and taking away their valuable properties.

It was during the sporadic shooting that one person was reportedly hit by bullet and died instantly.

According to THISDAY findings, most of those kidnapped were women after the men had taken to their heels.

"The gunmen also went away with many cattle and

Yinka Kolawole in Osogbo A former Commissioner for Finance, Budget and Economic Planning in Osun State, Dr. Wale Bolorunduro, has asked The Osun Masterminds Group to direct all information relating to debt profile of the state to Governor Adegboyega Oyetola.

Bolorunduro said Oyetola was the Chairman of Debt

gross domestic product.

According to her, Nigeria remains a country of origin, a country of transit and a country of destination, hence, the country is not against migration but posited that Nigeria is in dire need of a migration policy that works for everybody, adding that the team from her agency and that of the foreign affairs would be in South Africa, to meet with other global stakeholders aimed at discussing how to strengthen labour migration policies.

It has emerged that the reconciliation committee of the All Progressives Congress

other household items" the eyewitness told THISDAY. There has been no official confirmation of this incident but THISDAY can recall that Rafi Local Government and some adjoining communities and neighboring local governments have been under the siege of gunmen in the last one week.

Last week three policemen and two men of the local vigilance were killed by terrorists who stormed Kwana Dutse village in the Mariga local government of the state.

She said that the last review was done in 2015 and NCFRMI, being the lead agency for migration for government, “ we are the custodians of the migration policy. It is about to undergo a review.”

The first joint Migration Dialogue with the Civil Society Day was conducted in collaboration with the CSONetMADE and IOM. This is in recognition of the role being played by the civil society organisation as key stakeholders in migration management.

Shangisha Landlords React to Planned Probe of Malami, IG, Say It’s Needless Witchhunt Bennett Oghifo The Shangiha Landlords Association, has reacted to the planned probe of the Attorney General and Minister of Justice, Abubakar Malami, (SAN), and the Inspector-General of Police, Usman Baba Alkali in the execution of the court judgment at Magodo Estate in Lagos State, described it as a needless witchhunt.

According to a statement yesterday by the Counsel, Shangisha Landlords Association, Deji Fasusi, the call for probe was

the handiwork of two members of the House of Representatives from Lagos State, who were either acting on behalf of themselves or in connivance with some disgruntled members of their association.

The association, therefore, said, "This attempt at a needless probe is nothing but a witch-hunt and it is a legislative over-reach in all the circumstances.

"The Judgment-creditors (Shangisha Landlords Association) are certainly not surprised that the motion seeking to probe the Attorney-General of

to the arrest of three drug dealers: Kelly Ogbebor, 38; Daniel Oviawe, 35, and Kelly Kenmakonam, 29 with different quantities of cocaine and heroin seized from them.

Management Office under the administration of Ogbeni Rauf Aregbesola and can therefore, not shy away from his responsibility to tell the people the loans that were taken and what they were used for.

In a statement yesterday, the former commissioner said Oyetola was the supervisor of all debts issues and was the

government official who sat over all cases of approvals for allocation of funds for projects.

The Osun Masterminds Group had last week asked Oyetola to demand from Aregbesola the debt profile of the state.

Reacting to the request of the group, Bolorunduro said it was clear that The Osun Masterminds was sponsored

by and working for Governor Oyetola.

Bolorunduro said: “They have posed questions to Governor Oyetola and I have no choice than to let it be ab-initio, because of the following reasons: He was the Chairman of the Board of Osun Debt Management Office during the tenure of Ogbeni Aregbesola."

Abia APC’s Reconciliation Committee Hit by Partisanship

Emmanuel Ugwu-Nwogo in Umuahia

Migration Policy to be Reviewed Soon, Says Commissioner The Federal Commissioner, contribute 10 per cent of global National Commission for Refugees, Migrants and Internally Displaced Persons (NCFRMI), Hon. Imaan Sulaiman-Ibrahim, yesterday disclosed in Abuja that the country’s migration policy is at the verge of being reviewed.

Underscoring the importance of the review, she stated that migrants are a remarkable engine for growth as they account for more than 250 million around the world, which makes up three per cent of global population and

Agenebode, Etsako East while moving the drug in a Lexus saloon car with registration number ABC 583 MJ (ABUJA).

