MONDAY 4TH MARCH 2024

OPEC+ members agree to extend voluntary cuts to Q2

Emmanuel

Says Nigeria Ready for Business

Urges Qatari investors to report to him any official that impedes progress or asks for gratification

Deji

President Bola Tinubu, yesterday, held a closed-door meeting with Emir of the State of Qatar, His Highness, Sheikh Tamim bin Hamad Al Thani, as part

NIGERIA-QATAR BUSINESS MEETING IN DOHA...

NECA, CPPE Raise the Alarm over FG’s 750% Additional Levy on Expatriate Employment

Dike Onwuamaeze

The Nigeria Employers’ Consultative Association (NECA) and the Centre for the Promotion of Private Enterprise (CPPE) have expressed concerns over the additional levy of $10,000 and $15,000 per expatriate staff and director respectively imposed by the federal government.

These levies were in addition to the existing $2,000 paid annually by organisations employing expatriates.

The additional levy was contained in the Expatriate Employment Handbook launched recently by the federal government through the Federal Ministry of Interior ostensibly to enhance skills transfer in Nigeria.

Both organisations contended that the additional levy would be a disincentive to foreign direct investments (FDI), hurt companies that have billions of dollar investments that required expatriates as critical staff and imperil the vision of African Continental Free Trade Area (AfCFTA) because it has no exception for African expatriates.

The Director General of NECA, Mr. Adewale-Smatt Oyerinde, in a statement yesterday, titled, “Ministry of Interior’s Expatriate Employment Levy: A Disincentive to Investment,” described the levies as exploitative, extortionist, and a contradiction that could not be explained at a period the federal government is campaigning for FDI into the country.

Oyerinde warned that, “the imposition of $15,000 and $10,000 on organisations that employ expatriates at a time when businesses

are shutting down and leaving the country in droves is worrisome.

“Recent results of many businesses have shown massive losses, a situation that could potentially increase the level of unemployment with dire socio-economic consequences.”

He added: “We are concerned at the legality and appropriateness of the EEL as well as its effect on the economy. The provisions of a handbook can never over-ride clear provisions of extant laws in Nigeria, especially the 1999 Constitution of the Federal Republic of Nigeria, the Immigration Act and the Local Content Act among others.”

According to him, “the Ministry of Interior and indeed, the federal government cannot impose a tax or levy without appropriate legislation.

“For instance, Section 59 of the Nigerian Constitution requires that any imposition of tax, duty, fee or levy must be backed by an Act of the National Assembly. Levies that are imposed without complying with the provisions of Section 59 of the Constitution offend the Ccnstitution and are illegal.”

He contended that “existing legislations, such as the Local Content Act and the Immigration Act have addressed objectives similar to those of the EEL Handbook – thus, covering the field.

“Therefore, the introduction of additional levies is an unnecessary duplication that could impede the ease of doing business in Nigeria.”

Oyerinde, noted that a reciprocal implementation of the same policy by other countries would “have dire consequences on the careers and

progress of Nigerians who are expatriates in other nations.”

Speaking in the same vein, the Chief Executive Officer of CPPE, Dr. Muda Yusuf, expressed serious concerns about the unintended consequences of the additional EEL, adding that the time line for its compliance is too short.

Yusuf said: “The policy gave barely four weeks for companies to comply. For such a major policy shift, companies needed to be given minimum of six months. It is only fair and just to do so. This would be very disruptive for their businesses, plans and projections.

“Some of the companies affected are major investors that have invest-

ment running in billions of dollars and have been in Nigeria for decades.

“The country needs more direct investors than portfolio investors at this time. The economy needs more investors in the real economy such as oil and gas, manufacturing, infrastructure, mining, ICT, Healthcare that require varying skills and competencies.

“It is imperative to give some consideration to this class of investors, given the scale of their investments which could be in billions of dollars.”

He also warned that policy could trigger reciprocal actions from other countries, which would have serious implications for diaspora Nigerians.

“There are currently over 17 million Nigerians in various countries around the world doing extremely well in the fields of education, medicine, health, sports, media, entertainment, leadership, politics, finance, science, ICT, transportation, tourism, industry and agribusiness.

“This is a pool of very valuable external sector assets for us as country. We have the largest diaspora population in Africa. We also have the highest diaspora remittances on the continent, generally in excess of $20 billion. All of these could be at risk as a result of this policy,” he said.

Yusuf, added that this policy, which did not “make an excep-

tion for our African brothers and neighbours, is coming at a time when the African Continental Free Trade Area (AfCFTA) is gaining traction.

“This policy could be a major setback for the continental economic integration vision.” He advised the government to use the policy to fight the influx of foreigners, especially the unskilled ones that are more pronounced, in vulnerable sectors like construction, distributive trade, hospitality and logistics.

The CPPE also appealed to government to review the policy and undertake broader consultation to ensure that “we do not hurt genuine investors in the country.”

Clean Energy Firm Says National Grid System Won’t Solve Nigeria’s Power Problems in 100 Years

Emmanuel Addeh in Abuja

Kodion Energy, a smart electricity and consulting firm, at the weekend urged the Nigerian authorities to end its current national grid system and embrace the micro-grid or smart grid structure, insisting that in 100 years Nigeria will not solve its power problems with the current arrangement.

Speaking during an online interaction with select journalists in Abuja, the Chief Executive Officer, Kodion Energy and Kodion Consulting, Joshua Okorie, stated that unless Nigeria embraces modernity, the

grid built by the colonial masters will not serve the country’s energy needs.

Rather, Okorie, whose company has offices in Nigeria, Arkansas in the US and in China, argued that what Nigeria requires is the embedded power system where every state can cater to its own need.

According to him, the firm has built some of the biggest transformers in the US and could replicate that in Nigeria with the right environment.

“Right now we are building a 25 and 50KV to power in Umuahia. We need a factory in Enugu to power the things that we need to

Adelabu Urges State Govts to Invest in Mini Power Generation

In line with the federal government's determination to improve on electricity supply under the Presidential Power Initiative (PPI), the Distribution Companies (Discos) have urged to improve on their capitalisation to enable them deliver on their mandate.

The Minister of Power, Adebayo Adelabu, who gave the charge, also admonished state governments to invest in mini-power projects to reduce burden from the federal government.

Adelabu, gave the advice while fielding questions from journalists shortly after the inauguration of 60MVA, 132/33KV power transformer at Okene Transmission

Substation in Okene Local government area of Kogi State, recently.

He explained that for Nigerians to enjoy adequate supply of electricity, the Discos must improve on their capitalisation, stressing that money was required to improve on infrastructure for distribution.

“They must bring in money to invest seriously on transformers, cables and other equipment to aid easy distribution of electricity," he added.

He maintained that the federal government would no longer indulge any Disco not living up to its responsibility.

"Any distribution company found wanting and embarking on illegality will be sanctioned and that will serve as deterrence to others.

“So we are looking at that and again and that the Discos should be structured along the state lines," he added.

The Minister enjoined State governments to also invest in mini power generation, saying, “the State government must be able to engage in tracking and monitoring most of these Discos. Our people will suffer, if you don't do it. We have made electoral pledges and promises to our people during our electioneering campaign. We must fulfil these promises.

“The problem and solution is about energy now collaboration , cooperation and partnership," the Minister stated.

Adelabu, disclosed that the federal government was leaving no

stone unturned when it comes to transforming all the three segments in the power value- chain from the generation , transmission and distribution respectively.

"Distribution is the process which is the last stage where light is connected to the people. If people could not get power, every effort we are making is fruitless.

“That means we are moving in the dark. You could see that the federal government is making efforts to make sure we increase our generation capacity. We have redouble the number of efforts that we are making to provide electricity.

"We have improved the capacity by 700 megawatts at Zungeru and another at Manbilla. We have revived many hydro-electric power stations.

build our transformers,” he added, stressing that the transformers built in Umuahia had been shipped to the US for testing.

He noted that though he lives and works in the United States, he had never stopped thinking about and finding ways to support Nigeria in its quest for energy sufficiency.

“We understand the gravity of Nigeria's electricity crisis, and I am here to present a solution—one that not only addresses the challenges we face but also propels Nigeria into a leadership role in solar and clean energy.

“Nigeria, with its vast potential, rich resources, and resilient people, has long been poised to become a leader in renewable energy. Yet, despite our potential, millions of Nigerians are left without access to reliable electricity, with rural communities bearing the brunt of this disparity.

“The statistics are staggering: Over 76 per cent of rural Nigerians lack access to electricity, with an estimated 90 million people nationwide living without power,” he stated. But amid these challenges, he said, lies an opportunity for Nigeria to harness its abundant solar resources and leapfrog into a future powered by clean energy, with the company’s ready to lead the charge.

With strong roots in Information Technology, energy and advanced AI solutions, Okorie explained that his objective is to power Nigeria, one city at a time, with 24-hour uninterrupted electricity, leveraging advanced AIenabled hybrid transformers.

“The answer is very simple. Break

the grid and turn it into micro-grid. You’re not going to fix Nigerian grid because these lines run into all kinds of problems, through insurgency and other kinds of insecurity.

“If you’re asking me, I think it’d be faster for me to go to Benin City for instance and start from where the line enters Benin and run the grid around Benin. It is called a smart grid system or a micro-grid system.

“Nigeria will never work with this national grid. It will not work 100 years from now. It will never work.

“Texas did it in America, most states are doing it because what happens is when you isolate your grid, you can understand how it fails. And then you can slowly shift it to the next grid if you have enough. It is called the 21st century of energy transmission,” he argued.

According to him, the grid system which was started by the colonial masters will continue to be a source of challenge to Nigeria, until it embraces the embedded power system.

“The idea of a cluster only works when you have a smart grid system. That’s only where it works. There’s no other way around. The grid was built years and years ago. It was a British colony invention and it has been getting developed since then,” he added.

Okorie said that what sets the company apart is its commitment to thorough analysis and innovation, stressing that unlike conventional approaches, the company tailors its solutions to each location's needs, ensuring optimal performance and efficiency.

Ibrahim Oyewale in Lokoja

L-R: Minister of Industry, Trade and Investment, Doris Uzaka-Anite; President Bola Ahmed Tinubu; Minister of Commerce and Industry Qatar, Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani; Chairman Qatar Chambers of Commerce, Sheikh Khanifa Bin Jassim Ali Thani and Board Member Qatari Businessmen Association, Sheikh Bin Nasser Al-Thani during the Nigeria-Qatar business meeting in Doha, Qatar... on Sunday.

THE PUNCH 50TH ANNIVERSARY BLACK TIE DINNER...

L-R: MD Emeritus, Punch Nigeria Limited, Sir Ademola Osinubi; Chairman Emeritus, Chief Ajibola Ogunshola; Chairman, Punch Nigeria Limited, Mrs Angela Emuwa; Director, Mrs Wunmi Tunde-Obe; a former Minister of Industry, Dr Nike Akande; Director, Princess Omoshalewa Aboderin-Olubusi; Director, Mrs Bunmi Aboderin-Talabi; and Managing Director, Punch Nigeria Limited, Mr Adeyeye Joseph, during The PUNCH 50th anniversary Black Tie Dinner, at Eko Hotel, Lagos... on Saturday

Like India, NBET Begins Process of Transmuting to Energy Exchange to Revamp Nigeria's Electricity Market

Peter Uzoho

The Nigerian Bulk Electricity Trading Plc (NBET) is stepping up the process of transforming from being a trader of electricity to an energy commodity exchange with core function of facilitating buying and selling of electricity in the country.

The model is similar to what obtains in India, where the country has the India Electricity Exchange (IEX) that was established as an entity that solely facilitates the buying and selling of energy products and raking huge revenues for the government in the process.

Managing Director of NBET, Dr. Nnaemeka Ewelukwa, disclosed this

during an exclusive interview with THISDAY, in Abuja, saying when effected in Nigeria, the energy exchange would be a major boost to the long-awaited willing buyer-willing seller electricity market regime.

Ewelukwa, revealed that the federal government had approved for NBET to start the process of transforming into an energy exchange or an energy trading platform.

Incorporated on July 29, 2010, as part of the roadmap for power sector reform towards the full implementation of the Electric Power Sector Reform Act (EPSRA), NBET commenced operation in 2011 as the manager and administrator of

the electricity pool in the Nigerian electricity supply industry (NESI).

It commenced trading in the electricity market at the start of the Transitional Electricity Market (TEM) regime in February 2015.

Till date, NBET is involved in the buying of electricity from generation companies (Gencos) through Power Purchase Agreements (PPAs) signed with them.

The bulk trader resells the electricity bought to distribution companies (Discos) through Vesting Contracts signed with the 11 Discos and settles invoices received from Gencos, Discos and gas suppliers. The company is also involved in the disbursement of electricity subsidy

funds from the federal government to the sector players among other statutory mandates.

However, Ewelukwa said the transmuting of NBET to an energy exchange would revolutionalise the power sector by making it easier for the federal government to hands off its direct role in the sector and become more of a facilitator.

The NBET boss explained, "At the moment, NBET is working on a critical initiative that would actually be a major boost to willing buyer, willing seller arrangement.

“The former board of directors of the company under the leadership of the Minister of Finance, Budget and National Planning

Shelter Afrique Devt Bank to Expand Footprints in Nigeria’s Housing Delivery Efforts

Gets FG’s reassurance on payment of outstanding shareholding

Emmanuel Addeh in Abuja

Managing Director and Chief Executive Officer of Shelter Afrique Development Bank (ShafDB), Mr. Thierno-Habib Hann, has revealed plans by the institution to explore more areas of entry into the Nigerian housing market.

He therefore pledged the bank’s support to assist the country in her effort to bridge the housing deficit.

He gave the assurance when a delegation of the bank’s leadership led by its Board Chairperson, Dr. Chii Akporji, embarked on a working visit to Nigeria.

Speaking with Nigeria’s Vice President, Kashim Shettima, Hann expressed enthusiasm about the PULAAKU Resettlement Scheme of the Federal Government.

The project aims to provide shelter for displaced Nigerians affected by banditry in selected states across the country.

He spoke of the bank’s interest in playing a part in such initiatives like PULAAKU and the National Social Housing Fund (NSHF), as it looks to improve upon its $220 million worth of housing loans already approved in Nigeria with $117.6 million disbursed.

“We are looking for more ways to collaborate with Nigeria on housing delivery. We believe the PULAAKU Initiative, and the National Social Housing Fund provide us an opportunity to further drive our mandate, which is to eradicate slums in Africa.

“We have done a lot of work already with several financial institutions, reputable developers,

and some state governments, and we intend to do more.

“Since October 2023, the bank has undergone major transformations thanks to the leadership of the Minister of Housing and Urban Development, Ahmed Musa Dangiwa, who is the Chairperson of the institution’s 42nd AGM Bureau.

“We are better positioned to create wealth, increase GDP, and address security through our housing finance model,” he said.

He added that ShafDB is a tool for member countries to drive their housing programmes, urging governments to strengthen the bank by keeping their shareholding commitments.

The vice president therefore applauded the housing development bank’s efforts in moving Africa forward.

“I am aware that ShafDB has already deployed more than what Nigeria has in paid-up capital towards the financing of housing projects in the country.

“ ShafDB is in a position to drive change in Africa, and I align myself with the aspiration of the Honourable Minister of Housing and Urban Development that the capital subscription arrears be paid,” he added.

In his remarks, the minister expressed Nigeria’s readiness to support ShafDB’s growth. He applauded the bank for its visionary approach to housing delivery, noting that the bank will reach heights with the current institutional framework and experienced leadership.

The working visit also involved a meeting with the Governor of the

Central Bank of Nigeria, Olayemi Cardoso, who promised to support Nigeria’s efforts to clear the outstanding share capital subscription.

The CBN governor was pleased with the bank’s contribution to continental development and its range of products that cut across the entire housing value chain. He acknowledged the role the housing sector plays in the development agenda of the current administration.

Shelter Afrique Development

Bank was in Nigeria on a oneweek visit to urge the Nigerian government to clear its outstanding capital subscription, as well as express the bank’s commitment to improve on its $220 million worth of housing loans already approved in Nigeria with $117.6 million approved and disbursed, among other things.

Nigeria’s 15.22 per cent of the company’s issued shares makes it the second-largest shareholder after Kenya with 16.25 per cent.

had approved for NBET to start the process of transforming into an energy exchange or an energy trading platform.

"So, the whole idea is that NBET transitioning from being a buyer and seller of power to being an entity that provides an electronic platform where buyers and sellers of power can meet and transact business. It's an initiative we are working on and we are confident that it will be successfully implemented. It's essentially a commodity exchange.

"If you look at it, electricity is actually a commodity and whether thinking about commodity in terms of agricultural products or you are thinking about power, it's still the same fundamentals. They are goods that need to move from point A to point B.

"So, there is need for a physical network that enables the goods to move from point A to point B. That physical network may have some challenges here and there. How do you address those challenges?

And so, it's a process that we are working on.

"We believe that it would revolutionalise the power sector in many ways in terms of making it much easier for the federal government to actually ease out of a direct role in the sector and become more of a facilitator, which is really the original design of the power sector process and the electricity market."

He said since its establishment, the agency had made considerable progress in delivering on its mandate as a sub-set of the electricity market.

According to him, NBET had

transparently disbursed the electricity subsidy fund for the federal government, the Payment Assurance Facility and the World Bank Power Sector Recovery Loan.

He noted that the transparent disbursement of the funds in the sector was enabled by a rigorous process put in place by the agency for validating payments.

According to him, he and his team understand the sensitivity of the power sector and the need for accountability.

He added that rigorous system had stood the test of time because NBET as an institution was able to disburse those funds without a hint of impropriety in the payments.

"And so, that has engendered confidence amongst the sector participants. Sector participants may complain about the money not being enough and want to be paid more, and that government should make more funds available, but not that there is a concern about whether the money is being pilfered. It's absolutely not the case", Ewelukwa stated.

He further revealed that NBET had been able to incentivise private investments in the power sector, especially in the generation segment.

He stated that the privatisation of the Trans-Afam and the Afam Fast Power plants about three years ago, which were bought by the Transcorp consortium, earned the federal government a whopping N105.3 billion.

He said the transaction would not have happened without NBET signing PPA with the buyers.

NIMASA: Offshore Waste Management Will Enhance Nigerian Economic Growth

Blessing Ibunge in Port Harcourt

The Nigerian Maritime Administration and Safety Agency (NIMASA) has said that the federal government’s waste management project with XPO Marine Services Limited would enhance the country’s economic growth.

XPO Marine Services, a provider of offshore marine support services to the oil and gas industry, recently entered a Public Private Partnership (PPP) with the country for the establishment of an offshore waste recovery facility.

Speaking in Port Harcourt, at the commencement of the implementation phase of the offshore waste reception facility (OWRF) project for Nigeria’s waters, Deputy Director and Head PPP Unit, NIMASA, Mr.

Kabiru Diso, explained that the partnership would help address major challenges in Nigeria waters.

Diso, also stated that the engagement would ensure that the waters were no longer a dumping ground of all kinds of wastes generated from the ships and other installations on Nigeria’s waters.

According to the NIMASA Deputy Director, "Today is a remarkable day, not just because we are handing over the site for the commencement of this project, but it is remarkable as it heralds the success and commitment of the entities from the public sector and private sector coming together to achieve a common goal of proper, effective and efficient collection and disposal of waste on our waters through a private company

incorporated under the law of the federal government.

"We have commissioned the implementation stage of the OWRF contract but for having an opportunity for the country to be able to discharge its function under the International Maritime Organisation (IMO) obligation through PPP arrangement.”

He added, "The concessionaire is to ensure that ships and platform comply to MARPOL 73/78 as amended and in line with global best practice.

"The positive impact of what we are starting today is going to be tremendous, not only for the marine environment but will support the economic growth in the country."

Diso, added that the PPP arrangement was one of the best

things that would happen to Nigeria especially at a time when the country was having economic crunch and dwindling revenue to the federation account.

"So, under this arrangement, NIMASA and the federal government will generate income and new jobs will be created. This project will be of benefit for all Nigerians."

Earlier, the Managing Director, Offshore Pollution Control (XPO) Marine Services, Mr. Wellington Agharese, said with the partnership, the federal government would be taking a bold step to collect all the waste generated from ships and other platforms operated by IOCs and NOCs, so that they can be treated in an acceptable manner and disposed of according to MARPOL convention.

GOWON'S BOUQUET OF HONOUR ...

House C'ttee Directs Private Airlines to Account for N4bn COVID-19 Fund or Make Refund

Juliet Akoje

The House of Representatives Public Accounts Committee (PAC)

has given a week ultimatum to all private airline operators in Nigeria to account for N4 billion collected from the federal government as

COVID-19 intervention funds or refund the money to the government treasury.

The Chairman of the Committee,

TotalEnergies Charges HCDTs on Safety of Facilities in Rivers

Blessing Ibunge

The management of TotalEnergies has charged members of Host Communities Development Trusts (HCDTs) in Rivers State, to ensure the safety of its facilities in the state, as they continue to relate with their host communities in line with the Petroleum Industry Act (PIA).

The oil multinational company gave the charge at the weekend in Port Harcourt, during the closing ceremony of a capacity building training organised for members of TotalEnergies HCDTs.

In his address, the Managing Director, TotalEnergies, Mr Matthieu Bouyer, said since the nomination into the Board of Trustees (BoT), the company has held several engagements and orientation meetings with members of the HCDTs on operationalisation of the Trust.

Addressing participants at the training, Bouyer, represented by the Executive Director, JV Asset, Mr Obi Imemba, said many of them had been fully funded.

The MD who noted that the engagement is the first-of-its-kind in the industry, said operationalising the requirements of the Act with respect to the trust has been a challenging process for the company.

Bouyer charged the participants, saying henceforth, they should

Economic

Olawale Ajimotokan

take over the management of all sustainable community development projects and programmes in line with the PIA.

“You also have the responsibility to ensure the safeguarding of TotalEnergies facilities and operations within your communities," he said.

He commended TotalEnergies partners for their support and collaboration through the entire process of the operationalisation of the trusts.

In his remarks, the Rivers State Commissioner for Chieftaincy and Community Affairs, Amadi Charles, commended TotalEnergies for its effective engagement with host communities in the state.

The commissioner, said the state government was pleased with TotalEnergies for setting pace for other companies to emulate in terms of engagement with host communities.

"The state government is very grateful, especially to TotalEnergies for organising this capacity training for members of HCDTs.

"The government is also happy with TotalEnergies for setting the pace, because settlors in Rivers State, most of them are lagging behind and I think this is an opportunity for them to learn from the good steps of Total. In line with PIA, I think TotalEnergies has actually done a lot for their HCDTs," Amadi added TotalEnergies had organised

the week-long training through a human capacity development provider, Philip Consulting, for members of the HCDTs, with the aim to prepare them with the necessary skills to effectively carryout their various responsibilities as allocated.

Hon. Bamidele Salam (Osun-PDP) handed down the directive at the weekend at the resumed investigative hearing on the alleged mismanagement of the COVID-19 intervention funds by the Ministries, Departments and Agencies (MDAs) of the federal government and others who benefited from the funds.

Salam urged all private airlines that received COVID-19 relief funds designated to support the aviation sector to refund the allocated funds to the federal government treasury, if they fail to give justifiable evidence of how the money was judiciously spent within a week.

He lamented that despite appearing before it, several of the airlines and industry stakeholders, including Aero Contractors, Azman, Newrest, and representatives from the Federal Ministry of Aviation and Aerospace

Development, failed to provide satisfactory explanations regarding the allocation and expenditure of the funds.

However, the committee emphasised the need for accountability and transparency in the utilisation of public funds.

Azman Airlines represented by its Marketing Manager, Odum Uju, admitted receiving N367,935,779.95, purportedly allocated for various operational expenses including aircraft maintenance; spare parts, fuelling, forex purchasing, and insurance premium paid.

The Station Manager of Aero Contractors, Mr. Abdulmalik Musa, said the company received N217,345,542.05 from the federal government for the Covid-19 intervention fund.

Musa explained that the fund

was used for airport handling and facility payment, fuelling payment, on-board catering payment, pilot training payments, and lease rental payments.

Reacting to the submissions on how they utilised the funds , a member of the committee and former pilot with the Nigeria Airforce, Hon. Ojuawo Adeniyi from Ekiti state faulted the submissions, saying that the services claimed by the operators were applicable only during the regular operations of airlines.

However, Hon. Akiba Bassey moved that the amount involved should be refunded to the Federation account should they fail to give justifiable evidence before the committee on the expenditure which was unanimously supported by members.

Ekpo: Why Gas-exporting Countries Must Commit to Knowledge, Technology Sharing

Emmanuel Addeh

Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, at the weekend urged member countries of the Gas Exporting Countries Forum (GECF) to commit to sharing knowledge, technology and best practices.

The minister stated this in an address at the Extraordinary Ministerial Meeting of the GECF in Algiers, Algeria, where he proposed measures that could be adopted by member countries in achieving a green economy, according to a statement in Abuja by his spokesman, Louis Ibah.

This, he said, will help to accelerate the unlocking of new applications for natural gas in a manner that boosts economic growth without degrading the environment.

Ekpo lauded the inauguration

of the GECF gas research institute headquarters in Algeria, saying it would go a long way in the provision of the requisite funds for upstream and midstream gas development.

He said that Nigeria with one of the largest gas reserves in the world, has been at the forefront of harnessing the resource, not just for national development, but also as a key contributor to the global energy mix.

The minister, however informed the audience of Nigeria's commitment to the exploitation of its natural gas resources in a manner that is both beneficial to its people and conducive to global efforts to create a more sustainable and cleaner energy landscape.

According to Ekpo, the path to achieving a green economy with natural gas was fraught with lots

Hardship: Suspected Hoodlums Loot FCTA Agric Warehouse

Suspected hoodlums yesterday looted the food store belonging to the Federal Capital Territory Administration (FCTA) Agriculture Secretariat in Gwagwa area of Abuja.

The spokesman of FCTA Agric Secretariat, Zakari Aliyu, confirmed the incident, stressing that the persons did not only loot all the food items in the store, but also vandalised and carted away doors

and windows of the facility. He confirmed that the criminals swarmed on the store when they were offloading food items into the facilities on the morning, carting away all food items with other valuables in the secretariat, estimated at millions of naira.

He said there may be an official visit by the Federal Capital Territory (FCT) Minister, Nyesom Wike to assess the level of vandalism.

THISDAY also gathered that the police were promptly deployed

to the scene to prevent a total breakdown of law.

The spokesperson for the FCT Police Command, Josephine Adeh, also confirmed the incident, but however, disclosed that the situation had been brought under control.

Meanwhile, the National Emergency Management Agency (NEMA) has refuted reports alleging that its warehouse was looted by some hoodlums in Abuja, yesterday.

The denial was contained in a statement issued by Manzo Ezekiel

of NEMA Press Unit.

"This is to clarify that the looted warehouse does not belong to NEMA. However, the agency sympathises with owners of the looted facility.

“To forestall any security breach at NEMA facilities, the Director General, Mustapha Ahmed, has directed Zonal Directors and Heads of Operations to strengthen security in and around the Agency’s offices and warehouses nationwide," the statement said.

of challenges and for which GECF must be ready to confront.

