MONDAY 23RD MARCH 2020

Analysts Anticipate Interest Rate Cut as MPC Meets Today Opportunity widens for investors as stock prices decline 40% Obinna Chima and Goddy Egene Financial market analysts are anticipating a reduction in the benchmark Monetary Policy

Rate (MPR) by the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) whose two-day meeting commences today in Abuja.

Analysts based their

prediction on the fact that the CBN had in the past few days announced expansionary measures in the quest to cushion the impact of COVID-19 on the

economy, saying leaving the MPR at a high level might be counterproductive.

The COVID-19 pandemic has also resulted in the massive plunge in the prices

of stocks following weak demand, thus opening a new entry opportunity for long-term investors in the Nigerian equities market.

At the last MPC meeting

NNPC Records N5.28bn Trading Surplus...

held in January, the central bank had raised the Cash Reserve Ratio (CRR) by 500 basis points to 27.5 per cent, Continued on page 17

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Nigeria's COVID 19: State of the States, Patients and How They Got it... Page 17

Atiku’s Son Tests Positive as COVID-19 Cases Escalate to 30 Lagos now has 22, FCT 4, Ogun 2, Ekiti 1, Oyo 1 Churches defy mass gathering restriction, hold services Sanwo-Olu directs civil servants to stay at home for 14 days CJN asks judicial officers to comply with social distancing IG directs AIGs, CPs to enforce restriction orders, says citizens should stay away from police stations Global death toll rises to 13,799, confirmed cases hit 322,278 in 189 countries, 100 die in 24 hours in US, UK’s body count now 244 German Chancellor Merkel quarantined, US senators seek medical advice after colleague tests positive

Our Correspondents The first high profile case of COVID-19 broke yesterday as former Vice President Atiku Abubakar announced that his son had tested positive for the pandemic.

Atiku’s announcement came through his Twitter and Facebook platforms last night, several hours after the federal government had said eight new cases of COVID-19 in Lagos, Oyo and the Federal Capital Territory (FCT), had brought the total number of confirmed cases in the country to 30, spread over four states and the FCT. Although the former vice president did not divulge the identity of the son, he said he had duly informed the Nigeria Centre for Disease Control

(NCDC) and that the son was moved to Gwagwalada Specialist Teaching Hospital in Abuja for treatment and management.

He said: “My son has tested positive to coronavirus. @ NCDCGov has been duly informed, and he has been moved to Gwagwalada Specialist Teaching Hospital in Abuja for treatment and management. I will appreciate it if you have him in your prayers. Stay safe, coronavirus is real. -AA.” A close family source told THISDAY that the son, who returned from Switzerland recently, is responding to treatment and is in a stable condition.

The global death toll from Continued on page 17

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FG Rejects ASUU's Demand for Time PRAY FOR MY SON... to Develop IPPIS’ Alternative... Page 16 Former Vice President Atiku Abubakar's tweet, announcing his son's COVID-19 status…yesterday

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Update to key stakeholders on our business response to COVID-19 outbreak Lagos, 23rd March, 2020.

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Happy Birthday TO AN

economist, entrepreneurial leader, great achiever and philanthropist.

TONY ELUMELU, MFR, CON

CHAIRMAN, UNITED BANK FOR AFRICA, & F O U N D E R , T H E TO N Y E L U M E L U F O U N D AT I O N

CONGRATULATIONS. Senator, Dr. Ifeanyi Okowa Governor, Delta State

MONDAY MARCH 23, 2020 • T H I S D AY

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NEWS

Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268

NNPC Records N5.28bn Trading Surplus Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigerian National Petroleum Corporation (NNPC) yesterday announced an increase in trading surplus of N5.28 billion in its December 2019 operations compared to the N3.95 billion posted in November last year, an increase of about 34 per cent.

The corporation noted that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), also posted N337.63 billion sales during the period under review.

A statement by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that the details of the surplus were captured in December 2019 edition of NNPC’s Monthly Financial and Operations Report (MFOR).

On pipeline vandalism, the Mosimi-Ibadan axis accounted for 31 per cent of the breaksin, while Atlas Cove-Mosimi network witnessed 19 per cent in November.

But the figures seemed to have increased in the latest report with the breakages spiking to 35 per cent and 30 per cent respectively, leaving the rest of the country with 35 per cent of the cases of pipeline vandalism.

Before the latest development, most of the damage to pipelines was reportedly carried out in the Niger Delta.

The corporation explained that the 34 per cent increase in trading surplus for the period resulted from improved performances by some of its entities both in the upstream and downstream sectors.

It listed NNPC’s subsidiaries with notable improved positions to include: Integrated Data Services Limited (IDSL), Nigeria

Gas Marketing Company (NGMC), Nigerian Pipeline and Storage Company (NPSC) and Duke Oil Incorporated. “In general terms, the performance was impacted positively by the reduced deficit posted by NNPC corporate headquarters during the period under review; adjustments to previously understated revenues by IDSL and Duke Oil; and reduction in the costs of pipeline repairs/Right of Way maintenance and gas purchases by NPSC and NGMC respectively,� the NNPC said.

According to the corporation, in the gas sector, out of the 239.29 billion Cubic Feet (BCF) of gas supplied in December 2019, a total of 148.32BCF was commercialised, consisting of

The Nigerian Army has taken over the boundaries of Zamfara, Kebbi, Kaduna and Katsina States to check renewed cross border attacks on Zamfara by bandits.

THISDAY gathered that most bandits recently crossed from Niger, Kaduna and Katsina States to perpetrate their heinous acts in Zamfara State.

Zamfara State Commissioner for Security and Home Affairs, Alhaji Abubakar Dauran, told THISDAY at the weekend that most of the recent bandits’ operations were within the border communities.

"Some of these bandits ran from Niger, Kaduna, and Katsina States. You know Niger shares boundary with Kebbi State; they will cross from Niger to Kebbi onward to Zamfara,� he said.

According to Dauran, troops mainly from the Nigerian Army have taken over the border towns of Zamfara State to flush out the bandits from their hideouts and camps.

He explained that the military operations followed the recent escalation of banditry in the state, which culminated in the abduction of a district head and his son.

The district head was later released but his son was killed.

A village in Zurmi Local Government Area in the state was attacked and seven people were killed by the marauders.

The bandits had also recently

for the period December 2018 to December 2019.

The report stated that gas supply from December 2018 to December 2019 stood at 3,105.48BCF out of which 466.00BCF and 1,369.90BCF were commercialised for the domestic and export market respectively. It explained that gas re-injected, fuel gas and gas flared, stood at 1,269.59BCF. “In the downstream sector, Petroleum Products Marketing Company (PPMC), NNPC’s Downstream entity in charge of bulk supply and distribution of petroleum products, distributed and sold 2.775 billion litres of white products in December 2019 compared with 0.841billion litres in November same year. “This comprised 2.762billion

litres of Premium Motor Spirit (PMS) otherwise called petrol, 0.013billion litres of Automotive Gas Oil (AGO) or diesel, and 0.000billion litres of Dual Purpose Kerosene (DPK) as well as the sale of the special product of 0.003billion litres of Low Pure Fuel Oil (LPFO) in the month under review,� it said.

The NNPC added that sale of white (refined) products for the period December 2018 to December 2019 stood at 21.861billion litres, with PMS accounting for 21.514billion litres or 98.41 per cent. “In terms of value, N337.63 billion was made on the sale of white products by PPMC in December 2019, compared to N105.62billion sales in November 2019.

“Revenues generated from the sales of white products for the period December 2018 to December 2019 stood at N2,705.76 billion, with PMS contributing about 97.56 per cent of the sales with a value of N2,639.68billion� the corporation said.

It reported 40 vandalised pipeline points, representing about 41 per cent decrease from the 68 points vandalised in November 2019, adding that out of the vandalised points, 10 failed to be welded, while none was ruptured.

The NNPC explained that it had stepped up collaboration with the local communities and other stakeholders to stem the menace of pipeline vandalism.

SOCIAL DISTANCING...

L-R: Lagos State Commissioner for Home Aairs, Prince AnoďŹ u Elegushi; Chief of Sta to the governor, Mr. Tayo Ayinde; Deputy Governor, Dr. Obafemi Hamzat; Governor Babajide Sanwo-Olu; Head of Service, Mr. Hakeem Muri-Okunola; Commissioner for Information and Strategy, Mr. Gbenga Omotoso; and Permanent Secretary, Ministry of Health, Dr. Olusegun Ogboye, during a brieďŹ ng on COVID-19 by the governor in Ikeja‌yesterday

Army Takes over Zamfara, Kebbi, Kaduna Boundaries over Banditry Onuminya Innocent in Sokoto

34.78BCF and 113.54BCF for the domestic and export market, respectively.

It said this translated to a supply of 1,121.77million Standard Cubic Feet per day (mmscfd) of gas to the domestic market and 3,662.70mmscfd of gas supplied to the export market for the month.

The corporation noted that 62.22 per cent of the average daily gas produced was commercialised, while the balance of 37.78 per cent was re-injected, used as upstream fuel gas or flared.

It added that the gas flare rate was 7.78 per cent for the month under review, that is, 598.03mmscfd, compared with the average gas flare rate of 8.56 per cent, which is 678.02mmscfd

attacked other villages in the state, despite the peace initiatives introduced by Governor Bello Mattawale to ensure the security of lives and property.

The governor had at his inauguration in May 2019 promised to tackle the bandits’ menace that had been ravaging the state before he came.

To match words with actions, he introduced an amnesty for repentant bandits and personally met some of their leaders in their various hideouts.

The amnesty programme was headed by a former Inspector General of Police, Mr. Muhammad Abubakar.

The Inspector-General of Police (IG), Mr. Mohammed Adamu, had also organised a security summit for states in the North-west where various strategies to combat banditry and other crimes were discussed.

The state witnessed some relative peace thereafter.

However, there were renewed attacks from early this year, when bandits became more daring, striking at will, especially in the border's communities.

The Special Adviser to the governor on Media and Publicity, Mr. Zailani Bappa, said there was alleged connivance of some citizens who act as the bandits' informants.

"The banditry is as a result of poor handling of disagreement between two ethnic groups in the state by the previous administration,� he said.

Nigeria Technically at War, Says Senate Committee Calls for national mobilisation to end insurgency, banditry, kidnapping Deji Elumoye in Abuja A Senate ad-hoc committee has reflected on the mounting security challenges facing Nigeria and concluded that the country is technically at war.

However, as part of efforts to find the solution to the insecurity in the country, the Senate will tomorrow discuss the recommendations of its committee on security and take a definite stand on addressing the menace.

A 17-man Senate Ad-hoc committee on nation's security challenges, headed by the Senate Leader, Senator Yahaya Abdullahi, in concluding that the country is technically at war, called for simultaneous operations by security agencies to dislodge the bandits, terrorists, and criminals from their hiding places.

According to the recommendation of the committee, which was inaugurated in February by the President of the Senate, Dr. Ahmad Lawan, there is a need for national mobilisation "to immediately overcome the resurgent Boko Haram insurgency and the murderous atrocities of bandits, kidnappers in Nigeria's rural and urban

space."

It, therefore, suggested the appointment and support of local/traditional authorities in local communities by rebuilding residences, school, clinics, roads, police stations, and barracks, that where destroyed by bandits "in order to root out the twin evils of kidnapping and banditry, which are beyond politics because they pose an existential threat to the nation."

The committee stressed the need to adequately equip troops to serve as a counterforce to the activities of Boko Haram insurgents.

"With the insurgents using cheap commercial drones to survey our troop positions for attack planning, it is only a matter of time before they use their ISIS connections to weaponise them with explosive payloads similar to what ISIS is using with devastating efficiency in Syria, Iraq, and Kurdistan.

"It is therefore imperative that the Army be equipped with drone detection and incapacitating technology in the form of anti-drone systems, which can jam radio frequencies used to control drones, causing them to fall out of the sky uncontrollably

or even utilise laser beams to burn aerial drones causing internal systemic failure.

"Fixed systems covering large areas can be used to protect barracks, super camps, stadia, VIP venues while vehicle-mounted mobile systems can accompany troops provided ad-hoc protection.

There are also portable units in the form of jammer rifle that can incapacitate drones from long distance for on the move protection," it said.

The committee also called on the air force to assert its aerial capability towards bombing identified cells of insurgents and bandits.

"As a matter of necessity, the air force must assert its superiority in the skies by embarking on constant and debilitating air raids on insurgent and bandit camps and supply channels to ensure near complete annihilation of men and resources and wipe out their capacity to regroup or coordinate their cells for combined aggression.

"The same aircraft can be used to provide close air support for ground troops and deployed for intelligence gathering, search and reconnaissance. We must

find a vacuum filling alternative for the super Tucano order for immediate deployment as it is apparent that the unending delays and the new delivery date of 2022 for the US orders may simply be another ploy.

There are alternative high endurance turbopumps within the eastern bloc that can fill in the gap," it added.

The committee also recommended that all joint operations should be carried out strictly in accordance with extant operational procedures provided in the Armed Forces Act. It advised the federal government to fully pay allowances to officers and men involved in operations; introduce effective insurance scheme, gratuity and pensions; as well as set up a National Defence Fund backed by legislation, into which all Nigerian adults and businesses should make contributions for revival and investment in the National Defence Industry.

The Senate will tomorrow at plenary debate all the aforementioned recommendations and take a position on the matter, which will then be forwarded to the executive for implementation.

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14

T H I S D AY Ëž Ëœ Í°ÍąËœ Í°ÍŽÍ°ÍŽ

COMMENT

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

CHILDREN ON THE GRASS

The President could do more to inspire confidence in the fight against Covid-19, writes Charles Dickson A child said what is the grass? Fetching it to me with full hands, how could I answer the child? I do not know what it is any more than he. —Walt Whitman

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ARS-CoV-2 or COVID-19, now declared a global pandemic by the World Health Organization, has begun to wreak havoc in large parts of the world, with other parts waiting in anticipation. We are in a real struggle, which needs total mobilization; a struggle that needs to put life first and leadership must show up. We will only win this struggle – if people are united and disciplined, if governments earn respect by their actions. Nigeria is not an exception!

Long-term quarantines and shutdowns have taken place in large parts of the world, certainly in Europe and North America, but increasingly in Africa, Asia, and Latin America. Economic activity has already begun to shudder to a halt. Estimates of the net losses are not possible to make, and even the major international institutions are adjusting their numbers every day. The total losses are – as yet – beyond calculation.

In the United States, Gov. Andrew Cuomo of New York announced Friday that 100 per cent of non-essential work forces are now required to stay home, calling it “the most drastic measure we can take� as he said the entire state of New York was “on pause.�

Cuomo acknowledged businesses will be forced to close; families will face severe financial strain, and he announced a 90-day moratorium on all commercial and residential evictions to try and ease the immediate burden. But if all of these measures save just one life, the governor said, they are worth it Cuomo projects peak infection is still 40-plus days out. By that point, New York state could need 110,000 hospital beds, more than double its current capacity, and more than 37,000 ICU beds. Right now, the state has 3,000 of the latter. Can we read this again as Nigerians!

The governor also said that he has considered altering other, non-medical buildings to become places where more people could be treated — whether it be for COVID-19 or otherwise. Cuomo said in an interview on CNN that he has explored using the Javits Center in Manhattan and college dorms on Long Island as temporary or pop-up hospitals, adding that those backup hospital beds will be necessary.

So on Friday I watched as the school behind my house braced for closure, the circular announcing schools closure had circulated over the night and not many parents were aware and sent in their wards, I watched as the kids played. I was at the market too, no social distancing, no one was monitoring the parks, a very sizable amount of mass gathering was still going on everywhere.

Less than 0.0001% of the population was wearing any protective mask or hand gloves, while the washing hands culture is managing to fall in place and a few public places had hand sanitizers. This is one pandemic that Nigeria cannot afford in any way, in any ramifications, we are not ready, our children are on the grass.

I would not be drawn into the opposition and ruling party drama of whether the President should address the nation on the COVID-19

WE ARE IN A REAL STRUGGLE, WHICH NEEDS TOTAL MOBILIZATION; A STRUGGLE THAT NEEDS TO PUT LIFE FIRST AND LEADERSHIP MUST SHOW UP

pandemic or not, I am not going to be involved in the political economics of our Central Bank’s N1trillion largesse with no direction, many of us already know the direction.

But herein lies my kick in the butt, in a national emergency, the president has many legal authorities, has access to expertise of all kinds, most of which are adequate to and for the job. But President Buhari’s men are inadequate to do the job. He is a president who either lacks familiarity with how government works at any level (or has been made to look so)—especially the federal government and especially during a crisis. This is a harsh comment, and without sounding rude, and I am sincerely most apologetic in penning these words, the president who either systematically fires people from their jobs; those who have relevant experience or refuses to fill critical jobs across government. The result has been on full display during this administration, the coronavirus pandemic if it does decide to berth in this clime: chaos and incompetence will be deadly, as our children play on the grass.

Imagine an alternate scenario—one where a group of bureaucrats from the Federal Government, National Council compromising of state governors had been able to walk the talk in the last five years, there would be a list of things the president should do to get ready for a pandemic. “Coherence on problem solving comes from the top.�

The people have lost faith in the top of all cadres of governance in Nigeria. And our beloved Mr. President has done very little to inspire that confidence.

In Plateau State for example there is no provision anywhere to cater for a 50-person emergency for a population of approximately three million and as it is in Plateau so it is in many Nigerian states.

The Buhari administration deprived themselves of needed expertise through its methodology that has not yielded results, whether it is in the security architecture or the nation’s economy. And the turnover in the ranks of Buhari appointees has been so extensive and so unprecedented that they have few experienced government servants running major departments, and in cases where there has been consistency, an idiotic efficiency has been witnessed.

Obviously, no one expects a president to go into office knowing the ins and outs or the authorities in a piece of legislation or expecting a downfall in the economy but for a group that desired power, we should expect our president to preside over a nation where people have extensive knowledge of all parts of the government and can provide to him, at a moment’s notice, the full range of options available to a president confronting a national emergency of any type.

Unfortunately, this is not the president we have. This is not so because from the days of the military, to the PDP era, and now the APC, things have changed and still remained the same. In perspective there is need to understand that in the light of all the official drama, the federal government based on the 2020 budget, put N2, 000 per Nigerian to provide for the healthcare of each of the estimated 200 million Nigerian. This is according to the meager N427.3 billion proposed for healthcare which as at this month is still paperwork and may even go down as oil price drops.

Dr Dickson is a Development & Media Practitioner

BETWEEN MAMSER AND NOA Gboyega Amoboye writes that the National Orientation Agency is not adequately funded

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he National Orientation Agency (NOA) was set up in 1993 as a replacement for the popular MAMSER set up in 1987 by a former President Ibrahim Babangida to propagate government policies and programmes in the critical years of the structural Adjustment Program (SAP). Nigerians were forced to swallow the bitter pills of the International Monetary Fund, (IMF) conditionalities for loan approval for the country. It was a year of great economic depression because of devaluation of the currency and imposition of unfavorable fiscal policy that led to collapse of industries, marketing boards and mass loss of jobs. As unpopular as the economic policy was, it brought out the best in Babangida as a good crisis manager. In the late Fela Anikulapo’s language, even though people were suffering, there were rooms for smiling.

The magic wand was largely the effective deployment of MAMSER as an elixir. It was a job that announced and endeared Professor Jerry Gana as an effective salesman of a bad product.

He was the chairman of MAMSER. Instead of hatred, people developed interest in Babangida and was humorously nick-named Maradona, a master dribbler and entertainer until he burnt his fingers with the annulment of the June 12, 1993 Presidential election. Incidentally, MAMSER, an acronym for Mass Mobilisation for Self-Reliance, Social Justice and Economic Recovery, was an off shoot of War Against Indiscipline that was created by General Muhammadu Buhari’s regime in 1984 that projected him as a no-nonsense leader. That perception paved the way for his second coming in 2015.

The NOA, an amalgam of WAI and MAMSER, was created by the Chief Ernest Shonekans Interim

Government in 1993 with his late minister of Information, Chief Uche Chukwumerije as the driving force. Like MAMSER, NOA is set up to liaise between the government and the populace. It is the body tasked with communicating government policy to the grassroots and bringing feedback from the grassroots to enhance good governance, staying abreast of public opinion and promoting patriotism, national unity and development of Nigerian society.

To show the importance of NOA, it inherited the structure of MAMSER as a tripartite-funded national agency. That means that it is to be funded by the three tiers of government: federal, states and the local governments. It opened offices in the 36 states and Abuja and the 774 local governments, all in a bid to take federal government policies and programmes to all nooks and crannies of the country.

Questions have been asked on why the NOA has not been able to match the pace of MAMSER in success. Some critics even think the solution is in scrapping it without considering problems militating against public expectations. While MAMSER was well funded by the three tiers of government apparently because it existed under a military government, NOA does not enjoy that privilege in a democracy because it is seen as a federal government project. It is not only starved of fund even by the federal government but also of logistics. MAMSER unlike NOA was well funded, provided with public enlightenment vehicles, at least one per local government, buses, cars, motorcycles, public enlightenment materials and unlimited access to print and electronic media for propaganda. Moreover, while MAMSER was fully engaged in propagation of government policies and programmes, NOA is often bypassed and sometimes its jobs are either duplicated or

contracted out by the same government.

A critical function of NOA is mobilization of favourable public opinion and support for government policies, programmes and activities. How would the agency succeed when its job becomes one for the boys? It may be recalled that the First Lady Mrs. Aisha Buhari and the Special Adviser to the President on National Social Investment Programme, Mrs. Maryam Uwais have disagreed on the disbursement of some recovered Abacha loot which the president handed over to the body under the special adviser to share to poor Nigerians .Mrs. Aisha Buhari was reported as saying that, “I don’t know where the social investment has worked in the north but in my own state, Adamawa, only a local government benefitted out of 22 local governments. I didn’t ask what happened and I don’t want to know but I know it failed woefully even in Kano the home state of Mrs. Uwais.� Speaking at an interactive forum at Aso Rock, she said, “I was told that 30,000 women from my state, Adamawa would benefit from the programme at N10, 000.0 each, but nothing of such happened.�

She added: “I was expecting that N500Billion to be utilized in different methods in the north for the aim to be achieved. I don’t know the method they used but most of the northern states did not get it.� She also spoke on the $16Million counterpart fund paid for buying mosquito nets, “They spent $16m buying mosquito nets. I asked them to give me my own share of the nets to send to my village people but, I didn’t get any�. But speaking at a programme in Abuja in 2019, Mrs. Uwais listed the achievement of the programme among others as enrolment of 620,947 beneficiaries across 29 states, saving of N567.4m by beneficiaries in 17 states from

their monthly N5,000 stipends and 3,695 trained to support them. The job of Mrs Uwais would have been more cost efficient, more transparent and more effective if NOA had been involved since it has the geographic spread and ready manpower to reach out to majority of supposed beneficiaries.

It is against this background that President Buhari needs to direct the Humanitarian Coordination National Committee and the ministry to fully involve the NOA in their activities because the agency is the right body for the job. Advantages of NOA handing the job are many especially in accessibility, accountability, transparency, fairness as well as logistics for effectiveness across the federation. Above all, NOA would guarantee a feedback mechanism and a sustained goodwill for the president and his government both of which are clearly missing from the previous largess. If MAMSER could add value to the government of Babangida, NOA too could do the same for this government if allowed to function as established.

Instead of contemplating scrapping the agency, the National Assembly should investigate and understand its problems and thereafter increase its funding for capacity building and utilization.

Propaganda is expensive and therefore should be considered along with its budget. Equally while state governments are buying vehicles and security equipment and materials worth billions of Naira for security agencies, the police in particular, the NOA too as a partner in progress should be carried along.

It acts like a security agency because it is involved in intelligence gathering and sends weekly reports as early warning signals to the National Security Council.

Amoboye is MD, All Gold Communications

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T H I S D AY Ëž FRIDAY, MARCH 23, 2020

EDITORIAL COVID-19: TIME FOR LEADERSHIP The President should mobilise the country against the deadly viral disease

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ithin the past 48 hours, there had been a spike in the number of new cases of Coronavirus infection in the country, including Abuja where doctors in public hospitals had been on strike. That the new cases are coming at a time the Italian who was ďŹ rst diagnosed with the virus had recovered and discharged from the Lagos centre where he was being treated, should worry the authorities. More disturbing is that most of these new cases are Nigerian nationals who had recent travel history to the United States, Canada and Europe where the virus has been raging.

However, what is most regrettable is that Nigeria still has failed to demonstrate a concerted approach in its preparedness to cope with a clear public health emergency.

As the cases increase, citizens are left in the dark on many subjects: availability of test kits, protective gears, hospital bed space, stockpile of essential drugs, etc. There is even no indication that the federal government has tried to mobilise the THERE IS EVEN NO nation’s huge human INDICATION THAT THE asset of medical FEDERAL GOVERNMENT experts to assist in this emergency. Instead, HAS TRIED TO MOBILISE the nation’s desperate THE NATION’S HUGE cries for reassuring HUMAN ASSET OF leadership in an hour MEDICAL EXPERTS of distress has been TO ASSIST IN THIS met with presidential EMERGENCY silence and abuses from ofďŹ cialdom.

Since President Muhammadu Buhari has shown a lack of willingness to lead a national response to this health emergency, some charlatans are seizing the space. The Governor of Abia, Dr Okezie Ikpeazu is waxing spiritual, leaving the people at the mercy of his ‘prophecy’ that just like Ebola and Monkeypox, Covid-19 will not get to his state. Yesterday, there were still large congregations in

many churches across the country because there is yet no rallying point on how to deal with the unprecedented situation.

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T H I S DAY EDITOR BOLAJI ADEBIYI DEPUTY EDITOR YEMI AJAYI, DAVIDSON IRIEKPEN, MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE

T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS BOLAJI ADEBIYI, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS PATRICK EIMIUHI, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO HEAD, COMPUTER DEPARTMENT PATRICIA UBAKA-ADEKOYA

e must commend Governor Babajide Sanwo-Olu of Lagos State where the ďŹ rst index case was recorded before some other detections last week. He and members of his team have been proactive in dealing with the menace.

Even the Governor of Taraba, Mr Darius Ishaku, who left his state last December and had since been holed up in Abuja for the past three months returned home last Thursday to lead the Coronavirus response. “We don’t have test kits available here in the state and we must prioritise personal hygiene to avoid the virus�, Darius said, as he announced a ban on handshake in Taraba upon arrival.

That the country is going through a difďŹ cult period as a result of the pandemic is no longer in doubt. With oil prices badly hit, the Central Bank of Nigeria (CBN) has had to devalue the national currency that is on downward spiral at the black market. Prices of essential drugs like paracetamol and that of other commodities are going up. Ironically, our national recourse to prayer and divine intercession may not serve us now that churches and mosques have been shut.

Unfortunately, the Senate resolution which called on President Buhari to address Nigerians on the health crisis has riled his handlers. “Populist advocacies such as the one accusing the president of ‘complacency’ simply because he has not made a television address by ranking members of our respected parliament are cheap and sensational�, said Senior Special Assistant to the President on Media and Publicity, Garba Shehu. Yet the synergy which states ought to exhibit at such a moment is absent as some governors show either ignorant aloofness or pathetic helplessness and indifference since there is no direction from Abuja.

It would appear that the Villa cannot read the mood of Nigerians who feel let down at a most critical period. But it is not too late for President Buhari to change course and rally the country in the ďŹ ght against Covid-19.

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AFRICA AND CHALLENGE OF CORONAVIRUS

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he OECD has termed COVID-19 the ‘greatest threat to the global economy since the financial crisis’. All over the world supply chains have been disrupted, schools closed, events canceled and travel restricted. Commodity prices have fallen sharply and a global recession now appears unavoidable. Cases of COVID-19 have appeared in 25 countries in Africa as of March 18, 2020. We expect further contagion. For most African nations, the greatest impact will be felt by their already poorly resourced healthcare systems. Sub-Saharan Africa has approximately one physician per 5,000 people. By way of comparison, Norway has 22, while Spain has 25. On the economic front, no sector is immune from the effects of the pandemic.

The tourism and travel industry has been hit the hardest.

Trade in both goods and services is being affected too, depriving manufacturers and construction companies of the inputs they need to produce and build. For African oil-rich countries and mineral producers, the decline in oil prices and commodities is hurting government receipts. With depleted revenues, public sector cuts will follow. Reduced levels of manufacturing and production will depress tax receipts still more, further restricting the ability of African governments to protect their citizens from the worst effects of the virus. A vicious cycle could ensue. Africa Practice is monitoring the spread of the pandemic across Africa, tracking public policy announcements and restrictions imposed on travel and assembly. We are overlaying this with analysis of value chains to understand vulnerabilities

for nations, risk for industries and organizations. Our aim is to help our clients make sense of what’s happening, understand what’s at stake and evolve measures, policies and practices to mitigate the worst effects of the pandemic.

What can COVID-19 spell out for African economies? r 8F FYQFDU "GSJDBO HPWFSONFOUT BOE JOEVTUSZ UP speed up progress towards import substitution and more decentralized value chains, countering the trend over the last decade in favour of global value chains. r 8F FYQFDU HPWFSONFOUT UP GBTU USBDL BQQSPWBMT BOE licenses for local manufacturing and local processing of certain products affected by disruptions to global value chains. r 8F FYQFDU DVTUPNT BOE JNQPSU SFTUSJDUJPOT UP CF reduced or eliminated in order to facilitate the importation of vital inputs and finished goods, including medicines. r 8F FYQFDU HPWFSONFOUT UP UFSNJOBUF Ă OBODJBM support for non-critical SOEs and to redirect these funds to COVID-19-related expenditure.

How quickly African nations emerge from this crisis, will depend on what level of preparedness and actions governments and employers take, and the extent to which industry, philanthropic foundations, civil society organisations and governments collaborate to address the healthcare needs of their populations as well as the worst economic effects of the pandemic. Priority in both cases should be given to the most vulnerable.

Eugene Ngumi and Oluwapelumi Joseph, senior consultants at Africa Practice

KEEPING NIGERIA’S ECONOMY OUT OF RECESSION

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e all know that the global economy is technically in recession. We all know that with the grounding of the global supply chain, an historic shortage of consumer goods is looming.

We all know that as a result of this, there will be severe global inflation. But for it to be as short as possible, we will need the coronavirus pandemic to be quickly brought under control.

It is for these reasons that the Central Bank of Nigeria must act quickly and decisively. The CBN must do the unthinkable now, starting with the lowering of its monetary policy rate (MPR) to an historic rate of 5%. The CBN must do this because that’s the only way to neutralise the impending crisis in the stock/debt markets due to inevitable selloffs in a rush to exit before the eventual collapse, which if allowed to happen could trigger market value plunge with a flood of unprecedented nonperforming loans.

It is this calming down effect policy of the CBN that the economy needs right now, more so because it will discourage investors from engaging in stock with such an all dumping effort. This is the policy game changing effect that the CBN must undertake because of its recession

lowering effects.