He said last Wednesday, a raid on a drug joint in the Edo state capital, Benin, led

Oyetola Best to Provide Answers on Osun Debt Profile, Says Ex-commissioner

Bandits Strike Again, Kill One, Abduct 15 Villagers in Niger Community Laleye Dipo in Minna

Iruekpen, Esan West local government area while 276 compressed blocks of the same substance weighing 248.4 kilogrammes were recovered from one Austin Okongwu (a.k.a Igwe), 45, at

the Federation and the InspectorGeneral of Police were moved by two (2) members of the House of Representatives representing Kosofe: Ademorin Kuye and Rotimi Agunsoye.

"The duo are illegal occupants on portions, part and/or plot within the Magodo Shangisha GRA Phase 2, Lagos, which by virtue of the Judgment of the Supreme Court, ought to belong to the Judgment-creditors. They are beneficiaries of an illegality, who have now decided to use the positions they occupy to subvert the cause of justice.”

(APC) has plunged into stormy water in Abia State following allegations that the committee was trying to use the back door to give upper hand to the faction that lost at the congress.

The Abia chapter of the ruling party had been involved in power tussle between the faction led by Hon. Donatus Nwankpa with the backing of Senate Chief Whip, Senator Orji Uzor Kalu and the group loyal to the Secretary of APC Contact and Strategy Committee, Chief

Ikechi Emenike.

It was expected that the outcome of the APC congress would have put paid to the power struggle as the Emenike loyalists defeated their opponents at ward, local government and state congresses thereby taking firm control of party structure.

But the congress losers are now said to be looking up to the nine-member reconciliation committee led by the former governor of Nasarawa State, Senator Abdullahi Adamu

to give them a life line by leveraging on the long-standing relationship between him and Senator Kalu.

A chieftain of Abia APC, Mr. MacSolomon Alozie, who is the acting Chairman of the Rural Electrification Agency, expressed the alarm among the party faithful, noting that the body language and conduct of the Senator Adamu was already betraying his bias and partiality in handling the Abia APC leadership tussle.

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MONDAY, ͺͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Tunisian Captain, Youssef Msakni (left) was the hero last night as the Carthage Eagles defeated Super Eagles of Nigeria 1-0 to reach the quarter final of AFCON 2021 in Cameroon.

PHOTO: BBC

Beaten Super Eagles Crash out of AFCON in Cameroon Augustine Eguavoen steps down, reverts to Technical Director role

Duro Ikhazuagbe Tunisia last night ended Nigeria’s quest to go far in the ongoing 33rd Africa Cup of Nations in Cameroon as the Carthage Eagles from North Africa qualified for the quarter finals with a lone goal victory in Garoua.

With the defeat ended moves to have interim Coach Augustine Eguavoen retain the job on a permanent basis. He is to revert back to his Technical Director role when

RESULTS B’ Faso 1-1 Gabon (7-6 AP) Nigeria 0-1 Tunisia

(Monday Jan 24) Guinea v Gambia (5pm) Cameroon v Comoros (8pm)

(Tuesday Jan 25) Senegal v Cape Verde (5pm) Morocco v Malawi (8pm)

Eagles land in Abuja tomorrow.

The Carthage Eagles who qualified as one of the third placed teams from the group stage are to meet Burkina Faso that edged Gabon 7-6 in penalty shootouts.

Tunisia’s game plan to muscle out Moses Simon worked perfectly.

After a barren first half in which the Tunisians frustrated Nigeria’s wing play that gave Eagles three straight wins in the group stage, Youssef Msakni long range volley from outside the box easily beat badly positioned Super Eagles goalkeeper Maduka Okoye two minutes into the second half.

Nigeria's task was even made harder when Alex Iwobi who came on for Kelechi Iheanacho in the 59th minute was sent off barely six minutes on the pitch following a VAR review of his perceived dangerous tackle on a Tunisian.

Coach Augustine Eguavoen was expected to change Super Eagles game-plan in that second half when it became obvious that the long balls to the Nigerian forward line spearheaded by Simon, Taiwo

Osimhen Assists Napoli Beat Salernitana Nigerian international, Victor Osimhen, yesterday made a 64th minute appearance for Napoli for the second time since his return from the cheekbone injury. Napoli thrash visiting Salernitana 4-1 in Serie A on Sunday.

The win move Napoli to 49 points, four points behind leaders Inter Milan.

Osimhen was up against two Nigerian internationals Joel Obi and Simy Nwankwo in the Salernitana line up.

Juan Jesus opened scoring for Napoli in the 17th minute but Salernitana equalized with Obi involved in the build up to the goal.

On the stroke of half-time, Eljif Elmas dribbled into the box and

SERIE A was surrounded by defenders, Frederic Veseli with the ill-advised challenge for a penalty, which Dries Mertens converted to put Napoli 2-1 up.

