MONDAY 19TH FEBRUARY 2024

Komolafe: Nigeria Gradually Reversing Investment Decline in Oil, Gas Industry AfDB says rising oil prices, increasing production to support Nigeria’s economy in 2024

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

Chief Executive Officer of the Nigerian

Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga

Komolafe, disclosed at the weekend that Nigeria was gradually reversing

the investment decline in the oil and gas upstream sector.

Continued on page 5

Nigeria, Brazil Seek Stronger Ties Across Sectors, Tinubu, Da Silva Meet in Addis Ababa ...

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Monday, February 19, 2024 Vol 29. No 10540. Price: N400

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Labour Party Crisis Gets Messier as Oparah Drags Abure to Court...

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Idris: It’s Time PDP Governors Did Work They Were Elected for Says Tinubu will not abdicate his responsibilities Opposition govs idle, viciously complicit, APC declares

Chuks Okocha, Olawale Ajimotokan and Juliet Akoje in Abuja

Minister of Information and National Orientation, Mohammed Idris, has

called on governors elected on the platform of Peoples Democratic Party (PDP) to concentrate on the duties they were elected for.

Idris also tried to clear some of the

doubts of the opposition, when he said President Bola Ahmed Tinubu would not abdicate his responsibility to the Nigerian people.

All Progressives Congress (APC)

also slammed the PDP governors, describing them as “idle but viciously complicit spectators”.

PDP governors had in a statement at the weekend called for the resignation

at President Bola Tinubu, if he could Assistant on Media, Rabiu Ibrahim, not solve the problems of insecurity the minister said the call by the PDP and deteriorating economy affecting governors was nothing but an attempt the country.

Continued on page 5 But in a reaction by his Special

Cardoso: With $1.8bn Inflow Last Week, Nigeria's Economy Has Positive Outlook

Akume promises living costs will drop soon Bishops say government’s reform counterproductive Atiku: Nigeria has insufficient, unstable, precarious reserves to support free-floating rate regime Presidency berates ex-VP, insists facts muddled up Naira’s free fall jeopardising my plans for Bauchi, Mohammed laments Chuks Okocha, Olawale Ajimotokan, Onyebuchi Ezigbo in Abuja and Segun Awofadeji in Bauchi

Governor of the Central Bank of

Nigeria (CBN), Olayemi Cardoso, yesterday, said despite the apparent gloomy picture of the country's economy, the future was bright Continued on page 5

37TH SESSION OF THE AFRICAN UNION SUMMIT...

President Bola Ahmed Tinubu (left) with Brazilian President, Lula Da-Silva, during the bilateral talks at the 37th session of the African Union Summit in Addis Abba, Ethiopia... yesterday

News Analysis: Blame Game Won’t Stop Naira's Free Fall...

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Blame Game Won’t Stop Naira's Free Fall Obinna Chima When last week, in its bid to stem the slide in the value of the naira exchange rate, the Central Bank of Nigeria (CBN) in one day released three circulars on foreign exchange (FX) and the market was unfazed as the nation's currency continued its free fall, it was clear that the central bank has a lot more to do beyond the blame game to save the naira.

Specifically, despite the firefighting measures, the official naira exchange rate to the dollar closed at N1,537.96/$, while at the parallel FX market it closed at an all-time low of N1650 to a dollar last Friday.

That is why instead of shifting blame of the current FX crisis on banks, the central bank should be bold to accept responsibility and seek ways to address supply gap in the market.

Without a shadow of doubt, liquidity remains a major challenge

in the FX market. No matter the number of regulatory interventions, by way of circulars, nothing would change if the the CBN cannot wet the market with forex. The forces of demand and supply will naturally play out as has been the case since the country found itself in the current situation.

The increasing tension and the depreciation of naira is worsened by inflationary pressure as the consumer price index (CPI), which is used to gauge inflation climbed to a 28-year high of 29.9 per cent in January, compared to 28.92 percent in the preceding month, the National Bureau of Statistics (NBS) disclosed.

Year-on-year headline inflation was 8.08 per cent higher, compared to 21.82 percent in January 2023.

The CPI report for the month under review indicated that the food inflation rate increased by 11.10 percent year-on-year to 35.41 percent, compared to 24.32 percent

N E W S A N A LY S I S in January 2023.

The rise in the food index was attributed to increases in prices of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.

The country's high import dependence explains 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, which has contributed to the economic hardship in the land.

The development presages further troubles for the growth of the Nigeria economy as the country does not have such strong buffers to withstand such shocks.

What is clear to the CBN Governor, Mr. Olayemi Cardoso and his colleagues at the apex bank at this moment, is that this is not the time for

blame game, but time for them to roll up their sleeves and up their game.

One of the three circulars released by the regulator last week stated that going forward, International Oil Companies (IOCs) would only be allowed to repatriate a maximum of 50 per cent of export proceeds in the first instance. The balance of 50 per cent of the export proceeds might be repatriated after 90 days from the date of inflow of the proceeds.

In the second circular, the regulator prohibited the payment of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) by cash, going forward, stating that PTAs and BTAs must, henceforth, be disbursed through electronic channels only, including debit or credit cards, to curb abuses and boost transparency in FX transactions.

In the third circular, the CBN announced the review of the allowable limit of price deviation for exports and imports to -15 per cent and +15

per cent of the global average prices, respectively, under the Price Verification System (PVS).

Prior to these, the central bank had lifted restriction placed on access to FX for the 43 items that were previously prohibited from accessing FX from the official market, which a lot of commentators had blamed for the Naira's depreciation. Also, the CBN had in the past cleared the country’s FX liabilities across various sectors, which was estimated at about $7 billion; it also directed banks to limit the Net Open Position (NOP) of their overall foreign currency assets as well as the removal of allowable limit of exchange rate quoted by the International Money Transfer Operators (IMTOs).

Indeed, one of the major pressure point for Nigeria’s FX market is the demand for education and healthcare

by Nigerians which in 10 years was put at $40 billion, according to Cardoso.

According to him, FX demand for education and healthcare in the

Cardoso past decade significantly eroded the strength of the Naira.

Cardoso, in his presentation at a recent plenary of the House of Representatives, disclosed that a growing number of Nigerian students studying abroad. In the 1980s and 1990s, the need for US dollars for their living expenses was minimal.

He disclosed that “recent data shows a significant change. According to UNESCO’s Institute of Statistics, the number of Nigerian students abroad increased from less than 15,000 in 1998 to over 71,000 in 2015.

IDRIS: IT’S TIME PDP GOVERNORS DID WORK THEY WERE ELECTED FOR at distraction by people, who should instead be busy supporting the president’s efforts at bringing economic relief to the Nigerian people.

The statement said, "It is our considered view that the PDP and its governors should not be seeking, through the back door of intimidation, what they have consistently failed to achieve by democratic means, since 2015.

"Those who could not bring transformational change when they had a lengthy chance to, should not seek to interrupt or distract those who are busy at work on the presidential vision that Nigerians elected them to implement.

"The administration of President Bola Tinubu has also, since inception, generously extended financial support to all the state governments, regardless of partisan affiliation.

“In addition, the removal of the petrol subsidy – which, incidentally, was one of the main planks of the PDP presidential campaign – has swelled the revenues of all states, including the PDP states. To whom more has been given, more is therefore expected."

The statement explained that the president and his administration recognised the unfinished business of revamping the national economy, kick-started by the administration of

President Muhammadu Buhari, through programmes focused on large-scale infrastructure, social welfare, prioritising the equipping and welfare of the military and security agencies, and reclaiming Nigeria’s strategic place in the comity of nations.

The minister said Boko Haram and its affiliates that were on the ascendancy in 2014/2015, had since been decimated, and similar bold gains were being made now with bandits and other criminals.

He stated, "Nigerians have not forgotten that it was the APC administration that cleared several liabilities left behind by the PDP government, such as subsidy claims by oil marketers, Paris Club Refunds, unpaid pensions, gratuities, and salary arrears owed various categories of pensioners from liquidated and existing state-owned enterprises.

"Major oil sector reforms that the PDP touted for years but could not deliver – passage of the PIB, new refineries, as well as the revamp of existing ones, and so on – are the very real and continuing legacies of the ruling All Progressives Congress (APC).

“All of these have been accomplished without access to the oil windfall that the PDP government enjoyed for much of the time that it was in power, and also against the backdrop of the most

devastating global shock since the Second World War: the COVID-19 pandemic."

The minister maintained that Tinubu was not, and would never be, overwhelmed by the current challenges in the country.

The statement said of the president, "He will not abdicate his responsibilities.

He will courageously continue to wrestle with the challenges and surmount them, laying a durable foundation for the new Nigeria that is emerging.

"He has also never shied away from acknowledging the pain of ongoing reforms, and has seized every opportunity to assure Nigerians that inside the pain of the reforms lie the seeds of lasting prosperity and national development.

"To the PDP governors, let us reiterate: this is not the time for distraction. It is time instead for the rolling up of sleeves, to support and complement the hard work of the president and his administration."

In another statement by its National Publicity Secretary, Felix Morka, APC said the PDP governors were basking in wilful blindness to their constitutional responsibilities.

Morka stated that "noxious executive flippancy has now become a badge of identity for these idle but viciously

complicit spectators in the affairs of their states and citizens".

The statement said, "A federal system like ours operates on the idea of shared, constitutionally delineated responsibilities among the three tiers of government – federal, state and local governments. Effective governance requires collaboration and coordination among all three levels to deliver the promise of democracy to all citizens.

“By virtue of their membership of the National Economic Council and National Council of State, governors bear a solemn duty, where possible, to proffer constructive ideas or solutions to the challenges of governance of our nation.

"Like all citizens, governors are entitled to free speech. However, that right must be exercised against a standard of respectability and reasonableness. Reckless utterances capable of inflaming passions and social upheaval must be avoided.

“Likening Nigeria to Venezuela, as the PDP governors did in a recent communique, even under the prevailing challenging economic and security contexts of Nigeria, is unhelpful and smacks of unrighteous indignation.

"Rather than live up to their responsibilities as chief executive officers of Nigeria’s federating units, the PDP governors have turned themselves

CARDOSO: WITH $1.8BN INFLOW LAST WEEK, NIGERIA'S ECONOMY HAS POSITIVE OUTLOOK

and positive, especially in the light of recent inflow of $1.8 billion.

The positive assessment came as Secretary to the Government of the Federation (SGF), Senator George Akume, said the hardship being experienced by Nigerians would, undoubtedly, lead to a better tomorrow, with drop in the cost of living.

However, the Catholic Bishops of Nigeria expressed concern over the rising hardship in the country.

Similarly, former Vice President Atiku Abubakar lamented that the President Bola Tinubu administration was not “ready to open itself to sound counsel, as well as control internal bleedings occasioned by corruption and poorly negotiated foreign loans".

But the presidency faulted Atiku, saying he muddled up facts in an attempt to rubbish the foreign exchange policy of the Tinubu administration.

At the same time, Bauchi State Governor Bala Mohammed lamented that the current free fall of the naira against the dollar had put his government's plans in jeopardy.

That was as the African Development Bank (AfDB) warned that Nigeria, Ethiopia, Angola, and Kenya risked social unrest owing to rising prices of fuel and other commodities.

Cardoso, who spoke yesterday during the opening of the plenary session of the Catholic Bishops Conference of Nigeria (CBCN) at their secretariat in Abuja, said with the policy reforms being implemented by the federal government, there was light at the end of the tunnel.

As a mark of the positive economic

prospect, Cardoso said the country received an inflow of about $1.8 billion last week.

He maintained that the positive outlook had been confirmed by several international economic rating organisations, such International Monetary Fund (IMF) and Fitch Ratings.

The CBN governor disclosed that the national monetary policy meeting would be convened this week to take decisions on how to further deepen the economic reforms and make them more result-oriented.

He said, "That positive outlook comes from the fact that a series of reforms have been made by the federal government and the central bank, which are now paying off in such a way that international investors are coming back in again.

"Recently, as a result of some of the particular reforms that the central bank came in with, over the course of the last week, $1.8 billion came into the market.

“As long as we can sustain a positive trajectory, I am confident that we will get out of this and the foreign exchange market will begin to moderate itself.

“In another week or so, we will have the Monetary Policy Committee meeting, a very critical meeting which helps to direct the course of the economy."

On the challenges currently facing Nigeria's economy, Cardoso said the country needed to take measures to actualise the vision of becoming a producing nation, far from the present consumer attitude. He said a lot of

money had been pumped into the economy through "Ways and Means", which were presently contributing to the inflationary trend the country was witnessing.

According to him, “A lot of supply has gone into the system, over a period of time, unfortunately. And that goes back to all the things we've been talking about Ways and Means and I'm sure there's nobody here in this room that has never had a concept of Ways and Means. I'm sure there's nobody.

“We've been talking about it over a period of time. And quite frankly, it has come to haunt us through so much liquidity going into a system in a relatively short space of time.

And that's in itself has fuelled the inflationary pressures, which we all have the witnessing of recent.

"Undoubtedly, Nigeria is going through challenging times on the economic front and this is not something that will be new to anybody. Reflecting on this, I wonder if, perhaps, things could have been done differently earlier.

“And what do I mean by that?

You've got to move as a country beyond being a consumer nation.

You've got to move as a country beyond being a consumer nation.

"And it is something that we, as Nigerians, have been talking about for so long, for so many years, for decades. But, really, we've not been able to actualise that. That's something very important.

"The other thing, of course, is to moderate appetite for foreign goods.

And that's closely related to what I had

said earlier with respect to becoming a producer nation.

“Modulating appetite, because at the end of the day, many of the things you see and many of the things that bother a lot of people with respect to foreign exchange is all essentially down to demand and supply.”

The CBN governor said the country’s economy was on the path of recovery, adding that several credit rating organisations, including IMF and Fitch, have attested to this.

He stated, "Indeed, there is hope. It's amazing to me. I must say that while we find a lot of Nigerians embracing what they call the Japa syndrome, the foreign investors are coming in.

“Foreign investors are coming in and you can take it from somebody, who sees this all the time. They come to us all the time. Foreign investors come all the time. They ask the right questions.

"They make their notes, they go away. A month later, they come back again. They monitor progress the way they come back again, and as we have consistently enacted, setting policies they've seen.

“They put their money in the international rating agencies standard and Fitch, even the World Bank, has raised us from stable to more positive because they've seen it. They've seen it.

"These are not people or interest groups that will go and write something for the sake of writing.

It's very, very difficult many times to be able to defend some of the questions they ask.

Continued on page 42

into a band of doomsday vocalists, raising their voices to deafening decibels intended to drown the groans of their citizens battered by their critical inertia, ineptitude and dismal performance as governors of their states.

"At the federal, buck ‘ultimately stops’ at the president’s table. So, the state buck ‘ultimately stops’ at the governors’ table. The PDP governors’ call to the president to throw in the towel is nothing short of self-indictment.

“It is cringeworthily that the same governors that have never justified the massive federal allocations to their states, that have perennially stifled and dispossessed local government administrations of federally allocated funds, are talking about ‘buck’.

"How can a governor of a state in

utter shambles, like Delta, participate, barefaced, in a talk about ‘buck’? Has the PDP governor of Delta State even attempted to justify the over 483.57 billion Naira federal allocation to the state in 2023?

“Which part or sector of Delta State bears witness to the use of that huge allocation? Delta State retirees have remained desperately pulverised by PDP’s uninterrupted reckless rule since the advent of this Republic in 1999.

"Since the buck also stops at the PDP governors' table at the state level, they should practise what they preach by resigning from their offices rather than blaming the federal administration for their utter failure to mobilise massive resources at their disposal to improving the living conditions of their people."

KOMOLAFE: NIGERIA GRADUALLY REVERSING INVESTMENT DECLINE IN OIL, GAS INDUSTRY Speaking in Lagos after receiving The Sun Public Service Award 2023, during the newspaper’s 21st Anniversary Award Dinner, Komolafe said the country recorded capital expenditure (Capex) worth billions of dollars within the last two and a half years on the back of the implementation of the Petroleum Industry Act (PIA).

He revealed that the restoration of investors' confidence and the creation of certainty and predictability in the sector had been robbing off on the industry, as active rigs had jumped from 11 in 2011 to 30 currently.

Komolafe reiterated that the introduction of the crude oil measurement regulation, which was the first ever in Nigeria's over 70 decades of oil and gas production, would save the country billions of dollars.

The NUPRC chief executive was among over 30 Nigerians conferred with The Sun 2024 awards in different categories for their excellence and positive impact in their respective callings in the public and private sectors.

Speaking after receiving his award, accompanied by Head of Public Affairs and Communication, NUPRC, Mrs Olaide Shonola, and Regional Director, Lagos Office, NUPRC, Mr. Paul Osu, among others, Komolafe said the award would further encourage him and his team to be more dedicated to the service of the country.

Revealing that he had received over 40 different awards in the last one year, Komolafe noted that awards signified a reward mechanism in the society, stressing that when the resourceful ones are rewarded, it further inspires others to be resourceful and contribute to the task of nation-building.

He stated, "First, let me seize this opportunity to thank the management and staff of The Sun for honouring me with this award. Indeed, in the last one year, I've received over 40 awards. But this award will further encourage us to dedicate ourselves to the service of the Federal Republic of Nigeria.

"Like the chairman of the occasion mentioned in his speech, the task of nation-building is a collective effort.

It is not for people in government alone. It is actually for all the citizenry.

And this award speaks to the reward mechanism in our society.

“When the resourceful ones are rewarded, it further inspires others to be resourceful and contribute to the task of nation building."

Komolafe dedicated the award to his wife and other members of the commission.

On the oil and gas industry and the mandate of the commission, the NUPRC head said since their resumption at the commission in the last two and a half years as pioneer staff and management, they had dedicated themselves to the service of the country.

He said the team had been discharging their duties silently and assiduously, resulting in the success stories being told.

Komolafe revealed that the country had recorded capital expenditure worth billions of dollars within the last two and a half years of the implementation of PIA, coupled with the enabling regulations being churned out and implemented by the commission.

From feedback received from the industry, Komolafe said the country now had about 30 rigs in its upstream oil and gas sector, against 11 active rigs in 2011, attributing the significant improvement to the restoration of investors' confidence in the industry.

He stated, "That is huge success for us, and you know that rig count is a measure of vibrant activities in the oil industry. We have been able to attract confidence, certainty, predictability, into the Industry.

"If you check, we've attracted Capex going into billions of dollars into the Nigerian upstream. So, gradually, we are happy that we have success stories to tell just in about less than two and a half years, and while doing this with my dedicated team, we never knew that people were watching.

"So, what you have seen today is a message that the Nigerian society is watching and that the award will Continued on page 41

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T H I S D AY • MONDAY, FEBRUARY 19, 2024

NEWS

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

BOLANLE AMBODE AT 60...

L-R: Former Minister of Works and Housing, Mr. Babatunde Raji Fashola; his wife, Dame Abimbola Fashola; immediate past Governor of Lagos State, Mr. Akinwunmi Ambode; and his wife and celebrant, Mrs. Bolanle Patience Ambode during her 60th birthday party at their residence last Saturday

PenCom Recovers N12.93 Billion Unremitted Contributions, Imposes N12.52bn Fines on Defaulters Ndubuisi Francis and James Emejo in Abuja The National PenCom Commission (PenCom) has said a total sum of N25.45 billion unremitted contributions was recovered from defaulting employers between 2012 and 2023.

PenCom Head, Corporate Communications Department, Mr. Ibrahim Buwai, who disclosed the figures at the Annual General Meeting (AGM) of the Finance Correspondents Association of Nigeria (FICAN), over the weekend, said the recovery included the principal sum of N12.93 billion as well as penalties which amounted to N12.52 billion.

He said under the Pension Reforms Act, which remained the provision for enforcement, late remittances attract penalties and attract interest of two per cent monthly.

Buwai, further clarified that all such recoveries go directly into the affected RSA Holder Account. "Nobody takes a penny, not PFAs, not PenCom, nobody.

All these money recovered were for RSA holders and it goes into RSA." According to him, "If you do that two per cent for every month that you default, a penalty for that amount will be computed.

"That is why when you look at our latest figure in terms of the recovery, from the inception of the exercise in 2012, you will see that the difference between the remittances and the penalty is almost neck to neck.

"We have the issue of employers not remitting. The second issue is that employers remitted but if there is no company schedule that shows the employers that these monies belong to Pension Fund Custodians (PFCs), they cannot apportion to RSA holders.

"We are not happy and that is why in 2023, we put out a statement on it and on our website, we have a long list of remittances that we saw were uncredited, calling on the people concerned to come forward and make sure the remittances are done."

According to him, "From the inception of these recovery agents programmes in 2012 to December 31, 2023, the principal contributions that were recovered were about N12.9 billion while the penalty was about N12.5 billion.

So, you can see that it's almost 50-50. All this is what has been recovered from employers and paid into RSAs. "The good thing is that all this penalty and principal goes into the individual RSA account.

"Nobody takes a penny, not PFAs, not PenCom, nobody. All these money recovered were for RSA holders and it goes into RSA. "What you can help us by way of employers is that it is not in their interests not to remit because it is cheaper to remit than not to remit.

While also reassuring on the safety of pension funds, Buwai said the safety of pension assets remained the cardinal principles of PenCom regulations.

He said," We are not wavering,

Tinubu Rejoices with Former Lagos First Lady, Bolanle Ambode at 60 Deji Elumoye in Abuja President Bola Tinubu has congratulated former First Lady of Lagos State, Bolanle Ambode on her 60th birthday.

The President, in a release issued on Sunday by his Media Adviser, Ajuri Ngelale, celebrated the accomplished

entrepreneur for her industry and enduring vocation of empowering women and youths with the necessary skills and means of becoming productive members of society.

President Tinubu wished Mrs Ambode many more years in good health and strength as she hits the milestone age.

we have not made it lax or easy.

All those stringent guidelines that were thoroughly outlined so that pension funds might be protected in the event that these

investment instruments might be available - those stringent requirements remain.

"All we know is that if the pension funds are available,

pension funds managers will review and take their decisions.

"I have to also clarify that PenCom does not partake in investment issues on the pension

funds.

"All we do as regulators is that we set out general guidelines as contained in our investment regulations."

FAAN Strengthens Security Around Restricted Areas at Lagos Airport Chinedu Eze The Federal Airports Authority of Nigeria (FAAN) has made moves to end access to the restricted areas of the Murtala Muhammed International Airport (MMIA), Lagos, known as airside by unauthorised persons to forestall further theft of critical equipment needed for safe flight operations.

The agency said that it is collaborating with the Nigeria Air Force to further fortify the restricted areas which host the runway and vital landing aids like the airfield lighting, instrument landing system and other aeronautical facilities.

FAAN said this had become necessary to ensure that series of incursions recorded last year and the previous years, where unauthorised persons accessed the restricted areas and made away with some items would not happen again.

With the rehabilitation of the international runway

of the airport, known as Runway 18R/36R, which was put back into service on Saturday, FAAN in a statement said the Military Airport Commandant , Group Capt. ED Okolo has issued a restraining order against anyone caught trying to gain access into the runway of the airport through the perimeter fence.

FAAN said it had observed that there was an increased rate of incursion into the airside through the perimeter fence.

It said that to forestall the theft of the safety critical equipment at the restricted areas, anyone caught at the airside of the airport would be severely punished.

“FAAN is therefore appealing to the general public to please desist from illegal incursion into the airport environment through the perimeter fence.

Perimeter encroachment is highly prohibited, and criminal offenders risk prosecution

or possibly being shot at.

Every unauthorised or illegal structure around the airports would be pulled down.

“The authority is also appealing to those who do not have any business at the airport to stay away. Anyone caught touting or loitering at the airport vicinity will be arrested and prosecuted.

The Joint Military Task Force ( JMTF) has intensified their operations and made several arrest recently. Airport users are also advised to park at designated car parks. Please avoid parking at drop-off zones to avoid being towed,” FAAN said in a statement.

Last year airfield lighting system was stolen by unknown persons who gained access to the restricted areas of the airport. This prolonged the rehabilitation work at the runway because the agency had to replace the equipment before reopening the runway for flight operations.

FAAN also set up a team to

investigate several incidents of theft at the airports because the suspects who stole the cables did so more then once.

The first time they came they stole a part of the lighting system and the second time they stole whatever remained of the system.

THISDAY also confirmed that after the first part of the system was stolen, FAAN management directed the Head of Electrical Services to remove the remaining part of the airfield system, but this directive was not obeyed the remaining part of the airfield lighting was stolen after the first theft.

This led to the suspension of 11 officials whose duties were connected to protecting the stolen facility, the airside and who had access to the runway and environs.

Before the latest measure deployed by FAAN in collaboration with the Nigeria Air Force, the airside of the airport was very porous.

Rivers Indigenous Group Says Wigwe Was Beacon of Hope Blessing Ibunge in Port Harcourt An indigenous group in Rivers State, Wakirike National Congress (WNC), has described the late Chief Executive Officer (CEO) of Access Holdings, Herbert Wigwe as a beacon of hope and a man with so many good virtues and attributes.

In a statement jointly signed by the President of the group, Mr David Solomon, General Secretary, Dr Lawrence Ibiayemie and Acting Director in charge of Public Relations, Media and Publicity, Obubelebara Parker, they said the demise of Wigwe had left a huge vacuum in the

state, following his philanthropic nature.

The Wakirike people, however, commiserated with the Wigwe's family and the people of Isiokpo community in Ikwerre Local Government Area for the demise of their son (Herbert), wife and son who were involved in a helicopter crash in United States of America.

According to the group: "Dr Herbert Wigwe, was an illustrious son of Rivers State.

He was an epitome of love, an astute businessman, a beacon of hope, and of a charitable disposition, among other virtues and attributes. His demise will leave a huge vacuum in our

beloved Rivers State and country, Nigeria.

"We pray that God will strengthen and comfort his family and grant them the fortitude to carry on and that they will find solace in the legacy he has left behind. The Wakirike nation condole with you at this inauspicious and trying moment."

Meanwhile, the group has also congratulated the governor of the state, Siminalayi Fubara and his deputy, Dr Ngozi Odu on the recent reaffirmation of their electoral victory by the Supreme Court.

The Wakirike group stated: "The reaffirmation of your victory by the apex Court of law in

Nigeria now puts to rest the outstanding political tension and uncertainties in the State.

"For us this victory is divine and brings a renewed sense of hope to the entire people of the state who have long yearned for stability and progress amidst the tumultuous political landscape.

"As peace-loving people with a strong democratic spirit, we are relieved to see the resolution of the political uncertainties that have plagued our beloved State in the last couple of months".

They further assured the governor of their unwavering support and collaboration to foster peace, progress and prosperity in the state.

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NEWS

2024 CATHOLIC BISHOPS CONFERENCE OF NIGERIA...

L-R: Former Catholic Archbishop of Abuja, John Cardinal Onayekan; Deputy Managing Director, Zenith Bank, Dr. Adaora Umeoji; Governor of Imo State Sen. Hope Uzodimma; President, Catholic Bishops Conference of Nigeria (CBCN) Archbishop Lucius Ugorji; Labour Party Presidential Candidate, Peter Obi; Bishop of Ekwulobia Diocese of Anambra State, Peter Cardinal Okpalele and Deputy Governor of Edo State, Mr. Philip Shuaibu, during the 2024 CBCN in Abuja... yesterday

Nigeria, Brazil Seek Stronger Ties Across Sectors, Tinubu, Da Silva Meet in Addis Ababa President: We're now fighting corruption headlong from bottom to top Both leaders agree on need for the two countries to have direct air link Sunday Aborisade in Abuja The Senate has assured Nigerians that it was doing necessary oversight activities to ensure that there is no hike in petroleum pump price and electricity tariff despite the falling value of the naira against major world currencies.

The Chairman, Senate Committee on Media and Public Affairs, Senator Yemi Adaramodu, gave the assurance in an interview with journalists in Abuja.

He was reacting to what the Senate was doing to arrest the current fears over possible hike in electricity tariff and pump price as

a result of the high landing cost of petroleum and indebtedness of the federal government to the electricity generating firms.

The Minister of Power, Adebayo Adelabu, last week said that Nigeria was not likely to sustain the current electricity subsidy.

He explained that the indebtedness

FG’s Land Transport Policy Has Reached 80% Completion, Says Minister James Sowole in Abeokuta The federal government is developing a national land transport policy, which has reached 80 per cent completion, the Minister of Transportation, Senator Saidu Alkali , has said.

He disclosed this in Abeokuta, Ogun State in his speech at the opening of the Executive Session of the 18th National Council on Transportation Conference.

At the conference which drew participants and stakeholders in transport sector from the 36 states of the federation, the minister noted that the meeting was conveyed to consider issues of significant importance to the transportation sector with a view to aligning the sector.

Alkali said the policy draft, had reached 80 per cent completion, stating that the government, would invite necessary stakeholders to brainstorm and finalise the draft policy for onward transmission to the Federal Executive Council (FEC) for approval.

According to the minister, this year’s theme: “Embracing Innovations and Technologies for Sustainable Transportation: Tackling the Energy Challenges’’ is a wakeup call to accept innovations to cushion the effect of energy challenges currently being experienced in the country and an eye opener to mitigate some climate change concerns He said that with the policy, government would adopt a multifaceted approach to accelerate the adoption of a sustainable and environmentally friendly transportation solutions in the country.

In order to achieve the desired results, Alkali explained that there was need to modernise the country’s transportation

systems by pioneering the frontier of green manufacturing and industrialisation with a focus on natural gas as a transition fuel alongside other renewable energy sources.

The minister also highlighted the need to prioritise innovative technologies in the transportation sector to mitigate energy challenges while promoting sustainability and economic growth.

Alkali also stressed the need for innovative technologies in the transportation sector to mitigate energy challenges while promoting sustainability and economic growth.

Alkali said: "There is also the need to engender innovative and transformative initiatives for the development of new renewable energy sources and smart city concepts and to consciously prioritise budgetary appropriation to tackle energy challenges."

The minister also stressed the need to invest in research and development, training and retraining of personnel, acquiring state-of-the art technology where necessary, and supporting innovative ideas by collaborating with relevant government agencies.

He explained that the federal government had in recent years shown its commitment to implement policies and strategies to develop a safe, secure, affordable, and sustainable transport system in the country.

The minister added that the federal ministry of transportation had carried out notable technological advancements that would foster an environmentally and economically friendly transportation solution in Nigeria.

In his remarks, Governor Dapo Abiodun of Ogun,

noted that the theme of the conference indicated that the sector was fully cognisant of current challenges, realities, and limitations and ready to proffer sustainable solutions.

Abiodun, represented by his Deputy, Mrs Noimot Salako-Oyedele , said that the transportation sector play a pivotal role in the sustainable growth and development of the nation and the state's economy.

of the country’s power sector to electricity Generating Companies (GenCos) and gas companies had risen to over N3 trillion.

It had also been reported in the Media that due to the prevailing black-market rate of about N1,600 per dollar, the landing cost of petrol had soared to about N1,009 per litre, marking a substantial increase from N720 per litre recorded in October 2023.

However, the Senate said it was doing everything possible to ensure that Nigerians would not pay through their nose to enjoy electricity and petrol.

"The issue of petroleum matter and that of power, especially the two, one, if you can just recall, the Senate, especially has instituted committee probes into the activities of the Nigerian National Petroleum Corporation Limited (NNPC) and even the oil sector generally and then we are awaiting the reports.

"The reports will determine our own approach to what we are going to advise or what we are going to

compel the executive to do about this issue.

"On the issue of power too, a minister can come out and say whatever he would like to say, which is as it applies to his ministry but the minister is not the last voice on such issues.

"The presidency is there and even our own side, we have a committee solely responsible for power matters.

Appropriately, those committees will swing into action and then, they will brief the Senate accordingly and from their briefing, we would take a position.