By lowering the policy rate to such an historic level of 5% and combining it with such massive quantitative easing, using liquidity frontloading, the CBN will be keeping recessionary forces enough distance from the economy.

But for this mid-single digit interest rate and high liquidity ratio to fully calm down the markets, besides pumping liquidity into the stock/debt markets using buyback policy, the CBN should go further by making more naira available to the real sector economy, possibly and unconventionally turning itself into the lender of first resort. It is this effort of the apex bank that will eventually block liquidity crunch along with blocking the potential plunging of the economy into a recession. This uncommon monetary policy approach as debatable as it is, remains our most sophisticated and quickest way to make the country’s economy rebound in the shortest possible time. But should the CBN fail to quickly follow this policy line with such decisiveness, certainly, the chances of the economy going into a recession are high. If allowed, the recession this time around will be steep. This is more so because such a recession will be happening at a time the global economy too is in steep recession.

Odilim Enwegbara, Abuja

16

MONDAY, ÍşÍťËœ ͺ͸ͺ͸ Ëž T H I S D AY

NEWS

FG Rejects ASUU’s Demand for Time to Develop IPPIS’ Alternative Negotiation continues today Onyebuchi Ezigbo in Abuja The warning strike by the Academic Staff Union of Universities (ASUU) may escalate as the federal government has rejected the union’s demand for 18 months to develop its alternative payment application, the University Transparency and Accountability System (UTAS), as its preferred mode for the payment of salaries of academic staff, THISDAY’s investigation has revealed.

It was, however, gathered that the negotiation between the two parties will continue

today in Abuja.

ASUU had rejected the federal government’s Integrated Payroll and Personnel Information System (PPIS), leading to the suspension of the payment of their salaries by the federal government.

Before the federal government directed the closure of tertiary institutions and unity colleges over the outbreak of COVID-19, the union had embarked on a two-week warning strike over the refusal of government to pay those that did not enroll on the payment platform.

THISDAY gathered that

BUA Group Acquires Majority Shareholding in PW Nigeria Limited Ejiofor Alike One of Africa’s largest infrastructure companies, BUA Group, has announced its acquisition of majority shareholding in PW Nigeria Limited – one of Nigeria’s largest construction, engineering and mining companies. BUA said in a statement yesterday that the acquisition was necessary to further deepen the company’s investments in the infrastructure business in sub-saharan Africa.

Speaking on the acquisition, the Executive Chairman of BUA Group, Alhaji Abdul Samad Rabiu, said the acquisition marks the beginning of the next phase of the company’s medium term strategy for its infrastructure business following the completion of the consolidation of its cement arm, BUA Cement, in January 2020. “BUA’s acquisition of majority holdings in PW Nigeria Limited provides a prime opportunity to increase our investments in the entire value chain of the cement, mining and construction industry where we already have BUA Cement Plc, the second largest cement company in Nigeria, as well as investments in other areas including mining, quarrying, construction, power and logistics amongst others. We believe PW Nigeria Limited with

its solid experience in building dams, roads, airports, water projects and other infrastructure projects in Nigeria provided a strong value proposition too difficult to ignore.�

Rabiu further added that, as Nigeria and most of West Africa seek to improve infrastructural development in coming years, it became imperative for BUA to position itself strategically to support critical investments and government’s effort and unlock latent opportunities in the infrastructure development space.

He added that the acquisition of PW Nigeria extends BUA’s investments, leadership and capacity in the infrastructure space, stressing that projects are expected to benefit from a tight integration of BUA’s cement business and PW Nigeria’s construction business.

Originally founded in 1948 in Ireland, and later began operations in Nigeria in 1974, PW Nigeria Limited has now over 45 years of experience working in Nigeria, and throughout the West Africa region. PW Nigeria Limited has an extensive modern fleet of construction equipment and a team of highly trained and professional staff. It is highly committed to the continued development of Nigeria.

when the federal government’s negotiating team asked ASUU team to present the union’s alternative payment platform, which the union had claimed it developed at a cost of N2 million, the union requested for 18 months to develop the UTAS platform.

ASUU's request for extension of time was canvassed at a recent meeting with the federal government negotiating’s team led by Minister of Labour and Employment, Senator Chris Ngige, in Abuja.

ASUU President, Prof. Biodun Ogunyemi, was quoted by a member of the government’s negotiating team at the closeddoor talks, as having told the meeting that the software for UTAS is yet to be fully developed and that if given 18 months, it will be able to develop and perfect the payment platform.

THISDAY gathered that although the government side was shocked by the revelation that ASUU was not yet ready with UTAS despite its claim of

having developed a home-grown and better alternative to IPPIS, the team agreed that ASUU should go and put up a position paper that will respond to all the issues in dispute.

A member of the ASUU team, who confided in THISDAY, said the union in its written submission gave a breakdown of how it plans to develop the salary payment platform.

The union explained that developing the payment application software would take six months, the alpha testing of the equipment will take three months, while what the union called Beta will take six months and the rounding off of the system is to take three months.

The source said the union solicited the support and understanding of government to use the 18 months extension of time to develop its own software, which will be error-proof.

THISDAY, however, gathered from a top member of the federal government’s team that the government rejected the ASUU’s

request.

The government official said: "The government team is disappointed that the leadership of the union could mislead its members all this while that it has UTAS ready as an alternative to IPPIS. The union told its members that it had developed home-grown solution that is better than IPPIS. This claim made some of us to make commitment to President Muhammadu Buhari that if ASUU’s solution is homegrown, it will be beneficial to Nigeria and should be given a chance. It is unfortunate that when they were asked to present the solution, they told us that it is not yet ready. “ASUU has apparently misled its members. By requesting for 18 months, the union is simply telling government to shut down, which is unacceptable. It is an attempt to frustrate the genuine government's policy aimed at engendering transparency and accountability in the universities."

He added that the president

was initially disposed to give ASUU an opportunity to present the UTAS and had intended to give it a trial because it is an indigenous effort, but the government was shocked to learn that UTAS is not yet ready.

THISDAY gathered that the federal government's team has suggested a middle-ground approach.

The government’s team, it was learnt, has suggested that while the government waits for the 18 months for the development of the UTAS, ASUU should in the interim enroll on the IPPIS starting from the middle of March.

Ngige was also said to have promised the union that special arrangements will be made to pay the February salaries of those who have not registered with IPPIS. Ogunyemi did not respond to phone calls and text messages sent to him on the issue yesterday.

THISDAY, however, gathered that the negotiation between the two teams will continue today.

CONDOLENCE VISIT...

Head of Civil Service of the Federation, Dr. Folasade Yemi-Esan (left), and Kogi State Governor, Alhaji Yahaya Bello, during the Head of Service’s condolence visit to the governor over his mother’s death in Lokoja‌yesterday

S’Court Can’t Reverse Self on Zamfara Judgment, PDP Insists APC accuses opposition party of attempt to intimidate apex court Chuks Okocha and Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) yesterday vehemently insisted that the Supreme Court has no option than to dismiss the pending application by the All Progressives Congress (APC) to review its judgment on the Zamfara governorship election matter.

But in a swift reaction, the APC accused the main opposition party of an attempt to intimidate the Supreme Court over its decision to review its judgment on the Zamfara State.

PDP said that if anything contrary happens in the Zamfara State governorship election, it may force it to once again ask for a review of already decided Supreme Court cases.

Its National Publicity Secretary, Mr. Kola Ologbondiyan, stated this as the position of the party

after a crucial meeting with critical stakeholders from Zamfara State, in Abuja on Saturday.

Ologbondiyan said the PDP stands by its earlier statement in which it raised the alarm that the APC was behind the agitation that the Supreme Court should reverse its judgment on the Zamfara State governorship election matter.

He asserted that the APC’s ploy is to arm-twist the apex court to review the case contrary to the already affirmed finality of the Supreme Court judgments as firmly established in the court's judgment on Imo and Bayelsa states election matters.

It said: “The PDP is aware of the efforts being made by agents of the APC to blackmail and arm-twist the Supreme Court to commit a judicial summersault and give them judgment through the back door. “But our party, the generality of

Nigerians and in fact the justices of the Supreme Court know that the court has no option before it than to dismiss the application.

This is because the Supreme Court had consistently decided on the finality of judgments reached by the court, which it reaffirmed in its judgments on the Bayelsa and Imo states governorship elections, where the apex court dismissed the applications for review on the ground that it lacked jurisdiction to review its own judgment. “So the inevitable fate of the APC application on Zamfara is to be dismissed. It cannot have any life before the Supreme Court.

That is why the Supreme Court had no business in the first place reserving judgment on the matter.

In fact, all issues bothering on review were never reserved for judgment but dismissed because of the Supreme Court's belief in the finality and infallibility

of its own judgment.�

But the National Publicity Secretary of the APC, Mallam Lanre Issa-Onilu, in a statement issued yesterday said that PDP has unfortunately come to be known for deploying blackmail and intimidation of state institutions as a strategy to circumvent or derail processes and procedures that are at variance with any of its inordinate interests.

He added that unfortunately, the PDP has failed woefully on the Zamfara matter, while reiterating that PDP is not a party to its intra-party matter before the Supreme Court.

Issa-Onilu stated: "The PDP’s declaration that the Supreme Court has no option than to dismiss the pending application by the APC to review its judgment on the Zamfara State governorship election matter amounts to yet another

effort by the opposition party to intimidate the apex court.

"This is criminal and irresponsible for a party that had once run the country for an uninterrupted period of 16 years. Being voted out of power for maladministration should not make the PDP seek to bring the country down by taking actions or making statements that are targeted at undermining a critical state institution like the judiciary."

The party spokesperson said that there is a world of difference between the Supreme Court review sought on the Zamfara matter and the matters that the Supreme Court dismissed regarding Imo and Bayelsa states.

Issa-Onilu added that unlike what happened in Bayelsa and Imo, in Zamfara, the Supreme Court is not being requested to review its decision but noted

that the unique thing about Zamfara's case at the Supreme Court was that the APC is not attacking the judgment of their lordships but only praying that they vary their consequential order for the purpose of justice.

Issa-Onilu stressed that the PDP, despite not being a party in the matter, is scared as it found itself to have immensely benefitted from our intra-party squabbles, by reaping where it never sowed.

He said that the Supreme Court had earlier affirmed that it has the powers to review its own decisions and that it is not averse to correcting an error when that is noticed or when it is brought to its attention.

"We call on the Supreme Court to focus on dispensing justice in the case of Zamfara State as well as other matters before it and ignore the irresponsible ranting of the PDP," the APC said.

17

MONDAY, ÍşÍťËœ ͺ͸ͺ͸ Ëž T H I S D AY

PAGE SEVENTEEN ATIKU’S SON TESTS POSITIVE AS COVID-19 CASES ESCALATE TO 30 the pandemic has since jumped to 13,799, with 322,278 persons confirmed to be positive in 189 countries across six continents, compelling the World Health Organisation (WHO) to warn Nigeria and other countries affected that lockdown approach alone can’t defeat the growing spread of the disease.

Following the increasing cases in the country, the federal government and some state governments had shut down schools and international airports, advising citizens to observe social distancing by avoiding the gathering of more then 20 people.

Despite the restrictions, many churches across the country held services yesterday, increasing the possibilities of an escalation of the pandemic in the country.

Concerned by the disobedience to the restrictions, the InspectorGeneral of Police, Mr. Mohammed Adamu, yesterday ordered Zonal Inspectors-General of Police and State Police Commands Commissioners to enforce social restriction orders imposed by government at all levels.

He also directed the Zonal AIGs and Command CPs to guard against cases of unnecessary arrests and detention of suspects, telling citizens to stay away from police stations.

Announcing the new cases on its Twitter handle yesterday, @ NCDCgov, the Nigeria Centre for Disease Control (NCDC) said six of them were from Lagos, while one each is from Oyo State and the FCT. It said: "The three cases from Lagos had a travel history to high-risk countries in the last seven days. They have all been placed under isolation and treatment.

"Breaking down these figures means Lagos has recorded 19 cases, Abuja four, Ogun two, Oyo one and Ekiti one.

"Of the total 27 cases, two have been discharged. We are working closely with the affected states, including the FCT identify and follow up with contacts. If you have returned to Nigeria from any country in the last 14 days, please stay in self-isolation."

In a separate update, NCDC confirmed three more cases of COVID-19 in Lagos, bringing the number of recorded cases in the state as at yesterday to six, and that of the country to 30.

Stating this on its Twitter handle Sunday, @NCDCgov, the centre said two of the latest three new cases were returning travellers while one was a contact of a confirmed case.

It said: "As at 05:28 pm on March 22, there are 30 confirmed cases of #COVID19 in Nigeria.

Two have been discharged with no deaths."

The Lagos State Government through the Commissioner for Health, Prof. Akin Abayomi, gave further details on the first three new cases from the state, noting that one of the three cases was a 51-year-old Briton, who arrived in Nigeria on March 8 via BA75 flight.

He said: "The second patient is a Nigerian on connecting flight KL0582 London Amsterdam/ KL0587 Amsterdam to Lagos. He arrived in Nigeria on March 14. “The third case is a 65-year-old citizen of the United States of America who arrived in Lagos about six weeks ago."

In a related development, the Governor of Oyo State, Mr. Seyi Makinde, who doubles as the

Chairman, State COVID-19 Task Force said the case from the state had been placed under isolation and treatment.

He said: "The COVID-19 confirmation test for the suspected case at Bodija has come back positive. The result was released at 17:35 PM of March 21, 2020. Oyo State Public Health Officials are collaborating with

the University College Hospital (UCH), Ibadan’s team on the case. “A follow up on the Ekiti COVID-19 case revealed that the person was picked up directly from Lagos Airport to a private apartment in Ona Ara Local Government Area. “The Health Authorities have contacted the family concerned and the community has been

alerted for intensified contact tracing and self-isolation of identified close contacts. “The information given that he stayed in some hotels in Ibadan has been found to be false."

He also stated that another returnee from Texas, USA, has also been identified at Oluyole Local Government Area, adding that she has been kept in self-

isolation with close monitoring by the state’s epidemiological team.

Makinde urged all recent returnees to identify themselves to health ministry officials and self-isolate for 14 days. “We have released funds for Activation of Emergency Operation Centre at the Ministry of Health and establishment of Diagnostic Centre for the

Nigeria's COVID-19 State of the States Martins IďŹ jeh

W

hile all 36 states in Nigeria and the Federal Capital Territory are gradually locking down activities in a bid to halt the spread of COVID-19 pandemic, the disease seems to have intensified its coverage in the country.

As at yesterday, it has infected 30 persons, comprising of 28 Nigerians, an Italian and one American in four states and the FCT; a situation that has now prompted the federal and state governments to initiate more stringent measures to halt its community spread.

The states so far affected are Ogun, Lagos, Oyo and Ekiti.

FCT, the seat of power has also recorded cases.

Ogun State Unlike Ebola outbreak in 2014 where the Liberian index case, Mr. Patrick Sawyer, was recorded against Lagos State, the index case from COVID-19 outbreak was reported to have been identified in Lafarge Africa Plc in Ogun State for suspicion of having the virus after he developed its symptoms, prompting his host to call on the Lagos State government,

which eventually evacuated him to the Infectious Disease Centre in Yaba where he tested positive to the disease.

Eight days after, a staff of Lafarge Africa, who had contact with the Italian index case also tested positive to the disease.

They have both been discharged from the Lagos isolation centre after their viral load regressed back to negative.

Lagos State Lagos state is presently the epicenter of the disease in Nigeria as 22 persons have been confirmed to have tested positive to the virus in the cosmopolitan state.

It recorded its first case of the disease March 17 when a 30 year old female, who returned from the United Kingdom tested positive to the virus.

She was independent of the Italian case. She is presently under treatment.

On March 18, the state recorded five more cases.

Just barely 24 hours after, it recorded another three cases.

One of the cases had contact with the 30 year old Nigerian woman who had tested positive to the virus March 17.

By March 21, Lagos

recorded another seven cases; a development that prompted the state government to institute a number of stringent measures against the virus, as it was believed there could be community spread of the virus.

The Lagos State Governor, Mr. Babajide Sanwo-Olu, closed down schools, reduced religious gatherings to 50 per time, and called on residents of the state to limit their movements to crowded places.

Sunday, the state again recorded another six confirmed cases, bringing the total number of cases in the state to 22.

The state’s Commissioner for Health, Prof. Akin Abayomi, said many of the cases were recovering.

Ekiti State While Minister of Health, Dr. Osagie Ehanire, was announcing the five confirmed cases in Lagos March 18, he also mentioned that the 6th case was from Ekiti.

While most residents of Ekiti believed the Ekiti case had contact with a diseased American, who was suspected to be positive to the virus in the state, the state government traced his status to one of the confirmed cases in Lagos.

Oyo State Oyo is the latest state to be affected by the virus. Its Governor, Mr. Seyi Makinde, in a statement yesterday said the female patient was picked up directly from Lagos airport after flying into the country last weekend.

Federal Capital Territory The Federal Capital Territory is the second most hit region after Lagos. It presently has six confirmed cases of the virus.

Ehanire announced its first case on March 21 where three persons were reported to be infected by the virus. On Sunday, the Nigeria Centre for Disease Control (NCDC) also announced three more cases, bringing the total to six in the FCT. Other States Although other states have intensified measures against the disease, it is believed there is already community spread of the virus in the country, prompting states to suspend school, religious and other social gatherings.

However, 32 states do not have any case but lack isolation centres at the moment.

...It's 30 Patients and where they came from Martins IďŹ jeh

B

y global health prediction, disease outbreaks are only 36 hours away from potentially entering any country of the world irrespective of how farther apart the index country and the receiving nations are geographically placed.

It, however, took Nigeria 59 days to get its first confirmed case of COVID-19, a new coronavirus disease, which broke out from Wuhan City in China since December 31, 2019.

Twenty-four days after the first index case of the virus was recorded at the Infectious Disease Centre in Lagos, Nigeria’s burden of the virus has surged to 30 with the majority of the cases confirmed to be exported into the country from nations with a high burden of the disease.

So far, the federal government has named countries of import of the virus into Nigeria to be United Kingdom, Italy, France, Canada, Spain, Netherland, and the United States.

9 Cases from ...United Kingdom Of the 30 confirmed cases of COVID-19 in Nigeria, at least nine of the patients came into the country from the United Kingdom, hence representing the country with the highest import of the respiratory disease into Nigeria.

Majority of the patients had travelled to the country within in February and did not have

symptoms of the disease when they left the UK for Nigeria.

The UK is one of the countries with a high burden of the disease. As of yesterday, at least 5, 683 persons have been infected, while about 300 have died from the disease.

Nigeria last week closed its borders to 15 countries, including the UK.

France. Although the two cases are presently receiving treatment, it is believed one of them infected another Nigerian before he tested positive and commenced treatment.

France is one of the highrisk countries for COVID-19.

It presently has over 14, 000 infected cases and 562 deaths.

4 Cases from ...United States

One case ach from Spain, Netherland, Italy and Canada

According to the Minister of Health, Dr. Osagie Ehanire, who on different occasions provided travel histories of COVID-19 confirmed cases in Nigeria, at least four of the cases were said to enter into Nigeria from the United States.

The country presently has a burden of over 30,000 infected cases and 388 deaths.

It has now surpassed Spain’s burden thereby becoming the 3rd most-affected nation by the COVID-19 pandemic.

Despite being one of the countries with the best healthcare globally, its health force fear it may be overwhelmed should the virus surge beyond its present number.

Already, the outbreak is already having a toll on the country’s economy with 283 persons said to have lost their jobs last Friday due to the outbreak.

2 Cases from ...France So far, at least two of the 30 confirmed cases in Nigeria came into the country through

Although Italy is referred to as the epicenter of the outbreak in Italy, only one case has been announced by the Nigerian government to have come into its territory from the country.

The only Italian case so far mentioned is the index case of COVID-19 in Nigeria.

Italy’s death toll has surpassed that of China, with over 53, 000 persons said to be infected, while 4, 823 persons have died so far.

Italy has a high old population and those most at risk of COVID-19 deaths are old persons above 65 years, and persons with underlying illnesses.

Spain, Netherland and Canada have so far imported one case each into Nigeria.

4 Cases of Community Spread While countries often guide against the import of foreign diseases into their country, the greatest fear from pandemics is the community spread of the disease.

Community spread of a

disease is a public health term, which refers to person to person transmission of disease.

So far, Nigeria has had four community spread of the COVID-19. The Italian index case infected a Nigerian in Ogun. The 30-year-old female, who came into the country from the United Kingdom, infected another woman. As at the last count, this has so far been transmitted to four persons in the country.

The federal and state governments have instituted a lockdown of activities in their respective domain as part of plans to halt community spread of the disease; as this remains the fastest way diseases can spread across people in a particular region.

7 Cases ...unannounced origin During the announcement of each confirmed case in Nigeria, the federal government, either through the Ministry of Health or the NCDC gives details on the travel history of the patients.

It, however, didn’t give detail on seven cases. While it is certain they were not exposed to the virus through community spread, the country with which they imported it has never been mentioned.

The Nigerian government has not also mentioned whether any case was imported into the country through China, the epicenter of the disease despite Nigeria’s high trading partnership with the country.

ANALYSTS ANTICIPATE INTEREST RATE CUT AS MPC MEETS TODAY from 22.5 per cent.

The bank, however, had kept other monetary policy instruments unchanged by retaining the MPR at 13.5 per cent as well as the liquidity ratio at 30 per cent. It had explained that the decision to increase the CRR was a response to the growing threat of inflation.

Nigeria’s Consumer Price Index, which is used to measure inflation, increased to 12.20 per cent in February 2020.

Also, CBN Governor, Mr. Godwin Emefiele, while announcing a raft of measures to cushion the effects of COVID-19 on the economy last week had

signalled a decision on interest rate would be taken at the MPC meeting.

He had said: “The CBN would not decree on interest rates but what happens is that as a result of activities in the market, the size of liquidity in the market, interest rate will either go up

or come down also depending on the decisions of the monetary policy committee.�

But speaking with THISDAY yesterday on his expectation from today’s meeting, the Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, anticipated

a cut in interest rate, considering the developments in the global economy. “I think they would go the same way with other central banks considering what is going on in the world,� Rewane said.

Continued on page 46

screening of Coronavirus and other related infectious diseases to be stationed at the UCH, Ibadan,� he said.

The governor said the equipping of the newly designated Oyo State Infectious Disease Centre at Olodo that has the capacity for over 100 cases had started, releasing telephone helplines of the state Ministry of Health to be contacted in case of any suspected case around the state as 08038210122; 08023229267; 08073431342.

Churches Defy Mass Gathering Restriction, Hold Services However, many churches in at least 15 states and the FCT yesterday defied the restriction on mass gathering and held their normal Sunday services.

The 15 states include: Bauchi, Enugu, Katsina, Ebonyi, Ogun, Taraba, Kwara, Sokoto, Kogi, Benue, Kano, Kaduna, Oyo, Adamawa and Plateau.

However, most churches in Lagos and Osun States adhered to the restriction, while Ondo and Ekiti States recorded partial compliance.

THISDAY gathered that churches in Jos, Plateau State held their usual services yesterday without restrictions.

It was also gathered that the congregation mixed up during praise and worship time, with only a handful of members seen with face masks at the beginning of services, but they soon removed them as the services went on.

At some of the churches visited by THISDAY in the Federal Capital Territory, (FCT) in Abuja, normal church services were being observed with a huge turnout, although there were few places where the attendance was low.

Sanwo-Olu Directs Civil Servants to Stay Home for 14 Days In Lagos State that has 22 cases, the Governor, Mr. Babajide Sanwo-Olu, yesterday directed all workers under the state government to observe a stay-at-home order for 14 days in the wake of the increasing cases of COVID-19 in the state.

Addressing journalists at the State House Marina, Sanwo-Olu said the directive would take effect from today, adding that all officers from Grade 1-12 are to observe it.

The governor urged members of the public to refrain from visiting the state secretariat, urging them to utilise other available options to carry out Continued on page 46

TOP GAINERS NGN NGN % CHAMS PLC 0.02 0.22 10 PRESTIGE 0.05 0.55 10 UNIONDAC 0.02 0.22 10 NASCON 0.85 9.40 9.9 UACN 0.65 7.85 9.0 TOP LOSERS NGN % PRESCO 4.00 36.45 9.8 FLOURMILLS 2.10 19.30 9.8 MAYBAKER 0.19 1.79 9.6 NCR 0.20 2.00 9.0 PZ 0.40 4.05 8.9 HPE Nestle Nig Plc â‚Ś800.00 Volume: 379.483 million shares Value: N3.424 billion Deals: 4,669 As at Friday 20/03/2020 See details on Page 37

18

T H I S D AY ˾ MONDAY MARCH 23, 2020

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

How Buhari’s Intervention Saved Oshiomhole Adedayo Akinwale writes that the recent crisis that rocked the All Progressives Congress would have consumed the National Chairman of the party, Adams Oshomhole, but he escaped the political onslaught at the dying minute

Buhari

Oshiomhole

Tinubu

Obaseki

.

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T H I S D AY ˾ MONDAY MARCH 23, 2020

MONDAY DISCOURSE

Akande

Enoh

Ajimobi

Fayemi

those we think have offended the system, we have chosen to lift their suspension. Sen. Lawal Shuaibu can resume his duties as Deputy National Chairman, North.”

degree, the art of resolving conflicts and disputes in a manner that strengthens institutions as well as relationships between the people, who share those common institutions.

Akande said, “I am a bit taken aback by the swift resort to the courts by some members, who seek external decisions on what are intrinsically internal matters best determined by the deliberative process that is part and parcel of democratically-oriented party politics.

“I do not know the motivations behind this litigious conduct. It is not in my nature to ascribe negative or harmful motives to anyone.

Those seeking access to the courts to decide what are basically politic questions, perhaps, think they are doing the right thing. If this is the case, I must state that they are innocently in error. Their actions are harmful to the party in compound ways. First, the subject matter they bring before the court is not amenable to judicial pronouncement.

The manner by which court decisions are rendered – one side wins, the other loses – is not the best way to resolve political disputes.”

their attack solely because they perceive Oshiomhole as an obstacle to their 2023 ambitions.

Tinubu had in a statement lamented that people went to court knowing full well the party constitution prohibits such action, because the aggrieved persons had not yet exhausted all internal disciplinary procedures.

Tinubu stated, “While Coronavirus has been presently contained in Nigeria, we must be alert to another sickness that seems rampant within a certain segment of society. That sickness is old Ambition-virus 2023. This illness afflicts many in the political class along with their allies in the media.”

He said those touched by this malady find that their ability to tell time and discern the difference between the present and the future has been strongly impaired, adding that ghe carriers of this sickness are confused as to the very season the nation now finds itself.

Tinubu said they conflate things, which no sensible person would conflate, noting that the primary symptom of their malady is the driving tendency to believe the events of 2023 would be decided before we even exit the year 2020.

his olive branch to the Governor of Edo state, Godwin Obaseki.

However, the two factions of the party have given conditions for peace in the overall interest of the party in the state, saying that for the party to move forward, there was need for all the warring factions to sheathe their swords.

While the faction loyal to Oshiomhole demanded the withdrawal of all cases in court, the faction loyal to Obaseki said Oshiomhole should withdraw recognition to the Edo Peoples Movement (EPM), a pressure group within the party fighting Obaseki’s second term bid.

How the Peace was Brokered THISDAY gathered that the contending issues that caused ripples within the ruling party was resolved after some highwire politicking and horse trading believed to be spearheaded by the Presidency to abate the tension in the ruling party.

It was also gathered that Arch.

Waziri Bulama, who had been initially announced as the National Secretary of the party had to be sacrificed for peace to be achieved.

The contentious position of Deputy National Chairman, South which was formerly occupied by Otunba Niyi Adebayo, has been given to Oyo State, with Senator Abiola Ajimobi as the new occupant of the office.

According to the source, “You can see that National Vice Chairman, North-east, Salihu Mustapha has been pacified because Waziri Bulama has been sacrificed and the North-east has been asked to nominate someone to fill the position of National Secretary. In the case of Ekiti, the party explained to Governor Kayode Fayemi, that Ekiti was given allowed to have a representative in the NEC because it was formerly under Peoples Democratuc Party (PDP), but now that Oyo State is under PDP, the same yardstick has been applied.

That is why was allowed Oyo a representative in the NEC. And the governor understood. That is why they are no longer against Ajimobi.”

Another source equally revealed that Oshiomhole was handed some conditions to meet for him to win back his seat, while those against him too were also given conditions to fulfil in the overall interest of the party. ‘’You can see that at the NWC meeting, Oshiomhole toned down his combative posture and made conciliatory moves. That was one of the things he was asked to do.

He was asked to hands-off Edo, stop harassing northern leaders, and stop his high-handedness. The presidency gave him tasks.’’

Akande’s Intervention Before the indefinite suspension of the controversial NEC meeting and the Appeal Court ruling, the former interim chairman of the party and the chairman of the reconciliation committee, Chief Bisi Akande, had in a statement frowned at the increasing number of court cases being filed pertaining to disputes regarding the leadership of the party.

He said the fact that all party members do not agree on all things was not abnormal, adding that politics, after all is, in significant

APC Vice Chairman North-east Role in the Crisis Prior to Buhari’s intervention, the National Vice Chairman Northeast of the party, Salihu Mustapha, had insisted that no court order would prevent the NEC meeting from holding.

According to him, “The court order that the people are parading cannot stop us from having our meeting, unless the court is trying to say we are no more an organisation and deregisters us. We have freedom of association and what have you.

So you cannot just come and stop us from doing something. In fact, there is no court order that can stop us from doing NEC meeting.”

Tinubu’s Late Intervention After realising that his silence on the crisis rocking the ruling party was no longer golden, a National Leader of the APC, Asiwaju Bola Tinubu, said that those behind the crisis are infected by 2023 virus, adding that the plotters launched

Giadom’s Reaction to NEC Postponement After the President announced the indefinite suspension of the NEC meeting, Giadom said the party was in agreement with the President, but noted that a new date for the meeting would be announced.

He said, “The NEC meeting has been postponed indefinitely, at the appropriately time, the public and members of the NEC will be informed on the new date, but as of today, we are in agreement with the President that the NEC meeting has been postponed.”

The Unending Crisis in Edo The lingering crisis in the Edo State chapter of the party has become irretractable. Last Wednesday, a faction of the party believed to be loyal to Oshiomhole, opened a new secretariat.

The recent development in the state was an indication that Oshiomhole may not have extended

The contending issues that caused ripples within the ruling party was resolved after some highwire politicking and horse trading believed to be spearheaded by the Presidency to abate the tension in the ruling party

The Peace Moves by the Reconciliation Committee Meanwhile, the national reconciliation committee set up by the party to reconcile all aggrieved members across the states will meet tomorrow, having received about 150 memoranda.

The Secretary of the Committee, Senator John Enoh told THISDAY that the committee had received about 150 memoranda, stressing that “the NEC meeting of the committee is going to take place on the March 24. After that meeting, I believe we are going to have a chance to roll out what and what and how we are going to go about the work.”

