TUESDAY 6TH FEBRUARY 2024

AfDB Ready to Disburse $540 Million SAPZs Fund to States Oyo, Cross River, Kaduna, Imo, Kano, Kwara, Ogun, FCT first set of beneficiaries Shettima: It’s time for govt, partners to walk the talk Deji Elumoye in Abuja All is set for the African Develop-

ment Bank (AfDB) to commence the disbursement of $540 million to the first phase of states in Nigeria

for the development of Special Agro-Industrial Processing Zones (SAPZs).

This was just as Vice President Kashim Shettima, called for immediate action, urging the government

and its development partners to walk the talk.

As part of moves by the Nigerian

government and the bank to ensure Continued on page 12

Bank Directors Back CBN's Reforms Initiatives, Urge Industry Compliance... Page 12 Tuesday 06 February, 2024 Vol 29. No 10527. Price: N400

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Buckingham Palace Says Britain’s King Charles Diagnosed with Cancer Emmanuel Addeh in Abuja

Britain’s King Charles has been diagnosed with a form of cancer and the 75-year-old will postpone public-facing duties while he undergoes treatment, Buckingham

Palace said yesterday.

Charles, who became king in September 2022 following the death of his mother Queen Elizabeth, is “wholly positive” about his treatment and looks forward to returning to full public duty as

soon as possible, the palace said.

Charles spent three nights in hospital last month where he underwent a corrective procedure for an enlarged prostate. The palace said a separate issue of concern had been spotted during the hospital

visit, but did not give any further details beyond saying the king had a “form of cancer”. A royal source told Reuters that it was not prostate cancer.

“His Majesty has today commenced a schedule of regular

treatments, during which time he has been advised by doctors to postpone public-facing duties,” the palace said. “Throughout this period, His Majesty will continue Continued on page 12

Prince Charles

FG Expresses Concern over Rising Cost of Living, Protest in Minna

Says situation caused by demand, supply forces Govt looking forward to good harvest that will reduce prices Yusuf declares Kano people dying of hunger Bago blames food speculators LP advises Tinubu to seek help in time

Chuks Okocha, James Emejo in Abuja, Laleye Dipo in Minna and Ahmad Sorondinki in Kano Minister of Finance and Coordinating Minster of the Economy, Mr. Olawale Edun, yesterday, said the rising prices of food and commodities in the country had become increasingly worrisome for the federal government.

Edun said the situation, which had produced growing discontent among the citizenry, was triggered by demand and supply forces.

The minister spoke in Abuja during a bilateral meeting with a visiting German delegation, led by that country’s Minister of Economic Cooperation and Development (BMZ), Ms Svenja Shulze.

Edun’s comments came as protests rocked Niger State yesterday, as some youths and women resented what Continued on page 12

sanwo-olu visits China Railway Rolling Stock Corporation...

L-R: Vice President of China Civil Engineering Construction Corporation (CCECC), Mr. Michael Jiang; Governor of Lagos State, Mr. Babajide Sanwo-Olu; President of China Railway Rolling Stock Corporation; Mr. Sun Rongkun and an official of the Rolling Stock Corporation during the governor’s visit to the China Railway Rolling Stock Corporation in Dalian, China...on Sunday

Okowa Doesn't Interfere in Governance of Delta, He Respects the Office of Governor, Says Oborevwori... Page 35

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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322, 0807 401 0580

NEWS

SIGNING OF $75 MILLION CREDIT FACILITY BETWEEN ACCESS BANK AND JCA...

L-R: United States Consul General to Nigeria, Will Stevens; Managing Director, Citibank Nigeria, Ireti Ogbu; Managing Director/Chief Executive Officer, Access Bank Plc, Roosevelt Ogbonna; Ambassador of Japan to Nigeria, Kazuyoshi Matsunaga, and Senior Deputy Director General, Private Sector Partnership and Finance Department, Japan International Cooperation Agency (JICA), Jin Wakabayashi, at PHOTO: SUNDAY ADIGUN the signing of a $75million credit facility between Access Bank and JICA in Lagos, yesterday.

NAFDAC: Over 50% of Foreign Pharmaceutical Products Imported into Nigeria with Fake Certificates

Onyebuchi Ezigbo in Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) has classified more than 50 per cent of the certificates of pharmaceutical products imported into Nigeria as fake.

The Director-General of NAFDAC, Prof Mojisola Adeyeye, disclosed this at a stakeholders' engagement meeting with regulators, policymakers, and law enforcement agencies yesterday, in Abuja.

She said Nigeria and other countries in Africa had agreed with the World Health Organisation (WHO) to ensure that products coming to

the region were of quality through the issuance of quality assurance certificates.

Certificate of pharmaceutical product is issued in the format recommended by the World Health Organisation, and it establishes the status of the pharmaceutical product and the applicant for the certificate in the exporting country.

It is for a single product only since manufacturing arrangements and approved information for different dosage forms and different strengths can vary.

Adeyeye, said the goal of the meeting with the stakeholders was to ensure that medical products in

Nigeria Renews Suspension of Flights to Niger as Part of ECOWAS Resolutions

Chinedu Eze

The federal government has renewed the suspension of commercial flights from Niger Republic to Nigeria and from Nigeria to the nation’s northern neighbouring country.

This was part of the Economic Community of West African States (ECOWAS) resolutions against Niger Republic, which on July 26, 2023 ousted its duly elected President, Mohamed Bazoum in a coup and replaced by the Military junta, General Abdourrahamane Tchiani.

The restriction included the directive that no commercial flight from Niger should overfly Nigerian airspace and no flight from any Nigerian state should overfly Niger’s airspace.

This directive (Notice to Airmen (NOTAM) was contained in a letter

titled: ECOWAS Restriction on the Republic of Nigeria, from the Nigerian Airspace Management Agency (NAMA) Aeronautical Information Services dated February 2, 2024 and signed by the Director of Air Traffic Services, Tayo John, on behalf of the agency’s Managing Director and Chief Executive.

The letter stated: “In accordance with ECOWAS resolutions, all commercial flights from Niger to Nigeria, or from Nigeria to Niger, or from Niger overflying Nigeria, or from any state overflying Nigeria to Niger are suspended.”

However, the letter added that, “These restrictions do not affect: (a) Overflight aircraft through Niger airspace; (b) Aircraft in a state of emergency and (c) Special flights.”

Continues online

circulation are of the right quality, safe and efficacious.

She noted that substandard and falsified products were threatening access to safe efficacious and affordable medicines, and undermine the achievement of universal health coverage in Nigeria, and Africa.

"We have 55 countries in Africa and we belong to the member states globally and we agreed to ensure that products coming to the region are of quality and WHO created a scheme called certificate of pharmaceutical product, and what this means is that if we send a certificate of pharmaceutical product out to another country, we are assuring the receiving country that it will be of quality.

"Most of our medicines come from South East Asia and we belong to the member states too. We have a scheme where before medicines

that were approved leave that part of the world, we do pre-shipment testing, and that comes with CPP to assure us of quality, but that is not the case, because through our scheme we have been able to stop over 140 products that were approved from coming in.

"We found out that more than 50 per cent of the CPPs that come into our country are fake. Part of the responsibility is our people that go to China or India and we are going to deal with it. It's a Member States issue, and we are going to deal with it.

"We are very stringent than ever and there is no cutting of corners, we have blacklisted many companies, we have sanctioned them because we want people to respect our own people.

"Trade is a mutual agreement and if that agreement is harming

Emmanuel Addeh in Abuja Two ministers from the Kingdom of the Netherlands landed in Nigeria yesterday in both countries’ bid to strengthen bilateral relations between them.

A statement from the Dutch embassy in Nigeria said the visit was a testament to the enduring ties between the Kingdom of the Netherlands and the Federal Republic of Nigeria.

It named the visitors as the Dutch

Minister for Foreign Trade and Development Cooperation, Mr. Geoffrey van Leeuwen, alongside the Minister for Migration, Mr. Eric van der Burg.

According to the statement, during the two-day visit, discussions will focus on the cooperation between Nigeria in the field of politics, economics and migration as well as consular activities.

It noted that the highlight of the visit will be the extension of the bilateral Memorandum of

To feature CBN Governor, FIRS Chair, Ministers of Finance, Budget and Planning

The House of Representatives is set to hold the second edition of its Sectoral Debates/Dialogue today, as part of its periodic Policy Brief Series.

It also disclosed that this edition of the dialogue billed for the financial sector was scheduled to feature key stakeholders in the sector such as the Minister of Finance, Minister of Budget and Planning, Governor of the Central Bank of Nigeria (CBN) and the Chairman of the Federal Inland

Revenue (FIRS).

According to the statement issued by the spokesperson of the House of Representatives, Hon. Akin Rotimi, yesterday, the Clerk of the House, Dr. Yahaya Danzaria, disclosed this in a communication titled “Notice of Sectoral Debates with Financial Sector Stakeholders."

Rotimi stated that the communication notified Members of the Dialogue while encouraging them to prepare contributions that would enrich the quality of the debates.

He revealed that, "Agenda One:

medicines, both the ones that are locally manufactured and the ones that are imported.

"NAFDAC is doing its best to fight substandard and falsified medicines and products based on three thematic areas, which are to prevent, detect, and respond. It is a community effort to fight this and we seek partnership to find out lapses so we can fight it," she stated.

In 2022, WHO certified NAFDAC as a stable, well-functioning, and integrated regulatory system maturity level 3 rating scale of the Global Benchmarking Tool.

By this, NAFDAC is eligible for inclusion into the transitional WHO Listed Authority, a list that comprises world’s regulators of reference – that is, regulatory authority that should be globally recognised as meeting WHO and other international standards.

Dutch Ministers Visit Nigeria in Effort to Strengthen Bilateral Ties

House to Commence 2024 Policy Brief Series Today Juliet Akoje in Abuja

one part of the agreement, we will stop it. If a company is suspected to be compromising, in two hours we will be there, and we will shut the company down," she noted.

The NAFDAC boss lamented that the high prevalence of substandard and falsified medicines in Africa had become a major threat to public health.

According to her, the prevalence of substandard and falsified medicines in the region was due to limited regulation processes.

"Only about 10 per cent of national regulatory agencies have attained maturity level three. What leads to maturity level three is market control, and that is one of the nine models of maturity level three, so we have a lot of work to do in Africa.

"The NAFDAC's mandate puts a burden on us to see a reduction in substandard and falsified

Strengthening Good Governance" of the People’s House Legislative Agenda, the series forms part of initiatives by the Rt Hon. Abbas Tajudeen-led House to promote transparency and accountability in government operations.

"The Debates Series also has 'strengthening of legislative oversight of key Ministries, Departments and Agencies (MDAs) of Government', as well as the 'promotion of smooth legislative-executive relationships for good governance' as its objectives."

He recalled that upon resump-

tion of plenary for the year, the Speaker of the House of Representatives, Hon. Abbas Tajudeen, had noted that the State of the economy was of grave concern to the House, while stressing that the country was grappling with numerous hurdles impeding our growth trajectory.

Abbas further underscored the need for the legislative arm to align efforts with the executive arm towards ensuring that its initiatives are effectively implemented and yield tangible results for every Nigerian.

Understanding (MoU), in which the countries agree to further deepen engagement, notably in the aforementioned fields.

The signing of the MoU, it said, marks a significant milestone in the relations between the two countries.

The Dutch embassy added that in Abuja, the ministers will engage in meetings with Nigerian ministers, government officials, heads of parastatals, partner organisations and the embassy’s youth advisory committee to deliberate on a myriad of topics and learn even more about Nigeria from different segments of the population.

“With the signing of the MoU’s renewal, we are eager to further enhance and expand upon our already excellent relationship.

We look forward to deepen our collaboration in the fields of politics, economics and migration,” the statement quoted Van Leeuwen as saying.

The embassy explained that the visit symbolises not only diplomatic ties between both countries, but also the collective resolve to navigate challenges and leverage opportunities for positive impact globally.

In addition to the signing of the bilateral MoU, another highlight of the visit, it said, is the strengthening of the migration partnership, a significant element of the relations between the two countries.

The ministers, according to the release, will engage in comprehensive discussions with various stakeholders and youth representatives during their visit.

“These dialogues aim to provide a platform for robust conversations, reflecting the commitment to inclusivity and the perspectives of the younger generation whose input in policy continue to be a focus in the Netherlands as expounded in its youth-at-heart strategy.

“In Nigeria, where the majority of the population is under 30 years old, the Netherlands considers youth engagement of particular importance,” it added.

Besides, the embassy said the visit will also extend to the economic hub of Nigeria, Lagos, where the ministers will deliberate on various facets of the Netherlands-Nigeria economic and trade cooperation, as well as the migration partnership.

“The economic and trade cooperation is vast and spans various fields, including agriculture, IT, circular economy, healthcare and renewable energy. Various meetings will further solidify our expanding cooperation and explore new avenues for mutual benefit.

“This visit underscores the shared commitment of the Netherlands and Nigeria to fostering positive impact and a prosperous future,” the statement concluded.

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NEWS

WESTERN STATE GOVERNORS MEET VICE PRESIDENT...

L-R: The new Kogi State Governor Ahmed Ododo; Chairman of the Governors Forum and governor of Kwara state, AbdulRahim AbdulRasaq; Vice President Kashim Shettima; new Ondo State Governor, PHOTO: GODWIN OMOIGUI Lucky Aiyedatiwa and Taraba State Governor, Agbu Kefas during a meeting with Vice President at the Presidential Villa Abuja...yesterday

Senate to Raise Customs Revenue Target from April NCS: Smuggled vehicles owners may soon have three months to perfect documents

Sunday Aborisade in Abuja The Senate yesterday told the Nigeria Customs Service (NCS) that the N5.079 trillion 2024 revenue target of the agency would be reviewed upwards from the second half of the year to save the country from further borrowings.

Chairman, Senate Committee on Customs, Isah Jibrin, stated this

at a meeting with the Comptroller General of the NCS, Adewale Adeniyi and top management of the Customs.

Jibrin said, “first of all, Nigeria is saddled with lot of debt obligations and we need to wriggle ourselves out of that trap and one of the ways to do that is internally generated revenue.

"Customs is one of the major

providers of internally generated revenue and as it is today, we expect them to play one of the major roles in this drive to reduce our debt burden.

“We need to pay off what we are owing now and minimise additional loans we are going to take.

"Customs is in a very good position, if they are able to block all perceived leakages, they should be able to generate significant amount

of income that will enable Nigeria get out of debt at least partially."

The Kogi East Senator explained that the concessions given to some sectors of the economy, especially, agriculture, was to encourage those who are into agricultural services, solid minerals and those whose services have direct impact on the economy.

He said, “If somebody is

Tinubu Mourns Renowned Actor, Poet and Playwright, Jimi Solanke He’s worthy ambassador, says Abiodun Deji Elumoye in Abuja and James Sowole in Abeokuta President Bola Tinubu, yesterday, said he received with heavy heart, the news of the demise of Nigeria's renowned actor, dramatist, folk singer, poet, and playwright, Mr. Jimi Solanke, who died yesterday at 82.

The president, in a release by his Media Adviser, Ajuri Ngelale, mourned the literary and cultural virtuoso and described him as one of the finest of Nigeria's creative artists and bastion of her cherished mores and cultural

heritage.

Tinubu condoled with the Solanke family and all those who mourn this painful loss while praying for the peaceful repose of the beloved departed.

Meanwhile, the Ogun State Governor, Dapo Abiodun, has described the death of Solanke as a colossal loss to the theatre community and the state, saying he was a worthy ambassador.

The governor also condoled with the family of the veteran poet and dramatist and the people of Ipara-Remo in Remo North Local Government Area of the State.

In a statement, Abiodun said the late Solanke had consistently put the name of the state in the limelight for very good reasons, especially in the arts, right from his days at the University of Ibadan School of Drama.

The governor urged relatives and other loved ones of the late poet to celebrate his life and ensure that the many legacies he left behind were preserved for generations yet unborn.

“Renowned for his tireless dedication to the arts, Baba Agba as he was widely known by his numerous fans across the

Navy Redeploys 24 Rear Admirals, Seven Commodores in Minor Shake-up

Chiemelie Ezeobi

The Nigerian Navy, yesterday, reshuffled the appointments of top senior officers comprising 24 Rear Admirals and seven Commodores in what has been deemed a minor shake up.

This was the first collective redeployment by the Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla,since last June after the major appointments that set the tone for his administration.

In the shake up, Rear Admiral Olusanya Bankole formerly Chief of Communications and Information Technology, Naval Headquarters, was redeployed to the Defence

Headquarters as DHQ – D DEF Cooperative while Rear Admiral Ibrahim Dewu, formerly Chief of Defence Civil Military Cooperation, Defence Headquarters is now the (NASS) - Chief of Naval Safety and Standards.

Rear Admiral Livingstone Izu, who was the Chief of Logistics, Naval Headquarters has now been redeployed as Admiral Superintendent Naval Ordinance Depot (ASNOD) while Rear Admiral Musa Madugu formally at ASNOD was redeployed to NHQ (ADMIN) as Director of Admin (DOA).

Rear Admiral ZS Muhammad was appointed as NHQ (CIT) CCIT and Rear Admiral Saheed

Akinwade was moved to Eastern Naval Command (ENC) as the Flag Officer Commanding (FOC).

Also, Rear Admiral Istifanus Albara was appointed FOC Naval Training Command (NAVTRAC) while Rear Admiral OK Oluwagbire was moved from HQ ENC to NHQ (LOG) - COL. In the same vein, Rear Admiral Olusegun Ferreira was moved from HQ OPDS to NHQ (TOPS) as Chief of Training and Operations (CTOPS) while Rear Admiral B Iyalla moved from Headquarters Logistics Command to NHQ (TRANS) as DNTRANS. Continues online

country was a great ambassador of our dear state. He promoted the culture and tradition of the Yoruba race on the global stage with his drama, music, poetry and other works of art.

"In 1961, he emerged as one of the pioneer members of the Orisun Theatre Group, founded by Prof.

Wole Soyinka. He went on to put in several decades of diverse exposures and experiences into the global entertainment industry across several broadcast stations, countries and festivals, impacting on the sector greatly.

"Many of his admirers still recall with nostalgia, his epic performances at the Western Nigeria Television, WNTV, Ibadan in the 1960s, his unforgettable stagecraft at the World Festival of Negro Arts in Senegal and the amazing skills he exhibited at the Pan-African Cultural Festival in Algeria, all in the 1970s.

"Also to his credit are brilliant performances in epics like Death and the King’s Horseman, Kurunmi, Kongi’s Harvest, The Divorce and Ovaramwen Nogbaisi. These performances and his numerous talents turned him into a global icon of the arts,” the government statement added.

It stated that he was at different times described by the Oxford Times and the New York Times as a 'Skilled Nigerian Actor' and an 'Excellent Troupe' respectively, owing to his performance of Wole Soyinka’s Kongi’s Harvest, during a tour of Europe.

bringing agricultural equipment into the economy and you try to take something out of that person in a way of import duty, that will discourage the person and that is what we are saying. It is not that anybody took that money or Customs compromised in the course of their services.

“Concessions were in the interest of Nigeria to encourage importers who are going into specific areas in the economy. There is a tradeoff here between importers and the country, particularly the things you think you are generating.”

He described as too high, the rate of unemployment in Nigeria.

The Senator said, “Customs is not the only employer of labour. They can only employ the number they believe they can adequately take care of and we are putting them under pressure to exceed the 1,600 benchmark.

“We may not get beyond 2000, but for sure, we will get 1,600 and like we all know, there are so many unemployed Nigerians out there, I will always say, it is difficult for the Nigeria Customs Service to absorb all unemployed Nigerians, but they can only employ those they can.”

The CG, NCS had earlier told the lawmakers that the Service was seeking approval from government to allow them give waivers to owners of smuggled cars to allow them regularise their payment of Customs duties.

He said the approval if given, would enable owners of smuggled

vehicles about three months within which they could regularise their documents with the NCS. He added, "If the approval is obtained by the NCS, owners of smuggled vehicles could within three months, that they are in possession of vehicles that were illegally imported into the country or that have not paid duties, have this opportunity to go to Customs House for assessment and payment of duties."

This he said, "will be done after adequate publicity so that those who find themselves in such situation can get their vehicles regularise through payment of duties."

Adeniyi, said he was equally pained by the volatility in the exchange rate regime.

He added, "In fact, even if it stays high and people can predict that this is what it will take me to clear, perhaps it is not particularly too bad, but when it is so volatile, today it is X, tomorrow it is X+10, X+20, it does not make for adequate planning and things like that.

“Correctly, it is the mandate of the Central Bank of Nigeria, (CBN) to fix the rate, either the one we use during Medium Term Expenditure Framework, MTEF or the one we use for importation or the one used for payment of Customs duties.

"I have been in discussions with my minister. Perhaps, what you are going to advocate is that there would be a meeting point between authorities of government that are in charge of monetary policy and those in charge of fiscal policies.”

Naira Gains Third Consecutive Day at Official Window Reaching N1,419/$1, Parallel Market Dips to N1,450 Nume Ekeghe The naira yesterday gained for the third consecutive day at the official Nigerian Autonomous Foreign Exchange (NAFEX) window, closing at N1,419/$1 again surpassing a weakened parallel market rate which closed yesterday at N1,450/$1.

The official window gained

by N15.67 closing at N1,419.86 compared to N1,435.53 recorded on Friday

However, the parallel market took a downward turn to close yesterday evening at N1,450 compared to the N1,430 it closed on Friday indicating a N20 loss over the weekend.

Furthermore, the official window recorded the same daily turnover of $440.13 million yesterday compared to last week Friday.

The highest spot rate recorded was N1,526/$1 while the lowest spot rate recorded was N906/$1.

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NEWS

Dinner Event for Pate organised by Pharmaceutical Stakeholders...

L-R: Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate CON with Founder/Chairman of Juli Pharmacy, Prince Julius Adewale Adelusi-Adeluyi OFR, mni during a dinner event organised by Pharmaceutical Stakeholders in Nigeria in honour of the minister held in Lagos

Cardoso: CBN to Streamline BDCs for Greater Efficiency Says tackling fundamental issues will stabilise naira Hints dollar earning agencies may remit earnings directly to the CBN James Emejo in Abuja The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has indicated that the apex bank is currently devising strategies to revamp the Bureau de Change (BDC) segment for enhanced efficiency.

He said the aim was to streamline their numbers for better management and supervision.

The central bank governor disclosed this in an interview with Arise TV, the broadcast arm of THISDAY, where he addressed several policy initiatives of the bank and the economy in general.

He also said that in the short term, the bank has put in significant work as well as witnessed results in improving the market structures and removing all the bottlenecks stifling the supply of FX into the country.

Cardoso said, "We have addressed the challenges to remittance flows, reduced the ability of banks to hold on to positions, and more importantly, we now have the export proceeds from the national energy sector flowing back through the central bank. We have also initiated several short-term measures to make naira assets attractive to foreign investors.”

The CBN governor said, “Our policy focus is on achieving rate stability and maintaining market flexibility and liquidity. The move to unify the naira exchange rate and lift currency trading restrictions in June 2023 aims to establish market-driven rates through price discovery.

“This strategy seeks to create a more efficient and transparent FX market to boost investor confidence and reduce market volatility.

“Over the past six months, the bank has taken deliberate steps to enhance liquidity and FX supply in the forex market. All FX transaction windows have been consolidated into the NAFEM platform.”

He said, “Outstanding FX obligations, particularly those of foreign airlines, have been progressively settled. Enhanced monitoring of FX market activities and a continued emphasis on transparency and price discovery are key priorities. These

efforts will be further consolidated in the future.”

He said the eventual stability of the Naira will be driven by the bank’s ability to address the fundamental issues affecting the economy including bringing inflation under control and promoting the growth of Nigerian businesses to eventually export much more than the consumes as a nation.

Cardoso, further explained that the recent removal of the exchange rate cap by the CBN was to enable

International Money Transfer Operators (IMTOS) to disburse remittances at market-determined rates without restrictions, following a willing seller, willing buyer approach.

Additionally, he said the transfer of the NNPC account to the CBN, as directed by Mr. President, was meant to increase liquidity in the market, adding that these measures aim to address the FX market's liquidity challenges, streamline capital flows, and mitigate currency risks.

Also, he said in line with coordinated monetary and fiscal policies, efforts are underway to ensure that all USD-earning agencies and parastatals remit their earnings directly to the CBN to enhance transparency and liquidity in the FX market.

Among other things, the CBN governor also said the bank was exploring mechanisms to incentivise individuals holding foreign currency (FCY) outside the banking system to deposit these funds within the

banking system, necessitating the establishment of a legal framework.

He added that discussions are underway on introducing a single FCY gateway bank to centralise all correspondent banking activities, currently dominated by two major banks in the corresponding banking space.

He also said the central bank was strengthening surveillance and technological capabilities to monitor cryptocurrency transactions effectively.

First Lady to Governors' Wives: We Need to Pray, Work for Nigeria's Peace, Stability To launch alternative high schools for girls Distribute N1.95m worth of exercise books to public schools nationwide

Deji Elumoye in Abuja

The Wife of the President, Senator Oluremi Tinubu, has called on wives of the 36 governors of the federation to continue to pray for peace and stability of the Nigerian nation.

According to her, this was necessary in view of the security challenges facing the country, just as she emphasised the need for them to remain steadfast and supportive of one another.

Speaking yesterday, at a meeting she had with the governors’ wives at the State House, Abuja, under the umbrella of the Renewed Hope Initiative (RHI), the First Lady while commending them for their efforts in their various states especially

to ameliorate the hardships as occasioned by the removal of the fuel subsidy appealed to them to intensify efforts.

“As we all know, the mission of the RHI which is driven by my office, to complement the efforts of the administration of our President and Commander-in-Chief, Bola Tinubu, is “Towards a Better Life for Families” She disclosed that there would be the launch in Osun State of the ‘We Are Equal, We Are the Same’ campaign, an initiative of the Organisation of African First ladies for Development (OAFLAD) geared towards women empowerment, promoting economic growth and advance gender equity.

“I will be re-introducing the Alternative High School for Girls.

It will interest you to know that some States already have similar programmes named ‘second chance schools’. We are going to reach out to the Federal Ministry of Education to help us harmonise and restructure these special intervention schools,” she explained.

The school, Mrs. Tinubu said, would give girls who had dropped out of school due to pregnancy, domestic violence, child trafficking, drug addiction and other reasons the opportunity to return to the classroom and eke a living for themselves.

At the meeting, it was also disclosed that the RHI would be

distributing N1,950,000 worth of exercise books to public primary and junior secondary schools across the nation.

The exercise books which were already being produced would be given to each state through the RHI Coordinator/First Lady of the State to the SUBEB Chairmen for distribution to the students through the Local Government Education Authority.

Lagos and Kano would be getting 100,000 exercise books each, while 50,000 exercise books would be given to each of the other States and the FCT. The First Lady stated that the RHI would flag off the “Renewed Hope Initiative Women Agricultural Support Programmes (WASP) in Imo

State on the 28th of February, 2024.

According to her, women farmers would get N500,000.00 each and a total draft of N10 million would be given to five RHI State Coordinators/ First Ladies as the case may be.

In addition, the National Agricultural Land Development Authority, (NALDA) in partnership with the RHI would support additional 80 women farmers from each State with the provision of training and capacity building, agricultural inputs and buy off all produce from the farms after harvest.

Highlight of the meeting was the unveiling of the proposed Young Farmers' Club for Public Schools in each state of the Federation with the proposed uniforms for members.

Tinubu to Present Maiden Address to Local, International Oil Industry Stakeholders at Energy Summit

Peter Uzoho

President Bola Ahmed Tinubu has been scheduled to address a mammoth audience made up of local and international players and stakeholders in the oil and gas industry, financial institutions, and relevant government agencies when he delivers his maiden keynote address at the forthcoming 2024 edition of the Nigeria International Energy Summit (NIES) in Abuja.

The event scheduled to take place at the International Conference Centre (ICC), Abuja, begins from February 26 to March 1, 2024,

has as its theme: "Navigating the New Energy World Order: Security, Transition, and Finance."

According to the event organiser, Brevity Anderson, the summit would be graced by the esteemed presence of Tinubu, who would deliver the keynote address, noting that the president's participation was expected to not only elevate Nigeria's standing in the global energy community but also foster collaborations that transcend geographical boundaries.

Other top dignitaries that would be participating and gracing the important international summit

include the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, who has been scheduled to present the Gas Industry Address, while his counterpart for oil, Senator Heineken Lokpobiri, would deliver the Oil Industry Address at the occasion.

The event organiser stated that internationally acclaimed speakers expected at the forum included the Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Haitham Al Ghais; and Secretary General of African Petroleum Producers Organisation (APPO), Dr. Omar Farouk Ibrahim.

Others are the Secretary General of Gas Exporting Countries Forum (GECF), Eng. Mohamed Hamel; and Secretary General of the International Energy Forum (IEF), Joseph McMonigle among others.

However, from the Nigerian oil and gas industry in particular, the statement listed some of the distinguished speakers to include the Chairman of the Independent Petroleum Producers Group (IPPG) and Waltersmith Group, Mr. Abdulrazaq Isa; Chairman of Shell Companies in Nigeria and Oil Producers Trade Section (OPTS), Mr. Osagie Okunbor; and Chairman/

Chief Executive Officer, Brittania-U, Mrs. Uju Ifejika.

Other notable speakers at the event include the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari; Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Mrs. Elohor Aiboni; and the Executive Chairman, Platform Petroleum Limited/Chairman, AA Holdings Limited, Mr. Austin Avuru.

Also among the lineup of speakers at the NIES 2024 are the Chief Executive Officer of TotalEnergies

EP Nigeria Limited, Mr. Matthieu Bouyer; Chief Executive Officer of Exxonmobil Nigeria, Mr. Shane Harris; Group Chief Executive Officer of Oando Plc, Mr. Adewale Tinubu; and Chairman/Managing Director of Chevron Nigeria Limited, Mr. Rick Kennedy among others.

Brevity Anderson explained that the theme of this year's NIES reflects the imperative for stakeholders in the energy industry to collaboratively address challenges related to security, adapt to the changing energy landscape, and mobilise financial resources for a sustainable and resilient future.

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Bank Directors Back CBN's Reforms Initiatives, Urge Industry Compliance

James Emejo in Abuja

The Bank Directors Association of Nigeria (BDAN) yesterday commended the ongoing reform initiatives of the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, which it said, were aimed at strengthening the resilience of the financial sector.

The association, in a statement signed by its Chairman, Mr. Mustafa Chike-Obi, pledged full support for the comprehensive measures that underscored the commitment of the central bank towards ensuring the stability and resilience of the banking sector.

BDAN, therefore, urged all banks

to fully comply with the new directives and actively participate in the implementation process to achieve full compliance.

The association stressed that it believed the recent guidelines/ circulars issued by the apex bank were aimed at fortifying the nation's financial system.

Specifically, BDAN pointed out that the recent policy that banks' Net Open Position (NOP) limit for overall foreign currency assets and liabilities should not exceed 20 per cent short or zero per cent long of shareholders' funds - along with other prudential requirements outlined in the circular, played a critical role in ensuring the effective

management of foreign currency exposures.

The bank directors added that by imposing these limits, the CBN seeks to mitigate potential losses that could pose significant systemic challenges.

It stressed that these regulatory interventions underscore a strategic initiative aimed at bolstering risk management, transparency, and accountability within the financial industry.

The statement said, “BDAN acknowledges and commends the central bank for its proactive stance in safeguarding the interests of depositors, investors, and the overall economic well-being of

Nigeria.

“BDAN views these requirements as a positive step towards creating a resilient financial landscape and preventing adverse effects on the banking sector.

“The association applauds the CBN's commitment to proactive regulation and remains supportive of initiatives that contribute to the stability and prosperity of the Nigerian economy.”

The group further acknowledged the meticulous work undertaken by the apex bank in consulting stakeholders and experts to ensure a balanced and effective regulatory approach.

“As advocates for responsible

FG Expresses Concern over Rising Cost of Living, Protest in Minna

they perceived as mass purchase of food items for hoarding and export outside the country. The state government blamed food speculators for the protests.

The police said it used "minimum force" to disperse protesters, who blocked the Minna-Bida Road, and arrested some, whose activities were obstructing vehicular and human movement.

Relatedly, Kano State Governor Abba Yusuf, yesterday, lamented that many people in his state were living in misery, amid starvation and acute hunger. Yusuf said inflation had terribly outpaced incomes, resulting in deaths, as several residents could not cope with the rising cost of living.

Similarly, Labour Party (LP) expressed concern over the rising cost of living in the country, and advised President Bola Ahmed Tinubu to seek help before the situation became unmanageable.

Edun, who spoke in response to current realities, said the only way to address the situation was to boost agricultural production, in particular, to force down inflation.

Speaking alongside Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, Edun said, “I think the issue of rising prices is of concern to the government and everybody in Nigeria,” and some major steps were being taken to address the situation.

He said, “It is the issue of demand and supply and a lot of emphasis has been placed on increasing agricultural production, in particular.

"The president has intervened in that sector to provide grain, fertilisers to farmers and to bring additional acreage – rice, wheat, maize, and cassava – to increase the output and thereby bring down prices and that will help bring down inflation.

“And, of course, we are in the middle of the dry season farming and we are looking forward to a

good dry season harvest that will ameliorate price, in particular, and the price level in Nigeria, in general.”

Edun said the partnership with Germany offered an opportunity for skills development between both parties, adding that it would help to boost job creation and reduce poverty.

Uzoka-Anite also said the partnership with Germany was aimed at developing Nigeria’s Small and Medium-sized Enterprises (SMEs) subsector. She added that a Memorandum of Understanding (MoU) would soon be signed by both countries in this regard to improve access to finance for women-owned enterprises.

