MONDAY 11TH MARCH 2024

the government to announce on

Ramadan Begins Today, Sultan of Sokoto Declares

Atiku enjoins Nigerians to up charity Makinde calls for increased prayers, good neighbourliness Katsina purchases N10bn grains for 2.1m residents

Chuks

The Sultan of Sokoto and President

of the Supreme Council for Islamic Affairs (NSCIA), Muhammad Sa’ad Abubakar, yesterday, said the crescent for the commencement of the Ramadan fasting had been sighted.

Abubakar, in a broadcast last night, said Muslims in the country should commence fasting today, March 11. The sultan said the announcement

followed reports of moon sighting received from Islamic scholars and organisations from across the country. He said the reports were duly “authenticated and verified”

by the states and national moon sighting committees. He stated, “Consequently, tomorrow (today), the 11th day of March 2024, becomes the first

day of Ramadan 1445 after Hijra. “We, therefore, call on all Muslims to commence fasting accordingly.

Presidency: We’re Not Operating Two Versions of 2024 Budget

EIU Raises Nigeria’s 2024 Economic Growth Forecast to 2.5% on Rising Oil Output

Saudi’s oil giant, Aramco, rakes in $121bn profit in one year

Emmanuel Addeh in Abuja

The Economist Intelligence Unit (EIU) at the weekend revised Nigeria’s 2024 economic growth forecast figures from 2.2 per cent to 2.5 per cent on the back of the country’s rising crude oil output.

In its latest country report, the organisation stated that aside premising the prediction on higherthan-expected crude output, it is also based on earlier-than-expected production from the new megarefinery in Nigeria.

The Economist Intelligence Unit (EIU) is the research and analysis

division of the Economist Group. It provides forecasting and advisory services through research and analysis, such as monthly country reports, five-year country economic forecasts, country risk service reports and industry reports.

According to the EIU, hydrocarbons generate about 50 per cent of government’s revenue and more than 80 per cent of export receipts, but explained that agriculture and services dwarf the industry’s contribution to the Gross Domestic Product (GDP).

“The oil sector constitutes about 6 per cent of GDP. The higher growth

forecast has come despite sharperthan-expected monetary tightening in February 2024. We now expect the Central Bank of Nigeria (CBN) policy rate to peak at 23.75 per cent, 200 basis points higher than our previous forecast,” it added.

Commenting on the current reforms by the administration of President Bola Tinubu, Nigeria’s Proshare quoted the EIU as highlighting that market reforms were intended to attract investments but did not constitute a coherent plan.

The two flagship policies, the elimination of petrol subsidies and the liberalisation of the exchange rate,

have an inner contradiction.

“As Nigeria imports virtually all its fuel, naira devaluations, the latest being a 45 per cent drop in February 2024, should be reflected in the pump price. However, owing to the threat of industrial action, there has been little movement since June, despite the naira having weakened from N461/$1 in May 2023 to N1,600/$1 in late February 2024. This indicates the return of (large) subsidy,” it said. It further stated that a large naira devaluation in early February will likely herald further depreciation, as inflation remains high and real short-term interest rates remain

negative.

“Falling risk premiums on government international bonds make tapping the international capital market another viable (albeit costly) option once US interest rates start to fall from the second half of 2024.

“For most of this year, the naira will be highly volatile, leading to regulatory erraticism that can affect businesses, especially those holding foreign currency. The CBN lacks the liquidity to support the naira itself; out of $33 billion in foreign reserves, a large share (estimated at nearly $20 billion) is committed

NECA, CPPE COMMEND FG’S SUSPENSION OF $15,000 EXPATRIATE EMPLOYMENT LEVY

Friday that it had suspended the implementation of the levy.

Director General of NECA, Mr. Adewale-Smatt Oyerinde, said, “We commend the Minister of Interior and the Minister of Industry, Trade and Investment for their roles in putting the EEL on hold.

“While we appreciate the objectives of the scheme and the need to address gaps in the management of expatriate employment in Nigeria, the decision by the government is nothing short of genuine concern for the plight of organised businesses.

“This has further affirmed

President Bola Tinubu’s administration as a listening one. The speed of response to organised businesses' concern was commendable and worthy of note." Oyerinde emphasised the need to deepen engagements between the government and the private sector, and stated that the sector was always ready for any meeting to discuss the issues.

“We urge an inclusive engagement with members of the Organised Private Sector of Nigeria (OPSN) with the view of harvesting workable solutions and options for a win-win

position for the economy and the private sector," he stressed.

Similarly, yesterday, Chief Executive Officer of CPPE, Mr. Muda Yusuf, said the suspension of EEL was a demonstration of the fact that the Tinubu administration was responsive, democratic and inclusive in its governance process.

“It shows that the administration is a listening government. Responsiveness to the concerns of stakeholders is a critical attribute of true democracy,” Yusuf stated.

Yusuf, however, stressed that there were already extant laws and

regulations within the framework of the Nigeria Immigration Act and the Expatriate Quota Handbook that squarely addressed the outcomes contemplated in EEL. He said, “What needs to be done differently is to strengthen the institutional and regulatory effectiveness in the Ministry of Interior and the Immigration Service to ensure compliance and enforcement.

“The truth is that relevant institutions have over the years been considerably compromised. These are the gaps that need to

PRESIDENCY: WE’RE NOT OPERATING TWO VERSIONS OF 2024 BUDGET

Deji Elumoye and Sunday Aborisade in Abuja

The Presidency has reacted officially to allegations on Saturday by Chairman of Northern Senators Forum, Senator Abdul Ningi, that President Bola Ahmed Tinubu padded the 2024 Appropriation Act, saying it is an unsubstantiated claim.

In a statement, titled, "The Facts About 2024 Budget," issued by Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, the presidency stressed that at no time did the Tinubu administration operate two versions of the 2024 budget.

Rather, the statement disclosed, it was the National Assembly in its wisdom that increased the proposed N27.5 trillion budget by N1.2 trillion to N28.7 trillion, which the president assented to.

Expressing concern that a sitting senator could raise unsubstantiated claims to fuel divisive rhetoric, the presidency emphasised that the government at the centre had never been anti-North but rather equitable to all parts of the country.

It further explained that Tinubu, as an avowed democrat, would never indulge in unconstitutional acts, like budget padding.

The presidency, in the press release, stated, "Following the false claims made by Senator Abdul Ningi, representing Bauchi Central, that the President Bola Ahmed Tinubu-led federal government is operating two versions of the 2024 budget, we consider it appropriate to inform Nigerians that there is no truth whatsoever in the allegation.

"Acting under the banner of Northern Senators' Forum (NSF), Senator Ningi falsely claimed, in an interview he granted BBC Hausa Service, that the National Assembly debated and passed N25 trillion as 2024 budget and not the N28.7 trillion that is being implemented by the federal government.

"To begin with, President Tinubu on November 29, 2023 presented a budget of N27.5 trillion to the joint session of the National Assembly, made up of N9.92 trillion recurrent expenditure, Debt Service N8.25 trillion and Capital Expenditure N8.7 trillion. This was widely reported. He did not present a budget of N25 trillion.

"Contrary to the strange view expressed by Senator Ningi, there was no way the Senate could have debated and passed a N25 trillion budget that was not presented to the

National Assembly. We don't expect a ranking senator not to pay due attention to details before making wild claims.”

The statement added, "It is also important to let Nigerians know that the budget that President Tinubu signed into law on January 1, 2024, as passed by the National Assembly, was N28.7 trillion. The National Assembly, in its wisdom, increased the amount proposed by the executive by N1.2 trillion.

"In the spirit of democracy, which allows give and take, President Tinubu didn't withhold his assent to the Appropriation Bill, as passed by the National Assembly.

“We want to stress that if the budget figure was increased and made to be different from what the executive proposed, it was the National Assembly that jacked it up in exercise of its power of appropriation.”

The presidency also dismissed the anti-North claim by Ningi. It stated, "On the uncharitable claim that the 2024 budget was anti-North, we found such position as canvassed by Senator Ningi as too far-fetched and unbecoming of a leader of his status.

"President Tinubu is leading a government that is fair and equitable to every part and segment of Nigeria. In terms of funding, distribution of capital and priority projects, the 2024 Appropriation Act was not skewed against any section of the country.

"The north, as an integral part of the country, is well covered in all areas, from security to agriculture, healthcare to education, and other important infrastructure, such as roads, rail, dams, power, and irrigation projects to support all year-round agriculture.

"It is concerning that a senator of the Federal Republic of Nigeria can employ such primordial antics to fuel divisive rhetoric at a time well-meaning Nigerians are joining hands with President Tinubu to raise the spirit of national cohesion, unity and inclusive politics.

"We want to use this opportunity to commend Senator Yemi Adaramodu, Chairman, Senate Committee on Media and Publicity, for setting the record straight.

“We also commend Senators Steve Sunday Karimi (Kogi), Titus Tartenger Zam (Benue), and Kaka Sheu (Borno) for their forthrightness and for coming out against the misrepresentation of facts by Senator Ningi.

"President Tinubu is a firm believer in the rule of law and constitutional

democracy. As an avowed democrat, he will not engage and indulge in any unconstitutional action or act in any manner that assaults the constitution of Nigeria by operating any budget outside the one approved by the National Assembly, which he dutifully signed into law.

"We want to state categorically that the only 2024 budget that is being implemented is the N28.7 trillion budget passed by the National Assembly and signed by the president. Included in the budget are statutory transfers to the Judiciary, National Assembly, Tetfund and others."

Senate Debates Budget Padding Behind Closeddoors

The senate appropriation committee, led by the chairman, Senator Solomon Adeola, held an emergency meeting on Sunday to discuss the allegations of budget padding raised by Chairman of Northern Senators Forum, Abdul Ningi, on Saturday.

The committee invited journalists for a briefing, but later cancelled the media parley after their deliberations. The panel's chairman said the engagement with the journalists was called off to enable the senate in plenary to discuss the matter on Tuesday (tomorrow) and come up with a position on it.

Adeola said the committee might brief the journalists after the senate's deliberation on the matter.

Meanwhile, some northern senators have criticised Ningi over his interview with the BBC, saying the chairman of NSF has indicted himself, being a member of the appropriation panel.

A ranking senator from the northern part of the country, who is also a member of the appropriation committee, said, "Let me tell you, what Ningi did was self-indictment."

The senator, who spoke on conditions of anonymity, said, "There's this saying in Hausa that if the person speaking is a fool, the person listening will not be a fool.

Yes, this budget, when they say it's skewed, it is skewed to where?

"Who prepared the budget? All the committees were the ones that did the budget. Our own is to compile the budget. Our mandate did not say, make sure that the north got equal amount with the south. No. So, what are they talking about? It's self-indictment. Who passed the budget?

"Who is the budget minister? Is he

not from the north? Atiku Bagudu is the Minister of Budget and he is from the north. It is not the Minister of Finance, who is from Lagos, that prepared the budget. He only executes the budget. Who prepared the budget?

"Who gives each MDA a ceiling. It is the Budget Office? Then in the budget team, the southerners are in the minority.

"The chairman of the House Committee on Appropriation is from the North-west and the bulk stops there. Solomon Adeola is the chairman of appropriation committee and he is from South-west, but he did not prepare the budget.

"Now, I'm hearing another story. The chairman in the House says if you total the budget, the north has more than the south. So, it has now become an argument and I don't want to start talking to you without facts.

"Now, they said they have a document and they employed a consultant. And that the consultant said that the budget is skewed. And that the budget is actually N25 trillion. Now who are you indicting? So it means the National Assembly padded the budget with N3 trillion. Who added the N3 trillion?”

The senator also said regarding Ningi’s allegation, "He said in his interview, we understand, that the work is in progress, that it is an interim report. A meeting of the Northern Senators’ Forum was called and we met the senate president. Some of us didn't want to go but they insisted.

"We demanded for evidence to justify their claims that the north had been short changed. We even asked them to make public, the report of their investigation on the alleged skewed budget with relevant documents.

"At the meeting, the senate president told our colleagues in the NSF that he was not aware of any budget padding and challenged Ningi to submit to the senate leadership a copy of the report presented to him by the team of consultants, which allegedly spotted the padded N3 trillion."

Equally yesterday, three senators –Steve Sunday Karimi (Kogi West), Titus Tartenger Zam (Benue North West), and Kaka Sheu (Borno North) – said the allegation of budget padding by Ningi was unfounded, baseless and a figment of his imagination.

The senators warned against what they described as the antics of blackmailers bent on creating an atmosphere of crisis in the upper chamber of the National Assembly.

Wale Edun

to various derivative deals,” the report said.

According to the EIU, the Nigerian business environment will remain highly challenging, undermined by corruption, cronyism, rampant insecurity, and a giant infrastructure gap.

Looking at investments, the report observed that multinationals are increasingly deciding to quit Nigeria or reduce their presence.

be addressed.

“We really do not need a new policy, regulation or handbook on the employment of expatriates. A new regulation or policy will be superfluous. The current regulations or handbook could be tweaked, if necessary.”

Yusuf pointed out that evidence of regulatory weaknesses was visible from the numerous instances of expatriates operating in the retail sector in the open markets, competing with Nigerian market women and men.

He stated, “We surely do not lack expertise in retail trading. But we have seen cases of some expatriates taking up shops in our traditional markets. Many of our indigenous

traders in the markets have been displaced by these expatriates because they cannot compete with them.

“There are similar concerns expressed by our indigenous retailers in the computer and electronics, textiles and fabrics, and fashion accessories, where expatriates are competing with them at the retail end of the market.

“Some of these companies dominate the entire value chain as manufacturers, distributors and retailers. These are some of the issues that need to be addressed by the immigration service and the ministry of interior.

“Competition with our struggling market women and men is clearly an unfair competition.”

RAMADAN BEGINS TODAY, SULTAN OF SOKOTO DECLARES

We call on all Muslims to use this holy month to pray to Allah in guiding the affairs of our great country.

“We appeal to the well-meaning individuals amongst us to assist the vulnerable and the poor people with food during this holy month of Ramadan to ease the hardship people are going through. May Allah reward us for our ibadah with Jannatul Firdaus, Ameen.” Ramadan is the ninth month of the Islamic calendar observed by Muslims worldwide as a month for fasting, prayer, reflection and assisting the needy.

Atiku enjoined the Muslim faithful in the country to assume Ramadan by seeking Allah’s mercy and forgiveness, especially extending charity to the less-privileged.

A press statement from the Atiku media office on Sunday, said by the sighting of the Ramadan moon, “Muslims across the world, especially in Nigeria, should spend more time supplicating to God for His mercy on the country and on us as individuals.”

The statement said, “The month of Ramadan is a mercy from God upon humanity and all those, who partake of the fasting. It is for that reason that the Almighty also enjoins us to show more love to one another and deepen our charity in the holy month.”

The sultan stated that while this year’s Ramadan was happening at a time when there was acute hardship in the country, “it, therefor, becomes more important for those with means to ensure that they extend their charity far greater than the previous years.”

Atiku further enjoined every Muslim to be steadfast in the requirements of this holy month and pray that the Almighty Allah shall shower His mercy and blessings on Nigeria and guide the country to increased prosperity and peace, during and after the Ramadan period.

Oyo State Governor 'Seyi Makinde congratulated the Muslim Ummah in the state and across the world on the commencement of the month of Ramadan 1445.

Makinde described the holy month as a blessed month in which Allah rewarded the worship of the Muslim Ummah. He charged Muslims to increase their prayers for the country and the state.

He called for increased prayers for the country amid the economic hardship facing the people, stating that though leaders have been doing everything to turn the situation around, prayers are of greater essence at this time.

Makinde equally charged Muslims around the world to demonstrate the lessons of love, kindness and good neighbourliness, as taught by Prophet Mohammed. He admonished those who had enough to remember their neighbours, as many people were going through hard times.

Makinde said his administration had been doing everything possible to mitigate the effects of the economic hardship and would not relent until life became better for all residents of the state.

Katsina State Government, in collaboration with the state's 34 local governments, allocated N10 billion for the purchase of grains for distribution to its vulnerable residents during the holy month of Ramadan.

Governor Dikko Umar Radda disclosed this while inaugurating the state and local governments committees that would oversee the distribution of the grains to beneficiaries.

Radda, according to a statement by his Chief Press Secretary, Ibrahim Mohammed, said the initiative aimed at feeding 2,166,000 people throughout the duration of this year's Ramadan. He said the state government, through the initiative, would be feeding 72,200 people each day of the Ramadan. “This translates into providing food assistance to approximately 2.1 million residents throughout the month of Ramadan.”

He explained that the government had also subsidised the price of maize, millet, and guinea corn to N20, 000 per bag for 400,000 households, representing a significant reduction from the current market rates.

To ensure equitable access to the grains, Radda said the government had capped the purchase of the subsidised grains at 10 measures per buyer across the state. He directed the local government committees to remit proceeds from grains sales to the state committee for deposit into the government accounts to ensure accountability.

SHETTIMA ON SYMPATHY VISIT TO KADUNA GOVT OVER KIDNAPPED SCHOOL CHILDREN...

FG to Contractors: Accelerate Work on BeninEkpoma-Lokoja Road or Face Contract Revocation

Obaseki to parley FG on concession of critical road to Edo, partners State govt, Dangote, BUA to commence remedial work on 30km FG to give priority to local content in contract awards

Emmanuel Addeh in Abuja

The federal government at the weekend read the riot act to all the contractors handling the BeninEkpoma-Auchi-Okpella-Okene-Lokoja road to immediately commence accelerated work on the rehabilitation of the highway or face termination of their contracts.

The directive was handed down to the contractors by the Minister of Works, David Umahi, during his inspection visit to the various project sites in Edo state, according to a statement in Abuja by the minister’s spokesman, Uchenna Orji.

Umahi disclosed that the government had released funds to the contractors handling the federal projects, warning that contractors who fail to fully

mobilise and commence immediate accelerated rehabilitation works on the projects would have their contracts terminated and their firms blacklisted.

Speaking after a meeting with the Governor of Edo State, Godwin Obaseki, the minister described as unacceptable the delay by the contractors in fully mobilising to site and effectively commencing rehabilitation work despite President Bola Tinubu’s prompt release of funds to them for the projects.

On the recent protest along the Jattu axis of the Benin- Auchi highway by the residents of the area, which disrupted vehicular movement, the minister said that his meeting with the governor was to brainstorm on the drastic measures

Dangiwa, EFCC to Set Up Housing Fraud Detection, Monitoring Platform

Emmanuel Addeh in Abuja

The Minister of Housing and Urban Development, Ahmed Dangiwa at the weekend issued a strong warning to real estate developers who engage in the construction of substandard projects and other fraudulent practices to desist from such behaviour or face the wrath of the law.

This was as the minister reiterated the resolve of the ministry to ensure that developers construct houses in line with laid down laws and regulations and prevent fraudulent practices in the sector

A statement by the Special Adviser on Media to the minister, Mr Mark Chieshe, said Umahi was speaking at the commissioning of De Mayor’s Estate and the flag-off of Project Broadfield in Abuja.

Dangiwa cautioned against the use of substandard building materials as well as unethical practices, warning that those who fail to build within stipulated guidelines will be prosecuted.

He also warned those who collect money from unsuspecting Nigerians only to turn around and deliver substandard projects, stating that the days of cutting corners were over.

“I want to warn all developers, and I advise them to see this as the final warning that they will get. The days of cutting corners in the housing sector are over. If you think you can defraud Nigerians of their hard-earned money and get away with it in this present time, you are mistaken.

“For those who collect money from beneficiaries and, at the end of the day, fail to deliver and dupe ordinary Nigerians who simply want a decent place to call home, the law will soon catch up with you. Stop doing it because the days are over for such practices,” he said.

He noted that Nigerians have been victims of unscrupulous elements in the built environment for far too long, stressing that such practices amount to financial crimes.

“When you go into a contract with a subscriber to build XYZ with certain features, and at the end of the day, you renege on that agreement, that amounts to a breach of contract. Some will collect the money and abscond with it; that’s extortion by false pretence and these are financial crimes.

“That’s why the Federal Ministry of Housing and Urban Development is now collaborating with the Economic and Financial Crimes Commission (EFCC) to go after such developers, ensure accountability in the sector, and protect the rights and investments of Nigerians,” Dangiwa said.

Elaborating on the strategy after the event, the Dangiwa stated that the ministry plans to establish a housing fraud monitoring platform that will enable Nigerians nationwide to report incidents of housing fraud by developers.

“The primary goal of the platform is to monitor and detect instances of housing fraud perpetrated by dubious developers and ensure accountability in the sector.

to tackle the issues affecting the progress of work in the area.

" I have had a very serious meeting with the governor here. We are concerned about what is happening between Benin-EkpomaAuchi- Okpella and the axis of Kogi State. That is what we have been brainstorming on.

“ I have worked with him throughout last night to direct that the road should be unblocked, and if you see the grievances of those people you will not blame them so much, because people are dying, trucks are falling,” Umahi stated.

Umahi also inspected the LokojaBenin road ‘dualisation’ projects, section IV: Benin-Ehor road in Edo State handled by RCC Nig. Ltd; the section III: Ehor – Auchi in Edo State handled by Dantata & Sawoe Nig. Ltd; and the section II: Auchi – Okene in Edo/Kogi States handled by Mothercat, tasking them on the best standard and timely delivery of the projects.

He further moved to the spot where the residents were blocking vehicular movements and addressed them on the efforts of the government in improving the condition of roads in the state.

" Mr. President has directed me to go round the entire 36 states and brief him on the state of the roads. No contractor is being owed a kobo from Warri down to Kogi State. We

are redressing the situation here. You will see action from Monday," Umahi said.

Meanwhile, the Edo State Governor, Mr. Godwin Obaseki, has said the State Government has arranged for a meeting on Tuesday, March 12 with representatives of the federal government, Dangote Group and BUA Plc to discuss and proffer short term solutions on the deplorable condition of the Benin/ Auchi road.

A statement by Obaseki’s spokesman, Crusoe Osagie, said the governor disclosed this at the weekend during a chat with journalists at the Government House in Benin City, after a closed-door meeting with Umahi.

Obaseki also appealed to the federal government to concession the road to Edo state government as a long-term solution.

“As a state, we would work with the minister and the federal government. The issue of roads can’t be left to one stakeholder alone; we all must come to work together.

“We are very concerned about the high-traffic roads like the Benin-Auchi road which is one of the main transport arteries in Edo State. Youths have protested severally about the poor condition of the road. We have appealed to them and they accepted and expect us to fulfil the promise on remedial action to reduce the carnage, accident,

destructions, and delays commuters witness on that road.

“We have agreed with the minister that we would send one of our contractors immediately to go in there this next week to commence palliative work in some very bad sections of the road. We also agreed on some of the bad sections, particularly around Agbede, between Ekpoma and Irrua-axis and some other portions towards Uhunmwode LGA.

“These bad sections have been calculated and it came to about 30km and we have to bring in other stakeholders, particularly heavy users of the road. We have singled out Dangote and BUA cement companies as they are some of the largest users of the Benin/Auchi road and can’t stay aloof.

“We are summoning a meeting with representatives of these two companies, Edo State Government, and the Federal Minister for Works and Housing on Tuesday to agree on concrete steps and measures to take and make sure that the remedial works are done on the bad sections of the road to ensure rehabilitation work are done before raining season commences.

“We can’t afford to have that road in that condition this year. Things are bad enough in the country. This is the main artery moving petroleum products, foods from the North to the South. We have

no choice but to make sure that the road is open to traffic. These are short term measures,” he stated.

While commending Umahi, Obaseki recalled that this time last year when he cried for help about the deplorable state of the roads ahead of the rainy season, he didn’t get the kind of response compared to now.

“I believe that the minister has shown enough sensitivity to our plight. He has come to us ahead of the heavy rains to see what we can do and what palliative measures can be put in place in some of these federal roads. I believe that once we take some of these steps, the situation can’t be as bad as we experienced last year.

“The minister has raised several issues. First is because of our position as a state with a unique location. We have a very large network of federal roads across the state. We are perhaps one of the few states with the largest extent of federal roads. But our citizens will always argue that they are not federal citizens but citizens of Edo and Nigeria using these roads. It’s important we come together, work together and build these roads.

“In working together, we have to remove the encumbrances which are the way we contract to build the roads, the people we used to build these roads, the materials used as well,” he added.

S&P Report: Banks Should Consider Social Media in Liquidity Risk Management

Ndubuisi Francis in Abuja

A new report by S&P Global Ratings has advised banks across the world to consider social media in their liquidity risk management activities.

According to the report, bank failures in 2023, such as the collapse of Silicon Valley Bank, were often characterised by substantial and rapid deposit outflows exacerbated by negative social media.

S&P Global Ratings believes social media is unlikely to be the sole driver of a bank run, but it has the potential to accelerate deposit outflows at structurally weak lenders.

“In all cases, the troubled banks had underlying issues, including financial imbalances, structural deficiencies, and notable shortcomings in risk management and governance.

“Yet, once a bank is vulnerable to liquidity stress, social media activity, regardless of its veracity, can quickly expose weaknesses by eroding client confidence and accelerating deposit outflows," said S&P Global Ratings analyst, Cihan Duran.

S&P Global Ratings distinguishes the threats posed by both open platforms — such as Facebook, Instagram, LinkedIn and X, which can be scrutinised by banks and regulators — and platforms dominated by “private groups” such as WhatsApp, Signal and Discord.

It notes that it is difficult to control the spread of malicious information in private groups, but that open platforms can quickly reach massive audiences, making damage control difficult.

Beside straight bank runs, the report noted that interest rate

hikes have already increased the volatility of deposits as savers have the opportunity to switch to better remunerated products.