In the 47th minute, Amir Rrahmani made it 3-1 when Zielinski flicked a header backwards, Mertens flashed his assist across the face of goal for the defender to bundle over from close range with his knee.

And in the 53rd minute Napoli were awarded another penalty which Lorenzo Insigne converted, allowing him to equal Diego Armando Maradona’s 115 goals for the club.

A F R I CA C U P O F N AT I O N S Awoniyi and Iheanacho was not effective. But curiously, that didn’t happen until he made some rash substitutions bringing in the likes of Sadiq Umar, Peter Olayinka and lately Ahmed Musa.

The first half was generally cagey as both teams were full of respect for each other. Joe Aribo saw his

effort from inside the box crash against the side netting after 12 minutes as Nigeria enjoyed more of the possession, while the North Africans were content to stay compact back in their defence.

Mskani’s goal however caused an urgency in the Eagles play before they suffered Iwobi’s blow for that

tackle.

Simon’s predictable play limited Nigeria’s options and he was shut out by his Tunisian markers.

The ineffective Samuel Chukwueze threatened the Tunisian goal in the 72nd minute, but his effort missed target.

Goalkeeper Okoye was then forced to pull off a big save off Sliti three minutes later, before substitute striker Umar came close

to drawing Nigeria level twice.

The UD Almeria striker first threatened the Tunisian goal in the 78th minute and then in stoppage time his shot from inside the box narrowly missed target with the goalkeeper well beaten.

The defeat was Tunisia’s revenge for the third place defeat they suffered against Nigeria at the last edition of AFCON in Egypt three years ago.

Burkina Faso Edge Gabon in Epic Shootouts Burkina Faso edged 10-man Gabon 7-6 on penalties – after a 1-1 draw – in an epic Total Energies Africa Cup of Nations round of 16 clash at the Limbe Stadium on Sunday evening.

The Stallions really should have won the game in regulation time, having enjoyed a lead established through Bertrand Traore for over an hour (and against a team which was reduced to 10 men), but the Panthers simply refused to be beaten and sent the game to extra time and penalty shootout which went nine rounds before they were finally put away.

Gabon created most of the early play, but did not fashion any clear chances with which to test Burkina Faso goalkeeper Herve Koffi.

The Stallions then won a debatable penalty on 14 minutes, with Issa Kabore’s powerful run down the right ended by a challenge from Sidney Obissa, who was adjudged to have pushed over the Burkinabe attacker by Moroccan referee Redouane Jiyed.

Bertrand Traore took the spot kick, but his left-footed shot rattled the crossbar and rebounded high into the air before being safely cleared from danger.

Traore made up for his penalty miss with a crisp finish on 28 minutes to put Burkina Faso 1-0 up, running onto Dango Outtara’s superbly-weighted pass before sweeping a low shot past the advancing goalkeeper Jean-Noel

Amonome – with the ball finding the back of the net via the inside of the post.

The Panthers’ Aaron Boupendza thought he had scored an outstanding equaliser on 41 minutes, having picked up a diagonal ball to the left of the penalty area before cutting inside and finishing with his right foot, but the offside flag ruled out his effort to leave the score 1-0 in favour of Burkina Faso at the interval.

Gabon made three changes within the opening five minutes

of the second half, sending on Louis Ameka Autchanga, Denis Bouanga and Axel Meye.

They created a couple of good chances to level the game, with Meye and Boupendza getting in each other’s way to meet a right-wing cross just before the hour mark, while shortly thereafter Guelor Kanga tumbled under a challenge which could have brought a penalty but was ignored by the VAR. The Panthers then suffered a major blow midway through the second half when Obissa, already

on a yellow card, pulled back Dango Ouattara on the edge of the box and was shown a second caution – reducing Gabon to 10 men.

The Panthers’ desperate scrambling at the back was not in vain, as defender Bruno Ecuele Manga brought them level in the first minute of injury time at the end of the 90: the centre-back rose highest to meet a corner kick and headed home via a deflection off Adama Guira for 1-1 – and an extra half hour of play!

Aduda Applauds Mark D’ Ball Championship Olawale Ajimotokanin Abuja The Senator representing the Federal Capital Territory (FCT), Philips Tanimu Aduda has applauded the initiator of Mark D’Ball Basketball Championship, Igoche Mark for organising the event.