The minister said the collaboration will further enhance talent acquisition and challenge, and develop renewable energy, in line with Tinubu’s Renewed Hope Agenda, which partly aimed at industrialising the country.

She said supporting the SMEs could add about 55 per cent to the country’s Gross Domestic Product (GDP), adding that though both countries currently have strong mutually beneficial relationship, it could get better.

On her part, Shulze said both countries had established cooperation in common interest, pointing out that there are currently over 90 German companies operating in Nigeria.

She attested to the abundance of creative young talents in the country, saying Nigeria’s security challenges can only be addressed by tackling the underlying causes, including jobs and education, rather than militarily.

She stressed that Germany was looking to deepen cooperation with Nigeria.

Yusuf: Kano People Dying of Hunger At an emergency meeting with

Buckingham Palace Says Britain’s King Charles Diagnosed with Cancer to undertake State business and official paperwork as usual,” it added.

Prince Harry, King Charles’ younger son, has spoken with his father about the cancer diagnosis and will travel to the UK to see him in the coming days, a source close to the prince said.

Harry now lives in California with his American wife Meghan and their two children after the couple stepped down from royal duties in 2020.

The news comes just days after Charles and his daughter-in-law Kate left the same hospital where they had both undergone planned treatments.

Kate, the Princess of Wales and wife to heir to the British throne Prince William, spent two weeks in hospital following abdominal surgery.

British Prime Minister Rishi Sunak sent his best wishes to the King on X. “I have no doubt he’ll be back to full strength in no time and I know the whole country will be wishing him well,” he said “During The King’s recent hospital procedure for benign prostate enlargement, a separate issue of concern was noted,” the

palace said in an emailed statement. “Subsequent diagnostic tests have identified a form of cancer,” it stressed.

The statement also did not specify what stage the cancer was found, NBC reported.

Charles ascended the throne last May after the death of his mother, Queen Elizabeth II, who reigned until her death at the age of 96.

“His Majesty has today commenced a schedule of regular treatments, during which time he has been advised by doctors to postpone public-facing duties,” the statement added.

According to the statement, the king wanted to share his diagnosis in part to avoid speculation on his condition but also “in the hope it may assist public understanding for all those around the world who are affected by cancer.”

Charles is grateful for the swift intervention of his medical team and their expert care, according to Buckingham Palace.

No further details are being shared about his treatment or prognosis, a palace spokesperson said, but the king returned to London on Monday to begin out-patient treatment.

the business community in Kano, Yusuf decried the current hardship and starvation faced by residents.

He told the business community, "There is hunger in Kano and we must find a solution to stop people from dying and falling sick. We know you are doing your best as a businessman, but you are not doing enough.

"We should join hands to salvage the situation, as governor and my deputy, we do not need a penny from anyone. All we need is for you to come and help us assist the poor people."

Yusuf urged the business moguls in the state to complement the effort of the government, saying, "I urge you to come up with a solution on how to crash the prices of commodities to make life meaningful for our people.

"Kano has been the centre of commerce in Nigeria, after Lagos.

It is such that the state has gone down on the graph today.

"Formerly, business people used to come to Kano to buy whatever from other neighbouring states and neighbouring countries. But all these have now deteriorated.

"All major business people from Niger, Cameron, Chad, and others had made Kano their home. But today all these have changed. The patronage has been reduced.

"In the past, there were a lot of employment opportunities for people from Kano with the available industries, which had provided a livelihood for many.

“All of these are no more. This has led youths into drug abuse, kidnapping, and banditry. People are facing hardship such that a measure of rice cannot be afforded by a lot of families.”

The governor added, “Locally produced rice is now N65, 000; maize is N52, 000; millet N56, 000; and groundnut oil is N4, 500. Where will the people place themselves and what will the salary earner

survive on?

"I will meet with Tinubu to inform him that people are hungry in Kano.

The federal government should give preferential assistance to the highly populated state."

Some of those, who spoke on behalf of the business community, like Alhaji Sabiu Bako, Alhaji Salisu Sambajo, Muhammad Adakawa, and Sammani Elsamad, among others, called on Yusuf to lead other governors of the North-west in finding solution to the economic problems of the region.

They denied raising the prices of their products, but said the producers increased their prices, while they only purchased and sold accordingly.

The business community also lamented that 70 per cent of businesses had closed down due to the devaluation of the naira and the scarcity of the dollar, which also affected the retail prices of goods.

They urged the government to ensure that the gas pipeline construction was completed to ease the supply of the product to industries.

But the business representatives lamented alleged extortion by traffic officials, which they claimed added to the problem of transporting goods to and from Kano.

Bago Blames Protest on Food Speculators Niger State Government blamed food speculators for yesterday’s protest by some youths and women, who were angered by the mass purchase of food items for hoarding and export.

Governor Mohammed Bago told a news conference in Minna, after a meeting of the state executive council, that the protesters’ plan was to attack trucks loaded with assorted food items being conveyed from the southern parts of the state to the north, but intelligence frustrated the effort.

banking and ethical conduct, BDAN believes that these guidelines will contribute significantly to the longterm sustainability, growth, as well as the overall efficiency, transparency, and stability of the banking sector, ultimately contributing to the nation's economic development.

“BDAN pledges its continuous collaboration with the Central Bank of Nigeria and other stakeholders to foster a dynamic and resilient financial ecosystem that serves the interests of all Nigerians.

“We believe that these steps are in the right direction to improve the effectiveness of the banking system and we are fully in support,” the statement added.

Bago, however, said hoodlums hijacked the protests, resulting in the blockade of the main road leading to the southern part of the state.

But for the quick intervention of the security agencies, who diverted the trucks loaded with food items to another route, the situation would have been disastrous, the governor said. He added that similar incidents had occurred in Mokwa and Lapai towns.

The governor disclosed that mass purchase of food items, including goats, sheep and cows, had been on the increase in the state. He said a "cartel" was behind the illegal act, which was intended to further increase hunger among the people.

He said, "We don't have any reason to be hungry, Niger State is an agrarian state. We produce all that we eat, but this cartel wants to create disaffection among the people."

Bago also said the government had in the past tried to purchase food items for sale at subsidised rates to cushion the effect of the removal of subsidy on petrol, but "these cartels frustrated the plan”.

He said the federal government became interested in the issue after he reported the incident to the vice president, Alhaji Kashim Shettima.

Bago disclosed that some arrests had been made in connection with the protests and those arrested would be charged to court soon.

He did not say how many protesters were apprehended, but stated that the situation had been brought under control with people now going about their lawful businesses.

Bago responded to the situation by issuing an Executive Order stopping the mass purchase of food items from all markets in the state. He said violators of the order would be dealt with.

He said only the quantities of food items enough for family consumption was permitted for purchase from the markets, pointing out that traditional rulers, town unions, and members of

Cardoso

the National Union of Road Transport Workers (NURTW) have been asked to join in the implementation of the executive order.

The governor appealed to residents to key into his agricultural revolution policy, which was not "dollarised", as a sure way to stop hunger among the people.

Police: We Used Minimum Force to Disperse Protesters The police, yesterday, said they used "minimum force" to disperse protesters, who blocked the MinnaBida Road, in protest against high cost of living, and obstructed vehicular and human traffic.

Police Public Relations Officer (PPRO), DSP Wasiu Abiodun, told THISDAY, "We had to use minimum force to disperse the protesters when all efforts to convince them to stop their action failed.

"Even the deputy governor (Comrade Yakubu Garba) spoke to the protesters, but they did not listen to him. Therefore, we had to use minimum force to disperse them."

Abiodun, who described the action of the protesters as "abnormal", declined to say if any permit was issued to the protesters before they embarked on the action.

The PPRO disclosed that a number of protesters had been arrested, but he did not say the exact number.

He added that police operatives were still on the ground to make more arrests.

According to the police spokesman, "As soon as they bring them (the protesters) to the office, we will know how many were arrested."

He said normalcy had returned to the areas.

Abiodun also said police operatives had been deployed to the areas, where the protests took place, to patrol and ensure that peace was maintained.

Continued on page 37

AfDB Ready to Disburse $540 Million SAPZs Fund to States food security in the country, three states are to benefit from phase one of the development of processing zones, which includes Oyo, Kaduna and Cross River, while others are to get theirs as soon as they are through with documentation.

Senior Special Adviser on Industrialisation to the AfDB President, Prof. Banji Oyelaran-Oyeyinka, disclosed this yesterday, when a delegation of the bank and that of the United Nations Industrial Development Organisation (UNIDO) presented their separate reports on the status of projects being executed in Nigeria to Shettima at the State House, Abuja.

Speaking while making AfDB’s presentation to the Vice President, Oyelaran-Oyeyinka said, “The SAPZ is an initiative of the AfDB aimed at turning the rural landscape into economic zones of prosperity and harnessing the power of commercial agriculture and food.

“The primary objective is to support inclusive and sustainable agro-industrial development in Nigeria. The phase one of the project is at the point of disbursement.

Kaduna, Oyo and Cross River States are all in the process of receiving

disbursements and we hope for the other states, they can speed up with their documentation so that we can fast-track these states.

“We raised $540,000,000 in catalytic funding and we expect every state to find a partner that will bring equity and join up with them. It is a government-enabled project but private-sector driven."

He further explained that the first phase of SAPZs was being implemented in seven states, namely Cross River, Imo, Kaduna, Kano, Kwara, Ogun, and Oyo, as well as the Federal Capital Territory (FCT).

“Ogun state found a partner for the project and decided not to take the loan. We are basically going to distribute the loan to the other States.

“The next thing is preparation for phase two with 27 states. The demand is enormous but we have to prioritise those who move fast.

“We have set up eligibility criteria for the states and to rank them. We expect them to have a feasibility report, environmental impact study and a commitment to counterpart funding,” OyelaranOyeyinka added.

In another report on the visit to the Ajaokuta Steel Company Limited as earlier commissioned by the Vice President, the Head of Investment and Technology Promotion Office at the United Nations Industrial Development Organisation (UNIDO), Abimbola Olufore Wycliffe, told Shettima that the recovery plan for the company would include revitalising through rehabilitation, modernisation and expansion.

According to her: “Single-phase turnaround for the entire plant is challenging due to heavy investments and a prolonged revenue generation timeline. Convert the integrated steel plant into strategic business units (SBUs) to serve as profit centers.

“Conduct opportunity studies for each SBU, focusing on incremental investments, raw material availability, labor, utilities, and market demand. Prioritise SBUs with lower investments and quicker positive cash flows (the low-hanging fruits).”

She further called for the reinvestment of profits from each SBU in ASC to reduce the burden of incremental investment on the Nigerian economy, even as she

recommended the enhancement of foreign exchange earnings and contribution to local economic development in the country.

Responding, the Vice President called for immediate action, saying all hands must be on the deck to ensure that the vision of President Bola Tinubu was delivered to the Nigerian people.

Stressing the need to walk the talk, Shettima said, “We have passed the age of talking; we have to walk the talk. We can talk from now till eternity and it does not mean anything if there is no action and hence we must make this work.

We just must.

“We have not seen beyond the depth of our pockets; what comes to us is more important than what comes to the generality of the people. Things must change.

“I read a book on how Korea transformed itself with no natural resources, how they started producing steel against all odds, how they went into shipbuilding; and how Hyundai, Daewoo, Samsung, Kia came about. I believe that when there is a will there is always a way. We have to walk the talk," the Vice President further said.

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

Makinde and the Tirade against Atiku

Kemi Olaitan reports that with Governor Seyi Makinde of Oyo State openly berating former Vice President Atiku Abubakar, over the recent Ibadan explosion, an end may not be in sight to the imbroglio between Atiku and the erstwhile ‘G5 Governors’.

Makinde

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o much has happened within the Peoples Democratic Party (PDP) before, during and after the last general elections in 2023 particularly since the emergence of former Vice President, Alhaji Atiku Abubakar, as the presidential candidate of the party.

Indeed, the emergence of the Turaki Adamawa then threw up a crisis that pitched the leadership of the party against a group tagged, “Integrity Group”, comprising of G5 Governors led by the former governor of Rivers State and now Minister of the Federal Capital Territory (FCT), Nyesom Wike.

Others were former Governors Samuel Ortom of Benue State; Okezie Ikpeazu of Abia State; Ifeanyi Ugwuanyi of Enugu State and Governor Seyi Makinde of Oyo State.

The crisis within the party which once claimed to be the largest in Africa saw members of the Integrity Group working against the party most especially during the presidential election with the party losing the states governed by the G5 Governors.

For political observers between the last general elections and now nothing has changed on the part of the members of ‘G5 Governors’ as they continued to seize every opportunity to get at the presidential candidate of the party, Atiku Abubakar.

While the leader of the group, Wike is a prominent member of the administration of President Bola Tinubu of the All Progressives Congress (APC), former Governor Ortom on his part, has openly said the G5 Governors would support the Presidential and second-term ambition of President Tinubu in 2027.

Ortom, while speaking during a luncheon hosted by Wike, in Port Harcourt, Rivers State capital, claimed that the G5 had no regret for supporting Tinubu’s victory in the 2023 presidential election, saying, “If we work to ensure Bola Tinubu succeeds, there will be tomorrow for anybody to even contest the election at all. Our leader, Nyesom Wike, has already made a declaration that in 2027, we are supporting President Bola Tinubu.

We have nowhere to go because that is what Nigerians believe. Even in the past administration that took Nigeria from top to bottom, we allowed them

Atiku

to work for eight years. So, why can’t a seasoned administrator in the person of President Tinubu rule us for eight years.”

Makinde who is the only serving governor among the G5 Governors has however taken the beef against Atiku to another level when he openly berated him for what he described as his insensitivity over the explosion that rocked Ibadan, the Oyo state capital some weeks ago.

The governor who played host to the presidential candidate of Labour Party (LP) in the 2023 general election, Mr. Peter Obi, who paid a condolence visit to the state over the explosion, while thanking Obi for visiting the state and prioritising the wellbeing of the citizens over political gain, came hard on Atiku for failing to reach out and offer condolences to the government, victims, and people of the state following the explosion.

He said Obi was unlike his own party’s, Peoples Democratic Party (PDP), presidential candidate in the 2023 general election, Atiku, who had yet to visit the state, stating that there were three major presidential

candidates in the 2023 elections with two of them President Tinubu of APC and Obi of LP reaching out to commiserate with him and the people of Oyo State, while Atiku of PDP was yet to extend such sympathy.

According to him, “I should use this opportunity on behalf of the good people of Oyo State to thank His Excellency, Peter Obi, former governor of Anambra State and also the presidential candidate of the Labour Party in the last election.

“I thank you because politics didn’t sip into this; you came to commiserate with us over the explosion. Actually, investigation is still going on, it was simply illegal miners storing explosives in an environment where they shouldn’t be, a place meant for people to live, it’s not a mining site.

“So, all the lapses that allowed such to happen are being looked into. I’m particularly grateful because the president called me, we have three musketeers that went for that election.

The president has reached out to me, you have reached out to me, but my own party candidate, not even a call or text message.

“I’m saying this openly so that our leaders would know that, yeah, you have time for politics, you have time for governance, and you have time for humanity. So, we want to say thank you so much. We appreciate this visit.”

In the thinking of some political analysts, for Makinde to attack Atiku openly when he can easily do this behind the scene points to the fact that members of the Integrity Group are yet to let go of the political crisis that emanated from the presidential primaries of the party that produced Atiku. For political observers, time would indeed tell whether this open display of criticism of Atiku by prominent members of the PDP including Makinde would help the interest of the party as it marches towards off season elections in some states of the country and the 2027 general elections.

But Atiku was to swiftly counter the statement by Makinde, describing his position as not true. Atiku in a statement by his Media Adviser, Paul Ibe, said, “With due respect to Governor Seyi Makinde, we wish to correct his expression about the response of Atiku Abubakar to the recent explosion in the city of Ibadan.

“Atiku Abubakar made a condolence message about the Ibadan explosion, less than 24 hours of its occurrence, where he shared his commiseration and empathy with the good people and government of Oyo State over the incident.

“Perhaps, the governor has been too busy to take track of media reports on the incident. But we wish to put on record that on the 17th of January, 2024, Atiku Abubakar did make a widely available message on the Ibadan incident, which reads as follows: ‘‘I wish to express my condolences to the good people and government of Oyo State over the explosion that rocked the capital city of Ibadan late yesterday night. ‘‘While the government continues to provide humanitarian support to victims of the explosion, I commiserate with the families of those who might have lost their lives and property to the explosion.”

However, with Makinde and other members of the Integrity Group led by the erstwhile ‘G5-Governors’ still strident in lampooning Atiku rightly or wrongly at every given opportunity, many observers believed that there is no end in sight to the crisis bedevilling the PDP. In the thinking of some political analysts, for Makinde to attack Atiku openly when he can easily do this behind the scene points to the fact that members of the Integrity Group are yet to let go of the political crisis that emanated from the presidential primaries of the party that produced Atiku.

For political observers, time would indeed tell whether this open display of criticism of Atiku by prominent members of the PDP including Makinde would help the interest of the party as it marches towards off season elections in some states of the country and the 2027 general elections.

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WHO IS AFRAID OF SOUTH AFRICA?

Peaceful and inclusive coexistence is possible within the framework of international law, argues SAMUEL AKPOBOME OROVWUJE

See page 21

PUBLIC SENTIMENT, LAW ENFORCEMENT AND PUBLIC ORDER

SEGUN OGUNDEJI argues the need for everyone to obey the law

See page 21 EDITORIAL

THE CASE FOR STATE POLICE BETTER TRAINING

BETTER PAY

STATE POLICE

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MODERN EQUIPMENT

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FELIX OLADEJI argues for diversification of the country’s economic base

CBN AND DEVALUATION OF THE NAIRA Economists commonly agree that macroeconomic fundamentals, which manifest in the productivity and overall output level in an economy, are the ultimate determinants of the value of the country’s currency, relative to other countries. These underlying economic factors, such as the level of international trade and tourism, inflation outlook, interest rates differentials, capital flows, have been detailed in the various theoretical models of exchange rate determination, and particularly summarized in the various classical concepts of Purchasing Power Parity (PPP), Fischer’s Interest Rate, and Market Fundamentals theories, among others. Of a particular bearing is the international financial environment, whereby portfolio investments and the capital movements across countries and the associated exchange rate regimes become critical considerations in the behavior of exchange rate.

Devaluation of a currency globally is the end product of declining the nation’s currency in relation to major currencies of the world. Since 1986, the Nigerian naira’s relationship with the U.S. dollar (and other foreign currencies) has been erratic, predictable and unpredictable, violent and of course full of tears and heartbreaks to the citizens, government and the economy as a whole. The devaluation of naira can be compared to its most compared currency, dollar. Dollar has an effect on many nation’s currencies due to the economy and many citizens of different nations tend to exchange, import goods from the U.S. and as well look up to the currency. The U.S. dollar played a significant role in the colonization of most African nations and some other nations around the globe. As such, the currency of the United States is regarded as the giant currency. This shows that when the dollar sneezes, most nation’s currency is affected due to other nation’s dependency, and especially the naira.

The currency of any nation represents more than its function as legal tender and denominator for exchange of goods and services. The measure of the price of a currency in terms of another is known as exchange rate. It measures the underlying strength of performance of an economy against another and the intensity of international transaction between residents of a country and those of another country.

It carries with it the image and pride of a nation and also the totality of value created or destroyed in a period of time. Accordingly, a healthy currency is directly related to a healthy nation and vice versa, and it is a legitimate priority of governments to fashion out policies that seek to sustain the health

of this important piece of national asset.

In Nigeria, the mandate to manage both internal and external value of the Naira was given to the Central Bank of Nigeria under the Central Bank of Nigeria Act No. 24 of 1991.

Achievement of internal and external stability of a currency would appear to be a pre-condition for increase in investment, production, trade, employment and hence national welfare and happiness. It is therefore not surprising that exchange rate of a currency is one of the most watched and manipulated variables as modern governments try to achieve their macro-economic objectives.

Since 1958 when the Central Bank of Nigeria was established to, among others, take up the mandate of managing the nation’s exchange rate, the country has been experimenting with different rate regimes in what would seem like a never ending chase for equilibrium exchange rate. Exchange rates appeared to be consistently inconsistent with economic realities that prevailed.

Moreover, the government of the day relies on foreign exchange reserve generated from crude oil to manage excessive volatility in exchange rate that exerts severe strain on the foreign exchange earnings. It is evident that the demand for foreign exchange has continuously been on the rise in the past few years as a result of factors like dependence on imported finished products, reversal of capital flow by investor and high speculative demand which has caused uncertainty in the foreign exchange market which also is caused by increased demand for foreign exchange in the face of unstable supply. The increasingly adverse balance of payment position and the inflationary pressures which the economy found itself in also affects the Real Gross Domestic Product (RGDP) of the economy.

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said Deloitte audit revealed that $2.4 billion out of the reported $7 billion of outstanding foreign exchange liabilities of the federal government are not valid for settlement. Cardoso made

this revelation in an interview with Arise Television on Monday. He disclosed that the bank had settled verified FX requests, which amounted to $2.3 billion. The CBN governor added that the current total outstanding FX obligations stood at $2.2 billion. Cardoso further indicated that part of the $7 billion in outstanding FX claims was fraudulent, citing the outcome of a forensic audit by Deloitte Management Consultant, which was commissioned by the apex bank. The CBN governor said he was confident that the outstanding FX liabilities would be addressed shortly.

Hence, the Nigeria government should diversify her economic base, create an enabling environment for exportoriented manufacturing to grow instead of devaluation, trade restriction, and ban on some selected imports. Other monetary measures should be introduced to address the country’s balance of payment position.

The monetary authorities should do what they can to reduce the temporary increase in prices. The government should consider devaluation of currency as the last resort to the economic imbalance.

It will be gainful to say that the government should regulate and maintain the stability in the exchange rate, also from the revenue generated from crude oil. The government should try to give loans to domestic industries so as take-off grant in producing their goods and services. Also, the government should try as much as possible to come up with policies (fiscal and monetary) so as to combat the deus ex machine of exchange rate era.

Lastly, the government (state and federal) should have some decent and conducive infrastructure that attracts the foreign investors around the globe. These solutions can also be achieved by diversifying the economy.

Oladeji writes from Lagos

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Chief of Defence Staff, Christopher Gwabin Musa

National security adviser, Nuhu Ribadu

president bola ahmed tinubu

Inspector-General of Police, Kayode Egbetokun

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TueSday, FEBRUARY 6, 2024 • T H I S D AY

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Burden of Proof in Civil Cases Page IV

Plateau Killings: Metaphor of a Failed Nation ence STaff, chIef of def a r GwabIn mUS chrISTophe

lIce, neral of po InSpecTor-Ge eToKUn Kayode eGb

s e o r h T e h t n I Nigeria: y t i r u c e s n of I

UrITy naTIonal Sec U nUhU rIbad

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Page VI

Insecurity: Nigerians as an Endangered Species Page VII

Quotables ‘The minimum wage represents the least amount of compensation that an employee should receive for their labour, and as such, it should be rooted in social justice and equity.’ - Senator Kashim Shettima, GCON, Vice President, Federal Republic of Nigeria ‘We are not going to win the insurgency war, by military option. We are going to win the problem of insurgency and insecurity, by discussion…..’ - Dr Olisa Agbakoba, SAN, Past President, Nigerian Bar Association

columnist OLAWALE FAPOHUNDA, SAN Olawale Fapohunda, SAN is the Immediate Past AttorneyGeneral of Ekiti State. A frequent contributor to Thisday Lawyer since its inception, he has written severally on the limitations of the administration of justice system in Nigeria, and the need for urgent reforms. He has played a leading role in several governmental and non-governmental initiatives, aimed at enebling legal, policy and administrative interventions, for managing the justice system and the institutions, that deliver justice. SERIOUS MATTERS airms to contribute to national discussions on law reform, institutional strengthening, and good governance across the three arms of government.

lawyer

As Terrorists Keep Striking Plateau and Other States Page VIII

Insecurity, the State, and the Rule of Law Page IX

Growing Insecurity in Nigeria Amidst Kidnapping and Community Clashes Page X

onikepo braithwaite: editor, jude igbanoI: deputy editor, peter taiwo, steve aya: reporters

III The advocate

T H I S D AY • TueSday, FEBRUARY 6, 2024

Troubling Questions on Nigeria’s Insecurity Crisis

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hen bad things happen in a suspicious manner, Yorubas usually use the idiom, “Ejo lòwò ninu”, which literally means, “The snake has hands inside” - metaphorically - Someone is behind it (that is, someone is behind the suspicious incident).

And, when fingers are pointed at a particular suspect, Yorubas say, “Ajè ke lana; Òmò ku leni; tani o mò pe ajè ana lo pa òmò jè!” - “A witch cried yesterday; a child died today; who doesn’t know that it was the witch of yesterday that killed the child and ate!”.

Suspects And, while I do not have a particular name for the suspects who are behind the rising insecurity, killing and kidnapping in the country, apart from those suspects who have been arrested, we know that there are miscreants amongst the Politicians, traditional rulers too (like an Igwe in Enugu State who was arrested alongside his wife, son and some others for kidnapping), and members of society whom the public imagines are assisting the Government in the fight against terrorism, but may be doing quite the opposite, like the aide of Dr Ahmad Gumi, Mr Tukur Mamu, who assisted in negotiating the release of abductees in the Abuja/Kaduna train kidnapping in 2022, but was subsequently arrested and arraigned in March 2023, on a 10 count charge bordering on terrorism.

Some members of the law enforcement agencies, particularly the Police and the Army, are also part of criminal groups/gangs. Nigerians will never forget Chief Superintendent of Police, George Iyamu, who was executed by firing squad on March 29, 1987, alongside the famous Lawrence Anini armed robbery gang that terrorised the old Bendel State in the 1980s. Iyamu supplied the gang with weapons, and protected them.

How were two foreign abductees, British Chris McManus and Italian Franco Lamolinara killed in Sokoto during a botched rescue attempt in March 2012, after spending 10 months in captivity? It appears that some moles in the Nigerian security agencies, compromised the rescue operation by leaking its details to the terrorists. By the time the UK and Nigeria joint rescue team got to the location where the captives were being held, the terrorists opened fire on them, the captives were murdered and the rescue operation failed.

It is particularly frightening, that some members of the agencies who have the constitutional mandate to protect Nigerians - see Sections 14(2)(b), 214 & 217 of the 1999 Constitution of the Federal Republic of Nigeria (as amended in 2023)(the Constitution), Section 4 of the Police Act 2020 & Section 1 of the Armed Forces Act 2004, are part of criminal gangs responsible for the dastardly acts being perpetrated against Nigerians and foreigners alike.

Escalation of Insecurity Even the non-discerning and blind in Nigeria can see that violence and insecurity which seemed to have quietened down running up to the last general elections and to the end of 2023, have flared up once again, since the beginning of the year. The ‘wahala’ (Hausa and Yoruba word rooted in the Arabic word, ‘Wahla’, which means fright, terror) of banditry and terrorists in the North, appears to have escalated once again.

Considering the fact that the primary purpose of government is the security and welfare of the people (see Section 14(2)(b) of the Constitution), Nigerians are wondering whether the Tinubu administration will continue to treat these vicious criminals like the Herdsmen with the kid gloves that the Buhari administration used, or whether they will take decisive action to vanquish them once and for all. In the interest of the majority of Nigerians, the response from any responsible, right-thinking government, must necessarily be the latter option.

The Jonathan administration had called in foreign military contractors to assist in the fight against terrorism and insurgency. However, a few months after assuming office, President Buhari dismissed the military contractors, and it is no surprise that his administration recorded minimum success in this fight, seeing as all his administration had left to do the difficult job of fighting insecurity, was a somewhat compromised and overstretched Armed Forces and Police Force, the latter also pretty much showing a lack of concern. We recall how President Buhari conscripted the former IG, Ibrahim Kpotun Idris to Benue State after a series of Herdsmen attacks, and how the latter popped in there on a flying day trip, suffering no consequences whatsoever for his insubordination and nonchalance. On the contrary, he was rewarded for his failures with the enjoyment of official trips, as part as President Buhari’s entourage, while the country was on fire.

Home Truths At this point, it is imperative that some home truths are told, the first one being that, rather disappointingly, the Tinubu administration is partly a ‘Kakistocracy’, that is, a government that is populated with “the least suitable or competent people”, which is surprising for President Bola Ahmed Tinubu, GCFR (PBAT), since one of his trademarks is his supposed knack for sourcing the best talents available. If he is to succeed, decisions must be based on sound premises, not politics.

onikepo braithwaite onikepo.braithwaite@thisdaylive. com onikepob@yahoo.com

The

Advocate “….Nigerians are wondering whether the Tinubu administration will continue to treat these vicious criminals like the Herdsmen with the kid gloves that the Buhari administration used, or whether they will take decisive action to vanquish them once and for all” Why can’t these official appointments be made the same way footballers are selected - only the best players are hand-picked, irrespective of their zones of origin, politics, religion and other irrelevancies, because the object is to win the games and be the reigning champions. This will also be a winning formula, for the game of governance!

For one, as far as the female Ministers are concerned they are mostly uninspiring, except for a couple of them. While the Humanitarian Minister is on suspension as a result of allegations of financial impropriety, the Minister of Women Affairs appears to be more concerned about celebrating her ‘darling husband’s’ birthday, instead of being preoccupied with the kidnapping of women, and recent killing of young University student, Nabeeha Al-Kadriyar; 13 year old Folashade Ariyo; Christiana Igba, nursing mother of a one month old baby, who had remained childless for 10 years until she had the baby; and her mother, Maria Agbo, who had come to rejoice with and look after her daughter and grandchild.

In the Tinubu administration, how many members have the characteristics of Dr Michael Okpara, 2nd Premier of Eastern Region (1959 - 1966), who commissioned 28 industries between 1961 and 1963, and never built a house for himself? Or late Sardauna of Sokoto, Sir Ahmadu Bello, KBE, Premier of the Northern Region (1954 -1966), remembered for his commitment to improving the standard of living of the people, establishment of secondary schools throughout the Northern Provinces, and the development of infrastructure and agriculture?

Or Chief Obafemi Awolowo, GCFR, SAN, 1st Premier of Western Region (1952 - 1959), known for his integrity, also among the Founding Fathers of Independent Nigeria, committed to the development of infrastructure, agriculture and industrialisation, the father of free education?

Leadership of Key Security Agencies Agreed, that PBAT was handed a poor deck of cards by the Buhari administration in most things, including security. However, the scourge of kidnapping in Nigeria predated the Buhari administration, starting during the last half of President Obasanjo’s second term around 2006, while the Boko Haram terror group started their

Grieving Plateau Women

violence in earnest in 2009, after the Police’s extra-judicial killing of the leader of their sect, Mohammed Yusuf. The Herdsmen/Farmer clashes, also revved up in the early 2000s.

Since security is the topic for today, it is apposite for me to start by looking at the history of the leadership of the key agencies that are in charge of maintaining security in the country, also vis-à-vis the allegation of some Politicians that the North is being marginalised in favour of ‘Lagos Boys’. Normally, I shy away from this kind of pedestrian conversation, because I am detribalised; but, from time to time, it’s good to set record straight.

Unfortunately, because what Nigeria has built over the years are strong men instead of strong institutions, the leadership of agencies cannot be ignored. If institutions were strong, it wouldn’t matter too much who was leading, as there would be laid down procedures and processes that must be followed therein. For instance, I would not be able to co-opt people from my town or Church or Mosque into the agency that I head, even if they do not qualify - in Nigeria this is the norm - if not, we wouldn’t have the head of one of our agencies barely literate! Nor would we have members of security agencies, like some in the DSS, whom I understand were unable to speak English, let alone being literate when they were recruited; orders from above said they should be trained in their language, and could learn English later, on the job! Pray tell, how do you fight a war using non-kinetic tools that involve technology, if your agents are illiterate? Yet, we wonder why Nigeria is as far away as possible, from the achievement of the majority of the goals set out in Chapter II of the Constitution, the Fundamental Objectives and Directive Principles of State Policy!

Lt Colonel Yakubu Gowon was the first Chief of Army Staff (COAS). Lt General Alani Akinrinade has been the only South West COAS out of 26, and he occupied the position for only six months. Lt General Taoreed Lagbaja who is presently the COAS, is only the second South Westerner to hold this position, in almost 60 years of Nigerian COASs. Out of a total of 27

COASs, 20 have hailed from different Northern zones.

Out of 22 IGs (Inspector General of Police), 12 have been from the different Northern zones, 4 from the South South, only 1 from the South East, while Kayode Egbetokun is the 5th IG from the South West.

From when the SSS/DSS started as the NSO, there have been 12 Director Generals. Matthew Seiyefa from the South South, who was passed over for Lawal Daura was only in the position for a month, while 7 DGs hailed from the various Northern zones.

Colonel Kayode Are is the only DG SSS from the South West. Every Nigerian National Security Adviser (NSA) apart from Colonel Kayode Are who held the position in an acting capacity for two weeks (September 18, 2010 - October 4, 2010) and General Andrew Azazi, the 8 others have all hailed from the various Northern zones.

The Chief of Naval Staff (CNS) has been skewed to the Southern zones, since out of 20 Nigerians, 16 have been Southerners (7 South West) and only 4 Northerners. It could however be that, since the North is mostly landlocked, Northerners are not too attracted to the Navy. Presently, the CNS is from the South East.

As for the Chief of Air Staff (CAS) - the leadership appears to have been more balanced in terms of North and South, in that, out of 20 Nigerians, there have been 9 from the North, 11 from the South, including 6 South Westerners. Presently, the CAS is from the North West.

