MONDAY 7TH MARCH 2022 by THISDAY Newspapers Ltd

UBA Posts N153bn Profit, Records 11% Balance Sheet Growth Kayode Tokede Africa’s global bank, the United Bank for Africa (UBA) Plc has announced its audited results for the full year ended December 31, 2021, reporting impressive performance in key financial metrics.

The 2021 financial result filed by the bank at the Nigerian Exchange Limited (NGX) at the weekend, showed that gross earnings rose significantly to N660.2 billion, representing an increase of seven per cent, compared to N616.8 billion recorded at the end of the 2020

financial year. The bank’s total assets grew by 11 per cent to an unprecedented N8.5 trillion in the year under review, up from N7.7 trillion in 2020, thus making the first time the bank’s assets would cross the N8 trillion mark. Despite the huge challenging

business and slow economic recovery in most of its countries of operations, UBA’s profit before tax was impressive with a 20.3 per cent growth to N153.1 billion, compared to N127.3 billion at the end of the 2020 financial year; while profit after tax grew by 8.7 per cent to N118.7 billion

in 2021, compared to N109.2 billion recorded the previous year. Similarly, its net loans grew by 7.7 per cent to N2.8 trillion, whilst customer deposits rose by 12.2 per cent to N6.4 trillion, compared to N5.7 trillion in the corresponding period of 2020. This was a reflection of increased

customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of the bank’s retail banking franchise In the year under consideration, Continued on page 5

Crude Oil Price Surges to 13-year High of $129 Per Barrel... Page 10 Monday 7 March, 2022 Vol 27. No 9827. Price: N250

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ARISE TV’s Johnson-Salami Defeats Mo Abudu, Ajoke Silva, Others to Win Int'l Women’s Day Award... Page 5

Agriculture Remains Backbone of Nigeria's Economy, Says CBN Hails strides in maize, cassava production James Emejo in Abuja Governor of Central Bank of

Nigeria (CBN), Mr. Godwin Emefiele, says agriculture remains a strong pillar and saving grace for

the Nigerian economy. Emefiele said this at the weekend while addressing journalists during an

inspection tour of a palm plantation at Odighi Village in Ovia North East Local Government Area of

Edo State. The CBN governor expressed satisfaction with the level of

interest shown in agriculture and Continued on page 5

In Dramatic Move, Buhari Orders Buni’s Removal as Malami, SGF, Urge Caution President says party has capacity to resolve challenges Declares when I’m away, Osinbajo is in charge Sani Bello is new caretaker chair, holds maiden meeting today Abdulrazaq-led committee to announce zoning formula Deji Elumoye and Adedayo Akinwale in Abuja In what appears a major step to containing the crisis plaguing the leadership of the ruling All Progressives Congress (APC), President Muhammadu Buhari, has allegedly approved the removal of the Yobe State Governor, Mai Mala Buni, as the Chairman, Caretaker/ Extraordinary Convention Planning Committee (CECPC) of the party and in his stead, appointed his Niger State counterpart, Abubakar Sani Bello. A faction of the APC governors was alleged to have complained bitterly to the president that Buni was not inclined to holding the convention as rescheduled, because there were no preparations on the ground to indicate so. Continued on page 5

CHECKING OUT TO LONDON FOR MEDICALS... L-R: Chief of Staﬀ to the President, Prof Ibrahim Gambari; Minister of State, FCT, Hajiya Ramatu Tijjani Aliyu; DIG of Police, Mr. Sanusi Lemu; DG, DSS, Mr. Yusuf Magaji Bichi; Air Commodore Chukwuedo Illoh and President Muhammadu Buhari as he departed Abuja for London on medical vacation... yesterday SUNDAY AGHAEZE

Nigerian Students in Ukraine Cry for Help, Demand Safe Exit from War-torn Country... Page 5

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Nigerian Students in Ukraine Cry for Help, Demand Safe Exit from War-torn Country Arise news correspondent arrives war zone

Emmanuel Addeh in Abuja Students of Sumy State University in Ukraine have cried out against the ill-treatment being meted to them in the European country, demanding that the authorities should provide a safe exit route for them to leave the country. In a video obtained by THISDAY yesterday, the distraught students were seen protesting against the refusal of the university to allow them leave the war zone, despite the growing apprehension over likely attacks on the institution. Several of the students who spoke, said they now live in constant fear as they continue to hear the sound of bombs and

near the institution, as the Russian forces continue to advance. The students, mostly young boys and girls chanted solidarity songs: “Let us go home, we want to go home”, during the protest that has now gone viral online. They alleged that they had not taken their bath in days, begging the Nigerian government to liaise with the Ukrainian authorities to allow them a safeway to return to their home country. For close to two weeks Russia and Ukraine have been engaged in an armed conflict, trapping many Nigerian students in the crisis-ridden zone. “We have nothing to do with this war. Early this morning, we were woken up with several

bombs. We have told them we want to go home. First, they have increased the price of taxi to N1 million for a two-hour journey which is like from Abuja to Kaduna. “That is not all. We have told them we are ready to pay. Now , they have locked us in this hostel. What did we do wrong. We just came here to study medicine. We have not showered in three days. There’s no light in the hostel, everything is running out. This place is not safe. “Some of us are experiencing mental trauma. We can’t even hear a door open without many of us running. This is not fair on us. We want to go home , we are in pains. Many of us, after this may

not be able to live normally,” a female student was heard saying. Another female student who spoke during the peaceful protest within the school premises, corroborated the story that the school was not allowing them leave the premises. “ The school has refused to provide us with transportation to leave this place. We do not care about the amount. Now, we hear that they have blocked the route. We are not going to be used as baits,” she lamented. Another one said she was in the kitchen trying to prepare food when a bomb exploded and shook the whole area, leaving her scampering for safety. “We are calling on everybody

IN DRAMATIC MOVE, BUHARI ORDERS BUNI’S REMOVAL AS MALAMI, SGF, URGE CAUTION Apparently miffed by the what he was told, the president was said to have immediately directed that Buni be removed and replaced. Buni is currently in Dubai for medical reasons and was not around to defend himself. But the Attorney General of the Federation and Minister of Justice, Abubakar Malami; the Secretary to the Government of the Federation, Boss Mustapha and another top Villa player, were said to have intervened on behalf of Buni, when they got wind of the development, and advised the president to exercise caution against such action. They were said to have reminded Buhari it was only the NEC of the Party that could convene and remove Buni, and after he must have been given seven days notice of removal. They, however, contended that anything outside the laid down processes, could be challenged in court, with the potential of disrupting the rescheduled March 26 Convention date. It was not certain, however, whether the intervention changed the President's mind. But some insiders, who spoke to THISDAY on the development this morning, expressed displeasure that some governors went to ambush the president just before he left the country without their knowledge and created a totally false narrative that Buni did not want to hold the convention. "They are creating unnecessary crisis in the party, because of their selfish interests. How can they claim there are no preparations to hold the convention, when various convention sub-committees have been announced; the zonal committee is announcing the zoning formula on Monday (today). “Committees will be inaugurated in a few days. These people are not sincere. Some governors have been scheming to take over the functions of CECPC to further their own interests. The immediate way out of this is; if Buni voluntarily resigns, which he had two weeks ago threatened to during the APC governors meeting in Abuja," they claimed. These, nonetheless, the president, yesterday, assured party members before departing the country for his two weeks medical trip, that

he would do everything to ensure the convention holds as scheduled on March 26. He also took time to clear the air of misgivings about the structure of his government, when he said, constitutionally, his deputy, Professor Yemi Osinbajo, was always in charge, whenever he was away. This is as the APC zoning committee, headed by the Kwara State Governor, Abdulrahaman Abdulrazaq, is expected to announce the zoning formula for the party’ National Working Committee (NWC) today ahead of the national convention. Also, a former governor of Nasarawa State and frontline aspirant for the All Progressives Congress (APC) national chairmanship, Senator Tanko Al-Makura, has denied working against the president's choice of consensus candidate, describing a report to that effect as mischievous and unkind. Speaking to journalists before departing Abuja for London, the president, who told his party members not to forget how a relatively new APC beat the Peoples Democratic Party (PDP) at the polls in 2015, reiterated that, “everything would be done to ensure that the party holds the national convention as scheduled.” And in further allaying existential concerns, Buhari stated: "Well, they (APC members) should wait and see. How did we come as a party to take power from the ruling party, who had been there before us for so many years? So, we have the capacity; everything will be alright," the president said. Responding to a question on whether or not there would be a vacuum in government with his two-week trip to the United Kingdom, he said he was not the only person working, and that his deputy, Osinbajo, was constitutionally empowered to take charge whenever he was away. He said: "Well, I cannot claim to be doing the work alone. The government is fully represented; the Vice President is there, constitutionally when I'm away he's in charge. And the Secretary to the Government and then the Chief of Staff too. So, we have no problem." Buhari had since departed

Abuja for London, the United Kingdom Kingdom, for routine medical checks that might last two weeks. The President's official plane, Nigeria Air Force 1, took off Sunday morning from the Presidential wing of Nnamdi Azikiwe International Airport, Abuja. Buhari was seen off at the airport by his Chief of Staff, Professor Ibrahim Gambari; Minister of State for the Federal Capital Territory (FCT), Hajiya Ramatu Tijjani Aliyu; and the Director-General of Department of State Security (DSS), Yusuf Magaji Bichi; and the Deputy Inspector-General of Police (DIG), Sanusi Lemu, among other top government officials. The president, who returned from Nairobi, Kenya, on Friday, after attending a three-day

international summit of the United Nations Environmental Programme (UNEP), was expected to be away for maximum of two weeks. His Media Adviser, Femi Adesina, had last week, hinted that the routine medical check-up of the President in London would not exceed two weeks. However, on the alleged Buni’s removal, a source, who confirmed the development, told THISDAY last night that, the president did not formerly hint at the news, when leaving the country, because as a process person, he wanted the decision to be tidied up without creating any more grievances, hence, the meeting to be held today at the National Secretariat of the party. Reiterating that Buni was already Continued on page 50

to help us. We are stranded. We are appealing to everyone to help us,” she noted. A male student who also spoke , urged the authorities to create a “humanitarian corridor” for them to exit the place and move to Nigeria. The students explained that it was lie that many of them do not want to return to Nigeria, saying that they are stuck in Sumy without light, water and food. “This is not our war. Any single extra second we spend here, is a danger to all of us,” they noted, adding that there are still over 1,000 students stranded

in the area. Also, a few Ghanaian and South African young people among them called on the authorities to come to their rescue, saying they could no longer bear the pain. But the Nigerian government has recently said that it is continuing to evacuate its nationals from the war zone, with over four batches rescued from the country. President Muhammadu Buhari had also approved $8.5 million for the operation. Meanwhile, an Arise News Correspondent has arrived Ukraine for on-the-spot coverage of the situation in the country.

ARISE TV’s Johnson-Salami Defeats Mo Abudu, Ajoke Silva, Others to Win International Women’s Day Award ARISE News Channel’s Correspondent, Laila JohnsonSalami, has won the inaugural International Women’s Day Awards Gala 2022. Johnson-Salami, who was nominated in the Media and Journalism category, defeated the founder and CEO of Ebony Life, Ms. Mo Abudu, and Chair of the Nigeria Chapter of Women in Film and Television, Ajoke Silva, to win the award. The awards Gala is organised by the British High Commission, the European Union Delegation and the Embassies of France, Germany and the United States of America in partnership with the United Nations Entity for Gender Equality and the

Empowerment of Women (UN Women) and the United Nations Development Programme (UNDP). Johnson-Salami was described by the awards committee as “A rising star in media and journalism (who) is changing the narrative around gender equality, youth empowerment, climate action and social inclusion, one conversation at a time.” The inaugural International Women’s Day Awards Gala 2022 is an event, which celebrates and recognises champions in promoting women’s leadership and gender equality in Nigeria whilst providing inspiration for accelerated actions towards this mandate.

UBA POSTS N153BN PROFIT, RECORDS 11% BALANCE SHEET GROWTH the bank’s operating income rose by 10 per cent to N443 billion compared to N403 billion in the prior year, whereas operating expenses closed the period at N279 billion. In its usual tradition of rewarding shareholders, the bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2021. The final dividend which is subject to the affirmation of the shareholders at its Annual General Meeting will bring the total dividend for the year to N1 as the Bank had paid an interim dividend of 20kobo earlier in the year. Commenting on the result, the Group Managing Director/ CEO, Kennedy Uzoka, said notwithstanding the tight and challenging operating environment, UBA continues to deliver significant performance, He added: “The year 2021 can best be described as a year of global recovery; economies around the world began to witness early-stage recoveries, as supply chains recover from the devastating disruptions suffered in 2020.” Consequently, UBA recorded remarkable seven per cent growth in top line to N660 billion ($1.56bn), and profit before tax (PBT) of N153.1 billion, up 20.3

per cent from the prior year. “Net Loans and advances grew by 7.7 per cent to N2.8 trillion with exposure mostly to resilient economic sectors including oil & gas, agriculture and manufacturing. Deposit from customers grew 12.2 per cent, crossing the N6 trillion mark, to N6.4 trillion.” The GMD explained that the quality of UBA’s portfolio as well as the strength of its credit risk management frameworks and policies remained the bedrock of the positive results that the bank has been recording over the years, adding that the current performance highlights UBA’s relentless customer focus, and leverage on its key strategic levers – people, process and technology. “Looking forward, I am particularly excited about our ongoing Enterprise Transformation Program which is designed to enhance the bank’s process agility, service delivery and customer experience. “We are also making sizeable investments in cutting-edge technology and cyber security, to keep our innovative digital banking offerings above the curve, as we tool and re-tool our human resources to compete and win in a rapidly changing

and evolving landscape. “This will ensure the bank continues to achieve respectable top and bottom-line growth through the medium to long term,” the GMD stated. UBA’s Group Chief Financial Official, Ugo Nwaghodoh, who corroborated the GMD’s comments, said, once again, the bank has shown resilience. It achieved sizeable growth and strengthened its balance sheet despite the slow pace of economic recovery that characterised the year 2021. “Through active and diligent assets and liabilities management, the bank was able to protect its net interest margin and achieved a downward moderation of Cost of funds (CoF) by 70 basis points to 2.2 per cent from 2.9 per cent in the prior year. According to him, the group’s capital adequacy ratio at 24.9 per cent was well above the required regulatory minimum and reflects a strong capacity for business growth. “The Group’s non-performing loan ratio improved further to 3.6 per cent from 4.7 per cent at the end of 2020. This testifies to the quality of UBA’s loan portfolio even as the bank remains relentless in its resolve to drive down the Cost-to-Income ratio, which stood at 63 per cent at the

end of the year.” Nwaghodoh added that the bank achieved further strides in growing its business and gaining market share across its pan-African operations, with the region accounting for 63.2 per cent of the Group’s profitability, compared to 55.4 per cent in 2020; Loans and advances as well as deposit in the region were also up 14.5 per cent and 27.3 per cent respectively from a year earlier. In his concluding remarks, the CFO stated: “We recognise the changing competitive landscape and are proactively positioning to consistently deliver on our strategic objectives and commitment to shareholders.” United Bank for Africa Plc is Africa’s global bank, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points in 20 African countries. With a presence in the United States of America, the United Kingdom and France and more recently the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

produce for loan repayment with ease. Emefiele also commended the efforts of the promoting company, Agri-Allied Resources and Processing Limited and its parent company, Tolaram Limited, for heeding the clarion by the CBN to source their critical raw materials locally. He pointed out that the company had painstakingly embraced backward integration principle by acquiring farmland, measuring about 18,000 hectares,

for the cultivation of oil palm, cassava, and maize – the critical raw materials used by the group. Earlier, Managing Director of Agri-Allaied Resources, Mr. Madhukar Khetan, said the company had so far accessed a 10-year loan in the sum of N15 billion at single-digit interest rate with two-year moratorium, under the Commercial Agricultural Credit Scheme (CACS), for the project. The farm currently has a workforce of about 1,000.

AGRICULTURE REMAINS BACKBONE OF NIGERIA'S ECONOMY, SAYS CBN the tremendous impact the sector had had in the last six years. He wondered how the country could have coped with the rising prices of food and commodity items across the world without the foresight to revamp agriculture. Emefiele said the central bank had assumed a pivotal role in agriculture since 2015, when President Muhammadu Buhari directed that “we produce what we eat and eat what we produce”. The apex bank had come up with

several initiatives aimed towards repositioning the sector with a view to creating employment opportunities as well as growing the Gross Domestic Product (GDP), he said. Shortly after the assessment of farm, Emefiele attested to the giant strides already being recorded in the production of maize and cassava and expressed optimism that in the next 12 months, palm produce harvests would have commenced. He acknowledged the

significant role played by Edo State Government, under the leadership of Governor Godwin Obaseki, who he said had matched words with action by making sure that arable land was made available to those genuinely interested in agriculture. He appealed to other state governors to emulate Edo State, which had so far made available about 70 per cent of the promised arable land. On the socio-economic impact of the CBN interventions, Emefiele

mentioned the Anchor Borrowers’ Programme (ABP), among other interventions schemes, which revolutionised agricultural practice whereby smallholder farmers, who hitherto could not approach commercial banks for loans. He said the farmers were now being granted credit facilities in the form of inputs, like seedlings, fertiliser, and herbicides. He said the smallholder farmers could now cultivate and produce enough for their families and sell

T H I S D AY • MONDAY, MARCH 7, 2022

NEWS

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

AT THE GRAND OPENING OF THE AMERICAN CORNER... L-R: Co-founder, Venture Garden Group, Kunmi Demuren; U.S. Ambassador Mary Beth Leonard; Special Adviser to the Governor on Sustainable Development Goals, Solape Hammond; CEO and Cofounder, Venture Garden Group, Bunmi Akinyemiju and Group Head, Venture Garden Group, Tesilimi Yusuf, during the grand opening of the American Corner at Ikeja…recently

Marginal Field Bid Winners Grumble, Say Loans Tied Down by Slow Exercise Emmanuel Addeh in Abuja Some Nigerian indigenous oil entities that won the marginal fields bid round which kicked off in 2020, have expressed concern about the expressed concern about the delayed process. Their grouse, THISDAY gathered, was that the programme, meant to drill more oil and boost the country’s revenue, was yet to effectively take off almost a year after they were officially handed award certificates. On May 30, 2021, the then Department of Petroleum Resources (DPR) had announced the conclusion of the exercise, the first exercise since 2003, with the presentation of letters to the bid winners in Abuja by the industry regulator. The regulator had put up 57 marginal fields spanning land, swamp and offshore for lease, with 161 companies eventually shortlisted to advance to the final stage from 591 entities that applied for pre-qualification. Some of the winners at the time

included: Matrix Energy, AA Rano, Andova Plc, Duport Midstream, Genesis Technical, Twin Summit, Emadeb Energy, Bono Energy, Deep Offshore Integrated, Oodua Oil, MRS and Petrogas. A number of others that succeeded in crossing the hurdle were: North Oil and Gas, Pierport, Metropole, Pioneer Global, Shepherd Hill, Akata, NIPCO, Aida, YY Connect, Accord Oil, Pathway Oil, Tempo Oil, Virgin Forest, among others. Head of the DPR, which has now transformed into the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Sarki Auwalu had at the time, stated that the exercise was worth roughly $500 million in signature bonuses. However, speaking to THISDAY at the weekend, a number of the award winners, decried the slow turn of events, stressing that they had continued to pay heavy interests on the loans that were borrowed to pay for the transactions, despite that the loans have been unproductive for over a year.

NDPHC: New Lafia Substation to Serve 1m Households, Businesses Emmanuel Addeh in Abuja The Managing Director of the Niger Delta Power Holding Company (NDPHC) Limited, Mr. Chiedu Ugbo, has said that the new power substation in Lafia, Nasarawa state, will boost electricity supply to at least one million households and businesses. Stressing that the facility would become Nigeria's transmission hub with back feed to Abuja, Ugbo who spoke at the site of the power substation, noted that it will enhance the quality of life of the beneficiaries. The new 2X150MVA and 2x60MVA 330/132/33KV transmission substation built by the NDPHC was inaugurated by President Muhammadu Buhari last week. A statement by the NDPHC quoted Ugbo as explaining that before the substation was built, Lafia was served by a single 70-kilometre distribution line from Akwanga, pointing out that with a lot of connections on the way,

the power that eventually got to Lafia was very dim. "So there was no useful electricity in Lafia and its environs", he added, noting that the three-in-one project which took five years to build, has six feeders. "We expect the project to improve the wellbeing of every resident of Lafia and the entire Nasarawa state and improve economic activities as well as enhance creation of jobs. "Also because of the big nature of the project, we expect it to become the transmission hub in the country. The Transmission Company of Nigeria (TCN) is already working on the connection. That is a 330KV connection from here to Abuja, to back feed Abuja", he stated. He noted that the NDPHC decided to build the substation essentially to step down electricity from the high voltage transmission line to a lower voltage level where the distribution company (Abuja Disco) can draw electricity and serve its customers.

The first sign of discord was said to have arisen when the regulator insisted on a joint awardees arrangement, wherein strange business bedfellows were forced together to begin discussions to go through the process as partners on the farm-out agreement. THISDAY gathered that they were to establish what was regarded as a “Special Purpose Vehicle” (SPV) and thereafter begin a joint operatorship of the assets. It was further understood that while the formation of the SPVs have been problematic, the issue of equity sharing as well as the fate of mergers where some parties had yet to fully pay up remain unresolved. In other cases, entities that were compelled to co-own the assets, complained about the outright non-payment of the bonuses by their partners. With Nigeria unable to meet its production quota from the

Organisation of Petroleum Exporting Countries (OPEC), the drivers of the programme had raised the hope that drilling will soon be boosted. Put conservatively, at the last round of the release of OPEC data on production levels of its member nations, Nigeria was losing at least 300,000 barrels by its inability to pump as much as the oil cartel would want. “About N200 billion is currently hanging for over one year that we paid this money. My company invested billions in that transaction. For over a year, we have been paying close to N200 million a month as interest on loans. “Just calculate that in a year and you will have an idea how much capital is tied down and how much interest is being paid on that whole sum of N200 billion. “We are now even being told that there is no more farm-out. How will investors see what is

happening and still have the courage to come in and invest in our clime?” the bid holder who declined to be named stressed. Prior to the enactment of the PIA 2021, fields were classified as marginal when they were not considered by licence holders for immediate development due to assumed marginal economics under prevailing conditions or left unattended for more than 10 years. They also included assets that leaseholders considered for farmout due to portfolio rationalisation or those which the president may, from time to time, identify as such. THISDAY learnt that while the signature bonuses for 119 awards were fully paid, nine awards were partly paid for and 33 awards had yet to be paid for as at last month, a situation that partly inhibited the close-out of the exercise. But for those who did not pay a kobo after the expiration of 45

statutory days, the NUPRC stated that the bids had been reverted to status quo, disclosing that the bid round concluded in 2021 had so far yielded over N174.944 billion. A second bid winner who also complained that the process was becoming unnecessarily slow, stated that although some progress had been made, the company was waiting for the take-off of the real work, which is to find “first oil” now that oil prices are high. He, too complained that paying interest on loans that were not performing would ultimately negatively impact the business entities. At a meeting a few weeks ago, the new Chief Executive of the NUPRC, Mr. Gbenga Komolafe, told the companies that since he took office, the challenges surrounding the actual take off of the programme had been a key exercise that he had devoted his time to resolving.

Nigeria Recorded Biggest Oil Disruption in Months, Loses 7.5m Barrels in January NNPC exceeds pipeline maintenance cost by N324m

Emmanuel Addeh in Abuja Nigeria has recorded its highest monthly crude oil loss in a long time as a result of disruptions due to maintenance, community issues and force majeure at the Forcados terminal, THISDAY has learnt. Although the interruptions mainly occurred in December last year, it reverberated in the January activities of the Nigerian National Petroleum Company (NNPC), during which the firm was unable to contribute anything to the Federation Account. In a document in which the national oil company explained its operations to the Federation Account Allocation Committee (FAAC), it told the body that the nation lost 7.503 million barrels during the month, in eight major incidents. Nigeria’s upstream petroleum sector has struggled in the last one year, due to deteriorating facilities occasioned by waning investment as well as oil theft, sabotage and community issues.

With an average oil price for the month of January hovering at around $90, it is estimated that the country may have lost as much as $675 million to the phenomena during the period under review. Forcados took the most hit during the period, with force majeure declared as a result on the terminal. The facility lost 4.640 million barrels during the 10-day period its activities were halted. According to the NNPC, the force majeure was announced, following what it described as a serious incident involving a jack up barge in the vicinity of the facility, prompting the operator, Shell Petroleum Development Company (SPDC) to shut down the plant. In drilling operations, Jack up barges, also known as jack up rigs, are used as a stable base for the construction and servicing of a variety of overwater structures, including drilling platforms, bridges and wind turbines. While the shutdown of the

Forcados terminal curtailed production within the period, it was followed by the Odudu and Ima terminal, where Nigeria lost 1.250 million barrels due to maintenance work. At the Excravos facility, the NNPC said there were unresolved issues with South Swamp community, disrupting activities for several weeks, coupled with a number of other issues leading to the loss of 588,700 barrels of oil at a daily loss of 8,800 barrels. Also at the Okan axis of the same asset, a leak occurred for weeks in which 11,500 barrels were lost per day. At the Brass terminal, the country's production was curtailed by 225,750 barrels during the disruption that lasted the whole month, due to shut down as a result of a flow line leakage, pressure build-up, high sand production, leak repairs, among others. In addition, 420, 000 barrels were lost in the Yoho facility, which was

shut down due to maintenance works, while Urha lost 276,000 barrels due to a turn-aroundmaintenance being carried out there, extending for a period of about 10 days. The story was the same in Ajapa, where production was curtailed to the tune of 12,000 barrels during a period lasting a whole month, while Aje also lost crude oil barrels totalling about 91,000. Specifically, the entire losses during the period was 7,503,633 barrels. Recently, THISDAY reported that a combination of huge oil pipeline repair cost and high-level theft of crude oil was bleeding out the Nigerian economy, with losses amounting to at least $29 billion in the last six years, spanning between 2015 and 2021. In addition, during the latest presentation in February around its January activities, the extant NNPC document showed that the national oil company spent N1.056 billion on its pipeline repairs and maintenance.

MONDAY MARCH 7, 2022 • T H I S D AY

T H I S D AY • MONDAY, MARCH 7, 2022

NEWS

FACILITY TOUR OF LAGOS FREE ZONE... L-R: MD/CEO Lagos Free Zone, Dinesh Rathi; MD/CEO Agro-Allied Resources & processing Nigeria Ltd (Tolaram Group), Madhukar Ketan; Head Lekki Operations, Dufil Prima Foods Plc, Rajesh Gagar; Governor, Central Bank of Nigeria (CBN), Godwin Emefiele; MD Africa Tolaram, Haresh Aswani; Executive Director, Tolaram, Deepak Singhal; Business Development Executive, Tolaram Group, Vivek Aswani, and Director Corporate Communications, CBN, Osita Nwanisobi, during the facility tour of the Lagos Free Zone by CBN officials in Lagos...recently

Crude Oil Price Surges to 13-year High of $129 Per Barrel NNPC inspects filling stations, Mele Kyari assures normalcy returning The price of international benchmark, Brent crude oil traded nine per cent higher to close at $128.60 per barrel yesterday, the highest price seen since 2008 as the market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.