"When these committees swing into action, it's not going to be the committee members alone that will be thinking and be talking. They are going to meet with very critical stakeholders and users of electricity, which are Nigerians, and users of petroleum products, which are Nigerians too and then from there, we take it up.

"What I want to assure Nigerians is that the 10th Senate will not abandon them because it means

that we have abandoned ourselves.

We are not here on our own.

"There's nothing that happens to one Nigerian that does not happen to us and because of that, we feel it even more than any other person because we are the very close people to our people," he added.

Adaramodu also explained that the Senate would intervene appropriately on the planned strike by the Nigeria Labour Congress (NLC).

He said: "On the issue of NLC strike, we learnt that the federal government has been meeting with them. They will reach an agreement and then whatever agreement they reach, we expect that it will be expeditiously adhered to.

"Whatever is promised or pledged is or are given to the Nigerian workers, not only to the Nigerian workers, to the Nigerian populace as a whole so that we can have a very good lease of life and that life can go on peacefully economically manageably for our citizenry,” he added.

Shettima: Tinubu Taking Right Steps Towards Returning Nigeria to Greatness Charges media to combat fake news, uphold ethical standards Deji Elumoye in Abuja Vice President Kashim Shettima has said the government at the centre led by President Bola Tinubu is on the right path of returning Nigeria to greatness.

According to him, with shared commitment, mutual respect and open dialogue, a brighter future would soon become handy for Nigerians.

He, however, emphasized the crucial role the media must play in achieving this goal, calling for collaboration and a shared commitment to national progress.

Speaking weekend at The Sun Newspapers Awards in Lagos, Shettima who was represented by the Senior Special Assistant to the President on Media and Communications (Office of The Vice President), Stanley Nkwocha, highlighted the recent strides by the federal government, including economic reforms, tackling security challenges, and investing in infrastructure, citing the removal of fuel subsidies, despite initial challenges, as yielding positive results

with increased federal allocations to states.

“The government is commencing the implementation of the Pulaku Initiative, a large-scale resettlement programme aimed at addressing the root causes of farmers-herders conflicts. The initiative will revitalize the affected communities through the construction of residences, roads, schools, and essential facilities. I inaugurated a steering committee to coordinate the implementation of the initiative in fulfillment of President Bola Ahmed Tinubu's promise to improve the lives of all Nigerians,” the Vice President said.

He stressed the crucial role of the media as "watchdogs, truth-seekers, and the voice that informs and empowers our citizens."

In his speech titled, "Celebrating Excellence, Building Together: Our Commitment To Press Freedom And Media Development In Nigeria," Shettima noted that the media has the power to shape narratives, foster public discourse and hold institutions accountable.

According to him: “Tonight, we celebrate not just the exceptional work of individual journalists, but also the collective contribution of the media to Nigeria's progress. As partners in progress, you have the power to shape narratives, foster public discourse, and hold institutions responsible. Your dedication to investigative journalism, balanced reporting, and fact-checking is essential for a thriving democracy".

The Vice President advocated for collaboration and mutual respect between the media and government, stressing the need for the media to hold the government accountable, just as he called for transparency and open access to information to foster an environment where journalists can work freely and safely.

He further noted President Tinubu's commitment to a vibrant press, recognizing that "a free and independent media is essential for a healthy democracy."

While advocating press freedom, Shettima urged the media to uphold ethical standards, fact-check information, and avoid sensationalism

to combat the growing threat of misinformation and disinformation.

He also commended the sacrifices of journalists and expressed the government's commitment to working together with the media to build a brighter future for all Nigerians.

Also speaking at the event, Chairman of the occasion and Secretary to the Government of the Federation (SGF), Senator George Akume, assured Nigerians that the economic challenges bedeviling Nigeria would soon be a thing of the past.

He said while nation-building is a collective endeavour, the citizens must come together and support the government in its efforts in building a truly great Nigeria.

His words: “The administration of President Bola Ahmed Tinubu shall remain steadfast in its commitment to building a brighter future for all Nigerians, under the Renewed Hope Agenda. While progress may seem slow at times, the vision for a better tomorrow remains resolute. We shall soon navigate successfully the current economic challenges."

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XGF... PARENTS...

MBAH PAYS CONDOLENCE VISIT TO WIGWE'S Governor of Enugu State, Dr. Peter Mbah (left), consoling Pastor Shyngle Wigwe, father of the Group CEO of Access Holdings Plc, Mr. Herbert Wigwe, in Lagos at the weekend, over the recent death of the late banker, his wife, and son in a tragic air crash in the USA.

Governor of Enugu State, Dr. Peter Mbah (right), commiserates with Wigwe's mother, Mrs. Stella Wigwe, at the weekend

Senate Will Prevent Hike in Fuel, Electricity Tariff, Says Spokesperson Sunday Aborisade in Abuja The Senate has assured Nigerians that it was doing necessary oversight activities to ensure that there is no hike in petroleum pump price and electricity tariff despite the falling value of the naira against major world currencies.

The Chairman, Senate Committee on Media and Public Affairs, Senator Yemi Adaramodu, gave the assurance in an interview with journalists in Abuja.

He was reacting to what the Senate was doing to arrest the current fears over possible hike in electricity tariff and pump price as a result of the high landing cost of petroleum and indebtedness of the federal government to the electricity generating firms.

The Minister of Power, Adebayo Adelabu, last week said that Nigeria was not likely to sustain the current electricity subsidy.

He explained that the indebtedness of the country’s

power sector to electricity Generating Companies (GenCos) and gas companies had risen to over N3 trillion.

It had also been reported in the Media that due to the prevailing black-market rate of about N1,600 per dollar, the landing cost of petrol had soared to about N1,009 per litre, marking a substantial increase from N720 per litre recorded in October 2023.

However, the Senate said it was doing everything possible to ensure that Nigerians would

not pay through their nose to enjoy electricity and petrol.

"The issue of petroleum matter and that of power, especially the two, one, if you can just recall, the Senate, especially has instituted committee probes into the activities of the Nigerian National Petroleum Corporation Limited (NNPC) and even the oil sector generally and then we are awaiting the reports.

"The reports will determine our own approach to what we are going to advise or what we are going to compel the executive

Umahi Says Rain Won’t Stop Work on EastWest Road, Laments Rising Cement Prices Issues termination notice to contractor for alleged non-performance Emmanuel Addeh in Abuja Despite the imminent rainy season, the Minister of Works, David Umahi, at the weekend said that work will not stop on the much delayed critical East-West road, linking all Niger Delta states with the South-west.

While commending the level of work on the highway, during an inspection, Umahi reiterated that the ministry will continue to encourage the contractor handling the job to stick to the design and according to the expectation of Nigerians.

While noting the impact of new engineers deployed by the contractor, the minister said he was satisfied with the level of professionalism so far.

He stated that there had been an increase in the number of sections being worked on and underscored the urgency of finishing the reconstruction as early as possible.

Commenting on the percentage of work done by the contractor, Umahi said: “We can't talk in terms of percentages.

If we get all the quality jobs like this, then I'll go to sleep, because this is the major one.

“The foundation of every structure is more important than the structure itself. So, we are more interested in getting this done. When this is done,

to lay the concrete is not going to be difficult at all. But this is the most difficult.”

He assured that the coming of the rains should not be a stumbling block to the progress of work on the road, noting that a different design would be deployed.

On the tax credit scheme, he said: “It is very obvious, and we've said it that the president never stopped any of the project. In fact, he has also, based on the first module, given approval that we can review the projects.”

Stressing that it is currently being reviewed, including the one on the East-West road, the minister noted that luckily the contract sum for the road has not been increased even though it had been redesigned.

Umahi also re-echoed his earlier statement that President Bola Tinubu has directed an immediate interface with major cement manufacturers in the country over rising price of cement.

He disclosed that the president was seriously concerned with the current situation of increase in cement prices.

“Some are still selling sometimes for N10,000 and sometimes N12,000 and so on and so forth. So, it's not healthy for us. So Mr. President has directed that we should

interface with them, look at their problems, and then see who is ripping off Nigerians and see how we can help them, the transporters and then the manufacturers.

“And that's what we're going to do on Monday (today) in the meeting with Dangote Plc, BUA Plc, Lafarge Plc and others,” he stated.

Earlier, he attended Senator Barinada Mpigi’s thanksgiving service held in his hometown, Okoroma in Tai Local Government Area of Rivers state.

Meanwhile, Umahi has directed that 14 days termination notice be issued to Messrs China Civil Engineering Construction Company (CCECC) which is handling the Abia section of the Enugu-Port Harcourt Highway currently undergoing rehabilitation for alleged nonperformance.

He gave the directive when he inspected the progress of work at Ozuaku, after Imo bridge along Enugu- Port Harcourt expressway yesterday “I've just directed that they should issue them 14 days termination notice using all due process in construction.

After 14 days, if they fail to do what we have asked them to do, then we will have to do the termination notice.

“We will no longer tolerate the situation where contractors

will put blank ranks on site.

And they will be escalating construction costs by delaying the completion of project date.

“We have reached an agreement in ministry of works that in the coming weeks, all non-performing contracts using due process will be terminated and re-awarded,” he disclosed.

The minister added: “We let them know the suffering of Nigerians. We are here to help them and we will do everything to help them.

“The cost of non-completion of this project has a lot to do with contractors. Where contractors stay on projects over and over and be pretending, thereafter, they come to request for augmentation every year refusing to leave the site, we will force them out of site either on the terms of completion or on the terms of termination,” he stated.

Umahi added that despite over 3,000 road projects inherited by this administration, President Bola Tinubu had provided huge resources for fixing the road network.

Umahi however lauded Arab Contractors, the contractor carrying out the ongoing rehabilitation of work on the 56km Abia State section of the Enugu -Port Harcourt highway for quality of work as well as Messrs CGC Nig. Ltd.

to do about this issue.

"On the issue of power too, a minister can come out and say whatever he would like to say, which is as it applies to his ministry but the minister is not the last voice on such issues.

"The presidency is there and even our own side, we have a committee solely responsible for power matters. Appropriately, those committees will swing into action and then, they will brief the Senate accordingly and from their briefing, we would take a position.

"When these committees swing into action, it's not going to be the committee members alone that will be thinking and be talking.

They are going to meet with very critical stakeholders and users of electricity, which are Nigerians, and users of petroleum products, which are Nigerians too and then from there, we take it up.

"What I want to assure Nigerians is that the 10th Senate will not abandon them because it means that we have abandoned ourselves. We are not here on

our own.

"There's nothing that happens to one Nigerian that does not happen to us and because of that, we feel it even more than any other person because we are the very close people to our people," he added.

Adaramodu also explained that the Senate would intervene appropriately on the planned strike by the Nigeria Labour Congress (NLC).

He said: "On the issue of NLC strike, we learnt that the federal government has been meeting with them. They will reach an agreement and then whatever agreement they reach, we expect that it will be expeditiously adhered to.

"Whatever is promised or pledged is or are given to the Nigerian workers, not only to the Nigerian workers, to the Nigerian populace as a whole so that we can have a very good lease of life and that life can go on peacefully economically manageably for our citizenry,” he added.

IPMAN Leader Alleges Threat to Life for Exposing Marketers of NNPC Products Amby Uneze in Owerri The Senior Special Assistant on Special Duties to the Head of Team of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Henschel Nwozuzu, has raised the alarm over an allegation of threat to his life and that of his family members by some oil marketers who operate Imo State.

The petitioner, who made available a copy of the petition he sent to the office of the National Security Adviser (NSA) to President Bola Tinubu, the Inspector General of Police and the Director General of Department of State Service (DSS) also accused the oil marketers of collaborating with some outlet officials of diversion of products to retail outlets, major and independent marketers.

He added that the essence of the Nigerian National Petroleum Company Limited (NNPCL) retail outlets having a greater share in the downstream is to ameliorate the greed of some independent

marketers.

He regretted that such move by the federal government had been eroded because the price of petrol continues to go high in the state.

According to him, products loaded for branded NNPC outlets are often diverted to independent marketer's outlets, adding that such ugly trend is mostly prevalent in Imo State where the independent marketers sell petrol at N680 per litre.

He cited instances where NNPC branded trucks divert products to outlets owned by independent marketers.

Nwozuzu added that his team had severally reported the incidents to the security agencies who most times do not carry out diligent investigations or abandon the investigation half way.

He, however, urged the security agencies to investigate his allegation and mandate the parties accused to sign an undertaking of no harm to his life and that of his family members.

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E Edo Guber: As APC Primary Produces Two Candidates...

Adibe Emenyonu writes on the confusion that characterized the deadlock witnessed at Saturday’s primary poll to choose a candidate to fly the flag of the All Progressives Congress in the September 21, 2024 governorship election.

T

he drama that played out in Edo State chapter of the All Progressives Congress (APC) was envisaged because of the confusing feelers that pervaded the air before the commencment of the Saturday, February 17, 2024 governorship primary election. The tensed atmosphere showed that the process would most likely be manipulated to produce a predetermined candidate.

Before then, there were speculations that the Senator representing Edo North in the National Assembly, and leader of the party in the state, Adams Oshiomhole, had concluded plans to foist the candodature of Ovia Federal Constituency representative in the House of Representatives, Mr. Dennis Idahosa, on the party.

Twenty-four hours to the primary, a trending video by Oshiomhole, claimed that President Bola Tinubu had adopted Idahosa as the APC gubernatorial candidate for the September, 2024 poll in Edo state.

This, was however, debunked by the deputy Chairman of Edo state APC gubernatorial primaries committee and Governor of Cross River State, Senator Bassey Edet Otu, in a statement.

Otu who categorically dismissed the rumour that President Tinubu has anointed a particular aspirant for the Edo APC gubernatorial primaries, urged party faithfuls to disregard the lie by voting for their choice candidate last Saturday.

This perhaps fuelled counter narrative on the eve of the primaries that the Presidency had settled for an aspirant from Edo Central to be anointed for equity, justice and fair play, and that Senator Monday Okpebholo is the anointed candidate.

It was gathered that this same narrative of

Idahosa

Okpebholo

endorsement led to the withdrawal of Pastor Osagie Ize-Iyamu from the race with a directive to his supporters to cast their votes for Senator Monday Okpebholo having contested the gubernatorial election twice in 2016 and 2020 on the platforms of the PDP and the APC respectively.

Besides, a letter purportedly written by one of the aspirants, Mr. Lucky Imasuen, also gave credence to the Presidency’s reported endorsement of Edo Central candidate. In his letter of withdrawal from the race which was widely circulated, Imasuen was quoted to have said: “I write to you today with a heavy heart to announce my decision to withdraw from the gubernatorial

primaries of our great party scheduled for tomorrow, 17th February 2024 in the interest of peace and unity of our great party.

“I have come to the conclusion that since our national working committee(NWC), in their wisdom, have expressed their preference for zoning the governorship position to Edo Central Senatorial district, it’s wise to align with the decision of the party.

“I am immensely grateful for your unwavering support and belief in me throughout this journey. Your dedication and passion have been the driving force behind my campaign.

“While this decision was not made lightly, I trust that you will understand and continue to support our party as we work together towards our shared goals.

“From the foregoing, I’m ready to support

whoever emerges as our candidate in the primary election scheduled for tomorrow.

“Thank you once again for standing by my side. Together, we can make a difference and bring about positive change for Edo state. With sincerest gratitude H.E Lucky Imasuen.”

But on Saturday as Okpebholo was reportedly winning the primary election, the Chairman of the Primary Election Committee and Imo State Governor, Senator Hope Uzodinma, announced Oshiomhole’s endorsed aspirant, Hon Dennis Idahosa as winner of the primary election with 40, 448 votes.

Other aspirants score, according to him, are as follows: Prince Clem Agba 100 votes, Monday Okpebholo 100 votes, Sunday Dekeri 2,030 votes, Osagie Ize-Iyamu 2 votes, Gideon Ikhine 700 votes, David Imuse 400 votes, Charles Airhiavbere 162 votes Oserhiemen Osunbor 180 votes, Blessing Agbomhere 50 votes, Dennis Idahosa 4,453 votes, Ernest Umakhihe 2 votes and Lucky Imasuen 2 votes.

Uzodimma who was flanked by the deputy chairman of the committee and governor of Cross River State, Senator Bassey Otu; Committee Secretary, Lawan Garba and other members, said: “This is the certify that Dennis Idahosa having scored the highest number of votes, is hereby declared winner of the primary election”, while explaining that members of the Committee arrived Benin on Friday and had critical discussions with all stakeholders and conducted the primaries.

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

Legislating against Mercenarism in Nigeria’s Security Architecture Tunde Bamise writes on the need by President Bola Tinubu and the leadership of the National Assembly to be wary of legislative moves to involve private security firms in securing the nation’s maritime industry.

R

ecently, media reports emerged that some members of the National Assembly are mulling plans to review existing legislation, to create an opening for private security organizations to be recognized in securing Nigeria’s maritime environment.

This is, frankly, a very bad idea. Among the arguments being made is that the “monopoly” being enjoyed by the Nigerian Navy needs to be rolled back. First and foremost, this is a patently false claim – the Nigerian Navy does not enjoy a monopoly when it comes to securing Nigeria’s maritime environment and Exclusive Economic Zone.

The Armed Forces Act, which gives legal backing to the existence and the operations of the Nigerian military, outlines the specific roles and responsibilities of the Nigerian Navy—in addition to the primary role of defending Nigeria by sea—as follows: “the Navy shall, in particular, be further charged with(i) enforcing and assisting in co-ordinating the enforcement of all customs, laws, including anti-bunkering, fishery and immigration laws of Nigeria at sea; (ii) enforcing and assisting in co-ordinating the enforcement of national and international maritime laws ascribed or acceded to by Nigeria; (iii) making of charts and co-ordinating of all national hydrographic surveys; and (iv) promoting, co-ordinating and enforcing safety regulations in the territorial waters and the Exclusive Economic Zone of Nigeria.”

It is very clear from the foregoing that there is a strong emphasis on the co-ordinating function of the Nigerian Navy in the maritime environment of Nigeria. This coordinating function presupposes the existence of other Government agencies.

The document on “Harmonized Standard

Tinubu

Akpabio

Operating Procedures on Arrests , Detention and Prosecution of Vessels and Persons in Nigerian’s Maritime Environment, 2016” clearly outlines the various Federal Government agencies that also in one way or the other have responsibilities in the maritime environment, including the other Services of the Nigerian Armed Forces, the Nigeria Police Force, the National Security and Civil Defence Corps, Nigeria Customs Service, NIMASA, NPA, NAPTIP, EFCC, NIS, NESREA, NOSDRA, and others.

So, clearly, the Nigerian Navy’s role is a lead role, and a coordinating one, not a “monopoly” as being alleged by some. So, all the arguments that the Navy has a monopoly that needs to be broken are false and mischievous.

The second important point to be made is that it is inconceivable for any branch of government in Nigeria to be

exploring a way to legislate private security organisations into the security architecture of Nigeria, whether land, sea or air. No country in the world modifies its laws to give private operators powers that are similar to that of its constitutionally-established and empowered military.

That is not to say there is no room for private players to operate in supporting roles. But these are discretionary matters, that relevant government officials can make routine decisions on, as needed. There is absolutely no basis or need to amend a country’s constitution or laws to make this possible.

At the moment, a number of private players have been engaged by the Nigerian government to support and assist with pipeline surveillance and monitoring, as part of the fight against crude oil theft. These companies have been working with and supporting the Nigerian Navy and other law enforcement agencies, under the auspices of various security operations and initiatives, and yielding positive results.

It therefore beggars belief that anyone would think there is the need to legislate private security operatives into the laws of the land. There is no room for any illegitimate forces that seek to rival or even supplant the Armed Forces of the Federal Republic of Nigeria.

Legislating private companies into Nigeria’s maritime security architecture is akin to enlisting mercenaries to do the work of the Nigerian military. They can continue playing the supporting roles that they have always played. All over the world, Navies traditionally take the lead in securing offshore waters. This is not different and should be no different in Nigeria.

This is therefore an open call to the leadership of the National Assembly, to not entertain any attempts by any person or persons, to push a nefarious agenda through the hallowed chambers of the Assembly.

In addition, it is a reminder to Mr. President, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, that, in the event that any such legislation is sent to him for assent, he has a duty to safeguard the integrity of Nigeria’s Armed Forces, and also to safeguard his own legacy, by standing firm against any and all attempts to legislate and legalize mercenarism or any other form of private security arrangement in Nigeria’s security architecture.

The existing arrangement, where private security support is enlisted, especially at the level of surveilling and monitoring oil infrastructure in the extensive nooks and crannies of the Niger Delta, is the way to go, and additional efforts should be invested in refining this arrangement and improving its effectiveness.

Anything else, as being suggested by some, would be tantamount to endorsing and legislating illegality in ensuring and achieving the security of the country.

-Bamise writes from Abuja.

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FEATURES

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

Protests Skyrocket as Hunger Pervades Nigeria Sunday Ehigiator and Ayodeji Ake chronicle the increasing spate of protests rocking some parts of the country over the rising prices of foodstuff and general cost of living in Nigeria, which has seemingly erased the middle class and plunged most Nigerians into hunger

Protesters in Kano State

M

any Nigerians have been plunged into a financial crisis and increase in their cost of living by the continuous rise in inflationary pressures being currently experienced in Nigeria.

According to the National Bureau of Statistics (NBS), Nigeria’s annual inflation rate rose to 29.90 per cent in January from 28.92 per cent in December 2023, compared to 26.98 per cent when the president declared a state of emergency on food security. Food inflation seems to be no respecter of presidential declarations.

The statistics office said the January 2024 headline inflation rate showed an increase of 0.98 per cent compared to the December 2023 headline inflation rate.

The NBS said on a year-on-year basis, the headline inflation rate was 8.08 per cent points higher compared to the rate recorded in January 2023, which was 21.82 per cent.

This is greatly felt by the people as there has been a drastic reduction in their purchasing power due to the surge in the costs of food items and other consumables. It has also reduced the sales of foodstuffs in the market.

Due to the economic hardship, protests have already erupted in Kwara, Niger, Osun, Sokoto, Lagos, Kano, and Kogi States. More protests are expected in the coming days, as the Nigerian Labour Congress (NLC) has planned a Nationwide protest for February 27 and 27, 2024.

Protest in Niger: “Things are Unbearable” On the 6th of February 2024, youths and women took over the streets of Niger State lamenting the rising cost of living in the country.

According to reports, the protest started when a group of women blocked the Minna-Bida Road at the popular Kpakungu Roundabout to express the unbearable economic situation in the country, inflicted on them by the Bola Tinubu government.

The protest escalated and was later joined by men and youths who barricaded the road and halted vehicular traffic.

A youth, Ibrahim Gana, told the media that “a measure of rice was sold for N2,000 in Minna markets while maize was N1,000 per measure.

The Federal Government needs to take action to reduce the hardship faced by poor Nigerians.

Things are becoming unbearable.”

The Niger State Police Command spokesman, Wasiu Abiodun, explained that the police

President Tinubu applied minimum force to disperse the protesters.

He said: “I woke up this morning with information that a large number of people protesting blocked Bida Road, obstructing motorists and people were unable to go about their work. So, we had to deploy there this morning “After so much persuasion, they refused to open the road, even the deputy governor was there to address them. As a result of that, we had to use minimum force to disperse the protesters; the road was opened and there is free flow of traffic now.”

Protest in Osun: “We Can’t Cope Again”

Again, in Osun State, youth staged a peaceful protest in Osogbo, the state capital, expressing their displeasure over the rising cost of living, with a call on the government to immediately intervene.

The protesters chanted “We can’t cope again”, and made a call on the government to immediately intervene.

The protesters, who wielded placards with various inscriptions such as “change the unfavourable policies”; “Nigerians are suffering, we can’t cope again”; “We are humans, stop mistreating the citizens”, among others, assembled along MDS Road, Osogbo very early.

Addressing the protesters, the chairman of Osun Civil Societies Coalition, Mr Waheed Lawal, said the protest would continue until the Federal Government fields solutions to the

The action of the APC in threatening Nigerians for exercising their democratic and Constitutional right to protest in the face of misrule, agonising poverty, hunger, killings, and other harrowing experiences under the Tinubu administration shows that the APC is insensitive and relishes the life-discounting situation in the country

current economic hardship ravaging the country.

He said: “Government must ameliorate the suffering of the people. They must do whatever they need to do to make sure that the people live in better conditions.

“Nigerians deserve the best. They promised us renewed hope but what they are giving us now is renewed hardship. We reject renewed hardship in our lives, and in our economy because Nigerians deserve the best.

“What Nigerians want is a peaceful atmosphere, we don’t want insecurity in our land again. We can’t travel from Osogbo to Ibadan without panicking. You will be thinking that they will kidnap you.

“The abduction of monarchs is the order of the day in our country now. We urge the government to provide security for the lives and property of the citizens. It is their responsibility, it is a constitutional responsibility.

“Every government that fails to provide security for the lives of the citizens is no longer a government. What we are saying is simple, we are ready to face the government in this hardship and we are marathon runners.

“We have started this struggle today and if the government fails to listen to us, we will continue to mobilise our people to protest this hardship because enough is enough.”

Protest in Sokoto: “We are Being Pushed to the Wall” In the same vein, on February 12, residents of Sokoto protested over the high cost of living in Nigeria.

It was gathered that the protesters marched from the Tudun Wada area of the state capital to the front of the Government House.

Some of the protesters held placards, chanting “Beans is expensive”, “Maize is expensive” “Fuel is expensive” among others.

Addressing journalists, Abdullahi Muhammad, who led the protest, said the situation is pushing the people to the wall.

“It’s surprising how nobody is trying to bring the prices of commodities down. We elected these people hoping that things would be better but things are getting worse. We need price control to ensure stability in prices of goods,” he said.

He also accused traders of hoarding goods and unnecessarily increasing prices of commodities, calling on the government to put more effort Continued on page 19

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FEATURES

Protests Skyrocket as Hunger Pervades Nigeria

Protesters in Osun State into supervising businesses.

“A mudu of garri is N1,250 while a mudu of maize flour is N1,700. Traders are part of the problem because they are in the habit of increasing prices at will,” he said.

Another protester, Jabir Usman, called on the government at various levels and business people to fear God in their dealings.

A woman, who didn’t give her name, said the situation has compounded life for several households in the state.

“People want to get married but everything is expensive. Furniture is expensive for parents to buy for their children. A small bed is more than N500,000. A bag of cement is always increasing in price. Things are difficult for people, we want the government to help us find a solution,” she said in the Hausa language.

Protest in Kano: "To Pretend All is Well is Dangerous... Mr. President" Kano residents on February 8, took to the streets in protest against the high cost of food items and other essential commodities.

The protesters who were said to have staged the protest around Kurna, Rigiyar Lemu and Bachirawa areas along the popular Katsina Road, lamented that the economic situation was getting worse daily.

Speaking on behalf of the protesters, Usman Bello, a resident of Rijiyan Lemo, said the harsh economic situation has caused untold hardship to the masses in the state.

“We masses voted for President Bola Tinubu.

It would not be good of him not to listen to our complaints and address the pathetic economic situation we were facing.

“To pretend that all is well is dangerous.

Those people closer to Mr. President should tell him the truth that the masses are suffering and dying of hunger,” he said.

The protesters who thronged the streets along Katsina Toad expressed their grievances in the Hausa language.

According to him, they had been pushed to the wall, hence the need for them to come out despite the harmattan.

“Everybody is worried about the situation, hence the need for us to come out and express our displeasure over the situation.

“The situation is worrisome, this prompted us to stage this peaceful protest for the government to come to our rescue,” he said.

Bello added, “People cannot eat three square meals even the one square meal is now becoming difficult, as a bag of rice which used to go for N25,000 now attracts N70,000. Sugar which was sold for N8,000 now goes for N75,000.

“We want the government to intervene by coming to our aid because we can no longer bear

the ugly situation but we know President Tinubu is a listening President.”

Protest in Ogun: "We are in Pains" On February 15, some residents in Ota, Ogun state staged a protest over the prevailing economic hardship. The protesters marched across the streets carrying different placards with inscriptions expressing their pains. "We are in Pains", "We are hungry", "We need help from government", they cried.

Protest in Lagos: "Baba Tinubu Nigerians are Hungry, Rescue Us Also, on February 10, some residents of Lagos State trooped to the street to stage a peaceful protest over the rising cost of living ravaging the country.

The protesters who are said to be market women and men as well as youth carried different kinds of placards to the Ibeju-Lekki area of the state to vent their grievances against the government over the hardship.

During the protest in the Ibeju-Lekki area of Lagos, the women carried placards with inscriptions such as “Baba Tinubu, Nigerians are hungry”, and ‘Tinubu, come and rescue us”, among others.

Protest in Kogi: "Sales Patronage Low" In the same vein, according to the report, protests broke out in Kogi State recently as residents lamented the high costs of food items.

Traders closed their shops as they no longer got patronage due to the high cost of commodities.

Pensioners Threaten to Protest Naked In a related development on February 10, the Nigeria Union of Pensioners

says its members will take to the streets naked if the welfare of pensioners in the country does not improve significantly any time soon.

The National President of the union, Godwin Abumusi, told journalists at a news briefing in Abuja that his union will take action to draw the attention of the world to the plight of pensioners.

“I am going to lead Nigerian pensioners naked,” he said. “I mean, when we are going to protest, we are going to go naked on the street so that the world will see the pensioners in Nigeria are demonstrating naked.

“If they like, they will arrest us and say, ‘Why did you go naked on the streets?’.

“In Nigeria, governments don’t think about the poor people. They only think about themselves. Otherwise, how can a pensioner in Enugu receive as low as N450? How can this be?” he lamented.

As the cost of living continues to skyrocket and with organised unions pushing for a new minimum wage for workers, pensioners are also calling for a review of the national minimum pension.

Mr Abumusi was clear on what it would take for pensioners to get by with the prevailing economic situation.

He said, “We wish to propose the sum of N100,000 as the national minimum pension to the tripartite committee in line with the proposed N200,000 minimum wage by the NLC (Nigeria Labour Congress); as anything short of that will incur the wrath of the pensioners who are hard hit by the prevailing economic hardship.”

Labour to Embark on Nationwide Strike Meanwhile, the Nigerian Labour Congress (NLC) has revealed that it will be embarking on a nationwide strike on February 27 and 28 over the current hardship facing the country induced by the high cost of living.

NLC President, Joe Ajaero, disclosed this during a press briefing in Abuja on Friday, February 16, after an emergency meeting of the National Executive Council (NEC) of the

It is an assault on the sensibility of the people that rather than providing answers to how the Tinubu-led APC government in the space of nine months, turned the nation’s economy upside down leading to terrifying food scarcity and catastrophic high cost of living, the APC is seeking to label and clamp down on the suffering masses

union.

He said the protest will begin a week after the expiration of the 14-day ultimatum it issued to the Federal Government which will expire on February 23.

“To this end, NEC unanimously noted its deep disappointment and condemned the actions of the federal government in refusing to implement the agreements and reached the following decisions: It reaffirms the 14 days notice issued to the federal government within which to implement the Agreement and address the mounting crisis of survival in Nigeria.”

Recalled that on February 8, the NLC and the Trade Union Congress (TUC) gave a twoweek ultimatum to the government to meet demands ranging from wage increments to improved access to public utilities, and accused it of failing to uphold pledges to soften the impact of the proposed reforms of President Tinubu’s administration.

APC Says Protests Unpatriotic, Coordinated to Instigate Unrest National Publicity Secretary of the All Progressive Congress (APC), Felix Morka, in a statement stated “The protests in Minna and Kano were the manifestation of this devious and unpatriotic plot. That the protests happened simultaneously in both cities is not coincidental. It bears the bold stamp of an orchestrated and coordinated effort to instigate unrest and undermine the government.

“This mercenary opposition tactic is a clear and present threat to public peace and national security.”

APC Government Insensitive, PDP Says Reacting to Morka’s claim, the People's Democratic Party (PDP), National Publicity Secretary, Debo Ologunagba, described APC’s action as insensitive, just as it accused President Bola Tinubu of Politicising economic hardship and worsening insecurity in the country.