Today, the Chief of Defence Staff, Minister of Defence and Minister of State of Defence, NSA, DG SSS (DSS), DG, NIA, Minister of Police Affairs and Minister of State of Police Affairs are all from Northern zones. So, pray tell, where is the marginalisation of the North, when, to date, it appears that contrary to Section 1(2) of the Constitution, the security agencies that are responsible for ensuring that Government achieves its primary purpose, have always been and remain in the hands of the Northern zones? Under President Buhari, the IG, COAS, & CAS were also from the North. See Section 14(3) of the Constitution, on Federal Character.

If this kind of breach has continued on such a protracted basis, what is the moral justification for those who are the key beneficiaries of these breaches, to denounce the movement of a couple of departments that had no business being moved to Abuja in the first place, back to Lagos to achieve maximum efficiency and save costs?

While undoubtedly, the state of insecurity has its roots in bad governance, corruption, high rate of unemployment, lack of education, lack of infrastructure, poverty, and other societal ills, the underperformance of those responsible for providing security for the people, cannot be ignored. Nigerians hope to see a change for the better, seeing as we are closer to anarchy than peace.

Appropriate Answers to these Questions?

If we love our country, what should be uppermost in the minds of all Nigerians, is how to solve the pervasive and persistent insecurity issues that are plaguing the country - the failure in the area of security is glaring. Which international investors will want to come to a country that is unsafe, to sink their money?

Where are the $500 million Tucano Jets that Nigeria purchased during the Buhari administration to fight insecurity, and what have they been doing? If they say that the Fulani Herdsmen that are attacking Nigerians are foreigners from neighbouring countries, why are the porous borders from where they gain access into Nigeria, still unsecured? Why are Nigerian Farmers still unable to go to their farms freely? Why can’t technology be deployed to aid raids into the forests that these criminals occupy, so they are annihilated?

I have always maintained that the lack of progress in the fight against insecurity in Nigeria is not because our security agencies are incapable - far from it; but, it’s more about the fact that they lack equipment and their ranks have been infiltrated and compromised by moles, which will always be a hindrance to any progress. This is a serious issue, that requires addressing by security chiefs, and it is why I believe that some secret, foreign assistance is required. It is bizarre that Nasiru El Rufai, former Governor of Kaduna State, publicly stated that the Buhari administration was well aware of where these terrorists and bandits are, but have refused to take decisive action. Instead of doing the needful, Government denounced Mallam El Rufai as a talkative.

If some of these pertinent questions I have asked are answered with the appropriate actions, we will start to make some progress in the fight against insecurity. Of course, there are still so many other issues that need to be tackled - reforms in the process of recruitment of law enforcement agents, periodic training of even the higher ranks of officers, building of trust between the citizenry and law enforcement agencies, particularly the Police which the first point of contact of citizens with law enforcement. This will help with much-needed intelligence gathering. It’s unlikely that people will take information to law enforcement agents that they do not trust, or are not even sure that they are not criminals themselves! Perpetrators of these violent acts, must be held accountable for their criminality, and prosecuted to the fullest extent of law as a deterrent, instead of sewing ‘asò-èbi’ for them under the false pretext that they are repentant.

IV law report

TueSday, FEBRUARY 6, 2024 • T H I S D AY

Burden of Proof in Civil Cases

Facts The Appellant, along with other members of the 1st Respondent, including the 3rd Respondent, contested in the 1st Respondent’s primary election for the nomination of a candidate for the Kogi State Gubernatorial election slated for 11th November, 2023.

At the primary election that held on 14th April, 2023, the 3rd Respondent was said to have polled the highest number of valid votes, and having been ratified by the Special Congress, he was returned as the winner of the primary election and the 1st Respondent’s candidate for the Kogi State gubernatorial election.

Dissatisfied, the Appellant approached the Federal High Court by way of an originating summons, seeking inter alia, a declaration that the 3rd Respondent was not validly nominated as the 1st Respondent’s candidate for the 2023 Gubernatorial election in Kogi State. The complaint of the Appellant was that the 1st Respondent failed to conduct direct primary elections in all the 239 wards of the 21 Local Government Areas of Kogi State due to the interference of Governor Yahaya Bello, whom he alleged used the instrumentality of the Council Chairmen to write fictitious scores on the result sheets in favour of the 3rd Respondent. The trial Judge in a judgement delivered on 12th July, 2023, dismissed the Appellant’s suit.

Dissatisfied, the Appellant appealed to the Court of Appeal. The Court of Appeal affirmed the judgement of the trial court, and dismissed the appeal. Further dissatisfied, the Appellant lodged an appeal at the Supreme Court.

Issue for Determination The Supreme Court considered the following issue, in its determination of the appeal:Whether the courts below were right in their concurrent findings of fact to the effect that, the Appellant as the Claimant before the trial court failed to discharge the onus of establishing that the primary election that produced the 3rd Respondent was not substantially conducted in accordance with the Electoral Act, 2022.

Arguments On the 1st issue, Counsel for the Appellant argued that since the case of the Appellant is that the primary election did not hold, calling on the Appellant to prove that the primary election was not conducted is like placing on him a burden he cannot discharge. Relying on ODOM v PDP (2015) 6 NWLR Pt. 1456, 527 at 560-562, Counsel argued that there is a difference between legal burden of proof and evidential burden of proof, and that the evidential burden shifts depending on the averments and evidence led. He further urged that, in view of the Appellant’s claim that primary elections did not hold in all the wards, in order to disprove this, the burden was on the 1st and 3rd Respondent to produce the election materials with which the primary election was conducted, or at least, the results from all the wards and the various ward registers.

On the allegation by the Appellant that the 1st Respondent wrote fictitious scores in favour of the 3rd Respondent on the result sheets, Counsel submitted that since the Appellant’s case is that the primary election did not take place in any of the

Honourable Emmanuel Akomaye Agim, JSC In the Supreme Court of Nigeria Holden at Abuja On Monday, the 23rd day of October, 2023 Before Their Lordships John Inyang Okoro Helen Moronkeji Ogunwumiju Adamu Jauro Tijjani Abubakar Emmanuel Akomaye Agim SC/CV/892/2023 Between SENATOR SMART ADEYEMI

APPELLANT

And 1. ALL PROGRESSIVES CONGRESS (APC) 2. INDEPENDENT NATIONAL ELECTORAL COMMISSION (INEC) 3. AHMED USMAN ODODO RESPONDENTS (Lead Judgement delivered by Honourable Emmanuel Akomaye Agim, JSC)

239 wards consequent upon which he deposed that there were no results to be collated, his obligation to prove his allegation of forgery in paragraphs 8, 25 and 26 of the affidavit to his Originating Summons can only arise after the Respondents had been able to come up with results from the 239 wards Counsel for the 1st Respondent, on the other hand, argued that the contention of the Counsel for the Appellant that the burden of proving that the primary election held is on the Respondents and that there is no corresponding duty on the Appellant to prove that the primary election did not hold is untenable, in view of the declaratory nature of the reliefs sought by the Appellants. He submitted that even if the Respondents did not file any defence, the Appellant was still required by law to establish his case

“…generally, in civil cases, the burden of proof is cast on the party who asserts the affirmation of a particular issue. The burden rests on the party, whether Plaintiff or Defendant, who substantially asserts the affirmative of an issue”

by cogent and convincing evidence to be entitled to the grant of the declarative reliefs sought. Counsel argued further that the Appellant’s allegations of forgery in certain paragraphs of the Appellant’s affidavit are criminal in nature, and must be proved beyond reasonable doubt. He emphasised that the averments in the affidavit of the Appellant, cannot be sufficient proof of the allegations of crime made by the Appellant On their part, respective Counsel for the 2nd and 3rd Respondent argued that the documentary evidence of the 2nd Respondent in form of the 2nd Respondent’s Monitoring Report, and the result of the primary election duly signed by the 1st Respondent’s agent on the 1st Respondent’s letterhead, raises a presumption that the primary election held and therefore, shifts the burden on the Appellant to prove that the election was invalid as he claimed.

Court’s Judgement And Rationale The Apex Court held that the party that has the primary legal burden to prove the existence or non-existence of any facts, is on the one who desires a court to give judgement as to any legal right or liability dependent on the existence or non-existence of facts which he asserts. Thus, generally, in civil cases, the burden of proof is cast on the party who asserts the affirmation of a particular issue. The burden

rests on the party whether Plaintiff or Defendant, who substantially asserts the affirmative of an issue. The Court held further that Section 133(1) of the Evidence Act specifically provides that whether the Appellant is making an affirmative assertion i.e., the existence of a fact or a negative assertion i.e., the non-existence of a fact, the burden of first proving either of the two, lies on the party against whom the whole judgement would be given if no evidence is led on either side. The Court referred to EGHAREVBA v OSAGIE (2009) 18 NWLR (Pt. 1173) at 299.

Relying on CHIEF ARCHIBONG v CHIEF ITONG ITA (2004) 1 SCNJ; (2004) 4 NWLR Pt. 858 Pg. 590 at 619, the Apex Court held that where the burden of proof of the non-existence or existence of a fact is in issue, regard must be had to presumptions arising from the pleadings. The Court held that by Section 168 of the Evidence Act, 2011, there is a presumption of regularity in respect of judicial or official acts; in essence, formal requisites for validity of all judicial or official acts are presumed to have been complied with until the contrary is proved. The Court also referred to its decision in SHITTA-BEY v A-G FEDERATION (1978) 7 SCNJ 264 Pg. 287, that apart from the presumption of regularity, there is the presumption that where there is no evidence to the contrary, things are presumed to have been rightly and properly done. The Court also held that where allegations of crime are made in an election matter, the standard of proof is even high, as election matters are not exempt from the law that says that an allegation of crime in any proceedings must be proved beyond reasonable doubt.

On the whole, the Court held that in the instant case, the Appellant made certain assertions regarding the conduct of the 1st Respondent’s primary election, and by the provisions of the law, he ought to adduce evidence to support these assertions. However, claimed that since there was no primary election, he did not have any result to tender, when he could have tendered other affidavit evidence from his agents in the wards all over Kogi State to substantiate his claim. The Court found that, on the other hand, the Respondents produced evidence which proved the fact that the primary election was indeed, conducted with the 2nd Respondent tendering before the trial court the primary election results and reports on the conduct of the primary election in the various local governments duly signed by its electoral officers. It follows therefore that, in the peculiar circumstances of this case being a pre-election matter, there is a presumption of regularity of the results released by INEC which were pleaded, but which the Appellant failed to rebut.

The Court also held that, the Appellant who also made allegations of forgery against the Respondents, failed to support his allegations with compelling and conclusive evidence proving the commission of the crime by the Respondents beyond reasonable doubt.

Appeal Dismissed.

Representation Musibau Adetunbi, SAN with others for the Appellant.

Abdulwahab Mohammed, SAN with others for the 1st Respondent.

Chief A. A. Adeniyi, SAN with others for the 2nd Respondent.

M.Y. Abdullahi, SAN with others for the 3rd Respondent.

Reported by Optimum Publishers Limited, Publishers of the Nigerian Monthly Law Report (NMLR)(An affiliate of Babalakin & Co.)

V

TueSday, FEBRUARY 6, 2024 • T H I S D AY

serious matters Olawale Fapohunda, SAN

08033142501 SMS Only

Failure to Reform the Nigeria Police Threatens Our Collective Security

I

Our Police in a Free Fall cannot count how many times I have written on the need for successive governments since 1999, to undertake fundamental and not cosmetic reforms of our Police Force. Just searching through my laptop, I counted 29 papers and briefing notes that I presented at several consultations on the state of the Nigeria Police, and the need for reforms. In all these writeups, I have consistently said that our failure to reform the Police will one day constitute a clear and present danger to our democracy.

I take no delight in saying that, I fear that day is upon us. How is it possible that every government since 1999 failed to realise that our Police Force is in a free fall, the effect of which will be near total incapacity to live out the true meaning of its mandate? It is beyond belief that from 1999 to date, we have adopted the easy way out of a problem so fundamental to our very existence.

Committee System as Official State Policy We have adopted as official State policy, the tragic practice of setting up Committees to advise government on what needs to be done to reform the Police. The existence of a plethora of previous reports on this issue by government established committees appears to be of little to no consequence, including the fact that the very notion of implementation, seems to be antithetical to the reasoning behind the setting up of these committees.

Many of us would have bet our entire life savings, on the assurance that the Tinubu Administration will not go down that route.

We were wrong. Stunned into disbelief, when in October last year, at the end of a meeting of the Police Council chaired by Mr President, it was resolved to set up another Committee on Police reform to advise government on how to proceed. What is even more upsetting, is that this Committee was set up in the aftermath of ‘#EndSARS’ protest - a nationwide protest that we barely survived. Surely, one would be justified in thinking that the #EndSARS protest was a call to action for Police reform.

Obviously not.

Need for Political Humility The truth that is self-evident, and that has been so since 1999, is that the Nigeria Police in its present state lacks the ability to protect either our lives or property. Therefore, to continue to hope that the Nigeria Police Force will one day rise up to fulfil its calling without a fundamental change in direction, is a tall order wrapped in wishful thinking. To put it plainly, there is nothing that needs to be said about what needs to be done to achieve the Police Service, not Force of our dreams that cannot be found in the many reports and recommendations of committees established from 1999 until 2022. What we need at this time, is the political humility to revert to these reports and put together an immediate to long term action plan. To be sure, the reform of the Nigeria Police will not be an event.

It will entail a painstaking process, with a vision to transform the Nigeria Police into a true public servant capable of elevating the sense of security of Nigerians. Doing nothing is not an option. Indeed, it would be fatal for us to overlook the urgency of the moment and insist on business as usual. It is again worth restating that the main obstacle that we need to overcome in any discussion about our Police is the public perception of corruption, impunity, absence of accountability, incompetence, and failure to control the law and order situation. Somewhere within this perception, is the growing fear that an increasing number of our Police officers are themselves in partnerships with criminals.

Inspector General of Police, Kayode Egbetokun Our Police Reform Journey A significant step in Nigeria’s Police reform journey, was the enactment of the Police Act 2020 to replace the outdated Act. The provisions of the new law in broad terms emphasises public service delivery, human rights, transparency, and enhancement of community policing. It has been said that the law is not self-enacting, and will require a conscious effort on the part of the Police high command with the support of the Federal Government to ensure that, beyond the letters of the law, the vision is accomplished.

The goal of achieving a professional Police service as envisaged by the Police Act, will not be achieved without focus on the human resources at its disposal. A repeated recommendation of the reports of all the committees on Police reform established by previous governments, is the need for a holistic review of the conditions of service of Police officers to undercut the incentive for corrupt and criminal behaviour. These reports recommended the upward review of Police salaries and allowances across board, including ensuring that entitlements are received consistently and when due. These reports identified other welfare benefits including - improvement of police medical facilities, housing, insurance and Police; Police schools to be refurbished and upgraded to enable it cater for the children of Police officers; Police insurance and pension benefits to be improved and made easily accessible to the next of kin, to mention a few. Directly linked to the issue of welfare, must necessary be the need to stop the practice of housing Police stations in improvised accommodations.

Majority of Police stations in Nigeria, do not meet minimum conditions for Police work, including the detention and processing of persons who come into conflict with the law.

Enabling a Culture of Accountability In my view, it cannot simply be about increase in Police pay; there must also be a focus on accountability. A culture that attaches no stigma to corruption, is an ingredient for inefficiency and abuse of power. The lukewarm enforcement of an efficient and credible performance appraisal system, linked with an adequate and transparent reward

“Seven Months into office, Mr President should now lead. The enormity of the problems at hand, is beyond a Ministerial brief. The failure to implement urgent reforms in the Police, is today, having a profound impact on us all, especially our mental health”

and punishment mechanism within the Nigeria Police Force, is an important concern.

Just like most Government institutions, the absence of an effective job appraisal framework, is a contributory factor to the frequently stated incompetence that regrettably dominates policing in Nigeria.

Starting with the Inspector General of Police, the jobs of heads of Police formations at the zones, States and the divisions, must be tied to verifiable performance. The ability to prevent and solve crimes, should be key indicators of the job appraisal. Police officers at all levels must realise that, their jobs are tied to their performance.

Accountability also includes responsibility.

The spate of complicity of Police officers in serious crimes, including kidnapping and armed robbery must now be a matter of concern. A lot has been written about the institution’s flawed recruitment process in all its ramifications. It is not sufficient, to arrest and dismiss the criminal elements with the Force. Again, the supervisory officers at the States and zonal levels must be held to account.

Community Police without Community Support With the heightened state of citizens mistrust of the Police, I find the hullabaloo about Community Policing ridiculous, and were it not a serious matter, laughable. How do you hope to Police a community, when a large swath of citizens hold a deep-seated mistrust of the Police? I have said elsewhere that community policing is perhaps, the most misunderstood and frequently abused theme in Police management in Nigeria. Indeed, all manner of organisational tinkering has been labelled community policing. I have struggled to explain to my friends in the Police Force, that community policing is not a programme.

It is a value system in which the primary organisational goal is working cooperatively with individual citizens, groups of citizens, and both public and private organisations, to identify and resolve issues which potentially affect the liveability of communities. Prevention and prompt response to crimes, are at the heart of this cooperation. Without citizens trust and respect, one cannot but ask, what exactly is our version of Community Policing based on?

Policing the Police I would also expect that the InspectorGeneral of Police will be held responsible, for any unlawful conduct of his Commissioners of Police and senior officers.

In particular, Divisional Police heads should be held liable for the criminal acts of officers whom they are directly responsible. It is fair to assume that a Police officer on patrol duty who extorts money from citizens, including the now frequent cases of forcefully taking citizens to POS stations to withdraw or transfer money, does so with the full knowledge of his supervising officer. Accountability also includes complaints handling.

The credibility deficit that currently plagues our Police, is largely as a result of its complaint-handling module. This is more so, when the offenders are Police officers themselves. The practice of investigating allegations of misconduct against Police officers by their own is widely regarded as unjust, and does not inspire public confidence. The public show of removal of uniforms of dismissed officers, has done little to reverse this citizens’ mindset. No Police accountability mechanism can be considered fair, if it fails to inspire public confidence. The trend all over the world is to set up complaint mechanisms under law, by establishing accountability structures, which work openly, quickly, effectively, impartially, and invest them with resources and authority to guarantee independent and fair investigations.

A Plea for Mr President’s Intervention In all, I have restated some of the ‘things to do’ list, for the consideration of the Tinubu administration concerning Police reform. For emphasis, everything I have said can be found in the reports of various Federal Government Committees on Police Reform. We don’t need another committee to show us the road to Police reform. It will be significant, if reform measures can start with the Police Council, Chaired by Mr President. As the highest external oversight mechanism of the Nigeria Police Force, it is responsible for the organisation and administration of the Force. There are presently no provisions in law and policy, for the meetings of the Council.

The result of this, has been infrequent meetings. There is no institutional arrangement, for housing the Secretariat of the Council. Current arrangements, place the Secretariat within the office of the Secretary to the Government of the Federation. This has hampered the effective and efficient workings of the Council.

Seven Months into office, Mr President should now lead. The enormity of the problems at hand, is beyond a Ministerial brief. The failure to implement urgent reforms in the Police, is today, having a profound impact on us all, especially our mental health. At home, the vast majority of Nigerians cannot sleep with their eyes closed. We worry about the safety of our children in schools, especially now that kidnapping children is the favourite pastime of our home-grown terrorists. It takes a bold person to get on any of our roads without the fear of armed robbers, bandits and kidnappers, including those in genuine and fake Police uniforms.

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Nigeria: In the Throes of Insecurity Insecurity everywhere, Nowhere to run! This appears to be the plight of most Nigerians in the past few months, and there doesn’t seem to be any respite. The once serene Plateau State is now under siege, because of bandits and terrorists. Most worrisome is the fact that the nation’s Capital, Abuja, is not spared from the grip of kidnappers and bandits, and the situation appears to be getting worse. Reports reveal that, there are now daily kidnappings in Abuja and its environs. What is President Bola Tinubu’s plan, to safeguard the lives of Nigerians? Chief Aikhunegbe Anthony Malik, SAN; Jide Ojo; Emmanuel Onwubiko, Dr Sam Amadi and Adedapo Tunde-Olowu, SAN with available statistics, scrutinise Nigeria’s precarious security situation and proffer possible solutions Plateau Killings: Metaphor of a Failed Nation Chief Aikhunegbe Anthony Malik, SAN

P

Background lateau State, a North Central State in Nigeria, a once serene, holiday destination of choice on the country’s plateau, has fast morphed into a sad metaphor of the most portent and significant indicator of the nation’s failure in the last two decades of its existence. Since the advent of the country’s present democracy in 1999, beginning from the year 2001, the generation of children born within the last two decades, and counting in Plateau State, can be excused if they define democracy in terms of periodic gory spectacles of widespread massacre and

wanton destruction of property; sacking of entire communities in one fell swoop attack and forceful accommodation of army of occupation on their ancestral land. For all they care, the above are the dividends that democracy has offered them.

And so, it has been for the people of Plateau State for a while now, save for the first two years of respite in 1999 and 2000. No subsequent years thereafter, went by without an annual, or sometimes, bi-annual, baptism of kiss of death

“…..one can safely posit that we have on our hands a situation where the political class, nay the members of the security and intelligence community, have become the Fifth Columnists in the prosecution of their respective individual interests in virtually all the armed conflicts in Nigeria, including the Plateau State massacre”

from the marauding perpetrators comprising of ethnic militia drawn mainly from outside the State but accommodated by their co-travelers within, whose main motive, from the pattern of the attacks, has been to sack the communities and take over their lands.

Consistent with this gory pattern of periodic attacks, Plateau State again returned to the global news on the eve of the last Christmas celebration [in 2023], when over 150 persons were massacred across the many communities dotting the hilly and rocky terrain of the State, in such gruesome glee as to give an impression that the killing was a Christmas gift to the nation and people of Plateau State. In following the usual pattern of such killings in the past, it is intriguing that the presence of the nation’s security organisations comprising the Military, Police and men of the Civil Defence, did nothing to repel or prevent subsequent attacks.

Viewed from a distance, it does appear that these conflicts have their origin in religious differences, tensions between blocs of Muslim and Christian inhabitants. However, on a deeper reflection, one finds that politics—more precisely, political leadership, and ultimately, control of government patronage and resources—is the primary cause of many of these conflicts. When violence erupts in these circumstances, the genesis is usually the proclivity of one group to assert control of the apparatus of government over another group or groups, in a very heterogeneous and ethnically diverse part of Nigeria.

Regrettably, the etiology of the ineffective control

system, aimed at reining in the perpetrators of the orgy of violence, is itself traceable to corruption and disloyalty to the institutional ideals of existing political and security structures, intended to provide effective solution to conflicts that may arise from competing demands for the nation’s resources. The result, therefore, is that such threats to stability are not dealt with until violence becomes a certainty.

With every sense of responsibility, one can safely posit that we have on our hands a situation where the political class, nay the members of the security and intelligence community, have become the Fifth Columnists in the prosecution of their respective individual interests in virtually all the armed conflicts in Nigeria, including the Plateau State massacre.

Origin of Insecurity in Plateau State & Boko Haram

Uncannily, a calm reflection of the temporal origin of the state of insecurity in Plateau State reveals a coincidence with the emergence of the Islamic sectarian demagoguery in the North East as championed

by Mohammed Yusuf, who christened the group at its inception in 2002, “Jama’atu Ahlus-Sunnah Lidda’Awati Wal Jihad” more popularly called “Boko Haram” translating loosely as “westernisation is a sacrilege’’. Upon the death of its founder, and subsequent succession to the leadership saddle by his deputy, Abubakar Shekau, Boko Haram transmuted from a mere Islamic advocacy group to a militant organisation, in fulfilling its avowal by the new leader to avenge the death of its founder in the hands of the Nigerian security organisations. According to “Counter-Terriosm Guide’’, a publication of the US

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Nigeria: In the Throes of Insecurity National Counter-Terrorism Centre (NCTC), the rate of carnage from Boko Haram operation in Nigeria stands at over 50,000 victims.

‘The Premium Times’, a Nigerian online publication in its edition of 2nd of February, 2022, quoted the Governor of Borno State as assessing the value of properties destroyed in the Boko Haram saga at the time, at about $6.9 Billion Dollars! The Governor offered in specific details the following facts: “The insurgents have destroyed about 5000 classrooms in Borno State and about 800 municipal buildings, including local government secretariats, prisons and traditional rulers’ buildings, among others. Furthermore, they destroyed about 713 energy distribution lines, and 1600 water sources”.

The above figures represent, only but the scale of destruction in Borno State. One can only but imagine the totality of the assessments in the values of destruction in all of the Northern States in Nigeria put together, where Boko Haram and its subsidiary criminal enterprises in banditry, armed robbery and kidnap for ransom, would sum up to!

The Ensuing Entrepreneurial Criminalities: Rise in Kidnap for Ransom in the FCT and Nationwide It is not difficult to come to a conclusion, even if by logical parity, that weakness in the fight against corruption and disloyalty to the nation’s collective interest by leaders within the entire governance architecture in Nigeria does not only result in the inability to arrest and stem the tide of conflict situations. It also encourages the emergence of subsidiary criminalities in consequence. The activities of Boko Haram and its sister criminality of marauding banditry, being left without effective tackle from the government, have left crippling effects on its trail on the economic and social activities in many States in the North, particularly, agricultural enterprises, reputed to be the highest employer of labour in the region.

Effectively, therefore, surviving victims of these carnage and destructions readily fall back on survival instinct to escape the concomitant hardship from the activities of the principal terror agents, particularly as government appears to even reward, in the guise of rehabilitations and other ineffective incentivisation policies, the very criminal elements of insurgencies.

Hence, the escalation in kidnap for ransom, in the FCT ,and the rise of similar ethnic militia and criminal groups in virtually every ethnic group in Nigeria, tapping from the pulse of the Government.

In the face of the existential threats to the corporate existence of Nigeria posed by our current security dilemma, niceties of rules of engagement in such asymmetrical warfare strategies adopted by the criminal elements and their sponsors hell-bent to either end the country or have the country exist on their own terms, is a luxury we can only ill-afford.

Section 14(2) (b) of the Constitution of the Federal Republic of Nigeria 1999 (as amended) declares that, the security and welfare of the people shall be the primary purpose of government. In this declaration, the security and welfare of the people are conjunctively presented as a sole purpose. The Government fails, and ultimately, the nation, if this primary constitutional duty to the citizenry is allowed to slide.

Chief Aikhunegbe Anthony Malik, SAN, Constitutional Lawyer, Abuja

Insecurity: Nigerians as an Endangered Species Jide Ojo Introduction Section 14(2)(b) of the 1999 Constitution of the Federal Republic of Nigeria provides that, the security and welfare of the citizens shall be the primary purpose of government. In 2024, neither of these two are being enjoyed by Nigerians. Compatriots feel unsafe in their own country, and as for welfare, it’s a case of what legendary Afrobeat musician, Fela Anikulapo-Kuti call “Suffering and Smiling”. Once upon a time, armed robbery, kidnapping and other crimes were largely restricted to the urban centres, with many promising to run and hide in their villages from night marauders and criminals. Sadly, nowhere is safe any longer. The grassroots, I mean people in the communities, are facing so much unrest from criminal elements that they are now leaving their ancestral land in droves to seek refuge in towns and cities that have no succour for them.

Truth be told, Nigeria is fast sliding to what the

Mass burial of Plateau Massacre Victims

great political philosopher, Thomas Hobbes described in his 1651 famous book titled ‘Leviathan’ where he said that in the state of nature, life is solitary, poor, nasty brutish and short. Most Nigerians feel endangered.

We all live day-by-day. Just as ordinary citizens are not safe from the rampaging bloodsuckers, even the high and mighty are vulnerable. On Monday, January 29, 2024 dare-devil gunmen killed two traditional rulers in Ekiti State like chickens. The bandits killed the Onimojo of Imojo in the Oye Local Government Area, Oba Olatunde Olusola, and the Elesun of Esun Ekiti in the Ikole Local Government Area, Oba Babatunde Ogunsakin, while the Alara of Ara Ekiti, Oba Adebayo Fatoba in the Ikole Local Government Area, escaped.

Sources said the traditional rulers were returning from a function in Kogi State when their vehicles ran into the suspected kidnappers, who had laid an ambush on the road. On the same day, five pupils and four staff of Apostolic Faith Group of Schools, Emure Ekiti were kidnapped on their way from the school in another community - Eporo Ekiti.

Heartrending Statistics

Last week, civil society groups, under the aegis of the Civil Society Joint Action Group, said 17,469 Nigerians were abducted under the Muhammadu Buhari and Bola Tinubu administrations from 2019 to date. Speaking on behalfkk of the group, the Executive Director of the Civil Society Legislative and Advocacy Centre, Auwal Musa Rafsanjani, said insecurity had persisted over the last three administrations, with 24,816 Nigerians killed and 15,597 persons abducted in the last administration of President Buhari, between 2019 and 2023. Out of the total number of 17, 469 kidnapped from 2019 and to date, 90% of the cases were recorded under Buhari, while 10% have been recorded under Tinubu.

Recall that unknown gunmen on 2023 Christmas Eve attacked 25 communities in three local government areas of Plateau State, killing over 150 people and razing about 221 houses. The attacks, which affected Barkin Ladi, Bokkos and Mangu LGAs, led to the displacement of over 10,000

“…..with 24,816 Nigerians killed and 15,597 persons abducted in the last administration of President Buhari, between 2019 and 2023. Out of the total number of 17, 469 kidnapped from 2019 and to date, 90% of the cases were recorded under Buhari, while 10% have been recorded under Tinubu”

residents of the attacked communities. There have been several other attacks on the Plateau thereafter, with the most recent one being in some communities in Mangu Local Government.

Similar attacks have been recorded, in Agatu Local Government of Benue State.

The Global Terrorism Index (GTI) is a comprehensive study analysing the impact of terrorism for 163 countries covering 99.7% of the world’s population. The GTI report is produced by the Institute for Economics & Peace (IEP) using data from Terrorism Tracker and other sources. The GTI report of 2022 ranked Nigeria eight with a score of 8.065. GTI is a composite measure made up of four indicators: incidents, fatalities, injuries and hostages. Nigeria’s position is very depressing!

Triggers of Insecurity

Research has shown that there are many triggers of insecurity ranging from Ungoverned spaces; Porous borders; Poverty; Unemployment; Ostentatious lifestyle and corrupt practices on the part of our leaders. There are swaths of land and communities, without any semblance of governance and security. Bandits have take over such spaces. There are over 1,400 illegal entry and exit routes from Nigeria, according to the Nigerian Immigration Services. Nothing has been done, with the much touted e-border surveillance project of the Federal Government.

The porosity of our borders makes it possible for unhindered smuggling of small arms and light weapons, hard drugs and human trafficking.

Unemployment in Nigeria is above 30%, while the poverty rate, even by official figures, is very high. Corruption and embezzlement of public funds, including that of resources meant to buy arms and ammunition have further compounded insecurity in Nigeria. News report has it that the $2.1 billion meant for procurement of weapons to fight insurgency under the administration of Dr Goodluck Jonathan, was mismanaged in what has become ‘Dasukigate’.

Impact of Terrorism and General Insecurity on Nigeria

The economy of Nigeria, has been most impacted negatively. Many highly skilled people have either died or suffered permanent disability, as a result of the widespread insecurity. Many have been displaced, and now depend on friends, family members and Government for their daily survival.

These are people who previously had means of livelihood, and could cater for themselves. Many micro, small and medium enterprises have shut down. Indeed, many big companies are divesting from Nigeria and relocating elsewhere, where they could do business in relative peace and safety. The major business booming in Nigeria now is for those who sell security gadgets of all sorts, including bullet proof vehicles, doors and other accessories. These are things that, ordinary Nigerians cannot afford.

Hundreds of thousands of Nigerians are resigning from their plum jobs and voting with their feet, in what is called ‘Japa’ phenomenon. Socially, many Nigerians are now under self-imposed curfew. No more night life. Churches and even Mosques have had to cancel vigils, while many

congregants are also afraid to attend worship services and programmes even during the day. Night life is almost gone, while those who organise social events or parties no longer do till-day-break, preferring to end their parties around 6pm so guests can be safely back to the comfort of their homes before nightfall.

Medically speaking, many Nigerians have a feeling of being under siege and are suffering panic attacks.

Many are hypertensive and have developed stroke and heart attacks, due to too much fear. Medical facilities have also been target of attacks, and health and medical workers have been kidnapped either for ransom, or to serve as medical personnel for bandits in their dens or enclaves.

Government’s Response

Federal Government and indeed, many State governments, have exponentially increased their security and defence budgets. In fact, Governors across board are collecting huge security votes, that leave many to wonder why this hasn’t translated to better security for the citizens. Many States are establishing vigilante groups, with the latest being Zamfara State. Last Wednesday, January 31, 2024, Governor Dauda Lawal of Zamfara State, inaugurated a 2,969-man State Community Protection Guard, to tackle the insecurity challenges affecting the State.

Recall that in 2020, the six South West States, Lagos, Osun, Ogun, Ondo, Oyo and Ekiti States Houses of Assembly passed the South West Security Network (Amotekun) Bill into law. The Corps has been in operation since then, with modest success recorded in the fight against crimes and criminality.

The Inspector-General of Police (IGP), Kayode Egbetokun, on Wednesday, January 17, 2024 inaugurated a Special Intervention Squad (SIS) in the Federal Capital Territory (FCT) to address the increasing rate of crime in the territory. Speaking at the inauguration ceremony in Abuja, Mr Egbetokun said the squad was made up of trained, well-equipped and highly mobile Police officers. According to him, the Squad possesses the capacity for rapid intervention and effective containment of significant security breaches, like those currently threatening the suburb of the FCT. The Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Saturday, January 13, 2024 revealed a plan by President Bola Tinubu towards the establishment of the Marine Police, Solid Mineral Police and better-trained forest guards. In a message he posted on X (formerly Twitter), Onanuga said Tinubu, at a meeting in Abuja on Friday, January 12 with APC Governors, revealed his plans to rejig Nigeria’s security architecture. Onanuga wrote, “He (Tinubu) mentioned three brand new Police formations, to augment the regular Police. He said the deployment of forest guards was being considered, with better training, modern technological gadgets and weapons to strengthen security”.