Brent had risen to $139.13 at one-point yesterday before closing at $128.60. According CNBC, the price of US crude oil also surged more than eight per cent in early trading on Sunday evening. Precisely, the West Texas Intermediate crude futures, the US oil benchmark, traded eight per cent higher to above $125 a barrel, the highest

Sahara Group Announces Appointments to Drive Global Expansion One of the leading energy and infrastructure conglomerates, Sahara Group, has announced several directorate appointments to support the continuing strategic expansion of its businesses across Africa, Asia, Europe, and the Middle East. The Head, Group HR, Sahara Group, Ivie ImasogieAdigun, said the appointments reinforces Sahara’s commitment to equipping its “agile and ambidextrous” employees to grow into various leadership positions as arrowheads of Sahara’s existing and unfolding businesses across markets. A statement yesterday quoted Imasogie-Adigun to have said the appointments which took effect on March 1, 2022, would give impetus to Sahara’s operations across the power, upstream, midstream, downstream and infrastructure sectors. According to ImasogieAdigun, in a bid to strengthen the new direction of the Sahara Foundation – Sahara’s corporate responsibility vehicle – Sahara’s Board approved the appointment of Pearl Uzokwe as Director, Sahara Foundation. Uzokwe who joined Sahara as Legal Manager, most recently functioned as its pioneer Director of Governance and Sustainability, where she championed Sahara Group’s energy transition efforts. Sahara’s Board also appointed Ejiro Gray as Director, Governance and Sustainability. Gray, who previously led the Group's Company Secretariat, joined Sahara as a Graduate

Management Trainee in 2007 and has driven various projects and strategies in the Legal and Corporate Governance departments. “Ejiro stands out as an alumnus of Sahara’s widely respected Graduate Trainee program. “The Board is looking forward to Sahara’s continuing market and thought leadership with sustainability and governance under Ejiro’s watch,” ImasogieAdigun said. She said the Board also appointed Foluso Sobanjo, currently Managing Director of Asharami Synergy – Sahara Group’s Nigeria Downstream business, as Head, Africa Downstream. Foluso will steer Sahara’s Downstream business across the African continent with current operations in Nigeria, Ghana, Cote D’Ivoire, Senegal, Guinea, Cameroun, Kenya, Uganda and Tanzania. He joined Sahara as an Account Officer in 2005 and has moved across various entities and locations, including Accra and Geneva, taking on senior roles over the years. “Sahara’s innovative fueling solutions continues to power the aspirations of individuals and businesses, especially in Africa and Foluso’s downstream experience will most certainly transform our business in this sector,” she added. Imasogie-Adigun said: “As we evolve as an innovative global business, we continue to enjoy the leverage of an exceptional human capital pool that makes Sahara a foremost energy conglomerate and sustainable business.

since July 2008. At one point the price rose to $130.50 Sunday evening before retreating. “Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.” The US and its allies are considering banning Russian oil and natural gas imports, Secretary of State Antony Blinken said in an interview with CNN’s “State of the Union” yesterday. “We are now talking to our European partners and allies to look in a coordinated way at the

prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil on world markets,” he said. “That’s a very active discussion as we speak.” While Western sanctions againt Russia have so far allowed the country’s energy trade to continue, most buyers are avoiding Russian products already. Sixty-six percent of Russian oil is struggling to find buyers, according to JPMorgan analysis. The US average for a gallon of gas topped $4 on Snday, according to AAA, in a rapid move due to the conflict. The underlying cost of oil accounts for more than 50 per cent of the

cost of gas that consumers put in their cars. Meanwhile, the Group Managing Director of the Nigerian National Company Limited, Mallam Mele Kyari and top management of company yesterday inspected filling stations as part of efforts to ramp up the improving fuel supply situation in Abuja and other parts of the country. “We are happy normalcy is returning. We are loading products all over the country in all the depots for 24 hours; the truck numbers are increasing and we have seen that the situation in Lagos and Abuja have greatly improved. “We are here to ensure that

our station sells 24-hours so that normalcy would return and Mr. President is constantly kept in the picture of what is happening and he has given us all the support and direction we require, including the Minister of State for Petroleum Resources and we are working closely with the downstream authority and the security agencies and we believe normalcy would return very soon,” he added. Also, the Executive Director, NMDPRA, Mr. Ogbugo Ukoho, confirmed the increased collaboration from the security agencies and marketers to address the challenge of fuel scarcity.

NUPRC Highlights Opportunities in Nigeria’s Oil, Gas Sector Despite Global Energy Transition Dike Onwuamaeze The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stressed that an abundance of opportunities still remained to be harnessed in the country’s oil and gas sector despite the current global energy transition to net-zero carbon emission. The NUPRC stated that it would drive the exploitation of these

opportunities by addressing key issues that would facilitate growth, stability, and sustainability in the country’s oil and gas industry by collaborating with stakeholders to enhance the gains of recent reforms in the industry and ensuring a shift in the regulatory landscape. These were disclosed by the Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe, in a presentation he made during the

NUPRC Strategic Dialogue with the industry titled: “Fundamental Shift in NUPRC in a Time of Transition.” Komolafe also said the commission had set for itself the target of growing Nigeria’s oil reserves to 40 billion barrels by 2030 and is poised to grow Nigeria’s gas reserve to 210 TCF by 2030 and raise the country’s oil production capacity to three

million barrels per day and gas production capacity to 12 Bscf within the same time frame of 2030. He also stated that the shift from fossil fuels to greener energies would have implications for developing nations, which would struggle to cope with the trend even with abundant resources while the already developed nations would have a good head start.

N400bn Health Projects: Senate Probe Continues Despite Contractors’ Return to Site, Says Oloriegbe Sunday Aborisade, Abuja The Chairman of the Senate Committee on Health, Senator Ibrahim Oloriegbe, has vowed that the red chamber would continue with the probe of the abandoned N400 billion primary health care projects across the country despite the decision of the contractors to resume work, 16 years after they left the sites. Oloriegbe stated this on his verified official twitter handle yesterday. The Senate had on February 16, after deliberating on a motion sponsored by Oloriegbe, ordered investigation into why the N400bn National Primary Health Centre

(NPHC) project, initiated by the Olusegun Obasanjo administration, was abandoned. The upper chamber had directed its committees on Works and Housing, Health and Communicable Disease to carry out a joint investigation into the matter. However, three weeks after the resolution to Investigate the matter was passed the contractors had started returning to sites with local government authorities receiving medical equipment. But Oloriegbe wrote on the social media platform: "Alleged 400bn Abandoned National Primary Health Centre Projects: Contractors resume to sites as local government authorities begin to receive medical

equipment after I moved the motion to investigate the projects. "The essence of the motion that sought an investigation into the abandoned N400 billion National Primary Health Centre projects awarded during the tenure of President Olusegun Obasanjo has begun to materialise in a flash. "It will be recalled that as the Chairman Senate Committee On Health, I moved a motion on 16th of February 2022, on the need to investigate the abandoned health projects which were funded through the monies deducted from the excess crude account of all the 774 LGAs in the country. "Following this motion, the Senate passed a resolution mandating its

committees on Health, Primary Health Care and Communicable Disease, Works and Housing to determine the status of the funds warehoused with the then Bank PHB (now Keystone Bank) and the level of the projects done. "In a swift reaction to the development, the concerned contractors have however embarked on the penitential voyage by taking remedial steps to mitigate their alleged malfeasance. "Dreading the outcome of the ongoing investigations, they have started reaching out to the local government authorities whilst expediting corrective measures against their alleged professional misconduct and breach of contract.

MONDAY MARCH 7, 2022 • T H I S D AY

MONDAY MARCH 7, 2022•T H I S D AY

MONDAY MARCH 7, 2022 • T H I S D AY

T H I S D AY • MONDAY, MARCH 7, 2022

COMMENT

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

SHAREHOLDERS AND ISSUES OF CORPORATE FRAUDS Nigeria’s FRC should do more to enforce the codes of conducts on auditors, writes Sola Oni

lated shareholders of Cadbury Nigeria PLC woke up on Friday, April 11, 2008 to discover that they had bought the company’s shares on the basis of cooked audited financial statement. The African leading maker of confectionery overstated its accounts by a whopping 13.25 billion through stock buyback, cost deferrals, trade loading and false stock certificates of suppliers to manipulate its reports that were filed with SEC and The Nigerian Exchange (now NGX) and issued to the public. On that fateful day, SEC fined the company, N21. 2 million and its share price tumbled by 68 percent, from N57 before the fraud to N34 on The Exchange. I was then The Exchange’s spokesman and the story made headlines. Cadbury Nigeria fired its respected Managing Director, Bunmi Oni, regarded as an apostle of corporate governance, shortly after it was discovered that he connived with the external auditors, the company registrars, some directors and staff of the company to doctor the account. The sordid deed hurt Cadbury’s British parent Company, and there was mass sack up to directors’ level. This is the outcome of creative accounting. Global history is replete with corporate failures. In October 2021, America’s seventh largest company, Enron, suffered reputational damage through accounting fraud in which its shareholders lost $74 billion, leading up to its bankruptcy. Its employees lost their jobs. An issue of corporate fraud in Nigeria is not limited to Cadbury. In the recent past, Cresta Bank, Intercontinental Bank and Oceanic Bank among others were rocked by financial scandals. Last year, the World Bank debarred nine Nigerian individuals and firms from executing any contract with it due to corporate governance issues, including corruption, fraud and collusive practices. World Bank’s President, David Malpass, said: “The World Bank Group is firmly committed to placing governance, anti-corruption, and transparency front and centre in our work.” At the basic level, creative accounting is a practice that follows normal accounting principles, required laws and associated regulations, but subtly presented in a clear deviation from what the normal standards intend to achieve. At the centre of every corporate fraud are the board, management, auditors and other parties that have some roles to play in a company’s financial report. A creative account is a major risk to investment decision, especially when it is based on fundamental analysis which includes a thorough review of a company’s financial statement among other variables. Globally, many companies present false

AT THE CENTRE OF EVERY CORPORATE FRAUD ARE THE BOARD, MANAGEMENT, AUDITORS AND OTHER PARTIES THAT HAVE SOME ROLES TO PLAY IN A COMPANY’S FINANCIAL REPORT

trajectory of strong earnings and robust dividend payout to attract unsuspecting shareholders, lending institutions, investment advisers and other users of financial statement, perhaps apart from government because of tax evasion. Innocent shareholders and other stakeholders are at the receiving end fishy accounts. Companies’ share prices that were driven by phony financial statements on the securities market fall to their normal level upon discovery. It is a market of equity, justice and fair play. Reuters published a story, entitled: “UK watchdog says all top accountants fail audit quality test.” By the story, the financial reporting council (FRC) of United Kingdom announced that all the Britain’s leading four accounting firms - EY, KPMG, Deloitte, and PwC alongside with BDO, Grant Thornton and Mazars from the next tier down, failed to hit a target of 90 percent of audits reviewed by the regulator. “Only 75 % of the sample of audits from among Britain’s 350 top listed companies for the year ending December 2017 met the 90 % target overall as accountants failed to challenge information clients gave to them”, according to Reuters. The Britain’s experience is a wake-up call for the financial reporting council of Nigeria (FRC). There is a knowledge gap in the practice of audit in Nigeria. Many accountants have not fully grasped the application of International Financial Reporting standards (IFRS). Corporate governance challenges still characterize many companies’ board and management. Auditors should exercise diligence and professionalism to win public confidence in the audited accounts. Every company should change its auditors after three years to avert much familiarity with the management to avert connivance to falsify accounts for monetary reward. This can be addressed through a review of the Companies and Allied Matters Act (CAMA). There should be stiff penalties for an audit firm involved in accounts scandals. But are auditors independent? Are they not at the mercy of the executives who can hire and fire? Often, there is no linear relationship between the fees charged by an audit firm and its professional duties? An extra-ordinary professional fee makes an audit firm subservient to the company’s executives. Nigeria’s FRC, should do a lot more to enforce the codes of conducts on the auditors to save the prestigious profession from integrity issue. Oni, an integrated Communications Strategist, Chartered Stockbroker and Commodities Broker, is the Chief Executive Ofﬁcer, Sofunix Investment and Communications

REVISITING THE REAL ESTATE DEVELOPMENT BILL Alkasim K. Mabudi argues that the bill is filled with contentious clauses

here is obviously a secret plan being nurtured and promoted by a group of real estate developers who think they are influential enough to rubbish democratic good governance in the country by being regulators at the time. The plan has recently manifested in the current real estate bill in the National Assembly ostensibly sponsored to satisfy their selfish agenda, and not for bringing sanity into the system. Let me make it clear at the outset that I’m not opposed to regulation or establishment of a council that will guide the operations in the real estate sector and restore the confidence of subscribers. That subscribers are daily fleeced by some unscrupulous players is an ugly tale that leaves a sour taste in the mouth. About four months ago, the Senate shut its eyes from some contentious clauses and wrongly passed the Real Estate Regulation and Development Bill 2021. And any moment from now, the bill will land in the House of Representatives for concurrence. Therefore, it is time to call the attention of the Speaker, Rt. Hon. Femi Gbajabiamila, to the many incongruities in the provisions of this bill. For a start, this bill is supposedly passed to provide efficient, effective and transparent administration of the business of real estate development in Nigeria. But from what objective stakeholders in the real estate sector have seen, the bill has in many ways placed statutory powers squarely in the hands of just one group, Real Estate Development Association (REDAN). Apart from making REDAN a judge in its own case, a clause in the bill gratuitously gives the association power to have three of its members each on the investigating and arbitration panels. This should not be so, simply because REDAN is a private association of a separate group of stakeholders in real estate development registered through its trustees under the

Companies and Allied Matters Act. Consequently, REDAN is just one of the many stakeholders in the real estate business in Nigeria. There are many more stakeholders in real estate development that are not members of REDAN and are in direct competition with members of REDAN in the estate development business. Passing this bill the way it is will vest some powers on REDAN to micromanage the regulatory agency such that the stooges they impose on the Council will edge some of their competitors out of business. And to further rub salt on the wound of other competitors and worsen their fears, one clause provides that the Chairman of the Governing Council shall be appointed by the Minister on the recommendation of REDAN; and another one of the several abominable clauses say two persons from each of the six geopolitical zones shall represent REDAN, and that the secretary of the Council shall be appointed by Council on the recommendation of REDAN. What a bill! Allowing REDAN to arrogate such powers on itself is not only contrary to its registered objectives but akin to repealing the Nigerian Communication Act 2003 to give private telecoms operators (such as MTN and Airtel) powers to appoint members of NCC board and sanction other service providers for infraction. For instance, what do you think will happen if you give commercial banks powers to recommend the appointment of members of the CBN and NDIC boards? This is exactly the case! There won’t be effective regulation. As passed by the Senate, the bill contains some disturbing clauses which confer special powers on a private stakeholder, REDAN that is, whose members are also competitors in the estate development industry. Some of these worrisome clauses include the powers given to the Council created to regulate the business of real estate development in Nigeria to carry out these regulatory functions in consultation

with REDAN which, as stated earlier, is just one of the many competitors in the real estate business. To now place REDAN head and shoulders above other competitors through an invidious legislation such as the one currently being considered in the parliament is an egregious assault on the collective sensibilities of other critical stakeholders in the business. Another curious aspect of the bill is that only a member of REDAN can be appointed council chairman by the government. For an association that is cornered by a small clique of developers, one can easily predict who will be the pioneer council chairman. To say the bill is an unpardonable flaw in equity is an understatement. Through the institutional guidelines of REDAN, the bill gives the Council the power to register and license all real estate developers in the country. One of its clauses gives the Council an undeserved power to monitor, investigate and sanction registered and licensed real estate developers that violate the bill through REDAN, and another clause in it provides that the Council shall prescribe fees, fines and charges to be paid as recommended by, wait for it, REDAN! And there are many more clauses that are so atrociously tilted in favour of REDAN that any careful and dispassionate observer would readily conclude that there is an evil agenda to put the management of real estate development in the country in the hands of a few privileged people. But then it is pertinent to ask at this juncture whether REDAN can be vested with the statutory powers of this bill as passed by the Senate. The answer would be a capital NO for the reason that REDAN is a registered association of real estate developers under the Companies and Allied Matters Act as incorporated Trustees in 2002, and nowhere in its constitution is there a provision that mandates REDAN to operate as a regulator of real estate development in Nigeria. I’m a protagonist of regulation in order to

checkmate and rid the sector of sharp practices. But some of those promoting the bill are trying to perpetually hide their malpractices behind the shadows of the bill. Currently, one of the proponents of the bill has failed to appear before an ad-hoc committee of the House of Representatives investigating such sharp practices. He who comes to equity must come with clean hands! It is therefore a development that generates extreme shock to see a registered association of real estate developers deviating from its registered objectives and now metamorphosing into a regulator of the business in the country. One important question should be asked of this curious development: At what point, for example, did the constitution of REDAN make it compulsory for only registered members of REDAN to be licensed as developers who are involved in the business of real estate development in the country? At the risk of stretching the argument to a different level, I dare say it is even wrong to create a council to regulate the sector. This is because real estate is traditionally a meeting point of experts from different related professions like Engineering, Architecture, Building, Quantity Surveying to mention but a few. These are professions that are already regulated by their councils and regulatory bodies. But let there be the Council that is neutral and legislation that will attract investors and growth in the sector, not legislation that will be skewed and antithetical to growth. Without mincing words, I will advise the lawmakers to critically look at these issues, thoroughly examine the many grey areas, expunge the contentious clauses or entirely reframe and represent it afresh in such a way that developers will have nothing to do with regulation or recommending the appointment of a regulator. Mabudi, a real estate expert, writes from Abuja

T H I S D AY • MONDAY, MARCH 7, 2022

EDITORIAL AML LEGISLATION: WHAT THE SENATE SHOULD DO Repealing the anti-money laundering act is not necessary

e stand with the Central Bank of Nigeria (CBN) opposition to the plan by the Senate to enact a fresh anti-money laundering law (AML). Whatever may be the justification, Nigeria is not lacking in relevant laws against money and related crimes. We understand that the Senate decision may be a fallout of the recent report by the Inter-Governmental Action Group against money laundering in West Africa (GIABA) established by the Economic Community of West African States (ECOWAS). GIABA had reported that the Islamic State’s West Africa Province (ISWAP) terror group moved a whopping N18 billion annual revenues through the Nigerian financial system to fund its activities. That WHAT IS DESIRABLE GIABA report had IS FOR THE SENATE TO sparked outrage LOOK AT AMENDMENTS, and ruffled many PARTICULARLY IN AREAS feathers. Many had RELATING TO ENFORCEMENT attributed the ease with which ISWAP funneled the funds through Nigeria’s financial system to weak legislations while some blamed enforcement lacuna on the part of the Nigerian Financial Intelligence Unit (NFIU) and other related agencies. However, we believe that we have enough laws to deal with the problem. Apart from the Money Laundering (Prevention) Act 2011 which the parliament seeks to repeal and replace with a new law, there is the Terrorism Prevention Act (as amended), Regulations on Terrorism Prevention (Freezing of International Terrorist Funds and Other Matters), the Economic and Financial Crimes Commission (Establishment) Act of 2004, and the Banks and Other Financial Institutions Act (BOFIA) of 1991 to regulate financial institutions. There are also the CBN’s AML/CFT Regulations of 2013, the CBN Act of 2017, CBN Risk-Based Supervision Framework for AML/CFT, 2011), CBN circulars and other regulatory messages, as well as the Drug Enforcement Administration’s National Drug Law Enforcement Act (1990).

Letters to the Editor

Therefore, there are sufficient grounds to back the CBN position that an amendment rather than a full repeal of the AML is required at this time. To be sure, there are no international sanctions currently in force against Nigeria for money laundering violations. Nigeria is also currently not on the blacklist of the global watchdog, Financial Action Task Force (FATF’s) of countries identified as having strategic AML deficiencies. Indeed, the last FATF had declared that Nigeria is no longer on its list of nations with strategic anti-money laundering weaknesses. Rather, FATF applauds Nigeria’s significant progress in improving its anti-money laundering and counter-terrorism financing regime. As a result, Nigeria is no longer monitored by the FATF as part of its ongoing worldwide AML/ CFT compliance process.

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

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

he last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorism financing standards was undertaken in 2021. That evaluation deemed Nigeria compliant for seven and largely compliant for 14 of the FATF 40 recommendations. In 2017, the Heads of Egmont Group of Financial Intelligence Units in the world concluded that legislative changes in Nigeria addressed the issues that led to the suspension of the Nigerian Financial Intelligence Unit that year. Consequently, the suspension of Nigeria was lifted. Also, the United Kingdom last year put Nigeria on its exemption list of high-risk countries for money laundering. For the US State Department, although Nigeria is categorised as a country/jurisdiction of primary concern in respect of money laundering and financial crimes, it is not in any form of blacklist. All these global clean bills of health would not have been if the AML is flawed. From all available indices, repealing the Anti-Money Laundering Act is not desirable. What is desirable is for the Senate to look at amendments, particularly in areas relating to enforcement. The biggest challenge to the anti-money laundering legislations is the lack of political will and the laissez-faire approach from relevant government agencies. Nothing underscores this than the current lethargy in the trial of alleged sponsors of terrorism.

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ASUU, NANS AND ADAMU ADAMU’S FAUX PAS

damu Adamu, Nigeria’s Minister of Education has spent several years berating public officials and their ineffectual policies as a political pundit and a prolific columnist. But in his second term as minister, he has unraveled quickly and shown that he is no better than the same public officials he had lampooned as a past time over the years. His recent “walk out” on students perhaps is the greatest testament to this fact. Education remains one of the most fundamental needs of humanity in modern times. Aside from its explication of the human ecosystem, it illuminates and advances human civilization and at the base of it, it remains the foundation bequeathing survival skills and sustainability. There is a history to university strikes in Nigeria. In the 80s there were strikes to stall university operations, and then to attain the status of fair wages and university autonomy. The military regime of General Ibrahim Badamasi Babangida then proscribed the association for its militant advocacy and being a strong opposition to military rule. In 1990, the ban was lifted but two years later in 1992 after another strike, there was another ban. Further strikes were announced in 1994 and 1996 whilst protesting the military government of General Sani Abacha. For more than 30 years this endless cycle of

strikes has continued unabated. Once again ASUU has started its usual rounds of industrial action citing the non-implementation of past agreements. Nigerian students led by Sunday Asefon had held a rally to protest the incessant strikes and express their displeasure to government on the way it has handled negotiation so far. They demanded to see the Minister of Education Adamu Adamu and they were ushered into his boardroom where in the company of the top management staff the President of NANS went ahead to address the issues at hand. The interaction went thus for those who have not been privy to the issues. Speaking during the tensed interaction, Mr. Asefon claimed the minister publicly celebrated his son who graduated from a university abroad while being aloof to the issues bedeviling the incessant strikes in Nigerian institutions. “This is your second term in office, your salary will be paid. The salaries of the lecturers will be paid. We want to really know what is really happening,” the student leader said. “Honourable minister, you celebrated your son who graduated in a country, in a university outside this country. We appreciate that. Our parents do not have that money to send us outside the country, but we are in this country. We should enjoy what we are paying for. We want adequate funding of education in this country. Our message

is that we want to go back to class. We want our schools to be open.” In a response unbecoming of a public officer, especially to students who have been immensely traumatized by a cycle of perpetual strikes and in a highly un-empathetic manner the minister asked the protesting students that they should have addressed the issues with their lecturers. Thus, making the issue a flaky game of ping pong. However, what he did next left the entire country especially parents extremely shocked. He said, “Perhaps the only point that you made that is even worthy of attention is that you said students should be involved in this (discussion) and I think it’s probably a good thing, and it’s the only thing I’m going to take from everything you have said here. Thank you.” He stood up, packed his file and left, staging a walk out on the representatives of Nigerian students. Unfortunately, his shoddy behaviour has now been archived on the internet, which will ultimately define his tenure as minister, under whose watch school children were routinely kidnapped at Federal Schools and especially as one who couldn’t assuage the needs of ASUU to keep children in school. Misbahu Shehu Gokaru, Old Jos Road Bauchi, Bauchi State

MONDAY MARCH 7, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY MARCH 7, 2022

21 Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

Are We Moving Closer to Restructuring?

The National Assembly recently considered 68 Bills that may lead to a wholesale alteration of the 1999 Constitution, writes Nseobong Okon-Ekong

Lawan

t is unlikely that the effort of federal lawmakers in both chambers of the National Assembly to carry out a wholesale review of the 1999 Constitution will meet the approval of all the critical stakeholders. However, the recent presentation of 68 Bills for Constitution Amendment is a record in every ramification since the return of this season of democracy. For a good number of reasons, if this effort goes all the way through to a presidential approval, it will be a major victory for the government at the centre, led by the All Progressives Congress (APC), albeit obtained with cooperation from opposition political parties. The Constitution Review Committee under the headship of the Deputy Senate President, Senator Ovie Omo-Agege was established about two years ago. In a bid to get crucial inputs from all sections of the country, the committee travelled round the country. The emerging outcome seems to have deliberately addressed as many of the knotty issues in the polity as possible. There are major items that are being moved from the control of the Federal Government to liberal participation by individual state governments or allowed opportunities for collaboration among states. Once this is done, the vociferous clamour for self-actualization and/restructuring of the federation or the enthronement of a true federation, as some like to call it, in many cases may fizzle out naturally. That is assuming these agitations were not about creating new boundaries for states or collapsing existing states to regions. In a recent interview with this Reporter, Governor Aminu Tambuwal of Sokoto State who is also the Chairman of governors elected on the platform of the main opposition, Peoples Democratic Party (PDP), admitted that the structure of the country is one of the major heated talking points. On the other hand, he emphasized the need to address the misunderstanding of the concept, in which people see it from their own perspective of restructuring. “From whatever standpoint one looks at it,” said the Sokoto Governor, “ there is a need for us to look at Nigeria and restructure” Nevertheless, the loud protests from influential women groups whose hope for extra legislative seats was shattered may have put a pall on the emerging landmark achievement by the National Assembly. The Federal lawmakers voted against proposals providing for affirmative action for women in the running of political parties. They also voted against the bill to create special seats for women in the national and state assemblies. Titled ‘Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 to Provide for Special Seat for Women in the National and State Houses of Assembly; and for Related Matters, it was sponsored by Hon. Nkeiruka Onyejeocha

Gbajabiamila

Tambuwal

(APC, Abia), a member of the House of Representatives, it sought to alter sections 48, 49, 71,77,91, and 117 of the 1999 Constitution by creating one additional senatorial seat and two federal constituencies in each state and FCT for women, however, it could not muster the required number of votes for approval. The women groups who are clamouring for this favour may have unwittingly done themselves a disservice and cast a doubt on the image of departed and living female political icons, both in Nigeria and globally who won respect and followers on their own steam, great women like Golda Meir, Hajia Gambo Sawaba, Margaret Ekpo, Funmilayo Ransome-Kuti, Margaret Thatcher, Samia Suluhu Hassan, Senator Florence Ita-Giwa, Angela Merkel, Kamala Harris, Aisha Alhassan and Ellen Sirleaf Johnson. It may be argued that in the pursuit of many life attainments, for instance, education, women do not have their examination scripts scored with partiality because of their gender. Wherever they put in commensurate effort or work twice as hard, the deserving ones come out top of the class. Is it not instructive to the women lobbyists who are accusing male legislators of chauvinism that, for instance, Bill No. 42 – for an Act to Expand Immunity to the Legislative and Judicial Arms of Government; and for Related Matters, was rejected. Twenty nine senators voted in favour, while 50 voted against it. This is a piece of legislation that could have shielded the lawmakers and given them a reprieve from anti-graft agencies, yet majority of them rejected it. Less than 24 hours after the views of federal legislators on the constitution review were made public, Nigerian women converged at the country’s parliament in Abuja to protest its decision to vote against the adoption of five gender bills. The champion of the gender bills, Deputy Majority Whip of the House of Representatives, Honourable Nkeiruka Onyejeocha, blamed “gender bias by the male folks in the House,” for the unfortunate fate that befell the bills.. “A distraught Onyejeocha told journalists, “ I am very disappointed. Disappointed not because people shut

down the bills but because the bills that were shut down have taken this country backwards. Taken it from the basics. Number one. God Himself created Adam and removed a rib and made Eve and said this is your helpmate. Nigeria as we speak is boasting with their women who are doing wonderfully well. And of course, you saw that Dr. Ngozi Okonjo-Iweala contested with world powers and she made it. That’s our blood. Look at Amina Mohammed, to mention but a few.” “We boast of being the giant of Africa, yet we are the least as far as women representation is concerned. I am also worried because we are losing a lot in terms of resources because a lot of nations do not give us the grants that are meant for us because of the low level of women representation. You can get those facts from the UNDP. They have the records. “And as we speak, with a ranking of 184 out of 187 countries, our men should be ashamed. That’s the truth, 184 out of 187, Nigeria should not raise their heads high with this kind of outcome. We have pushed for 35 affirmative action. It started in the 6th Assembly. “I came here in 2007 and I was chairman of women in parliament and we tried to increase our number and yet, it didn’t work and the reason it was failing was that the men are asking this particular question: which seat do you want to take? “I said that this is an issue of preservation which is not supposed to be at all because if you do not come to the House of Reps, you can be anything, governor. They are the people becoming governors in several States, appointed ministers. As we speak, how many Ministers do we have? Wherever you go, you still find men and they will still find their feet,” she said. Yet the issue was not a straight forward, ‘yes or no.’ The Frequently Asked Question by Onyejeocha’s male colleague apparently needs better explanation and more robust lobbying from the female legislators and their male sympathisers. There is a good chance of it sailing through in the future– for an Act to Provide for Special Seats for Women in the National and State

The loud protests from influential women groups whose hope for extra legislative seats was shattered may have put a pall on the emerging landmark achievement by the National Assembly

Onyejeocha

Houses of Assembly. The senators voted 58 to 30 against the bill. Also frowned at by the legislators was the Bill for an Act to include Value Added Tax on the Exclusive Legislative List; and for Related Matters. Some of the alterations that have been approved by the Red Chamber come with bountiful hope for fundamental and profound changes to the 1999 constitution. The senators voted to move airports from the Exclusive List to the Concurrent Legislative List. Similar approval was given for an Act to move Fingerprints, Identification and Criminal Records from the Exclusive Legislative List to the Concurrent Legislative List; and for Related Matters. Prisons have been deleted from the Exclusive Legislative List and Redesignate as Correctional Services in the Concurrent Legislative List; and for Related Matters. Similarly Railway services have been moved from the Exclusive to the Concurrent Legislative List. In the interview with THISDAY, Governor Aminu Tambuwal of Sokoto who previously served as Speaker of the House of Representatives anticipated the need to devolve power to the states as. part of restructuring. He recalled when he was Speaker of the House of Representatives, the 7th Assembly started a process of constitutional amendment. Public hearings were conducted in the 360 constituencies of the country. Thankfully, some ot the alterations they sought at the time have taken care of in the recent exercise. The National Assembly has now altered the constitution to allow states Generate, Transmit and Distribute Electricity in Area covered by the National Grid; and for Related Matters. Bill 51 – provides for an Act to Establish the Office of the Accountant-General of the Federal Government separate from the Office of the Accountant–General of the Federation; and for Related Matters. Eighty-six senators voted to approve the Office of the Attorney–General of the Federation and of States separate from the Office of the Minister of Justice or Commissioners for Justice of States in order to make the Offices Attorneys–General Independent and Insulated from Partisanship; and for Related Matters. These alterations In the understanding of Tambuwal is restructuring. He explained further. “ If you have nominees to the population commission, being screened by the state House of Assembly and nominated by the governors, and being sent to the population commission for example or the federal character commission, it is also restructuring. This is because they are there to represent the interest of the state. So, some of these amendments, we attempted them but unfortunately, former President Goodluck Jonathan did not sign them into law. “ NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ MONDAY MARCH 7, 2022

FEATURES

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

Anger, Frustration as Fuel Scarcity Lingers Nationwide Despite the federal government’s assurance that the fuel crisis occasioned by the importation of adulterated fuel would soon be abated, many Nigerians are still gravely afflicted by the long queues, unofficial hike in pump price of PMS, extortion and other distressing conditions. Yinka Olatunbosun and Rebecca Ejifoma report

Queues for fuel at a ﬁlling station along Itire Road, Surulere, Lagos

Minister of Petroleum Resources, President Buhari

or about a month, Nigeria has been hit by fuel scarcity as a result of the importation of contaminated fuel which had to be taken off the market. The federal government discovered that the amount of methanol, a chemical additive, in the imported fuel from Belgium exceeded Nigeria’s specification of five percent. At least 170.25million litres of petrol were affected. This has resulted in a shortage of petrol with queues reappearing in major cities including Abuja and Lagos. Statistics According to The Organization of the Petroleum Exporting Countries (OPEC), the continent’s largest oil producer and one of the world’s largest exporters has an estimated 1.7 billion barrels’ daily production capacity. According to the Nigerian National Petroleum Corporation, the sole importer of the product to the country, the supply of Premium Motor Spirit (petrol) has increased to 70 million litres daily in the fourth quarter of last year. As at December 2021, 2.25 billion litres of petrol were reportedly sold and distributed in Nigeria. This translates to 72.72 million litres per day. Before President Muhammadu Buhari’s administration, it was reported that the country’s petrol consumption ranges from 35 million to 40 million litres daily. Sad Reality The sad reality is that Nigeria relies heavily on importation of refined petroleum productions to create supply that match its fuel

Photo: KUNLE OGUNFUYI

Minister of state for Petroleum Resources, Timipre Sylva

demands as the nation’s refineries are performing far below its optimal level. Sadly, energy prices have increased due to the rise in crude oil prices and the escalating Russia-Ukraine war. This fuel scarcity is indeed bad timing because many small businesses are gathering momentum after COVID-19 loss. Despite the federal government’s promises that the fuel crisis would be over by last weekend, longer queues have been reported across several cities nationwide. In some filling stations in many Lagos suburbs, fights had been common among the crowd who often bought in jerry cans. This explains why many filling stations do not dispense into jerry cans or other containers during the period of fuel scarcity. Ironically, many of these stations still sell to those who run the black market business. Many small businesses depend on petrol for their power generators especially now that hours of power supply had reduced in many parts of the country. Hairdressers, fashion designers, electronics repair technicians, cold room operators, restaurants and

NNPC GMD Mele Kyari

hotels often depend on generators to appeal to customer’s wants and demands. Also, two of the biggest ride-hailing services in Nigeria, Uber and Bolt have increased the cost of rides within Lagos and other major cities. Most working-class Nigerians who do not have cars or do not wish to drive rely heavily on these companies for their daily commuting. For example, a ride from Victoria Island to Agege that would typically cost between N3500 and N4100 increased to N6,000 last Sunday. The effect of the fuel scarcity is biting as many businesses and individuals have expressed anger and frustration at the ‘kid glove treatment’ that the government has employed in tackling culprits behind the lingering fuel crisis. Nigerians React For Oludamola Adebowale, a PR professional and cultural activist, commuting in Lagos since the onset of the fuel scarcity and long queues at the filling stations has been more difficult than ever before.