He noted that the opening of a factional secretariat of the party in Edo state has made the job of the committee more imperative.

According to him, “If there is anybody or any group of people that opened up another secretariat and all that, in the mean time, it just brings to greater focus, the great need for the work of the committee, that is what I can say. It makes the work of the committee more and more imperative.”

Again, Oshiomhole was able to overcome another travail, but not without his traducers making a strong statement. While the reconciliation of aggrieved members of the party continues, achieving a total and absolute reconciliation is one of the biggest challenges of the party.

It looks like Oshiomhole may be a tough nut to crack, but he may have learnt few lessons from this crisis. These instructions are likely to include improving on his diplomacy skills and how to manage different people in a big party as the APC. Political analysts, however, believe that those that want Oshiomhole out of office at all cost may have gone underground, but they have not abandoned their plans neither are they resting on their oars. What is evident is that orchestrating another plan to get the comrade chairman out of the office has only been postponed, if the continuous hostility in Edo is an indication.

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FEATURES

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08038901925

Showcasing Equality in Diversity at Argungu Festival King Akan who covered the annual four-day Argungu Festival, an international fishing and cultural celebration in Kebbi State, writes that beyond this, it was a celebration of equality in diversity

Durbar Procession

Swimmers during the swimming on gourds competition

"M

ore Than Fishing� reads a sign post which greets you at the entrance of the Argungu Fishing Village and the 34 events on show at the 2020 Argungu International Fishing and Cultural Festival which took place from March 11 to 14, 2020, in Kebbi State, proved that the four-day event was truly more than fishing.

The Argungu Festival has often been associated with fishing, a poor impression of a festival which could be termed a buffet of events which includes: Polo Tournament, traditional boxing, wrestling, camel race, horse race, boat racing, wild duck catching, water relay, bare hand fishing and more. At this year's event, quiz competition and essay writing were strong additions that further enhanced its scope and reputation.

Observed annually from 1934 to 2010 to mark end of hostility between the Jihadists and the Kabawa, Argungu Festival, regarded as one of the most popular festivals in Nigeria, returned from a 10-year hiatus caused by security challenges in the region. The revival of the festival was a collaborative effort of the federal government, the Ministry of Information and Culture and the Kebbi State Government-led Governor Atiku Bagudu.

The Argungu community of Kebbi State witnessed four days of musical, cultural, sports and artistic exhibitions. A motor rally across five states, covering 13 towns and cities between Abuja and Argungu, flagged off the festival. But it was an Agricultural Fair graced by President Muhammadu Buhari which marked the official launch of the 2020 Argungu International Fishing and Cultural festival.

Buhari was welcomed by a Durbar proces-

sion led by the Emir of Argungu, His Royal Highness, Alhaji Sama’ila Mohammadu Mera, consisting of over 40 horsemen and 3,000 men dressed in traditional regalia, carrying swords, whips and cultural elements.

In his speech, the president said the reinstatement of the festival was a proof of the restoration of security in the country. “Our presence here today is evidence of government’s commitment to restoring security and expanding domestic food production as core mandate of our programmes. “We are not only celebrating the reinstatement of this important gathering, but we are also celebrating the remarkable progress made in restoring peace and security to this region and indeed, the country�.

There was also a colourful agricultural procession displaying the diverse farm produce from the state which Buhari described as “a testament of the agricultural revolution in the state�.

The March wind was fair to all, and it was not surprising to meet dusty participants or festival audiences irrespective of status, tribe or religion. Memorable sightings around the Agric Fair Ground were three rice pyramids standing at about 20 feet, each consisting of 15,000 bags. The pyramids served as decoration, also providing shade from the scorching sun and a sitting area to some festival guests who climbed atop to get a view of the performances from a vantage point.

At the ceremony, the best male and female rice farmers were rewarded with a tractor and cash prize of one million naira each. The agricultural component of the festival is “agric tourism�, enthused the Minister of Information and Culture, Alhaji Lai Mohammed, who commended the federal government for its efforts in diversifying

The top three big catches at the Grand Fishing event

The Minister of Information and Culture, Alhaji Lai Mohammed and the Ooni of Ife, Oba Enitan Adewusi Ogunwusi, at the Grand Fishing event the economy and promoting food security in the country.

During the wrestling and traditional boxing shows, the arena was filled not just with people but with loud chants and explosive noise, each time a boxer dished out a devastating blow or a contestant slammed the other’s back unto the red soil beneath them. This was followed with music, dance and cultural performances, adding more colour to the event.

The Kabanci display, one of the popular events at the festival, showcased some of the most captivating competitions of the festival especially the bare hand fishing and blind swimming.

Over 10,000 festival audiences were scattered around the venue; Mala River, which sat at the

centre like a stage allowing for views of all the activities taking place from several angles. A bridge over the river provided more viewing area for spectators, automatically transforming the space into a natural amphitheatre.

An interesting incident happened during the blind racing competition, where a contestant swam away from the finish line to the amusement of the crowd. Eventually taking off his blindfold, he realised he was in no man’s land, and joined in the laughter knowing he had made the joke of the day.

Technology met Argungu when the Kabanci display was interrupted briefly by an individual riding across the river on a water boat constructed from motorcycle parts and jerry cans. A sight met

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FEATURES

A great spectacle: the Grand Fishing event

Wrestlers during the Traditional Wrestling Competition

Rice Pyramids at the Agricultural Fair

Presentation of trophies to the winners of the Polo Tournament at NSK Polo Ground

with euphoria and applause from the festival audience. Cash prizes, motorcycles, refrigerators and generators were won by the winners of the various competitions in the water games.

The main attraction of the festival; the grand fishing competition was equally interesting. It was a cool morning with a shy sun, hiding behind the clouds. Standing across the Mata Fadan river a kilometer away were over 20,000 fishermen like an army of ants, with their traditional nets and gourds waiting to dive into the river in search of the prized fish - the big catch. This was the moment they and everyone had been waiting for and in that excitement, the memorable happened.

It is a practice for the ‘Sarkin Ruwa’ which translates in English to ‘King of Water’ to perform some rituals at the river before the grand fishing exercise commences. He did, but what he did not do was tell the fishermen to jump into the river at the time they did.

As dignitaries and guests made their way to the pavilion to take their seats, the fishermen began to race towards the river in a moment of sweet chaos reminiscent of fight scenes in the movies; 300 and Gladiator, only this time it was not a battle.

In a matter of minutes, thousands of fishermen had jumped into the river. The arena erupted with a mix of anxiety and happiness. At this point, officials were torn between stopping them or continuing the contest. They made the right decision by allowing the contest to proceed because it would have been impossible to control the commotion to come thereafter.

The fishermen had jumped the gun, an act the governor would later describe as “a show of excitement as a result of the 10 years long wait.� Sources say, some of the fishermen were at the venue as early as the night before.

At the end of the fishing exercise that lasted about two hours, Abubakar Yau of Kebbi State emerged winner with his 78kg catch. He went home with over 10 million naira in cash prize, two brand new cars and hajj seats. Bala Yahaya Bagaye and Maiwake Sani came second and third respectively, with their catches weighing at 75kg and 70kg respectively. They also went home with cash prizes, hajj seats and other prizes. Consolation prizes that ranged from N200,000 – N20,000 each were given to the 4th position to 100 positions. For the other fishermen who missed out but had catches, their families and pockets could still smile.

Prizes were also given to winners of different competitive events that took place in the course

of the four days festival.

Governor Abubakar Sanni Bello of Niger State; Governor Aminu Tambuwal of Sokoto State; Governor Simon Lalong of Plateau State; the First Lady of Kebbi State, Dr. Zainab Bagudu; Nigerian Shippers’ Council were among the donors at the grand finale. The festival itself was sponsored by Wacot Rice Limited, Maltina, Gino, Rice Farmers Association Of Nigeria (RIFAN), Terra, Kaduna Electric among others.

Among the eight companies who donated vehicles for the motor rally which lasted three days, the three present; Peugeot Nigeria Limited, Honda, and Stallion Motors, received trophies for their participation and support, presented

by Jelani Aliyu, Director General of National Automotive Design and Development Council.

Speaking at the grand finale, the Senate President, Ahmed Lawan, who was guest of honour, applauded the various private sector sponsors and prize donors for their “act of social responsibility.� He also expressed the need for the abundant resources in the country to be exploited for the good of the nation.

"This is one function, one celebration, one festival that tells a lot about Nigeria now and today,� he said. “When I look at the fishes caught, what runs through my mind is that we are blessed. We are blessed as a country, as a people. God has endowed our country with natural resources and what we need is to harness the resources God has endowed us with."

Governor Bagudu also speaking, added, that the festival was a celebration of historic heritage, equitable competition and diversity in respect to the participation of people from other states including Kano, Sokoto, and Zamfara. “It shows that what unites the people is stronger than what divides them. This is an opportunity to interact, celebrate our diversity,� he said.

The Argungu Festival is still a big draw to tourists and culture enthusiasts. The 60th edition was nothing short of a spectacle and a celebration of Nigeria's rich cultural heritage and natural resources. There was a lot of fun and the festival did not lack the audience for it in spite of the emergence of the COVID-19 pandemic.

Despite 10 years of inactivity, thousands of people including guests from overseas and neighboring African countries like Niger, Benin Republic and Cameroun attended. There was improved economic activity in Kebbi State, with food, transport and hospitality businesses

the big gainers. Another positive to take from the festival.

The four-day cultural festival was a success especially considering the absence of security threats barring the incident concerning an individual by the name Mohammed Gunddare, who attempted to touch the president – and who later turned out to be an ardent Buharist – security was impressive.

However, proper planning and organisation at the event venues can improve the experience.

An incessant clash between security operatives and the media was rampant throughout the event. When the security personnel were not clashing with the media, they were mostly spectators – periodically abandoning their duties – carried away by the grand spectacle before them. Not that you would blame them much. That speaks more about the elegance of the Argungu Festival. Generally, measures need also be taken in future to ensure better safety of festival audiences, who were sometimes humiliated by the security personnel.

Designed with the festival audience and hot climate in mind, the festival venues were mainly open arenas but they were unable to accommodate the large crowds at the events.

Also, due to the absence of gate taking at the venues, attendance figures are difficult to ascertain. Clearly, the festival suffered from challenges including crowd control, limited infrastructures and poor organisation.

During a media parley, Alhaji Lai Mohammed acknowledged some of these challenges stating that, “we have a product that is already popular, we have content, and we have the audience. So, all we need to do now is to build infrastructure around those contents; this is exactly what we are trying to encourage, this is what we are trying to do. “Hopefully, by next month we should be in Cairo, Egypt, to make a strong case for investment in tourism infrastructure such as arena, amphitheater, multi-purpose-built house and conference hall. “You can imagine what a 50,000-capacity arena would have done to Argungu today, because you could see that we had over 50,000 people around wanting to come into the venue. So, because there is a market, now we can make a strong case for investments�.

He called on investors to “not be too shy� because the country’s population, creative contents and improved infrastructures would ensure considerable revenue is generated from the festival.

Alhaji Tanko Ayuba, a winning participant representing Wacot Rice Limited in the President’s Cup at the Argungu Polo Tournament which took place at NSK Polo Ground, believes that with improved transportation, infrastructures and accommodation, the festival can be better. “I plead with the state government to ensure more flights to the state from other parts of the country especially during the festival period,� he said. “They also need to improve the facilities at the festival, for example the arena for the fishing competition was not conducive.

The dignitaries could not witness what was happening in the river because of the crowd.

There is need to reconstruct the pavilion so that guests can be at a higher level.

Adding, “more hotels should be built in Argungu to cater for festival guests. As you saw, most people stayed at Birnin Kebbi, from where they were attending the event daily.� “You cannot boost tourism without providing adequate accommodation.� Abubakar Usman, a staff of National Commission for Museums and Monument, Abuja, concurred. On the challenges at the venue, he said: “local vigilante and security personnel should be trained extensively on crowd control. The more this festival is advertised the more people want to attend, and if the crowd cannot be maintained, there is bound to be disorganisation.�

"Also for this festival to be more successful, there has to be at least six months of publicity for it, to enable tourists who intend to attend plan better. It is clear that it has the potential to generate massive revenue especially if adequate infrastructure is put in place,� he added.

The event was attended by various traditional rulers, political office holders, representatives of multinational companies as well as local and international tourists. Among those present were, the Sultan of Sokoto, Muhammadu Sa'ad Abubakar; the Ooni of Ife, Oba Enitan Adewusi Ogunwusi; the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami; and the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, among other dignitaries.

Truly, the Argungu Festival is much more than fishing. It has evolved from its foundation on religion and conflict into a modern festival, embracing technology, education and agriculture.

It is a celebration of cultural heritage, food security, innovation and our life as a nation.

The Argungu community and all who attended witnessed a grand occasion and the memories will surely linger, even after the dust settles.

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MONDAY MARCH 23, 2020 •T H I S D AY

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Group Business Editor Obinna Chima

Email obinna.chima@thisdaylive.com 08152447875

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CAPACITY BUILDING

L-R: Chief Executive Officer, Central Horizon Gas Company (CHGC), Mr. Bolaji Osunsanya; Commissioner for Energy and Natural Resources, Rivers State, Dr. Peter Medee, and Permanent Secretary, Energy and Natural Resources, Mr. James D. Enebeli, at the CHGC workshop held in Port Harcourt, Rivers State... recently

Don’t Sell Dollars Above N380/$, ABCON Tells BDCs Obinna Chima The Association of Bureaux De Change Operators of Nigeria (ABCON) has directed bureaux de change (BDCs) across the country to comply with the new exchange rate of N380 per dollar for the sub-sector as well as other provisions of the new forex regime.

The association also reiterated its assurance to members of the public of continued dollar sale at the new rate of N380 per dollar for its members.

According to a statement yesterday, the association gave the directive following the new

ECONOMY exchange rate regime announced Friday night by the Central Bank of Nigeria (CBN) for the disbursement of the proceeds of the international money transfer services operators (IMTOs).

Under the new exchange rate regime , the IMTOs would sell to banks at N376 per dollar while the banks would sell to the CBN at N378 per dollar.

The CBN in turn would sell dollars to BDCs at N378 per dollar while the BDCs are mandated to sell to the public at N380.

ABCON said it would continue

to partner with the CBN to ensure exchange rate stability and orderly conduct in the forex market especially at the retail segment where its members operate. “The association appeals to members of the public to patronise licensed BDCs to purchase dollars at the N380 per dollar official price, so as to avoid falling victim of currency hoarders and speculators, who are creating impression of dollar scarcity in the economy. “ABCON also enjoins the public to report to its national secretariat any BDC selling above N380 per dollar,� saying such report should be forwarded to

info@abconng.org.

The association stated that given the sharp drop in demand for dollars, caused by the impact of the COVID-19 on global trade and travels as well as continued dollar injection by the CBN, there was no pressure in the forex market to warrant increase in the exchange rate above the official rate.

The association stated: “In recent times, governments across the world, in a bid to stop the spread of the deadly COVID-19 virus, have imposed travel restrictions which has led Continued on page 24

Stakeholders Blame Institutional Failure for Deteriorating Refineries Emmanuel Addeh in Abuja The Society of Petroleum Engineers (SPE) has blamed the deteriorating state of the refineries in the country on the failure of institutions, rather than technical challenges or inability of Nigerians engineers to fix the facilities.

The National Chairman of the Council in Nigeria, Mr. Joseph Nwakue, who spoke during a pre-event press briefing on the forthcoming 20th edition of the Oloibiri Lecture Series and Energy Forum (OLEF) in Abuja, noted that the failure of the affected institutions to do what is right is responsible for the state of the

ENERGY facilities.

The Oloibiri Lecture Series and Energy Forum is an annual event focused on contributing to oil and gas policy development for Nigeria in commemoration of the first oil well drilled in Nigeria by Shell Darcy at Oloibiri, Bayelsa State in 1956.

The annual lecture series attracts participation from the government, regulatory agencies, captains of industry, practitioners at all levels, as well as other key stakeholders from around Africa.

The 2020 lecture series will discuss the “Asset Acquisitions and Divest-

ments in the Nigerian Oil and Gas Industry: Status, Challenges and the Way Forward�.

Nwakue argued that as far as government continues to be a major player in the country’s downstream sector, investment will continue to be low, stressing that the reasoning that Nigeria’s refineries were too old to work was faulty. “The problem with the fixing of refineries is not technical, but institutional. Running refineries is not rocket science. Refineries are run everywhere in the world. I worked in a company in a prior career that had a refinery that was built in 1932. That refinery

is still running. “That we can’t run our own has more to do with institutional challenges than technical challenges. You can see that private refineries are coming and they will be run efficiently. It’s not that Nigerians cannot run refineries.

It’s a deeper issue. The failure of the state to do what needs to be done. “If they can’t run NEPA and they can’t run any other thing, is it refineries that they will run.

There’s no reason to expect that things will change. But the move towards private sector refining is the answer. And we have shown

Range Developments said it is oering individuals United States E-2 visa through investment in project.

AccordingtoastatementmadeavailabletoTHISDAYbythecompany,the programme enables high net-worth individuals and their families seeking citizenship solutions, to invest in project of their choice, and obtain the citizenship of the respective jurisdiction. The statement also noted that the investment yields monetary and no barriers travel beneďŹ ts.

Itfurtherexplainedthatthecompany’slatestprojectinGrenada,adding that it has the most sought after citizenship programme, which includes the opportunity to obtain a US E2 visa, through investment in the USA. It added: “Given the regulatory challenges facing the EB5 (Green Card) programme, Grenada – E2, has become the fastest and most eective route to reside in the United States.The Grenada citizenship programme has been met with interest by those who wish to widen their global scope, as well as settle in the United States. “Ataninvestmentcostof$220,000alongwithapplicablefees,aninvestor into the hotel can apply for the Grenadian citizenship and enjoy many beneďŹ ts.InvestorscantakeondualcitizenshipandreapthebeneďŹ tsofboth. “They can enjoy visa free travel to more than 140 countries worldwide (including UK, Schengen, China and Russia) and this is extended to their immediate families, who can also gain citizenship. “This includes spouses, children, parents and unmarried siblings. The application process is swift and eďŹƒcient (citizenship can be obtained within 3 months) and there is no requirement to visit Grenada or have residency in the country. “Furthermore, Grenadian citizenship, due to its unique E-2 treaty with the United States, gives its citizens a chance to obtain the US E2 visa.â€?

StarTimes Unveils Promo

StarTimes has announced that more of its subscribers have continued tobeneďŹ tinitsongoingEasterupgradepromotionwithexcitingnewseries and fabulous content for new and existing subscribers across the country.

The 2020 Easter promotion began from March 15th and is expected to runtillMay15,2020. Accordingtothecompany,thepromogivescustomers the opportunity to pay for two months subscription package on Nova, Basic, Smart and Classic bouquets and get an instant upgrade to view a higher bouquet within hours of activation.

Explaining further, the company said “All StarTimes subscribers who pay for two months on any bouquet will immediately get an upgrade to an even higher bouquet for two months. “For example, when you pay for two months on Nova bouquet which is N900, you get to enjoy the Basic bouquet channels free for two months. “Subscribers who pay N1, 300 for two months on the Basic bouquet will get to enjoy all Classic bouquet channels free for another 2 months and customers who pay 2 months on the Classic would get an extra 10days free of charge.â€? In addition to the upgrade, Subscribers would also win an Afrione android phones in a weekly rae draw during the same period.

StarTimes is a digital TV operator in Africa, serving 30 million users with a signal covering the whole continent and a massive distribution network of 170+ brand halls and 30,000+ distributors in 37 countries.

Coronation Anniversary Postponed

The Diamond Anniversary Committee of the 60th Coronation anniversary of Alaiyeluwa Oba Sikiru Adetona, the Awujale and Paramount ruler of Ijebuland, have postponed the celebration.

They attributed the development to the spreading COVID-19 global epidemic. A statement signed by the Chairman, Mr. Tunji Ayanlala, explained: “Due to the realities and in line with recommendations of the Ogun State government regarding social gatherings and distancing because of the COVID 19 virus, the Diamond Anniversary Committee of the 60th Coronation anniversary of Alaiyeluwa Oba Sikiru Adetona, the Awujale and Paramount ruler of Ijebuland, hereby advises our invited guests of the postponement of the anniversary celebrations. “A new date for the event will be advised as soon as it is expedient to do so.We seize this opportunity to congratulate the Awujale and Paramount ruler of Ijebuland on this great milestone and wish him many more years on the throne of his forefathers.�

“Whether you are in the oil service industry or oil production, all oil related companies must sell their FX to the CBN and no longer to the NNPC, �

CBN Governor,

Continued on page 24

Godwin EmeďŹ ele

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24

BUSINESSWORLD DON’T SELL DOLLARS ABOVE N380/$, ABCON TELLS BDCS to sharp decline in the volume of global passenger travel. “Trade is also at its lowest level globally due to widespread shutting down of businesses in most countries especially China which accounts for about 25 percent of Nigeria’s import. “One of the consequences of these developments is general decline in demand for trade and travel related services including foreign exchange.� It pointed out that in recent times ABCON had observed a steady decline in demand for dollars across the various categories of forex end users.

Based on this observation and information from BDC members of ABCON, the association stated that demand for dollars was at one of its lowest point in the market. “Furthermore the CBN has sustained its weekly dollar sale to BDCs at the same level, hence keeping dollar supply constant and eliminating any apprehension of scarcity or rationing of forex. “In view of the above, ABCON hereby appeals to members of the public that there is enough dollar supply to meet demand for any of the above eligible transactions at the CBN approved rate of N378 per dollar,� it added.

STAKEHOLDERS BLAME INSTITUTIONAL FAILURE FOR DETERIORATING REFINERIES

that where things have moved away from government, they work. we had NITEL in this country. “Where is NITEL today, but we all have phones and we can talk. So, if you had asked 15 years ago if telephones can work in Nigeria, someone will say no. So, yes refineries can work, but it’s not because refining is rocket science. It’s just because we can’t put our acts together as a nation,� he said.

On the growing divestment of the multinationals from the downstream sector, he said the area remains closed to competition because of the interest of state actors. “It’s difficult to compete against a state-run entity. Why would you create a situation where NNPC is the major supplier in the market and expect those entities to exist and compete with NNPC? It doesn’t work that way.

BoI Raises â‚Ź1bn to Support MSMEs, Others Obinna Chima The Bank of Industry (BoI) has raised a â‚Ź1 billion (approximately $1.11billion) medium term syndicated facility from the international capital market in furtherance of its support for micro, small, medium and large enterprises across key sectors of the Nigerian economy.

The Bank provides relatively low interest rate and innovative financing solutions as incentives towards stimulating interest and growth of entrepreneurship.

According to a statement, in 2019, the BoI with the support of its various stakeholders disbursed a total of N234 billion to 10,145 enterprises, thus creating over 1 million estimated direct and indirect jobs. The new facility was in line with the focus of President Muhammadu Buhari administration’s focus on revitalising Nigeria’s industrial sector and create 10 million jobs by leveraging the Nigeria Industrial Revolution Plan and the Economic Recovery and Growth Plan The African Export-Import Bank, Credit Suisse, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation were the Joint Mandated Lead Arrangers, Underwriters and Bookrunners of the Syndicated Medium-term Facility.

The investors included the lead arrangers, alongside 20 other international financial institutions.

African Export-Import Bank, Credit Suisse, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation were the Joint Mandated Lead Arrangers,

James Emejo in Abuja Amid the current revenue constraints occasioned by the falling price of oil, the federal and state governments have forged a partnership to enhance their drive for foreign investments as well as boost internally generated revenue (IGR).

The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, said it had become particularly expedient for each state in the federation to come up with investment promotion strategies that will attract investment, boost internally generated revenue and help small businesses to be competitive.

Speaking at the opening of a

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

Chinedu Eze (Aviation) Eromosele Abiodun (Maritime) James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafor ((Energy) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (ICT)

“Among the key factors that led to the success of this deal include amongst others, the impressive credit ratings of the bank (Long Term Issuer Default Ratings of B+, B2 and Aa from Fitch, Moody’s and Agusto respectively), its ISO certifications in both Quality Management Systems and Information Security, as well as the strong strategic partnership that the bank has developed with the Nigerian commercial banks, who provide credit enhancements and de-risking

tools to BOI customers,� it added.

It pointed out that the Central Bank of Nigeria (CBN) Governor and the Committee of Governors supported the BoI throughout the entire process with technical advice and all approvals as required that saw the transaction through from inception to its conclusion. “The central bank also provided BoI with 100 per cent currency swap to mitigate the foreign exchange rate risk. The facility will be disbursed in naira at single digit interest rates to

borrowers with bankable projects. “With the successful conclusion of this transaction, BoI is poised to catalyse domestic production and job creation on a transformational scale, enhance local industry competitiveness, attract domestic and foreign investments, integrate our local industries into domestic, regional and global value chains, grow our export earnings and positively impact the overall economic development of Nigeria in line with its mandate,� the statement added.

PRODUCTLAUNCH

L – R: Assistant Manager, JNSD Category, Dapo Olanrewaju; Head, Amit Aneja; , Managing Director CHI Limited, Mr. Deepanjan Roy; Marketing Director, Mrs. Toyin Nnodi, and Brand Manager JNSD Category, Ademola Mafikuyomi, during the launch of Chivita Ice Tea and Chi Exotic in new cans, in Lagos‌recently

two- workshop on the federal – state strategy for attracting investment for rural development in Nigeria, held in Abuja, recently, the minister stressed that at a time when the continent had decided to pull down some economic borders and become one large market, individual African countries needed to be more strategic and deliberate in their economic policies.

Specifically, he noted that Nigeria’s population makes it attractive globally, adding that the country remains a target of the African Continental Free Trade Area (AfCTA) agreement which would become effective from July 1.

He said: “Our neighbours are

attracting investors, with the promise that they can produce in their countries and sell in Nigeria and they are offering diverse kinds of incentives to make that happen. “To prevent Nigeria from becoming the dumping ground for goods and services produced in our sister African states, Nigeria has to be very deliberate and strategic henceforth, in her investment promotion and facilitation amongst others.�

Represented by the Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Dr. Nasir Sani-Gwarzo, Adebayo said evolving an effective strategy going forward will pave the way for made in Nigeria exports and

sustain the country’s comparative advantage.

He said both levels of government could go a long way in achieving great success by working together rather than in silos.

He added: “At this point in time, the decision of whether to continue to go alone and attract investments in trickles, or go together and attract the quantum of investment we truly deserve as the great nation we are, lies with those of us in this room today. So, let’s make the difference for ourselves today and our children tomorrow. Let us roll our sleeves and go together.�

However, the Director, Investment Department, Federal

Ministry of Industry, Trade and Investment, Mrs. Olukemi Arodudu said it was high time country decided its own fate by determining areas of comparative advantages, laying emphasis on them, and directing the incoming foreign direct investments to such areas for the good of our people.

According to her: “If we are to reap maximum benefit from the African Continental Free Trade Area Agreement we must tackle the myriad of challenges confronting us, in the areas of poverty, food security, threats to security of lives and property, unemployment and infrastructural decay amongst others, which has not only become compulsory, but also urgent.�

COVID-19: NANTA Seeks Interest-free Loans Chinedu Eze

Capital Market Editor

Goddy Egene

Underwriters and Bookrunners of the Syndicated Medium-term Facility. Investors include the Lead Arrangers, alongside 20 other international financial institutions.

According to statement from the bank, the transaction further confirmed the acceptance of the Bank of Industry in the international financial market, following its first successful fund raising transaction in 2017, which raised $750 million from a syndicate of 16 international banks.

FG, States Strategise to Attract FDIs, Boost IGR

Group Business Editor

Obinna Chima

NEWS

The National Association of Nigerian Travel Agencies (NANTA) has called on the federal government to grant travel agencies access to interest-free loans introduced recently by the Central Bank of Nigeria (CBN) to cushion the impact of the CoVID-19 epidemic.

The association lamented that due to downturn of business occasioned by the virus ravaging the world, 24, 000 travel agents may lose jobs.

President of NANTA, Bankole Bernard, said this at a media

briefing in Lagos, at the weekend.

According to him, travel agents were expected to remit monies generated on sales of tickets over a period of time to the International Air Transport Association (IATA), but unfortunately they have not been able to sell tickets and the few tickets sold have not been paid for. Therefore, it would be difficult to remit the monies to IATA at these trying times, he said. The association also pleaded with IATA to relax payment circle on the remittances and urged banks to help secure guarantees for the members for a period of time.

The NANTA President said the travel agents may loss over 50 per cent on sales of ticket this year, put at over N180 billion. He noted that last year, the agents generated over $1 billion (about N380 billion). He regretted that the travel agents would lose the high bookings that usually occur during Easter and the summer to the COVID-19 pandemic.

Bernard, however, commended the federal government for its response so far to the pandemic and particularly with the restrictions of passengers and airlines from high impact countries, adding that the association has

directed its members to be alert and proactive at this sad period, as they continue to monitor the spread and management of the virus. He noted that haven taken into consideration the effective consequence of the development; the EXCO and members of the association had directed that its Kano AGM next week should be postponed to a later date. “It was a hard decision to take having assured you all, two weeks ago, that we are good to go. We are bent to be on the side of caution and not panic.

We should know what covid-19 is all about since we are at the

Centre, the engine room of the travel business, which is presently grounded globally. “We are concerned about our people, their health and future wellbeing during and after when this plague is over. Our association is in pain concerning the deserved shifting of our prime gathering, usually done to hand over reign of administration. “Next week, in Lagos, the board of Trustees and the EXCO, not excluding some of you, will be here to witness the hand over to a new EXCO which should have been done in Kano but for covid-19 watch regulations,� Bernard said.

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Market Losses Moderate as Investors Adopt Cautious Trading Goddy Egene Losses at the stock market moderated last week despite the ravaging negative impact of the COVID-19 and weak oil prices on the global economy.

The market had lost over N1.8 trillion the preceding week with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) recording an unprecedented decline of 13.49 per cent.

However, the decline was lower than the previous week as the NSE ASI fell by 2.35 per cent to close the week at 22,198.43, while market capitalisation shed N279 billion to close at N11.568 trillion. All other indices finished lower with the exception of NSE Banking, NSE Insurance and NSE Oil/Gas which appreciated by 0.29 per cent, 2.8 per cent and 0.22 per cent.

According to market analysts, investors would continue to react to news surrounding the crude oil market as well the Coronavirus.

Analysts at Afrinvest research analysts had expected this record bearish performance, “as the economic outlook of the country remains uncertain.� “Coronavirus is rattling the healthcare, financial and economic systems around the world. Although, the impact on Africa countries initially seemed to be limited to the external account and financial markets, which are considered secondary due to net foreign capital reversals. “However, with an increasing number of cases in the continent, monetary and fiscal authorities are forced to double down on their efforts to curb the spread of the virus, as the primary impact of the outbreak is set to add an extra layer of domestic challenge to the growing problem,� the analysts said.