PDP Governors’ Request for State Police

Governors elected on the platform of the Peoples Democratic Party, on Thursday, February 1, 2024 lamented the security challenges facing the country.

They insisted that, for the nation to overcome the challenge, the present Police structure must be decentralised, to give way to the establishment of State Police across the country. The PDP Governors cont'd on page VIII

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Nigeria: In the Throes of Insecurity cont'd from page VII

spoke in Jos, the Plateau State capital, when they visited the Plateau State Governor, Caleb Mutfwang at the Rayfield Government House. The visit follows the series of attacks and killings by gunmen in the State, which had reportedly claimed over 200 lives in the past month with properties worth millions of Naira destroyed in various communities of the State.

Conclusion I am of the considered opinion that State Police is an idea whose time has come, and President Tinubu should not waste more time before sponsoring an Executive Bill for constitutional amendment to Sections 214 and 215 of the Constitution, in order to pave way for State Police. There is already State High Court, State Prison, State Road Traffic Management Agency. Much as the fear of abuse of State Police is genuine, the courts will be there for people to seek redress. Already, even the Federal Police is being abused. Security and Defence should therefore, be moved from the Exclusive Legislative list to Concurrent Legislative List, with each State to determine when to establish their own State Police.

The current insecurity challenge should also be fought with technological gadgets such as CCTV, drones, scanners, jammers, etc. Intelligence gathering should be prioritised with more security personnel recruited, properly trained and motivated. With the establishment of Police Equipment Trust Fund, Nigeria Police should be better resourced for optimum performance.

Jide Ojo, Development Consultant, Author and Public Affairs Analyst

As Terrorists Keep Striking Plateau and Other States Emmanuel Onwubiko Introduction As I contemplated on the most laudable steps to take to do justice to this topic which is on the unprecedented scale of lawlessness and disregard for human lives in Nigeria by serial mass murderers made up essentially of armed non-State actors, a friend came visiting and our focus of debate was on the ongoing terrorist attacks targeting the Christian State of Plateau in the North Central region of Nigeria.

During the course of this enriching debate, my friend who is an agricultural expert introduced a dimension in the interpretation of why Plateau and Benue State and their rich agricultural communities, have consistently been bombarded by armed Fulani extremists and terrorists.

He said that a lot of these attacks which are geared towards uprooting the native communities and emptying the inhabitants of these many communities attacked into the internally displaced peoples camps, are sponsored by European businesses engaged in the production of genetically modified crops (GMO) who are carrying out a carefully choreographed war against Farmers to ensure that the scope of insecurity is such that wouldn't let any kind of farming activities to take place, so the traders in GMO crops will seize the opportunity of the attendant food crises that will ensue from these massive attacks by armed non-State actors, to import into Nigeria cheap GMOs. Well, I think this connection of terrorism and the attempt to flood Nigeria with GMOs ought to be thoroughly investigated, because Plateau and a few other States in the North are the major food producers that feed millions of Nigerians.

The Plateau State Governor, Caleb Mutfwang, recently reiterated his administration’s commitment to revamping the agricultural sector toward boosting the economy of the State. Mutfwang said this at the 37th Reunion Service of the Gindiri Old Students Association (GOSA), in Gindiri.

The Governor, a member of GOSA, acknowledged the critical role of the agricultural sector in revamping the State’s economy, and promised to adopt a multi-sectoral approach to resuscitate key agricultural programmes in the State. He promised to achieve the feat, through stronger

Bandits on the prowl

and sustained partnerships with relevant institutions in the State.

The question that is on the lips of Nigerians is how the President, Bola Ahmed Tinubu, GCFR, has set out to confront and liquidate the thousands of well armed terrorists that have dominated the public spaces killing, maiming and destroying lives and property of Nigerians, without the military achieving any form of success in combating these notorious threats to national security.

This point adduced above is done with the correct mindset, and the historically accurate fact that our fatherland Nigeria is currently facing a severe surge in insecurity, marked by distinct forms of violence across various regions. Security conditions have deteriorated, with each region grappling with specific insecurities. In the South-East, alleged members of the Biafra agitation are implicated in attacks, killings, and an increase in kidnappings.

The South-South region is experiencing a rise in militant activities, and suspected kidnappings targeting oil workers. The North-Central region is marred by a Herder/ Farmer crisis, leading to numerous casualties and displacements. Boko Haram persists in the North-East, while the North-West faces terrorist attacks by groups referred to as bandits, resulting in significant loss of life and displacement. The South-West has also not been spared, with the recent killings and kidnapping in Ekiti State.

This discourse aims to shed light on the senseless killings in Plateau State, the unprecedented kidnappings in Abuja, and the overall growing insecurity nationwide.

The recurring patterns of attacks and the Government’s response, or lack thereof, demand urgent attention and a comprehensive strategy to address the multifaceted challenges facing the nation.

Plateau State: A Continuous Tragedy

Plateau State, situated in the Middle Belt, has been plagued by inter-communal violence, particularly between nomadic herders and indigenous farmers. The situation is exacerbated by climate change, and a rising population.

Local reports indicate farmers organising self-defence vigilante groups, to counter attacks by herders.

The complexity of the issue is compounded by reprisal attacks, and a broader web of criminal activities. Armed gangs, known

“The Global Terrorism Index (GTI)….report of 2022 ranked Nigeria eight with a score of 8.065. GTI is a composite measure made up of four indicators: incidents, fatalities, injuries and hostages. Nigeria’s position is very depressing!”

as bandits, raid villages, involving looting and kidnapping for ransom. Recent tensions escalated significantly with the killing of nearly 200 people, during Christmas raids on predominantly Christian villages.

The Christmas Eve attacks in Plateau State, where gunmen targeted over 20 villages, resulted in a death toll surpassing 190, highlighting inexcusable security lapses. Reports reveal a harrowing account of the gunmen's rampage of killing and destruction lasting over 48 hours, traversing from one village to another. Beyond the initial onslaught in Bokkos local government area, the assailants infiltrated Barkin Ladi, claiming numerous lives in Hurum, Daruwat, Maiyanga, and NTV villages.

The recurring patterns of deadly attacks on Plateau State’s rural areas, underscore a stark reality that the Nigerian authorities have seemingly abandoned these communities to the mercy of marauding gunmen. The Nigerian authorities must thoroughly investigate these security lapses, that allowed the prolonged attacks. The failure to curb this tide of violence exacts a heavy toll on both lives and livelihoods, with the imminent risk of more lives being lost without immediate intervention.

President Bola Tinubu's assurance to implement new measures addressing the escalating insecurity in the country faces scrutiny in the aftermath of the Plateau State attacks, as well as recent incidents in Benue, Zamfara, Sokoto, and Katsina State.

These events emphasise a concerning truth that, safeguarding lives and property does not appear to be a top priority for the Government. Mere condemnation through statements is insufficient; a genuine commitment to protecting the people must be demonstrated through the pursuit of justice.

The Nigerian authorities, bound by international human rights law, regional human rights treaties, and the country's Constitution, are obligated to protect the human rights of all citizens without discrimination, encompassing the fundamental right to life. Hence, the authorities must prioritise justice, implement robust security measures, and fulfil their obligation to safeguard the fundamental human rights of every Nigerian, restoring faith in the nation's governance and ensuring a secure future for its people.

Abuja: The Kidnap Epidemic The Federal Capital Territory (FCT), once considered safe, is now grappling with an increasing wave of criminal activities, especially kidnappings. Since May 2023, over 87 residents have been killed, and 176 have been kidnapped, marking a concerning surge in insecurity. Beacon Consulting, a local security monitoring firm, and media reports, have provided these figures.

Recent violent attacks have alarmed both residents and authorities in the FCT, which was ranked 11th for frequent abductions in a 2020 SB Morgen report. The apparent unchallenged nature of these incidents by security agencies, allows criminal elements to operate with impunity.

These incidents are widespread across various areas in Abuja, including Gwagwalada, Kuje, Lugbe, Pegi, Abaji, Keti, and Kwali. The ap-

parent unchallenged nature of these incidents by security agencies, allows criminal elements to operate with impunity.

Recent notable incidents include the January 5, 2024, abduction of seven persons, including six girls, in the Bwari Area Council. On January 18, the wife and in-law of Lawyer Cyril Adikwu, were abducted in the Kurudu area. Another abduction occurred on January 7, 2024, where armed men kidnapped 12 individuals from an estate in the Bwari area.

The once vibrant nightlife in Abuja has also witnessed a downturn, as residents fear engaging in late-night activities. The rise in security expenses further strains personal and corporate budgets, demanding urgent intervention from the Government.

The deteriorating security in Abuja has economic implications, with a reported 33% fall in revenues for businesses. SBM Intelligence highlighted a concerning economic impact, including a rise in rent, declining property values, and increased transportation fares. Abuja's once-vibrant nightlife has also witnessed a downturn. The SBM report further showed that, about 283 individuals were abducted between 15 January 2023 and 15 January 2024.

As kidnappers and criminal cartels increasingly invade Abuja, the capital is becoming unsafe. The security situation within the FCT, is a reflection of broader security challenges in Nigeria. Securing Abuja necessitates a proactive approach, to confronting bandits and terrorists in other parts of the country.

The responsibility falls on the FCT Minister, Nyesom Wike, but, the problem extends beyond his jurisdiction. Ensuring the safety of Abuja residents, is contingent on achieving overall safety and security across Nigeria. A collaborative effort between the Federal Government and States, is imperative to address the escalating challenge of insecurity nationwide.

Amnesty International concluded its report last year: “The Nigerian authorities have left rural communities, at the mercy of rampaging gunmen”. In the North-East, Boko Haram insurgents continue their attacks, leading to hundreds of thousands of casualties and displacements. Despite counterterrorism efforts, the group remains a persistent threat.

The North-West is grappling with terrorist attacks by bandits, resulting in the death of hundreds and the displacement of millions. The Government’s response to these challenges must go beyond issuing statements and condemnations. Concrete actions are imperative to address the root causes, and ensure the safety of citizens.

International Response and Recommendations

The international community, including organisations like Amnesty International, and nations like the United States and France, have expressed concern over the deteriorating security situation in Nigeria. Calls for accountability, justice, and urgent intervention, highlight the global awareness of the gravity of the situation.

To address the ongoing insecurity, the Nigerian cont'd on page IX

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Government must take immediate and decisive actions. Proactive measures should include: 1. Comprehensive Security Reforms: The Government must initiate and implement comprehensive security reforms to address the root causes of insecurity, and strengthen law enforcement agencies.

2. Community Engagement: Establishing an ongoing dialogue with affected communities, is crucial for understanding their needs and concerns.

Community involvement can contribute to effective solutions, and foster a sense of security.

3. International Collaboration: Collaborating with the international community for intelligence sharing, training, and resource mobilisation is essential in combating transnational threats like terrorism and kidnapping.

4. Accountability and Justice: Ensuring accountability for perpetrators of violence, is paramount. The Government must demonstrate its commitment to justice, bringing attackers to trial and dismantling the culture of impunity.

5. Economic Revitalisation: Implementing measures to revive the local economies affected by insecurity, especially in rural areas, is vital.

This includes providing support for displaced individuals, farmers, and businesses.

6. Education and Awareness: Promoting education and awareness programmes to address the root causes of violence, dispel extremist ideologies, and foster unity among diverse communities.

Conclusion The escalating insecurity in Nigeria demands urgent and resolute action from the Government. The senseless killings in Plateau State, the unprecedented kidnappings in Abuja, and the overall growing insecurity nationwide call for a collective effort from the Government, communities, and the international community. The time to address the root causes and implement effective solutions is now, to ensure the safety and well-being of all Nigerian citizens.

In conclusion, the severity of the security challenges facing Nigeria, requires a holistic approach that addresses the root causes, involves communities, and seeks international collaboration.

The Government’s commitment to implementing reforms, ensuring accountability, and revitalising the economy is crucial for creating a secure and stable nation. It is a collective responsibility to act decisively, and prevent further loss of lives and livelihoods.

The current state of insecurity demands a national conversation on security priorities, resource allocation, and effective implementation of measures to protect the lives and future of the Nigerian people.

As the nation stands at a critical juncture, decisive steps must be taken to restore security, rebuild trust in institutions, and foster a prosperous and stable Nigeria for generations to come.

Comrade Emmanuel Onwubiko, National Coordinator, Human Rights Writers Association of Nigeria; Past National Commissioner, National Human Rights Commission of Nigeria

Insecurity, the State, and the Rule of Law Dr Sam Amadi Preamble Mr Peter Obi, Presidential candidate of the Labour Party at the 2023 Presidential election once drew flakes when he argued that rule of law affects economic development. Some people on twitter felt that the relationship between the rule of law and economic development was far-fetched. They are wrong. The rule of law or lack of it has significance for economic development. One channel of this implication is security. Absence of insecurity undermines the hard and soft infrastructure to grow the economy and sustain it.

Nigeria is trapped in a battle against criminals and terrorists who are bolstered by the country’s open lack of capacity to protect itself. Since January, conventional and social media JCAs been awash

Women protesting against banditry

with reports of dare-devil killings and kidnaps of low and high-profile Nigerians by terrorists and bandits. It used to be that these attacks take place outside the fortress that is Abuja, the capital city and the President’s home.

But, no more so. A few weeks ago, terrorists multitasking as kidnappers attacked estates in Abuja suburbs, and kidnapped scores of family members. At a particular estate, they took away six daughters of a family and demanded N500m ransom. When the family delayed in paying, they killed the eldest to signal their seriousness. The same gang attacked other estates, and took families as captives in forests. Some of these attacks occurred in military barracks a few metres from the Presidential villa.

For more than two weeks, there was no coherent and effective response from State security agencies. The President was holidaying in Paris in what was called ‘private visit’, when the attacks occurred. The Minister in charge of the Federal Capital Territory was dancing away at a campaign rally in Port Harcourt, where he is locked in a political battle over who controls the affairs of the State he recently stepped down as Governor after eight years in power.

Before the attack on Abuja, the seat of power, there has been high-level terrorist attacks against communities in Jos, the capital of Plateau State. in one of these attacks more than a hundred people, mostly children and women, were killed in the goriest manner. Some of the victims were beheaded, in the signature of Islamic terrorist groups like ISIL and Boko Haram.

The killings were rightly tagged ‘genocide’, considering the intent and scale of murdering of innocent Christian children and women by invading Muslim groups.

The President of Hungary called the attacks genocidal attacks, and asked the international community to take interest in the killing Christian communities in Plateau State. So far, there has been no high-profile arrest of the masterminds of these terrorists attacks on Nigerians communities.

It is important to note that, we have seen similar high-profile terror attacks in communities outside Plateau, in some State in the Benue Valley, and even down the grasslands of southern Nigeria. They raise concern about the effective guarantee of life and property

“There are over 1,400 illegal entry and exit routes from Nigeria, according to the Nigerian Immigration Services.

Nothing has been done, with the much touted e-border surveillance project of the Federal Government”

in Nigeria and the validity of the constitutional proclamation of democratic citizenship as the highest norm of the Federal Republic of Nigeria.

If lives of the citizens can be taken away in such wanton manner without the State working hard to arrest and prosecute culprits and to make sure it never happens again, what is the value of any constitutional guarantee of right to life of Nigerian citizens? Can Nigeria be a true republic if it allows some other citizens, or worst still, non-citizens, to wake up and take the life of other citizens?

Constitutional Structure of Security Management in Nigeria Before we get to the structure for managing insecurity as laid in the Constitution, it is important to dimension the nature of insecurity in Nigeria.

Insecurity in Nigeria, comes in four principal forms.

First, we have insecurity in the form of terrorism and other forms of subversion of State order, like we have in the Boko Haram and IPOB. Typically this sort of insecurity could be violent and criminal An example is the Boko Haram attacks Nigeria, in a bid to turn it into an Islamic caliphate. Another form of insecurity, is what now passes as banditry mostly in Northern Nigeria. This evidences the collapse of law and order. Bandits take over ungoverned or under-governed spaces.

Such spaces are multiplying across Nigeria, due to increasing bad governance. The third form of insecurity, is basic criminality. Some types of kidnapping is opportunistic, especially as the socioeconomic realities are very bad for citizens we expect more criminality.

A different kind of insecurity relates to community conflicts, where communities are attacked on the basis of ethnic or religious disputes. Communal and ethnic violence, have been part of the history of Nigeria. In a sense, it is one of the features of the Nigerian State. As early as 1806, some territories of what later become Nigeria have been victims of the jihad, which in essence was an organised violence by Muslim jihadists against indigenous ethnic groups. Later, colonialism exerted another form of community violence.

At the end, different communities were brought together in a violent form.

But, initial founding violence is not as troubling today, as the continued resort to violence to assert some primal right of ownership of any piece of the Nigerian real estate.

This essay is more concerned, with the fourth category of criminal violence in Nigeria. The attacks on a communities in Plateau State on the eve of Christmas, is typical of this sort of attacks. It is usually planned and executed with sophistication and effectiveness, that suggest that it is either enabled or abetted by State authority.

The attacks happened repeatedly, even after due notification to Nigerian security agencies.

Surviving members of the Bokkos community, accuse the Government of failure to protect them.

They spoke of how Fulani Muslim gunmen continue to attack them unprovoked, and razing down communities. The leaders of the Middle Belt geopolitical group, put the intent as ethnic cleansing and a determination to wipe them off and take over their land. A Director with Amnesty International accused the Federal Government of doing nothing after each attack, apart from

condoling the bereaved.

The spate of ethnically motivated violence against Nigerian communities and the inability of the government to protect, deter and prosecute the attacks go against Nigerian Government obligation under the Constitution and international law. It also dramatises the growing state incapacity, that ridicules Nigeria’s claim to leadership in Africa and the international community.

First, the constitutional premise of any constitutional order is the State’s control of violence in its territory.

As Max Weber rightly points us, the defining mark of statehood is ‘monopoly of violence’. This monopoly has been constitutionalised in the form of the executive power of the Federation. Section 5 of the Constitution vests the ‘executive power of the Federation’ on the President, who shall exercise it to “the execution and maintenance of this Constitution”. In relation to security, the executive power confers the President with the office of the Commander-in-Chief of the Armed Forces. This squarely puts the monopoly of force, on the shoulders of the President of the Republic.

The Constitution further institutionalises the monopoly of violence, in the form of the structure of law enforcement. It federalises policing power in order to centralise decision-making with regard to law enforcement, even as criminal justice is decentralised. The logic might be a recognition of the ethnic antagonisms of the Nigerian federation, and their tendency to weaken national cohesion if law enforcement is subjected to divergent social idiosyncrasies. The control of the structure of State violence makes the President responsible for constitutional use of violence anywhere in Nigeria. The Constitution further creates a normative structure, for the use of violence in Nigeria. The foremost in this regard are the fundamental human rights provisions of Chapter 4 and the Directive Principles of State Policy in Chapter II of the Constitution.

These two cardinal provisions of the Constitution are reinforced by other provisions, notably the preamble and Section 1.

The guarantee of the right to life to all Nigerian citizens, is a commitment of the Nigerian State that violence would not be used to take anyone’s life without due process. This is the most fundamental of all rights, in a civil society. Without this right, as Thomas Hobbes, John Locke and several political theorists have argued, there is no State and no civil order. The reason we came together as citizens of a Republic and give ourselves a government, is that each of you will be protected in our life and property. Where this commitment is breached wantonly, the glue holding political community together unsticks and society falls apart. This is the reason the lack of effective protection of rule of law in the form of guarantee of life and property in a territory, is one sure sign of State failure.

The protector and guarantor of Chapter 4 rights, especially the right to life and the right to peaceful community life for Nigerian citizens, is the President who solely exercises executive power of policing and law enforcement. Invariably, when the President cannot fulfil this obligation because the State lacks the capacity, it means that the justification for State order has failed. State failure is not only a matter of empirical assessment of inability to control violence. It is also a legal reality, arising Cont'd on page X

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from the breach of fundamental norm of State order. This fundamental failure of constitutional order is a collapse order, because without a constitutional order, a State is, in the language of Saint Augustine, a band of robbers.

The normative and institutional structure of security management in Nigeria, has two important features. First and foremost, it is embedded in the constitutional norm of democratic citizenship. Nigeria is a democratic republic, for the reason that its citizens are guaranteed protection for their life and property from invasion by other citizens or foreigners.

The constitutional norm is instrumentalised through the centralisation of the control of coercive force, in the Armed Forces and other paramilitary and policing agencies in Nigeria answering to the President as Commanderin-Chief and Chief Executive of the Federal Republic. As Commander-in-Chief and Chief Executive of the Federal Republic, the President has obligation to protect the life of Nigerians living in those communities.

Explanation of the Failure to Protect Why do communities in the Middle Belt of Nigeria, continue to suffer incessant mass violence that often results in gruesome killings of hundreds of innocent citizens? Why is the constitutional guarantee of the right to life and peaceful existence of members of these communities in Plateau and other States of North Central region, often violated in a manner that suggests ethnic cleansing, and nothing is ever done to punish the authors of these genocidal attack? Is it acute lack of State capacity or deliberate State policy, that these communities would be attacked from time to time? Are the different Nigerian ruling elites, involved in a long-lasting conspiracy against these Christian communities in the North Central?

The victims of these attacks reason that they are victims of a continuing jihad, that aims at wiping them off from their communities.

A form of criminality enabled the rush for unregulated exploitation of natural resources in these States has added a new dimension to a complex political economy. Nigeria’s Minister of Solid Minerals recently lamented that highly placed Nigerians, are the champions of illegal mining that leads to endemic conflicts in the north of Nigeria. A recent Al Jazeera report located the cause.

Dr Sam Amadi, Abuja

Growing Insecurity in Nigeria Amidst Kidnapping and Community Clashes Adedapo Tunde-Olowu, SAN Between January 1 and July 29, 2022, Nigeria saw 2,840 recorded events of insecurity, resulting in 7,222 deaths and 3,823 kidnappings.

Kidnapping has emerged as a pressing and pervasive issue in Nigeria, posing a serious threat to the safety and security of its citizens. The country has witnessed a surge in kidnapping incidents in recent years, affecting both urban and rural areas. The growing level of insecurity in Nigeria has highlighted the country's inability to safeguard its citizens as enshrined in the Constitution, and caused widespread distress. The prevalence of violence in Nigeria has shown a failure to safeguard and defend its residents, leading to the departure of young Nigerians to seek safety abroad.

According to the Global Centre for Responsibility to Protect, over 8.7 million people in the country require emergency humanitarian relief.

The kidnapping statistics in Nigeria are inac-

Late Nabeeha Al-Kadriyar

curate, and often do not capture the realities on the ground, because most kidnap incidents go unreported or, when reported, are not adequately captured by security agencies. Just recently, The Armed Conflict Location & Event Data Project (“ACLED”), reported that between December 1, 2023, and January 3, 2024, over 380 persons were kidnapped under President Bola Tinubu’s administration.

Kidnapping for ransom has been a major problem in Nigeria, with criminal gangs targeting highways and apartments and even snatching pupils from schools. According to a report by SBM Intelligence titled “The Economics of Nigeria’s Kidnap Industry”, about N653.7 million was paid as ransom in Nigeria, between July 2021 and June 2022. More than 500 incidents were recorded, and 3,420 people were abducted across the country, with 564 others killed in the violence associated with kidnapping in one year. The report also detailed that N6.531 billion was demanded in ransom during the period considered, but only N653.7 million was paid.

The factors driving insecurity in Nigeria, in particular, include; a. Regional Instability Northern Nigeria’s proximity to conflict-addled regions like the Sahel has promoted cross-border movement of armed groups, some of whom engage in abductions within Nigeria to raise funds for other operations. Refugee flows into Nigeria, also provide cover for gang members to operate kidnapping schemes with low risk of detection. The limited presence of security personnel also emboldens kidnappers by reducing risks of confrontation, capture, and prosecution after collecting ransoms. Weak policing also enables kidnapping syndicates, to grow in strength.

The community clashes in the Middlebelt region of Nigeria, have also heightened insecurity in Nigeria. On Christmas Eve in 2023, at least 160 people were killed in three local governments in Plateau State, and the frequency of the killings, coupled with the fact that no person has been arrested or prosecuted for these killings, have increased the belief that there is collusion by members of the security agencies with the bandits.

These attacks, often well-coordinated and have been fuelled by ethnic and religious fires, have caused more damage to the Middlebelt region and further strained relationships between the

“Kidnapping for ransom has been a major problem in Nigeria…. According to a report ….. about N653.7 million was paid as ransom in Nigeria, between July 2021 and June 2022. More than 500 incidents were recorded, and 3,420 people were abducted across the country, with 564 others killed in the violence associated with kidnapping in one year”

herders and farmers. b. Proliferation of Small Arms The widespread availability of small arms, automatic rifles, RPGs, and other weapons left over from previous regional conflicts has enabled kidnapping militias, bandits, and gangs to become heavily armed. Their substantial firepower allows mass kidnappings and killings from vulnerable targets and makes rescue attempts extremely risky. c. Poverty and Unemployment A study by OPHI, Oxford Poverty and Human Development Initiative Multidimensional Poverty Index (MPI) in Nigeria, shows that 63% of the population, or 133 million citizens, are multidimensionally poor. The poverty and unemployment rate, particularly in the Northern part of Nigeria, offers terrorist cults many recruits for brainwashing and training. d. Corruption & Collusion Pervasive corruption has hindered counterkidnapping efforts, as bribery enables perpetrators to evade arrest or prosecution. Low-paid security officials have also been implicated in providing intelligence to kidnappers, and enabling their activities to continue. This corruption seeps resources away from effectively combating the problem.

Overall, until these root factors of economic desperation, porous borders, abundant weaponry, compromised officials, and regional conflicts are adequately addressed, criminal groups will continue carrying out mass abductions for profit and killings with relative impunity across large areas of Nigeria.

Solutions The recent hike in insecurity should cause the Nigerian Government to explore practical solutions that can resolve insecurity, these include: a. Increasing Security and Surveillance Beefing up security measures and surveillance, especially around vulnerable targets, could act as an effective deterrent against potential kidnappers.

Schools have been frequent targets. Implementing procedures like armed guards, security cameras, perimeter fencing, and restricted access points could make abducting students more difficult.

The idea of State policing has been floated by different States, and some regions, such as the South West region, have gone further, by creating security outfit, Amotekun, to curtail insecurity in the region. b. Enhancing Border Control Poor border control enables criminal groups to cross between countries to evade capture. Strengthening checkpoints and security patrols on the borders of Nigeria, particularly in the northern regions, could disrupt the movements of kidnappers. Mandating identity documentation, could also help identify and track suspect individuals.

However, with over 4,000 miles of borders, fully securing access points to and from Nigeria is likely impossible without immense resource expenditure, and the lack of identity documentation among populations in rural border towns also poses difficulties. Robust international cooperation, particularly with Nigeria’s northern neighbours, is

essential to prevent porous borders from benefiting kidnappers. c. Increasing Capabilities of Security Forces Specialised Police and military units trained in counter-kidnapping tactics, hostage negotiations, rescue missions, and evidence collection are needed.

Currently, the capabilities, availability, and response times of units specialising in kidnappings are limited and concentrated mostly in major cities. Building training programs and expanding skilled tactical teams across Nigeria’s 36 States, could greatly improve immediate response after abductions.

This strategy may face roadblocks such as upfront costs, finding recruits with basic education to train, endemic corruption destroying resources, and the constant threat of officers being co-opted by criminal interests instead of fighting them. Any increases in tactical capabilities require strong leadership, oversight, and structure to translate to meaningful improvement.

While the proposed solutions to addressing Nigeria's insecurity crisis offer some helpful strategies, there are a few limitations worth discussing: 1. Border control is Impractical Realistically, fully securing Nigeria's vast land borders to clamp down on criminal group movements, is next to impossible. The costs of comprehensive border surveillance would be astronomical, and still largely ineffective. Harsh border restrictions, also hamper legitimate trade and population movement. Regional cooperation is likely more pragmatic, than attempting to unilaterally secure thousands of miles of porous borders.

2. The Root Causes have to be Addressed While tactical capabilities are important, expanded security measures alone fail to address the root socioeconomic drivers behind kidnapping. As long as systemic poverty and unemployment afflict huge segments of the Nigerian population, some will turn to illicit activities like kidnapping out of desperation. Enhanced security policies must be coupled with economic development programmes, to provide alternative livelihoods.

3. Implementation Obstacles Grand plans to equip elite counter-kidnapping units across 36 States to confront massive realworld obstacles like finding qualified recruits, maintaining equipment, securing reliable funding sources, and retention amidst threats of violence and bribery. Bridging the gap between ambitions on paper and the complex realities of bringing programmes to scale, presents major hurdles.

Conclusion Insecurity will continue to be a significant threat to Nigeria's security and stability, necessitating a concerted effort from all stakeholders. This can work by addressing both the underlying drivers and deterring militant groups in Nigeria, with the hope of curtailing the nationwide kidnapping crisis afflicting so many of its villages, schools, and cities. Concerted long-term efforts on economic, law enforcement, and regional fronts are indispensable, to ensure citizens’ safety and restore stability.

Adedapo Tunde-Olowu, SAN

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

Tracking the Decade-long Deaths on the Plateau and Need for Justice Following recent attacks recorded in over 17 neighbouring communities in Plateau State that lasted over 48 hours, claiming over 160 lives, with over 300 others seriously injured, and hundreds of properties destroyed, Sunday Ehigiator tracked the spate of killings in the state which dates back decades. While examining government and other stakeholders' lapses which has further exacerbated the crisis, he also provided expert recommendations on need for justice for victims as well as decentralisation of security for the crises-laden state

Some of the houses and properties destroyed during an attack in Plateau State

President Bola Tinubu

“I

t was a bloodbath. I was just about to go to bed at about 11 pm on that Saturday after spending the whole day on my farm when I began to hear sounds of gunshots accompanied by noises, shouts and tears.

“At that instant, I knew we were under attack.

I immediately put on my clothes, reached for my machete, and hid it under my clothes to defend myself. I also took money with me which I got from some farm produce I sold a day before because it was the most important thing I could think of at that moment for survival, that’s if I survived.

“As soon as I stepped out, I saw that the Fulani Herdsmen had already taken over the whole street. I knew they were Fulani because I understood their language and I could hear them speaking it.

“Some of them were on foot while some others were on motorcycles. They were all wagging different weapons, from cutlasses to guns, diggers, shovels, and knives, and were killing everything living on the spot, including babies, children, adults, women, men, and even pregnant women.

“I began to run for my dear life, but about five of them on motorcycles chased after me.

At some point, they shot me, and I fell, they surrounded me. I began to shout at them in their language and beg them to leave me, asking them what crime I committed or my village that they so want us all exterminated.

“They referred to us as infidels and said we have no rights, they started hitting me with the back of their cutlass, and they shot at me the second time while I was on the ground. That was how I sustained these injuries on my arm and my back. I was able to escape because I pretended to have died after the second shot.

“They are very heartless. They were slaughtering human beings like cattle, with no sympathy.

All pleas fell on deaf ears. It was a very horrific day.”

The above is the testimony of a survivor, Christian Emmanuel, in the recent deadly attacks

Plateau State Governor, Caleb Mutfwang on over 17 communities in Bokkos and Barkin Ladi Local Government Areas of Plateau state.

Origin of the Crisis Jos was officially founded in 1915.

The Berom and other indigenous groups argue that the city was founded on land that belonged to them as the native people of the Plateau.

Over the last decade, the political crisis over ‘indigene’ rights and political representation in Jos, the capital of Plateau State, has developed into a protracted communal conflict affecting most parts of the state.

At least 4,000 and possibly as many as 7,000 people have been killed since late 2001 when the first major riot in more than three decades broke out in Jos. Local political elites have long battled for power and control of limited resources in Plateau state which is located in an area of central Nigeria known as the Middle Belt that divides the predominantly Muslim north from the largely Christian south.

To this end, they have stoked religious tensions, just as widespread poverty and unemployment, fueled by endemic government corruption and mismanagement, have created an explosive social mix as competition intensifies

CDS, General Christopher Musa

IGP Kayode Egbetokun

for scarce opportunities to secure government jobs, education, and political patronage.

These tensions have been exacerbated by state and local government policies that discriminate against members of ethnic groups classified as “non-indigene”, those who cannot trace their ancestry to what are said to be the original inhabitants of an area.

According to a report by Human Rights Watch (HRW), non-indigenes, in Plateau State and elsewhere, are openly denied the right to compete for state and local government jobs and are subject to discriminatory admissions policies at state-run universities, denying them important avenues of socio-economic mobility.

“Discriminatory government policies have also effectively relegated thousands of Plateau State residents to permanent second-class status.

“Religious and ethnic identity often overlap in Nigeria. The main actors in the deadly struggle for power and resources in Jos have been the Hausa-Fulani and the Berom ethnic groups.

“The Hausa-Fulani, the vast majority Muslim, are the largest ethnic group in northern Nigeria.

They are classified as non-indigenes in Jos, though many are from families that have been there for several generations.

“The Berom, predominantly Christian, along with the Anaguta and Afizere ethnic groups, are designated indigenes.”

communal violence in Plateau State, including as many as 1,000 in 2001 in Jos and more than 75 Christians and at least 700 Muslims in 2004 in Yelwa, southern Plateau State.

“In November 2008, two days of intercommunal clashes following local government elections in Jos left at least 700 dead.