"Not a blink of power for a whole week, with fuel scarcity to boot. What a messy place...What is our government doing concerning this fuel scarcity? It is becoming more unbearable"

“This fuel scarcity is crazy,’’ he began. “For us as car owners, we don’t just dread the scarcity- we also fear that we don’t buy the bad fuel so that you don’t knock your engine. I picked up my car at the mechanic’s yesterday and he was telling me that some cars had engine failure due to the bad fuel. "And these are expensive cars like Ford, GMC that their engines might cost about N3 or N4m. Of course, there is a spike in the prices of things generally due to the fuel scarcity. Commuters are now at the mercy of keke, bikes and buses. "A lot of people just need to get to one place or another. Let’s not even talk about the traffic. From Ogba to Ikeja GRA is annoyingly crazy. It definitely can take a toll on one’s mental health. It is just sad that this is happening and I hope the government can find a lasting solution to this. The economy is bad already so any addition to it just makes it worse. I don’t even want to imagine what the low income earners are going through. It is a really tough period for everybody,’’ he said. Seun Olota, a musician and small business owner said that he relies on electricity and power generators to run his business and both have failed him lately. “The petrol scarcity has affected us greatly. Businesses are impacted because we rely more on petrol so it means we have to ration what we have and sometimes, we may need to shut down earlier than necessary. We are losing money due to extortion and petrol attendants are lords at this time. It Continued on page 23

T H I S D AY ˾ MONDAY MARCH 7, 2022

FEATURES

Fuel scarcity queues at petrol stations

is an opportunity for them to make extra money, harass, abuse and disrespect people. "We lose time while waiting in line to get petrol. And it affects everything. Almost everyone is losing his or her sanity. The fuel scarcity has caused an unnecessary aggression from commercial drivers towards their passengers. The effect is enormous and it shows the responsibility of the government at times like these: the way they react and what they say to citizens,’’ he revealed. Hike in Fuel Price Olota who was at the AP Filling station in Gbagada, Lagos reported that car owners had to pay N500 before the attendants would sell petrol. This story has been corroborated by many commercial drivers who ply Agege, Ikeja, Abule Egba, Ikorodu and other Lagos suburbs. Some fuel stations on the Nnamdi Azikiwe Airport Road, Abuja were bombarded by queues last Thursday and Friday. The vehicles, mostly privately-owned, lined up in close proximity from the station right to the highway. As usual, just a stone’s throw from one of the fuel stations, you’d find a male black market seller, displaying two 15-litre kegs of fuel for sale at an outrageous price. A businessman, Mr. Chimaobi Henry Ugwu, explained the situation to THISDAY while waiting in line to buy some fuel. "The hike in fuel price has been with us for a very long time. The major issue is the scarcity of fuel. I reside in Abuja and here, you’d drive through a filling station where they have more than 20 pumps but they will be selling with only one or two pumps. I think that's the major cause of the very long queue we see all the time." Many bemoaned that sometimes, after waiting for about three or four hours on the queue, by the time it is their turn, the fuel attendants would lock up the filling stations, claiming they had run out of fuel. Sadly, just like himself, countless other private motorists would have to drive to other filling stations around town to start looking for fuel all over again until they could. Another Abuja resident named Ugwu described the whole chaos as “an energy and time-sapping situation that is avoidable. "For me, black market is not an option. I've heard stories about how people’s cars and generator sets got faulty because they were bought from black market." While some petrol stations in Abuja sell at N165 and N162 per litre, other filling stations currently sell at N300 per litre. And when people run out of steam waiting to buy at N165, they succumb to buying at N300 per litre. Consequently, the masses bear the brunt of the extra charges, reflecting on foodstuff prices and transport fares. "The best thing the government should do is total deregulation of the entire oil sector. When they achieve that, I think the problem we are always having with fuel scarcity will be resolved," he added. Another distraught resident in Abuja, Mr. Chi Dika, an entrepreneur, narrated his ordeal. "I remember buying a 10-litre

A view of a ﬁlling station in Ogbomosho

fuel at N3,000 at one point. The last one I got, it was going as high as N10,000 for 10 litres. This has been my experience. But if you are able to queue at the registered filling stations you'll get the market price of N165." He decried the recent fuel hike and its aftermath on his overall well-being. "This has affected me, my friends and my family members. When you get home, everyone is complaining bitterly. It's not just about the financial implications. It also affects one's emotional and mental stability. You are thinking of how to get fuel tomorrow and where.’’ The entrepreneur also hinted that diversifying the economy not just on paper but having a clear structural working feasibility plan is another strategy to halting the current burden. "One key thing to investment and to bringing up the economy and bringing foreign investment is light and security. "We need to fix the light issue and insecurity. This will bring about low cost of production and investments. The NNPC could privatise the refinery where the government retains a certain percentage (20 to 30 percent) for regulatory purposes." Meanwhile, one Uber driver who preferred to be anonymous disclosed that he bought a litre at N300 on Wednesday in Abuja. In Yenagoa, most filling stations sell above the official pump price. A resident, Esse Eseimokumor described the situation. “The price of fuel is not stable. Some filling stations sell for one N185 per litre, some 230 per litre. But the NNPC and Total don’t have fuel as of this weekend. I have stored fuel since last week which I am using now,’’ she revealed. Twitter Rants The popular media personality known for hosting the reality show, Big Brother Naija, Ebuka Obi-Uchendu expressed his frustration at the agonising condition of living owing to the lingering fuel crises. “Not a blink of power for a whole week, with fuel scarcity to boot. What a messy place,’’ he tweeted. Another Nigerian, Akinola Dayo tweeted: “What is our government doing concerning this fuel scarcity? It is becoming more unbearable. No light, no fuel. Many of our old mamas who feed daily on the grinding machine

cannot get little fuel for their machines. Can someone help us tell our leaders? People are suffering!” A political analyst, Oluomo of Derby also posted his comment thus: “A country where the NNPC still imports petrol for everyone is not a serious country. To get out of this perennial fuel scarcity, Nigeria has to begin to produce and refine the petrol it consumes.’’ The agitation at the filling stations on Awolowo road, Ikoyi on Sunday evening gave a clue to how the rest of the week would run. Of course, the crisis has worsened along Lagos-Epe Expressway as Riken, a relationship coach remarked in a tweet. “The fuel scarcity just got worse in Lagos. Three hours from Thomas Estate to Eleganza, road is full with people, no bus, just traffic everywhere. We really need to pray for Nigeria; at this point, I’m tired,’’ she tweeted. A journalist, Ifeanyi Nwoko also observed that it is difficult for anyone to avoid extortion at this period. “It’s difficult to be a good Nigerian. Queued for three hours at two petrol stations, fuel ran out on me twice. Noticed some people using the exit gate. I chose to be a true Nigerian, went to another station, did the ‘needful’ and I was done in 15 mins. I now have an ill-gotten full tank,’’ he revealed. He also revealed that the black market cost of 10 litres has risen to N8000. Adverse Effect on Transportation Some commuters are also worried that the new hike in public transport fares may not be reversed even when the fuel crisis ends. This has been the norm in many cities in Nigeria. For instance, at the beginning of the COVID-19 pandemic, commercial vehicles were forced to carry less than the usual capacity to enforce the physical distancing rules. But after the lockdown, many commuters reported that the commercial drivers resumed full capacity loading of passengers without reducing the fares or returning to the former fares. Many commercial drivers, in their defense, claimed that the cost of vehicular maintenance had also risen due to the fall of the Naira against Dollars, Euros and Pounds. Hence, they find it difficult to restore the old fares on most routes.

"This fuel scarcity is indeed bad timing because many small businesses are gathering momentum after COVID-19 loss. Despite the federal government’s promises that the fuel crisis would be over by last weekend, longer queues have been reported across several cities nationwide"

Source: Twitter

Way Forward Amidst the scarcity, the Nigerian National Petroleum Company Limited had released the details of how it distributed a total of 387.59 million litres of PMS within one week to bridge the petrol supply gap. The petrol distributed to Nigerians through retail filling stations from February 14 to 20, is just about an average daily distribution of 55.4 million litres. With the distribution of 385.59 million litres in one week, the scarcity of petrol was arrested mildly, but the queues returned to Abuja as well as neighbouring states like Nasarawa and Niger. The methanol-blended product, according to NNPC, was imported into the country by four oil marketers through four PMS cargoes under NNPC’s Direct Sale Direct Purchase arrangement. The four companies that supplied the methanol-blended petrol, as contained in the NNPC’s statement, include MRS, which made the importation through a vessel named MT Bow Pioneer. Others include Emadeb/Hyde/AY Maikifi/Brittania-U Consortium through a vessel identified as MT Tom Hilde; Oando through a vessel named MT Elka Apollon; and Duke Oil. Emadeb, Oando, Brittania-U and MRS had since denied the allegation against them by the NNPC and are all facing the probe set up by the House of Representatives Committee on Petroleum Resources (Downstream), In the midst of the crisis, NNPC promised that over 2.3 billion litres of PMS would be delivered before the end of February 2022 to resolve the crisis. In addition, the Major Oil Marketing Association of Nigeria (MOMAN), led by the Chairman, Olumide Adeosun, has directed its members to extend the operations of their jetties, depots and filling stations for 18 to 24 hours until the queues subside. Meanwhile, the committee has continued with its investigation of the importation of adulterated petrol into Nigeria. The committee had quizzed the Group Managing Director of the NNPC, Melee Kyari; and the Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed on the matter. It is expected that a thorough investigation into the adulterated fuel issue and strong legal action would bring some degree of sanity into the fuel situation in the country. With over 40 years on the Turn Around Maintenance (TAM) of the four refineries in Nigeria, without results, the subject matter of fuel scarcity has become jaded though necessary. And every government intervention has only appeared to be a moonwalk. More than ever before, Nigeria needs to pick up the pace in building a sustainable model for the oil and gas sector. Hopefully, the planned expansion of the current LNG production capacity to about 30 million tons per annum at Bonny with the ongoing N-LNG Train seven project as well as the declaration of 2021-2030 as the Decade of Gas towards a gas-powered economy will democratize the sector and lessen dependability on PMS.

MONDAY MARCH 7, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, MARCH 7, 2022

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

M A R C H

S & P INDEX

4 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

Despite Economic Headwinds, Dangote Cement, MTN, 6 Others’ Dividend Up 29% to N827.05bn

Kayode Tokede Despite economic challenges, investors’ in the Nigerian capital market has continued to enjoy mouthwatering return on investment as most highly capitalised declares improved dividends. For instance, Dangote Cement Plc, MTN Nigeria, Zenith Bank Plc, among five other companies listed on the Nigerian Exchange Limited (NGX) have proposed a

total dividend of N827.05billion for 2021 financial year. The proposed dividend is an increase of 29 per cent when compared to N639.25billion paid out by these companies in 2020 financial year. The other companies are Guaranty Trust Holding Plc (GTCO), United Bank for Africa Plc, Lafarge Africa Plc, Dangote Sugar Plc and United Capital Plc. THISDAY analysis of results

released to the NGX showed that the eight companies reported a total N1.27 trillion profit in 2021 financial year from N1.08 billion reported in 2020. Leading the pack is Dangote Cement with about N364.44 billion profit in 2021 from N276.07billion in 20202 and proposed a dividend of N340.81billion in 2021 from N272.65billion proposed in 2020. This represents a dividend of N20 per unit of 50 kobo ordinary

share from N16.00 per unit proposed in 2020. Based on its current stock price of N273.5, Dangote Cement’s dividend yield is about 7.3 per cent. With about N298.65 billion profit in 2021 from N205 billion in 2020, MTN Nigeria for 2021 financial year proposed dividend of N212.7 billion from N133 billion proposed to investors for 2020 financial year. The telecommunication giant in 2021 proposed N4.55 interim dividend (2020: N3.50 kobo per share)

and final dividend of N8.57kobo per 2 kobo ordinary share, bringing the total dividend for 2021 financial year to N13.12 kobo from N9.5kobo total dividend paid to shareholders in 2020. Of the listed banks, Zenith Bank, the most profitable financial institution proposed N97.32 billion total dividend for the financial year 2021, translating to N3.01 per share, after getting shareholders to agree to a dividend payout of N87.91 billion

for the second half of the year, which translates to N2.80 per share. The bank had earlier paid an interim dividend of N0.30 per share totaling N9.4 billion for the first half of the year. It paid shareholders N3.0 per share, summing up to N94.19 billion in 2020. Zenith bank reported N244.4 billion profit in 2021, from N230.6 billion reported in 2020 and it Continued on page 26

Banks’ NPLs Fall Below 5% First Time in 10 Years as Total Credit Increase by N4.09trn Nume Ekeghe The Central Bank of Nigeria (CBN) has stated that for the first time in about a decade, the non-performing loans (NPLs) levels of commercial banks in Nigeria has fallen below the regulatory benchmark of five per cent to 4.94 per cent as at the end of December 2021. This was highlighted in the

personal statements of the members of the Monetary Policy Committee (MPC) released by CBN on its official website over weekend. In their assessment of the Nigerian banking sector, the committee members noted that the industry has remained resilient with average non-preforming loans falling beyond regulatory requirement. This is also as total credit

also increased by N4.09 trillion between end-December 2020 and end-December 2021 with increased credit to manufacturing, general commerce and Oil & Gas sectors. According to CBN Deputy Governor, Aishah Ahmad, non-performing loans dropped to its lowest level in over a decade despite the increased lending by banks. She noted that total credit had

increased by N4.09 trillion between end of December 2020 and December 2021 with significant growth in credit to manufacturing, General commerce and Oil & Gas sectors. According to her, “Key industry aggregates also continued their year-on-year upward trajectory with total assets rising to N59.24trillion in December 2021 from N50.99 trillion in December 2020, while total deposits

rose to N38.42 trillion from N32.21 trillion over the same period. Total credit also increased by N4.09 trillion between end- December 2020 and end-December 2021 with significant growth in credit to manufacturing, General commerce and Oil & Gas sectors. This impressive increase was achieved amidst continued decline in non-performing loans ratio from 5.10 per cent in November 2021 to

4.94 per cent in December 2021, 6 basis points below the regulatory benchmark for the first time in over a decade. “Furthermore, results of stress tests showed resilience of banks’ solvency and liquidity ratios in response to potential severe macroeconomic shocks. However, the Bank must Continued on page 26

M A R K E T D ATA A S AT F R I D AY, M A R C H 4 , 2 0 2 2 BILLS

BONDS DESCRIPTION 12.75 27-APR2023 14.20 14-MAR2024 13.53 23-MAR2025 12.50 22-JAN2026 16.2884 17MAR-2027

Price

Yield

106.80 6.49 112.34 7.52 113.86 8.29 108.16 9.91 124.59 9.96

Change Updated Time (%) 4, -0.01 March 2022 4, -0.01 March 2022 March 4, 0.00 2022 March 4, 0.03 2022 4, -0.09 March 2022

OTC F X F U T U R E S

C Ps

MATURITY

Discount

Yield Change Updated Time (%)

NTB 28-Apr22 NTB 12May-22 NTB 9-Jun22 NTB 14-Jul22

3.07

3.08

0.00

March 4, 2022

3.13

3.14

0.00

March 4, 2022

3.24

3.27

0.00

March 4, 2022

3.38

3.43

0.00

March 4, 2022

NTB 11Aug-22

3.50

3.55

0.00

March 4, 2022

MATURITY

Discount Yield

Change Updated Time (%)

UNCP CP VI 2-MAY-22 NEVE CP I 24-MAY-22 DANC CP II 25-MAY-22 TRBH CP V 26-JUL-22 FSDH CP VI 1-AUG-22

8.78

8.91

0.00

March 4, 2022

16.31

16.92 0.01

March 4, 2022

8.69

8.86

0.01

March 4, 2022

11.45

11.99 0.00

March 4, 2022

8.15

8.43

March 4, 2022

0.00

CONTRACT TENOR Contract (MONTH) NGUS MAR NGUS MAR 30 30 2022 2022 NGUS APR 27 2 2022 NGUS MAY 25 3 2022 NGUS JUN 29 4 2022 NGUS JUL 27 5 2022

Current Rate ($/₦)

Updated Time

427.24

March 2, 2022

428.93

March 2, 2022

430.63

March 2, 2022

432.32

March 2, 2022

434.02

March 2, 2022

MONDAY, MARCH 7, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS AGILE NIGERIA CONFERENCE…

L-R: Member Board of Trustees, Agile Practitioners Association of Nigeria, Mr. Seun Taiwo Akinlapa; Founder/Chief Executive Officer, The Agile Advisor Africa/Chairman, Agile Practitioners Association of Nigeria, Mrs. Abiodun Osoba; Dr. Obadare Peter Adewale, Keynote Speaker/Co-founder & Chief Visionary Officer, Digital Encode Limited; and Executive Secretary/Trustee, Agile Practitioners Association of Nigeria, Mr. Tunde Giwa, during the 5th Annual Agile Nigeria Conference held in Lagos … recently

UBA, GTCO, Zenith Bank, Rake N123.15bn Income f rom Elect ronic Ban k ing Kayode Tokede Following the growing adaption to electronic transactions by their customer, United Bank for Africa Plc, Zenith Bank Plc and Guaranty Trust Holding company Plc (GTCO) generated a total of N123.15 billion income from electronic banking in 2021, an increase of 48 per cent from N83.1billion reported in 2020. THISDAY analysis of the banks’ results showed that UBA Plc’s income from transactions processed via electronic channels such as ATM, POS, mobile banking as well as credit and debit card transactions reached N64.6 billion in 2021 from N44.25billion reported in 2020. GTCO also grew its electronic fee income by 79 per cent to N21.08 billion in 2021 from N11.77 billion in 2020, while Zenith bank closed 2021 with N37.47 billion electronic fee income, an increase of 38.4 per cent from N27.08billion reported in 2020. Zenith Bank in a presentation to investors/ analysts said it generated N85.01 trillion from electronic product transactions in 2021 from N49.18trillion in 2020. The lender also disclosed that number of electronic product transactions rose by 69 per cent to 1.95million in 2021 from 1.16million in 2020.

Zenith bank said: “The bank recorded a remarkable growth in both value and volume of electronic product transactions, resulting in a 38 per cent growth in income on electronic products.” Analysts had anticipated decline in banks electronic fee income over licenses granted to telecommunication to operate as a Payment Service Bank (PSP) by Central Bank of Nigeria (CBN)

Banking analyst at Vetiva Research, Joshua Odebisi expressed that the new PSB licences issued by CBN to MTN Nigeria and Airtel posed a threat to some lines of the banks’ businesses in 2022. Odebisi in a statement stated that possibility of the new PSBs taking away a significant share of transaction fees and potentially lower revaluation gains. Analysts believe the entrance

of MTN Nigeria and Airtel Africa into the financial services space will heighten competition especially with banks and Fintechs companies currently operating in the country. They however stated that competition is necessary to drive financial inclusion through the provision of diverse and convenient financial services to the unbanked population. The Chief Executive Officer,

Financial Derivatives Company Limited, Bismarck Rewane had in a chat with THISDAY noted that principal approval by CBN is meant to create competition and boost the nation’s economy. According to him: “In mobile money countries like Kenya, Ghana, among others, banks are making money and mobile money operators are also making money- it is better for everyone because it brings greater

financial inclusion. “It a complete misinterpretation of facts that it will affect banks fees and commission. Banks in Ghana are making profits and it has not reduced their profit. The mobile payment system in Ghana has become more efficient and actually boosts economy growth. It is a great thing CBN granted MTN Nigeria and Airtel Africa principal licence.”

IoD: Lack of Adequate Economic Data Responsible for Declining FDI Inflows Gilbert Ekugbe The Institute of Directors (IoD) has blamed the declining Foreign Direct Investment (FDI) inflows into Nigeria on the lack of adequate economic data, noting that potential local and foreign investors need economic data to make investment decisions. The president and Chairman of the Governing Council, IoD, Mrs. Ije Jidenma, explained that international investors do not get adequate economic data that will enable them to understand the risk profiles of Nigerian entities for informed judgements and decisions.

Jidenma stated this at its Members’ evening tagged, “Emerging Trends in Financial Reporting: The Role of Directors in Upholding Standards.” In her words: “Our National Bureau of Statistics (NBS) revealed that FDI in Nigeria has been declining due to the global perception of investment risk in Nigeria, which in part, is attributable, to the limited financial reporting and disclosures made by reporting entities in Nigeria especially in the Public Sector. High-quality financial reporting promotes private sector growth and reduces volatility in the economy. By strengthening

the country’s financial reporting architecture, we will reduce or at least present a better understanding of the risks.” The IoD boss said its Members’ Evening has become part of the Institute’s tradition, where its members engage and network with one another, stating that it is one of IoD’s Nigeria’s value propositions to its members. She said the forum is a powerful accelerator of success for the group and a valuable way for business owners to expand their knowledge, learn from the success of others, tap emerging opportunities, share new ideas and perspectives, access

industry influencers, enhance their resourcefulness, grow their clientele or customer base, build social skills while striving to make their businesses more visible. “This event also provides the platform for members to exchange views and opinions about socioeconomic and business trends in our environment, make acquaintances with other members of the Institute and take time to relax away from the hustle and bustle of their businesses,” she added. She added that the theme underscores the importance of improving Directors’ understanding of emerging trends in financial reporting and

their role in upholding standards and compliance. She pointed out that recent and unfolding developments in the global economy, especially the challenges created by the COVID-19 pandemic and now the raging war in Europe between Russia and Ukraine, have worked together to compound the uncertainties and complexities that subsists, thus creating new accounting and reporting challenges for most organisations, especially in the effective engagement with critical stakeholders, accurate forecasting, as well as adequate and proper internal controls.

DESPITE ECONOMIC HEADWINDS, DANGOTE CEMENT, MTN, 6 OTHERS’ DIVIDEND UP 29% TO N827.05BN becomes the highest profit ever declared by a listed bank in Nigeria. Last year’s profit growth rate was, however, the slowest since 2016. The bank’s profit grew at a mere 6.5 per cent compared to 10 per cent between 2019 and 2020. Meanwhile, the management of GTCO recommended a final dividend per share of N2.70 per share, coupled with the earlier paid interim dividend of N0.30 kobo in May 2021, hence bringing the total dividend for the financial year to N3.00kobo, same as what was paid in 2020 but a seven per cent increase from the total dividend paid in 2019. On their part, the management of UBA proposed a final dividend of N0.80 per share in 2021 financial year from N0.35 proposed in 2020.

The proposed final dividend and the N0.20 per share interim dividend paid in September 2021, brings the lender’s total dividend for the year to N1.00, amounting to a pay-out ratio of 29 per cent from 16 per cent and a yield of 12.4 per cent. Others with dividend payout to investors are: Lafarge Cement with a proposed N2.00 total dividend in 2021 from N1.00 proposed in 2020, representing N32.22billion dividend in 2021 from N16.11billion in 2020; United Capital proposed N1.50 kobo ordinary share of 50kobo each in 2021 from N1.00 paid in 2020, translating into N9billion dividend payout to investors in 2021 from N4.2billion in 2020 and Dangote Sugar Refinery proposed a dividend of N12.15billion for 2021 financial

year from N18.22billion reported in 2020. Commenting, shareholders commended impressive earnings by listed companies and dividend payout amid domestic and foreign macro economic challenges. Speaking on behalf of Nigerian shareholfders, Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie questioned Dangote Cement’s N20 per ordinary share dividend to investors, maintaining that the cement manufacturing could have rewarded investors better for 2021 financial year. He added: “These companies have shown resilient performance despite numerous challenges in the economy. Zenith bank has surpassed analysts’

expectation with profit and dividend payout to investors, the same for GTCO, UBA, among others.” Market analyst and Managing Director/CEO APT Securities and Funds Limited, Mr. Garba Kurfi commended listed companies for posting impressive result and accounts for 2021, expressing concerns that the declared dividend by these companies did not reflect in the trajectory of the stock market. According to him: “These companies have declared impressive dividend payout to investors but I do not know why the stock market did not respond to dividend payout by Dangote Cement, Zenith Bank, among others. Although the likes of GTCO and UBA released their audited accounts after the close of

trading last week, I am yet to see stock price appreciation. “Take for instance, Lafarge Africa last year was trading at N31 and declared N1.00 per ordinary but this year, the company declared N2.00 and trading at N24.00 per share. The dividend by these companies has not reflected in our domestic market.” On his part, analyst and CEO, Wyoming Capital & Partners, Mr. Tajudeen Olayinka urged investors to investigate if these companies were paying from the reserve or current earnings reported on the NGX. “For those companies that have proposed dividend, we praise their effort. If a company is paying from current earnings, it shows effective management despite the

challenges. What some of these companies are paying as dividend is substantial which is good for their stock prices.” He added that: “It is excessive if a company is paying over 10per cent yield on its dividend to shareholders and it means these companies are operating at a higher cost per capital. When you have a functional market where companies are doing well, I don’t expect a company to pay more than five per cent yield on dividend to shareholders. “That was the level our domestic market was in 2007 before the global economic meltdown. If a company is able to pay at least five per cent yield, it means they will be able to raise money at a low level per capital.”