“The action of the APC in threatening Nigerians for exercising their democratic and Constitutional right to protest in the face of misrule, agonising poverty, hunger, killings, and other harrowing experiences under the Tinubu administration shows that the APC is insensitive and relishes the life-discounting situation in the country,” he said.

The statement partly read: “It is an assault on the sensibility of the people that rather than providing answers to how the Tinubu-led APC government in the space of nine months, turned the nation’s economy upside down leading to terrifying food scarcity and catastrophic high cost of living, the APC is seeking to label and clamp down on the suffering masses.”

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T H I S D AY ˾ MONDAY, FEBRUARY 19, 2024

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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 A R Y

S & P INDEX

1 6 , 2 0 2 4

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

At $377.37m, FDI in Equities Market Hits 10-year Low

Kayode Tokede Following foreign exchange scarcity, among other factors, Foreign Direct Investment (FDI) investment in Nigeria’s equity market dropped to $ 377.37 million in 2023, over 10-year low, THISDAY analysis of number released by the National Bureau of Statistics (NBS) has revealed.

The NBS in its latest Nigeria’s capital importation 2023 revealed that the reported $377.38million is 18.48 per cent drop from $462.91 million reported in 2022.

The uncertainty leading to the 2023 general elections orchestrated

foreign investors exiting the Nigeria’s market but confidence was restored towards June 2023 ending when President Bola Tinubu announced unification of foreign exchange and fuel subsidy removal.

The FDI’s investment in equity market reached a peak of $1.44billion in 2015 as the bureau declared $1.45billion total FDI in 2015.

The report by the bureau showed that total foreign direct Investment in capital market 2023 stood at $377.37 million, dropping 19.4per cent from $468.08 million in 2022.

On a flipside, portfolio investment in equity rose significantly to

$250.03million in 2023, representing an increase of 341.98 per cent from $56.57million in 2022.

Portfolio Investment in equity, bonds, and Money market instruments dropped by 53 per cent to $1.15billion in 2023 from $2.44billion reported by the bureau in 2022.

Further findings by THISDAY revealed that the $1.15billion Portfolio Investment in equity, others is the lowest in over 10-year.

In 2023, FTSE Russell, the subsidiary of London Stock Exchange Group (LSEG) had downgraded the Nigeria market on the backdrop

of foreign exchange FX challenges which is a new source of negative sentiment that is capable of triggering stock sell off at the Exchange.

Also, MSCI Nigeria Indexes had announced plans to reclassify the Nigerian market from frontier markets to standalone markets status in one step coinciding with the February 2024 index review.

MSCI in a report stated that it concluded feedback received from market participants from its recent extended Consultation on a Market Reclassification Proposal for the MSCI Nigeria Indexes.

According to the American

finance company, “Since March 2020, liquidity challenges in the Nigerian foreign exchange (FX) market have consistently affected the accessibility of its equity market, leading to ongoing capital repatriation concerns and a significant gap between the official and parallel exchange rates for the Nigerian Naira. This has caused international institutional investors to face recurring challenges with index replicability and investability of the MSCI Nigeria Indexes and other indexes they are part of.

“On June 22, 2023, MSCI announced that feedback from market participants obtained as

part of the initial consultation conducted from June 2022 to June 2023 suggested that the limited accessibility of the Nigerian equity market would warrant the removal of the MSCI Nigeria Indexes from the MSCI Frontier Markets Indexes.

However, MSCI extended the consultation period to September 29, 2023 to allow more time for the liquidity situation in the Nigerian FX market to stabilise following measures announced by the Central Bank of Nigeria on June 14, 2023.

The story continues online on www.thisdaylive.com

NACCIMA Charges FG on Economic Policies to Stabilise Exchange Rate, Tackle Inflation Eromosele Abiodun National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye, has called on the federal government to put policies place to tackle exchange rate volatility and inflation that is spiraling out of control.

He noted that the current exchange rate exerts inflationary pressure on input costs, thereby affecting overall food prices, reiterating the need for a robust economic policy aimed at stabilizing the Naira.

In a statement, the NACCIMA

boss said a stable currency will not only make agricultural inputs more affordable but will also bolster consumer purchasing power.

Oye, however, commended the recent resolutions by President Bola Ahmed Tinubu and State Governors to prioritize and boost local food production as a strategy to achieve food security in the Country and improve the lives of the people.

According to him, “On behalf of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), I write to express our support for the recent resolutions by President Tinubu and state governors to prioritize

and boost local food production as a strategy to achieve greater food security in Nigeria.

“We commend the President’s directive to state and federal government agencies to enhance collaboration in bolstering local food production rather than resorting to food importation and price control. This approach aligns with NACCIMA’s core objectives of championing the agricultural value chain and supporting local producers.

It is a vital step toward self-sufficiency and economic resilience.

“However, we believe that the issue of rising food costs is multifaceted. While local production

capacity is a critical factor, we cannot overlook the significant impact of the depreciating value of the Naira.

The current exchange rate exerts inflationary pressure on input costs, thereby affecting overall food prices.”

“To counter this, a robust economic policy aimed at defending the Naira to reach an acceptable exchange rate of 750 Naira to one USD is essential. A stable currency will not only make agricultural inputs more affordable but will also bolster consumer purchasing power,” he added.

Oye further noted, “To further incentivize local production, we urge the government to facilitate

access to more single-digit interest loans and grants for our farmers.

This financial support is pivotal in empowering farmers to scale up production and adopt modern agricultural practices.

“Additionally, we appeal for the enhancement of security and infrastructure in farming communities. These measures will mitigate the risks faced by farmers, reduce production bottlenecks, and increase efficiency throughout the agricultural value chain.

“We concur with the President’s call for vigilance against hoarding practices that exploit consumers and distort market dynamics.

NACCIMA advocates for fair trade practices that encourage competitive pricing without compromising the welfare of our local producers and consumers.”

On livestock development, the NACCIMA boss stated, “We encourage state governments to take proactive steps in increasing poultry and fishery production.

This diversification will not only enrich the Nigerian diet but also create numerous employment opportunities within these subsectors.

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT F R I D AY, F E B R U A R Y 1 6 , 2 0 2 4 BONDS Change Updated Time DESCRIPTION Price Yield (%) February 16, ^13.53 230.00 2024 10.102 1.248 MAR-2025 ^12.50 22February 16, 9.438 1.598 1,00 2024 JAN-2026 ^16.2884 179.947 1.650 48,00 February 16, MAR-2027 2024 ^13.98 23February 16, 9.415 1.601 0.00 FEB-2028 2024 ^14.55 26February 16, 9.667 1.549 0.00 2024 APR-2029

BILLS MATURITY

Discount Yield

Change (%) Updated Time

MATURITY

NTB 7-Mar24 NTB 11-Apr24 NTB 9-May24 NTB 6-Jun24 NTB 11-Jul24

9.69

9.75

February 0.00 16, 2024

18.79

18.81

12.25

12.48

February 0.00 16, 2024

CRSL CP II 18-FEB-24

20.23

20.38

13.96

14.42

February 0.00 16, 2024

FLOURMILLS CP III 29-FEB-24

17.67

17.95

12.87

13.39

February -0.01 16, 2024

UACN CP VI 19-MAR-24

18.65

19.24

14.27

February -0.01 16, 2024

16.53

17.22

13.50

OTC F X F U T U R E S

CPS

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

Discount Yield

Change (%)

Updated Time

February 16, 0.69 2024 February 16, 0.40 2024 February 16, -0.14 2024 February 16, -0.87 2024 February 16, -1.62 2024

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS FEB 13M 26 2025 NGUS MAR 14M 26 2025 NGUS APR 15M 30 2025 NGUS MAY 16M 28 2025 NGUS JUN 17M 25 2025

Updated Time

February 16, 2024 February 16, 2024 February 16, 2024 February 16, 2024 February 16, 2024

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NEWS

Insurers Lament Negative Effects of Volatile Economy on Insurance Industry Ebere Nwoji The Chairman Nigeria Insurers Association (NIA), Mr Olusegun Omosehin, has said that the volatile nature of Nigeria’s economic environment and emerging risks is having negative effects on Nigerians’ appetite for insurance services, keeping insurers on their toes in search of initiatives for building public trust to win mass patronage and in search of offshore reinsurance backing for huge claims from emerging risks.

Omosehin, who stated this at press briefing in Lagos, said government policies such as fuel subsidy removal and upward review of premium on compulsory Motor Third Party insurance, has compelled many Nigerians to restrict themselves on the number of vehicles they put on the road as well as number of vehicle particulars they renew between last year and this year.

He also said the high-risk profile nature of insurance policy like kidnappings and terrorism categorised as emerging risks has limited the number of insurance firms playing on that line of business.

He said as a result of this, Insurance Chief executives have been put on their toes in search

of initiatives to build public trust, credibility for patronage and offshore reinsurance backing for huge claims coming their way.

Omosehin said the macro economic situation emanating from some policies of government affected people’s life style and spending habits thereby limiting their purchasing power and appetite for some insurance policies even the compulsory insurances.

He said with the 200 per cent upward review of premium on the compulsory Motor Third Party Insurance and increase in fuel price, many Nigerians restricted the number of vehicles they put on the road and the number of vehicle particulars they renew.

He said the industry noticed this in the number of motor insurance certificates uploaded in the insurance industry data base.

According to him, in 2022, a total of 3.69 million vehicles which owners purchased policies were uploaded by the NIA while in 2023, with the announcement of upward review of the policy from the official N5000 to N15000, the number of vehicles uploaded in 2023 decreased from 3.69 million to 3.11 million.

Attributing this to initial resistance expected from consumers when

prices of goods change, Omosehin said he expects change in behaviour from the insuring public this year adding that as enforcement continues, people would do the right thing .

He further attributed the decrease in the number of insurance certificate uploaded in the portal to economic situation especially fuel price increase which has compelled many Nigerians to reduce the number of vehicles they put on the road.

On emerging risk like kidnappings which has taken its toll on Nigerians in different parts of the country with popular interstate motor complies like God is Good , ABC transport and their passengers among others being prime targets, Omosehin said insurers were not complacent over that in terms of designing products that would cushion the effects but that such policy was not and could not be found on the common shelf of any insurance firm.

He said there were specific insurance firms in Nigeria covering kidnapping and other emerging risks but that it was not just for anybody because of huge premium involved.

He said the few underwriters are currently seeking reinsurance backing off shore to be able to stand the quantum of claims involved when the risk crystalises.

Wema Bank Appoints Opeke, Kazaure to Board Wema Bank has announced the appointment of two industry professionals, Segun Opeke and Yusuf Kazaure, to the bank’s board of directors, following the approval of the Central Bank of Nigeria (CBN).

In a statement, the bank said Opeke was appointed as Executive Director, while Kazaure was appointed as Non-Executive Director of the bank.

Announcing the appointment, Wema Bank’s Chairman, Dr. Oluwayemisi Olorunshola, asserted the bank’s commitment to strengthening its workforce and forging strategic partnerships that will help the bank achieve its corporate goals and ensure customer satisfaction.

“On behalf of the entire staff and management, I welcome Segun Opeke and Yusuf Kazaure into this unique family, ”she said.

Commenting on the appointment, Wema Bank MD/ CEO, Mr. Moruf Oseni, said the Board has made the right decision for the continued growth of the bank.

“Opeke and Kazaure have joined us at a crucial point in our journey where we are driving our efforts for significant growth, and with their extensive wealth of industry experience, I believe they have come in at the right time.

“Credited for powering transformative outcomes and making immense contributions

in areas ranging from Business Development, Corporate Finance/ Restructuring and Digital Transformation to ICT, in their previous employments, Opeke and Kazaure’s addition to the Wema Bank Management Team is set to be a transformative experience for the Bank.

“With Wema Bank already amassing reputable awards early in the year, coupled with the expedited financial growth recorded in its 2023 financial report, 2024 is evidently a promising year for the innovative financial powerhouse and its customers.

Opeke is an alumnus of the University of Lagos where he studied Banking and Finance and also obtained his MBA.

Ogundoyin Exits Nexford, Focuses on Sooyah Bistro Expans ion Founding member and first Nigeria Country Director of Nexford University, Mrs Olamidun Ogundoyin, has taken a bow from the American university to build Sooyah Bistro into a global brand amid its million dollar expansion plans.

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

Ogundoyin was the country director, who pioneered Nexford University in Nigeria, between 2018 and 2023.

Before Thursday’s confirmation, business analysts and keen observers of activities at the university speculated, for several months, her true designation.

In putting the speculations to rest, she said the focus had since shifted to expanding Sooyah Bistro, a fast-rising Quick Service Restaurant chain, with outlets in Nigeria.

“Sooyah Bistro has its eyes set on expanding nationally and

internationally. The company is seeking new investors to enable it achieve its million-dollar expansion plans,” the company’s founder and Chief Executive Officer stated.

According to Ogundoyin, Sooyah Bistro has been tried, tested and validated in one of the most challenging business environments in the world and continues to see tremendous growth.

“We have brought innovation to an age-old tradition and ran with it; we have completely innovated the suya space in ways no one has ever done before, “she said.

Advertising Expert, Akinwunmi Appointed Chairman CIHP Board Raheem Akingbolu The Board of Directors of the Centre for Integrated Health Programs (CIHP) Nigeria, a leading prohealth NGO, has announced the appointment of one of Nigeria’s foremost advertising practitioners, Mr. ‘Lolu Akinwunmi as the Chairman of its Board of Directors.

According to a statement issued by the non-governmental organization, Akinwunmi takes over from Muhammed Imam Yahaya (OFR), who recently retired after many meritorious years as a Board member and the Chairman of the Board.

While commending Yahaya

for the significant progress made by the organisation under his leadership, CIHP expressed the optimism that Akinwunmi will bring his years of experience in marketing communication and nation-building to steer the organisation to new heights of accomplishments.

Prior to this appointment, Mr. Akinwunmi has been on the board of CIHP for many years.

The new Board Chairman, Lolu Akinwunmi is the founding Group CEO of the Prima Garnet Africa Group, a leading Marketing Communication and Advertising Group, and sits on the Boards of other organisations.

Responsibilities of Prospective Retirees in Accessing Retirement Benefits Retirement is a significant milestone in every worker’s life, marking the transition from years of hard work to a period of reaping the fruits of labour. However, the journey to a stress-free retirement can be fraught with challenges, especially when the prospective retiree is not properly armed with information on early commencement of processes for accessing retirement benefits. The Contributory Pension Scheme (CPS) was established to ensure that every worker in the public or private sector receives their retirement benefits as and when due. Understanding the workings of the CPS and fulfilling certain responsibilities can significantly ease the PENCOM DG, Aisha Dahir-Umar retirement process and eliminate delays in benefits payment. the RSA holder’s birth certificate or declaration The Revised Regulation on the Administration of Retirement and Terminal of age, serving as verification of the retiree’s Benefits issued by the National Pension age at retirement and ensuring compliance with Commission (PenCom) in 2022 had significantly retirement age requirements.

Furthermore, a prospective retiree has the improved the retirement benefits payment processes. Accessing the Retirement Savings responsibility to choose between Programmed Account (RSA) for the purpose of retirement Withdrawal (PW) and Retiree Life Annuity can be done under the following circumstances, (RLA) at least three months before retirement including Mandatory retirement, Compulsory by familiarising themselves with CPS Retirement Retirement and Retirement on medical grounds. Packs available on PFAs’ websites. The RSA holder has a right to negotiate and choose to collect either the maximum lump sum due to Grounds for retirement Mandatory retirement occurs when an employee him/her or take a minimum lump sum, in order disengages from service upon reaching the to boost his monthly or quarterly pension based retirement age or completing the length of service on retirement benefits computations. A retiree stipulated in their employment terms, typically is also allowed to change the periodicity of after attaining the age of 50 years. There are payment not more than once in 12 months.

The prospective retiree is also to complete various retirement ages in Nigeria depending on the terms of employment. Compulsory retirement Consent Forms and provide banking details under the CPS happens when an employee is for prompt remittance of pension payments. disengaged from service in accordance with the All the responsibilities, when dully fulfilled on terms and conditions of employment before time, will ensure that retirement benefits and pensions are paid as and when due. attaining the age of 50 years.

Retirement on medical grounds is when an employee disengages from service before attaining Responsibilities of PFAs PFAs play a crucial role in ensuring that retirees the age of 50 years, having been certified by a qualified physician as mentally or physically receive their benefits promptly. One of such incapable of performing their job functions due crucial roles it to contact prospective retirees at to permanent disability of either mind or body. least four months before retirement to initiate documentation processes. PFAs are expected to provide guidance on retirement options and Responsibilities of prospective assist retirees in completing necessary forms. retirees The PFA also computes retirement benefits To facilitate a smooth retirement process devoid of delays in retirement benefit payments, accurately using standardised templates, informs RSA holders must fulfil certain responsibilities, retirees of lump sum and pension options and which include notifying their Pension Fund facilitates timely payments of retirement benefits Administrators (PFAs) of their intention to after documentation completion. In addition, retire six months preceding the retirement the PFA submits payment requests to PenCom and submitting necessary documentation. The for review and approval prior to payment. documents required are the official Notice/ Acceptance of Retirement issued by the employer, Responsibilities of Named indicating the intention to retire. Additionally, Beneficiaries In cases of deceased retirees, named beneficiaries the last three (3) pay slips or any other evidence of total annual emolument must be submitted. must approach the deceased’s PFA to apply Employees of Federal Government Treasury- for death benefits. Such named beneficiaries Funded Ministries, Departments and Agencies are required to complete Death Notification (MDAs) that were in service as at June 2004, are forms and provide necessary documentation required to be enrolled and verified. PenCom to claim death benefits. The documents include has deployed an online enrolment application evidence of death, Letter of Administration, Will automating the enrolment of these prospective admitted to Probate or Order from a Court of retirees, which is conducted a year before Competent Jurisdiction. retirement.

Furthermore, any document confirming that Conclusion The Revised Regulation on the Administration retirement aligns with the terms and conditions of employment is necessary. This may include of Retirement and Terminal Benefits has a Letter of Employment, Condition of Service, comprehensive provisions on how RSA holders or Staff Handbook, particularly for cases of can access their retirement benefits. Prospective compulsory retirement. A Medical Certificate retirees are encouraged to acquaint themselves confirming the RSA holder’s inability to continue with its provisions for expeditious access to their in employment due to incapacitation is essential retirement benefits. PenCom remains dedicated for retirement based on medical grounds. In to the effective regulation and supervision addition, RSA holders must also furnish the of Nigeria’s pension industry to ensure that PFA with other documentation. This includes retirement benefits are paid as and when due.

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BUSINESSWORLD

NEWS

L-R: Founder, Klay Functional Foods & Production Limited, Hawau Kolawole; Founder, Tquart Food, Lateefat Adelekan; Dean & Director, The FATE School, Bambo Adebowale; Founder, Deluxe Creation Studios, Edu Shola; Executive Director, FATE Foundation, Adenike Adeyemi; Founder, Film Anatomie Manufacturing, Chukwuka Otekeiwebia and Cofounder, Nutrition4Kids NG, Omolabake Matthew at the 2023 Orange Corners Innovation Fund Award Ceremony in Lagos… recently

Nigeria, UK Sign ETIP Deal to Clear Obstacles as Bilateral Trade Hits £6.7bn James Emejo in Abuja

The federal government has signed a landmark partnership with the United Kingdom (UK) to clear market and trade barriers, boost investment and make exporting more efficient for businesses under the Enhanced Trade and Investment Partnership (ETIP) agreement.

Speaking at the ceremony, Minister of Industry, Trade and Investment, Dr. Doris UzokaAnite, described the UK as one of the country’s major trading partners in Europe, adding that total trade in goods and services reached £6.7 billion (about N12 trillion) in 2023.

She said the implementation of the ETIP will boost trade, investment and market access between both countries in line with the economic revitalisation plan of President Bola Tinubu.

Uzoka-Anite endorsed the agreement of behalf of the federal government while the Secretary of State for the Department of Business and Trade, Hon. Kemi Badenoch signed for the UK. The minister said the occasion marked the beginning of a story of shared, long-term prosperity between both countries as well as a testament to the significance

of not only the ETIP, but also their long-standing relationship.

Essentially, ETIP seeks to reduce barriers to business and trade between both countries.

She also said the successful implementation of the Africa Continental Free Trade Area (AfCFTA) agreement was expected to boost exports diversification, improved market access, enhanced trade opportunities and increased foreign direct investment.

She noted that at moment, Nigeria is currently negotiating its accession into the AfCFTA which is described as the largest free trade area in the world, with a combined GDP of $3.4 trillion and access to a market of over 1.3 billion people spread across 54 member states of the African Union (AU).

The minister said, “On our part, the ministry is diligently working to ensure that we remove barriers that hinder local businesses from succeeding, growing and expanding into other markets.”

The UK envoy said the role of the private sector in determining the success of the implelemetation of ETIP cannot be over-emphasised.

According to her, the agreement, “lays the ground

Meristem Securities Supports P G D To u r w i t h N 2 5 m

Sunday Ehigiator

The Professional Golf Developmental (PGD) Tour, Nigeria’s private professional golf Tour, has announced the start of its second season with the ‘Meristem Open’, and a total of N25 million provided

by Meristem Securities as winner’s prize In a statement signed by the Group Managing Director of Meristem Securities, Wole Adegunde, who is also the Chairman of the PGD Tour, he said the Meristem Open, which opened the season last year, will return as the first event of the second season, but with a bigger purse, and a new venue.

According to him, “For 20 years, Meristem Securities Limited has been adding

value to its numerous clients by growing their wealth.

“To further position itself as the right wealth partner capable of growing, preserving, and transferring wealth, the company is firmly entrenching itself into the passion of its clients, golf.

“The Tour will be held at the IBB International Golf and Country Club, in Abuja, away from getting from Lagos where the first season was held. The purse has also been increased to N25 million from the N10 million, which was staked last year.”

Abegunde said the goal is to make the Tour more competitive and make winning a worthwhile effort for the hardworking players.

He added that this is part of the plan to attract golfing talents from different parts of the world to the Tour.

work for over 3,000 Nigerian products as it is the first of many and we must be

committed in building and implementing the agreement which is where the hard

work lies.

“Importantly, the agreement cannot be executed by the

government alone which is why we need the collaboration of the private sector.”

Firm Threatens N2bn Defamation Suit against Dutch Coy Over Ship Robbery Allegation Indigenous Shipping firm, NUE Offshore Resources Nigeria Limited, has threatened to slam a N2billion defamation suit against Damen Charter International over publication alleging that its Managing Director, Uyi Igbinigie, was involved in alleged ship robbery.

In a letter titled, “Libelous Publication, Imputation of Crime and Cyber Troll: Urgent need for retraction, compensation and public apology,” which was signed by its Counsel, Barr. Nwugha ThankGod, the company demanded a written retraction, within three days from the Dutch firm.

The law firm also demanded a public apology personally signed

by the Managing director of Damen Charter International, saying the publication portrayed its client and his company as criminals.

The letter read: “Our attention has been drawn to a publication of February, Monday 12, 2024, on the pages of newspapers entitled, “Firm petitions IGP, accuses NUE offshore of ship robbery.

“The text of the said publication, which was also partly published online are thus, ‘A Dutch defence, shipbuilding, and engineering group has sent a petition to the Inspector General of Police (IGP), Dr Kayode Egbetokun, accusing NUE offshore Resources limited, a company based in Lagos, and its Managing director, Uyi Igbinigie

of armed robbery against its ship anchored at the National Inland Water ways Authority (NIWA) Jetty in Warri, Delta State.

“The petition, dated 4 February 2024, was submitted to the office of the Inspector General of Police on 5 February 2024 on behalf of Damen Charter International by its solicitors, Adepetun, CaxtonMartins, Agbor & Segun. A copy of the petition, titled: “Repot of a case of armed robbery against one Mr. Uyi Igbinigie and NUE Offshore Limited”, sighted by Newspapers, stated that the ship robbery incident took place on February 2, 2024.”

Nwugha, said the dutch firm publication contained disparaging

strictures and innuendo directed at its client and his company, NUE Offshore Resources Limited.

He stated further that the publication has a libelous imputation of crime capable of disparaging, denigrating, besmirching and impugning its client’s honour, integrity and respectability.

According to the Counsel, apart from several newspapers in which the publication was replicated, the internet and several social media have been awash and inundated with Damen’s publication in such a manner that could rightly be described as cyber bulling and trolling with attending psychology tremor.

Orange Corners Innovation Fund Awards Five Nigerian Start-up €120,000 Start-up entrepreneurs Edu Shola, Founder, Deluxe Creation Studios; Chukwuka Otekeiwebia, Founder, Film Anatomie Manufacturing; Lateefat Adelekan, Founder, Tquart Food; Hawau Kolawole, Founder, Klay Functional Foods & Production Limited and Omolabake Matthew, Co-founder, Nutrition4Kids NG emerged first to fifth place winners at the Orange Corners Innovation Pitch Competition held in Lagos to mark the end of the 9th cohort

of the Orange Corners Nigeria Incubation Programme.

According to a statement, the entrepreneurs have access to a €120,000 start-up capital of 75 per cent grant and 25 per cent loan provided by the Netherlands Enterprise Agency.

“This support will enable these promising entrepreneurs to further develop and scale their businesses, contributing to economic growth and job creation in Nigeria.

Orange Corners is an initiative of the Kingdom of the Netherlands launched in Nigeria in 2019 and implemented by FATE Foundation and is currently present in 22 countries within Africa and The Middle East, “the statement added.

The Orange Corners Incubation Programme supports 20 entrepreneurs with enterprise development knowledge, mentoring, access to market, and

funding to grow their businesses.

“We are enthusiastic about providing early-stage funding to empower these aspiring young Nigerian entrepreneurs.

Our support will facilitate the ideation, development, testing, and prototyping of their innovations, while also assisting them in establishing a robust business model and structure,” Executive Director, FATE Foundation, Adenike Adeyemi said.

Norsworthy Farms Unveils Palm Oil Mill Norsworthy Farms and Agro Allied Industries Limited marked a significant milestone in Nigeria’s palm oil industry with the inauguration of a cutting-edge ten-metric-tonne per hour palm oil mill in Akwukwu, Igbo, Delta State.

Addressing the gathering, Chairman of Norsworthy Farms and Agro Allied Industries Limited, Dr. Gabriel Ogbechie, recounted the organization’s vision, born out of a comprehensive market survey in 2017, to elevate palm oil production in Nigeria.

He underscored the global palm oil market’s robust valuation of

$67.3 billion in 2022, expected to surpass $70 billion in 2023, emphasizing Nigeria’s pivotal role as a former leading producer now facing a decline.

Ogbechie lamented Nigeria’s reduced prominence in palm oil production, highlighting its transition from a net exporter to a net importer.

“With an annual consumption of approximately N2.5 million metric tonnes and an import expenditure of $500 million per annum, the country faces a significant deficit.

He noted that despite vast suitable plantation land, “he said.

Ogbechie unveiled Norsworthy

Farms’ ambitious project, encompassing a multi-phase expansion plan. This plan includes extensive oil palm plantations, a ten-thousand-hectare estate over the coming years, a ten metric tonnes per hour processing mill, and a vegetable oil refinery.

In securing land for the project, Norsworthy Farms collaborated with the Delta State government, acquiring 1,400 hectares from the Iyiocha Forest Reserve, representing Delta State’s 10% equity stake in the project.

Former Governor Ifeanyi Okowa praised the initiative, emphasizing its potential to alleviate poverty and

hunger in Delta State and Nigeria as a whole. He commended Dr. Ogbechie’s community-centric efforts, including the construction of vital infrastructure and support for local farmers through the outgrower scheme.

Delta State Governor, Hon. Sherrif Oborevwori echoed the sentiments, highlighting the project’s socio-economic benefits, including job creation and enhanced access to affordable palm oil. He pledged continued government support and encouraged further investments in Delta State, assuring prospective investors of a conducive business environment.

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T H I S D AY MONDAY FEBRUARY 17, 2024 20 TR

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& RE A S O

Monday February 19, 2024 Vol 27. No 10537

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opinion@thisdaylive.com

www.thisdaylive.com

INFLATION IN NIGERIA: BEYOND THE NUMBERS

ELVIS EROMOSELE urges policymakers to heed the voices of the people and prioritise measures that alleviate the burdens of inflation

See page 21

REFORMS, PRIVATISATION AND AUTHORITY Who has sole right to reform sectors: BPE or Ministry of Finance? asks JOHN NWACHUKWU

See page 21 EDITORIAL

BEFORE WE HAVE STATE POLICE

67$7( 32/,&(

22

Authentic leaders foster a sense of community and shared purpose, writes LINUS OKORIE

AUTHENTIC LEADERSHIP AND EMPLOYEE ENGAGEMENT In the dynamic landscape of contemporary workplaces, leaders are increasingly recognizing the pivotal role of authenticity in fostering employee engagement. Authentic leadership goes beyond traditional leadership models, emphasizing transparency, self-awareness, and genuine connection with employees. This article explores the profound influence of authentic leadership on employee engagement, delving into the key principles, benefits, and strategies that contribute to a workplace culture where employees feel motivated, valued, and committed.

Authentic leadership is rooted in genuineness, self-awareness, and the ability to connect with others on a personal level. Authentic leaders are transparent about their values, beliefs, and emotions, fostering an environment of trust and openness within their teams. This leadership style is characterized by a deep understanding of oneself and a commitment to aligning personal values with organizational goals.

Authentic leaders positively impact the psychological well-being of their employees, making them more engaged in and dedicated to their work. Therefore, leadership trust is a component of authentic leadership and can have a positive impact on job satisfaction.

Key Principles of Authentic Leadership. SelfAwareness Authentic leaders possess a keen sense of selfawareness, continuously reflecting on their values, strengths, and weaknesses. By understanding their own motivations and emotions, they can authentically connect with their team members and model the importance of introspection for their teams.

Relational Transparency. Transparency is a cornerstone of authentic leadership. It is a crucial element in winning employees’ trust, alongside the ability to uphold moral values. Authentic leaders act as role models, leading by example and displaying appropriate behaviors during their interactions with their subordinates. They earn trust because of their genuineness and because they lead ethically while maintaining integrity.

Transparency is the core element of authenticity, and it is central to developing trust between a leader and their followers. Leaders openly share information, decisions, and even vulnerabilities with their team members. This transparency builds trust and establishes a culture where open communication is valued, fostering a sense of inclusion and belonging among employees.

Ethical Decision-Making. Authentic leaders prioritize ethical decision-making, aligning their choices with their values and the values of the organization. By demonstrating integrity in their actions, they inspire trust and confidence among employees, creating a positive work environment.

Authentic leaders also have values that are founded on moral principles, credibility, and integrity, and they strive to promote mutual trust within the organization.

Balanced Processing. Authentic leaders seek input from all team members and consider diverse perspectives before making decisions. This inclusive approach not only enriches decision-making but

also empowers employees, making them feel heard and valued.

The Influence of Authentic Leadership on Employee Engagement. Enhanced Trust and Credibility. Trust is the foundation of any healthy workplace relationship. Authentic leaders build trust through their consistent and transparent communication, leading to increased credibility.

Gaining employees’ trust is essential for a leader to have a positive impact on work engagement; companies require a supportive and positive work environment to motivate employees and enhance productivity, and authentic leadership is strongly linked to trust in the leader and to work engagement.

When employees trust their leaders, they are more likely to engage fully in their work, knowing that their contributions are valued and respected.

Increased Employee Satisfaction. Authentic leaders prioritize the well-being and productivity of their employees. These help to create positive work environments and contribute to a more engaged workforce. When employees feel supported and appreciated, they are motivated to go above and beyond in their roles.

Improved Employee Morale and Commitment.