In this context, social media could further complicate banks’ deposit management by accelerating the dissemination of information, potentially leading to rapid liquidity flows, it posited.. Although not everybody shares the view, social media and online access to bank accounts are the main accepted explanations behind the fast run on SVB.

“I think it is demonstrably false, because if you want to move a lot of money out of a bank, you have to do a wire and that takes a while.

" I don’t think the run on SVB per se was caused by Twitter either,” said Hilary J. Allen, professor of law at the American University Washington College of

Law.

“Rather it has been reported how (venture capital) funds told their portfolio companies to not spread the news online. Once it became clear that SVB was going to fail, there was instead a lot of (online) activity trying to scare the regulator into bailing out SVB’s uninsured depositors,” Allen said.

Steven Kelly, Associate Director of Research at the Yale Programme on Financial Stability echoed his remarks.

. “The ‘the internet caused the bank run’ narrative lacks material evidence and structural consistency with the actual dynamics of the bank runs,” he wrote in the Financial Times.

Kelly concluded that just because modern bank crises can be watched on X, formerly known as Twitter, it does not mean that is where they happen.

L-R: Ibrahim Umar Abba; Deputy National Chairman APC North, Ali Bukar Dalori; Vice President , Kashim Shettima ; Governor of Kaduna State, Uba Sani and Deputy Governor of Kaduna State, Hadiza Balarabe during the vice president's sympathy visit to the Kaduna State government over the kidnap of school children in Kaduna, last Saturday

26,715 Nigerian Health Workers Currently in UK for Greener Pastures, Says Union

Number of Nigerian nurses in US, Canada, S/Arabia, Australia, others hits 75,000

Onyebuchi Ezigbo in Abuja

The Medical and Health Workers Union of Nigeria (MHWUN) has said that available records from the British government showed that a total of 18,224 Nigerian health workers were granted visas by the United Kingdom in one year.

It said that the worrisome brain drain in the country 's health sector was becoming really scary.

According to the union, Nigeria

presently tops the list of emigrant health workers in Africa as the number of Nigerians under the health and care skilled work visa haf risen by 215 per cent (18,224), from 8,491 in 2022 to 26,715 as at end of 2023.

Quoting the figures from the National Association of Nigerian Nurses and Midwives (NANNM), National President of MHWUN Kabiru Minjibir, also said that about 75,000 nurses from Nigeria had left

Mo Abudu Receives Forbes’ Africa 2024 Bizwoman of the Year Award

The Chief Executive Officer of the EbonyLife Group, Mo Abudu, has been recognised as the 2024 Businesswoman of the Year at the prestigious Forbes Africa Woman Awards.

The event was held at Emperor's Palace in Johannesburg on Friday, March 8, coinciding with the International Women's Day (IWD), a statement said.

While acknowledging the award, Abudu emphasised the importance of resilience and unity among African women, dedicating her success to her team at EbonyLife, her family, and all the ‘remarkable’ women who inspire her.

Recently rated among 24 Nigerian Women to Watch in 2024, for her remarkable role in the creative sector, and listed among the esteemed global elites of Forbes Most 100 Powerful Women, Mo Abudu's impact extends beyond the entertainment industry. She recently curated the groundbreaking "Echoes of Africa" series at the Academy Museum of Motion Pictures in Los Angeles, showcasing African cinema for the first time in the institution's history.

According to the statement, taking her international impact further, EbonyLife Media has entered into collaborations with renowned studios such as Sony, AMC Networks, Netflix, Starz, Lionsgate, BBC, Westbrook Studios, and Will Packer Productions. Her commitment to fostering talent and diversity in the media industry, it said, is evident through her partnership with Idris Elba's Green

Door Pictures.

“Together, they aim to uplift talent from Africa and its diaspora, creating inclusive and diverse content,” it added.

Her commitment to empowering the next generation of leaders is reflected in her role as a distinguished judge for the Forbes 30 Under 30 selection committee, her appointment as Creatives Champion for the upcoming UK-African Investment Summit by the UK Government and her work at up-skilling the next generation of filmmakers at the EbonyLife Creative Academy.

Mo Abudu's journey serves as an inspiration to women everywhere, reminding them that with determination and resilience, any obstacle can be overcome. Her message to fellow women is clear: "If you can think it, you can do it. Together, let's continue to pave the path for generations to come."

Under her guidance, EbonyLife Group, her media conglomerate has become a powerhouse in the entertainment industry, comprising EbonyLife Films, EbonyLife Studios, the EbonyLife Creative Academy, and EbonyLife Place, Nigeria’s first luxury entertainment resort.

“Abudu's notable productions include highest-grossing blockbusters such as Fifty, The Wedding Party, Your Excellency, and Òlòt ré, and Blood Sisters, Netflix's first Original Nigerian series, which garnered over 11 million hours of viewing time and secured a spot in Netflix's Global Top Ten list.

the shores of the country to practice their trade in the United Kingdom, United States of America, Canada, Saudi Arabia, Australia and others between 2017 and 2023.

Minjibir gave the mind-blowing statistics in a speech delivered at the 11 Quadrennial National Delegates Conference of MHWUN at the weekend in Abuja.

He lamented that the current economic woes in the country was impacting negatively on the health sector, adding that workers in the health institutions in Nigeria were worst hit as the economy continues to degenerate.

He blamed the exodus of health professionals from the country on the poor welfare conditions and dilapidated facilities, saying that many health workers who were unable to stand the heat chose to leave for foreign countries.

Giving further insights on the state of affairs in the country's healthcare system, Minjibir said:

" Today in Nigeria, the doctor to

patients ratio has ballooned to about one doctor to 5,000 patients. Instead of one nurse to 144 patients, the figures have shut to one nurse to 1,660 patients.

"The result is that the few remaining health workers are overloaded with an overwhelming healthcare burden of a population of over 220 million people".

In the area of welfare, Minjibir said the remuneration structure and delivery in most of Nigeria’s public health institutions constituted a disgrace.

He said that a comparative analysis of the salaries earned by doctors in Nigeria and five developed countries showed that from 2019 and since the adjustment of the minimum wage to date, an average doctor in Nigeria earns about $5,912.

"In contrast, an average medical doctor in Canada earns about $75, 460. Doctors in the US earn about $79,400 annually while those in the UK earn an average $63,600. In

NAFDAC

Germany, a doctor earns about $143,500 in a year while it is $83,927 in France and $70,386 in Italy. This humongous difference in salary applies to other cadres of health workers," he said.

Minjibir said that it is not only doctors and nurses that are leaving the country but other health professionals in fields of radiography, laboratory science and technicians, Morticians, community and environmental health workers.

He said that another worrisome dimension is that most of health workers that left the country were hardly replaced thus compounding the occupational stress of the few remaining workforce in the health facilities.

However, MHWUN president said that there are still many Nigerian health workers who are willing and committed to stay in the country and make sacrifices despite poor remuneration but that they are being discouraged by unattractive work environment.

On the efforts made by the union to improve the situation in the health sector, Minjibir said that both MHWUN and the Joint Health Sector Unions (JOHESU) has held series of engagements with the federal government which culminated in the signing of several agreements.

He said that some of the successfully negotiated agreements include: The Consolidated Health Salary Structure (CONHESS), increased hazard allowance for health workers, consultancy status for different health sector professionals, COVID-19 allowance, wage award and the flagship (CONHESS) adjustment, among others.

Apart from ensuring that the conditions of work, especially health infrastructure is standard, Minjibir said that government should overhaul public health policies to ensure adequate healthcare financing, investment, research and innovation.

Moves to Check Abuse of Narcotics, Controlled Substances

Onyebuchi Ezigbo in Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC), has said it is committed to ensuring the availability of narcotics and controlled substances for medical and scientific purposes while preventing diversion to illicit use in Nigeria.

A statement signed by NAFDAC's Resident Media Consultant, Sayo Akintola, said the move came just as the Provost of the Medical School, University of Lagos, Prof. Adewale Oke argued that some surgeons and other medical professionals involved in the surgical operation of patients tend to be addicted to narcotic drugs used as painkillers for patients after surgery.

Speaking at the launch of the International Narcotics Control Board (INCB) annual report availability supplement and precursor report 2023 by the agency

in Lagos, the Director General of NAFDAC, Prof. Mojisola Adeyeye said due to the addictive potential of many of the narcotic drugs, there was a need to balance the access and control of these substances.

She admitted that narcotics and psychotropic substances are indispensable in the management of pains and other medical conditions.

She said that INCB reports the world drug situation yearly to inform governments of countries that are party to the International Conventions on drug control efforts.

According to her, the annual report for the year 2023 has a special focus on the role of the Internet, including social media, in drug trafficking and use.

"It explores the challenges and opportunities for drug control, prevention, and treatment, in the era of the Internet, with a specific look at the evolving landscape of online drug trafficking," she said.

The NAFDAC boss who was represented by the Director, Laboratory Services (Food), Dr Charles Nwachukwu, however, stressed that competent national authorities must scale up their activities, and monitor online advertisement and sales of controlled substances to stay ahead of traffickers.

The report further analysed the global availability of narcotic drugs and psychotropic substances for medical and scientific purposes. It highlighted the persistent disparities in access to medicines for the treatment of pain.

The precursors report x-rays issues related to trafficking in synthetic drugs including nonmedical synthetic opioids, cocaine and their precursors which represent a growing threat to public health.

The DG reiterated some of the measures already put in place by NAFDAC to ensure availability and

prevent the diversion of controlled medicines to illegal use.

She also said that the agency had commenced the issuance of an electronic permit to import controlled substances since 2017 with the intention to link the process to the international Import and Export Authorisation system (I2ES)Pre-Export Notification (PEN) Online System.

"This platform has been of great utility in monitoring international trade in controlled medicines and precursor chemicals. Its use is to confirm the legitimacy of transactions of proposed imports. Monitoring the integrity of the distribution chain.

"The agency is scaling up its monitoring and surveillance of the distribution chain by verification of sales, documentation review and increasing the frequency of warehouse and facility inspection,” she added.

L-R: Representative of President Bola Tinubu and Minister of Agriculture and Food Security, Senator Abubakar Kyari; Governor of Kebbi State, Mr. Muhammed Idris; Sarkin Yawuri, Muhammad Abdullahi; Minister of Information and National Orientation, Mr. Mohammed Idris; and Minister of Budget and Economic Planning, Senator Abubakar Bagudu, during the inauguration of GB Foods' 1,500-hectre tomatoe farm and paste factory

Monday Sit-at-home: Onerous Task for Anambra Gov, Security Agencies

David-Chyddy Eleke reports that while Anambra State Governor, Prof Chukwuma

the fight against insurgents, he still needs to address the Monday sit-at-home order

People of Biafra, which still persists in the state.

Normalcy is gradually returning to Anambra State, with the degrading of insurgents by security forces, contrary to what the state used to be since the advent of insurgency. Anambra State governor, Prof Chukwuma Soludo, who will be two years in office on 17 March, has since he came into office had insecurity as one of his greatest challenges. The challenge precedes him in office as the activities of gunmen started during the second term of his predecessor, Chief Willie Obiano.

In the very peak of insurgency in Anambra State, no day passed without stories of attacks on public facilities by gunmen, killings, kidnappings and others, but after two years of concerted efforts, Soludo may have restored security in the state. But despite this feat, the sit-at-home protest usually carried out on Mondays have continued and almost become a norm.

The Monday sit-at-home was a civil disobedience introduced by the Indigenous People of Biafra (IPOB) as a way to protest the arrest and renditioning of its leader, Mazi Nnamdi Kanu, from Kenya in 2020, for him to face trial, after he jumped bail in 2017 and left the country.

The exercise crippled the economy of the South East, with many well meaning people of the zone begging for an end to the exercise as it was rather doing the zone harm than good. This led the group to call off the exercise in 2021, but a splinter group of secessionists, led by Finland based separatist leader, Simon Ekpa, has insisted on enforcing the exercise.

Three years after IPOB called off the exercise, the entire South East zone has continued to remain a shadow of itself every Monday, as most parts of the zone, especially in the hinterlands fail to open for business. In Anambra, most schools, banks and other businesses still do not operate on Mondays, while markets that open as a result of government orders rarely have traders coming out to open their shops.

Security agencies in the state have, however, intensified efforts to secure residents on Monday, while also assuring them of safety.

On the part of the state governor, the state government has constantly made announcements in the state government owned radio station, Anambra State Broadcasting Service (ABS), begging people to open for business on Mondays.

Last Monday, the state Commissioner of

Police, Aderemi Adeoye, in a bid to boost the confidence of the people visited Onitsha to assess the security deployment and level of compliance by residents to open for business. He also interacted with shuttle drivers plying Upper Iweka Road to assess the return of commercial activities in the area.

The Police Commissioner who spoke with newsmen after the exercise revealed that Anambra State government has lifted curfew imposed on Nnewi, Onitsha, and Ogbaru. Governor Soludo had in the wake of regular attacks placed imposed curfew in some local government areas, restricting tricycles, shuttle buses and motorcycles from operating in the affected areas.

But Adeoye while revealing the lifting of curfew by the State Government urged them to be law-abiding, vigilant, and promptly report acts of crime to the nearest police station or call the Command’s Control room. “Doing this shows the act of patriotism to the nation and in return your safety is our responsibility,” Adeoye said. Police is not the only security agency in the state working to restore normalcy on Mondays. The Nigeria Security and Civil Defence Corps (NSCDC) in Anambra State recently deployed its personnel to protect residents and

critical infrastructure on Mondays. The State Commandant, Olatunde Maku, stated that the deployment aimed to safeguard lives, property, and critical national assets across the state. In the deployment, operatives were dispatched to banks, markets, parks and select schools.

Maku said, “It is to build confidence for a seamless return to business on Mondays across the state and reassure the public that NSCDC in synergy with other security agencies have occupied the public space to send strong signals to misguided elements that it would not be business as usual because the Command will deny them any opportunity to perpetuate crime in the state.

“We have reviewed the current security situation in the state, and reinforced our operations with a robust patrol system that can checkmate any amoebic modus non-state actors might use to oppress members of the public. We are determined to protect lives and property, maintain effective serenity, and suppress the antics of the underworld personalities. The deployment of personnel saw the area’s dominance of operatives at various critical national assets and banks across the state.”

Maku emphasized that the deployed officers would be civil, professional, and firm while adhering to established protocols. The NSCDC also encouraged the public to report suspicious individuals or activities. This collaboration, combined with sustained operations, aims to

Security agencies in the state have, however, intensified efforts to secure residents on Monday, while also assuring them of safety.

On the part of the state governor, the state government has constantly made announcements in the state government owned radio station, Anambra State Broadcasting Service (ABS), begging people to open for business on Mondays. Last Monday, the state Commissioner of Police, Aderemi Adeoye, in a bid to boost the confidence of the people visited Onitsha to assess the security deployment and level of compliance by residents to open for business. He also interacted with shuttle drivers plying Upper Iweka Road to assess the return of commercial activities in the area.

revive economic activity and deter potential misconduct.

“The confidence building attracted the opening of more banks from last week’s reportage of two banks to five banks this week, with full operations ongoing. The success of the operation is an indication that members of the public are tired of being forced to sit at home, we appeal to the people to assist the Command with vital information on the movement and activities of any suspicious person or group of persons who might pose danger to their security within their respective neighbourhood.

“We encourage the people to go about their respective legitimate business as the operation would be sustained to revive the crumbled economic activities in the state and keep the unwanted miscreants off the state,” Maku stated.

Last Monday, THISDAY took time to move around Awka, the Anambra State capital, and found that despite efforts by security agencies, frequent radio announcements by the Anambra State government, many business places still remain deserted. Though Eke Awka, the major market in the state capital was open, but only few traders open their shops, just as only few customers came to the market.

Though there were operations in various motor parks, their operation can be described as skeletal as travellers refused to turn out. An Eastern Mass Transit bus driver, who gave his name as Mr John Eze said: “I don’t blame passengers who do not come out to travel on Monday. Awka may be open for business, but there are other places you go to and you will know that the sit-at-home is still very effective. I’m loading to go to Nnewi now, once your vehicle drives past Awka, you will see that all the towns around before you get to Nnewi are all dead.”

Also, financial institutions have continually observed the sit at home order too. During the early days of the exercise, there have been attacks on banks in the state. Also, banks had at one time been threatened by separatist leader, Simon Ekpa to bring down Nigeria flags in their premises, so long as they are operating in Igboland. Many banks had obeyed the order out of fear, not wanting to be the next target of the insurgents.

Adeoye

Maku

Soludo

HOMES & DESIGN

The

OOgun

Shaire: Private Capital Now Key Driver for Infrastructure Development

The Co-Chief Executive Officer of AVA Capital Group, and investment banking services group, Mr. Efe Shaire, spoke on the impact of government’s policies on the economy, the group’s efforts to play significant role in infrastructure funding among others. Goddy Egene brings the excerpts:

What is your assessment of the impact of recent government policies and economic reforms on Nigeria’s investment climate, and how is AVA Capital Group modifying its strategies in light of these changes?

Investors now face the challenge of protecting their portfolio’s real value against these tough macro-economic realities. At AVA Capital Group, we’ve expanded our offerings to meet these challenges. Our Dollar fund, for instance, was 2023’s second-best performer, providing a natural hedge and yielding returns above conventional products. Our value-adding management strategies contributed immensely to this return generation for our investors. We’re also investing in infrastructure, launching a N 200 billion programme to finance Nigeria’s infrastructural needs and offer attractive yields in private credit.

AVA Capital Group recognises the vital role of infrastructure investment in Nigeria’s development. We also align with the shifting global landscape where private capital is evolving to be a key driver for infrastructure investing. Our infrastructure fund addresses the currency mismatch in capital projects for businesses through Naira-denominated financing. This strategy streamlines capital allocation and reduces currency risks. Additionally, we’ve innovated in the fixed-income space with a product offering floating returns plus a three per cent and five per cent margin, indexed to comparable 10-year FGN bonds. This approach aligns investment returns with economic conditions, offering protection against rising market rates.

Given your mission to ensure long-term financial success for clients, how does AVA Capital Group differentiate its strategies from conventional investment approaches in the Nigerian market?

At AVA Capital Group, we distinguish ourselves in the Nigerian capital market by aligning investment strategies with client needs and evolving market realities. We take a largely data-driven approach to our respective businesses with a deliberate focus on best execution and superior service delivery.

Can you elaborate on the types of innovative financial products AVA Capital Group offers that contribute to building a solid foundation for clients’ financial futures?

AVA Capital Group is made up of four distinct Securities and Exchange Commission (SEC) licensed businesses. The group offers investment banking services through AVA Capital Partners, including mergers and acquisitions, capital raising, underwriting, and advisory services to help clients achieve their objectives in the most efficient and professional manner. Our wealth management services through AVA Global Asset Managers Limited encompass portfolio management, estate planning, family office, and investments for corporates and high-net-worth individuals, aiming to help clients create, grow and protect their wealth and legacy.AVA Securities Limited, a broker/dealer, facilitates the trading of fixed income securities and equities for our clients. We are able to offer best in class execution for clients on all registered trading platforms in Nigeria. The group provides trusteeship services via AVA Trustees Limited, overseeing assets and managing public and private trusts, estates, and financial structures, ensuring proper administration, protection, legal adherence, and fulfillment of fiduciary purposes.

In the context of long-term wealth creation, how does AVA Capital Group address the challenges of economic volatility and inflation specific to the Nigerian economy?

Creating lasting wealth is a function of balancing risks and compounded returns. We encourage all our clients to take a long term view of the markets. However, to mitigate short term challenges, robust strategies like diversification and targeted asset allocation are implemented, spreading investments across different asset classes to align portfolios with clients’ risk tolerance and financial objectives.

What role does personalized financial planning and portfolio management play in ensuring long-term success for your diverse clientele?

AVA Capital Group prioritizes financial planning and portfolio management for its diverse clientele. By understanding individual goals, risk tolerance, time horizon, and objectives, we tailor strategies to meet each client’s specific needs. This meticulous

approach to asset allocation ensures welldiversified portfolios.

We implement risk management strategies based on individual clients’ risk tolerance, aiming to mitigate downsides and optimize returns. Regular reviews ensure portfolio alignment with client goals and adapt to market and personal circumstances, especially in Nigeria.

AVA Capital Group has achieved impressive growth with over N195 billion in raised capital. What key strategies have fuelled this success, and how do you plan to sustain this momentum in the future?

AVA Capital Partners, which Is the Investment Banking arm of AVA Capital Group has successfully raised over N200 billion in capital in the past few years. This feat has simply been as a result of the expertise, hard work and experience of our team. So, I would say that having the right people has been one of the major drivers of the success we have had so far. Similarly, maintaining such feat requires commitment, discipline and focus, all of which forms part of our intrinsic values at AVA Capital Group.

With over 1,300 satisfied clients, what are the core values and client-centric practices that have fostered such strong trust and loyalty towards AVA Capital Group?

Our success as an organisation and as individuals is driven by our commitment to excellence and these core values: Performance: We focus on the details. With innovation and creativity, every step we take is intentional. We strive to outperform our competition fairly and deliver the best returns to our clients. Execution: We believe in the relentless pursuit of excellence in execution- we work with passion, utilising innovation, moving with speed and dexterity because time is our most valuable resource. Adaptability: We are forward-thinking. We proactively seek out ways to do things more efficiently and focus on maintaining our effectiveness in these rapidly evolving times. Character: We hold ourselves to the highest ethical standards. Our over arching philosophy at Prosperis is built around the six pillars of character; Trustworthiness, Respect, Responsibility, Fairness, Caring and Citizenship. Enterprise: We are initiators. We are in constant pursuit of solutions to life’s

daily problems. Our collective focus is on providing sustainable value to our clients and the communities we serve.

Given your ambition to disrupt the traditional financial landscape in Sub-Saharan Africa, how is AVA Capital Group leveraging technology to provide efficient and accessible financial services?

In today’s business environment, automation is essential for swift service delivery.

Embracing innovative solutions in the rapidly advancing technological era, we are transforming traditional financial services to promote financial inclusion. Strategic technology integration allows us to efficiently serve a wider range of clients. Utilising Enterprise Resource Planning software, we have automated our operations, ensuring prompt and efficient service delivery, leading to peak client satisfaction. Artificial Intelligence (AI) has become a topical area and we’re exploring ways we can leverage this optimally.

In your expert opinion, what are the most promising sectors for investment opportunities within the current Nigerian economy, considering both risks and potential rewards?

Nigeria’s economy is dynamic, influenced by government policies, global economic conditions, and domestic challenges. Some sectors show promise, while considering risks. Nigeria’s growing population and a growing tech-savvy population present opportunities for investment in agribusiness, technology, and telecommunications. Investing in agriculture, technology, and telecommunications can tap into the country’s vast agricultural potential and digital economy.

The healthcare sector in Nigeria presents potential for growth in pharmaceuticals, healthcare services, and medical technology. The power and renewable energy sector offers investment opportunities. The real estate sector, driven by urbanization and population expansion, offers growth potential in residential, commercial, and industrial areas. Nigeria’s financial services sector, including banking and insurance, offers opportunities for both traditional and digital services. Challenges include inadequate infrastructure, fluctuating commodity prices, regulatory uncertainties, cybersecurity concerns, competition, economic

downturns, consumer behaviour shifts, and supply chain disruptions.

What role do you see ethical and sustainable investment practices playing in the future of Nigeria’s financial sector, and how is AVA Capital Group contributing to this movement?

Ethical and sustainable investment practices are integral to shaping Nigeria’s financial future amid growing global awareness of ESG issues. Recognizing this, regulatory amendments by bodies like the Securities and Exchange Commission (SEC) underscore the commitment to enforce such practices, fostering a competitive and inclusive financial landscape. These efforts are expected to drive innovation, leading to the emergence of green financial products and sustainable bonds. AVA Capital Group’s dedication to sustainability is evident in the recently approved AVA Infrastructure Fund. This fund seeks to address Nigeria’s infrastructural deficits, contribute to socio-economic impact and align with the broader movement towards ethical and sustainable investment practices.

Beyond Financial services, how does AVA Capital Group contribute to the development and well-being of the communities it operates in, aligning with itscommitment to nation-building?

AVA Capital Group channels its Corporate Social Responsibility (CSR) through the Prosperis Empowerment Foundation. This initiative aims to combat poverty by supporting petty traders and enabling them scale their businesses in size and scope. The foundation provides accessible uncollateralized loans, financial education, interest free and subsidised interest rate loans to empower petty traders in their respective markets.

Can you tell us more about the AVA Infrastructure Fund?

The AVA Infrastructure Fund (AVA IF) is a closedend fund registered with SEC. The Fund seeks to address the infrastructural deficits in Nigeria through the objective provision of institutional capital into infrastructure development. The overall objective of the AVA IF is to spur socio-economic impact and unlock the development of the Nigerian economy.

The purpose of the Fund is to serve as a new source of capital for infrastructure projects, promoting financing for infrastructure projects in Nigeria and the resulting socio-economic effects. The Fund is supported majorly by private sector monies and offers a sustainable platform for new kinds of investors that traditionally do not have access to these markets to invest billions in infrastructure projects. The Series 1 of the AVA Infrastructure Fund (AVA IF) issuance of up to N20 billion by AVA Global Asset Managers Limited under the approved N200 billion Programme opened 29th of January, 2024.

What was the thought behind launching an Infrastructure Fund and what infrastructure projects could be considered for AVA IF funding?

According to PwC’s Nigeria Economic Outlook 2024 report recently released, there is uncertainty regarding a significant financial commitment from the government for the enhancement of its predominantly inadequate infrastructure. The report highlights that the government is anticipated to face challenges in maintaining the existing infrastructure, relying heavily on alternative funding sources rather than financing projects directly. PwC expressed concern in its report, stating, “Infrastructure funding is likely to remain insufficient in 2024.”