“In January 2010, several hundred people were killed in sectarian clashes in and around Jos, including a massacre on January 19 of more than 150 Muslims in the nearby town of Kuru Karama.

“On March 7, at least 200 Christians were massacred in Dogo Nahawa and several nearby villages. Over the next nine months, more than 120 people died in smaller-scale attacks and reprisal killings leading up to the Christmas Eve bombings and renewed sectarian clashes.

“Inter-communal violence in Plateau State and northern Nigeria has a history of spreading to other regions. Following the 2004 violence in Yelwa, reprisal killings in Kano State left 200 Christians dead. Muslim attacks against Christians in the northern city of Maiduguri in 2006 led to reprisal killings of more than 80 Muslims in eastern Nigeria.”

A Decade of Suffering HRW revealed that in the past decade, more than 3,800 people have been killed in inter-

They referred to us as infidels and said we have no rights, they started hitting me with the back of their cutlass, and they shot at me the second time while I was on the ground.

They are very heartless. They were slaughtering human beings like cattle, with no sympathy. All pleas fell on deaf ears. It was a very horrific day.

Complicity of Security Agencies Members of the security forces have also been implicated in serious abuses.

In November 2008 for instance, Human Rights Watch documented 133 cases of unlawful killings by the federal police and army sent to Jos to quell the sectarian violence.

Witnesses told Human Rights Watch that, on January 10, 2011, at least one soldier was seen participating in the attack on Wareng village, which left 15 Christians dead.

The Berom man in Wareng, a Christian village south of Jos, narrated, “At around 11:30 p.m., I heard shooting of guns. I didn't know what to do. There were many attackers. They were speaking Fulani.

“They came to my house and broke the door.

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Tracking the Decade-long Deaths on the Plateau and Need for Justice

Mass graves being dug for victims of the attack As they entered the house they were shooting.

I hid in the second room. They entered inside but didn't find me. It was God that hid me.

“One of the attackers was a soldier. I saw him as he passed by my window. He was wearing the new uniform of the soldiers, not the green uniform but the brown uniform. Later when we were looking around we saw an ID card of a soldier on the ground. Our councillor reported it to the chairman of the local government.

“15 people were killed in the attack: four men, four women, and seven children. Thirteen people died that day, two died later at the hospital.

The men were killed by gunshots.

“They killed the women and children with knives. One of the babies died from the smoke when they burned the house. My brother, his wife and two of their children were killed.

Their third child was cut on his head. I took the boy that very night to the hospital. They sewed his head and now it is better. I will try to take care of him if I am alive.”

An Unbroken Cycle of Violence, Failed Interventions On Saturday, December 23, 2023, gunmen attacked over 17 remote villages in Plateau state, killing at least 160 people, with blames on the farmer-herder crisis in the state The assailants targeted 17 communities in “senseless and unprovoked” attacks on Saturday and Sunday, burning down most houses in the area, according to Plateau Governor, Caleb Mutfwang.

The federal and Plateau State governments have not only failed to tackle the root socio-economic causes of the violence, but they have also failed to break the cycle of killings by holding those responsible to account.

In all but a handful of cases, 17 Hausa-Fulani men were convicted by the Federal High Court in Jos in December 2010, but the perpetrators have not been brought to justice.

In the absence of effective redress through the courts, communities that have suffered violence frequently resort to vigilante justice and exact revenge by inflicting commensurate harm on innocent members of the other community.

Over the years, the federal and Plateau State governments have set up various committees and commissions of inquiry that have examined these issues, but the reports from these bodies, and the occasional government white paper, have mostly been shelved. Despite repeated outbreaks of violence, the government has largely ignored the findings and failed to implement the recommendations.

The federal government, however, has taken some steps to beef up security in Jos and surrounding communities since early 2010.

While the military presence has had some effect in deterring and responding to attacks, the underlying causes of the recurrent outbreaks of violence remain.

Crises of Policing and Call for Accountability Speaking on the policing crisis in the state, Nigeria's Country Director, United States Institute of Peace (USIP), Chris Kwaja during an interview with an international media organisation said, “From the perspective of the USIP, we have been supporting some dialogue in Mangu, and one of the key lessons learnt from that engagement was that, people are saying, we are committed to peacebuilding, we are committed to living together, but there is a huge crisis of policing, both in terms of inadequate police personnel on

Some of the displaced persons at a camp the ground, as well as the question of accountability that has not been there.

“And that, when you talk of peacebuilding outside the framework of accountability, where justice is handed to victims, where impunity is dealt with, then the whole issue of public safety becomes unachievable.

“And for us, we want our safety to be guaranteed as a condition for us to engage with one another, to live peacefully as we’ve always been. But the question for me is, when we talk of the crisis of policing, how many policemen and women do we have in the country?

“Today, the point is that even if you want to deliver on policing, the personnel are not there. And that is where the governance of security becomes very important. And it’s not just the police, even the military.

“We are talking about a country of over 200 million people, with about 300,000 policemen, and 300,000 military personnel. When you divide that, the police to citizen ratio becomes 1 police personnel to about 600 people, how do you then deliver on security in that context?”

Renewed Call for State Policing Speaking on solutions to the frequent attacks in the state that have lasted decades, Plateau State Commissioner for Information, Musa Ashoms in his interview with an international media organisation noted that, “What we people are asking for is enough security.

“For example when this type of carnage was happening in Borno, Adamawa and Yobe State, the military made sure that citizens of those communities were made part of the policing, where we had the civilian-military Joint Task Force (JTF).

“We have our young people who can defend the community, they can be profiled by the Department of State Services (DSS), then embraced and brought to speed on security and make them become part of the security architecture of the communities.

“When people get killed, what their relatives that are alive always think is that the government has failed them.

And the government is in layers. As a government, the Constitution states that our primary responsibility is the protection of lives and properties.

“But we have a state government that has no command of the military, the police, or even the civil defence because orders to these state parastatals

come from the central government, which is the Federal Government.

“That is why we are canvassing and soliciting for State Police. For example, if you are in Bokkos where I am right now, and you see strange movements, you will notice it because you are from this community and you can recognise a stranger.

“But in the case where the military man is from Sokoto, Bayelsa, or Ondo, he might not understand the internal workings of these communities. Also, when you want to gather intelligence, the home-state approach is always the best. People who live in the communities, when they see strangers report them, they give intelligence and you act on it.

“We are not faulting the Nigerian Military but the solution to the problem that has kept happening year in, year out, is for us to have State Police, as a new approach. The idea of having a central police or a central military protecting our communities has to a large extent not yielded the right result. So as a government, we are also advocating and soliciting for state police.”

Also speaking on the need for state policing, Nigeria Country Director, USIP, Kwaja, added “I believe the president’s promise on increased security personnel to the extent that as president, he can undertake a security sector reform, where these issues are addressed in the context of looking at the effectiveness and potency of the policing architecture in the context of the national security strategy that is on the ground.

“Secondly, it also depends on the commitment of the leadership of the military and other security institutions to deliver on the mandate of these security responsibilities based on the expectations of the people.

“For many of these people, security sector reform should be anchored on the principles of decentralisation of security in the country, because you cannot talk of security, where a centralised security arrangement is implemented, looking at the distance between the federal and the community level.”

Presidential Intervention Following the incident, Nigeria’s President, Bola Ahmed Tinubu approved immediate activation of humanitarian response and support to the victims of the attack in Plateau state The currently suspended Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, made this known in a statement by her Special Assistant on Media and Publicity, Rasheed Zubair, issued in Abuja.

She said the ministry will immediately collaborate with the Plateau State government in bringing humanitarian succour to the survivors of the unfortunate attack as well as the affected communities.

Nigeria’s Vice President, Kashim Shettima, who visited the affected local government areas

There is a huge crisis of policing, both in terms of inadequate police personnel on the ground, as well as the question of accountability that has not been there and then when you talk of peacebuilding outside the framework of accountability, where justice is handed to victims, where impunity is dealt with, then the whole issue of public safety becomes unachievable.

Photo Credit: Google

in the state following the incident to console the victim, assured that President Bola Tinubu’s administration would not rest on its oars until victims of the gruesome attacks get justice.

Shettima, who was accompanied by the National Security Adviser, Nuhu Ribadu, said President Tinubu was heartbroken about the killings, vowing that the perpetrators would not go scot-free.

He assured the communities that “we won’t rest until you access justice and until you are safe.”

Importance of Justice Speaking on the importance of justice in curbing future attacks, Nigeria Country Director, Amnesty International, Isa Sanusi said, “You know in Nigeria, we have been having these types of happenings over a long period, especially in the last 10 years.

“But for Amnesty International, the most important thing is the failure of the Nigerian authorities to stop these killings and bring the suspected perpetrators to justice.

“We believe that as long as this keeps happening and nothing is done afterwards other than condolences, statements and sympathy, you will hear another attack after a few days.

“We are gradually seeing a buildup of impunity whereby people believe that they can carry arms, enter a village and kill people, and get away with it. We believe that under International Humanitarian Law, International Human Rights Law, and the Nigerian Constitution itself, the duty of protecting the people and their properties is solely and clearly of the government.

“So we are seeing an increase in the failure of the Nigerian authorities and that is the biggest issue.”

Aftermaths of Attacks and Pluralisation of IDP Camps Speaking further, Sanusi said, “Mostly after these atrocious attacks, the government comes to make promises, people become displaced, only a few people could manage to go back to resettle in their land.

“The younger people move to the cities and the urban areas. The remaining people have to move to Internally Displaced Persons (IDP) camps, and that creates bigger humanitarian concerns across Nigeria.

“Nigeria is now littered with IDP camps everywhere. Most of the victims of these dastardly attacks never get justice, which we believe at Amnesty International, should be the priority of the government.

“And the people continue to remain at the IDP camps without justice, any support, or even an understanding that something is being done to address the reasons why they were displaced in the first place.

“So the country is increasingly and gradually creating a humanitarian crisis that is not shrinking but expanding. And it’s going to be disastrous for everyone."

Conclusively, experts and other concerned stakeholders have argued that the solution to curbing the frequent breakout of crisis, which has led to several 'Deaths on the Plateau', lies solely in the decentralisation of the security apparatus of the country, in a way that either involves the creation of 'State Police', or creation of a Military-Civilian Joint Task Force (JTF) like it was done in the North-eastern states, which would involve members of the community members in intelligence gathering and other security frameworks of their communities.

XVI

06.2.2024

25

THI S DAY • Tuesday, February 6, 2024

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

F e b r u ar y

S & P INDEX

5 , 2 0 2 4

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 to daTE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT Monday, July 24, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Despite Govt Efforts, Electricity Customers on Estimated B i l l i n g Ju m p t o 6 . 0 3 m

Emmanuel Addeh in Abuja Despite recent efforts by the federal government to reduce electricity customers on estimated billing, the number of Nigerians who are still billed under the controversial policy hit 6.03 million in the third quarter of 2023, data from the National Bureau of Statistics (NBS), has shown.

Generally, estimated billing is a system of charging unmetered electricity consumers for electrical energy consumed based on their previous usage, without, in most cases, scientifically considering the actual quantity of energy

consumed.

A poll in May last year by NOI, a polling research and analytics agency, showed that at least 57 per cent of consumers connected to the national grid were still being overcharged with the deployment of estimated billing.

However, the NBS report indicated that estimated customers during the quarter were 6.03 million, higher by 0.53 per cent from 6.00 million in Q2, 2023.

On a year-on-year basis, estimated customers increased by 2.02 per cent in Q3 2023 from 5.91 million in Q3, 2022, despite recent efforts by the

federal government to rev up meters’ penetration.

A report by the Nigerian Electricity Regulatory Commission (NERC), recently, stated that since the privatisation of the power sector in 2013, several initiatives of the commission as well as the federal government mass metering resulted in deployment of 2.4 million meters.

It added that less than 10 per cent of meters post-privatisation, that is, 212,553 had been funded by the Distribution Companies (Discos).

On the other hand, various schemes by government, including the credit advanced

payment, showed that 410,796 meters were installed under that programme while meter asset providers scheme saw the installation of 1.082 million meters.

In addition, under the national mass metering programme, 882,675 were installed, totalling 2.58 million meters since 2013 when the sector was privatised.

But according to the NBS report, total customer numbers in the quarter stood at 11.71 million from 11.47 million in Q2 2023, showing an increase of 2.08 per cent.

On a year-on-year basis, customer numbers in Q3, 2023,

it said, rose by 7.09 per cent from 10.94 million reported in Q3, 2022.

“Similarly, metered customers stood at 5.68 million in Q3 2023, indicating a growth of 3.77 per cent from 5.47 million recorded in the preceding quarter. On a year-on-year basis, this grew by 13.07 per cent from the figure reported in Q3, 2022 which was 5.02 million,” it said.

Revenue collected by the Discos during the period was N260.16 billion from N263.08 billion in Q2 2023. But on a year-on-year basis, revenue generated in the reference period rose by 28.40 per cent from N202.62 billion

recorded in Q3 2022.

Electricity supply was 5,731.60 (Gwh) in Q3 2023 from 5,909.83 (Gwh) in the previous quarter, a reduction in the power made available to Nigerians. However, on a year-on-year basis, electricity supply increased by 14.09 per cent compared to 5,023.96 (Gwh) reported in Q3 2022, the statistics office stated.

Many unmetered consumers, have at various times said the estimated billing system in the power sector is exploitative and is allegedly designed primarily to rip them off their money.

Continued on page 26

Expert Advises FG to Declare State of Emergency on Exports to Boost Naira Emmanuel Addeh in Abuja A financial expert and Chief Executive Officer of Drekz Analytics Limited, Mr Abdullahi Olawale, has urged the federal government to declare a state of emergency in the Nigerian export sector.

Speaking in Abuja, he explained that by removing all bottlenecks hampering export of goods and services from Nigeria to clients and customers abroad, the value of the Naira will be

significantly bolstered.

According to him, doing so is the fastest route to strengthening the naira, adding that the government should allow exporters to be free to export so as to address the exchange rate crisis.

Olawale, who also pleaded with Nigerians to be patient with President Bola Tinubu, described the current national economic challenges as “deep-rooted”, explaining that it demands sufficient time for to be corrected.

According to him, close to a decade of mismanagement of the economy that Tinubu inherited, has necessitated current root and branch reforms, which the president and his team are implementing.

He said: “To place the Nigerian economy on the path of sustainable growth, the reform has to be deeprooted. Doing this will bring further disorientation to the economy before we can start to enjoy a measure of normalcy. The rot is too deep and we can’t get over it so quickly.

Food

“As much as the pain is too much, we must place the economic crisis in proper perspective. All hands must be on deck to salvage the situation.

The president is reducing the cost of governance.

“This must be elaborated across federal governance. We must deepen the fight against corruption and then we must export more as a nation to stabilise the naira.

“We should not play politics with the national economy. I call on Nigerians to rally round

Commodities

name of commodity

Size

State

Price

name of commodity

Rice

100kg

Abuja

N65,000 – N70,000

Sorghum

50kg

oyo

50kg

Plateau (Jos)

Price

the presidency to manage this economic emergency. We have a duty to collectively secure ourselves as economic prosperity will deflate the security challenges and enhance collective wealth and prosperity,” he stated.

He stated that an urgent meeting is needed to address bottlenecks in the export process, he said, noting that that it is extremely difficult to export products from Nigeria to earn forex at the moment.

“The system appears so structured

to frustrate exporters. The agencies involved in the export process need to be on the same table. The procedures and processes need harmonisation.

“Exporters should be free from the current blockages and impediment. If we free exporters to export, Nigeria will earn more forex and the pressure on Naira will ease,” the finance expert emphasised.

NOTE: The story continues online on www.thisdaylive.com

T o d ay

State

Price

name of commodity

Size

State

Price

100kg JIGAWA

N30,000

B EAN S

N50,000 – N60,000

Benue

N32,000

Maidu guri

N22,000 – N30,000

100kg

50kg bag

N50,500 – N60,000

100kg

Kaduna

N32,000

100kg Lagos

N36,000

50kg

kwara N24,000–N27,000

50kg

Enugu

N24,000

100kg

Kano

N35,000

50kg

Lagos

N60,000 – N70,000

50kg

Lagos

N26,000

50kg

rivers N50,500 – N60,500

Delta

N36,000

Delta

N35,000

100kg

100kg

50kg

sokoto

N60,000 – N70,000

100kg

Abia

N36,000

100kg

Abia

N35,700

Size

26

Tuesday, February 6, 2024 • T H I S D AY

BUSINESSWORLD

News Food

name of commodity

Palm oiL

C o m m o diti e s

Size

State

Price

name of commodity

Size

Location

Price

100KG Kano

N20,500

ONIONS

100kg

Ibadan

N60,000

MAIZE

100kg

Oyo

N10,000

N24,000 – N35,000

100KG Benue

N27,000

100kg KANO

N30,000

100kg Enugu

N16,500

25cl Ibadan N22,000 — N35,000

100KG Lagos

N32,000

100kg BENUE

N65,000

100kg delta

N14,000

N45,000

Abia

N11,000

100KG Delta

N34,000

100kg

N24,000 – N36,500

100kg Plateau

IMO

100kg DELTA

N50,000

50kg

Lagos

N9,000

Edo

N20,000 – N35,000

100KG

Abia

N27,000

100kg LAGOS

N60,000

100kg Kano

N9,400

100KG Enugu

N23 000

100kg ENUGU

N45,000

50kg

N6,000

Price

25cl Lagos N20,000-N35000 25cl

25cl 25cl

PH

State

Groundnut

T o day

Price

State

Size

P r ic e

name of commodity

Size

name of commodity

25cl Abuja N25,500 – N35,000

Benue

Surveyor General Calls for More Funding for Mapping Cloud Storage Stories by Emmanuel Addeh in Abuja The Surveyor General of the Federation, Abuduganiyu Adebomehin has called for more funds to be made available to the office in order to create metadata mapping cloud storage system.

He stated that this will also make it possible to make the information easily accessible by all Ministries, Departments, and Agencies (MDAs) that require the service.

He stated this during a briefing with the new Permanent Secretary, Federal Ministry of Works, Dr. Yakubu Kofar-Mata in Abuja, according to a statement by the Head, Press and Public Relations, Sani Datti.

“One of our critical projects that need urgent attention at the office is keeping our data in cloud storage for easy accessibility by all that require the service, but inadequate budgetary allocation is negatively affecting the

execution of the project”, he said.

Abuduganiyu said the office has created and maintained a national repository of metadata for all trigonometrical, cadastral, topographical, hydrographic, and geodetic data in the federation.

He added that the office is determined to maintain the vision of meeting the geospatial information needs of the country in all ramifications and its mission of providing

NLNG Trains Women Journalists in Digital Communication Skills Nigeria LNG Limited has concluded another edition in the series of #NLNGChangeYourStory workshops, focusing on arming women journalists with cuttingedge digital communication and social media skills for reporting gender-based issues.

The workshop, sponsored by NLNG, focused on mobile and multimedia journalism, providing participants with a comprehensive learning experience, according to a statement by Acting Manager, Corporate Communications and Public Affairs, Yemi Adeyemi.

During the workshop, NLNG’s General Manager, External Relations and Sustainable Development, Mr. Andy Odeh, emphasised that the focus on gender-related journalism aligns with NLNG’s commitment to Diversity, Equality, and Inclusiveness, both within and outside the organisation.

He highlighted the crucial role

of women journalists in shaping narratives and influencing public opinion for a better Nigeria.

“Our dedication to capacity building stems from the belief in the immense potential of women journalists. Recognising their pivotal role in shaping narratives, influencing public opinion, and contributing to sustainable development goals, we empower them with essential skills to reshape their stories and, consequently, mould the stories of our nation,” Odeh said.

He emphasised the workshop’s significance in empowering women journalists with essential skills in the dynamic landscape of digital communication and social media.

He stated that the #NLNGChangeYourStory workshop, initiated in 2015, reflects NLNG’s vision of embracing new technologies and platforms to articulate narratives that resonate in the fast-paced digital age.

Odeh added that the workshop manifested NLNG’s belief that stakeholders are integral contributors to the company’s journey towards greater heights.

Speaking at the event, the National Chairperson of NAWOJ, Aisha Ibrahim, represented by the association’s National Deputy Chairperson, Lilian Ogabu, stated that women journalists need to be positioned for the future in reporting the realities of women and children, especially the girl-child, in Nigeria.

She commended NLNG for supporting the women with digital communication skills that will bring them to par with contemporaries around the world.

The workshop, delivered by seasoned journalist Mr Dan Mason in collaboration with The Journalism Clinic, led by Mr Taiwo Obe, it said, proved to be a transformative experience for the participating journalists.

timely, reliable, and accurate geospatial information to users.

“Surveying and mapping are the bedrock of any sustainable development, hence more investments are required

Bauchi Region, Mr. Tijjani Ahmadu invited the police anti-bomb squad and the Department of State Services (DSS) to accompany the TCN line crew and investigate the transmission line to find the cause of the tripping.

“Upon inspection, the team uncovered remnants of detonated explosives by vandals by the tower legs, which had exploded and caused the tower to collapse.

“This incident mirrors a recent and similar act on December 21, 2023, which brought down towers T372 and T373 along the Gombe-Damaturu 330kV Single

Circuit transmission line, killing a security operative and affecting power supply in the same Yobe and Borno States.

“The line and towers from the December incident were fully reconstructed and energised on February 2, 2024,” the company said.

Meanwhile, TCN has said it engaged one of its contractors on an emergency basis to quickly mobilised to the site of the incident to commence the reconstruction and restringing of the affected line and tower.

It stated that while it is determined to keep working

more apt now, following the greater awareness and requests from various MDAs on the use of geospatial information for their sustainable planning and for informed decision making.

REA-NEP Accelerates Off-grid Power Generation in Jigawa, Nasarawa The Nigeria Electrification Project (NEP) has said it has achieved a significant milestone with the signing of a grant agreement involving two mini-grid developers, ACOB Lighting Tech. Ltd and Offgrid Electric Limited.

In a statement, it noted that the developers meet the stringent prerequisites for participation under the Minimum Subsidy Tender (MST) sub-component, funded by the African Development Bank (AfDB) and implemented by the Rural Electrification Agency (REA) under the leadership of Salihijo Ahmad.

The “ground-breaking” agreement, it said, signals a transformative leap forward in bolstering off-grid power generation in Jigawa and Nasarawa states.

It added that approximately 7,747 customers across various localities in these states will gain access to an estimated 3,454Kv PV capacity, promising more sustainable and reliable energy sources.

“With an average daily load of 9,044kWh/day and 4,633kWh/

A g a i n , Va n d a l s C a u s e C o l l a p s e o f Transmission Tower Along Jos-Bauchi Axis The Transmission Company of Nigeria (TCN) has stated that its tower number 388 along the Jos-Bauchi, 132kV Single Circuit transmission line has been vandalised, resulting in its collapse.

The incident, according to the General Manager, Public Affairs, Ndidi Mbah, suspected to have occurred on February 1, 2024, at about 10:20 pm, led to a power outage in Yobe and Borno States.

“Following a line trip in Jos, Plateau State and bearing in mind past experiences associated with line tripping in that axis, the General Manager, Transmission of

for the office to meet its constitutional and statutory roles for sustainable national development and security,” he stressed.

The call, he said, is even

at rehabilitating and further expanding the nation’s bulk power transmission network, to ensure consistent bulk power transmission.

It is pertinent that the continued vandalism and theft of power equipment pose a constant setback to the ongoing implementation of the transmission system expansion plan. “ This is because funds earmarked for grid expansion are usually diverted as a matter of emergency, to repair vandalised power infrastructure, and sometimes to avert grid collapse,” the TCN said.

day for Jigawa and Nasarawa states, respectively, the project is poised to deploy hybrid mini-grid solutions across 21 sites in Jigawa state managed by off-grid Electric Ltd and five sites in Nasarawa state managed by ACOB Lighting Tech. Ltd,” it said.

During the signing ceremony, the Head of NEP’s Project Management Unit (HPMU), Abba Aliyu, expressed optimism about the agreement’s positive impact.

“The signing of the grant agreement commits the developers to deliver within the stipulated timeframe. We anticipate them delivering the quality and quantity enshrined in the contract within the agreed period,” he added.

In his remarks, Mr. Alexander

Obiechina, the chief executive of ACOB Lighting Tech. Ltd., conveyed gratitude and a firm commitment to fulfilling all contractual obligations.

“This is a significant achievement for us. The location and proximity of this project to Abuja give us very high visibility.

We hope the cooperation we’ve received from you will remain sustained,” he said.

Managing Director, Offgrid Electric Limited, Khalis Muhammed, expressing excitement about the successful signing, projected that with the careful management of the facility, the lifespan of the project, would experience quality longevity of even up to 20 years or more.

Exxon Beats Estimates, Ends 2023 with $36bn Profit Exxon Mobil at the weekend posted a better-than-expected $36 billion profit for 2023, lifted by fuels trading and higher oil and gas production, Reuters reported.

Oil majors are expected to report 2023 profits down by about a third from record levels in 2022, as oil and gas prices retreated from the peaks that followed Russia’s invasion of Ukraine.

Exxon results included a $2.5 billion impairment charge for California properties that it has been trying to sell for more than a year. Excluding that charge, annual income fell 35 per cent to $38.57 billion.

Top oil producers are writing off unwanted assets and cleaning up their balance sheets ahead of pending deals.

Chevron has said it would take an about $4 billion impairment in the fourth quarter, while Shell last Thursday took a $5.5 billion write-down.

Brent crude futures in the

fourth quarter averaged $82.85 a barrel, a 7 per cent decrease compared to the same period last year and a 4 per cent decline from the third quarter.

For the fourth quarter, Exxon reported a better-than-expected profit of $9.96 billion, or $2.48 per share, compared to $14.04 billion, or $3.40 per share, a year earlier.

The results were driven by higher trading profits in its fuels business and increased oil and gas production in the US and Guyana, Chief Financial Officer, Kathryn Mikells, told Reuters.

Fourth-quarter results were helped by Exxon’s trading division, which delivered a $1.1 billion boost to operating profit from its fuels business.

“That is definitely something that we would expect to see on an ongoing basis embedded in our results,” Mikells said.

Gains came from revising how its specifies and moves fuels, she added.

Despite Govt Efforts, Electricity Customers on Estimated Billing Jump to 6.03m Yet, a number of them insist that efforts to get a prepaid meter for their houses and businesses had failed severally, expressing frustration that the power suppliers probably gain more by deploying the estimated billing system.

But the Executive Director, Research and Advocacy of the Association of Nigerian Electricity Distributors (ANED), Sunday

Oduntan, said at the weekend that estimated billing was not in the interest of the Discos, stressing that there is a “methodology” to it.

“Whoever said Discos make more money from estimated billing is speaking out of ignorance. When people have meters, they can calculate their consumption, and they can on their own know what they are

consuming,” Oduntan said.

On its part, NERC stated that if unsatisfied, customers can escalate issues to the NERC Forum Office or appeal decisions by petitioning the commission.

Last year, the House of Representatives directed the NERC to prevail on distribution companies to stop the estimated billing of electricity consumers across the country.

The House also urged NERC to sanction the Discos for their poor supply of power to consumers and devise means of working out compensation packages for individuals, communities private, and public entities for the investment in the distribution network. No action was taken on the resolution.

However, in all, according

to the NBS data, Ibadan led the Discos with the highest number of estimated customers with 1.32 million customers, followed by Enugu Disco 694,330 with unmetered customers.

The two were trailed by Benin Disco with 651,564 customers, then Kaduna Electric with 630,141 unmetered Nigerians and Abuja Disco, which had

546,770 customers without metering devices as of Q3, 2023.

During the period under review, Yola Disco had a 510,370 deficit, Jos was 482,045, Kano had 465,440, Eko Disco had 254,904 unmetered customers while Port Harcourt and Ikeja had 240,137 and 227,062 unmetered customers respectively to hit 6,032, 138 Nigerians without meters out of a total of 11.713 customers.

27

T H I S D AY • Tuesday, February 6, 2024

BUSINESSWORLD

News

Maritime Stakeholders…

L-R: Maritime Policy Expert, London Office, William Bwala; Secretary General, International Maritime Organisation (IMO), Arsenio Dominguez Velasco; Nigerian Alternate Permanent Representative at the IMO, Prince Abdul Dirisu and Technical Adviser IMO, Hassan Abubakar during a meeting with Velasco in his office in London… recently

IITA Launches Bio-inputs Initiative to Empower Smallholder Farmers in Africa Stories by Gilbert Ekugbe The International Institute of Tropical Agriculture (IITA) has unveiled its bio-inputs innovation that would empower smallholder farmers in Sub-Saharan Africa.

The project, which is titled, “Making Effective Bio-inputs Work for Smallholder Farmers in Sub-Saharan Africa (BioSSA),” is funded by the Bill & Melinda Gates Foundation.

The groundbreaking strategic collaboration is a first in Africa and is poised to accelerate progress, ensuring the successful development and deployment of bio-input

innovations that will positively impact smallholder farmers across Africa.

According to the IITA Deputy Director General, Research for Development, Mr. Bernard Vanlauwe, “BioSSA represents a critical step towards empowering African smallholder farmers with innovative tools to enhance their productivity and resilience in the face of climate change.

He said that by harnessing the power of bio-inputs, Africa could unlock the potential of African agriculture, empower millions of farmers, boost food production, and build a more resilient future

for the continent.

He pointed out that the project’s initial phase would focus on collecting evidence to assess the effectiveness of candidate microbial strains, maintaining that over the subsequent stages, the project would strategically shift its focus towards identifying deployment pathways, culminating in the development of innovative bio-input products.

The project strategically targets two pivotal crop categories: grain legumes comprising soybean, cowpea, and Phaseolus bean; and the cluster of roots, tubers, and bananas, including cassava, yam, and banana/plantain.

These crops underpin food security

and serve as critical sources of income generation for millions of smallholder farmers across the African continent.

Vanlauwe said that IITA would be leveraging the extensive expertise and established breeding programmes at IITA for these crops, pointing out that BioSSA is poised on a solid foundation and setting the stage for substantial success in agricultural transformation.

He lamented that African smallholder farmers face many challenges, including degraded land, unpredictable weather patterns, and resource constraints, saying that these factors contribute to low-input agriculture, characterised by limited

fertilizer use and poor yields.

“Nitrogen (N) and phosphorus (P) deficiencies are widespread across the region, further hampering agricultural productivity and food security.

“The goal is to unleash the potential of bio-inputs—microbialbased products that improve soil health, increase nutrient availability, enhance crop yields, boost farmer incomes, and improve the efficiency, productivity, and profitability of African smallholder farming systems in the face of a changing climate.”

In response to concerns about the cost and environmental impact

of traditional fertilizers, BioSSA focuses on microbial inoculants as a promising alternative.

The project adopts a stage-gated approach, with initial testing and validation of microbial strains in Sub-Saharan African conditions.

The subsequent focus will shift to product development and exploring effective deployment pathways to benefit the fields where innovation is most needed.

BioSSA’s key outcomes include identifying and validating microbial strains, understanding bio-input science, developing user-friendly and affordable products, and building partnerships and capacity.

28

Tuesday, February 6, 2024 • T H I S D AY

BUSINESSWORLD

News

Prices of Cereals, Meat Dipped Global Food Prices by 1.0% in January The Food and Agriculture Organisation’s (FAO) Food Price Index (FPI) has revealed that the decrease in prices of cereals and meat was responsible for the slight reduction of global food prices by 1.0 per cent in January 2024.

In a statement obtained from FAO’s website, its FPI, which tracks monthly changes in the international prices of a set of globally-traded food commodities, averaged 118 points in January, down by 1.0 per cent from December and 10.4 per cent from its corresponding value a year ago.

FAO said that the benchmark for world food commodity prices fell further in January, albeit slightly, due to decreases in the prices of cereals and meat, which

more than offset an increase in sugar prices.

The statement also said that the FAO’s Cereal Price Index declined by 2.2 per cent from the previous month while global wheat export prices declined in January driven by strong competition among exporters and the arrival of recently harvested supplies in the southern hemisphere countries.

It added that the prices of maize fell sharply, reflecting improved crop conditions and the start of the harvest in Argentina and larger supplies in the United States of America. “By contrast, price quotations for rice rose 1.2 per cent in January, reflecting a strong export demand for Thai and Pakistani higher quality Indica rice and additional purchases by Indonesia,” FAO said.

FAO’s Vegetable Oil Price Index

rose marginally by 0.1 per cent from December, but however, was still 12.8 per cent lower than a year earlier - reflecting moderate increases in international palm and sunflower seed oil prices offsetting declines in the prices of soy and rapeseed oils.

The FAO pointed out that world palm oil prices were driven by seasonally lower production in major producing countries and concerns over unfavourable weather conditions in Malaysia.

Meanwhile, increased import demand slightly pushed up sunflower seed oil prices. By contrast, international soy and rapeseed oil prices declined on account of prospects for large supplies from South America and lingering ample availability in Europe, respectively.

FAO Highlight Steps to Unleash Africa’s Potential for Food Production The Food and Agriculture Organisation (FAO) has outlined steps for Africa to unleash its full potentials in boosting food production and attaining food security.

The Director General of FAO, Qu Dongyu, said at the Italy-Africa Summit tagged “A Bridge for Common Growth” in Rome that Africa’s food security dream is hinged on five key pillars that could provide game-changing solutions to efficient agrifood systems transformation, underpinned by strategic partnerships, targeted investment; creating jobs for youth and women empowerment; collectively addressing the root causes of migration, bringing new hope and new solutions; innovation and skills development, particularly for youth and women and improving market access and trade.

According to him, transformation to more efficient, inclusive, resilient and sustainable agrifood systems in Africa can boost average agricultural productivity by two to three times and stimulate rural renovation and development.