He said: "Market volatility, geopolitical tensions, and the global imperative to decarbonise energy production and consumption necessitate not just national, but international solidarity and strategic collaboration among gas-exporting countries."

To this end, Ekpo proposed the following for the consideration of member countries: Strengthening collaboration among GECF members, innovation and technology sharing as well as engagement and advocacy.

"The future of gas lies in our ability to innovate. By embracing

technology, we can reduce emissions, enhance efficiency, and unlock new applications for natural gas in the green economy.

“I urge all GECF members to commit to sharing knowledge, technology, and best practices to accelerate our progress towards these objectives.

"Let us reaffirm our commitment to not just our national interests, but to the collective wellbeing of our global community. The path ahead is complex, but through collaboration, innovation, and shared vision, we can navigate the challenges and seize the opportunities that lie before us," he added.

Tinubu Mourns Ace Comic Actors, Mr. Ibu, Sisi Quadri

Deji Elumoye

President Bola Tinubu has received with deep sadness the news of the passing of two of Nigeria's ace comic actors, John Okafor, famously known as Mr. Ibu, and Tolani Quadri Oyebamiji, also known as Sisi Quadri.

The President, in a release issued on Sunday By his Media Adviser, Ajuri Ngelale, consoled the families of these gifted thespians who brought joy and relief to millions of Nigerians by the exercise of their geniuses.

President Tinubu exhorted the bereaved to take solace in the truth

that even though these beloved Nigerians have passed on, they will always live through their works which will remain an inspiration and a fount of good cheer for many.

The President also commiserated with the Actors Guild of Nigeria, Theatre Arts and Motion Pictures Practitioners Association of Nigeria (TAMPAN), and the entire creative community, assuring them of his support, thoughts, and prayers in this time of grief. President Tinubu praysled for the peaceful repose of the souls of the departed and comfort for all those mourning.

L-R: Wife of the Senate President, Mrs Ekaette Unoma Akpabio; Wife of the Secretary to the Government of the Federation, Hon Regina Akume; Secretary to the Government of the Federation, Senator George Akume and former Head of State and Convener of The BOUQUET OF HONOUR, General Yakubu Gowon, during the award ceremony over the weekend at the International Conference Centre, Abuja.

Tinubu, Tanzanian President, Others to Grace 2023 Obafemi Awolowo Prize for Leadership

Wale Igbintade

President Bola Tinubu, and his Tanzanian counterpart, President Samia Hassan are among dignitaries expected at the 2023 Obafemi Awolowo Prize for leadership award scheduled for Wednesday, March 6, 2024.

Other dignitaries expected at the event are former heads of state from within and outside Nigeria, state governors, royal fathers and other distinguished Nigerians.

A statement issued by the Executive Director of the Foundation, Dr. Awolowo Dosumu said the event will be chaired by Hassan of Tanzania.

The president of the African Development Bank (AfDB), Dr.

Akinwumi Adesina, will receive the distinguished Obafemi Awolowo Prize for Leadership 2023.

The award is an initiative of the Obafemi Awolowo Foundation set up in April 1992 to serve as the custodian of Chief Awolowo’s intellectual and leadership legacy.

The statement added that: "The Foundation, following a rigorous selection process by a panel of eminent Nigerians, announced in December 2023 that Dr Akinwumi Adesina, CON (President of the African Development Bank) had been picked as winner of the prize.

"The actual presentation of the prize, which consists of a plaque, medal and the certificate of award, will be made at a ceremony expected to draw a wide array of

distinguished Nigerian and global exemplars on the 6th of March, beginning from 11am.

“ Adesina, winner of the 2023 Leadership prize, will deliver a

lecture at that occasion. Special performances, musical celebration, goodwill messages, as well as video documentaries on Chief Obafemi Awolowo, Dr Adesina and the Foundation, which was set up in 1992 to preserve Awo’'s intellectual legacy, are decided features of the event.

“The documentary on Chief Obafemi Awolowo seeks to refresh the national memory concerning critical milestones in his political career with a view to teasing out, in a didactic fashion, edifying lessons for a generation groping for direction and leadership renewal,” it said.

Former Head of State and Chairman of the Board of Trustees of the Obafemi Awolowo Foundation, Gen.

Yakubu Gowon, as well as Chief Emeka Anyaoku, Chairman of the eminent Selection Committee will be present at the occasion.

"The high billings of the event centre around the showcasing of the spirit of excellence and outstanding leadership attributes for which Chief Obafemi Awolowo was renowned. The event is also expected to encourage the dignity of labour and sign post the culture of productivity,” it stressed.

It said the idea of the leadership prize derives from the special dialogue of the Obafemi Awolowo Foundation held in July 2011 with the theme, “Transformational Leadership and Good Governance: Lessons from the Awolowo Example”.

It said that it was observed on

IOCS, INDIGENOUS PRODUCERS SEEK EXPEDITIOUS RESOLUTION OF ALL OIL ASSETS DIVESTMENT DEALS

Among the pending divestment processes are the ones involving Exxon Mobil Corporation, which agreed to sell its shallow-water oil assets to Seplat Energy Plc almost two years ago.

The Nigerian National Petroleum Company Limited (NNPC) had raised objection to the deal, stressing that it has the right of first refusal.

Similarly stuck are Eni’s plan to sell some of its assets to Oando, and Equinor ASA’s deal with Chappal Energies. Shell Plc, which in January agreed to sell its Nigerian onshore oil business to a group of local companies for more than $1.3 billion is also awaiting regulatory approval.

Minister of State, Petroleum Resources (Oil), Senator Heineken Lokpobiri, has stressed at several forums that resolution of the cases had reached advanced stages and

the federal would not hesitate to make the necessary approvals, yet none of the deals has sailed through.

But at the event in Abuja, Chairman of Independent Petroleum Producers Group (IPPG), who also leads Waltersmith Petroman Oil Limited, AbdulRazaq Isa, made a passionate plea for the processes to be completed as soon as possible.

Isa stated, “It is on this very important note that the IPPG passionately prays for the expedited conclusion and closure of the divestment processes. The current status where the sellers have signalled full intention to leave, whereas the buyers are yet to effectively take over the operation of the assets is very detrimental to the sector as well as the country.

“The industry would be most appreciative of the prompt intervention of the government to untangle

all issues and diligently fast -track all relevant approvals.”

Managing Director of Shell Nigeria, Osagie Okunbor, was quoted by Bloomberg as stressing in one of the sessions that there was an “urgent need to conclude these transactions”.

On its part, Exxon said delays in approving the sale of its assets to London-listed Seplat were causing uncertainty for the communities and contractors that depended on those operations.

“It’s imperative that it’s concluded and that clarity is provided to everyone involved,” Exxon Nigeria Chief Executive Officer, Shane Harris, said at the same conference. “What’s really important is it helps resolve a significant amount of uncertainty that currently clouds thousands of people,” he added.

In a similar vein, Oando Plc’s

acquisition of Eni’s Nigerian unit, which has interests in onshore oil and gas blocks and power generation, has been challenged by NNPC over the failure to obtain prior authorisation.

But Oando’s Executive Director, Alex Irune, said, “We do need the reviews, consent to come quickly.”

Irune added, “We do need to get on these assets and start working on them.”

The departure of international oil majors from onshore operations in Nigeria has coincided with years of declining investment in the industry.

But while accusing fingers obviously point at the regulator, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL both vehemently protested any insinuations that they were blocking the deals.

NUPRC’s Chief Executive,

CBN: OVERSUBSCRIPTION OF OPEN MARKET BILLS SHOW OF CONFIDENCE

Cardoso further highlighted in the meeting with investors an outlook for sustained increases in the CBN’s foreign currency reserves, improved liquidity in the foreign exchange market, and imminent settlement of the remaining backlog of genuine Foreign Exchange (FX) transactions by the bank.

He said, “The CBN is committed to supporting price stability by taking the necessary measures to increase liquidity in the foreign exchange markets sustainably.

“Our focus is on building a fully functioning market that allows smooth entry and exit for investors."

AT

Also, addressing journalists over the weekend, CBN acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, said the development underscored the level of confidence that the apex bank now enjoyed from investors.

She said the central bank management remained optimistic that its monetary policy measures were beginning to yield positive results.

However, the auction was in three categories based on tenors including 95-day, 179-day, and 361-day OMO bills.

The apex bank offered N75 billion in 95-day bills, with a stop

rate of 19.00per cent, and received a subscription and total sales of N37.05 billion.

The 172-day bills saw N75 billion on offer at a 19.5 per cent stop rate, as investors subscribed N8.25billion, leaving CBN to settle for N6 billion.

Subscription levels for the 361-day OMO bill was robust, reflecting heightened investor appetite amidst the current economic landscape.

The 361-day bills recorded the highest rate at 21.5 per cent on a N350 billion amount offered by CBN.

The bids ranged from 19.0000 per cent to 19.0000 per cent for the 95-day bills, 119.4600 per ceny to

IN ECONOMY

22.0000 per cent for the 179-day bills, and 20.6900 per cent to 23.5000 per cent for the 361-day bills.

These ranges show the variability of investor expectations regarding yield, with some investors willing to accept lower rates, while others aimed for the higher end of the spectrum.

Meanwhile, Cardoso at the NGX forum, reassured foreign investors that the central bank would settle the outstanding FX liabilities of the five remaining banks within a few days, adding that the country had so far attracted $2 billion in foreign portfolio inflows this year.

Gbenga Komolafe, in defence of the organisation he heads, insisted that he was only making sure that due process was followed.

Komolafe said, “Let me take time to respond to issues raised by the chairman of IPPG in respect of the issue of divestment, because it is critical for us as regulator to respond in that respect. We, acting on behalf of the government of Nigeria as the regulator of the upstream recognise that divestment is the right of licensees or operators.

“It’s a business decision, clearly, but in doing so, the position of the regulator is that the divestment must follow due process. And for that reason, we have put in place robust divestment processes, which we believe that if followed, will be in the interest of the government, the host communities, the seller, and the buyer.

“So, what we are doing as regulator is to ensure that both the buyer and seller and, of course, the government and the host communities are all on the same page.

“So, please, let the message be taken home that the regulator is in no way trying to be a showstopper in this respect. We are working collaboratively with the parties to the divestment to ensure that robust regulatory process that have been put in place is followed.”

Speaking against the backdrop of the perception that NNPCL was blocking IOCs intending to divest from Nigeria’s onshore, Group Chief Executive Officer, Mele Kyari, insisted that the role

that occasion that one of the greatest challenges confronting Nigeria is leadership deficit.

"It was recommended at that dialogue that an Obafemi Awolowo Prize for Leadership be instituted for the purpose of recognising excellence and benchmarking key leadership attributes associated with Chief Awolowo.

"The Foundation is gratified that Dr Akinwumi Adesina, whose nomination was unanimously made by the selection committee, headed by the globally acclaimed technocrat and diplomat, Chief Emeka Anyaoku, graciously accepted the nomination, describing it as ‘deeply personal’ and ‘a treasured recognition that will inspire (him) for the rest of (his) life...’

of NNPC was that of a facilitator, and not an obstacle.

Kyari explained that by virtue of its statutory mandate as the enabler of national energy security, its role was to ensure that at the end of the day, there was optimal and sustainable production from the divested assets to guarantee energy security for the benefit of Nigerians.

Meanwhile, some members of OPEC and allies, led by Russia, (OPEC+) yesterday agreed to extend voluntary first-quarter oil output cuts into the second quarter, sources told Reuters.

OPEC+ in November agreed to voluntary cuts totalling about 2.2 million barrels per day (bpd) for the first quarter, led by Saudi Arabia rolling over its own voluntary cut.

OPEC+ has implemented a series of output cuts since late 2022 to support the market amid rising output from the United States and other non-member producers and worries over demand as major economies grapple with high interest rates.

Oil prices have found support from rising geopolitical tensions due to attacks by the Iran-aligned Houthi group on Red Sea shipping, although concern about economic growth and high interest rates has weighed. Brent futures for May settled $1.64 higher, or 2 per cent, at $83.55 a barrel on Friday.

OPEC+ member countries announced the cuts individually. Kuwait said it would cut its oil output by 135,000 barrels a day (bpd) through June, while Algeria will cut its output by 51,000 bpd.

EXECUTIVE SESSION WITH EMIR OF QATAR, TINUBU WOOS FOREIGN INVESTORS, SAYS NIGERIA READY FOR BUSINESS

youths. They have energy, talent, and self-belief. They are quality partners for Qatari industry.

“They are educated and reliable, and they are proactively seeking to add value wherever they are. A few cannot give a bad name to the many. Nigerian youths are ready to be unleashed for the mutual benefit of both nations.

"We have seen clearly the rapid pace and thorough quality of Qatar's development process. It is impossible not to be moved by what you have accomplished. The leadership in the country has proven its mettle and we are here to gain deeper insight.

"There is nowhere in the world where you will find return on investment at the level of what you will see in Nigeria. A massive market of over 200 million skilled Nigerians, always industrious and ready to work.

"We face some short-term turbulence at the moment, but we have a government today that reflects the dynamism and talent of the Nigerian people. We are implementing the right solutions. This team works collaboratively with each other and our partners. Nigeria is ready for serious business."

Equally speaking, the emir emphasised that Qatar was open to Tinubu's investment push, recalling that he travelled to Nigeria in 2019, owing to his belief that Nigeria was an important and strategic ally on its own and within the context of its role in regional affairs.

The emir said, “I have no doubt

about the great capacity of the Nigerian people. Everywhere in the world, they are known for their brilliance and hard work. We only need to ensure that this is happening inside of Nigeria rather than outside.

“The investments we have made around the world have been very fruitful. This is because we take our time and study opportunities before we invest the common wealth of our people. It is not my money. The money we invest belongs to the future generations of Qatar.

"Mr. President, I am very encouraged by your actions and your passion to create new opportunities. We are very open to this, and follow-up is everything at this point. The will is there for both of us, but we must follow up.

“I will send a team of officials to Nigeria after Ramadan, and we will advance discussions on what some of the actionable investment opportunities are."

Tinubu immediately named Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, as leader of the Nigerian government team that would interface with Qatari authorities in investment identification and implementation moving forward.

Furthermore, during the bilateral deliberations, Tinubu enabled a brief presentation to the emir by Minister of Solid Minerals Development, Dr. Dele Alake. Alake spoke in details about the high-grade of several minerals, including lithium,

immediately derivable across the country, with emphasis on imminent opportunities for local mineral processing and value-additive industry in the sector.

The seven bilateral agreements across multiple sectors signed were cooperation agreement in the field of education; regulation of employment of workers with the Government of Qatar; establishment of a joint business council (JBC) between the Qatar Chamber of Commerce and Industry and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA); and a cooperation agreement in the field of youths and sports.

The other agreements were cooperation in the field of tourism and business events, and a memorandum of understanding combating illicit trade in narcotic drugs and psychotropic substances.

The documents were signed by Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and relevant officials in the Government of the State of Qatar, Buthaina bint Ali Al Jabr Al Nuaimi, Minister of Education and Higher Education; Dr. Ahmad Hassen Al-Hammadi, Secretary General at the Ministry of Foreign Affairs; Sheikh Khalifa Bin Jassim Al Thani, Chairman of Qatar Chamber of Commerce and Industry (QCCI), and Abdullah bin Khalaf bin Hattab Al Kaabi, Undersecretary of the Ministry of Interior (MOI).

Meanwhile, speaking yesterday

at the Nigeria-Qatar Business and Investment Forum in Doha,

Tinubu, according to a statement issued by his media adviser, Ajuri Ngelale, charged Qatar's captains of industry to report any government official who demanded a bribe or any form of inducement at any point in their business endeavour moving forward. He gave them full assurance of direct access to the president's office.

Tinubu reiterated that Nigeria was ready for serious business, saying his administration would deal decisively with any and all entrenched interests in the country who undermined investor confidence in the Nigerian economy. He pledged to remove all bottlenecks standing in the way of profitable and legitimate enterprise.

The president said, "Do not offer a bribe to any of our people, and if it is requested or taken from you, report to us. You will have access to me. Nigeria will no longer be defined by the past, but by what we do now and moving forward.

“Do not let perceptions become a hindrance to your will to invest. Nigeria is serious about revolutionising investment promotion. We are removing obstacles today and we are going to continue to remove all obstacles. We have done so much within nine months. And I am assuring you, it is free entry, and free exit. Your funds will flow smoothly into and out of our country. Bring your investments."

The president also stated that

the war against corruption and insecurity in Nigeria had been significantly strengthened with the appointment of former Chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu, as National Security Adviser (NSA).

According to him, "We have a man who has won many global awards for anti-corruption as an anti-corruption czar.

"My responsibility is to tell you that Nigeria is open for business, and to assure you that your investments are safe in our hands. We have men and women of great reputation here. And we believe we can forge a good committee that will advance our discussions to fruitful conclusions.

"A nation is an artificial entity unless there are good people to drive it. People build great nations and we have great people. We are ready."

Tinubu stated that Nigeria possessed vast opportunities in various fields. He told his host, "We have oil and gas; we have solid minerals. I do not see why we cannot become prolific partners in exploring iron ore, as well as steel production, and energy across the board.

"I am here to give you assurances in all spheres: tourism, hospitality, healthcare, and in many other opportunities that abound around us. Do not be the investors who miss out on the golden opportunity we present."

Earlier in a speech while welcoming the Nigerian delegation, in the presence of Qatari captains of industry, Qatar's Minister of Commerce and Industry, Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani, said his country looked forward to exploring opportunities in Nigeria. He said this was due to Nigeria’s population demography and market.

The Qatari commerce and industry minister said his country sought to prioritise new investments in low carbon initiatives, mineral products, petroleum chemicals, industry, and consumables.

"We look forward to working with our Nigerian counterparts to achieve our joint objectives in these sectors," the minister said.

On Tinubu’s entourage to the Nigeria-Qatar Business and Investment Forum were Borno State Governor, Professor Babagana Umara Zulum; Kaduna State Governor, Senator Uba Sani; Lagos State Governor, Mr. Babajide Sanwo-Olu; Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Solid Minerals Development, Dr. Dele Alake; Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate; Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola; Minister of Trade, Industry and Investment, Dr. Doris Uzoka-Anite; Minister of Youth, Dr. Jamila Bio Ibrahim; and Minister of State for Petroleum Resources (Gas), Mr. Ekperipe Ekpo.

President Bola Tinubu

SHAFDB LEADERSHIP VISITS VICE PRESIDENT SHETTIMA...

L-R:

42m SIM Cards Barred across Telecoms Networks in Five Days

Emma Okonji

Since the commencement of total SIM card disconnection on February 28, a total of 42 million Subscriber Identity Module (SIM) cards belonging to telecoms subscribers have been barred from receiving and making calls, THISDAY learnt yesterday.

Chairman, Association of Licensed Telecoms Operators of Nigeria and spokesperson of telecoms operators, Gbenga Adebayo, who revealed the number of disconnected SIM cards since February 28, said those affected were mainly connected to devices such as MiFi and tablets, which the subscribers did not link to their National Identification Number (NIN).

According to him, such SIM cards were connected to the devices before the year 2022 and they had not been in use hence

the subscribers did not see the need to link them to their NIN.

Since the commencement of SIM card disconnection on February 28, as directed by the Nigerian Communications Commission

(NCC), millions of subscribers whose SIM cards were disconnected, have not been able to make or receive calls.

NCC had last December, given orders to telecoms operators

(Telcos) to commence full barring of all unregistered and improperly registered SIM cards on their networks that had not been linked to the NIN of the SIM card holder.

“It is a directive that is in ac-

cordance with regulatory orders and we have commenced total disconnection of all unregistered SIM cards and all SIM cards that are not linked to NIN.

“Since NCC gave the directive

in December last year, we have carried out several campaigns to sensitise telecoms operators on the need to ensure proper registration of their SIM cards and to also link same to their NIN,” Adebayo said.

Air Peace Chair Says Unruly Passengers Mostly Responsible for Flight Delays, Cancellations

Aero Contractors reveals airlines lose N15bn revenue annually to delays

Chinedu Eze

The Chairman and Chief Executive of Air Peace Limited, Dr Allen Onyema, has disclosed that passenger behaviour constitutes the major cause of flight delays in Nigeria and has led

to huge financial losses by airlines.

This is coming as the Managing Director of Aero Contractors said that airlines are projected to lose about N15 billion revenues to issues related to flight delays and cancellation.

Onyema, quoting the International

Civil Aviation Organisation (ICAO), said airlines contribute little to the cause of flight delays, but in Nigeria, besides weather, VIP movement and tech, passenger behaviour is the major cause of delays and cancelled flights.

Document Reveals Abia's $3.56m Investment in Geometric IPP

Emmanuel Ugwu-Nwogo in Umuahia

It has emerged that Abia State government actually paid N1.42 billion (equivalent of $3.56m then) as equity stake in the recently inaugurated Aba integrated power project (IPP) owned by the Geometric Power Group.

The amount was part payment for $5 million (N1.975 billion) equity stake offered to Abia State, leaving a balance of N565 million or $1.44 million (at prevailing exchange rate at period of transaction).

It was reliably gathered at the weekend that the Chairman/CEO of Geometric, Prof. Barth Nnaji had written to Governor Alex Otti to confirm the transaction, in response to the governor's request to verify the claims by the immediate past administration.

Further evidence that Abia has equity stake was contained in a letter dated August 24, 2022, which Nnaji wrote to former Governor of the State, Okezie Ikpeazu, acknowledging part payment of Abia's five per cent equity share and then requested for conclusion of the deal. He had written: "We like to please request that you complete the journey that started so well. This is in regard to the equity contribution of Abia State for equity stake of five per cent in the project.

"You may recall that the amount for this five per cent was agreed for a price of $5 million. Abia State Government insisted that it will

obtain this stake in naira at the rate of N395 to $1 which was CBN rate at the time.

“Out of the N1,975,000,000 required. ABSG paid the sum of N1.41 billion remaining N565 million."

The authenticity or otherwise of Abia's equity stake in the Aba IPP sparked controversy in the run-up to the inauguration ceremony when the immediate past administration revealed that it had paid N1.56 billion worth of shares for the State.

However, officials of the present government had cast doubts on the claim by the Okezie Ikpeazu government, insisting that no documentary evidence was left behind by the last administration to justify the claim.

The Commissioner for Information and Culture, Okey Kanu, had told journalists after the State Executive Council meeting last Monday that, "at the point of handover, there was no evidence of financial transaction between Abia government and Geometric."

Corroborating the Commissioner, the Special Adviser on Media and Publicity, Mr. Ferdinand Ekeoma, had said, "at this point we don't have any documents or information."

"To the best of our knowledge there is nothing to show for it(the said payment for equity share)," he had said, adding that, "as a government we will actually be happy to know that something was invested."

"We will need to have a document before we can go to

Geometric and begin to ask for it(Abia's investment)," he added.

It was the Commissioner for information in the Ikpeazu government, Chief John Okiyi Kalu that came out to explain that the government had actually paid N1.56 billion to Geometric out of the N1, 975, 000,000 worth of 5 percent shares allotted to Abia.

"Going by the applicable exchange rate of N395 to $1, that payment amounted to $3,569,620.02 or 71 per cent of the allotted five per cent shares in Geometric Power as at that time," he said in a statement made available to the media.

Kalu, who last served as Commissioner for Trade and Investments, argued that it was wrong to dismiss with a wave of the hand both the investment and

efforts put in by Ikpeazu to assist Geometric overcome its teething problems.

He said: "This (equity share) payment is besides other material and non-material contributions of the Ikpeazu-led administration to ensure that the project took off, including committing state resources to introduce and promote the company before international investors such as Afreximbank that later availed the sum of $50 million to Geometric Power."

Kalu, also noted that the former Abia governor extended, "massive goodwill and political leverage to ensure that the debilitating rift between the company(Geometric) and EEDC was settled through the office of then Vice President Yemi Osinbajo."

He said that this is because Nigerian travellers have not embraced the culture of rescheduling when flights are cancelled, a policy that follows international standards and recommended practices.

According to him, the insistence of passengers whose flights are cancelled that they will be airlifted first the following day gives rise to disruption of flights, which snowballs into weeks of delays and cancellations.

Onyema explained that airlines schedule the number of flights that must be operated by each aircraft but when a previous flight is cancelled, passengers’ insistence that they must be airlifted first before the airline operates its normal schedule, disrupts flight operations.

He emphasised that what passengers whose airlines are cancelled should do is to reschedule their flights in accordance with the existing airline schedule.

In doing so, he stated that subsequent flights will not be disrupted, delays and cancellations will be drastically minimised and insisted that this is the system that is operated in other parts of the world, except in Nigeria.

“Let me tell you why delays and cancellations will persist in this country. Number one, apart from safety, apart from security, apart from weather and other issues, it

is unruly passenger behaviour; a misunderstanding of how airlines’ scheduled operations are supposed to be run, is the major cause of flight delays.

“When weather is the cause of the delay or leads to cancellation at the end of the day, it is not the business of the airline to fly the passenger whose flight was cancelled first thing the next morning, no.

“All over the world, aviation is the same worldwide. The convention is, the passenger is expected to reschedule to the next available date. That is how it is done. In Nigeria, you want to fly, and you have three hours delay because of weather.

“And the time weather clears, you want to go in, and there is airport closure, because most of the airports don’t run at night. And the passenger will tell you, even though you put us in hotel, we will be the first ones to fly in the morning. It is not done like that, you reschedule to the next available date, because it is called scheduled flight operations,” Onyema explained.

He said that what happens is that in Nigeria, in the morning, those ones that could not fly the previous day will be the first people to fly and when this is done, they will disrupt the schedule of that morning.

Continues online

LIRS Reminds Taxpayers of March 31 Deadline for Annual Tax Return Submission

In compliance with the stipulations outlined in the Personal Income Tax Amendment Act (PITA) Cap P8 2011, the Lagos State Internal Revenue Service (LIRS), has issued a formal notification to all individual taxpayers, including self-employed individuals and employees under the PAYE Scheme to file their Annual Tax Returns on or before 31st March, 2024.

The Executive Chairman, LIRS, Mr. Ayodele Subair, announced

this in a statement signed by the Head, Corporate Communications, Monsurat Amasa-Oyelude yesterday.

Under Section 41 of the Amendment Act, all taxable entities must submit a return reflecting their total income from all sources for the preceding fiscal year to the relevant state tax authority within 90 days of the commencement of each new assessment year. Subair further underscored the

importance of adhering to the deadline as he urged all individual taxpayers, including self-employed individuals and employees under the PAYE scheme in Lagos State to fulfil their obligation by the stipulated date to avoid penalties and other statutory consequences.

While emphasising that tax returns should be submitted exclusively through the LIRS eTax portal, which can be accessed at https://etax.lirs.net, the LIRS boss

said all taxable entities within Lagos State must register on the eTax portal, which has been designed to provide ease, convenience, and security to taxpayers.

“In furtherance of our commitment to facilitating compliance for taxpayers, dedicated tax officers are available at our various tax stations to assist individuals in completing online registration and tax return submissions via the e-Tax portal,” Subair concluded.