Aduda was one of the dignitaries at the final of this year’s Mark D’ Ball Women Basketball Championship held at the Indoor Sports Hall of Moshood Abiola Stadium Abuja at the weekend.

He described Mark D’Ball initiative as a positive development that will better the lot of the players in the country.

The senator promised to partner Mark D’Ball Basketball

Championship organisers to improve the fortunes of players in the FCT and Nigeria in general.

Aduda said the collaboration with the Mark D’Ball championship will sustain the competition and improve the lot of the players in the country.

“There is the need to sustain this Mark D’Ball Basketball Championship and develop the game in the FCT. Sustainability is key in the development of the game.

“Basketball is a game that I am in love with because I grew up playing it when l was in Zaria alongside Skambo Morrison. So, I commend the organiser of Mark D’Ball and I will partner him to grow the game in FCT and

Nigeria in general,”Aduda said.

Nigeria Customs Ladies defeated First Bank of Lagos 54-49 to win the cup and pocket a N1 million cash prize while the runners-up, First Bank, were rewarded N750,000.

Kada Angels of Kaduna on Friday eveningedged Sunshine Angels of Akure 68-66 to win the losers final, and prize money of half a million Naira.

Multiple musical award winner, 2Baba; Joel, Goya Menor, Daddy Showkey, MC Smart, Pastor Nicodemus, Chucks D’General all performed live at the final ceremony which also served as the opening ceremony of the men’s championship which will run for 12 weeks and feature 24 teams.

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Monday January 24, 2022

UT H

& RE A SO

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Price: N250

MISSILE Gov Ortom to Herdsmen “’We have decided to revise the charges for cows impounded in Benue State.

Henceforth, if any cow is impounded, the owner will pay N50,000 instead of N2,000.

An additional N20,000 will be paid daily and if the cows are not taken away from the quarantine center after seven days, they will be auctioned. All these we are doing to tell anyone involved in open grazing that it is wrong” – Benue State Governor, Samuel Ortom, warning herdsmen to desist from open grazing in the state.

MAHMUDJEGA VIEW FROM THE GALLERY

Zoning, Subsidy as Traffic Jam F aced with two manifest jams on the national scene these days, I could not help but remember Lagos medical practitioner Dr. Bode Oladimeji. Back in 1994 when General Sani Abacha refused to revalidate the June 12 election and instead called for elections into a National Constitutional Conference, NADECO called for a boycott in the South West states. Oladimeji defied the boycott and contested. When a reporter asked him why, he said, “I see this June 12 like traffic jam. Even if you have right of way but someone comes and blocks your path, you either let him pass so you can also pass, or you insist on your right of way and all of you will stand there.”

The National Assembly appeared to remember Oladimeji last week when it bowed to the President’s veto of the Electoral Act Amendment Bill, rather than try to override it with an unattainable two-thirds majority, as some people urged it to do. Since the president said he won’t sign the bill into law because of the provision that makes it mandatory for all political parties to hold direct primaries, both chambers of the National Assembly amended the clause and allowed the three options of direct, indirect and consensus to prevail. In other words, since the president blocked the bill traffic jam style, they allowed him to pass so that the Electoral Act will also pass.

Fears were that the delay in passing the Electoral Act amendment bill would affect preparations for next year’s polls. INEC has not released the election timetable, saying it cannot do so unless it sees the enabling law. Nothing spoil. Those who think that direct primaries are the panacea for all the ills of Nigerian politics still have a chance to “write their names in gold” by going to the political parties, one by one, and convincing them to adopt direct primaries.

I saw no such Oladimejian wisdom at last month’s Abuja convention of the Action Alliance, which dissolved in chaos, with delegates shouting at one another at the top of their voices both inside and outside the convention hall.

Some members were trying to force out the party chairman, but he in turn said the event was not a properly convened convention, that he only attended it because he received an invitation to attend a birthday party! Neither side allowed the other to pass, so they all stood there.

Other areas in our national life today could do with Oladimeji’s wisdom. The two major political parties, for example, are deadlocked over zoning of their presidential tickets. In the case of APC, it is deadlocked over the zoning of national party offices as well. What a difference 43 years make! When some newspapers

Oladimeji

first reported in late 1978 that NPN had adopted a “zoning” formula, it was so scandalous that its spokesmen and party leaders denied it. Today, zoning is a fundamental principle of Nigerian politics at all levels.

There were rumours last week that APC had zoned its national chairmanship to North Central. It seemed to be the case because most of the big candidates vying for the post are from that zone. But there are others, such as Ali Modu Sheriff and Abdul-Aziz Yari. Neither ofthese men is known to take “no” for an answer. Sheriff completely stalemated PDP 5 years ago when it tried to replace him as party chairman with Senator Ahmed Makarfi.