Additionally, it pointed out that the allocated infrastructure spending budget for the year is N1.32 trillion, falling short of the World Bank’s recommended 70 per cent infrastructure-to-GDP benchmark, which currently stands at 30 per cent. Talking about the infrastructure projects that could be considered for AVA IF funding, such projects must be in the key focus industries of the Fund which are the power, gas distribution, processing and storage, transport, urban & social infrastructure, utilities, agribusiness and supporting infrastructure, and telecommunications. Eligible projects will be assessed and prioritised according to the assessment criteria established by the investment committee. These reviews will also include assessment of strategic fit against the Fund’s infrastructure timing and priorities, return, economic benefit, and job creation. This is so investment can be prioritised for projects that deliver the greatest benefit to the Fund.

Shaire

www.thisdaylive.com

opinion@thisdaylive.com

TINUBU AND THE CREATION OF A NEW SOCIETY

President Tinubu has a historic opportunity to build a new Nigeria, writes

ABIODUN KOMOLAFE

See page 21

FUNDING THE AMNESTY PROGRAMME

KEN UGBECHIE writes that the recommendation by House Committee on Niger Delta Affairs for increased funding of the Presidential Amnesty Programme is critical for peace in the region

See page 21

EDITORIAL

THE RESURGENCE OF FUEL QUEUES

The CBN readiness to target inflation as focus of policy is welcome, writes BONIFACE CHIZEA

MPC AND THE MONETARY POLICY RATE

The Monetary Policy Committee (MPC) held its inaugural meeting under this administration at Abuja on 26-27 February 2024. The last meeting of this policy setting Committee for obvious reasons was held last year, July 26, 2023, about eight months ago, an unusual development. Ordinarily, the meeting is held every other month; that is once in two months. All the 12 members of the Committee were reported to be present at this meeting. This development is not surprising, being the first meeting since the Constitution of the Committee. It might not send correct signals, for any members to be absent at this point in time. One aspect which was missing from the briefing which the Governor made after the meeting is the indication of the voting pattern as the decisions were taken.

The key decisions of the Committee are; an unusual hike in the base rate by 400 basis points, an increase in Cash Reserve Ratio from 32.5% to 45% and Liquidity Ratio which was retained at 30%. The Monetary Policy Rate (MPR) for the avoidance of doubt is the rate the CBN lends to banks as it discharges its lender of last resort obligations while the Cash Reserve Ratio is the prudential deposits which banks are obliged to keep with the Central Bank and the Liquidity Ratio is the liquid assets which the banks must maintain. It is in order to observe that these measures were taken to better manage and align the excess liquidity in the economy to facilitate a reduction in the headline inflation in the country estimated at 29.90% in January, 2024, rising from 28.92% in December while food inflation is estimated at an unsustainable rate of 33.9%.

A high inflationary environment is inimical and damaging to the growth prospects of any economy. The growth in the Gross Domestic Product (GDP) for the last quarter of 2023 has been estimated at 3.46%, rising from 2.54% in the third quarter. With this rate of growth in excess of estimated annual population growth rate of about 2.5%; there should have been development within the economy contrary to the prevalent experience. And without being privy to the methodology used, this index flies in the face of felt experiential conditions in the economy today, that one is left scratching the head wondering how the growth came about!

Relative high rates of inflation in any economy besides making the economy uncompetitive punishes the poor and mostly income earners who do not have the facility to pass on such price increases. This situation in the economy today largely accounts for the wild cat spate of protests in the land. In an unprecedented manner, many Nigerians today go to bed hungry, and as should be expected, many are angry. It is a welcome development that the CBN has indicated arising from this meeting, its readiness to target inflation as a focus of policy. We wish also that the rate of exchange,

which largely accounts for spiraling rates of inflation, will be targeted to checkmate the free fall in the rates of exchange. The other causes to the prevalent high inflationary environment are disruptions in the supply chain of farm products largely due to the insurrection in the land; banditry, kidnappings for ransom and of course climate change. Budget deficits and how they are funded by the fiscal authorities impact the level of inflation particularly if funded through the Ways and Means finance as we experienced lately.

But is the whopping hike in interest rate the panacea? We must also see interest rates as factor costs which feeds into the cost of business. Unfortunately, Central Banks across the globe are hindered from the perspectives of available instruments to fight inflation. The only recourse they have is to increase base rates. But such increases are effective to the extent that inflation is demand pull. If the causative factor is cost push, the situation is compounded as we only end up complicating the situation as such measures have cost add on implications. We might however take consolation in the observation made by the Governor of CBN to the effect that previous hikes were effective but not far reaching.

But the rate hikes affect bank borrowers negatively because as a result of this development, most debtors will witness increases in their interest charges. But on the other hand, bank customers who are depositors are regularly short-changed as deposit rates are rarely above 10% which signals massive payments of inflation tax by such depositors. For instance, if inflation rate is 30% and deposit rates are about 10% depositors are paying high inflation tax of 20%.

There is also the concern that the banks; the whipping boys are now holding the wrong end of the stick. The banks are expected to leave 45% of their deposits with the Central Bank as per Cash Reserve Ratio requirement; which implies that only 55% of deposits are available

for lending and in addition the banks are obliged to hold 30% of this balance in liquid assets which therefore will be only available for short term lending. There is therefore the need to keep a keen eye to commence relaxation as soon as the conditions become favorable.

The MPC has also indicated the fact that there is the need to recapitalize the banks as a hedge against risks. We advise caution here as we observe that there is the need to exercise due care in this regard. The operations of the banks have been severally disrupted and hampered with recent developments in the economy such as the recent attempt at currency redesign, that there is no doubt that the banks could do with the allowance of time to breathe and to cool off. And recent efforts at fighting inflationary pressures leading to inevitable hike in interest rates will lead to a growth in the bad debt loan book of the banks. There is therefore the need to be circumspect so that we don’t act as if we want to kill the goose that lays the golden egg.

We are also excited with the developments with the Bureaux De Change (BDCs) as the CBN has decided to resume the sale of foreign exchange to them at the rate of 20,000 dollars each. It will be recalled that this sale was stopped about two years ago. As the CBN explained this is aimed at achieving an appropriate marketdetermined exchange rate as distortions are removed at the retail end of the market. This sale will be at the rate of N 1,301/$ representing the lower band rate of executed spot rate at NAFEM the previous day. While the BDCs are to sell to their customers at a margin not exceeding one percent. The signaling effect inherent herein with regard to ideal rate of exchange must not be ignored. We urged the Central Bank to move towards a target band for the movement of the rate exchange as a way out of the deleterious free fall which we now experience. The BDCs are being remodeled with some designated as Tier one and others as Tier two envisaging the scope and range of operations with appropriate management structures advised. But we just stumbled on the television program where some of the newly licensed BDCs were given very odd names and this was the subject of discussion; Hourglass Bureau De Change, etc. For shouting out loud, this country is in a veritable crisis and it is time to go beyond these shenanigans aimed at self-aggrandizement and focus for once on getting us out of the rot we find ourselves in. We wish Governor Olayemi Cardoso well and God’s speed as he undertakes his onerous task of rescuing the Nigerian economy from the doldrums. As he himself recently observed, he has the second most difficult task globally. It is just that he did not let us into who has the most difficult job in the world who we suspect must be Joe Biden.

Dr. Chizea is CEO, BIC Consultancy Services Lagos

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

DEDITORIAL

THE RESURGENCE OF FUEL QUEUES

The reform in the oil sector was supposed to put an end to fuel crisis. It hasn’t

espite claims to a removal of subsidy in the downstream sector of the petroleum industry and the fact that the pump price has almost quadrupled since last May, long queues of vehicles dispensing fuel in Abuja. What is becoming clear is that no remarkable progress has been made in the management of our downstream petroleum sector vis-à-vis arresting cyclical petrol scarcity and long queues of vehicles, even when Nigerians are paying far more than they did in the past.

the Nigerian National Petroleum Corporation Limited (NNPCL) talk about “abundant products”, vehicle owners in Abuja are groaning. From last Thursday, there have been long queues at a other stations have been under lock and key. Ordinarily, with NNPCL retail outlets selling fuel for N617 per litre as against other outlets where the price can be as high as N700 per litre, queues are not unusual with the company. But the current situation where most other outlets are not selling points to a crisis with black marketers taking advantage of the situation to sell fuel at prices ranging between N1,000 and N1,500 per litre.

fuel queues on our streets very appalling. It is simply unfair to Nigerians to get treated the way this government and previous ones have done to them on issues of petrol supply and pricing. We cannot emphasise enough the fact that an oil producing country should have no business with not speak well of the managers of the sector, and their decisions are hurting all of us.

From daily hikes in costs of staple foods, transportation, school fees, house rent and other inescapable expenses Nigerians are groaning under harsh economic conditions arising from recent reform measures whose implementation seemed not to have been well thought-out

In its usual style of public communication especially on oil-related business, the NNPCL has tried to explain away the reasons for the resurgent queues. The company is heaping all the blame for the scarcity on oil marketers who are being accused of hoarding petroleum products. The NNPCL also claims that there is availability of fuel in the country. But rather cleverly, the NNPCL has refused to tell Nigerians that it is the sole importer of fuel in a supposedly deregulated sector. Rather than to the breakdown in product supply.

As a newspaper, we believe that full deregulation of the downstream sector of Nigerian and have always endorsed the idea. But we want this to be done with clarity and not in the deceptive manner as done in the past. It is

TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI

DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO

TO SEND EMAIL: first name.surname@thisdaylive.com

From daily hikes in costs of staple foods, transportation, school fees, house rent and other inescapable expenses Nigerians are groaning under harsh economic conditions arising from recent reform measures whose implementation seemed not to have been well thought-out.

For those with medical issues and limited means, it has become a stark choice between taking care of basic expenses and attending to their health needs, between a decent meal and worsening health. The fact that subsidies are still being paid while fuel is now also no longer readily available raises pertinent questions that demand urgent answers from the Tinubu administration.

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

Letters to the Editor LETTERS

HUNGER, POVERTY AND LEGION OF LOOTERS

The government’s reaction has been customarily caustic and short fused. Those involved in the looting of a warehouse belonging to the Agric Department Strategic food store, located at Tasha area of Abuja,cation for criminal behavior, only the convenience of choice, and choice compulsion. The looting following similar looting across the country as hunger and anger are mounting in the country. It also brought memories of the coronavirus virus pandemic, when warehouses around the country were ripped open as enraged Nigerians went on the rampage. During the ENDSARS protests, Nigerians did not express their hunger for food. Rather, it was their hunger for justice that saw multiple public buildings attacked. The 15 persons arrested for looting the warehouserested for their attack on the warehouse, but numbers don’t lie like Nigerian politicians. Pictures hold nothing back, like the legislators who hoard their constituency allowances.

In more ways than the authorities would care to admit, Nigeria is a looted country, a plundered country, one long subject to the depredations of men. There were the slave dealers who fronted the Transatlantic Slave Trade. Then came the colonialists, who held sway until independence in 1960. If independence was supposed to be Nigeria’s

salvation from the plunderer’s poleaxe, the shackles have held rather Democratic governance in Nigeria lasted all of six years before the military intervened. Because the military was desperately ill-suited for the cut-throat nature of civilian politics, Nigeria soon found itself at the mercy of the depredations of an internecine civil war. It is alright to say that the country has never been able to recover from the depredations

In many ways, Nigeria is a looted country. From the artefacts stolen from the Benin Empire, many of which are yet to be returned, to the Abacha loot which continues to trickle down to the country to the warehouses looted at intervals in the country.

try of those who colonized Nigeria is not hidden. So is Abacha’s grave, as is the identity of the warehouse thieves. The problem is that beyond those that Nigerians know, there are others. Many of them, indeed, who have either conspired or are complicit in the looting of Nigeria still walk the law in Nigeria, which rather reserves its bite for Nigeria’s great unwashed.

The warehouse may have been looted, much to the embarrassment of those who have been desperate to project Abuja as exempt from the chaos eating up Nigeria, but the looting blueprint was set a long time ago.

It is not even about the current administration, which is showing all the signs of classic cluelessness. It is more about those who have now Hunger scythes through Nigeria and though contributors include the war in Ukraine and the disturbances in the global market, corruption is responsible for the wounds Nigerians feel most deeply.

It would be easy for those responsible for stealing the country dry to cry themselves hoarse over Nigeria’s worsening insecurity. But who will blame the hungry for grabbing bread hidden in plain sight? Who will blame those whose residual theft was easily nudged awake by the hunger rippling through Nigeria? The overwhelming temptation is to feel a twinge of sympathy for the Tinubu administration. It is unusual for a new administration to be beset by a multiplicity of such ferocious challenges. But any temptation to sympathize with him must be tempered by what has gone before.

Kene Obiezu, keneobiezu@gmail.com

BUSINESS WORLD

Kayode Tokede

Following the Central Bank of Nigeria (CBN) sustained drive to mop-up liquidity; deposit money banks and merchant banks in the country have in the first two months of 2024, borrowed a whooping N8.7 trillion from the apex bank.

This is a 787 per cent Year-onYear (YoY) increase from N982 billion banks and merchant banks borrowed from CBN in the first two months of 2023.

The borrowing was as a result of the financial institutions’ bid to meet their daily business obligations.

Analysis of Data released by CBN revealed that the banks’ borrowing from the CBN via the Standing Lending Facility (SLF) increased significantly in February 2024 amid double-dight inflation rate, scarcity of foreign exchange and liquidity mop-up by the apex banking regulating body.

Nume Ekeghe

Recent data released by the Central Bank of Nigeria (CBN) has reveals a notable uptick in external reserves, growing by $993 million within a month and reaching an eight-month peak.

As of March 7, 2024, the external reserves stood at $34,110,027,381, compared to the previous month’s figure of $33,116,051,881 recorded

The SLF is a short-term lending window where banks and merchant banks access liquidity to run their day-to-day business operations. A breakdown showed that banks and merchant banks in January 2024 borrowed N2.75trillion, representing an increase of 419.95 per cent YoY from N528.2bilion borrowed January 2023, while in February 2024, banks and merchant banks borrowed N5.97 trillion, a growth of 1, 215 per cent YoY from N453.7 billion in February 2023.

Commenting on the development, Vice President Highcap Securities, Mr. David Adnori, said, “The development points to lack of liquidity on the part of banks. Monetary policy has been tightening and this has led to low liquidity. It is cheaper for banks to borrow from the CBN. This development is not positive but negative. We cannot continue to tighten because it will reflect of economic growth.”

Speaking, the Chief Executive

on February 8, 2024.

Analysis of the data indicates that the reserves had been relatively hovering around $32 to $33 billion over the past eight months, with the current March 7 record marking the highest point since June 30, 2023, when the reserves reached $34,119,447,986.

CBN had last week reported a surge in overseas remittances, reaching $1.3 billion in February,

Officer of the Centre for Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf had stated that, “This is a reflection of liquidity pressure some of the banks are going through. The facility is typically short term.

“This may not necessarily indicate that the banks are stressed or unstable. Meanwhile, the recapitalisation of banks is long overdue. The minimum capital requirements of N25 billion is no longer adequate, if discounted for inflation.”

Part of measure adopted by the CBN to tighten liquidity in the financial system was when the Monetary Policy Committee of the CBN in February 2024 unanimously narrowed the asymmetric corridor from +100/-300 to +100/-700 basis points around the Monetary Policy Rate (MPR).

The MPC voted to raise the MPR significantly by 400basiis points to 22.75per cent at its first meeting in 2024, higher than our expectation

a substantial increase from the previous month’s $300 million.

Acting Director of Corporate Communications Department, CBN, Mrs. Hakama Sidi Ali had stated that foreign investors acquired over $1 billion worth of Nigerian assets in the same month adding, “Total portfolio flows for the year amounted to approximately $2.3 billion, compared to the $3.9 billion

of 150basis points. Furthermore, the committee voted to increase Cash Reserve Requirement (CRR) to 45.0per cent from previously: 32.5 per cent and retained the Liquidity ratio at 30per cent.

The Central Bank has consistently maintained a hawkish monetary policy stance since May 2022, to tackle rising inflation rate (29.90per cent as of January 2024) amid mopping up liquidity in the financial system.

Analysts attributed the increasing borrowing by banks and merchant banks from CBN to dwindling Naira at the foreign exchange market, coupled with rising inflation rate and mopping up liquidity from the banking system.

Naira as of February 2024 was trading at N1,544.081 against the dollar compared with N460.47 against the dollar it was trading ending February 2023.

Analysts at Cordros Research explained that the CBN is using

recorded in 2023.”

Ali had emphasised the heightened foreign exchange inflow in February, driven by increased remittance payments from Nigerians abroad and foreign portfolio investors’ interest in naira assets.

She noted that the trend continued into March, propelled by rising investor interest in shortterm sovereign debt following

orthodox monetary tools to manage liquidity already indicated the institution’s maintenance of a tight monetary policy stance.

“Therefore, we stated that the MPC would retain this position at its meeting, raising the policy rate further. Whilst our prognosis was for an increase of the MPR by 150basis points, the MPC surprisingly raised the benchmark rate by a whopping 400 basis points.

“We attribute the aggressive rate hike to the need to manage inflation expectations, which have been primarily stoked by the constant depreciation of the naira and the low credibility of the institution in maintaining price stability.

“Furthermore, we had expected that the CBN would hold other parameters constant; however, in line with the CBN’s goal to extensively mop up excess liquidity, the committee raised the CRR to 45per cent, 125basis higher than the previous rate of 32.50per cent, widened the asymmetric corridor to

adjustments to benchmark interest rates.

Ali highlighted oversubscribed government securities issuances, with foreign investors contributing over 75 per cent of bids received at auctions conducted on March 1 and 6, 2024.

CBN Governor Mr. Olayemi

Cardoso outlined a comprehensive strategy during last month’s Monetary Policy Committee

+100basis points/-700 basis points (previously: +100basis points/300basis points), whilst retaining the liquidity ratio at 30per cent.

“The committee also noted the global upside risk to domestic inflation, including the trade disruption stemming from the heightened geopolitical tensions. In line with our expectations, the MPC projects that central banks in advanced economies will retain high policy rates whilst global financial conditions remain tight, “they said.

They added, “In the short term, we expect that central banks in advanced economies will keep rates steady due to existing risks to inflation. Nevertheless, we hold the view that global inflation will maintain its deceleration path in the coming months due to declining energy prices and a higher base effect from the previous year.

meeting and a conference call with foreign portfolio investors, aiming to curb inflation, stabilize the exchange rate, and boost confidence in the banking system and the overall economy. Cardoso expressed satisfaction with the initial results, stating, “Our objective today is to ensure that the market has supply, that the market functions, and that investors can come in and go out.”

James Emejo in Abuja

Director General, West African Monetary Zone (WAMZ), Dr. Olorunsola Olowofeso, has declared that the prospects for the ECOWAS Single Currency by 2027 were no longer realisable within the timeframe following the inability of all the WAMZ member states to meet all convergence criteria.

He said it was unlikely that any of the member states would satisfy all four primary convergence criteria on a sustainable basis for the remaining three consecutive years (2024-2026).

He noted that the quest for a single currency by the West African Monetary Zones (WAMZ) would take much longer time to achieve as the convergence indicators have declined significantly.

Speaking at the 48th meeting of the Committee of Governors of the Central Banks of the Member States

Nume Ekeghe

The Bank of Industry (BOI) has reiterated that in line with its support of gender equality and women’s financial inclusion, it has disbursed $6.02 million out of its $10 million investment commitment to Alitheia Fund.

Managing Director, BOI, Dr Olasupo Olusi, said this over the weekend during the BOI International Women’s Day (IWD) 2024 event with the theme “Inspire Inclusion.”

Represented by Executive Director of the Micro Enterprise Directorate, BOI Ms Mabel Ndagi, he noted that the Alitheia Fund is a pioneering $100 million gender-lens fund that invests in women-owned, women-led or women-servicing

Foremost Producer of Specialty Fats and Oils, Presco Plc, on Friday, joined the international community to mark the 2024 International Women’s Day (IWD), calling for inclusion, genderequality world free of bias, stereotypes and discrimination.

At a colourful ceremony held within the company’s premises in Edo State, the Chief Executive Officer of Presco Plc, Reji George, congratulated the Gender Committee and all female employees for their dedications to the growth and development of the company over the years.

He explained that the company will continue to strive for equality,

of the West African Monetary Zone, in Abuja over the weekend, he said, “The assessment of Member States’ performance reveals that, as of the end of June 2023, all WAMZ Member States failed to meet all the four primary convergence criteria. The zone’s performance score declined to 29.2 percent, compared to 41.7 percent during the same period in 2022.”

He said, “The medium-term projections on macroeconomic convergence, as indicated by the multi-year national macroeconomic convergence and stability programmes of the Member States, suggest that none of the WAMZ Member States will meet all the four primary convergence criteria on a sustainable basis for the remaining three consecutive years (2024-2026) of the convergence phase of the ECOWAS Single Currency Roadmap (2021-2027).”

companies across varying sectors.

Olusi said “This is a $14.27 million initiative that was designed to support women-owned businesses, particularly those living in economically disadvantaged areas arising from conflicts and social unrest. As of February 2024, the bank had disbursed the sum of N5.9 billion to 551 beneficiaries.

“We are currently working with the African Development Bank (AfDB) on its AFAWA initiative, a Pan-African initiative to bridge the $42 billion financing gap women in Africa face,” he said.

Olusi said BOI had created special funding and business support for female entrepreneurs and made gender funding one of the Bank’s six thematic critical areas of focus and support.

adding that 40 per cent of the company’s empoyees of about ten thounsand are women.

Explaining further, the CEO said: ”We need to look back as an organisation, community and society and think of how to support Gender Equality when it comes to education and employment. It is not employment alone but leadership position in employment sector.“

Coordinator of the Gender Committee, Fatima Emeri, also used the opportunity to commend the management of the company for providing the plaform for Women, urging female staff to take advantage of the opportunity.

The guest speaker, Dr (Mrs) Betty Agbonkpolo advised female staff to have a mentor, be discipline, show confidence and give priority to education.

Deputy Business Editor Chinedu Eze

Comms/e-Business Editor

Emma Okonji

Asst. Editor, Money Market

Nume Ekeghe

Senior Correspondent

Raheem Akingbolu (Advertising)

Correspondents

Emmanuel Addeh (Energy)

KayodeTokede(CapitalMarkets)

James Emejo (Finance)

Ebere Nwoji (Insurance)

Reporters

Peter Uzoho (Energy)

Ugo Aliogo (Development)

Nonetheless, Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun said Nigeria remained committed to achieving the objectives of WAMZ.

He said, “What we all seek to achieve in terms of the regional economic integration may be difficult but not impossible. I am sure we have the wherewithal and resilience to realize the ambition.

“We just need to be very smart in our planning and prioritization, as well as decisiveness in our actions. We must, as a bloc, work together to strengthen and improve the economies of the zone.”

Edun said, “I have been briefed about the proceedings and programmes of the WAMZ and noted with admiration the remarkable roles and achievements of the West African Monetary Institute (WAMI) in the regional integration process.”

This, he stated, was in line with President Bola Ahmed Tinubu’s unwavering commitment to ensuring social inclusion, empowerment for women, and economic support for disadvantaged women and mothers.

Founder, of Lagos Fashion Week, Mrs Omoyemi Akerele, emphasised the need to adopt sustainability models in the textile industry to contribute greatly to women empowerment.

Akerele noted that creativity was community art and its role in the ecosystem contributed significantly to community development. She, however, stated that unsustainable patterns in textile production contributed to problems of sustainability by leaving a carbon footprint.

Also speaking at the event, Human Resource Manager, Presco Plc, Frank Osemwegie Agbongiague said Presco is committed to policies and practices that is key to promoting gender balance in the work place.

He said, “Women are vital to our continuous progress, therefore, it is extremely important to advocate gender inclusivity and inspire inclusion in our organisation and the society at large“.

He added: “It is a well-known fact that the greatest asset of a company are its people; it is also a verifiable fact that these diverse set of people that make up our workforce include a reasonable proportion of the female folk. Presco is committed to offering equal employment opportunity to the female folk.”

Actualising Retirement Dreams: A Closer Look at Benefits Payments in CPS

Accessing retirement and terminal benefits within the Contributory Pension Scheme (CPS) is seamlessly regulated by the National Pension Commission (PenCom). In line with the provisions of the Pension Reform Act 2014 (PRA 2014), PenCom has established procedures and requirements for Retirement Savings Account (RSA) holders to access their retirement benefits as and when due.

Section 7(1) of the Pension Reform Act (PRA 2014) provides that Retirement Savings Account (RSA) holders are entitled to access their benefits upon retirement or upon reaching the age of 50, whichever comes later. Contributors have the option to withdraw a lump sum from their total RSA balances, provided that the remaining balance is adequate to secure either a Programmed Withdrawal (PW) or a Retiree Life Annuity (RLA) for lifetime pension benefits. The PW offers a regular pension payment through a Pension Fund Administrator (PFA), while the RLA, purchased from a Life Insurance Company, provides a steady income for life.

Aside from retirement benefits, the CPS also offers various other forms of payments. These payments include provisions for Temporary Job Loss, Death benefits, En bloc payments, and Equity Contribution for Residential Mortgage, among others.

Programmed Withdrawal

Lagos, Nigeria’s commercial capital, will play host to over 200 stakeholders from the education sector on Friday, March 22, 2024 at the Landmark Events Centre, Victoria Island, Lagos, Nigeria, to discuss innovation in higher education in the coming age of Artificial Intelligence.