Looking at other markets in Africa, analysts at Afrinvest said Egypt’s EGX30 emerged the top laggard, shedding 17.8 per cent while Mauritius’ SEMDEX trailed, falling 16.7 per cent. Likewise, Morocco’s Casablanca MASI and Kenya’s NSE 20 indices fell 9.8 per cent and 4.7 per cent respectively, while the Ghana’s GSE declined by 0.2 per cent. “In the BRICS market, there was a bearish performance as all indices under our coverage trended southward. Brazil’s Ibovespa index led laggards, down 13.5 per cent while India BSE Sens index lost 12.3 per cent. “South Africa’s FTSE/JSE All Share index fell 9.0 per cent despite the central bank cutting rate by 100bps and injecting liquidity into local markets. Similarly, Russia’s RTS and China’s Shanghai Composite depreciated 7.2 per cent and 4.9 per cent respectively,� Afrinvest said.

The analysts noted that in Asia and the Middle East, performance was largely bearish as four of five indices closed in the red. Turkey’s BIST 100 index led laggards, down 9.9 per cent, followed by UAE’s ADX General Index and Saudi Arabia’s Tadawul ASI which declined 6.0 per cent and 1.4 per cent in that order. “Similarly, Thailand’s SET Index closed the week 0.1 per cent lower. On the flip side, Qatar ’s DSM 20 index emerge the lone gainer, advancing 4.2 per cent after the government announced QR75.0 billon financial package for the private sector and another

S&P 500 and NASDAQ fell 9.9 per cent and 8.8 per cent respectively despite a $1.0 trillion emergency stimulus. “Likewise, Hong Kong’s Hang Seng and Japan’s Nikkei 225 indices declined 5.1 per cent and 5.0 per cent respectively while the United K’s FTSE All-Share index dipped 4.0 per cent. Germany’s XETRA DAX and France’s CAC 40 indices depreciated 2.5 per cent and 1.5 per cent in that order despite Germany’s $600 billion stimulus,� the analysts said.

Market turnover In line with the negative trend, the volume of trading also declined as investors traded 2.804 billion shares worth N32.559 billion exchanged in 31,715 deals, down from 3.964 billion shares valued at N43.703 billion that exchanged hands in 26,054 deals.

However, the Financial Services industry (measured by volume) led the activity chart with 2.508 billion shares valued at N25.292 billion traded in 23,243 deals, thus contributing 89.44 per cent and 77.68 per cent to the total equity turnover volume and value respectively. The Conglomerates followed with 60.873 million shares worth N105.948 million in 767 deals. The third place was Services industry, with a turnover of 51.296 million shares worth N117.545 million in 350 deals.

Trading in the top three equities namely, Zenith Bank Plc, Guaranty Trust Bank Plc and FBN Holdings Plc accounted for 1.635 billion shares worth N21.282 billion in 15,631 deals, contributing 58.3 per cent and 65.4 per cent to the total equity turnover volume and value respectively.

Investors also traded a total of 15,121 units of exchange traded products (ETPs) valued at N87.766 million in seven deals, compared with a total of 75,285 units valued at N472.951 million transacted the previous week in six deals. The bonds market recorded 16,204 units of Federal Government bonds valued at N19.101 million exchanged in eight deals, compared with a total of 62,290 units valued at N71.461 million transacted the previous week in 18 deals.

QR10bn fund infusion into the QSE in view of the challenges

posed by Covid-19,� they said.

Similarly, performance across the

developed markets was bearish.

In the United States markets, the

Top price gainers and losers Meanwhile, 35 equities appreciated in price during the week, higher than two equities in the previous week, while 27 equities depreciated in price, lower than 64 equities in the previous week.

Cadbury Nigeria Plc led the price gainers with 26.2 per cent, trailed

by NPF Microfinance Bank Plc with 23.5 per cent. United Capital Plc chalked up 20.5 per cent, just as Caverton Offshore Support Group Plc garnered 20.1 per cent. Union Bank of Nigeria Plc gained 20 per cent, while African Prudential Plc and Eterna Plc went up 18.8 per cent and 18.3 per cent in that order. Julius Berger Nigeria Plc, NAHCO Plc and Wema Bank Plc appreciated by 17.3 per cent, 14.1 per cent and 11.1 per cent respectively.

Conversely, WAPIC Insurance Plc led the price losers with 22.2 per cent, trailed by United Bank for Africa Plc with 18.7 per cent.

May & Baker Nigeria Plc shed 16.7 per cent, just as Dangote Cement Plc and Transcorp Plc lost 15.2 per cent and 14.2 per cent respectively. Skyway Aviation Handling Company Plc and Presco Plc 10.1 per cent and 9.8 per cent in that order. Flour Mills of Nigeria Plc, Arbico Plc and Ardova Plc shed 9.8 per cent respectively.

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Stakeholders Urge FG to Subsidise Renewable Energy Kasim Sumaina in Abuja The federal government has been advised to subsidise the renewable energy industry rather than spending huge amount on petroleum products importation.

Stakeholders in the renewable energy industry made the plea recently in Abuja, at the national policy conference/ policy roundtable dialogue on the National Renewable Energy and Energy Efficiency Policy,

where they observed that Nigeria would benefit more when the country’s renewable energy sector is improved upon.

In a communique issued at the end of the event, organised by the Partnership for Economic Policy, participants agreed that production subsidy should apply to the production of renewable energy rather than its importation.

Speaking on the possibility of channeling subsidy on petrol to the renewable energy sector,

they noted that this highlighted the problem of the dearth of domestic capacity to produce, maintain and develop the renewable energy sector in the country.

The stakeholders opined that to improve domestic capacity, adapting renewable energy into the existing educational curriculum was necessary.

The participants in the communique, equally raised concerns regarding the overwhelming emphasis on solar

FCCPC to Enhance Healthcare Intervention Policies Hamid Ayodeji The Federal Competition and Consumer Protection Commission (FCCPC) has expressed its preparedness to introduce policies and regulations to improve the capacity of healthcare establishments and service providers towards catering to patients.

The agency during a recent inquiry in Lagos, regarding a case of an alleged violation of patient’s right disclosed that following the implementation of the Patient’ Bill of Rights (PBoR), there was also the need to institutionalise certain accident and trauma response procedures.

This, the agency explained would, equip the medical sector improve the quality of care they provide to patients, thereby

preventing avoidable death.

The Chief Executive Officer, FCCPC, Babatunde Irukera, while speaking to journalists during the public inquiry, explained that: “In addition to effectively enforcing the Patients’ Bill of Rights in collaboration with the Federal Ministry of Health, we are working towards recommending, initiating and enforcing new professional policies and regulations. “We know that there are agencies such as the National Emergency Management Agency which responds to severe and mass severe cases. However, there is the need for individual traumas; road accidents, cases from violent and criminal attacks. “From our findings we need services that cater to patients in their homes; provide trained first responders who are adequately

empowered to take the necessary life-saving actions. “According to experts, it is required of the medical space to institutionalise the training of its staff regarding its response to trauma, whereby they know exactly what to do in order to stabilise the patient and knowing what to do after running a survey. “Also, we would continue sensitising citizens on the patient rights they are privileged to receive from medical establishments as we have gathered that there is a consuming public that do not know there are certain obligations that are owed to them. “We would also be seeing to it that there are no instances where patients are asked to provide police or any law enforcement agency’s report before receiving treatment.�

energy which had warranted the neglect and underdevelopment of other options like wind and tidal waves.

They noted that a major consideration for expanding the scope of renewable energy use in Nigeria was the option of awareness and sensitisation programmes that focused on the advantages of renewable energy in very remote communities. Such awareness programmes they said, should highlight the cost implications

of adopting renewable energy and sustainability options that can generate income for the users. According to them, “The economic implications should be considered when formulating policies on renewable energy. “The problems of weak inter-agency collaborations, affordability considerations of existing renewable energy options and the need to harmonise the implementation of import regulations pertaining

to renewable energy as probable economic conditions that could mitigate the effectiveness of renewable energy policies.�

They, however, highlighted other mitigating factors to effective renewable energy policies, which included knowledge gap between researchers’ findings and implementing these findings by policymakers “And the dissimilar demand for renewable energy for both on-grid and off-grid electricity consumers,� said.

Odinuwe Emerges New PETAN Chairman Mr. Nik Odinuwe has emerged the new Chairman of the Petroleum Technology Association of Nigeria (PETAN), at the just-concluded annual general meeting of the association held in Port Harcourt, Rivers State, recently.

According to a statement, by the newly elected Publicity Secretary, Dr. Lucky Akhiwu, Odinuwe succeeded Mr. Bank-Anthony Okoroafor, who had steered the affairs of PETAN, Nigeria’s oil industry oldest association over the past four years.

He was elected alongside other new board executives, including: Vice Chairman, Mr. Ranti Omole; Secretary, Ms. Patricia Simon-Hart; Assistant Secretary, Mr. Daere Akobo; Publicity Secretary, Dr. Lucky Akhiwu; Financial Secretary, Mrs. Edith Akwaeke; Treasurer, Mr. Eloka Ejeh; Conference Chairman, Mr. Chinedu Maduakor;

Ex-officio, Mr. Martins Okoro and Ex-Officio, Dr. Timi Austen-Peters. “PETAN is reputed as the initiator of local content in Nigeria and has been championing the quest for increased local participation in the Nigerian oil and gas industry, thereby culminating in the Nigerian Oil and Gas Industry Content Act, 2010,� the statement addd.

PETAN is an association of Nigerian indigenous technical oilfield service companies in the upstream and downstream sectors of the petroleum industry.

The association was formed to bring together Nigerian oil and gas entrepreneurs to create a forum for the exchange of ideas with the major operators and policy makers.

PETAN has been promoting the development of the oil and gas industry in Nigeria through the organisation and participation of

Nigerian entrepreneurs in conferences, seminars, workshops, and creating opportunities for Nigerian companies to project themselves in the competitive industry.

PETAN companies and their contractors employ over 20000 Nigerians of which over 60 per cent are graduates.

This has a beneficial “domino� effect on economy through the use of local inputs, growth of local expertise and know-how.

Since 2005, PETAN has been solely responsible for organising the Nigerian Pavilion and the exhibition of Nigerian companies at the Offshore Technology Conference, OTC, which holds in Houston, Texas every year.

It has also created opportunities for Nigerian companies to showcase themselves in other international conferences and exhibitions locally and internationally.

FMITI to Support SON on Industrialisation Chris Uba The Federal Ministry of Industry, Trade and Investment (FMITI) has stated its commitment to provide all necessary support and encouragement to the Standards Organisation of Nigeria (SON) and other agencies under its supervision to achieve rapid industrialisation and accelerate economic growth.

This commitment was reemphasised by the Permanent Secretary of FMITI, Nasir SaniGwarzo, in response to a brief from the Director General of SON, Osita Aboloma in Abuja.

Sani-Gwarzo acknowledged the relevance of standardisation, quality assurance and conformity assessment to all sectors of the economy.

He commended SON’s management under Aboloma for its giant strides in standards development, local and offshore conformity assessment of products, services and

processes with particular emphasis on attainment of international accreditation for many of its services to Nigerian stakeholders.

The Permanent Secretary, who also doubles as Chairman of the SON’s Governing Council, enjoined the agency to redouble its efforts in relation to collaboration with other agencies of government as well as the organised private sector groups.

He expressed interest in the working collaboration between the National Metrology Institute (NMI) being developed by SON and the Weights and Measures Department of the FMITI to ensure optimal delivery of services in Industrial and Legal Metrology for the nation’s rapid economic growth.

Briefing the Permanent Secretary earlier, the SON DG acknowledged the support and encouragement enjoyed from the FMITI in the past. He highlighted some of SON’s recent achievements as including: clearing of all outstand-

ing staff promotion exercises; improved and ongoing capacity development through attainment of international accreditation and recognition for many of its services such as laboratories, management systems certification and training services amongst others.

Others are nationwide infrastructural development of regional/administrative complexes to provide better working environment for staff and take product testing and analysis nearer to the stakeholders, massive development of market-driven standards in conjunction with relevant stakeholders, and offshore Conformity Assessment of products through the Mandatory program for made-in-Nigeria (MANCAP) and SONCAP for imported products.

On his part, Aboloma enumerated some of the challenges confronting SON as including funding for the continuous development of the NMI and other SON laboratories.

UBA Empowers 400 Entrepreneurs in Onitsha The United Bank for Africa (UBA) at the weekend held a capacity building training in Onitsha, Anambra State, where about 400 small and medium scale business entrepreneurs benefitted immensely from the impactful training.

The beneficiaries were trained in record keeping, cost reduction, stock compiling, financial and taxation planning, maximising opportunities, financial planning and projections.

UBA’s Regional Head of Anambra II Anyanuno Ozioma, who flagged off the training said

the workshop was intended to add value to customers’ businesses through improving their knowledge and skills. It was also conceptualised to fill the existing gaps observed in business and allay beneficiaries’ hitherto fears of expanding their businesses.

He said: “Modern day business requires that an average businessman regularly updates his knowledge to cope with the changing economy. Besides, this is an internet/ technology driven age and our customers need to learn new ways of doing business and how to package their businesses

for increased patronage.�

Anyanuno, said the turnout was a demonstration of the bank’s acceptance by the traders and the importance they attached to the workshop. He promised a repeat of the exercise to accommodate more people.

Head of E-banking Babatunde Ajayi, said the programme was part of the bank’s corporate social responsibility (CSR) in furtherance of its responsiveness to customers’ needs while also assuring that the bank is 100 percent committed to the overall growth and success of its customers.

NOTICE OF ANNUAL GENERAL MEETING POSTPONEMENT The Board and Management of United Capital Plc wish to announce the postponement of its 2020 Annual General Meeting slated to hold on March 24, 2020 at the Transcorp Hilton Hotel, Abuja. By this postponement, the earlier issued Notice of AGM is hereby cancelled.

The decision comes on the heels of the recent developments around the novel COVID-19 and the need to follow the guidelines provided by the World Health Organization, the National Centre for Disease Control and the Federal Government of Nigeria amongst others.

We apologise for any inconvenience this postponement might cause. A new date for the meeting and a new Notice of AGM will be communicated in due course.

By Order of the Board Leo Okafor Company Secretary/General Counsel

UnitedCap

United Capital Plc

UnitedCapitalplc

info@unitedcapitalplcgroup.com

www.unitedcapitalplcgroup.com

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NOTICE OF ANNUAL GENERAL MEETING POSTPONEMENT The Board and Management of Transnational Corporation of Nigeria Plc (Transcorp) wish to announce the postponement of its 14th Annual General Meeting slated to hold on March 25, 2020 at the Transcorp Hilton Hotel, Abuja. By this postponement, the earlier issued Notice of AGM is hereby cancelled.

The decision comes on the heels of the recent developments around the novel COVID-19 and the need to follow the guidelines provided by the World Health Organization, the National Centre for Disease Control and the Federal Government of Nigeria amongst others.

We apologise for any inconvenience this postponement might cause. A new date for the meeting and a new Notice of AGM will be communicated in due course.

By Order of the Board Chike Anikwe Ag. Group Company Secretary

TranscorpPLC

TranscorpNigeriaPlc

transcorpnigeria

Transcorp PLC

Info@transcorpnigeria.com

www.transcorpnigeria.com

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Popoola: Access to Credit Unlocks Economic Growth The Managing Director/Chief Executive Officer, CRC Credit Bureau, Mr. Tunde Popoola, in this interview with members of the Finance Correspondents Association of Nigeria, advised the federal government to introduce a unique citizens’ identification system so as to ramp up access to credit and spur economic growth. Dike Onwuamaeze and Nume Ekeghe brings the excerpts: How can someone know his or her credit score?

First, you should know that every Nigerian is entitled to one free credit report every year from a credit bureau by the provision of the National Credit Reporting Act 2017.

You can get your credit report online for free, but you have to pay for to get your credit score. We want every Nigerian to be prepared because sometimes people come to our office to lament that they did not even know that they owed anything to anyone. So, before applying for loans from any bank you should find out if anyone is claiming that you or your company owes him. That is why we want people to have access to their credit report online without coming to our office so that they will know the claims of indebtedness people are making on them or their companies.

This information is available online for free.

What is the thinking of the government in terms of introducing a unique identifier for every Nigerian citizen?

We were having challenges on unique identifier to be able to do our work. This is the way we work: For instance, a bank customer may have accounts with three different banks which he opened with three different means of identification.

He will use his driver’s license at Bank A; International passport at Bank B and the National ID Card for Bank C. So, in effect, he has given three different means of identifications to three different entities. So, when he borrows, it becomes very difficult for us to consolidate his records in one data. We then approached the Central Bank of Nigeria and met the former Governor Sanusi Lamido Sanusi to help us attain a unique identifier through the National Identification Management Commission (NIMC) so that the government will ensure that every Nigerian has a unique means of identification. This didn’t work because of the amount of money NIMC was demanding for it was beyond what the CBN was willing to pay for. Then the Governor suggested a unique identifier for the banking industry. We went on February 14, 2010, to make a presentation to the Bankers’ Committee on unique identifier for the banking system. That was what led to the Bank Verification Number (BVN) that we have today. That initiative came from the operators in the credit bureau.

But I will like to make it clear that the BVN is not enough because it is not every Nigerian that has a bank account.

Why can’t credit bureau be used to do background checks on politicians before they are cleared to aspire to hold public offices as elected or appointed officials?

Some countries use the credit bureaus to know the exposures of their politicians but we have not gotten there yet in Nigeria.

But I think it is something that can be very interesting because if a person who has the capacity to pay his debts is owing and isn’t paying, why should we entrust him with public treasury as a president, governor, legislator, minister, councilor, etc., because they all have access to public funds. So, I think this is something we should be looking at as a nation to help us have some sanity and also determine how responsible those who are going to hold political offices are. It should be made a law that those with non-performing loans should not be eligible to contest elections in Nigeria or be appointed as CEO or board members of public institutions.

What are the problems militating against credit penetration in the country?

The credit bureaus gather data of those that have enjoyed credits facilities. So, if

Popoola the level of those who have enjoyed credit is low, the information in the bureau will also be low. And because we have also realised that a lot of lending take place outside the formal system, the bureaus are now going all out to look for the lenders in the informal system and bring them into the organised credit rating system. This explains why we are running after the cooperative societies and money lenders. They are not formalised but they lend significantly to a lot of people and people meet their obligations with through them. So, it is something that can help to increase the penetration we are talking about because if you limit it to just formal lending, that figure would keep on being very low. Today we are appealing to landlords to make credit report as part of the Know Your Customer (KYC) of their new tenants. In South Africa, you cannot get a telephone line or take a lease without them checking you on the credit bureau.

to think outside the box because the intervention funds alone cannot do it for us, but this pension funds can do it for us.

Your pension is truly your savings and it will be a dead asset if you cannot borrow against it. The pension represents a huge savings for a lot of people and I think it is something we can also advocate for. I support it completely.

Can people borrow against their pension accretion?

As part of addressing the challenges to access to credit, I’m saying that we need

Are your services available to cooperative societies?

As we speak today, there are quite a lot of cooperative societies who are amongst the almost 1,500 institutions that are doing business with us. If you have cooperative in your media houses, I will be willing to come with my colleagues to take your data. It is good to look at things from a positive perspective because if you do not have a credit history, the banks will be asking you for collateral. Having a credit history, even if it is with a cooperative, will help to reduce the requirements banks will demand from you before granting you credit. If you don’t have credit, you would not have a credit score. That is how the credit penetration can also grow.

Nobody can be really rich if he relies on his own savings and earnings to do things. We all need credit.

It is the only propeller that we need to ensure that this economy takes off

What services do you render to the telecoms and the Discos?

In the two sectors, they have post-paid services. This is the area where they need our service. So, if you are on a post-paid service in a telecom company for instance, you are enjoying some level of credit. In those days MTN would ask you to pay back some amount and that was really not credit. Maybe they will ask you to pay a deposit of N20,000. And immediately you hit that N20,000 your line is off. But, nowadays that is not the case. They no longer ask you to pay down any deposit

and you can enjoy up to the credit threshold they have granted to you. But when you refuse to pay for the credit you have enjoyed they will submit your data to the credit bureau. When you are doing well they can also refresh on their analysis and say that you can enjoy a credit of up to N30,000 or N40,000. That is the way it is for the telecoms. In most parts of the world people don’t turn telcos into a bank. But that is what we have turned them into in Nigeria.

You may buy airtime of N1,000 and may not finish using it for a week. But already you have given the N1,000 to the telecom firm. That is why treasurers of telecoms firms are more powerful than the managing directors of commercial banks because of the amount of money they have, which is the other way round in most developed countries where telecom services are mostly rendered on credit. And that is where we will migrate to. It is the same thing with electricity. And it is the same thing with insurance. You can enjoy electricity and pay for it after the service. But if you don’t pay then your data comes to the credit bureau.

But the arrangement that we have with the electricity companies is that whether the client pays or not those data should come to the bureau. Because when you are paying for your electricity you also showing that you are reliable and responsible and can pay for your credit. We always tell the banks that the data from telecoms and discos are veritable data for them to build their credit decisions for a client on. Why? No one will repay his bank loan if he is defaulting on his electricity bill. You will first of all pay your electricity bill because you know that they can cut off your light. So, if someone CONTINUED ON PAGE 29

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POPOOLA: ACCESS TO CREDIT UNLOCKS ECONOMIC GROWTH

Covid-19: Telcos Move to Ensure Hitch-free Services Emma Okonji

Popoola is very reliable in paying electricity bill and telephone bill only mean that that person is good a candidate for bank credit.

How will you access the capacity to repay credit?

There are two things relating to capacity to pay. First is your income level and the second is your level of exposure. The one that the credit bureau will give to the lender is your level of exposure because we do not collect information on people’s income on our data base. That is why bank will ask you how much you are earning. Banks also will like to know the totality of your exposure.

If for instance your income is N200,000, banks don’t know if you have borrowed against this N200,000. But when they check with the bureau they will discover that you are already exposed to two institutions to the tune of N150,000. So, it will not make sense for the bank to give you the third loan. That is how it works.

What is the relationship between the Asset Management Corporation of Nigeria (AMCON) and the credit bureaus?

AMCON is like any other financial institution and its data is with the credit bureau. So, all those borrowers who are on the AMCON’s list are not supposed to be able to take loans anywhere in the financial system because they are all bad debtors. AMCON has explained itself many times that total number of the entities that are involved are very few. The loans are huge, but from limited number of people or companies. The issue is not about the numbers of the obligors but on the amount each of them is having on the data base.

All I can confirm to you is that all those loans are already on the data of the credit bureaus.

How can the informal sector benefit you’re your credit rating?

The question we ask ourselves is this: If the madam has a block of four flats and he is giving them out how can she have the opportunity to leverage on us?

Are we ready to take a paper she brings that a tenant is owing her as a data? As we speak today our answer is “no.� It is a high level of risk for us as a business concern. If the tenant happens to take the landlady to court is he not going to join the credit bureau? So, we will have to go to hire a lawyer to defend us in a matter that we do not know anything about and the lawyer would tell us that we ought to have done our due diligence well before taking the data from the landlady.

That is why those we are on board with are companies and entities that can sue and be sued. The approach to rentals is that we approach the estate agents who are registered institutions and have so many customers they are attending to.

That is the approach for us. What I am

saying in essence is this that we keep on trying to encourage every sector like this to form associations so that we can deal with them as associations. A good example is the discussion we are having with the Advertising Practitioners Council of Nigeria (APCON), because it is joining the bureau. That is an example of another sector that we are dealing with as a group.

They can have a data base of all their members and we take those data from them. That is how to reduce the incidence of litigation and all that. We also have a very good relationship with the Association of Non-Banks Micro Finance in Nigeria (ANMFIN). It has about 8,000 members.

They are not licensed by the CBN, but are lending in their own money. About 200 of them have registered with us. Our intention is to be able to take the entire 8,000 and put them on our data base. These players in the informal sector have one association or the other and that is how we deal with them.

What is the level of credit penetration in Africa?

I think credit penetration is about 55 per cent in Africa. Nigeria, with its 11 per cent credit penetration, is one of the countries dragging down the data because of our huge population. Most African countries are better than us when it comes to credit penetration.

How important is the unique identifiers to national development?

This is one area that we keep on appealing to government to really take serious as something with the capacity to change the totality of the Nigerian economy. How can we get people out of poverty and have sustainable economic growth when people do not have access to credit? And the major reason they cannot have access to credit is because the country does not have a distinct unique system of identifying its citizens. Would you give money to a stranger that you do not know how do you trace it?

You won’t give money to people you don’t know unless you have a guarantor. And we are saying that the world has moved beyond all of that. So, the unique identifier should be declared as a very urgent matter by the government. In South Africa, from the day you are born you will hold that number for life and it goes to your grave with you. The Director of Public Policy and Poverty Alleviation in Malaysia told me in 2013, that her country knows the specific number of poor people in Malaysia and that they know their homes. That is how the credit penetration in Malaysia is 100 per cent. Nobody can be really rich if he relies on his own savings and earnings to do things. We all need credit. It is the only propeller that we need to ensure that this economy takes off.

Worried about the possible economic lockdown in Nigeria due to the spreading COVID-19, telecoms operators under the aegis of Association of Licensed Telecoms Operators of Nigeria (ALTON), at the weekend, rose from an emergency meeting, where it took far-reaching decisions and made strong recommendations on how best to manage telecoms operations throughout the Coronavirus outbreak.

Chairman of ALTON, Gbenga Adebayo who gave a rundown of the global effect of the COVID-19 that has claimed the lives of many people outside of Nigeria, said Nigerian government may likely declare partial or complete lockdown of its economy, like other economies of the world, following the recent measures taken by the federal government to address the situation, like the closure of all schools and tertiary institutions in the country, suspension of the National Youth Service Corps (NYSC) programme, placing travel ban on 13 countries, including US and UK, among others.

He said the fear of the possible lockdown of the economy, compelled ALTON to hold an emergency meeting in order to make recommendations to the telecoms regulator, the Nigerian Communications Commission

(NCC) and the federal and state governments on how best to ensure hitch-free telecoms services throughout the period of the COVID-19 outbreak.

In the communique, members agreed that all telcos must be committed to increasing their network capacity to enable them provide quality service throughout the period of the virus.

It was recommended that the industry regulator, the NCC, should facilitate the process of getting approval for Right of Passage (RoP) for all telecoms operators, from the federal and state governments, to allow for easy movement, should there be a partial or total lockdown of the economy.

Members also recommended that NCC should facilitate the process of Right of Passage (RoP) for logistics companies that are involved in supplies of goods and services to telecoms operators, in order to allow free movement in the event of economy lockdown resulting from the effect of the disease.

According to the communique, telcos must also support government through their corporate social responsibility (CSR) initiatives, to provide safety materials that would protect the public against the virus.

They also suggested the need to sensitise the public on safety tips about COVID-19, through

the Interactive Voice Response (IVR) and other channels.

ALTON recommended that government should establish a front desk at all Emergency Communication Centres (ECC), to provide information about the virus.

Members equally urged the NCC to seek support from law enforcement agents to protect telecoms facilities throughout the period.

They also suggested that NCC should consider stepping down Number Portability during the period to reduce pressure on networks, when subscribers tend to migrate from one network to another.

Members suggested that NCC should call on government agencies to put a stop to all government orders, directing the closure of telecoms sites, to enable the proper management of telecoms sites.

According to the communique, it was agreed that NCC and the state government should reduce the frequency of physical meetings this period and deploy alternative meeting platforms, in order to reduce the risk of contacting the virus.

In the area of network sharing, the communique stated that members agreed that telecoms operators should collaborate to share resources among themselves in times of difficulties during this period.

‌IATA Appeals to African Governments to Support Airlines Chinedu Eze The International Air Transport Association (IATA) is appealing to the Nigerian government, other African countries and the Middle East nations to provide emergency support to airlines as they fight for survival due to the evaporation of air travel demand as a result of the COVID-19 crisis.

Looking at the losses occasioned by the virus, IATA said that Nigeria would lose about 2.2 million passengers and $434 million revenue to the pandemic, as airlines have drastically reduced flight operations to international destinations and many countries have already closed their borders to air travel due to the pandemic. “Stopping the spread of COVID-19 is the top priority of governments. But they must be aware that the public health emergency has now become a catastrophe for economies and for aviation. “The scale of the current industry crisis is much worse and far more widespread than 9/11, SARS or the 2008 Global Financial Crisis. Airlines are fighting for survival. “Many routes have been suspended in Africa and Middle East and airlines have seen demand fall by as much as 60 per cent on remaining ones. Millions of jobs are at stake. Airlines need urgent government action if they are to emerge from this in a fit

state to help the world recover, once COVID-19 is beaten,� said IATA’s Director General and CEO, Alexandre de Juniac.

IATA said extensive costcutting measures were being implemented by the region’s carriers to mitigate the financial impact of COVID-19. “However, due to flight bans as well as international and regional travel restrictions, airlines’ revenues are plummeting—outstripping the scope of even the most drastic cost containment measures. “With average cash reserves of approximately two months in the region, airlines are facing a liquidity and existential crisis.

Support measures are urgently needed. On a global basis, IATA estimates that emergency aid of up to $200 billion is required. “IATA is proposing a number of options for governments to consider, which include direct financial support to passenger and cargo carriers to compensate for reduced revenues and liquidity attributable to travel restrictions imposed as a result of COVID-19; loans, loan guarantees and support for the corporate bond market by governments or central banks,� it added.

IATA explained that the corporate bond market was a vital source of finance, but the eligibility of corporate bonds for central bank support should be extended and guaranteed by governments to provide access for a wider range of companies.

The association also urged governments in Africa to give tax relief to airlines and urged for rebates on payroll taxes paid to date in 2020 and/or an extension of payment terms for the rest of 2020, along with a temporary waiver of ticket taxes and other Governmentimposed levies. “Several governments in Africa and the Middle East have already committed national aid for COVID-19 including Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Egypt, Nigeria and Mauritius. Our request is that airlines, which are essential to all modern economies, are given urgent consideration. “This will help keep them alive and ensure airline staff – and people working in allied sectors - have jobs to come back to at the end of the crisis. “It will enable global supply chains to continue functioning and provide the connectivity that tourism and trade will depend on if they are to contribute to rapid post-pandemic economic growth,“ said IATA Regional Vice President Africa, Middle East, Muhammad Al Bakri.

IATA disclosed that Africa’s air transport industry’s economic contribution is estimated at $55.8 billion supporting 6.2 million jobs and contributing 2.6 per cent to GDP. In the Middle East air transport’s economic contribution is estimated at $130 billion supporting 2.4 million jobs and contributing 4.4 per cent to GDP.

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Financial Services, Innovation and Technology Buchi Ubani Over the years, most banks have restructured their organisations, made their operations simplified through automation and tailored their products and services in order to succeed in a highly competitive Nigerian market. All of these ride on technology, driven by the need to improve their performance and gain more market share.