To this end, the director general stressed that sustainably harnessing the potential of Africa’s massive domestic food market could help achieve the vision of an African Continental Free Trade Area (AfCFTA), leading to a possible 20 to 30 per cent increase in inter- and intraregional trade in agricultural products by 2040.

“This would also strengthen resilience to shocks and stress, create jobs and market opportunities and help tackle the impacts of the climate crisis,” Qu added.

The FAO boss commended the Government of Italy for convening the summit to

promote an equal partnership with Africa and ensuring that the region remains central to discussions during the Italian Presidency of the G7.

Qu also thanked Italy for generous voluntary contributions, with Africa as one of the main partners, as well as for the new collaboration on the joint project “Green Cities for Africa”, within the context of the FAO Green Cities Initiative.

The project aims to support the actions for mitigation and adaptation in 10 African cities.

He emphasised that agrifood systems are the backbone of Africa providing 62 per cent of livelihoods, while praising Africa’s numerous assets such as abundant natural resources, a promising young population, traditions, and knowledge, the DirectorGeneral noted that some 20 per cent of the continent’s population was still undernourished.

Gombe Woos Investors, Plans Bond Issuance to Finance Critical Projects Segun Awofadeji in Gombe

Gombe State Governor, Muhammadu Inuwa Yahaya has announced that he plans to issue green bond to execute his environmental friendly projects.

To this end, the governor recently met a broad spectrum of investors, investment experts, stock brokers and array of capital market players to source for the green bond funding window as a means of consolidating his investment drive into Gombe State.

The meeting at the Nigerian Exchange Limited (NGX) is a precursor to the second edition of the Gombe State Investment Summit tagged, “Go-Invest 2.0,” which is billed for November 2024 in the Gombe State capital.

Yahaya said he led his team to the NGX to showcase to the whole world the potential in Gombe State and invite investors over.

According to him, “We need this funds to engage in

viable projects that are ecofriendly, sustainable, and in conformity with international policy on climate change. It is also to invest in eco- friendly projects that will contribute to the well being of the citizens and minimize the impact of climate change on their livelihoods.

“We shall be expanding the frontiers of our afforestation programs which our administration has been prosecuting under the Gombe Goes Green project. In addition, we will also pursue the solar energy project, which has helped Gombe State tremendously since we embarked on solar energy as an alternative source of power in Gombe State.

“We are expecting to raise N30 billion, but we will do it in tranches. We are sourcing for N15billion for now and when we see how well that is doing, we can now come back.

He explained that Gombe is an agrarian economy with over 70% of the population actively engaged in the sector, adding that, “ we will expand the agricultural sector potentials with more funding.”

The stockbrokers assured the governor that his request for funding has been well received and that he will get all he came for.

A former Managing Director of the Bank of Industry, Waheed Olagunju, commended the huge steps taken so far by the Gombe State government under the leadership of Governor Inuwa Yahaha but opined that it is expedient to guarantee the coming investors of political security.

To this, Governor Yahaya expresed the fact that in Gombe State there’s always a continuity of projects. He added that his 10 - Year Development Plan, DEVAGOM has taken care of investment and socioeconomic stability for the next seven years even after his exit.

TUESDAY FEBRUARY 6, 2024 • T H I S D AY

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TUESday, February 6, 2024• T H I S D AY

business/MOnEYGUIDE

Kwara Disburses N25,000 Palliatives to Over 8000 Unemployed Youths, Women Hammed Shittu in Ilorin The Kwara State Government has commenced the disbursement of financial interventions of N25,000 each to over 8000 unemployed youths and women in the state.

The disbursement according to the government was to cushion the effects of inflation presently ravaging the country.

A statement issued in Ilorin on Monday signed by the acting General Manager State Social Investment Programmes (KWASSIP) Dr. Abdulwasiu Olayinka Tejidini stated that,

the fund was disbursed under its public workfare scheme.

He also said, “The public workforce scheme is another layer of relief package planned by the government to grant the people succour amidst a biting inflation in the country” Tejidini added that; “the workfare scheme commenced on Monday February 5 after weeks of enumeration process that spanned the 16 local government areas of the state. In the last few weeks, our team at KWASSIP has toured the 16 local government areas

of Kwara State to enumerate beneficiaries of the public workfare scheme.

“The scheme is another impactful initiative of Governor AbdulRahman AbdulRazaq targeted at empowering young people and actively engaging them to become productive members of the society. Each beneficiary has started getting financial support in the sum of N25,000. Like many other social investment programmes of the administration, the public workfare scheme will contribute to the socio-economic wellbeing of our people in the state.”

Osafile Spearheads Technological Renaissance for Business Growth in Nigeria In a testament to the transformative power of technology in fostering business growth, a Senior Software Developer and technology industry expert, Eugene Osafile, is blazing a trail in Nigeria’s technology landscape. Armed with extensive experience, insight, and a unique talent for simplifying intricate technology operations, Eugene stands at the forefront, guiding business leaders through the intricacies of digital possibilities.

Osafile recently took center stage at the prestigious Business Strategy Lounge hosted by the Global Leadership Institute (GLI) at the Marriot Hotel, Lagos. In his session titled “Leveraging Technology for Business Growth,” Eugene illuminated the audience with profound

insights into the strategic integration of technology in business operations. Attendees were not only captivated by his expertise but also left armed with practical and actionable strategies to propel their businesses forward in the dynamic digital age.

An enthusiastic participant, Yvonne Adewumi, shared her transformative experience, stating, “Eugene opened my eyes to how technology can transform my business. Now, I’m all in on automating tasks to make my business run smoother and grow faster.”

With an unwavering commitment to practical application, Eugene Osafile empowers business leaders to harness cutting-edge

tools and methodologies, driving sustainable growth and fostering innovation. His role as a thought leader in the technology industry in Nigeria is evident in his extensive knowledge and ability to communicate complex concepts in a way that resonates with diverse audiences.

In a snippet from his enlightening session, Osafile provided a glimpse into how businesses in Nigeria can leverage technology to engineer growth in this age.

His teachings underscore the significance of strategic integration, emphasizing the need for business leaders to embrace automation and cutting-edge solutions to stay ahead in the competitive landscape.

L-R: CEO, Sterling One Foundation, Mrs. Olapeju Ibekwe; Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu and the Permanent Secretary of the Ministry, Mr. Nebeolisa Anako, during the Sterling One Foundation courtesy call on the minister in Abuja…recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) November, 24

Money Supply (M3)

72,014,274.74

-- CBN Bills Held by Money Holding Sectors

1,245,804.25

Money Supply (M2)

71,331,641.40

-- Quasi Money

45,146,611.59

-- Narrow Money (M1)

26,185,029.81

---- Currency Outside Banks

3,081,255.46

---- Demand Deposits

23,103,774.40

Net Foreign Assets (NFA)

32,212,549.50

Net Domestic Assets(NDA)

58,300,995.27

NCC Begins Installation of Wireless Internet Cloud in Nasarawa

-- Net Domestic Credit (NDC)

39,801,725.20

---- Credit to Government (Net)

32,511,333.17

Igbawase Ukumba in Lafia

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

59,737,156.08

--Other Assets Net

4,720,308.20

Reserve Money (Base Money

22,908,392.34

--Currency in Circulation --Banks Reserves --Special Intervention Reserves

3,347,716.33 19,560,676.02 0.00

The Nigerian Communications Commission, (NCC ) has commenced installation of a Wireless Internet Cloud at the Nasararwa State College of Education Akwanga.

This was in keeping with the Commission’s earlier promise in appreciation of

the recent passage of the Right of Way Regulation 2023 by the Nasararwa State government.

Consequently, Governor Abdullahi Sule Sunday inspected the ongoing installation of the facility in Akwanga, headquarters of Akwanga Local Government area of the state.

The Nasarawa State

Right of Way Regulation 2023, waives RoW charges for installing, placing, laying, and maintaining telecommunication network facilities in Nasarawa.

Speaking to Journalists during the inspection, Govenor Sule said The passage of the law was a significant step towards a thriving digital economy in the state.

LivingTrust Mortgage Bank MD Bows Out Managing Director of LivingTrust Mortgage Bank Plc, Dr Adekunle Adewole, who grew the bank’s PBT from N57 million in 2019 to N1,018 billion in 2022, has voluntarily resigned his appointment.

Adewole assumed office as Managing Director of the bank in May 2020, after Osun State government sold majority of its shareholding to individual investors.

Aside recording a phenomenal 1,800 percentage growth in profit, the bank also, last month, repaid a N1 billion DBN loan two months ahead of due date, setting a pace others

will struggle to follow in the industry.

Confirmation of Adewole’s resignation is contained in a statement dated January 31, 2024, released on the NGX by the bank’s company secretary, Timothy Gbadeyan, titled: ‘Notice of Resignation of Director - LivingTrust Mortgage Bank Plc.’ It reads in part, “This is to notify the Nigerian Exchange Limited (The Exchange) and members of the public, particularly the shareholders of LivingTrust Mortgage Bank Plc (the Bank) that the Managing Director of the Bank, Mr.

Money Market Indicators (in Percentage) Adekunle Adewole, has voluntarily resigned his position, ahead of the expiration of his tenure.”

The statement further stated that Adewole’s resignation was effective from January 30, 2024.

Adewole, who holds a Masters degree in Business Law, a PhD in Strategic Management, and is an Alumnus of Lagos Business School, INSEAD and Oxford University, UK, was recognised

by BusinessDay as “one of the 50 top corporate executives who made the difference in 2022” and was described as “a strategic thinker and doer who contributes to national growth”.

Head of Service Commends Marine and Blue Economy Ministry The Management of the Nigerian Maritime Administration and Safety Agency (NIMASA) over the weekend, concluded a three day Performance Management retreat where the agency’s Executive Directors signed a performance bond with the DG/ CEO, on behalf of departments under their Directorates.

The Minister of Marine and

Blue Economy, Adegboyega Oyetola who declared the session open, reiterated the commitment of the current Administration to improve on service delivery in public service.

The minister who was represented by the Director Maritime Safety and Security of the Ministry, Mr Babatunde Bombata, noted that the mari-

• Source - CBN

time sector is the gateway to the nation’s economy with the potential to facilitate the economic diversification agenda of the Federal Government. He added that the establishment of the Ministry of Marine and Blue Economy is to revolutionize the maritime sector’s contributions to Nigeria’s economic development.

Month

December 2024

Inter-Bank Call Rate

16.99

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

18.75

Treasury Bill Rate

8.93

Savings Deposit Rate

5.28

1 Month Deposit Rate

7.24

3 Months Deposit Rate

7.56

6 Months Deposit Rate

8.42

12 Months Deposit Rate

9.75

Prime Lending rate

14.17

Maximum Lending Rate

26.62

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 24th JANUARY , 2024

The price of OPEC basket of twelve crudes stood at $81.30 a barrel on Tuesday, compared with $79.70 the previous day, according to OPEC Secretariat calculations.

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

th o Im C w M R F

th a D A E

TUESday, February 6, 2024 • T H I S D AY

31

mARKET NEWS

Stock Market Down N436.97bn Amid Profit-taking in MTN Nigeria, 27 Others

Kayode Tokede

Following investors’ profit-taking in MTN Nigeria Communication Plc and 27 others, the stock market segment of the Nigerian Exchange Limited (NGX), yesterday dropped

by N436.97biilliion in market capitalisation to N56.721trilliion from N57.158trilliion the market opened from trading.

The stock market’s major indicator, the NGX All-Share Index also dropped by 761.42basis points

or 0.73per cent to 103,659.81basis points from 104,421.23 basis points to bring the Year-till-Date (YtD) gain to 38.63per cent.

Investors sentiment rock the stock market despite Central Bank of Nigeria (CBN) Governor, Dr Yemi Cardoso clarifications on the foreign currency backlog situation.

Selloffs in telco giant, MTN Nigeria Communication that was down by 5.52per cent to N274.00 per share alongside Tier-1 banks, Zenith Bank that depreciated by

P R I C E S MaiN Board

F O R DEALS

2.03per cent to N38.70 per share, and Guaranty Trust Holding Company Plc (GTCO)that declined by 2.53per cent to N40.50 per share, impacted negatively on the overall market performance.

Sectoral performance was mixed, as the NGX Insurance Index added 2.7per cent to 28.81 basis points, while the NGX Banking Index depreciated by 2.3peer cent to 953.13 basis points.

Meanwhile, the NGX Con-

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

quantity traded

sumer Goods, Index, Industrial Goods index and Oil & Gas indices closed flat at 1,479.87 basis points, 5,666.54 basis points and 1,251.64basis points, respectively.

As measured by market breadth, stock market sentiment was equal, as 28 stocks gained relative to 28 losers.

Cadbury Nigeria Plc, Cornerstone Insurance Plc, Meyer Plc, Daar Communication Plc, May & Baker Plc recorded the highest

T R A D E D

value traded ( N )

A S O F

MaiN Board

price gain of 10 per cent each to close at N22.00, N2.09, N4.73, N0.77 and N6.93 respectively.

Sovereign Trust Insurance followed with a gain of 9.80 per cent to close at 56 kobo, while Ellah Lakes appreciated by 9.71 per cent to close at N3.73, per share.

On the other hand, Abbey Mortgage Bank led the losers’ chart by 9.70 per cent to close at N2.70, per share. Livestock Feeds followed with a decline of 9.66 per cent to close at N1.87, while

F E B R U A RY DEALS

Fidelity Bank lost 9.38 per cent to close at N11.60, per share.

Jaiz Bank depreciated by 7.93 per cent to close at N2.67, while MTNN declined by 5.52 per cent to close at N274.00, per share.

The total volume traded decreased by 10.81 per cent to 841.551 million units, valued at N19.328 billion, and exchanged in 13,674 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 332.297 million shares valued at N8.955 billion.

/ 0 5 / 2 4 Market Price

quantity traded

value traded ( N)

32

TUESDAY, FEBRUARY 6, 2024 • T H I S D AY

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

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

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

floor of the Nigerian Stock Exchange.

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

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

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 02Feb-2024, unless otherwise stated.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 366.55 366.55 18.29% Afrinvest Plutus Fund 100.00 100.00 10.16% Nigeria International Debt Fund 330.08 330.08 1.02% Afrinvest Dollar Fund 108.35 108.35 0.57% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.00% Anchoria Equity Fund 249.12 252.11 28.70% Anchoria Fixed Income Fund 1.26 1.26 -1.64% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 40.10 41.31 31.27% ARM Discovery Balanced Fund 798.25 822.32 20.50% ARM Ethical Fund 64.85 66.80 18.93% ARM Eurobond Fund ($) 1.11 1.11 2.67% ARM Fixed Income Fund 1.10 1.10 12.59% ARM Money Market Fund 1.00 1.00 10.05% ARM Short Term Bond Fund 1.01 1.01 8.75% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.54 107.54 380.00% AVA GAM Fixed Income Naira Fund 1,146.24 1,146.24 248.00% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.02 1.02 8.09% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.96% Cordros Milestone Fund 183.66 184.92 6.17% Cordros Fixed Income Fund 108.47 108.47 7.87% Cordros Halal Fixed Income Fund 110.20 110.20 8.22% Cordros Dollar Fund ($) 115.04 115.04 6.13% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 10.17% Coronation Balanced Fund 1.46 1.48 -4.53% Coronation Fixed Income Fund 1.37 1.37 -1499.69% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 13.73% Emerging Africa Bond Fund 1.11 1.11 2.51% Emerging Africa Balanced Diversity Fund 1.52 1.53 16.31% Emerging Africa Eurobond Fund 108.01 108.01 1.97% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1564.62 1564.62 11.94% FBN Balanced Fund 306.48 309.33 13.34% FBN Halal Fund 135.30 135.30 13.07% FBN Money Market Fund 100.00 100.00 11.38% FBN Dollar Fund 124.79 124.79 7.51% FBN Smart Beta Equity Fund 295.06 299.50 18.65% FBN Specialized Dollar Fund 112.85 112.85 9.22% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.07% Legacy Debt Fund 3.59 3.59 4.03% Legacy Equity Fund 3.56 3.64 28.58% Legacy USD Bond Fund 1.33 1.33 4.28% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A FSDH Dollar Fund N/A N/A N/A

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.97 2.00 107.44% Lotus Halal Fixed Income Fund 1,202.67 1,202.67 -13.25% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 21.34 21.51 16.18% Meristem Money Market Fund 10.00 10.00 11.34% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) N/A N/A N/A Norrenberger Money Market Fund (NMMF) N/A N/A N/A Norrenberger Dollar Fund (NDF) ($) N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.67 2.71 14.88% PACAM Fixed Income Fund 12.24 12.50 7.77% PACAM Money Market Fund 10.00 10.00 0.00% PACAM Equity Fund 2.56 2.59 18.73% PACAM EuroBond Fund 132.83 136.14 0.72% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund N/A N/A N/A SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund N/A N/A N/A 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 5,736.12 5,784.20 15.20% Stanbic IBTC Bond Fund 257.00 257.00 4.94% Stanbic IBTC Ethical Fund 2.45 2.48 19.08% Stanbic IBTC Guaranteed Investment Fund 355.91 356.17 0.76% Stanbic IBTC Iman Fund 483.46 489.05 28.11% Stanbic IBTC Money Market Fund 1.00 1.00 11.08% Stanbic IBTC Nigerian Equity Fund 21,766.72 22,027.61 19.98% Stanbic IBTC Dollar Fund (USD) 1.48 1.48 7.72% Stanbic IBTC Shariah Fixed Income Fund 129.11 129.11 6.83% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 127.12 127.12 10.21% Stanbic IBTC Absolute Fund 5,059.13 5,059.13 10.17% Stanbic IBTC Aggressive Fund 6,468.06 6,545.83 20.19% Stanbic IBTC Conservative Fund 5,769.75 5,800.47 9.20% 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 N/A N/A N/A United Capital Balanced Fund N/A N/A N/A United Capital Wealth for Women Fund N/A N/A N/A United Capital Sukuk Fund N/A N/A N/A United Capital Fixed Income Fund N/A N/A N/A United Capital Eurobond Fund N/A N/A N/A United Capital Global Fixed Income Fund N/A N/A N/A United Capital Money Market Fund N/A N/A N/A Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 21.54 21.82 16.87% Zenith ESG Impact Fund 23.76 23.98 9.05% Zenith Income Fund 25.55 25.55 0.85% Zenith Money Market Fund 1.00 1.00 11.36% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 9.37 9.47 10.18% Vetiva Consumer Goods Exchange Traded Fund 14.68 14.78 5.67% Vetiva Griffin 30 Exchange Traded Fund 38.14 38.34 1.95% Vetiva Money Market Fund 1.00 1.00 10.21% Vetiva Industrial Goods Exchange Traded Fund 56.48 56.68 0.35% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 3.05%

REITS

NAV Per Share

Yield / T-Rtn

N/A 60.04 101.79 11.31

N/A 0.35% 32.39%

Bid Price

Offer Price

Yield / T-Rtn

32.17 1,039.99 898.79 23.98 43.29

35.56 1,039.99 898.79 24.39 43.77

20.76% 108.00% 25.35% 2.13% 14.91%

NAV Per Share

Yield / T-Rtn

N/A

N/A

Fund Name

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

EXCHANGE TRADED FUNDS

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

I N F R AST R U CT U R E F U N D

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

33

THISDAY • TUESDAY, FEBRUARY 06, 2024

polity Unravelling Accusations against Oritsemeyiwa Eyesan

Bolanle Olukoya

N

igeria’s state-owned oil company the Nigerian National Petroleum Company Limited, NNPCL, is the very lifeblood of the nation’s economy, generating a major share of forex earnings and government revenues. As global energy dynamics shift, NNPCL has embarked on a mega transformation drive towards commercial orientation that can ensure its sustainability and competitive edge. This involved the transition to a fully commercial entity. The appointment of Mrs. Oritsemeyiwa Eyesan as pioneer Vice President for Upstream Operations in the revamped NNPCL has signified a major milestone in this journey.

With over 30 years of experience across NNPCL subsidiaries, Mrs. Eyesan has essentially grown up with the institution and brings that wealth of institutional memory. Her previous roles have encompassed managing vital facets like planning, building external partnerships, governance processes, infrastructure development, contract negotiations, gas commercial models etc. She has been at the forefront of unlocking several billions of dollars in investments, leading record contract renewals, pioneering gas commercialisation and acquisitions to boost downstream capacity. Such extraordinary accomplishments saw Mrs. Eyesan bag leadership awards from NNPC’s GMD, NAPE and multiple bodies.

Mrs. Eyesan is thus no outsider parachuted into the corporate stratosphere overnight by political patronage or ethnic connections. Few can match her dexterity in navigating NNPCL’s matrix or relationship rapport with its partners and global oil players. Appointing such a distinguished homegrown female talent to the VP level also broke glass ceilings and signalled meritocracy in play.

Against this backdrop, the waves of coordinated criticism recently witnessed stand astonishingly incongruous and begs the question - what triggered this turmoil?

Certain media outlets gave play to statements by ambiguous groups like ‘Niger Delta for Truth and Justice’, casting Mrs. Eyesan’s ascent itself under ethnic bias lenses, baselessly linking her Itsekiri heritage as securing undeserved spoils. Another proxy outfit dubbed ‘Arewa Intelligensia Caucus’ alleged she unilaterally awarded contracts to her ethnic group against rules. On closer scrutiny, these seemingly disparate allegations peddle the same underlying disinformation - portraying her decisions as dictated by ethnic considerations above

Eyesan national interests or corporate governance.

However, the allegations display clearly the trappings of sponsored hatchet jobs driven by vested interests. For one, NNPCL’s appointments follow standard procedures. There currently are no proofs to corroborate accusations that she grants favours or overrides executive leadership, when by hierarchy she directly enables delivery of their strategy. If there have been dissenting incidents under her leadership in the decades

she has spent in positions of authority, retaining such vital positions would be counterintuitive and her rise up the corporate ladder could have been truncated.

In reality, however, Mrs. Eyesan is renowned as a detribalised team motivator leveraging competence to extract optimal value. Her growth has seen her relate with diverse experts and operators across rungs united in pursuit of common goals. Far from the toxic work culture

painted, her warmth and humility foster camaraderie and excellence at every level.

Mrs. Eyesan’s determination to stick to policies and rules may see her step on the toes of certain entities by ensuring ethics and standards are upheld above narrow interests, potentially earning their wrath. Forces habituated to extracting unchecked privileges now see their avenues blocked by her dedication to due process.

Thus, they counter by framing her integrity itself under ethnic tags to fan divisive sentiments challenging her leadership.

In this context, the responsibility falls on discerning observers to parse through the noise and assess substantiated facts. If one reviews her decades-long trajectory, the qualities that distinguish Mrs. Eyesan and equipped her for VP duties encompass sharp commercial astuteness, strong operational management, relationship building, ethics and efficiency. The trajectory reveals no moment of administrative mediocrity or misconduct that justifies the present vilification.

Rather than rush to pass biassed judgements, wellmeaning stakeholders must critique information sources and quality before internalising. That international oil investors reposed billions of dollars in upstream assets based heavily on her strategic planning and experience, demonstrates their evaluation of her commercial judgement. Statesmen from her native Delta who understand ground realities have denounced sinister agendas to soil her legitimacy.

The danger also lurks that blindly embracing divisive innuendo poses grave risks and consequences. If unchecked, weaponisation of ethnic sentiments can poison workplaces, divert policy from rational course, and pressure qualified, reformist figures from contributing.

This undermines Nigeria’s immense potential by allowing partisan interests to prevail. Disinformation further fans societal fissures for political opportunism when truly inclusive, unifying leadership is the imperative.

It is thus our collective duty to stand up for truth especially when forces shrouded in anonymity seek to derail progress by falsely framing equity as inequity. Every indicator from NNPCL’s operations signal Mrs. Eyesan is competently driving the organisation’s vision as a key leadership team member. Vilifying stellar performers who check the abuse of systems damages Nigeria’s future. Those who appreciate this position will reckon that in Mrs. Eyesan’s elevation and performance, there is much to applaud.

•Olukoya writes from Lagos.

NEWS

Olawepo-Hashim Wants Decentralisation of Police to Halt Security Challenges Deji Elumoye in Abuja A Chieftain of the All Progressive Congress (APC), Mr. Gbenga Olawepo-Hashim, has called

on the APC national leadership, President Bola Tinubu and the National Assembly leadership to, as a matter of urgency, implement the party

policy of decentralisation of policing to halt the seemingly unending high profile crime of killings and kidnappings across the country.

The former presidential candidate spoke at in Ilorin, the Kwara State capital, on the heels of the abduction and killing, last Thursday, of Olu Koro,

Edo 2024: Umakhihe Completes Tour of LGAs, Pledges to End Insecurity An aspirant for the Edo All Progressives Congress (APC) governorship ticket, Dr Ernest Umakhihe, at the weekend concluded his extensive tour across the 18 local government areas of the state, pledging to end insecurity in the state.

Umakhihe’s tour kicked off in Ovia North East Local Government Area of Edo South where he had served at the Nigeria Institute for Oil Palm Research (NIFOR) for 23 years, before moving through to Edo Central and then to Owan East, his local government.

He received overwhelming support from party leaders and supporters for his ambition to become the next governor of the state.

During this tour, Umakhihe engaged with various party lead-

ers and supporters, discussing his vision and plans for the development of the state. He also took the opportunity to listen to the concerns and aspirations of the people, demonstrating his commitment to inclusive governance.

Umakhihe expressed his gratitude to the party leaders and supporters for their warm reception and unwavering support throughout the visitation.

He affirmed his confidence in securing victory in the forthcoming APC governorship primary, citing the overwhelming endorsement he has received from across the state.

Apart from his economic blueprint in the ‘Fresh Hope Agenda’ manifestos released at the beginning of his campaign,

Umakhihe dwelt extensively on how to turn around the security situation of the state, stressing Edo would become the safest haven for indigenes and other Nigerians to do business.

He promised to tackle the insecurity ravaging the state and ensure that women and youths return to their farms and go about their legitimate businesses without fear of criminals taking them hostage.

“On insecurity troubling us in Edo, I will ensure everybody both young and old return to their farms and houses. And importantly, you can sleep with your two eyes closed without any fear of you being killed by criminals,” he said.

He said he had been tested and trusted in government when

he served as federal permanent secretary and would replicate same if given the mandate to govern the state.

Umakhihe called on the leadership of the party at the various councils and delegates to support him ahead of the party’s primary scheduled for later this month.

He stressed that he has contributed meaningfully to the development of all the three senatorial districts through his several empowerment projects while in service as a federal permanent secretary.

He promised that agriculture would receive a boost in the state, pledging to drive economic growth in all sectors of the state if given the opportunity to provide leadership as governor of Edo state.

in Ekiti Local Government Area of the State, His Royal Highness, Oba Olusegun Aremu, a retired Army General.

Before the Olu Koro incident, on January 29, gunmen also killed two Ekiti monarchs – the Onimojo of Imojo, Oba Olatunde Olusola, and the Elesun of Esun Ekiti, Oba Babatunde Ogunsakin.

In the same area, assailants attacked a school bus and whisked away five pupils of the Apostolic Faith Group of Schools and three teachers, who were later released after payment if ransom by their parents and relatives.

Olawepo-Hashim maintained that the barbaric killing was condemnable and represented another sordid episode in the unending killings of community leaders and their subjects by rampaging gangs of terrorists/ kidnappers moving like a guerrilla movement round most states in Nigeria.

“I really do not understand the hesitation on the part of the president and the party leadership to lead the charge.

Many State governments and Local Government Councils are being controlled by APC. “The party also controls the National Assembly. Majority of

State Houses of Assembly. So, it means the party can obtain the legislative consensus within one week to bring to birth state policing,” he said.

He argued that while immediate creation of local police would not stop all the problem of insecurity in Nigeria, it would solve about 50 per cent of it, adding that “we cannot let the bloodletting continue and carry on as if we are confused on what is to be done to stop it”.

For some time now, there has been a clamour for the establishment of state police as opposed to what was laid down in Section 214 of the Nigerian 1999 Constitution.

This is as a result of the deteriorating situation of the security system in Nigeria. Some other reasons for this clamour are that: The geographical area of Nigeria is too large for a central police command as well as the fact that policing citizens should be the responsibility of the respective states and not that of the federal government.

Not a few Nigerians had argued that centralised police system is not only inadequate but cannot meet the security need of the country and the people.

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TUESDAY, FEBRUARY 06, 2024 • T H I S D AY

NEWS

EXECUTIVE VISIT...

L-R: Former Editor of Vanguard Newspaper, Mr. Mideno Bayagbon; Chairman of Vanguard Newspapers, Mr. Sam Amuka; and Delta State Governor, Hon Sheriff Oborevwori, when the governor paid a private visit to Elder Apolo Oseragbaje in his Sapele residence...weekend

Can CBN Governor, Cardoso, Bring Liquidity, Stability to Forex Market?

Obinna Chima

The Nigerian economy is at a crossroads with the option to either swim or sink. This dire strait was brought about by the precipitous depreciation of the Naira against the United States’ dollar in the past few weeks which has remained a source of concern to business operators and the citizens.

The free fall of the naira, which last week became a topical issue as the official foreign exchange (FX) rate fell below the parallel market FX rate, further shook public confidence as businesses and investors continue to find it difficult to predict the naira exchange rate. Precisely, during the week, the Naira fell to N1,482/$1 on the official and around N1500/$ on the parallel market rate, which necessitated a raft of measures introduced by the Central Bank of Nigeria (CBN) to calm the market.

In response, the CBN has in the past few weeks taken steps to calm the market, especially by clearing the country’s FX liabilities across various sectors, which was estimated at about $7 billion, with about $2.4 billion discovered to have infractions.

Additionally, the central bank last week directed banks to ensure that the Net Open Position (NOP) limit of their overall foreign currency assets and liabilities on-and-off-balance sheet does not exceed 20 per cent short or zero per cent long of shareholders' funds unimpaired by losses using the gross aggregate method, a move which was expected to in the shortto-medium term boost dollar liquidity in the financial system.

Furthermore, the apex bank announced the removal of allowable limit of exchange rate quoted by the International Money Transfer Operators (IMTOs). It pointed out that IMTOs are now allowed to quote exchange rates for Naira pay-out to beneficiaries based on the prevailing market rates at the Nigerian foreign exchange market on a willing seller, willing buyer basis, thus abolishing -2.5 per cent to +2.5 per cent allowable cap around the previous day’s closing rate.

To most financial market experts, the lacklustre performance displayed by the Naira reflects the symptom of broader economic problems such as the import-oriented structure of the economy, continued inflationary pressure, fiscal imbalance, among others.

Inflation in Nigeria closed 2023 at a 21-year high of 28.92 per cent, the National Bureau of Statistics disclosed recently. The rising inflation has also contributed to the depreciation of the Naira as it has raised the cost

of imports, which feeds into higher consumer prices.

Also, the free fall of the Naira has been partly attributed to excess cash in the system, which some specifically accused the state governors of using to mop up dollars, thereby putting pressure on the FX market.

“What we are seeing in the market is partly as a result of some state governors and the sub-who have lots of cash and because most of them have not activated the payment of palliatives in their states, they are indulging in reckless spending and those monies they are spending are being used to chase dollars, therefore putting pressure on the FX market,” argued a top market analyst who pleaded to remain anonymous.

Notwithstanding other external factors plaguing the nation’s currency, the country’s heavy import dependence is also responsible for the high forex outflow and the perennial weakness suffered by the Naira. According to analysts, the country’s high import dependence explained why the exchange rate is often the bellwether for Nigeria’s economic health, and why there is a swift pass-through of exchange rate movements to inflation. More than a third of Nigeria’s FX outflows are due to invisibles. Also, the country’s infrastructure deficit explained the huge level of importation of processed and final goods.

It was also gathered that the free fall of the naira which has resulted to a hike in import duty, has also caused an escalation in the cost of petrol subsidy as the federal government may be subsidising petrol at about N670 per litre presently.

The economy badly needs dollar liquidity and all eyes are on the CBN Governor, Yemi Cardoso for monetary policies that would help unlock the desired dollar inflows.

But speaking in an interview with Arise News Channel yesterday, Cardoso pointed out that the economy had been in a situation in recent past where there has been a shortage of liquidity in the FX market, arising from “certain distortions,” which created huge volatility in the market.

He, however, is optimistic that with ongoing reforms, “ultimately, we see a situation where people who require FX don’t have to know anybody in the banks, that is, either the CBN or the commercial banks. A system that is open and transparent creates an environment for distortions to go away and those who want to bring in FX and those who want to demand for it can do so on an open basis, willing buyer, willing seller basis and therefore the market becomes active and price is eventually discovered

N E W S A N A LYS I S

CBN Governor, Olayemi Cardoso at a level that makes sense.”

According to Cardoso, the new policy on banks’ Net Open Position on the foreign currency as well as the new circular on the IMTOs would help boost FX liquidity in the market.

“It is also important to say that in all these, we believe that the market must be very transparent. The rates must be out there and everybody must know the rules of the game.

That way, people don’t get caught unaware. I think that is another critical message that we are sending out to the market.

“In our role as regulators, we are significantly improving and taking up surveillance activities to ensure that the market works the way it is supposed to work and that all the players play by the rules and there is hardly rule for infractions.

Those may seem basic, but they are fundamental to the proper functioning of any long-term FX market,” Cardoso added.

He stressed that, “the monetary side cannot do it alone. Both the monetary and the fiscal side must collaborate and both must understand what each other is doing and how they inter-relate. The different stakeholders understand that collaboration is key and it is way beyond just talking.

“We would focus our efforts at doing what central banks are supposed to do, which is controlling inflation, stabilise prices and ensure that we have a stable environment.”

To the Head, Wealth Management Nigeria, Standard Chartered Bank, Lanre Olajide, the challenge in the FX market is primarily and issue

of demand and supply.