Minister of State for Housing and Urban Development, Abdullahi Gwarzo; Board Chair, Shelter Afrique Development Bank (SHAfDB), Dr. Chii Akporji; Vice President Kashim Shettima; Managing Director, SHAfDB , Thierno-Habib Hann and Minister of Housing and Urban Development, Ahmed Dangiwa, during a visit by the SHAfDB leadership to the VP at the State House, Abuja.

As Catholic Bishops Canvass Solution to Nation’s Economic Hardship, Insecurity...

Bishops of the Catholic Church in Nigeria recently gathered in Abuja to deliberate on critical issues affecting

faith and Nigerians in general. The clergymen were full of lamentations over the prevailing economic hardship and insecurity confronting Nigerians. Onyebuchi Ezigbo reports the high points of the Bishops’ conference.

As the president of the Catholic Bishops Conference of Nigeria (CBCN), Archbishop Lucius Iwejuru Ugorji, mounted the rostrum to declare open the first Plenary Meeting of the Catholic Bishops Conference of Nigeria (CBCN) at the Catholic Secretariat of Nigeria Resource Centre, Durumi, Abuja, he was all lamentations over the current plight of the masses.

He began by expressing outrage over the situation of things and strongly acknowledging the hardship Nigerians were going through as a result of bad policies and mismanagement of the economy.

He then painted a bleak picture of the current state of the nation, highlighting the problems of insecurity, violence, land grabbing, economic crisis, poverty, and hunger. The cleric, therefore, called for urgent action from the government and the church to address the numerous challenges and restore hope and dignity to Nigerians.

Ugorji who spoke on the theme: Synod on Synodality: Areas of Concern for the Church in Nigeria as well as on the situation of the country also urged his fellow Bishops to use the opportunity of the plenary assembly to reflect on their pastoral mission and to renew their commitment to evangelization and social justijustice.

The Archbishop picked holes in the government’s reform agenda, which he said has only further worsened the economic hardship, poverty, and inflation for millions of Nigerians. The CBCN president denounced the corruption, extravagance, and insensitivity of many public officials, who have, mindlessly and with impunity, looted the nation’s resources and betrayed the trust of the people. He further lamented the high unemployment rate, which has driven many youths to drugs, crime, migration, and human trafficking.

He called for a change of attitude and a commitment to social justice from both the government and the church.

The Archbishop of Owerri further expressed the disappointment of CBCN at the rampant violence, kidnapping, and oil theft that threaten the stability and development of the nation and urged government to learn from other countries and to prioritize the security

and employment of its citizens. In this regard, he argued that the government needs to overhaul its financial system, prosecute and jail corrupt officials, and restore public trust.

Aside the pains caused by government’s policies, the Archbishop did not mince words about the pain also caused by the document fiducia supplicans (the Vatican’s declaration on the pastoral meaning of blessings) which he described as ambiguous, divisive, and scandalous. He reaffirmed the commitment of the Conference to uphold the Church’s teaching based on Scripture and Tradition, and to resist the influence of secularist ideologies.

At the plenary session, many top personalities including governors, politicians from opposing parties like the Presidential candidate of the Labour Party in the last General Elections, Mr. Peter Gregory Obi,

Governor Hope Uzodinma, Senator Osita Izunaso, Deputy Governor of Edo state, Philip Shuabu and a host of others graced the occasion.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, who was invited to chair the session used the opportunity to inform the gathering of the latest situation of things regarding the country’s economy.

According to him, despite the apparent gloomy picture of the country’s economy, the future was bright 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.

In a Comuniqué issued at the end of the conference, the Bishops expressed solidarity with Nigerian people who are suffering from what they described as seriously deteriorating situation of the nation, especially in the areas

In their wisdom, the Catholic Bishops suggested the way forward urging government to do something to promote social cohesion and good governance. In view of government’s effort to end insecurity, we recommend that the ongoing discussion about the creation of State Police be carefully studied. Furthermore, government ought to assess the impact of all other already existing security outfit in this regard. Given the diminishing purchasing power of the Nigerian currency, and the capacity of agriculture to be the bedrock of the country’s survival, the Bishops urge government to create the necessary and conducive environment that would enable the people to return to their farms. They also commended government’s decision to transfer some items, such as electricity and railways, from the exclusive list to the concurrent list but advised that this be extended to such other areas of the economy like mining.

of security and economy.

The Bishops after their deliberations, maintained that, the worsening economy has continued to make living hard and difficult for the people who have been subjected to a life of grinding poverty, continuing hunger and untold hardship.

They said the situation was worsened by the high unemployment rate in the country, which has further impoverished and degraded the citizens.

The Bishops also expressed concern over the crisis created by insecurity saying Insecurity has attained yet a higher scale than we had ever seen before in the land. Insurgents, armed herdsmen, bandits, and the so-called unknown gunmen have continued to unleash terror in different parts of the country. Kidnapping for ransom has reached homes and areas where in the pass it was thought impossible.

Additionally, they said: “the result is that many have fled their homes, abandoned their farms, shops, businesses and other sources of livelihood. The number of internally-displaced persons in our country is ever growing. We are making yet another passionate appeal to Government to act immediately to stem the tide. The legitimacy of government depends on its capacity to protect life and property”.

The Bishops said that the worsening economy has continued to make living hard and difficult for the people who have been subjected to a life of grinding poverty, continuing hunger and untold hardship. The situation is worsened by the high unemployment rate in the country, which has further impoverished and degraded our citizens.

The Bishops however acknowledged the efforts of the Federal government in addressing some of the nation’s key economic problems. But they held that some of the reforms and policies seem not to have been properly thought through and as such the outcomes seem to fall short of expectations.

“For instance, while the fuel subsidy removal was meant to help improve government’s revenue which has been the case across the three levels of government, the impact on Nigerians has been debilitating.

Akume

Cardoso

Ugorji

Guber Aspirants Step Up Campaign as Tinubu Visits Ondo

Fidelis David reports that the recent visit of President Bola Tinubu to Ondo State was an opportunity for aspirants for the 2024 gubernatorial poll under the platform of the All Progressives Congress to campaign and show their popularity to the visitor.

It’s a little over a year that the Independent National Electoral Commission presented the certificates of return to the then President-Elect, Bola Tinubu and his running mate, Kashim Shettima in the February 25, 2023 poll, after garnering 8,794,726 votes to defeat his closest rival, Atiku Abubakar of the PDP, who scored 6,984,520.

Months before the election, it was a seemingly symbolic and emotive moment for the then All Progressives Congress (APC) Presidential candidate, Asiwaju Bola Tinubu, when he took a benedictory pilgrimage to Akure, the capital of Ondo State to receive the all-clear blessing from the leader of Yoruba’s socio-political group, Afenifere, Pa Reuben Fasoranti—an endorsement that generated mixed feelings.

To underscore the enormity of the occasion and the weight of support he enjoyed, the former governor of Lagos State was received at the country home of Pa Fasoranti by Ekiti state governor, Biodun Oyebanji, the governor of Ondo State, Lucky Aiyedatiwa who was then a deputy governor; Deputy governor of Oyo State, Bayo Lawal, former Secretary to the Government of the Federation (SGF), Chief Olu Falae, former Ogun state governor, Otunba Gbenga Daniel; former Minister of state, Transportation, Ademola Adegoroye, a former Minister of state, Niger Delta, Chief Tayo Alasoadura and a former Governor of Osun State among other Afenifere leaders.

Then, Fasoranti, while performing the greybeard invocation on October 30, 2023, had his two palms firmly placed on Tinubu’s clean shaven head and wished him a smooth glide in the race for Aso Rock, even as Tinubu put forward his 80-page manifesto before the nonagenarian with other prominent Yoruba leaders present.

But, 126 days after receiving the blessing, and nine months to his administration, Tinubu, knowing fully well that little appreciation sometimes does quite as much good as all the conscientious bringing up in the world, returned to Akure, the country home of Pa Fasoranti, and presented his certificate of return to him in appreciation for his blessings.

This time around Fasoranti’s palms weren’t firmly placed on Tinubu’s “clean shaven head” but it was all greetings as they exchanged pleasantries.

Earlier, President Tinubu visited Owo, in Ondo State to condole with the family of the late Governor of the State, Mr. Oluwarotimi Akeredolu who died on December 27, 2023, after a protracted illness.

The President, who was accompanied to Owo by the state governor, Lucky Aiyedatiwa, Chief Bisi Akande and Chief Pius Akinyelure, was received by the widow of the late Governor, Betty Anyanwu-Akeredolu.

President Tinubu, who had a closed-door meeting with Mrs. Akeredolu, also visited where the late Governor was laid to rest,

saying the void left by the departed Governor will be difficult to fill.

According to him, it is honourable to depart the world when the ovation is loudest.

“This sentiment should inspire us to live each day with purpose, to pursue our goals with determination, and to leave behind a legacy that will be remembered fondly by those whose lives we have touched.

While acknowledging the courage and fearless nature of the late governor especially his passion for good governance, Tinubu said “he truly embodied courage and fearlessness, especially in his relentless pursuit for good governance. I can only describe him as a fearless fighter, his unwavering commitment to the welfare of his people and his courageous nature will always be remembered”.

Mrs. Akeredolu speaking after the visit appreciated the President for the condolence visit, saying “On behalf of my family, I appreciate Mr. President. We understood he couldn’t attend the burial ceremony due to the dictate of Yoruba culture. He couldn’t have attended the burial of his younger brother.

“Coming today is a big deal because we are in a better atmosphere. I also express my profound gratitude to the Southern Governors for their immense financial contributions to the burial. Most especially, Lagos State Governor, Mr. Babajide Sanwo-olu, who singlehandedly brought Aketi’s remains back to Nigeria. We appreciate

this huge show of love and we are grateful and forever indebted to him.

“I requested that Mr. President see where Aketi has been laid to rest and he followed me. We are deeply grateful to Mr. President for coming. He’s indeed, Aketi’s brother and friend. I told Mr. President, yes, Aketi has left but he lives because he left behind legacies. It is our wish that those legacies continue and are built upon where necessary.”

Immediately he was done from Owo, President Tinubu flew in a chopper to Akure where he paid homage to Pa Reuben Fasoranti.

At the private meeting with Pa Fasoranti, the president began his usual gesticulation like a smart attorney, explaining a point before a magistrate, saying his government was aware of the challenges confronting Nigerians but promised that the policies of his administration will bring positive solutions to the challenges.

He also called on Nigerians to grow and eat home foods, noting that doing so would wean the country from depending on foods from foreign sources.

Pa Fasoranti, on his part, called on the President to restructure the country and enthrone true federalism as it was originally entrenched in the 1960 and 1963 constitutions to end the nation’s problem of grappling with doubledigit inflation, foreign currency shortages, a weakening naira, widespread insecurity, amongst others.

His words: “You know that since the annulment of the June 12, 1993 presidential election, the Yoruba people, led by Afenifere, have been in the forefront of the campaign for the restructuring of Nigeria.

“It is now incumbent on you to address this issue of constitutional reforms with courage, fairness and determination. We know

The presidential visit was also an opportunity for aspirants for the 2024 governorship poll under the platform of the All Progressives Congress in the Sunshine State to show their popularity to the visitor. Supporters of the aspirants displayed banners, with crested vests, bearing different inscriptions while major streets of Akure and Owo were flooded with campaign banners of the aspirants. Unfortunately, the show of loyalty led to violence among the aspirants’ supporters which informed why former state Commissioner for Finance and governorship aspirant under the APC, Wale Akinterinwa, called on President Tinubu to caution the state governor against using armed thugs to cause chaos and crisis in the state ahead of the forthcoming governorship election in the state.

we cannot return to the past, but we have to seek a future where regional competitions would bring out the best in our country as it did during the First Republic.

“We seek therefore a true Federal Republic that would reflect fiscal federalism. If derivation principle is good for oil, why is it not good for Value Added Tax for example?”

He stressed that the group believe that a review of the 2014 National Constitutional Conference would help him in charting the course.

“For the people of the South-West, restructuring also has a more pressing meaning. Today, Nigeria has a population of 200 million which would double in the next 25 years to 400 million. However, the South-West is facing an avalanche of migration from the other zones of the country to the extent that in 25 years’ time, if the current trend continues, the South-West would be home to 50 percent of the population of Nigeria.

“By this time the states of Ekiti, Lagos, Ogun, Ondo, Osun and Oyo would be home to at least 200 million people. We need to plan for this eventuality on a regional scale. We need to be prepared so that our region would not be overwhelmed by imported challenges.

“Mr President, please also seek for institutional reforms that would strengthen our federation and make Nigeria safer and more prosperous. Try and balance the budget and execute capital projects that would create more employments. We thank you for welcoming the idea of state policing.”

He noted that Afenifere want each of the geo-political zones to have greater responsibilities for security, food production and infrastructural development.

“Since the removal of fuel subsidy, which was costing Nigeria 10 billion dollars yearly, the state governments have been receiving hefty allocations from the Federation account.

Mr President should persuade the governors to allow this change of fortune for the states to reflect at the grassroots so that life can be better for our people. They should not just buy rice and yams for the people.

“They should create employment, improve education and build new infrastructures. Today, life is truly challenging for most people and the state governments have an important role to play to transform the society. You have done well with trying to reposition our economy and reform the Public Service. We salute your courage in tackling many issues that have remained unresolved for many years.

“It is an act of courage and sagacity for you to adopt the Oronsanye Report as the basis to reform the Public Service. This is a welcome development”, he added.

Tinubu

Aiyedatiwa

Akinterinwa

POLITY

One Man’s Mission to Instill Moral Values Via Bible Quiz

With the outcry of moral decadence among youths in society, Pastor Peter Yakubu of Prevailing Life Ministries (Prevailers’ Arena) has undertaken the responsibility to help these youths resist temptation through a bible quiz competition, Biblepaedia, reports Vanessa Obioha

Despite the midnight downpour, the Prevailers’ Arena along the Lagos-Abeokuta expressway was packed with contestants for the inaugural Biblepaedia hosted by the Prevailing Life Ministries on an early Saturday morning.

The contestants, all under 18 and easily identifiable by their white polo shirts, exuded excitement and anticipation as they congregated in one of the halls. They listened attentively to the coordinator, who explained the competition process again. These young boys and girls, representing various churches in Lagos, predominantly from nearby areas like Oshodi and Ikeja, were determined to excel in the Bible quiz. Winning would bestow upon them the title of the inaugural Biblepaedia champions and earn them substantial cash prizes.

With radiant smiles, they descended the stairs to a different hall, transformed into a studio by Lead Pastor Peter Yakubu. A large screen and six stands, three on each side, embellished the stage. The lighting cast a gentle glow, dimming the audience area while illuminating the main stage.

At 10:00 a.m., the competition commenced with the group stages, featuring six churches, each represented by two players. They answered questions from selected books of the Holy Bible, spanning both the Old and New Testaments. The Rhema Bible Training Institute vetted the questions, and contestants had only five seconds to respond to each question. After each round in the group stage, only three teams progressed to the next stage, and the cycle continued until a final winner emerged. Depending on the contestant’s answer, the audience cheered or gasped, creating palpable tension in the hall. Among the audience sat Pastor Yakubu, closely observing every moment and ensuring the smooth progress of the competition. Occasionally, he rose to discreetly whisper to the judges or other production crew members if he sensed any issues.

For him, the idea to host the inter-church Bible quiz was a divine instruction and a deliberate effort to instil moral values in adolescents.

He said, “Most times, we look at some of the programmes on TV and we are concerned about what our youths are exposed to. They are exposed to this ‘get rich quick without working’ mentality. So we said to ourselves, if we’re asking our children not to watch this, then there should be an alternative. So we decided that since we are in church, let’s create something for them in the church that they can look

forward to, where we can remunerate them and give them cash benefits.”

The initial plan involved as many churches in Lagos as possible, but the response to the call for entries was mixed. Some were eager to participate, while others showed hesitancy,

considering it was the first edition. About 50 churches showed interest when the call for entries closed in January. This number was whittled down to 25 after registration, as most entries did not meet all the requirements for registration.

Yet, Yakubu was not deterred by the number of participants. If anything, he found encouragement in the turnout, especially with the support of Christian organisations such as the Pentecostal Fellowship of Nigeria (PFN).

“Even though they did not give us anything, they said it was a good idea. In fact, one of the organisations hopes we take it beyond Lagos,” said the pastor. “They want us to take it to other regions, like in the six political regions, for churches to compete. That’s the overall vision they see.”

Yakubu’s current objective is to establish the competition as an annual event, with plans to introduce additional programs to empower and engage the youth in the future.

He further emphasised the need for churches to take proactive steps in addressing the moral decadence prevalent in society today.

The pastor explained, “Churches can do much more than they are doing right now. If churches can create platforms for the youth to be involved in where they can also get benefits, I’m not sure the youths will go astray. If they can set up things like this, like everything we’re doing now came from our pockets.

“If churches can do that for themselves and for their youths, I’m sure most of them will stay indoors and look forward to it instead of going out and involving in ritual money or joining cults. They know that there’s something more worthy in the house of God.”

Pastor Yakubu added that most parents are responsible for their children’s wayward behaviours “because they push them to do these things.”

Beyond loving God and understanding that hard work pays, Yakubu hopes the quiz will encourage the youths to read.

“One major thing we want to achieve with this is to get the youths to read. So let’s start with the Bible and then introduce other books. We really want to get them back to reading to increase their literacy level,” said the pastor.

Although his church emerged as the third winner in the competition, receiving a prize of N100,000, Yakubu was elated about the turnout.

Two chapters of the Redeemed Christian Church of God, Green Pastures Centre in Ikeja GRA and Seat of Mercy in Ikorodu, emerged as the second and first winners, receiving prizes of N300,000 and N500,000, respectively.

For Yakubu, the competition is a means of impacting humanity, a mission he credited to Engr. Kehinde Osikoya, a man he said positively influenced his life.

The Science Behind Time

Time is an abstract phenomenon that keeps the human race moving. Time never stops but keeps passing by. Time is an illusion that shapes and forms our past, present and future. The foundation of the Earth was created on time. For it is written in Genesis 1:14, ‘And God said, Let there be light in the firmament of the heaven to divide the day from the night; and let them be for signs, and for seasons, and for days, and years.’ The concept of time was created for humanity by God to be a form of structure of life. It gives us a reason to wake up in the morning with the sunrise and to sleep at night as the sun sets. The daily cycle of the rising and setting of the sun in the sky repeats continuously to form the seven days in a week; approximately four weeks in a month; and the twelve months in a year. This is looking at time from a higher level. Time can be broken down into smaller units as there are twenty-four hours in a day, sixty minutes in an hour and sixty seconds in a minute. These are measurements of time that can be broken down even further to the smallest unit of time known to be the zeptosecond which is one trillionth of a billionth of a second. However, the average human being doesn’t measure time up to this point.

The illusion that is time is measured differently on Earth than in space. This was first explored by Albert Einstein in 1905 through the ‘Theory of Relativity’, which explained that the difference between time in

space and on Earth was due to the effects of gravity and relative motion. These effects were based on the principle of time dilation where time appears to move slowly or quickly depending on where one is situated within the gravitational field. This means that clocks that are closer to massive objects such as planets or stars will move more slowly than the clocks which are further away. Therefore, time will move more slowly on the planet Jupiter than on Earth because it experiences a stronger gravitational pull as it has a greater mass than Earth. Where gravity is stronger, time passes much more slowly.

Time dilation also explains the reason for ageing less when travelling in space than on Earth. According to the theory of ‘Special Relativity’, the faster you move through space, the slower you move through time. When one is in a spacecraft that is propelled into space by a rocket, travelling at even a fraction of the speed of light, time appears to slow down more significantly as opposed to when one is stationary on Earth. Travelling closer to the speed of light in space makes this effect even more noticeable so one ages much less than those on Earth as less time would have passed by for them in space. This concept of time dilation leads to the ideology that time stretches and contracts to form a malleable fabric called space-time which massive objects

such as the sun and planets bend to wrap around themselves.

The act of bending space described by Einstein’s theory provides a way to alter time which allows one to believe in the possibility of time travelling into the future through wormholes - that is a bridge linking two distant points in space together. The possibility of turning the clocks to propel us into the future and into a different era becomes possible through the lens of scientific geniuses like Einstein.

The reality of time travel is yet to be proven but this hasn’t stopped film-makers from allowing their imaginations to intersect with science to create artistic pieces that play on this concept such as the 1985 blockbuster film, ‘Back to the Future’, written by Michael Robert Gale and Robert Zemeckis. The directors explored this scientific theory of messing with time through the fictional characters of Doc Brown who invented the time machine that took him and Marty McFly on an adventure to rewrite time. This film took it a step further past the realms of Einstein’s theory as it allowed the characters to not only time travel into the future but to turn the clocks back in time to the past to alter the courses of their lives. This twist in the laws of physics challenges the scientific minds of those who theorised the ability to only travel into the future and not the

past thereby pushing physicists such as Kip Thorne to provide evidence to back this claim of travelling into the past. This has sparked debate as this claim of reversing time was forbidden by the greatest scientist of recent times – Stephen Hawkings – and thus is yet to be proven with concrete scientific evidence. What is known for sure is that time is speeding up as the universe gets older. This has been scientifically proven by researchers looking at data from supermassive black holes in earlier galaxies. In the beginning, the universe was moving in ‘extreme’ slow motion, but it has been discovered by scientists that over time it has dramatically gained speed. There has been evidence of space expanding which has made our observations of the earlier universe appear much slower than the flow of time today. This is the reason why time appears to be moving faster. The question now lies in where time will eventually end up as the universe continues to expand. Will there be a point where time will expand so far that information will no longer reach us here on Earth? Will we end up disappearing from existence and will everything around us be consumed by the darkness of space? What happens when all the lights of the night sky fade into the distance? Will that be the end of what we call life? Despite the uncertainty of what takes place in the universe, we hold onto what we know that is, we have a God who is in control of the great force, gravity, that determines time here on Earth and in the outer regions of space.

Winners of the first prize of Biblepaedia, Peace Victor and Justice Victor of RCCG: Seat Of Mercy, Ikorodu, receiving their cash prize from Chairman PFN Agege and Ogba Chapter, Bishop Praise Oliver.

L-R: Inioluwa Gabriel and Lemuel Amaechi of Prevailers’ Arena, Dopemu, receiving their cash prize from Chairman PFN Agege and Ogba Chapter, Bishop Praise Oliver.

Kofo Babalola

RATES AS AT

Kayode Tokede

Following the recent Central Bank of Nigeria’s (CBN) foreign exchange market reforms, MTN Nigeria Communication Plc, Nestle Nigeria Plc, and five other companies recorded 967 per cent foreign exchange losses in 2023 to N1.56 trilliion from N146.35 billion reported in 2022.

Other six listed companies investigated by THISDAY with significant foreign exchange losses in 2023 include: Dangote Sugar Refinery Plc, BUA Cement Plc, BUA Foods Plc, Lafarge Africa Plc, Nigerian Breweries Plc, Cadbury Nigeria Plc and Eterna Plc.

The apex had recently announced changes in the Nigerian foreign exchange operations, which required the immediate collapse of all segments of the market into the Investor & Exporter (I&E) foreign exchange window and

reintroduced the ‘willing buyer, willing seller’ model.

The Naira moved from N465 against the dollar at end of May 2023 to N907 against the dollar (Nigerian Autonomous Foreign Exchange Market rate) at the end of December 2023.

Consequently, most of the firms declared their worst performance in recent years, despite reporting significant increase in revenue.

In 2023, MTN Nigeria, followed by Nestle Nigeria, and Dangote Sugar Refinery recorded the highest foreign exchange losses, given their exposure to foreign exchange risk, primarily the US Dollar.

In the period under review, MTN Nigeria declared N834.28billion foreign exchange loss as against N90.97billion reported in 2022, while Nestle Nigeria reported N195.07 billiion foreign exchange loss in 2023 from N8.45billiion foreign exchange loss in 2022.

Also, Dangote Sugar Refinery declared N172.2billion exchange loss in the ordinary course of business net of exchange gain in 2023 from N1.89 billion in 2022.

MTN in a statement said, “In 2023, we recorded a forex gain of N93.8 billion (58.3per centt unrealised) from the revaluation of our financial assets and a forex loss of N834.3 billion (82.8per cent unrealised) from the revaluation of our financial liabilities. These led to the reported net foreign exchange loss of N740.4 billion in 2023, bringing our “net finance costs” to N951.5 billion, up 341.9 per cent.”

This resulted in MTN Nigeria declaring loss before tax of N177.9 billion in 2023 from N518.8 billion profit before tax in 2022.

“A depletion of our retained earnings and shareholders’ funds to negative N208 billion and N40.8 billion, respectively, “MTN added.

The CEO, MTN Nigeria, Mr. Karl Toriola in the statement said, “Navigating a challenging operating environment “2023 witnessed a very challenging operating environment characterised by rising inflation, currency devaluation and foreign exchange shortages, complicated by geopolitical disruptions and cash shortages in Q1 arising from a redesign of the naira. “These factors created severe headwinds for our customers and our business during the year. The inflation rate increased throughout the year, reaching 28.9per cent in December 2023 – the highest reading in 18 years – with an average rate of 24.5per cent. This was further exacerbated by higher fuel prices, arising from the removal of the fuel subsidy in May 2023, with the average prices of diesel and petrol up by 66.4 per cent and 257.1per cent in 2023 to N1,416.8/ litre and N600/litre, respectively.

“In June 2023, the CBN adopted a more liberal foreign exchange management system and reintroduced the ‘willing buyer, willing seller’ model. This has resulted in a 96.7per cent unfavourable movement in the exchange rate against the US dollar from N461.1/US$ in December 2022 to N907.1/US$ NAFEM rate in December 2023. This development contributed meaningfully to the upward pressure on the cost of doing business in Nigeria, and for MTN Nigeria in particular, significantly increased the costs in relation to our tower leases.”

The Managing Director and CEO of Nestlé Nigeria, Mr. Wassim Elhusseini in a statement stated that the devaluation of the Nigerian Naira in 2023 led to a revaluation of foreign currency obligations undoubtedly impacted the company financing cost and consequently the profit after tax.

“However, we remain optimistic of our capacity to overcome the current economic difficulties and emerge stronger,” he said.

Also Nigerian Breweries Plc reported N153.33billion net loss on foreign exchange transactions in 2023 from N26.34 billion in 2022 while BUA Cement reported N69.96billion foreign exchange loss in 2023 from N5.5biillion foreign exchange loss reported in 2022.

Other notable companies with foreign exchange loss include: BUA Foods with N73.56 billion foreign exchange loss in 2023 from Nil in 2022, while Cadbury Niigera posted N36.9 biilliion foreign exchange loss in 2023 from Nil in 2022; Lafarge Africa posted N21.04 billion foreign exchange loss in 2023 from Nil in 2022.

Nume Ekeghe

The Central Bank of Nigeria (CBN) has revealed its strategy to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024. The initiative, it was learnt, is as part of the apex bank’s Nigeria Treasury Bills Issue programme.

This, analysts said,

underscores the CBN’s commitment to managing liquidity and meeting financial obligations effectively.