As competition becomes even more challenging, the need to innovate with new technologies or improve on existing ones become imperative.

The financial institutions of the future understand this and more, because beyond the rapidly advancing technology, there are also other considerations regarding globalisation, consolidation, deregulation, the spate of fintech startups and consumer adaptation.

One can’t overemphasise the need to adopt new technologies, especially in the face of consumer adaptation to technological advancement. Yes, adaptation, because technological innovation is built on identifying people’s problems and creating a well-designed solution that people are amenable to. This is a common trend that was noticed with most technology solutions consumers had to directly interact with in the financial sector in Nigeria.

The uptake is often a bit slow at the start, but at some point, it gains acceptance and usage quickly.

Largely because it follows a simple buying principle: consumers see the product enough to become likeable; friends have it and talk about it; then they feel they need it as well.

The pathway may differ at times. From the introduction of the Electronic Fund Transfer (ETF) to internet banking at home and in the office to the Automated Teller Machines (ATM) to Smart Cards to Point of Sales system (PoS) to mobile phone banking and computerised credit rating, this principle has played out to a large extent.

Today, the uptake of innovative financial products tends to be taken up faster, as consumers get more used to digital technology and trust them better, even as the banks improve the performances of their technological solutions by solving the attendant glitches or hitches and upgrading their features.

The most recent technological solution offered by banks, not mentioned above, is the use of Artificial Intelligence (AI).

As banks continue to move towards the complete automation of their operations and services, this technology is a deal breaker.

Artificial intelligence in itself, is a broad category and cannot be effectively described in simple terms. For ease, however a narrow description would be: a suite of modelling techniques designed to predict and respond to human behaviour as a human would.

It relies on big data and one of the attendant major implication of this is the ability of the bank to segment customers based on

Sekibo behaviour prediction. Beyond this narrow aspect, other models built by the financial institutions include price optimisation, loss forecasting, fraud detection and compliance monitoring.

These are just a few of the extensive models where financial service providers have deployed AI. The main area of interest for the consumer however relates to services and products that help them have better experiences with their financial institutions.

This is where the digital banks and personalised Chatbots capable of providing consumers with assistance and financial transactions come in. Typically, these were operated separately, built to enable the consumer perform simple banking operations, pay bills and resolve customer issues among others.

But every technology can be advanced further and financial institutions continue to get smarter with previously unknown

insights that AI continues to provide.

So the more recent digital banks like Octopus by Heritage Bank for example, combines both the chatbot model and digital bank features into one, enabling consumers to access more services from one place. More so, while most other models try to retain or direct the consumer to the mother bank, Octopus gives liberty to the consumer, allowing the user to utilize the platform regardless of the bank.

In other words, consumers can pay with any bank in Nigeria on Octopus. It doesn’t have to be Heritage Bank.

It thus has the capability to consolidate and connect all the customer’s bank accounts in one place delivering ease of access to the customer. But this innovation goes beyond just transactions and customer issues. Consumers can actually create their own social community, create events, set up payment structures for their entities and businesses the way they want, among other

things, thus helping to reduce operating costs and streamline income streams for small businesses. And all of these can be done on any platform of the consumer’s choice. One of the major enablement of the finance sector, facilitated by technology over time is the capability of the financial institutions to integrate services, internally within their network and externally with other banks.

It is now possible to see a single transaction commence on a platform like a chatbot, continue on another platform like an app and conclude on the web seamlessly and fluidly. This is a unique feature on Octopus, which the promoters call omnichannel.

A major challenges consumers have faced with the technology offered by the competing financial institutions is the multiplicity of platforms and devices that they have to use to access the digital services: more so for consumers that have several bank accounts – a common occurrence among the banked populace in Nigeria.

Financial institutions have over time tried to solve this challenge, which has given rise to the development of digital banking platforms with the capability for handling a wide variety of tasks. And with the increasing capacity to integrate, digital platforms continue to upgrade and increase in capacity to converge what the consumer can do in one place.

The innovative drive behind Octopus is to combine digital transactions and the community lifestyle of the consumer. This has a strong potential for the consumer to build their own digital world and perform digital transactions the way the want it. So in a nutshell, the consumer’s daily activities like banking, cinemas, stock markets, social interactions, churches, universities, meetings, restaurants, utility - DSTV, PHCN – fans clubs, associations and any other communities have been digitized and consolidated; embedded in the same social media platforms where they are such as Facebook and Telegram, with access via apps and multiple devices according to the consumer’s choice.

The attendant benefits to the users, including small businesses is therefore numerous, including keying into electronic payment systems, creating efficient collection systems, social integration, customer retention strategies, bills payment, virtual mobile top-up, funds transfer, balance inquiry, movie show time and news.

Other benefits involve, engaging customers, sending messages, advertisements, auto reminders for due payments, sell their products and services, automatic product recommendation, create any kind of community and engage freely.

Consolidation and convergence has been a common opportunity provided by technology and more of this will be seen as organizations continue to strive to solve consumer challenges in a bid to win them over. AI has the potential to drive this as its adoption increases.

FMBN Refutes Allegation of Fraud The Federal Mortgage Bank of Nigeria (FMBN) has described as false, a media report of N360 billion fraud at the Bank. Signed The FMBN in a statement that was signed by its Group Head, Corporate Communications, Ahmed Abubakar, described the allegation as, “baseless and totally misleading.�

It urged members of the public to note that its board and management had championed the principles of professionalism and transparency in running the affairs of the Bank through regular updates on its operations to the general public and stakeholders. “The facts surrounding the operational performance

of the Bank in delivering affordable housing finance are clear and verifiable,� it added.

While reeling its scorecard between April 2017 and January 2020, it pointed out that within the last three years, being the tenure of the Bank’s current management, the institution had mobilised a total of N138.5 billion as collections under the National Housing Fund (NHF) Scheme. “The figure accounts for 37 per cent of the cumulative collections of N371.4 billion from 1992 to date. Within this period, the bank disbursed N88.6 billion while the sum of N22.9 billion (68% of a cumulative N33.7 billion) has been refunded to about 158,000 of a total of 290,543

Nigerian workers who exited the Scheme in line with the provisions of the NHF Act. “In addition, the Bank created 21,046 mortgage loans and disbursed 43,312 home renovation loans as part of addressing the housing finance needs of low- and medium-income Nigerians. “Currently, various categories of loans totaling 127.4 billion are at various stages of processing for disbursement to beneficiaries,� it explained.

Furthermore, it urged members of the public to note that despite its modest achievements, the management of the Bank was not unmindful of the huge housing deficit. According to the statement, while FMBN

aspires to do more, the Bank was challenged by a weak capital base (only N2.56 billion of a mere N5 billion capital is paid up), and the funding of its operations is currently limited to the resources of the NHF Scheme. “It is in this regard that the Bank is aggressively seeking recapitalisation to the tune of N500 billion and exploring opportunities for other sources of low-cost, longterm funds locally and globally, in addition to pursuing full compliance with the provisions of the NHF Act, to address Nigeria’s housing funding gap. “As a financial institution in Nigeria, it is important to also reiterate that the FMBN falls under the supervision of

the Central Bank of Nigeria (CBN) which conducts annual examination exercises. “Internally, the Bank has also appointed an audit firm of international repute that audits its financial statements as required of a corporate entity in addition to oversights by the Offices of the Accountant-General of the Federation, the AuditorGeneral of the Federation as well as the relevant Committees of the National Assembly,� it stated.

Additionally, it stated that its current Board of Directors had approved and was implementing corporate governance and risk management framework in line with banking regulations, “These policy measures

and regulatory oversights are to ensure the safety and prudence in the use of funds, inclusive of NHF contributions, under the management of the Bank. “We therefore wish to encourage the media to verify information made available to them and balance their reports before going public in line with respected and accepted global tenets of the profession. “The Board and Executive Management remains committed to repositioning FMBN as a stronger and more impactful institutional tool for the delivery of affordable housing to Nigerians in line with the ‘Next Level’ Agenda of the President Buhari Administration,� it added.

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COVID-19: Konga Announces N10m Palliative, Free Delivery Emma Okonji Konga, an e-commerce firm, has announced a N10 million intervention package to cushion the effects of the dreaded COVID-19 on its teeming customers.

The fund, which will be disbursed to Konga customers through vouchers, would go towards offsetting some of the purchases made by customers during this period.

In addition, Konga has also announced free delivery for purchases made by customers.

This was disclosed in a statement Konga sent via email newsletter to its customers.

According to the statement, ‘‘We know that many of our customers are experiencing uncertainties resulting from this global outbreak. To help during this challenging time, we are offering N10 million vouchers to support their purchases this season. ‘‘Deliveries are now super safe and free. We have equipped our last-mile delivery agents and partners with gloves and face-masks. “All our warehouses and delivery partners have been trained on the best practices on hygiene and social distancing.

On top of that, all deliveries to you are now free and super-fast.�

The company assured customers of the considerable structure and resources already put in place by the management of Konga to support customers in the face of the threat posed by the coronavirus pandemic.

Among these is the set-up of

a COVID-19 response desk to handle enquiries and requests and the launch of multiple partnerships to assure lowest prices for customers on products across categories. Furthermore, it enjoined customers to observe standard safety precautions; even as it reiterated the confidenceinducing precautions available to protect shoppers. ‘‘This is the time to maintain social distance. If you prefer not to go out to shop, you can safely find everything you need on Konga.com. We have sped up the ‘contactless’ operations in order to reduce the use of cash. You can handle all your payment needs (airtime, internet, utilities) via our KongaPay Platform. ‘‘A visit to our operation centers will see that safety precautions have already been put in place.

Whether you are working from home, social distancing, or fighting COVID-19, we want to assist you to “Stay Safe and Live Well’’.

We will continue operating so you can continue to use Konga. com as the safest shopping option in this challenging time. Take sensible precautions and protect yourselves first and foremost.

That is why we have launched partnerships to get personal care products and other essentials to you at the lowest prices. ‘‘While the road ahead may appear to be a long one, we believe that we will be able to overcome the difficulties by banding together, staying vigilant and showing up for each other.

We are with you for the long term and are committed to providing proactive, responsive and realtime support,’’ the statement added.

Heritage Bank Supports Financial Inclusion As part of efforts to support the Central Bank of Nigeria’s (CBN) target of reducing the number of unbanked population, Heritage Bank Plc has keyed into the financial inclusion and promote economic growth.

CBN has mandated all banks in line with the 2020 financial inclusion target, to have a nationwide account opening week.

The account opening week is an initiative of the CBN, Bankers’ Committee and other stakeholders to provide opportunities for financially excluded Nigerians and MSME operators to open accounts with formal financial institutions. According to a statement from Heritage Bank, the overall aim is to reduce the current 36.8per cent financially excluded to 20 per cent and stimulate economic growth. “Towards this developments, Heritage Bank strategically deployed its technology and large number of staff to reach the large populace who do not have bank accounts in selected states were sensitised and mobilised to designated centres in rural areas, where they opened their personal accounts,� the statement added.

Speaking on the initiative, the MD/CEO of the bank, Ifie Sekibo stated that Heritage Bank has been at the forefront and continues to give support efforts to reduce the exclusion rate to 20 per cent by 2020, create jobs,

reduce poverty and improve the welfare of the people.

According to him, the bank succeeded in opening more than 2, 000 bank accounts in Kano, Ebonyi, Nasarawa, Gombe, Bayelsa and Ondo.

Sekibo said the bank has also introduced agent banking partners.

He pointed out that the bank has brought on board over 10,000 agent partners since the commencement and launch of ‘corner shop’, which lends credibility to the consistency of the service and how it is changing lives and empowering Nigerians across the country. “At this steady growth rate of approximately 17.5 percent new agent per month, one can say that hitting the long term vision of 100,000 active agents in five years is well within reach,� the statement added.

However, Sekibo explained that financially excluded persons constitute a gap in the financial system, adding that there was no way to create a perfect economy except all these people are brought on board. “Another issue is that the older generation seem to be averse to technology because they have not been exposed to it and the fear of fraud,� he also said, but assured that the CBN and the banks would continue to improve its technology space

FG Moves to Address Impediments to Oil, Gas Free Zone Agency James Emejo in Abuja The federal government has commenced a process that will lead to the review of the legal framework of the Oil and Gas Export Free Zone Authority (OGFZA) Establishment Act 05.

The move is expected to reposition the agency for optimal performance and maximise opportunities for the country.

The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, said the Act required, “serious look over to remove ambiguities and inconsistencies in order to achieve clarity and enhance effectiveness�.

Speaking at the opening of the

FMITI stakeholders’ forum for the amendment of the OGFZA Act, he said the inadequacy of the Act had also led to avoidable inter-agency conflicts and hampered the authority in the executive of its mandate.

He said Nigeria was the pioneer in specialised economic zones, having established the first oil and gas free zone under Act 8, of March 1996 in Onne, Rivers State, adding that the country occupies the pride of place in a global industry that boasts of no fewer than 5,383 special zones as at 2019. But Adebayo expressed regret that despite the foresight of pioneering the niche industry of special free

zones, the inadequacy of the law empowering the regulatory agency for the economic zones had not allowed the country to reap optimal benefits. He added: “This forum represents the search for a solution to the paradox of the first becoming the last, of good thinking being marred by poor execution. “The paradox becomes more obvious when seen in the context of countries such as the United Arab Emirates, China, and Turkey to name but a few, which operates both the specialised and non specialised free zone regulatory models with better results than countries that operate the single regulatory model.�

He said the success story in

the countries cited leverage on the superiority of specificity and specialisation which Nigeria pioneered through the OGFZA Act but had unfortunately failed to take full advantage.

Also speaking at the occasion, the Minister of State for Industry, Trade and Investment, Hajia Mariam Katagum, said the review was necessary to reduce the challenges and constraints faced by the OGFZA which plays both a strategic and catalytic role in economic development particularly in employment creation, contribution to GDP, zero oil plan, skills development and industrialisation and technology and innovation.

DISCUSSING ARTIFICAL INTELLIGENCE

Managing Director, International Monetary Fund (IMF), Kristalina Georgieva (right), participating in a panel on Artificial Intelligence and Economics with Joseph Stiglitz, at the IMF in Washington, D.C‌recently : CORY HANCOCK

Siemens Nigeria Trains Fresh Graduates Chinedu Eze Siemens Nigeria has commenced the pilot phase of its Graduate Trainee Engineers and Management program for fresh engineering and sciences graduates from Nigeria universities.

Aimed at tackling the depletion of professionals and skilled field service engineers in Nigeria, the program, the company said, would focus on hiring, training and grooming local talents to meet the company’s business needs and its sustainability.

Following a series of screening, shortlisting and interviewing of candidates from top universities in Nigeria by an independent and reputable recruiter, five graduates where chosen and offered employment at Siemens, the company disclosed.

The program which kicked off on March 2, 2020, would offer the graduate trainees two years of world class training from Siemens in-country/on-site facility in Nigeria and Siemens’ Technical Competency Institute (TCI) at product lead centres in Europe and North America. Commenting on the admission of the graduate trainees, Vice President,

Services and Digital, Siemens Nigeria, Seun Suleiman said, “We are excited to onboard these graduates to our field service department where they will be cross-trained across our product lines over the next two years. “Siemens is known as an employer of choice in the power and gas sector in Nigeria and this graduate trainee programme by our services distributed generation oil and gas business unit was driven by our commitment to provide a pool of young, talented and well trained service engineers in compliance with local content act of the Nigerian government for human capital development. “It is our goal that by the end of this programme we will graduate multi-skilled engineers who, in the future, will be able to take over from our experienced pool of senior engineers who currently demonstrate the capacity to support our fleet of over 360 gas turbines and compressors across our country. “This new breed of engineers will be globally certified across TCP, AGT, SGT & MGT product lines, making them experts in controls & mechanical discipline, which will be of great value to

our customers and the industry in general. “We are confident that in the nearest future this program will contribute to reducing the delay in sourcing engineers locally at short notice and ensuring affordable cost in an oil and gas market that is now ever highly competitive in pricing and retaining talents,� Suleiman added.

Speaking on the company’s commitment to supporting local capacity development, Head, Field Service Operations, Siemens Nigeria, Pelumi Olaolu, noted that the company would be joining other regions like Germany, where the programs is already being implemented to ensure the success of the training in Nigeria.

Olaolu said, “We believe that the derivatives of this program are beyond our business values and that it will also enhance employment opportunity, human capital development (professional), future managers and leaders in the industry. “The technical aspect of the program will train the graduates on the fundamental principles and application of

rotating equipment and other dimensions of energy application in gas turbines, alternators, compression etc. “The program will also ensure that the trainees are mentored to become future professional leaders and business managers.�

The Head, Human Resources Siemens Nigeria, Ayobami Abunsango added that the company was dedicated to supporting human capital development in Nigeria, saying, “We have recruited young graduates from diverse backgrounds and the best engineering citadels of learning in Nigeria to fill our talent pipeline. “Nothing we do is more important than hiring the right people to achieve business objectives. We are confident that they will take the opportunities afforded them over the next 24months to acquire skills that will benefit themselves and the company in the years to come.�

Siemens said it remains committed to promoting localisation and local content in the Nigeria oil and gas industry, by grooming local human capital with world class professional and technical standards.

33

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34

IMAGES

T H I S D AY Ëž Í°ÍąË&#x153; Í°ÍŽÍ°ÍŽ

Photo Editor Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC; Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039; Email Ă&#x2039;Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC;Ë&#x203A;Ă&#x2039;Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;

L-R: Chairman, FAB Medicals Limited, Chief Olubunmi Olaopa; Lions Clubs Multiple District Council Chairperson, PDG Abiodun A. Adediji; and Host District Governor, Lion Bernard Eborieme, at the 42nd Lions Day with United Nations in Lagos... recently

L-R: Business Development Manager, The Nuli Juice Company, Agbeyeke Deborah; Founder, Ada Osakwe, Quality Assurance Manager, Chinyere Onyia; Financial Analyst, Seun Idowu; during the Nuli Happiness Hangout to mark the International Day of Happiness, in Lagos...recently PHOTO: SUNDAY ADIGUN

L-R: Technical Adviser to Ekiti State Governor on Airport Project, AVM Adeniyi Ojuawo (rtd); Chief of Air StaďŹ&#x20AC;, Air Marshal Sadique Abubakar; and Ekiti State Governor, Dr. Kayode Fayemi, during the Chief of Air StaďŹ&#x20AC; visit to the Governor in Ado Ekiti...recently

L-R: New Director General/CEO Nigerian Civil Aviation Authority (NCAA), Capt Musa Shuaibu Nuhu, receiving Handing over documents from the Ag. DG/ Director of Operations and Training,NCAA, Capt. Sidi Abdullahi, during the Handing over ceremony at Aviation House, Muritala Muhammad International Airport (MMIA), Lagosâ&#x20AC;Śrecently

L-R: Chairman Nigeria Football Federation (NFF), Amanju Pinnick; Senior Special Assistant to the Governor of Delta State on Talent Development, Ogusbaba Ogude, Governor of Delta State, Senator Ifeanyi Okowa; Deputy Governor , Mr. Kingsley Otuaro, and the Speaker of the Delta State House of Assembly, Rtd. Hon. SheriďŹ&#x20AC; Oborevwori, during the Delta State Talent Development Summit, held at the Dome Centre, Asaba... recently

L-R: Minister of Communications and Detital Economy, Dr. Isa Pantami; President Muhammadu Buhari; and Deputy Chief Whip, Honourable Nkeiruka Onyeajeocha, at the commissioning of the Digital Skills Development OďŹ&#x192;ce Building and National Emergency Communications Centre in Abuja ...recently

Lagos State Governor, Mr. Babajide Sanwo-Olu (left), and the Finance Minister, Zainab Ahmed during the National Economic Council meeting at the Council Chamber, Aso Villa, Abuja...recently

T H I S D AY Ëž Í°ÍąË&#x153; Í°ÍŽÍ°ÍŽ

35

L-R: Commissioner for Information and Strategy, Mr. Gbenga Omotoso; Lagos State Governor, Mr. Babajide Sanwo-Olu, Commissioner for Health, Prof. Akin Abayomi and the Deputy Governor, Dr. Obafemi Hamzat at the media brieďŹ ng on Coronavirus pandemic, held at Lagos House, Marina...recently

President Muhammadu Buhari chats with the President of ECOWAS Commission, H.E Jean-Claude Kassi Brou during an audience at the State House Abuja...recently PHOTO: STATE HOUSE

L-R: Managing Director, Lagos Bus Services Limited, Idowu Oguntona; 10-millionth passenger and Winner of the one-month free ticket, Uwuadileke Chinedu; Head of Corporate Services, Lagos Bus Services Limited, Adetoun Gaji; and Operations Manager, Lagos Bus Services Limited, Aluko Kayode; at the LBSL commemorative celebration of the 10-millionth passenger Milestone in 10 months of operations, held at Berger Station.... recently

L-R: Delta State Governor, Dr. Ifeanyi Okowa, and Sokoto State Governor, Hon. Aminu Tambuwal; Delta Commiissioner for Health, Dr. Mordi Ononye; Deputy Governor. Kingsley Otuaro; and the CMD, Federal Medical Centre, Dr. Victor Osiatuma during a visit to the COVID-19 Isolation and treatment centre in Asaba...recently

L-R: Commander, 107 Air Maritime Group, Nigerian Air Force (NAF), Air Commodore Enorbong EďŹ&#x192;ong; Edo State Governor, Mr. Godwin Obaseki; and representative of Edo State Commissioner of Police and Deputy Commissioner of Police, Ayoola Ajala, during a press brieďŹ ng after the state monthly security council meeting, at the Government House, in Benin City...recently

Consul General of UAE to Nigeria, Dr. Abdullah Al Mandoos(left) and Managing Director, Sujimoto Construction, Sijibomi Ogundele, during the visit of Ogundele to the UAE oďŹ&#x192;ce... recently

L-R: Head Leadership & Capabilities Centre of Expertise, Coca-Cola Hellenic Bottling Company Nigeria, Dupe Akinsiun; Managing Director, Hill+Knowlton Strategies Nigeria, Mrs. Tokunboh George-Taylor; Student Representative, Pan-Atlantic University, Temitope Fagbemi; Managing Director, African Alliance Insurance, Funmi Omo and CEO Aspire Coronation Trust Foundation, Osayi Alile, at the Meet the Experts Series organized

by Pan-Atlantic University to commemorate the 2020 International Womenâ&#x20AC;&#x2122;s Day in Lagos..recently

36

T H I S D AY Ëž Í°ÍąË&#x153; 2020

BUSINESS/MONEYGUIDE

COVID-19: NDIC Urges Banks to Restructure Loans Nume Ekeghe The Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Umaru Ibrahim has urged banks to restructure loans taken by customers in a bid to give some relief, considering challenges in the global economy.

Ibrahim, said this at the weekend, during a sensitisation workshop for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos.

He said that the federal government, the Central Bank of Nigeria as well as the NDIC were working tirelessly in ensuring economic stability as well as stability of the banking sector.

In his opening remarks at the workshop, the NDIC boss said: â&#x20AC;&#x153;Are we going to experience a situation where borrowers cannot repay due to what is happening? And if so, we would

expect the banks to reorganise their credit administration such that they can give some respite to borrowers because that is only a natural consequence. â&#x20AC;&#x153;For the NDIC, as being mandated to help in ensuring safety and confidence in the banking system, we are interested in what is happening and we would continue to do our best to ensure that we supervise the banks so that they can weather the storm.â&#x20AC;?

Speaking further, he said: â&#x20AC;&#x153;I want to assure Nigerian depositors and members of the public in general and we are collaborating with the central bank. We would make sure that the banks are effectively supervised and assisted so that they can weather the storm. â&#x20AC;&#x153;The central bank has issued various policy statements and programs that are supposed to assist those who have borrowed funds from the intervention

programs through the CBN, so that they can have respite. â&#x20AC;&#x153;And we expect the banks to also restructure their loans such that they give some respite to their customers in view of the difficulties everybody is facing.â&#x20AC;?

Speaking on the purpose of the workshop, he said: â&#x20AC;&#x153;This is the first time we are engaging with the House of Representatives Committee on Insurance and Actuarial Matters and the purpose is to sensitise them and to take them through issues relating to banking supervisions and generally and the role of deposit insurance. â&#x20AC;&#x153;This is so that they can appreciate our role and understand what we do and how we do things and also how we create and sustain value so our banks remain healthy, stable to help them play their role in the economic development of the country especially in this very difficult and trying times.â&#x20AC;?

FCMB to Reward, Empower Customers in Promo Customers of First City Monument Bank (FCMB) across Nigeria are set to enjoy another phase of reward and financial empowerment as the bank rolls out season seven of its promo tagged, â&#x20AC;&#x153;FCMB Millionaire Promo.â&#x20AC;&#x2122;â&#x20AC;&#x2122; This, according to a statement, followed the success recorded and the positive impact of previous editions of the promo since it commenced in 2013.

The promo would run from March to October 2020. It is expected to produce another set of 16 lucky customers of the bank as millionaires through winnings of cash ranging from N1million to N2 million. In addition, 152 LED televisions, 152 power generating sets, 912 smart phones and 760 decoders, are to be won. The winners would emerge through electronic selection of all qualified

customers at bi-monthly zonal and regional draws to be held in May, July, September and November this year.

It explained that the promo was designed to provide extra empowerment, reward and value for customers of the bank, while encouraging financial inclusion and savings culture. â&#x20AC;&#x153;The promo is targeted at all segments of the society, especially existing and potential savings account customers of the bank.

This, however, excludes salary and domiciliary account holders. â&#x20AC;&#x153;To participate in the promo, existing or new customers of the bank are to increase their respective balances by N10,000 in any of the eligible FCMB savings accounts and maintain it for 30 days to qualify for the bi-monthly zonal and regional electronic selection of winners, where the star prize of N1 mil-

lion and other fantastic prizes will be won. â&#x20AC;&#x153;Multiple savings of N10,000.00 will increase the probability of winning. To qualify for the grand finale draws in November 2020, where four customers will win N2million each, existing and new customers are to increase their balances with at least N50,000.00 and maintain it for 30 days. Multiple savings of N50,000.00 will also increase the chances of winning,â&#x20AC;? the statement added.

Speaking on the promo, the Executive Director, Retail Banking, FCMB, Mr. Olu Akanmu, said, â&#x20AC;&#x153;the FCMB Millionaire promo is unique. The promotion is decentralised to the nineteen zones of the Bank nationwide, increasing the spread of wins across several states in Nigeria.

We reward the aspiration of our customers to save and fulfil their dreamsâ&#x20AC;&#x2122;â&#x20AC;&#x2122;.

COVID-19: Primero Reiterates Commitment to Safety Primero Transport Services Limited said it has put in place all safety measures to protect its customers and staff, with the outbreak of the COVID-19 disease.

The transport company pointed out in a statement at the weekend, that was signed by its Managing Director, Fola Tinubu, that the world was fully awake to the reality that the COVID-19 had been declared by the World Health Organisation (WHO) to be a Global Pandemic, owing to its fast spread across the continents. Tinubu noted that development had shown that Nigeria was not insulated from the effects of the virus as there have been 27 confirmed cases recorded in the country.

He commended the Ministry of Health and the Lagos State Government under the leadership of the Incident Commander, Governor Babajide Sanwo-Olu for all their efforts in making the safety of Lagosians top priority. â&#x20AC;&#x153;For us at Primero, the safety of our customers and staff is very important to us because, we recognise that the service

we offer forms an essential part of driving the economy of the state. â&#x20AC;&#x153;Earlier this month, WHO released guidelines to help curb the spread of the virus. Lagos State Government, in response, issued its own directives aimed at ensuring public safety. â&#x20AC;&#x153;We at Primero, are alert and closely monitoring developments and are aligning with and obeying all directives issued by our government, national health agencies and global health bodies. â&#x20AC;&#x153;As we continue to ensure there are no disruptions in our service delivery, we have also put in place some precautionary measures to safeguard our customers and staff. â&#x20AC;&#x153;These include disinfecting all of our buses daily before they commence operations making them devoid of any germs or virus whatsoever,â&#x20AC;? he explained.

According to him, the BRT bus drivers, inspectors and ticketing officers are now required to wear protective masks and gloves. â&#x20AC;&#x153;In addition, prior to commencing operations, temperature of each staff will be checked with

a digital hand thermometer. Any staff found with above normal temperatures will be asked to get a medical clearance before they can return to work. â&#x20AC;&#x153;The Lagos state Government has also placed a restriction on the number of persons gathering in public spaces to 50 people at any given time to control and curb the spread of the virus. â&#x20AC;&#x153;In compliance with this, we have reduced the maximum number of customers allowed on the bus to 50 or less. This translates to 42 passengers seating and eight standing. We are appealing to all our commuters to work with our staff and cooperate with our ticketers to ensure that we keep the passenger numbers at the recommended limits,â&#x20AC;? he added.

According to Tinubu, with the sheer amount of people at the bus shelters at any one time, â&#x20AC;&#x153;we have begun discussions with Lagos State to have the bus shelters disinfected daily.

It is our hope that we come to some form of agreement soon so we can commence.

Ibrahim

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

SEPTEMBER 2019 Money Supply (M3)

35,029,779.72

-- CBN Bills Held by Money Holding Sectors

7,374,356.91

Money Supply (M2)

27,655,422.82

-- Quasi Money

116,533,891.21

-- Narrow Money (M1)

11,121,531.60

---- Currency Outside Banks

1,625,047.69

---- Demand Deposits

9,496,483.91

Net Foreign Assets (NFA)

13,911,335.83

Net Domestic Assets(NDA)

21,118,443.89

-- Net Domestic Credit (NDC)

35,918,179.45

---- Credit to Government (Net)

10,452,199.38

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

11,007,422.79

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

25,465,980.07

---- Credit to Private Sector (CPS)

-14,799,735.56

--Other Assets Net

7,000,253.07

Reserve Money (Base Money

2,005,600.83

--Currency in Circulation

4,677,530.81

--Banks Reserves

317,121.43

Ëž Ă&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

Ëž Ă&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2013;Ă&#x201C;Ă?ĂŁ Ă&#x2039;Ă&#x17E;Ă? Ě&#x2039; ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT WEDNESDAY, 18 MARCH 2020

The price of OPEC basket of thirteen crudes stood at $27.31 a barrel on Wednesday, compared with $30.36 the previous day, according to OPEC Secretariat calculations.

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

SOURCE: OPEC headquarters, Vienna

37

T H I S D AY Ëž Í°ÍąË&#x153; Í°ÍŽÍ°ÍŽ

MARKET NEWS

SEC Harps on Patronage of Mutual Funds as Value Hits N1.2tn Goddy Egene The Acting Director General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, has stressed the need for investors to invest in the capital market through collective investment scheme(CIS), saying it has many benefits.

CIS, also known as mutual funds, pool funds of various investors together and managed by a professional fund managers. Fund managers

use their expertise to ensure investors in CIS enjoy minimal risk but significant returns in their investments.

Speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) forum sponsored by the commission in Lagos last Friday, Uduk said SEC was setting up more strategies to develop the mutual fund segment in the Nigerian capital Market and grow it further.

Represented by the Head,

P R I C E S MAIN BOARD

F O R DEALS

Office of Economics, SEC, Mr. Okey Umeano, the DG noted that the segment currently has N1.2 trillion capitalisation. â&#x20AC;&#x153;In any advanced market, the CIS forms a very big part of the market. We at the commission have discovered that some of the investors who lost their savings during the crisis in 2008 are low on confidence.

That is the reason why we are encouraging retail investors to go through these mutual

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

QUANTITY TRADED

VALUE TRADED ( N )

funds because they are set up and approved by capital market operators and the SEC regulates them (operators). So we are urging retail investors and high networth investors to use the mutual funds route to enter the market,â&#x20AC;? Uduk said.

The DG said investors should not allow the current bearish trend to dampen their appetite to invest in the market, noting that in spite of these negative trend, the market fundamentals and

T R A D E D MAIN BOARD

A S

economies remain solid and promising. â&#x20AC;&#x153;I therefore, urge retail investors to leverage on this and invest in the capital market, which is one of the avenues to build sustainable and long-term wealth,â&#x20AC;? she said.

Also speaking, Divisional Head, Economic, Research and Policy Management, SEC, Dr. Afolabi Olowookere, noted that they expect to see a significant rise of mutual

O F

funds to N1.5 trillion or N2 trillion at the end of the year. â&#x20AC;&#x153;Mutual funds may not have very high return but definitely they wonâ&#x20AC;&#x2122;t have low return and with the SEC at the forefront of financial inclusion, we are pushing collective investment scheme because it brings some form of stability for investments. The number of units of account in that segment currently stands at 480,000 investors and it would likely increaseâ&#x20AC;?, he said.

2 0 / 0 3 / 2 0 2 0 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

38

MONDAY, MARCH 23, 2020 ˾ T H I S D AY

MARKET NEWS

NASD Plc Commences Remote Trading Goddy Egene NASD Plc, the platform for overthe-counter (OTC) trading of unlisted securities, has announced full commencement of remote trading in consonance with its business continuity policy and

determination to enhance speedy, efficient, transparent and global service delivery.

Coming on the heels of global concerns on the need for social distancing following outbreak of Coronavirus, market watchers at the weekend commended the company,

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

describing the full blown transition to remote trading as timely and historic.

In a statement to securities dealers, Managing Director/ Chief Executive Officer, NASD Plc, Mr. Bola Ajomale explained that the company had capacity to operate irrespective of

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 19Mar-2020, unless otherwise stated.

the current challenges militating against businesses globally.

“NASD is today running a Business Continuity Planning Test.

Your market successfully opened at 10:00 a.m. and will run remote throughout the day - with all staff operating from their respective

homes!

This is a routine but timely exercise to confirm our ability to deliver a fully remote trading environment and to ensure hitch free operations if there is an instruction to step up self isolation. “ We do not anticipate any

difficulty but should you need to contact us, all our communication channels remain fully operational and open.We encourage everyone to stay safe and implement necessary steps to ensure safety and limit exposure to illness during this period,” he said.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 114.40 118.02 -21.93% Afrinvest Plutus Fund 100.00 100.00 6.50% Nigeria International Debt Fund 299.30 299.30 -4.24% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.87 0.88 3.36% ACAP Income Funds 0.76 0.76 34.30% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 7.07% AIICO Balanced Fund 2.42 2.47 -1.63% info@anchoriaam.com ANCHORIA ASSET MANAGEMENT LIMITED Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 12.78 13.16 -16.58% ARM Discovery Fund 310.12 319.47 -10.22% ARM Ethical Fund 25.27 26.03 -13.12% ARM Money Market Fund 1.00 1.00 6.49% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 87.57 88.19 -8.85% AXA Mansard Money Market Fund 1.00 1.00 6.06% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 1.98 1.98 14.57% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 0.07 0.05 6.92% Paramount Equity Fund 9.99 10.08 -20.55% Women's Investment Fund 106.05 107.06 -3.92% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 6.28% Cordros Milestone Fund 2023 94.83 95.22 Cordros Milestone Fund 2028 101.84 102.32 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 5.70% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 4.98% EDC Nigeria Fixed Income Fund 1,192.43 1,195.63 2.66% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,300.28 1,301.81 0.71% FBN Balanced Fund 129.99 130.91 -11.46% FBN Money Market Fund 100.00 100.00 6.03% FBN Nigeria Eurobond (USD) Fund - Institutional 107.95 108.75 -9.47% FBN Nigeria Eurobond (USD) Fund - Retail 108.56 109.36 -9.40% FBN Nigeria Smart Beta Equity Fund N/A N/A N/A FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 7.98% Legacy Debt Fund 3.71 3.71 1.54% Legacy Equity Fund 0.95 0.96 -16.53% Legacy USD Bond Fund 1.09 1.09 0.95% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 2,848.15 2,877.89 -4.53% Coral Income Fund 3,136.70 3,136.70 14.43% FSDH Treasury Bills Fund 100.00 100.00 6.28% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 5.26% Nigeria Entertainment Fund 114.67 115.38 6.90%

GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 4.32% Vantage Balanced Fund 2.05 2.08 -6.65% Vantage Guaranteed Income Fund 1.00 1.00 10.48% Kedari Investment Fund (KIF) 138.64 139.02 -3.38% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.13 1.15 -3.12% Lotus Halal Fixed Income Fund 1,126.40 1,126.40 2.53% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 7.28 7.35 -25.74% Meristem Money Market Fund 10.00 10.00 4.64% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.33 1.35 8.99% PACAM Fixed Income Fund 12.31 12.34 8.86% PACAM Money Market Fund 10.00 10.00 5.60% PACAM Equity Fund 0.91 0.91 PACAM EuroBond Fund 83.28 85.25 SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 107.51 109.41 1.54% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.02 1.02 2.45% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,521.35 2,532.80 -4.36% Stanbic IBTC Bond Fund 210.33 210.33 1.46% Stanbic IBTC Ethical Fund 0.88 0.89 -12.36% Stanbic IBTC Guaranteed Investment Fund 273.87 273.95 1.77% Stanbic IBTC Iman Fund 154.92 156.64 -11.08% Stanbic IBTC Money Market Fund 100.00 100.00 5.43% Stanbic IBTC Nigerian Equity Fund 7,674.15 7,756.30 -12.30% Stanbic IBTC Dollar Fund (USD) 1.16 1.16 1.27% Stanbic IBTC Shariah Fixed Income Fund 118.18 118.18 0.00% UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.07 1.09 -10.75% United Capital Bond Fund 1.77 1.77 2.21% United Capital Equity Fund 0.59 0.61 -16.28% United Capital Money Market Fund 1.00 1.00 7.22% United Capital Eurobond Fund 113.52 113.52 1.49% United Capital Wealth for Women Fund 1.04 1.04 -4.85% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 9.14 9.23 -11.14% Zenith Ethical Fund 10.90 11.00 -6.22% Zenith Income Fund 23.22 23.22 4.45% Zenith Money Market Fund 1.00 1.00 3.35%

REITS NAV Per Share

Yield / T-Rtn

3.20 120.66 52.41

-66.85% 1.31% 0.69%

Bid Price

Offer Price

Yield / T-Rtn

7.34 75.92 57.36

7.44 77.51 58.42

-15.57% -17.92% -22.20%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A

NAV Per Share

Yield / T-Rtn

108.69

17.60%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY MARCH 23, 2020 â&#x20AC;¢ T H I S D AY

39

T H I S D AY Ëž Í°ÍąË&#x153; Í°ÍŽÍ°ÍŽ

40

CITYSTRINGS

Group Features Editor: Chiemelie Ezeobi Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ă?Ă&#x2019;Ă&#x201C;Ă?Ă&#x2014;Ă?Ă&#x2013;Ă&#x201C;Ă?Ë&#x203A;Ă?äĂ?Ă&#x2122;Ă&#x152;Ă&#x201C;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;Ë&#x153; Í&#x2018;Í&#x2122;Í&#x2018;Í&#x201D;Í&#x2122;Í&#x161;Í&#x2018;Í&#x2019;Í&#x161;Í&#x201C;Í&#x2013;

Abuja Southern Parkway: Panacea to a Cityâ&#x20AC;&#x2122;s TrafďŹ c Menace The substantial completion of the Southern Parkway and the enforcement of one-way traffic flow in Abuja will restore the cityâ&#x20AC;&#x2122;s masterplan and ease traffic, writes Olawale Ajimotokan

T

he Southern Parkway is described as one of its kind in Africa. The four-track road that traverses the Central Business District of the FCT is unique to Nigeria having been adapted from Brasilia, the capital of Brazil.

It is designed to complement the Northern Parkway, the major arterial known as Sani Abacha Road that runs across Mabushi and terminates at Life Camp.

The 21 Km long road forms the major spine of Abuja and is considered one of the longest roads in the city linking all the four phases of the city centre with facilities including underpasses, spurs, street lights, cafe centres and recreational spots to mention a few.

Those who consider this road as the cultural spine of the city are not far from the truth in their estimation. The major places of worship, including the Christian Centre, the National Mosque, the uncompleted Millennium Tower and Cultural Centre, the Nigeria Television Authority and Silver Bird Entertainment Centre and the National Archives are all within the vicinity of the road.

FCT Minister Mohammed Musa Bello, recently opened the completed portions of the Southern Parkway to traffic and restored one-way traffic on the road as envisaged in the Abuja masterplan.

The enforcement of the one-way rule will substantially ease traffic snarls usually noticed on spots like Samuel Ademulegun Road, Central Mosques and Yarâ&#x20AC;&#x2122; Adua Centre, when motorists aim to link up with traffic during the peak hours.

Bello congratulated the Executive Secretary, Federal Capital Development Authority (FCDA) Umar Gambo Jibrin and the team of Nigerian engineers for their part in delivering the project awarded to Setraco in December 2010.

The minister noted that enormous amount of time and resources had been deployed into the project, saying that without completing the project, the northern and southern sectors of Abuja would not be connected.

He highlighted the importance of the project, which he said underscores the cardinal principle of President Muhammadu Buhariâ&#x20AC;&#x2122;s administration, which is infrastructure, noting that at the rate the country is growing, its economy will be haunted if there is no substantial investment in major infrastructure. â&#x20AC;&#x153;I am so pleased to say that the partnership between the FCDA and Setraco Nigeria Limited has been very beneficial to the city. I am sure all of you know that the twin bridges (across Goodluck Jonathan Expressway) were concluded about the same time and you can see how these bridges were able to link the north and the southern part of the city. That is the whole idea. More importantly, very shortly, we are going to open the interchange that links the Goodluck Jonathan Expressway with the Inner Southern Expressway. â&#x20AC;&#x153;In the last few years, the FCT Administration has spent a lot of time, trying to make sure that major arterial roads within the city are completed. I am very pleased to say that most of them have reached a level of completion where we think we can now open them up to the public. â&#x20AC;&#x153;But more importantly, the infrastructure in Abuja is second to none in Africa. So, as an administration, we are basically emphasising three things. One, we have to complete these projects. Secondly, we are working on a very robust system of maintenance of these projects.

But, sadly, which is the most difficult and that cannot be done without the support of the residents of Abuja. So, we have to use these roads the way they were meant to be,â&#x20AC;? Bello said.

According to him, beside the southern and northern parts of Abuja, the First Ring Road, Nnamdi Azikiwe Express Road, Kabusa, Garki, the Central Business District, Mabushi, Life Camp and Gwarimpa will be interconnected

Abuja City Gate

Southern Parkway 3- FCT Minister Muhammed Bello (second left) and the Minister of state FCT, Dr Ramatu Aliyu during the commissioning of the Southern Parkway upon the completion of the road.

The minister noted that two key bridges that traverse the road, one across Muhammadu Buhari Road and the second over Funmilayo Ransome- Kuti Road are also nearing completion.

While the connection into Muhammadu Buhari Road will substantially ease traffic into Garki, the bridge across Funmilayo Ransome-Kuti Road only requires a barrier and will eventually connect the traffic that goes to Area 3.

While speaking at the opening of Southern Parkway, the Acting Managing Director Setraco Nigeria Limited, Dr Ray Chaudhuri projected that about N16 billion is required to complete the road.

Chaudhuri said that Setraco had already submitted to the FCDA a certificate for the

payment of N2.5 billion for the work so far done.

He assured that the project will be completed by the end of this year hopefully if funds is made available.

Dwelling on enforcement of the one- way rule, Jubrin said that series of conflicts being experienced on the road were occasioned by motorists driving in the wrong directions.

He explained that movement on the Southern Parkway is one directional as the road does not provide for driving in the reverse direction.

Jubrin said officials of the Directorate of Road Traffic Services (DRTS) as well as FCT Transport Secretariat would be deployed to the road ensure compliance, while advising motorists to pay attention to road signs placed on the road as guide.

This position was reinforced by the Chairman of FCT Traffic Management Task Team, Ikharo Attah.

Attah added that in the context of the of the enforcement of rotational traffic on Southern Parkway, motorists emerging from Muhammdu Buhari Way wishing to access the Infrastructure Concession Regulatory Commission (ICRC), Shangaliku Restaurant, FCDA/ FCTA Secretariat and Benue House, will keep to the right hand and turn at the Yarâ&#x20AC;&#x2122; Adua Centre and Sheraton Hotel, journeying towards National Mosque, CBN Headquarters, NTA to access Area 8.

He advised motorists to make use of the road signs as DRTS officials will flag down violators for driving against traffic and arraign them before the mobile courts trying such offences.

41

T H I S D AY Ëž Í°ÍąË&#x153; Í°ÍŽÍ°ÍŽ

CRIME&SECURITY

Reign of Terror in Lagos Community Chiemelie Ezeobi writes that residents of Satellite Town and its environs have been gripped with fear over the reign of terror of some hoodlums, who have held the community hostage for years despite police intervention

The scene of the last major havoc caused by the hoodlums in the area

O

n Wednesday, March 11, 2020, scores of persons, including truck drivers, sustained varying degrees of injury after some heavily armed thugs invaded Vinager and Abule-Ado areas in Satellite Town, one the many Lagos suburbs.

The thugs also looted many shops while trucks were torched. As expected, the crisis crippled business activities and even led to the temporary closure of banks and other business interest.

According to eyewitness reports, trouble started when the armed thugs said to have been recruited from Benin Republic by a suspected gang with base at Oguntade village in Old Ojo road, Satellite town, invaded shops and residential areas demanding money forcefully from people.

They divulged that the thugs, who were heavily armed with sophisticated weapons, were shooting sporadically into the air to scare people. It was gathered that they succeeded in breaking into homes and carting away valuables after which they subjected their victims to thorough beatings. They further alleged that some people who tried to resist them were shot while others were seriously injured.

Aside looting shops, the thugs, who were masked and had set bonfires with used tyres on the road, also attacked and damaged the vehicles of truck drivers who refused to be extorted. It was however gathered that a team of policemen from Satellite Police Division were deployed to restore sanity.

But recent indications emerged that the suspected mastermind and leader of the gang terrorising Satellite town and suburbs in Lagos state has resurfaced few days after he fled their criminal den following an operation by the police in the area.

The alleged mastermind said to lay claim to the leadership of Oguntade community in Satellite town reportedly re-appeared just few days after a team of policemen stormed his notorious enclave but failed to arrest him and his commanders said to be his sons.

It was learned that he narrowly escaped on a motorcycle towards Badagry-Seme axis few minutes before the police team stormed their den. Residents of the area which includes; Abule-Ado, Vin-Niger, Able-Pain, some parts of Trade Fair, Mile 2 and Festac town had

One of the looted shops constantly complained about the ceaseless attacks, extortion, forceful take over of their hard-earned properties, torture, intimidation and harassment by thugs led by the kingpin who parade the areas freely armed with dangerous weapons without fear of security agencies.

Sources, however, intimated that when the case was transfered to the State Criminal Investigations Department, Panti, Yaba, only three suspects were presented as culprits. One of the suspects was later identified as a member of NUPPENG and one of the victims of the terror gang.

As they disclosed during the attack recorded on March 11, some of the residents and truck drivers who spoke under the guise of anonymity for fear of being attacked alleged that the hands of police are tied over the matter because

of the support the hoodlums allegedly get from a retired top police chief, who allegedly always come to their rescue each time they were arrested.

It was further gathered that each time the police in Lagos swung into action, the police chief will quickly intervene, thus making it virtually impossible for both the kingpin and members of the notorious gang to face the law.

According to one of the truck drivers, this recent explosion at Abule-Ado should be well investigated because members of the gang, who were flushed out from their den at Oguntade village by the police, could have done that as a reprisal.

They said if the police and other security agencies fail to check the excesses of these thugs and charge their leader to court for

all the atrocities they have committed using ownership of land as a guise, then all should be ready for possible insurgency in Lagos.

As reported earlier by THISDAY during the last attack, these hoodlums have subjected truck and tanker drivers, who are members of NUPENG, untold hardship by attacking their base at Abule Ado, extorting money from them, battering and killing them.

This ugly development has already resulted in series of petitions to the police and other relevant authorities pleading to be saved from the criminal activities of the thugs, but efforts made so far havenâ&#x20AC;&#x2122;t been enough as these hoodlums keep resurfacing and operating as if they are above the law. In times last, they have subjected both the police and officials of Oriade LGA to undue harrasement, intimidation and humiliation without the authorities fighting back.

Just last week, the police in Lagos swooped on them after they attacked and wounded some residents of the area and truck drivers at Abule-Ado. The police team succeeded in dismantling and capturing their den and announced that no fewer than 40 of the suspected thugs were arrested after the dawn operation.

This was because their notoriety had reached a crescendo following the recent violence, which prompted the Commissioner of Police, Hakeem Odumosu, to declare a manhunt for the thugs and their sponsors.

At a press conference held after the bloody attack, Odumuso told reporters that about 40 of the suspects were arrested and plans underway to fish out Olarinde, who at the time, had fled the community.

The police chief also confirmed the danger the thugs posed to the area, disclosing that police intelligence disrupted their plans to attack through the waterways.

The man was trailed to his hideout around Badagry but it turned out he fled on a motorcycle just few minutes before the arrival of the police team, a source privy to the operation said.

Meanwhile, reports said immediately after he re-surfaced at their den, the kingpin organised his thugs and they invaded the base of truck and tanker drivers armed with dangerous weapons including cutlasses, broken bottles and stones, unleashing terror on people. As at press time, the police had not yet intervened, leaving the victims to live in constant fear.

42

MONDAY MARCH 23, 2020 â&#x20AC;¢T H I S D AY

MONDAY MARCH 23, 2020 â&#x20AC;¢ T H I S D AY

43

44

MONDAY MARCH 23, 2020 â&#x20AC;¢T H I S D AY

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45

MONDAY MARCH 23, 2020 ˾ T H I S D AY

INTERNATIONAL

COVID-19: Follow Virus Advice or Face Tougher Measures, Says British PM British Prime Minister, Mr. Boris Johnson, has warned “tougher measures” could be introduced if people do not take the government’s coronavirus advice seriously.

The PM thanked people for making sacrifices but said people must follow social distancing guidance.

“If you don’t do it responsibly... we will have to bring forward further measures,” he said.

It comes as the number of UK deaths reached 281, including a person aged 18 with an underlying health condition.

They are thought to be the youngest person with the virus to have died in the UK so far. peaking at Downing Street’s daily news conference, Mr Johnson told people going to parks they “have to do that responsibly”.

It comes after pictures showed people across parts of the UK visiting parks and open spaces in large numbers over the weekend.

“Don’t think fresh air in itself automatically provides some immunity,” Mr Johnson said, adding that even if people think they are invulnerable, “there are plenty of people you could infect”.

“Take this advice seriously, follow it, because it’s absolutely crucial.”

“My message is you’ve got to do this in line with the advice, you’ve got to follow the social distancing rule - keep 2m apart.”

Asked whether stricter measures could be introduced, Mr Johnson added: “I don’t think you need to use your imagination very much to see where we might have to go, and we will think about this very, very actively in the next 24

hours.

“It’s so important that that pleasure and that ability is preserved but it can only really be preserved if everybody acts responsibly and conforms with those principles of staying apart from one another and social distancing.

“If we can’t do that then, yup,

I’m afraid we’re going to have to bring forward tougher measures.”

Some parks have already announced they will be closing.

Essex County Council will close all its country parks from 20:00 GMT, while earlier Richmond Park in London closed to traffic on Sunday, although those on foot and cyclists were still allowed.

Earlier, Scottish First Minister Nicola Sturgeon said the new measures to prevent the spread of coronavirus should not be considered “optional”.

“Life should not feel normal,” she said, and if it did you should ask “if you are doing the right things”.

Speaking at the Downing

Street briefing, England’s deputy chief medical adviser Dr Jenny Harries said around 12% of adult critical care beds in hospitals in England are currently occupied by patients with the virus.

That number is expected to rise drastically, she added.

Germany Tightens Curbs, Bans Meetings of More Than Two Germany has expanded curbs on social interactions to try to contain the coronavirus outbreak, banning public gatherings of more than two people.

In a televised address, Chancellor Angela Merkel said “our own behaviour” was the “most effective way” of slowing the rate of infection.

The measures included closing hair, beauty and massage studios.

Other non-essential shops had already been shut.

Shortly afterwards, Mrs Merkel’s office said she would quarantine herself.

A doctor who vaccinated her on Friday against pneumococcus, a pneumonia-causing bacteria, had tested positive for coronavirus. The chancellor, 65, will be tested regularly in the next few days and work from home, her spokesman said.

Germany, Europe’s largest economy, has so far confirmed

18,610 cases and 55 deaths from Covid-19, the disease caused by the virus.

Italy, the worst-hit European country, reported 651 new deaths on Sunday, bringing the total there to 5,476, according to the government.

The figure is the second-worst daily total but less than that announced on the previous day.

The number of confirmed cases in the country - where people have been largely confined to their homes for two weeks - has risen from 53,578 to 59,138, the lowest rise in percentage terms since the outbreak began.

Earlier, President Sergio Mattarella said he hoped the rest of the world could learn from Italy’s troubles. He said citizens across the European Union needed to feel the bloc was taking concrete action to combat the virus.

China Embarks on Clinical Trial for COVID-19 Vaccine China has started the first phase of a clinical trial for a novel coronavirus vaccine, records show, as the world’s scientists race to find a way to combat the deadly pathogen.

It comes after US health officials said last week they had started a trial to evaluate a possible vaccine in Seattle.

The Chinese effort began on March 16 — the same day as the US announcement — and is expected to continue until the end of the year, according to a filing in the country’s Clinical Trial Registry, dated March 17.

“Volunteers of the COVID-19 phase one trial have already started receiving the vaccine,” a staff member involved in the government-funded project told AFP on Sunday.

The 108 participants, aged between 18 and 60, will be tested in three groups and given different dosages. They are all residents of the central city of Wuhan — where the new coronavirus first emerged late last year.

As the COVID-19 pandemic rages and governments step up protection measures, pharmaceutical

companies and research labs around the world are working at full tilt.

There are currently no approved vaccines or medication for the new disease, which has killed more than 13,000 people worldwide so far.

The vaccine trial announcements come amid an escalating feud between the US and China over the pandemic, with President Donald Trump enraging Beijing by speaking of the “Chinese virus”.

China’s nationalistic Global Times published an opinion piece last week noting “the development of a vaccine is a battle that China cannot afford to lose”.

But the quest is expected to take time — the US candidate vaccine may take another year to 18 months before becoming available.

An antiviral treatment called remdesivir, madebyUS-basedGilead Sciences, is already in the final stages of clinical trials in Asia and doctors in China have reported it has proven effective in fighting the disease.

But only randomised trials will allow scientists to know for sure if it really helps or whether patients would have recovered without it.

United States senator who tested positive to coronavirus, Rand Paul

Emirates to Suspend All Passenger Flights from March 25 Dubai carrier Emirates announced on Sunday it will suspend all passenger flights from March 25 amid the novel coronavirus outbreak.

“By Wednesday 25 March, although we will still operate cargo flights, which remain busy, Emirates will have temporarily suspended all its passenger operations,” the airline’s chairman and CEO Sheikh Ahmed bin Saeed Al-Maktoum said in a statement.

“We continue to watch the situation closely, and as soon as

things allow, we will reinstate our services.”

Emirates passenger flights normally serve 159 destinations.

The United Arab Emirates on Friday announced its first two deaths from the COVID-19 disease, having reported 153 infections so far, of which 38 people have recovered.

Maktoum said that, until January this year, the Emirates Group was “doing well” against current financial year targets, but “COVID-19 has brought all that

to a sudden and painful halt over the past six weeks”.

“The world has literally gone into quarantine due to the COVID-19 outbreak,” he said.

The airline also said it will slash basic salaries — by between 25 and 50 percent — of a majority of employees for three months, but will not cut jobs.

“Rather than ask employees to leave the business, we chose to implement a temporary basic salary cut as we want to protect our workforce,” said Maktoum.

“We want to avoid cutting jobs.”

The disease first emerged in China in late December and was declared a pandemic by the World Health Organization earlier this month.

Gulf countries have imposed various restrictions to combat the spread of the virus, particularly in the air transport sector.

The UAE has stopped granting visas on arrival and forbidden foreigners who are legal residents but are outside the country from returning.

Burkina Faso Ministers Infected with COVID-19 Amid New Deaths Four government ministers are among the latest cases of coronavirus in Burkina Faso where two new deaths were reported by the country’s health emergency response operations centre on Saturday.

According to press releases issued by their respective departments, the ministers of foreign affairs, interior, education,

and mines and quarries have all tested positive for COVID-19.

“Two deaths (have been) recorded today, bringing the number of deaths since the start of the epidemic to three,” the report from the operations centre known as Corus said.

“Twenty-four (new) cases were confirmed on March 20, including 19 in Ouagadougou,

two in Bobo-Dioulasso, two in Boromo and one in Dedougou.”

Burkina Faso now has a total of 64 confirmed cases (29 women and 35 men), according to the report.

A poor and landlocked country in West Africa, with a population of 20 million, Burkina Faso recorded the first death linked to the coronavirus in sub-Saharan

Africa on Wednesday.

Five cases of recovery, including the first infected couple, were also recorded, according to the Corus.

Burkina Faso announced on Friday evening the closure of its land and air borders and the introduction of a curfew starting on March 21, to fight against the coronavirus epidemic.

Doctor Treating COVID-19 Patients Dies in France A French doctor caring for coronavirus patients has died of the illness, authorities said Sunday, the first such death in the country that is grappling with the mushrooming outbreak.

The 67-year-old emergency room medic worked at Compiegne hospital, north of Paris, the town’s mayor told AFP. Mayor Philippe Marini said that he was “someone who came back to work voluntarily to treat people

and knew he was taking a risk.”

The doctor was named as Madagascar-born Jean-Jacques Razafindranazy by France 3 television, who said his wife, a family doctor, was also sick with the virus and has been quarantined at home.

His son posted an emotional message on Facebook, describing Razafindranazy as “my father the hero”, according to France 3.

“He was passionate about his

work and chose not to retire. He has a left a family behind him who will never forget him,” he added.

The son thanked those who cared for his father in his final days in hospital in the northern city of Lille, and warned that “this illness is extremely serious and must not be taken lightly”.

Health Minister Olivier Veran said earlier that as far as he knew, the man, who died Saturday, was the “first hospital doctor to be hit”.

Marini said the doctor “would soon have been 68” and had treated some of the first cases in the Oise department, the first area in France to be badly hit by COVID-19.

He was infected in early March, Marini said.

Veran did not provide further information about the victim, saying details were being withheld for medical reasons and to respect the wishes of the victim’s family.

46

MONDAY, ͺ͝Ë&#x153; ͺ͸ͺ͸ Ëž T H I S D AY

NEWS

Olanipekun Defends Action over Supreme Court Verdict on Bayelsa Hammed Shittu in Ilorin A former President of the Nigerian Bar Association (NBA), Chief Wole Olanipekun (SAN), has broken his silence on why the All Progressives Congress (APC) prayed the Supreme Court to review its verdict on the Bayelsa State governorship election.

Olanipekun said his team did not go to the apex court to accuse the judges of fraud, but that the legal teams were there to remind the judges of likely human error in the judgment.

The legal titan told reporters in Ilorin, Kwara State, saying: â&#x20AC;&#x153;For me to have gone to court to present my case in a most forensic

manner, profound manner, but addressing the bench with every courtesy, respect. â&#x20AC;&#x153;The day I would be intimidated, afraid of going to court to say this is what the law says, these are the precedents, that day I will drop my wig and gown. â&#x20AC;&#x153;The day I will also go to court and mislead the court, may that day never come and if it will come through me, I will say God, take me home. I say this with every sense of responsibility and I mean what Iâ&#x20AC;&#x2122;m saying. I have read in dailies on what happened at the Supreme Court recently. â&#x20AC;&#x153;But let me say this, in that matter, and fortunately, one of the very best of the very best,

Lateef Fagbemi was with me. We committed no wrong. We made no mistake, no error. We were briefed in respect of a matter. We were of the view that the apex court relied on the judgment of the Federal High Court. â&#x20AC;&#x153;And the Federal High Court did not disqualify their candidate.

We looked at it, we set up three teams. Meticulously, we sat and realised that the Federal High Court did not disqualify the candidate of our client. But that will not be enough. â&#x20AC;&#x153;We had to go through so many precedents and we went back to the apex court use the judgment of the Federal High Court. In some cases, the apex court had reviewed its order

and changed the order. â&#x20AC;&#x153;Those of you who know me can testify that I am not rude to colleagues at the bar. Humility pays. The Bible tells me that God hates a haughty heart. So, if Iâ&#x20AC;&#x2122;m humble, extends courtesy to my colleagues at the bar, how much more to the members of the bench. â&#x20AC;&#x153;My oral adumbration was punctuated with the physiology, our Lord we are not accusing you of fraud. We are only reminding you of what Esho, Oputa said, quoting that beautiful rendition of the Justices of the Supreme Court of the USA in Adegoke Motors and Adesanya, that youâ&#x20AC;&#x2122;re not infallible. â&#x20AC;&#x153;There might be human error,

slip. We didnâ&#x20AC;&#x2122;t do more than that and, all of a sudden, the court said what it said. Itâ&#x20AC;&#x2122;s not my style. â&#x20AC;&#x153;When I left the court with Prince Fagbemi, hordes of camera men, asked â&#x20AC;&#x2DC;will you not react to what they said?â&#x20AC;&#x2122; I said me?

No, I would not. I have passed that stage, but one thing I will say is that Iâ&#x20AC;&#x2122;ve been a builder of this profession and few people can beat their chest that they have contributed more to this profession than people like us.

This profession belongs to all of us and we must carry it together. â&#x20AC;&#x153;We must see it as a big elephant. It must not fall. Itâ&#x20AC;&#x2122;s a very fragile keg with water inside, or egg. We must all defend

the profession, both the bar and bench.