He noted that the demand for dollar in the economy is incredible.

“We are an import-dependent nation and we import almost everything. If you have an economy that runs that way, then your supply must also go up. But there is a deficit in supply.

“So, the first thing we need to do is to reduce our appetite for importation. We absolutely need to export more to generate more FX so that we can take care of the supply side and I think that is where ramping up oil production comes from, to help with FX receipts.

“The Dangote Refinery is a right step in the right direction and as it continues to increase, it will contribute its own quota.”

In his contribution, an Associate Director at Agusto Consulting, Mr. Jimi Ogbobine, advised the CBN under Cardoso to take steps to save the currency.

Ogbobine explained that at the end of the tenure of President Muhammadu Buhari, the parallel and official FX markets had 50 per cent differentials, which created gap for arbitrage.

“At same time, if you look at the other side, not much people were willing to invest in treasury bills because the yields were low and there was no incentive to invest in treasury bills. So, you will agree with me that the monies that ought to be invested in treasury bills are what everybody is trying to use to buy dollars.

“So, when President Bola Tinubu harmonised the FX market, the CBN

was supposed to have done two things: They were supposed to have devalued the official market such that it would be at par with the parallel market and they were supposed to stop rigging interest rate on treasury bills.

“Treasury bills rates are supposed to be market-determined, but the CBN started slamming banks with arbitrary Cash Reserve Requirement (CRR) and forcing the banks to invest in treasury bills. The market rate didn’t matter to the CBN anymore.

So, there was no incentive holding naira, which is why we see everyone chasing dollars, thereby ramping up demand for the dollar,” he explained.

In order to stabilise the FX market, Ogbobine advised the CBN to take steps to ramp up dollar supply. He recommended that Nigeria’s should approach the International Monetary Fund (IMF), World Bank for support.

“We have already taken the bitter bill, which is devaluation and so let’s take the sweetener from them which is the FX. The IMF support would send confidence signal to investors that we are back to business. So, if we are able to unlock IMF funding, we would be able to attract foreign investments,” he added.

For his part, the Managing Director/Chief Business Officer, Optimus

by Afrinvest, Mr. Ayodeji Ebo, also stressed the need for the country to take steps to increase dollar supply.

“A massive problem has been created in the FX market and it requires drastic measures. It might look expensive now, but if they are able to raise about $10 billion, clear the backlog and increase FX supply, and within the next six months or one year, we would begin to see foreign portfolio investors and foreign direct investments come in.

“Most of our external reserves are encumbered, so we need fresh money. Also, the security agencies must address oil theft so that we can raise our crude oil production to about 1.65 million barrels per day.

That is what will show sincerity. The major steady source of FX has been crude oil sales. That is why we need to significantly reduce crude oil theft and increase supply,” Ayodeji explained.

To the immediate past Director General, West African Institute for financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, it was wrong for Tinubu to have harmonised the FX markets.

“The FX market is not a competitive market. The supply of FX in US dollar, Euro and pound sterling (including the market of access) is never enough to meet the demand.

The supply curve of forex is not a

well-behaved one.

“The main source of forex supply is through the export of crude petroleum whose revenue is used to import refined products and makes no sense. Our economy is both not developed and industrialised hence FX is not earned through the manufacturing and exporting non-oil goods and services.

“For now, the appropriate exchange rate regime should be a managed float with emphasis on managed. The regulatory authority must watch both the supply and demand side of the forex market and make adjustments accordingly.

Opening the forex market would result in distortions and shocks which the economy cannot absorb,” Ekpo, who is a former member of the Board of the CBN said.

Furthermore, he noted that the present economic crisis requires the ‘visible hand’ of government to restore recovery.

“The economy is sinking and reliance on the private sector and market forces would further deepen the crisis. There are forces more powerful than the market, for example, the World Bank and the IMF with their one-size fits all approach. Sometimes, the market has to be created but for now it could be used as an instrument.

“The economic philosophy that can ensure urgent recovery is that of a developmental state economic blueprint which implies the visible hand of government in economic activities. A visionary and transformative leader must give the people hope,” he added.

From the foregoing, the dominant problem facing the FX market is dollar scarcity and the central bank must do all within its reach to improve the supply of the greenback. Furthermore, it must urgently design policies to incentivise dollar holders so that the several billions of FX sitting idle in bank customers’ domiciliary accounts must be brought out.

In addition, the fiscal authorities must increase the country’s ability to export non-oil goods and services so as to boost FX inflows. It is important to point out that that the central bank cannot abandon the FX market completely to the forces of demand and supply. It must stand ready to intervene whenever it deems it necessary for market correction as the Nigerian economy has not matured to the state where the FX market would be left completely to the forces of demand and supply.

Also, the security agencies must also work harder to significantly reduce crude oil theft so as to further boost the country’s dollar earnings.

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NEWS

Sule pays courtesy visit to Abiodun...

Nasarawa State Governor, Engr. Abdullahi Sule and his Ogun State counterpart, Prince Dapo Abiodun, during a courtesy call at the Governor's Office, Oke-Mosan, Abeokuta... yesterday

Okowa Doesn't Interfere in Governance of Delta, He Respects the Office of Governor, Says Oborevwori Delta State Governor, Hon. Sheriff Oborevwori, has said that his predecessor, Senator Ifeanyi Okowa does not interfere in the governance of the state.

He said that unlike other former governors of some states, Okowa respects the office of the governor.

Governor Oborevwori disclosed this in his remarks at the 60th birth and 24th marriage anniversary thanksgiving of the state Chairman of the Peoples Democratic Party (PDP), Olorogun Kingsley Esiso at Living Faith Church, Shell Road, Sapele.

He said: "Senator Okowa is a good man, he is not like other predecessors of other states. He has never interfered in the governance of the state. He has immense respect for the office of the Governor being an immediate past occupant of the office.

"You are a good man, you are not like other predecessors in other states.

Our immediate past Governor is very refined man. So many rumours were flying, but the truth is that he has never ever interfered with what we are doing in the state."

He congratulated Esiso on his 60th birth anniversary, saying that thanksgiving to God increases a man's age.

"Coming to thank God will increase your age, some people will organise big parties but the most important thing is your coming to thank God who is the giver of life.

"You have done very well as the party Chairman, you invited people across party line to thank God with you and we rejoice with you on

this special landmark anniversary."

Governor Oborevwori thanked the people of Sapele for coming to celebrate with the Chairman and for supporting his emergence as Governor, assuring that the MORE Agenda would be felt across the state.

The celebrant, Chief Esiso in his testimony commended immediate past governor of the state, Senator Ifeanyi Okowa for his political success as state Chairman of the party.

He thanked Governor Oborevwori for gracing the ceremony and for all his accomplishments since mounting the saddle of governance in the state.

In a sermon titled the "Power of faith for the fulfillment of prophesies", Resident Pastor, Winners Chapel Sapele, Pastor Victory Irabor, said God's plans for his children were good and affirmed that there was need for Christians to put their faith into action.

He outlined three main sources of prophesies to include the Bible, personal encounter with God and pronouncements from God's prophets, stressing that to benefit from prophesies, living holy was indispensable.

He congratulated Esiso on his birthday and urged him to redouble his service to God and humanity.

The Cleric equally thanked Governor Sheriff Oborevwori and his predecessor, Senator Ifeanyi Okowa for their imput in God's vineyard and charged them to continue to fraternize with the body of Christ.

Deputy Governor of the State, Sir Monday Onyeme, immediate past Governor, Senator Ifeanyi Okowa,

Speaker of the State House of Assembly, Rt. Hon. Emomotimi Guwor, Senator Ede Dafinone, Hon. Nicholas Mutu; Hon. Victor Nwokolo; Hon. Pastor Jonathan Ukodhiko; Senator

James Manager; Senator Emmanuel Aguariavwodo; Rt. Hon Ndudi Elumelu, Deputy Speaker Delta State House of Assembly, Rt. Hon. Arthur Akpowowo, members of the

Duguri), the new Chief Executive is an avid insurance practitioner, with over 25 years in the insurance industry at various insurance companies, in Nigeria.

“A sound technical underwriter and marketer, his experience spans from actuary, Oil and Gas, Marketing to management. A hands-on insurance professional, his years in the industry, have seen him deeply involved in policy evaluation, pension administration, policy implementation, marketing and strategic policy formulation, product designs and business executions, while supervising various technical and marketing directorates.

“Mijinyawa’s relevant contributions to the development of insurance in Nigeria is known in areas such as group life assurance, Public sector marketing, privatisation and commercialisation of public enterprises, as well as branch management,

Bayagbon, Mr Hope Oborevwori, Chief John Nani, Chief Festus Ochonogor, Chief Kome Okpobor, Olorogun Taleb Tebite, Chief Moses Iduh, among others.

NDDC Committed to Harmony, Peaceful Coexistence in Niger Delta, Say Mgt, Others Staff tour JK Randle Centre for Yoruba Culture and History Commission leads fight against cancer in region Sunday Okobi in Lagos and Blessing Ibunge in Port Harcourt The Niger Delta Development Commission (NDDC) has expressed commitment to harmony and peaceful coexistence in the Niger Delta region and Nigeria in general.

The commission also stressed the need for requisite knowledge and skills for personnel charged with responsibilities of implementing the intervention mandate of the NDDC. At a capacity-building retreat organised for personnel of the department of Dispute and Conflict Resolution (DCR) of the commission, one of the speakers, the Acting Director of DCR, Goddy Ogedegbe Ayewumi, said the retreat was a demonstration of the commitment of the leadership of the current Managing Director / Chief

Executive Director of NDDC, Dr. Samuel Ogbuku, to sustain the existing peace and stability in the Niger Delta region “which is an important precondition for development.”

He affirmed the commitment of NDDC personnel to promoting communal harmony and peaceful coexistence across the communities in the Niger Delta.

At the retreat, which was held in Lagos from February 1, with the theme: ‘Communal Dispute in the Niger Delta Region: The Role of NDDC Staff in Promoting Peaceful Resolution and Facilitated by Development Projects (PEDEP),” the Director of PEDEP, Francis Abayomi, reiterated the imperative of requisite knowledge and skills for personnel charge with responsibilities of implementing intervention mandate of the NDDC.

Mijinyawa Appointed KBL Insurance MD, Orji Retires The board of directors of KBL Insurance Limited, one of the general insurance underwriters in Nigeria has announced the appointment of Mr. Lawal Mijinyawa, as the new Managing Director and Chief Executive Officer, following the retirement of Mrs. Ukachi Orji.

In a release to the media in Lagos, yesterday, the underwriting firm confirmed that the regulatory authorities, National Insurance Commission (NAICOM) had given approval for the appointment of Mijinyawa as new MD/CEO. The board had met in November 2023 after Orji notified it of her intension to retire after over 25 years of service (and 10years as MD/CEO), considered and approved Orji’s retirement and resignation from her role as MD, with effect from January 1st, 2024.

“Lawal Mijinyawa, (Chiroman

State House of Assembly and top government functionaries.

Others include Olorogun John Oguma, Chief Victor Egukawhore, Chief Chris Agbobu, Mr Mideno

through various academic journals, publications, and presentations,” a statement explained.

Mijinyawa holds a Bachelor of Science degree in mathematics, from the University of Jos, Nigeria, and a master’s degree in business administration from Abubakar Tafawa Balewa University, Bauchi.

He is an associate member of the Nigerian Institute of Management, the Nigerian Institute of Marketing, and the Chartered Insurance Institute of Nigeria (CIIN) He served as a board member, representing Niger Insurance Plc on Montgomery Security Vaults Nigeria Limited Board. Subsequently, he joined the Board of KBL Insurance Limited, initially as a non-executive director, where he served for about two years before his current appointment as MD/CEO. At a send-forth dinner organised in

honour of the outgoing Chief Executive in Lagos, the Board Chairman, Mr. Simpson Eimiakhena on behalf of the Board and management, thanked Orji and commended her for the level and manner she had turned around the affairs of the company, citing where KBL Insurance was at her appointment, and where the company firmly stands today, until her retirement.

He noted that Mrs. Orji had raised the bar, moving the company’s premium income to N5billion to become one of the foremost insurance company in Nigeria.

Eimiakhena said: “For the number of years, I have worked with Mrs. Orji on the board of KBL Insurance, I can boldly say she is a woman of integrity and accountability, who is not shy to take responsibility in everything she does. When it comes to people’s skill, she is very endowed.

He commended the commission for prioritising capacity building for personnel of the Department of Dispute and Conflict Resolution, which he stated elaborately speaks to the proactiveness of the current leadership of the NDDC. While declaring the retreat open, the representative of the NDDC MD/CEO and the Special Assistant, Legal, Mr. Ochu Chukwuma, urged personnel of the DCR and the strategic NDDC staff at the retreat to make effective use of additional knowledge and skills acquired to consolidate on the peace process across communities in the Niger Delta region.

At the interactive section, the management and other invited speakers observed that: “Conflict is a permanent feature of human societies, therefore, appropriate and timely response to conflict engenders peace and developmental by enhancing better understanding of some otherwise complicated issues and may lead to enhanced transparency with regards to public conduct or transactions.

“Diversity and differences in ethnic, social and economic backgrounds may necessitate divergent opinions on issues and therefore requires conscious efforts to foster better understanding among stakeholders in the community.

“Imperative of inclusive engagement which must reflect diversity of gender-based concerns and primary interest of people with disability (PWDs) in the community.

“Sustenance of peace in the community is the responsibility of all stakeholders. It is incumbent on all stakeholders to strive to make attainment of peaceful coexistence a reality.”

As part of the NDDC capacity building retreat, the NDDC staff also toured the Yoruba Museum (JK Randle Centre for Yoruba Culture

and History).

They stated the visit to the museum was also to encourage unity and collaboration between the NDDC and the Lagos State Government in the development of culture and tourism in Nigeria.

Meanwhile, the NDDC has commenced the fight against cancer disease in the Niger Delta region.

The Commission in collaboration with a group, Brace-Hall International had a walk in the major streets of Port Harcourt yesterday, with the aim to sensitise the people on the danger of cancer and preventive measures for the deadly disease.

Ogbuku, who led the awareness campaign sponsored by the agency to mark this year's World Cancer Day, vowed to take the campaign to every nooks and crannies of the region.

Represented by the Director, Rivers State Office of NDDC, Theophilus Alagoa, the MD said before the campaign, the commission had been carrying out health programmes and interventions by donating mammograms and other facilities to health institutions in the region.

He promised that the commission would go further by spearheading the provision of vaccines to prevent cancer disease.

On the awareness campaign, the NDDC boss said it was necessary for people to know their status to prevent deaths.

“If you don't do enlightenment, people won't even understand what you're talking about as most times all they think when they are unwell is malaria but it can be cancer, before you know it, it becomes untreatable and the person dies.

“We don't want this situation again so we are doing enlightenment on early detection and we are using this World Cancer Day as a springboard," Ogbuku stated.

36

TUESDAY, FEBRUARY 06, 2024 • T H I S D AY

NEWS

Visa Meet and Greet event for winners of the all-expense paid trip to Cote d’Ivoire...

L-R Director Marketing, Visa West Africa, Adaramola Oluwaseun; winners of the Visa “Spend and Win” Campaign, Mr. Ayodeji Makanjuda; Adeola Osundairo; Mr.Olanrewaju Osundairo; Mr. Ife Epebinu; Mr. Oluwageni Epebinu; and Vice President and Cluster Head, Visa West Africa, Mr.Andrew Uaboiat, at the Visa Meet and Greet event for winners of the all-expense paid trip to Cote d’Ivoire for the TotalEnergies Africa Cup of Nations Trophy sponsored by Visa West Africa held in Lagos ... recently

Edo PDP Applauds Peaceful Conduct of Ward Delegates’ Congress, Hails NWC, Others Condemns abduction of officials in Etsako Central, cancels results

The Edo State chapter of the Peoples Democratic Party (PDP) has commended the National Working Committee (NWC) and other stakeholders for the peaceful and credible conduct of the ward delegates’ election to elect three ad-hoc delegates across the 18 Local Government Areas and 192 wards of the state.

In a statement, the State Organising Secretary, Edo PDP, Mr. Anthony Anenih, said the exercise was mostly

peaceful across the state with only one incident at Jattu, where he said eight of the officials heading to Etsako Central for the election were abducted.

The state organising secretary, while condemning the abduction of the officials, called on the Inspector General of Police to order a swift investigation of the incident and promptly ensure the release of the affected officials, whose families are

troubled by the fate of their loved ones.

“The Peoples Democratic Party (PDP) ward delegates election to elect the three ad-hoc delegates have been concluded across the 18 Local Government Areas and 192 wards in Edo State.

“The electoral officers who concluded the elections have since returned with results from the election handed over to the electoral commit-

tee set up by the National Working Committee (NWC) of the party.

“The process which was observed by the Independent National Electoral Commission (INEC) and various civil society groups was reported to be mostly peaceful across the state with only one incident at Jattu, the hometown of the Deputy Governor, Rt. Hon. Philip Shaibu, where eight of the officials heading to Etsako Central Local Government Area for

PDP NWC Sets Up Appeal Panel for Edo Ward Delegates Congress Adibe Emenyonu in Benin City

The National Working Committee (NWC) of Peoples Democratic Party (PDP) has set up an appeal panel to look into the grievances, which arose from Sunday’s ward congresses of PDP in Edo State.

This followed a protest by nine aspirants.

Edo State Chairman of PDP, Dr. Tony Aziegbemi, disclosed the constitution of the panel yesterday, in Benin City, while briefing journalists on the outcome of the Sunday congresses.

Aziegbemi, who was silent on the names of those in panel, said the essence of the panel, which would begin sitting on February 7, was to give aggrieved persons the opportunity to table their objections.

He described the congress as the best he had witnessed since he became a member of PDP in 1998. He also applauded the NWC and other stakeholders for the peaceful and credible conduct of the congresses to elect three ad-hoc delegates across the 18 local government areas and 192 wards of the state.

Wike Threatens Arab Contractors With Revocation over Airport Road Project Olawale Ajimotokan in Abuja

The FCT Minister, Nyesom Wike, has threatened to revoke the contract of Arab Contractors over the delay in the handling the Kuje-Airport road junction project.

He issued the warning yesterday while flagging off a 5 Kilometres rural road in the Kuje Area Council under the FCT Satellites Town Development Agency of the FCT Administration.

The minister warned Arab Contractors to take the construction work seriously or face revocation, noting the slow pace of work on the road showed flippancy on the part of the contractor.

He said the FCT Administration would not entertain any excuse for failure to deliver on the set time to handover the project.

He urged the grassroots to cooperate in stamping out insecurity,

unemployment, poverty, hunger and other challenges confronting the residents of the federal capital while appreciating President Bola Tinubu’s support to change the face of the territory.

He assured them that as soon as the president returned to the country from France, the FCTA would send its statutory budget for the National Assembly approval.

In her message at the flag-off, the Minister of State for FCT, Dr Mariya Mahmoud, noted that the road construction, aimed at enhancing productivity and generating employment would help to build local community inclusiveness to unlock the grassroots potential.

A developer, Chief Patrick Akinboye Ojo, said the residents of Kuje had long awaited the project, which he said would impact tremendously on the community.

Aziegbemi, however, condemned the abduction of some officials in Etsako Central, and charged the Inspection General of Police (IGP) to take swift action with a view to investigating those responsible.

He stated, "The exercise was mostly peaceful across the state with only one incident at Jattu, the hometown of the deputy governor, Rt. Hon. Philip Shaibu, where nine of the officials heading to Etsako Central Local Government Area for the election were abducted.

“The Peoples Democratic Party (PDP) ward delegates election to elect the three ad-hoc delegates have been concluded across the 18 local government areas and 192 wards in Edo State.

“The electoral officers, who concluded the elections, have since returned with results from

the election handed over to the electoral committee set up by the National Working Committee (NWC) of the party.

“The process, which was observed by the Independent National Electoral Commission (INEC) and various civil society groups, was reported to be mostly peaceful across the state with only one incident at Jattu, the hometown of the deputy governor, Rt. Hon. Philip Shaibu, where eight of the officials heading to Etsako Central Local Government Area for the election were abducted.

“The party hereby calls on the Inspector General of Police (IGP) to order a swift investigation of the incident and promptly ensure the release of the affected officials, whose families are troubled by the fate of their loved ones.”

the election were abducted.”

“The party hereby calls on the Inspector General of Police to order a swift investigation of the incident and promptly ensure the release of the affected officials, whose families are troubled by the fate of their loved ones,” he stated.

He expressed gratitude to leaders of the party, the NWC, the ward electoral committee, and all organs of the party for their keen supervision of the process that resulted in a successful ward elections.

Meanwhile, the Chairman of the Edo State chapter of PDP, Anthony Aziegbemi, on Monday, explained that the State’s three-man Ad-hoc Ward Delegate Electoral Committee led by Enugu State Governor, Peter Mbah cancelled results from Etsako Central Local Government Area because election did not hold in the LGA as nine electoral officers were kidnapped at Jattu.

Aziegbemi disclosed this while briefing journalists in Benin City, on the success of the election that was held yesterday across the State, which he described as the best ever conducted in Nigeria since 1999.

He said: "The Congresses went on well. It was peaceful, fair and credible but with one incident that led to the Committee cancelling the exercise from Etsako Central.

"The nine electoral officers were kidnapped around Jattu on their way to Etsako Central Local Government Area of the Edo State on the morning of the exercise. As at the time we were closing the Congress yesterday, the whereabouts of these men were

not known.

“The Commissioner of Police was immediately called upon to investigate the issue. As at the end of the exercise, the electoral officers were still not seen. So, the Committee took the decision to cancel results from Etsako Central as the result from that area will have no effect on the overall results in terms of the governorship primary on the 22nd of February 2024.”

Noting that the outcome of the delegate election was peaceful, fair, and credible, the PDP chairman further noted that the electoral officers appointed by the electoral committee were all at their centres on time.

“The outcome of the Congress has shown that PDP in Edo State is the best organised in the country.

This is so because the leader of the party and governor of Edo State, Godwin Obaseki is driving the party to achieve this.

“On behalf of the PDP family in Edo State, I congratulate the leader of the party in the State who has pushed us that much to be able to achieve such a credible, fair, and peaceful congress in the history of PDP in Nigeria,” he added.

On aggrieved members, Aziegbemi noted: “They have a right to their views but I disagree with their position as the Congress was very peaceful, credible, and fair. I urge them to approach the appeal panel which was set up to address the grievance of aspirants and headed

by Senator Seriake Dickson, former Governor of Bayelsa State.”

Rivers Crisis: Fubara's Loyalists to Remain in Prison for Trial Court declines bail request Alex Enumah in Abuja

Justice Bolaji Olajuwon of the Federal High Court, Abuja, yesterday, refused bail to five loyalists of the governor of Rivers State, Siminalayi Fubara, who were undergoing trial over their alleged complicity in the burning of the Rivers State House of Assembly complex in Port Harcourt.

The five defendants, who will remain in custody of the Kuje Correctional Centre in Abuja, pending the determination of their case, are Chime Eguma Ezebalike, Lukman Oladele, Kenneth Goodluck Kpasa, Osiga Donald, and Ochueja Thankgod.

They were arraigned by the

Nigeria Police on January 25, on a seven-count criminal charge bordering on terrorism and murder.

Although they pleaded not guilty to all the charges, the judge ordered that they be remanded at the Kuje Correctional Centre, pending the hearing of their bail application fixed for February 2, as well as the motion of the first and second defendants challenging the jurisdiction of the court to entertain the suit against them.

After taking arguments for and against the bail application last Friday, Olajuwon fixed Monday to deliver her ruling.

Unfortunately for the five defendants, the judge held that she was not disposed to admitting

them to bail and rather ordered accelerated hearing in the case.

She predicated her decision on the fact that the defendants did not provide special circumstances to warrant their release from custody.

Ruling on the bail applications, Olajuwon said the defendants, especially Chime Eguma Ezebalike and Lukman Oladele, failed to give cogent and verifiable evidence to back up their request for bail.

Faulting the affidavits in support of the bail applications deposed to by one Mariam Alawiye, an Office Assistant, the judge pointed out that while the deponent claimed to have obtained information and exhibits on the defendants from some persons, she failed to share

the identities of the persons with the court.

Further faulting the affidavits, Olajuwon held that the deponent also did not make any documents or exhibits available to the court to support all her assertions in the affidavit evidence.

Olajuwon explained that an affidavit evidence must supply names of those who volunteered information about defendants in a criminal charge, as stipulated by Section 115 of the Evidence Act. The court held that rather than containing facts, as required by law, the affidavit contained extraneous issues that were not relevant and could not persuade any court to grant bail.

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T H I S D AY • TUESDAY, FEBRUARY 06, 2024

NEWS

DISCUSSING THE STATE OF ECOWAS...

L-R: Secretary-General, Nigeria Network of NGOs, Ayo Adebusoye; Programme Consultant, Human and Environmental Development Agenda, Sina Odugbemi; Executive Director, Civil Society Legislative Advocacy Centre (CISLAC), Auwal Ibrahim Musa Rafsanjani; Senior Programme Officer, Transition Monitoring Group (TMG), Solomon Adoga, and General Secretary, West Africa Society Forum (WACSOF), Kopep Dabuget, during a media interactive meeting on the State of ECOWAS and Regional Integration in Africa organised by CISLAC, WACSOF and TMG in Lagos…yesterday

EFCC Arrests Pastor over N1.3bn Fake Grants, Money Laundering Says Ford Foundation debunked his false claims of $20bn grant

Kingsley Nwezeh in Abuja Operatives of the Economic and Financial Crimes Commission (EFCC), has arrested the General Overseer of Faith on the Rock Ministry International, Apostle Theophilus Oloche Ebonyi, for defrauding church members and

other Nigerians, claiming fake grants from the Ford Foundation to the tune of N1,319,040,274.31.

Ebonyi was arrested for defrauding his victims, comprising NonGovernmental Organisations (NGOs) and individuals by advertising an intervention project through his NGO, Theobarth Global Foundation,

claiming that the Ford Foundation was offering a grant of $20 billion to assist the less-privileged in the society.

A statement issued by the Spokesman of EFCC, Dele Oyewale, said he allegedly beguiled his victims to subscribe as beneficiaries of the phony grant by asking them to pay

for registration forms and clusters.

"Each subscriber was made to pay N1.8 million and through this arrangement, Ebonyi allegedly raked in N1,391,040, 274.31.

His subscribers are innocent and unsuspecting Nigerians and NGOs across the country," it said.

Investigations by the EFCC

showed that Ford Foundation had no arrangement, grant, relationship or business with Ebonyi.

"The Foundation pointedly disclaimed him and his NGO,stressing that it had no link whatsoever with them," it said. The statement said the commission had also traced five properties he acquired as proceeds

of his criminal dealings.

"Ebonyi is still reportedly reaching his subscribers on some social media platforms to market his spurious grant from Ford Foundation," the EFCC said.

He would be charged to court as soon as investigations were concluded, the anti-graft agency said.

Condemns Persistent National New FCT Police Chief HURIWA Grid Collapses, Calls for Forensic Audit Moves against Criminals Chuks Okocha in Abuja

Operatives storm kidnappers' hideouts, arrest six

Kingsley Nwezeh in Abuja Operatives of the Federal Capital Territory Police Command attached to the anti-kidnapping unit stormed a hideout of some of the kidnappers terrorising residents of the territory and arrested six suspects.

The new Commissioner of Police, Federal Capital Territory, CP Benneth Igweh, had weekend, ordered Area Commanders and Divisional Police Officers (DPOs) to take the fight to kidnappers.

Igwe was Deputy Commissioner of Police in charge of Operations in FCT.

A statement by the Spokesperson of the command and Superintendent of Police (SP), Josephine Adeh, said operatives acting on credible intelligence arrested one Buhari Muhammad, 20, a wanted kidnap kingpin, Muhammad Sabiu, 20; Isah Abdullahi, Hamzat Musa, 21, Fatima Abdullahi, 22 and Zuliat Yusuf, 23, in a hotel in Bassa Village in FCT. "The notorious kidnap syndicate was responsible for the abduction of one Joshua Eze, the husband to Blessing Eze, who suffered a bullet injury in the process of her husband's abduction on 27/01/2024 and was subsequently rescued unhurt by

police operatives of the command on 28/01/2024," it said.

The statement said one AK47 rifle, 10 mobile phones, the sum of N345,000 and some other valuables were recovered from the suspects, who had since confessed to the crime and other kidnapping incidents in the Territory.

"While investigation is still ongoing, the Commissioner of Police, Benneth Igweh, wishes to assure members of the public of his commitment to rid FCT of criminality in all its manifestation," it said. He equally urged residents to report suspicious activities to the police.

Human Rights Writers Association of Nigeria (HURIWA) has condemned the recent collapse of the national power grid, resulting in complete blackout across the nation.

HURIWA said the incident occurred on Sunday at 1pm, marking the first grid collapse of the year and adding to concerns about the recurring failures in the power sector.

In a statement yesterday by its National Coordinator, Emmanuelle Onwubiko, HURIWA said it deemed the situation utterly unacceptable, and called for immediate action to address the systemic issues that continued to plague Nigeria's power infrastructure.

According to civil rights group, “In a shocking recurrence, the national

Sani: Good Governance, Solution to Security Challenges Bedeviling North West John Shiklam in Kaduna

Kaduna State Governor, Senator Uba Sani, has said good governance was the solution to the security challenges bedeviling the North-West region.

The governor stated this yesterday when members of the Kaduna State Elders’ Forum (KEF) paid him a congratulatory visit following his recent affirmation as the duly elected governor by the Supreme Court.

Sani said poverty, illiteracy and unemployment were responsible for the security challenges that had crippled economic and social activities in zone.

He said the state government, with the support of the Defence Headquarters, has intensified

military action against banditry and kidnapping in the state.

The governor added that the Defence headquarters has also promised to build two additional operation bases in the state, adding that his administration was also adopting good governance as the best non-kinetic solution to the problem.

“We are also looking at the nonkinetic approach to addressing the security challenges, but the issue of non-kinetic approach is not just about talking with the bandits, negotiating and asking them to submit their weapons, that is only one aspect of it.

“The most important aspect of non-kinetic approach is good

governance," the governor said.

He explained that, "No matter how much we talk and try to bring about peace, if we don’t look at the area of good governance, we will never end the problem of insecurity in Northern Nigeria in particular.

“People always talk about how the problem of insurgency was ended in the North-East, but insurgency is not the same with the problem of banditry and kidnapping that we have in the North-West.

"The North-East issue was about people that came from nowhere and talk about ideology of Boko. What we have in the North-West is an economic problem where people kidnap and ask for money.

"What brought about that?

Hopelessness, lack of education, lack of economic prosperity. The problem of the North West is lack of education and financial inclusion.

"Over 85 per cent of the people in the North West are either not educated or financially excluded.

So, there is poverty. If we don’t address the poverty by supporting our farmers and increase productivity, we will not address the problem of insecurity."

He disclosed that the state was expecting a $28m support from Kuwait to address the problems of over 600,000 out of school children.

He said he would be signing a bill for the establishment of Security Trust Fund on Tuesday as part of efforts to address insecurity.

power grid in Nigeria suffered a complete collapse, registering zero megawatts on Sunday at 1 pm, plunging the entire nation into darkness. This marks the first grid collapse of the year, adding to the concerning trend of recurring failures in the power sector.

“The power generation data obtained from the Ministry of

Power revealed a significant drop from 2,407MW at 11:53 am to 31MW by noon, ultimately collapsing to zero an hour later. The widespread blackout affected various regions, with Kaduna Disco confirming power loss in Kaduna, Sokoto, Zamfara, and Kebbi states.

Continues online

FG Expresses Concern over Rising Cost of Living, Protest in Minna THISDAY observed that some of the protesters were injured in the stampede that followed the intervention of the police to disperse the crowds.

LP to Tinubu: Seek Help Before It Becomes Unmanageable Labour Party (LP) expressed concern over the rising cost of living in the country, saying the president should seek help before the situation becomes unmanageable.

LP said it was deeply concerned about the increasing cost of living in Nigeria and how millions of Nigerians were battling with the crisis of food shortage.

The party recalled that earlier yesterday, residents of Minna, Niger State, blocked main roads in the city to protest the high cost of living.

It said women and young people among the demonstrators were heard shouting protest songs while accusing the government of insensibility and inadequate response.

In a statement by LP’s National Publicity Secretary, Obiora Ifoh, the party said, "As at today, essential commodities, such as rice, garri, flour, protein have witnessed exponential increase in prices since January.

"For instance, a carton of Indomie noodles now sells for N10, 000, a

50kg bag of sugar is now selling at N73, 000 as against N62, 000 sold in early January.

“A bag of cement now sells upward of N7, 000 against N5500, a bag of rice rising above N70, 000, while a kg of meat now sells for N4, 000, amongst others.

"We are aware that the organised labour union and the government have been in a long protracted dialogue on a possible salary increase for civil servants. There is an air of despondency across the nation.

"The immediate fallout of this situation are increasing crime, particularly among the youth, who are desperate to remain alive; incidences of suicide are in upswing.

“It has now become a familiar scene for people to jump into the lagoon, hang themselves or take lethal substances."

LP added, "Mr. President and his team should just admit they’ve run out of ideas.

“They should ask for help because it is now apparent that no amount of propaganda can change the fact that more and more Nigerians are falling below the poverty line.”

The party said the federal government needed to take action to reduce the hardship faced by poor Nigerians, and seek help because things were becoming unbearable for the average Nigerian.