The theme of this Reimagine Education (RIE) event is, “What a Transformative Education can do for Nigeria” CEO/Lead facilitator NurtureHouse Consulting, Ayopeju Njideaka, and CEO of Africa Leadership University, Mr. Veda Sunassee are expected to attend. Speaking ahead of the

conference, Director of Marketing – Strategy and Outreach at ALU, Kayta Nyangi, noted that the preparations are in high gear for the conference, which, in their view, is timely in driving a collaborative discussion on how to incorporate Africa’s grand challenges into innovative learning models.

“We are ready for the upcoming ReImagine Roundtable Event in Lagos this month. So far, there has been tremendous interest from education experts, and we envisage to host a diverse range of experts who will drive this talk on innovative education, which is paramount in solving the challenges of Africa and the world today,” said Katya.

January, 2024, PenCom approved the en-bloc payment of retirement benefits to 161,817 retirees, totalling N49.07 billion.

Death Benefits

Death Benefits are paid to a beneficiary under a will or the spouse and children of an RSA holder who dies in service. In the absence of a wife and child, the benefits are paid to the recorded next-of-kin or any person designated by the deceased. From inception to 31 January, 2024, PenCom granted approvals for payment of death benefits amounting to N396.75 billion to the legal beneficiaries/administrator of 97,834 deceased employees and retirees.

Temporary Job Loss

Programmed withdrawal is a benefit payment method by which the employee collects his retirement benefits in periodic sums (monthly or quarterly) spread throughout an estimated life span. From inception to 31 January, 2024, PenCom has approved 346,296 requests from retirees to draw pension through PW mode. The retirees received a total lump sum of N1.04 trillion, while their monthly pensions amounted to N15.89 billion.

Retiree Life Annuity

RLA, on the other hand, is a contract for regular income purchased from an approved Life Insurance Company, which provides monthly or quarterly income to retirees during their lifetime. From the beginning of the CPS to 31 January, 2024, 121,125 retirees chose the annuity mode of pension payment. A lump sum of N264.26 billion was approved for payment to the retirees. In contrast, N739.04 billion was approved for payment to RLA Providers as premiums in return for monthly annuities of N7.72 billion.

En-bloc Payment

PenCom allows en-bloc payment to retirees whose RSA balances cannot procure Programmed Withdrawal or RLA that is equivalent to one-third of the prevailing national minimum wage. From the start of the CPS to 31

The PRA 2014 permits an employee who loses his job to withdraw an amount not exceeding 25 percent of the total amount credited to his RSA. However, such withdrawals can only be made after four months of cessation of employment, and the employee does not secure another job. From inception to 31 January, 2024, PenCom approved N228.10 billion (25% of RSA balances) to 496,833 RSA holders under 50 years who were disengaged from employment and could not secure another job within the stipulated time of four months.

Voluntary Contributions

Section 4(3) of the PRA, 2014 allows RSA holders to make Voluntary Contributions (VC) in addition to the mandatory contributions to augment their pension at retirement. The VC can be withdrawn periodically based on the Guidelines. From inception to 31 January, 2024, PenCom approved withdrawals from voluntary contributions amounting to N42.46 billion by 50,772 contributors.

Equity Contribution for Residential Mortgage

Eligible RSA holders have the opportunity to utilise their RSA balance to pay equity contributions for residential mortgages, in accordance with Section 89(2) of the PRA 2014. This provision enables RSA holders to allocate a portion of their pension savings towards the equity component of a residential mortgage.

This initiative has proven instrumental in helping numerous individuals achieve their aspirations of homeownership since its inception. As at 31 January, 2024, PenCom has authorised disbursements totalling N21.81 billion to 2,104 RSA holders, facilitating their equity contributions for residential mortgages.

In conclusion, accessing retirement benefits under the CPS is seamless. PFAs must guide RSA holders who want to access their retirement benefits on the documentation requirements for each benefit payment type.

PENCOM DG, Aisha Dahir-Umar

Transcorp Power NGX Debut Expands Investors’ Portfolio

Transcorp Power becomes the second Electric Power Generating company to be listed on the mainboard of the Nigerian Exchange Limited (NGX) by Introduction.

In Introduction, the company listing does not have to undergo the book building, underwriting, and public offer process, and no new shares are created; only existing, outstanding shares are sold.

This means Transcorp Power listing by introduction entails that only existing shareholders of the company in this case, its owners trade their already existing shares with anyone who may be interested in buying a piece of the company.

It also provides a platform through which new investors (from the public) can be admitted into the Company, thereby diversifying the existing shareholder base. Listing on NGX also positions the Company for access to a larger pool of capital raising options and an avenue to contribute to the growth of the NGX and the Nigerian capital markets at large.

Since it listed 7.5billon shares outstanding at N240.00 per share on March 4, 2024, the stock market has appreciated significantly, leading to its price heading towards N400 per share on the Exchange.

In terms of market capitalisation, the company listed N1.8trillion when its price was at N240.00, rising to N351.30 per share to bring its market capitalisation to N2.63 trillion as of March 08, 2024.

In its Week-on-Week (WoW) performance, Transcorp Power has appreciated by N111.30 or 46.4 per cent to close at N351.30, while its market capitalisation added N834.75billiion WoW growth.

The company’s stock price in the first week listed on the NGX has witnessed soar demand by investors and it is driven by management behind the company and robust fundamentals amid high return on investment.

Transcorp Power, a subsidiary of Africa’s leading, listed, diversified conglomerate, Transnational Corporation Plc (Transcorp) – is Nigeria’s largest gas-fired power generating station in the country, leading the way in energy generation for millions of people in Nigeria and Africa.

Transcorp Power was founded on September 24, 2012, as Transcorp Ughelli Power Limited (TUPL), having emerged as the preferred bidder during the privatization of the national electricity assets by the Federal Government of Nigeria. TPP is the owner of the 972MW installed capacity Ughelli Power Plant (UPP) at Ughelli, Delta State, Nigeria.

TPP went ahead to surpass the five-year performance target of 670MW set for it in 2013 by Federal Government

of Nigeria through the Bureau of Public Enterprises (BPE), by increasing the available capacity of Ughelli Power Plant from 160 Megawatt (MW) to 701MW within a period of four years of taking over the Plant.

In 2023, the Company became the first power generation company to be discharged from postprivatisation monitoring by the National Council of Privatization, having met and surpassed set targets.

The Company is led by a highly committed, balanced, diversified and experienced Board of Directors and management team, working together to strengthen its position as Nigeria’s top power generation company.

What’s driving the fundamentals behind Transcorp Power?

The Transcorp Power has 18 gas turbines of different capacities comprising 12 Hitachi H25 gas turbines of 23.8MW capacity each and six Frame 9EGeneral Electric (GE) gas turbines of 105MW capacity each. Whilst installed capacity has remained same in the past few years, Transcorp Power has been able to steadily improve on its capacity utilization rate. In 2023, the Company’s utilization rate stood at 78per cent (5-year high).

Transcorp Power revenue has grown significantly over the past five years, driven by a surge in energy delivery and capacity charge, coupled with the lucrative expansion into international markets.

The company between 2019 and 2023 has grown its revenue by 154.06per cent to N142.12billion from N55.94billiion, while net profit rise to N31.1 billion, representing an increase of 657 per cent in five years from N4.1 billion reported in 2019.

The breakdown of revenue showed that Transcorp Power in 2019 declared N55.94billon revenue and it increased to N65.12billion in 2020. In 2021, revenue stood at N74.33 billion, N90.35billion in 2022 and N142.12billion in 2023.

The breakdown further revealed that Transcorp Power generated 82.2per cent of its revenue from local customers, and 17.8 per cent from International customers.

The N55.94billion revenue in 2019 was for local customers and in 2020, the company’s reported N65.12billion was shared 3.3 per cent international customers and 96.7 per cent local customers.

In 2021, international customers contributed 12.4 per cent while local customers contributed 87.6 per cent out of the total N74.33 billion revenue.

However, in 2022, the company generated 87.2 per cent of its revenue from local customers and 12.8per cent international customers. It closed 2023 with 82.17 per cent revenue from local customers and 17.83 per cent international customers.

The Company has sustained and grown its EBITDA margins, thereby strengthening its pedigree as one of the leading power generation companies in Nigeria. EBITDA margins has increased from

36.7per cent in 2019 to 48.8 per cent in 2023.

Management driving Transcorp Power, other subsidiaries

Transcorp Power listing on the NGX is a reflection of the Group trust in the Nigeria capital market amid listing of other subsidiaries such as Transcorp Hotel Plc, and Transcorp Corporation Plc, all chaired by Mr. Tony Elumelu.

Elumelu, who is proponent of Africapitalism, a renowned turn-around entrepreneur, is also Chairman of United Bank for Africa (UBA) Group and Heirs Holdings.

As of March 8, 2024 the three contributed about N4.36 trillion to market capitalisation amid impressive corporate earnings and robust dividend payout to shareholders. The group and its subsidiaries are playing critical role in key sectors such as the Power, Hospitality Energy, and agribusiness.

He stated that the purpose of listing on NGX is to improve lives and transform society.

“We want this wealth creation to go round. We want to help improve the lives of our people and that is the reason we invested in the power sector. We know that access to electricity is critical in powering Africa out of poverty, in creating jobs, making hospitals to operate, helping schools to function and helping to industrialize Nigeria.

The story continues online on www.thisdaylive.com

IWD: Leading by Example, Championing Change for More Inclusive Energy Sector

Similolu Adeyinka

For us at FIRST E&P, FIRST is a way of life, not just in pioneering energy solutions but in fostering diversity and inclusion at every level of our organisation.

Women in STEM fields are pivotal to innovation, yet they face underrepresentation globally. While women make up nearly half of the workforce, globally, they hold only about 28% of science and engineering jobs. Within the oil and gas sector specifically, women constitute about 22% of the workforce, a figure that drops to 18% within Nigeria’s industry landscape, according to The World Resources Institute.

The gender imbalance is even more pronounced in technical and leadership roles, where women globally hold less than 17% of executive positions in the oil and gas sector, and a mere 1% ascend to CEO roles, as reported by S&P Global. This disparity not only highlights the barriers women face in climbing the corporate ladder but also underscores the industry’s need to evolve, embracing diversity as a cornerstone for innovation and progress.

This stark underrepresentation is not merely a statistic; it represents a reservoir of untapped potential that FIRST E&P is committed to unlocking. In the energy sector, a domain traditionally dominated by men, FIRST E&P is committed to breaking barriers and setting benchmarks.

We recognise the immense value that women bring to the table - their perspectives, expertise, and leadership - are integral to our success.

According to McKinsey & Company, companies in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability than those in the fourth quartile. This data underscores the undeniable

“Empowerment is not just about giving people the tools to succeed; it’s about creating an environment where those tools can be effectively utilised. It is equally crucial to recognise the value that a diverse workforce brings to our organisation. Our success is contingent upon the amalgamation of different perspectives, experiences, and ideas. Diversity is not just an ethical imperative but a fundamental requirement for success.”

link between gender diversity and business success, spotlighting the imperative need to foster an inclusive culture.

This is a sentiment shared by FIRST E&P’s leadership team. According to our CEO and MD, Mr. Adeyemi-Bero, “Empowerment is not just about giving people the tools to succeed; it’s about creating an environment where those tools can be effectively

utilised. It is equally crucial to recognise the value that a diverse workforce brings to our organisation. Our success is contingent upon the amalgamation of different perspectives, experiences, and ideas. Diversity is not just an ethical imperative but a fundamental requirement for success.”

At FIRST E&P, we’re not just talking about change; we’re enacting it. We are focused in fostering the growth of female talent through dedicated leadership development initiatives and are committed to empowering women across all tiers of our organisation.

On this International Women’s Day, we reaffirm our dedication to championing women’s voices in the workplace and beyond. Our celebration today is more than an acknowledgment; it’s a call to action. Throughout the week we will be celebrating all of our female professionals, engineers, and leaders who contribute daily to our mission, inspiring the next generation of women in energy, while also recognising the work that lies ahead. Together, we can create a more inclusive, equitable, and diverse world where every achievement is celebrated, and every individual is empowered to excel. At FIRST E&P, we don’t just aspire to be FIRST; we are committed to ensuring that every FIRST is a step toward a more inclusive and equitable future. #InternationalWomensDay #InspireInclusion #WomenInSTEM #Leadership #EnergySector.

Adeyinka

FOU Intercepts Three Export-bound Food Trucks to Benin Republic

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone A, Ikeja has said that it intercepted three food trucks laden with 880 bags of white beans, 584 bags of onions and 18 bags of dry pepper that are export bound to the Republic of Benin.

The Comptroller, FOU Zone A, Comptroller Hussein Ejibunu, during a media briefing at the weekend, stated that the interception made in Ajilete/ Idiroko road in Ogun State, is part of the Service’s contribution to combating food insecurity in the country especially at

Bode Roberts Endowment Fund Empowers African MSME Entrepreneurs

Chinedu Eze

The Bode Roberts Endowment Fund has empowered and mentored a select group of budding entrepreneurs from diverse sectors in Nigeria.

Established by entrepreneur and leadership expert, Bode Roberts and launched on 20th July 2023, the Endowment Fund was set as a visionary initiative to ignite the potential of tomorrow’s leaders.

Over the course of six months, the Bode Roberts Endowment Fund has diligently worked with 10 MSMEs from diverse sectors and across various locations in Nigeria, providing them with mentorship and free business advisory sessions tailored to their business propositions. Led by

Bode Roberts, CEO of Dataleum, the goal of the mentorship program was to shape African entrepreneurs and enable them to realize their dreams, while making a meaningful impact on society.

Statement from the organization said that this hands-on mentorship program was meticulously designed to address the specific challenges faced by these small businesses, with a focus on business development, scalability, and sustainable growth. In terms of monetary support, the program offered six beneficiaries the sum of N100,000 for business capital. Other beneficiaries received N200,000 and 50,000 Naira respectively, while the rest received support for business registration.

a time when food prices are skyrocketing.

According to him, instead of seizing the food items, the Unit ensured the trucks were re-directed to the Nigerian markets where they were sold to Nigerians by the owners.

He also stated that the move is coming in line with the federal government’s policies aimed at ensuring food security for its teeming population as well as

address the high cost of living, the Comptroller General of Customs and the management are pursuing with vigor.

“This Unit has demonstrated its passion and willingness to cross the teeth and dot the eyes in fighting smuggling. That explains the drastic reduction in rice smuggling and fuel bunkering,” he added. He however stated that, due to violation of various sections of

the Nigeria Customs Service Act 2023, and the federal government import and export prohibition guidelines, the Service vigorously and relentlessly prosecuted its anti-smuggling campaign which resulted in a total number of 93 seizures, arrest of 9 suspects made to prevent smuggling and protect the national economy. He said these outcomes were achieved despite the unrepentant behaviours of economic saboteurs

who deploy many tricks and antics to beat its checks but failed.

“A reference case is the smuggling of foreign parboiled rice in petroleum jerrycans along Ajilete in Ogun state which is not only illegal but also exposes the potential consumers to the risk of eating contaminated grains that have ingested poisonous properties possibly from premium motor spirit (PMS), diesel, or other petroleum products,” he added.

Gomoney, Table Talk to Introduce Financial Literacy Initiative

Gomoney Inc, one of Nigeria’s most innovative neo banks, has announced its latest venture with Table Talk, ‘goPlay Cards’ - an innovative financial deck of cards exclusively available on gomoney’s marketplace.

The company in a statement said the collaboration aims to revolutionize the way people engage in financial discussions,

making awkward conversations enjoyable while promoting essential financial literacy. Group Head at gomoney, Andyson Utomudo, highlighted how the collaboration aligns with the digital bank’s mission. “As part of our mission to simplify banking, we are excited to introduce this product that not only sparks enjoyable

conversations but also fosters financial understanding. At gomoney, we believe that making finance fun and accessible is key to promoting financial literacy” he expressed.

CEO of Table Talk, Tito Benson, shared her enthusiasm about the partnership; “Our collaboration with gomoney is an opportunity to contribute to financial education

and empowerment in Nigeria. By creating safe and open spaces for individuals to talk about their financial concerns, we can help them develop practical skills and habits that will improve their financial well-being. We believe that through this partnership, we can make a significant impact on the financial literacy landscape in Nigeria.”

IWD: Experts Identify Strategies on Inclusion for Female Entrepreneurs

To foster inclusion for female entrepreneurs in Nigeria, various experts have identified the need for a concentrated effort on dissemination of accurate information, more access to finance, creating a pool for women with like businesses, breaking down of cultural barriers and more structured support from the government at all levels.

potentials in partnership with the African Union, ToolUp, BRAVE Women, GIZ and Lotus Bank. The training had in attendance over 400 female entrepreneurs.

Entrepreneur, and Founder/ Chairman of S Mobile Group, Kingsley Adonu, has disclosed plans to commission an innovation centre in Enugu State, codenamed S Mobile Tech Hub.

The Tech Hub is a corporate social responsibility (CSR) initiative of S Mobile Group, designed to promote skills development, youth entrepreneurship, and job creation in new technology and innovations in the state.

Adonu, a visionary entrepreneur who built S Mobile Group as a conglomerate synonymous with excellence and diversity, said:

“The hub is in recognition of the ingenuity of the state governor, Dr. Peter Mbah, who has shown the capacity to redefine the economy of the Southeastern state and the creativity of young people in the state, coupled with the need to channel these to more productive and impactful ends, rather than social vices like internet fraud.”

As the Chief Executive Officer, he has steered the group to

remarkable heights, overseeing a spectrum of businesses that span across Telecommunications, Oil and Gas, Real Estate, Hospitality, Water Production, Agriculture, Technology, E-commerce, Energy, Education, Sports, Entertainment, Logistics and Financial services with branches extending globally in the UK, USA, China, South Africa, and Canada.

This was made known at the 2024 International Women’s Day celebration organized by ImpactHER, a foremost non-profit organization with a mandate for empowering African female entrepreneurs by bridging the gender business financing gap so as to help them realize their full economic

In her remarks, Founder, ImpactHER, Efe Ukala, urged the women to forge a strong bond of unity, pull resources together and serve as a torchbearer in their various business enterprises. She explained that ImpactHER is an inclusion platform that seeks to help female entrepreneurs become the best version of themselves.

She said: “Inspiring inclusion is more than just a theme for International Women’s Day. It is a guiding light for us all, especially the vibrant community of African women entrepreneurs. It means

creating spaces where every woman’s voice can echo with strength, where her ideas can flourish without boundaries and where her dreams are nurtured by the collective support of a community that sees no limit to what she can achieve. It means each of us committing to lift as we climb ensuring that our success is not a solitary journey but a shared voyage that paves the way for more women to step into their power”.

While delivering her training on the topic- Inspire InclusionUnlocking opportunities in exports and empowering African women to conquer the global market, Chief Trade Promotion Officer, Nigerian Export Promotion Council

“NEPC), Florence Okafor, urged the women to invest in quality packaging, acquisition of international licences, have an excellent knowledge of the laws guiding imports in various countries and international trade terms.

Another facilitator, Olanrewaju Oniyitan, Founder/CEO, W-Holistic Business Solutions who spoke on the topic Growing Wealth: Growing an investable company as a woman founder hinted that people, a wonderful business model, track record of business growth, financial viability, scalability and risk management are some of the pointers needed for female entrepreneurs to become successful in their business.

Adonu to Launch Mobile Tech Hub in Enugu Patrons Plan Fair to Equip Nigeria for Africa’s $13bn Arts Industry

Under his leadership, S Mobile Group has emerged as a major partner for MTN, as evidenced by the impactful presence of the brand in the telecommunications landscape. His strategic insights and forward-thinking approach have positioned the group as a dynamic player in multiple industries.

As the foremost development agent, S Mobile has the mission to transform South-east technology sector through its proposed hub by providing business support services to enable young people in the region to engage in meaningful businesses and thrive in existing enterprises.

Gilbert Ekugbe

Patrons Modern and Contemporary African Arts (MCAA), has announced plans to hold its 6th miniature exhibition in its bid to prepare Nigeria for the $13 billion African Arts industry.

Addressing a press briefing yesterday to herald its forthcoming exhibition scheduled to hold from 30th March to 14th April 2024 in Lagos, themed “Herstory Reframed” the Director at Patrons MCAA, Ms. Keturah Ovio, stated that the $13 billion, which is just 2.5 per cent of $520 billion global

arts market, is an opportunity for the private and public sector to do more.

She called on the economic managers and corporate bodies to invest in the nation’s Art industry, maintaining that arts is one of the powerful ways to export Nigeria’s culture to the world.

According to her, the main target of the exhibition is to reclaim feminine narratives, redefine icons and inspire inclusion through arts, adding that the exhibition would feature three talented and well-exhibited female artists from French-speaking African countries

who would tell incredible stories through their 20 works of art

She added: The event would also feature a fireside chat, where women in business, finance and arts will discuss the way forward for the African arts industry.”

Entitled “From Brushstrokes to Bank Statements: The Art of Wealth Creation and Supporting Women Artists,” the fireside chat will feature incredible women who will discuss opportunities in the arts industry, funding gap, art financing, support for women artists and export potential in art collections.

Also speaking, the Director, Patrons MCAA, Peter Imo, said young people in Africa must take interest in arts collection, stressing that arts can increase in value when properly kept.

“Art is a long-term investment. It is an asset you own that has the capacity to exponentially grow wealth for generations,” he said.

On her part, the Director, Marketing and Communities, Patrons MCAA, Ms. Meme Osuocha, explained that the event will reframe African women’s narratives to the world and showcase the capabilities of women.

nL-R: Assistant General Manager (QSR) Sundry Foods Limited, Ijeoma Akinfesola; Head, Human Resources, Olaide Ojieh; MD/CEO, Ebe le Enunwa; Chief People Officer, Sundry Group, Mmeme Best-Agbi and Executive Assistant to MD/CEO, Dubem Kekachi during the International Women’s Day Celebration in Por tHarcourt, Rivers State… recently

Upholding the Shared Values, Goals of Commonwealth Nations 75 Years After

Rt Hon Lord Cameron

On 11 March, some 2.5 billion of us will come together to celebrate the Commonwealth family. 75 years after the London Declaration, I will join this family’s many nations, faiths and communities at a service at Westminster Abbey.

I was Prime Minister when the Commonwealth agreed a new Charter, a milestone in our family’s history. For the first time, we had a single document setting out our core values and shared goals.

Today, as Foreign Secretary, I want our family of nations working in partnership to uphold these values and fulfil these goals. I am proud of the work Commonwealth members do in partnership in areas ranging from the rule of law to protecting the environment.

We are bound together by our many connections and inspired by our incredible diversity. This makes us a strong and respected voice in the world, capable of addressing global challenges. It means all our citizens can benefit from belonging to this family in their daily lives.

Thanks to our strong ties, the cost of trade between Commonwealth members is more than 20% lower than the costs of trading with non-Commonwealth members.

We have made enormous strides in recent years in empowering women and girls, backing 4000 businesses owned by women across the Commonwealth to become more competitive.

And we are working hard together to promote our values. The Commonwealth came together to stand by Guyana when it was threatened. And Commonwealth missions have observed dozens of elections since we agreed our new Charter.

The bonds our family shares matter all the more as we face great global challenges. I believe this is especially true for our small island members. Our Charter recognised their particular needs in building their resilience, especially in the face of

climate change. This global challenge impacts these states relatively more given their geography.

It is to our families that we turn when we are most in need. I want these states to know they can turn to their Commonwealth family today.

We have a major opportunity this year. The Commonwealth Heads of Government will be meeting in a Pacific

island country for the first time, gathering in Samoa this October. This gathering takes place a few months after the once-in-a-decade UN Small Island Developing States Conference in Antigua and Barbuda this May.

These states are already harnessing the power of nature to tackle the causes and impacts of climate change. Just look at Papua New Guinea, protecting some of the world’s most important forests, on which we all depend. Or take the sixteen

Commonwealth small island states working as part of the global coalition committed to protecting at least 30% of the world’s ocean by 2030.

We can offer much more support to these efforts. Britain is doubling its provision of international climate finance. And last autumn the Prime Minister made our biggest ever contribution to the Green Climate Fund, the largest global fund to support developing countries in responding to climate change.

This will help. But the biggest challenge these states face is accessing the international funding itself. Despite being low emitters uniquely exposed to the threat of climate change, they receive a minuscule proportion of such funding.

So many of these states said to me at COP – ‘we keep hearing announcements about green finance, but it seems so hard to get hold of the money and get projects financed.’ That is what I want to fix.

A dedicated Commonwealth hub has helped to mobilise more than $310m of climate finance for our small island members since 2016. This year, as members of the same Commonwealth family, let’s build on this and go much further.

Britain has particular leverage as a major donor to the big multilateral development funds and banks. We are working particularly closely with these banks to scale up by hundreds of billions of dollars the funding they offer developing states.

But all members can play a role. Many of us are donors. Others have experience to share in accessing finance from such funds and banks themselves, and making best use of them on the ground.

This year, in Samoa, we have a chance to show them and our other small island members just what the Commonwealth means. An effective association. A unique network. A reliable source of support. In short, a family.

-Rt Hon Cameron is Secretary of State for Foreign, Commonwealth and Development Affairs

Col. Bello Fadile Recounts 25th Anniversary of Freedom from Life Sentence

Esther Oluku

Aretired Nigerian Army officer Col. Bello Fadile (Ph.D Law) has reflected on the momentous occasion of his release 25 years ago from Argungu Prison, now known as a Correctional Facility, in Kebbi State.