Authentic leaders foster a sense of community and shared purpose. By aligning organizational goals with the values of their team members, they instill a sense of commitment and pride in the work being done. This, in turn, leads to higher levels of employee morale and dedication to achieving collective objectives.

Facilitation of Open Communication.

Authentic leaders create an atmosphere where open communication is not only encouraged but celebrated. When employees feel comfortable expressing their ideas, concerns, and feedback, it fosters a collaborative and innovative culture.

This open dialogue is essential for building strong relationships and boosting engagement.

Strategies for Fostering Authentic Leadership and Employee Engagement: Authentic leaders Lead by Example. The behavior of an authentic leader is genuine, ethical, verifiable, and consistent, and wins employees’ trust. They must model the behaviors they expect from their teams. By consistently demonstrating transparency, ethical decision-making, and self-awareness, leaders set a standard for authenticity that permeates the entire organization. Authentic leaders Develop Emotional Intelligence. Emotional intelligence is a key component of authentic leadership. Leaders must be attuned to their own emotions and those of their team members. This awareness allows them

to respond empathetically, fostering a supportive environment that promotes employee engagement.

Authentic leaders Establish a Shared Vision.

Authentic leaders involve their teams in the development of a shared vision for the organization.

By collaboratively defining goals and objectives, leaders create a sense of ownership among employees, inspiring them to contribute actively to the realization of the vision.

Forbes led a research on employee engagement and recommended that when people feel like cogs in a machine, engagement plummets. On the flip side, when people know they’re cared for as unique individuals, they’ll be much more engaged.

Everyone has unique personalities, goals, wants and needs, and here are some ways to integrate them in your shared vision: • Give genuine and personalized recognition for employee efforts.

• Celebrate both personal and professional milestones with employees and offer fitting rewards.

• Offer as much flexibility as possible to be more empathetic and understanding of employees’ personal lives.

Authentic leaders provide opportunities for employee growth.

Investing in the professional and personal development of employees is a hallmark of authentic leadership. Leaders must create a support system for employees’ efforts to learn and develop new skills and responsibilities they’re interested in. By offering training, mentorship, and growth opportunities, leaders demonstrate their commitment to the wellbeing and success of their team members, leading to increased engagement.

Leaders need to let go and guide their employees to mature within new and expansive roles and responsibilities. Employees want to feel valued and challenged; they want to be trusted and given the freedom to explore and learn within the job.

Employees that stretch themselves to grow and take on more advanced assignments especially should be given the opportunity to further accelerate their advancement. The bottom line is that leaders must continuously create new opportunities for their employees – or their workforce will not be innovative enough.

Okorie MFR is a leadership development expert spanning 30 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre. www. gotni.africa.linus.okorie@gotni.africa

22 4

T H I S D AY

MONDAY FEBRUARY 19, 2024

EDITORIAL

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

BEFORE WE HAVE STATE POLICE When operational, the roles of the state police should be clearly defined

W

police special constabularies recruited to complement hile it is not a silver bullet to the the operation of community policing,” spokesman, security challenges that plague Ajayi Okasanmi said. He added that neither the state Nigeria and there are several FRPPDQG QRU WKH JRYHUQPHQW PDGH DQ\ ÀQDQFLDO hurdles to cross before we get commitment to the constabularies before, during and there, we endorse, in principle, after their training. the decision to consider the idea The protest raised pertinent questions at the time: for each state to establish its own police. “There is a Were many of the jobless youths who enlisted in the discussion around the issue of state police. The federal scheme told in clear terms that their services were only government and the state governments are mulling voluntary, and that they would not be paid salaries? the possibility of setting up state police,” Information Even more important, were they properly vetted before Minister, Mohammed Idris disclosed after a meeting being given police uniforms and deployed for security between the president and governors last Thursday.

67$7( 32/,&( duties?

“A lot of work has to be done in that direction. But if $W WKH URRW RI HͿHFWLYH FRPPXQLW\ SROLFLQJ LV ÀUP our government and the state governments agree to trust between the people and its operators. Incidentally, WKH QHFHVVLW\ RI KDYLQJ VWDWH SROLFH WKLV LV D VLJQLÀFDQW but for the incident in Ilorin, shift.” many Nigerians were not As a newspaper, we even aware that the scheme have always advocated had commenced since there the establishment of The conversation about each state establishing its own police must has been no dent in incidents state police to deal with of crime in neighbourhoods begin from the failure of the idea of ‘special constabularies the growing security and communities across challenge and in line with the country. Instead, crime our federal constitution. rate is on the rise with daily We still stand by our reports of diverse problems position. But now that the ranging from drug abuse to T H I S D AY idea is being considered, it is important that there be a violent gang activities and rape.

EDITOR SHAKA MOMODU serious conversation about safeguards for it to work. In DEPUTY EDITOR WALE OLALEYE Ordinarily, community policing is predicated on the October 2020, President Muhammadu Buhari directed MANAGING DIRECTOR ENIOLA BELLO belief that authorities and citizens at the grassroots have the police hierarchy to commence recruitment of some DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU D MRLQW UHVSRQVLELOLW\ WR ÀJKW FULPH 8QGHU WKH FRQFHSW VSHFLDO FRQVWDEOHV ZLWK D 1 ELOOLRQ WDNH RͿ JUDQW CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI both the police and the locals build synergy aimed at EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN Following the directive, then Inspector General of guaranteeing the security of lives and property in the THE OMBUDSMAN KAYODE KOMOLAFE Police, Mohammed Adamu asked police commissioners neighbourhoods by freely exchanging ideas, sharing to liaise with traditional rulers and community leaders intelligence and acting on such. Community police in their states to screen volunteers. The recruits were personnel are expected to have frequent contacts expected to replicate the functions and duties of the with members of the community all with a view to conventional police in their localities and wear the same T H I S D AY N E W S PA P E R S L I M I T E D enforcing law and order and solving local problems.

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA uniform without clear ideas about their expectations That is not what is happening in Nigeria today with GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, and remunerations.

ISRAEL IWEGBU, EMMANUEL EFENI this controversial scheme.

It therefore came as no surprise when in 2022 DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, If the overall aim of the ‘special constabularies’ is to hundreds of men and women, dressed in police ANTHONY OGEDENGBE hire locals familiar with the environment, language and uniform, staged a public protest in Ilorin, Kwara State, DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI DOO WKH QXDQFHV RI FXOWXUH WR KHOS ÀJKW FULPHV WKH LGHD SNR. ASSOCIATE DIRECTOR ERIC OJEH over “non-payment of salaries” since completing their has been subverted. The conversation about each state ASSOCIATE DIRECTOR PATRICK EIMIUHI training in April 2021. The viral video on social media establishing its own police must begin from the failure stirred up the Kwara State Police Command to disown CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO of the idea of ‘special constabularies. the protesters. “The characters seen in the video are TO SEND EMAIL: first name.surname@thisdaylive.com

Letters to the Editor Letters in response to specific publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer.

LETTERS THE NIGERIAN SPIRIT AT AFCON The beauty of football lies in its ability to bring people together, promoting unity and fostering a feeling of community and patriotism. This unity was displayed during the just concluded Africa Cup of Nations (AFCON) tournament.

Despite the myriad of challenges bedeviling the country, Nigerians came together with one voice to support the Super Eagles, showcasing the nation's spirit of oneness.

The AFCON tournament serves as a reminder of Nigeria's capacity to unite IRU D FRPPRQ FDXVH UHJDUGOHVV RI WULEH SROLWLFDO D΀OLDWLRQ DQG UHOLJLRQ 1LJHrians all over the country rallied behind the Super Eagles; outstripping borders to collectively cheer on the players in the tournament.

Across various social media platforms, Nigerians showed solidarity and support with high hopes of victory. There was a clear message of hope and optimism.

The support for the Super Eagles symbolized a unanimous belief in a better future for Nigeria. It was proof of the enduring hope that resides within the hearts of Nigerians, despite the numerous challenges we face as a nation.

Even Nigerians who typically show little interest in football found themselves captivated, tuning in to their televisions and streaming online to follow the moment. Across WhatsApp status updates, they shared messages with

SLOW DOWN?

prayers and sentiments for the Super Eagles' success, momentarily setting DVLGH WKH SDQLF DERXW WKH KLJK SULFH RI IXHO K\SHULQÁDWLRQ XELTXLWRXV LQVHFXrity, and economic decline to unite in support of the Super Eagles.

This collective engagement emphasizes the depth of the Nigerian spirit— grit that cuts across challenges and fosters unity in pursuit of national interest.

Beyond football, there is need for national cohesion as citizens. When united, Nigeria has what it takes to overcome its challenges and chart a path towards D SURJUHVVLYH FRXQWU\ %\ VHWWLQJ DVLGH GLͿHUHQFHV DQG HPEUDFLQJ D VKDUHG YLsion for a prosperous Nigeria.

As the shadow of bad leadership and corruption continue to linger, sabotaging growth and development, we are reminded to remain united not only in football but in every pursuit of national interest. $OWKRXJK ZH ORVW WKH ÀQDO WR WKH KRVW FRXQWU\ ,YRU\ &RDVW WKH 6XSHU (DJOHV performance was commendable.

More to this is the assurance that Nigerians do not hate Nigeria. Nigerians still believe in Nigeria. Nigerians love Nigeria.

The Italian city of Bologna, the home of Lamborghini, has imposed a speed limit of 30 kilometers an hour. Given they can reach almost 100 NP KU LQ ÀUVW JHDU WKH RQO\ way they can do 30 km/hr is if they are being pushed by a few people.

Yes, safety is important EXW ERULQJ *LYHQ WUD΀F LQ most Italian cities is so congested, they will never reach their top speeds in any of these cities.

Bright Okuta, brightokuta@gmail.com

Dennis Fitzgerald, Melbourne, Australia

26

MONDAY FEBRUARY 19, 2024 •T H I S D AY

MONDAY FEBRUARY 19, 2024 • T H I S D AY

27

28

MONDAY, FEBRUARY 19, 2024T H I S D AY

BUSINESS/MONEYGUIDE

Coleman CEO to FG: Review Fiscal,Macroeconomic Policies as ManufacturersAre Struggling Dike Onwuamaeze The Chief Executive Officer of Coleman Technical Industries Limited (CTIL), Mr. George Onafowokan, has called on the federal government to review some of its fiscal and macroeconomic policies that are having adverse effects on the manufacturing sector and other businesses.

Onafowokan specifically singled out the series of multiple upward reviews of the exchange rate for the computation of import duties, which has gone up from N422.30/$ in June 2023 to over N1,400/$ presently.

He said: “The manufacturers are literally struggling at the moment and we need to review a lot of decisions that have been made both on the macro, fiscal and monetary policies levels.

“If you look at them, raw materials and machineries for

instance are being imported into Nigeria. But government is increasing custom rate figures on a day by day basis, which is a fiscal policy issue that I do not think is helping matters. It might be increasing revenue to the government but more businesses will continue to die. That is one key area that needs review.”

Onafowokan made this call last week in Lagos during the Nigerian British Chamber of Commerce (NBCC) Next Generation Series, with the theme, “Transforming a Manufacturing Business.”

He disclosed that he took over the management of CTIL from his father, Mr. Solomon Onafowokan, in 2021 when it had a negative balance sheet but was able to build it up to a N250 billion business and transforming it to the largest cable manufacturing company in West Africa.

He said: “I inherited a

business with negative balance sheet and zero working capital in 2021. It took us six months to take the business to stability. I received my first salary as CEO after six months. In 2023, we expanded the business to about 2,000 square meters. In 2009 we moved to Arepo and became the biggest cable manufacturer in West Africa. We took the value of the business in 2009 from N1 billion to N15 billion and then to N250 billion presently. We started as an SME because I met only one machine.”

He explained that the sustainability of family owned business is based on growing a team that is to build from the ground up.

“Sustainability is actually happening when you are not micromanaging but empowering people to actual deliver on their respective roles,” Onafowokan said.

L-R: Director, Triple I, Bram Boogaerdt’t Hooft, and Founder, Zayith Foods Limited, Chidimma Uzoma, at the signing of Triple I investment in Zayith Foods Limited in Nigeria...recently

MARKET INDICATORS

Firm Invests in Zayith Yoghurt to Grow Dairy Operations Across Nigeria

Money Supply (M3)

72,014,274.74

Wale Igbintade

-- 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

A Netherlands-based investment firm dedicated to uplifting small and medium-sized enterprises in Sub-Saharan Africa and Southeast Asia, Triple I, has announced partnership with Zayith Foods Limited to grow dairy operations across Nigeria.

The collaboration aims to enhance Zayith’s yoghurt processing and distribution capabilities. A statement issued by the company stated that the Director of Triple I, Bram Boogaerdt’t Hooft, emphasised the firm’s mission to support entrepreneurs in realising their full business potential and creating a positive social impact.

He highlighted Triple I’s com-

mitment to providing tailored, flexible, and cost-effective financial products, coupled with a profound understanding of local contexts and continuous engagement with portfolio companies.

According to the statement the Chief Executive Officer, Zayith Food company, Uzoma expressed enthusiasm about the investment, stating that it would facilitate Zayith’s expansion throughout Nigeria, enabling the company to offer affordable and high-quality dairy products nationally.

She emphasised Triple I’s suitability as a partner aligned with Zayith’s mission to provide healthy food products across Nigeria. This marks Triple I’s fourth investment in the Nigerian Agribusiness sector, following

previous investments in So Fresh Neighbourhood Farm Limited,Abod Success (Executive Choice cashew nuts), and Kennie-O Cold Chain Logistics.

Bram, the Investment Director highlighted Triple I’s continued belief in Nigerian entrepreneurs and the firm’s commitment to providing funding to businesses that often struggle to access financial support.

He said: “These investments serve as crucial avenues to reach low-income individuals and contribute to economic inclusivity. The collaboration between Triple I and Zayith Foods Limited signifies a positive step forward for the agribusiness sector in Nigeria.”

NICA Calls for Enhanced Lending Ethics, Legislation Nume Ekeghe The National Institute of Credit Administration (NICA) has emphasised the necessity of implementing robust laws to foster integrity, discipline, and transparency within Nigeria’s credit system In a statement, the Registrar/Chief Executive Officer, NICA, Prof. Chris Onalo, noted that many advanced countries have been able to develop their credit system through implementation of suitable credit laws.

Onalo said: “For us to have a developed credit system, we need to do things right.

We need enforcement of the right laws that will instill decency, discipline, honesty and truthfulness.

“For example, in other climes, there are laws relating to lending, honesty in business, and acceptable approach to debt collection arising from credit agreement.

“There are laws that spell out punishment if you default in honouring your obligations.

There are establishments of

courts that adjudicate over those laws to ensure that the defaulting party is punished.”

While noting the relevance of credit accessibility in the country, he said, economic restructuring sets the tone for political restructuring.

The professor explained that to restructure the economy and make Nigeria an attractive business investment and leading destination, there is need to put in place those institutional framework that come out to promote honesty in integrity as a way of life.

CIBN Lauds Abiru for Spearheading Economic Growth Initiatives Nume Ekeghe The Chartered Institute of Bankers of Nigeria (CIBN) has praised Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, for his significant role in driving economic growth initiatives.

President and Chairman of Council of CIBN, Dr. Ken Opara, disclosed this recently when he led

a team from the institute on a dialogue with the leadership and members of the committee.

Opara commended the committee for the support it is giving to the institute towards the review of Extant Laws in the financial sector.

He said the team’s visit was meant to seek the Senator’s assistance in the passage of the proposed CIBN Act Bill and share thoughts on key issues and initiatives affecting the banking and

finance industry.

In a statement by CIBN, Opara said: “We commend the Institute for being sensitive to the economic situation which necessitated your invitation of the Governor of CBN for a brief over the state of the economy. The engagements you had and the issues you raised such as Inflation, FX, IMTO and the clarification on the 43 banned items are all issues of interest to the banking public.

MONEY AND CREDIT STATISTICS (MILLION NAIRA) NOVEMBER, 24

---- Demand Deposits

23,103,774.40

Net Foreign Assets (NFA)

32,212,549.50

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

39,801,725.20

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

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

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) 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

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

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).

MONDAY, ͯͷ˜ ͰͮͰͲ ˾ T H I S D AY

29

MARKET NEWS

Equities Market Benchmark Index Hits All-time High 105,000 Basis Points Kayode Tokede The Nigerian equities market benchmark Index crossed the 105,000 basis points all-time high last week following investors renewed interest in fundamental stocks such as BUA Foods Plc, Airtel Africa Plc, and Geregu Power Plc. Despite profit-taking activities on banking stocks, the market remained in the

green territory due to bargain hunting in BUA Foods which gained 21 per cent, Airtel Africa rose by 10 per cent and Geregu Power appreciated by 33.3 per cent to bring the Nigerian Exchange Limited All-Share Index (NGX ASI) 3.79 per cent Week-till-Date (WtD) gain to 105,722.78 basis points.

As a result, the stock market Month-till-date (MtD) and Year-till-date (YtD) investors’

P R I C E S MAIN BOARD

F O R DEALS

return increased to 4.5per cent and 41.4per cent, respectively.

Similarly, the total market capitalization of listed equities rose by N2.1 trillion to close the week at N57.850 trillion.

Sectoral performance for the week exhibited a mixed trend. The NGX Insurance, NGX Oil & Gas, and NGX Consumer Goods indices, recorded gains of 2.66 per cent, 10.96 per cent, and 5.25 per

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

QUANTITY TRADED

cent week-on-week. On the contrary, the NGX Banking and NGX Industrial indices bled with losses, declining by 1.34 per cent and 1.83 per cent, respectively.

However, market breadth for the week was negative as 35 equities appreciated in price, 51 equities depreciated in price, while 68 equities remained unchanged. Juli led the gainers table by 45.54 per cent to close

T R A D E D

VALUE TRADED ( N )

A S O F

MAIN BOARD

at N1.47, per share. Geregu Power followed with a gain of 33.30 per cent to close at N901.00, while BUA Foods went up by 20.82 per cent to close to N357.50, per share.

On the other side, Meyer led the decliners table by 18.96 per cent to close at N5.60, per share. Morison Industries followed with a loss of 18.69 per cent to close at N2.48, while DEAP Capital Management

F E B R U A RY DEALS

& Trust declined by 14.29 per cent to close at 60 kobo, per share.

Overall, a total turnover of 1.559 billion shares worth N36.497 billion in 42,546 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.478 billion shares valued at N47.856 billion that exchanged hands prior week in 54,982 deals.

/ 1 6 / 2 4 MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

30

MONDAY, FEBRUARY 19, 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 15Feb-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 355.01 355.01 18.15% Afrinvest Plutus Fund 100.00 100.00 10.79% Nigeria International Debt Fund 331.24 331.24 1.36% Afrinvest Dollar Fund 108.58 108.58 0.77% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 13.89% AIICO Balanced Fund 5.60 5.72 10.04% 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 237.02 239.55 22.37% Anchoria Fixed Income Fund 1.25 1.25 -2.37% 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 38.82 39.99 27.06% ARM Discovery Balanced Fund 786.57 810.28 18.73% ARM Ethical Fund 64.83 66.79 18.90% ARM Eurobond Fund ($) 1.11 1.11 2.69% ARM Fixed Income Fund 1.10 1.10 12.18% ARM Money Market Fund 1.00 1.00 10.25% ARM Short Term Bond Fund 1.01 1.01 8.67% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.82 108.82 504.00% AVA GAM Fixed Income Naira Fund 1,140.33 1,140.33 195.00% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.03 1.03 7.80% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 11.08% Cordros Milestone Fund 179.44 180.57 3.70% Cordros Fixed Income Fund 108.85 108.85 10.41% Cordros Halal Fixed Income Fund 110.56 110.56 9.62% Cordros Dollar Fund ($) 115.30 115.30 6.20% 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 9.76% Coronation Balanced Fund 1.59 1.60 3.75% Coronation Fixed Income Fund 1.35 1.35 -24.33% 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 N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A 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 1570.03 1570.03 11.84% FBN Balanced Fund 299.14 301.66 10.62% FBN Halal Fund 135.81 135.81 13.12% FBN Money Market Fund 100.00 100.00 11.64% FBN Dollar Fund 125.07 125.07 7.48% FBN Smart Beta Equity Fund 277.08 281.07 11.42% FBN Specialized Dollar Fund 113.13 113.13 9.23% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 9.63% Legacy Debt Fund 3.60 3.60 4.49% Legacy Equity Fund 3.41 3.47 22.79% Legacy USD Bond Fund 1.33 1.33 4.33% 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 5,953.63 5,994.62 22.84% Coral Income Fund 4,039.00 4,039.00 8.02% Coral Money Market Fund 100.00 100.00 13.28% FSDH Dollar Fund 1.20 1.20 0.00%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.90 1.93 33.65% Lotus Halal Fixed Income Fund 1,209.39 1,209.39 -3.76% 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 20.05 20.22 9.18% Meristem Money Market Fund 10.00 10.00 12.61% 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) 103.56 103.56 11.18% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.62% Norrenberger Dollar Fund (NDF) ($) 103.74 103.74 8.23% 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 2.53 2.58 8.92% PACAM Fixed Income Fund 12.24 12.52 0.03% PACAM Money Market Fund 10.00 10.00 0.00% PACAM Equity Fund 2.55 2.59 18.41% PACAM EuroBond Fund 134.42 137.61 1.86% 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 163.54 166.32 -2.75% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.01 1.01 11.01% 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 5,601.65 5,645.81 12.47% Stanbic IBTC Bond Fund 257.48 257.48 5.04% Stanbic IBTC Ethical Fund 2.39 2.42 16.18% Stanbic IBTC Guaranteed Investment Fund 354.68 354.92 0.41% Stanbic IBTC Iman Fund 465.49 470.50 23.30% Stanbic IBTC Money Market Fund 1.00 1.00 11.89% Stanbic IBTC Nigerian Equity Fund 20,340.22 20,575.41 12.10% Stanbic IBTC Dollar Fund (USD) 1.48 1.48 7.33% Stanbic IBTC Shariah Fixed Income Fund 129.39 129.39 6.63% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 127.53 127.53 9.92% Stanbic IBTC Absolute Fund 5,074.46 5,074.46 9.73% Stanbic IBTC Aggressive Fund 6,015.44 6,087.42 11.77% Stanbic IBTC Conservative Fund 5,613.50 5,641.24 6.22% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.64 1.66 20.65% United Capital Balanced Fund 2.03 2.04 9.72% United Capital Wealth for Women Fund 1.68 1.69 17.88% United Capital Sukuk Fund 1.19 1.19 9.31% United Capital Fixed Income Fund 1.97 1.97 7.18% United Capital Eurobond Fund 125.15 125.15 5.30% United Capital Global Fixed Income Fund 1.10 1.10 8.43% United Capital Money Market Fund 1.00 1.00 11.31% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 20.77 21.03 12.65% Zenith ESG Impact Fund 22.91 23.11 5.12% Zenith Income Fund 25.71 25.71 1.47% Zenith Money Market Fund 1.00 1.00 11.84% 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 8.93 9.03 2.05% Vetiva Consumer Goods Exchange Traded Fund 15.38 15.48 3.98% Vetiva Griffin 30 Exchange Traded Fund 38.36 38.56 1.83% Vetiva Money Market Fund 1.00 1.00 10.94% Vetiva Industrial Goods Exchange Traded Fund 53.22 53.42 -1.66% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 3.05%

REITS NAV Per Share

Yield / T-Rtn

131.29 60.17 101.79 11.31

1.10% 0.57% 99.75%

Bid Price

Offer Price

Yield / T-Rtn

29.24 1,090.00 850.00 21.22 43.31

32.32 1,090.00 850.00 21.64 43.81

32.55% 118.00% 18.55% -9.50% 14.99%

NAV Per Share

Yield / T-Rtn

N/A

N/A

Fund Name

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

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

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

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

31

MONDAY, ͯͷ˜ ͰͮͰͲ ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Israel Rejects International Calls for Palestinian Statehood Israel on Sunday rejected international calls, including from its chief ally, the United States, for “unilateral recognition” of Palestinian statehood, saying any such agreement could only be reached through negotiations.

Prime Minister Benjamin Netanyahu brought what he called a “declaratory decision” on Palestinian statehood before his cabinet, which unanimously approved it.

The statement declared that the Jewish state “categorically rejects international edicts on a permanent arrangement with the Palestinians.”

Efforts to achieve a two-state solution — an independent Palestinian state in the West Bank and Gaza on either side of Israel — have been stalled since 2014.

But with the Israeli-Hamas war in Gaza now in its fifth month, the U.S. and other countries have renewed calls for the creation of a Palestinian state to end the fighting. U.S. President Joe Biden has called for an even broader Middle East agreement that would encompass Saudi Arabia and other Arab states normalizing diplomatic relations with Israel.

In rejecting Palestinian statehood, Israel said in a statement that such recognition, coming after the shock of the October 7 Hamas attack on Israel, “will grant a huge, unprecedented reward to terrorism and prevent any future peace accord.”

Call to Free Senegal Presidential Candidate from Jail

Supporters of opposition presidential election candidate Bassirou Diomaye Faye on Sunday demanded his immediate release in the name of “equal treatment” under the constitution.

“All candidates must benefit from the constitutional principles of equal treatment,” said a statement from the Diomaye President coalition.

“That’s why the release without delay of candidate Bassirou Diomaye Diakhar Faye is a popular demand and respectful of the Constitution,” the statement said.

The coalition noted the situation also required the urgent release of jailed opposition Pastef party leader Ousmane Sonko.

The Constitutional Court rejected Sonko’s candidacy but accepted that of Faye, the party’s number two, along with about 20 others.

Sonko has been in prison since July 2023 for calling for an uprising, associating with criminals linked to terrorism and harming state security.

Faye has been under preventive detention since April last year but has yet to face trial.

Last month, the European Union stressed that candidates approved by the Constitutional Council must all be allowed to campaign for election on equal terms.

Hungary’s Government Refuses to Meet US Senators Seeking Approval for Sweden’s NATO Bid

A bipartisan delegation of U.S. senators made an official visit to Hungary’s capital Sunday and called on the nationalist government to immediately approve Sweden’s request to join NATO. Hungary is the only one of NATO’s 31 existing members not to have ratified Sweden’s bid. After delaying the move for more than 18 months, the Hungarian government faces mounting pressure to act since admitting a new country to the military alliance requires unanimous approval.

The visiting senators announced they would submit a joint resolution to Congress condemning alleged democratic backsliding in Hungary and urging the government of Prime Minister Viktor Orbán to lift its block on Sweden’s trans-Atlantic integration.

“With accession, Hungary and your prime minister will be doing a great service to freedom-loving nations worldwide,” Sen. Thom Tillis, a North Carolina Republican, said during a news conference at the U.S. Embassy in Budapest.

The resolution, first reported early Sunday

by The Associated Press, was authored by Tillis and Sen. Jeanne Shaheen, a New Hampshire Democrat. Joining them in the delegation to Budapest was Sen. Chris Murphy, a Democrat from Connecticut.

Pentagon: US Launches Five New Strikes on Houthi Weapons Systems

U.S. forces in the Red Sea have “successfully conducted five self-defence strikes” to foil attacks by land and sea from Houthi-controlled areas of Yemen, the Pentagon said Sunday.

The strikes occurred at 3:00 p.m. and 8:00 p.m. Sanaa time (1200 and 1700 GMT), the U.S. military said, and are part of a series of actions taken by the United States and its allies against the Houthis, aimed at halting the Iran-backed rebels’ repeated attacks on Red Sea shipping lanes.

The five strikes included targeting “the

first observed Houthi employment of a UUV [unmanned underwater vessel] since attacks began” in October, according to a statement from the U.S. Central Command.

Another of the five involved an unmanned surface vessel, or USV, essentially a floating drone. The use of such vessels has been comparatively rare.

The other three involved anti-ship cruise missiles, the statement said.

“CENTCOM identified the anti-ship cruise missiles, unmanned underwater vessel, and the unmanned surface vessel in Hothi-controlled areas of Yemen and determined they presented an imminent threat to U.S. Navy ships and merchant vessels in the region,” it said, adding that it struck the five to “make international waters safer.”

Russia Detains 400 as Country Mourns Navalny, Putin’s Fiercest Foe

More than 400 people were detained in Russia while paying tribute to opposition leader Alexey Navalny, who died at a remote Arctic penal colony, a prominent rights group reported.

The sudden death of Navalny, 47, was a crushing blow to many Russians, who had pinned their hopes for the future on President Vladimir Putin’s fiercest foe.

Navalny remained vocal in his unrelenting criticism of the Kremlin even after surviving a nerve agent poisoning and receiving multiple prison terms.

The news reverberated around the globe, and hundreds of people in dozens of Russian cities streamed to ad hoc memorials and monuments to victims of political repressions with flowers and candles on Friday and Saturday to pay tribute to the politician.

In over a dozen cities, police detained 401 people by Saturday night, according to the OVD-Info rights group that tracks political arrests and provides legal aid.

More than 200 arrests were made in St. Petersburg, Russia’s second-largest city, the group said.

China Increases Patrols Near Taiwan’s Kinmen Archipelago After 2 Fishermen Die

China is stepping up patrols in the waters off the coast of Taiwan’s Kinmen archipelago, days after two of its fishermen drowned while being chased by the Taiwanese coast guard, which accused the boat of trespassing.

The Chinese coast guard’s Fujian division will regularly monitor the waters off the southern coast of the city of Xiamen — a few kilometres from Kinmen — to strengthen maritime law enforcement, said the coast guard’s spokesman, Gan Yu, in a statement Sunday.

Fishermen from Taiwan and China regularly sail that stretch of water, which has seen a rise in tensions as the number of Chinese vessels — including sand dredgers and fishing boats — notably increased.

Kinmen residents have complained of both the noise and sound pollution from the vessels and losses to their livelihood in fishing.

The fishermen’s deaths are unusual despite the level of Chinese activity in the waters near Kinmen, which is closer to

China than it is to Taiwan’s main island.

China claims all of self-ruled Taiwan as part of its territory.

On Wednesday, Taiwan’s Coast Guard said two of four Chinese fishermen died after their boat capsized. It said their boat was fishing about one nautical mile away from the Kinmen archipelago, which Taiwan has claimed to be a restricted area. The other two survivors remain in Taiwan’s custody.

China has issued a furious condemnation and blamed Taiwan’s ruling Democratic Progressive Party for the fishermen’s deaths.

It also said that there was no such thing as “restricted” waters.

Taiwan said an investigation was underway and that its Mainland Affairs Council said they were communicating with Chinese authorities.

China’s Taiwan Affairs Office vowed further measures on Sunday without clarifying further details.

UN Court to Weigh Consequences of Israel Occupation

The UN’s top court will from Monday hold hearings on the legal consequences of Israel’s occupation of Palestinian territories since 1967, with an unprecedented 52 countries expected to give evidence.

Nations, including the United States, Russia, and China, will address judges in a weeklong session at the Peace Palace in The Hague, the seat of the International Court of Justice (ICJ).

In December 2022, the UN General Assembly asked the ICJ for a nonbinding “advisory opinion” on the “legal consequences arising from the policies and practices of Israel in the Occupied Palestinian Territory, including East Jerusalem.”

While any ICJ opinion would be non-binding, it comes amid mounting international legal pressure on Israel over the war in Gaza sparked by the brutal October 7 Hamas attacks.

The hearings are separate from a high-profile case brought by South Africa alleging that Israel is committing genocidal acts during the current Gaza offensive.

The ICJ ruled in that case in January that Israel must do everything in its power to prevent genocide and allow humanitarian aid into Gaza but stopped short of ordering a cease-fire.

On Friday, it rejected South Africa’s bid to impose additional measures on Israel but reiterated the need to carry out the ruling in full.

German Labor Union Calls on Lufthansa Staff to Strike Tuesday

A labour union in Germany has called on ground staff for Lufthansa to walk off the job at seven airports on Tuesday following a similar strike earlier this month.