What Iâ&#x20AC;&#x2122;m saying is that Iâ&#x20AC;&#x2122;m a leader of the profession. I have a dynasty with my mentees. How will I want the profession to fall? Iâ&#x20AC;&#x2122;m pleading to all of us, through this occasion of my being honoured, to come and reason together. â&#x20AC;&#x153;Even God would reverse some of His decisions. And a typical and topical one is in the Bible. If God could reverse his decision, no human being could say I will not. Thereâ&#x20AC;&#x2122;s only one single profession.

It is only in Nigeria that you have disparity between the bench and the bar. There should not be division.â&#x20AC;?

towards containing the spread of the deadly disease.

Muhammad, who gave the directive in a circular issued on March 20, 2020, to judicial officers said the need to comply is of utmost importance because the disease which is spreading wide and fast has no known cure.

The CJN in the circular titled: "Preventive measures on the Spread of COVID-19 and the Protection of Justices, Judges and Staff of Courts," said that the matter is of grave concern to the judiciary, hence the need to reduce crowd in the courts and order judiciary environments.

It stated: "Consequently you are expected to take all necessary steps to ensure that the safety of management and staff within your jurisdiction by averting large gathering of people in view of the risk it may pose.

"As you all know, all federal judicial bodies are expected to continue work, however, as much as possible, efforts must be made to ensure that members of the public coming for official matters/ meetings/conferences within your jurisdiction do not exceed the recommended number.â&#x20AC;?

10, 000 people are still in critical condition, a situation that predicts more fatalities will be recorded.

stimulus.

He becomes the third member of Congress to test positive, raising concerns of senators who are now seeking medical advice on what to do.

ATIKUâ&#x20AC;&#x2122;S SON TESTS POSITIVE AS COVID-19 CASES ESCALATE TO 30 their transactions, including online and via phones.

The governor, however, added that the directive would not apply to first responders, including staff of LAWMA, LASEMA, Fire Service, LASAMBUS, and LASEPA among others.

He also encouraged privateowned organisations to take a cue from the state government and direct their staff to work from home for the period.

IG Orders AIGs, CPs to Enforce Social Restriction Orders As part of the containment efforts, the Inspector-General of Police, Adamu, at the weekend directed the Zonal Inspectors-General of Police and State Police Commands to enforce social restriction orders imposed by government at all levels.

He also directed the Zonal AIGs and Command CPs to guard against cases of unnecessary arrests and detention of suspects.

The IG directed them "to ensure that all legitimate orders given in pursuant to the containment efforts are strictly enforced within their areas of jurisdiction."

The IG, in a statement by Force Headquarters, said the detention of suspects must be reduced to the barest minimum and that only very serious cases such as terrorism, armed robbery, homicide and other non-bailable offences should warrant detention.

He further directed that adequate measures be emplaced to screen persons to be committed into police custody.

Adamu "ordered Command CPs to immediately publicise phone numbers of their

Command Control Rooms, Area Commanders and Divisional Police Officers (DPOs) and other tactical commanders using the conventional and non-conventional media in order to facilitate alternative interacting and reporting options between the public and the police."

The statement signed by Force PRO, Mr. Frank Mba, affirmed that in compliance with the federal governmentâ&#x20AC;&#x2122;s directive that all tertiary institutions be shut, the IG has ordered the immediate closure of the Nigeria Police Academy as well as all police primary and secondary schools nationwide while the force medical services were empowered and directed to step up sensitisation programmes across commands, formations and barracks in the country.

Police Detainees Regain Freedom in Ogun Perhaps in compliance with the IGâ&#x20AC;&#x2122;s directive, the Ogun State Commissioner of Police, Mr. Kenneth Ebrimson, yesterday ordered the immediate release of all persons detained for minor offences in all police facilities across the state to avoid the spread of the pandemic.

Ebrimson gave the order through a statement by the stateâ&#x20AC;&#x2122;s Police Public Relations Officer (PPRO), Mr. Abimbola Oyeyemi.

Oyeyemi, a deputy superintendent of police, said: â&#x20AC;&#x153;The CP has ordered the immediate release of all suspects being detained for minor offences in all police facilities across the state, as part of the preventive measure; while the police medical team has been directed to take the awareness campaign (on

COVID-19) to market places and detention facilities, to ensure public safety.â&#x20AC;?

Eko Hotel Announces Partial Closure of Its Services Also following the lockdown of social and religious gatherings to 20 persons per meeting point, in compliance, Eko Hotel & Suites has announced a partial closure of its services because of COVID-19.

In a statement issued yesterday on its Facebook page, the hotel said it will temporarily close down some of its services including the spa, gym, pool, conference and banquet facilities. â&#x20AC;&#x153;It is with great difficulty, but with the safety of you and our community in mind, that we have made the decision to temporarily close our Eko Suites Hotel, Eko Gardens Hotel, 88 Restaurant, Lagos Irish Pub, Sky Restaurant, My Thai Restaurant, Red Chinese Restaurant, Crossroads, the spa, gym, pool, and conference and banquet facilities. â&#x20AC;&#x153;However, part of Eko Signature and Eko Hotel, as well as Kuramo Sports Cafe, Calabash Bar, Lagoon Breeze, 1415 Seafood and Steakhouse are still operational,â&#x20AC;? it said.

CJN Urges Judicial OfďŹ cers to Comply with Social Distancing From the judiciary came the news that the Chief Justice of Nigeria (CJN), Justice Ibrahim Muhammad, has directed all judicial officers to comply with the guidelines issued by the NCDC and other relevant bodies

WHO urged governments to show leadership to defeat the virus.

A WHO Chief Emergency expert, Mr. Mike Ryann, who spoke yesterday on BBC said: â&#x20AC;&#x153;What we really need to focus on is finding those who are sick, those who have the virus, and isolate them, find their contacts and isolate them. â&#x20AC;&#x153;The danger right now with the lockdowns is that, if we donâ&#x20AC;&#x2122;t put in place the strong public health measures now, when those movement restrictions and lockdowns are lifted, the danger is the disease will jump back up.â&#x20AC;?

UKâ&#x20AC;&#x2122;s Body Count Rises to 244 In Britain, 11 more people have died after testing positive for COVID-19 in Wales, Scotland and Northern Ireland - taking the UK total to 244, according to Sky News yesterday.

There have been seven fatalities in Wales over the last 24 hours, taking its total to 12 and a further three in Scotland, where the number of deaths overall now stands at 10.

US Records 100 Deaths in 24 Hours, Senator Tests Positive

German Chancellor Angela Merkel Quarantined

As the death toll from COVID-19 jumped to 13,799, with 322,278 persons confirmed to be positive, WHO has warned Nigeria and other countries affected that lockdown approach alone canâ&#x20AC;&#x2122;t defeat the growing spread of the disease.

Although an estimated 96,000 people have so far recovered from the disease worldwide, at least

The novel coronavirus epidemic has claimed more than 100 lives in the past 24 hours in the United States, bringing the total to 389 deaths as of Sunday, according to an authoritative tally from Johns Hopkins University.

According to the university, the states of New York (114 deaths), Washington (94 deaths) and California (28 deaths) have been the hardest hit by far. The virus has infected at least 30,000 people nationwide.

Senators in the country panicked yesterday as one of them, Senator Rand Paul, revealed he had tested positive to COVID-19 after mingling with his colleagues for days as they negotiated a new set of economic

In Germany, the Chancellor, Angela Merkel, has quarantined herself at home after having contact with her doctor who tested positive for COVID-19.

Her spokesperson, Steffen Seibert, said she was informed of her doctorâ&#x20AC;&#x2122;s test result on Sunday shortly after a press conference.

Seibert said the doctor had administered a precautionary vaccine against pneumococcal infection on Merkel on Friday.

He said the chancellor would undergo regular tests in the coming days, and that she would continue to work from home in the meantime.

The country has lost 93 people to the disease with 24,806 confirmed cases

into the Nigerian equities market given the uncertainties both on the global and domestic fronts,â&#x20AC;? they said.

Bellwether stocks such as Zenith Bank Plc, Guaranty Trust Bank Plc, Access Bank Plc, Nestle Nigeria Plc, Nigerian Breweries Plc, United Bank for Africa Plc, Stanbic IBTC Holdings Plc, FBN Holdings Plc, and Ecobank Transnational Incorporated (ETI) are selling significantly cheaper at the market despite having strong fundamentals and bright prospects to deliver returns to investors.

Nigerian Breweries Plc is trading 49 per cent below its yearâ&#x20AC;&#x2122;s opening value; Nestle Nigeria Plc is 42 per cent cheaper. For the first time in many years, Nestle shares are trading below N1,000 per share. It closed N850 per share last Friday.

Access Bank Plc, which recently declared improved 2019 results and recommended a significant

final dividend for shareholders, is also trading 42 per cent lower than its opening price.

Unilever Nigeria Plc has shed 43.7 per cent, while Cadbury Nigeria Plc and FBN Holdings Plc have declined by 40.7 per cent and 38.4 per cent respectively.

Zenith Bank Plc and GTBank Plc, which are known for regular dividend payments, are currently trading 36 per cent below the prices at which they began the year.

UBA Plc is 30.5 per cent cheaper, while ETI 25 per cent cheaper compared to its yearâ&#x20AC;&#x2122;s opening price.

Commenting on the state of the market, Chairman of Association of Securities Dealing Houses of Nigeria (ASHON), Chief Oyinyechukwu Ezeagu, said investors should take advantage of the current bear market to beef up their portfolios.

According to him, although ASHON acknowledged the

high level of downswing on the market, fundamentals of the quoted companies remained strong.

Ezeagu explained that Nigeriaâ&#x20AC;&#x2122;s stock market remained part of the global exchanges and as such any development in the global market would impact on its operations. â&#x20AC;&#x153;The effect of COVID-19 is gradually affecting trading all over the world and whatever happens elsewhere reflects in our market.

The centre of it all is China and being a major world power both in production and consumption capacities, any ill wind affecting China would naturally cause big sneezing to the rest of the world.

Investors should not panic. The share prices will bounce back.

The companiesâ&#x20AC;&#x2122; fundamentals remain strong. Many investors are taking advantage of the bearish run to beef up their portfolios,â&#x20AC;? said Ezeagu.

Lockdown Alone Canâ&#x20AC;&#x2122;t Tackle Outbreak, WHO Warns Nigeria, Others

ANALYSTS ANTICIPATE INTEREST RATE CUT AS MPC MEETS TODAY Also, the Managing Director, Afrinvest Securities Limited, Mr. Ayodeji Ebo, also predicted a slash in interest. â&#x20AC;&#x153;It wonâ&#x20AC;&#x2122;t be a surprise to see the CBN cut the benchmark interest rate. The CBN may want to signal that it is in the mode for accommodative monetary policy by reducing interest rate,â&#x20AC;? he added.

However, a Senior Research Analyst at FXTM, Mr. Lukman Otunuga, stated that with the inflationary pressure, there would be little room for the central bank to cut interest rates.

Instead, he anticipated that the CBN may implement more unconventional tools to stimulate the economy. â&#x20AC;&#x153;Oil prices have depreciated over 50 per cent since the start of 2020 amid the COVID-19 outbreak and the raging price war between Saudi Arabia and Russia. Foreign exchange reserves

in Nigeria decreased to $36.38 billion in February and may drop further if oil prices fail to recover,â&#x20AC;? Otunuga added.

Opportunity Opens for Investors as Stock Prices Decline 40% Meanwhile, many stocks are trading over 40 per cent cheaper than their yearâ&#x20AC;&#x2122;s opening values as a result of the unprecedented decline suffered by the market in the last two weeks.

Operators said since most stocks have strong fundamentals, investors with long-term objective should take advantage of the low prices to increase their portfolios.

The market has declined about 17.3 per cent year-to-date (YTD), while some stocks have declined by almost 50 per cent in the same period.

However, instead of panicking and dumping shares, market

analysts have said they see opportunities and advised investors to take advantage of the bearish situation and increase their investments.

For instance, analysts at Afrinvest (West Africa), an investment banking firm, said they see opportunities in the local bourse for medium to long-term investors. â&#x20AC;&#x153;With a loss of 17.3 per cent YTD, market valuation is currently weak at 6.7x P/E ratio (vs. 8.9x average in January 2020), which is at its lowest since 2015.

Given the effectiveness of social distancing measures to fighting the spread of COVID-19 and its wide adoption in countries most vulnerable to the virus, we could see a resumption of economic activities in the second half of 2020, which would support crude oil prices and market performance.

Thus, we advise a gradual entry approach (buying in tranches)

MONDAY MARCH 23, 2020 ˾ T H I S D AY

47

NEWS

Oil Price Slump: Govs Meet Wednesday on Economy, Budgets The governors of the 36 states under the Nigeria Governors’ Forum (NGF), will this week hold a meeting to further discuss economic issues as they affect the country and their respective states.

The Head, Media, Public Affairs of the NGF, Mr. Abdulrazaque Bello-Barkindo, who disclosed this in a statement yesterday, stated

that the meeting was called to address how the effect of the crash in the price of crude oil as a result of coronavirus could be mitigated.

He added that they might take decisions on how they would run their budgets, especially with regards to payment of salaries, considering the crash in oil prices,

which will lead to lower revenues or allocations from the federal government.

Bello-Barkindo said though the governors met on Wednesday, they would also meet this week given the prevailing health situation and economic challenges.

He said, “The governors are meeting next week (this week).

Maybe they will take a decision on that. I cannot comment on things that governors have not discussed.

If they discuss it, I will get their perspective but for now, I cannot comment on what the governors have not discussed.

“For now, they are meeting next week, which is very unusual.

They met this week (last week)

but they have decided to schedule another meeting this week. I think it is to respond to various strange circumstances that have befallen the country. When they meet this week, we will have a definite answer on that.”

The NGF Chairman, Dr. Kayode Fayemi, had said the NGF during its last meeting, constituted a sub-

committee headed by the Governor of Kaduna State, Mallam Nasir El-Rufai, to comprehensively review the trend and advise state governors on the set of actions required to address challenges in the economy.

Members of the committee include the governors of Kebbi, Ebonyi, Ogun, Nassarawa, Edo and Jigawa states.

Five Persons Kidnapped in Ondo James Sowole in Akure Four timber merchants and one woman were reportedly kidnapped by gunmen at Ikakumo Akoko a border town between Akoko North East of Ondo State and Akoko Edo Local Government area of Edo State.

One of abducted persons is Samuel Obadofin , a native of Akunu in Akoko North-east Local Government area of Ondo State.

A community leader from Akunu Akoko, Mr. Michael Bello, said the men who were

saw millers were kidnapped from the forest when their lorry broke down .

The Police Area Commander for Ikare Akoko, Mr. Razak Rauf, who confirmed the incident, said the incident did not take place within the jurisdiction of Ondo State Police Command.

The Regent of Akunu Akoko, Princess Tola Orogun expressed sadness over increasing rate of kidnap cases around Akunu and appealed to the authorities to save the community from such incidents.

Catholic Priest Collapses, Dies During Mass in Rivers A Catholic priest, Rev. Father, Cyprian Kooro, has reportedly slumped and died while conducting mass in Port Harcourt, Rivers State.

It was gathered that the morning mass was underway yesterday at St. Helen Catholic Church, Ogbogoro when the

priest suddenly collapsed.

A source at the church said other officials of the church immediately surrounded the priest and rushed him to the University of Port Harcourt Teaching Hospital (UPTH), where he was confirmed dead.

Millions of Nigerians Lack Access to Potable Water, Says Osun Govt Yinka Kolawole in Osogbo Osun State Government yesterday posited that millions of Nigerians currently lack access to safely managed drinking water service.

The state government also announced that globally, over 80 percent of the wastewater generated by the society flow back to the environment without being treated or reused.

Speaking yesterday at a press conference to mark the 2020 World Water Day, the state Commissioner for Water Resources and Energy, Dr. Amidu Tadese Raheem, who spoke on behalf of the state government, noted that high majority of the people are also affected by land degradation and desertification, adding that at least 60 percent of forest land is in a degraded state.

He said the 2020 world water day with the theme: ‘Water and climate change’ explained how the two are inextricably linked; “for instance, the adaptation to the water effects of climate change will protect health and save lives.”

Raheem equally stressed

that using water more efficiently would reduce greenhouse gases, saying: “If we want to create a sustainable future, water management needs to be scrutinised through a climate resilience mechanism.”

He advocated the need to invest more on improved hydrologic data, education, risk assessment, knowledge sharing and capacity development.

Raheem also remarked that water policies needed to ensure representation, participation, behavioural change and accountability of all stakeholders.

He commended the state Governor, Adegboyega Oyetola, who he said has performed outstandingly through the implementation of the state water and sanitation sector policy and law, and avoided doing anything that might negatively affect the environment.

The commissioner noted that the state had remained relentless in its efforts to increase access to potable water through rehabilitation of existing water facilities in the urban, semi-urban and rural communities of the state.

MAINTAINING SOCIAL DISTANCE...

Minister of Works and Housing, Mr. Babatunde Fashola (left), and Governor of Rivers State, Mr. Ezenwo Nyesom Wike, during a courtesy visit to the governor, after his inspection of the reconstruction of Enugu-Port Harcourt Expressway... weekend

PDP Demands Transparency on N1.1tn COVID-19 Intervention Fund Chuks Okocha in Abuja The Peoples Democratic Party (PDP) yesterday called on the President Muhammadu Buhariled federal government to exhibit all sense of transparency in the management of the N1.1trillion intervention fund in this era of the COVID-19 pandemic.

The party said that it will hold the federal government responsible for the devaluation of the Naira due to its carelessness and ineptitude as well as corrupt tendencies.

The party said that it is worried over the allegation of corruption in handling of the N1.1 trillion set aside to cushion the effect of COVID-19 on the economy, saying, “Our party demands ultimate transparency.

“The federal government

should come clean on the source of the intervention, the specific intervention projects where the fund will apply, the level of involvement of other tiers of government and private stakeholders, as well as the mode of disbursements and monitoring”.

“The PDP demands that the COVID-19 interventions be allocated to the three tiers of government for effective delivery and monitoring.

Addressing a press conference yesterday at the PDP national secretariat, the National Publicity Secretary, Mr. Kola Ologbondiyan said, “our party, the PDP holds the Buhari’s administration responsible for the devaluation of the naira due to its failures.

“President Buhari should immediately end all tactless

economic policies, accept failure, seek help and get more competent hands to work on the economy, develop strategies to strengthen the naira as well as paddle our nation out of the current economic quandary”..

He said that the federal government should end its exclusionist policies and allow competent Nigerians, who are now being engaged by other countries, to help out.

According to Ologbondiyan, the Buhari-led APC administration should immediately cut down the size of its over-bloated government and plug waste by clipping the luxury expenditure of the Presidency, cabinet ministers and other executive appointees while channeling billions of naira to be saved to national economy.

The spokesman of PDP further said that the Buhariled administration should also shelve every plan of increasing the already excruciating taxes including the Value Added Tax (VAT) which it increased from five per cent to 7.5 per cent, with an attendant high costs on essential goods and services.

According to PDP, “The federal government, in its plans to review the 2020 budget, should not touch items that have direct bearings on the welfare of Nigerians but immediately cut all over-bloated executive votes as well as expunge paddings and fraudulently duplicated items, which our party initially pointed out in the budget.

N3bn Graft: EFCC to Arraign Ex-HoS, Oyo-Ita, Eight Others Today The Economic and Financial Crimes Commission (EFCC) will today, arraign the immediate past Head of the Civil Service of the Federation, Mrs. Winifred Oyo-Ita, for alleged N3 billion graft.

She will be arraigned before Justice Taiwo Taiwo of the Federal High Court, sitting in Abuja.

The ex-HOS was sacked in September last year after about N600 million was allegedly found in the bank account of

her aide.

EFCC investigations reportedly traced about N3billion to Oyo-Ita said to be kickbacks on contracts, illegal estacodes and duty-tour allowance received from the government.

Oyo-Ita would be arraigned alongside her special assistant, Ubong Effiok; Frontline Ace Global Services Limited; Asanaya Projects Ltd.; Garba Umar and his companies, Slopes International Ltd.; Gooddeal Investments Ltd.

Other defendants include U & U Global Services Ltd., belonging to Effiok and Prince Mega Logistics Ltd. A statement in Abuja yesterday, by the acting EFCC spokesman, Mr. Tony Orilade, said they would be arraigned for fraud in relation to DTA, estacodes, conference fees fraud and receiving kick-backs on contracts.

It said, “During investigation, it was discovered that Oyo-Ita, in her roles in the civil service

as director, Permanent Secretary and Head of Service, used her companies as well as Effiok and Umar’s companies as fronts to receive kickbacks from contractors of various ministries and parastatals where she worked.

“The former head of service in collusion with Effiok who was her Special Assistant, along with one Titus Tomsin, made bogus claims of fictitious DTA, estacodes, conference fees which were paid by the government to the accounts of the suspects.”

48

MONDAY MARCH 23, 2020 ˾ T H I S D AY

NEWSXTRA

Gunmen Abduct Two Heartland Players James Sowole in Akure Gunmen yesterday abducted two players of the Heartland Football Club of Owerri, Imo

State, at Ipele along Benin -Owo Highway in Owo Local Government area of Ondo State.

The players, Dayo Ojo and

COVID-19: Edo Govt Shuts down Schools Following the upswing of COVID-19 cases in Nigeria, the Edo State Government has directed that all schools in the state, including primary, secondary and tertiary institutions, be shut down with effect from Monday, March 23, 2020.

In a statement issued last night, the Secretary to the State Government, Mr. Osarodion Ogie, said, “while we enjoin citizens

Benjamin Francis were said to be on their way to their base in Akure from Owerri, after a holiday was declared for the Heartland Football team following the COVID-19 issue in the country.

The abductees were former players of the Sunshine Stars of Akure.

The details of the abduction were not clear as at the time of filing this report.

When contacted, the state Police Public Relations Officer Mr. Tee-Leo Ikoro, confirmed the incident and said the police were already on the trail of the hoodlums

to secure the release of the victims.

He also disclosed that one of the players has been rescued by the men of the state police command.

But he did not reveal the i d e n t i t y o f t h e re s c u e d p l a y e r. “ We h a v e b e e n a b l e

t o re s c u e o n e o f t h e players a n d o u r m e n are already in the bush after the kidnappers . I w i l l get the details of incident as soon as I get the information from the DPO of Ipele Owo,” the police s p o k e s m a n stated.

and residents not to panic, we call on them to adhere to recommended hygiene instructions on frequent handwashing and use of alcohol-based sanitizers as well as guidelines on social distancing.

“Government’s Action Committee on COVID-19 would unveil the full response plan within the next 24 hours.”

Lagos Issues Guidelines on Public Transport Segun James As part of the efforts by the Lagos State Government to prevent further spread of COVID-19 in the state, the government yesterday issued a guideline on the operation of public transportation in the state.

The government in a statement by the Commissioner for Transportation, Dr. Frederic Oladeinde stated that “henceforth all stakeholders in public transportation in the state are to sanitise their parks and garages regularly and continuously before and after each trip.

Also transport operators are expected to have at the entrance to their parks and garages, washing

hand equipment with soap and running water.

“All operators are not allowed to over crowd or over load their vehicles at this point in time, Passenger’s spacing must be fully observed. NCDC recommends that at least two metres (five feet) distance is required between anyone showing symptoms of respiratory illness. No standing in all BRT and LBSL bus operations “All buses should be at 60 per cent capacity and not 100 per cent with all Air Conditioning System in public transport be put off.”

Oladeinde also said that all drivers and their conductors should always wear hand gloves and nose guides, while in transit

Kwara Civil Servants to Work from Home In a bid to prevent the spread of COVID-19 to Kwara State, the State Governor, Mr. AbdulRahman AbdulRazaq, has ordered that all civil servants in the state should work from home until further notice. Those exempted from the order are staffs of the State’s Ministry of Health and workers engaged in essential services.

AbdulRazaq also ordered the closure of all public and private nurseries, primary and secondary schools and all state-owned tertiary institutions in the state.

A press release that was personally signed by the governor stated that all gatherings of more than 25 people would be discouraged until further notice.

He clarified: “Currently, we have no confirmed case of COVID-19 in Kwara State.

However, as a proactive government, and consistent with our determination to upgrade healthcare infrastructure in Kwara State, I have since approved funding for the construction of an isolation center at the onset of our administration. In Kwara State, we are following the lead of the Federal government by mobilising all resources available to us to prevent the spread of COVID-19 in Kwara State.”

The state governor enjoined all Kwarans to get involved in this fight against COVID-19 because the desired results would be achieved only if and when the

people are properly sensitised on how to protect their communities from the virus.

“We are determined to continue to make the necessary investments in healthcare to safeguard the lives of our people. A 20-bed high-quality isolation center has been completed and equipped at Sobi Specialist Hospital and plans are underway to build additional and well-equipped 12-bed intensive care unit at the General Hospital, Ilorin,” he said.

The governor has also put in place a “COVID-19 Technical Committee” comprising healthcare professionals and officials, which is headed by the Deputy Governor, Mr. Kayode Alabi, to assist his administration in combating COVID-19 in Kwara State.

He reassured all Kwarans of the determination of his administration to prevent, contain, and limit the impact of the pandemic on the people as the welfare, security and well-being of all Kwarans were of utmost importance to the state government.

“As a community, we must do everything possible to prevent any transmission of COVID-19 by embracing the concept of social distancing and self-isolation.

These measures are to prevent anyone that may be infected with COVID-19 from spreading the disease to others. An exponential spread of COVID-19 in our

WELCOME ON BOARD…

Edo State Governor, Mr. Godwin Obaseki (left), and the newly sworn-in Chairman of Esan South East Local Government, Mr. Peter Aguele, at the Government House in Benin City…weekend

Niger Assures IDPs of Adequate Welfare Laleye Dipo in Minna Niger State Government has assured internally displaced people (IDPs) of adequate welfare and protection of their lives and property despite the dwindling resources of the government.

Following numerous bandits’ attacks on some communities in the state, the government established IDP camps at Kuta in the Shiroro Local Government Area, Kagara in the Rafi LGA and Sarkinpawa in the Munya LGA. The Director-General of the Niger State Emergency Management Agency (NSEMA),

Alhaji Ibrahim Ahmed Inga, who gave the assurance during an interactive session with journalists in Minna at the weekend, said three local government areas of Shiroro, Rafi and Munya were most hit by bandits’ attacks resulting in not more than 1,200 displaced people.

Inga said: “The IDPs camps located in Kagara, Kuta, and Sarkinpawa are the busiest as a result of the persistent banditry in communities in these areas.

“Presently, no fewer than about 1,187 IDPs are in the camp at Kuta, while about 92 IDPs are also in the camp at

Kagara. We also have some of them taking refuge in private homes provided by private individuals in two local government areas that are even more than those were established in the camps.”

The director-general explained that most of the IDPs are women because some of the men have found their ways out of the camps.

He stated further that the government has been committing huge sums of money to take care of the IDPs, adding that apart from their personal wares and those of their children, “the government of Governor Abubakar Bello

has provided food items, medication and other essentials to the IDPs.” Inga described the banditry in the rural communities in some parts of the state “as a very serious tragedy,” conceding however that at the moment, “some IDPs have started returning to their respective homes in the communities following relative return of normalcy in the earlier troubled areas.

“Government will encourage the IDPs to return to their ancestral homes to start a new lives especially now that the new farming season is about to start.”

Army Grants Concessional Promotion to Three Officers Kingsley Nwezeh in Abuja The Nigerian Army Council has approved the promotion of three army officers to their next ranks.

One Army Warrant Officer (AWO) and Master Warrant Officer (MWO) were promoted to the rank of Captain while one Master Warrant Officer was promoted to the rank of Army Warrant Officer.

Those promoted are Army Warrant Officer Nwabueze Agbo; Master Warrant Officer, Tijjani Namadi (the duo were promoted to the rank of Captain) and Master Warrant Officer Ibrahim Zakaria promoted to the rank of Army Warrant Officer.

An Army Headquarters’

statement said the promoted officers “were found to be professionally worthy for the elevation and are hereby, on merit, promoted to the rank of Captain and Army Warrant Officer respectively as approved by the Army Council” While decorating the newly promoted officers at the weekend, the Chief of Army Staff, Lt. Gen. Tukur Buratai commended them for their selfless service and loyalty to the nation and urged other soldiers to imbibe their sterling qualities in the discharge of their constitutional/assigned responsibilities.

Buratai further enjoined them to sustain and impart

discipline, hardwork and regimentation to younger officers in their new units.

Speaking on behalf of the beneficiaries, Captain Nwabueze Agbo thanked Buratai for transforming the Nigerian Army to the present enviable standard.

According to him “Lt. Gen. Buratai’s inputs in terms of doctrine, organisation, training and orbat review of the Nigerian Army has made us to really understand the army better and thus placed it in a better position to checkmate current and emerging security challenges”.

“In terms of welfare of troops and their families, when you slashed school

fees in command schools, you made our families happy and encouraged our children to go to school”, he said.

He said: “Your infrastructural development, construction of accommodation and renovation of our living quarters in almost all Nigerian Army barracks across Nigeria has further made us happier and to live longer.

“When you introduced barracks investment initiative programme, you empowered and made our families industrious and self relient”.

“Finally sir, your feeding programme especially at the army headquarters really enhances our performances in the discharge of our tasks”.

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Dangote Donates N100m Cement to Victims of Lagos Explosion Dangote Cement Plc yesterday donated N100 million worth of cement to the Lagos State government, to support the ongoing reconstruction process at the AbuleAdo area of Amuwo-Odofin Local Government of the state, which was affected by a pipeline explosion last weekend.

The donation was made by the Chairman of Dangote Cement Plc, Aliko Dangote, represented by the Independent Non-Executive Director of Dangote Cement Plc, Mr. Emmanuel Ikazoboh, when the executive management of the company paid a visit to Governor Babajide Sanwo-Olu at the Lagos House, Marina.

The team comprised the immediate past Group Managing Director (GMD) of Dangote Cement Plc, Mr. Joseph Makoju; the new GMD of Dangote

Cement Plc, Mr. Michel Puchercos; Mr. Emmanuel Ikazoboh, and the Chief Corporate Communications Officer, Dangote Industries Limited, Mr. Anthony Chiejina.

Ikazoboh, who on behalf of Dangote, commiserated with SanwoOlu over the unfortunate incident caused by the gas explosion, said the Dangote Cement company “would be supporting the reconstruction of the Abule-Ado area with N100 million worth of cement”.

He also formally informed the governor of the change of baton at the helm of the cement manufacturing giant, where Puchercos recently took over from Mr. Makoju on the retirement of the latter.

He added that the company, and indeed the whole Dangote Group, would continue to support and collaborate with the Lagos State

government in its economic development efforts.

Sanwo-Olu, in his remarks, acknowledged the change in management at Dangote Cement Plc, and expressed appreciation at the company’s gesture, which he described as timely.