Bello, in a chat with some journalists at the weekend, shed light on the events surrounding his unexpected liberation from what was as a life sentence under the regime of late Gen. Sani Abacha.

The ex-intelligence officer noted that he was court-martialled to “life sentence” for advocating a non-violent composition of an Interim Government to replace the military junta of his then friend and boss, Abacha.

Fadile vividly recalled the early hours of March 4, 1999, when he received the lifechanging news. A tap on his cell window jolted him awake, and to his surprise, he found a retired Warrant Officer of the Nigerian Army, now working as a warder, delivering the long-awaited message of freedom.

With a sense of disbelief and overwhelming gratitude, Fadile hastily shared the news with his fellow inmates, marking the end of a three-day period of fervent prayer and fasting.

In his testimony, which forms part of his upcoming book, “Nine Lives: The Bello Fadile Memoirs”, he narrated: “...25 years ago, in the wee hours of March 4, 1999, I had tap, tap, tap, on my cell window and Colonel! Colonel!! wake up. I got up and went closer.

"Then I saw the warder on duty, a retired Warrant Officer of the Nigerian Army now working for the Nigeria Prison Services. He said, “Oga you don free, congratulations sir, start packing your things, you are going home.”

I asked him, what did you just say? " He said, “Yes sir you are to be released today, sir.” I did not say anything. I just believed him and rushed to the general open cell opposite my cell to tell the two other inmates who were on a three-day dry fasting with me, seeking the face of God in my situation.

"It was the beginning of the third day. I told them the good news and they shouted, “Hallelujah!” and we stood up and joined hands to sing out sing-song chorus; God is

able, abundantly able, to deliver and to save; The Lord is able, abundantly able, to deliver those who trust in him. Hallelujah!”

Fadile continued, noting that amidst expressions of joy and gratitude, he has prepared to leave his confinement behind when the Officer-In-Charge delivered the official announcement of his pardon by then-Head of State and Commander-In-Chief, General Abdusalami Abubakar.

According to the human rights lawyer, it was with a newfound sense of freedom and a deep appreciation for those who supported him during his ordeal that he stepped out of the prison gates into

a new chapter of his life on that fateful day. Reflecting on the significance of the occasion, Fadile expressed gratitude to Gen Abdusalami Abubakar and all those who contributed to the establishment of a true democratic government in Nigeria.

He also extended his appreciation to the Nigerian Military, emphasising his enduring love for his country.

He said: “Thereafter I went to my cell, packed my stuff and went to take a shower. At about 5:30am, March 4 1999, the Officer-In-Charge came to my cell and as usual, said; Doctor, you are free ooo and you have to go out of my yard before 6am today.

"The Head of State and Commander-InChief, General Abdusalami Alhaji Abubakar

has granted you and your colleagues a state pardon. Congratulations sir.

“And so it was 25 years ago that I breathed the air of freedom. To God be the honor and glory and of course gratitude to Gen. AA Abubakar (GCON) former Head of State. Special thanks to all others on whichever sides of the divide they were during the struggle to establish a truly democratic government in our dear motherland -Nigeria. God bless the Nigerian Military, my first love, God bless the Federal Republic of Nigeria”

As March 4, 2024, marked the 25th anniversary of his freedom, Fadile stressed that his account is to serve as a poignant reminder of resilience, faith, and the triumph of justice over adversity.

Lord Cameron

Expert: High Import Tariffs on Agro-equipment Threatens Food Security

James Emejo

Chairman, Eurobase Consult Group, Mr. Don Ekesiobi, has decried the high import tariffs on agro-equipment, warning that this posed a threat to the food security agenda of the current administration.

Speaking at a media briefing over the weekend ahead of a special Agro-equipment and Technology Expo, he urged the federal government to effect a downward review of import tariffs on agro-equipment to enable Nigerian farmers’ access to boost food production in the country.

He said: “Nigeria pays the highest import duty or tariff in the world on agro-equipment. But my appeal to the government is that as Mr. President has declared a state of emergency on food security, he should remove import tariffs on agro-equipment at least for sometime to enable Nigeria to balance very well in the quest for food security.

“The federal government should also make it easier for the clearance of these equipment. If government insists on

collection of high import tariffs, the objective of achieving food security will not be realised. Agro-equipment takes high volume of space. If we ship three tractors, which are in one container, what the clearing agents are charging now is N15 million.

“This was the same agroequipment we were paying N3 million about three years ago. After the clearing, who will buy it at this high cost?”

Ekesiobi said, “The government should immediately make zero import duty on agro-equipment to enable Nigeria to attain food security. The earlier the government does it, the better for everybody.”

He identified insecurity as one of the major challenges confronting farmers, while urging the federal government to work assiduously to contain the situation to enable farmers to go back to farms.

He added that these foreign partners would assist in propelling the development of Nigerian agricultural business sector.

According to him, “Eurobase Consult Limited is duly registered and incorporated in Nigeria under the Companies

and Allied Matters Act of 1990.

“We are local partner/country representatives to 20 international agro Original Equipment Manufacturers (OEM) from Israel, India, China, Thailand, Indonesia, South Africa, USA, Brazil, Holland, and by this Association, our company has become an agro-equipment conglomerate or one stop shop for all agro- equipment’s and Farm Technology.

“In order to boost Sustainable Agro production and food security, we carefully selected 10 among our foreign partners with good global impactful track record that can propel the development of Nigerian Agricultural business sector.

“They have contributed in executing agro projects in different western and Asian countries that are self-sufficient in food production and have high volume of Exported Agro produce.

“We are bringing them to Nigeria to replicate same multibillion dollar agro business in Nigeria. We are in partnership with the Federal Ministry of Agriculture and Food Security to achieve this objective.”

Olusoga Urges FG to Make Access to Finance for Women More Accessible

Nume Ekeghe

The chief Operating Officer of i-invest, Oluwatobi Olusoga, has called on the Federal Government to establish initiatives and schemes facilitating easy access to finance and enhancing financial literacy for women.

Furthermore, i-invest, the digital finance platform, introduced a savings initiative for women aimed at enhancing their financial literacy.

The launch of this new product coincided with the celebration of International Women’s Day (IWD) over the weekend in Lagos, under the theme ‘#VioletsForHer Women & Money: Unlocking Your Financial Power’.

Speaking on the side-lines, Olusoga said: “There is always

room for more if we had more women-driven initiatives, more women in leadership to drive that narrative to push, spotlight women and propel them in a good light. The government could do a lot more to create initiatives that make access to finance for women much easier. Things like financial literacy to be available for everyone.”

Speaking on the new product, the Chief Operating Officer of i-invest, Oluwatobi Olusoga, said, “#Violetsforher is a designed savings plan for women. The main bonus that we have here for you is that for every woman who saves with the #violetsforher plan, she would receive an extra one per cent interest over and above our standard savings plan.”

Chief Operating Officer of

Imperium Capital Partners Plc, Mary Akpobome, emphasised the significance of financial literacy for women, stressing the need to establish financial objectives and goals.

Speaking on the theme, “Surviving Economic Headwinds: Strategies for Success in a Changing World,” she explored Nigeria’s economic challenges, advocating for innovative strategies to not only endure economic downturns but also thrive amid adversity.

In addition, Diversity Equability and Inclusion specialist, Habiba Balogun, urged women to take charge of their financial education, emphasising the importance of creating a financial plan, building an emergency fund, and investing in their future for lasting happiness.

Zenith General Insurance Celebrates 20th Anniversary

Zenith General Insurance Company Limited is poised to celebrate its 20th Anniversary on March 22, 2024, marking a remarkable journey of industry leadership and outstanding service.

Founded as Piccadilly Insurance and later acquired and rebranded as Zenith General Insurance under the visionary leadership of Dr. Jim Ovia (CFR) in 2004, the company has emerged as one of Nigeria’s most dynamic insurance service providers. Specializing in a wide range of general insurance services for corporate, commercial, and individual clients, Zenith General Insurance is dedicated to delivering

high-quality insurance solutions that ensure customer satisfaction and financial security.

Two decades on, Zenith General Insurance stands as one of the most capitalized and profitable insurance companies in Nigeria; boasting a shareholders fund of N33.78Billion and total asset base of N50.63Billion. This robust financial standing has earned Zenith General Insurance an A+ rating from Agusto & Co. Despite its relatively short tenure in the insurance industry, Zenith General Insurance has pioneered innovative initiatives that have further enhanced the accessibility of insurance services across

Nigeria through technological advancements; this has revolutionized the availability of Motor 3rd Party and Personal Accident Insurance policies, underscoring the company’s commitment to leveraging technology for customer benefit.

Over the past two decades, Zenith General Insurance has attained remarkable milestones, solidifying its position as a prominent player in the insurance industry. The companys consistent year-on-year growth in gross written premiums and customer base is a testament to the firms unwavering commitment to its core value of Customer Focus.

Foreign Investor Eyes LivingTrust Mortgage Bank Plc

In a move that has been described as a demonstration of the increasing profile of LivingTrust Mortgage Bank Plc, a leading mortgage bank. A foreign Investor is currently looking forward to acquire a 7% stake in LivingTrust Mortgage Bank Plc.

According to industry sources familiar with the transaction, the Investor is set to file the regulatory paperwork for the deal following the conclusion of its due diligence.

If this acquisition sails through, it will see the Inves-

tor hold a strategic stake in LivingTrust Mortgage Bank Plc. The investment would help LivingTrust Mortgage Bank Plc bolster its capital especially as it moves to become a dominant player in the nation’s mortgage banking space.

Money Market Indicators (in Percentage)

The price of OPEC basket of twelve crudes stood at $81.30 a barrel on Tuesday, compared with $79.70 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

L-R : Member, Gender Committee, Presco Plc, Onome Oyomare-Nosakhare; Tina Ekpo; Chief Executive Officer, Presco Plc, Reji George; Guest Speaker, Dr (Mrs) Betty Agbonkpolo and Coordinator, Gender Committee, Fatima Emeri at the commemoration of the IWD held at Presco Obaretin Estate In Benin City…recently

Stock Market Up N3.26tn Amid Mixed Corporate Earnings

Kayode Tokede

The Nigerian Exchange Limited (NGX) last week added N3.26 trillion, pushed by mixed resilient 2023 corporate earnings released to the investing public and the listing of Transcorp Power Plc on the Exchange.

The All-Share Index (ASI) posted an uptrend in performance by 2.61 per cent week-on-week (WoW) to close at 101,330.85 basis points from

98,751.98basis points. Similarly, overall market capitalisation increased by N3.26 trillion to close at N57.293 trillion from N54.035 trillion the stock market opened for trading.

The sectoral performance for the week displayed weakness across most sectors, with the exception of the Industrial Goods index, which recorded a modest gain of 1.59 per cent week on week. Conversely, the NGX Insurance, NGX Banking, and

NGX Consumer Goods indices experienced downturns, losing 5.22 per cent, 1.40 per cent and 1.21 per cent week on week respectively. The NGX Oil & Gas index remained unchanged from the previous week’s close.

The market breadth for the week was negative as 22 equities appreciated in price, 56 equities depreciated in price, while 76 equities remained unchanged. Transcorp Power led the gainers table by 46.38 per cent to

close at N351.30, per share. Juli followed with a gain of 32.53 per cent to close at N4.97, while International Energy Insurance went up by 20.86 per cent to close to N1.68, per share.

On the other side, Guinness Nigeria led the decliners table by 17.55 per cent to close at N42.05, per share. Ecobank Transnational Incorporated (ETI) followed with a loss of 17.01 per cent to close at N20.00, while NEM Insurance declined by 16.67 per cent to

close at N5.50, per share. Overall, a total turnover of 2.157 billion shares worth N108.824 billion in 51,556 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.882 billion shares valued at N34.149 billion that exchanged hands prior week in 48,464 deals. The Financial Services Industry (measured by

volume) led the activity chart with 8 99.483 million shares valued at N15.778 billion traded in 20,278 deals; contributing 41.70 per cent and 14.50 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 736.973 million shares worth N12.902 billion in 4,996 deals, while the Utilities Industry traded a turnover of 208.511 million shares worth N65.746 billion in 5,602 deals.

PRICES FOR SECURITIES TRADED ASOF MARCH /7/24

Amid Incessant Power Cuts, Vandals Attack Shiroro-Katampe Transmission Line

TCN bemoans low power generation

Emmanuel Addeh in Abuja

As power supply challenges persist nationwide, the Transmission Company of Nigeria (TCN) yesterday announced that one of its critical infrastructure, the ShiroroKatampe 330kV transmission line, had been vandalised, making it the fifth such incident within February and March this year.

TCN’s General Manager, Public Affairs, Ndidi Mbah, said in a statement that at approximately 9am yesterday, the Shiroro-Katampe transmission line experienced a trip.

Following initial investigations, the TCN stated that its engineers attempted to restore operation but were unsuccessful.

It stated that subsequently, efforts were made to identify the fault location as linesmen were dispatched to physically

patrol the suspected area.

During the fault-tracing process, the statement said vigilance team leaders in the vicinity notified TCN linesmen of vandalism along the ShiroroKatampe transmission line.

“TCN personnel confirmed the vandalism of the 330kV Shiroro-Katampe transmission line 1, from Towers 244 to 245, and the conductors stolen.

“TCN is currently mobilising for conductor replacement, pending completion of security operations at the site. Nevertheless, the second line remains fully operational, transmitting at full capacity to Abuja, in conjunction with the Gwagwalada 330kV line serving the Kukwaba-Apo axis.

“Also, the wheeling capacity of TCN towards Abuja and environs would be enhanced by the Lokoja - Gwagwalada 330kV transmission line,” the

statement said.

The TCN said the incident added to a series of vandalism incidents recorded by the company in February 2024, including the destruction of Tower 70 along the GwagwaladeKatampe transmission line on February 26, 2024.

Other incidents, it stated, include the vandalism of towers 377 and 378 along the GombeDamaturu 330kV transmission line on February 23, 2024, and the attack on towers 145 to 149 and 201 to 218 along the OwerriAhoda 132kV transmission line on February 15, 2024.

Additionally, on February 1, 2024, it said Tower number 388 along the Jos-Bauchi 132kV single circuit transmission line collapsed due to vandalism.

“These acts of sabotage are unacceptable, and TCN urges relevant security agencies and host communities to collaborate

in apprehending the perpetrators. “Protection of the nation's transmission infrastructure is paramount, and collective efforts are required to curb these incidents. TCN calls upon all Nigerians to assist in reporting such acts of vandalism. Electricity infrastructure is a national asset, and safeguarding it is a collective responsibility,” it added.

Earlier, the TCN noted that the current power supply situation in Abuja was not attributable to inadequate transmission capacity resulting from the Gwagwalada tower vandalism incident of February 26, 2024.

It explained that this is because TCN supplies Abuja Electricity Distribution Company (AEDC) bulk power for Abuja and environs through three major 330kV transmission lines, whereas the three bulk power sources are to ensure flexibility

PenCom DG Says Report of N10tn Loan to FG Misleading

Emmanuel Addeh in Abuja

The Director General of National Pension Commission ((PenCom), Mrs. Aisha Dahir-Umar, has described as “totally misleading” the widespread reports that the commission gave a N10 trillion loan to the federal government. She also responded to claims that PenCom was owing federal government retirees arrears of pensions as well as insinuations that Pension Fund Administrators (PFAs) were not fulfilling their obligations to retirees with regards to access to their retirement savings.

In a statement at the weekend, Dahir-Umar, said apart from the fact that PenCom is not a bank and does not warehouse or manage pension funds, the federal government did not take a loan of N10 trillion from the commission.

“Investments by the PFAs in the securities of the Federal Government of Nigeria (FGN) are not loans as erroneously portrayed, but investments in securities, through bonds and treasury bills, as approved

by the relevant government agencies.

“In this case, this is the Debt Management Office (DMO) and Securities and Exchange Commission (SEC). They are traded on authorised capital markets. That is, the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,” she explained.

Moreover, she noted that pension fund assets are not managed by PenCom, stressing that she had said repeatedly maintained that when it is reported that pension assets have grown to N19.6 trillion, it does not mean PenCom has N19.6 trillion locked somewhere in its office or bank accounts.

“Pension fund assets are managed by the licensed PFAs and held in custody by the licensed Pension Fund Custodians (PFCs). The PFAs are responsible for investing pension fund assets in allowable asset classes, including FGN debts instruments.

“The objectives are safety and fair returns. All these are in line with the provisions of

the enabling law, the Pension Reform Act 2014, and the rules issued by the commission.

“It is obvious from the above that what is referred to ‘loan to FGN’ is just investment in FGN securities by the PFAs, as is done by other institutional investors such as banks, insurance companies, asset managers, etc,” she pointed out.

Dahir-Umar added that it is an international best practice to invest

“The

“The

benefits to some federal government retirees and deceased employees is because of the inadequate and delayed funding for the payment of accrued pension rights for those who were in service before the Contributory Pension Scheme (CPS) was introduced when PenCom was established in 2004.

“Payment of the accrued rights is subject to release of funds by the federal government. So, it is beyond the powers of the commission. However, we have been engaging the Federal Ministry of Finance for more funds to be released to settle these liabilities, but it is not a secret that the government itself has budgetary constraints,” she stressed.

Besides, she said that all those enrolled under the CPS had been receiving their benefits through their PFAs and there was no unsolved complaint before the commission.

and reliability . “Contrary to recent publications in the media, therefore, the Gwagwalada incident impacted the redundancy and flexibility of bulk supply and not the capability of TCN to supply adequate bulk supply to Abuja and environs.

“This simply means that the wheeling capacity of TCN to

Abuja has not been affected because the available 2X330kV Shiroro-Katampe Transmission lines are sufficient to convey allocated power to Abuja. “It is important to note that the current power situation being experienced generally is a result of low load allocation, caused by low power generation into the nation's grid,” the company stressed.

NDLEA Uncovers Illicit Drug Consignment in Bus Engine, Arrests Two

Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted an illicit drug consignment concealed in the engine compartment of an interstate commercial bus just as two grandfathers were taken into custody over drug trafficking.

A statement yesterday by the spokesman of the anti-narcotics agency, Femi Babafemi, said that no fewer than 5.2 kilogrammes of cannabis sativa and opioids were discovered last Thursday in the engine of the bus marked VDY 187 XA along Gbongan – Ibadan road, Osun state by NDLEA officers on stop and search operation on the highway.

He said the bus driver, Iorliam Dominic, 35, who took responsibility for the concealment has been taken into custody for further investigation.

Babafemi said last Wednesday, a 26-year-old lady, Obasanmi Iyanu, who produces and distributes “skuchies” was arrested during a raid on her hideout in Osogbo, the Osun state capital, during which at least, 16.5 litres of the illicit substance and different quantities of molly and cannabis were recovered from her during the raid.

He stated that NDLEA operatives in Borno state have arrested two grandfathers, a 70-year-old Mallam Mai Gemu Adam and 65-year-old Yamama Musa for drug trafficking.

He said they were arrested on

Saturday along with 24-year-old Abubakar Ya’u and Babagana Ali, 28, in Maiduguri and GamboruNgala respectively while 32,000 ampoules of tramadol injection were recovered from them.

He revealed that on the same day, operatives in neighbouring Yobe State at Geidam intercepted a Golf 3 salon car heading to Gagamari in Niger republic, where the occupant, Alhaji Mala Tijjani, 28, was to deliver 40 blocks of cannabis weighing 24.5 kilogrammes to another dealer.

Also 42 cartons containing 8,400 bottles of codeine syrup weighing 1,260 kilogrammes, he said, were recovered from a driver, Mutari Ya’u, 29, at Katsina road, Kaduna last Tuesday.

In Kano state, Nura Yusuf, 35, was arrested with 62 kilogrammes cannabis at Gadar Tamburawa area, where Abubakar Sani, 40, was also nabbed with 244 bottles of codeine syrup, while Mohammad Alkali, 28, was found with 49,800 pills of tramadol along Kano-Maiduguri road, last Thursday.

Besides, NDLEA operatives in Lagos state last Wednesday arrested Aba Thomas at Igbo Elerin area of the state where 84 litres of skuchies, 1.1 litres of codeine syrup, 4 kilogrammes cannabis sativa, and 800 tablets of tramadol 225mg were seized from him.

“In Abuja, no fewer than eight suspects were arrested last Friday where NDLEA officers raided the notorious Karu abattoir drug joint in the city FCT with 51.3 kilogrammes cannabis recovered from them.

L-R: Delta State Governor, Sheriff Oborevwori; Bayelsa State Governor, Senator Douye Diri and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, during a civic reception in honour of the minister at the Ekeremor community pavilion in Ekeremor Local Government Area of Bayelsa State... last Saturday

COMPARING NOTES?...

IPPG Expresses Support for Tinubu's Executive Orders on Nigeria's Oil, Gas Industry

Sunday Okobi

The Independent Petroleum Producers Group (IPPG) has endorsed the recent Executive Orders signed by President Bola Tinubu, which the government says is aimed at revitalising investment in the Nigerian oil and gas sector and positioning the country as Africa's premier

investment destination within the energy sector. IPPG is a 28-member association of indigenous exploration and production companies committed to the advancement and sustainability of the Nigerian oil and gas industry.

It advocates policies that support the growth and development of the sector, ensuring Nigeria's position as a leading energy provider globally.

The organisation in statement issued yesterday noted that Tinubu’s policy directives include the introduction of value adding fiscal incentives for investments in upstream non-associated gas developments, midstream infrastructure, and deepwater assets.

It stated that the orders also streamlined the industry’s contracting process, and sought

to reform local content practices.

“All of these measures are pivotal to the future of the industry and have in fact been recommended by the industry for many years. We are encouraged to see swift progress within a relatively short period of time,”the group stated. It listed reduced project cost; faster project execution timelines; reduction of waste, and multiple

SCI: 25m Nigerians Benefited from Our Humanitarian Interventions in 2023

UK

Charity calls for action to aid vulnerable women

Folalumi Alaran in Abuja

Save the Children International (SCI) at the weekend revealed that close to 25 million children and household members benefited from its intervention in 2023, with 38 per cent being children and 64 per cent of them being girls.

SCI’s Director of Advocacy, Campaign, Communication and Media, Amanuel Mamo, disclosed this in Abuja, at the Commemoration of the International Women's Day (IWD).

He stressed that acknowledging women and girl’s rights as human rights was the first step in fostering gender equality.

“In 2023, Save the Children reached close to 25 million children and household members (24 per cent directly and 76 per cent indirectly) in Nigeria.

"Of the more than 6 million participants reached directly, 38 per cent were children and 64 per cent were girls. Of the 25 million reached directly and indirectly, 53 per cent were children.

“Currently our programmes in Nigeria cover both humanitarian response and development programmes and include multithematic programmes in child protection, education, health, WASH & nutrition, and child rights governance,” he said. He listed child marriage as one of

the most grievous forms of violence perpetrated against girls, describing it as a human rights violation and a form of gender-based violence.

According to him, forms of violence against children are: Physical, sexual, emotional, with child marriage being all of these three combined.

“It is estimated that two in every five women were married as children in Nigeria. Investing in children, girls, is investing in women tomorrow.

The level of women empowerment tomorrow, the level of financial liberty of women tomorrow, depends on how and what we invest on the girl child today,” he added.

Mamo further called on stakeholders, from national to local levels, to scale up social protection services, initiate a national movement against child marriage, and develop robust strategies for child protection laws. He called on stakeholders to scale up, replicate and maintain some of the best practices in providing social protection services to women, girls.

Meanwhile, the Chief Executive and Founder of the Community Outreach Project Solutions (COPS) Charity in the United Kingdom, Miriam Virgo, has emphasised the critical need for government intervention in Nigeria to address the plight of elderly and widowed women facing poverty and food scarcity.

Virgo, who was in Nigeria for

a community outreach project, expressed her concern for the impoverished population, particularly women with no family or financial support.

She revealed her focus on Nigeria, citing a deep sense of responsibility and commitment. She expressed her intention to raise awareness among Nigerians who have migrated to

the UK, urging them to contribute to the welfare of those left behind.

She said: I think it's really sad to see so many impoverished people. And there just seems to be a huge disparity between poor and rich here in Nigeria. And I feel like there should be a middle ground where everybody should have a hand.

layers of middlemen in project contracting processes; increased number of gas projects reaching Final Investment Decisions (FIDs) as some of the ways it will impact the sector.

It listed others as: Increased gas processing and gas distribution capacity, as gas infrastructure investments grow as well as increased gas supply for domestic use, including power, cooking gas, among others, and for export.

“IPPG stands ready to collaborate with the government and all stakeholders to ensure the successful implementation of these directives. We believe these reforms will attract more investments to our sector, accelerate project completions, and ultimately contribute to the prosperity of all Nigerians,” the top oil industry players stated.

It added that the global oil and gas industry continues to contend with limited availability of capital, and uncertainty as to the evolution of future demand.

In the past, it argued that Nigeria often unintentionally

compounded these challenges and delayed investment by inserting the government between willing private sector counter-parties.

“This is recently evident in the delayed approval of recent International Oil Companies (IOCs) divestments, the stalled progress in taking Final Investment Decisions (FIDs) in the outstanding upstream deepwater projects as well as gas resource and infrastructural development projects.

“Tinubu's policies suggest a new direction that prioritises Nigeria’s strategic interests, ensures that we can harness our vast gas resources effectively and recognises the role of the private sector in driving growth,” the IPPG said.

According to the group, the executive orders are credible impetus required to re-launch the growth of production and revenue from the oil and gas industry.

It noted that the orders also mark a significant milestone in Nigeria’s journey towards achieving its shared goal of energy security and economic stability.