The Ver.di union said Sunday that the one-day strike will affect the airports in Frankfurt and Munich, Lufthansa’s two main hubs, and Berlin, Duesseldorf, Hamburg, Cologne-Bonn and Stuttgart. It will run from 4:00 a.m. Tuesday to 7:10 a.m. Wednesday.

A 27-hour strike at five of the same

airports that started on February 7 prompted the airline to cancel hundreds of flights.

The union is seeking pay raises of 12.5%, or at least €500 ($539) more per month, in negotiations for about 25,000 employees, including check-in, aircraft handling, maintenance and freight staff.

Several-hour or one-day “warning strikes” are a common tactic in German contract negotiations.

A round of talks on February 12 produced no agreement. More negotiations are scheduled for Wednesday.

US Condemns Rwanda’s Support of Armed M23 Rebels in Eastern Congo, Calls for Troop Withdrawal

The U.S. has condemned Saturday Rwanda’s support of the armed M23 group in eastern Congo, whose rebellion has caused the displacement of hundreds of thousands of people, and called on the rebel group to “cease hostilities.”

The U.S. State Department, in a statement, strongly criticized “the worsening violence ... caused by the actions of the Rwandabacked, U.S.- and UN-sanctioned M23 armed group.” It called on Rwanda “to immediately withdraw all Rwanda Defense Force personnel from the [Congo] and remove its surface-to-air missile systems,” which it said threatened civilian lives and peacekeepers. It also urged the rebels to retreat from their current positions near two urban areas in Congo’s North Kivu province.

This will likely pressure Rwanda, whose government has repeatedly denied any links to the M23 group.

Congolese President Felix Tshisekedi has accused Rwanda of destabilizing Congo by backing the rebels. UN experts previously said they had “solid evidence” that members of Rwanda’s armed forces were conducting operations there in support of the M23 group.

Nepal Pursues Sacred Items Smuggled Abroad

Nepal’s gods and goddess are returning home.

An unknown number of sacred statues of Hindu deities were stolen and smuggled abroad in the past. Now, dozens are being repatriated to the Himalayan nation, part of a growing global effort to return such items to countries in Asia, Africa and elsewhere. Last month, museums and a private collector returned four idols and masks of Hindu gods to Nepal from the United States.

Among them was a 16th-century statue of Uma-Maheswora, an avatar of the gods Shiva and Parvati, stolen four decades ago. It was unclear who took it or how it ended up at the Brooklyn Museum in New York, which handed it over to the Manhattan District Attorney’s Office.

Devotees celebrated its return in Patan, south of the capital, Kathmandu. The stone-paved alleys were crowded with devotees offering money and flowers.

Men in traditional attire played drums and cymbals and chanted prayers.

The statue had simply disappeared from their neighbourhood, she said.

THISDAY • MONDAY, FEBRUARY 19, 2024

32

INTERVIEW

Abalaka: Better Days Lie Ahead with Tranos’ Redefinition, Redesigning of Power Generation, Renewable Energy Starting off in 2008, driven by the sole desire to add a different kind of value to the target customers in the oil and gas, power, and telecommunications industries, the foremost manufacturing and innovative engineering solutions provider, Tranos Contracting Limited, has added value to its customers and the Nigerian economy through the production of quality products. The wholly Nigerian company has diversified into renewables, focused on easing Nigeria’s electricity generation crisis, by constructing a 100MW solar panel manufacturing plant. The determined founder and Chief Executive Officer of Tranos, Jude Abalaka, tells Peter Uzoho about the company’s journey, future plans and other issues. Excerpts:

For 16 years, Tranos Contracting Limited has been a major manufacturing and engineering solutions provider. How did the journey begin? ranos Contracting Limited started by looking at ways of being of value to customers, and, in the beginning, we were looking at how to provide services for oil and gas in terms of engineering, fabrication, some procurement around our equipment and even process equipment, rotating equipment, things like that. Very quickly, we realized that to achieve our aim, which is to grow in this space we were in - providing services or products to customers, we also had to look in other places because we realized very quickly that the products and services that we were trying to provide to oil and gas were also valuable to other industries.

So we’re now still having customers in telecoms, customers in manufacturing and, by listening to those customers, we also realized that if we’re going to be able to survive the tough business environment and grow, it was important that we increase the number of customers that we have in the industry. So we increased the value that we were providing, and it was that there were companies that probably stayed around at the same time we did, who just wanted to do supplies. These companies want item X. They just buy and deliver. But we realized that if you’re only providing value at the lower end of the pyramid, then anybody can do what you are doing, and it means we are not really doing anything special. So we then determined that we have to keep building up, increasing the sort of value that we can provide, and, in our space, the only way you can do that is to do more.

So, we started investing in our first factory in Ilupeju.

And when we outgrew that one, we moved to this current one where we are now. We currently also have a second factory just down the road. And we’re already planning to even move to a bigger place.

This whole thing is based on the focus of finding where people need what you can do, doing it well enough at a good price, and building on it.

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What products and services does Tranos manufacture and render?

So we have a wide bouquet of services. We produce things that generally involve power distribution or power generation. And for oil and gas, we also have oil and gas industry ceiling solutions. Currently, we have the power distribution equipment we manufacture: power panels, main distribution panels, and motor control centres. We design and build all those for customers, mainly industrial. We also have these special gas generators we produce now that run on LPG. We’re not talking about converting maybe your 2.5kVA generator. Our generators are built from scratch and designed to run on LPG. The difference between that and the regular ones you see is that we are talking about higher power, from about 7.5kVA up to about 75kVA. A large chunk of our generators have much longer service intervals. And what I mean by that is, your typical petrol generator will probably need to be serviced, maybe, every 150 hours. Diesel generators will be about 250 hours. But our gas generators can last up to 3,000 hours before you need to service them because of how it’s designed. In addition to that, it will also last longer. So we have customers who have been running our generators for more than 40,000 hours. A typical diesel generator, after 16,000 hours, you can manage it; maybe it gets to 20,000 hours, and you are happy. We have ones doing 35,000 hours, but you wouldn’t know if you didn’t check the running hours. So that’s our technology, it comes with a lot of advantages.

Besides that, you also save on fuel because our customers who use LPG have confirmed that. We have customers, especially in the telecoms sector, that have sites that will run on diesel as well as those that will run on gas. You see that they are saving so much. Continuing with our products, we also produce a lot of enclosures, and enclosures is a general term we use for technical enclosures. For example, you need an enclosure if you want to start a power generator. So we have those that we would build enclosures for power plants. For example, if you want to containerize a two-megawatt power plant, we also do that.

From something that is that big to even smaller units like small plastic enclosures that we make for meter manufacturers. So we’re building in the electricity

Abalaka and material industry that will require it. We make a very wide range of enclosures. In steel and plastic, we also have a product line.

We also manufacture another product line we call cable management system. Now, there’s a power supply in every industrial environment, and you need to run cables all over the place. In your house, you wouldn’t need cable trays or cable ladders. So you’d probably be running your cables either through conduits. We manufacture cable trays and cable ladders for industrial cable routing if you’re routing a lot of cables, and we’ve produced

a lot of that, especially for oil and gas. So, you are talking about something that would typically be important. We now make them.

That’s mainly what we do in our second factory.

Now, talking about our second factory, another product we have that we make there is gaskets. Gaskets are sealing; what you use to seal between two connections. If you have a pipe carrying any fluid like water, petrol, diesel, or crude, you have to seal it so there’s no leakage at the connection point. So, we make different types of gaskets for sealing. We also have customers, not just for oil and gas,

So now, we want to build a renewable factory. As I said, we have enclosures for solar products, power distribution panels for solar, and we’re also making mounting brackets for solar. If you want to mount solar on your roof, you need a mounting system to hold the solar panels. If you mount it on the ground, they want to see the lights and installation.You’re still going to need different sorts of mounting. So we produce that.

But on top of that, we’re now saying, ‘Look, how can we add more value?’ We see that our next step is to begin manufacturing solar panels

but customers with power generation and gaskets across that range.

Again, we also have this other product group called the warehouse storage system. So, if you go to the proper warehouse, you will see that they have racks where they store things. We produce those racks. The only company we have in all this is the big racks you see, the small ones you probably see in the supermarkets. We make all those.

Now, I mentioned the idea that we are also looking at expansion.

Because you see that we’ve been at this current location for almost 10 years, and as a result of that, we are looking at expansion. I mentioned earlier that the ethos of what we do is to find the customer’s need and then try to solve that problem, always trying to solve it by adding value. Among the customers that we have currently, we have a lot of renewable energy customers, mainly solar power customers, for whom we make enclosures for their products. Some are enclosures. Some are power distribution panels.

So we’ve now decided that we made diesel generators at some point, but we decided that diesel is not clean. The world is moving towards clean power, so we moved into gas generators, which we are producing. Now taking it further, we’re now saying look, ultimately, everybody wants to move to clean fuel, clean source of power, and we’ve seen that we have customers using our enclosures for solar, we have customers, we have products for, you know when you mount solar panels, we have products for mounting solar panels.

So now, we want to build a renewable factory. As I said, we have enclosures for solar products, power distribution panels for solar, and we’re also making mounting brackets for solar. If you want to mount solar on your roof, you need a mounting system to Continued on page 33

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THISDAY • MONDAY, FEBRUARY 19, 2024

INTERVIEW

Abalaka: How Tranos Is Revamping Nigeria’s Power Shortage Through Renewable Energy hold the solar panels. If you mount it on the ground, they want to see the lights and installation. You’re still going to need different sorts of mounting. So we produce that. But on top of that, we’re now saying, ‘Look, how can we add more value?’ We see that our next step is to begin manufacturing solar panels.

And our focus is to build a new factory producing 100 megawatts of solar panels per annum. That’s where we are going now. That will greatly help the country because we all know there’s a huge power shortage in Nigeria. One of the solutions that government policy is looking at is driving towards decentralization, which means that any local government that can either work with an investor or find the investment can set up a 50 megawatts or 100 megawatts power plant.

There are a handful of mini-grids already popping up here and there. So you can imagine having so many of those. Imagine having 1,500 megawatts of power plants in each local government across the country. That will change a lot of things.

So we think that that’s the way to go. We will start producing our solar panels. We’ll also start packaging the energy storage systems, using battery energy storage systems in containerized units.

So those are the kinds of things that we intend to do to ease up things because for a lot of the solar installation companies, the solar power companies that we have, we see that there’s always the challenge of having to import solar panels, having to find the foreign company to build a battery energy system. So those are things we intend to start doing in the future.

How far have you gone with setting up the Tranos solar panel manufacturing plant?

For this sort of project, we have a lot of challenges.

We have a lot of development. We want to site the plant somewhere across the border between Lagos and Ogun states. So, we are currently in the process of acquiring the land. We’ve done our feasibility studies. We’ve done a lot of technical work. We have partners from Europe with whom we are working to develop the product because efficiency and quality are important with solar panels. We don’t manage products. Our products must be able to stand side by side and possibly even be better than what’s currently being imported.

It means that the panels will have to be very high quality and high efficiency. So we are working closely with a good company that is experienced and knowledgeable about this to design the right product and then build the factory. This will certainly help to cushion the foreign exchange challenge we are having because everybody is now finally aware that for us to progress as a country, we are now talking a lot about exchange rate issues, and it’s now dawning on everyone that for us to make progress, we have to be productive. So, the keyword is productive. We have to be productive. We can’t survive depending on other countries to produce for us. Of course, we can’t produce everything, but we have to be productive.

What’s Tranos’ production capacity and the level of acceptability and patronage of your products and services?

So, doing business in Nigeria is not easy and a bit cyclical. If you get something good today, then you have to wait. What has helped us is that, because we have a wide range of products and work with different sectors of the economy, even when one sector is down, another keeps you going. But it’s still not a lot of times we are producing with low capacity. But percentage-wise, we typically run at 30 to 40 per cent capacity. And that’s on average. What I mean by that is, at times, we can go up to 80 or 90 per cent, and then it drops down. And that’s also because what we produce are industrial products.

So we are dealing mainly with industrial customers.

So if there is a lot of work in oil and gas and new fuel developments, we’ll probably get a lot of demand.

If there are expansions in telecoms, we’ll get that. So, It fluctuates, and we hope it will stabilize, but it’s a function of the environment. So the frequent changes in policy, the policy mismatches you get, and also the general downturn in the economy do affect us, but we keep working hard to try and mitigate its impact on us, This is part of why, in the past, we have been producing new products to show that if we are not selling a large volume of one, at least we can also complement it with a different product.

How do you guarantee quality products and services for your clients?

We are an ISO 9001 2015-certified company. We’ve been certified for many years now. But besides our ISO certification, we ensure that our products are designed and manufactured according to a particular standard. Typically, it will be an IEC standard, like a European industrial standard that governs how you design or build particular products. Besides that, for various products, as I mentioned in the caskets, for example, we have to do what is called a Type Approval, which means that we design the product to meet the standard through lab testing and have certificates to show for it.

What sort of value in terms of job creation can Tranos boast of?

So, I think we currently have a staff strength of about 180 people. We hope that when we move into our

To Improve Power Generation in Nigeria, Tranos is Now Delving into Manufacturing of Solar Panels, Inverters

x new facility, we’ll probably double that figure depending on the demand for our product. But for us, it’s not just about the directly employed people. There are a lot of indirect people. So, for every employed person, the person has a wife and children. So you need to ensure that for simple things like health insurance, everybody within that family can go to the hospital. But that’s even a sub. It’s not just the number of people. It’s also the quality of the work that you have created.

In five to 10 years from now, where do you want Tranos to be?

Well, I don’t know about 10 years. But in the next two years, our new facility should be running, which means we will produce the best quality solar panels across Africa, supplying them to Nigeria and other countries around us. Other manufacturing operations are running, and we are exporting them across the continent. One key element in renewable space (solar, for example) is solar inverters. So, we should have our own manufactured solar inverters on the market. Then, we should also be going into manufacturing lithium batteries because those are all the ingredients that go into renewable power generation. So, our focus is to continue building and making good products, and with time, we expect that the people currently importing into Nigeria should feel threatened by us. Really, between now and the next five years, we should be solid on the ground doing those things, improving power availability across the country with our products and doing that on an ongoing basis.

From your experience, what would you say are the major challenges facing manufacturing in Nigeria?

I will give you four challenges facing manufacturing in the country. One affects

us, but not as much as it affects some other manufacturers. The first challenge in manufacturing in Nigeria is a dearth of the right personnel. Most people don’t seem to talk about it, but if you have good people, they will solve most of your problems, and when I say personnel, I’m not just talking about the people who do the production. For manufacturing, you will typically start with product development because you need to develop the product, set a system to produce it, set a system to market it, and set a system to sell it, then provide after-sale service. So, it’s a long chain of activity. Most of the time, we only focus on manufacturing because you have to develop the product, which will be what customers actually want. How do I make the product appeal to what the customers want?

Then, set up a process that can be produced efficiently.

Now, if you go through that whole chain of activity, finding people to do every step of that is very challenging. I’m not saying we don’t have human beings; we have human beings, but people who know what to do are very few.

So, from my perspective, many companies are looking for good people. So, when we say that we have an unemployment problem, I think it’s more of an employability problem; the people available are not employable. So, you have a lot of engineers, but how many of them can actually do the engineering work? And if you look at countries where manufacturing is done well, you must also know how to market your product. There are gaps in the technical product marketing space. So, finding good people is difficult across that whole chain of activity. That’s the number one problem.

The number two problem is the supply chain.

Now, a part of that problem is people-related.

We don’t have many people who actually understand what supply chain means. We

And our focus is to build a new factory producing 100 megawatts of solar panels per annum. That’s where we are going now. That will greatly help the country because we all know there’s a huge power shortage in Nigeria

have people who just do what I would call fire fighting -something goes bad or is delayed, and you now start running around and trying to solve it. Meanwhile, it would have never happened if you had made a better plan.

Also, a big part of that problem is government-related.

If you want to import something today and it’s going through the Nigerian ports, of course, you are going to deal with customs. Customs as an organization is designed to raise revenue, not to facilitate trade.

So, a customs person will frustrate trade to increase revenue, forgetting that by frustrating trade, you are jeopardizing revenue generation because it means if you frustrate my business and I make a loss, I don’t pay tax. So the money you get by frustrating me when it’s time to bring I’m my goods, you lose more because I’m not going to pay tax. You will even lose more because I won’t employ more people. So, there is a domino effect on that.

But the mentality of the Customs is, ‘We want to increase revenue. How do we increase revenue?

We want to make sure people pay more’. And part of what I’m saying is that it’s not just telling you to pay more in terms of your duties, but you have situations where you bring something in, the duty is five per cent, but because they want to raise revenue, they want to see how they can make you pay 20 per cent. Now, in the course of going back and forth to resolve that, you pay a lot of demurrage.

Unfortunately, in Nigeria, there is no recourse. So, you can’t say Customs have held my goods; let me take it to a higher authority that can quickly resolve the problem. So, that’s a big issue, and that’s just Customs alone. At the ports, you will still deal with SON, NAFDAC, and Marine Police. Talking about NAFDAC, you don’t make any food or drugs, but you will be surprised to know that we make plastic enclosures, and to bring in our plastic pellets, we need a NAFDAC licence. For some of our processes in treating steel, before we powder-coat them, we use chemicals to clean the steel; we need a NAFDAC permit to bring in that chemical. You now have other funny things like when you bring in things, they do an inspection, and so many agencies go to inspect.

You go through all that, and eventually, the goods come out. Then, as the truck is coming to deliver to you from Apapa, they get stopped on the way by some group that says they are from SON, but you had SON people at the port who had inspected the same goods. So, you have all those sorts of interruptions in your production. So, it affects your supply chain.

How can the government support the growth of the manufacturing sector in Nigeria?

I don’t have a list off the top of my head, but the objective of anything the government would be doing would be to say, how do we make companies in Nigeria more competitive than our next-door neighbours? Because the reason why we easily buy from China is because they’ve designed a system to sell to the world. So, it goes from some of the things I had explained. Let’s invest in education. You can sit down as a government to say, in the next five to 10 years, I want Nigeria to be the go-to place for solar or anything.

The first step is getting as many people as possible educated at all levels of solar knowledge. If you want it to be software engineering, do that. So, all these things have to be built. So, when you find a particular county doing well in a particular area, it’s usually not a mistake. It was a deliberate effort made to build things in that area. So, if you want us to be a good manufacturing destination, first, you must make sure that if anybody lands here and wants to set up a factory for making anything, the kind of people he would need are very much available.

If not, is he going to spend 90 per cent of his time looking for those kinds of people? That’s important.

So, the government has to deliberately decide to say we are going to take education seriously because that’s the bedrock of whatever we are going to do.

The second, of course, is to look at the impact of government regulations and policies on the manufacturing sector. I’ve said the KPIs of the Nigerian Customs is revenue generation, not trade facilitation. So, they actually do not keep an eye on trade facilitation. So, rather than saying that the KPI of Customs should be about the turnaround time.

How quickly do containers arrive at the ports and move out? Or what’s the volume of goods that come in and leave the country? If you use that as the KPI, they will keep an eye on saying we need to ensure that more things move out of the country.

But that’s not the KPI of the Customs. So they are measuring themselves based on how much money they collected, and all their focus is on that. Nobody is asking whether companies have died in the process, raw materials that were imported spoilt, or agricultural

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HOMES&DESIGN

A & A Towers, Pride of Eko Atlantic City The A & A Towers, designed and rendered by Arkland Group, is an A-list masterpiece in Eko Atlantic City in Lagos. Bennett Oghifo writes

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he Arkland A&A Towers is a 22-floor edifice consisting of two- and three-bedroom homes, shops, and offices constructed to the highest specifications.

A & A Towers nestles on the serene waterfront off the coast of the Atlantic Ocean, and it is fondly described as the pride of Eko Atlantic City by its developer.

It is strategically located within the innovative new metropolis. This elite

Oceanfront District is among 10 expertly created residential and business zones. The Oceanfront neighbourhood, located near Eko Atlantic’s commercial sector and Lagos’ new financial centre, offers fashionable and premium seaside living with a multitude of state-ofthe-art amenities and facilities in a curated, smart community maximised for optimal living conditions.

Amenities in A&A Towers include

breathtaking views, spacious floor plan fully fitted kitchens, upscale bathroom fittings, fitness centre, spa, restaurants, swimming pool, retail and office spaces, 24-hour concierge service, 24-hour power supply, valet, and drop.

Arkland Group is a full-service real estate organisation operating in major cities with core competencies in property development, advisory, facility, and project management.

“At Arkland Group, we specialise in acquiring, developing, and investing in sustainable housing properties in cities across Nigeria. With 300 developed housing units and over 2,000 ongoing units, we have earned our reputation as one of the leading real estate companies and property developers in this market.

“Our focus is longevity and sustainability, with a goal to deliver value to our clients on every investment made,” the company stated.

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BUSINESSSPECIAL

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

Oni: How Parents Can Easily Fund the Education of their Children Head, Trust Services/Legal, STL Trustees Limited, Mr. Akin Oni, spoke on how parents can successfully take care of the education of their children and why his firm introduced a product to assist them in achieving that. Nume Ekeghe brings the excerpts: Can you explain in detail the unique features and benefits of the STL Children Education Trust compared to other educational savings plans? et us start with the question: Why did we design this product for public subscription?

You will agree with me that topmost on the mind of every parent is the success of their children in life and it all starts with solid education.

This product is to lay a solid foundation for the future success of our clients’ children. It ensures that the education of our clients’ children is not truncated or distorted for whatever reason while they are alive or when they pass on.

There are of course different ways of provisioning for children’s education.

Some do it in form of savings, whilst some make investment in assets and instrument for future sales.

However, none of these ways of investing in children’s education avails the parents the benefits that STL Children Education Trust (CET) offers.

The unique benefit of STL Children Education Trust compared with other educational savings plans is the Trust feature which means that the Trustee would be able to disburse without any hindrance whether the parents are alive or not. Unlike the savings where the beneficiary has no access to the fund until a certain age and the fund has to be probated in case of demise of the parents before the beneficiary is of age, in case of demise of any of our subscribers, STL Trustees would immediately step into the role of a sponsor within the limits of the funds accumulated under the product and ensure that the student (beneficiary)’s education is funded (school fees, paid and educational materials, procured)

within the Trust that are specifically designed to hedge against inflation?

If so, how do they work?

To hedge against inflation, there are high yield instruments for consideration.

However, the safety of the Trust Fund is paramount when such instruments are considered for investment. Such instruments could be considered where the returns are guaranteed. So, we do consider the safety of the fund first above returns. It is forbidden to deplete your client’s fund under any guise.

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Can you explain how the Trust adjusts its investment strategies based on economic forecasts and inflation trends?

We consider the economic outlook, both micro and macro in choosing our instruments. This determines the investment strategy for each Trust in our portfolio. Mostly, we invest in shortterm instruments, as we cannot afford to lock in the Trust Funds when the returns are low. We also consider the tenor of the Trust vis-à-vis the liquidity to meet the educational needs of the beneficiary.

Oni

“We consider the economic outlook, both micro and macro in choosing our instruments.

This determines the investment strategy for each Trust in our portfolio. Mostly, we invest in short-term instruments, as we cannot afford to lock in the Trust Funds when the returns are low.”

How does the Trust ensure the invested funds grow and keep pace with the rising cost of education?

The fund under Trust is not left idle. It is invested to grow the value of the Trust and generate return which in turn is compounded into the Trust year after year. STL Trustees has the technical knowledge of instruments appropriate for a Trust Fund. We also hold our clients and subscribers the fiduciary duty of care to choose the instrument that best suits the purpose.

What are the different investment options available within the Trust, and how can clients choose the one that best suits their risk tolerance and goals?

At STL Trustees, we have put in place an investment policy primarily to ensure the safety of the funds and also for classification of qualified instruments and acceptable returns based on the tenor of the Trust and

the risk appetite of the Settlors.

Savvy Settlors in some cases are also allowed to be involved in investment decision making.

What are the flexibility options available for starting and managing a Children Education Trust, such as contribution amounts and frequency?

There are provisions for lump sum for those whose goal is to take advantage of the Trust feature of the product. Our subscribers could also set up the Trust or subscribe to the product with a discounted amount of what is required of them in the future with the assurance that the balance would be met with the future earnings on the fund under Trust.

There is another arrangement for periodic replenishment of the fund under Trust based on the income capacity of the Settlor. This could be monthly, quarterly, half yearly etc.

Do you offer investment options

Given the current economic challenges in Nigeria, are you seeing increased interest in the Children Education Trust from parents seeking to secure their child’s future?

Definitely, Yes? People can no longer rely on government for the educational needs of their children, hence they start making provisions ahead of admission, whether secondary or tertiary education.

Parents are beginning to realize the peculiar advantage that Trust products provide and also the need to make projections to forestall unforeseen circumstances and to make provisions for future expenses, especially as it touches their children’s education.

Beyond the Children Education Trust, what advice would you give parents concerned about their children’s educational opportunities in the current economic climate?

The priority of every parent is the success of their children. Life is also full of uncertainties. It is better to make hay while the sun shines by making provisions for the education of their children and wards. They may acquire assets that are tradeable and have capacities to appreciate in future to take care of their children’s education.

They should also convert such assets to a Trust to ensure the education of the children is not truncated by death of disability or incapacity of whatever form.

MONDAY FEBRUARY 19, 2024 • T H I S D AY

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MONDAY, FEBRUARY 19, 2024 • T H I S D AY

This Week In Tech Tech Top 5 News 08097710984 (WhatsApp only)

JUMIA, AFRICA’S E-COMMERCE GIANT, REPORTS 64% DECREASE IN OPERATING LOSS FOR 2023

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umia, Africa’s leading e-commerce platform, has released its earnings statement for the full year 2023, revealing a significant 64% decline in its operating loss compared to the previous year, totalling $73 million. However, the company experienced a 20% year-over-year decrease in gross merchandise value (GMV) to $750 million, attributed to currency devaluation across markets.

The currency devaluation also contributed to an 8% decline in revenue for Jumia, amounting to $186 million. Despite these challenges, Jumia remains optimistic about its path to profitability, citing positive results from transformational policies implemented in the previous year.

In efforts to streamline operations, Jumia underwent significant changes, including layoffs and discontinuation of unprofitable ventures like its food delivery service, Jumia Food.

Francis Dufay, Jumia Group’s CEO, Francis Dufay, highlighted the impact of high inflation rates and currency depreciation on customer purchasing power, necessitating the company’s transformation efforts.

Dufay emphasised the company’s leaner and more focused approach, achieved through costsaving measures and strategic realignment. He expressed confidence in Jumia’s ability to return to growth in 2024 while further reducing losses, pointing to recent quarters’ performance as evidence of strategic progress and positioning for future growth. Jumia aims to concentrate its resources on its core physical goods business, anticipating revenue growth and improved margins in the coming year.

WAKANOW PARTNERS MNTO TO UNLOCK IMMERSIVE TRAVEL EXPERIENCES Wakanow, Africa’s premier travel technology company, unveiled an unprecedented collaboration with the Moroccan National Tourist Office (MNTO), aiming to revolutionise travel to Morocco and showcase its vibrant culture, rich history, and stunning landscapes to African travellers.

This strategic alliance aligns with Wakanow’s mission to create unforgettable travel experiences and MNTO’s vision of positioning Morocco as a top destination in Africa. The partnership promises to offer travellers immersive cultural explorations, culinary adventures, outdoor wonders, and access to sports and entertainment events.

Wakanow’s Group CEO, Bayo Adedeji, expressed excitement about the partnership, emphasising its significance beyond business and aiming to bring Moroccan culture closer to customers. Adedeji

Alekhuogie

alekhuogien@yahoo.com

TECH PERSONALITY OF THE WEEK

Aisha Raheem-Bolarinwa: Pushing Boundaries, Leveraging Technology for Agricultural, Medical Development

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isha Raheem-Bolarinwa wears many hats. She is the founder, CEO, and vision director of Farmz2U, a digital platform revolutionising agriculture, and an OYW Ambassador for One Young World. Her journey began with a health scare in 2014, spurring her to prioritise healthier eating habits. This led her to uncover the challenges plaguing the food industry, igniting her determination to combat food waste and enhance nutritional intake.

Farmz2U, under Raheem-Bolarinwa’s leadership, addresses these issues by assisting farmers in crop planning, thereby curbing food wastage. The platform empowers farmers to make informed decisions about crop selection, budgeting, and profit targets. It also provides vital resources such as training guides, market insights, and access to financing and insurance. Raheem-Bolarinwa’s vision extends beyond farm management; she envisions a future where health-conscious consumers can use Farmz2U to create personalised meal plans and shop directly from local farmers.

Raheem-Bolarinwa’s entrepreneurial spirit doesn’t stop there. In 2014, she founded Stealth Startup, aiming to bridge the gap between farmers and consumers in the natural food marketplace using technology. Her innovative approach caught the attention of the Royal Academy of Engineering, earning her a spot on the shortlist for the 2020 Africa Prize for Engineering Innovation.

Collaboration lies at the heart of Aisha’s endeavours. Farmz2U has already forged partnerships with commercial farmers and the Nigerian Ministry of Agriculture’s farmer support program, expanding its reach to smallholder farmers. With each initiative, Raheem-Bolarinwa continues to push boundaries, leveraging technology to drive positive change in the agriculture and health sectors.

MASTERCARD, GLOVO COMBAT HUNGER, BOOST EDUCATION IN AFRICA Mastercard, a global leader in technology and payments, has unveiled a partnership with Glovo, a multi-category app connecting users with essential services. The collaboration aims to confront hunger and enhance educational opportunities in underserved communities across Nigeria and Kenya.

The joint endeavour promises to deliver more than 300,000 meals to schoolchildren throughout the academic year, a crucial step towards alleviating poverty, malnutrition, and educational deficits in these regions.

Mastercard, renowned for its commitment to social responsibility and global equity, joins forces with Glovo to ensure that school-aged children receive nutritious meals, creating an environment conducive to learning and development.

To maximise their impact, Mastercard has enlisted the support of local charities such as the Lagos Food Bank Initiative in Nigeria and Food4Education in Kenya. With every transaction made on the Glovo app, Mastercard pledges to donate funds to these organisations, facilitating the provision of meals to children in need.

This groundbreaking initiative, a pioneering effort in both West and East Africa, underscores Mastercard’s dedication to sustainable solutions that uplift communities and promote overall prosperity. Folasade Femi-Lawal, Mastercard’s Country Manager and Area Business Head for West Africa, emphasises the company’s mission to extend the benefits of the digital economy to one billion individuals, highlighting the initiative’s role in driving positive change.

Lamide Akinola, Glovo’s General Manager in Nigeria, echoes these sentiments, emphasising the transformative potential of partnerships between businesses in addressing social challenges.

Through this collaborative effort, Mastercard and Glovo aim to provide meals and inspire hope and happiness among children in underserved areas, fostering an environment conducive to their education and well-being.

Nosa

highlighted their commitment to expanding offerings and ensuring every journey becomes a memorable story.

The partnership signifies a major milestone in Wakanow’s quest to curate unique travel experiences that resonate with adventure and cultural curiosity. Through this collaboration, Wakanow plans to introduce tailored travel packages showcasing Morocco’s beauty, heritage, and vibrant culture.

Adel El Fakir, MNTO’s Director General, emphasised the shared dedication to promoting Morocco’s cultural diversity. He expressed enthusiasm about working with Wakanow, a partner that values the transformative power of travel and cultural exchange.

The partnership will commence with a series of initiatives to bring the magic of Morocco to life for travellers. From the bustling markets of Marrakech to the serene landscapes of the Atlas Mountains, Wakanow customers can expect a range of unconventional travel options offering deeper connections to the destinations.

As Wakanow solidifies its position in the travel industry, the partnership with MNTO underscores its commitment to enriching travel experiences with cultural depth and authenticity.