Treasury Bills serve are shortterm debt instruments utilised by central banks to raise funds from the public, while also serving as a mechanism to regulate the money supply within the economy.

Documents seen by THISDAY showed that the Treasury Bills settlement program is scheduled to commence on March 7th and will conclude on May 23rd, 2024. During this period, the CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

A breakdown of the settlement plan showed that the CBN aims to address maturing TBs on a monthly basis. In March, it plans to settle N660.62 billion worth of TBs, with allocations of N32.73 billion for 91 days, N12.97 billion for 182 days, and N614.92 billion for 364 days.

In April, the CBN will settle N292.17 billion in TBs, including

N10.61 billion for 91 days, N15.97 billion for 182 days, and N265.59 billion for 364 days.

Moving to May, the CBN’s TB settlement is projected to reach N688.3 billion, with allocations of N362.9 billion for 91 days, N14.7 billion for 182 days, and N302.67 billion for 364 days.

According to market watchers this comprehensive settlement

plan by the CBN reflects its strategic approach to managing financial obligations and maintaining stability within the economy.

“It provides investors with an opportunity to engage in short-term financial instruments while contributing to the overall liquidity dynamics of the nation, “said a market watcher.

Stevens: Cross-border Collaboration Will Drive Global Internet Traffic,

Emma Okonji

The United States Consul General, Will Stevens, has called for crossborder collaboration among countries in order to grow global internet traffic and mobile phone users, while maintaining global security in cyberspace.

Stevens who spoke on the theme: “The Role of Technology in Fostering International Collaboration in an Interconnected World,” while presenting a keynote address during the Omniverse Summit organised by the US Consulate General in Lagos, stressed the need cross-border collaboration to combat the challenges that faced the entire world.

According to him, “The world is changing at an unprecedented pace, fueled by the relentless innovation

Mobile

from an increasingly interconnected world. In the past decade, global internet traffic has grown by 700 per cent, and mobile phone users have surpassed 6.6 billion. This increased connectivity creates boundless potential for cross-border collaboration - creating a global village where ideas can spark across oceans, and innovations can blossom through collective efforts.”

While stressing the need for global collaboration, Stevens said: “Imagine a world where researchers from across continents collaborate on groundbreaking medical discoveries, where engineers work together to tackle climate change, and where entrepreneurs share ideas and resources to build a more sustainable future. This is a present that we are already beginning to experience and a future that I am certain will mean

Phone Users

a better world for our children and our children’s children. Together, we are using the latest technological innovations to address some of the world’s most pressing challenges in the areas of climate change, education, healthcare, agriculture, and other vital areas of development and economic growth.”

He however said building these bridges would require more than just technological prowess, as the world needs to overcome challenges like cultural and linguistic barriers, unequal access to resources, and cybersecurity concerns. He said the challenges were not insurmountable, and insisted that by embracing inclusivity, bringing capital to markets that need infrastructure investment, and developing robust cybersecurity measures, the world could pave the way for fruitful international partnerships.

Stakeholders Call for Synergy Between

Sunday Ehigiator

Stakeholders at the inaugural Francophone Africa Business Summit (FABS) 2024, organised by Epena Law, over the weekend, with the theme, “Investing in Francophone Africa: Playbook and Opportunities,”have called for enhanced synergies between Anglophone and Francophone businesses in Africa.

The event brought together esteemed speakers and industry specialists from both Anglophone

Traders,

Hammed Shittu in Ilorin

Traders and businessmen in Ilorin, the Kwara state capital, under the aegis of the Igbo Traders Association and Kwara State Internal Revenue Service(KWIRS) at the weekend traded words over the alleged overtaxation of their businesses by the state revenue agency.

The development however led to protest and closure of shops and business centres owned by Igbo businessmen in Ilorin, the state capital.

The ugly situation also left many traders and businessmen stranded in such locations as Oko Erin, Murtala, Maraba, Agaka, Adabata, Ibrahim Taiwo Road, and the General Hospital area, among other places in the state capital.

However, cross section of Igbo traders who spoke with journalists

and Francophone African markets to explore pivotal issues and opportunities in sectors critical to Africa’s growth.

A statement from the organisers revealed that the summit began with a warm welcome address by the Managing Partner of Epena Law, Johanna Monthe, followed by an inspiring opening speech by Rolake Akinkugbe-Filani.

“One of the highlight panels of the summit, the Institution Panel, delved into the theme of “Crossing Borders & Uniting Markets: Nigeria-

Francophone Africa Relations.”

“The summit also addressed opportunities for collaboration in agriculture, with the Agriculture panel discussing, “Opportunities for Collaborations to Achieve Regional Food Self-Sufficiency.”

“The Founder of Nulli Foods, Ada Osakwe, MD, ARM Agribusiness, Wilfrid Korsaga, and Managing Director, USAID|DRC Investment Activity, Lucine Hapi shared valuable insights on achieving food self-sufficiency in the region.”

In the ever-evolving landscape of Nigeria’s economic and social policies, few reforms hold as much promise and significance as the transition from the old Defined Benefits Scheme (DBS) to the Contributory Pension Scheme (CPS). In the realm of Nigeria’s pension system, the shift from the DBS to the CPS has been transformational.

The CPS brought the following innovations that completely transformed the pension and retirement experience in Nigeria:

Sustainability and Accumulation of Long-term Funds

Sustainability is a major concern globally in terms of pension and retirement benefits for retirees. The DBS, fraught with inefficiencies and fiscal burdens, has proven unsustainable as the burdensome nature of funding pensions solely from government coffers has led to countless cases of arrears, delayed payments, and even pension crises.

PenCom provides oversight and regulatory frameworks to safeguard pension funds, ensuring their prudential management and investment.

Inclusivity and Equity

The CPS promotes inclusivity and equity, catering to the needs of both formal and informal sector workers. By extending coverage to previously excluded groups, such as the self-employed and casual workers, the scheme fosters social cohesion and economic empowerment across all segments of society. Unlike the exclusive nature of the DBS, which primarily benefits public sector employees. The CPS extends coverage to workers across all sectors, including the informal economy. Through the Micro Pension Plan (MPP), which caters specifically for players in the informal sector, the scheme ensures that no one is left behind in the journey towards financial security in retirement and old age.

Emma

Asst.

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)

in Ilorin on the issue said that, “the revenue agency stormed their shopping complexes at about 10:00 am on Friday with a revenue mobile court to prosecute them and lock up their business premises without being represented.”

Speaking, the First Vice President of the Igbo Traders Association, Nathaniel Nwogu, led other leaders and members of the association to the revenue court premises and state House of Assembly to register their grievances.

He said that some of the business premises locked up deals in perishable goods.

Nwora, who suggested a roundtable discussion among representatives of the revenue agency, the state government, and

Nume Ekeghe

Access Bank has announced its partnership with Qatar Airways to offer the bank’s customers across Africa exclusive discounts on flights.

In efforts to ease financial barriers to air travel, Qatar airways will offer a 12 per cent discount on both business and economy class tickets to Access Bank customers who book their flights online using their USD debit card on Qatar Airways’ website.

The bank in a statement noted that from February 14 to March 31, 2024, Access Bank customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel up till June 30, 2024 to access the 12 per cent discount.

Qatar Airways, Vice President, Africa, Hendrik du Preez stated: “As we are in the season of love and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel

the leadership of the Igbo Traders Association for an amicable solution, said that there would not be business growth and development in any unfriendly environment.

“For years, we’ve had this arrangement with the state tax office to collect our taxes collectively and submit them to them. In that way, we as a union have been able to identify our members who do not even have shops, or those who are three or four in a shop, and submit them to the tax office.

Once we submit that money, the tax office will issue receipts based on the individual names we submit to them. The taxes are in categories of N7,000, N14,000, N25000, and N45,000 like that annually, “he said.

for our passengers in the African market.

“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent. We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers.”

Access Bank Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.

“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year. By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers,” she said.

Prior to 2004 when the CPS was introduced, Nigeria grappled with a pension deficit of over N2 trillion. However, under the CPS, Nigeria has accumulated N18.36 trillion pension assets as at December 31, 2023, which is a clear testament to the scheme’s sustainability. Thus, the CPS has directly fulfilled the objective of transferring resources and pooling funds efficiently and effectively. The pooling of funds for long-term investments significantly impacts capital formation and investments.

The introduction of the CPS was in realisation that Nigeria could not afford to continue down the path of unsustainable pension arrangements, which the DBS embodied and still represents till today in states that are yet to implement the CPS.

Mobility of Labour

Individual Retirement Savings Account

One of the benefits of the CPS is that employees open individual Retirement Savings Accounts (RSA) where contributions are accumulated till retirement. Consequently, once an employee retires from active service, funds are available for payment of their retirement benefits. The CPS permits employees to make voluntary contributions from their salaries to boost their RSA balance. The mandatory requirement that PFAs provide regular/ periodic statements of accounts to contributors ensures that RSA holders are informed on the progress of their RSAs, especially when their employers pay pension contributions.

Transparency

The CPS offers a more resilient framework, where pension funds are managed prudently, invested wisely, and insulated from the vagaries of political and economic instability. Evidently, the CPS offers numerous advantages over the old scheme. It fosters transparency, accountability, and individual ownership of retirement savings. RSA holders receive contribution alerts and periodic statements detailing contributions and returns on investments.

Shared Responsibility

The CPS clearly shares responsibilities between employers and employees, and contributions are made by all parties, with employers required to pay a higher percentage of contributions than employees. Additionally,

The CPS facilitates labour mobility across sectors and different tiers of Government. Once an RSA is opened and a Personal Identification Number (PIN) is issued to an employee, the PIN is tied to the employee for life. Thus, when an employee moves from one employer to another, it suffices for him only to provide the new employer with his PIN and PFA.

Savings Culture

The CPS promotes a culture of savings, investment, and long-term financial planning—a paradigm shift from the dependency mentality perpetuated by the DBS. By empowering individuals to take control of their retirement savings and make informed investment decisions, the scheme not only secures their future but also stimulates capital formation and economic growth. This virtuous cycle of savings and investment creates a ripple effect across the economy, spurring entrepreneurship, innovation, and wealth creation.

Contributors’ Rights

Firstly, the CPS allows participants to select any PFA of their choice to open their RSA. Secondly, the right of RSA holders to transfer their RSA from one PFA to another once a year is guaranteed by the Pension Reform Act 2014. Thirdly, participants retiring under the CPS can decide on their retirement benefit payment mode—the Programmed Withdrawal (PW) or Retiree Life Annuity (RLA).

Furthermore, employees in service before 2004 are assured of their pensions earned under the DBS, through the payment of Accrued Pension Rights. This represents an employee’s benefits for the past years of service up to June 2004, when the CPS commenced. Finally, RSA holders under 50 who lose their jobs and cannot secure another employment within four months can access 25 percent of their RSA balance.

Conclusion

In conclusion, the CPS is inevitable given the issues associated with the old DBS. The CPS has reformed pension administration in Nigeria so that workers are assured of getting retirement benefits after retirement.

PENCOM DG, Aisha Dahir-Umar

Dangote Cement Reports N553.10bn Profit, Proposes N30 Dividend

Kayode Tokede

Dangote Cement Plc has announced has a profit before tax of N553.10billion in financial year ended December 31, 2023, representing an increase of nearly six per cent from the N524 billion reported in 2022 financial year.

The cement manufacturing company also declared N445.58 billion profit after tax, as against N382.31 billion recorded in 2022.

Dangote Cement announced a revenue of N2.21 trillion, an

increase of 36.44 per cent from N1.62 trillion reported in 2022.

In line with the promise of Chairman, Dangote Cement, Aliko Dangote of an enhanced return on Investments to all shareholders and other stakeholders in Dangote Cement, the company’s Management for 2023, has proposed an increase in the dividend payout to the shareholders, by 50 per cent, to N30 per share from N20 per share paid to shareholders in 2022.

The proposed increase in dividend is subject to ratification by the

shareholders at the forthcoming, AGM. Proposing a dividend of N30 per share at a period when many firms are declaring losses is an indication of the resilience of Dangote Cement and the prospects it holds for investors.

Dangote Cement is garnering more market share across the continent with pan-Africa volumes going up by 12.7 percent to 11.3Mt.

Group Managing Director, Dangote Cement, Arvind Pathak speaking on the results said “This positive full-year outcome is a

combination of the strength in the diversity of our operations across Africa and our sustained drive to contain cost amidst an accelerating inflationary environment.

“The Group achieved double-digit growth in revenue at N2,208.1 billion, while Group EBITDA reached a record high, increasing 25.1 per cent to N886.0 billion.

Despite the challenging macroeconomic conditions, 2023 was yet another testament to the effectiveness of our diversification strategy.

AMCON MD’s Expertise Crucial for Debt Recovery, Says Experts

Nume Ekeghe

Financial sector experts have emphasised the significance of Gbenga Alade’s background as an enterprise-wide risk management professional for his role as the newly appointed Managing Director of Asset Management Corporation of Nigeria (AMCON).

Industry analysts highlighted Alade’s certification in Enterprise Risk Management (ERM) as a key asset. They anticipate that his expertise will enable AMCON to explore alternative strategies, such as debt-equity swaps, and implement effective legal procedures to expedite debt recovery and management.

A risk management expert, Raheem Ajayi, commented in a recent

report stated: “He recognizes the onerous responsibility of delivering on the critical mandate of cleaning the financial system...The new man at the saddle at AMCON can be trusted to ensure efficient management and accountable disposal of acquired assets to optimize returns.”

Another industry expert, Miachel Adigun, noted Alade’s track record,

particularly during his tenure at the Bank of Montreal, where he contributed to the implementation of risk management frameworks.

Adigun expressed optimism that Alade’s leadership would lead to a transformation in AMCON’s approach to debt recovery, reducing instances of evasion and leveraging his experience to enforce accountability.

9mobile Urges Subscribers to Begin NIN-SIM Linkage

Emma Okonji

Following the directive given by the Nigerian Communications Commission (NCC) to disconnect all improperly registered SIM cards as well as SIM cards not linked to National Identification Number (NIN), 9mobile has urged its subscribers who have not linked their SIM cards to their NIN, to do so in order to avoid the ongoing disconnection exercise.

According to the telecoms company, customers who do not comply with the directive will be unable to make or receive calls, have no access to the internet, no SMS, no One Time Password (OTP), and no bank alerts.

Director, Customer Care at 9mobile, Ehimare Omoike, who gave the advice, said the on-going disconnection was in line with the directive of the NCC that must be complied with.

The commission had in December 2023 directed that all telephone subscribers must have their NIN linked to their operator’s network to verify the identity of the phone users and minimise the criminal use of network services. He said with over 35 per cent of subscribers’ lines not linked to their NIN, so many telecoms subscribers will be disconnected should they not create time to link their NIN.

NICA Advocates for Enhanced Consumer Credit Services

Nume Ekeghe

In a bid to bolster awareness and emphasize the pivotal role of a robust consumer credit system, the National Institute of Credit Administration (NICA) in Nigeria is championing efforts to promote credit access and cultivate a culture of responsible repayment.

The institute in a statement noted that a well-established consumer credit system enables individuals to make purchases, access services on credit, and settle payments at a later date. NICA, as the statutory body for the control, supervision, and regulation of the credit management profession in Nigeria, envisions an economy that not only facilitates credit access but also fosters a positive

repayment culture. As NICA collaborates with the federal government, the landscape of consumer credit in Nigeria is poised for transformation, acting as a catalyst for economic development and inclusivity.

It stated: “Stakeholders in consumer credit services administration include the informal sector, the low income earners, artisans, SMEs, associations under the agriculture sector, cooperative societies, association of importers and exporters, association of market women, supervisory workers, middle class managers and their families, students in tertiary institutions, and other critical stakeholders.

“These people form the bulk of the workforce in the country, but oftentimes, lack access to funds to achieve their dreams.

6th from the Right, Executive Governor of Akwa-Ibom State, Pastor Umo Eno with the Regional Business Head, MainOne, an Equinix Company, Mr. Abayomi Adebanjo and other dignitaries during the landing of 2Africa’s submarine cable in Qua Iboe, Terminal, Ibeno Local Government Area of Akwa Ibom State… recently

WOMEN EMPOWERMENT…

L-R: Head, Investment Operations, STL Asset Management Limited, Jessica Emenike; Marketing/Business Development, Sade Ademokunwa; Managing Director/Chief Executive Officer, Funmi Ekundayo; Principal of Surulere Skill Acquisition Centre, Ajao Olajumoke Adebisi and Head, Human Resources STL Trustees Limited, Simisola Ogunlade, at Women Skill Acquisition and Empowerment Program, an initiative to mark International Women’s Day organised by STL Trustees and STL As set Management in collaboration with Lagos State Ministry of Women Affairs and Poverty Alleviation in Lagos… recently

Expert Seeks Increased Investment in Infrastructure, Technology to Boost Oil Production

Gilbert Ekugbe

A renowned oil and gas expert, Mr. James Arukhe, has stated that Nigeria must make strategic investments in infrastructure, technology and security to meet its local and international energy obligations.

Arukhe in a statement stated that Nigeria’s economic managers must also prioritise

investments in environmental sustainability, human capital and right policy reforms to boost the nation’s oil production.

He asserted that bridging Nigeria’s oil production gap and reviving the oil sector is not just a matter of necessity but an opportunity for transformative growth, adding that by fostering a collaborative environment where the government and

private entities operate in mutual respect, Nigeria can unlock unprecedented revenue stream and gradually overcome its forex crisis.

Arukhe emphasised that these strategies would address the immediate operational

efficiencies required in the oil sector and the critical need for long-term sustainability.

He advocated that to enhance its oil production capabilities, Nigeria could adopt Brazil’s model of Public-Private Partnerships (PPPs) and policy

reforms that spurred investments in deep-water oil reserves.

“Key strategies include streamlining regulatory processes for exploration and production licenses, offering fiscal incentives to attract private investment, and facilitating technology and

expertise sharing between private firms and the Nigerian National Petroleum Corporation (NNPC). These measures, inspired by Brazil’s success with Petrobras and international oil companies, could significantly boost Nigeria’s oil sector, “he added.

MainOne Lands 2Africa Submarine Cable in Qua Iboe Parallex Banks Unveils Mobile Banking App 2.0

Parallex Bank Limited has announced the launch of Parallex Mobile App 2.0, an advanced mobile banking application aimed at delivering unparalleled convenience and functionality to its valued customers. This updated version reflects Parallex Bank’s unwavering dedication to providing a seamless and limitless banking experience.

The Managing Director of Parallex Bank, Dr. Olufemi Bakre, said the Parallex Mobile App serves as a comprehensive solution, enabling customers to conduct a diverse array of banking and lifestyle transactions directly from their smartphones or tablets, regardless of time or location. With its user-friendly features, Parallex App 2.0 revolutionizes the banking landscape, offering enhanced accessibility and efficiency in financial management.

He stated that, for customers to access the app’s benefits, they simply need to download the Parallex Mobile App 2.0 from the Bank’s website, the iOS App Store, or Google

Gilbert Ekugbe

The Paradigm Initiative (PIN) has announced plans to empower youths in the Ajegunle area of Lagos State with scholarships and mentoring programmes on a yearly basis.

According to PIN, the move is aimed at changing the negative perceptions people have about the Ajegunle community while also giving back to the society it started its operations.

Speaking on the sidelines of a ceremony to officially present the first beneficiaries of its Ajegunle Legacy Scholarship initiative, the Executive Director, PIN, Gbenga Sesan, said the whole idea of the programme is to honour all its roots, pointing out the need to help youths in the community achieve their dreams

Play Store. Upon installation, they can initiate the account opening process by clicking on ‘sign up’ within the app and following the prompts for seamless registration.

Bakre highlighted that the app also offers enhanced security and control, including biometric login and authentication, transaction PIN changes and resets, and the ability to toggle account balance visibility for added security. Moreover, customers can access various banking services such as intrabank and interbank transfers, airtime and data top-up, password management, beneficiary management, account upgrades, and more, directly from their mobile devices.

Bakre said Parallex Mobile App 2.0 represents a significant milestone in the bank’s ongoing commitment to revolutionize the banking experience. “With this enhanced mobile banking solution, we aim to empower our customers with greater convenience, flexibility, and control over their finances,” he stated.

and lifetime aspirations.

“We started in 2007 and set up our first office in Ajegunle in 2012. We decided that we are going to give scholarship to people in the Ajegunle community where we started from and some of the biggest needs we heard were people who wanted to go for software training, but did not have the funds to achieve it and also there were people who got admission every year and kept deferring their admission because of no funds,” he said.

Speaking, Gideon Roberts, one of the beneficiaries of the scheme, commended PIN for the laudable youth empowerment programme, noting that it would go a long way to change the perceptions people have about Ajegunle community.

MainOne has successfully landed 2Africa’s 45,000kilometer subsea cable system and the largest cable in the world at Qua Iboe, Akwa Ibom state thereby connecting Akwa Ibom State, and the other underserved/ unserved Regions in Nigeria with Europe, Asia and other parts of Africa.

The landing of this 180 tbps capacity submarine cable infrastructure will accelerate the proliferation of 4G, 5G, as well as fixed broadband accessibility as well as supercharging digital transformation in critical sectors of the Nigeria’s economy.

According to the Regional Business Head of MainOne, an

Equinix Company, Mr. Abayomi Adebanjo, the aim of the first submarine cable landing system to a coastal state in Nigeria outside of Lagos and first in the Niger Delta Region is to provide broadband internet capacity to the underserved and unserved markets in Nigeria, democratize broadband access as well as provide robust connectivity and technological advancements, which will empower businesses, educational institutions, health care facilities, and other sectors to thrive in the digital age as well as achieve their potential.

Adebanjo, explained that the landing of this revolutionary

submarine cable infrastructure in the South-South region of Nigeria will ensure cable diversity for the country, thus aligning perfectly with the key success parameters outlined in the National Broadband Plan as well as enhance the nation’s digital infrastructure resiliency, safeguarding against potential disruptions and ensuring uninterrupted connectivity for all Nigerian citizens.

Taking cognisance of the developmental impact of the cable landing, the Akwa Ibom state Governor Pastor Umo Eno said the monumental project will put the state on the map

of ICT innovation, economic and technological benefits around the world.

Eno reassured the people of his readiness to partner with creative entrepreneurship projects and support them to thrive.

He maintained that the Submarine cable would boost the technology drive of the ARISE agenda of his administration, and called on the youths to take advantage of the infrastructure to explore their potential in Information and Communication Technology, stressing that the fibre optic cable would provide a highspeed broadband infrastructure in Akwa Ibom State.

STL Trustees, STL Asset Management Partner LASG to Empower 125 Women

Nume Ekeghe

In a significant initiative to mark International Women’s Day 2024, STL Trustees and STL Asset Management has joined forces with the Lagos State Ministry of Women Affairs and Poverty Alleviation to empower women through skill acquisition.

The program, held in Surulere, witnessed the participation of 125 women eager to enhance their skills and contribute to economic prosperity.

The program encompassed diverse training sessions, spanning cosmetology, makeup, Gele tying,

The Lagos State Government has pledged its commitment towards developing and implementing policies to achieve full transition to a circular economy.

The Governor of the State, Babajide Sanwo-Olu, explained as a government, it is building a system that aims to eliminate waste and pollution, circulate products and materials at their highest value in its bid to regenerate nature.

Sanwo-Olustated this at a conference organised by the office of Climate Change and Circular Economy of the State tagged, “The Economy of Lagos-

photography, arts and crafts, Adire making, and catering.

The Managing Director of STL Trustees Limited, Funmi Ekundayo, underscored that it is essential to empower women in the nation as a means to mitigate poverty. She pointed out that the skills being offered represent rapidly evolving opportunities with significant potential for high patronage.

Ekundayo encouraged participants to approach their learning endeavors with dedication, emphasising the importance of taking the skills acquired seriously for optimal results.

Opportunities, challenges and unlocking strategies”

Represented by the Commissioner for Ministry of Economic Planning and Budget, Moropefolu George, he said as a government, it would also continue to raise public awareness and educate stakeholders about the benefits of the circular economy and its potential to address environmental and economic challenges, promote innovation and research to develop solutions tailored to the specific context of Lagos.

He added that the state

Speaking on the partnership with Lagos State, she said: “ This year to commemorate International Women’s Day, STL Trustees decided to partner with the Lagos State Government, through the Lagos State Ministry of Women Affairs and Poverty Alleviation. When you look at what is going on right now in the nation there are a lot of economic struggles across board and everyone is affected no matter the level of your income, hence the need to continually capacitate people for additional income capabilities.

“So, we looked around and

government would also advocate for significant investments required to develop the necessary infrastructure, technologies, and capacity building initiatives to support a circular economy transition by partnering with the private sector.

“Realising the immense benefits inherent in transitioning to a circular economy, in July 2023, this administration launched the Circular Economy Hotspot in Lagos and pioneered the transformation of the current production order towards regeneration and sustainability. We have seen a rejuvenation of a hitherto slow green sector that

thought about what will be a very impactful project that we can support to commemorate International Women’s Day going by the theme of this year’s International Women’s Day, which is, ‘Inspiring Inclusion’, we decided to partner with the ministry.”

She added that her firm would continue to partner with the Ministry of Women’s Affairs and Poverty Alleviation. She further added that her firm would consider sponsoring a few participants who excel and require start-up support to aid their business ventures.

now has new jobs and businesses created by fresh investment in innovative technologies and infrastructure for waste management, resource recovery, and empowered entrepreneurs who are developing sustainable businesses,” he said.

Earlier, the Special Adviser to the Governor of Lagos State on Climate Change and Circular Economy, Titi Oshodi, said the inaugural session is a groundbreaking initiative aimed at mid-wifing the vision of the State government’s move to achieve a zero-carbon Lagos by 2050, through the growth and development of the circular economy sector.

HOMES & DESIGN

THE GALILEE: Banana Island’s Iconic Skyscraper

The Galilee is designed as an iconic building with affordable luxury apartments but for only a few discerning people. Bennett Oghifo writes

The Galilee is designed and rendered as a functional, luxurious building that rises up to 18 floors and is spread over 2,000sqm of prime land in Banana Island, Lagos.

The edifice is located on Kwara Street in Banana Island, Lagos, a prestigious gated community that is also the most sought-after piece of luxury real estate in these parts of the world, according to its promoter, Gloch Stylistic Limited that provides services in all real estate sectors. “We have therefore spared no expense in designing the architecture of this building, paying special attention to the details that make the difference and, in the same vein, unveiling the world’s best technology,” stated the firm.

The environment is serene, wellplanned and secure with lovely waterfront areas, designated children’s play areas and estate facilities that are provided for the comfort of the residents.

“The security in this area is second to none, with very strict adherence to safety codes and conducts,” Glotch added.

The building is designed to have 38 apartments, with 18 floors; the flat size is 290sqm to 1000sqm. It has 20 floors of “pure” luxury, making it one of the tallest buildings in Banana Island at completion, with 28 units of high-quality, four-bedroom maisonettes with two BQs sitting on 456sqm.

There are also two five-bedroom

maisonette penthouse units with two BQs measuring 1000sqm. Each has three designated parking spaces with the generous multi-level car park available in the building.