Abiodun: Anchor Borrowers’ Scheme Has Empowered

James Sowole in Abeokuta

The Ogun State Governor, Dapo Abiodun, at the weekend said the Anchor Borrowers Scheme in the state has nurtured over 40,000 agripreneurs.

The governor who spoke in Abeokuta during the 37th Lisabi Day celebration, reiterated his administration's dedication to supporting young farmers and investors in land clearing, preparation, and mechanisation for agriculture.

Represented by his Deputy, Mrs. Noimot Salako-Oyedele, Abiodun emphasised that the theme of the celebration, '’Encouraging Youth

40,000 Agripreneurs in Ogun

Entrepreneurship in Agric Business: Panacea for Solving Youth Unemployment in Egbaland,’' aligned with his commitment to empowering youths for agricultural growth.

Abiodun called for intensified efforts in agriculture and allied businesses, focusing on youth development, even as he highlighted the pivotal role of agriculture in the state's economic roadmap, contributing to food security, job creation, and industrialisation.

He said: "Ogun state remains a major global producer of cassava, with strengths in cassava production, poultry farming, fish production, and

animal husbandry."

Abiodun underscored the government's interest in boosting the agricultural value chain, encouraging private sector investment for sustained industrialisation, job creation and food security.

While urging elders to instil core values in the youth, he emphasised the importance of hard work, perseverance, and diligence.

The Alake and paramount ruler of Egbaland, Oba Adedotun Aremu Gbadebo acknowledged the success of the Lisabi Festival, thanking Egba sons and daughters for their financial support.

He announced plans to empower Egba indigenes through Lisabi palliatives and educational support for students.

Applauding Abiodun for the modern Adire market at Asero, Gbadebo encouraged youths to explore Adire making and selling, emphasising the simultaneous importance of preserving the agricultural legacy of Egbaland.

A former military administrator of Bauchi and Sokoto states, Navy Capt. Rasheed Raji, emphasised the festival's purpose to shift youth focus from white-collar jobs to sustainable occupations like agriculture.

L-R: National Chairman of the All Progressives Congress (APC), Dr Abdullahi Umar Ganduje and his Ghanaian counterpart, Chairman of the ruling New Patriotic Party, Mr. Stephen Ntim, at the headquarters of the party in Accra at weekend

BANK OF INDUSTRY'S INTERNATIONAL WOMEN'S DAY CONFERENCE 2024...

RMAFC Chair Blames Socio-economic Challenges on High Cost of Governance

Backs holistic adoption of Oronsaye report

James Emejo in Abuja

Chairman,

Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Mr. Mohammed Bello Shehu, yesterday blamed the shortage of infrastructure and social services on the high cost of governance in the country.

He said the development had further led to a fall in investments,

amid high level unemployment and rising insecurity.

In a statement, the RMAFC boss added that no society can make meaningful progress unless it develops a competent and costeffective management system capable of maximising the nation’s resources to the benefit of all.

He applauded the administration of President Bola Tinubu for adopting

the Oronsaye Committee Report recently approved by the Federal Executive Council (FEC) as a way of curbing high cost of governance through the restructuring and rationalisation of federal agencies, parastatals and commissions.

He stressed that the high cost of governance in the country was caused by the expensive nature of the presidential system of government,

large bureaucracy, duplication of government ministries, departments and agencies and endemic corruption.

He said there’s currently a high cost of public service delivery due to infrastructure failure, high-security costs as a result of insurgencies, kidnappings, ethnoreligious agitations and armed robbery, as well as multiple salaries and severance allowances; extravagant activities

Musawa Seeks Soyinka’s Support on Preservation of Nigeria’s Literary Art

Emmanuel Addeh in Abuja

The Minister of Art, Culture, and the Creative Economy, Hannatu Musawa, has sought the support of Nobel Laureate, Prof Wole Soyinka, in providing strategies for the promotion and preservation of literary art in the country.

A statement by Musawa’s spokesperson, Nneka Anibeze, said the minister who paid a courtesy visit to the renowned playwright at the weekend, said that the sector needed to tap into the wealth of experience of the literary icon in promoting the rich cultural heritage of the nation.

“It is an honour to share my vision for the development of the arts, culture, and creative economy with the Nobel Laureate. The purpose of this visit is to invite you to share your invaluable experience with us, including insights, guidance, and advice on how to add to the

development of literary arts in the country.

“This is the first time that we are having a ministry created specifically for this sector which is the Ministry of Arts, culture and Creative Economy.

“Nigeria has a huge culture content including music, films, fashion and literary arts of which our priorities include the preservation of literary works. This, we intend carrying out by formulating policies that will ward off piracy and plagiarism.

“Nigeria boasts of great writers like Prof. Wole Soyinka, the late Prof. Chinua Achebe, Chimamanda Adichie, Prof Okey Ndibe and many others. We will be happy to see Prof Soyinka lead the way on these strategies. We look unto your antecedents for initiatives to encourage the younger generation to embrace and celebrate their cultural identity,” she stated.

Musawa also discussed the initiatives to encourage the younger generation to embrace and celebrate their cultural identity, artistic and creative development as well as opportunities for collaboration and innovation in the creative economy, cultural diplomacy and utilising arts and culture as a tool for international diplomacy and promoting the nation's cultural diversity on the global stage.

The minister said she anticipates the opportunity to engage in a meaningful collaboration with Soyinka and looks forward to the potential collaboration for the advancement of arts, culture, and the creative economy.

In his response, Soyinka expressed delight in the visit and described his interest in culture and literary arts, generally, as a comparative one. He called for a conscious effort at preserving the culture and tradition of the Nigerian people.

“Culture is interrelated and inter-connected with different other cultures, so culture is universal. Nigerians are faced with diverse issues due to the neglect of heritages and monuments. We need to promote indigenous languages and cultures to preserve morals and values across the country.

“The performing artist is at a disadvantage, as his resources are limited. All an actor can do is join forces. Nigeria boasts of writers, musicians, painters, sculptors, and artists who believe in opening up certain horizons for human striving. I am an artist and a producer, a creative person, and I like to go into galleries, to listen to music and to read books.

“The arts are the material expression of the people’s essence, of their spirituality, and of their dignity. Return the spirituality to Africa by returning all the looted works,” Soyinka said.

Misan Harriman's Oscar Hopes Dashed as ‘Oppenheimer’ Takes Home Most Wins

Vanessa Obioha

Nigeria's hope for an Oscar win was dashed at the 96th Academy Awards as ‘The After,’ a live-action short film directed by Nigerian-born British photographer, entrepreneur and social activist, Misan Harriman, lost to Wes Anderson’s ‘The Wonderful Story of Henry Sugar.’ Both films were nominated in the Live Action Short category and are available on Netflix.

‘The After’ tells a poignant tale of a grieving rideshare driver who after losing family members to a violent crime, picks up a passenger who helps him to confront his grief. It featured the British actor of Nigerian descent David Oyelowo in the lead role.

Christopher Nolan's biopic ‘Oppenheimer,’ about the physicist who invented the atomic bomb, dominated the awards with seven wins out of its 13 nominations, the

most wins of the night. It secured awards for Best Picture, Editing, Cinematography, and Original Score categories, marking a first-time Oscar win for Robert Downey Jr. in the Best Supporting Actor category, as well as for Cillian Murphy, who won Best Actor, and Director Nolan in Best Director.

‘Poor Things,’ a twist on Frankenstein, took home four awards including a Best Actress win for Emma Stone, her second

Oscar win in her acting career.

‘Barbie,’ another major contender of the night, left the event with an Original Song award for Billie Eilish’s ‘What Was I Made For?’

The awards held at the Dolby Theatre had a few memorable and ‘memeable’ moments such as WWE legend John Cena appearing naked on stage apart from a meticulously placed envelope, to present the award for costume designing.

and expenditures, high domestic and foreign debts and weak enforcement institutions.

Shehu pointed out that the cost of governance over the years had been high and alarming –therefore, unsustainable as recurrent expenditure continues to significantly exceed capital expenditure thus negatively impacting on investment, industrial expansion, infrastructural development and growth of the real sectors of the economy.

He, however, stated that the wholesale adoption of the Oronsaye report by the Tinubuled administration was laudable as it was capable of drastically reducing the cost of governance that would conserve funds for infrastructural development which would impact positively on the lives of the citizens.

Commenting on the current fiscal and monetary reforms being undertaken by the present administration, Shehu explained that the policies of prioritizing price and exchange rate stability to promote

sustainable economic growth, and safeguarding the livelihoods of Nigerians was quite commendable, adding that such policies will play a crucial role in cushioning the impact of hyperinflation in the economy.

The RMAFC boss, “The RMAFC sees price stability and exchange rate stability as good policies in the right direction. The price stability preserves the purchasing power of the national currency, provides confidence to the investors and assists the citizenry to plan their spending and savings more effectively”. e further commended the president for introducing policies aimed at reorganizing the Bureau De Change Market to achieve transparent market operations in line with international best practices.

He said, “The policy will enhance credibility, transparent operations and build trust among market participants, regulatory authorities, and the public. A reorganized BDC market with clear and open processes contributes to the credibility of the foreign exchange system”.

The Patriots to Hold National Constitution Reform Dialogue March 18

Presidency, ex-presidents, governors to attend

Wale Igbintade

The Patriots, a group of eminent citizens led by former Secretary General of the Commonwealth, Chief Emeka Anyaoku, is to hold a National Dialogue on the constitutional future of Nigeria.

The event which is scheduled to hold on Monday, March 18, 2024 at the Nigeria Institute of International Affairs (NIIA), Victoria Island, Lagos has the theme "Lawful Procedures for Actualising a People's Constitution for Nigeria".

A statement issued by the group's General Secretary, Wale Okunniyi said the National Summit, which is aimed at mobilising Nigerians towards a new prosperous Nigeria, is in honour of constitutional lawyer, late Prof. Ben Nwabueze (SAN).

The statement noted that the late constitutional lawyer, whose remains was buried last week in

Atani, Anambra state, was a foremost champion and protagonist of the 2014 national confab inaugurated 10 years ago by President Goodluck Jonathan.

The historic national colloquium is also expected to set a popular citizens' agenda for the ongoing constitution review process initiated by the National Assembly towards the political reconfiguration, cohesion and stability of Nigeria.

Invited to address and participate at the national summit are keynote speakers, discussants, the presidency, former presidents, former vice presidents, serving and former governors, leadership of the senate and house of reps.

Also expected are traditional rulers, eminent national leaders of thought, scholars, members of the judiciary, captains of the private sector, leaders of organised civil society and labour, among other Nigerians.

L-R: Executive Director, Micro Enterprises, Bank of Industry (BoI), Mabel Ndagi; Founder/CEO, Reel Fruit, Affiong Williams; Representative of First Lady of Lagos State/Member Committee of Wives of Lagos State Officials (COWLSO), Mrs Ogunnubi Olamide Patience; and Executive Director,Corporate Services & Commercial, Usen Effiong, during the BoI's International Women's Day Conference 2024, held in Lagos... recently

PARTNERSHIP ANNOUNCEMENT...

YD

Hardship: How Govs Are Taking Steps to Combat Economic, Food Crisis

Chuks Okocha in Abuja

Following report by the Cadre Harmonisé (CH), that about 31.5 million Nigerians might experience food and nutrition crisis between June and August 2024, Nigerian governors have released measures on how they have begun to tackle the current food crisis and economic hardship in the country.

Cadre Harmonisé is a food and nutrition insecurity study conducted by the ministry of agriculture and food security in collaboration with other partners including the United Nations Food and Agriculture Organisation (FAO).

A report released by the Nigeria Governors Forum (NGF) yesterday and signed by its acting head of media, Halimah Salihu Ahmed, said the governors had taken several proactive steps to counter the present food crisis as well as the inherent economic hardships

According to the report from the NGF, "In Akwa Ibom State, the government is planning to establish an agency that will buy food items in bulk and then sell them at cheaper prices to the residents.

"Towards this end, the Akwa Ibom State Governor, Umo Eno, has forwarded to the House of Assembly a bill for the establishment of the agency."

Quoting the spokesman of the Akwa Ibom State governor, Ekerete Udoh, the report stated that at the state capital, Eno,

appealed to residents to be patient, while promising to sign the bill into law when passed by the assembly.

In Kano State, authorities raided warehouses where traders were suspected to have hoarded food supplies.

"In Yobe State government banned bulk purchases of grain from local markets to stop hoarding and exports across Nigeria's borders, saying it was to "stem the tide of food scarcity and high cost of grains.

"In Niger State Governor Mohammed Umar Bago, announced a ban on the mass purchase of foodstuffs from local markets. He ordered security forces to confiscate trucks carrying products in bulk and "share the food to the people.

"In Enugu State, Governor Peter Mbah, said his administration will eradicate hunger and poverty in the state and unlock the rural economy through investment in agriculture and agro-industrialisation.

“Mbah, who was represented by the secretary to the state government, Professor Chidiebere Onyia, said this during the celebration of the 2023 World Food Day in Enugu.

"The governor said the state government was intensifying efforts to grow the economy of the state from $4.4 billion to $30 billion through massive investment in agriculture by attracting investors, empowering the farmers and opening the rural economy of the state.”

Also, the Ekiti State Government said it had committed the sum of N1 billion to improve food production, especially to embark on land preparation, driven by the Ministry of Agriculture and Food Security's tractorization subsidy scheme, and an input supply programme to support small scale farmers.

The government said it was also committing a whopping sum of N1.2 billion it recently got as first tranche of the World Bankfinanced Livestock Productivity and Resilience Support ( L-PRES) Project to transform the livestock subsector.

According to the NGF report, in Ekiti state, the money would be spent on empowering livestock farmers, boosting livestock productivity as well as creating a conducive environment for youths and private sector involvement in livestock businesses.

In Zamfara State, last week, Governor Dauda Lawal, hosted the Sweden Ambassador, Annika Hahn-Englund, on partnership and how to grow the economy and address the current hardships

The report said the meeting aimed to create collaboration and partnership in critical areas of the economy, build long-term relationships, and implement transformative projects to benefit Zamfara State and its people.

According to the report from the NGF secretariat, Governor Abdulrahman Abdulrazaq of Kwara State, who is also

Chairman of the forum, in collaboration with the Governors Agbu Kefas of Taraba State; Lucky Aiyedatiwa of Ondo State; and Ahmed Ododo of Kogi State with the Federal Ministry of Agriculture and Food Security (FMAFS) to interface with the federal government and push for increased crop production to tackle food inflation and food shortages in Nigeria.

According to the report, Abdulrazaq explained that the Anchor Borrowers Programme that was previously implemented by the Central Bank of Nigeria did not achieve much.

He called on the agriculture minister to work hard to meet the food targets of government, as this was vital for the Nigerian masses, adding that governors would work with the ministry.

“We could not achieve much with the CBN Anchor Borrowers programme. It was very challenging. The issue of food security is a one-stop-shop and we need to concentrate on what we are doing. We need to concentrate on what we are doing for the dry season farming.

“The minister has come up with a programme on cassava, rice and maize and we want to engage in that programme and urgently make sure we improve on our yield and deliver to the Nigerian population.

“We want to get to a stage where we export our food. What we have now is that, because of the devaluation of our naira, Nigeria’s food is being exported

Oyetola: Tinubu Will Take Us to Promised Land

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has urged Nigerians not to despair but remain hopeful and patient with the present administration in the country, saying President Bola Tinubu would take the country to the promised land.

While promising things would begin to turn around for better in no distant time, Oyetola, who declared that the present socioeconomic challenges occasioned by the fuel subsidy removal were

temporary and surmountable, expressed optimism in President Bola Ahmed Tinubu's capacity to take Nigeria to the promised land.

The minister spoke in Iragbiji at the weekend in his home town at the official inauguration of the newly-built ultra modern Aragbiji palace in Iragbiji, Boripe Local Government Area of Osun State.

Oyetola, who acknowledged the pockets of challenges confronting the nation, said, "It is time for the citizens to rise to the occasion and begin to rally round the government

in its resolve to reposition and transform the country.

"In view of the concerted efforts to get over the current challenges, we need a lot of patience, I believe that our president will take us to where we desire.

“We need to continue to pray for him, for wisdom, good health and resources to continue to lead our country aright. I have no doubt that he will take us to promised land."

Unveiling the palace, Oyetola eulogised the sons and daughters of the ancient town for their

unwavering commitment towards the actualization of the edifice.

He attributed the successful completion of the palace to the unity of purpose that exists among the indigenes of the town saying, "It is a further fulfillment of our resolve as a progressive community to unleash infrastructure development on our community.

"As a community, we have proved to the world that we are strong partners in the best demonstration of love, unity of purpose and community efforts.”

to West Africa and is the cheapest in the region today.”

He explained that the governors had “come to the realisation that we have a new Ministry of Agriculture, because over the last four years, before this administration, the engagement was not too productive.

Meanwhile, the NGF secretariat has said the Lagos State, Governor, Babajide Sanwo-Olu, expressed his government’s willingness to expand its relationship with the Netherlands in different sectors, especially the agricultural sector to ensure food security in the state.

The governor expressed this position while recently receiving the Netherlands Minister of Foreign Trade and Development Cooperation, Geoffrey Leeuwen, and his contemporary in Migration, Eric Burg, at the official residence of the Deputy Governor,

Kadri Hamzat, in Ikoyi. Hamzat, on behalf of the governor, stated that the bilateral relationship between Nigeria and Netherlands had existed for over 400 years, adding that his administration was ready to strengthen the existing relationship with the Netherlands in different sectors, especially agriculture.

In another related development, amid the high cost of food stuff, Sanwo-Olu has urged farmers in the state to collaborate with their colleagues in other states of the country to enable them bring their produce and sell in Lagos with the highest population in the country.

Responding, the agriculture minister, Senator Abubakar, commended the multi-partisan approach of Governor Adeleke to state governance, pledging to work on all the areas touched by the governor.

74 Directors Retire from FCTA

Olawale in Abuja

At least 74 Directors of the Federal Capital Territory Administration (FCTA) have bowed out of service after reaching the mandatory retirement age of 60 or attaining the 35 years in service as stipulated by law.

A valedictory dinner was held over the weekend to mark their retirement from service.

The FCT Minister, Nyesom Wike, who graced the occasion expressed optimism that the wealth of experience of the retirees would be of great value to the administration.

The minister said the administration would continue to tap from the experience and expertise of retired management staff for the growth and advancement of the territory.

Wike, who was represented by the acting permanent secretary FCTA, Mr. Udom Atang, described the retirees as among the earliest staff of the FCTA, who played worthy roles in building the nation's capital from scratch to its present state. He assured the people that the FCTA would reach out to them during in-house

training to coach and mentor young ones because of their institutional knowledge and experience, adding that, "nobody can do it better than those who have been here before."

He also restated the commitment of the FCTA under the renewed Hope Agenda of the current administration towards the wellbeing of FCT Staff, saying it was a new dawn for them.

On her part, the acting Director Reform Coordination and Service Improvement, Dr Jumai Ahmadu, applauded the retirees for dedicating a significant portion of their lives to public service.

Some of the retirees, who spoke to journalists on the sideline of the event, encouraged those still in service to build on the successes of the retired management staff for accelerated growth and development of the territory.

A former Executive Secretary of the FCTA Primary Healthcare Board, Dr. Matthew Ashikeni, charged those still in service to focus more on adding value to the system, rather than what they can gain from the system.

Yinka Kolawole in Osogbo

CEO,

Company, Dr. Yetty Ogunnubi; Founder, Beyond Limits Africa, Dr. Juliet Ehimuan and President of Ascend Studios Foundation, Dr.Inya Lawal during a press briefing to announce the partnership between Ascend Studios Foundation and Beyond Limits to Empower African Women Start-ups Through the Leap Women Africa Programme held recently in Lagos

Abbas Speaks on Sokoto Abductions, Says No Nigerian Should Be in Captivity

CSOs urge Tinubu to declare state of emergency in Katsina

The Speaker of the House of

Representatives, Hon. Abbas Tajudeen, has condemned yet another mass abduction of pupils in Sokoto State by suspected bandits.

About 15 pupils were reportedly abducted from an Islamic school in Gidan Bakuso, Gada Local Government Area of Sokoto

Lagos Begins Enforcement of Drainage Right of Way in Apapa

Segun James

The Lagos State Government has warned owners of property in Apapa waterfront area that it will commence demolition there from today.

The decision follows the expiration of the ultimatum on the commencement of enforcement operations in Apapa to re-establish the three metres drainage Right of Way for all its drainage channels yesterday.

Speaking with journalists after an inspection tour to check the level of compliance, the state Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, said the enforcement activities is coming after the expiration of notices and convening of stakeholders meetings with the property owners to voluntarily move their fences that fall within the drainage setback earlier in the year.

He said the ministry had served contravention notices to the buildings on the drainage setbacks, adding that for several years, the ministry has not been able to access the eight major collectors for maintenance purpose due to encroachment which is a major contributor to flooding being experienced in the Apapa.

He said the state government was determined to finding a lasting solution to the flooding in Apapa while directing that enforcement officers to ensure that all contravening property are removed from the drainage Right of Way in accordance with the three metres required

by law, assuring them that the state will not cherry-pick property during the enforcement process.

"We want to check the state of collectors in Apapa in order to evacuate and treat the collectors; the whole of the collectors in this area are blocked and the right of way taken over by individuals who moved their fences in order to acquire extra land thereby denying us access to the drains," he said.

The commissioner in company of the Special Adviser on Environment, Mr. Kunle Rotimi-Akodu; Permanent Secretary, Office of Drainage Services, Mahamood Adegbite; General Manager, LASEPA, Dr. Tunde Ajayi; Managing Director, LAWMA, Dr. Muyiwa Gbadegeshin, and some directors visited Pele Wura Collector drain, Abayomi Collector drain, and Aerodrome Collector drain, all in the Apapa area of the state.

The commissioner also inspected Rock Drive in Lekki I following a major complaint that some individuals engaged in conversion of a purely residential area into a diesel depot directing immediate enforcement, saying the illegal depot poses the risk of a major fire outbreak in the area.

He directed the Lagos State Environmental Protection Agency (LASEPA) to seal up the property while the Kick Against Indiscipline (KAI) officials demolished and arrested individuals found at the illegal shanties built around the depot and thereafter tow away the diesel trucks and vehicles

stationed at the illegal depot.

He also visited Aunty Ayo Collector drain in Ikoyi where he expressed satisfaction with the ongoing cleaning of the drainage channels, sounding a note of warning to residents who usually engage in the unwholesome acts of indiscriminate refuse dumping to desist from such act even as rainy season is here.

State on Saturday. The abduction followed the previous ones in Borno and Kaduna States within one week, which the Speaker had earlier condemned.

Abbas, in a statement yesterday by his Special Adviser on Media and Publicity, Musa Krishi , noted that no Nigerian should be in captivity.

To this end, he called on the military and other security agencies to go after the abductors and rescue the victims.

“We must collectively rise to the occasion and stem the tide of abductions, especially of women and children, at a time when the government is making efforts to address the high rate of out-of-school

children.

“The schools must be safe for our children. Our security agencies need to act fast,” Speaker Abbas said.

Meanwhile, the Coalition of Civil Society Organisations (CSOs) in Katsina State, yesterday, renewed calls to President Bola Ahmed Tinubu, to declare a state of emergency in the state over worsening insecurity.

In a statement titled: “Celebrating Women's Day Amidst High Cost of Living and Insecurity, the CSOs Chairman, AbdulRahman Abdullahi, said the president should give a matching order to security agencies to clear bandits’ enclaves in the state. He said the nefarious activities of the bandits have

become a major predicament to the socio-economic development of Katsina state, and many lives are being lost on a daily basis in the state.

“It is on the above background that the coalition wishes to appeal for concerted and collaborative efforts in the fight against banditry in Katsina State for the restoration of peace in the state so that our farmers can go back to their farms being the only sure way of fighting hunger and starvation.

“The President should declare a state of emergency on the fight against banditry by giving a timeline within which the security operatives should clear all enclaves for the bandits in the affected States.”

Chuks Okocha in Abuja

Human Rights Writers Association of Nigeria (HURWA),has decried the fact that despite over N5 trillion spent on military hardware, terrorism, banditry and other crimes still persisted in the country.

The group, therefore, called on President Bola Tinubu to conduct a professional and non-partisan equipment audit of the defence institutions to ascertain the fundamental causes of the declining capacity of the military and police to combat terrorists, kidnappers, bandits and armed Fulani herders in the country in spite of massive investment

In a statement by the coordinator of the group, Emmanuel Onwubiko said, "There is definitely something inherently wrong with the procurement system within the

defence sector that demands immediate, transparent and accountable financial forensic and equipment audits and thorough cleansing because it is only when there is in existence an tolerable criminal network within governmental system that a government can be said to have invested over N5 trillion in only the last quarter of the year 2023, and yet the rate of terrorist attacks and insecurity in Nigeria has become unbearably unprecedented. Nigerian state needs to weed out the internal saboteurs in the military and policing institutions."

The group asked the federal government to put in place a general forensic audit of the military hardwares and softwares to ascertain whether what have been reported as successfully imported are exactly the same with what are evidently on ground.

Alternatively, the rights group suggested that there might as well be in existence, a formidable criminal gang members in the defence institutions that funnel some of the military hardwares to the terrorists, bandits and kidnappers because “from abundance of evidence, terrorism and kidnappings have seemingly become multi billion dollars franchises in Nigeria which must be dismantled for peace and stability to be achieved.”

Onwubiko, wondered why the country was in such a spectacular security mess that have attracted global opprobrium to the international image of Nigeria especially because of the twin incidents of mass abductions by terrorists in Borno and Kaduna and Sokoto States in the North East and North West of Nigeria even when officially,

Nigeria’s imports expenditure on armoured vehicles, have significantly surpassed that on fuel in the final quarter of 2023, according to the National Bureau of Statistics (NBS).