Travellers can anticipate exploring Morocco in a way that celebrates its heritage, landscapes, and the warmth of its people, ensuring every journey becomes an unforgettable chapter in their travel diaries.

OPENAI ELEVATES AI CAPABILITIES WITH SORA OpenAI, the mastermind behind ChatGPT, has unveiled ‘Sora,’ a groundbreaking generative AI designed to transform short text descriptions into vividly realistic video clips. This innovative leap represents a significant advancement in artificial intelligence technology.

Sora can generate high-definition, movie-like scenes featuring multiple characters, diverse motions, and intricate background details based on concise or detailed descriptions or even still images. Additionally, the AI can “extend” existing video clips by filling

in missing elements, enhancing the overall viewing experience.

Following in the footsteps of tech giants like Google and Meta, who have previously launched video-generating tools, OpenAI introduces Sora as its latest contribution to AI-driven content creation.

Announcing the tool’s launch via a post on X, OpenAI’s CEO, Sam Altman, invited followers to put Sora to the test by providing prompts for video creation. The response was enthusiastic, with users offering various prompts that resulted in the creation of several compelling videos.

In a blog post, OpenAI emphasised its mission to teach AI to comprehend and simulate the dynamic nature of the physical world, aiming to develop models that facilitate problem-solving through realworld interaction.

“Sora can produce videos of up to a minute in length while maintaining visual fidelity and adhering to the user’s specifications. The AI excels at generating intricate scenes featuring multiple characters, specific motions, and precise environmental details,” OpenAI stated.

The AI’s deep understanding of language enables it to accurately interpret prompts and craft compelling characters capable of expressing vibrant emotions. Moreover, Sora can generate multiple shots within a single video, effectively capturing diverse visual styles and character portrayals.

However, OpenAI acknowledged certain limitations of the current Sora model. The AI may struggle to simulate complex physics scenarios and understand specific cause-andeffect relationships accurately. Spatial details and temporal events could also challenge the AI’s comprehension.

Although Sora is not yet available to the general public, OpenAI is granting access to visual artists, designers, and filmmakers to gather feedback and refine the model to serve creative professionals better. This collaborative approach reflects OpenAI’s commitment to continuous improvement and innovation in AI technology.

FG, WORLD BANK UNITE TO REVOLUTIONISE BROADBAND CONNECTIVITY The Federal Government of Nigeria and the World Bank are pooling resources to secure a staggering $3 billion in funding to expand broadband connectivity across the nation. This ambitious initiative targets the deployment of an additional 120,000km of fibre optic cables, ushering in a new era of enhanced digital infrastructure and connectivity in Nigeria.

The announcement was made recently by Dr Bosun Tijani, the Minister of Communications, Innovations, and Digital Economy, during a pivotal stakeholders’ engagement event themed ‘Realising a Nigerian Vision of Broadband for All’.

Tijani expressed optimism that the necessary funds would be mobilised within the next two to three years, with active involvement from private sector stakeholders and implementation slated over three years.

Highlighting the critical importance of investing in digital backbone infrastructure, the minister underscored the imperative of ensuring affordable and equitable access to the digital space for all Nigerians, regardless of their location.

While Nigeria has already laid 3,035km of fibre optic cables, the plan seeks to scale up to 120,000 kilometres to ensure ubiquitous access to quality internet and digital services nationwide.

The World Bank’s Regional Director for Infrastructure in West and Central Africa, Franz Drees-Gross outlined the project’s first phase, which entails laying 95,000km of fibre optic cables across Nigeria. This monumental endeavour is poised to enhance access to digital services and content nationwide significantly.

Drees-Gross commended Nigeria’s vibrant digital ecosystem, particularly in Lagos, and expressed the World Bank’s keen interest in supporting the nation’s efforts to secure funding for this transformative project. Plans to establish a digital national broadband fund are underway, with discussions centred on the most effective financing mechanisms to realise Nigeria’s broadband expansion goals. With Nigeria’s burgeoning digital landscape and strategic geographic position, the project holds immense potential to position the country as a regional hub for digital services in West Africa.

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RECOGNISED FOR PERFORMANCE...

L-R: Chief Economic Adviser and the Ogun State Commissioner for Finance, Dapo Okubadejo; former Ogun State Governor and National Leader of the All Progressives Congress (APC), Chief Olusegun Osoba; Ooni of Ife, Oba Enitan Adeyeye Ogunwusi; Governor Dapo Abiodun; his Deputy, Engr. (Mrs.) Noimot Salako-Oyedele during the 21st edition of the Sun awards and the presentation of the 'Governor of the Year' award on Governor Abiodun, held in Lagos last Saturday.

Nigerians Drag Akpabio for Blaming Emefiele over Nigeria’s Economic Woes Blessing Ibunge in Port Harcourt Several Nigerians yesterday dragged the Senate President, Godswill Akpabio, for blaming a former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, of being partly responsible for Nigeria’s current economic challenges.

Akpabio spoke at the weekend, in Koroma, Tai local council, during a thanksgiving service organised by Senator Barry Mpigi, representing Rivers South-east Senatorial

District, for his electoral victory.

At the event, Akpabio compared the poor economic condition President Bola Ahmed Tinubu inherited to a pail filled with foam, but which underneath it had a small quantity of water.

"God has been able to merge us together politically. What we need now is economic rejuvenation and I believe strongly that through President Bola Tinubu, God will answer our prayer.

"Nigeria was like a foam inside a pail. As the foam has filled

Duru, Rollas, Others Win at Abuja Nollywood Film Festival, Awards Emmanuel Addeh in Abuja Popular Nollywood actor, Francis Duru, at the weekend won the award for the Best Actor of the Year on the last day of the Inside Nollywood International Film Festival Awards (INIFFAA) held in Abuja.

The award, according to the organisers, was to celebrate talent and encourage creativity as well as recognise sportsmanship towards promoting the positive image of Nigeria.

Other awardees at the event included: Alim Textiles, who won the award for the most influential youth of the year, Emeka Rollas who won outstanding guild leader of the year and Omegbu Onyekwelu, who won the award for best sound.

Duru, while appreciating the organisers of the film festival awards, noted that every award is a reward for hard work, expressing joy that three decades later, he was still getting accolades.

“My advice to the young artists is that process is key. Get knowledge about where you are going to.

Acting is a full-time obsession.

Acting is not just about I want to shine, today. It is a means of communication and to change the world for better,” he added.

The founder and Coordinator of G15 in Lagos, Dr Francis Uchenna, who also won an award

of excellence expressed his gratitude and commitment to supporting the creative industry.

Founder of inside Nollywood, Muoma Obinna, expressed his gratitude for the successful completion of the film festival and said he looked forward to seeing more elaborate ones for indigenous movies, actors, actresses and producers.

Earlier, filmmakers, producers, and other prominent figures in the Nigerian film industry, including Duru and Hanks Anuku, had attended the opening of the event.

At the opening day ceremony, Obinna said it was a platform that promotes the positives of Nollywood across the world as well as the hard work of practitioners.

He disclosed that Nollywood veterans, industry participants, and spectators would receive recognition for their contributions to the nation's film industry's positive narrative.

President of the African Youth Diaspora Organisation and one of Inside Nollywood’s partners, Dr. Eileen Okenwa, said that African tales needed to be shared abroad in a genuine way.

"We need a platform to tell our own side of the story in the positive light, which is very important for the African brand and also the Nigerian brand. There are a lot of misconceptions about Africa and Nigeria in the West and around the world," Okenwa said.

the pail you think that it was water. The economic situation was tricky. By the time you push your hands you will only touch water towards the bottom.

So the kind of economic mess we were in, a lot of people do not understand.

"Like Obama would say you cannot know Washington until you get to Washington. So by the time we went in, the economic situation was terrible. We don't even know what to charge the former Central Bank governor (Emefiele) with. Whether to charge him for putting foam on top of the pail or to charge him for printing notes without income. I don't know what we will charge him with.

“What we know is that we are here today because of the actions and policies that they took and we recognise that, but we are now battling to ensure that Nigerians cab sleep with their eyes closed and have three square meals on

their tables," he stated.

He insisted that Tinubu's policies were designed to gradually give the country the desired economic footprints, adding that such feat would not happen overnight.

Also, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, said that though people complained that the decisions of Tinubu were hard, they remain the only way to take the country to its destination.

But in several online reactions, many Nigerians accused Akpabio of being a case of the pot calling the kettle black.

Some Nigerians took to X to berate the former minister for accusing Emefiele of corruption when he is also being accused of the same allegation.

A Nigerian with the handle, @brotherbarth wrote: “The same Akpabio of the ‘off your mic’ drama. The same Akpabio that has nothing to show at the NDDC.

“The same Akpabio that alongside his colleagues wasted billions on luxury SUVs. The same Akpabio that allowed humongous billions to the National Assembly in the 2024 appropriation.

“The same Akpabio that moves on a long string of absolutely unnecessary convoys except for a display of arrogance. The same Akpabio that was rewarded with senate presidency for the role he played in bringing Tinubu to Aso Rock that he didn’t win. The same Akpabio… Let me stop here. I write from the wilderness,” he said.

Also, @SadiqTade wrote: “You served under the last administration. Was Emefiele your boss then?”

In the same vein, @ MudiagaEsiekpe wrote: “Don’t worry Akpabio, your own case will be revisited when you leave power.

Remember power is transient.”

The case was not different for @Pauly2570, who wrote wrote:

“Start by refunding all the ones you looted as well as the token sent to your email boxes. Then the billion Naira SUV cars should be sold and the money ploughed back into the economy.

“That’s when I can consider taking you seriously. Otherwise, you’re only mocking the people,” he said.

On its part, @Gracedup1 wrote: “Akpabio that stole Akwa Ibom blind? This guy was wanted by EFCC until he decamped to APC and smuggled his way to Senate President’s seat.”, while @DePatriot wrote: “Can’t blame Akpabio!

“The same Akpabio coordinated the purchase of hundreds of foreign SUVs & millions of Naira salaries for legislators whose only duties is lawmaking and oversight functions, of no gains!”

Also, @ai_austin wrote: “These people want to deflect our attention and put everything on Emefiele. You’d terribly naive to believe this narrative.”

Nigeria Tops List as Violent Attacks on Schools in Africa Rise by 20% Emmanuel Addeh in Abuja Save the Children, a 104-year-old UK-based global independent non-profit organisation helping to raise money to improve children’s lives, at the weekend said that the number of violent incidents affecting education in African countries rose by 20 per cent in 2023.

The group said there were 411 reports of violent incidents, according to its new analysis released at the 37th African Union (AU) summit in Ethiopia, with Nigeria topping with 89 incidents.

“These incidents include drone strikes on schools, the killing of primary teachers, and the use of tear gas to disperse teacher meetings, with the majority of incidents taking place in Nigeria (89) and Sudan (55).

“Other incidents included the killing of a school guard and dumping of his body, the raid of a primary school to use it as a training ground, and air-raids on schools sheltering displaced families,” it stated.

For the analysis, Save the Children said it reviewed individual incidents of political violence affecting education

reported by the Armed Conflict Location & Event Database (ACLED) in 2022 and 2023 across African Union member states and saw an alarming rise in attacks year-on-year.

With education being the "AU theme for 2024", and African leaders committed to building resilient education systems for increased access to inclusive, lifelong, quality, and relevant learning in Africa, Save the Children urged leaders to walk the talk and make schools safe places for children.

The organisation, which has general consultative status in the United Nations Economic and Social Council (ECOSOC) also called on countries in the AU which have not endorsed the Safe Schools Declaration to do so, and for those countries to fully implement the commitments in the Declaration, including developing a ‘costed’ implementation plan.

The Safe Schools Declaration is an inter-governmental political commitment to protect students, teachers, schools, and universities from the worst effects of armed conflict.

So far, while globally 119 states

have endorsed the declaration, currently only 37 out of the 55 members of the AU have made a similar commitment.

Deputy Speaker at the National Children's Parliament in Nigeria, Ibrahim Zanna Sunoma, who is attending the Summit, called on all AU member states to use the summit to come up with concrete steps to implement the 2024 year of education.

He said: "Growing up in the deadly armed conflict in Northeast Nigeria, I've borne witness to the catastrophic toll that violent incidents exert on our education systems.

“These acts of violence not only ravage school buildings but also tear at the very fabric of our society, leaving a trail of shattered dreams and fractured futures in their wake.

“They instil fear and rob countless children of their fundamental right to learn in a safe and nurturing environment. The scars of these traumatic experiences run deep, leaving an indelible mark on the hearts and minds of we, the children.

"When crisis befalls us, the next thing that follows is schools shut

down, destroyed, vandalised, and looted. Thousands of children, teachers, and other school personnel are killed, abducted, and maimed, and those that are left have a crippled definition of the future.”

Also, Save the Children's Interim Director of the Pan Africa Office and AU Representative, Mohamud Mohamed Hassan, lamented that while the AU has made significant efforts to protect students, teachers, schools, and universities from attacks and promote safe education, things have started to go backwards.

"Across Africa, children are being killed on the way to school, they are being terrorised at school, and their schools are being bombed. Even when a child is able to get to school, he or she is often in real danger. Many children attend in spite of the risks, but no child should have to face that choice. But how can they possibly be expected to learn?

"The consequences of attacks and violence in schools are immense – children are injured from direct attack, education is disrupted, parents fear for their children to go to school, and communities struggle.

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INDEPENDENT COMPANY OF THE YEAR AWARD...

L- R Technical Assistant to COO, Aiteo Eastern E&P Co. ltd. , Chidumije Iheanacho; Director Economic and National Content Monitoring, Petroleum Authority of Uganda, Republic of UgandaMrs. Peninah Aheebwa; Group Head, Strategic Communications, Media Operations & Events , Aiteo Global Group , Ndiana Matthew receiving the Independent Company of the Year Award at the just concluded 8th Sub-Saharan Africa International Petroleum Exhibition & Conference, SAIPEC in Lagos , Nigeria.

Edo 2024: Okpebholo Campaign Faults Ganduje’s Congratulatory Message to Idahosa Decision null, void, says group Adibe Emenyonu in Benin City and Juliet Akoje in Abuja The campaign organisation of a factional candidate in last Saturday's governorship primary of the All Progressives Congress (APC) in Edo, Senator Monday Okpebholo, has faulted the congratulatory message from the National Chairman of the party, Abdullahi Ganduje to Mr. Dennis Idahosa.

He described the message to Idahosa, another candidate who emerged after the primary, as misleading and an attempt to give credence to Idahosa's claim to victory.

The Director of Media and Publicity of Okpebholo’s campaign, Godswill Inegbe, said Ganduje as the father and respected leader of the party couldn’t have hurriedly issued a congratulatory message when controversies and other issues characterised the announcement of the results.

The Imo State Governor, Hope Uzodimma, who doubled as the chairman of the APC primary in Edo State, had declared Idahosa winner of the primary with 40, 453 votes, while Dr Stanley Ugboaja, who was the Chief Returning Officer for the poll at a separate venue, announced Okpebholo winner, having scored 12, 145 votes.

But Okpebholo’s campaign , represented by Inegbe said that such a congratulatory message couldn’t have come from Ganduje in view of the issues surrounding the outcome of the primaries.

Inegbe noted that in his phone conversation with the Chief Press Secretary to the National Chairman of APC on Sunday morning, Mr Edwin Olofo, he neither confirmed nor acknowledge that the statement came from him.

He said: "My conversation with Edwin Olofo was shocking and revealing to say the least. I am

the Press Secretary to Senator Okpebholo, and in any given circumstance when I release a statement on behalf of my principal, if anyone across the world reaches out to me for confirmation, I do so with all pleasure and authority, because my statements are approved and authorised by my principal.

"However, in this case, when I called Mr Olofo for confirmation of the purported congratulatory message from the National Chairman of APC allegedly authored by him, he couldn't confirm that the statement was released by him."

The media aide to the federal lawmaker said his principal has implicit confidence in the national and state leadership of the great party to ensure that the victory of Okpebholo in the February 17, APC primary election is upheld.

Meanwhile, a group, the APC Stakeholders Forum has described the purported announcement of

Idahosa as the winner of Edo state governorship primary election by Uzodimma of Imo state as null and void.

Leader of the group, Hon. Emmanuel Godwin, while briefing the press yesterday said that Uzodimma lacks the power to usurp the duties and responsibilities of local government returning officers in the Edo state primaries.

"In this instance, we have been inundated with news that a particular candidate was announced yesterday by Governor Hope Uzodimma who incidentally is the chairman of the primary election committee, Edo state.

“It is unfortunate that Hope Uzodimma who is not the returning officer in whatever capacity assumed the position and went ahead to announce Denis Idahosa when the returning officers were still collating the results.

"We wish to therefore state

Academic Technologists Condemn Selective Payment of Withheld Varsity Salaries Onyebuchi Ezigbo in Abuja The National Association of Academic Technologists, (NAAT) has deplored the payment of four months withheld salaries to the Academic Staff Union of Universities (ASUU) and the exclusion of the three other university-based unions.

It said that the federal government should be held responsible if there is any outbreak of industrial crisis.

President Bola Tinubu had recently approved that four out of about seven months withheld salaries of the university-based unions should be paid to the involved university based unions, which went on strike between February to August 2022.

The affected unions are ASUU, NAAT, the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union of Educational and Associated

Institutions (NASU) THISDAY reliably gathered that the Office of the Accountant General of the Federation has started paying ASUU the said four months withheld salaries in exclusion of the other three unions.

But NAAT has condemned what it described as selective action of the government and has directed all its branches to immediately commence mobilisation of its members for a nationwide protest if the government fails to pay them.

A statement issued on Sunday which was signed by the association's President, Ibeji Nwokoma, described the exclusion of his members as unfair and unjust.

The statement read: "The leadership of NAAT is compelled to issue this press statement as a response to the worrisome information available to the union on the selective payment

by government in the payment of withheld salaries to members of ASUU, while excluding members of NAAT, NASU and SSANU. "This indeed is a recipe for industrial crisis and a total breakdown of academic activities at such a time peace was returning to our campuses.

The federal government should therefore be held responsible for any industrial disharmony due to their actions and inactions.

"It is important to draw the attention of the general public to the fact that the struggle the union embarked upon was for the betterment of university education which was spearheaded by all the university-based unions, NAAT, ASUU, NASU)and SSANU. "Therefore, NAAT wonders the rationale behind the selective treatment. This is a calculated attempt to deny our members their

entitlements and create disaffection within the system that will further plunge the universities into more avoidable crises.

“These divide and rule tactics of the government will not and must not be allowed to stand. Equity, fairness and justice should be the guiding principles expected of federal government,” it added.

According to NAAT, it is worthy to note that the Minister of Education, Prof. Tahir Mamman (SAN) at the high-level stakeholders meeting held on January 11, 2024, stated that nobody will be short-changed.

The union said Tahir stated that the payment of the withheld salaries covers all the university-based unions and that federal government was determined to do everything humanly possible to avoid any disruption of academic activities in the campuses.

categorically that the purported announcement is null and void and it should be disregarded in its entirety. Uzodimma lacks the power to usurp duties and responsibilities of local government returning officers in the Edo state primaries.

“We also condemn in very strong terms the attempt by Uzodimma to subvert the will of the Edo people by declaring fictitious results from the 18 local government areas in the absence

of the collation officers who were officially sent to the various local governments," he stated.

The group called on Ganduje and President Bola Tinubu to, as a matter of honour, discard Uzodimma's declaration of Idahosa, insisting that he didn't win the primaries.

It stressed that Idahosa lacks the capacity, competence and character to win Edo state gubernatorial election for the APC, come September 2024.

House C'ttee Seeks Navy's Collaboration to Fish Out Crude Oil Thieves Juliet Akoje in Abuja The House of Representatives’ Special Committee on Crude Oil Theft and Losses, has appealed to the Nigerian Navy to assist it with relevant information to unravel those behind the perennial stealing of the country's crude oil.

The Chairman of the Committee, Hon. Ado Doguwa, made the appeal during a special engagement with the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla over the weekend.

Doguwa stressed that crude oil theft remains a major concern to the economy of the country, noting that there was the need to extend the hand of fellowship to the relevant security stakeholders that have long been existing in the space to fight against the criminalities.

"You can all recall that the recent projection for the year 2024, the parliament budgeted about N28.77 trillion based on crude oil bench mark of $77.96 per barrel and the production of 1.78 million barrels per day. “ In January 2024, Nigeria’s oil production rose to about 1.42 million barrels per day, this represents an increase of about 6.85 per cent compared to the production figure of 1.39 million barrels per day in December 2023.

"Though there seemed to

be a gradual improvement of oil production, but we are still bellow the OPEC quota of 1.58 million barrels per day in the 2024 budget benchmark. The major reason the country is not meeting her production targets is largely attributed to crude oil theft . “ This theft is being carried out in collusion, that not only threaten the economy of the country but has even precipitated crisis bothering on national security," he stated.

In order to address the criminalities, he said the house instituted the special committee and charged it with the responsibility of investigating all dimensions of oil theft with a view to bringing all culprits to book.

He noted that the committee had since commenced legislative work, engaging strategic stakeholders, and will soon begin public investigative hearings on identified malpractices.

He said that on February 9, 2024, the committee visited a site of arrested two vessels in Delta State, for involvement in crude oil theft, noting that the occurrences calls for an overhaul of the security architecture around the oil and gas infrastructure and the nation's marine environment.

“We need to strengthen collaboration among the security agencies and also the private security that we have on ground," he stated.

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MBAH BAGS SUN GOVERNOR OF THE YEAR AWARD...

L-R: Former Minister of State for Mines and Steel Development, Dr. Uche Ogah; Secretary to the Government of the Federation, Sen. George Akume; National Vice Chairman (South East), Peoples Democratic Party, PDP, Chief Ali Odefa; governor of Enugu State, Dr. Peter Mbah; and the SSA to the President (Media), Office of the Vice President, Mr. Stanley Nkwocha, during the presentation of The Sun Governor of the Year 2023 to Dr. Mbah in Lagos at the weekend.

Labour Party Crisis Gets Messier as Oparah Drags Abure to Court Wants court to compel EFCC to investigate party's account Ex-acting national chair, Lebeke, denies signing cheques between Feb 7 and March 18 State chairmen pass no confidence vote on embattled leader Chuks Okocha in Abuja and Segun Awofadeji in Bauchi The financial crisis and allegations of forgery against the National Chairman of the Labour Party, Julius Abure, is already spinning out of control as the suspended National Treasurer of the party, Oluchi Oparah, has dragged Abure and the Economic and Financial Crimes Commission (EFCC) to court, urging the court to compel the anti-graft body to investigate the national chairman.

She also urged the court to quash her six months suspension by the party as she was not given fair hearing before she was suspended by the party leadership, who sat in her absence.

In a related development, a former acting national chairman, Maria Lebeke, has also corroborated Oparah’s allegations by accusing Abure of forging her signature when she acted as national chairman after then leader, Abdulkadir Abdulsalam, died in December 2020.

Unfortunately, the plight of Abure was worsened yesterday as chairmen of the party across the 36 states

unanimously passed a vote of no confidence in him, and asked him to step down with immediate effect.

However, in suit number FHC/ ABj/CS/202/2024 dated February 15 2024 filed by her lawyer, Emeka Etiaba, SAN, titled: " Originating summons pursuant to order 3 rule 7 of the federal high court (civil procedure) rules, 2019 and under the inherent jurisdiction of this honourable court, Oparah asked the court whether it was not under the EFCC rules to investigate forgery.

In the affidavit she deposed, Oparah said, "I wrote a letter to the first Defendant (EFCC,) bringing a formal Petition dated the 14" of February, 2024 against the National Chairman of the Labour party Comrade Julius Abure, the 2nd Defendant in this suit for several grievous offences bordering on forgery, embezzlement of the 3rd Defendant's funds, and abuse of office and failure to account for 3rd Defendant's funds at his disposal. The letter is annexed as Exhibit A. "The 2nd Defendant assumed the position of Acting National Chairman in January, 2021 following the demise

of his predecessor, Alhaji Abdulkadir Abdulsalam, on the 29th of December, 2020. He subsequently began a pattern of financial recklessness and lack of accountability that has characterised his tenure to date.

"The most grievous act of impropriety by 2nd Defendant pertains to his forgery of the signature of the late Alhaji Abdulsalam, 61 (Sixty-One) days after Abdulsalam's death with which he withdrew monies from the account of the defendant.

"The 2nd Defendant proceeded to unilaterally sign several bank cheques and depleted the balances in the 3rd Defendant's Zenith Bank account (Account No.1010984346) without recourse to any other member of the National Working Committee.

"The sum of N14,000,000.00 (Fourteen Million Naira only) had been lodged into the aforementioned account on 18 of February 2022, 51 days after the death of the erstwhile National Chairman.

"Between the 28 of February and 7th of March, 2022, the 2nd Defendant prepared and presented several cheques supposedly counter-signed by the late Alhaji Abdulkadir for payment

at the Ceddi Plaza branch of Zenith Bank Plc in Abuja.

'The monies paid earlier into the referenced account were completely depleted by: the 2 Defendant. The 2nd Defendant unilaterally signed the withdrawal instruments as acting National Secretary and forged the signature of his predecessor, the late Abdulsalam in order to deplete the 3rd Defendant's funds, without the knowledge of or recourse to the NWC. "These criminal actions represent the beginning of the high level of corruption that has now come to define the 2nd Defendant's tenure as National Chairman of the 3rd Defendant," she stated in the petition to the EFCC and federal high court She explained that within the period under review that "large sums of money were raised from the sale of nomination forms for the several elections held ni 2023.

“Apart from proceeds from Edo State (in 2024) which the 2nd Defendant actually diverted to his personal accounts, the 2nd Defendant declared only N55 million out of about N3 billion raised, failing to account for the balance.

Bandits Kill 12, Raze 17 Houses in Fresh Attack on Kaduna Community John Shiklam in Kaduna Twelve people have been killed while nine others were seriously injured in an attack by bandits on Gindin Dutse Makyali village of Kufana district, Kajuru Local Government Area of Kaduna state.

A resident of the community said the attack occurred in the early hours of Sunday.

He said residents of the community were asleep when the invaders, upon arrival, started burning houses and shooting sporadically.

He said 12 people were burnt to death in their rooms as it was impossible for them to escape as the bandits continued to

shoot, adding that nine people who escaped from their houses sustained injuries from the inferno.

The resident said that 17 houses were razed by the bandits during the attack, which according to him, lasted for over an hour, allegedly without any response from a military checkpoint stationed close to the community.

In the meantime, Governor Uba Sani has condemned the attack, saying that the state government was working with security forces and other critical stakeholders to mitigate security challenges across the state.

In a statement on Sunday

by Samuel Aruwan, the

Commissioner overseeing the Ministry of Internal Security and Home Affairs, Sani reiterated government's commitment to tackling the security challenges.

"Governor Uba Sani received security reports on renewed bandits attacks resulting in loss of lives, kidnappings and destruction of properties in Kajuru and Igabi LGAs. "Governor Sani who has been leading meetings with security forces, condemned the attacks in strong terms and prayed for the repose of the souls of the deceased.

"He also directed the State Emergency Management Agency (SEMA) to, as a matter of urgency, assist the affected

communities in Kajuru and Igabi LGAs following the razing of some of their houses and valuables.

"The governor further reiterated the government's dedication and commitment in tackling the security challenges experienced across the state," the statement added.

Kaduna has witnessed a resurgence of banditry with frequent cases of killings and abductions in parts of the state.

On Friday, bandits invaded Kwassam community in Kauru LGA of the state, killing six people, while five others, including a retired director of the of Central Bank of Nigeria (CBN) were kidnapped.

“This undeclared balance from sale of nomination forms as well as all donations received from followers and sympathizers of H.E. Peter Obi, remains unaccounted till date and all requests for accountability have been rebuffed by the 2nd Defendant.”

On her part, Lebeke, in an interview by Arise news Television, Labaka denied signing any cheque between February 7 2022 and March 18 2022, the period when the said Ñ14 million and two instances of N7 million were withdrawn from the account of the party by Abure "The cheques between February 7 and March 18, I did not sign them.

I only signed the cheques for March 29 meeting in Benin for the National Working Committee members and states chairmen of the party.

"Mr. Abure also forged my signature for the change of signatures as national chairman," she disclosed in the interview.

Meanwhile, chairmen of the party

in the 36 states have unanimously passed a vote of no confidence in Abure, and asked him to step down with immediate effect.

The Plateau State chairman of the party, Comrade Solomon Ndam, read the position of the party chairmen at a press briefing held in Bauchi State, weekend.

"We extend warm greetings to all faithful members of the Labour Party (LP) of Nigeria and to every Nigerian dedicated to the New Nigeria project. Your commitment and enthusiasm for positive change are truly commendable.

“We stand before you with a profound appreciation for the responsiveness of HE Peter G. Obi, a stalwart in our party, for his swift action in response to the call for the external auditing of the LP accounts. This gesture underscores his unwavering commitment to transparency and the principles of the New Nigeria project.

Gunmen Kill Plateau APC Publicity Secretary, One Other Seriki Adinoyi in Jos Gunmen suspected to be armed robbers have killed a chieftain of the All Progressives Congress (APC) in Plateau State, Mr. Sylvanus Namang.

He reportedly died on Saturday night from injuries he sustained from the attack.

Sources from Pankshin further claimed the owner of the provision store, Mr. Sunny Best, was also killed by the gunmen.

Before his demise, Namang, was manager of Plateau Publishing Company (publisher of Nigeria Standard newspaper).

He was also a Chief Press Secretary to the late Deputy Senate President, Ibrahim Mantu, and was serving as APC state Publicity Secretary.

Confirming his death, the state Chairman of the APC, Mr. Rufus

Bature, described Namang’s death as a rude shock.

An APC official, who did not want his name in print said the late Namang was attacked at a provision store in Pankshin, Pankshin Local Government Area (LGA) of the state.

He said Namang, a one-time General Manager with the Federal Radio Corporation of Nigeria (FRCN), Lafia FM Station, had traveled to Pankshin for a burial ceremony when he strolled to the shop to pick up a few items.

Describing Namang as a dependable ally, the APC official added that he was deeply committed to the development of the APC at the grassroots and the state.

Sources from Pankshin also have it that the owner of the provision store, Mr. Sunny Best, was also killed by the gunmen.

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NEWS

HUAWEI'S COURTESY VISIT TO NCC...

L-R: Deputy Director, Public Affairs/Communications Department, Huawei Nigeria, Nihinola Fafore; Managing Director, Huawei Nigeria, Chris Lujie; Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC), Dr. Aminu Maida and Deputy Managing Director, Huawei Nigeria, Stephen Zouzhan, during the courtesy visit of Huawei to the Commission in Abuja at the weekend.

FG Urged to Save Construction Sector from Imminent Collapse Emmanuel Ugwu-Nwogo in Umuahia With the spiralling price of cement and other building materials, the federal government has been urged to intervene without delay to save the building/construction sector of the economy from total collapse.

The President of Cosmo Base Consortium, Benson Ezem made the call in a chat with THISDAY in Umuahia, noting that the building/construction sector was experiencing immense strain.

Ezem, who is an architect and development consultant, noted that the continuous increase in import duties and cost of clearing imported goods was having a spiralling effect on prices of imported goods thereby affecting the building industry.

"The government should address increasing cost of building materials especially cement by engaging with the manufacturers and addressing their immediate needs especially the foreign exchange demand, power

and diesel," he said.

The Cosmo Base Consortium president stressed the need to keep the building/construction sector alive, warning that allowing it to shut down would be counter productive as jobs would be lost while government would lose revenue accruing from the sector.

The development consultant pointed out that the plan by the Bola Tinubu administration to build over 2,000 housing units per each of selected 12 states across the six geopolitical zones could be jeopardised by rising cost of building materials.

He said that government should engender a robust, sustainable housing programme by putting together "a workable framework for housing provision and allow the private sector participation".

Ezem counselled : "Our economic policy should be such that will address the suffering of the people, hence government should not hesitate to intervene with appropriate policy guidelines

where necessary.