Amenities in the tower include centralised air conditioning and centralised water heating system; fully smart homes with automatic control systems; CCTV-covered, fully equipped kitchen and laundry powered by MIELE; 24/7 concierge services; smart home technology; passenger and service elevators. There are recreational facilities, including a pool bar on the fourth floor.

Glotch is “a rapidly growing indigenous real estate and property development company committed to

bringing the dreams of people to life”. It has “created a niche for ourselves by focusing our expertise on luxury rise apartments, keeping in mind our mission statement, which states that ‘we make luxury affordable’.”

The real estate firm admits that making luxury affordable “is a daunting task because, let’s face it, luxury doesn’t come” cheap.

“However,” said Glotch, “we have improved on standards by harnessing the new building technology available and designing more efficient projects that are not only affordable but also imbibe structural and environmentally safe construction processes. We also painstakingly adhere to all building codes as required.”

During: Nigeria ‘ll Produce More Oil, Gas, Despite Crave for Green Energy

The Nigerian and African oil and gas industry is currently grappling with the effects of the new energy world order which comes with its challenges. The Chief Financial Officer (CFO) of Lekoil Nigeria Limited, Mr. Edward During, shared his thoughts on the issues with Peter Uzoho, on the sidelines of the justconcluded 7th Nigerian International Energy Summit held in Abuja. Excerpts:

The global energy sector is witnessing a major shift and challenge driven by the contentious issues of transition, security, and finance. As an operator and expert in the oil and gas industry, how does this emerging trend impact the industry in Nigeria and Africa?

Well, this is a very important question. It is a very serious problem because obviously, the renewable energy field has not yet matured enough to be able to take care of the energy needs of the world, and suddenly, all fossil fuels investments have been stopped or blocked, which is what we still depend on for our energy needs. Countries like the United States (US), United Kingdom(UK), etc., have advised their financial institutions not to lend any money for oil and gas projects or companies involved in fossil fuel business.

So, what this means for Africa and the world, is that more and more projects can no longer be done because there is no funding, which means that the supply eventually, will reduce. And at the same time, we know that demand for oil or energy is increasing. So, basically, with that problem, you’re going to end up in a situation where you have chaos.

Additionally, Western countries are asking us to stop developing our oil and gas reserves. While at the same time, they are pumping and building up their reserves, they are producing more. Even recently, the US published that they have increased their production. So, it is like two different standards. Regarding pollution, I mentioned during the panel session that Africa’s pollution contribution is only 3.8 per cent out of the 100 per cent. Only 3.8 per cent stems from the entire African continent, which is about 54 countries.

These countries want Africa to catch up immediately. Countries like Namibia have just discovered massive amounts of reserves and most of their population has no access to sustainable energy. It is unrealistic to ask them to abandon these projects and focus on investment in renewable energy. Renewable energy is not yet matured. The technology needs to be matured further. For example, if you’ve got sun, wind, etc these cannot easily be stored. The technology needs to improve in this area. So, these are all challenges for the oil industry, but also opportunities. It means we can play on all the sides. We can be going on sustainable energy and we could also continue to develop our existing sources.

In practical terms, what should Nigeria and Africa be doing at this point to navigate through this emerging challenge?

Well, we must first have a unified voice against the international community, to let them know that Africa has a kind of unique situation. We are behind on developments. As I said, over 600 million people don’t have access to proper electricity. So, it is unique. We have to make a case to get funding for projects from banks or international institutions. We must make those cases again to let them allow the upstream industry in Africa and Nigeria to continue to invest in them. We need their investments as well. We cannot just generate it in Africa. So, basically, at the end of the day, we just have to work harder to convince people to invest in the African continent.

What should operators be doing differently to be able to raise that international funding especially now that we have a lot of ESG principles and obligations to fulfill?

The sustainable energy is not going to go away. Renewable energy is not going to go away. So as an operator, as much as you still want to develop your traditional oil and gas, you have to start investing in renewable energy. That is the only responsible thing that you can do. As I mentioned, you have transferable skills that you already had when you were doing oil and gas. You can transfer those skills over to renewable energy and start, because eventually,

During

even we would want to transition to clean energy to save the world. We can’t pretend like nothing is happening. Something is happening.

Are we likely to see situations where the international oil companies that are divesting will start investing in renewables in Nigeria? What needs to change for that to happen?

You see, the problem is, the international oil companies are struggling also to make the economics work. It is not just to say, okay, I want renewable energy. It is good for the climate. It is good for the world and all that. It still has to make economic and financial sense. You still have to go and present an economic case for your projects. They still have not quite got there yet for themselves. So, how can they come and start doing what they used to do with the oil industry many decades ago? They cannot do that yet because they are still trying to figure out how to do all of this in a cheap, efficient, and economical way.

The cost of borrowing is very expensive. Do you advise Nigeria to borrow more to fund renewable energy?

No is the short answer. Nigeria has a lot of debt already. So, why would you borrow more and put it in an area that has not been fully developed yet? As I mentioned, you have transition fuel like natural gas, which Nigeria has plenty of. If anything, if you’re going to borrow money or do anything with your money, you need to focus on that. Get the whole country where they all have access to proper power and electricity. When you’re developing natural gas, sometimes, indirectly, you end up developing some of your oil. You normally go via the oil and eventually, you get the gas, and then you develop the gas as well. We need to maximise and utilise those resources.

But do you think there are innovative financing options for both green energy and also fossil fuel projects that we can

explore within the African or foreign frame?

Yes. For green energy, there are a lot of available investments that you can go and get. For green bonds, there are development banks, there are governments not just in Africa, but abroad. Once you begin a project, let’s just say, renewable energy, green energy, etc., it should be easy to get funding. Even the transition fuel, even if you want to do an LNG project, they’ll give you lots of money and some of that money can be used for fossil fuels, the oil development. So, you can tag on with green energy or transition energy and end up developing some of the oil reserves that you have. But that’s as far as it goes. Immediately you are totally in the oil zone, fossil fuel, it is a no-go area. It is not accepted. You are not going to get funding. So, they block all sources of funds. That is why having an African bank is very important at this time.

Africa also has a lot of wealth kept somewhere in Europe and all of that. Would you advise them to bring back that wealth for the funding of fossil fuel development?

Absolutely. That’s why you get all banks to invest in Africa which again requires a lot of selling to the world, even to Africa, to say, instead of investing your money elsewhere, believe in your continent, believe in what is going to happen on the continent and use the money there. Because it is a risky thing as well. I mean, you are going to have an African Energy Bank located somewhere. It could be Nigeria, it could be elsewhere, and you take your money from somewhere abroad where it’s safe or relatively, you think it’s safe and you bring it here and you don’t know what’s going to happen, whether if the money is going to be put to the uses that you need. But again, that is our job to make sure we sell that with professionalism and everything that’s already being developed, we can use that to convince investors to put their money, have their money in the bank, and the bank will then actually loan to various businesses and companies to develop not just the green energy but also

the traditional fossil fuel.

From a regulatory and fiscal standpoint, what needs to change for these investments to make sense?

Well, absolutely, not just Nigeria, it is like when the Secretary General of the African Petroleum Producers Organisation mentioned that they met with the president here about what they need to do to be the host country of the African Energy Bank. Fortunately, the current government seems to be very flexible and very fast to do things, even with the removal of subsidy, and the FX changes, everything has been done fast, maybe too fast, and the market and the systems are not adapting fast enough leading to a little bit of chaos. But hopefully, things will improve. But definitely, regulations have to change. We need incentives in the country to make sure that these new initiatives are welcome.

Compared to last year, how do you see the oil and gas sector performing this year?

Well, I think Nigeria would probably produce more than last year because now NNPC has been privatised. It is no longer part of the government and they have a mandate to get more. So, I think we’ll get more and I think there will probably be more, with the government here now focused on that. The more you produce and get dollars, the better it is for the economy because that is what drives the exchange rate, importation rates, inflation, etc. So, it is always a knock-on effect, that is why they focused on it. So, I think this year will be better than last year. Regardless of all the talk on investments in green sustainable energy, I think Nigeria will produce more this year.

Managing loan obligations is a big challenge for many companies. How is Lekoil managing to meet these obligations to its partners?

First of all, we don’t have any loans. So, that is good. That is the first one I cleared. So, that way, we will not have interest or anything that we have to cover. But we would need investments because we have a field that is mainly gas, that’s offshore Lagos, OPL 310, which has significant three to four trillion cubic feet (tcf) of gas, which if we do an LNG, etc., could power the entire Lagos 24/7, every day, 365 days a year, and the power that’s now going to Lagos will then be directed elsewhere in Nigeria.

So, we would need to get investments for that. We would need to get investments to first drill the development wells, the wells that need to be developed, and then when we get the gas, we need to get it developed into LNG and then get it onshore to get it into our power stations. So, we aim to get as much investment, whether it is in Nigeria, and there’s still a lot of money in Nigeria that people are investing. But we will need money from outside as well

Are you thinking of expanding your portfolios?

No, not at this point. We have got enough. We have got some very good assets already. We’ve got four good assets that are going to keep us busy for the next 10 years. We don’t want to go and get distracted with anything else.

What is the update on those assets?

Well, each one has its part to play. We have one that is producing and it is called Otakikpo, that is producing over 10,000 barrels a day. We have OPL 276, which is not far from Calabar area, and that is also not far from Otakikpo, and that needs about 18 months to 24 months to be developed for that production to start. And then, we have got this OPL 310 I talked about, which is offshore Lagos. It is a sole risk asset. So, we have got all these assets that are big and will take tens of years to develop and see their full potential. We are a small company and don’t want to stretch ourselves too thin and then we end up losing everything.

Connecting Critical Points in Lagos to Sustainable Future through the Red Line Rail Project

To connect critical points across Lagos and open doors to opportunities, growth, and a sustainable future, the 27 kilometers Lagos Red Line starting from Agbado in Ogun State to cities and suburbs in Lagos, was borne. But beyond this, the overarching goal is to alleviate traffic congestion, minimise road accidents, and improve commuter safety within the state. The laudable project, which was inaugurated last Thursday, is expected to facilitate 37 trips daily and move more than 500,000 passengers daily, Chiemelie Ezeobi reports

When the concept of the Lagos Red Rail Project was picturised some two decades ago under the then governor of Lagos State, Bola Ahmed Tinubu, the idea was to fast track commute while decongesting traffic at the same time.

The project passed through two successors until it was brought to fruition and completion by the administration of Governor Babajide Sanwo-olu. Just last Friday, President Bola Tinubu inaugurated the Lagos Red Line Rail.

This intra-city metro line is the second sub national rail infrastructure to be completed and opened by the state government within a space of one year, the first being the Blue Line, an electric rapid transit line that runs in Lagos with five stations between Mile 2 to Marina.

Specifics

In specifics, the seven-station Red Line Rail stretches over a distance of 27 kilometres starting from Agbado in Ogun State and crossing through cities and suburbs in Lagos State like Iju, Agege, Ikeja, Oshodi, Mushin, and Yaba, before terminating at Oyingbo.

With 10 vehicular overpasses and pedestrian bridges which separates the train traffic from vehicular and pedestrian flows, the Red Line is a substantial investment in the state’s urban transportation infrastructure and a fixture on the T.H.E.M.E.S+ Agenda of the Lagos State Governor, Babajide Sanwo-olu.

Accordingly, the first phase of the Lagos Rail Mass Transit (LRMT) project is expected to facilitate 37 trips daily and move more than 500,000 passengers daily.

With an estimate pegged at $135 million under the Greater Lagos Urban Transportation Project, managed by the Lagos Metropolitan Area Transport Authority (LAMATA), under the state’s Ministry of Transportation, the rail utilises Diesel Multiple Unit which employs on-board diesel engines to propel multiple-unit trains.

According to Sanwo-Olu, when fully operational, the Lagos Red Line Mass Transit rail system will convey about 500,000 passengers daily.

He said: "The LRMT Red Line rail system, the first phase of which we project will move more than 500,000 passengers daily, stretches over a distance of 27 kilometres from Agbado to Oyingbo, with eight stations at Agbado, Iju, Agege, Ikeja, Oshodi, Mushin, Yaba, and terminates at Oyingbo."

Inauguration

Given the enormity of the success recorded with this project, President Tinubu, while inaugurating the Lagos Red Line rail, said Lagos is an example of how vision exalts democracy, adding that his vision of the intermodal transport

ecosystem has become a reality which would bear good dividends for citizens of the state.

Commending Governor Sanwo-Olu for the giant stride and for his faith in the state’s strategic development blueprint passed down to successive governments in the state by the Tinubuled administration in Lagos, he said the Red Line inauguration marked another milestone in the state’s infrastructural progress, noting that the delivery of the project further validated his belief that democracy would work in society where leaders showed dedication to governance vision.

The President observed that Lagos stood out as shining example of working democracy because its leadership made people’s welfare the central priority of its overarching vision and planning.

He said: “Today, we are gathered for the inauguration of the second of the six rail lines planned in our strategic transportation master plan. I commend the Lagos State Government under the leadership of Babajide Sanwo-Olu for this giant stride. He was part of this vision some 20 years ago, running around the world to look at working systems and come up with ideas to replicate here.

“I am delighted that we are inaugurating the first phase of the Red Line. Today is a day to be remembered for the infrastructural progress of our country, particularly Lagos. LAMATA has demonstrated that agency can work for people if it is guided by a vision and commitment to noble values. Much

work still needs to be done in fostering strong working partnership between between federal government and state governments.

“We thank Lagosians and our political leaders in the State for believing in us. We said we can do it, you believed in us. We said we would be focused on the people, you believed in us. We said our efforts would end up in making people’s lives better, you believed in us. The progress of Lagos over the last 24 years is a constant reminder that true change is possible.”

Tinubu said the history of the state would be kind to everyone involved in infrastructural transformation witnessed in Lagos, noting that any deviation from state’s development master plan could derail the progress, thus he urged the state’s leadership to persevere in the face of opposition to the ideas, while staying focused on the goals.

Special guests present at the inauguration were Kogi Governor, Ahmed Ododo; Imo Governor, Hope Uzodimma; Kwara Governor, Alhaji Abdullateef Abdulrazaq; Ogun Governor, Dapo Abiodun; Borno Governor, Prof Babagana Zulum; Ekiti Governor, Abiodun Oyebanji; and fmr. Lagos Governor, Akinwunmi Ambode with wife of Lagos Deputy Governor, Oluremi Hazmat and wife of Lagos Governor, Dr. Ibijoke Sanwo-olu.

Also present were members of the Federal Executive Council, Lagos cabinet members, business leaders, members of the diplomatic community, political leaders, traditional rulers, traders and students.

New Pace for Development, Opportunities

In his speech, Governor Sanwo-Olu noted that the LMRT Red Line “isn’t just about improving our city’s mobility, rather it’s about reshaping

our urban landscape and setting a new pace for development.

By connecting critical points across Lagos, we’re opening doors to opportunities, growth, and a sustainable future.”

Stating that the rail accomplishments are results of painstaking reforms, Sanwo-Olu added that the inauguration of the rail system has once again, breathed life into Tinubu’s vision of integrated transport connectivity.

The governor said the Strategic Transport Master Plan (STMP) of Lagos outlined six integrated rail lines, one monorail, 14 BRT corridors, over 20 water routes, and a vast network of major and inner roads, adding that two of the rail lines had been completed.

While acknowledging the contributions of his predecessors, Babatunde Fashola and Mr. Akinwunmi Ambode towards the accomplishment of the state’s rail project, he said: “Today, we mark a historic milestone in the annals of Lagos and indeed, our nation, with the commissioning of the Red Line, a 37-km marvel of modern engineering that stretches from Agbado in Ogun State to the iconic National Theatre in Iganmu.

"The segment we are inaugurating today spans an impressive 27-km from Agbado to Oyingbo, featuring state-of-the-art stations at Agbado, Iju, Agege, Ikeja, Oshodi, Mushin, Yaba, and Oyingbo.

“For the first time in the history of Lagos, we have a system comprising and integrating all three modes of transportation: road, rail and waterways. We started construction of the rail infrastructure mid-2021, and I am happy that our administration has been able to complete for operations. At full capacity this first phase of the Red Line will transport 250,000 passengers daily, which will grow to 750,000 passengers daily when we have the full complement of rolling stock on the line.”

According to FollowLagos, prior to the Red Line inauguration, Sanwo-Olu, in successive months, commissioned five separate T-shaped bridges built by the state government along the rail corridor to limit vehicular interference on the tracks.

Also speaking, Deputy Governor, Dr. Obafemi Hamzat, said Lagos became the first sub national in Africa to fund rail projects from its balance sheet, noting that the Red Line was commissioned exactly 1,050 days after its construction groundbreaking was performed.

LAMATA, CCECC Sign Phase Two Dev't Contract

At the ceremony, LAMATA and China Civil Engineering Construction Corporation (CCECC) signed agreement contract for the construction of the Phase Two of the Red Line, which will extend the project to Marina and National Theatre stations of the Blue Line.

Kogi Governor, Ahmed Ododo; Imo Governor, Hope Uzodimma; Kwara Governor, Alhaji Abdullateef Abdulrazaq; President Bola Tinubu; Lagos Governor, Babajide Sanwo-olu; Ogun Governor, Dapo Abiodun; Borno Governor, Prof Babagana Zulum; Ekiti Governor, Abiodun Oyebanji; and fmr. Lagos Governor, Akinwunmi Ambode with wife of Lagos Deputy Governor, Oluremi Hazmat and wife of Lagos Governor, Dr. Ibijoke Sanwo-olu at the inauguration

The Red Line Train Project of the Lagos Mass Rail Transit (LMRT)

President Tinubu and Governor Sanwo-Olu taking a train ride

InfraCredit, ATIDI Sign Counter-guarantee Agreement on Portfolio Risk Sharing of N37bn

Oluchi Chubuxor

InfraCredit, a specialised infrastructure credit guarantee institution in Nigeria and the African Trade & Investment Development Insurance (“ATIDI”), a pan-African multilateral development finance institution that provides risk solutions headquartered in Kenya, have signed a local currency counter-guarantee agreement on a portfolio risk sharing arrangement of N37 billion ($40.7million) to support seven infrastructure portfolio companies of InfraCredit across seven sectors including energy, healthcare, manufacturing (inputs to infrastructure) and logistics.

The signing of the counterguarantee agreement is in line with the Memorandum of Understanding executed by the two institutions in March 2022, under which InfraCredit and ATIDI agreed to collaborate and work together as risk-sharing partners, within the context of their respective mandates, policies, resources and instruments, to provide credit guarantees, co-guarantees and counterguarantees/reinsurance, as

applicable, on eligible infrastructure financing transactions.

This portfolio counter guarantee arrangement follows from the established strategic partnership between InfraCredit and ATIDI on a transaction basis, the first being the risk sharing arrangement on a 10 year 10-billion-naira digital infrastructure bond (US$24 million equivalent) issued in 2022 and subscribed by domestic pension funds.

Speaking on the signing of the counter-guarantee agreement, the Chief Executive Officer of InfraCredit, Chinua Azubike, stated; “We are proud of the growth of our partnership with ATIDI, through this second risk sharing transaction, a first of its kind local currency portfolio counter-guarantee transaction, which will enhance InfraCredit’s capacity to issue more guarantees that will reduce the cost of capital and crowd in larger scale domestic credit, particularly from local pension funds and insurance investors to finance infrastructure development in Nigeria.

Our partnership with ATIDI

is a strong demonstration of the vital role multilaterals can play to help borrowing countries’ debt levels remain sustainable, by leveraging their balance sheets as risk sharing partners working alongside local institutions, to mobilise domestic resources from the private sector to finance infrastructure development in local currency whilst deepening domestic debt capital markets for sustainable development.”

Commenting on the agreement, the Chief Executive Officer of ATIDI, Manuel Moses, noted that: “ATIDI is committed to supporting InfraCredit in mitigating risks associated with infrastructure financing, thus catalyzing investment, and fostering development in a vital sector. The portfolio counter guarantee provides a vital layer of protection, instilling confidence among investors and stakeholders while enabling InfraCredit to expand its reach and impact in facilita ting access to affordable f inancing for critical infrastructure projects nationwide.

FCMB Urges Accountants to Champion Sustainability

The Managing Director of First City Monument Bank (FCMB), Mrs Yemisi Edun, has urged accountants to make sustainability accounting a cornerstone of their practices.

Delivering the keynote address at the Western Zone Conference of the Institute of Chartered Accountants of Nigeria (ICAN), Mrs. Edun stressed the need for sustainable practices to build trust, foster development, and drive positive environmental and social impact.

“Consumers, investors, and regulators are demanding more from business. They want transparency, accountability, and a commitment to a sustainable future. Accounting principles provide the framework for achieving

this balance, ensuring businesses thrive while considering the needs of future generations,” she said.

Edun urged accountants to become sustainability champions, recommending lifelong learning and adopting technology for accurate measurement and reporting. She harped on promoting ethical practices to combat waste and corruption, leading with integrity and transparency and future-proofing skills by adapting to emerging trends.

According to Edun, this is how accountants can equip them to stay relevant and drive positive environmental and social impact alongside financial success.

Reflecting on the conference theme, “Economic Resilience: Navigating the Bottlenecks,”

ICAN President Dr. Innocent Okwuosa reaffirmed the Institute’s commitment to supporting the government in finding solutions to Nigeria’s socio-economic challenges.

The Western Zone Chairman of ICAN, Lateef Awojobi, challenged accountants to upskill and enhance their competencies, reminding them of their responsibility to exhibit technical and professional competence as critical stakeholders in the business community.

First City Monument Bank, a member of FCMB Group Plc, is committed to fostering inclusive and sustainable growth by building a supportive ecosystem that connects people, capital, and markets.

UTM Projects Rapid Growth in Gas Sector, Reduction in Domestic Prices

Chuks Okocha

A leading Nigeria gas company, UTM Offshore Limited, has said that the Decade of Gas Policy of the Federal Government has further provided direction and clarity to investors in the gas industry.

The Managing Director and Chief Executive Officer of UTM Offshore Limited, Dr. Julius Rone who made this known while speaking during the just concluded Nigeria International Energy Summit 2024 in Abuja also commended President Bola Ahmed Tinubu for encouraging private investment in developing the nation’s gas resources.

Rone said that President Tinubu’s commitment towards the Decade of Gas policy has further enhanced private sector’s participation and boosted investors’ confidence with greater prospects for rapid growth in gas production, exportation as well as marketing at affordable price for domestic and industrial use in the country.

He emphasized that Nigeria, partnering with other industry stakeholders can develop the technology needed to boost productivity in the gas sector, while indicating that the FID for floating LNG in Nigeria will be announced in the second quarter of this year.

“The government has

encouraged private investment in developing our gas resources and the “Decade of Gas” policy has provided clarity to investors. Currently, there are only three floating LNGs in Africa, all foreignowned. We can develop such technology but need regulators, government and frameworks,” he stated.

Rone stressed that gas resource is a key driver of economic growth, mass employment, business and commercial opportunities, industrialization and overall development for Nigeria with nearly 209 trillion cubic feet (TCF) of natural gas reserves which ranks as the 9th highest in the world.

Jaiz Bank Announces Completion of Private Placement

Jaiz Bank Plc, the leading NonInterest Bank in Nigeria has announced its decision to offer 10,048,237,955 ordinary shares by way of private placement.

The Bank’s Chairman, Mohammed Mustapha Bintube, disclosed that the proceeds of the capital raising exercise will be deployed to improve service delivery on its various

platforms to enable the Bank achieve its five-year strategic objectives.

Bintube further said, “the Bank chose this route to sustain its growth trajectory and also to ensure it remains well capitalised in line with its capital management strategy.”

The Chairman added, “qualified investors should take advan-

tage of this opportunity to invest as the Bank seeks to expand to other financial services via a Financial Holding Company structure subject to regulatory approval in the future.”

He also said an opportunity would be provided to existing shareholders by way of Rights Issue to invest additional capital in the Bank soon.

Money Market Indicators (in Percentage)

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).

L-R: MD/CEO of UTM Floating Liquified Natural Gas, (FLNG) Dr. Julius Rone, and Ghanaian Minister of Energy, Dr. Matthew Opoku Prempeh at the Nigeria International Energy Summit 2024 in Abuja...recently

Stock Market Down N1.83tn WoW on MPR Hike, Poor Corporate Earnings

Kayode Tokede

The Nigerian equities market predominantly exhibited bearish performance last week, dropping by N1.83 trillion in market capitalisation following the Monetary Policy Committee (MPC) hike in Monetary Policy Rate (MPR) to 22.75 per cent and poor 2023 corporate earnings by some listed companies.

The overall market capitalisation decreased by N1.83 trillion to close

at N54.035 trillion from N55.861 trillion it opened the week, while the NGX All-Share Index shedding 3.27 per cent WoW to 98,751.98 basis points from 102,088.30 basis points it opened for trading.

Last week witnessed losses declared by MTN Nigeria Communications Plc, Dangote Sugar Refinery Plc, among other companies with investors’ sentiment trading rocking the local stock market. The Nigerian stock market is expected to witness return of

positive movement this week as investors expect more companies to release their full-year 2023 audited accounts in the coming days. The prevailing market sentiment was largely influenced by weaker than expected corporate earnings releases and the initiation of the dividend earnings season in the face of the fixed income market’s higher yields outlook, fueled by recent auctions, which contributed to the mildly negative market breadth.

Furthermore, the recent rate hike by the monetary policy committee prompts ongoing portfolio rebalancing among market participants. Also, the local bourse’s recent performance underscores the dynamic interplay of market forces amidst evolving economic conditions.

It reflected in sectoral front performance last week as the NGX Insurance and NGX Industrial Goods indices bore the brunt of the downturn, experiencing

losses of 3.40 per cent and 3.87 per cent respectively.

Similarly, the NGX Consumer Goods, NGX Oil & Gas, and NGX Banking sectors witnessed declines of 2.62 per cent, 1.55 per cent, and 0.69 per cent respectively.

The market breadth for the week was negative as 27 equities appreciated in price, 54 equities depreciated in price, while 72 equities remained unchanged. Juli led the gainers table by 60.26 per cent to close at N3.75, per share.

PZ Cussons Nigeria followed with a gain of 27.36 per cent to close at N33.75, while Sterling Financial Holdings Company went up by 14.94 per cent to close to N5.00, per share.

On the other side, MTN Nigeria Communications (MTNN) led the decliners table by 18.91 per cent to close at N200.70, per share.

SUNU Assurance and Nestle Nigeria followed with a loss of 18.18 per cent each to close at N1.71 and N900.00 respectively.

PRICES FOR SECURITIES TRADED ASOF FEBRUARY /29/24

PARTNERSHIP MEETING...

Navy Arrests Ghanaian Rogue Ship with Two Million Litres of Crude Oil

IG’s

office secures forfeiture of vessel arrested by Navy, Tantita Security Services, others

Kingsley Nwezeh in Abuja

The Nigerian Navy said weekend that it arrested a Ghanaian rogue ship with two million litres ofvcrude oil amd a syndicate of 13 crew members, one Ghanaian and 12 Nigerians, on board a Ghanaian owned/registered vessel, Motor Tanker (MT) SWEET MIRI on February 25, 2024.