HURIWA, which regretted the alleged large scale procurement corruption or diversion of these military hardwares to terrorists by some unscrupulous elements embedded within the Nigerian military institutions, said experts had concluded that the high expenditure on military weapons was a development that likely happened due to the worsening security situation in the country.

It said the heightened state of insecurity and the inability of the armed forces to subdue these forces of evil and negativity, did not show that as a nation, it has spent such a humongous amount of funds on military weapons in only a quarter.

CLOSED DOOR MEETING AT THE EDO GOVERNMENT HOUSE...

NANS Backs Probe of Ajaokuta Steel, Says No Single Tribe Can Claim Sole Ownership

Wale

Igbintade

The National Association of Nigerian Students (NANS) has supported the move by the Senate to probe the Ajaokuta Steel Company (ASC), over allegations bordering on corruption.

A statement issued by NANs President, Lucky Emonefe, lamented that the same set of individuals who brought the

Ajaokuta Steel Company to its comatose state were still walking the street un-investigated and unpunished.

The statement implored the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) and other related agencies to stand their ground against every form of

intimidation or shielding, as they probe the issues.

NANS stated that those that mismanaged the company should be punished to serve as a deterrence to others who may be aspiring to steal from the company as soon as it starts operation again.

It added that ‘'bringing them to book will help the company grow in the sense that the money

recovered from these offenders would be pumped back into the company and it will give it a higher lift in every sense'’.

"These people who have been indicted to the tune of several millions of US dollars further siphoned $496 million in September 2022 through the Muhammadu Buhari's administration. They have neither been probed nor punished. This

Oberevwori to Parents: Helping Children Learn, Speak Will Save Indigenous Languages

Foundation for Ika Language/Cultural Research Centre laid at UNIDEL

Omon-Julius Onabu in Asaba

Delta State Governor, Sheriff Oborevwori, has appealed to Nigerian parents to help their children and wards learn and communicate in indigenous languages.

Oborevwori made the call at the weekend during the Second Founder’s Day celebration and fundraising for Ika Language and Cultural Research Centre of the University of Delta (UNIDEL) in Agbor, Ika South Local Government Area of the state.

The governor, who was represented by his Deputy, Sir Monday Onyeme, said various local languages in the country were apparently threatened with extinction if definite steps were not taken to save our indigenous languages.

However, Oborevwori commended

UNIDEL for the initiative to preserve Ika language, one of the languages indigenous to the state, with the establishment of Ika Language and Cultural Research Centre.

The governor said: “It is my pleasure to address this gathering as we celebrate the second Founder’s Day of this young and very promising university.

“In less than three years of existence, the University of Delta, Agbor, is steadily building a reputation for creativity and academic excellence.

“I am particularly impressed by the initiative to establish an Ika Language and Cultural Centre. This is highly commendable because nationally our various indigenous languages are facing the threat of extinction.

“With more of our children relocating abroad and many of our

Niger Govt Renames Minna Airport After Tinubu

Laleye Dipo in Minna

The Niger State Government on Sunday said it has renamed the Abubakar Imam International Airport in Minna after President Bola Ahmed Tinubu.

The renaming of the airport believed to belong to the Federal government according the Commissioner for Information Hajia Binta Mammam was because of the contribution of President Tinubu to the development of the state.

Briefing newsmen ahead of the President's one day official visit to the state today Binta Mammam said the President will commission the remodelled airport terminal and the 5000 agricultural equipment purchased by the state government

The commissioner disclosed that arrangements have been concluded

by the state government to ensure a smooth visit by the President. She noted that other engagements of the President will be a guided tour of the facilities at the remodelled airport terminal and later lay the foundation for Hajji terminal at the airport before returning to Abuja.

Also speaking, the Commissioner for Agriculture, Alhaji Musa Salihu Bosso reiterated the commitment of the present administration in the state to invest in agriculture towards ensuring food security inline with President Tinubus' agenda of food security in the country.

To achieve this, the commissioner pointed out that no fewer than 500 tractors have been procured in addition to 200 power tillers already on ground out of 1,000 that is being expected.

elite preferring to communicate in English rather than our indigenous languages in their daily interactions even at home, it will not be long before we lose our mother tongues unless urgent steps are taken to reverse the trend.

“The establishment of the lka Language and Cultural Research Centre is a wake-up call for us all to ensure that our children are made to learn and speak our indigenous dialects.

“This is a significant step towards preserving the heritage and culture of the lka people, and I appeal for support in raising the money needed for this research centre, which will serve as a platform for the comprehensive study

and documentation of lka history, culture, and traditions.”

According to him, “This project will ensure that lka language and culture are preserved, and it is my pleasure to lay the foundation for this research centre today.

“Let me also say that the emphasis on youth development in today’s lecture is spot-on. There is an urgent need to unlock and unleash the creative and productive energy of our teeming youth population for sustainable national growth and prosperity. It is for this reason that eight members of the current Delta State Executive Council are less than 45 years old. So far, they have not disappointed.

is not a good precedence at all and if unchecked would create an avenue for dabbling into President Bola Tinubu’s efforts of resuscitating the steel plant.

"These individuals, including past corrupt government executives denied the public, most especially the youth, the benefit of experiencing the exodus of job opportunities, technological exposure and economic emancipation that would have been massively accrued to us all these while if they had done what was expected of them.

"They selfishly and callously mismanaged Ajaokuta Steel Company and grounded it with the notion that nothing will happen in the end. Facts like these go un-investigated and unpunished, what is now the tendency that after rebuilding, some other people would not come and do the same thing to loot and ground it again the umpteenth time? This should not be so.

"While the revamping of this company is going on, the probing of these culprits should aggressively continue. Both can go concurrently and one will not affect another. As a matter of fact, the probing is an essential part of the revamping because investigators and other stakeholders may discover in the course of probing that some bad eggs are still on the management

and staff of this Steel Company.

“With these probes, any unveilings will take place, giving way to a holistic revitalisation and resuscitation of the Ajaokuta Steel Company," it said.

The statement added that in as much as Ajaokuta Steel Company belongs to the federal government, no particular group should claim ownership and control of it because it's built on their land.

It stated that just the way no single tribe is laying claims to the oil in the Niger Delta and the hydroelectric dams in Kanji and its environs, there was no justification why the Ebira people would turn the Ajaokuta Steel Company to their personal property and would never want others to benefit from the largesse that should come with it.

"This company should be a haven of massive employment opportunities for us Nigerian Students upon graduation and it should also be a technology site where our potential engineering students all over the country could come and experience technological innovations at its peak as they aspire for greatness in the field of engineering.

"So, no single tribe, out of the over 200 tribes in Nigeria has the right to lay claim of sole ownership to this government project built from the nation's taxpayers money. This must be checkmated," NANS added.

Gaza Attack: 63 Women May Be Killed Daily If Ceasefire Not Achieved, Says Envoy

Michael Olugbode in Abuja

Palestine Authorities have said an estimated figure of 9,000 death of women in the ongoing attacks in Gaza by Israeli forces was an underestimation, saying at current rate of attack, an average of 63 women would be killed daily.

Addressing a press conference in Abuja at the weekend, the Palestine Ambassador to Nigeria, Abdullah Abu Shawesh, lamented that as of March 6, 30,717 Palestinians had been killed and 72,156 injured, with 8000 still missing under the rubble.

He alleged that the Israeli Occupation Force had denied rescue teams access to reach and save those trapped under the rubbles.

Shawesh, who also alleged

that as at last Monday, the Israeli army had killed 364 medical staff members and arrested 269, including hospital directors, noted that they had also targeted 155 health institutions, put 32 hospitals and 53 health centres out of service, and targeted 126 ambulances.

The envoy, who raised the alarm that epidemic might soon erupt in the war torn area, noted that they had detected about one million cases of infectious diseases.

“As of March 4th, 16 infants have died due to severe malnutrition and drought resulting from the strict Israeli military blockade and the war of starvation policy it imposed,” he said.

He said though the UN women issued seven facts proof that the

war on Gaza was also a war on women, but claimed that the figure of casualties might have been underestimated.

He said: “An estimated 9,000 women have been reportedly killed by Israeli forces in Gaza to date. This figure is likely an underestimation, as many more women are reported to be dead under the rubble

Everyday, the war in Gaza continues, at the current rate, an average of 63 women will continue to be killed. An estimated 37 mothers are killed every day, leaving their families devastated and their children with diminished protection.

“More than 4 out of 5 women (84 per cent) report that their family eats half or less of the food they used to before the war

began, with mothers and adult women being those tasked with sourcing food, yet eating last, less, and least than everyone else.”

As of today, 12 Palestinian prisoners have been killed in the last 153 days, including Ahmad Qadeeh, a 78-year-old, who was detained with his family on February 7 and subjected to torture.

He said regarding the Gazans prisoners, according to Haaretz, the Israeli newspaper, “27 Gaza detainees have died in custody at Israeli military facilities since the outbreak of the war, according to figures obtained by Haaretz.”

He claimed that this means that the death toll of Palestinian prisoners was 39 since the eruption of the current Israeli genocidal war.

L-R: Minister for Works and Housing, Engr. David Umahi; Edo State Governor, Mr. Godwin Obaseki; Edo State Commissioner for Road and Bridges, Ethan Uzamere, and Commissioner for Communication and Orientation, Hon. Chris Nehikhare, after a closed door meeting at the Government House, Benin City, at the weekend.

ENCOURAGING SAVINGS CULTURE AMONG WOMEN...

L-R:

Kimpact: Inconsistency Trails Imo, Kogi, Bayalsa Elections, INEC Kicks

Kuni Tyessi in Abuja

The Kimpact Development Initiative (KDI) has in a recent report revealed that there were myriads of inconsistencies in the results of the November 11, 2023 elections of Imo, Kogi and Bayelsa States as announced

by the Independent National Electoral Commission (INEC).

Presenting the document to journalists in Abuja yesterday, the Team Lead of KDI, Bukola Idowu, said the report carried out under the Ballot Integrity Project (BIP) analysed the election results data available on the IReV and evaluated the

Ex-Abia Speakers Endorse Otti’s Performance

Emmanuel Ugwu-Nwogo in Umuahia

Former Speakers of Abia State House of Assembly last weekend, set aside their political leanings and endorsed the performance of the State Governor, Alex Otti, declaring that his nine months in office have been remarkable.

The Speakers, who came together under the ‘Conference of Former Speakers of Abia State House of Assembly’ visited Otti at Nvosi and later joined him on the inspection of ongoing projects in Aba, the commercial hub.

Impressed with the outstanding achievements Otti has posted so

far, the former leaders of the state legislature assured the governor of their support to enable him achieve his vision for Abia State.

The former Speakers were elected on the platform of the Peoples’ Democratic Party (PDP) but are now in different political camps following constant shifts and defections.

The former Speakers are Mr. Stanley Ohajuruka, Mr. Arua Arunsi, Mr. Agwu U. Agwu, Mr. Christopher Enweremadu, Mr. Martins Azubuike, Mr. Chikwendu Kalu, and Mr. Ude Okochukwu, who was also the immediate-past deputy governor of the state.

APC Laments Comatose Condition of Education in Oyo

Kemi Olaitan in Ibadan

The Oyo State chapter of the All Progressives Congress (APC) yesterday cried out over what it described as unabated downward slide of the standard of education in the state.

This is just as it urged the administration of Governor Seyi Makinde to wake up from its slumber and act decisively to arrest the trend before things get out of hand.

This came against the background of claims by the state government that the sector

had been fixed such that some parents were withdrawing their wards from schools in the United States, Canada, United Kingdom and other countries in Europe to get them enrolled in public schools in the state on account of the efforts of Governor Makinde.

The APC in a statement issued by its Publicity Secretary, Olawale Sadare, identified scarcity of teachers, deplorable infrastructure, lack of teaching aids and equipment, poor monitoring and supervision.

Tide Editor Emerges Fubara’s CPS

Blessing Ibunge in Port Harcourt

Rivers State Governor, Mr. Siminalayi Fubara, has appointed Mr. Nelson Chukwudi, the Editor-in-Chief of The Tide Newspapers, as his Chief Press Secretary.

In a statement signed yesterday and made available to journalists in Port Harcourt by the Senior Special Adviser to the Governor on Media, Boniface Onyedi, the appointment is to take effect immediately.

According to Onyedi, the new CPS is a veteran in journalism

after actively put in about 34 years in the profession.

“This is to bring to the notice of Rivers people and the public that Governor Fubara has approved the appointment of Mr. Nelson Chukwudi as the Chief Press Secretary to the Governor with immediate effect.”

He said: “Until his appointment, Chukwudi was the chairman, Editorial Board and Supervising Editor (Editor-InChief) of The Tide Newspapers, published by the Rivers State Newspaper Corporation, and also a director in the Rivers State Civil Service since 2014.

overall integrity of the electoral process in the 2023 Bayelsa, Imo and Kogi States off-cycle governorship elections.

The non-governmental

organisation, which advances good governance and democratic rights, also said the irregularities in figures suggested high scale of

misappropriation in the Nigeria’s electoral system.

However, in a swift response, INEC insisted that it conducted a free, fair and

credible elections in the three states, and stressed that there were gaps in the contents of the report as presented by KDI.

EFCC Grills 10 Suspected Oil Thieves in Akwa Ibom

Okon Bassey in Uyon

The Uyo Zonal Command of the Economic and Financial Crimes Commission (EFCC) has commenced investigation of 10 suspected oil thieves. The oil thieves were handed over to the EFCC by the Nigerian Navy Forward Operating Base

(FOB) Ibaka, Akwa Ibom State. This was contained in a statement released by EFCC Spokesperson, Dele Oyewale weekend.

Oyewale stated that the suspects, who allegedly operated without the appropriate licenses, were apprehended by the Nigerian Navy while onboard

a ship, MT Queen Hansal, loaded with 100 metric tonnes of petroleum products.

During the handover of the suspects and exhibits to the EFCC, the Commanding Officer of FOB, Captain Uche Aneke, emphasised that the Navy would continue to carry out its duty to ensure that Akwa Ibom State

remained unfavorable for oil thieves.

Aneke said: “The vessel MT Queen Hansal was involved in suspicious activities along the Exxon Mobil oil field at position Lat 04’12’ 956 N, Long 007’40’ 186 ‘E’, as it switched off its Automatic Identification System (AIS).

Kwara PDP Decries Non-conduct of LG Polls Since 2019

Hammed Shittu in Ilorin

The Kwara State chapter of the Peoples Democratic Party (PDP) has decried the continued suffering of the people of the 16 local government councils of the state as the state has not conducted local government

elections since 2019.

The party in a statement issued in Ilorin yesterday and signed by its state Publicity Secretary, Mr. Olusegun Olusola Adewara, said the development has also resulted in the high rate of insecurity and the crippling of governance at the grassroots administration.

According to the statement, “We are displeased with the present administration in the state for deliberately failing to conduct LG elections for over four years of his administration, thereby crippling governance at that level and subjecting grassroots communities to untold hardship,

rampant insecurity, and avoidable hunger.”

The party, however, berated the state Independent Electoral Commission (KWASIEC) for its failure to fulfill its promise of kick- starting the process of holding council elections in February this year.

Fintiri Stresses Role of Traditional Institutions in Fostering National Devt

Daji Sani in Yola

Adamawa State Governor

Ahmadu Umaru Fintiri, at the weekend stressed the significance role traditional institution should play in galvanising the people towards achieving government objectives.

Fintiri said this at the turbaning ceremony of his Chief of Staff, Dr. Edgar Sunday Amos, as the ‘Jagaban Yungur’ at Dumne town of Song Local Government Areas of the state.

The governor, who was represented by his Secretary to the State Government (SSG),

Awwal Tukur, at the ceremony, said traditional institutions should wake up to its calls of ensuring unity and adequate food security by encouraging farming activities, sensitise the people on the importance of coexisting in a peaceful atmosphere.

The newly turbaned Jagaban Yungur said the creation of more chiefdoms in Adamawa State would enhance development and create more effective security operations in the areas particularly now that the country is faced with security challenges.

FG Unveils Presidential Conditional Grant Scheme for Nano Businesses

Nume Ekeghe

The Federal Government has introduced the Presidential Conditional Grant Scheme (PCGS) to bolster nano businesses as a component of the Presidential Palliatives Programme. Launched over the weekend,

this initiative provides financial grants, free from repayment obligations, to qualifying small business operators across sectors including trading, food services, information communications technology (ICT), transportation, creatives and artisans.

The PCGS aims to benefit 70

per cent women and youths, 10 per cent of individuals with disabilities, and five per cent of senior citizens, with the remaining 15 per cent allocated to other demographic groups.

Bank of Industry (BOI), which was appointed as the executing agency for the funds

in a statement yesterday noted that by focusing on the oftenoverlooked group of business owners, the programme seeks to unlock the potential of Nigeria’s burgeoning entrepreneurial ecosystem and drive sustainable economic development at the grassroots level.

Rotary President to Offer $7m Grant for Disease Prevention

Ayodeji Ake

The Rotary International President, Gordon Mclnally will be on a three-day working visit to Nigeria with a fresh donation of

$7million for eradication and disease prevention.

The latest grant is in addition to the $14 million given by Rotary about two months ago, through the World Health Organisation

(WHO) to Nigeria, for technical assistance on polio surveillance.

Nigeria is also an awardee of Rotary’s $2 million grant for the improvement of Maternal and Child Health

There were indications that Mclnally may have audience with President Bola Ahmed Tinubu on other areas of assistance on disease control, child and maternal health.

Cormart, Fosroc Partner to Produce Construction Chemicals

Ugo Aliogo

Cormart Nigeria Limited has announced a strategic partnership with global construction chemicals manufacturer Fosroc.

The collaboration designates Cormart as the exclusive distributor and licenced producer of Fosroc’s construction chemicals in Nigeria.

In a statement signed by the company, it was noted that the partnership was aimed at meeting a broad spectrum of construction requirements, offering products such as concrete admixtures, repair and protection systems, waterproofing solutions, protective coatings, flooring systems, joint fillers, and sealants. Cormart’s Managing Director,

Martin Middernacht, explained that the partnership’s visionary goals. He said: “This partnership with Fosroc aligns with our commitment to innovation and quality. It positions us to improve the standard of construction chemicals in the market, ensuring structures built with these products are durable and high quality.”

In the statement, the General Manager of Cormart, Dr. Johannes Flosbach, highlighted the collaboration’s strategic importance, noting that the partnership with Fosroc has strengthened Cormart’s market leadership in chemical manufacturing, and enhances the organisation’s product range to meet industry demands.

Managing Director, Parthian Capital, Ndidi Ukaonu; Chief Operating Officer, Imperium Capital Partners, Mary Akpobome; Chief Operating Officer, i-invest, Tobi Olusoga, and Executive Director, Total Energies Nigeria, Bunmi Popoola, at the launch of i-invest’s #VioletsForHer savings plan for women/International Women’s Day conference in Lagos… recently

Court Asked to Halt Passage of Bill Extending Retirement Age of NASS’ Staff

Alex Enumah in Abuja

A Federal High Court has been asked to halt further proceedings in the National Assembly seeking to extend the retirement age of National Assembly staff from 60 to 65 years.

The request contained in a motion on notice filed by the Registered Trustees of Mavrik

Applicant Solution Foundation, is aimed at preserving the subject matter of a suit marked: FHC/ABJ/CS/287 /2024.

The applicant is specifically praying the court for “an order of Interlocutory Injunction retraining the 1st and 2nd respondents from taking any further move in passing or forwarding the bill extending the retirement age of the 4th

Nurture Younger Ones on Moral Uprightness, Fubara Tells Rivers Women

Blessing Ibunge in Port Harcourt

Rivers State Governor, Mr. Siminalayi Fubara, has called on mothers to continue to nurture the young ones on moral uprightness and fortitude while remaining steadfast in promoting peace in the state.

Governor Fubara made the call yesterday in a message to mark the 2024 edition of Mothers’ Day celebration.

The governor also commended mothers all over the world for the crucial roles they play in the

sustenance of peace, harmony and nation-building.

He said as mothers, they are the foundation upon which the family and society is built, stressing that their resilience and perseverance have helped foster peace in families, communities and the country.

The governor particularly praised the mothers in the state for their faith and support to the state government under his watch despite clandestine attempts by detractors to create atmosphere of crisis and paint negative narrative to scare away investors.

Five Storey Building Collapses in Onitsha, Casualties Rate Unknown

David-Chyddy Eleke in Awka

Three weeks after a two storey building collapsed at Ochanja Market killing at least five persons, a five storey building collapsed yesterday at Fegge in Onitsha South Local Government Area of Anambra state.

Sources said the five storey

building was under construction when it suddenly collapsed. Residents of the area said they heard sound of a crack before the two storey building collapsed.

It is not clear if there were workers on site, but an eye witness had it that there were human activities under the building two hours before it collapsed.

respondent and other staff of the National Assembly to the President of the Federal Republic of Nigeria for assent pending the hearing and determination of the substantive suit.

“An order mandating the 4th respondent or any one in his capacity and all the staff of the National Assembly who are due for retirement to proceed on leave forthwith, since there is no

assented legislation permitting them to stay more than the age stipulated by the Public Service Rules.”

The suit brought pursuant to Order 26 of the Federal

High Court of Nigeria Civil Procedure Rules 2019 and under the inherent jurisdiction of the court dated March 5 was filed on March 6 by Henry Okoro.

Group Sues Gombe Gov, Emir of Pindiga for Stopping Mosque Reconstruction

Segun Awofadeji in Gombe

Members of Tumu community of Akko Local Government Area of Gombe State have filed a lawsuit against the state Governor, Inuwa Yahaya; Emir of Pindiga, Ahmed Seyoji Mohammed, for allegedly stopping the Senator representing Gombe Central, Danjuma Goje, from reconstructing the central

mosque in the area. Others joined as defendants in the suit included the state’s Attorney General and the Commissioner for Local Government and Chieftaincy Affairs.

A group of the residents under the auspices of Tumu Concerned Residents last Friday filed the suit on behalf of the community to express their grievances over

stopping the reconstruction of the Central Mosque. The residents of the community, who were aggrieved by the denial of the mosque’s reconstruction projects, Mohammed Yero, Bello Ali Tumu and Danjuma A. Mukhtari, filed the suit on behalf of community, requesting the court to restrain the defendants from depriving the community

of the development initiative. An aide to Senator Goje, Adamu Mohammed Manga, has recently made the allegation while addressing the residents of the community. According to him, the emir allegedly stopped the reconstruction of the Central Mosque located near his palace and that of Tumu over fear of Governor Yahaya.

IWD: Indian High Commission Honours Five Nigerian Women

Michael Olugbode in Abuja

The Indian High Commission to Nigeria has honoured six Nigerian women for their sterling performance to the growth and development of Nigeria.

Those honoured at a ceremony in Abuja at the weekend to mark this year’s

International Women Day (IWD) include Aisha Rimi, chief executive officer of Nigerian Investment Promotion Commission (NIPC); Prof Fatima Waziri-Azi, director-general of National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Abisoye Coker-Odusote, DG, National Identity Management

Kogi NUJ Tasks Govt

Ibrahim Oyewale in Lokoja

Worried by the resurgence of kidnapping and robbery incidents in Kogi State, the state Council of the Nigeria Union of Journalists (NUJ) has tasked the government to redouble its security architecture to address this issue without further delay.

Commission (NIMC); Hajiya Bola Shagaya, a businesswoman and fashion enthusiast, and Ms Rahama Sadau, Nigerian actress.

Speaking on the IWD event, the Indian High Commissioner to Nigeria, Gangandharan Balasubramanian, said it was an important day for more than 50 percent of the population of the world are females, and

on Security, Lauds

The NUJ made this call in a communique issued at the end of its congress in Lokoja last Saturday.

The Congress in Session observed that the state government under the leadership of Governor Ahmed Usman Ododo started the issue of governance on a good note since his inauguration on January 27, 2024.

they have to be celebrated for the contributions to the development of the world.

He noted that in every field, women have made their marks, noting that there is no limit to how far a woman can climb in their chosen field in India, calling on other countries which still have gender discrimination to take a leaf.

Ododo on Good Governance

The Union also commended the governor for the food palliatives across the 21 local governments, urging him to sustain the palliative scheme to cushion the hardship in the state.

The state council also lauded the government for the take-off of the health insurance policy

for both formal and informal sectors of the state.

The Congress also commended the state government for implementing a 100 per cent hazard allowance for health workers in the state, and urged the governor to make further pronouncements on wage awards for civil servants.

WHERE ARE THE CATCHY PHRASES?

Forty years since Ruwatsan, why are we still talking about open defecation in Nigeria?

One of the catchiest phrases in Nigerian history, which also fell very short after nearly 50 years, was Universal, Free, Compulsory Primary Education, UPE. In the early 1970s, endless radio jingles and billboards trumpeted it. Although it was General Gowon who conceived it, General Obasanjo launched it with great fanfare in 1976. Twenty-four years later when he returned as civilian president, he expanded and relaunched it as Universal Basic Education, UBE. It turned out not to be universal because we have a guesstimated 15 million out of school children today. It was not free because millions of kids today are in high-paying private schools while public schools too found various ways to fleece parents. It was never compulsory because many parents do not send their kids to school. It is even doubtful if it is education, since many of its products today cannot read a book.