It took a very protracted court case, all the way to the Supreme Court, before Sheriff was removed and he promptly defected to APC. Yari did more than that. Then APC chairman Adams Oshiomhole and Yari pushed and pulled and refused to heed

the Oladimeji option until APC won every available seat at the 2019 polls in Zamfara State, then lost every one of them through the courts before it did not hold primaries supervised by INEC. Would either man accept it if he is zoned out of this race?

What could APC do now to avoid trouble? Let me give it a free advice.

It could say the field is left open for candidates from any zone. Party leaders could then quietly decide on which zone it is in the party’s best strategic interest to produce the chairman, then go ahead and ensure that a candidate from that zone emerges.

It will not be the first time this is happening. In 1999 PDP zoned its presidential ticket to the South. But when Alhaji Abubakar Rimi insisted on contesting, he was allowed to, for fear that he may go to court and torpedo the whole thing. Party leaders then coalesced around Obasanjo and ensured he got the ticket. In 2003, Rimi and Dr. Alex Ekwueme contested even though the discrete consensus among PDP leaders was for an Obasanjo second term. In 2007 too, Alhaji Umaru Yar’adua won PDP’s ticket against opponents from various zones, including Chief Rochas Okorocha, who came second.

Right now, the two major parties are eyeing each other as they seek to zone their tickets. The conspicuous absence of Northern presidential aspirants in APC suggests that there is a moral consensus to produce a southern candidate. However, it may not be strategic to announce it at this stage because most APC supporters are in the North. There has been a lot of bad blood between North and South of late, occasioned by many events such as ban on open grazing,IPOB and Sunday Igboho activities, attempt by Lagos and Rivers states to seize VAT collection, and Southern Governors Forum’s strident campaign for a Southern president.

Unless APC supporters in the North are carefully and methodically made to adjust to the reality of a Southern candidate, they could desert the party en

What a difference 43 years make! When some newspapers first reported in late 1978 that NPN had adopted a “zoning” formula, it was so scandalous that its spokesmen and party leaders denied it. Today, zoning is a fundamental principle of Nigerian politics at all levels

masse in next year’s election. Leading a horse to the river is one thing; making it to drink is another thing.

On the other hand, PDP presidential aspirants are emerging from both North and South. Most of the major ones are from the North but in recent times, Anyim Pius Anyim and Sam Ohuabunwa have emerged from the South East, with Peter Obi likely to jump in as well, while Nyesom Wike’s shadow looms large.

Even though PDP has more support in the South than in the North, its most prominent candidates for now are Northerners, including Atiku Abubakar, Bukola Saraki and Aminu Tambuwal.

It must figure out what to do, if as one party chieftain said,PDP’s top priority is not sentimental Southern candidacy but to return to federal power next year.

Certain socio-economic quagmire situations in our national life could do with Oladimeji’s wisdom as well.

Such as, whether or not to end the costly fuel subsidy regime this year. Finance Minister Zainab Ahmed and NNPC Group Managing Director Mele Kolo Kyari both said subsidy will soon end. They relied on the provisions of the Petroleum Industry Act [PIA] signed into law late last year.

No senior Federal Government official disputed their assertion, until last week when signs emerged that President Buhari was having a rethink. Senate President Ahmed Lawan said after meeting him that Buhari did not instruct anyone to end fuel subsidy. Maybe he didn’t, but he signed PIA into law.

Big Labour’s intimidation seems to be working. Unlike in 2016 when NLC’s general strike against fuel price increase flopped, this time around it could garner substantial public support. For one, the Administration is much less popular; the envisaged jump in fuel prices is much bigger; citizens are still reeling from two economic recessions in five years and a pandemic. To boot, a general election is looming. PDP strategists must be praying for Buhari to totally deregulate fuel prices this year, which could bring it back to power.

On the other hand, if you don’t deregulate, NNPC’s contribution to the Federation Account has reduced to a trickle due to under-recovery from fuel imports and could hit negative soon.

Federal Government may soon have to balance NNPC instead of receiving something from it! To boot, state governments may soon be unable to pay workers’ salaries. Which is worse? Not to be paid your salary, or to get your salary only to find out that inflation has severely eroded it?

Between the motorist with right of way and the interloper, one should give way here. The question is, who has the right of way and who is the interloper in this case who caused the traffic jam?

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