This was just as it was disclosed that the Office of the Inspector

General of Police (IG) has secured the forfeiture of two multi-millionnaira vessels arrested for illegal oil bunkering. The vessels to be forfeited are MT Harbour Spirit and MT Kali.

Furthermore, the Navy disclosed that the arrest of the Ghanaian rogue ship was the outcome of its newly launched 'Operation Delta Sanity'.

A statement issued by the Spokesman of the Nigerian Navy,

Shettima to Open Expanded National MSMEs Business Clinic in Ogun

James Sowole in Abeokuta

The Vice President, Kashim Shettima will tomorrow (Tuesday), declare open the Expanded National Micro, Small and Medium Enterprises (MSMEs) Business Clinic in Abeokuta, Ogun State.

The declaration is part of the activities of the vice president as he embarks on a one-day visit to Ogun state. The event will be held at the June 12 Cultural Centre, Kuto, Abeokuta.

The activities of the vice president, was disclosed in a statement by Lekan Adeniran, the Chief Press Secretary to the Ogun State Governor, Prince Dapo Abiodun.

The expanded national MSMEs business clinic is an initiative of the federal government executed in collaboration with state governments.

It is geared towards providing lasting solutions to the challenges hindering the development of MSMEs, help them have access to capital, formalise their businesses, and also exhibit their products among others.

The clinic would allow small business owners to meet regulatory bodies like the National Agency for Food, Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), Corporate Affairs Commission (CAC), Nigerian Export Promotion

Council (NEPC), and others as well as feature grant presentations to qualified MSMEs.

The vice president would also inaugurate the fashion hub project at the Old OGTV auditorium where over 150 state-of-the-art tailoring equipment have been provided for stakeholders in the fashion industry as well as the Adire shared facility at Asero, Abeokuta.

Rear Admiral Ayo-Vaughan, said the arrest of the economic saboteurs, who were bent on stealing the nation’s natural resources was made at about 174 nm (approximately 320km) off Nigeria's coast heading towards Benin Republic, after the vessel was observed to have switched off her Automatic Identification System (AIS) in a bid to evade detection.

"The infraction by the vessel contravenes the International Ships and Port Security Code (ISPS) and she was tagged a “Vessel of Interest” (VoI) by the Nigerian Navy.

"The NN Maritime Domain Awareness infrastructure observed the criminal intent of the vessel and subsequently vectored two NN ships on patrol to interrogate the vessel and it was discovered that MT SWEET MIRI was involved in illegalities and the vessel was subsequently arrested", it said.

"Curiously, the suspicious disposition of the vessel necessitated the swift deployment of Nigerian Navy Ship ABA and Nigerian Navy Ship SOKOTO

to intercept the vessel.

"Notably, upon arrest, MT SWEET MIRI was found carrying about two million litres of product suspected to be crude oil without any form of approval from relevant authorities," it stated.

The statement further affirmed that in line with the directive of Chief of the Naval Staff, Vice Admiral Emmanuel Ogalla, for an in-depth and independent investigation, relevant approving/ prosecuting agencies were notified for samples collection and in order to further ascertain the culpability or otherwise of the vessel.

It said this was necessary to unmask the enemies of the nation and to institute holistic and detailed investigations.

"Be rest assured that the Nigerian Navy through the reinvigorated Operation Delta Sanity will continue to collaborate with relevant maritime, security and law enforcement agencies in order to closely monitor, evaluate and interdict where infractions are suspected so as to bring economic saboteurs to book in line with relevant extant laws of the land," it added.

IG’s Office Secures Forfeiture of Vessel Arrested by Navy, Tantita Security Services, Others

Meanwhile, the Office of the IG of Police has secured the forfeiture of two multi-million-naira vessels arrested for illegal oil bunkering.

The vessels were MT Harbour Spirit and MT Kali.

The IG’s office which secured the forfeiture order from the Federal High Court also secured the forfeiture of content of the two vessels to the Federal Government.

According to a statement, a combined team of security men comprising Navy, the Nigerian Police, the Nigeria Security and Civil Defence Corps, and prominent private security outfit, Tantita Security Services Nigeria Limited (TSSNL), had arrested the two vessels while they were siphoning illegal crude oil in the creeks of the Niger Delta, Two Federal High Courts, in different sittings in Abuja, had ordered the forfeiture of MT

FG Advised to Recognise Real Estate as GDP Growth Enabler

Dike Onwuamaeze

The Chief Consultant of B. Adedipe Associates Limited (BAA), Dr. Biodun Adedipe, has advised the federal government to pay attention to the growth of the real estate sector because of the opportunities it would offer for the growth of Nigerian economy.

Adedipe, gave the advice recently, when he featured as lead speaker at the Nigerian British Chamber of Commerce’s (NBCC) Real Estate Outlook 2024 with the theme “Looking Ahead: Gauging Opportunities.”

He said: “The message we have to ensure that we pass to our government is to recognise the real estate sector even though it is small in terms of contribution to the GDP.”

Adedipe pointed out that the drop in the real estate’s contributions to the economy over the past years is an indicator that there are opportunities to be explored in that sector.

“When a sector’s share of the GDP is going down, it is interpreted in Economics as ‘pointers to opportunities within that space.’

“That means that it has space to grow and enhance its contribution to the economy,” he said.

According to him, “there are two critical sectors to observe anytime you want to interpret what the future holds for an economy. They are the real estate and the stock market.

“Whatever that is happening there will be taken as a six month indicator of what will happen to the economy.”

Adedipe, disclosed that a World Bank study showed a relationship between the real estate and the economy, adding that the impact of the collapse of the stock market on the economy was half the impact of the real estate.

This, according to him, was the reason China refinanced the real estate loans in its financial system to stablise that sector and keep its economy growing.

In his welcome address, the President of NBCC, Mr. Ray Atelly, said the event was to share knowledge that would galvanise investments in the real estate segment of the Nigeria’s economy.

Atelly, noted that the current high inflation in the country, which was also rocking the building material market, has rendered the concept

of “affordable housing” irrelevant for now.

He asked: “How do you define affordable housing today because there is no special ‘cement for the poor.’” He, however, urged the banking sector to create consumer loans that could fill the gap.

The Special Adviser to Lagos State Governor on Housing, Ms. Barakat Odunuga-Bakare, in her special guest address, said the state government was providing a regulatory environment that would create opportunities in the real estate and engender collaboration between the private and public sectors in order to provide affordable housing to Lagosians. She advised developers in the state to register with the Lagos State Real Estate Regulatory Authority.

Kali and MT Harbor Spirit, to the federal government.

While Justice J.K. Omotosho, had granted the order on the forfeiture of the MT Harbour and Spirit and its content be forfeited to the federal government.

In the case filed by the Inspector General of Police, Mr Kayode Egbetokun, Justice Abdulmalik granted the motion for the interim forfeiture of MT Kali & her content to the government.

Justice Omotosho ruled that the federal government should hold the MT Harbour and Spirit and its content for six to await when anybody would show why the forfeiture should not be made permanent.

The Judge also ordered the sale of the stolen crude oil contained in the impounded ocean-going vessel by the Nigerian National Petroleum Company Limited (NNPCL).

The Justice further directed that the proceeds from the sale be deposited by NNPCL in an interest yielding account to be determined by Chief Registrar of the Federal High Court.

A certified true copy of the order showed that the court directed that affidavit of compliance with its order be filled before it within 72 hours after the sale of the confiscated petroleum products contained in the ship.

The MT Harbour was arrested through concerted efforts of Tantita Security Services Limited, and the Special Task Force set up by the Chief of Naval Staff, Vice-Admial Emmanuel Ogalla. The MT Kali was arrested with 20 crew and accomplices from the communities while siphoning crude oil from Pennington Oil field of the Anglo-Dutch energy giant, Shell Petroleum Development Company (SPDC) in Bayelsa State, on January 11, 2024, The combined team of Tantita operatives and the Navy arrested the MT Harbor Spirit on February 4th, 2024 while into the arrest of MT Kali, was being ongoing.

Professor Benedict Oramah (Left) , President of the African Export Import Bank (Afreximbank) , and Professor Kingsley Moghalu, Chairman, Advisory Board and Board of Directors of Africa Private Sector Summit (APSS) and former Deputy Governor of the Central Bank of Nigeria, after a partnership meeting of the two institutions in Lagos, recently.

Palestine E nvoy Alleges 29,878

Persons Killed in Ongoing Gaza

War

Raises the alarm over impending famine, humanitarian catastrophe

Michael Olugbode

No fewer than 29,878 people have been killed in the ongoing Israeli -Palestinian war, the Palestinian Ambassador to Nigeria, Abdullah M. Abu Shawesh has alleged.

The envoy who expressed concern over possible famine and outbreak of epidemics in Gaza, told journalists over the weekend in Abuja, that 70,215 people have been injured and around 8,000 people still missing under the rubble since the October 7, 2023, siege

on Gaza by the Israeli military began. He said: “As of yesterday, the death toll in the Gaza Strip was 29,878 martyrs, with 70,215 injuries and around 8,000 people still missing under the rubble.

“The Ministry of Education

declared that in the last 144 days, 5427 students were martyred, 5379 in Gaza and 48 in the OWB, while 9193 were injured, 8888 in Gaza and 305 in the occupied West Bank, (OWB), 97 was arrested in the OWB, including East Jerusalem. Also, 255

teachers and administrative staff were martyred and 891 were injured in the Gaza strip. “A total of 286 government schools and 65 UN schools were subjected to bombardments and sabotage, with 40 of them completely destroyed in Gaza, while 57 schools in the OWB were attacked and sabotaged by the IOF.

“Also, 620,000 students in Gaza are still deprived of the right to learn, while the majority of students are suffering from trauma and facing devastating health situations.”

Michael Olugbode

Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted a 40-year-old businessman, Ejike Solomon with 1.45 kilogrammes of cocaine concealed in his luggage while attempting to board an Ethiopia Airlines flight to Vietnam via Addis Ababa, from the Nnamdi Azikiwe Airport, Abuja.

According to a statement by the spokesman of the anti-narcotics agency, Femi Babafemi, Ejike was arrested at the Abuja airport on Saturday after NDLEA officers subjected him to a thorough search, and in the process, the illicit substance was discovered concealed, factory fitted, in his bag.

In the statement the suspect gave to NDLEA, he claimed he was on a business trip to Vietnam.

Also, operatives of a special unit of the agency last Friday swooped on members of a syndicate that deals

in methamphetamine, cocaine and heroin in their hideouts in parts of Lagos.

Babafemi said the operatives assigned for the operation raided the home of Esimone Amachukwu at 14 Arochukwu street, Ejigbo, where 10.012 kilogrammes of methamphetamine was found in possession of his associate, 40-yearold Evelyn Nneka Okem. Esimone is said to be currently at large.

The NDLEA spokesman said while the Ejigbo operation was going on, another set of officers were simultaneously busy in the residence of another member of the syndicate, 45-year-old Ebele Iwuegbunam, located at Plot 1604 Close D, 4th Avenue, Festac town, Lagos where they arrested him and recovered 429.5 grammes of cocaine and 7 kilogrammes of heroin.

In Kogi state, NDLEA officers on a stop and search operation along Okene-Lokoja-Abuja expressway

made tremendous strides since it obtained operating licence in 2014.

The former MD said the PFA which faced resistance from other operators, reluctance from clients, limited funding and only received the first transfer of assets in December 2014.

“It has grown from being ranked 22nd in Assets Under Management (AUM) to one of the top five in the industry, with AUM currently standing at N1.3 trillion,” he added.

in Nigeria.

At the handover ceremony presided over by the chairman of the Board of Directors, Mr Suleiman Abba, the 17th Inspector General of Police, Bokki presented his successor an executive summary of the organisation.

Bokki said the organisation

He stressed: “The company achieved the highest investment income returns for clients in 2022, 2023, and January 2024; paid progressive dividends to shareholders since the second year of operations; was the first PFA to build a custommade head office, and received a nomination for product innovation at the World Pension Summit. ”

Enjoining all to rally round Morakinyo, Bokki reminded his successor that though NPF Pensions has made significant progress, the company is in a strong position to grow even more.

last Friday intercepted a commercial bus marked GRM 347XA (Borno) conveying 28 compressed blocks of cannabis sativa weighing 11 kilogrammes.

Also, 100 bottles of codeine-based cough syrup and 500 tablets of diazepam, all concealed in three plastic drums covered with cattle fats, heading to Jos Plateau state were discovered.

Besides, operatives in Ogun state last Thursday recovered 169 kilogrammes consignment of cannabis abandoned in a truck at Sagamu tollgate while their counterparts in Lagos seized 25 cartons of tramadol containing 325,000 pills in Ikeja the previous day Wednesday.

On the same day, a suspect, Abdullahi Khalil, 42, and 2,745,000 capsules of pregabalin recovered from him at Singer market, Sabon Gari area of Kano were handed over to the Kano state command

According to him, this is dependent on: “If the new leadership stays compliant, focusing on customer service, engaging stakeholders, investing in personnel development, and maintaining a harmonious leadership structure.”

Former IG, Mr Suleiman Abba, who was in charge when the NPF Pensions got its operational licence in 2014, said the company had made a giant leap in 10 years and attributed the success to the leadership style of the outgone chief executive.

“We are witnessing a historic occasion here today with a lot of mixed feelings. The organisation is losing someone that everyone recognises as a good man.

“I was the IGP when this company got licence. I didn’t even know back then that we will be where we are today. The pioneer MD is a great visionary leader and achiever, who guided NPF Pensions from its crawling stage to stand strongly on its feet.

“He led the company to compete effectively with its peers and in most

of NDLEA by the Department of State Security (DSS).

In the same vein, the 243 Recce Battalion, Nigerian Army, Badagry on Saturday transferred 27 sacks of cannabis sativa weighing 1,110 kilogrammes recovered at a coastal community, Ajido by soldiers, to the Seme Special Area Command of NDLEA.

A suspect, Hassan Muhammad, 34, was on the same day arrested with 44,950 pills of tramadol at Moranti area of Borno state by NDLEA operatives.

In Abia state, NDLEA operatives last Thursday raided a drug joint at Cemetery Barracks, Aba, where Ifeanyi Uche, 37, was arrested with different quantities of cocaine, heroin, and methamphetamine. Another raid was carried out at the abandoned Eyimba Hotel, Ogbor Hill, Aba, where illicit substances were seized and suspects arrested last Friday.

instances, came out tops. Today, we are the undisputed leaders in Funds. And one of the reasons for this huge success is his effective communication skill,” he said.

Thanking the former MD on behalf of the board and investors, Mr Abba implored him not to stay too far away from the organisation. “If there is any reason to call you to assist in the future, we will do that and I hope you will oblige us,” he added.

Congratulating Morakinyo, the former IGP assured him of all necessary support that will enable him to excel in his new position.

Speaking on behalf of the management, Mr Nicholas Nneji, Executive Director Investment, thanked Bokki for his immeasurable contributions to the growth of the company.

“Bokki is an institution, a leader per excellence. Nobody passes through him without learning one or two things. He is a man of vision, empathy and very humble. We will all miss him,” he said.

He alleged that Israel's authorities have a hidden agenda, which according to him was to make Gaza inhabitants uncomfortable living in their homeland.

He said, “The clear policy is to make Gaza an unlivable place after the war, so that even if the inhabitants are not forced to leave under the fire, they will do so voluntarily due to the lack of hospitals, schools, universities, drinkable water, and other basic necessities for human life.”

The envoy also alleged that within last 144 days, “more than 7270 in the OWB, 228 women, 460 children, 56 of journalists and issued more than

Mary Nnah

The Board of TVC Communications, owners of TVC News, TVC Entertainment channel, Max FM, and Adaba FM, has officially announced the appointment of a new Group Managing Director, Mrs. Victoria Ajayi to lead one of the largest media companies in Nigeria.

Ajayi, who will take over from May 1, is currently the Deputy Chief Financial Officer of the company, a statement from the company said.

Under Hanlon's leadership, TVC Communications experienced significant organisational, infrastructural, and economic changes.

The broadcaster achieved a growth of 330 per cent across all TV, radio, and social media channels, from a daily audience of 5.3 million viewers, listeners, and readers to 23 million by December 2023.

Additionally, the company said it achieved substantial operating cost and revenue improvements, bringing it to profitability.

The Chairman of the Board of Continental Broadcasting Services Limited, Mr. Kehinde DurosinmiEtti, praised Hanlon for his vast experience and commitment to improving the quality of TVC Communications' programmes and ratings.

Hanlon also improved pay, condi-

3,800 administrative detention orders.”

He also added, “Eleven of the detainees martyred in the Israeli prisons due to the torture and ill treatment. All this is only from the OWB including East Jerusalem.

“There is no specific number or information about the detention cases of Gaza and Israel is still hiding all the information about them.”

The total number of the Palestinian prisoners on the Israel detention camps was now around 9000 including 3484 administrative detainees, he said.

He equally alleged that more than 200 fanatic Israeli settlers stormed Al-Aqsa Mosque guarded by the occupation force where they performed Talmudic ritual, insisting that meanwhile, the occupation authorities continue to impose restrictions on the Muslim worshiper’s entry to Al-Aqsa preventing all the young men and boys from entering while subjecting all others to be extensively checks.

He added that: “We still insist that the Israeli fanatic and messianic regime is spared no efforts igniting a religious war that if erupted will spare no one.”

tions, and general welfare for the company's 500 staff, making TVC Communications one of Nigeria's best employers.

Hanlon will step down on April 30, 2024, and will be replaced by the current Deputy Chief Financial Officer, Mrs. Victoria Ajayi.

Hanlon expressed his appreciation to the company's Board and senior management teams for their support in achieving TVC Communications' goals and aspirations. He also paid tribute to Mr. Ronan Redmond, the Commercial Director, who is also stepping down after serving the company since 2017.

Commenting on his decision to step down as CEO/ Managing Director, Hanlon said, “It has been a privilege and an honour to have led TVC Communications over the past seven years having worked with so many talented and dedicated staff.

“We achieved great things as a team including the re-launch of our two TV channels, the creation of MAX FM radio in Lagos and Abuja and the launch of our social media platforms, which led to significant audience and revenue growth.

“ I wish to thank the Board of the company for their unstinting support, and in particular, the Chairman of the Board, Mr Kehinde Durosinmi-Etti, for his guidance and encouragement,” he said.

L-R: Director-General Nigerian-British Chamber of Commerce (NBCC), Ebere Njoku; Chairman Programmes Committee, Tajudeen Ahmed; Executive Director CAST Ltd/Moderator of event, Jide Benson; President/Chairman of Council, Ray Atelly; MD/CEO Coleman Technical Industries Ltd/Guest Speaker, George Onafowokan; Deputy President, Akin Osuntoki; Council Member, Awuneba Ajumogobia, and Dapo Odojukan, who represented Life Vice President, Abi Odojukan; during NBCC's Next Generation Series, held in Lagos…recently

AT 20TH CORONATION ANNIVERSARY OF OLU OF ITORI...

L-R: Commissioner for Local Government and Chieftaincy Affairs, Hon. Ganiyu

celebrant,

Olu of Itori, held this weekend at Itori.

Aviation Ministry Debunks Movement of Firefighting Simulator from Zaria to Lagos

Kasim Sumaina in Abuja

The Ministry of Aviation and Aerospace Development has debunked news of its plan to move a fire-fighting simulator out of the Nigerian College of Technology (NCAT) Zaria, Kaduna to Lagos State.

The rumour, the Ministry said was nothing but pure mischief by agents of destabilisation and was totally untrue.

A statement issued on Sunday by SA Media and Communications

to the Minister of Aviation and Aerospace Development, Tunde Moshood, however disclosed that there was no iota of truth in the rumour.

His words: "The attention of the Ministry of Aviation and Aerospace Development has been drawn to a video making the rounds of a motion moved on the floor of the House of Representatives by a Honourable member making reference to an unsubstantiated plan by the Ministry to move a

fire-fighting simulator out of the Nigerian College of Technology, Zaria to Lagos State and urging the House to restrain the move.

"Whist we acknowledge the patriotism of the House entertaining

Kemi Olaitan in Ibadan

No fewer than 250 researchers in the social sciences and humanities will tomorrow (Tuesday) converge on the University of Ibadan to attend the maiden edition of the Annual Ibadan International Social Science Conference.

The Dean, Faculty of the Social Sciences University of Ibadan, Prof. Ezebunwa Nwokocha, who made the disclosure in a statement, said the researchers are coming from the United States of America, South Africa and universities across the country to provide evidence-based solutions arising from their researches on the problems confronting Nigeria's development.

According to him, the opening ceremony which starts on March 5, will feature a keynote address by a Trustee, Social Science Academy of Nigeria, Prof. Lai Erinosho, while the lead paper presenter is Prof. Augustine Okereke, the immediate past Senior Vice President and Provost, Medger Event College, City University of New York, United States of America.

Nwokocha added that University of Ibadan Social Sciences had played critical roles in the formulation of

Chuks Okocha in Abuja

The National Working Committee (NWC) of the Peoples Democratic Party (PDP), is to meet critical stakeholders of the party from Ondo State on Tuesday to strategize on how best to win the forthcoming governorship election. This was contained in a notice of meeting released by the party’s National Publicity Secretary,

policies and guiding the government on the right policies to adopt that will drive the growth and development needed in Nigeria, stating that the conference is aimed at ensuring that Ibadan social sciences take the leadership again. He said the conference theme which is: "Social Science, Contemporary Social Issues and the Actualisation of Sustainable Development", was carefully chosen to be able to get evidence-based data on how to address terrorism, banditry, problems associated with urbanisation, transportation, health, policy gaps including social protection, (un)employment and decent work challenges in Nigeria.

According to him: "Despite the uninspiring working conditions, Nigerian researchers are probing the problems which affect the country and have findings with recommendations on how this problems can be solved.

“This conference will aggregate these recommendations and push it out to government and policy actors so that they can come of with evidence driven policies rather than imported policies which often times lack relevance to the realities on ground.

Hon. Debo Ologunagba, in Abuja,.

According to the spokesperson of the PDP, “In its determination to ensure the success of our great Party, the Peoples Democratic Party (PDP) in the November 16, 2024 Governorship election in Ondo State, the Acting National Chairman, His Excellency. Amb. Umar Iliya Damagum and other members of the National Working Committee (NWC) will be meeting

the motion, we think it was totally unnecessary since the Speaker already had a private audience with the Minister of Aviation and Aerospace Development few days ago when this issue came up and the Minister

assured Mr. Speaker that there was no iota of truth in the rumour.

"The Minister further put a call to the Rector of the school who re-assured Mr. Speaker that it was an unfounded rumour and purely

a mischief. So, why the motion? "We urge the public to disregard any such rumour and it amounts to grandstanding by anyone still trying to make political gains out of nothing."

Tompolo Bags NUJ Award, Pledges Not to Allow Saboteurs Ruin Nigeria’s Economy

Michael Olugbode in Abuja and Sylvester Idowu in Warri

Former leader of the Movement for the Emancipation of the Niger Delta (MEND), Chief Government Ekpemupolo, alias Tompolo, has assured Nigerians of his team’s efforts to frustrate activities of economic saboteurs in the Niger Delta region.

Tompolo, who is also the chairman of Tantita Security Services Limited (TSSL), the private maritime security firm engaged by the Federal Government to battle oil theft in the region gave the assurance over the weekend.

He spoke after being honoured with the Nigeria Union of Journalists (NUJ) Meritorious Award by the National President of the union, Chief Chris Isiguzo at Oporoza, Gbaramatu Kingdom in Warri South-west local government area of Delta State.

Tompolo noted that Nigeria is in a dire strait and needs all support to cripple the activities of greedy

James Sowole in Abeokuta

The Ogun State Government has promised full support to the Nigerian Institute of Public Relations (NIPR) towards a successful hosting of the inaugural edition of Nigeria Public Relations Week in Abeokuta, the state capital.

Secretary to the State Government, Mr. Tokunbo Talabi, gave the assur-

with critical Party Stakeholders from Ondo State.

“The meeting is in line with the approved and published Timetable and Schedule of Activities for the Ondo State Governorship election.

“The meeting is scheduled to hold as follows: Date: Tuesday, March 5, 2024, Venue: NEC Hall, PDP National Secretariat, Wadata Plaza, Abuja, Time: 12 noon. “The NWC urges

saboteurs of the Nigerian oil and gas economy.

"I don't have any other place, except Nigeria. Nigeria is the only country I have, so we must all join hands to protect and move Nigeria forward.

"Our economy is in dire need of survival, so we cannot fold our hands and allow some people to sabotage the nation's economy because of greed", he added.

On his part, Isiguzo said the award was in recognition of Tompolo’s outstanding contributions to the security of oil and gas infrastructure by curtailing oil theft and pipeline vandalism in the Niger Delta.

The NUJ president disclosed that the union's leadership arrived at conferring the meritorious award on Tompolo at the last NUJ national security conference in Abuja after a meticulous deliberation on his activities and successes in tackling economic sabotage head-on.

ance while receiving a delegation of the Ogun State Chapter of NIPR led by its Chairman, Mrs. Oluwaseun Boye, at the Governor's Office, Oke-Mosan, Abeokuta.

The Nigeria Public Relations Week, themed: "Leveraging Public Relations as a Critical Asset for Nigeria's Economic and Reputation Renaissance," is scheduled for Monday, 22nd to Friday, 26th April, 2024 at the

all members of our Party in Ondo State to remain focused as the people of Ondo State look up to the PDP to rescue the State from the stranglehold of the rudderless, incompetent and insensitive All Progressives Congress (APC) administration and entrench the much-desired transparent, development-driven and peopleoriented leadership on the platform of the PDP.”

He said Tompolo has set the pace for securing Nigeria from the throes of economic insecurity in the Niger Delta region and urged the media, other security operatives and agencies, as well as other Nigerians, to rally around him.

“Somebody had risen to the occasion and gathered an array of young men who have taken it upon themselves to help this country continue to survive as a peaceful nation, united and continuing to fend for its people.

“And that is the man who has, to a very large extent, substantially helped us address the issue of crude oil theft.

“That is one thing that has occupied our national life over time. But through his commitment, dedication, and diligence, Nigeria, as a country, had, to a very large extent, reduced the activities of men of the underworld who have consistently engaged in pilfering,

June 12 Cultural Centre, Abeokuta.

The event will attract over 2,000 delegates in the field of public relations and allied disciplines from across the country. Vice President, Senator Kashim Shettima, Governor Dapo Abiodun of Ogun State and the Minister of Information and National Orientation, Mohammed Idris, are among the dignitaries billed to attend some of the sessions.

Talabi said he was delighted that the NIPR was creating another unique opportunity for Ogun State to showcase its rich cultural heritage and potential to the world during the NPRW. The SSG assured that the state government would provide the necessary support to make the weeklong event a hitch-free, memorable and rewarding experience.

He restated the commitment of the Governor Abiodun-led administration to prioritise the provision of the required infrastructure, create enabling environment for economic

taking our common patrimony for their own gains.