TUESday february 6, 2024 • T H I S D AY

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NEWS

PHILANTHROPY…

L-R: President, Rotary Club of Omole Golden, Esther Adebari; President, Interact Club of Oke-Ira Senior Grammar School, Ganiyat Sanusi; Principal, Oke-Ira Senior Grammar School, Mrs. Mary Erogun; President, Rotary Club of Omole-Golden, Veronica Isijola; a beneficiary, Enenche Zion, and President-elect, Rotary Club of Omole-Golden, Jide Ogunleye, during the donation of hygiene and dignity kits to Oke-Ira Grammar School in Lagos… recently

ETOP UKUTT

Kanu’s Lawyer, Ejiofor, Acussed of Encouraging Insecurity in Anambra David-Chyddy Eleke inAwka

Leaders of Oraifite community in Ekwusigo Local Government Area of Anambra State have accused the counsel to the Leader of Indigenous People of Biafra (IPOB), Nnamdi Kanu, Ifeanyi Ejiofor, of allegedly encouraging insecurity in their community.

In a press conference held by

past and present leadership of the community, including the traditional ruler, the community said Ejiofor has been in the habit of recruiting youths of the community, and using them to perpetuate violence.

President-General of the community, Mr. Vin Dike, who addressed journalists on behalf of the leadership of the community, said: “You may have read in the

media recently about Ifeanyi Ejiofor claiming that our son, Sir Emeka Offor, planned to assassinate him.

According to him, “Those are all lies. We want to tell you that Ejiofor is the biggest problem we have in

About 2,085 Internally Displaced Persons (IDPs)taking refuge in some selected communities of Toro Local Government Area of Bauchi State have received food and non-food items as well as cash donations from the state government as a way of assisting them adjust to the situation they found themselves.

THISDAY checks revealed that the IDPs were those that recently migrated to the state as a result of the civil unrest in Mangu, Bokkos and Barkin Ladi local government areas of Plateau state.

Addressing the IDPs in the five

The Nigerian Navy Ship

communities yesterday where they Commander of Operation are taking refuge before presenting the items, Bauchi State Commissioner of HumanitarianAffairs and Disaster Management, HajaraYakubu Wanka, Kasim SumainainAbuja said that the relief materials were meant to assist them survive the The Minister of Aviation and hardship in the camps.

Aerospace Development, Mr. Wanka also informed the IDPs Festus Keyamo, yesterday read the that the State Governor, Senator Bala riot act to the management of the Abdulkadir Mohammed, sent her Murtala Muhammed International and the team from the Ministry Airport, Lagos airport to sit up or to sympathise with them and get booted out due to the recurring also assess their situations with a total blackout being experienced at view to seeing how government could further provide some basic infrastructure to make their camps Gbenga Sodeinde in Ado Ekiti more habitable.

today the council has decided to suspend it indefinitely. Oraifite is a very peaceful community, but recently, youths have taken advantage of the two masquerade festivals to always unleash violence.

AWATSE, Commodore Kolawole Olumide Oguntuga, have extracted and arrested nine stowaways in the rudder compartment of a Spain-bound vessel, known as LYSIAS VALETTA. In a signed statement

by NNS BEECROFT Base Information Officer, Lieutenant H Ibrahim, he said the extraction and arrest were in response to intelligence indicating potential stowaways aboard a vessel on February 3, 2024.

He said upon getting the intelligence, “we swiftly deployed the Quick Response Team, and upon arrival, the team discovered nine stowaways in the rudder compartment of the vessel, LYSIAS VALETTA.

MMIA Total Blackout: Sit Up or Get Sack, Keyamo Warns the airport.

Disturbed by the recurring experience, Keyamo therefore, directed that henceforth, all the airports, particularly the Murtala Muhammed International Airport, to constantly ensure seamless instant power transition in any power outage situation.

The Aviation and Aerospace

Development Minister, who is said to be utterly worried with the trending reports in the traditional and social media of three total blackouts lasting for about three minutes in the airport within the last three days, said a noticeable power outage leading to complete blackout lasting for even a few seconds is not acceptable in any international

airport in this age no matter the state of electricity supply.

It was gathered that the minister, who is also concerned with the low level of efficiency in the MMIA, has therefore directed the management of the airport to put all the machineries in place and ensure instant, seamless power supply following any power outage at the airport.

Monarch Praises Oyebanji for Magnanimity to Slain Driver’s Family, Freed Pupils

class traditional ruler Three Internet Fraudsters Jailed in A’Ibom Ain first Ekiti State, the Elemure of Okon Bassey inUyo

you that Oraifite as a community has decided to suspend until further notice two significant cultural festivals, Otu Eke and Otu Ube. “This is because it has contributed to insecurity in the community, and

Nigerian Navy Extracts, Arrests Nine Stowaways from Spain-bound Vessel

Sunday Ehigiator

BEECROFT, Quick Bauchi Distributes Relief (NNS), Response Team, under the of the commander, Materials, Cash to IDPs leadership also the Maritime Component SegunAwofadejiinBauchi

Oraifite. He is the cause of insecurity in our community, and he uses IPOB to terrorise us. Of course, you know that his best known address is that he is the counsel to Nnamdi Kanu.

“We called you here today to tell

A Federal High Court in Uyo, Akwa Ibom State, has convicted three internet fraudsters to different jail terms for offences bordering on criminal impersonation, internet fraud, and possession of fraudulent documents.

This was contained in a statement issued by the spokesperson of the Economic and Financial Crimes Commission (EFCC), Dele Oyewale.

The statement noted that the convicts, Abraham Itoro Sunday, Ezea Chidera Charles, and Udoh Christopher Gabriel,

were convicted by Justice Chigozie Sergius Onah upon their arraignment by the Uyo Zonal Command of EFCC on one-count separate charge bordering on cybercrimes.

“That you Abraham Itoro Sunday sometime in 2023 within the jurisdiction of this honourable court did fraudulently impersonate Brian O’ Noel on Facebook with the intent to gain advantage for yourself and thereby committed an offence contrary to Section 22 (2)(b)(I) of the Cybercrimes (Prohibition, prevention) Act 2015 and punishable under the same section,” the charge read.

The Church of Nigeria (Anglican Communion) has nominated Sir Folu Olamiti for the prestigious Church of Nigeria Award for Faithfulness in Kingdom Service as the church celebrates 45th anniversary of the Province of Church of Nigeria that was inaugurated on February 24, 1979.

In a letter signed by the Church of Nigeria Anglican Communion Archbishop Metropolitan and Primate, Most Revd Henry Ndukuba, and made ava;iable to THISDAY by Mr. Anayochukwu Agbo, the church stated that the honour “is in recognition of your unwavering dedication, exemplary leadership and

significant contributions to the church of Nigeria Anglican Communion and Christian community at large.

“Your life and ministry have left an indelible mark on the hearts of many, and this award is a small token of our immense appreciation for your tireless work in the Lord’s vineyard.

“Your presence at this event would not only grace the occasion but also inspire and encourage others in their faith and service. “The presentation of the award will take place during the opening ceremony of the Standing Committee of the Church on February 7, 2024, at the Cathedral of the Ascension, the Diocese of Ika, Boji-Boji, Owa in Delta State, at 10 a.m.

Emure Ekiti, Oba Emmanuel Adebayo, has commended the state Governor, Biodun Oyebanji, for his diligence in securing the release of the pupils and teachers

of The Apostolic Faith Nursery and Primary School, who were abducted by gunmen in his kingdom last week Monday.

The monarch praised Oyebanji for instantly deploying an ambulance and six medical personnel to administer medical treatments on the victims

immediately they were freed and for sending a delegation to sympathise with the family of the slain driver, Mr. Taiwo Olugbaye, who was murdered in the kidnappers ‘den.

The government delegation led by the Deputy Governor, Chief Monisade Afuye, visited

Olugbaye’s family, the bus driver of The Apostolic Faith Nursery and Primary School, Emure Ekiti, who was killed, with an assurance that the state government would not relent until those abducting and killing innocent citizens are arrested and punished.

Isoko Youths Demand Relocation of NNPC, Amnesty Office, IOCs to Niger Delta Sylvester Idowu inWarri

The Isoko National Youth Assembly (INYA) has joined its voice to the growing calls for the relocation of Nigerian National Petroleum Company Limited (NNPCL), the Amnesty Office and head offices of International Oil

Companies (IOCs) to the Niger Delta region.

The INYA, in a statement issued yesterday and signed by its Leader, Mr. Eniwake Orogun, said that the decision of the group was based on the fact that it supported the federal government’s move to relocate the Department of

Banking Supervision of the Central Bank of Nigeria (CBN) and the head office of the Federal Airport Authority of Nigeria (FAAN) from the Federal Capital Territory (FCT) to Lagos State.

It stressed that for the government should in same spirit, relocate the NNPC, IOCs, and the

Amnesty office to the Niger Delta.

The group maintained that the decision to relocate the Department of Banking Supervision of the CBN and the head office of the FAAN from the FCT to Lagos State was long overdue, considering the administrative relevance it promised.

Terrorism Coalition, FG to Collaborate on Fight against Insurgency Anglican Church to Honour Counter The Islamic Military Counter door between the representatives of existed between Nigeria and Saudi important decisions reached at the meeting would eventually improve Coalition (IMCTC) the Saudi Minister of Defence, Chief Arabia was also emphasised.

Olamiti at 45th Anniversary Terrorism has pledged its commitment to of Joint Staff , Secretary General of Others included issues of collaboration in the fight against support and collaborate with the Nigerian government in the fight against terrorism in line with its core values and strategic objectives.

The commitment was reached after a meeting held behind closed

IMCTC, Nigeria’s Minister of State for Defence and other major stake holders of the Saudi Government who all attended the session.

At the meeting, the old and strong cordial relationship that has long

collaboration, transfer of military technology and Memorandum of Understanding(MoU) on security cooperation that were also discussed during the meeting.

It was envisaged that the very

terrorism globally and subsequently enhance counter-terrorism and security efforts across theAfrican Sahel region which would eventually aid in further degrading the operations and activities of Boko Haram.

ICAN Calls for Inclusion of Monarchs in Fighting Corruption Dike Onwuamaeze

The 59th President of the Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Iweka Okwuosa, has called for a role for the traditional rulers in the fight to curb corruption

in Nigeria.

Okwuosa made the call during his courtesy visit on the Chairman of Rivers State Council of Traditional Rulers, His Majesty, Ohna Sergeant Chidi Awuse, Nne-Nwe-Eli Emuoha XIII (OLO IV) in Emuoha, where he

harped on the need for improved accountability and transparency in the management of public funds.

He said: “Enthroning accountability and transparency in the management of public funds is akin to institutional work of building a nation, the journey may

be slow but it requires persistence.

With this, progress is sure to come.

“To this end, we argue that it will be difficult to ensure accountability and transparency in the management of public funds in Nigeria without the buy-in of traditional rulers.

39

T H I S D AY • TUESDAY, FEBRUARY 06, 2024

TUESdaysports

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

0811 181 3083 SMS ONLY

EMBASSY TO NIGERIANS LIVING IN SOUTH AFRICA

AFCON 2023: Refrain from Wide Celebrations Should Super Eagles Beat Bafana Bafana Michael Olugbode in Abuja

Ahead of Wednesday’s semifinal clash between Super Eagles and Bafana Bafana at the ongoing 2023 Africa Cup of Nations in Bouake, Côte d’Ivoire, Nigerians living in South Africa have been warned to be mindful of where they watch the game and equally refrain from wide celebrations should the match be won by the Nigerian senior national team.

Nigeria will play South Africa in the first semi final inside the Stade de la Paix in Bouake tomorrow at 6pm in what promises to be a crunchy match of the AFCON 2023 while hosts Côte d’Ivoire will take on DR Congo in the second Last Four match at the Stade Alassane Ouattara in Ebimpe area of Abidjan at 9pm.

Both semi final matches, the third place and the final will be broadcast live on StarTimes Sports Premium and Beta Sports channels as well as the StarTimes-ON mobile app in HD. Given the xenophobic attacks that have happened in that southern African country in the past, with mostly Nigerians as targets of disgruntled South Africans, the Nigeria High Commission in that country yesterday issued an advisory message, warning our citizens to refrain from wild celebrations should the match end

in favour of Super Eagles.

The statement titled, “Advisory on Safe Conduct for Nigerians in South Africa Before, During and After 2024 AFCON Match Between Super Eagles and Bafana Bafana”, read in part: “The attention of the Nigeria High Commission Pretoria

has been drawn to potentially inflammatory online comments made by a section of South African citizens against Nigerians living in host country, largely influenced by the upcoming 2024 Africa Cup of Nations (AFCON) semifinal match between the Super

Eagles and the Bafana Bafana on Wednesday 7th February 2024.

“Most of the comments consist of veiled threats against “Nigerians cooking jollof rice” before the match, and “showing pepper to Nigerians if the Bafana Bafana lose to Super Eagles”, among others.

African Player of the Year Victor Osimhen is a major doubt for Wednesday’s AFCON semifinal against South Africa’s Bafana Bafana in Bouake, officials said yesterday.

According to a statement issued

by Super Eagles Spokesman, Babafemi Raji, the Napoli striker did not fly out Monday night with the rest of the squad for Bouake due to an abdominal discomfort.

“Team medics confirmed that he has been placed under close

Super Eagles will equal Egypt’s AFCON semi final record when they take on South Africa’s PHOTO: Courtesy CAF Bafana Bafana in Bouake tomorrow evening.

Art Hotel Shoreline win Italian Ambassador’s Cup Art Hotel Shoreline who finished runners-up in the Majekodunmi Cup and the Independence Cup respectively, had earlier in the week dispatched visiting Abuja Rubicon team to lift the glittering Italian Ambassador’s Cup. That feat earned them the second best performing Lagos-based high-goal team of the 120th edition of the international polo festival.

Other big winners of the second

week of the glamorous polo fiesta include; Seyi Oyinlola who led Mayowa Ogunnusi, Laolu Agoro, Timi Badiru and Baba Dantata in Team Lagos 1974 colours to brush aside Team Lagos 2010 to clinch the coveted Governor’s Cup, Team Lagos 1904 boasting youngsters like Tayo Ojora, Adebayo Karim, Osaro Omoruyi and Mohammed Dangote were the other top flyers of the second

week, sailing past their Team Lagos 1962 opponents to win the Lagos Heritage Cup played to celebrate the rich cultural heritage of the State of Aquatic Splendor.

For another year running, the prestigious festival hosted a renowned and faithful collection of sponsors with GTCO leading others like Arbico, Vueve Clicquot, ChapelHill Denham, BUA, Metro Capital, MTN, among others.

watch with a member of the medical team staying behind in Abidjan with him,” part of the statement read.

The 25-year-old striker did not train Monday evening before the team’s departure from Abidjan.

The 2023 CAF Player of the Year was replaced late in the Africa Cup quarterfinal against Angola.

He has scored a goal and provided an assist as Nigeria reached the Last Four stage of the tournament in Côte d’Ivoire.

Super Eagles Will Equal Egypt’s AFCON S’final Record Tomorrow Nigeria will be playing in the semi-finals of the TotalEnergies CAF AFCON for the 16th time, joining the Pharaohs of Egypt at the top of the list of countires with the most appearances in the last four of the competition.

The Super Eagles secured their ticket to the semi-finals of the AFCON Côte d'Ivoire 2023 after a 1-0 win over Angola through Ademola Lookman’s strike.

For the 16th time in 20 appearances, Super Eagles will equal the record set by Egypt’s Pharaohs, who have also reached the last four 16 times in 26 appearances.

Behind these record-holders, Ghana comes third with 14 semi-

finals played in 24 appearances.

Cameroon and Côte d'Ivoire have each reached the semi-finals of Africa football's showpiece event 10 times.

Nigeria, however, have only lifted the trophy three times, with Egypt winning it seven times as the record holders, followed by Cameroon who have won it five times, and Ghana with four trophies.

On Wednesday, 7th February 2024, José Peseiro and his men will face South Africa to play in the semi-finals with hopes of qualifying for their 8th final of the competition, one less than Ghana, two less than Egypt, and one more than Cameroon.

Ogunu Golf Resort Honours Oborevwori with Victory Kitty

Leighton Kings players (in yellow colours) who won the Majekodunmi Cup and Independence Cup joined in group photograph by players of Art Hotel Shoreline team (seated) and officials of both teams shortly after the prize presentation ceremony of the ongoing 2024 Lagos International Polo Tournament in Ikoyi, Lagos...over the weekend

Osaikhiwe Returned as Tug-of-War Federation President Isaac Osaikhiwe Isaac has been returned as President of Tug-of-Tug War Federation of Nigeria.

He was unanimously re-elected at the 8th Annual General Assembly of the federation which recently held at the Conference Room of the Nigeria Olympic Committee (NOC), National Stadium Surulere, Lagos.

In his acceptance speech, Mr. Osaikhiwe thanked the delegates for their confidence in his executive and pledged to work harder to make Tug-of-war household sport in the country.

He added that his coming to

are known for, and be law abiding before, during and after the match.

Should any provocations arise, they should not be reciprocated but reported to the appropriate authorities,” concludes the statement.

After this AFCON 2023 semi final clash between Nigeria and South Africa, both countries will meet again in June in Uyo in a 2026 World Cup qualifying match.

Osimhen Doubtful for Nigeria, S’Africa Clash

Leighton Kings Retain Majekodunmi, Independence Titles The month long 2024 GTCO Lagos International polo last weekend added another batch of champions with Leighton Kings emerging the biggest winners with another successful defence of the event’s most wanted crown, the Majekodunmi Cup. The Eko polo kings who have won the prize many times in the past, defeated the hard-fighting Art Hotel Shoreline 10-9 in a gusty final with the winning goal coming off a penalty in the last second of the explosive six chukkas encounter.

The Bowale Jolaoso powered Kings also added the Independence Cup to their haul this year.

“It’s unbelievable! I couldn’t describe the first time we won so I don’t know how to put this one into words,” Jolaoso, Patron of Leighton Kings declared shortly after the tense final match.

“It could have gone either way after they (Art Hotel Shoreline) drew level late in the last chukka, but luck tilted it in our favour,” he added.

The patron of the Majekodunmi Cup champion thanked his teammates for their commitment and dedicated the prize to their teeming supporters for cheering the team all the way to yet another victory.

“In this regard, the High Commission hereby advises the Nigerian community to be watchful of their utterances, be mindful of where they choose to watch the match especially in public places, and refrain from engaging in loud, riotous or provocative celebrations should the Super Eagles win the match.

“Additionally, Nigerians should maintain the good conduct they

office in his first term was more of a rescue mission for the federation.

This he said was the reason he hit the ground running as soon as he stepped in the saddle.

“And today, the federation has made some landmark achievements which include inauguration of associations in various states across the country.

These states include; FCT, Bayelsa, Kano, Kebbi and Kwara among others.”

Osaikhiwe however added that the main focus of his board in this second term is to ensure that the

sport becomes a scoring event at the National Sports Festival as well as representing the country at international competitions.

He’s also desperate to see the sport introduced in schools in pursuit of the federation's grassroots agenda.

Other elected officials on the board include; ACP Bashir Abubakar (1st Vice President), Rear Admiral Etop Ebe (2nd Vice President), Abdulkareem Macaulay(Sec Gen/Int. Rep) Babatoba Samuel(Technical Director), Jude Iduh (National Coach), Tombiri James (Ass. National Coach), Mrs. Shola Ogundele (Treasurer), Ray-

mond Akparuere(PRO) and Hajia Amina Dangaji.

Others include; Ibrahim Umah, Daniel Ohioma, Ms Jennifer Udeh and Musa Abdullahi.

Earlier while declaring the AGM open, the Secretary General of the Nigeria Olympic Committee (NOC), Hon. Babatunde Popoola in company with the Olympic body’s PRO, Mr. Tony Nezianya, commended the Isaac Osaikhiwe Isaac-led board for the peace and discipline that have existed in the Tug-of -War Nigeria Federation in the past years.

The NNPC Ogunu Golf Resort in Warri has honoured Delta State Governor, Hon. Sheriff Oborevwori with a victory kitty to celebrate his triumph at the Supreme Court.

The tournament which held at the Ogunu Golf Resort last Saturday was teed-off by the Governor's representative, Chief Vincent Oyibode. Others on hand to give support include; Speaker’s representative Hon. Austin Uroye; Chief Press Secretary to the Governor, Sir Festus Ahon, former President of the Athletics Federal of Nigeria and member of the National Olympics Committee, Chief Solomon Ogba, Captain of the Golf Club, Chief Chris Odiete, Chief Moses Odibo, among others.

Speaking at the ceremony, Governor Oborevwori expressed appreciation to the Ogunu Golf Resort for the honour done him and thanked them for their support for his election.

Governor Oborevwori who was represented by the State’s Commissioner for Oil and Gas, Chief Vincent Oyibode, said he was elated on the honour done him and pledged to continue with the massive revamping of infrastructural development in the oil city and other parts of the state.

"I feel so elated because it shows

that Deltans are happy that their mandates have been defended and affirmed by the courts of the land and that shows that Deltans voted for me and the celebration in every quarter is a pointer to the fact that I am the choice of the people.

Chairman of the occasion and Speaker of the State House of Assembly, Rt. Hon. Emomotimi Guwor, who was represented by member representing Warri South Constituency 1, Hon. Austin Uroye, commended the Ogunu Golf Resort for celebrating Governor Oborevwori’s victory and pledged the support of the House to the development of sports in the state.

Earlier, Captain of the Ogunu Golf Resort Warri, Chief Chris Odiete said the club is comprised of men of goodwill, captains of industries and experienced professionals.

He said the club resolved to join others in celebrating Governor Oborevwori’s victory at the Supreme Court because of his outstanding accomplishments in the last eight months.

"We are very happy to join others to celebrate your victories at every level of trials. The coast is now clear for governance. As a true 'Warri Boy', you have hit the ground running.

TR

Tuesday, February 06, 2024

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Price: N400

MISSILE

Shari’ah Council to EFCC

“Regarding the recent disclosure by the Chairman of EFCC about religious groups sponsoring insurgency in Nigeria, the Council demands the Commission to disclose the identity of the religious body allegedly sponsoring terrorism/insurgency with N7billion out of N13billion traced to its account. This revelation has sent shockwaves across the nation, raising concerns about potential fund misuse for activities threatening Nigeria’s peace and security” --Supreme Council for Shari’ah in Nigeria (SCSN), demands full disclosure by EFCC of the N7billion terrorism funding.

TUESDAY WITH REUBENABATI Cardoso, CBN And The Nigerian Economy I abati1990@gmail.com

t is not just the menace of insecurity in the land that has been in the news in Nigeria, the economy too, and indeed the latter for obvious reasons as well, with the national currency, the Naira in a very bad shape, inflation at 28.92%, widespread systemic distortions in the economy, a foreign exchange regime gone askew, resulting in a problematic business environment for investors, high unemployment rate, further misalignments between the monetary and fiscal spaces, and gross anxiety among the people for whom the Naira no longer holds as much value as it used to. In November 2023, the National Security Adviser (NSA), Nuhu Ribadu speaking at the Defence Intelligence Annual Conference reported that the Tinubu administration inherited “a bankrupt economy which had resulted in budgetary constraints… it is important for you to know that we have inherited a very difficult situation…” Before then, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun and Atiku Bagudu, Minister of Budget and National Planning had both said just as much. Fresh concerns have now been raised about the Nigerian economy following the exclusive interview granted to Arise News, by the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso. The interview was conducted by seasoned Business Correspondent, Boafson Omofaye. It has been reported widely.

The timing of the interview could not have been more auspicious. The monetary space had become so busy recently, everything was becoming confusing.

The Cardoso interview offered needed clarifications on a number of issues. He was emphatic as he had been since November 2023, that the purpose of the reforms being introduced by the CBN under him is to stabilise the foreign exchange regime and the economy through proper alignments to foster economic growth. Over the weekend, there had in fact been a panicky announcement that the FG was planning to convert people’s domiciliary accounts in Deposit Money Banks (DMBs) to Naira at a government-determined rate. Cardoso promptly dismissed that as untrue. I think the source of that rumour should be traced. It was a potentially disruptive and provocative piece of fake news, to even suggest that government would take the unthinkable step of stealing people’s money!

People who make up such stories that can potentially cause social and economic crises should be made to pay for their folly. The interview raised quite a number of questions.

First, what happened to all the promises made

by Mr. Cardoso in his first major outing as CBN Governor when he delivered a keynote address, and an economic roadmap at the 58th Annual Dinner and 6oth Anniversary of the Chartered Institute of Bankers of Nigeria (CIBN)? On that occasion, Mr. Cardoso outlined the CBN’s priorities as (i) achieving monetary and price stability given the real-life implications of same for the well-being of Nigerians; (ii) targeted policies, transparent market operations and coordination between monetary and fiscal authorities, to ensure a more stable exchange rate, control inflation, and create an enabling environment for businesses and individuals to thrive; (iii) adopt measures to tackle institutional deficiencies, restore corporate governance, strengthen regulations and implement prudent policies, and overall (iv) promote sustainable and inclusive economic growth. He also announced these targets: (a) banks will be directed to recapitalize (b) the extant ban on 43 items in the official foreign exchange market will be lifted to enable market forces to determine exchange rates; (c) the adoption of a floating exchange rate among other policies; (d) emphasis on technology in financial services with strict regulatory compliance and (e ) achieving a one-trillion-dollar economy in the next seven years, with the CBN strictly focused on its core mandate. Good ideas, so they seem on paper.

It may also be argued that the CBN has not had enough time for its ideas to be fairly assessed, but

CBN Governor, Olayemi Cardoso so far, there have been more anxieties about the Nigerian economy, rather than confidence. Of that, we are certain.

There may have been a slew of reforms, guidelines, directives and measures by the CBN, still, the economy has taken a dive for the worse, with the floating foreign exchange regime or managed float as they call it, resulting in massive depreciation of the Naira, at a point, the naira was losing its value every 48 hours – an absolutely chaotic situation even to non-economists. A Nigerian Professor who delivered his exaugural lecture recently, disclosed that whereas in 2011, his monthly salary was worth $2,698.40, in 2024, with 20 years of service as a Professor - his salary had reduced to $291.88, both figures calculated on the basis of Nigeria’s foreign exchange rate. He is not alone. Ordinary people have more to complain about. Persons who could walk about a year or two ago and still claim that they belonged to the Nigerian middle class have found themselves at such a pitiable level that they can no longer feed themselves. Families have had to withdraw their children from schools abroad and from private schools at home, and send them to Nigeria’s terrible public schools. Many employers of labour are just putting up appearances. They can’t pay staff. They can’t buy diesel. The staff themselves have nowhere to go, because there are no easy alternatives. Many families have broken up because so-called breadwinners cannot win anything again. Last month, the International Monetary Fund (IMF) reviewed Nigeria’s economic growth projection downwards from 3.1% in October 2023, to 3.0% in 2024. The Nigerian government is meanwhile optimistic that it would record a GDP growth of 3.76%. How? When one policy appears to be failing, another policy is quickly introduced, or a measure or guideline is thrown into the mix, in typical Nigerian fashion: if this does not work, may be that one would work. Many Nigerians have since fled the country in the hope that life would be better elsewhere. It is called “Japa” in local parlance.

To be fair, we have seen the CBN embarking on a make or mar move to save the Naira which the CBN Governor said was undervalued. But what is the Naira’s real value? Nobody knows, not even the CBN Governor – at least he could not make any revelations in that regard in his Arise News interview. What has happened to the Naira is not strange, it is alarming. In December 2023, the exchange rate was N907.1/$1. By the end of January, the Naira had been devalued to about

N1,455.59 – a 37.7% depreciation in one month!

In days of yore, the Naira used to be as strong as the dollar and the pounds sterling. Today, many – citizens and investors alike -have lost faith in the country’s national currency, having failed in its original function as a store of value. This has resulted in the continuing dollarization of the Nigerian economy, a misfortune which Femi Falana SAN is currently challenging at the Federal High Court, Lagos seeking the enforcement of relevant sections of the CBN Act, 2007.Unfortunately, the courts can read out the law, but the Naira’s value is beyond the pronouncements of the judex; its real value is in the market-place of productivity and consumption.

Cardoso’s CBN has since moved in with policies, measures and guidelines in a classical fire brigade fashion: On January 29, it issued a circular on “Financial Markets Price Transparency”. On January 31, it issued another circular on “the Harmonization of Reporting Requirements on Foreign Currency Exposure of Banks,” the effect of which was that banks should bring their excess forex stocks to the market unfailingly by the deadline of February 1, 2024. Also on January 31, the CBN further issued a circular on International Money Transfer Organisations (IMTOs). Before now, there had been a +/- 2.5% on the NAFEX rate for IMTOs. That has now been removed. Specific guidelines were further issued on International Money Transfer Services with regard to minimum capital share ($1million), non-refundable application fees (N10 million), and all exporters are required to provide details of their domiciliary accounts and NXP numbers, with export proceeds to be promptly repatriated within 90 days for oil exports and 180 days for non-oil exports. In another move, the CBN reviewed the Cash Reserve Ratio (CRR) framework. It also reviewed the exchange rate for the calculation of import duty upwards from N952 to N1, 357, with immediate effect. If policy pronouncements and circulars alone could save an economy, the CBN has put up more than enough drama in that regard in recent times. At no other time in the last decade has there been so much frantic effort to assert regulatory control, adopt measures to increase forex liquidity and insist on transparency and ensure correction. Mr. Cardoso defends these policy measures and assures the public that they would eventually stabilise the monetary space. We will see. We will see.

What is interesting in that Cardoso interview is the disclosure by him that about $2.7 billion out of the reported $7 billion outstanding foreign exchange liabilities of the Federal Government are not valid for settlement. An audit process commissioned by the CBN and conducted by Deloitte showed that those claims are fraudulent, and having been exposed as such, those who were making the claims have chosen to be quiet. However, the CBN has settled $2.3 billion valid requests, with current outstanding FX obligations standing at about $2.2 billion. The CBN Governor left much unsaid. Who are those persons or non-entities who made fraudulent claims? They need to be named, and if they had escaped with such “419 tactics” (obtaining money by false pretence) in the past, now that they have been uncovered, they should be sanctioned accordingly. It is not enough to say that their claims were rejected. What do they produce? What do they consume?

Mr. Cardoso also said clearly that whereas he is not against direct interventions by the CBN in the economy provided such interventions were well thought-out but that under him the CBN would rather focus on its core mandate. He pointed out that the CBN had intervened before him through loans and advances, up to N10 trillion, the volume and mismanagement of which resulted in the same distortions and inflation now troubling the economy. Indeed, before Cardoso, the CBN was in the business of Ways and Means beyond the allowable thresholds, and the CBN even became so overstretched, it intervened in virtually every sector of the economy from agriculture to fashion and soon began to dictate fiscal policies. The caveat is that those

in charge of those other sectors of the economy at the time practically had no clue. The Central Bank of Nigeria actually had a more up-to-date register of Nigerian farmers than the Federal Ministry of Agriculture! But what are the specific distortions?

Who mismanaged those interventions? Cardoso has cleverly offered a veiled criticism of the CBN that he inherited. He should be more specific. He would have to go beyond innuendoes, more so as some of the measures that the CBN has now introduced amount to a complete repudiation of what existed hitherto. Who exactly did what that has brought Nigeria to this sorry economic situation?

It is also important that while trying to return the CBN to its core mandate, the CBN under Cardoso does not repeat the same errors that it seeks to correct. Take for example the decision to return the excluded 43 items to the official foreign exchange market. How has that helped? Take also the increase in exchange rate for the computation of import duty. Is import duty not a fiscal matter?

Take the new Implementation Guidelines on Cash Reserve Requirement Framework – here the attempt is to correct the arbitrary practices of old, and correct bad behaviour but what exactly went wrong? The banks were also asked to offload their excess forex stock, and just like that, the improvement in forex liquidity was traced to that directive, the long-term effect of which is yet to be seen. Wait a moment, you mean the banks were sitting on $7 billion and yet they always said they had no forex to sell? To get the banks to sell Forex was an ordeal, in fact, they became so comfortable, they even told customers that there was no Naira in their vaults. Every year, the banks declared trillions of profits at the people’s expense. They were using our money to make profit at our expense! Where was the same CBN? What happened to its oversight, regulatory role? The banks can of course claim that they have not committed any crime. They also do not trust the Naira, so it was better for them to stockpile value in dollars.

The banks and the CBN can shift blame from now till the end of the year, that would not make any difference. But then who pays for the bad behaviour all around within the system? I am not too sure that the CBN Governor was in any position to shed light on that. And are there mechanisms in place to sustain the regulatory control that the CBN is trying to assert?

When CBN Governors speak in other jurisdictions, they base their positions on hard core data or evidence. Nigeria’s apex bank Governor did not have much data to speak with, which was why he could not make definite statements on inflation or other macroeconomic issues, or the proposed Monetary Policy Committee Meeting (MPC) now scheduled for February 26-27. For whatever it is worth, however, it was good to hear him speak with so much confidence and optimism even if we all know that it would take more than promises, social media posts, or the movement of departments from Abuja to Lagos, to rebuild this economy. It is either Nigeria goes to the World Bank or the IMF to secure a lifeline to rescue the Naira, or we find ways in the long run to return to those old days when the Nigerian economy used to work. The CBN cannot also do it alone. The long-term solution lies in making this economy productive again. The country is too import-dependent. It can’t even refine its own crude oil, it has to import finished products from elsewhere.

The economy is too narrow, it has to be expanded to generate better activities and opportunities beyond oil. Up till the eighties, Nigeria boasted of so many industrial estates that produced textiles and foods and beverages. We produced our own tyres and vehicles and food. Along the Ikeja area, the sweet smell of wheat and barley, and confectionery and beverages wafted into the air; today those old industrial units have been taken over by heavy noise pollution from the Alleluia-shouting choruses! In the Niger Delta, there is too much oil theft and pipeline vandalism.

Insecurity stalks the land. The people will not eat hope or policies. We squandered the riches. We are now harvesting poverty. Sad, but true.

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