Where are the Gifted Children’s Schools that Education Minister Professor Jibril Aminu created in the 1980s? His idea was to pluck especially gifted kids out of the normal school system and concentrate them in special schools that could breed Nobel Prize winners. Pray, where is the Nomadic Education program that Aminu also created? All the pastoral kids that we see today rearing cattle, were they not supposed to have been injected into that program? By now the cattle must be in ranches for lack of herders.

Innumerable times, successive Federal Governments set target dates to end gas flaring from the oil fields, complete with threats of hefty fines and license revocations. One newspaper reported at one time that the oil giants found that it was cheaper to pay the fine than to invest in the technology to end gas flaring. What about the environmental

cost of flaring and the health of people in the surrounding communities? These days, government’s economic team speak so much about “reforms”. Some people see these reforms as reincarnations of Babangida’s Structural Adjustment Program, SAP, only that it was not preceded by a Babangida-style “national debate on IMF loan.” CBN Governor Yemi Cardoso’s “merger of exchange rates” phrase is not as catchy as IBB’s “Second-tier Foreign Exchange Market, SFEM”.

Whatever happened to the 1980s phrase “local sourcing of raw materials”? In that era when foreign exchange was very scarce and you could get jailed for hawking dollars around, government officials spoke everyday about the need for industries to locally source their raw materials. Dr. Yusuf Bala Usman said in 1982 that the dollars and pounds spent by Nigerian industries to import raw materials exceeded the value of their produce, meaning they were simply siphoning funds abroad. In the 1980s government also propounded the phrase “export-led recovery.” Import-led collapse is more like it, with everything from toothpicks to razor blades competing for scarce forex.

Central Bank, where is your early 1990s program of “respect the naira”? CBNsponsored radio and TV jingles admonished market women, butchers, taxi drivers and gamblers to stop mutilating the naira. A cartoon in The Triumph newspaper depicted a fat CBN official telling a crowd to respect the naira. One famished Nigerian in the crowd said, “Respect? Oya, release that one for your hand and see. We love the naira!”

Since the 1980s, successive governments have been promising us 10,000 megawatts of electricity. Some of them, such as Obasanjo II’s, Jonathan’s and Buhari II’s even fixed deadlines, only to breach all of them. Obasanjo’s first Power Minister, Chief Bola Ige, promised stable power within six months. President

FOOD SECURITY: THE BAGO CHALLENGE

revenue generation. These governors are using food security in Nigeria as fuel to engage in food production in a way that has not been done in Nigeria for a long time. They understand that the question of food security in Nigeria starts with food production, then food processing, food distribution and food commercialisation, both locally and abroad. But first and foremost, ramping up food production is the first step in tackling the food insecurity conundrum. It is a matter of how much food Nigeria produces. It is determined by what individual states bring to the table. In that regard, the message of self-reliance from the Niger governor is on point. Production of food for local consumption and export is vital for Nigeria's economy because it solves two significant problems that have recently thrown Nigeria's economy into a wild spine – food inflation and scarcity of foreign exchange.

Increasing our productive capacity and, by extension, enhancing our internally generated revenue is imperative. States waiting to go to Abuja to pick up peanuts monthly is not sustainable. States, by the design of the 1999 Constitution, ought to be growth centres – actively participating in production and creating the institutional framework, structures, and environment to make this possible. However, only a few states have taken advantage of this vantage position to lift their people out of poverty. Most states function as salary payment centres. This must change if any meaningful development strides will take place in Nigeria. The era of states becoming a leech on the centre, milking the Nigerian state dry, is over. Every state must look inward and decide the best path to economic progress. Each state must have the mentality that if the tap of crude is switched off today, how will it become sustainable? This calls for chief executive officers of the states (governors) to wear their thinking caps now, holistically review their productive comparative advantages, develop an audacious strategic plan, and execute

Umaru Yar’adua promised to declare a State of Emergency on Electricity, which he never did, instead he said his predecessor spent $16 billion on power “without commensurate results.” Poor me, I even offered Malam Umaru a [naïve] advice at the time, that why don’t you go to Ukraine, hire a 4,000 KVA floating power station, sail it to Lagos, of the kind they use off the coast of Arctic coast, connect it to the national grid, then you get a respite while you tackle the power problem?

Why is Nigerian society bedeviled today by kidnapping, banditry, child trafficking and baby factories? Wasn’t General Obasanjo’s 1977 Jaji Declaration supposed to have taken care of all these? When ace broadcaster Adamu Augie interviewed him on NTA, he said the goal was to make Nigerian society “fair, just, humane and African.” Unfair, unjust, inhumane and un-African is more like it these days. Shagari continue from where Obasanjo stopped by launching the “Ethical Revolution” in 1982, I think. He even created a Ministry of National Guidance in 1983, a concept borrowed from Egypt under Gamal Abdel Nasser. Buhari/Idiagbon regime capped it all with the War Against Indiscipline [WAI] in 1984.

Are we no longer doing “new breed politics” that Babangida promised in the early 1990s when he banned “old breed politicians” from participating in his transition program? Everyone who held a governorship, ministerial or other high political office was banned and only the young were allowed in. only that, new breed politicians ran behind the scenes to the old breed and sought for “endorsement,” very much like school and job applicants ask older folks to be their referees because neither school principals nor employers trust a new breed without a record of his own!

In 1991 when going to Hajj was cheap,

such to achieve a clear vision for the state. Anything less than this is not acceptable to Nigerians.

The idea that consistent productivity at the sub-national level is one critical ingredient among many ingredients that will get us out of the economic mess we found ourselves in is more germane today than ever. The significance of this statement is that state governments are responsible for figuring out the best strategy to make their states viable and contribute to wealth creation and employment generation. Each state must tap into their comparative and competitive advantage to contribute to the national food basket.

A strategy for economic viability will require dealing with internal security issues coupled with medium- and long-term planning.

the late Hajiya Bilkisu wrote a column titled “Hajj For All By the Year 2000. This year when a hajj seat costs nearly six million, Hajj For Few By the Year 2024 is more like it. I said something earlier about the catchiest peacetime phrase. On the other hand, there was no catchier war-time phrase in Nigeria than the one propounded by General Yakubu Gowon in the late 1960s, “To keep Nigeria One Is A Task That Must Be Done.” Everywhere you turned, there was a large billboard with a picture of the youthful Commander-in-Chief Major General Yakubu Gowon, clean shaven except for his dark mustache, looking intently ahead at God-knows-what. Why don’t we have a catchy phrase to address Boko Haram, ISWAP, Ansaru, bandits, communal warriors, IPOB, Yoruba Nation agitators and secession advocates masquerading as “restructuring”?

Since 1975 when General Gowon and other West African leaders created ECOWAS in the mold of European Economic Community [EEC], one of the catchiest phrases in Nigeria has been “free movement of goods and persons.” After 49 years, what we had in recent years was free movement of coups instead, with constitutional rule overthrown in four ECOWAS member states. A fifth one narrowly escaped by postponing presidential elections at the last minute.

Our foreign policy too is now lacking in catchy phrases. Where is “Africa is the centerpiece of Nigeria’s foreign policy,” written into the 1999 Constitution? Look, where is “Concentric Circles foreign policy” launched by Foreign Minister Prof Ibrahim Gambari in 1984, or the “Concert of Medium Powers” launched by his successor, Prof Bolaji Akinyemi in 1985? Can’t we find another catchy foreign policy today, such as, “Knock the Sahelian bums” or “Throw out the Yanks, Limmies, Gauls, Russians, Nippon and Chinks”?

'agropreneurs' to work together to put in place modern mechanised agricultural facilities for the mass production and processing of food. Recently, I had a long discussion with the Governments of Edo, Jigawa , Nasarawa and Akwa Ibom State who are leading in this new PPP arrangement and are collaborating heavily with the private sector (both local and foreign) to produce food for all and revenue to the state and our economy. I could feel a new mindset away from "sharing mentality".

Still on Agro-Industrialisation,Agricultural exports accounted for about 90% of Nigeria's foreign exchange earnings in 1960. In quarter one of 2023, three products alone, Cocoa seed, sesame, and cashew seed, even without maximising our potential, gave the country N297billion. In 2022, Malaysia's gross domestic product from palm oil export was estimated to be 36 billion Malaysian ringgit (approximately USD 8 billion).

The most crucial short-term action critical to agricultural production presently is to provide security and a safe environment for such economic activities to occur. The states must make farming safe and allow farmers to return to their farms without fear of attacks from bandits or terrorists. Insecurity is a great headwind against agricultural productivity. Agro-industrialisation is crucial in massive food production and increases local revenue and foreign exchange generation. We are embracing new agro-technology and jettisoning old agricultural practices that have provided suboptimal productivity over the years. This is also a time to bring real entrepreneurs into the food production and processing value chain. State governments should leverage various public-private partnership investments available to bring in seasoned investors and

Governor Bago has thrown an open challenge to the Federal Government and his fellow state governors. There is a need for constructive engagement and healthy competition around subnational food productivity. Most importantly, the food imperative allows some states to improve their domestic revenue situation. Agricultural productivity has become an economic lifeline for the states, especially in the north. Kofi Annan argued that "Food security is not only a moral issue but also a strategic one: without food, people have only three options - they riot, they emigrate, or they die. None of these are acceptable options."

The fight against poverty, unemployment , hunger and malnutrition is one of the most significant challenges of our time, and it's a challenge that can be won in Nigeria. Nigeria can work towards achieving food security applying the essential spirit of Bago's challenge. Quality and affordable food is the fundamental to Nigeria's development. We must take care of the basics before travelling to the moon. Nigeria's development hinges on this!

Gov Bago

Team Nigeria’s Gold Rush Begins With Female Wrestlers Hauling Six on the Mat

Opeyori, Olofua win gold and silver in Badminton team event

Duro Ikhazuagbe

Team Nigeria effectively began gold medal rush at the ongoing 13th African Games in Accra, Ghana with the country’s female wrestlers winning all six gold medals on offer on Sunday. After all the six wrestlers; Mercy

Nigeria’s Yellow-Greens Cricket Team Qualifies for S’final from Tough Group A

Nigeria’s Women’s Cricket team made a bold move for the podium at the on-going African Games in Ghana by picking one of the two Semi-final spots from Group A, despite a four-wicket loss to South Africa yesterday in Accra.

Captain of the team, Blessing Etim, said at the post match presentation that, all that mattered was the qualification to the next round of the event, after her team failed to defend the 74-run total they left in the first inning against the South African Women

“I must commend my teammates for the commitment they have put in here. I thank Lilian (Ude) for the five wickets she contributed in this game, it is one of the major things that has kept us in the games so far,” Etim said.

Nigeria had earlier on Friday caused an upset at the Games when the ladies defeated Namibia, one of the highly rated female cricket teams on the continent, with a 55-run

victory and momentarily topped the Group A.

In the opening match, Nigeria had shared points with Tanzania in a rain-washed, inconclusive match on Thursday, which brought their tally to 3 points, before Sunday encounter.

The match against South Africa at the Achimota Senior Secondary School B Field in Accra, was highly anticipated, as it held the fate of not only Nigeria but also Tanzania, who needed more than a win over Namibia to make it to the semis. They also needed Nigeria to lose enough to wipe off their Net Run Rate, as their win will only tie them on points.

Nigeria's 74-run total in 18.4 wasn’t commanding enough to sway South Africa, the best ranked team in the event, and resorted to relying on bowling prowess to limit the damage the Protea Women would have done to their NRR in defeat.

Acropolis Golf Course for Launch in Anambra April 5

A new world-class golf facility, Acropolis Golf Course, is set to be launched in Ihiala, Anambra State on April 5, 2024.

Obioma Ogakwu, Facility Manager Nest Oil, who manages the project ,said the golf course will complement his company's social investment in the South-East region of Nigeria, and help expand options for international tourists visiting Anambra.

“Golf is one sport that has been growing silently in the country, and this project hopes to accelerate it and help the state harness its potential for social and economic growth.”

Former Nigeria Numbers 1 professional golfer, Mike Ubi, who has been working with the facility

owners to bring some of its characters to international specifications, said the course would change the dynamics for the game in the region.

“The standard that has been set with the Acropolis Golf Course tells of the passion of the owners, and their drive for excellence, which is needed to raise the demand for quality golf facilities in the country.”

The Acropolis Golf Club, is nestled in a residential estate, which offers tourists and visitors the ease of access, security, and complimentary hospitality value.

The golf course, will be opened to the public from Friday, April 5th, with activities lined up till Sunday April 7th, 2024.

Inter Lagos FC Champion Women Empowerment with Special Jersey

Inter Lagos FC, proudly stood in solidarity with women worldwide on Saturday, marking International Women's Day 2024 with a powerful display of support and inclusion.

In a groundbreaking move, the players adorned jerseys featuring the faces of inspirational African women, symbolising the club's unwavering commitment to #InspireInclusion.

In a historic first for African football, Inter Lagos FC which goes by the moniker “Pride of Lagos”, substituted their traditional name and sponsor tags on their jerseys with portraits of remarkable African women from various spheres of life. This bold and symbolic gesture underscores the club's dedication to fostering inclusivity and celebrating the invaluable

contributions of women in society.

The initiative, executed during Inter Lagos' home match against Solution FC, resonated deeply with fans and spectators alike, sparking conversations about gender equality and empowerment both on and off the field.

Despite the fierce competition, Inter Lagos emerged victorious with a commanding 3-0 win, showcasing not only their prowess on the pitch but also their commitment to social progress. The team’s goals were scored by leading striker, Sesay Abdul and midfield dynamo, Tony Obia. Co-founder and CEO of Inter Lagos FC, Lanre Vigo, expressed the club's pride in championing women's empowerment and inclusion.

Genesis (50kg), Christianah Ogunsanya (53kg), Odunayo Adekuoroye (57kg), Kolawole Esther (62kg), Blessing Oborududu (68kg) and Hannah Reuben (76kg), reached the finals of their various categories freestyle wrestling at the Borteyman Sports Complex in Accra; it was just a matter of when the silverware will start to roll into the bag.

Not even one of them disappointed! They made it a clean sweep, picking the gold medals. One after the other, starting with Mercy Genesis in the 50kg category, the Nigerian female wrestlers who have dominated the continent since Daniel Igali took charge of the wrestling federation as President, made yet another loud

statement in Accra.

Commonwealth and multiple African champion Genesis dispatched her Egyptian counterpart Mohamed Nada of Egypt 7-0. Tokyo Olympic silver medalist Oborududu led by exemple as captain of Nigerian Wrestlers to defeat Blandine Nyeh Ngiri of Cameroon 14-4 while multiple world medalist Adekuoroye followed Oborududu’s footsteps by beating Zineb Hassoune of Morocco with pinfal.

Igali, a World Champion with Canada before returning home to reinvent the sport, with good backing of his Bayelsa State government, has again shown that with better funding and programme, Nigeria

can become a power house in the combat sport on the mat.

He was full of appreciation to Governor Douye Diri for his support to the wrestling federation.

It will be the turn of Team Nigeria’s men’s wrestlers to take to the mat today to try to emulate their female counterparts by also hauling more gold medals for Nigeria.

The feat of the female wrestlers created a buzz in Team Nigeria camp at the Games with Sports Minister, Senator John Owan Enoh, leading the jubilant delegation. The Nigeria Olympic Committee (NOC) President, Engr Habu Gummel and other Nigerian top sports officials all joined in the celebration.

Interestingly, on this day of massive gold medal haul, it was not wrestling that got the first gold medal for Nigeria.

It was Anuoluwapo Opeyori who defeated his compatriot, Godwin Olofua 23/21, 17/21, 15/21 in the men’s singles to win the first gold medal for Team Nigeria. The two finalists followed up with a silver in the men’s doubles event after losing 6/21, 15/21 to Algeria’s duo of T. Mammeri and V. Mammeri.

In addition to the bronze medal won by Victor Ikechukwu in the Men’s Singles, Dorcas Adesokan in Women’s Singles also combined with Sofiat Obanishola to win another bronze in the Women’s Doubles.

Liverpool, Man City Thrilling Draw Leaves Arsenal at the Summit

Liverpool and Manchester City fought out a thrilling 1-1 draw at Anfield to leave Arsenal top of the Premier League.

This meeting of the pre-eminent domestic powers of recent years lived up to its billing in an encounter of the highest quality in which both sides had chances to claim a vital victory.

Manchester City took a 23rdminute lead when a slick corner routine caught Liverpool cold and John Stones turned in Kevin de Bruyne's delivery at the near post.

City deserved the lead but were pegged back when they conceded a penalty only 84 seconds after the interval - Darwin Nunez was sent crashing to the ground by keeper Ederson after intercepting Nathan Ake's poor backpass. After a delay, Alexis Mac Allister scored the spot-kick.

Ederson, who was injured in the incident, tried to play on initiallyfacing the penalty - but was unable to continue, and had to be replaced by Stefan Ortega.

Elsewhere, Tottenham boosted their hopes of a top-four Premier League finish with an emphatic 4-0

PREMIER LEAGUE

victory over 10-man Aston Villa at Villa Park.

In an encounter billed as pivotal in the race for a spot in next season's Champions League, early second-

half goals from James Maddison and Brennan Johnson set Spurs on their way.

And a seemingly leg-weary Villa side, who played at Ajax on Thursday evening, rarely looked capable of clawing their way back into the contest once captain John McGinn

was dismissed for a reckless tackle on visiting left-back Destiny Udogie in the 65th minute.

With Spurs in complete control in the closing stages, stoppage-time goals from Son Heung-min and Timo Werner only served to rub salt into Villa's wounds.

Sociedad Coach, Alguacil, Salutes Umar after Ending Goal Drought

Real Sociedad coach Imanol Alguacil has praised Super Eagles’ striker, Sadiq Umar, after the Nigerian international scored in the hardfought 3-2 win over Granada at the weekend.

Umar has had a tough start to life at Real Sociedad and controversially missed out on the last AFCON 2023 in Cote d’Ivoire where Nigeria was runner-up. He was the club’s record signing when he joined from Almeria two

years ago but sustained a seasonending injury just three games into his time at Real Sociedad, and he only returned fully this season.

Coach Alguacil has often expressed optimism over Umar despite his long layoff, but the Spanish coach has used him sparingly.

Before Saturday’s game, the 27-year-old striker had started just eleven Laliga games and scored two goals, both of which came

in the first half of the campaign.

However, Alguacil’s decision to start Umar against Granada on Saturday paid off, as he scored the first goal for Real Sociedad to spur them to victory. Following Real Sociedad’s victory, coach Alguacil expressed satisfaction over Umar’s performance. He also praised Portuguese forward Andre Silva, who scored his second goal of the campaign.

“There is no doubt that it

(scoring) is very important. I am transmitting peace of mind to them (Umar and Silva), but in many games, due to anxiety, they have done things that they did not have to do,” Alguacil said per Tribal football.com.

“Today, they have been calmer, so they have surely scored the goals. They come to them phenomenal, to feel important, because they have also served to add three points away from home.”

President of Nigerian Wrestling Federation, Daniel Igali (centre), flanked by his proud gold medalists yesterday at the ongoing 13th African Games in Accra, Ghana

Alexis Mac Allister converted Liverpool’s penalty for the equaliser in the 1-1 thrilling draw at Anfield...yesterday

Obasanjo's Ex-Aide to Buhari

“TherecanbenoresuscitatingoftheNigerianeconomybyTinubu'sadministration withoutfirstbringingBuhariregimetoaccountforcertainactionsbyitthatarecentral tothecurrenteconomicdownturn.Theseincludethedepletingofthenation'sforeign reserves;incurringofhugedebts,runningto$72bn;printingtrillionsofNaira;and embezzlingpublicfundsbyitskeyfunctionaries"-FormerAidetoEx-presidentOlusegun Obasanjo,Dr.UmarArdo,urgesBuhari'sministerstobecalledtoaccountfor their misdeeds.

MAHMUDJEGA

VIEW FROM THE GALLERY

Where are the Catchy Phrases?

Whatever happened to catchy governance phrases, of which this country had a surfeit in the last 50 years?

Why are governments at all levels today regurgitating dry phrases such as “palliatives”, “reforms,” “it’s the fault of my predecessor” and “we see light at the end of the tunnel,” which could be an oncoming goods train? Maybe that is just as well because if one quarter of the catchy governance phrases spewed in the past had delivered on their lofty promises, Nigeria would have been an Eldorado by now.

Today, Nigerians are complaining about food. Governments at all levels are talking about palliatives. Some people are even looting warehouses and waylaying food trucks on the highways. Whatever happened to Operation Feed the Nation [OFN] that military Head of State General Olusegun Obasanjo launched in 1977? Nearly 50 years before a Farmer Governor surfaced in Niger, Obasanjo enjoined everybody to cultivate every little space around his house. The

later President Shehu Shagari launched the Green Revolution. How come, after 50 years, we cannot feed the nation and many of our farms are parched, not green?

Whatever happened to the Directorate of Food, Roads and Rural Infrastructure [DFRRI] of the IBB era, headed by Air Commodore Larry Koinyan? In the wake of his unpopular Structural Adjustment Program [SAP], IBB rolled out a palliative, not of free rice, but of rural infrastructure that will assist farmers to move their produce to urban markets. It was a classic case of teaching people how to fish rather than giving them fish.

Probably no peacetime program in Nigeria ever received quite as much trumpeting by government officials as Health For All by the Year 2000. Billboards, flyers, radio and TV jingles, endless interviews by government officials all trumpeted it throughout the 1970s and 1980s. How come that millions of Nigerians are still sick today, cost of many drugs has tripled in recent months alone and our health workers find a reason to go on strike every now and then? Not to be left behind, Federal Ministry of Agriculture,

DAKUKU PETERSIDE

BENEATH THE SURFACE

prodded by UN’s Food and Agriculture Organization, promised us Food for all by the Year 2000. Federal Ministry of Housing followed suit with a promise of Shelter for all by the Year 2000. Twenty-four years after the deadline, millions of Nigerians are still looking for health, food and shelter.

In the 1980s, Federal Ministry of Health led by Prof Olikoye Ransome-Kuti promised to combat the “Six Childhood Killer Diseases” through the Expanded Program on Immunisation, EPI. Every mother in Nigeria was taught how to mix sugar and salt in the Oral Rehydration Therapy, ORT. Those two extremely important programs saved millions of children’s lives. Why are they not being trumpeted anymore? Where is the Rural Water and Sanitation [RUWATSAN] program that we heard so much about in the 1980s? It promised to deliver boreholes and running water to all towns and communities, a very good idea because water-borne diseases account for a large chunk of our health care budgets.

Continued on page 38

Food Security: The Bago Challenge

Against the run of play, Governor Mohammed Umaru Bago of Niger State ruffled feathers with his speech at the 2023 annual Leadership Newspaper Conference and Awards held in Abuja last week. This speech was an instant hit online and trended at different times on both Instagram and X (Twitter). Governor Bago's arguments in his speech can be summarised in three ways:

First, as a nation, Nigeria cannot achieve economic freedom and eradicate poverty without being productive, especially in agriculture, where we have a comparative advantage. Second, it is indefensible for a nation with an estimated arable land of 40 million hectares and a reasonable youth population to accept grain donation in whatever guise from war-torn Ukraine; and third, because of natural and human endowment, Nigeria can feed the people and export the excess to other countries. There is nothing Governor Bago said that we do not already know, but as a nation,

we have egotistically refused to accept these truths nor act on them. These arguments are significant because they were made by a serving Nigerian governor, a member of the powerful club that has enjoyed the monthly sharing arrangement called Federation Account Allocation Committee( FAAC).

Governor Bago ended his speech by throwing a challenge against the Federal Government's promise to deploy and distribute 42,000 MT of grains from the strategic reserve, that the Niger State Government will deliver and distribute 100,000 MT of grain by June 2025. Make no mistake about it, Governor Bago was not just exercising his bragging right; he was marketing his strategic plan to rescue Niger State from the sharing mentality, economic doldrums, poverty, unemployment,and criminality.

A quick review of what the Niger State Government is doing to accomplish the vision of food sufficiency might give us a better perspective. Niger State, over the next year, plans to cultivate one million hectares of farmland, inclusive of a 50,000 hectares

fully irrigated food production hub. Over 500 large-capacity tractors, 1000 pieces of irrigation and agricultural equipment, 2000 power tillers for smallholder farmers, 2000 petrol water pumps, 3000 solar pumps, and 5000 tube wells to support dry season farming have been delivered. Besides, the government has acquired about 100,000 bags of fertilisers, plus herbicides, pesticides, and fungicides have also been obtained. Governor Bago's commitment to this agricultural revolution in Niger State is self-evident and realistic.

palm oil money. The choice of agriculture as an engine of economic growth was because of its multiplier effect. It has an excellent capacity to create employment and wealth. Those reasons are still valid today. The neglect of agriculture and the food production supply chain led Nigeria into many of the economic malaise we are suffering today - from food insecurity, unemployment, criminality and poverty to a dearth of foreign exchange. Some countries that were our contemporaries developed their food production and supply, which became the mainstay of their economy.

Governor Bago's speech represents a significant shift in thinking in recent times, giving some hope. Some state governments have started making efforts towards creating a clear vision of increased productivity, providing an enabling environment for such productivity, and building on this productivity to improve their internal

Governor Bago's challenge in his speech and what he is doing in Niger State is founded on solid historical precedence and economic reasoning. Before we discovered crude oil in commercial quantity and started depending on it as a mono-product, which made us lazy in thinking, diminished the value of hard work, and elevated monthly sharing of FAAC to a religion of sorts, sub-national governments (regional governments) relied solely on agriculture to develop the regions. Some of the iconic infrastructure projects were executed with groundnut, cocoa and Continued on page 38

Obasanjo

Head of State himself was seen on NTA slugging a hoe, cultivating a maize farm right inside Dodan Barracks. Three years