“NUJ, having assessed the activities of TSSNL, we decided that we must accord the necessary recognition to the man who carries the flag, who birthed this organisation, who has exceptionally distinguished himself, and who has been celebrated by Nigerians across all walks of life.

“NUJ is an institution that is distinguished. But there is a realm that Nigerians now look up to, and if this realm collapses, Nigeria will collapse. This realm is the oxygen of democratic governance; it is the reason Nigeria is still operating and why we are enjoying peace and harmony, and that is the media,” he said.

He enjoined journalists to keep contributing their quota by sharing intelligence with security agencies and operatives in order to engender tranquilly, peace, harmony, and progress in the country.

prosperity and improve the quality of life of the people.

Speaking earlier, Mrs Boye had informed the SSG about the activities of the NIPR which, she noted, was established and empowered to set standards and regulate the training and practice of public relations.

The Chairman, who commended the state government for initiating and sustaining several developmental programmes and projects, expressed the readiness of public relations professionals to complement the activities of the current administration.

She highlighted some of the programmes of event for the NPRW to include conference, annual general meeting, workshops, induction of new members, breakout sessions with students as well as traditional rulers and tour of some legacy projects of the state, hence the need for government's support in the areas of security, transportation, medical services and logistics, among others.

Hamzat; the

the Olu of Itori, Oba Abudl-Fatai Akorede Akamo; Ogun State, Governor Prince Dapo Abiodun and the Olowu of Owu, Oba Adeola Saka Matemilola, at the 20th Coronation Anniversary of

THE CHANGING OF GUARD

AT TVC...

Cattle Dealers Drag Abia to Court over Plan to Make Market Non-residential

Emmanuel Ugwu-Nwogo in

Cattle dealers at the Umuchieze Garki cattle market have dragged the Abia State government to court , claiming that they have a right to reside inside the market, while the government forges ahead with its plan to remodel the market and make it non-residential.

The dealers insist on sustaining their culture of living inside cattle market, but the Abia government has decided to end the practice, citing security reasons.

The suit marked No. HUM/9/2024 was filed by 12 persons, including the

Sarkin Zango, Hussaini Muhammad and Buba Kedemure, the spokesman of the group, for themselves and on behalf of cattle dealers and the market residents.

Joined as defendants in the suit were the state Commissioner for Lands, Chaka Chukwumerije, the Attorney General and Commissioner for Justice, Ikechukwu Uwanna, the Chairman of Umunneochi local government, Ndubuisi Ike and the State Commissioner of Police.

Hearing of the suit is slated to commence on March 13, 2024 when the court would consider the application for interlocutory injunction filed by the applicants

to stop government from executing its plan of demolishing residential houses in the market.

The application was prompted by a "warning notice" issued by the Town Planning Authority of Umunneochi Local Government, notifying the market dwellers of its readiness to embark on demolition exercise any moment.

The plaintiffs/applicants want the court to issue an order of interlocutory injunction to restrain government from carrying out demolition of residential houses inside the market, pending the hearing and determination of the suit.

The cattle dealers' rising anxiety

was stoked last October after Abia government took a decision to remodel the cattle market and make it non-residential, which did not go down well with the market residents.

Though the interlocutory injunction is meant to restrain all the defendants and their agents, it is specially targeted at the third defendant(Umunneochi Council Chairman) since the warning notice for demolition emanated from his council.

They also want the court to issue an order directing the defendants, "and in particular the third defendant(council chairman) to maintain the status quo as at February 13, 2024 when the Umunneochi

Jos Rolling Mill Revival: Steel Devt Ministry, Plateau State Collaborate

Kasim Sumaina

The Ministry of Steel Development is seeking to collaborate with the Plateau State Government in reviving the Jos Steel Rolling Mill, now known as the Zuma Steel Rolling Mill.

This is even as the ministry added that it was committed towards fulfilling its mandate of revitalising the steel sector for the benefit of Nigerians.

The Minister of Steel Development, Prince Shuaibu Abubakar Audu, gave the hint, weekend, during his on-the-spot assessment of the National Metallurgical Development Centre, NMDC, Jos, in order to ascertain its challenges and opportunities.

Audu, accompanied by the NMDC Permanent Secretary, Dr. Mary Ogbe, opined that no nation could attain greatness without the development of its steel industry, adding that pivotal to the development of the steel industry is research.

He said that the National Metallurgical Development Centre (NMDC) Jos, Plateau State, was not just a historical asset, but a strategic research engine for the nation’s steel industry growth and development.

Audu also reiterated the federal government’s commitment to improve the country’s economy and grow the Gross Domestic Product (GDP) through the steel industry.

He noted that the sector could only be kept in position to serve its manifold purposes through determined searching and probing that would lead to discovery and improved products and services.

He was of the opinion that the Centre’s mandate to offer research and development inputs necessary for the development of the mining, minerals and allied sectors, with specific focus on the steel industry in Nigeria was very strategic.

The minister pointed out that the center was one of its kind in the West African sub-region with integrated facilities to carry out mineral evaluation, metallurgical processes, adaptation and improvement, mineral and metal testing and environmental pollution studies.

Audi stressed: “The center has

the capacity to proactively support the growth of the nation’s economy by developing local capacities along the mineral value chain activities, given the right impetus.

“Research & Development of NMDC activities will be geared towards the domestication of research findings into productive Small and Medium Scale ventures.

SMEs are the micro drivers of the economy and going forward, the Centre shall undertake targeted research projects that aims to solve existing industry needs, so as to enable us utilize locally, the various

metallurgical raw materials that Nigeria is endowed with.”

In his remarks, the Executive Governor of Plateau State, Caleb Mutftwang assured of the state’s willingness to synergise with the federal government in reviving the steel sector for the growth of the economy.

He stated that the state would directly benefit from the revival of the steel sector as according to him, the Jos steel rolling mill when in full operation will create thousands of direct and indirect jobs for the teeming Jos citizens.

Vice President’s House at Electrical Installation Stage, Says Wike

Olawale Ajimotokan

FCT Minister, Nyesom Wike has disclosed that the Vice President’s Lodge undergoing construction at the cost of N15 billion is now at the stage of installation of electrical cable and to be completed in May, this year.

He provided the update over the weekend during an inspection tour of key projects under construction in the nation’s capital. He said the contractors had made the commitment to deliver the project by May, adding a lot of changes would be seen in the next few weeks.

"The contractors have made further commitment that by May, they are going to hand over. Why we may not be seeing enough of what

we think should be improvements is because they are concentrating on electrical cables. By the next two, three weeks, you will see a lot of changes. They are known for quality and we are really financing them well,” Wike said.

Explaining further, Wike noted that the rationale behind the series of projects going on simultaneously in the territory was to win back the lost hope of residents in government.

Wike, who described his appointment as the FCT Minister by President Tinubu as a rare privilege, stated that the FCT Highway 105 project, which is the 11km six-lane carriageway, linking the Airport Expressway with Kuje, upon completion, would open up the area and bring a lot of changes

to the FCT.

In his remarks the, Executive Secretary, Federal Capital Development Authority (FCDA), Shehu Hadi Ahmad, while giving insight into the scope of work, said the administration was currently constructing an 11km highway with six lanes out of the 76km Kuje-Gwargwada-RubochiAbaji-Nasarawa way.

He described the 11km Kuje road as a major regional road, connecting the city to the area councils and satellite environments.

“This particular road FCT 105 is linking Airport Express way, in fact it starts from Ring Road 4 around Idu Industrial area through the Airport Expressway, passes through Kuje down to Gwargwada to Rubochi highway to Abaji to Nasarawa-Toto.

Town Planning Authority served the plaintiffs "warning notice" of demolition.

In a 29-point supporting affidavit deposed to by their spokesman, Kedemure, the plaintiffs said that the demolition of the market would adversely affect them as it would render them homeless.

The market dwellers stated that their application "has become necessary because the third defendant has concluded plan to go on with the demolition in defiance of the pending process before the court".

They argued that the land on which the cattle market is located was acquired by Abia government in 2005 and handed over to them for their mass relocation from Okigwe in Imo State to Umuchieze in Abia.

According to them, at the time the land for the cattle market was given to them to occupy, the Umunneochi Council "never developed a site plan/ design or development plan to guide them on the development of the market.

The applicants, therefore, averred that Abia government "knew and ought to know" that by the nature of their business, they not only sell cattle but also other animals, including goats, rams, fowls that "require close monitoring and care" round the clock.

In defending their choice to live in the market, the cattle dealers said that their business makes it "mandatory" for them to live with the cattle to cater for the animals, minimise mortality and keep them in healthy condition for human consumption.

They further claimed that "it is inhuman and unconscionable" for the Umunneochi council boss to demolish the residential buildings within the cattle market "without providing an alternative site" for their relocation.

In their statement of claims, the plaintiffs said that it was the Abia government under then governor Orji Uzor Kalu that acquired the land and gave it to them for business and residential purposes.

HoSF, Mayor of Borough of Southwark Parley over Student Exchange Programme

Olawale Ajimotokan

The Head of the Civil Service of the Federation (HoSF), Dr. Folasade Yemi-Esan has met the Mayor of London Borough of Southwark, Michael Situ, and his team, on a working visit, to discuss avenues of collaboration and student exchange programme.

The Mayor and his delegation from the United Kingdom were received by the representative of the Head of Service, the Permanent Secretary, Career Management Office (CMO), in the Office of the Head of the Civil Service of the Federation (OHCSF), Mr. Adeleye Adeoye. The Head of Service disclosed that the news of the visit was received with great enthusiasm because “education for all is a responsibility for all.”

“For us, we want to do everything possible to ensure that our citizens at all levels are well educated believing in its efficacy to emancipate people and make them contribute, positively, to societal development,” she said.

She appreciated the Mayor for focusing on secondary school students as beneficiaries of the exchange programme between Nigeria and the United Kingdom

because they are the future of the Service and nurturing them will ease their transition into the public sector, in future.

”We need to get our children back to school to get quality education, in order to contribute favourably to the growth and development of our dear country,” she added.

She further stated that, the first pillar of the Federal Civil Service Strategy and Implementation Plan (FCSSIP-25), places high premium on human capital development and talent management, adding that learning is an unending adventure.

Speaking earlier, Mayor Situ, stated that one of the aims of the visit was to seek areas of partnership on both sides of the continents, also finding ways on how both countries can be mutual beneficiaries.

While giving an overview of what the programme entails, he disclosed that what cuts across all areas of the Public Service and being provided by the government at all levels, is education.

He spoke on how schools in the London Borough of Southwark went through years of transformation to become some of the sort after schools in the U.K.

L-R: Mrs Victoria Ajayi, newly appointed Group CEO/Managing Director of TVC Communications, owners of TVC News, TVC Entertainment channel, Max FM, and Adaba FM with former CEO / Managing Director, Mr. Andrew Hanlon shortly after the Board of TVC Communications announced Ajayi’s appointment in Lagos ... recently

WINNERS OF MATHEMATICS COMPETITION...

L-R: Chairman, Welkin International Schools, Atan-Ota, Mr. Adebayo Beckley, winners, Welkin Award for World Mathematics Tournament, Emmanuel Olusanya and Ireoluwa Olajide; Proprietress of the school, Mrs. Victoria Olubunmi Beckley, and Mr. Sadiq Obafemi of Ogun State Ministry of Education, at the presentation ceremony of awards and certificates to students of Welkin Internationals Schools for winning 2024 Mathematics Tournament in Atan-Ota, Ogun State…recently ETOP UKUTT

Angry Youths Allegedly Beat Two Policemen to Death in Edo Community

Adibe Emenyonu in Benin-city

Two policemen have been reportedly beaten to death in Ikpeshi, a community in Akoko-Edo Local Government Area of Edo State.

The officers were said to have incurred the wrath of the youths, when their convoy hit

a motorcycle, which resulted to the death of the rider and another occupant of the bike.

According to an eye witness, the policemen were in a Hilux van as escort to a former member of the Edo State House of Assembly, Emmanuel Agbaje, when their convoy ran into the motor bike.

‘Governors are Barriers to Restructuring’

Tony Icheku in Owerri

Amidst proposals for restructuring of the country in the ongoing amendments to the 1999 Constitution, State governors have been described as stumbling blocks to the successful realisation of restructuring of the Nigeria’s federation through the proposed amendments of the 1999 Constitution of the Federal Republic of Nigeria.

Describing the governors as authoritarian and emperor-like in disposition, a foundation member of the All Progressives Congress (APC), Mr. Osita Okechukwu, queried the governors over the non-implementation of the 4th and 5th amendments to the 1999

Constitution.

Okechukwu said: “If restructuring is for prosperous society and the good of the greatest number of Nigerians, do governors need restructuring before implementing the 4th and 5th amendments of the country’s constitution?”

“Simply put, is financial independence of the state judiciary and the state legislatures, not deepening of our democracy and fundamental restructuring?”

Several governors have been foot-dragging towards the full implementation of financial autonomy for the State Houses of Assembly and the judiciary, which is the 4th Amendment.

Catherine Nwosu Appointed First Female CEO of Africa Prudential

KayodeTokede

Africa Prudential Plc has announced a historic leadership transition with the appointment of Catherine Nwosu as the first female Chief Executive Officer of African Prudential Plc, the pioneer listed registrar on the Nigerian Exchange Limited (NGX). The new appointment took effect from March 1, 2024 as Nwosu, a distinguished capital markets veteran, brings a wealth of experience to the role.

Having served in various capacities within Africa Prudential since its inception in 2006, she is

well-versed in the company’s operations and deeply invested in its success.

Her appointment signifies not only her exceptional qualifications but also Africa Prudential’s unwavering commitment to diversity, inclusion, and sustainability in its leadership structure.

Nwosu’s impressive credentials include an alumni status from the esteemed Lagos Business School, a fellowship and vice presidency at the Institute of Capital Market Registrars and membership in the Institute of Chartered Accountants of Nigeria.

NiDCOM CEO, Dabiri-Erewa, Honoured in Ghana

Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, has been recognised as the first Nigerian recipient of the esteemed Bridge Builder award by the Diaspora African Forum (DAF) Awards2024 in Ghana.

This accolade celebrates her tireless global advocacy for the Diaspora community, marking her significant contributions to fostering peace, inclusivity, and unity both within Nigeria and internationally.

Founder & Head of Mission at

DAF, Dr. Erieka Bennett, lauded Dabiri’s exceptional dedication during the award presentation, expressing admiration for her longstanding commitment to Nigeria’s Diaspora.

She described Dabiri as a dynamic force and a beloved figure, emphasising her instrumental role in bridging connections between Nigeria and its Diaspora.

In her acceptance speech, Dabiri-Erewa expressed gratitude to the organisers for their efforts in strengthening the bond between the Diaspora and the continent.

As a result of this, irate youths in the area were said to have invaded the Edo State Security Volunteer Network (vigilante) office where the

policemen were taken into custody, overran the facility and beat two of them to death while members of the vigilante group were able to rescue the

other two who were said to be receiving treatment in the hospital and also recovered the rifles of the police officers.

The angry youths were said

to have attacked the vigilante office and destroyed its furniture while threatening to deal with their members who tried to rescue the police officers.

Insecurity: Sokoto Gov Seeks More Synergy among Security Agencies

Onuminya Innocent in Sokoto

The Sokoto State Governor, Mr. Ahmed Aliyu, has called for increased collaboration among security agencies in order to adequately tackle the insecurity in the country. He made the call at the

passing out parade of newly recruited member of Nigeria Security and Civil Defense Corps (NSCDC), in Sokoto.

Aliyu, who was represented by his Special Adviser on Security Matters, Col Ahmad Usman (rtd), said that his administration would do everything to support security

agencies to combat security challenges bedeviling the state.

He noted that as part of his administration’s commitment to contain insecurity, the state government has recruited 2600 security guard corps, which would collaborate with security agencies in the state.

He maintained that the

state security guard corps would provide intelligence information to the security agencies to ease their works.

He congratulated the passing out corps and encouraged them to serve with pride and vigour, stressing that his administration would always stand by them.

Group Condemns Display of Political Office Holders’ Flomboyant Lifestyles

Hammed Shittu in Ilorin

The Executive Director, Wadata Media and Advocacy Centre (WAMAC), Zubair Abdurra’uf Idris, at the weekend condemned the continued display of flamboyant lifestyles and wealth among political office holders and government officials despite several

protests across the country as a result of the present economic hardship.

Idris stated this in Il rin, the Kwara State capital, during a town hall meeting to strengthen investigative data driven journalism in the fight against corruption in local languages in Nigeria.

The programme with theme:

‘Empowering citizens to own the fight against corruption in Kwara State: A bottom-up approach’, was held in partnership with Albarka FM with the support of MacArthur Foundation.

According to him, “Lack of accountability, misconception and mistrust among citizens and their

leaders have generated a lot of hardship, hunger, diseases and insecurity in the country.

“A few days ago, many people thronged to the streets to protest lack of basic necessities and hunger.

“Despite all these protests, only few governments rolled out palliative measures to ameliorate the suffering of the masses.

FG Tasks NSCDC Personnel on Integrity, Professionalism

Okon Bassey in Uyo

The Minister of Interior, Mr. Olubunmi Tunji-ojo, has charged recruited personnel of the Nigeria Security and Civil Defence Corps (NSCDC) 2022 batch to uphold integrity and professionalism in the discharge

of their duties.

Tunji-ojo gave the charge during the International Civil Defence Day and groundbreaking ceremony of the Akwa Ibom State Command of NSCDC and the passing-out parade of the personnel in Uyo.

Tunji-Ojo, who was

represented by his Special Assistant on Strategy and Communication, Mr. Uwakmfon Michael, urged the personnel to take full responsibility in protecting government critical assets against vandalism.

He said: “To all men and women who are passing out

today, I send my congratulations to you all.

“As you embark on this great journey of serving our country under the Nigeria Security and Civil Defence Corps (NSCDC), serve with integrity and unwavering commitment to maintaining peace.”

LG Poll: Use BVAS or Count Us Out, Says Oyo APC

Kemi Olaitan in Ibadan

The Oyo State chapter of the All Progressives Congress (APC) yesterday threatened to withdraw all its candidates from the forthcoming local government council election if the state Independent Electoral

Commission (OYSIEC) fails to guarantee the usage of Bimodal Voter Accreditation System (BVAS) for the poll.

The party in a statement issued by its Publicity Secretary, Olawale Sadare, expressed concerns over what it described as the game of deceit being

played by OYSIEC over the need to deploy BVAS machines for the election fixed for April, stating that it must show the whole world that it was not out to do the bidding of the ruling Peoples Democratic Party (PDP) as it happened the last time when candidates of other

parties were denied their earned victory particularly in Ido and Ibarapa East Local Government Councils.

He said the party has watched with dismay the lip service being paid by OYSIEC to the issue of BVAS required for the smooth conduct of the poll.

Don’t Sabotage Efforts of Tinubu to Fix the Economy, Govs Told

Yinka Kolawole in Osogbo

A Chieftain of the All Progressives Congress (APC) in Osun State, Hon. Olatunbosun Oyintiloye, has appealed to the state governors and senior civil servants to give President Bola Tunubu, maximum support as he made efforts to fix

Nigeria’s economy.

Oyintiloye said that it would not possible for the president alone to achieve his Renewed Hope Agenda for the people without the support of the governors and top civil servants, who were the engine room of the government.

He said this while speaking with newsmen on Sunday in Osogbo.

Oyintiloye said that the governors needed to support the various initiatives of the president in fixing the economy by utilising their monthly allocation for poverty alleviation in their

various states.

The APC Chieftain said that the various efforts of the president in fixing the economy may not be immediately visible to many Nigerians, if the state governors refused to utilise their monthly allocation for the benefit of the masses in their states.

Alleged Indebtedness: Receiver Explains Sale of Algrain Foods’ Assets

WaleIgbintade

The Receiver, Mr. Ade Oyebanji (SAN), appointed jointly by First City Monument Bank (FCMB) and First Bank of Nigeria (FBN) Limited, has provided clarification regarding the

sale of Algrain Foods Limited’s (AFL) assets over alleged indebtedness. The clarification followed a petition to the Inspector General of Police (IG), by the counsel to AFL, Mr. Alloysious Ezenduka, which alleged that the assets were sold illegally.

However, Oyebanji, in a statement he issued on behalf of the two banks, clarified that AFL was a customer of FCMB and FBN and that both financial institutions appointed FCMB Trustees Limited as the trustee that would manage the facilities on their

behalf. He said that the account of AFL became toxic in 2016 and the trustee appointed him (Ade Oyebanji, SAN), as the receiver over all assets and debenture as duly registered with the Corporate Affairs Commission, Abuja.

STRATEGIC EDUCATION RETREAT...

L-R: Group Managing Director, NewGlobe, Dr. Soji Akinyele; Tutor, General District II, Lagos State, Anike Adekanye; Permanent Secretary, Ministry of Education, Lagos State, Mr. Abayomi Abolaji; Commissioner for Basic and Secondary Education, Lagos State, Hon. Jamiu Alli-Balogun, and Board Member, Lagos State Universal Basic Education Board, Hon. Bayo Adefuye, at a strategy retreat held in Lagos… recently

Falana Advises FG to Review Fuel Subsidy Removal

Wale Igbintade

Human rights lawyer, Mr. Femi Falana, yesterday called for a review of the fuel subsidy removal and total deregulation of petroleum products, since the federal government was allegedly paying N1 trillion for fuel subsidy monthly.

Falana in a statement urged the federal government to review the policy instead of allowing Nigerians to continue to endure the hardship.

The statement titled: “Fuel Subsidy again?” stated that during his inauguration on May 29, 2003, President Bola Tinubu had announced the end of fuel

Ekiti Seeks Partnership with LASEMA on Disaster Mgt

Gbenga Sodeinde in Ado Ekiti

Ekiti State Government is set to collaborate with Lagos State Emergency Management Agency (LASEMA) to bolster security measures and fortify disaster management strategies.

Ekiti State Governor, Mr. Biodun Oyebanji, disclosed this during a working visit to LASEMA headquarters in Ikeja, Lagos, at the weekend.

The governor restated the resolve of his administration to safeguard the lives and property of its citizens while fostering a secure and conducive environment for their daily

endeavors.

Accompanied by the state Commissioner of Finance, Mr. Akintunde Oyebode, Governor Oyebanji was received by the Director-General of LASEMA, Dr. Femi Oke-Osanyintolu, who took him on a tour of the agency’s facilities.

Oke-Osanyintolu explained the pivotal roles played by various units within the Emergency Operation Centre, stressing the significance of digitisation in streamlining emergency information and coordination processes, often in collaboration with private entities.

NAL, LNG, TETFund Empower 60 Participants for Writing Workshop

Kuni Tyessi in Abuja

The Nigerian Academy of Letters (NAL), Nigeria liquefied and natural gas limited (LNG) and the Tertiary Education Trust Fund (TETFund) amongst other sponsors have empowered 60 participants for the 2024 creative writing workshop from march 1-7 at the University of Abuja Delivering his keynote address on the theme “Empowering Creative Writers,Shaping the Future of Nigerian Literature”, Prof Emmanuel E. Sule of the Ibrahim Badamasi Babangida

University in Minna, Niger State, said that three traits, namely creativity, activism and individual talent must be the hall mark of every aspiring creative writer who wants to succeed in the art.

Sule said that a writer must be actively involved in the creation of change in the society and must be absolutely political in taking a stand concerning issues affecting the society, particularly one that catches their craft.

He said that “creativity, activism and individual talent must be part of the life of a creative writer.

KWSIEC to Begin Sensitisation Tours on LG Elections

Hammed Shittu in Ilorin

Kwara State Independent Electoral Commission (KWSIEC) at the weekend said it would commence local government sensitisation tours of the state this week ahead of the local government elections in the state.

The tours, according to the local government electoral body, would go a long way of enlightening the people of the grassroots on the preparedness of the body for the peaceful conduct of the council polls in the state.

A statement issue in Ilorin and signed by the Chairman of the KWSIEC, Mr. Okanla Baba, said the tours would also involve town hall meetings, consultations, and different sensitisation programmes for various stakeholders.

The statement said: “This is part of the sensitisation or preliminary programmes ahead of the local government election.”

The commission, however, said the timetable for the tours would be made available as the programme holds in phases.

subsidy and total deregulation of petroleum products.

He said: “Buhari administration announced that it had removed subsidy

on petrol, it turned round to spend N11 trillion on the so called ‘under recovery’ within a period of eight years.

“Therefore, instead of urging

Nigerians to continue to endure the hardship caused by the removal of subsidies on petrol by the Tinubu administration. If the federal government is

spending as much as N1 trillion on fuel subsidy per month, it is high time the policy was reviewed in the interest of the Nigerian people.

Hardship: Allow Importation of Food Items for Six Months, Activist Advises Tinubu

Yinka KolawoleinOsogbo

President Bola Ahmed Tinubu has been advised to allow the importation of food items for the period of six months by opening the land borders across the country in order to reduce the current suffering of the Nigeria masses.

The advised was given to the

President Tinubu by a human rights activist, Adeniyi Alimi Sulaiman, as a way to ameliorate the current suffering of the Nigeria masses as a result of the subsidy removal since May 29, 2023, and ongoing economic policies of the present administrat He blamed the state governors for not helping the Tinubu-led federal government on how to ease the

current hardship situation facing the Nigerian people but just benefitting from the increase in federal allocation without any justification in their various states.

Reacting to the two-day hardship protest embarked upon by the organised Labour across the country, Sulaiman, who urged President Tinubu and the state

governors to fine-tune a strategy on how to cushion the effects of the current hardship by putting concrete measures in place before the situation goes out of hand, added that the government should control the price of the goods and services, particularly the food items, by stopping the ongoing geometrical inflation in the land.

Sultan Flags Off Polio Immunisation as Sokoto Records 61 Cases of Variant Polio Virus

Onuminya InnocentinSokoto

The Sokoto State has recorded 61cases of Poliovirus Type 2 (CVDPV2), which experts blamed on the inability of parents to avail their wards for immunisation and security challenges affecting the state.

This was disclosed by the

Director of Disease Control Sokoto Primary Health Care Development Agency (SPHCDA), Dr. Bilyaminu Sifawa.

Sifawa, who was represented by Mr. Bashar Garba, said that the outbreak of the CVDPV2 is a result of zero dose that is children that has not taking any dose since there were born.

According to him, the immunisation coverage of the state remained 12 percentages instead of 80 percentages according international standard.

He said: “Due to the security challenges also the state has the high number of polio cases in the country because of the inaccessibility of most of the rural areas.

On her part, UNICEF Health Specialist, Ms. Gloria Nwulu, said that the agency would try to reach out to all the children in the state for polio vaccination no matter the challenges.

Nwulu urged parents to avail their wards for immunisation stressing that the vaccines are safe and efficient.

Engineers: High Cost of Electricity Affecting Building Materials

Kasim Sumaina inAbuja

The Nigerian Institute of Electrical and Electronic Engineers (NIEEE) has lamented the high cost of electricity in the manufacturing sector which it said is affecting building and electrical materials.

This was just as Nigeria’s inflation

No

has maintained steady rise with January inflation reaching 29.9 as reported by the National Bureau of Statistics (NBS). The 21st President of the Institute, Felix Olu, made the disclosure during his Investiture at the weekend in Abuja.