"The time now calls for ingenuity in the management of our economy; it should not be business as usual if we are to come out of the distress we are in this country."

As a way to ease stress on the economy, the building/construction expert said that government should ban foreign trips and all medical

tourism by any government officials, elected and appointed.

He also advised government to strictly monitor budget release for items budgeted, adding that "our monitoring and implementation department under the president should be more proactive to ensure the performance of our bloated budget".

On the move by the National Assembly to return Nigeria to parliamentary system of government, Ezem said that it is a step in the right direction, harping on the advantages it has over the current presidential system.

"I want to commend the 60 House of Representatives members pushing for the parliamentary

system of governance in the light of the economic hardship Nigeria is going through.

"It is time we start looking at ways of cutting down on cost of governance. The executive should be more intentional in cutting costs by reduction in the number of appointments and paraphernalia of office," he said.

Obaseki Decries Dislocation in Nigeria’s Education System The Edo State Governor, Mr. Godwin Obaseki, has decried the dislocation in Nigeria’s education system, linking the inconsistency to the high level of irregular migration and human trafficking in the country.

The governor, who spoke to journalists in Benin City, said his government is changing the narrative and has, over the past seven years, focused on reforming and strengthening the State’s education system using the Edo Basic Education Sector

Transformation (EdoBEST).

He stated that the success recorded by his administration in the fight against human trafficking and illegal migration in the state is linked to reforms in the education sector as well as programmes and projects to equip and build the capacity of Edo youths to become globally competitive.

According to Obaseki: “Reenacting basic education in the state has thrown up several issues and shown us the dislocation in our educational policies and how

it's affecting the whole chain. The breakdown of our basic education is one of the root causes of irregular migration and has led to human trafficking in the State.”

He added: “We embarked on EdoBEST to change the narrative.

We decided to set up an education fund to encourage more students to go to school. We also focused on teachers to improve the learning standards. Five years on, we can now see a reversal and rapid improvement in learning outcomes.”

Obaseki also spoke on efforts by

his administration to transform the state’s tertiary education system following the success recorded at the basic and secondary education level.

Obaseki noted:“We are committed to sustaining the revamp in our tertiary education system. All our local government areas have been connected with fibre as we have almost 2,000km of fibre across Edo State. It’s our priority that tertiary schools in the State are connected as it supports distance learning.”

KOMOLAFE: NIGERIA GRADUALLY REVERSING INVESTMENT DECLINE IN OIL, GAS INDUSTRY further serve to propel us to higher service in the service of the Federal Republic of Nigeria."

The commission chief executive said NUPRC had rolled out over 17 regulations with the objective of giving meaning to the intent of the PIA. He said these regulations served as regulatory tools to ensure certainty and predictability in the activities of the industry as against pre-PIA regime.

He said, “The oil industry is now in an era of post-PIA regime where we proudly would say that, now, there is certainty and attraction of investors' confidence."

Responding to a question on the most important regulations, Komolafe mentioned the crude oil measurement regulation, which he described as a novel initiative, having come after 70 years of oil and gas production in Nigeria. He said the regulation would save Nigeria billions of dollars when the commission commenced effective implementation of the policy.

He explained, "But strictly to your question, which is, of all the regulations, which one is more close to my heart?

Of course, all of them are dear to my heart, but I'm particularly very proud about the measurement regulation, which is a novel initiative since the advent of oil in Nigeria in 1956, but over seven decades of oil and gas

production in Nigeria.

"So, I'm very passionate about the regulation in the sense that we feel it's a regulation that will save Nigeria billions of dollars as we commence the effective implementation of this regulation."

Meanwhile, African Development Bank (AfDB) said at the weekend that although the growth of the Nigerian economy will be generally slow in 2024 and 2025, it expected that the stable progress will be supported by the current rising oil prices and increasing production of the commodity in Nigeria.

In its February 2024 edition of “Africa’s Macroeconomic Performance and Outlook”, the continental bank stated that the Nigerian economy could begin recovery in 2025, on the back of macroeconomic policy reforms initiated in 2023 by the Bola Tinubu administration.

The report is a biannual publication released in the first and third quarters of each year and complements the African Economic Outlook, AfDB ‘s annual flagship publication.

According to the bank, the Macroeconomic Performance Outlook report provides African policymakers, African and global investors, researchers, and other development partners with an up-to-date evidence-based assessment

of Africa’s recent macroeconomic performance and short-to-medium term outlook amid dynamic global economic developments.

It stated that Africa's economic growth fell to 3.2 per cent last year from 4.1 per cent in 2022, noting that despite the shocks buffeting the region, 15 African countries posted economic growth of more than five per cent last year.

Nigeria, West Africa's largest economy, was set to grow 2.9 per cent in 2024, up 0.4 percentage points from last year, AfDB said, as a sharply devalued currency pushed up inflation, exacerbating a cost of living crisis.

The growth in certain sub-regions of Africa, AfDB said, was expected to offset the slowdowns in the region’s largest economy, Nigeria, and in debt-ridden Ghana.

AfDB said, “But both could recover strongly in 2025, with projected growth of 3.7 per cent and 4.5 per cent, respectively. The recovery will be underpinned by macroeconomic policy reforms initiated in 2023 through rationalising the fuel subsidy and addressing exchange rate misalignment in Nigeria.”

AfDB stated that average growth in oil exporting countries in Africa was projected to be stable over 2023–25, with a slight improvement from an

estimated 3.4 per cent in 2023 to 3.6 per cent in 2024 and 3.9 per cent in 2025.

It stated, “Stable growth is projected, despite OPEC’s lower production targets for 2024 for two of Africa’s major oil exporters — Nigeria and Angola, the latter of which announced withdrawal of its membership from the bloc owing to disagreements on production cuts.

“Expected growth outcomes for the country group will be supported by high crude oil prices and high investment targeted at bringing new projects on stream that could raise hydrocarbon output “Despite an aggressive global push to curb investment in fossil fuels, growing energy needs to drive Africa’s development and transformation could require increased capital flows to Africa’s oil- producing countries.”

According to AfDB, Africa is projected to remain the fastest growing region in the world, after Asia, exceeding the global average of three per cent in 2023 and will account for 11 out of the 20 fastest growing economies in the world in 2024. However, Nigeria was not listed among the 11 nations to drive growth in 2024.

The report said, “We project that growth on the continent will rebound

to 3.8 per cent in 2024. We expect this growth to be broad-based, although domestic supply bottlenecks such as shortfalls in electricity generation are still lingering.”

According to the bank, inflationary pressures in Africa have heightened and remain strongly entrenched, lagging improvements in the rest of the world, with average inflation remaining high at an estimated 17.8 per cent in 2023, the highest in more than a decade.

It stressed that with the global economy mired in uncertainty, fiscal positions on the African continent will remain vulnerable to global shocks.

AfDB stated, “The confluence of higher global interest rates, wider sovereign debt spreads, and exchange rate depreciations have increased debt servicing costs. By November 2023, 21 African countries were at high risk of debt distress or already in debt distress.

“Sovereign spreads have eased from their peak early in 2023 but borrowing costs are likely to remain elevated, despite planned rate cuts in Europe and the United States.

“We project that economic growth will regain moderate strength as long as the global economy remains resilient, disinflation continues, investment in infrastructure projects remains buoyant, and there is sustained progress on debt

restructuring and fiscal consolidation.

“However, key downside risks remain to the outlook, such as persistent inflation. Rising geopolitical tensions—which could disrupt trade and investment flows—could push up food and commodity prices and delay the much-needed easing of monetary conditions worldwide.

“This would in turn jeopardise fiscal consolidation. Increased regional conflicts and political instability tend to increase defence spending, diverting resources away from development and social support.”

The report stated that tackling persistent inflation will need a mix of restraining monetary policy, coupled with fiscal consolidation and stable exchange rates. It explained that structural reforms and strategic industrial and agricultural policies remained the key to accelerate economic diversification and strengthen the export sector.

Speaking on the document, AfDB President, Dr Akinwunmi Adesina, said a lot more effort needed to be put into domestic resource mobilisation.

Adesina stated that the rising debt service costs for many countries, worsened by weakening of several local currencies requires that a reasonable balance be achieved between external and domestic borrowing

T H I S D AY • MONDAY, FEBRUARY 19, 2024

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NEWS

MEDIA PARLEY BY TOTALENERGIES ON ATTAINMENT OF ZERO ROUTINE FLARING...

L-R: Executive Director, JV Asset, Mr. Obi Imemba; Country Chairman TotalEnergies, Mr. Matthieu Bouyer and Deputy Managing Director, Deep water Asset, Mr. Victor Bandele at the media parley of TotalEnergies on attainment of zero routine flaring in all its operational sites in Portharcourt...recently

CARDOSO: WITH $1.8BN INFLOW LAST WEEK, NIGERIA'S ECONOMY HAS POSITIVE OUTLOOK “Once they see it, they analyse it. They test their hypotheses and then they come up with their own conclusions and they can see a positive trajectory."

In his remarks, Akume said the federal government was already addressing the challenges and hardship in the country and, soon, Nigerians would witness a drop in transportation cost as well as prices of goods.

Akume listed several interventions that the present administration had made to cushion the current hardship in the country and address insecurity.

He stated, "Let me, at this point, place on the record that despite the humongous inherited and emerging socio-economic challenges, the administration of President Bola Ahmed Tinubu has in less than nine months in the saddle recorded positive accomplishments in diverse sector.

"This administration inherited a daunting economic landscape, necessitating decisive action to alter our nation's downward trajectory. With unwavering dedication, we are striving towards a prosperous, healthy, and globally competitive Nigeria."

Akume said the bishops' conference was apt, adding that the country must remain steadfast, "Renewing our faith in God's provision and protection."

Earlier, President of the Catholic Bishops Conference of Nigeria (CBCN), Most Rev. Lucius Iwejuru Ugorji, in his opening speech, said the church was worried about the prevailing hardship in the country and government’s apparent inability to address the challenges.

Ugorji said the federal government's reform agenda was fast becoming counterproductive, adding that government's efforts at addressing insecurity have been a failure.

The CBCN president said, "No doubt, the government is trying its very best to fix our battered economy and security outfits. If we have to be very frank with ourselves and not wallow in self-delusion, we must admit that we are faced with a case where therapy is worse than the disease.

“The government's reform agenda is turning out to be counterproductive.

Despite the efforts of the government to boost our economy, our nation has continued to sink economically deeper and deeper into a bottomless pit."

Ugorji said what was expected was a drastic cut in the cost of governance for those in charge of governance, but this was not forthcoming, as politicians had continued to live in affluence and waste.

Regarding the fight against corruption, the church said the government needed to sit up to tackle the increasing rate of corruption. They said unless the country's anti-corruption agencies were able to conclusively prosecute and jail those accused of corruption, their effort would remain a mere dream.

The bishops said they were maintaining the position of the church that there would be no blessing of same sex marriages or union in Africa.

Primate of the Church of Nigeria, Anglican Communion, Archbishop Metropolitan, Most Rev. Henry

Ndukuba, canvassed the unity of all God's people, emphasising the need for interfaith dialogue to forge greater harmony.

Ndukuba also said the current hardship in the country should be given a priority, adding, “If we do not address the issue of biting hunger in the land, there will be no church.”

According to him, the church must speak out on the challenges facing Nigerians.

On his part, Imo State Governor Hope Uzodinma appealed to Nigerians to show understanding with the government as it grappled with the economic challenges.

Uzodinma said the harsh economic situation was a global thing, adding that with the right attitude, Nigeria would be able to overcome it in no distant time.

Archbishop of Abuja Catholic Archdiocese, Most Rev. Ignatius Kaigama, solicited the support of the government in the church's effort to provide education and health facilities for the people.

Atiku: Tinubu Not Ready for Sound Counsel Former Vice President Atiku Abubakar lamented that the President Bola Tinubu government was not “ready to open itself to sound counsel, as well as control internal bleedings occasioned by corruption and poorly negotiated foreign loans".

Atiku said there had been an exacerbation of poverty and privation across Nigeria, and it was clear “the government has demonstrated sufficient poverty of ideas to redeem the situation”.

The former vice president said via his X handle that he and other patriots could not keep quiet. He stated that the country’s economy was “heading for the ditch”, unless Tinubu was ready to urgently implement “a number of policy prescriptions”.

According to Atiku, “At a meeting called at his instance on Thursday to address the foreign exchange crisis and the problem of economic downturn, among others, Bola Tinubu failed, yet again, to showcase any concrete policy steps that his administration is taking to contain the crises of currency fluctuation and poverty that face the country.

“Rather, he told the country and experts, who have been offering ideas on how to resolve the crisis that he and his team should not be distracted and allowed time to continue cooking their cocktail that has brought untold hardship to the people of Nigeria.

“I don’t agree with that. The wrong policies of the Tinubu administration continue to cause untold pain and distress on the economy and the rest of us cannot keep quiet when, clearly, the government has demonstrated sufficient poverty of ideas to redeem the situation.

If the government will not hold on to their usual hubris, there are ways that the country can walk out of the current crisis.”

Atiku offered recommendations, saying, “After a careful assessment of the state of our economy at the

twilights of the last administration, I knew full well that the economy of the country was heading for the ditch and came up with a number of policy prescriptions that would rescue the country from getting into the mess that we are currently in.

“Those ideas, encapsulated in my policy document, titled: My Covenant With Nigerians, made the following prescriptions: I had signed on to a commitment to reform the operation of the foreign exchange market.

“Specifically, there was a commitment to eliminate multiple exchange rate windows. The system only served to enrich opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters.

"A fixed exchange rate system would be out of the question. First, it would not be in line with our philosophy of running an open, private sector friendly economy. Secondly, operating a successful fixed-exchange rate system would require sufficient FX reserves to defend the domestic currency at all times.

“But as is well-known, Nigeria’s major challenge is the persistent FX illiquidity occasioned by limited foreign exchange inflows to the country. Without sufficient FX reserves, confidence in the Nigerian economy will remain low, and naira will remain under pressure. The economy will have no firepower to support its currency.

Besides, a fixed-exchange rate system is akin to running a subsidy regime!

"On the other hand, given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX management.

“A managed floating system would have been a preferred option. In simple terms, in such a system, the naira may fluctuate daily, but the CBN will step in to control and stabilise its value. Such control will be exercised judiciously and responsibly, especially to curve speculative activities.

"Why control, you may ask. (i).

Nigeria has insufficient, unstable, and precarious foreign reserves to support a free-floating rate regime. Nigeria’s reserves did not have enough foreign exchange that can be sold freely at fair market prices during crises. “(ii). Nigeria is not earning enough US$ from its sales of crude oil because its production of oil has been declining.

And, (iii). Nigeria is not attracting foreign investment in appreciable quantities.

“These are enough reasons for Nigeria to seek to have a greater control of the market, at least in the short to medium term, when convergence is expected to be achieved.”

Atiku dismissed Tinubu’s foreign exchange strategy as hasty and bereft of proper planning.

He stated, “Tinubu’s new policy, FX management policy, was hurriedly put together without proper plans and consultations with stakeholders. The government failed to anticipate or downplayed the potential and real negative consequences of its actions.

“The government did not allow the

CBN the independence to design and implement a sound FX management policy that would have dealt with such issues as increasing liquidity, curtailing/ regulating demand, dealing with FX backlogs and rate convergence.

“I firmly believe that if and when the government is ready to open itself to sound counsels, as well as control internal bleedings occasioned by corruption and poorly negotiated foreign loans, the Nigerian economy would begin to find a footing again.”

Presidency Replies Atiku, Says Facts Muddled Up The presidency, yesterday, faulted Atiku, saying he muddled up his facts in an attempt to rubbish the foreign exchange policy of the Tinubu administration.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, delivered the rebuke in a statement.

Onanuga said Atiku also failed to prescribe a better policy option to what the governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, and his team were executing at the apex bank. He refuted Atiku's insinuation that the crux of the meeting held last week between Tinubu and the 36 states governors was the foreign exchange crisis and currency fluctuation.

Rather, Onanuga said the discussion centred on food supply and how to drastically reduce food prices. He added that the meeting established a nexus between the state of security and the rising cost of food, while it was observed that hoarders were warehousing food, creating artificial scarcity leading to high cost of food items.

The statement said, "The decisions at the meeting reflected the main points discussed: forest rangers are to be strengthened and armed, while police are to recruit more men and the National Economic Council to deepen discussions about creating state police.

"President Tinubu also affirmed his approval for the release of 42,000 metric tonnes of grains from the national reserve.

Government is also in discussion with rice millers to get another 60,000 metric tonnes.

“President Tinubu said he does not support price control and importation of food. Nigeria, he believes, can grow enough food to feed its citizens and spare some for export.

"There was no deliberation, as former VP Atiku claimed, on currency fluctuation. As Alhaji Atiku should know, this is the business of the central bank, which has the autonomy to handle the country’s monetary policies.

“As a matter of fact, the president enjoined the governors, in passing, to allow the CBN do its work and refrain from dabbling into what is within CBN’s purview.

"If he would be true to himself and what actually transpired at the meeting, unlike the lies he spewed, we expected Alhaji Atiku to praise President Tinubu for maintaining this stance and for not interfering with the

business of central bank."

Onanuga also said it was false and preposterous for Atiku to claim that CBN’s forex management policy was hurriedly put together without proper plans and consultation with stakeholders, and that the apex bank was hamstrung by the Tinubu government in implementing a sound fx management policy.

He said, “That would have dealt with such issues as increasing liquidity, curtailing/regulating demand, dealing with FX backlogs and rate convergence.”

Onanuga stressed that contrary to Atiku’s claim, the CBN was also implementing a raft of policies to stabilise the naira and end volatility in the market, and explained that the intervention was already yielding positive results.

Onanuga added, "Capital importation into the country is increasing, according to the latest NBS report. In the fourth quarter of 2023, Nigeria recorded a 66.27 per cent increase in capital inflow, compared with Q3, before Cardoso’s arrival at CBN. In Q3, capital inflow was $654.65 million. It rose to $1.09 billion in Q4.

"Alhaji Atiku will agree that the rise in capital inflow suggests massive investors' confidence in Nigeria and the policy direction of the Tinubu administration."

The presidential spokesman stated that when juggled with the policy options being implemented by the CBN, Atiku’s alternative of a controlled floatation of the naira was similar to the policy of former CBN Governor Godwin Emefiele.

Onanuga explained that this was the time an estimated $1.5 billion was spent monthly to defend the naira, while arbitrage or round tripping perpetrated by people close to the corridors of power went on unhindered.

of estimate."

The governor stated that almost everything, including local materials, were soaring in prices, adding that the country's food security is also in jeopardy.

Mohammed observed that there was hunger and anger in the country due to high cost of food, and urged members of the executive council to, on their own, roll out initiatives that would add to the common good of the state.

"You don't have to wait until you are told to do something that you believe within your own assessment of things that are good for the state," he stated.

The governor recalled that a lot of projects and programmes had been rolled out since the inception of his administration in 2019, saying the projects are focused on social impact on the masses.

Mohammed stated, "You can see what we are doing – health, education, humanitarian services and other things.

We have to look at things passionately, of course, we are at the centre in the country and we are almost the food basket."

He said he noticed that on daily basis truckloads of food left the state to other places, stressing that the government would do everything possible to get relief for the people of Bauchi State.

Mohammed said, "What are we doing to make sure we have relief for our people? The best we can do is to pay salaries and wages but even the salaries and wages are grossly inadequate to put food on the table.

"We are on course. What we need more is teamwork, to be more serious in terms of knowing that as members of council, you are the representatives of the governor and government."

Mohammed: Naira’s Free Fall Jeopardising My Plans

AfDB: Nigeria, Angola, Others Risk Social Unrest over Cost of Living

Bauchi State Governor Bala Mohammed lamented that the current free fall in value of the naira to the dollar was putting the plans of his government in jeopardy.

Speaking yesterday during the executive council meeting at the EXCO chambers of the Government House, in Bauchi, Mohammed regretted that the bad economic condition occasioned by soaring prices of goods and services might delay the completion of projects across the state.

He said a lot of initiatives had been taken to meet the yearnings and aspirations of the people of the state.

"I think there is a problem, and, of course, the economy is bad, it is almost a free fall for naira and most of our postulations or forecasts economically, our plans are put in jeopardy because we may not be able to achieve within the time line," the governor said.

Mohammed decried the high cost of materials, saying, "Even the projects that we flagged-off may not be achieved and this is a stark reality.

Cement is almost three times the cost

African Development Bank (AfDB) warned that Nigeria, Ethiopia, Angola and Kenya risked social unrest owing to rising prices of fuel and other commodities.

AfDB, in its macroeconomic performance and outlook report for 2024, projected the continent’s economy to grow higher than the 3.2 per cent recorded in 2023. It further warned that internal conflicts could arise from an increase in energy and commodity prices occasioned by currency depreciation or subsidy removal, referencing Nigeria, Angola, Kenya and Ethiopia, where energy subsidies were removed.

AfDB stated, “Internal conflicts and violence could also result from rising prices for fuel and other commodities due to weaker domestic currencies and reforms.

“For instance, the removal of fuel subsidies in Angola, Ethiopia, Kenya and Nigeria and the resulting social costs has led to social unrest driven by opposition to government policy.”

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TRAINED FOR EFFICIENT SERVICE DELIVERY..…

L-R:Beneficiaries, Stephen Abah; Itoro Solomon; Jeremiah Adesenla-Ojo; Director of Corporate Services, Caverton Helicopters, Dr. Ayodele Omueti; Muhammed Usman, and Muhammad Nura, during presentation of certificates to graduates trained by Caverton in collaboration with Nigerian Content Development and Monitoring Board in lkeja, Lagos…recently

NDLEAInterceptsLargeConsignmentofLoudConcealedinSpeakersinLagos Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted a large consignment of Loud, a synthetic strong strain of cannabis, concealed in giant speakers tucked in a consolidated cargo imported from New York, United States

of America.

A statement issued yesterday by the spokesman of the anti-narcotics agency, Femi Babafemi, revealed that when the giant wooden boxes dressed as sound speakers seized

by NDLEA officers at the NAHCO import shed of the Lagos airport were opened, the sound boxes were stuffed with

17 Babcock Varsity Graduates Shine in Law School Bar Exams Funmi Ogundare

Babcock University, Ilishan-Remo, Ogun State, has produced 17 first class graduates in the November 2023 Nigerian Law School Bar final examinations, which results have just been released by the Council of Legal Education.

The Director, Communication and Marketing of the university, Dr. Joshua Suleiman, in a statement explained that 17 of them represent the five per cent of the total candidates from all Faculties of Law in Nigeria who for sat the examination.

The figure, he noted, was the highest that the Babcock

University has so far produced at the law school.

He said: “In 2021, Babcock University produced 10 firstclass graduates at the Nigerian Law School. That year, Babcock University law graduate, Mayowa Abiru, also emerged the overall best student in the Bar examinations.”

The director recalled that one of Babcock University students, Emmanuella Ekwale, was awarded the 2023 Body of Senior Advocates of Nigeria (BOSAN) scholar for her outstanding performance in the examinations conducted by the body.

60 bags of the expensive but highly sought-after psychoactive substance, Loud, weighing 33.5 kilograms.

Babafemi said at least three

The United Kingdom has pledged continued support to Nigeria’s growth by investing in talents expected to inspire positive changes across board.

The British Deputy High Commissioner in Nigeria, Jonny Baxter, gave this reassurance recently at the Study UK alumni awards being organised by the British Council in Lagos.

The award initiative aimed to recognise exceptional exploits of beneficiaries of the British

Council’s scholarship programme that support Nigerians to learn in the UK. Speaking, Baxter acknowledged the impact of rising brain drain in the country, calling for the council’s commitment to reverse the trend through the Study UK platform that has been sustained since 2016.

According to him, the idea is let Nigerians tap from the rich arsenal of UK’s learning resources which they then bring the knowledge back to Nigeria to develop the country either by working for themselves, government or private sector.

Anuoluwapo, have been arrested in follow-up operations between last Thursday and Friday, while Afeez was arrested at the airport, Gboyega was nabbed at his

office on Allen Avenue Ikeja, and Taiwo traced to his residence at 13 Ayo Babatunde Crescent, Lekki Phase 1, Lagos, where he was picked last Friday.

Ifeanyi Ubah: Anambra Has Potential to be Strongest Economy in Nigeria David-Chyddy Eleke in Awka

The senator representing Anambra South Senatorial Zone, Senator Ifeanyi Ubah, has said that Anambra has the potential to be the strongest economy in Nigeria but bad administration has remained her bane.

Ubah, who stated this during

an interactive session with journalists, said that there is need for expansion in economic output in Anambra with the aim of producing higher average incomes and expenditure that would bring about manageable inflation.

The senator, who recently stated that he would contest for the

governorship position of Anambra State next year, said that he has prepared an economic blueprint that would lift the state’s economy.

He said: “The worrisome economic state of affairs in Anambra State shows that our great fortress and walls of wealth have been broken, and our government is positioned

to holistically interrogate the underlying issues and find a permanent fix.

“States must develop according to their comparative advantage.

Comparative advantage is simply an economy’s ability to focus on the production of goods and services at a lower opportunity cost than one’s competitors.

Govt Intensifies Control Measures as Avian Influenza Hits Kebbi

Onuminya Innocent

The Director, Veterinary Services, Kebbi State Ministry of Animal Husbandry, Dr. Alheri Ibrahim-Sanchi, has said that the state government has stepped up efforts to mitigate the spread of avian influenza that reared its ugly head in

the state.

Ibrahim-Sanchi made this disclosure while addressing journalists shortly after fumigating a farm infected with the disease, which is located at Amanawa Village, Kalgo, outskirts of Birnin Kebbi.

According to him, the

disease had so far killed 14 peacocks in the affected facility.

The fumigation was carried out by a team of professionals under “One Health,” that comprised of experts from ministries of Animal Husbandry, Health, Environment, Information, as well as Principal Partners.

He said that the essence of the exercise was to curtail the spread of the disease.

Ibrahim-Sanchi explained that the ministry sent a team of veterinary doctors for preliminary investigation after receiving reports that some peacocks have been ill and worrisome pattern of mortality.

Benue Decries Effect of Insecurity on Mining Activities

George Okoh In Makurdi

State Government has UK Intensifies Efforts to Benue decried the activities of bandits other criminals on mining Curtail Brain Drain in Nigeria and activities in Benue State.

Omolabake Fasogbon

suspects: a freight agent Akeem Afeez; logistics company manager, Babalola Ayodeji Gboyega, and the receiver of the consignment, Taiwo

The Chairman of Benue State Mineral Resources and Environmental Management

Committee(MIREMCO) and the State Commissioner for Justice, Fidelis Mnyim, said yesterday that the state is blessed with 34 out of the 44 solid minerals found in the country.

He added that despite the state’s rich endowment it gets little as 13 per cent derivative

from the federal government owing to the activities of illegal miners and criminal elements who have constituted themselves as security threat to the state.

The chairman said his committee had come to sanitise the system by working in synergy with the office of the

Minister of Solid Minerals, the miners and the host communities to ensure that the proper thing was done in the sector.

He said: “The committee is created under the Mineral and Mining Act 2009, particularly Section 19.”

Ododo Vows to Sustain Fight against Threats to Security in Kogi Juliet Akoje in Abuja

The Governor of Kogi State, Mr. Ahmed Usman Ododo, yesterday vowed to sustain the fight against all threats to the security of lives and property in Kogi State.

Ododo, in a statement that

was issued yesterday by the Special Adviser to the Governor, Mr. Ismaila Isah, spoke to journalists at the end of a closed-door meeting with chairmen of the 21 local government areas in the state to deliberate on measures to mitigate threats to the security

of lives and property in all parts of the state.

Ododo noted that existing security architecture in the state has yielded tremendous success in the fight against violent crimes and must be sustained to ensure peace and stability in the

state “given the successes recorded by the immediate past administration of my predecessor, Mr. Yahaya Bello, in taming the menace of insecurity in the state, we must continue to accord top priority to the security of lives and property of the people.

Chieftain Urges Tinubu to Check Saboteurs in Grains Distribution Katsina Launches Manhunt APC approved 42,000 metric tons get to the targeted Nigerians. and National Orientation, Yinka Kolawole in Osogbo grains from the strategic He said for the masses to Mohammed Idris, had on for Foodstuffs’ Hoarders A chieftain of the All ofreserve to Nigerians. benefit from the free grains, February 8 said the president

Francis Sardauna in Katsina

The Katsina State Government has launched a manhunt for hoarders of foodstuffs and other essential consumables in order to tackle food scarcity in the state.

This followed the recent signing of the Food Security (Promotion) Order by the state Governor, Dikko Umaru Radda, at the Government House.

The order, which defines grains like rice, millet, maize, sorghum, cowpeas, and groundnuts as protected

commodities, outlined hoarding as a punishable offence in the state.

A copy of the order which was made available to THISDAY yesterday by the state Commissioner for Information and Culture, Bala Salisu-Zango, defines arrest, prosecution and confiscation as punishments for the violators.

With effect from February 16, 2024, the executive order proscribed illegal hoarding of staple food and essential commodities in the state.

Progressives Congress (APC) in Osun State, Hon. Olatunbosun Oyintiloye, has urged President Bola Tinubu to set up a special taskforce for the distribution of the

Oyintiloye, while speaking with journalists yesterday in Osogbo, said the setting up of the taskforce was necessary in order to ensure that the grains was not diverted, but

the president must put up a taskforce to cripple the activities of saboteurs, who were desperate to make gains from the pains of Nigerians.

The Minister of Information

had approved the release of 42,000MT of maize, millet and other commodities from the national strategic reserves to address the rising cost of food in Nigeria.

Edo PDP Primaries: Group Appeals for Free, Fair Exercise Ahead of the Peoples Democratic Party (PDP), Edo State chapter, slated for, February 21, a group in the state with the name, PDP Rainbow Caucus, has appealed to all stakeholders to ensure a

free and fair primaries.

Convener of the group, Prince Austin Eweka, gave in advice in a statement in Benin City, capital of Edo State.

He said the non-aligned body, with an overriding

interest in deepening democracy in the PDP, wants to see that after the primary election and a candidate emerged, the party remained the intact for the September 21 governorship election.

Eweka also urged the party leadership in the state to expeditiously deal with all the internal problems within the party that may have arisen in the past to forge a stronger force for the election.

MONDAY FEBRUARY 19, 2024 ˾ T H I S D AY

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NEWS XTRA

Edo Guber: Expert Predicts Victory for PDP, Urges Unity among Party Stakeholders Chuks Okocha in Abuja A legal practitioner and expert in election matters, Kalu Agu, has predicted a landslide victory for the Peoples Democratic Party (PDP) in the November 2024 governorship election in Edo State.

He also clarified that the issues said to be surrounding the PDP ad-hoc delegate congress are domestic matters of the party, which are not justiciable

under the laws of Nigeria and by the pronouncement of the Supreme Court Agu, who stated this yesterday in an interview with journalists, said the people of Edo State are heavily supporting the PDP due to the massive achievements of the state Governor, Godwin Obaseki, on the platform of the PDP. The election expert stated that from all field analysis, the people of Edo State are

not inclined to look the way of the All Progressives Congress (APC), which he said is responsible for the hardship being experienced by Nigerians

across the country.

According to him, “From all analysis, the people of Edo State are supporting the PDP heavily.

The PDP is doing very well

in Edo State under Governor Obaseki, especially because of the numerous developmental projects of the governor. All the PDP needs to do now is to

come together and consolidate on the support. Once they are united, the PDP will take the APC to the cleaners in the forthcoming election.

Police Arrest Five for Diversion of 1,228 Bags of Wheat from UN World Food Programme Kingsley Nwezeh in Abuja The Nigeria Police said weekend it arrested five suspects in connection with the diversion of 1, 228 bags of wheat belonging to the United Nations Food Programme (UNWFP).