BANKS’ NPLS FALL BELOW 5% FIRST TIME IN 10 YEARS AS TOTAL CREDIT INCREASE BY N4.09TRN remain vigilant to proactively manage probable macro risks to the financial system such as lingering spillover effects of the pandemic, winding down of forbearance measures, and myriad risks to financial stability including exchange rate, operational and cyber security risks.” Also, a member of the MPC, Akinniju Festus noted that NPLs had fallen below the five per cent prudential requirement, for the first time, after a lengthy period. He also noted that Capital Adequacy Ratio despite its slight decline from 15.1 per cent in December 2020 to 14.53 per cent in December 2021, is still above the prudential requirement of 10

per cent. “Liquidity ratio at 41.33 per cent was also higher than 30 per cent prudential requirement. Both Returns on Assets and Returns on Equity fell in December 2021 relative to December 2020. Operating costs to income rose from 68.2 per cent in December 2020 to 73.1 per cent in December 2021, ”he said. Another member of the MPC, Aliyu Ahmed added that the improvement in NPLs was aided by sound regulatory oversights of the CBN during the year. “The banking sector remained sound, safe and resilient as Financial Soundness Indicators (FSIs) were within their regulatory thresholds. In-

dustry Capital Adequacy Ratio (CAR) at 14.53 percent at end-December 2021 remained above the 10 percent regulatory minimum. Asset quality measured by Non- Performing Loans (NPLs) improved to 4.94 percent at end-December 2021, below the regulatory threshold of 5 per cent. “The improvement in NPLs is attributed mainly to sound regulatory oversights of the CBN during the year. Gross credit rose from N20.48 trillion in December 2020 to N24.57 trillion in December 2021 on account of increased industry funding base and CBN’s directive on Loan to Deposit Ratio, ”he said. Akinniju noted that interest rate spread month-on-month widened

to 25.3 per cent in December 2021. While prime lending rates declined to 11.68 per cent, maximum lending rates rose to 27.58 per cent. Average savings rates declined to 1.25 per cent. The administrative measures put in place by the CBN, restrained liquidity surfeit in the system. Tight liquidity conditions prevailed in the banking system as average net liquidity balance stood at N182.71 billion as at end-December 2021, below the benchmark of N313.8 billion – N450.00 billion. Meanwhile, CBN Deputy Governor, Adamu Lamtek said the option of tightening monetary policy still remains on the table even as the decision becomes increasingly

difficult to make. This is as inflation continues to rise as the country heads into electioneering year in 2023. “Also the US FED has already provided a forward guidance on at least three rate hikes in 2022, a move that will affect foreign currency exposures of the federal government and private sector institutions, especially commercial banks. It may also lead to more exits of FPIs from local equity market. Against the backdrop of pressure on both output and prices, I must admit, monetary policy manoeuvres would be difficult, to say the least. “In the circumstance, complementary fiscal actions are needed to ease the burden of adjustment on

monetary policy. Obviously, policy support has been very instrumental to macroeconomic recovery in 2021. More will be needed from the fiscal side in 2022 especially in sectors like agriculture, SMEs and solid minerals. In addition, physical infrastructure and security ought to maintain their priority position on the fiscal plate in year “I believe, the option of tightening policy using the policy rate remains on the table as long as inflationary pressures persist. I am however hopeful that the policy headroom for supporting growth will not narrow any further by the next meeting of the MPC in March 2022,” Lamtek stated.

T H I S D AY ˾ MONDAY, MARCH 7, 2022

BUSINESSWORLD

STATUS REPORT

GTCO: Thriving Amid Expansion

Kayode Tokede

he audited result and accounts of Guaranty Trust Holding Company Plc (GTCO) for full year ended December 31, 2021 showed balance sheet improvement and sustained dividend payout to shareholders amid expansion into other businesses frontline. The group balance sheet remained well structured and diversified with total assets closing at N5.44 trillion in 2021, an increase of about 10 per cent from N4.94trillion reported in full year (FY) ended December 31, 2020. A well-diversified funding base supported total assets growth in 2021 as customer deposits, equity and loans & advances to customers recorded 8.4 per cent, 14.33 per cent and 8.5 per cent growth respectively. However, the group’s loan and advances rose by 8.4 per cent to N1.8trillion from N1.66 trillion in 2020, due to decrease in foreign currency (FCY) loan portfolio as a result of scheduled repayments from obligors in the Oil & gas and manufacturing sectors. Customer deposit liabilities grew by 14.3 per cent to N4.01trillion from N3.51trillion in 2020 FY as the restricted deposits and other assets declined by 7.3 per cent to N1.14trillion in 2021 from N1.23trillion in 2020 as CBN released portion of sterilized Cash Reserve Requirement (CRR) by way of issuance of Special Bills. The group’s deposit from customers rose by 14.33 per cent to N4.01 trillion in 2021 from N3.51trillion reported in 2020. The deposit growth is reflective of the group’s retail strategy, the key enabler in the face of the challenging operating environment, increased competition from Fintech’s and customers’ preference for Treasury Bills, which offered a higher interest rate. The group’s total equity rose by 8.5 per cent to N883.23billion as at December 31, 2021 from N814.4billion in 2020 FY.

MAINTAINING STRONGER PERFORMANCE

The group’s Gross earnings declined by 1.6 per cent from N455.23billion in 2020 to N447.8billion in 2021, primarily from 8.8 per cent reduction in interest income from N292.74billion in 2020 to N266.9billion recorded in 2021. Interest expenses also dropped by 1.7 per cent to N46.28billion in 2021 from N47.07billion in 2020 to position net interest income to N220.6billion in 2021 from N2563.67billion recorded in 2020. GTCO’s loan impairment charge decreased by 56 per cent from N19.57billion in 2020 to N8.5billion in 2021, following an improved outlook for the macro-economic variables used in the ECL model in 2021 compared with the gloomy outlook fuelled by the pandemic in 2020.

GTCO, however, grew its income from commission and fees rising 40per cent to N65.65 billion in 2021 from N46.94billion in 2020. It also raked in N22.39 billion in net trading income representing a 8.56 per cent decrease in 2021. The group’s e-business income alone raked in N21.08 billion, representing a 79per cent spike from N11.77 billion in 2020, suggesting an improvement in the utilization of the group’s e-banking channels in delivering services to its customers. The group’s total operating expense grew by 10.06 per cent to N162.3billion in 2021 from N147.44billion in 2020 due to the impact of rising heading inflation and marginal Naira/ Dollar rate movement in the official market which resulted in the increase in general prices of goods and services.

INCREASE IN OPEX

The recorded increase in OPEX by 10.06 per cent was below headline inflation, which closed the year at 15.63 per cent in 2021. The growth in total operating expenses was driven by depreciation and amoritization that grew by 22 per cent to N35.3billion from N21.53billion in 2020 as a result of incremental charge on capital spend on expanding IT infrastructure as well as capitalisation of amount spent on furniture & equipment, computer hardware and software procured for branches in prior year. Also N93.53billion in 2021 regulatory charge- AMCON levy and deposit and other insurance premium contributed to growth in OPEX In all, the group declared N271.5billion profit before tax in 2021, a decline of seven per cent from N238.1billion reported in 2020. Tax expenses rose by 25 per cent to N45.7billion in 2021 from N36.6billion to slowdown profit for the year to N174.84billion in 2021 from N201.44billion in 2020. The group’s Capital Adequacy Ratio (CAR) remained very strong closing at 23.8per cent while asset quality was sustained with Non-Performing Loan (NPL) ratio of 6.0per cent based on IFRS (6.92per cent based on CBN Prudential Guidelines) representing a marginal improvement over IFRS 6.4per cent impaired ratio and a slight increase over FY 2020 6.86per cent CBN Prudential Guideline NPL ratio. Also, Cost of Risk improved to 0.5per cent from 1.2per cent during the same period. In terms of significant performance metrics, the Group maintained a decent showing with post-tax Return on Equity (ROAE) of 20.6per cent, post-tax Return on Assets (ROAA) of 3.4per cent, Full Impact Capital

Adequacy Ratio (CAR) of 23.8per cent, and Cost to Income Ratio (CIR) of 42.3per cent. The Board of directors proposed a final dividend of N2.80, coupled with the interim dividend to bring total dividend payout to shareholders at N3.00 per share on the issued ordinary shares of 29,431,179,224 of 50k each.

PERFORMANCE REFLECTS STRENGTH

Speaking on the results, the Group Chief Executive Officer of GTCO, Mr. Segun Agbaje, said: “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our Stakeholders in spite of the challenges in the business environment and shifting economic conditions. As a Group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.” He further added, “2021 presented a crucial opportunity as we took strategic steps to reorganise our business and advance our position as a leading financial services company. “With the recent addition of Pension Fund and Wealth Management businesses to the Group, we are well on our way to rapidly scale our operations and strengthen our foothold in these key industry segments. Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide endto-end financial solutions to more people and businesses across Africa.” The Holdings had announced the 100per cent acquisition of two subsidiaries of Investment One Financial Services Limited, thereby becoming wholly owned subsidiaries of GTCO. The two subsidiaries are Investment One Pensions Managers Limited, and Investment One Funds Management Limited, which specialize in Pension Fund Administration and Investment One Financial Services Limited. GTCO is undoubtedly one of the Tier-1 banks that delivers relentless service to its customers and shareholders alike and has performed quite exceptionally to emerge as one of the best banks in Africa. The financial institution plans to diversify into payment service banking (PSB), asset management business and pension fund administration (PFA) without any distractions to its core banking business is expected to boost earnings and further enhance investors confidence in the market the bank is listed. Agbaje had said:“We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making

end-to-end financial services easily accessible to every African and African Businesses by leveraging Technology and Strategic Partnerships. As a bank, we were always looking to meet every customer need; with our corporate reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities. “Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continue to drive our financial success. As a Proudly African and Truly International brand, we will continue to live by these values — of excellence, hard work and integrity, even as we create faster, cheaper, safer and products for people and businesses through every stage of life”, he added.

ANALYSTS VIEW

Analysts at Cordros Securities, the HoldCo’s performance is reflective of the pressured macroeconomic and business environments. The company in its report stated that: “For the rest of the year, we expect improvements in funded income performance as maturing funds are reinvested at higher yields and risk asset creation is accelerated. These should supplement the consistent growth recorded in non-funded income.” The bank is well known for its achievements of being the first Nigerian and African bank to be listed on the London Stock Exchange as well as pioneering the Internet Banking e-product. With different branches spread across Africa and the United Kingdom, GTB has really done well for itself as is also confirmed in its annual financial reports. The sustained and impressive growth recorded year in and out has strengthened investors’ confidence in the bank, both in what it presently offers and in the promising future ahead. GTCO is a fully-fledged financial services group with banking operations across West and East Africa and the United Kingdom as well as non-banking businesses in several key industry segments including Payment, Funds Management and Pension Fund Management. With over 25 million customers and more than 10,000 employees, the Group remains one of the most profitable and best managed financial services companies out of Nigeria. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years including Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.

MONDAY MARCH 7, 2022•T H I S D AY

MONDAY MARCH 7, 2022 • T H I S D AY

MONDAY, MARCH 7, 2022 ˾ T H I S D AY

BUSINESSWORLD

PERSPECTIVE

NNPC Misfired on ExxonMobil-Seplat Assets Sale Deal Josiah Adewale

AN EXCITING DEAL

he business world and corporate Nigeria, especially the oil and gas industry, was literally lit and agog following the announcement by Seplat Energy Plc., a leading indigenous energy company listed on the Nigerian Exchange and the London Stock Exchange, and Exxon Mobil Corporation, Delaware, USA (ExxonMobil) that they had entered into an agreement for the Seplat to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from the latter, subject, however, to the usual Ministerial Consent. The President, ExxonMobil Upstream Oil and Gas, Liam Mallon, said the company sold its equity interest in its shallow-water business, Mobil Producing Nigeria Unlimited (MPNU), to Seplat Energy through Seplat’s wholly-owned Seplat Offshore. Rendering highlights of the deal, which is the first of its kind since the coming on stream of the Petroleum Industry Act (PIA), Seplat, on its part, put the purchase price at $1,283 million plus up to $300 million contingent consideration. The transaction, it said, would create one of the largest independent energy companies on both the Nigeria Stock Exchange and London Stock Exchange as well as bolster Seplat Energy’s ability to drive increased growth, profitability and overall stakeholder prosperity, delivering 186 per cent increase in production from 51,000 bpd to 146,000 bpd or 170 per cent increase in 2P liquids reserves, from 241 MMbbl to 650 MMbbl. In addition, it was expected to deliver a 14 per cent increase in 2P gas reserves from 1,501 Bscf to 1,712 Bscf, plus significant undeveloped gas potential of 2,910 Bscf (JV: 7,275 Bscf). Nigerians are excited as they await the final Ministerial Consent to bring such strategically important national assets fully into Nigerian ownership alongside the Nigerian National Petroleum Corporation, NNPC, the exiting Joint Venture Partner. This is in line with government’s objective to achieve a pragmatic, progressive and just energy transition for Nigeria. In its incisive analysis, Wood Mackenzie (WoodMac), a global and reputable intelligence provider that empowers decision-makers with unique insights on the world’s natural resources, lauded the deal saying it was a win-win for Seplat, ExxonMobil, and the Nigerian government, offering huge upside for oil and gas. Very instructively, Mackenzie added: “Because this is a corporate acquisition, NNPC has no rights to pre-empt a deal under the Joint Operating Agreement (JOA), which governs the JV. This means that ministerial consent would be the only hurdle remaining, although nothing can be taken for granted.

MISINTERPRETATION OF JV AGREEMENT

Unfortunately, amid this local and international acclaim, the NNPC appears strangely more interested in throwing spanner in the works. In a move to block the transaction, the NNPC, as widely reported in the media, has through its Group Managing Director (GMD), Mele Kyari, written to MPNU, notifying it of its intention to exercise a Right of Pre-emption over the deal. “We are aware that you reached an agreement to divest from onshore and shallow waters JVs…. Clearly we are interested”, the GMD was quoted as stating. Meanwhile, a recently published article in support of NNPC’s action quoted purported oil industry source of affirming NNPC’s rights under the law, to exercise such pre-emptive powers. NNPC hinges its move on a June 28, 1990 Joint Operating Agreement between it and Mobil Producing Nigeria as it pertains to ‘Participating Interest”. Regarding transfer and assignment of interest, Article 19.4 provides: Subject to sub-clauses 19.1 and 19.2, if any Party has received an offer from a third Party, which it desires to accept, for the assignment or transfer of its participating hereunder (the “Transferring Party”), it shall give the other Party prior right and option in writing to purchase such Participating Interest as provided in sub-clauses 19. 4.1 to 19 .4.2. Sub-clause 19.4.1 provides: The Transferring Party shall first give notices to the other Party, specifying therein the name and address of the aforementioned third Party and the terms and conditions (including monetary and other consideration) of the proposed assignment and transfer. Sub-clause 19 .4.2 states: “Upon receipt of the notice referred to in Sub-clause 19. 2.1, the other Party may within thirty (30) days thereafter, request in writing the assignment and transfer of such Participating Interests

Kyari to it, in which event the assignment or transfer shall be made to it on the same or equivalent terms”. Meanwhile, these provisions could not be read or understood in isolation of the definition of a “Participating Interest” by the same Agreement. Article 1.24 states: “Participating Interest means the undivided percentage interest from time to time held by the Parties in the concession (s), the Joint Property and rights and obligations under this Agreement, namely: sixty per cent (60%), in case of NNPC; and forty (40 per cent), in the case of Mobil”. Thus, these provisions clearly show that the NNPC is absolutely mixing things up because the transaction that happened between Seplat and ExxonMobil, Delaware, USA, was nothing close to a transfer of a “Participating Interest”. No! Seplat did not deal with Mobil Nigeria producing Unlimited (MNPU). Rather, it transacted business with ExxonMobil, Delaware, the parent company, which acted within its rights, as it pleased and in line with its business/investment strategy, to dispose of all its shares in MNPU, which owns the said assets in Nigeria. This is the major fact NNPC needs to get right so it could stop convoluting a very simple matter and making Nigeria a laughing stock before the international business community, as it visibly has no Right of First Refusal (RFR) to exercise on this transaction.

MATTERS ARISING

In any case, the ExxonMobil-Seplat transaction is not the first in the industry in recent times. Many have wondered why

the NNPC did not exercise the same preemption action in the divestments by SPDC. Of recent, the NNPC, and analysts pushing its case have argued that with its transition into a registered profit-making and limited liability company vide the PIA, it was out to reshape and optimise its portfolio by acquiring assets with high performance, low vulnerability and huge gas potential. For this reason, it prioritises the acquisition of divested assets under MPNU JV over those in Shell Petroleum Development Company (SPDC) JV. In other words, NNPC‘s sudden interest in the deal and taking over the entire JV (if it had the legal backing) is all about the attractiveness of the assets in question. As a government-backed entity, is it not supposed to be more interested in taking over perceived more vulnerable assets with higher security and production issues? If it is only interested in ‘juicy’ fleshes of the oil and gas industry, who does it expect to deal with the hard bones? Worse, it is not even as if the NNPC is known to run these things by itself. Most Nigerians know how and where these portfolios end up. Besides, the NNPC does not enjoy popularity as one of the managers. If the NNPC were to be an airline, it is to be wondered how many Nigerians would be confident to fly in its planes. If NNPC were a hospital, how many Nigerians would surrender their lives to it to manage? As the sole importer of fuel, Nigerians are still dealing with not only intermittent biting fuel scarcity, but they are also yet to recover from the importation of toxic fuel that have wrecked vehicles and put

“Thus, these provisions clearly show that the NNPC is absolutely mixing things up because the transaction that happened between Seplat and ExxonMobil, Delaware, USA, was nothing close to a transfer of a “Participating Interest”. No! Seplat did not deal with Mobil Nigeria producing Unlimited (MNPU). Rather, it transacted business with ExxonMobil, Delaware, the parent company, which acted within its rights, as it pleased and in line with its business/investment strategy, to dispose of all its shares in MNPU, which owns the said assets in Nigeria.”

households through hardships. Worse, the NNPC is yet to tell Nigerians how the nation’s daily fuel consumption jumped from about 30 million litres about seven years ago to about 102 million litres and above. Under NNPC’s watch, the refineries have degenerated from producing enough for local consumption, to producing little, and now nothing. In 2020, NNPC recorded N10.27 Billion in operational expenses without refining a single drop of fuel. It is unable to fix any of the refineries, even with the award of a USD1.5 Billion contract last year to fix the Port Harcourt refinery. The NNPC has been struggling to meet its statutory obligations to the Federation Account in recent years. Despite the surge in oil prices in the international market, it was unable to remit anything to the Federation Account in January 2022, making it the second time within a year, as it was the case in April 2021. In fact, with a deficit of approximately N2 Trillion out of its projected N2.511 Trillion, NNPC was only able to disburse N542 billion as against the N2.511 Trillion it was budgeted to contribute. The Nigeria Governors Forum have protested the development. Therefore, many Nigerians have wondered why a debt-burdened NNPC is so quick to accumulate more debts vide the $5 billion corporate finance commitment from the African Export-Import Bank (Afreximbank) to “acquire, invest and operate energy-producing assets in Nigeria as part of NNPC’s growth strategy following its incorporation as a limited liability company”. It is important to note that unlike other businesses that would secure their loans by their assets, NNPC rides on government’s back.

THE QUESTION OF PRIORITISATION OF GAS

Meanwhile, it is reported that NNPC’s interest in taking 100 possession of the assets in question was informed by its efforts not to risk a another partner on the NNPC MPNU JV that might not see the monetisation of the assets gas component as a priority. This should not even be considered given Seplat’s profile in gas investment and its leading role in Nigeria’s energy transition. It produced 20,758 boepd gas in 2021 and supplies 30 per cent of gas to power Nigeria. It became the first company to record a 50-50 venture with the NNPC through the Seplat/NNPC gas plant project – ANOH Gas Processing Company (AGPC) where Seplat easily raised $260 Million through a consortium of banks to fund its part of $650 Million financing for the ANOH Gas Processing Plant. Against these backdrops, it is understandable why industry players believe that the NNPC has not only misfired, but is also overreaching itself, playing up those needless interferences that discourage investors. It should retreat. t +PTJBI "EFXBMF &OFSHZ "OBMZTU XSJUFT GSPN -BHPT

MONDAY MARCH 7, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, MARCH 7, 2022

HOMES&DESIGN British American Tobacco:

Stands out, Stands Tall

MONDAY, MARCH 7, 2022 ˾ T H I S D AY

HOMES&DESIGN

Nigeria’s Energy-Saving Skyscraper The view of the British American Tobacco (BAT) building at No. 2 Olumegbon Street, off Alfred Rewane Road, (former Kingsway Road) Ikoyi, Lagos, is appealing, presenting breathtaking views. The rendition was well-conceived and executed. Bennett Oghifo writes

he British American Tobacco building was purpose-built as a mixed-use residential and office facility with 13 floors. It occupies an area of about 6,000sqm. The panoramic view of parts of Ikoyi from the building is made possible by its glass facade/curtain walls, allowing some illumination and acoustic comfort within. It is a green building, complete with energy-saving systems/sensors that control the lighting and access. It is also equipped with software that enables temperature regulation in

the building. Other state-of-the-art facilities in the building include a light sensor solar system. The building is also equipped with a centralised system that delivers chilled water to each floor and regulates room temperature. There are conference rooms and meeting rooms, a gym and an outdoor recreational area that hosts the upper-level swimming pool. Round-the-clock security is provided with foot patrol and closed-circuit television installed at every nook and cranny of the

building complex. Similarly, every entrance has a swipe-card doorcontrol system. After a thorough clearance at the gate, permission for access into practically every space in the building is required of visitors who have to swipe their visitor’s card on the swipe card reader on doors. However, visitors would need the assistance of staff or security personnel to gain access to restricted areas in some cases. Card access is also required for the use of the lifts. The building is equipped with fire-fighting equipment:

a big fire sprinkler tank, water reservoir and fire hydrant system that can feed the fire service with water in a fire outbreak. Others are restrooms (on every floor), accessible to the physically- challenged, and an uninterrupted power supply system: giant industrial generators with synchronising panels power the systems. There is a water processing unit, a sewage treatment system, and sewage from the building is channelled to a plant and is treated before being discharged in line with the Lagos State waste management regulations

MONDAY, MARCH 7, 2022 ˾ T H I S D AY

BUSINESSSPECIAL Access Bank: 20 Years of Pioneering Leadership

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

Since its acquisition by Aigboje Aig-Imoukhuede and Herbert Wigwe 20 years ago, Access Bank Plc has evolved from a tiny financial institution to one of the leading banks in Africa, writes Obinna Chima

Aig-Imokhuede

arch 22, 2022, will make it exactly 20 years after Aigboje Aig-Imoukhuede and Herbert Wigwe acquired Access Bank Plc. Aig-Imoukhuede who led the 2002 acquisition of the bank which then was a fringe regional player, thereafter went on to become its Group Managing Director and Chief Executive Officer of the financial institution till December 2013. Both Aig-Imoukhuede and Wigwe were 37 years old then and Wigwe who is presently the Group Managing Director, was the Deputy Managing Director. In his memoir, ‘Leaving the Tarmac: Buying a Bank in Africa,’ Aig-Imoukhuede detailed how him and Wigwe walked the delicate path of buying Access Bank: their manouvres, struggles, despair and determination. He wrote in the book launched last year: “So, once the decision to buy a bank was made, the next question was which one should we buy? I sat down with Herbert in my rented house at 10A Festival Road, on Victoria Island, Lagos, and launched our venture by compiling a list of all the banks that were potentially available. “Our bank acquisition venture was tagged ‘Project Festival,’ by our team of advisers, coordinated by Albert Okumagba of BGL Securities. We spoke to different people within the industry and then we began to interact with key stakeholders and shareholders of our target list of institutions; we put together a team of advisers consisting of lawyers and investment bankers who were to support us in the process. “We were fortunate to have strong relationships with committed advisers who were prepared to take on our mandate on the basis of a success fee. As we engaged the key stakeholders of our target institutions, we quickly found out that our preferred candidates, which were banks that were doing fairly well by industry standards, were too expensive for us to be able to afford. “Used to working, as we were, for one of the country’s most successful banks, we wanted our own bank to be of the same quality as GTB in as many ways as possible, particularly when it came to brand, culture and values. To assume that this would come ‘ready-made’ was obviously naive of us and we soon realised that we would never find a candidate who already measured up to our expectations. “One thing we were not prepared to compromise, however, was our desire to build an institution that was founded on ethical values and professionalism. Whatever deal was entered into had to be structured to ensure this was not compromised. “There were periods when Herbert and I despaired of ever finding a deal that would match all our criteria,

Wigwe but we kept on going, refusing to give up, which is quite possibly the most fundamental rule of true entrepreneurship. Our faith in our abilities to succeed was sorely tested. The idea that was first germinated in 2000 finally came to fruition late in 2001, when we set our sights on Access Bank.” Today, from being one of the smallest, most crisis-prone and obscure banks, Access Bank has evolved into a world-class African financial institution. The impact of the transformation agenda which the then CEO and his deputy embarked on reflected in the first year as the bank grew its balance sheet by 100 per cent and posted an impressive N1 billion profit before tax. Its profit before tax figure was more than the cumulative profit made by the bank in the previous 12 years. This also marked the beginning of what would be a six-year record triple-digit growth trend. However, in recognition of the role of an enhanced capital structure, the bank embarked on a capital raising exercise in July 2007. The exercise was an astounding success recording an over subscription of over 300 per cent. The public offer comprised of an over-the-counter Global Depository Receipt (GDR) placement of $250 million which was similarly oversubscribed by 700 per cent. In 2012 it become a top five bank in Nigeria following its acquisition of Intercontinental Bank and began to build a pre-eminent position in retail as well as corporate banking. By 2013 Access Bank had become AA- rated by S&P and was able to raise capital in the global bond markets, with its first successful $350 million Eurobond issuance taking place in July 2012. The bank set a target to become the world’s most successful African Bank and embarked upon a new five-year strategy focused on financial inclusion, women and youth as well as global trade finance, treasury and payments for the corporate sector. Wigwe, who took over from his close friend and business partner in January 2014, has ensured that the bank maintained its growth trajectory. Today, the bank which then was ranked 65th among 89 banks operating in the country is presently one of the five largest in Nigeria in terms of assets, loans, deposits and branch network; a feat which has been achieved through a robust long-term approach to client solutions – providing committed and innovative advice. Access Bank has built its strength and success in corporate banking and is now applying that expertise to the personal and business banking

platforms it acquired from Nigeria’s International Commercial bank in 2012 as well as in retail banking. Also, since he took over as CEO, the expansionist adrenaline rush in Wigwe, who is the Chairman of the Body of Bank Chief Executive Officers (CEOs) has led to a string of expansion across Africa. He recently disclosed that he was leveraging on the African Continental Free Trade Area agreement (AfCFTA) to expand the bank’s footprints across the continent. That was why in 2019, it acquired its former rival. He stated that the plan is for the bank to establish its presence in 22 African countries as well as some strategic locations outside the continent so as to diversify its earnings and take advantage of growth opportunities in Africa. According to him, Africa has enormous potential and there are opportunities for an African bank that is well run, that understands compliance and has the capacity to support trade and the right technology infrastructure to support payments and remittances, without taking incremental risks. “We believe that we are best positioned to basically do all of that. Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent. We are focusing on the key markets. “The approach would always be that in the country we wish to go to, that we have the right skills. We would not just be a drop in the country in which we are present, we would make sure that we have an impactful presence in each of the major countries in which we are present. “In doing this, we are also mindful of the country we are going to so as to make sure that it is of benefit to the bank. As we do this, we are working with our friends and partners. “We are diversifying our earnings away from volatile markets as well and we are orchestrating our operations from the global payments gateway and ensuring that using Access Bank UK, providing corresponding services from digital platforms, the overall profitability of our franchise,” the bank CEO explained. Today, Wigwe understands that without embracing change and having foresights, banks would not be able to compete and would be left behind by their peers. This, would definitely impact customer satisfaction, operational efficiency, and revenue growth negatively. This is why he has continuously ensured that Access Bank under his watch is presently one of

Africa’s leading financial services groups. He has shown a relentless pursuit for growth, but in a measured and calculated manner. “We believe that we are best positioned to basically do all of that. Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent. We are focusing on the key markets. “The approach would always be that in the country we wish to go to, that we have the right skills. We would not just be a drop in the country in which we are present, we would make sure that we have an impactful presence in each of the major countries in which we are present. “In doing this, we are also mindful of the country we are going to so as to make sure that it is of benefit to the bank. As we do this, we are working with our friends and partners. “We are diversifying our earnings away from volatile markets as well and we are orchestrating our operations from the global payments gateway and ensuring that using Access Bank UK, providing corresponding services from digital platforms, the overall profitability of our franchise,” he explained. Having identified the immense opportunity in playing at the global stage, the bank felt the next thing to do is to transit to a more formidable structure, which recently got the approval of its shareholders. The HoldCo includes Access Bank Group, Payments Business, Consumer Lending and Agency Banking and an Insurance Brokerage. Chairman of the bank, Dr. Ajoritsedere Awosika, said the board considered the restructuring to be the most appropriate to create strategic flexibility and diversification of the group’s revenues. Awosika pointed out that the restructuring would result in shareholders holding shares in the Holdco in the same proportion as their current holdings in the bank and the bank’s shares being held wholly by the Holdco. On the justification for the restructuring, Awosika said the transition to a financial holding company was in line with considerations such as regulatory compliance, facilitation of growth and expansion in banking across Africa, diversification into permissible financial services and risk management. Awosika explained that the structure would unburden the bank from oversight functions and responsibilities of managing the subsidiaries. Clearly, going forward, innovation will play a major role in defining the future of the bank and its leadership is positioning the bank for that auspicious moment.