Olu lamented the cost component of power in production and

manufacturing sector, which he said was affecting the construction sector and left many projects abandoned.

He said it was the institute’s belief that the cause of the challenge is in power supply because they are unable to have sufficient industries in Nigeria that produce building and electrical materials locally and

for the global market and, therefore, import them, which makes the cost of items go up.

“The operational cost in the manufacturing of the few electrical and other building items locally here in the construction sector is also very high and intolerable, which is why many companies are folding up.

Extension of Service for Retiring Permanent Secretaries, Says Oyo Spokesperson

Yinka Kolawole in Osogbo

Osun State Governor, Ademola Adeleke, has not and will not approve the extension of tenure for any retiring permanent secretary. This clarification was released by Friday evening, while responding to recent reports

about alleged elongation of tenure of some service personnel by the governor spokesperson, Mallam Olawale Rasheed.

He said in a statement that the governor is committed to the entrenchment of ongoing civil service reforms to ensure career progression and service

satisfaction for all personnel.

The public is reminded that Governor Adeleke had launched the reforms which ensured right placement of top officials, leading to the appointment of substantive permanent secretaries many of whom had lost any hope

of reaching the pinnacle of their career.

“There is, therefore, no plan to approve the extension of tenure for any retiring permanent secretary as the governor is determined to enforce career progression in the state public service,” he said.

Bauchi Gov Reiterates Commitment to Preserve Traditional Values

Segun Awofadeji inBauchi

Bauchi State Governor, Senator Bala Mohammed, has reiterated his administration’s commitment to continue prioritise and preserve the traditional values across the state. The governor stated this at the weekend at the Palace of the Emir

of Bauchi, Dr. Rilwanu Suleiman Adamu, during the turbaning ceremony of 10 people by the Emirate.

According to him, “In my administration, we prioritise the preserving of our traditional values, a stance heavily supported by our esteemed traditional and

religious leaders. This foundational support has been instrumental in our successes.” Governor Mohammed added: “We recognise the critical importance of bolstering our cultural heritage to enhance tourism. This was a focus during the recent turbaning ceremony at the Bauchi Emir’s

palace, where we honoured distinguished individuals such as Governor Umar Mohammed Bago of Niger State and others with traditional titles.

“I congratulate the new title holders, and urge them to serve as noble ambassadors of our emirate and state.”

‘We are Fostering Patriotism, Exemplary Leadership with the Annual Patriots Presidential Awards’

Ugo Aliogo

The Bulboe Family has said the upcoming Patriots Presidential Award scheduled for April 28 in Benin-city, Edo State, is orchestrated to foster patriotism

and honour exemplary leadership and appreciative followership aimed at engendering good governance in society. In a statement, the Head of Media Relations, Adesuwa Matthew Beeki-Uwaifo of the

Bulboe Family, said the event provided platform for youths to be recognised in their dedication to nation-building and excellence in active citizenry. According to him, “The Patriots award is highly

inclusive, recognising not only those in public service but also individuals diligently contributing to societal development, particularly when their services are subject to scrutiny and accessibility.

BACK PAGE CONTINUATION

NEXT MERGERS AFTER ORONSAYE

and food stores these days, it is time to merge our Blue Economy with the Red Economy. In the past week alone, mobs looted foodstuff from trucks at Minna Junction on the AbujaKaduna highway, looted a BUA truck carrying spaghetti in Zaria while other mobs looted a NEMA store at Gwagwa in Abuja. If looting in the name of hunger becomes the order of the day, a Federal Ministry of Red Economy may be more appropriate than Blue Economy.

Listening to what Central Bank chiefs are saying these days about who is responsible for the serial crashing of the naira, it is time to merge banks with Bureax de Change, BDCs. CBN said the former were holding excess dollars while the latter were speculating in forex under trees. FCT Minister Nyesom Wike, who does not take allegations lightly, promptly sent bulldozers to Abuja’s Wuse Zone 4 BDCs’ market to demolish all their stalls and even the trees under which forex traders used to sit. The way CBN is hitting left, right and centre these days at banks, forex depositors, NNPC, BDCs and Binance, some people are already demanding that CBN be merged with World Bank and IMF in order to save the naira. Other people are saying that Wike’s FCT Ministry should be merged with Julius Berger, since both of them specialize in earthmoving vehicles.

Maybe government is already considering a merger of the Army and the police. In the olden days we were told that it is the police that fight crime whereas soldiers defend the

country’s territorial integrity. Somebody must have quietly changed those roles. In the 1970s, after Federal Government built barracks all over the country for soldiers returning from the Civil War, soldiers became a rare sight in the streets. Now they man check points, guard some civilian installations and escort INEC sensitive materials. The Army and Police Acts should better be amended to merge the two institutions for cost-cutting purposes.

Not only Executive and Legislative branches, the Judiciary too could so with some costcutting mergers. What is the idea behind going through litigation at several levels, from magistrate court to High Court to Appeals Court and to Supreme Court, spending a lot of money at each level, lawyers brandishing the same fat law books and blowing the same jargon, while a litigant suffers many adjournments at every level, when at the end of the day all matters must go to God Almighty for final judgement?

If we really want Nigerian society to make savings, we should merge MTN and Glo. The two of them were fighting recently, one saying that the other owes it money for interconnectivity, and so it will not allow a subscriber to make a call to the other network. It is also time to merge social media with beer parlors, since both of them trade in gossip and rumour mongering. It will be a huge cost-cutting measure for Nigerian society as a whole. We used to think that gossip flourished at beer

HIGH COST OF GOVERNMENT, LOW OUTCOME

We expect attitudinal change among political officeholders on abuse of official property, including official vehicles assigned to them. Many use this as personal property and sometimes even allow family members and friends to damage these properties. We must also jettison the culture of assigning many security attachés to VIP and political office holders. We know the security situation in the country is dire but wasting the existing security personnel and apparatus on a few political officeholders when many Nigerians need these security officers to work to secure their lives and properties is deplorable. Just as political officeholders’ lives matter, so do the lives of ordinary Nigerians.

It is disheartening that some of the political officeholders are still in a permanent political campaign mood, not knowing it is time to govern. They spend ten times the cost of a single project on project flag off or commissioning. Corruption is still pervasive, and mismanagement of public funds exacerbates the high cost of government. Funds allocated for public projects and services are diverted, budgets are padded, and fiscal prudence is thrown to the dogs. The level of corruption among public officials is still alarming and must be challenged and exposed, and perpetrators made to account to the law for their dastardly acts.

Some structural changes and constitutional amendments are needed to cut down on the cost of governance in Nigeria. Cutting down on our bloated bureaucracy is essential to save costs. This is the aim of implementing the Oronsaye report. The government should reduce the number of political appointees and close inefficient public enterprises that incur losses that the government eventually covers. We cannot preach the message of fiscal prudence when the number of political appointees gets bigger every year.

Efforts have been made in Nigeria to address the high cost of governance, such as implementing cost-cutting measures and promoting transparency. However, achieving substantial changes requires a comprehensive and sustained approach, including structural reforms, anti-corruption efforts, and a focus on improving public sector efficiency. Addressing the issue of high governance costs is crucial for ensuring that resources are allocated efficiently to promote economic development and enhance the standard of living for the Nigerian people.

More disheartening is the fact that the high cost of government has not translated to administrative efficiency,quality services or high policy outcomes. Nigeria’s government effectiveness index for 2022 is -1.04, one of

parlours because alcohol is intoxicating. That was before social media came along. Have you seen anything as addictive as Facebook, Instagram and Snapchat, where people block their ears with earphones, push away their school books and forget about prayer times in order to chat and post their own pictures for others to “like”? Which beer parlour gossip ever went as far as a Facebook post in damage potential? Please merge the two of them under one regulatory agency, in case anyone can regulate them.

After the judiciary and security agencies, Nigerian criminals should also consider a merger in order to cut costs. Boko Haram, ISWAP, Ansaru and the bandits, for example, could streamline their operations, standardize their weapons sources, improve internal communication, reduce inter-service rivalry and reduce the number of people who negotiate ransom on their behalf. Right now, they suffer income haemorrhage in the hands of ransom negotiators. Our criminals must soon adopt a Single Treasury Account where all gate takings must be deposited.

In some parts of the country, our criminal gangs have evolved. Instead of raiding homes and highways to kidnap people and demand for ransom payment, bandits have studied old case files of the American Mafia and have started demanding “protection money” instead. They will collectively levy a protection fee on a town or village. Once it is paid, everyone can move about freely. It is a cost-cutting

President Bola Tinubu

the worst globally. The index of government effectiveness captures the perception of the quality of public services, the effectiveness of implementing government decisions, the innovation capacity of political leadership, public healthcare, and public schools, amongst others. The maximum score is +2.5, and the minimum score is -2.5.

Our budget and expenditure on critical sectors such as education and healthcare , by percentage, has not improved over the years. The spending has also not delivered on indices. Our maternal mortality ratio is still at 814 per 100,000, while the mortality rate for infants and children under five years is 70 and 104 per 1,000 live births, respectively. This is one of the highest globally.

I recently had a two-hour discussion with the Minister of Health, Prof Ali Pate, and the

measure for both bandits and townsfolk.

Nigeria’s political scene can also do with Oronsaye-style cost cutting. I think it is time to merge APC and PDP. One of them boasted that it will rule for 60 years and ended up ruling for 16; the other has ruled for 9 years and may be aiming for another 50. Since both of them no longer hold National Executive Committee meetings, since their Working Committees have been reduced to Chairmen, since it is now normal for the leader of one to intervene and resolve disputes in the other, since the governors of one thank the leader of the other for helping them to resolve their disputes and since politicians move in and out of both as easily as they enter a goods store, I think a merger is badly needed in order to reduce costs.

If we really want to save costs, many states should be merged. 50 years ago when we had 12 states in Nigeria, none of them had more than ten ministries. Commissioners were so few in the 1970s that, as a school boy, I used a slim exercise book and made an album of them out of newspaper cuttings. I divided it into states and under each state, I had a picture of the Military Governor, the Secretary to the Military Government and Head of Service [SMG], Commissioner of Police and all or most of the state’s commissioners. Today, if a school boy tries to do such an album, the commissioners, special advisers and special assistants of one state alone will require a book as fat as an encyclopedia.

of infrastructure and profligacy of government officials. These statistics speak volumes and are better than any propaganda that means nothing to the average citizen.

Addressing Nigeria’s high government cost requires a multi-faceted approach involving structural reforms, fiscal responsibility, attitudinal change and increased transparency. I will articulate a few solutions that we may have to consider in reducing the cost of government. Apart from the obvious answer of fighting corruption, wastage, profligacy and implementing measures to enhance transparency in public financial management, procurement, and project execution to curb corruption , the government should first undergo a more thorough public sector review than just adopting some part of a report authored over ten years ago and may not fit in with our current realities. The government should comprehensively review its structure, eliminating duplications and streamlining ministries, agencies, and parastatals to reduce bureaucracy. This is urgent.

Second, implement a rational and transparent salary structure for public officials, aligning remuneration with economic realities and the country’s financial capacity and regularly review same and ensure competitiveness.

Third, introduce cost-cutting measures in government operations, such as reducing unnecessary travel expenses, minimising overhead costs, and optimising resource allocation. Fourth, embrace e-government through technology to enhance efficiency in government processes, reducing paperwork and associated costs. Fifth, develop a sustainable debt management strategy to reduce reliance on borrowing.

Minister of State for Health, Dr Tunji Alausa. Their clarity of vision, grand strategy and commitment have raised my hopes and expectations for the healthcare sector. Watch out for a different trajectory in this sector in the immediate to near future. The education sector indicators are similar. Government expenditure on primary education for year 2022 is below 0.5%, the ratio of trained teachers in primary school is 62.18, and the pupil-trained teacher ratio is 49.1, all below the West African regional average. According to the USAID dashboard, the enrollment rate and government expenditure at secondary schools are also below the regional average. This abysmal data is coming out of the same country that borrows to fund the lifestyle of government officials. Nigeria and Nigerians are stranded between poverty, insecurity, dearth

Sixth, implement and enforce fiscal responsibility laws to ensure that government spending aligns with budgetary allocations and regularly review and update budgetary priorities to reflect changing economic conditions and development needs. Finally, encourage citizen participation and oversight through platforms allowing the public to monitor government spending, hold officials accountable, and foster a culture of fiscal responsibility and transparency through public awareness campaigns.

Implementing these solutions requires strong political will, commitment from government officials, and collaboration with various stakeholders. Mr President has started to address the elephant in the room of inefficient government structure, but should take a step further by empaneling full e-governance . He would also gain the trust of the people and mileage by leading by personal example on attitudinal change of government officials . The country just needs champions of fiscal discipline and probity .

NPFL: Lobi Return to Top as Rangers Secure Away Win at Tornadoes

Femi Solaja

It was a ‘Change of Guards’ at the summit of the ongoing Nigeria Premier Football League (NPFL) as Lobi Stars regained the top spot from Remo Stars on Match-day 23 which rounded up last night at various centres in the country.

Title-chasing side from Makurdi secured two second-half goals via Victor Ekioke John in the 71st minute and Alao Danbani in the 83rd minute against visiting Katsina United assured the side 42 points to push Plateau United and Enugu Rangers behind them with 41 points

and 40 points respectively.

Before the restart of proceedings last night, it was Remo Stars of Ikenne at the top with 39 points but with a game to spare that ensured a momentarily lead.

In Jos, former champions, Plateau United deflated Bendel Insurance with a 2-0 win to compound the title ambition of the Benin Arsenal who had lost by a goal margin in a mid-week match fixture against Shooting Stars in Ibadan last Thursday.

After a goalless first half, Alexander Enejo opened the score for the home side in the 51st minute

and Daniel Barnabas doubled the lead in the 67th minute to push the Ikenne side down the log. Rangers consolidated on their lone goal win against Remo Stars with a massive 2-0 away win at Niger Tornadoes yesterday.

At a point in time, the Flying Antelopes were at the top of the

Table tennis will kickstart the commencement of the 13th African Games taking place in Accra, Ghana from March 8 to 23.

Being one of the sports expected to showcase talents and skills, 29 countries will jostle for honours in seven events as all eyes will be on Africa’s highest-ranked player Quadri Aruna of Nigeria, who is yet to add the African Games men’s singles title to his medal tray.

Accra International Conference Centre will host the table tennis event for seven days with the men’s singles kicking off the tournament with 84 men and 62 women battling for the coveted prize in the event.

According to the African Table Tennis Federation (ATTF), the 18 men’s teams will be drawn into six groups of three each while the 12 women’s teams will be drawn into four groups with the top teams in each group advancing to the knockout stage of the event.

In the last two editions of the games, Egypt had dominated all the events claiming the majority of the gold medals ahead of former

Chairman of Nigeria National League ( NNL) , Mr. George Aluo, has expressed satisfaction with the performance of teams and match officials at the second stanza of the league which kicked off last Friday; stressing that the results posted so far was an indication that the league was progressing.

The second stanza of the league kicked off in Adamawa and Kebbi respectively on Friday followed by other conferences on Saturday and Aluo believes the fair officiating witnessed so far which resulted in teams getting results on the road is an indication that the league board under his watch is getting it right.

"I want to say that I'm happy with what is happening in the NNL since the second stanza commenced on Friday. Report reaching me indicates that the referees are doing a good job and the fact that Sporting Supreme recorded an away win in Adamawa and the draw in Awka by Gateway show that it's no longer business as usual and we'll continue improving the league,” he said.

Aluo charged the referees to always be on top of their game warning that the board will not hesitate to sanction any match official that is found wanting just as he appealed to fans not to do anything that will bring the game to disrepute.

"I want to advise the referees to be on the same page with the NNL board and handle the whistle without fear or favour so that the successes we've recorded since the first stanza will be sustained. It's equally important I advise the fans to exercise patience with the league board and

continent’s heavyweight – Nigeria.

In the men’s singles, all eyes will be on men’s defending champion Olajide Omotayo who has not replicated the form he displayed at Rabat 2019 in any continental event while his best outing in any tournament was finishing in third place at the 2023 African Championships.

Women’s singles defending champion Dina Meshref will also be aiming to retain her title, but she needs to fend off her compatriot – Hana Goda who has dominated the continent in the last four championships claiming the African Cup and championships.

For the President of ATTF, Khaled El-Salhy, the turnout of teams for the games has been impressive being the largest number in any African Games.

“We are excited with the presence of teams across the continent, and we hope this will again showcase talents and skills by some upcoming players including youngster Matthew Kuti, who has been included in the Nigerian squad for the games.

avoid any act capable of bringing the game to disrepute.”

Aluo also commended the President of Nigeria Football Federation, Alhaji Ibrahim Gusau for his support to his board since they assumed office, promising him that they will achieve the mandate given to them to make the second tier league the best of its kind in Africa.

Two iconic personalities in Nigerian sports have commended the Edo State Governor, His Excellency Godwin Obaseki, for revolutionising sports in the state through the provision of world-class facilities.

Ex Green Eagles Skipper and one of the most revered footballers Nigeria has ever produced, Dr Segun Odegbami MON, and the immediate past Minister of Sports, Chief Sunday Dare, made the commendation during the 4th edition of Sportsville Special Recognition Award.

Edo State was honoured as the State with the best sports facilities in Nigeria, with the Executive Chairman of the State Sports Commission, Yussuf Alli receiving the prestigious award on behalf of the Governor.

"I am very happy with the way the governor is transforming sports in Edo State with the provision of top quality facilities," begins the former Green Eagles Captain.

summit with two first-half goals by Chidiebere Nwobodo in the 22nd minute and Godwin Obaje but wins by Lobi Stars and Plateau United in their respective home matches pushed the Coal City lads to third position with 40 points to their credit.

In Owerri, ‘relegation bound’

Heartland of Owerri, continued their struggles with a 1-1 score line with Sunshine Stars of Akure. The home team endured a bad start as they fell behind off second-minute goal from Promise Awosanmi but restored parity in the sixth minute with a goal from Onyekachi Okafor.

The home side tried to push for a win but Sunshine Stars lads were able to hold on to parity. The result leaves the embattled Owerri side rooted to the bottom of the log with 19 points while Gombe United, Akwa United and Niger Tornadoes all followed in the relegation zone in the ongoing season.

Phil Foden's second-half double ensured that Manchester derby spoils went to the blues half of the City as the Cityzens came from behind to beat United 3-1 at Etihad Stadiumyesterday.

In a game packed with international stars, it was two local boys who provided the key moments. The visitors from Old Trafford had led through Marcus Rashford's sensational eighth-minute strike from 30 yards.

However, in a contest City dominated, Foden took centre stage. There was an element of controversy over his second-half equaliser. United boss Erik ten Hag was booked

for arguing his side should have had a free-kick in the City half when Rashford went down under Kyle Walker'sContactchallenge. was minimal and within seconds Foden had curled a superb shot past Andre Onana.

Foden then burst away from a static Casemiro to score City's second from Julian Alvarez's return pass before Erling Haaland rounded off the scoring in stoppage time after the Norwegian earlier missed an open goal from barely three yards.

It was City's sixth win in seven

meetings against United, who suffered their 11th Premier League defeat of the season.

More importantly, the result means Pep Guardiola's side move to within a point of leaders Liverpool before next week's trip to Anfield.

United remain in sixth in the table but are now 11 points behind fourth-placed Aston Villa and six behind Tottenham, in what could turn out to be a fifth Champions League spot, having played a game more.

Something was fitting about Stockport-born Foden becoming

the match-winner.

It seems a long time ago now that Guardiola had to defend his treatment of a player he was accused of holding back while contemporary Jadon Sancho was excelling at Borussia Dortmund having decided he would not wait to develop at City. The contrast in current fortunes for the two players could not be more marked, with United outcast Sancho back on loan at Dortmund.

Foden's equaliser was City's 600th in this stadium under Guardiola and was a sublime effort, curled into the top corner out of Onana's reach after he had run across Victor Lindelof on the right edge of the United box.

"I was the Chairman of the Committee charged with charting a new direction for the sports when the Governor came into power in 2016. I am happy that most of the things we recommended are being implemented.

"There is no way you can make progress in sports development with the provision of quality facilities.

" I am not surprised that today, his foresight is been rewarded with this big honour by Sportsville," the founder of Eagle 7 Sports Radio added.

Chief Chief Sunday Dare, the immediate past Sports Minister, whose tenure witnessed massive facilities upgrade in the country, also spoke glowingly of Edo State Sports Facilities.

"I was in Benin several times during my tenure as Sports Minister and can say without reservations that no state compares with Edo in terms

of Facilities. One must commend the Governor's foresight and vision. "Other states should follow in Edo State footsteps. There is no sports development with the right facilities.

"That was why we invested heavily in the upgrade of facilities during my tenure. We must commend Sportsville for recognising this fact by honouring the State like

Edo State, quite commendable and Well-deserved award," he added. Over 18 other personalities were honoured on the night in a ceremony many described as spectacular.

Phil Foden scores twice as City came back from behind to beat United in the Manchester Derby on Sunday evening at the Etihad Stadium on Sunday afternoon

Chairman of Edo Sports Commission, Yussuf Alli ( second right), receiving the SportsVille award from the pair of Segun Odegbami ( right) and former Sports Minister, Sunday Dare while Award initiator, Frank Ilaboya (left) looks on with interests

MISSILE

Kola Adesina to Nigerians

“To tackle Nigeria’s economic challenges, a unified approach is essential. Under President Bola Tinubu, a tripartite economic advisory committee aims to foster collaboration among the federal government, religions, and the private sector for innovative solutions. Our goals is not just recovery but sustainable growth, requiring open dialogue, shared responsibility, and bold actions to stimulate the economy, create jobs and enhance lives. Unity and collective effort are key to transforming our economy and ensuring prosperity for all Nigerians.” –Mr.KolaAdesina,MDSaharaGroupand memberofthenewly createdtripartiteEconomicAdvisoryCommitteebyPresidentBolaTinubu’sleadership.

MAHMUDJEGA

VIEW FROM THE GALLERY

Next Mergers after Oronsaye

Hot on the heels of last week’s decision by President Tinubu and the Federal Executive Council to fish out former Head of Service Steve Oronsaye’s report from the file cabinets, dust it up, preen its pages from the ravages of fungus and moisture and, if possible, implement it within twelve weeks, human rights lawyer Femi Falana called for a merger of the Senate and House of Representatives instead of Executive agencies.

Falana said many other things, including that the report is outdated because Federal Government created many more ministries, departments, units and agencies since the report was written. In a way, government is lucky that it is dealing these days with Femi Falana. If it were Gani Fawehinmi, he would have by now gone to court to, among other things, find out why a report was lying on the shelves for 12 years, why government issued two white papers on the same report, why it lumped agencies created by the Constitution with those created by ordinary laws and slated them for merger, and also why this earth-shaking decision to scrap, merge and return some agencies to their former abodes should come in the

midst of economic turmoil.

However, none of that is my worry on this occasion. My worry is that the Nigerian national scene, public, private, economic, social,

political, security and even criminal can do with a lot more mergers in order to sanitise it, reduce costs not just of governance but of everything else, and enable our school children to be able to memorise the names of ministries and key national agencies.

I agree with Mr. Falana, for example, that Senate and House of Representatives should be merged. Not only will it save costs, but it would also avert national embarrassment such as happened in 1981, when President Shehu Shagari was billed to address both chambers in a joint session. It so happened that there was misunderstanding between the two chambers over some issue. When a joint session is holding, senators move into the larger House chamber and, since the Senate President is the chairman of the joint session, the Speaker steps down from his ornate chair, to a smaller one nearby, and allows the Senate President to sit on it and preside over the session.

But on that occasion, the Reps told their Speaker, Edwin Ume-Ezeoke, not to yield his chair to Senate President Joseph Wayas. When the senators walked in, Ume-Ezeoke refused to yield his chair, to loud ovation from the Reps! Wayas had to sit on a lower

DAKUKU PETERSIDE GUEST COLUMNIST

chair but proceeded to preside over the joint session. Today’s Senate President, Godwin Akpabio, may not be as gentle as Wayas. If the Speaker were to refuse to give him the seat, he may easily shove him aside!

Look here, Oronsaye’s report itself should first be merged with other reports. There are many other reports like it in the last 50 years that reviewed the structure, rules and personnel of the civil service. There were also many reports that studied specific agencies and made very important recommendations, which were never implemented. The Babangida regime commissioned many studies of the civil service, implemented some of them, such as having Directors General instead of permanent secretaries and making ministers the accounting officers of ministries, only to have them reversed at a later date. Even Abacha began his tenure by commissioning probes into NNPC, Central Bank, Customs and the $12 billion Gulf War oil windfall. All those reports should be unearthed and merged with Oronsaye’s.

The way Nigerian mobs are increasingly helping themselves to passing food trucks

Continued on page 46

High Cost of Government, Low Outcome

President Bola Ahmed Tinubu has taken both symbolic and structural actions to demonstrate his belief that the current high cost of government is not sustainable. The first was an announcement or executive order directing Ministries,Departments and Agencies(MDAs)to slash the size of official delegations for foreign and domestic trips by up to 60 per cent - an action that resonated with the mood in the country. The second is the Federal Executive Council’s approval to implement Steve Oronsaye’s report on the merger and scrapping of MDAs. This structural action is a baby step, albeit good for proponents of a complete overhaul of government structure . Both measures are more symbolic than substantive. However, it clearly shows that the government realises the negative impact of high government costs on economic growth and providing services to the people.I acknowledge as a fact that a US type presidential system tends to be big by constitutional requirement. And in a country where government is both an industry and

a social welfare institution, the tendency for big expansive government is high. Beyond the symbolic actions, which have

their values, is the need for substantive actions and a complete attitudinal change towards waste and profligacy in government.

We have had enough debate on the unwieldy and inefficient size and structure of government, our leaders have enough ideas and justifications to prune down the size of government. The only ingredient left to make that happen is the political will. I can imagine the government is caught between a public opinion pressure to cut costs and a constitutional imperative to assemble a huge choir.

On attitude, most government officials have yet to come to terms with the reality of our economic downturn and the need to be more disciplined, prudent and productive .The signals from high officials of government are both depressing and insensitive. For these reasons, we are focusing today on those little acts of prudence that we do every day and, over time, will make a substantial difference. Political officeholders must have an attitude change in ostentatious living and craving for opulence and status within the society. It

is obvious to all that the pomp and festival of political office attracts a mob of political hangers on whose presence bloats government costs. Trimming that is a matter of personal choice and strength of character.

In our clime, politics and wealth are almost synonymous; politicians compete and outcompete wealthy people in a show of wealth and power. The blaring of sirens and long motorcades of expensive and luxury SUVs conveying our political office holders in federal, state, and LGA is almost becoming a public nuisance and separating them from the people they should serve. Cutting down on this lifestyle is long overdue. This attitude flies in the face of our current reality, where many suffer and struggle for the basics. Frank Herbert, American Writer, argues, “Good governance never depends upon laws but the personal qualities of those who govern. Government machinery is always subordinate to the will of those who administer that machinery.”

Continued on page 46

Steve Oronsaye

President Bola Tinubu