It said in a statement that the Eastern Port Police Command confirmed the arrest of five

suspects in connection with the diversion of bags of wheat belonging to UNWFP and recovery of about 1,238 bags of wheat in Port Hacourt on February 6, 2024.

The statement signed by the Force Public Relations Officer and Assistant Commissioner of Police (ACP), Olumuyiwa Adejobi, said the 1,840 bags

of wheat which were to be transported from Ibeto Port Terminal, Port-Harcourt, to an Internally Displaced Persons (IDP) camp located in Kano State, were fraudulently diverted by the drivers tasked with this assignment alongside their accomplices, who were intercepted and apprehended by the operatives of the Nigeria

Police attached to the Eastern Port.

“The operatives made an arrest of five suspects, namely, Umar Hashim, Edidiong Umoh, Udah Stanley, Abubakar Jariri and Yunusa Babangida, and recovered 1,238 stolen bags of wheat along with the truck and a bus used in carrying out the crime.

declared winner of the polls and candidate of the All Progressives Congress(APC), Anthony Ani, in court.

Onu had accused the APC of ballot snatching, multiple thumb printing and vote buying, during the polls, adding that there was no election in Ohaozara Local Government Area of the state.

He also claimed that the INEC had asked him to pay N300 per

page for Certified True Copies of the election materials against the normal rate of N10, noting that it was a way of discouraging him from challenging the result of the election.

Reacting to the development via a statement to journalists yesterday, the President-General of the group, Ernest Nmong, said it was disturbing that the INEC increased the price of a

Certified True Copy from N10 to N300 in order to dissuade him from filing the appeal.

According to him, “After INEC in Ebonyi State connived to bring an insane court action against him, leading to a bizarre judgment delivered two days to election, they are now actively ensuring that he does not get the electoral materials necessary for filing his petition.

Use Your Appointments to Further Osun Interests, Adeleke Charges FG Appointees Group Condemns Alleged Plot by INEC to Deny Ebonyi PDP Candidate Court Process in changing the face of the state Yinka Kolawole inOsogbo Osun State Governor, Ademola Adeleke, has described the state as a common estate that must be rallied around by all to attain the desired growth and development.

He stated this when he charged Osun indigenes recently appointed into various federal positions by President Bola Tinubu to let the interest of the state reflects in carrying out the tasks of their new offices.

The governor, who congratulated the appointees who are mostly members of the All Progressives Congress (APC) in the state, said Osun State comes first to him above any other consideration, and so sees their appointments as a win for the state.

He said his administration is always open to the support and collaboration of Osun indigenes in President Tinubu’s government

and putting smiles on its people, urging them to take their new positions as an opportunity to impact lives better.

The governor was quoted as saying that: “It is to my delight that I welcome the appointment of Osun indigenes into various positions by President Bola Tinubu.

The appointments is an added benefit to Osun, as our people will enjoy the benefits of more hands in various positions to touch and impact their lives and compliment my administration’s sincere efforts to set this state on a path of growth and development.

“As I appreciate President Tinubu for the opportunity given to Osun indigenes in his cabinet, I charge the appointees to take their new positions as an opportunity to serve not only the interests of the APC but also the greater good of our beloved state.

Gideon Arinze in Enugu

A group, Igbo Democratic Alliance (IDA), has condemned the alleged plot by the Independent Electoral Commission (INEC) to deny the Peoples Democratic Party (PDP) candidate in the February 3 bye-election for Ebonyi South senatorial zone, Silas Onu, his right to appeal against the

‘ Kwara Spends N5.7bn on Social Safety Programmes Since Fuel Subsidy Removal’ Hammed ShittuinIlorin

Kwara State Governor, AbdulRahman AbdulRazaq, at the weekend said between May 2023 and now, the sum of N5.7billion has been spent as support to different layers of social safety programmes since the removal of fuel subsidy in the country.

AbdulRazaq stated this in Ilorin

during a cabinet meeting where the state executive council approved inflation-induced upward reviews of contract sums for some road projects across the state.

The affected roads include the Banni township road (Kaiama); Ora township road (Ifelodun); Saint Claire’s Junction-Ikotun Road, Offa; Secretariat Road-New Market Road Lafiagi; and Igbaja Town Hall Road.

Meanwhile, the governor, at the weekend, stated that the government would go after the fifth columnists, especially middlemen and food sellers, who try to make things hard for the people of the state.

The development, according to THISDAY checks, might not be unconnected with the reported cases of increase of prices of foodstuffs

and other essentials commodities by some middlemen and sellers in the state.

AbdulRazaq stated this in Ilorin while receiving the report of the palliative committee set up to distribute of 2,500 10kg bags of rice to the less privileged in the state as part of the efforts to ease the hard time that came with the removal of fuel subsidy.

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MONDAY FEBRUARY 19, 2024 ˾ T H I S D AY

NEWS XTRA

Former Speakers Conference Reviews Hardship Faced by Nigerians Daji SaniinYola The Conference of Former Speakers of the State Houses of Assembly of Nigeria (COFSSHA) has reviewed the state of the nation and confirmed the hardship being faced by Nigerians as a result of the economic and security challenges bedeviling the country.

This was made known in a communique signed and issued by the Chairman of COFSSHA and former Governor of Plateau State,

Simon Bako Lalong after a one day meeting in Yola, Adamawa State capital, over the weekend.

The conference urges the federal government to as a matter of urgency embark on initiatives geared towards ameliorating the myriad of problem involving all stakeholders and to bring a lasting solution to the crisis.

It promised that it will not hesitate to continue to play its part in the effort of bringing security and succour to the people. The conference decried the falling value of the naira

and requested the monetary and fiscal authorities to find appropriate solutions to the challenges.

It also noted the need for prudent fiscal management, diversification of the economy, and the promotion of local production and entrepreneurship strengthening institutions responsible for monetary policies and implementing measures to attract foreign investments that will contribute to stabilising the exchange rate and fostering economic growth.

Cement: Stop Construction Projects, Delta PDP Chieftain Urges Builders Sylvester Idowu in Warri A Chieftain of the Peoples Democratic Party (PDP) and former Delta State governorship candidate, Chief Sunny Onuesoke, has condemned the astronomical hike in prices of bags of cement across the country.

Consequently, he has appealed to builders to suspend whatever projects they are undertaking temporarily until the price of

cement returns to the status quo.

The price of a bag of cement has risen from N5, 000 to up to N15,000. The price varies from state to state. In Abuja, it was reported that a bag of cement sells for as high as N15,000.

Speaking to journalists over the weekend, Onuesoke lamented the rising prices of building materials across the country, stressing that it is disheartening to see how much Nigerians have to pay for

essential building commodities like cement, with the prices rising almost daily.

The PDP chieftain maintained that the high cost of cement would render most Nigerian families homeless if not checked, adding that it is totally condemnable to sell a bag of cement at the rate of N15,000 per bag in a country where so many families go to bed hungry.

EFCC Chairman Tasks NURTW, RTEAN against Illegal Mining Hammed Shittu in Ilorin

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on members of the National Union of Road Transport Workers (NURTW) and Road Transport Employers Association of Nigeria (RTEAN) to resist being used as accomplices by illegal miners

across the country.

Olukoyede stated this in Ilorin, the Kwara State capital, at the weekend during a meeting with the executive members of the two transport unions at the Ilorin Zonal Command of the EFCC. Represented at the meeting by the Ilorin Zonal Commander, Mr. Mchael Nzekwe, Olukoyede noted that the meeting became

necessary in order to sensitise members of the unions against violating the law as some truck owners and drivers have been found to be providing transport services to illegal miners.

He said: “The purpose of this meeting is to educate you that it is an offence to mine minerals without licence, just as it is an offence to possess or convey minerals without permit.

T H I S D AY • MONDAY, FEBRUARY 19, 2024

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BACKPAGE CONTINUATION BULGING BICEPS OF DAN BAKI Ko wacce dan doka raggo ne [Whoever says a policeman is lazy] Dan Baki baici kwala tai ba [Dan Baki did not grab him by the collar].

Apart from Native Authority Police, Nigeria had no state or regional police forces before 1970 but there was the Federally-owned Nigeria Police Force, known in the North as Yan Sanda [literally ‘sons of stick’]. This was because of their batons. The force was small and mostly city-based. The term Yan Sanda was initially derisive. I don’t know why, but people seemed to respect the local Yan Doka more than the Federal Yan Sanda.

Around 1974, when for the first time I heard a Radio Kaduna newscaster refer to a state Police Commissioner as “Kwamishinan Yan Sanda,” I was shocked and wondered how such a derisive term got into the radio. It soon became normal and even the police began to refer to themselves as such.

Yan Doka were abolished as part of Local Government reforms in 1970 and the men were absorbed into Nigeria Police Force.

Not all of them agreed to be absorbed; some refused and retired instead, probably because they did not want to be transferred out of their communities. In my hometown, police took over Yan Doka’s station and put up their signboard stating, “Nigeria Police, Jega.”

As school pupils we thought the grammar was wrong and every night, we sneaked up to the signboard and added “n” in front of ‘Nigeria’, which the policemen always erased in the morning.

There were only eight of them to start with.

One day in 1972, Police Inspector General Alhaji Kam Salem passed through Jega, accompanied by Police Commissioner of the North Western State, Mr. Dimka. All

eight policemen lined up at their station early in the morning and waited many hours before the IG arrived from Sokoto.

He inspected the parade, spoke briefly and proceeded with his tour.

Last week’s announcement of a leaders’ consensus to create state police forces was short on specifics. The Minister of Information only said a committee will be set up to work out the modalities. To begin with, there is a constitutional hurdle before this could be done, but if there is such a broad consensus among key federal and state officials, then the constitution can probably be amended to accommodate state police. Other issues that must be ironed out include size of the forces, command structure, training, weapons, financing and, very importantly, demarcate areas of responsibility between state and federal police in order to avoid clashes. It is not impossible that along the way, some people will suggest that what we need are Local Government, and not state, police forces, as we had before 1970. Some people could also argue that traditional rulers are better placed than governors to control the new forces, if we want to restore the old glory of local policing.

Now, much has been said over the years about the effectiveness of the old Yan Doka compared to the Yan Sanda. In 1980, when followers of erratic Muslim sect leader Muhammadu Marwa alias Maitatsine launched an attack on Kano City from their enclave at Yan Awaki, it transpired at the Commission of Inquiry hearings that the Yan Doka under Emir Muhammadu Sanusi 1 of Kano arrested and deported Maitatsine back to his native Cameroun in 1954. He however sneaked back into Kano under the noses of

the Nigeria Police, NSO and Immigration, built a huge army and launched his attack, which claimed thousands of lives.

I don’t think anyone should assume that the old order of glorious local security will return as soon as state police forces are reestablished in Nigeria. We are probably too far gone along this path for any meaningful retreat. In 2000AD when I was Editor of New Nigerian, I sent my Features Editor to Kano to interview Walin Kano Alhaji Mahe Bashir Wali on this subject. He was uniquely qualified to make a comparison because he was a First Republic Wakilin Doka, i.e. head of the Kano Native Authority Police. He later transferred to Nigeria Police and rose to become an Assistant Inspector General.

He was asked why it is that the Nigeria Police today is incapable of doing what the Yan Doka did, such as monitoring every stranger for criminal intentions. Wali said it is not possible to do so now because of the population explosion, the huge rural urban migration and the complexity of modern life. He forgot to mention the plethora of liberal democratic rights of nowadays.

In the olden days, no one entered a town without reporting himself to the traditional ruler and saying who he is, where he is coming from, what is his mission there, how long he intends to stay, who is his host, and seeking permission to stay. Think about a city such as Abuja today, which could have up to 1,000 hotels. There are four major roads, an airport and numerous small roads and bush paths leading into Abuja. Every day nothing less than half a million workers, contractors, public officers, politicians, traders, artisans, beggars, criminals and other treasure seekers fly, drive, ride,

cycle or walk in, reside where they want, do what they want, leave when they want and stay as long as they want. It will require angels to keep a tab on such a situation.

In any case, the vaunted effectiveness of the Native Authorities in security matters was not only because of the Yan Doka, who were relatively few in number. It was also because of the fearsome Alkali [in charge of the court] and the Yari [in charge of prison].

More seriously, as Professor A.D. Yahaya said in his old book “The Native Authority System in Northern Nigeria,” village and district heads were the most potent security tool of the Native Authorities. Add to that the fact that a stranger in any community stood out like an archbishop in a brothel.

Much has been said recently about “ungoverned spaces,” which outlaws use as their bases to perpetrate horrible crimes.

Maybe state police, when they emerge, will have more numbers, deeper penetration and more local knowledge than Nigeria Police, but enough of these to combat latter-day crimes? The society itself has changed almost beyond recognition from the days of NA Police.

It is observable that Nigeria’s Francophone neighbours all have a more authoritarian attitude to fighting crime than Nigeria, even when they are under civilian rule. The much more liberal atmosphere in Nigeria, compared to our Francophone neighbours, must have made security agencies’ task much harder. I am thinking of Mr. Femi Falana, SAN. Sir, as part of the envisaged reforms to enhance our ability to fight off terrorists and kidnappers, can we reduce the number of liberal democratic rights in the 1999 Constitution?

HERBERT WIGWE: THE THINGS YET UNSAID Bank, he was active in other financial services, construction, oil and gas, aviation, film, and music, and, most recently, the education sector.

He made a star success of all his multiple business pursuits.

Herbert's hidden strength was his ability to connect with people of all classes and cadres, accompanied by a related instinct to simplify complex things in the most basic way. His mastery of Rivers’ version of Pidgin English could only equal his fluency in Queens English. He was among the few successful people referred to as the "original old Port Harcourt boy". Another strength of his was his courageous, daring, patient, and persistent nature, which added to his relentless ambition to accomplish exceptional things. This attracted to him friends and foes in equal measure.

His philanthropic work in the Herbert Wigwe Foundation, which he founded in 2016, focused on youth empowerment, health, arts, and education. This focus on youth development was central to his mentoring, given his strong belief in the importance of the youth in the development of Nigeria and Africa. He was an art enthusiast and contributed to art development in the country.

As the art connoisseur he was, his collection reflected his passion for excellence, diversity, and social purpose. The HOW foundation extensively supported many healthcare projects for the downtrodden among us.

His charity works were unique because he loathed publicity about it.

Herbert's enduring legacy is the power of vision, bold dreams, courage, and determination to pursue it and rally people to accomplish the objective. This is what we need to improve in our public space. History has shown that bold dreams have the power to transform societies. He was exceptionally enterprising and entrepreneurial.

Listening to Herbert talk about his vision was to find yourself in the oasis of inspiration.

He genuinely believed that there was nothing you fixed your mind on that you could not accomplish. He had bold dreams for the banking sector, tertiary education, the oil and gas industry and most importantly society.

Late Herbert Wigwe and wife, Chizoba

What lessons can we learn from him?

Herbert epitomised a life of passion, dedication, resilience, and boldness in achieving grand personal and societal visions. He was bold in setting out great goals and pursuing them relentlessly until he reached them. He proves that an unexamined life is not worth living.

To achieve greatness and impact on society maximally, one must be purposeful, bold, and patient. Herbert's hidden strengths prepared him for an eventful life – a life he lived on his terms. His ability to connect with people, courage, daring attitude, ambition, and excellent work ethic are the ingredients of his success and must be emulated. Peter Drucker posits, "The best way to predict the future is to create it." Herbert created his future and lived it to the full of those he loved.

For our budding entrepreneurs, Herbert left

a legacy. He proved the axiomatic expression true: "Entrepreneurship is living a few years of your life like most people won't so that you can spend the rest of your life like most people can't." He made the needed sacrifices at the start of his entrepreneurship and built capital enough to be reckoned among his contemporaries. Steve Jobs posits that "your work will fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work." Herbeth did outstanding work; the only way to do great work is to love what you do. Success is not just a product of luck. Hard work, knowledge, skills, and integrity underpin it. Thomas Jefferson argued, "The harder I work, the more luck I seem to have." Herbert worked hard enough to be lucky. He had an eye for greatness. It is little wonder he

set great goals for himself.

John Rockefeller advised that one should not be "afraid to give up the good to go for the great." Both in banking and establishing a University, Herbert went for greatness and achieved it. We should do the same. As a business and community leader, Herbert understood that the function of leadership is to produce more leaders, not more followers.

He created leaders of industries and global advocates of responsible capitalism in the 21st century.

My friend and brother Herbert lived like a candle in the wind. His star burned so brightly but ended so shortly. Greatness in life is not measured in how long one lives but in the impact of one's life on society.

Herbert lived, and he conquered. Adieu, my great visioner!

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T H I S D AY ˾ ˜ ͹΁˜ ͺ͸ͺͼ

MONDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Zaidu Ruptures Ligament, to Miss Nigeria’s World Cup Qualifiers Nigerian international defender, Zaidu Sanusi sustained a ligament injury in FC Porto’s 2-0 home win against Estrella da Amadora on Saturday night that may now sideline him for minimum six months.

Zaidu who returned to his Portuguese club after helping Nigeria’s Super Eagles to finish as runners up in the 2023 Africa Cup of Nations in Côte d’Ivoire, had spent three months on the sideline in the first half of the season.

FC Porto confirmed Zaidu ruptured his anterior cruciate

ligament on the club’s website yesterday without specifying that his season may have ended with the injury.

The 26-year-old left back was forced out in the 37th minute of the Portuguese topflight league game.

He has made just five appearances in the League this season with a goal to his name.

The injury will now make Zaidu, a key member of Super Eagles backline to miss major international games including 2026 World Cup qualifiers against South Africa and Benin Republic in June.

Super Eagles Get CAF’s Clean Bill, Hammer Falls on Côte d’Ivoire, Senegal, Others A F C O N 2 0 2 3 FA L LO U T Femi Solaja with agency report

The Confederation of African Football (CAF) has cleared all Super Eagles players of any wrongdoings during the AFCON 2023 tournament. Nigerian clubs in inter club competitions were also absolved of any wrong-doing.

The three-time African champions finished as runners up after losing the final match of the tournament 1-2 to host Côte d’Ivoire.

Four teams, including hosts Côte d’Ivoire, Nigeria, South Africa and Congo Democratic Republic played the seven maximum matches culminating in the final and the classification third-place match but Nigerian players were not found wanting for any on and off-field sanctions.

Only Nigeria’s Portuguese gaffer, Jose Peseiro got a caution card in the first quarter of the final match with the Elephants when involved in an altercation with the fourth referee on the sideline.

In the report of the tournament, CAF Disciplinary Board meted out various punishments to winners Côte d’Ivoire, deposed defending champions Senegal and Mali for various infractions.

The Fédération Malienne de Football was charged with misconduct following unsporting behaviour of its players towards

the match officials.

The Disciplinary Board found the player Hamari Traore guilty of unsporting conduct towards match officials. He is therefore suspended for four matches.

Two of the four are suspended for a year. In addition, the Fédération Malienne de Football was also fined 10,000 US Dollars.

The Ivorian football federation was also charged over the team’s misconduct in their match with Mali. The Ivorian FA is to pay a $5,000 fine.

In the Round of 16 match between Senegal and Cote d’Ivoire, a Senegalese player, Krepin Diatta, was charged with bringing CAF into disrepute following comments he made after the match.

The Disciplinary Board found him guilty and is hereby suspended for four matches, two of which are suspended for one year. He was also fined 10,000 US Dollars.

The Senegal FA was also charged for Teranga Lions’ misconduct and fined 5,000 US Dollars.

CAF also extended the punishments to misconducts in a Confederation Cup match between Al Hilal SC of Libya and Future FC of Egypt.

Al Hilal SC was charged with misconduct following incidents involving unruly behaviors of their home fans.

Zenith Bank Salutes D’Tigress Over Olympic Games Ticket Zenith Bank Plc has showered praises on Nigeria’s senior women’s basketball team, D’Tigress for winning a ticket to play at the forthcoming Olympic Games in Paris, France.

D’Tigress won one game and lost two at the qualifying tournament that took place in Antwerp, Belgium.

The Group Managing Director of Zenith Bank, Ebenezer Onyeagwu, expressed delight over the development.

Onyeagwu noted that the feat achieved by D’Tigress was not a surprise to Zenith Bank.

“We salute the achievement of the ladies because all the teams at the qualifiers played to pick a ticket.

D’Tigress have been consistent in recent years and we want them to maintain that consistency.

“For us, we are proud of the

ticket of the women team because our investment over the years is manifesting in the results the girls have been posting. Once again, we congratulate the players and officials of the team and also the Nigeria Basketball Federation.”

Zenith in over 20 years have been the sole sponsor of the National Women’s Basketball League and this year, the bank has extended its sponsorship to the second tier, the Division One Women League.

Nigeria defeated Senegal 72-65 in the first match, lost 100-46 to USA in the second match and also lost to host, Belgium 78-61.

D’Tigress clinched one of the three tickets available after Belgium defeated Senegal 97-66 to knock the ladies from Dakar out of contention.

Belgium and Nigeria joined the USA team that already qualified as World Champions.

Zaidu Sanusi...season ends with ACL Injury on Saturday

NPFL: Remo Stars Reclaim Top Spot from Lobi Stars Remo Stars have reclaimed the top spot of the Nigeria Premier Football League (NPFL) from Lobi Stars after pulling a vital away draw with Abia Warriors .

The Sky Blue Stars held their hosts Abia Warriors to a 0-0 draw in the first fixtures of the second stanza of the 2023/2024 NPFL season.

Remo’s draw in Abia Warriors moved the Ikenne team to tie on same 36 points as Lobi. Remo are on top on superior +10 goals

difference.

Before going into the Match-day 20 fixtures, Lobi Stars sat precariously on the top of the log on 36 points. Lobi however failed to consolidate at the top. They were beaten 3-2 at the New Jos Stadium.

Enyimba FC who kicked off the second stanza of the 2023/2024 NPFL season with a 1-0 defeat of Shooting Stars FC earlier on Saturday are third on the log one point below the leaders at

35 points.

Elsewhere yesterday in the Nigerian topflight, Rivers United defeated Doma United 3-2 at the Adokiye Amiesimaka Stadium in Port Harcourt.

Captain Nyima Nwagua scored all three goals for the home team in the game Bidemi Owoku and Hilary Ekawu were on target for Doma United.

In Enugu, Rangers recorded a 1-0 victory against Akwa United

Expect More NNL Matches on Television this Second Stanza, Says Attah The Chief Executive Officer (CEO) of the Nigeria National League (NNL), Emmanuel Attah, has assured stakeholders that more NNL matches would be taken live on television when action begins in the second stanza.

Attah who spoke last weekend in Abuja at a press conference said the NNL has concluded plans to bring more matches live on Global TV. “In the first stanza, we took matches live from Abuja and some other venues like Lagos and Enugu.

In the second stanza more of our matches will come live and we intend to go to more venues. We say a big thank you to our partners Global TV for sharing in our vision of putting the league on TV. For now, there is no money accruing to the league but our vision is to keep making the league more competitive and attractive to potential sponsors.”

Attah stressed that the NNL board is working round the clock to secure sponsors for the league insisting that the effort would soon

start yielding dividend against the backdrop of the fact that the NNL this season is a lot better.

“Everybody can see that the NNL this season is running very well. Clubs are winning on the road and virtually all matches have been played without any violence.

Officiating has been good. Our appeal is that corporate Nigeria should back this laudable efforts,” Attah said.

The NNL second stanza is billed to kick off early next month.

with the goal coming from the boots of Kazeem Ogunleye scored the three minutes after the break.

RESULTS NPFL Sunshine 1-1 Kwara Utd Abia War 0-0 Remo Stars Bayelsa Utd 2-0 Gombe Utd Rangers 1-0 Akwa Utd Katsina Utd 1-0 Tornadoes Plateau 2-1 Lobi Stars Rivers Utd 3-2 Doma Utd Sporting 1-0 B’Insurance

PREMIER LEAGUE Luton 1-2 Man Utd Sheffield 0-5 Brighton

LALIGA Rayo 1-1 Real Madrid Mallorca 1-2 Sociedad

SERIE A Lazio 1-2 Bologna Empoli 1-1 Fiorentina Udinese 1-1 Cagliari Frosinone 0-3 Roma

Yussuf Alli Excited As Edo State Gets Sportsville’s Best Facilities Award The joy of Edo State Sports Commission Chairman, Olympian Yussuf Alli, knows no bounds this as Edo State Governor, Mr Godwin Obaseki, prepares to receive the Sportsville award on March 1st, 2024 in Lagos.

The longer jumper whose national record remains unbroken till date, has this to say; "this is one award that is factual and real.

Nobody in the sports industry can dispute the world-class facilities we have in the Edo State.

"The Samuel Ogbemudia Sports

Complex houses one of the best facilities not only in Nigeria, but Africa.

"We also have other facilities scattered around the state.

This is why Edo State is now the destination of choice for sports in Nigeria.

"As we speak, we are preparing to host the NPFL Youth League finals, and you can be sure the young boys will enjoy the use of our top-class facilities,” stressed Alli also a former Team Nigeria Captain.

Edo State has become a reference point when it comes to facilities in the nation, hosting all most all the top tournaments in the past few years.

The award winning long jumper says the people of Edo State and indeed Nigerians have cause to be very proud of Governor Obaseki's vision of using sports as empowerment tool for the youths of the State "This is paying off now as our mandate to raise over 10,000 athletes is right on course," he added.

Edo State came tops in the government-owned facilities category, just as Remo Sports Complex owned by Kunle Soname got nominated in the private category.

The State with the Best Investment In Sports goes to Delta State.

This year's awards ceremony comes up on Friday, March 1st at the Prestigious EKO CLUB, Surulere, Lagos under the Chairmanship of ex Green Eagles Skipper, Dr Segun Odegbami MON.

Monday, February 19, 2024

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MISSILE PDP Governors to APC “Hardship and suffering being faced by Nigerians have no tribal, religious or party colouration. A hungry man is an angry man. While all tiers of government have a role to play, the APC-led Federal Government has a disproportionate role to play in mobilising Nigerians and all organs and tiers of government for sustainable solutions. If it cannot do so or is unable to do so, it should graciously throw in the towel" -PDP Governors, firing back at the APC-led FG in counter vituperations.

MAHMUDJEGA Bulging Biceps of Dan Baki VIEW FROM THE GALLERY

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ast Thursday’s announcement by State House in Abuja that the country’s top political leaders including the President, Vice President, National Security Adviser, all the state governors, FCT Minister and the security chiefs had agreed to create state police forces marked a major political and psychological turn-around which was not possible only a few years ago. They reached this decision after an emergency meeting to review the precarious security situation in the country.

Twelve years ago, the issue of state police divided Nigeria Governors Forum along North-South lines, with the latter calling for it and the former firmly resisting it. Since then, Boko Haram, kidnappers, bandits, cattle rustlers, pipeline vandals, communal warriors and baby factories have brought about a major shift in national attitude. All the leaders seem to agree that FederallyTinubu centred security agencies can no longer cope with the situation, and some form birthday in 2012, former military ruler General Ibrahim Babangida called for the creation of devolution is needed.

Speaking at an occasion to mark his 71st of state police. He pointed out that we had

something of the sort before. We actually had more than that. Up until 1970, we had police forces controlled by the Native Authorities, which became local government councils in 1976. The NA police answered not even to regional premiers or military governors but to traditional rulers, who were the heads of Native Authorities.

Days before IBB spoke, the case for state police suffered a major setback when the Parry Osayande committee made up of former Police IGs came down heavily against it.

Former IG Muhammadu Gambo, who in his police days was tough as a doornail, recalled the suffering of First Republic opposition politicians in the hands of the Yan Doka [literally ‘sons of order,’] as Native Authority policemen were known in the North. Anyone who is too young to know what happened in those days could read up some first-hand stories in Alhaji Tanko Yakassai’s book, ‘The story of a humble life.’

Today, one of the biggest fears about state police is potential abuse by state governors.

Which is not unfounded, when you remember what they have turned State Independent

Electoral Commissions [SIECS] into.

I was just old enough to know the Yan Doka before they were scrapped in 1970.

The most prominent Dan Doka [singular form of Yan Doka] in Jega District in the late 1960s was Dan Baki. He was a huge man with a protruding belly, very dark complexion, a booming voice and extra-large biceps protruding from his green Native Authority uniform. Dan Baki was totally devoted to law and order. Every day, we saw him march felons and suspects from the station to the Alkali’s court and back.

Up to ten felons often marched in front of Dan Baki, and none of them ever escaped.

Even when he was not in uniform, Dan Baki never passed by a fight without intervening.

He often ordered a sugar cane seller to sweep his dirty surroundings, ordered a bean cake seller to cover her calabash, or ordered a bicycle rider to ride more carefully.

Dan Baki was believed to have enormous physical strength and as children, we sang a song in his praise: Continued on page 46

DAKUKUPETERSIDE BENEATH THE SURFACE

Herbert Wigwe: The Things Yet Unsaid

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lean-shaven, suave, upwardly mobile, and incurably optimistic ,Herbert Onyewumbu Wigwe (HOW) was one of the most recognisable figures in the banking space and corporate Nigeria. His official biography could only be written by him.

But I hope his example can inspire and influence us. Accurately describing Herbert in one word can be compared to explaining the mystery of centuries in a few words or a wild goose chase. It is a nuanced and complex process.

He was an extraordinary businessman who died alongside his wife and son in the United States of America under exceptional circumstances. His tragic and sudden departure reverberated beyond our shores. But who was Herbert Wigwe?

I can only answer this question from the narrow prism of my friendship and many encounters with him.

Herbert and I were members of the same local church assembly, and I witnessed his

dedication to spirituality, good works, and commitment to church growth. It is easy to explain because of his solid Christian foundation. Herbert's father, Elder Shyngle Wigwe, is a pastor in the Redeemed Christian Church of God. Herbert was a man of prayer, which he complemented with a ruthless work ethic. He attributed all his successes to God's blessings.

Both of us are from Rivers State, and we had many sessions on how best to fix the politics of Rivers and, by extension, improve the State's development trajectory. Herbert was utterly detached from politics but had deep insight into political manoeuvrings.

We debated the affairs of Rivers State and the country, and he baffled me with the precision with which he predicted the outcome of political contests. He would quickly tell you that his political party is Nigeria and no other.

His passion for Nigeria was simply unwavering. Only a few persons can match his faith in Nigeria. He firmly believed that he would impart society by using businesses

to provide solutions to society's needs and create wealth that would touch the lives of many. He was unapologetically capitalist, in the proper sense of it, and he lived his life using capital to solve many societies' needs, such as creating employment, paying taxes, providing lots of charity, and investing heavily in world-class university education. He used capital as an instrument for socio-cultural upliftment across Africa.

Herbert was a man of bold dreams and obsessed with excellence while making room for unavoidable mistakes. Herbert never gave up on any bold dream, no matter the odds. He rode the waves of challenges and was filled with the spirit of hard work, dedication, and strokes of ingenuity. He had bold dreams in all ramifications, and this was self-evident.

First, as a young banker, he teamed up with his friend and partner to acquire "a distressed bank", rated number 89 then, and turn it around in two decades to become one of the top five banks, with an assets base of over N20.9 trillion, is phenomenal.

Herbert, as CEO, set out to build an Access

Bank with the vision of becoming the gateway to Africa and the world's most respected African bank. With a presence in more than 13 African countries plus a footprint in other continents, Access Bank was working towards realising this vision. Second, Wigwe University, which Herbert personally referred to as the "Future Harvard University of Africa", was another extraordinary, bold dream.

He set out to build the best University in Africa, investing $500m in the initial set-up. You do not need further testament that he was a man of bold dreams.

An entrepreneur extraordinaire, his mystique was his ability to sniff out opportunities where others see none, multiplied by the fact that he was one of the most persistent persons I know when going after opportunities. He mentored many budding entrepreneurs, top managers, and top academics in entrepreneurship.

Apart from his well-known flagship, Access Continued on page 46

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