T H I S D AY ˾ MONDAY, MARCH 7, 2022

BUSINESS SPECIAL

ANALYSIS

How Businesses Can Drive Discovery, Growth – Role of Creators

Elizma Nolte

that their voice and their opinion is authentic to them—it’s not a copy of something else. Businesses can work with creators in this way across the purchase funnel. Creator effectiveness isn’t limited to just one moment in the purchase funnel. When used alongside other marketing methods, creators can help to build brand awareness, favorability, inspire purchase intent, and drive conversions.

he way people around the world discover products is changing. Successful businesses are keeping up with these changes to help their products find people in more places. Thanks to advancements in technology, people are experiencing moments of global discovery online through their mobiles without the need to travel. People are discovering more goods of better quality, and businesses have access to larger addressable markets, can achieve economies of scale across the value chain, and can diversify their risks. These wide-ranging benefits are part of the reason cross-border business keeps growing. In fact, the world could see cross-border transactions grow from $29 trillion in 2019 to around $39 trillion by 2022. Today, many people don’t just come to social media to shop, they come to be entertained and inspired. They’re on a journey of discovery. When people are on that journey they discover new brands and products out of the blue and creators—as trusted and influential members of our communities—have a role to play, acting as guides on this journey. Creators aren’t just popular social media personalities with multitudes of loyal fans using their influence to promote a product or a service. They are entrepreneurs themselves who have built loyalty from their niche. Creators are people who build, produce or create a good, service or content. They produce everything from long- and short-form videos to newsletters, viral dance moves and sponsored posts on Facebook and Instagram. These are some of the most popular people on the internet; they’re not only plugged into social trends, they’re setting the social trends, and are known to facilitate important discussions on social media. The value of the creator economy has also increased from $1.7bn per year to $9.7 billionn— in just five years globally. This fact alone is reason enough to explore why creators are important and understand how businesses can work with them. But why are people drawn to creators in the first place?

THE ALLURE OF CREATORS

The biggest misconception is that people are attracted to a creator’s fame when it’s actually their creative originality that is key. From dancers to make-up artists, creators have a unique personality or craft that entertains and inspires us, and—most importantly—it offers us an original perspective.

HOW DO YOU FIND A CREATOR?

BUT WHY IS THIS USEFUL FOR BUSINESSES?

In Nigeria alone, the e-commerce market is estimated at $13 billion, with a whopping 89 per cent of internet users being potential shoppers. In fact, analysts put 65 per cent out of the 89 per cent as already existing customers and the remaining 24 per cent as those who are most likely to do so in the future. This space is primarily driven by creators because people trust them. In another survey of the Ghanaian business landscape, 80 per cent of those surveyed that use the Facebook apps report that Instagram was a beneficial platform for raising finances for the business. This is again driven by the vibrant role of creators in the ecosystem.

BUSINESSES AND CREATORS CAN WORK TOGETHER

So we understand why people interact with creators, but how can business authentically tap into this as a useful tool for marketing? The key to this is storytelling. Content, created by a brand or otherwise, needs to earn its place in a social media feed. It needs to be arresting, engaging and entertaining. For steady discovery and growth, businesses need to find creators that will effectively harness the power of storytelling for

their brand. Most people would try, purchase or recommend a brand when the content is ‘inspiring’. It’s not enough to rely on a creator’s fame, established trust, or highly engaged audience. It’s about how the creator delivers information. This creative content is crucial to brand success. In a recent study of over 160 creator-driven product sales campaigns, we found a correlation between ads in which the creator used some form of ‘demotainment’ to tell the product story in an entertaining way to convert customers. When businesses work with creators on a piece of paid content, it has a different job to do than organic content. Paid social content can be shared with spend behind it to help it reach a much wider audience beyond the creator’s own network. Because this content is reaching new people, creativity is as important as the creator delivering it. Which is why it’s necessary to focus on the creator’s craft—a great post is 67% more predictive of positive brand sentiment than a likeable creator. This has a knock-on effect on how businesses work with creators—they need to make space for creators to do what they do well. If a brand tries to make them an extension of their brand campaign, the collaboration will lose its superpower: authenticity. A creator’s power lies in the fact

Creator marketing is a mix of art and science—but mostly art. So there’s no easy formula for finding the right creator, but there are a few different ways to think about finding the right fit for your business that work across three main categories. ‘Category fit’ is the most common. For example, if you’re a beauty brand, you might want to partner with a beauty creator, or if you’re a gaming brand, you’ll partner with a gaming creator. This kind of partnership works well for products that benefit from the subject matter expertise that creators can provide, as they can show how a product works or talk about it in-depth in order to make a sale. If you’re happy to experiment a little further from home, think about a ‘lifestyle fit’, starting with your product and the kind of people who might use it. For instance, if you’re a photoprinting service, a creator with expertise in the interior design space could be the ticket. This level of association will still make it relevant to an audience that’s interested in your brand. Finally, there’s the ‘craft fit’. This approach often creates the most unexpected and rewarding creative. Imagine being a beer brand collaborating with a graffiti artist, or a footwear brand partnering with drag queens. Craft-driven collaborations have the ability to move your brand in new directions, which is why they’re often great at building a brand personality—even while driving sales. The world of creators is ever expanding. In fact, it is predicted to grow by another $4.1billion this year alone. Be part of this engaging and creative movement and explore the new frontiers of influence. Now is the time to find creators that will shake up your brand and help new audiences discover your products. t /PMUF JT UIF 3FHJPOBM .BSLFUJOH .BOBHFS 44" BU .FUB

How Africa Capital Alliance is Championing Green Office Spaces, Residences in Nigeria Terhemen Mark Chieshe

ustainability is fast becoming an important design and construction feature of prime office buildings. Green office buildings drive better business outcomes, maximise asset value, and ensure occupant satisfaction while reducing environmental impact. Cities from the United States to China and Africa are witnessing a green evolution of the office marketplace as sustainable building practices become mainstream and demand grows. This evolution of the office market reflects two trends. First is the increasing threat of climate change and the need for heavy carbon-emitting sectors—such as construction, which accounts for over 40 per cent of greenhouse gas emissions—to decarbonise faster. Increasing temperatures, changing rainfall patterns, storms, droughts, and sea-level rise underscore the urgency for action. For the built environment, green building practices provide a sustainable and profitable climate mitigation solution. They ensure efficient energy and water usage, lowering the carbon footprint and operational costs. Second is the multi-trillion-dollar business opportunity that green buildings present to investors and developers. An IFC analysis estimates this to be worth $24.7 trillion in emerging markets by 2030. As a component of the real estate market, office buildings are at the center of this industry transformation. Financial services, multinational corporations, tech firms, and businesses that lease premium office spaces in cities worldwide are becoming increasingly concerned about the dangers of climate [TS1] change and knowledgeable about the benefits of eco-friendly office spaces. They demand buildings that attract and retain the best tenants, foster collaboration and innovation, and increase employee productivity and well-being. At the same time, they want to reduce operating costs, energy use, and environmental impact. The convergence of these factors is accelerating the demand for high-performance office buildings and establishing them as the future standard of the modern work environment.

Africa Capital Alliance – Driving Sustainability in the Lagos Office Market Place One of the leading drivers of sustainable office buildings in Nigeria is Africa Capital Alliance (ACA), a pan African equity firm with a proven track record of identifying profitable investment opportunities. “Sustainability aligns with our vision and corporate brand. It is key to the future of our business. Beyond moral and ethical considerations, as a forward-looking investment firm, we believe that there are tangible economic reasons why sustainable office buildings are a good investment for the future,” the Chairman/ Co-Founder, African Capital Alliance, Okechukwu Enelamah said. Africa Capital Alliance understands global trends in the real estate industry, changing consumer preferences, and has focused its business strategy on sustainability. The firm also recognises the massive investment opportunity that climate-smart, high-performance green office spaces present for its future as well as the potential value for its shareholders. [TS2] ACA has leveraged its experience and network within the financial community to form strategic partnerships with reputable developers that are helping it to innovate and deliver premium and resource-efficient office buildings in Lagos, Nigeria’s biggest city. Like other reputable developers, ACA is leveraging EDGE, a global green building certification system currently available worldwide, to build green. An innovation of the International Finance Corporation (IFC), a member of the World Bank Group, EDGE (Excellence in Design for Greater Efficiencies), helps developers champion eco-friendly change in different building sectors. ACA is creating a distinctive brand in the market through its commitment to using EDGE Certification system for its projects. One of ACA’s signature green office projects is Alliance Place. ACA delivered the modern ecofriendly office in Ikoyi, a high-profile commercial and residential district in Lagos, in partnership with Samges Investment Limited. Alliance Place features

a light and airy ground floor reception area and over [SMS3] seven floors of flexible office space. It uses resource-efficient design features and technologies to reduce its environmental impact and lower operating costs. This includes a reduced window to wall ratio, higher thermal performance glass, variable refrigerant flow (VRF) system, and energy-saving lighting. It also uses low-flow faucets and water-efficient water closets and urinals in all bathrooms to boost efficiency in water use. Other features include in-situ reinforced concrete slab for the floor, steel sheets on steel rafters for the roof, solid, dense concrete blocks for internal and external walls, and plasterboards on metals studs for interior walls, while aluminum profile cladding was used for exterior walls. Alliance Place has received the final EDGE certification from Sintali-SGS, achieving 23 per cent energy savings, 32 per cent water savings, and 22 per cent less embodied energy in materials. This means lower utility costs for tenants. As a result of its sustainability features, Alliance Place has attracted international tenants sensitive to the impact of buildings on the environment and values the benefits that sustainable office buildings have on staff productivity and utility payments. They include IFC, Mastercard, and Selectium (Hewlett Parkard Enterprise). Alliance Place tenants enjoy multiple benefits, including well-ventilated spaces that enhance staff productivity and over 27.5 per cent reduction in monthly utility costs compared to conventional office spaces. For ACA, the return on investment has been encouraging. Despite premium prices for the spaces, tenants see good value and are seeking space expansions. ACA is convinced that it made the right choice by choosing to build green. ACA has also partnered with Cornerstone Insurance to build Cornerstone Tower, a premium resource-efficient office accommodation in Victoria Island, Lagos. An architectural masterpiece with respect for the environment at its design core, the EDGE certified building incorporates a range of climate-smart solutions that guarantee comfortable

spaces for occupants, a sense of prestige, and lower utility operations and maintenance costs. By optimising the building design using EDGE software, the developer achieved 31% energy savings by reducing window-to-wall ratio, insulated roof, higher thermal performance glass, lighting controls for corridors, staircases, and occupancy sensors. The building also uses 53% less water due to fixtures such as low-flow faucets, dual-flush water closets, and water-efficient urinals. This saves both the building owner and the tenants money. In the residential segment, ACA has teamed up with Elalan Group, a construction and civil engineering firm, to develop Blue Waters. Located in Lekki Phase 1, an affluent area on the south of east of Lagos city, Blue Water is an imposing architectural masterpiece that dots the Lagos skyline. The first phase of the project, named Sapphire, is a 17-story 124-unit residential tower. The modern building has thermal performance glass, energy-efficient lighting, and cooling systems to reduce energy use by 27 per cent low-flow faucets, and dual-flush water closets that minimize water use by 28 per cen. For occupants, this means lower utility costs while owners have the room to charge premium rates. The project has received a preliminary EDGE certificate. It is clear that institutional investors are shifting finance towards sustainable building projects in response to climate concerns, pressure from governments and regulators. For investors and developers in the Nigerian office market space, these developments represent a chance to innovate, diversify their portfolios, and take the lead in accelerating positive change while strengthening their brand in sustainable leadership like Africa Capital Alliance is doing. ACA’s decision to put sustainability at the heart of its business is ethically right. It also makes sound business sense. It is time for other big players in Nigeria’s real estate industry to take a cue from ACA and join the green movement for a better planet and profitable business. t $IJFTIF JT B IPVTJOH QPMJDZ BOBMZTU CBTFE JO "CVKB

T H I S D AY ˾ ˜ ͵˜ 2022

BUSINESS/MONEYGUIDE

Wema Bank: How POS Channel Boosts Financial Inclusion The creation of the agent banking system by the Central Bank of Nigeria (CBN) and the subsequent roll-out and deployment of the point of sale (POS) terminals by banks and other operators of mobile money have been described as a policy masterstroke in boosting and expanding financial inclusion drive in the country. This is the view of two senior officers of Wema Bank Plc, Damola Bolodeoku, Head, E-Business, and Adekunle Alarapon, Head Retail Segments, respectively. Both men spoke on an NTA Network programme, “Weekend

Deal” which x-rayed the benefits and challenges of PoS since its inception. Specifically, Bolodeoku said the PoS business has witnessed 86% growth in the last two years and has helped to bring a large segment of Nigeria’s informal and unbanked population into the formal financial system. According to him, financial service delivery has become easier, especially in the rural areas where physical banks are not present, through the massive deployment of POS terminals. On dispute resolution protocols arising from dispense error and fraud, Bolodeoku advised POS

customers to lodge complaints with their banks immediately for proper investigation to be conducted and the disputes resolved. On the monitoring and supervisory framework developed by banks to monitor the operations of POS, Bolodeoku explained that direct bank agents appointed by the banks are monitored through due diligence and Know-YourCustomer exercise. In his contributions, Alarapon disclosed the CBN is pushing financial inclusion through agent banking to integrate about #2.6 trillion in the informal and unbanked sector.

TrustBanc Pays N4.2bn Commercial Paper Proceeds on Maturity TrustBanc Holdings Limited (TrustBanc), the parent company of three regulated financial services companies, has successfully redeemed its series 3 Commercial Paper (CP) issue for a total amount of N4.2 billion on the 2nd of March 2022. The 180-day CP was issued at a discount of 12.6573 per cent, subscriptions to the issue were made by institutional investors, with a significant proportion by asset and fund managers. The bank in a statement said, “We confirm that the maturity proceeds of Commercial Paper (CP) bearing NGTRUCP22S34

on FMDQ has been duly paid to all the holders of the Series on the maturity date, March 2,2022.” Earlier in the year, TrustBanc announced the successful maturity and redemption of its debut Series 1 and 2Commercial Papers, bringing the total redemption under its N10billion Issuance Programme to N6.1 billion. “Once again, we are pleased to repay your trust and redeem our series 3 issue at its maturity. I would like to thank all the holders of this commercial paper issue. Their trust represents a strong mark of confidence in TrustBanc, its financial performance, its business model and growth strategy.

In addition, our Group is proud to contribute to the growth of the Commercial Paper market through the FMDQ, “said Chief Executive Officer of TrustBanc Holdings Limited, Mr. Abu Jimoh, CFA. UCML Capital Limited, United Capital Plc and Emerging Africa Group, acted as dealers on the series. Speaking on behalf of the dealers, Director at UCML Capital Limited, Mr. Egie Akpata, said the company’s ability to pay at maturity further confirms to subscribers and the market at large that TrustBanc Holdings Limited is a trustworthy counter-party.

FCMB Appoint Odeghe Executive Director First City Monument Bank (FCMB) has announced the appointment of Obaro Odeghe as Executive Director, Wholesale Banking. The bank in a statement said the appointment follows the approval of the Central Bank of Nigeria (CBN). “In this role, Obaro will focus on deepening FCMB’s Wholesale Banking franchise in Nigeria by further expanding the coverage of bulk currency exchange,

large fund management, trade transactions, working capital financing, and bank-to-bank lending for large corporations, other financial institutions, and government agencies, among others. “A seasoned financial services executive with over 25 years of experience, Obaro’s track record of exceptional performance cuts across Trade Finance and Operations, Corporate, Commercial, SME, Consumer, and Institutional

Banking. Obaro Odeghe holds a Bachelor of Agriculture degree from the University of Benin and a Master’s degree in Business Administration from the same University. He has attended several domestic and international executive training programmes at leading business schools, including Kellogg School of Management, Harvard Business School, Stanford Graduate School of Business, and the London Business School.”

GAGE Awards Announces Panel of Judges, Close of Nominations Months of deliberation has secured a superb lineup of Nigeria’s industry key figures, a fitting panel to consider, discuss and decide the 2022 GAGE Awards winners. The annual awards program, taking place in June, will witness new judges, reviewing nominations from 24 categories. This year’s GAGE Awards, which has the theme “Co-Create 2022”, will have a 2-day Tech Exhibition slated to take place at the Landmark Event Centre in Victoria Island, Lagos on the 9th and 10th of June and on the 3rd day, the event will celebrate innovations with the 3rd edition of the annual GAGE Awards,

schedule for the 11th of June, 2022. According to the organisers, the highly eminent roster of the Panel of Judges comprises the following personalities: Chizor Malize : Managing Director/ Chief Executive Officer - Financial Institutions Training Centre (FITC), Colette Otusheso: Head, Access Bank AccelerateTV, Dr. Adebola Akindele: Group Managing Director, Courteville Business Solutions Plc, Jason Cumming: Director of Africa, M&C Saatchi Worldwide, Uzoma Dozie: CEO/ Founder Sparkle Rolake Rosiji: CEO Jobberman, Pat Utomi: Founder/ CEO at Centre for Values in Leadership (CVL), Steve Omojafor: Former

Chairman of Zenith Bank and STB-Mcann, Fiona Weeks: MD of PulseNG, Richard Johnson: MD of FMCG, Adenike Adebola. Dir: Marketing & Innovation, Guinness Nigeria Plc and Tunde Kehlani - Award winning Filmmaker Speaking on the 2022 awards and the brilliant lineup of the panel of judges, Johnson Anorh, the Convener of the GAGE Awards, expressed his satisfaction with the roster, placing emphasis on the diversity of the judges. “This year we want to make sure we attach a measure of cross-platform expertise within the scoring process, ensuring there is sufficient representation for each category, ” he said.

Keyla Technologies Provides Free Websites to 10,000 SME’s Keyla technologies celebrated its 1st year anniversary yesterday. The fast growing start up which provides first class information technology solutions such as website & mobile application development, AI Solutions and IT consultations to small and medium scale business marked the occasion with a celebration which took place at its head office in Lekki Lagos. Founded in 2021 by partners Alexander Okun Oziegbe (CEO

Keyla Technologies), Anthony Ihiere Enakhifo (COO), the company offers businesses the opportunity to get digital assets by providing a flexible payment structure where businesses can pay monthly for their tech solutions, like; website, mobile apps. To mark the momentous occasion Keyla announced it would be offering free e-commerce websites to 10,000 SME businesses throughout 2022 which can be accessed here in partnership with

Terminal Africa. Speaking at the occasion Keyla Technologies COO and Co Founder Anthony Enakhifo remarked that it was befitting that Keyla was giving back to the start up community to mark its one year anniversary. Also in attendance was Walter Isoko, Chief Growth Officer at Terminal Africa. ‘This partnership is just the latest move to demonstrate that Keyla is serious about empowering growing businesses in Nigeria and beyond.

From left: Head, Policy, Strategy & Risk Management, Debt Management Oﬃce (DMO) Nigeria, S.K. Abubakar; Head, Strategic Programmes, Elizabeth Ekpenyong; Director, Portfolio Management, Oladele Afolabi; Director, Special Assignments, Miji Amidu; Managing Director/CEO, Financial Institutions Training Centre (FITC), Chizor Malize; Director General, Debt Management Oﬃce (DMO) Nigeria, Patience Oniha; Director, Market Development, Monday Usiade and Head, Debt Recording & Settlement, Maraizu Nwankwo at the DMO’s Organizational Design Workshop themed: ‘Building an Empowered Workshop’ facilitated by FITC in Abuja

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

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Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

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OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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

T H I S D AY ˾ ˜ ͵˜ ͰͮͰͰ

Stock Market Begins First Trading Week with N32bn Decline Kayode Tokede The stock market of the Nigerian Exchange Limited (NGX) commenced March dropping by N32billion on investors’ profittaking in large-mid capitalised stocks. The domestic market had opened the week on a strong footing, the positive momentum lost steam as investors took a breather later in the week to digest corporate earnings released

so far by listed companies. The midweek selloffs undermined the market performance as the market capitalisation dropped by N32billion to close at N25.475 trillion from N25.507trillion the stock market opened for trading, while the NGX All-Share Index settled 0.13per cent lower to close at 47,268.61 basis points from 47,328.42 basis points. Particularly, investors’ intense profit-taking activities witnessed in Lafarge Africa that depreciated

P R I C E S MAIN BOARD

F O R DEALS

by 8.8per cent to N24.00 per share, United Bank for Africa plc that declined by 5.2 per cent to close at N8.25 and Zenith Bank that dropped by 1.9 per cent to close at N26.45 drove the weekly stock market loss. Consequently, the stock market Month-till-Date (MtD) and Year-till-Date (YTD) return for the index moderated to -0.31 per cent and +10.7per cent, respectively. On sectors, the NGX Oil and Gas added 10.6 per cent to become the lone advancer while the Banking

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

QUANTITY TRADED

(-2.7per cent), NGX Consumer Goods (-1.7per cent), Industrial Goods (-0.7per cent), and Insurance (-0.2per cent) indices declined. A total turnover of 1.374 billion shares worth N23.786 billion in 28,809 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.668 billion shares valued at N19.481 billion that exchanged hands last week in 25,979 deals. The Exchange weekly report stated that the financial services

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S

Industry (measured by volume) led the activity chart with 889.542 million shares valued at N8.036 billion traded in 14,034 deals; thus contributing 64.74per cent and 33.78per cent to the total equity turnover volume and value respectively. According to the report, the Conglomerates Industry followed with 131.154 million shares worth N199.272 million in 1,259 deals last week, while the third place was The ICT Industry, with a turnover

O F

0 4

of 89.777 million shares worth N10.593 billion in 2,119 deals. “Trading in the top three equities namely FCMB Group Plc, Transnational Corporation of Nigeria Plc and Zenith Bank Plc (measured by volume) accounted for 416.676 million shares worth N2,989 billion in 3,321 deals, contributing 30.32per cent and 12.57per cent to the total equity turnover volume and value respectively,” the weekly report by NGX stated.

/ 0 3 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY ˾ MONDAY MARCH 7, 2022

CITYSTRINGS

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

The Ikpako-Ajoki Road of Promise and Development A collaborative 16.7km road project powered by Edo State Government, the Nigerian National Petroleum Company Limited, and Enageed Resources Limited, a Sahara Group Upstream Company is set to transform the fortunes of residents of Ikpako and Ajoki communities in Edo State, Nigeria, writes Adibe Emeyonu

ou could literally feel the excitement as men and women in Ajoki and Ajamimogha gathered in huddles to savour the moment that had been long awaited. They were receiving reports from residents who had witnessed the event that signaled the commencement of the Ikpako-Ajoki road. There eyes said it all. They bore a message of hope for a future that holds a new beginning. They would disperse in trickles, still chatting excitedly. It wasn’t difficult to share the joy of the moment when one considers how long the proposed construction of the road had been in the pipeline. For the beneficiaries, Thursday, February 10, 2022 – the day the road project was finally set in motion – would remain indelible in their minds. It was their road to promise and development; the bearer of goodwill for students, entrepreneurs, trade, farmers, businesses and even users from within and outside Nigeria. It would connect people with opportunities, every journey eliciting the ultimate experience that encourages unity, progress, peace, and prosperity. Situated in Ovia North East and Ikpoba-Okha Local Government Areas of the state, the road project cuts across several oil bearing and agrarian communities of Obatan, Evbuorokho, Ajoki, Abala, Kolokolo and Ajamokha, in Ovia North East and Ikpoba-Okha local government areas. Smart Kekene, a retired Police officer and Trust President Ajoki Community believes that the road project will promote safer mobility of Ajoki indigenes and reduce the number of water-related accidents in the community. This opinion was shared by the Trust President, Ajamogha community, Bawo Otokpere, who also expressed delight that the road would improve access to health care facilities for the women and children of the community. In the same vein, a community driver and Women leader in Ajoki, Happy Biakpa and Esther Kona respectively, said the road, when completed will reduce the wear and tear and improve the longevity of vehicles that ply the area as well as cost of living. According to Jospeh Omasa, Community Youth Vice Chairman and a farmer in Ajoki Community, the road holds a huge promise for youth empowerment and entrepreneurship – a development that will address restiveness among young people in the community. Josiah Fifen- Community Elder, Ajoki Community is delighted that the road will make it easier for older people like himself to visit their children in neighbouring cities as against the use of boat which could be a lot more stressful and dangerous for people his age. Talk about connect people and cementing fond memories. Isaac Ajatiton and Abal Mene, both entrepreneurs are excited about the project. They cannot wait for the completion and the boost it would give their business. Otsof Popo – Entrepreneur and Youth Chairman Ajamimogha Community equally believes that the road will create job opportunities for the youth who want to engage in road transportation business just as Robinson Otikpere, Secretary Ajamimogha Community said the road will particularly benefit young people who want to reside in the community and work in neighbouring cities. Of course, market economics had to be considered in the development. Madam Christy Boyo – Market woman and Woman Leader Ajamimogha Community was delighted at the prospects of reduced agricultural losses as the road would ensure quick and easy transportation of their farm produce to the market. One of the highlights of the flag-off ceremony was the assurance by the parties involved that the project will be handled by a first-rate constructing firm, while a consulting firm will provide an additional layer of quality control to cover all the phases of the construction and extend to post construction. No compromises. Speaking at the flag-off ceremony, the NNPC Group Managing Director, Mele Kyari noted that

Cross section of Ajoki community leaders and residents

Cultural troupe in Ajoki Community the objective behind the road construction was to enhance national development, adding that the NNPC would continue to support development across the nation. Executive Director, Sahara Group, Temitope Shonubi said: “Today we are celebrating the dawn of new opportunities and it is important to also note that the road is not to promote accessibility only, but to join communities together and bring development to them in a sustainable manner.” Sahara Group’s upstream subsidiary, Enageed Resource Limited is the arm of the energy conglomerate that is providing resources for the project in addition to the NNPC and Edo State Government. Shonubi disclosed that Sahara has in a bid to boost power supply in Ajoki, launched the Rural Electrification project, an innovative initiative that is focused on supplying electricity to the community through the conversion of flared gas from the flow station into power using a gas-powered generator.

He said in addition to a reduction in the amount of gas flared in the environment, a new source of clean energy will be provided, directly powering tens of thousands of beneficiaries, including businesses, hospitals, schools, and households in those communities “Sahara Group continues to leverage its robust stakeholder relations and collaboration to positively impact communities where we operate and help create ecosystems that supports shared prosperity through sustainable interventions,” he said. Flagging-off of the road project, Edo State Governor, Mr. Godwin Obaseki, said the road project would open the areas to economic development activities. He noted, “We are making history not just because we are constructing another road; we have constructed so many roads in Edo State, but this road is special. Before now, we used to suffer the embarrassment of accessing Edo communities from Delta State.

"We are celebrating the dawn of new opportunities and it is important to also note that the road is not to promote accessibility only, but to join communities together and bring development to them in a sustainable manner"

“With this road, we can now access all the Edo communities in this region. This road is going to be an economic road because it is connecting oil-producing communities. Not just the communities but the activities that these companies bring. We are likely to see a road that will now begin to bring in more than just agricultural produce. It will also boost oil and gas production. This road is unique in terms of the way we conceived it and it gives us hope.” This is a development that showcases the importance of public private partnerships in fostering economic development. It signposts a new beginning for Ikpako-Ajoki communities and stands out as a model the nation needs to see playing out across the nation. Perhaps a good place to end would the comment by Mr. Shonubi about roads being comparable to arteries in the human body. He said: “Like the all-important arteries in the human body, the Ikpako-Ajoki road is set to open a mine of opportunities that will connect almost one million residents in the region to new horizons and shared prosperity. In line with our commitment to bringing energy to life responsibly, Sahara Group is eagerly awaiting the huge volumes of trade, commerce and accompanying sustainable value generation the road will bring to the communities, Edo state, and the nation,” he said. While economic development and prosperity beckons, the promoters of the project need to ensure the sustainability of the road with adequate provision for maintenance that also involves community participation.

MONDAY MARCH 7, 2022 • T H I S D AY

T H I S D AY • MONDAY, MARCH 7, 2022

Monday, March 7, 2022 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ dŚĞ ĞĂƌƐ ZĞŐĂŝŶ ŽŵŝŶĂŶĐĞ͘͘͘ ^/ ƐŚĞĚƐ Ϭ͘ϭй ǁͬǁ

THISDAY AFRINVEST 40 INDEX

The local bourse ended last week in the red, ĐŽŶƚƌĂƌǇ ƚŽ ŽƵƌ ĞǆƉĞĐƚĂƟŽŶ ŽĨ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶŶŽƵŶĐĞŵĞŶƚƐ

ĂƐ

ĞĂƌŶŝŶŐƐ

ĂŶĚ

ĚŝǀŝĚĞŶĚ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Current Price

Ticker

ĨĂŝůĞĚ ƚŽ ďƵŽǇ ƐĞŶƟŵĞŶƚ͘

ŽŶƐĞƋƵĞŶƚůǇ͕ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞǆ ĨĞůů ŽŶ ϯ ŽƵƚ ŽĨ ϱ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ ƚŽ ƐĞƩůĞ Ăƚ ϰϳ͕Ϯϲϴ͘ϲϭ ƉŽŝŶƚƐ ;ĚŽǁŶ Ϭ͘ϭй ǁͬǁͿ͘ ^ŝŵŝůĂƌůǇ͕ zd ƌĞƚƵƌŶ ǁĞĂŬĞŶĞĚ

THISDAY AFRINVEST 40 1 Airtel Africa PLC 2 MTN Nigeria Communications PLC

Price Previous Price Current Change Price Change Weighting Index to Change YTD Date

2021.56

-0.10%

ROE

9.0% 102.2%

15.0%

ROA

P/E

3.5%

5.3x

Divindend Earnings Yield Yield

P/BV

0.8x

1,260.00

0.0%

203.50

-0.2%

8.0%

3.3%

134.7%

14.1%

13.9x

21.4x

70.75

0.0%

6.8%

5.5%

19.1%

11.2%

34.0x

6.4x

26.00

-1.3%

6.2%

0.0%

24.8%

3.9%

3.9x

3 BUA Cement Plc 4 Guaranty Trust Holding Co PLC

38.2%

31.9%

5.8%

31.9%

17.2%

1.5% 5.1%

7.2%

1.0x

11.5%

25.4% 29.4%

2.9%

ƚŽ ϭϬ͘ϳй ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ĚĞĐůŝŶĞĚ

5 Zenith Bank PLC 6 Dangote Cement PLC 7 Nestle Nigeria PLC 8 FBN Holdings Plc 9 Lafarge Africa PLC

11.25

1.8%

േϯϮ͘ϮďŶ ǁͬǁ ƚŽ േϮϱ͘ϱƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚǇ ǁĂƐ

3.2%

-1.3%

8.4%

0.8%

6.6x

0.5x

4.0%

15.1%

24.00

0.0%

3.1%

0.2%

11.6%

8.4%

9.0x

1.0x

8.4%

11.1%

10.15

0.0%

ŵŝǆĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ƚƌĂĚĞĚ ĨĞůů ϭϴ͘ϯй ƚŽ

10 Access Bank PLC 11 United Bank for Africa PLC

2.8%

9.1%

17.0%

1.4%

2.8x

0.5x

8.4%

35.1%

8.25

-1.2%

2.1%

2.5%

19.5%

1.8%

2.1x

0.4x

6.6%

48.2%

ϮϳϮ͘ϰŵ ƵŶŝƚƐ ǁŚŝůĞ ǀĂůƵĞ ƚƌĂĚĞĚ ƌŽƐĞ Ϯϭ͘ϳй ǁͬǁ to േϰ͘ϳďŶ͘

^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ ƵŶĚĞƌ ŽƵƌ ƉƵƌǀŝĞǁ ǁĂƐ

12 Stanbic IBTC Holdings PLC 13 Nigerian Brew eries PLC 14 SEPLAT Energy PLC

ĐůŽƐŝŶŐ ƉŽƐŝƟǀĞ͘ dŚĞ ĂŶŬŝŶŐ ĂŶĚ ŽŶƐƵŵĞƌ

22 FCMB Group Plc 23 United Capital PLC

'ŽŽĚƐ ŝŶĚŝĐĞƐ ůŽƐƚ ƚŚĞ ŵŽƐƚ͕ ĚŽǁŶ Ϯ͘ϱй ĂŶĚ ϭ͘ϳй

24 Guinness Nigeria PLC 25 Transnational Corp of Nigeria

s/d &K D ;-ϵ͘ϮйͿ͘ dƌĂŝůŝŶŐ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ ĚŝƉƉĞĚ Ϭ͘ϳй ĂŶĚ Ϭ͘Ϯй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ĚĞĐůŝŶĞ ŝŶ t W K ;-

5.2%

20.4%

2.7%

3.4x

0.6x

11.7%

4.4%

6.4%

40.4%

16.7%

13.6x

5.3x

7.3%

7.4%

1,435.00

0.0%

3.1%

-7.8%

106.8%

15.6%

27.8x

32.8x

3.6%

35.00

0.0%

1.5%

-2.8%

15.1%

2.1%

7.9x

1.2x

11.7%

12.7%

48.00

0.0%

1.4%

-4.0%

7.6%

2.7%

30.1x

2.2x

3.3%

1,034.00

0.0%

2.4%

59.1%

3.4%

1.9%

10.3x

0.9x

4.1%

10.85

-1.4%

1.6%

24.7%

26 NEM Insurance PLC 27 Presco PLC 28 NASCON Allied Industries PLC 29 AIICO Insurance PLC 30 TotalEnergies Marketing Nigeri 31 Custodian and Allied Insurance 32 Vitafoam Nigeria PLC 33 Unilever Nigeria PLC 34 Julius Berger Nigeria PLC

ϴ͘ϳйͿ ĂŶĚ D E^ Z ;-ϭ͘ϳйͿ͘ DĞĂŶǁŚŝůĞ͕ ƚŚĞ Kŝů

35 Union Bank of Nigeria PLC 36 Oando PLC 37 Wema Bank PLC

Θ 'ĂƐ ĂŶĚ &Z-/ d ŝŶĚŝĐĞƐ ƐƵƐƚĂŝŶĞĚ ƉƌĞǀŝŽƵƐ

38 Sterling Bank PLC 39 Notore Chemical Industries Ltd

week͛Ɛ ŐĂŝŶ͕ ƵƉ Ϯ͘ϯй ĂŶĚ Ϭ͘Ϯй ǁͬǁ ĚƵĞ ƚŽ ďƵǇŝŶŐ

5.9%

0.0%

17 Okomu Oil Palm PLC 18 Flour Mills of Nigeria PLC

ĚĞƉƌĞƐƐĞĚ ůĂƐƚ ǁĞĞŬ ǁŝƚŚ ŽŶůǇ Ϯ ŽĨ ƚŚĞ ϲ ŝŶĚŝĐĞƐ

(-ϭ͘ϵйͿ͕ h ;-ϱ͘ϮйͿ͕ /Ed Z t ;-ϵ͘ϭйͿ ĂŶĚ

-0.9%

15 Ecobank Transnational Inc 16 International Brew eries PLC

19 Fidelity Bank PLC 20 AXA Mansard Insurance PLC 21 Dangote Sugar Refinery PLC

ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ůŽƐƐĞƐ ŝŶ E/d,

26.45 273.50

40 Transcorp Hotels Plc

T ic k er

5.00

3.1%

1.1%

1.0%

-10.3%

-3.9%

0.0%

1.0%

-4.9%

36.5%

23.3%

9.2x

3.0x

32.00

0.0%

1.1%

12.9%

15.9%

4.5%

4.9x

0.7x

5.2%

20.4%

0.9x

-11.4% 10.9%

2.91

1.4%

0.7%

14.1%

13.3%

1.3%

2.2x

0.3x

7.6%

45.2%

2.36

0.0%

0.6%

1.7%

9.3%

3.0%

7.3x

0.7x

9.3%

13.8%

15.70

0.0%

0.4%

-9.8%

15.3%

6.3%

10.3x

1.5x

6.4%

9.7%

3.41

3.3%

0.5%

14.0%

10.3%

1.1%

0.3x

4.4%

13.90

5.3%

0.5%

40.4%

3.1x

11.1%

65.00

0.0%

0.6%

66.7%

13.3%

6.0%

13.7x

1.7x

0.7%

7.3%

1.08

0.9%

0.3%

12.5%

11.1%

2.3%

5.7x

0.6x

0.9%

17.5%

35.6%

18.5%

6.2x

1.0x

4.6%

16.2%

2.2x

1.0% 3.1%

3.95

0.0%

0.3%

-12.2%

104.50

2.0%

0.3%

19.0%

13.20

0.0%

0.3%

0.0%

21.3%

6.9%

12.4x

2.5x

0.70

0.0%

0.2%

0.0%

7.2%

1.1%

388.9x

0.7x

264.90

0.0%

0.3%

19.4%

48.0%

9.5%

5.4x

2.2x

1.6%

18.6%

7.20

0.0%

0.2%

-8.9%

19.5%

5.5%

4.2x

0.8x

7.7%

23.6%

21.30

0.0%

0.2%

-5.3%

38.7%

16.0%

5.5x

2.0x

7.0%

18.3%

14.20

-2.1%

0.2%

-2.1%

7.8%

4.9%

31.5x

1.2x

26.50

0.0%

0.2%

18.6%

18.9%

2.4%

4.0x

0.8x

1.5%

25.0%

4.0%

6.25

0.0%

0.1%

5.9%

7.1%

0.8%

7.0x

0.7x

4.90

2.1%

0.0%

10.9%

14.5%

2.6%

2.1x

0.3x

3.2%

0.93

-2.1%

0.1%

29.2%

14.1%

0.8%

4.0x

0.5x

4.3%

24.7%

1.52

-1.9%

0.1%

0.7%

9.4%

0.9%

2.0x

0.3x

3.3%

50.4%

62.50

0.0%

0.1%

0.0%

-28.3%

-6.1%

5.38

0.0%

P ric e

2.4x 0.9x

-13.8% 13.2%

T o p 10 T r a d e s b y V o lu m e P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

0.86

8.9%

FCM B

25.0

3.3%

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ǁĂŶĞĚ ůĂƐƚ ǁĞĞŬ ĂƐ ŵĂƌŬĞƚ

0.42

7.7%

Z EN IT H B A N K

13.0

-0.9%

LIN KA SSUR E

0.58

7.4%

FB NH

12.8

1.8%

breadth pared to -Ϭ͘ϯǆ ĨƌŽŵ Ϭ͘ϯǆ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ

C H IP LC

0.59

5.4%

UC A P

10.2

5.3%

UC A P

13.90

5.3%

C OUR T VILLE

9.7

0.0%

M ULT IVER SE

0.24

4.3%

GT C O

8.8

-1.3%

SOVR EN IN S

0.24

4.3%

A C C ESS

7.9

0.0%

J A IZ B A N K

0.77

4.1%

WEM A B A N K

7.6

-2.1%

FCM B

3.41

3.3%

SOVR EN IN S

5.8

4.3%

IN T B R EW

5.00

3.1%

UP D C

5.8

-1.1%

ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ŵĂƌŬĞƚ͕ ǁĞ ĞǆƉĞĐƚ ƚŚĞ ǁĞĂŬ ƉĞƌĨŽƌŵĂŶĐĞ ƚŽ ƉĞƌƐŝƐƚ ƚŚŝƐ ǁĞĞŬ͘

T o p 10 T r a d e s b y V a lu e

T o p 10 L o s e r s P ric e

P ric e C hg %

T ic k er

Value

R OYA LEX

1.35

-9.4%

Z EN IT H B A N K

345.0

-0.9%

M C N IC H OLS

0.70

-9.1%

M TNN

291.9

-0.2%

LA SA C O

1.03

-8.8%

GT C O

229.4

-1.3%

N IGER IN S

0.23

-8.0%

FB NH

142.1

1.8%

CHA M S

0.21

-4.5%

UC A P

140.1

5.3%

M B EN EF IT

0.25

-3.8%

F LOUR M ILL

96.6

0.0%

UA C N

9.30

-3.1%

N GXGR OUP

85.2

0.0%

T ic k er

14.2% 47.4%

R EGA LIN S

ŇĂƚ͘ /Ŷ ƚŚĞ ĂďƐĞŶĐĞ ŽĨ ƉŽƐŝƟǀĞ ĐĂƚĂůǇƐƚƐ ƚŽ ůŝŌ

8.1% 0.3%

J OH N H OLT

ǁĞĞŬ ĂƐ ϮϮ ƐƚŽĐŬƐ ŐĂŝŶĞĚ͕ ϰϳ ůŽƐƚ ǁŚŝůĞ ϴϯ ĐůŽƐĞĚ

9.7% 40.0%

135.00

T o p 10 G a i n e r s

ŝŶƚĞƌĞƐƚ ŝŶ ^ W> d ;нϮϬ͘ϮйͿ ĂŶĚ DdEE ;нϭ͘ϮйͿ͘

2.5x

P ric e C hg %

WEM A B A N K

0.93

-2.1%

FCM B

84.5

3.3%

UN ILEVER

14.20

-2.1%

P R ESC O

82.5

2.0%

UN IT YB N K

0.49

-2.0%

A C C ESS

80.8

0.0%

MONDAY, MARCH 7, 2022 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 03Mar-2022, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 6.27% AIICO Balanced Fund 3.66 3.82 4.69% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 7.98% Anchoria Equity Fund 144.45 146.20 3.62% Anchoria Fixed Income Fund 1.21 1.21 7.01% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 21.12 21.75 4.11% ARM Discovery Balanced Fund 476.95 491.33 5.72% ARM Ethical Fund 39.58 40.78 1.61% ARM Eurobond Fund ($) 1.06 1.07 -1.65% ARM Fixed Income Fund 1.02 1.03 1.14% ARM Money Market Fund 1.00 1.00 7.74% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.8 108.8 6.97% AVA GAM Fixed Income Dollar Naira 1,081.81 1,081.81 8.18% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.08 2.08 9.29% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.24 2.29 16.39% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 1.55% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 7.72% Paramount Equity Fund 18.66 18.99 10.87% Women's Investment Fund 145.87 147.42 4.86% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund N/A N/A N/A Cordros Milestone Fund N/A N/A N/A N/A N/A N/A Cordros Dollar Fund ($) N/A N/A N/A CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 7.76% Emerging Africa Bond Fund 1.02 1.02 5.40% Emerging Africa Balanced Diversity Fund 1.04 1.04 14.47% Emerging Africa Eurobond Fund 101.45 101.45 3.39% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,420.48 1,420.48 10.87% FBN Balanced Fund 183.38 184.74 4.63% FBN Halal Fund 117.37 117.37 8.70% FBN Money Market Fund 100.00 100.00 8.40% FBN Nigeria Eurobond (USD) Fund - Retail FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund FSDH Dollar Fund

122.91 153.36

122.91 3.94% 155.47 1.89% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 3.99 1.80 1.22

Offer Price Yield / T-Rtn 1.00 7.39% 3.99 -0.42% 1.84 3.61% 1.22 0.73% coralfunds@fsdhgroup.com

Bid Price 3,976.66 3,505.18 100.00

Offer Price 4,037.19 3,505.18 100.00

1.09

Yield / T-Rtn 2.16% 1.06% 6.32%

3.38%

INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 6.10% Vantage Balanced Fund 2.91 2.97 1.89% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 142.78 142.83 -8.25% Vantage Equity Income Fund (VEIF) - June Year End 1.28 1.32 1.53% Vantage Dollar Fund (VDF) - June Year End 1.08 1.08 4.15% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.56 1.59 3.83% Lotus Halal Fixed Income Fund 1,160.16 1,160.16 2.04% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) N/A N/A N/A Norrenberger Money Market Fund (NMMF) N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.62 1.64 0.52% PACAM Fixed Income Fund 11.62 11.61 3.79% PACAM Money Market Fund 10.00 10.00 7.70% PACAM Equity Fund 1.48 1.49 2.38% PACAM EuroBond Fund 114.49 116.96 -0.62% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 131.30 133.48 8.35% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.08 1.08 10.03% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,525.65 3,564.91 2.41% Stanbic IBTC Bond Fund 236.80 236.80 0.45% Stanbic IBTC Ethical Fund 1.33 1.35 3.08% Stanbic IBTC Guaranteed Investment Fund 316.16 316.16 0.90% Stanbic IBTC Iman Fund 243.09 246.60 0.39% Stanbic IBTC Money Market Fund 100.00 100.00 5.63% Stanbic IBTC Nigerian Equity Fund 11,177.19 11,332.44 0.60% Stanbic IBTC Dollar Fund (USD) 1.30 1.30 0.75% Stanbic IBTC Shariah Fixed Income Fund 117.61 117.61 0.55% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 107.86 107.86 UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.96 0.99 3.79% United Capital Balanced Fund 1.40 1.43 3.14% United Capital Wealth for Women Fund 1.15 1.17 5.69% United Capital Sukuk Fund 1.09 1.09 1.28% United Capital Fixed Income Fund 1.98 1.98 1.23% United Capital Eurobond Fund 123.44 123.44 0.90% United Capital Money Market Fund 1.00 1.00 7.63% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.36 13.48 1.28% Zenith ESG Impact Fund 15.14 15.31 3.65% Zenith Income Fund 22.31 22.31 1.43% Zenith Money Market Fund 1.00 1.00 6.39%

REITS NAV Per Share

Yield / T-Rtn

124.98 54.65

10.62% 8.10%

Bid Price

Offer Price

Yield / T-Rtn

14.10 135.45 106.86 20.26 22.94

14.20 138.84 109.22 20.36 23.04

0.94% 2.92% 3.13% 0.00% 0.00%

Fund Name SFS REIT Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.37 5.70 18.57 1.00 21.07 168.11

4.47 5.80 18.77 1.00 21.27 170.11

15.93% 11.96% 8.06% 7.54% 8.61% 6.51%

NAV Per Share

Yield / T-Rtn

107.28

10.80%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY MARCH 7, 2022 • T H I S D AY

T H I S D AY • MONDAY, MARCH 7, 2022

NEWS

HIS MAJESTY'S GUEST... L-R: Vice President, Prof. Yemi Osinbajo; Olu of Warri, Ogiame, Atuwatse III and Deputy Governor of Delta State, Kingsley Otuaro, during the vice president's visit to Warri…recently

Report: Nigeria Recorded N29.2trn Financial Transactions in February Dike Onwuamaeze The total value of monetary transactions in the Nigerian economy through four major payment systems grew by 1.84 per cent to N29.40 trillion in February 2022, from N28.871 trillion that was recorded in January 2022. The volume recorded in February 2022 was also higher by 42.24 per cent than N20.67 trillion recorded in February 2021 year-on-year basis. These were revealed in a presentation made by the Chief Executive Officer of the Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, at the Lagos Business School’s

(LBS) Executive Breakfast Session of March 2022, a copy of which was obtained by THISDAY at the weekend. He predicted that the value of transactions would maintain the upward trend in March. Rewane said the values of transactions executed via cheques, point of sale (PoS), NIBSS Instant Payment (NIP) and the NIBSS Electronic Fund Transfer (NEFT) were N259.81 billion, N575.81 billion, N27.182 trillion and N1.385 trillion respectively in the month of February 2022, while values recorded in January 2022 were N237.26 billion, N573.72 billion, N26,645 trillion and N1.415 trillion for cheques, POS, NIP and NEFT

UK Govt Trains Centres, Stakeholders on Tackling Sexual Violence The UK government has trained 33 sexual assault referral centres (SARCs) and other stakeholders in Nigeria. The four-day workshops, held between February 28 and March 4, was to support SARCs in providing forensic and medical services to children, young people, women, and men sexually abused, assaulted or raped. SARCs also help police and prosecution responses to sexual violence, abuse, and exploitation. Thirty-three SARC managers and stakeholders participated in the workshops at state and federal levels, including officials from the Ministry of Justice, Ministry of Women’s Affairs, NAPTIP, Ministry of Health, and the police. The participants also included the Women Advocates Research and Documentation Centre (WARDC), International Federation of Women Lawyers, Nigeria (FIDA), Nigerian Civil Defence Corps, and the UN Women. The Consular Section of the British High Commission in Abuja (BHC) and the British Deputy High Commission in Lagos (DBHC) organised the workshops and funded by the FCDO’s Consular Project Fund (CPF) in collaboration with the British Council. The workshops were facilitated by Alison Eaton

(a senior retired UK police officer and SGBV expert) and Dr Isabelle Kerr (ex-Centre Manager of Glasgow & Clyde Rape Crisis in Scotland). “The level of commitment and passion shown by managers and staff within SARCs is enormous and shows how the grit and determination of those who believe in survivor justice and wellbeing can achieve so much," said Kerr. "State and government investment in policy and strategic direction for this work is crucial, but we must not forget or ignore the frontline services that are being delivered by small, dedicated teams under sometimes challenging and under-resourced conditions." British High Commissioner to Nigeria, Catriona Laing, stressed the need to provide accessible services to survivors of rape and SGBV in Nigeria. “Preventing sexual violence is a really important issue for me and for the UK government. The UK Foreign Secretary, Liz Truss, has put this at the absolute top of her priorities," added Laing. "I am mandated to really engage and lean in on this to support efforts to ensure that all women are given a genuine chance to realise their potential and gain the support they need to do so.”

respectively. Only the values of transactions executed through NEFT recorded a marginal decline of N29.85 billion He said: “No seasonality effect among payment channels except cheques and NEFT. We expect the upward trend to continue in March on inventories build-up ahead of the Easter holiday.” The CEO of FDC also stated that Nigeria was marching towards a fiscal cliff even thought that it has not gotten there yet. According to him, “Nigeria’s debt ratios are rising but still within the acceptable limit. But total factor productivity is declining amid increasing risk of a debt cliff.” Rewane, however, stated that the federal government was standing in a precarious fiscal position, which had been worsened by the increased fiscal deficit of N8.9 trillion. He said that, “President

Muhammadu Buhari has submitted N3 trillion supplementary budget to National Assembly (NASS) to make additional provision for fuel subsidy of N2.557 trillion. The initial subsidy provision was N500 billion. Compared to an estimated annual subsidy payment of N3 trillion, this will create a shortfall of N2.5 trillion, increasing the fiscal deficit to N8.9 trillion.” He also noted that the current fiscal reality compelled the government to start scouting for funds on all fronts. “Government is trying to raise revenue by introducing taxes such as sugar tax of N10 per liter excise duty on all carbonated, non-alcoholic and sweetened beverages; a digital tax of 6.0 per cent on turnover for nonresident e-commerce businesses as well as removing tax shelter on government treasury bills and

securities. This will mostly affect the banks, pension funds and insurance. The total tax shelter approximated at N200 billion,” Rewane said. He observed that the current drive to strengthen the fiscal position of the government would have significant implications for corporate organisations, investors and consumers as well. The implications for corporate firms, he said, would “increase the effective tax rate on companies’ income; significant reduction of affected companies profit after tax. The companies to be affected include banks, insurance firms and Pension Fund Managers (PFAs).” The economist also said investors would suffer, “a lower profit after tax (PAT) implies a reduction in dividend payments, which will prompt rotation of portfolios from affected companies and lower investment and spike a

fall in the national savings rate.” Rewane noted that the prevailing rally in oil prices has had no corresponding increase in government revenue for reasons such as pipeline vandalism and theft, the counter trade transactions and oil production sharing contract. He pointed out that the prevailing macroeconomic outlook would most likely deprive consumers of smiles on their faces as the current reduction in food prices inflation would sadly be temporary while living costs would be climbing up. He said: “Domestic airfares went up by 100 per cent on higher jet fuel prices, spare part imports and forex scarcity. A Lagos – Abuja returns ticket now selling for over N100,000; rent payments up by an average of 20 per cent as landlords discount for inflation,” adding that “perhaps it is still too early to be happy.”

NBS, Aig-Imoukhuede Foundation to Collaborate on Public Sector Performance Index The National Bureau of Statistics (NBS) and the Aig-Imoukhuede Foundation have announced a partnership to develop the Aig-Imoukhuede Public Sector Performance Index. The index seeks to measure the impact of the public sector on the overall productivity and economic growth of the Nigerian economy and on the wellbeing of Nigerian citizens. A statement at the weekend, disclosed that on March 3, 2022, the NBS and the Aig-Imoukhuede Foundation signed a Memorandum of Understanding for the development of the index. “The index will measure the impact that public sector activities have on the overall productivity and economic growth of the Nigerian economy and on the wellbeing of its citizens. “The index is being developed by the Foundation in partnership with the Governance and Institutions Policy Commission (GIPC) of the Nigerian Economic Summit Group (NESG), as part of its work

to facilitate the transformation of the Nigerian public sector,” it disclosed. Present at the signing ceremony, which held at Abuja, were the Statistician-General of the Federation, Dr. Simon Harry, the Chairman and Executive Vice Chair of the Foundation, Mr. Aigboje and Mrs. Ofovwe Aig-Imoukhuede, as well as senior officials and staff of both organisations. The signing of the agreement marked the long-term commitment of both organisations to work collaboratively to develop the Index and ensure its success. In his remarks, Harry said: "This Index aligns with the goal of the Bureau to provide credible statistics on the public sector that will promote evidence-based decision making. The NBS under my leadership commits to lending its full support to this laudable initiative by ensuring that it is designed, developed and delivered to global standards, comparable to any other world class index. “This Index could not have come at a better time, and I look

forward to working with the AigImoukhuede Foundation in its quest to transform the performance of the Nigerian public sector.” On her part, the Executive Vice-Chair of the Foundation, Mrs. Ofovwe Aig-Imoukhuede said: “Despite its huge potential, Nigeria performs poorly across all indicators of the Human Development Index. “There is a direct correlation between better performing countries and the efficiency of their public sector and so our goal at the Foundation is to foster improvement in the Nigerian public sector in order to achieve better outcomes for Nigerian citizens. “This index will comprehensively review and provide feedback on the performance of public institutions with a view to identifying success factors for improved public sector performance and providing the government with an objective view of areas of progress and areas for performance improvement. “It will also provide citizens with information about public

sector performance in an accessible manner and encourage informed national debate.” On his part, the Chairman of the Foundation, Aigboje AigImoukhuede stated: “I am confident that this partnership between the Foundation and NBS will facilitate the creation of an Index that has legitimacy and wide acceptance to a diverse range of stakeholders nationally and globally. “This Index is just one of the numerous initiatives we are currently undertaking at the Foundation, to achieve our vision of closing the gap between Africa and the rest of the world.” The National Bureau of Statistics is the apex statistical agency statutorily responsible for the coordination of the operations of the National Statistical System in the production of official statistics for all the three tiers of Government including all the Federal Ministries, Departments and Agencies (MDAs), State Statistical Agencies (SSAs) and Local Government Councils (LGCs).

T H I S D AY • MONDAY, MARCH 7, 2022

NEWS

SANWO-OLU AT THE 85TH BIRTHDAY OF OBASANJO... Lagos State Governor, Mr. Babajide Sanwo-Olu (left) with the celebrant, former President Olusegun Obasanjo during the latter's 85th birthday at the Marriott Hotel, Ikeja…recently

ASUU Meets This Week over FG's New Offer

Onyebuchi Ezigbo in Abuja

As the nationwide strike embarked upon by members of Academic Staff Union of Universities (ASUU) enters the fifth week, the national leadership of the union plans to meet this week in Abuja, to consider fresh offers made by the federal government to meet their demands. President of ASUU, Prof. Emmanuel Osodeke who spoke to THISDAY at the weekend over the lingering dispute, said although there was nothing significantly new in what government has put forward, but that in the spirit of dialogue and consultations, the union decided to convene a meeting of its national executive to look at the new timelines and to resolve on the next course of action. When asked what the update was regarding their engagement with the federal government, Osodeke told THISDAY that an emergency meeting of the national executive of ASUU would be held this week to decide on the offers from government. When reminded that the federal government had made a new commitment to review the salaries and conditions of services of the lecturers within six weeks, the ASUU president said such pledges had been made severally in the past without fulfilment. "All they did was the same promises they have been giving all along, there is nothing new in their offer. We believe that

something must be done to show some measure of commitment. "They have said that more than four times, what is the difference between this one and others? “When we met with the Speaker of the Federal House of Representatives didn't he give the same deadline? Did they do anything? They have done that over and over again and nothing happened, unless you say that this time something will change, our members will not believe it because they heard it so many times. “All these MoU and MoA have been signed do many times and nothing was done. So our members will not believe them. "Our members will decide on the next line of action, we are meeting next week," he said. He, however, declined to give a specific date and venue of the meeting. The federal government had at the end of its last meeting with ASUU expressed optimism that the union would call off its ongoing warning strike this week. Minister of Labour and Employment, Senator Chris Ngige while speaking with journalists after a marathon conciliation meeting between the government and ASUU last Tuesday, had said the meeting agreed on many things and put timelines for the implementation of the agreements. In a statement signed by the Deputy Director, Press and Public Relations at the Federal Ministry

of Labour and Employment, Mr. Charles Akpan, the minister had said ASUU agreed to go back to their members with the government offers and report back to him before the week runs out. The minister had argued that many of the items in the 2020 Memorandum of Action (MOA) had been dealt with exhaustively while some were being addressed. He said, “We have only one or two areas that are new.

One of the new areas is the renegotiation of the conditions of service, which is called the 2009 agreement. An agreement was reached in 2009 that their conditions of service would be reviewed every five years. It was done in 2014. “We started one which the former UNILAG Pro Chancellor, Wale Babalakin (SAN) was chairing the committee. After Babalakin, Prof. Manzali was in charge and the committee

came up with a draft document, proposed by the Federal Ministry of Education and ASUU. “Today, Manzali’s committee has become defunct because many of the people in the committee are no longer pro chancellors. A new team has been constituted to have a second look at that document to make sure that some of the allowances are not against the National Salaries, Incomes and Wages Commission (NSIWC) fixed rates for wages

and allowances. “If you propose allowances that do not comply with NSIWC rates, the government will not be accept it. So, it is important that they do the right thing from the beginning, so that whatever the committee presents can be approved by the Federal Executive Council (FEC).” The President of ASUU said their members, students and Nigerian people wanted to see action from the government.

How Abba Kyari Ran His Drug Syndicate NDLEA recovers 294,440 tramadol tabs, others in Delta, Bauchi, MMIA, makes 41 arrests Michael Olugbode in Abuja More facts have emerged on how suspended Deputy Commissioner of Police (DCP), Abba Kyari, was working in cahoots with drug dealers in the country for several years until his recent arrest. A reliable source in the Nigeria Police Force, who preferred to remain anonymous, in a chat with THISDAY yesterday, disclosed that the ‘super cop’ whom the federal government last week announced commencement of plans to extradite to the United States of America to face fraud allegations, was allegedly operating with drug cartels from all over the country. The source, however, shed more light on the modus operandi of Kyari and his group. “They drug dealers usually notify

him when these drugs are coming from different parts of the world into the country. Kyari would then go to the NDLEA territory, where the drugs were expected, pretend to arrest the culprits whom he usually threaten with prosecution. It was all staged. “The expectation was he would hand them over to NDLEA for prosecution but that never happened. The next is he will release the culprits and that will be the end of the matter. And because he was so connected, the matter dies. This continued for years until Buba Marwa was appointed. “So, the intelligence on Abba Kyari had been there all along, but because he was seen as a ‘super cop,’ he was well-respected and well-connected nothing happened. And again, the Police had been giving him cover

over the years, so nothing was done. If not for Marwa, he would have continued his nefarious acts,” the source added. Furthermore, the source alleged that Kyari had young men at the major ports and borders across the country, who would always tip him off whenever cocaine or any banned substances enter into the country and in most cases, he would strike deals with them and let them go. According to him, “Kyari was actively into the drug business and was working with all the drug dealers and cartels. And I can say that the Police just turned a blind eye which begs the question about their involvement. He was their ‘good boy,’ and was probably settling them and so, they turned blind eyes to whatever he was doing.

“I am talking about the top echelon of the police. They knew what he was doing, I mean, they cannot claim not to know. He was so brazen in his nefarious activities that it is highly unlikely his bosses didn't know about some of the illegal activities he was involved in,” the source added. The federal government last week commenced moves to extradite Kyari to the US. Also, last week, the NDLEA, which currently has Kyari in its custody following his arrest for alleged illicit drug dealing, initiated a court process against him. By this development, Kyari, four of his colleagues in the Inspector General of Police Special Intelligence Response Team (IRT), and two others would be arraigned any moment on drug-related charges.

I N D R A M AT I C M OV E , B U H A R I O R D E R S B U N I ’S R E M OVA L AS M A L A M I , S G F, U R G E C AU T I O N gone and the decision long taken, the source held that the relieved caretaker chairman knew of the development hence his forced trip on health grounds, adding that the party needed to move on and desperately too. To this end, Bello has summoned a meeting of the Caretaker Committee for today. The meeting, THISDAY gathered, would take place at the national secretariat of the party by 10am and would be chaired by him (Bello) with members of the caretaker committee expected to be in attendance. THISDAY further gathered that some APC governors including Abubakar Badaru of Jigawa, Atiku Bagudu of Kebbi, Simon Lalong of Plateau, Dr. Kayode Fayemi of Ekiti and Bello met at the Niger governor's lodge yesterday in Asokoro, Abuja. The meeting, it was learnt,

was a continuation of the one held on Saturday in Abuja by the governors. A source, who pleaded anonymity, told THISDAY that it appeared that the Secretary of the committee, Senator John Akpanudoedehe, had gotten wind of the plan and was already planning to shutdown the secretariat tomorrow, however, against the instruction of the president. "The resolution is that the members of the CECPC will meet at the party secretariat on Monday by 10a.m. The meeting will be chaired by the Niger State governor, because Buni is out of town. But the secretary is planning to shut down the secretariat tomorrow," the source said. The party source also informed THISDAY that though Bello had called a meeting of Caretaker committee members, he however

foresee confusion. “There will be confusion tomorrow. They may not have access to the venue of the meeting. They may be locked out, because there is a problem on ground. "The Niger governor had called a meeting, but he has also been double crossed, because he won't have access to the venue of the meeting. So, it is likely that the meeting will not," he said. But a former Deputy National Publicity Secretary of the APC, Yekini Nabena, has warned Bello to stay away from a venture he clearly lacked the powers to undertake. Nabena insisted that Bello lacked the power to call a National Executive Committee (NEC) meeting without the authorisation of the Caretaker Committee Chairman and Governor of Yobe State, Mai Mala Buni.

Nabena, in a statement last night, said Bello was just an ordinary member of the Caretaker Committee and not the Chairman or Secretary. His words: "I am using this medium to call on our leaders across the states to caution Governor Sani Bello of Niger State. The presidency should also call him to order to immediately drop the plan to convey a NEC meeting without the knowledge of Governor Mai Mala Buni and the Secretary of the CECPC. "The likes of Governor Bello are the political vultures working against our party and to cause anarchy in the ruling APC," stressing that the plot by Bello to destabilise the ruling party, has been on for a while because of his vice presidential ambition in 2023, hence his plan to convey a NEC meeting.

"Governor Sani Bello is neither the Chairman nor Secretary of the National Caretaker Committee. So, where did he get the power to convey such meeting? Governor Bello should not destroy the ruling APC, because of his personal political ambition of becoming Vice President or whatever in 2023," he added.

Abdulrazaq-led Committee to Announce Zoning Formula Today A member of the APC zoning committee, who pleaded to remain anonymous, has said all was set for the committee, headed by the Kwara State Governor, Abdulrahman Abdulrazaq, to announce the outcome of its meeting today. The source told THISDAY

that the committee concluded its work at the weekend, even as he denied knowledge of zoning the presidency to the South-west as reported in a national newspaper. Providing an insight into the work that was done by the committee, the source revealed that they agreed to zone the National Chairman to the north-central; the Deputy National Chairman (north) to the north-east; the Secretary to the south-west and Deputy National Chairman (south) to the south-east. “Our report is ready and would be announced tomorrow (Monday). Our scope of work was for party offices and the result would be announced tomorrow. All the various committees would be inaugurated Monday and they need the announcement by the zoning committee to kick off the process,” the source added.

T H I S D AY • MONDAY, MARCH 7, 2022

NEWSXTRA

AT CEO ROUNDTABLE SESSION... L-R: Chief Country Representative Nigeria and Head, Trade Finance, Financial Institutions, Sub-Saharan Africa, Deutsche Bank, Andreas Voss; Consul General, France, Laurence Monmayrant; President, EuroCham, Mary Ojulari; IMF Resident Representative for Nigeria, Ari Aisen; Vice President, EuroCham, Simon Melchior and Chief Executive Oﬃcer, AXA Mansard Health, Tope Adeniyi, during the CEO roundtable session with Aisen organised by EuroCham in Lagos…recently

Whereabouts of Detained 135 BDC Operators Unknown after 11 Months They are not in our custody, say EFCC, DSS, police

Kingsley Nwezeh in Abuja There are concerns about the whereabouts of 135 Bureau De Change (BDC) operators

arrested by the federal government over their alleged involvement in terrorism financing, after 11 months in detention. Intelligence agencies,

police, and military sources have denied knowledge of where they are presently being held. The BDC operators were

Gender Bills: Women Groups Vow to Continue Occupation of N'Assembly Emmanuel Addeh in Abuja Aggrieved groups under the umbrella of Women in Politics Forum (WPF) and Womenifesto, have said they would continue to occupy the National Assembly until Nigerian lawmakers reconsider the recently rejected gender-related bills. The Co-convener, Womenifesto, Dr Abiola Akiyode-Afolabi and Chairperson, Women in politics Forum, Ebere Ifendu, in a statement yesterday, urged all women to continue to support the rallies around the country, including in Abuja, Lagos and Calabar. The groups called on the heads of the Senate and the House of Representatives to call an urgent meeting to discuss how to remedy the wrong done against the women, failing which they would continue to embark on the rallies. Noting that Nigeria has a woeful women representation in political and elective positions, the women stated that at the National Assembly, comprising the Senate with 109 members and the House of Representatives with 360 members, only 29 are women, just 6 per cent of the total. The groups added that there are 440 men at the assembly, explaining that a low women representation in leadership positions amounts to denying half of Nigeria’s population the voice and opportunity to contribute to governance and development. “The male-dominated legislature recently rejected an attempt to recalibrate this imbalance, thereby introducing a cog in the path to addressing age-long discrimination against

women, which also has stunted development. “On the first day of Women’s History Month – March – the Nigerian legislature voted to deny citizenship to the foreignborn husband of a Nigerian woman but a Nigerian man's foreign-born wife gets automatic citizenship. “They denied Nigerians in the diaspora the right to vote, denied women the ability to take ‘indigeneship’ of their husband's state after 5 years of being together and denied 35 per cent appointed positions for women,” the women alleged. According to them, it did not end there as women were denied 35 per cent affirmative action in party administration and leadership as well as the rejection of specific seats for women in the National Assembly. The women groups demanded an urgent re-convening, reconsideration, and immediate passage of the five women/ gender-related bills: Bills number 35, 36, 37, 38, and 68. Furthermore, they called for the passing of the Gender and Equal Opportunities (GEOB) Bill, currently before the senate as well as resuscitation and the passage of the bill on, “Support for Women Participation in Elective and Appointive Positions Bill 2020 before the House of Representatives. In addition, the groups called for the immediate Domestication of the African Charters Protocol on the Rights of Women in Africa, which Nigeria ratified in 2004 as well as domestication of the UN Convention on Elimination of All Forms of Discrimination Against Women (CEDAW), which Nigeria ratified in 1985.

“Our resolve to continue this struggle is to push back on the misogynistic attitude of the NASS, the pattern of neglect of women's concerns and disregard for ‘womanity’. “Severally, women have been embarrassed by the gender insensitive practices of the lawmakers. The failure to address women issues through the gender bill shows that women are irrelevant. “We reject further dehumanisation of Nigerian women. The constitution should cure the defect and we will continue to protest to show our dissatisfaction,” the women stated.

picked up from Kano, Niger, Abuja, and some other northern states over a year ago by a joint security task force made up of the military, intelligence agencies, the National Financial Intelligence Unit (NFIU), Nigeria Police, and officials of the Federal Ministry of Justice. THISDAY gathered that families of the affected currency dealers had made frantic efforts to get in touch with the detainees without success. They had also staged a protest at the Kano State Government House to demand the release of their family members. Speaking on the development, spokesman of the Economic and Financial Crimes Commission (EFCC), Mr. Wilson Ewujaren, denied that the BDC operators were in the custody of the anti-graft agency. "They are not in our custody. I have also contacted our Kano office and there are no such detainees in our custody," Ewujaren said. Speaking in the same vein,

acting spokesman of the Nigeria Police, Mr. Olumuyiwa Adejobi, a Chief Superintendent of Police (CSP), also denied that the BDC operators were in the custody of the police. "They are not in our custody. Anything terrorism financing should be handled by DSS and NIA," Adejobi said. Similarly, when contacted, spokesman of the Department of State Services (DSS), Dr. Peter Afunanya, said the BDC operators were not in the custody of DSS. Afunanya said, "I heard that some people were demonstrating and saying it is DSS. We do not have BDC operators in our custody. "We don't have anybody in our custody. DSS is not holding anybody in that regard." Some reliable military sources also denied custody of the BDC operators. THISDAY further gathered that the joint task force had after the arrest of the suspects handed them over to officials of the Federal Ministry of

Justice for prosecution. A presidency source, who spoke on condition of anonymity, said the delay in arraigning the suspects emanated from the office of the Attorney-General of the Federation (AGF). "If there is any delay in their prosecution, it is for the office of the AGF to clarify. Negligence and lethargy may have delayed the trial," the source said. Family members of the detainees protested in Kano last week over the detention of their breadwinners. They called on the "federal government to release our sons, husbands and fathers to us now or charge them to the court because we are suffering without them." The protesters said the continued incarceration of the suspects for 11 months was taking a toll on their families, stating , "it is either the federal government charges them to court or releases them." They claimed that the suspects were held by the DSS and the military.

Coalition of Northern Youth Groups Want Emefiele to Run for 2023 Presidency John Shiklam in Kaduna A coalition of 40 social cultural groups across the north, under the umbrella of: “The unified Northern Nigeria Youths Forum”, have called on the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele to contest for the 2023 Presidency. Addressing a press conference in Kaduna, yesterday, after a procession in support of: “Emefiele for Presidency,” spokesman of the group, Aliyu Sani, assured that the youths in the north would support Emefiele if he runs for the presidency. He said, “The essence of our gathering and street procession today is to call on Mr. Godwin Emefiele, the serving Governor

of the Central Bank of Nigeria to aspire for the number one seat in the country to enable him consolidate on the gains our country is making”. According to him the basis for calling on Emefiele to run for the presidency was hinged on his excellent performance as the CBN governor in the past six years. Sani said: “The reasons for calling on Emefiele to contest includes but are not limited to: His introduction of the ancho-borrowers scheme which has helped to massively reduce poverty that was seen to endemic in our region through the provision of farm inputs and one-digit interest rate facility. “His policies formulated have enhanced the

establishment of many industries in our region worthy of mentioning are, Dangote Peugeot Automobile Nigeria Limited, Olams Industry, Vicampro, Tomato Jos, Gujeni Integrated, Iron Ore Mining and Processing Plants, Tiamin Rice Mill, MAFA Rice just to mention but a few. This also has created employment and wealth in our region. “Despite the sharp fall in oil price in 2014-2016, the economic nationalism of Mr. Emefiele helped our states to stay afloat thereby preventing job loss while making it possible for states to carry out capital projects. “His Interventions and policies of the CBN has made our country self-reliant in Rice and maize production.

In few years to come, we shall begin to export these products thereby further strengthening our currency.” He added: “Agriculture is a catalyst for industrial revolution and is central to the progress of any country like we have seen in many developed Nations “It is on the strength of the above that we are here gathered to flag off this rally here in Kaduna state to enlighten the general public on the need to call on Emefiele to contest for the president of this country and to encourage him to dare the unknown and throw his hat in the ring and contest as the people of Northern Nigeria are with him and stand with him through thick and thin.”

T H I S D AY • MONDAY, MARCH 7, 2022

NEWSXTRA

TOWN HALL MEETING/CAPACITY BUILDING FOR EDITORS… L-R: Chairman of the occasion/Group Managing Director, DAAR Communications, Chief Tony Akiotu; President, Nigerian Guild of Editors (NGE), Mr. Mustapha Isa; Country Director, Action Aid Nigeria, Ene Obi and representative of INEC chairman, Mr. Festus Okoye, during the town hall meeting / Capacity building for editors in Abuja.... recently

Kukah: I Criticise Govt to Put Them on Their Toes Says I'm excited when people call me politician Blames prosperity preaching on rise in criminality Gives condition for women quota in governance

Emameh Gabriel in Abuja Catholic Bishop of Sokoto Dioces, Bishop Mathew Hassan Kukah, at the weekend, said he would continue to criticise the government to put those in power on their toes to prioritise the safety and welfare of the citizens of the country. Bishop Kukah, an ardent critic of the President Muhammadu Buhari government, said his confidence to speak truth to power was inspired by his clear understanding of the teachings and doctrine of the Catholic Church, which he said had overtime exposed him to the social dimensions of the church, on how policies of government could be interrogated for the good of the masses. In his keynote address at the median event of Lux Terra Book Festival held in Abuja, Kukah said, there was a misconception among most people that a clergyman should not engage or interrogate the policies of government, noting that he was not bothered with name calling from critics, who called him a politician due to his constant criticism on government policies. The event, which was organised to unveil seven new publications of Rev. Father George Ehusani as well as encourage the culture of reading and writing in the country, featured top religious prelates, academics and professional. Among them were Cardinal John Onaiyekan, Bishop Matthew Hassan Kukah, Prof Pat Utomi, Prof Nuhu Yaqub, Prof Matthew Adikwu, Prof Hycinth Ichoko, Prof Vincent Anigbogu and many other book enthusiasts, who turned out in their numbers to celebrate the host for his contribution to literary work in the last three decades. Kukah, who spoke extensively on the role of the church and her relationship with government, said there was no way the church could be separated from governance since the church and her people were part and parcel of the political community.

He said: "We should ask how and why the children of church, who found themselves in different public places, have not been able to make impact, the whole question as to the limit between church and state and where we can move in to? "Where I come from, everyday people are telling me, ‘Bishop Kuka, you are a politician’. Which is fine! When they say I am a politician, I feel very happy about it. It is based on ignorance but I appreciate it, because people are not used to the kind of things I say. Not because I say them better but because people are of the assumption that priests ought to be praying. But my concern about the existential reality around me are not taken away by the fact that I cannot engage the process. If you look at the significance that constitutes the Catholic church spiritual teachings, what is amazing is that the Catholic church has covered every considerable aspect of life – from beginning to end. Those who used to talk about the Catholic church being conservative, that allegation is based on their ignorance. The Catholic church in 19th Century was talking about the dignity of labour. The contradiction and distortion created by capitalist accumulation vis-a-vis the crippling poverty the people were seeing. There are documents on social progress, peace on earth, development of the people, human labour. "What is God plan for humanity? And it is when you ask those in power, what really was in God's mind, when He put so much for us in Africa and in Nigeria? What did God have in mind? Is it that some bandits will take over the resources of our country and distribute it to themselves, their children, their families? "These are the questions every church leader must constantly assault the throne of power with. So, when people like us sound a

little bit angry, it’s because you can't live in this country and be aware of the huge resources we have and you square that up with fraudulent governance system we have in Nigeria," he stated. Meanwhile, the Catholic Bishop did not reserve his worries on rise in prosperity teachings by some denomination of the christiandom, whom he said would continue to mislead a wider proportion of their followers. Kukah lamented that the practice has become one of the most pervasive and disturbing trends in charismatic protestant Christianity today.

Kukah, who also spoke on the agitation for equal quota for women in public office, explained that the intention must be holistic. He explained: "Now the women are talking about gender. These are conversation we never had before. And in Nigeria and Africa, there are things in African culture that are direct antecedence of democracy. I don't want to get into trouble by getting into this conversation about women and quotas and so on. But let me tell you in one single word: me I think the sums are right but make sure the total is spread.

As far as I am concerned, people like myself or my small ethic group that is marginalised even at local government level, I am asking if we are going to create a space for women and I think we should. But we should agree on the kind of women that will benefit from that quota. "Because if it's the same big boys, who are coming with their mistresses and their extra wives, it’s not acceptable. If we want to create a quota for women, we must listen to 70-80% of Nigerians, who are not Ibos, who are not Hausas, Fulanis and who, are

not those of us who have the right to be here,” he said. In his remarks, Rev. Father George Ehusani, Executive Director, Lux Terra Books, said his "writings are a reflection of what is happening in the society and how I feel about it. It gives me the feelings to express my feelings without fear. "What you see today is a result of my writings over a 30 years period. We need to encourage our children to be reading so that when they grow up, they are expose to book.”

Obaseki: I Won’t Leave PDP for Anyone Advises detractors to either accept his leadership or leave Edo sets for council polls, as party registers over 539,000 members Edo State Governor, Mr. Godwin Obaseki, at the weekend, said he had no plan of defecting from the Peoples Democratic Party (PDP), and therefore, advised anyone uncomfortable with his leadership of the party to leave. The governor, who stated that the party was now fully harmonised, stressed that the constitution of the party left him with the leadership of the party in the state, a position he said was not up for contest by anyone. Obaseki spoke during an expanded caucus meeting of leaders and members of the PDP in the state. “I can't leave PDP. I will not decamp from the PDP. We will always win any election. PDP won in the last election and we will continue to win all elections in the state and country.Nothing will stop us as a party,” he said. The governor noted that the forthcoming local government election in the state would set the template for next year’s national and legislative elections, urging party members to reflect on the elections and work in unity to

ensure victory at the polls. According to him, “There is no division in Edo PDP. Let the party be open to accommodate others. PDP is democratic. The hallmark of democracy is ensuring that the majority has their way, as the minority can't dictate to the people. "I heard that Chief Dan Orbih went around, saying there is no harmonisation in Edo PDP. This is really irresponsible to say and an insult to members of the party, as the party has truly harmonised in the state. "PDP in Edo State is harmonized, because before we made any appointments in any ward, we made sure the party at that level was harmonised. We are gathered here now as election timetable is out; harmonisation has been done, appointments made and we are ready to win any election before us.” Obaseki disclosed that the PDP National Chairman Iyorchia Ayu would visit the state on Thursday 10th of March 2022, urging party leaders to bring along five per cent of newly registered members to welcome

the party chair. "Politics is not about fighting but dialogue and discussion. I urge us to collaborate and unite to move the party and state forward,” he charged. While noting that over 539,000 members had been registered in the ongoing e-registration exercise, Obaseki said, “These numbers are not fabricated as we have the data, pictures, emails and phone numbers of members of the party we have registered so far. You have broken records as this is the bastion of PDP in Nigeria. We have changed the face of politics in Nigeria. “I didn't give leaders any resources to mobilise them but rather they challenged themselves and achieved the goal to register more members in the state. "Some people went around saying people should not join our party. No true party man will do that. Those that engaged in that are not true members of the party and don't belong to Edo PDP. If not, they will not push people away from the party.

"Our focus now is on how to engage our members, making them participate in the policymaking process of the party. We don't need to wait for an election before we act." Charging detractors sponsoring disunity in the state to stop forthwith, the governor stated, "Edo is Edo, leave Edo State alone. They have tried us in battle, and have been made to know that we are battle-ready. We have been tested and trusted. We must always win elections; we must always win as a party. The Chairman PDP Edo State, Anthony Aziegbemi, noted that, “Edo State is the only state in the nation that has surpassed the 500,000 thresholds for e-registration of the party.” Others at the meeting included the Deputy Governor of Edo State, Comrade Philip Shaibu; Speaker of Edo State House of Assembly (EDHA), Hon. Marcus Onobun; Senator Matthew Urhoghide, Senator Clifford Odia, Chief Tom Ikimi, Hon. Joe Edionwele and National Youth Deputy Leader of PDP, Timothy Osadolor, among others.

MONDAY MARCH 7, 2022 • T H I S D AY

NEWS

Asaju: Africa Needs Dedicated Leaders to Develop Current Nigerian leaders lack ideologies, educational erudition Goddy Egene, Sunday Okobi andUgo Aliogo Eminent Nigerians yesterday expressed the urgent need to deliberately grow good leaders at all levels and in all sectors on the African continent as a way to reposition the continent for the desired growth and sustainable development. One of these Nigerians was Professor Adedapo Asaju, who professed the need for the continent and Nigeria to quickly develop and grow the economy in order to alleviate the hardship experienced by the populace, stated these while virtually delivering a lecture titled, ‘Values for Africa’s Development’, to mark the Obafemi Awolowo Foundation 30th anniversary yesterday. Prof Asaju also said there was need for mass reorientation of the citizenry and reeducating the present and coming generations about patriotism, nationhood, nation building, civic responsibility. In his speech, the academic said: “New curricula can be designed to provide this. We need a re-orientation of the entire citizenry about their political rights and fundamental human rights. History needs to be introduced into the curricula of all students at all levels. People must know their history otherwise they will lose their identities with time.” The former Vice Chancellor of Ajayi Crowther University, noted that the life and political values and methods of the sage, Chief Obafemi Awolowo, as well as those of major pan-African heroes,

especially Kwame Nkrumah of Ghana, Julius Nyerere among others should be developed as a subject of study in Africa’s educational institutions as a way to motivate young leaders of Africa who are in desperate search for successful leadership models and heroes in Africa. According to him, “Obafemi Awolowo was in the class of the Winston Churchills, Mahatma Gandhis, Marcus Garveys, and Martin Luther King-men who changed the course of their

people and societies by their good sense, caring hearts, sacrificial lives, charismatic leadership, intellectual and philosophical acumen, academic erudition, professional excellence and documented achievements. “The books and publications containing Awolowo’s political ideologies and leadership style should be recommended texts for schools and universities. That way, a generation might be raised, who, though not having been fortunate to meet

Awolowo during his lifetime, might, through his ideas, become genuine Awoists who run with his ideas to positively impact and develop their respective African countries.” Asaju explained that good people who can make good use of the nation’s plural religious nature and ethnic diversity are needed to take charge of the ship of the state that floats adrift at the moment. He said: “We are all in a colossal mess and at risk of capsizing inside the boat (Nigeria). What

we need is a good pilot. And it does not matter what religion or ethnic group the person belongs. A sick man on a life-support who is in dire need of blood transfusion will not care if the blood to be donated to him belonged to a person of different religion or ethnic group. When we fly in airplanes, the religion of the pilot matters not; what matters is his or her expertise. And all our lives are actually in the hands of God and the pilot once we are air borne! “Good people must join

political parties, run under parties different from the sick big parties; mobilise the non-voting population, especially the youths, and change can be possible all things being equal (meaning if election rigging can be checked). Politics is not evil neither is it dirty naturally when corrupt people do not corrupt the process. It is simply the running of society by elected representatives entrusted with governance according to the constitution and other laws of the country."

HAPPY BIRTHDAY TO MADAM ANYIAM-OSIGWE…

L-R: Director, Osigwe Anyiam-Osigwe Foundation, Emmanuel Anyiam Osigwe, Celebrant/President, Osigwe Anyiam-Osigwe Foundation, Chief Mrs. Dorothy Chinyere Anyiam-Osigwe, Her daughter, Peace Anyiam-Osigwe, Lagos State Governor, Babajide Sanwo-Olu; George Anyiam-Osigwe, and former Chairman of MTN Nigeria Plc, Mr. Pascal Dozie at Chief Mrs. Dorothy Chinyere Anyiam Osigwe's birthday celebration thanksgiving service at St. Dominic Catholic Church, Yaba, Lagos…recently DAN UKANA

APC Women Leader Niger NLC Declares Seven-day Warning Strike Urges Lawmakers to Revisit Gender Bills Laleye Dipo in Minna

The National Women Representative of the All Progressives Congress (APC), Hon Stella Okotete yesterday urged Nigerian lawmakers at both House of Representatives and the Senate to urgently revisit the amendments that led to the killing of the gender issue bill or risk losing the support of the bulk of Nigerian women. In a statement she personally signed, the women leader, expressed extreme dismay that of the 68 legislations, five bills that had the greatest interest of women at heart in promoting and mainstreaming at the center stage of governance, political party participation and entrench their place in society were not only overlooked but were outrightly denied. She said: “It is with an utmost

heavy heart that we express our regrets on the failure of the National Assembly for rejecting all bill related gender issues during the voting on the amendments to the 1999 Constitution on Tuesday 1st of March 2022. Constitutional reviews are a unique opportunity for countries to rectify anomalies in how they are governed but the recent amendments fell short of the expectations of the entirety of Nigerian women. Our disappointment beyond all reasonable doubt stems from the following three key points: denying 35 per cent appointed positions for women and settling for 20 per cent; denying women affirmative action in party administration and leadership and denying specific seats for women in the National Assembly.

PDP Denies Releasing Timetable for 2023 General Elections Chuks Okocha in Abuja The National Working Committee (NWC) of the Peoples Democratic Party (PDP) has denied releasing any election time table, describing a schedule of election in social media as fake. The party said that the fake time table is purportedly signed and released by the National Organising Secretary of the PDP, Hon. Umar M. Bature, as the schedule of activities and timetable of the PDP for the 2023 general elections. The PDP, in a statement by the National Publicity Secretary, Debo Ologunagba, said in clear terms that the PDP has not released any timetable or any schedule of activities whatsoever for the

2022/2023 electioneering year and no such document was signed and released by the National Organising Secretary. For the avoidance of doubt, he said: "The PDP is a party of due process and will release a timetable and schedule of activities for the 2022/2023 electioneering year after extensive consultation and approval by critical and statutory organs of the Party at appropriate levels." Clearly, the party said that timetable and schedule of activities being circulated in the social media is the handiwork of mischievous elements who seeks to create confusion, mislead the public and distract the PDP at this critical point in time.

Following the breakdown in talks between officials of the organised labour and those of the Niger State government all category of workers in the state are to down tools effective today(Monday). THISDAY learnt that a lastminute meeting summoned by the government scheduled for the government house to find a way out did not hold

on Friday because officials of labour turned their backs on the parley. It was gathered that phone calls to the cell phones of the labour leaders by government officials did not go through. However, a statement by the Nigeria Labour Congress (NLC) in the state directed the workers to begin a seven- day warning strike from Monday to press home their demands. "All affiliate unions of the

NLC operating at the LGA level in Niger state are directed to proceed on seven days warning strike effective 12 midnight of Thursday the 3rd of March 2022" a statement signed by the state NLC chairman Comrade Yakubu Garba said. The statement also directed: "All affiliate unions of the NLC and TUC in Niger state to proceed on sevendays warning strike effective 12 midnight on Sunday the 6th of March 2022".

The congress in the statement advised civil servants and citizens to remain vigilant at all times and cooperate with the security formations near them especially as it concerns provision of local intelligence. Part of the demands of the workers is the immediate stoppage of the payment of Local Government workers in percentages as well as making LG workers salary payment a first line charge.

Former Akwa Ibom Chief of Staff Faults Claims over Gov Emmanuel’s Successor

Okon Bassey in Uyo

The sacked Chief of Staff to the Akwa Ibom State Governor, Akparawa Ephraim Inyang-eyen, has countered the claim made by his former boss, Governor Udom Emmanuel, that God spoke to him to pick Pastor Udo Eno as his successor. Inyang-eyen argued that "God does not give one man revelation. The Bible says that in the mouth of three or four witnesses (sic),

truth is established." He spoke at a rally organized for the Senator Representing Uyo Senatorial District in the National Assembly, Senator Bassey Albert by Youths of Eket Senatorial District. The former Chief of Staff equally hinted that God has told him that Senator Albert is going to be the next governor of Akwa Ibom State come 2023. Before now, there had been speculations that Senator Bassey

Albert was the preferred candidate by the former Chief of Staff for the PDP governorship ticket in the state. It was the first time the former Commissioner for Works openly declared his support for Senator Albert mostly known by the locals as ‘OBA’ at the rally held by the youth. He stressed that for Senator Albert to have stepped down for the incumbent governor to get the PDP ticket eight years

ago and for standing by Udom again in 2019 when other serving senators from Akwa Ibom had left him, Albert should be given the right of first refusal come 2023. “I stand on this podium on the basis of truth. That what is good for the goose is good for the gander. In 2014, ‘OBA’ was the central candidate who stepped down for our son and we gave a promise that when it is the turn of Uyo he will have the right of first refusal.

NAPIMS GGM Wins Ministerial Award at Nigeria Energy Summit Emmanuel Addeh in Abuja The Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr. Bala Wunti, has won the ministerial award for outstanding performance. Wunti got the award on the sidelines of the just-concluded Nigeria International Energy Summit (NIES) which took place at the International Conference Centre (ICC) in Abuja. The work for the award which was presented by the Minister

of State, Petroleum Resources, Chief Timipre Sylva, covered between 2019 and 2021. A citation on Wunti read at the event, described him as a thoroughbred oil and gas industry professional with 30 years’ experience covering technical, commercial, managerial and executive roles across the entire oil and gas value chain. A graduate of Chemistry from the Ahmadu Bello University, the citation stated that the awardee further holds a Master’s degree in Business Administration. Since

joining the NNPC, it stressed that Wunti has held a several key positions in the Nigerian National Petroleum Company (NNPC) Limited, where he has performed excellently. Wunti, who is currently the GGM, NAPIMS, had previously served as the Managing Director of the Petroleum Products Marketing Company (PPMC), Group General Manager, Corporate Planning & Strategy and Senior Technical Adviser to five different Group Managing Directors of NNPC, amongst

others. In addition, it noted that the recipient had successfully led some critical national assignments and from 2019–2021 has ensured that all responsibilities assigned to him were thoroughly and satisfactorily carried out. "His key achievements include that he coordinated the Nigerian Upstream Cost Optimisation Programme (NUCOP); an industry initiative to reduce unit operating cost to sub $10 per barrel and contracting cycle to six months,” it noted.

MONDAY MARCH 7, 2022 • T H I S D AY

NEWS XTRA

Kinsmen Protest, Petition Governor over Murder of Ogun Monarch James Sowole in Abeokuta Residents of Agodo Community in Ewekoro Local Government Area of Ogun State and members of family of the late Alagodo of Agodo, Oba Olajide Odetola, who was murdered by suspected assailants along with two others on January, 24, 2022, have petitioned the Governor Dapo Abiodun demanding justice on the incident. It was gathered that the assailants after killing the monarch and two others locked their remains inside a Toyota Sienna Vehicle marked Lagos APP-555-GF before setting it ablaze. The community and family members, who submitted the petition amidst protest to the Ogun State Governor's Office and the State House of Assembly, said justice must be done on the murder of the monarch and two others. The protesters, who carried placards of various inscriptions condemning the dastardly act, also marched to the palace of the Alake of Egbaland, Oba Adedotun Gbadebo, demanding prosecution of identified suspects.

Giving highlight of the petition Mr. Gbeminiyi Sotade, who led the protest, said some known hoodlums fully armed with cudgels, big planks, Iron rods and other dangerous objects attacked the monarch along with four members of his family, with objects, wet him with petrol, put him inside his Toyota Sienna Vehicle APP-555-GF which they drove to a distance nearby and set ablaze. He stated that the remains of the late monarch, was later recovered by the Police. While stating that some of the persons that were attacked along with the oba, survived but now in critical condition, Sotade explained that they knew the attackers as murderous gang in Agodo even before the latest attack. Sotade, who listed the identified attackers, alleged that the same gang had earlier on 4th December, 2018, killed Odetola's younger brother, Mr. Waidi Obidairo in a similar gory version in the same Agodo Village. He however, regretted that the assailants, were shielded from prosecution by an identified brother of a strong politician

in the state. He said: "The sponsors of these hoodlum inciting them to murder and who are opponents of Oba Odetola on Agodo

Obaship stool, claiming to be Baale in spite of the Government Gazette making Oba Odetola the monarch. "We hereby demand for justice to be done in this

case as eminent personalities are putting pressures on the Police authority to stop investigations into the matter. "We demand for an

unhindered police investigations and we crave for your kind support in unraveling the murder case with the culprits charged to court."

BEHOLD THE MONARCH…

Olu of Ayetoro Gbede, His Royal Highness, Oba David Sunday Ehindero with his wife after receiving his first class staff of office from Kogi State Governor, Yahaya Bello, in Lokoja… recently

Jonathan, Diri, Spiff, Kwara South Residents Laud Governor Others Celebrate Bayelsa AbdulRazaq over Rural Transformation Founding Father Hammed Shittu in Ilorin

Olusegun Samuel Former President Goodluck Jonathan, Bayelsa State Governor, Senator Douye Diri and a former Military Administrator of old Rivers State and King of Brass Kingdom, Diette Spiff and other leaders have celebrated one of the founding fathers of the state, late King Geoffery Filinti Aganaba. Diri used the opportunity to call for the creation of two additional homogeneous Ijaw states, insisting that Ijaw ethnic nationality deserved more than one state. They spoke at the 25th remembrance anniversary of the late king Aganaba in Yenagoa at the weekend.While Jonathan was represented by a former Deputy Governor of Bayelsa, Rear Admiral John Jonah (rtd), Spiff was represented by King Bubaraye Dakolo, Agada IV,

Ibenanaowei of Ekpetiama Kingdom. Jonathan appealed to Ijaw people to rally round one another describing the Aganaba as a man with an exemplary lifestyle. He said: "Succeeding generations will come and judge us with standards far higher than what we have now." "What Aganaba has done, you learn these things so that the children will know that these things are possible. Most of our children didn't grow from home. They stayed in Lagos, they stayed in Abuja, so they don't actually know. "But it is by studying what people of this calibre of his time have done; the self-sacrifices they have made to get us to this point that we can actually know that yes, we have a duty to this state.

The people of Kwara South Senatorial District have commended the state governor, Alhaji AbdulRahman AbdulRazaq, for the ongoing rural transformation of the district through the opening of access roads since assumption of office. The senatorial zone comprises seven local

government councils of Ifelodun, Offa, Oyun, Isin, Oke-Ero, Ekiti and Irepodun. Speaking with newsmen during the tours of the affected seven local government councils over the weekend, the residents stated that, there was no doubt that the rehabilitation and construction of the roads in the affected local government councils had gone a long way of accelerating the economic

development of the senatorial. The people, who hitherto said the bad nature of the rural roads had caused health challenges such as catarrh, cough and asthma, among other ailments, added that they had heaved a sigh of relief with the asphalted roads. For instance, the Deputy Chairman of the National Union of Road Transport Workers (NURTW) Oro-Ago,

Oladiran Aweda, said the completion of 2.3 kilometer Oro Ago- Oyate project in Ifelodun local government council area of the state had forced down prices of farm produce. Aweda said two tubers of yam that were sold for N2,000 before the road was constructed now go for N700 because of easy access to farm sites.

Osinbajo: Ideh’s Tenacity was Vital in Delta State Creation

Sylvester Idowu in Warri

Vice President Yemi Osinbajo, over the weekend, described the late former Member of the House of Representatives in the second Republic, Olorogun Patrick Emurode Siti Ideh as a patriot who fought for the independence of Nigeria and creation of Delta State. Describing Ideh as a believer of social democratic ideals, the VP recalled that he was at the

fore front of the struggle for the nation's independent as a member of Zikist movement. Osinbajo spoke during the Thanksgiving Mass and Celebration of Life in honour of Ideh who was Okpako Orere of Otughievwen, the Ushota of Ughievwen clan and the Patriarch of Egbolor/ Ideh family, at the Mother of Redeemer Catholic Church, Airport Road Junction, Effurun, Delta State.

While commemorating the passing of Ideh, who died at the age of 95 years, he noted that God gave the deceased foremost lawyer long life because he knew he had so much to contribute both locally and nationally, adding that he did so much as an Urhobo illustrious son. Osinbajo, who was accompanied to the event by the Deputy Governor of Delta State, Deacon Kingsley Otuaro, noted that, as a young man,

Ideh was involved in the struggle for Nigeria independence and was a member of the Zikist movement under the leadership of Late Zik of Africa. According to him, Ideh’s tenacity, extensive goodwill and conduct were vital in the creation of Delta State adding “And today, we have Delta State, a product of his tenacity, a product of his good wisdom, a product of his commitment to his people.

Osita Okechukwu has reacted to the lamentation by Emir of Katsina, Dr Abdulmumin Kabir Usman, on the increasing rate of poverty in northern Nigeria, saying that President Muhammadu Buhari has laid the foundations to banish

for Asiwaju, led by Senator Abu Ibrahim at his palace, declared that while Lagos State was prospering, the entire poverty in Nigeria resides in northern Nigeria. The Emir, who is also the chairman of Katsina State

Lagos commercial activities are transformed. I concluded that all the nation’s wealth is in Lagos State. But, when you come back here, the whole poverty of Nigeria is in the Northern part of the country. I say my mind even if it is going to

who is also the Director General of Voice of Nigeria (DG, VON), consoled the monarch, pointing out that as a prudent farmer, President Buhari has planted the seeds for economic prosperity in the north and by extension, the entire country.

'How FG Anchor Borrowers VON DG, Katsina Emir Disagree over Buhari’s Performance hunger from the country. Traditional Rulers Council had be a problem. And I bear it even Programme Increased Kebbi's ChuksOkochainAbuja His Royal Majesty, Dr. Usman, stated: “I was in Lagos some if it turns out to be a problem. But, speaking with journalists founding member of All had while receiving the entourage two to three weeks ago, the first Revenue, Attracts Investors' AProgressives Congress (APC), of Arewa Organisation Movement since 1967 and I have seen how in Abuja, Sunday, Okechukwu,

Ismail Adebayo in Birnin Kebbi

The Federal Government Anchor Borrowers Rice Programme in Kebbi State has brought significant changes to state’s economy and internally generated revenue (IGR), which increased from to 80 per cent. The former board members of Kebbi Housing Cooperation and former Chairman Buhari/ Bagudu 4+4 Campaign in kebbi State, Alhaji Kabiru Giant disclosed this while addressing a press conference yesterday in Birnin Kebbi. He said the programme has also attracted investors within and outside the country to the state promote its economy.

He stated that no fewer than 10 rice mills have been established in Kebbi while other industries manufacturing other products such as fertilizer, plastics, cassava flour, tomatoes paste have also taken off in different parts of the state. He commended the efforts of the state government under the leadership of Governor Atiku Bagudu Abubakar for providing what he called the enabling environment for the industries to thriveand as well delivered dividends of democracy to the people of the state. "The anchor borrowers rice programme has greatly improved the economy of Kebbi State and led to reduction in its poverty index," he said.

Buhari, Others Commiserate with Keyamo over Father's Death Deji Elumoye in Abuja President Muhammadu Buhari has commiserated with the Minister of State for Labour and Employment, Festus Keyamo, on the demise of his father, Pa Mattias Keyamo. The President, in a release issued yesterday his spokesman, Mallam Garba Shehu, joined members of the Keyamo

family, friends and the people of Effurun in Uvwie Local Government Area of Delta State in mourning Pa Mattias, a respected community leader, who loved his children with great passion and did his best to prepare them for leadership positions and opportunities. As a father who deeply cherished the benefits of friendship and mutual respect

to people irrespective of their background, the President believed that Pa Keyamo was an embodiment of Nigeria’s greatness and rich diversity, having spent some of his adult life in Kaduna and Ilaro, Ogun State before settling in Ughelli. President Buhari urged the Keyamo family to draw inspiration from the strength of character of their beloved father

and grandfather, even as he prays that God will comfort them at this time. ''May the soul of the departed rest in peace,'' the president prayed. Similarly, Louis Odion, FNGE Senior Technical Assistant on Media to the President, Louis Odion has expressed sadness over the death of pa Keyamo, saying:

MONDAY, Ϳ˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

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Ghana Will Fall Home and Away, Boasts Eguavoen

Interim Nigerian Coach, Augustine Eguavoen, said at the weekend that he hopes to lead the Super Eagles to victory against Ghana both in Cape Coast and Abuja on the way to this year’s World Cup in Qatar. Ghana will welcome arch-rivals Nigeria to Cape Coast on March 25 with the return leg four days later in Abuja. The overall winners of this match-up will march on to the 2022 World Cup in Qatar in November. Eguavoen fondly called Cerezo

insisted that Nigeria deserve to feature at the World Cup even though he does not expect the matches against the Black Stars to be easy. “It’s going to be a very tough game and a tight one as well,” he said. “We have a lot of mutual respect for one another, and when Ghana plays Nigeria and Nigeria plays Ghana, it’s always tough, it’s always tight. “But you see, it’s going to boil down to us trying to go there (Ghana). We will play everything

W O R L D C U P P L AYO F F S we can to try to win the game, in fact, both games.

“But with no disrespect, because Ghana is a very strong

side, individually and collectively. We will just go and fight and try to win the game,” stressed the former Nigerian international. Both rivals last clashed in the

semifinal of the 2010 AFCON in Angola with Ghana edging Eagles to reach the final courtesy of an Asamoah Gyan headed match winner.

...Commended for Picking Amoo for Black Stars Duels

Olawale Ajimotokanin Abuja

An Abuja-based lawyer and the initiator of Abuja Youth Soccer Talent Hunt, Niyi Ayoola-Daniel, has hailed Nigeria's Interim Coach, Augustine Eguavoen for including FC Copenhagen of Denmark midfielder, Akinkunmi Amoo in the Super Eagles 32-man provisional list for 2022 World Cup play off against the Black Stars of Ghana on March 25 and 29 respectively. Ayoola-Daniel described the inclusion as a brilliant decision, saying it will provide permanent solution to Super Eagles' offensive problem in the midfield. The football enthusiast, who coordinated the Annual Judges Workshops, delivered the assessment while chatting with journalists in Abuja. "Eguavoen is a brilliant coach with great vision trying to solve the problem of an effective playmaker in the Super Eagles attacking formation which was very obvious at the last Africa Cup of Nations in Cameroon. "Even though l would have also loved to see Eberechi Eze of Crystal Palace in the Super Eagles (but you can’t force a horse to drink water even if you manage to lead it to the stream) and that is why l shower praises on Eguavoen for inviting Amoo as

a midfielder and the young man is also very excited to play for the Super Eagles," Ayoola-Daniel said. Amoo, who is dubbed the 'Little Messi' is an incredibly gifted left foot player who can play as a combative midfielder cum playmaker behind the strikers. Ayoola-Daniel said he has no doubt whatsoever that Amoo’s very fast dribbling and passing abilities with the ball will make him a most effective and creative playmaker for the Eagles. He recalled that Lionel Messi as a young teenager started as a winger for Barcelona before transiting under Coach Pep Guardiola to a playmaker behind the strikers. "The only advice I will offer Eguavoen is that he should make his players, especially the youngest of them all, Amoo to dig deeper into his technical abilities by adding free-kick taking skills to his game. "We all remember that Messi was not much of a set-piece specialist in his early years but he later transformed himself into one of the best set-piece takers in the world. “The Minister of sports, Mr Sunday Dare and NFF President, Amaju Pinnick should also be commended for giving Eguavoen a free hand in the selection of invited players. This is the way to go. I see Nigeria defeating Ghana both away and in Abuja," said.

Watford Debut for Samuel Kalu in Defeat against Arsenal

Victor Osimhen (left) ﬁred blanks last night as AC Milan defeated Napoli 1-0 to consolidate at the top of Italian Serie A

City Outclass United to Restore Six Points Lead at the Top Manchester City outclassed Manchester United to maintain control of the Premier League title race with an outstanding display at Etihad Stadium. City remain six points clear of Liverpool having played one game more after a victory that was arguably even more convincing than the scoreline suggests. Ralf Rangnick's side were without injured Cristiano Ronaldo and Edinson Cavani, as well as Raphael Varane and Luke Shaw, who have Covid-19, and found themselves overwhelmed by the quality and intensity of the reigning champions. Kevin de Bruyne was at the heart of it all. He put City ahead with a crisp early finish then restored their lead before half-time after Jadon Sancho put United level with precise low strike, the Belgian's second hammered home in a goalmouth scramble. City turned up the tempo after the break and got the goal their vast superiority deserved after 68 minutes when Riyad Mahrez met De Bruyne's corner on the half-volley to beat United keeper David de Gea. The goal came via

M A N C H E ST E R D E R BY a deflection off United captain Harry Maguire, who endured a

nightmare afternoon. It got even better for City in the

Kevin de Bruyne put up a masterclass performance as City crush United PHOTO: Getty Images 4-1 in Manchester Derby at Etihad...yesterday.

closing moments when Mahrez raced clear to beat De Gea, the goal being given after a lengthy VAR check for offside. Elsewhere, Arsenal climbed into the Champions League places with an entertaining 3-2 victory over lowly Watford in a game with five quality goals. The Hornets, who remain in the relegation zone, thought they had taken the lead within the first 20 seconds as Emmanuel Dennis slotted home but he was offside. Martin Odegaard put Arsenal ahead not long afterwards after flicking the ball into the path of Bukayo Saka and then running into the centre to slot in Saka's cross. Watford levelled with the best individual goal of the game, Cucho Hernandez's acrobatic flying volley from Kiko Femenia's cross. The visitors restored their lead when Saka won the ball off Tom Cleverley and found Alexandre Lacazette, who rolled the ball back into Saka's path to fire into the top corner. England star Saka was involved again in the third goal as his quick throw-in set up a move with Lacazette laying the ball off to Gabriel Martinelli to finish.

Nigeria Announces Six-Nation Women’s T20 Cricket in Lagos Samuel Kalu made his long awaited debut for Watford yesterday as the Hornets lost the Premier League match at home 2-3 to Arsenal Super Eagles attacker Samuel Kalu yesterday made his debut for Watford when he came on in the second half but could not help the Hornets from suffering 3-2 defeat against Arsenal. Another Nigerian international, Oghenekaro Etebo just coming back from injury lay-off was an used substitute for Watford. The Nigeria international was handed his debut for Watford since joining from Ligue 1 side Bordeaux on a three-year deal on January 26. The 24-year-old, who has won

17 caps for Nigeria and scored twice for the Super Eagles, was yet to feature for the Hornets until yesterday. Kalu was introduced in the 89th minute for former Manchester United midfielder Tom Cleverley but he could not help his side despite his stunning performance. His first touch was excellent while he almost scored with his second. With his performance in the game, more playing time seems to await him which could improve the Watford side as they battle to escape the drop.

The Nigeria Cricket Federation (NCF) has announced a six-nation T20 International Cricket Tournament scheduled to hold between March 26th to April 4th, 2022 at the newly resurfaced Tafawa Balewa Square Cricket Oval in Lagos. President of NCF, Uyi Akpata, said at the weekend that the event will feature Rwanda, Ghana, Sierra Leone, The Gambia, Cameroon and host country Nigeria. “Our female national team has been one of the most improved of all our national teams in the last five years and our gender inclusion development agenda has thrown up massive talents that have left us with an ever-improving side. “This event is apart from

celebrating the milestones that the Federation has achieved in raising tons of female cricketers through its grassroots project - it is set to become a part of the process,” observed Akpata. The President added that creating opportunities for the national female team to constantly square up with tough African oppositions is a key objective in initiating the tournament. He also believes it will go a long way in raising the bar for aspiring players. The Nigerian team has been camped in Benin City for over a week at the Edo Boys High School High Performance Cricket Centre in Benin City under the watchful eyes of national coaches,

trainers and selectors. According to the President, the 30 players team that camped in Edo State would be trimmed to a sizeable number before proceeding for the final round of camping in Lagos and eventually, the tournament proper. Nigerian international, Blessing Etim, will captain the female Yellow-Greens (as the national team is called) and hope to make her experience count for the national team as the event gets underway in Lagos. “Every match at the event will also count for each team’s T20 ranking point on the International Cricket Council’s log,” observed the NCF chief.

Akpata also said that beyond the players, Nigeria’s facilities will be showcased, along with the umpires that the country has also invested in in the last few years. “A lot has happened in the game’s development of late, and events like this presents an opportunity to test and showcase all those,” he added. He stressed that the Tafawa Balewa Square Cricket Oval that was resurfaced and upgraded to a ten-strip turf playing surface in January will be put to its first major use with the NCF Women’s T20 event, along with Nigeria umpires getting international caps on home soil.

Monday March 7, 2022

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MISSILE CAN to Federal Government

“’We call on the Federal Government and the security agencies to wake up to the security challenges in the country where terrorists, bandits and kidnappers are operating with impunity and no where is safe and secure again. If the trend continues, many voters may not participate and the outcome of the 2023 election may not be credible” – Christian Association of Nigeria President, Samson Ayokunle, prodding the government to wake up to its responsibilities.

MAHMUDJEGA VIEW FROM THE GALLERY

Going to Fight in Ukraine I

t at first sounded like a normal social media rumour, until Mr. Bohdan Soltys, Second Secretary at the Ukrainian Embassy in Nigeria, told a Punch reporter that hundreds of Nigerians had applied to go and fight invading Russian forces in Ukraine. That was however not the part that shocked many Nigerians. Instead, it was the embassy’s demand that anyone who is volunteering to go and fight there must pay $1000 for visa and air ticket. I am going to fight for you in a war that does not really concern me, and you are asking me to pay for air ticket and visa? Let me ask the Ukrainian Ambassador an honest question. The estimated 100,000 Russian troops that have entered Ukraine in the last ten days, did they pay visa fees? If so, which of your consulates issued the visas, how much did they pay, and did you ask them to state in the application forms what they are coming to do in your country? If you didn’t issue them with visas, why are your immigration officers not rounding all of them up and deporting them as illegal immigrants back to Russia? I know that some countries ask ridiculous questions to visa applicants trying to visit their country. It was recounted in his unauthorized biography that when reclusive American billionaire Howard Hughes arrived in Canada for a visit in the 1970s, the immigration officer asked him how long he was staying. He said two days, and the officer asked him, “Do you have enough money to stay in Canada for two days without becoming a liability to the Canadian taxpayer?” Sometimes it is visitors that ask their hosts ridiculous questions. During the Cold War era, whenever the US President was visiting any city, the Secret Service advance team asked their hosts many questions, including the estimated number of Communists in the city. In 1971 when President Richard Nixon was to visit Beijing, a secret service officer asked a Beijing city council official to estimate the number of Communists in the city. He said, “About ten million.” At the weekend it was said that one and a half million Ukrainians and foreigners resident in the country had fled in trains, buses and on foot to Poland, Slovakia, Hungary and Romania. Did they all obtain visas before they entered the European Union? If the Poles had stopped all of them at the border and demanded visa processing fees, can you imagine the chaos? Is it in every situation that you demand a visa? When millions of German troops crossed the Soviet border in 1941, speedily overran Ukraine and large swathes of Russia, did you guys asked Adolf Hitler if he had obtained a visa for Field Marshall

Ukraine President, Volodymyr Zelenskyy

Friedrich Paulus, Commanding General of the German Sixth Army, who arrived in Stalingrad uninvited? Is it the hapless Nigerian volunteer that you are asking to obtain a visa? And to pay for air ticket? Air ticket to where? No airline pilot in his right mind will fly his plane into Ukraine these days, not when Russian missiles are raining down on airports in Kyiv, Kharkov and other major cities. Even before this Russian “special operation” started, a civilian Malaysian Airlines plane flying over eastern Ukraine on its way home from Amsterdam was brought down by a Russian-made missile. Which mad pilot will now head for Kyiv, when Russian MiG-35 fighters may not distinguish a warplane from a civil airliner? So much for the Ukrainians. Let us now turn to the Nigerians, 400 of whom are said to have applied to go and fight in Ukraine. Is it because of lack of fighting opportunities here at home? Remember the passage in Chinua Achebe’s No Longer At Ease, where a man who was saying opening prayers at

a town meeting said they left Umuofia and came to Lagos to look for work. An elder however corrected him. He said they came to Lagos to look for money, because if it is work, there is a lot of work in Umuofia but they left it behind and came to Lagos. If it is fighting that these Nigerians are spoiling for, there are a lot of fighting opportunities right here in Nigeria. In Sambisa forest for instance, in the tumbus islets around Lake Chad, in the open grasslands of Zamfara, Katsina and northern Sokoto states, in the wooded Guinea savannahs of southern Kaduna and Niger states, in the tin mines-potholed countryside of Plateau State, in the high yam fields of Benue State, in the low forested areas of the South East, in the creeks of Bayelsa, and even out in the open sea where there is fighting to do against pirates and oil thieves. On second thoughts, those Nigerians who are itching to go to Ukraine could have a free ride. After all, Federal Government has already paid $8.5 million to Max Air and Air Peace to fly stranded Nigerians back from Poland. The planes must be going there empty, since no passengers are heading for eastern Europe right now. Please put the volunteers on those empty seats to Warsaw. Our embassy officials should then escort them to the Ukraine border, wave at them and wish them good luck. In order not to demoralize them, Max Air and Air peace should ensure that these volunteers never get to see or discuss with the estimated 5,000 Nigerians who are fleeing back home from Ukraine. Why do you want to go and fight in a place where you will stand out like a monk in a brothel? Both Russians and Ukrainians are lily white Europeans. They even proved it at the border, where Africans and Asians who were fleeing from Ukraine were stopped whereas people with blond hair, blue eyes and pointed noses were allowed to pass unmolested. In 1982 when Israel invaded Lebanon, left wingers from all

When a reporter asked Mr. Adikwu why he wanted to go and ﬁght in Ukraine, he said he needed money to take care of his family, including six children. His solution may be what Jeremy Brown in the British TV sitcom ‘Mind Your Language’ once described as a permanent solution to a temporary problem

over the world arrived in the country to fight alongside Yasser Arafat’s Palestine Liberation Organisation, PLO. Left wingers from Black Africa who tried to join the fight were stopped, lest Israeli snipers picked them out through telescopic sights. The same thing happened during the US invasion of Iraq in 2003, and before that, the long Mujahedeen war against the Soviets in Afghanistan in 1979-89. If a black man wants to do international duty by joining a fight that he believes is just, my advice is that he should go to South Sudan, DR Congo, northern Mozambique, northern Mali, north eastern Burkina Faso, Ambazonia, northern Chad, Darfur, southern Libya, Ethiopia’s Tigray Region, or join one of the clans in Somalia. In these places, your kinky hair, flat nose and black skin could pass you off as a local and you will not be singled out as a foreign mercenary in case the enemy captures you. The part that really puzzled me was the motive of some of these Nigerians who are volunteering to go fight in Ukraine. One report quoted a would be volunteer, Monday Adikwu, who said, “When I asked what the salary is, the [Ukrainian Embassy] guy first said $7,000 and later changed it to $3,300 per month.” The Ukrainians asked if he has military experience, and Adikwu, who is an ex-Nigerian army officer, said he showed them his military training certificates. We don’t know what kind of training Adikwu had in the Nigerian Army. Was it infantry, artillery, special forces, transport corps or music band? For how long was he there, when and why did he eventually leave the army? While there, did he ever come up against a fast moving T-90S tank, a fast flying Russian Ka-52 helicopter gunship or a Mig-35 fighter? By the way, which determined ruler did he fight against? If it was Charles Taylor in Liberia or Foday Sankoh in Sierra Leone, you think that is enough experience against a man like Vladimir Putin, with his itchy fingers very close to the button of a tactical nuke? When a reporter asked Mr. Adikwu why he wanted to go and fight in Ukraine, he said he needed money to take care of his family, including six children. His solution may be what Jeremy Brown in the British TV sitcom Mind Your Language once described as a permanent solution to a temporary problem. What if a Russian sniper identifies you from afar with a telescopic sight and takes you out with a single shot? How will that contribute to the upkeep of your wife and six children? The Ukrainians who will be busy trying to rebuild their shattered cities after this war, do you think they will remember to send your wife a pension?

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