According to him, “we take seriously your level of support because there is a lot of reconstruction going on at Abule-Ado so that normalcy can be restored. We welcome all the support we have gotten.

“I appreciate the chairman who has said that the Group will continue to support us. On behalf of the Lagos State government, we thank you for coming to commiserate with us, and for your gesture of support. We also thank all Lagosians and Nigerians who have been coming to support us”, the governor added.

Rivers PDP Elects Akawor as New State Chairman Ernest Chinwo in Port Harcourt A former Nigerian Ambassador to South Korea, Mr. Desmond Akawor has emerged the new Chairman of the Peoples Democratic Party (PDP) in Rivers State.

This is as the Rivers State Governor, Nyesom Wike, has called on Nigerians to mount pressure on the National Assembly to amend the Electoral Act to ensure credible elections in 2023.

Akawor was elected by delegates during the PDP State Elective Congress at the Obi Wali Cultural Centre in Port Harcourt on Saturday.

The New Rivers State Working Committee of the PDP will assume office in May 2020, when the second term of Mr. Felix Obuah comes to an end.

Wike; PDP National Chairman, Prince Uche Secondus; National and State Assembly members joined other party delegates to vote during the State Elective Congress.

Akawor takes over from Obuah, who will serve out his two terms as Rivers State PDP Chairman in May, after leading the party to electoral victories in 2015 and 2019.

The state congress of the party followed successful ward and local

government congresses in the state.

Chairman of Rivers State PDP Elective Congress Panel, Senator Sam Anyanwu, said that 39 party positions were listed, with 39 officials picking forms for each of the post. The entire 39 officials were elected unopposed.

Although the candidates were standing for their respective positions unopposed, all the delegates still had to cast their votes starting with the PDP National Chairman, Secondus, followed by Wike, and others.

Anyanwu announced that that Akawor polled 2908 to emerge victorious as the Rivers State PDP Chairman.

SERAP Wants EFCC, ICPC to Monitor Spending on COVID-19 The Socio-Economic Rights and Accountability Project (SERAP) has sent an open letter to President Muhammadu Buhari urging him to use his leadership position to “urgently instruct the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC) to jointly track and monitor spending by federal agencies and state governors to combat COVID19 pandemic in Nigeria.

SERAP said this would remove the risks of corruption and mismanagement in our healthcare systems that are already weakened by systemic corruption.

In the letter dated March 20, 2020 and signed by SERAP’s Deputy Director, Mr. Kolawole Oluwadare, the organisation said: “Coronavirus crisis requires quick responses but it also requires corruption safeguards to ensure public funds are well spent, and promote access to basic public health and other services to those most in need.”

SERAP said by prioritising transparency and accountability in the spending of funds to combat coronavirus, the government will be taking preventive measures to ensure that the efforts to reduce the spread of the pandemic and promote the health and safety of

Nigerians are not compromised by corruption.

SERAP expressed “concern that systemic corruption in the health sector across the country would hurt the federal and state authorities’ responses to the coronavirus crisis.”

The letter, read in part: “The challenges posed by the coronavirus pandemic also show the urgent need for your government to improve Nigeria’s health systems and to encourage state governors to commit some parts of their security votes to provide additional resources towards strengthening the health systems within their states.

Masari Directs Shop Owners to Purchase Hand Sanitizers Francis Sardauna in Katsina The Katsina State Governor, Aminu Bello Masari, has directed the officials of the state Ministry of Health to ensure that shop owners have sanitizers and thermometers in their shops to check the spread of COVID-19 in the state.

Masari, in a broadcast yesterday at the Government House, said the directive became necessary considering the numbers of people in business centres, markets and

other social gatherings in the state.

He, however, said the state government had provided fund to the Ministry of Health to ensure that hospitals are well equipped with basic medical apparatus to handle any confirmed case of the virus.

The governor added that the state government is building an emergency infectious disease ward at General Amadi Rimi Specialist Hospital in addition to the temporary isolation centre at

the General Hospital in Katsina.

He said: “Shop owners should ensure that they have hand sanitizers and thermometers in their shops. They should screen people before attending to them in their shops to limit the spread of the pandemic.

“The government through the Ministry of Health has also positioned its personnel to pay special attention to any individual who has symptoms of the coronavirus disease.

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COVID-19: Bauchi Closes Schools Segun Awofadeji in Bauchi Bauchi State Government yesterday directed the closure of all schools across the state with effect from Monday, March 23 (today) as part of the measures against the spread of Lassa fever and COVID-19 in the state.

The state Governor, Senator Bala Abdulkadir Mohammed announced this last night while addressing journalists on the outcome of the Stakeholders Engagement and Update Meeting held at the Council Chamber, Government House Bauchi.

The governor said with the rampaging virus spreading, the state government deemed it necessary to hold the stakeholders’ meeting with a view to ensuring that the disease is kept out of

the state.

He noted that the stakeholders agreed that henceforth, restriction should be observed in all religious gatherings with not more than 50 people.

“You can see we have a new style of leadership of governance in Bauchi State. These are the natural leaders; we are here to discuss the implications of both medical and economic implications of COVID-19 and to discuss on issue of public gatherings as pronounced by other states.

“Some of our resolutions is that, restrictions should be observed in all religious gatherings with no more than 50 people to be gathered for any religious congregation.”

The governor enjoined citizens of the state to seek for Allah’s

forgiveness by deepening prayers to avert the outbreak of the virus in the state.

Mohammed said a highpowered committee has been constituted under the

chairmanship of the State Deputy Governor, Senator Baba Tela to provide the necessary information

on preventive measures against Lassa fever, COVID-19 and other communicable diseases.

Ogun Police Shut Christ Apostolic Church in Sagamu Kayode Fasua in Abeokuta The Ogun State Police Command yesterday stormed a Christ Apostolic Church (CAC) in Sagamu, dispersed worshippers and closed down the church, insisting that the church contravened government’s order that no gathering must exceed 50 persons, to deter people from contracting the deadly Coronavirus disease.

The state’s Police Public Relations Officer (PPRO), Abimbola Oyeyemi, a deputy superintendent of police, confirmed this in a chat with THISDAY yesterday.

He, however, denied raging speculation that the pastor of the church was arrested, saying, “we only got there and dispersed the gathering, since it was more than 50 as against what both the federal

and the Ogun State governments directed.

“We also closed down the church for flouting the order”.

Oyeyemi said the police patrol team is on the look-out for all gatherings, be it social or religious, that do not comply with the order, and warned that henceforth, the police would not only disperse such gatherings but also arrest and prosecute offenders.

“We are all out for the full enforcement of the order. It won’t be limited to churches and mosques alone; it will also affect social functions like burial ceremonies, weddings and all the rest, where people are more than 50.

“Even, beer parlours and parties are not exempted; our people are all out for the full enforcement of the order,” he added.

FG, OPS Strategise to Boost Local Sourcing of Raw Materials James Emejo in Abuja The federal government and the Organised Private Sector (OPS) are currently working to enhance local sourcing and production of essential products particularly pharmaceuticals amidst the threats posed by the outbreak and spread of the COVID-19 pandemic and its impact on the domestic economy.

Specifically, manufacturers have expressed grave concerns that going by the current lockdowns and travel restrictions implemented by Nigeria’s major trade partners, including China, United States and other European countries, where the country relies on for essential raw material imports, it is only a matter of time before local companies run out of basic inventories for production.

THISDAY gathered that a meeting between the OPS and the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, which was held behind closed doors over the weekend, had tried to explore ways through which

local sourcing of raw materials could be enhanced before things go out of hand.

THISDAY gathered that of particular concern to the parties were issues around the local pharmaceutical companies, which would be hard-hit by the lockdowns as well as the need to take proactive steps and look inwards for raw materials.

A source privy to the meeting said the minister and the OPS raised concerns over the recent development whereby Chloroquine, which had been rumoured to be handy in the treatment of COVID-19, had suddenly disappeared from the shelves in local pharmacies.

The source said the meeting plans to make recommendations to the federal government on the need to ban further export of the drug from the country, adding that some Nigerians may have taken advantage of the situation to hoard and export it to neighbouring countries.

The source said government is also taking steps to empower local pharmaceutical firms to boost production of chloroquine.

CONGRATULATIONS…

L-R: Pro-Chancellor, Federal University of Petroleum Resources, Effurun, Delta State, Prof. Zulu Abdullahi; new Vice Chancellor of the university, Prof. Akpofure Rim- Rukeh; former Deputy Vice Chancellor, Prof. JB Arubayi; and the representative of the Federal Ministry of Education in the University Council, Mrs. Amina Buba, during the unveiling of the new VC of the university in Abuja …weekend ENOCK REUBEN

Opposition Parties Call for Free Mandatory Testing of Citizens Udora Orizu in Abuja As more Nigerians get infected with coronavirus disease 2019 (COVID-19), the Coalition of United Political Parties (CUPP) has called on the federal government to issue an executive order for free and mandatory testing of all citizens, saying such action would help carriers of the virus to know on time without waiting until symptoms start manifesting.

The coalition in a statement issued by its spokesperson,

Ikenga Ugochinyere, urged President Muhammadu Buhari to work with the National Assembly and the 36 states governors to ensure this is done within the next 48 hours.

According to CUPP, “The government should ensure a mandatory and free coronavirus testing for all Nigerian citizens especially those who recently got into the country to help ensure early detection and identification of infected people who have not shown any symptoms of the virus. This will make it easier

to track all possible contacts of potential carriers.

According to the statement, “Mr. President the virus is on the move now, stop sleeping and do the job you are paid well to do. Let all hospitals be mandated to run free test and let all citizens be encouraged to go for the test. An emergency law should be made by parliament to back free testing/funding like most nations have done and also a law making it an offence for citizens who refuse to run the test. Part of the N1trillion

released by the Central Bank of Nigeria (CBN) should be used to fund this process.

“Remember the primary responsibility of the government under Section 14 of the constitution which is the protection of lives and property. So get your loyalists in the National Assembly who passed your borrowing plan for $22.7billion loan without debate or seeing the details, to pass the anti-coronavirus legislation, including free and mandatory testing immediately.”

Ikpeazu Cancels ABSU Convocation, Provides Funds for Online Learning Emmanuel Ugwu in Umuahia As part of the strategies to curb the spread of COVID-19 to Abia State, the state Governor, Okezie Ikpeazu, at the weekend cancelled the 27th convocation ceremony of the Abia State University (ABSU) Uturu, which was already scheduled for March 27.

He announced this measure at a press conference at the Government House in Umuahia on his return from Australia, saying he had equally directed the management of the state-owned school to shut down activities till further notice.

According to him, “I think that this is an opportunity for me to officially announce that the

convocation ceremony of Abia State University Uturu would no longer hold because it is a global event.

“Some people might have even come from outside Nigeria, and it would be improper to begin to think of the convocation under the circumstances that we have found ourselves.”

The governor stated that while it has become necessary to close down all institutions of learning from primary to tertiary as precautionary measure, it would in no way imply that coronavirus would make us illiterate people.

He, therefore, announced a contingency fund of N10 million each for all tertiary institutions in the state to enable them

establish online tutorials and maintain contacts with teachers and students.

Ikpeazu, who outlined the various measures put in place by his government to protect the people from the devastating coronavirus, noted that it was necessary for Abia people to know that the government was doing all in its power to safeguard their health.

“We will encourage all tertiary institutions to continue to interact with their students, using and deploying various online platforms,” he said.

He added that the deployment of online platforms by tertiary institutions would guarantee uninterrupted learning for

students while staying at home till it’s appropriate for them to return to their campuses.

He assured the state that “he will not allow coronavirus to turn us to illiterate people. So, we will encourage online teaching, online tutorials, online contacts, using various platforms that are available.”

On the closure of primary and secondary schools as had been done in some states across the country, Ikpeazu stated that “what we want to do is to encourage all primary and secondary schools to do everything within their powers to conclude their examinations and close before March 30, 2020.”

Mountain of Fire Suspends Activities in Lagos, Ogun Onyebuchi Ezigbo in Abuja The Mountain of Fire and Miracles Ministries (MFM), has announced the suspension of all church activities at all of its branches in Lagos and Ogun

States till further notice. The suspension of church activities was in compliance with the ban placed on public gatherings and religious activities by the Lagos and Ogun State governments.

The MFM, during the weekend

released prayers points to arrest the continuing spread of the dreaded COVID-19 pandemic and advised Nigerians not to panic.

The General Overseer (GO) of MFM, Dr. Daniel Kolawole Olukoya, in a statement issued

by his Media Office and signed

by Mr. Collins Edomaruse, reminded Nigerians of the various steps being taken by the federal and state governments to contain the pandemic.

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Ndume Faults Presidential System of Govt Fani-Kayode, others bemoan state of the nation

Deji Elumoye in Abuja A former Senate Leader, Senator Ali Ndume, has identified the presidential system of government being practised in the country as one of the problems facing Nigeria.

This is coming as the former Minister of Aviation, Chief Femi Fani-Kayode and former Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Obadiah Mailafa, have decried the myriad of problems facing the nation.

Ndume, who is Chairman of Senate Committee on Army, spoke

at the weekend at a colloquium to mark the 50th birthday of Mr. Kudla Satumari, who lost the 2019 Borno South senatorial poll to him, declared that the presidential system as provided for in the 1999 Constitution is part of the problems facing the nation.

The Senator who pledged not to be a politician if given a second chance of coming to the world, said presidential system of government is too costly for a country like Nigeria to run, adding that good governance has been eluding the country since 1999.

“One of the problems of the 1999 Constitution is the Presidential System of government it recommended for the country which is too costly .

“Parliamentary system of government would have been better in terms of good governance for the citizenry as experienced in the First Republic .

“Presidential system of government as being practiced since 1999 through constitutional

provisions makes democracy too costly in Nigeria, governance centralised and politicians in tight corner of between what is good and what is bad.

“If I have the opportunity of coming back to this world and particularly Nigeria, I will not be a politician because being a politician in Nigeria is like testing positive to HIV with consequences of knowing how to live with it,” he said .

Ndume further stated that Nigeria is at the verge of collapse and if care is not taken, it will eventually collapse.

Also speaking at the Colloquium, Fani – Kayode, Mailafia and Senior Fellow, Centre for Democracy and Development , Professor Jibril Ibrahim, blamed the 1999 constitution for the woes of the country within the last 20 years and called for a new one that will make Nigeria , a federal

state in letter , spirit and practice.

Mailafa in his submissions specifically said “though as clearly stated in the motto of the country, Unity and Faith , Peace and Progress are what we need in the county but due to self - inflicted systemic dysfunctions , none of the four has been achieved and can be achieved with the dysfunctional problems which had killed the Nigeria of our dream.

SAN Advocates Bottom-top Approach to War against Corruption Hammed Shittu in Ilorin Former Chairman of the Nigeria Bar Association (NBA) Anticorruption Committee, Mallam Yusuf Olaolu Ali (SAN), at the weekend canvassed for bottomtop approach to the war against corruption in order to nip the menace in the bud in the country.

Speaking with journalists in Ilorin, the Kwara State capital, on the sideline of his annual ‘Ghalib Anti-corruption Walk-to- Live” exercise, the senior lawyer said the current approach of top-bottom being used by the various anti-corruption agencies in the country would not yield the desired positive result.

He said: “There is urgent need to embark on a mass movement on the war against corruption that will encompass bottom-top system to reduce corruption index in the country.

“Also, the war against corruption message must involve all and sundry in order to get to the door steps of the rural populace irrespective of the positions everyone find themselves

in the country.”

The legal luminary opined that the way the war against corruption is being fought by the anti-corruption agencies need to be reviewed, noting that “the war is only targeted at the influence people but leave out those at the lowest ebb of the society.”

He explained that “if those at the lowest ebb of the society are not checked, this set of people may also grow into a full-blown corrupt people, thereby increasing the corrupt activities in the society.”

On the annual Ghalib anticorruption exercise, the senior lawyer said the programme was put in place few years ago to address the current situation in the country and to bring people of various professional groups together to make them physically alright through routine exercise.

According to him, the the country is currently facing insecurity, adding that “everyone in the country must be security conscious and learn to be ones brother’s keeper in terms of reporting strange occurrence in the area one lives.”

NCS Retirees Petition Buhari, Lawan over PENCOM Adibe Emenyonu in Benin City Retirees of the Nigerian Correctional Service (NCS), have petitioned President Muhammadu Buhari and the Senate President, Muhammed Lawan to remove the administration of the pension of the retirees of the NCS from the National Pension Commission (PENCOM).

The pensioners in a petition signed by it’s Chairman, Mr. Abraham Osaghae, and made available to journalists at the weekend in Benin City, capital of Edo State, lamented that life has become unbearable for the paramilitary ex-service men since the administration of their pension were transferred to PENCOM. Osaghae noted that the paramilitary service men worked under severe, hazardous and horrendous condition where there was no escape route when faced with danger.

He said: “They at most time pay with their lives. The police are faced with the terrorists, immigration with aliens, custom with smugglers and the correctional staffs are faced with dangerous and unwanted criminals whom they are locked

up with.”

Osaghae lamented the absurdity of using the retirees’ gratuities to pay for their pension even when the Pension Act did not say so.

He noted that the immediate past Inspector General of Police, Mr. Ibrahim Idris, canvassed for the removal of the paramilitary from PENCOM but did not realise it.

He said that having served the nation so much with their energy and time, it would be most unfair to further punish the ex-paramilitary service men with hardship and poverty.

Osaghae argued: “The most important thing now is that if all paramilitary personnel cannot be removed from the PENCOM and returned to the old scheme as the military has done, then let those who have served for twenty years and above as at 2004 be pulled out.

“Now is the time for Mr. President and the National Assembly to do the needful for the paramilitary ex-service men who laid down their lives for the service to the country and yet their gratuities were seized for a meager pension stipend.

COVID-19 SCARE…

Stranded students of tertiary institutions awaiting vehicles to their destinations, after closure of schools due to COVID -19 epidemic in Ado-Ekiti... yesterday

Be Wary of Emir Sanusi, Group Urges Yoruba Segun James A Pan-Yoruba group, the Yoruba United Front (YUF), has called on the people of the Southwest to be wary of the deposed Emir of Kano, Mohammed Sanusi, saying his (Sanusi) antecedents have shown that he hates the Yoruba people.

The group in a statement signed by its National President, Alhaji Raimi Ali, and National Secretary, Deacon Samuel Aderanti, said it was surprised that Sanusi, who had earlier declared the Yoruba people as the problem of Nigeria would seek asylum in Lagos (a

Yoruba state).

According to the YUF, “What does Sanusi want? That is the question every right-thinking Yoruba person should be asking, and why is he taking refuge in Yoruba land now that he hasaproblemwithhiskinsmen?

“TheYorubapeoplewillneverforget the diatribes of Sanusi who excoriated the icons of Oduduwa land in a 1999 speech where he described the entire Yoruba leadership as an ‘Area Boy’ institution.”

The group warned Yoruba leaders and politicians to be wary of the antics of Sanusi, saying he has a mission to achieve, even as they

wonder his choice of Lagos and not Kaduna or any other northern city.

It alleged: “He lambasted Chief Obafemi Awolowo and other revered Yoruba leaders in petty, bitter, tribalistic usages. He even claimed that Alhaji Shehu Shagari was overthrown in 1983 because Awolowo lost the presidency!

“It is rather ironic, sickening and unacceptable that the same Sanusi will choose the Yoruba heartland which he once condemned in the most violent language as a place of succour when his people have disowned him. We urge our people to be wary of this man whose

agenda and purpose are puzzling and dubious.

“We hereby warn Yoruba leaders not to allow Sanusi, who is an ethnic bigot, to systematically build a Fulani camp in Lagos. We should be wary and ask him what exactly he wants in Yoruba land.

“Those Yoruba lackeys rushing to visit him either in form of old school students’ association or whatever form should remember Sansui’s past; his hatred of anything Yoruba, and should realise that Sanusi is a rabid, radical Islamist and should not be treated as a pan-Nigerian patriot.”

Group Seeks Improved Funding for Northern Education Kuni Tyessi in Abuja The Arewa Education Renaissance Initiative (AERI), has called for the prioritisation of the funding of all levels and forms of education in the Northern region by governments and private organisations.

The AERI warned that unless such actions were taken, the much needed development in the region would not be realised.

The group, in the statement signed by Mr. Lawal Kankia Ibrahim, noted that: “Leadership at all levels need to re-dedicate itself and re-discover the political will to deal with the problems related to education in the North.

“There is tremendous interest at all levels of Northern communities that needs to be mobilised and harmonised to support all initiatives towards addressing the foundations of education in

the North and commence the process of rebuilding education values and structures that will give the region a new lease of life and a better chance to survive as a community.”

The group vowed to mobilise all intellectual, managerial and political resources in the North to create awareness on the state of education in the North and engage all political leaders and other stakeholders to

contribute ideas that would improve policies, provide resources and support towards a radical improvement of education standards in the North.

It further stated that: “The initiative wishes to suggest the need to adopt holistic, realistic and productive policies in dealing with ‘almajiri,’ as current initiatives in dealing with the phenomenon are unlikely to solve the problem.

World Bank, EU, Ekiti Partner to Improve Revenue Victor Ogunje in Ado Ekiti The European Union in partnership with the World Bank and the Ekiti State Government has promised to enhance citizens’ access to potable water through affordable and sustainable commercialisation policy in the water sanitation sector in the state.

EU Policy Expert in Ekiti State, Mr. Alaba Ogunsajo,

disclosed this in Ado Ekiti at the weekend at a one-day retreat for stakeholders in the Water, Sanitation and Hygiene (WASH) sector with special focus on commercialisation and regularisation of water services in the state.

Ogunsajo stated that the EU is committed to water supply and sanitation sector reform programme three (WSSSRP 111) to solve shortage of

safe water through effective commercialisation and regularisation policy that can guarantee access to safe water in the state for revenue earning.

According to him, “The EU intervention in water sanitation with focus on improving water governance through effective policies, laws, and institutional framework is meant to improve service delivery; enhance access to safe, clean and sustainable

drinking water when the water reticulation from dams gets to customers in Gbonyin and Ekiti West Local Government Areas being used as pilot council areas.

“The target is to ensure water sanitation services in urban, small towns and in the rural communities for the good health of our people. It will also help the open defecation policy of government among others.”

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70 Years Retirement Age for S’ Court Justices was Meant to Frustrate Abiola’s Bail, Says Ogebe Alex Enumah in Abuja A retired Justice of the Supreme Court, Justice James Ogebe has revealed that former Head of State, the late General Sani Abacha, extended the compulsory retirement age of Justices of the Supreme Court from 65 years to 70 years in his bid to frustrate the hearing of an appeal against the bail of self-proclaimed President, Chief Moshood Abiola at the Supreme Court.

The revelation was contained in a book presented to mark the 80th birthday celebration of Ogebe over the weekend in Abuja.

The book which is an autobiography of the octogenarian is entitled: ‘Justice Under the Shadow of the Almighty; My Life Sojourn to the Nigerian Supreme Court.’

The retired Justice who is

reputed for his various landmark judgments, one of which is the reversal of the sack of Oyo State Governor, Senator Rashidi Ladoja in 2005, in the 329 pages book with 15 chapters, recalled how God and fate took him to the peak of his career in 2008.

Ogebe who disclosed that he was twice denied opportunity of becoming the Chief Judge of Benue State, noted that the extension which at the time was an unfortunate situation however turned around to be a blessing in disguise for him and others that may not have ascended the bench of the apex court on account of their age.

“There is a very intriguing historical footnote to my ascension to the Supreme Court. When business mogul, turned politician, Moshood Abiola, was arrested after declaring himself President

HEDA Backs House on CBN, FIRS Forex Investigation The decision of the House of Representatives to investigate critical financial institutions on forex transactions has received a boost from the human rights community who have described the move as a milestone that will open a can of worms.

There were reports last week that the House of Representative will investigate the Central Bank of Nigeria, (CBN) and the Federal Inland Revenue Services, (FIRS) over forex transactions and allocations.

Economic experts have said that the loss in illicit forex transactions is in the range of $30billion, which they insist also weakens the naira in the international market.

Human and Environmental Development Agenda (HEDA Resource Centre) in a letter addressed to the House of Representatives signed by its Chairman, Mr. Olanrewaju Suraju commended the lawmakers’ decision to beam the searchlight on the apex bank describing it as an important turning point in ensuring the CBN and FIRS act in accordance with global best practices. The letter was addressed to the House Committee Chairman, Hon. James Faleke.

HEDA said the investigation

and scrutiny by the House of Representatives is a step in the right direction adding that the group is willing to support in providing any further clarifications and answer to any questioning that would further the cause of investigation “The local and international communities are watching with keen interest the plan to probe the CBN and the FIRS on forex. There has been series of allegations of sharp practices in forex dealings against CBN and FIRS officials. The time to establish the truth has come”, HEDA said in a letter sent to the Chairman House of Representatives Committee on Finance, Banking and Currency. There have been lingering allegations of racketeering in the allocation of foreign exchange by the two leading foreign exchange hub.

The House of Representatives took the decision after adopting the motion brought under matters of urgent national importance by the Chairman, Committee on Finance, James Faleke. He had argued for the urgent need to rescue Nigeria from over $30billion annual leakages arising from skewed allocation of foreign exchange.

MultiChoice Gives DStv, GOtv Customers More Access to Information To ensure the most up-to-date information about COVID-19, Africa’s most-loved storyteller, MultiChoice Group (MCG) will provide broadened access to credible information at this time, by making news channels more widely available across the continent.

From today the group has included CNN (channel 401), Euronews (channel 414), BBC Word News (channel 400), Aljazeera (channel 406) and Africanews (channel 417), as well as the many other local DStv news channels in markets.

GOtv customers will also get the brand-new channel Africanews (channel 47) available

on GOtv Max and Jolli. While BBC News (channel 41) and CNN (channel 42) will be open to GOtv Max, Jolli and Confam customers.

“We have been in constant communication with health authorities such as the World Health Organisation, and we will be rolling out Africa-wide public service announcements on COVID-19. It is important that all of us take heed of the announcements and advice from trusted experts so that we can look after our own health and that of our loved ones,” MultiChoice Nigeria’s Chief Executive Officer, Mr. John Ugbe, said.

in the June 12, 1993 election, I was put on a panel of Appeal Court Justices who granted him bail.

“General Abacha’s regime did not take kindly to our decision and appealed against our

decision to the Supreme Court.

However, the Supreme Court could not form a quorum because many of the Justices recused themselves since they had a libel lawsuit against Abiola’s Concord newspaper. There

was accordingly, a stalemate because of shortages of Justices on the Supreme Court.

“Rather than appoint new Justices who would then form a quorum to hear Abiola’s bail case, General Abacha decided

to extend the retirement age of Justices from 65 years to 70 years, to continue to keep Abiola in legal limbo. He, therefore, did not appoint more Justices before his sudden death.

AFFORDABLE HOMES IN FOCUS…

L-R: Managing Director, Falcon Corporation Limited, Prof. Joseph Ezigbo; Managing Director, Dradrocks Red Estate Limited, Mr. Oladipo Idowu; Convener of the summit, Mr. Samson Oki; Senior Special Adviser to Lagos State Governor on Housing, Hon. Ayodeji Morufu; Managing Director, Afriland Properties Plc, Mrs. Uzo Oshogwe; and Chief Executive Officer, Oguns Investment Nigeria Limited, Mr. Waheed Ogunbiyi, during the summit on building safe and secure homes at Lekki, Lagos…weekend KOLAWOLE ALLI

APC Crisis Persists as Nabena Claims Party’s Spokesman He is chasing shadows, says Issa-Onilu Adedayo Akinwale in Abuja The Deputy National Publicity Secretary of the All Progressives Congress (APC), Mr. Yekini Nabena, yesterday claimed that he has taken over from Mallam Lanre Issa-Onilu as the spokesman of the party, though in acting capacity.

But in a swift reaction, IssaOnilu said that Nabena was chasing shadows, as there was no such court ruling.

A Sokoto High Court had

last week restrained APC from appointing or electing “Mallam Lanre Issa-Onilu or any member” into its top positions except through a National Convention.

Nabena in a statement issued yesterday in Abuja, claimed that his assumption of office was with an understanding with Issa-Onilu, pending the time he would sort out the court matter.

He stated: “APC is a law abiding party and as leaders of the party we must be seen

doing the right thing at all time, including respecting the order of the court. In lieu of this, Mallam Onilu has begun the process of vacating the order of the Sokoto High Court restraining him but pending the time this will be done, I will act in his position.

“Unlike the former ruling party, APC has high regard for the judiciary and we must be seen at all times to practice what we preach,” Nabena stated.

Nabena however assured

media representatives of his prompt responses to enquiries and clarifications while creating mutual understanding between the public and the ruling party.

But Issa-Onilu while responding through a text message said no court ruling was restraining him as the National Publicity Secretary of the party.

According to him, “There’s no any such court judgment restraining me. He’s chasing shadow. I’ll speak to it soon.”

Lagos Govt Shuts 32 Unregistered Pharmacies, Patent Medicine Stores The Lagos State Taskforce on Counterfeit, Fake Drugs and Unwholesome Processed Foods has shut 32 pharmacies and patent medicine stores for offences bordering on illegal operation and operating beyond scope of practice.

The Commissioner for Health, Professor Akin Abayomi, disclosed this yesterday after reviewing the report of the first enforcement exercise carried out by the Pharmaceutical Inspectorate Unit

of the Ministry for year 2020.

The commissioner explained that the affected pharmacies and patent medicine shops were sealed for offences including operations without license, engaging unqualified persons to man and dispense drugs to unsuspecting citizens, operating beyond scope through sale of ethical products, displaying and storing drugs in unconducive environments, which compromises the potency of the drugs there by rendering them

ineffective.

He, however, stressed that only licensed patent medicine vendors are authorised to sell only drug products in their original packs in approved pack size as produced by the manufacturing companies as the law prohibits dispensing and wholesaling of drugs by patent medicine vendors as the law also prohibits wholesalers operating outside their scope by selling drugs in retail.

He said that the affected

premises includes those located in Dopemu, Mangoro, Cement, Oniwaya, Ayobo-Ipaja, OrileAgege, Akinogun, Mosan and Ikola axis of Agege and Alimosho Local Government Areas of the state.

Abayomi noted that the sealing of the affected pharmacies and patent medicine stores was in accordance with the provisions of Section C34 of the Counterfeit, Fake Drugs and Unwholesome Processed Foods Miscellaneous Provision Act of 1999.

COVID-19: ICAO Urges Countries to Review Flight Restrictions Emirates shuts down passenger service March 25 Chinedu Eze The International Civil Aviation Organisation (ICAO) has reacted to the decision of many countries to close their borders to passenger flight operations and has urged states to review all restrictions to flight operations, existing or planned to ensure that they are appropriate, taking into account the need to facilitate operations to the extent possible.

In a statement signed by the ICAO Secretary General, Fang

Liu and entitled, “Implementation of Contingency Arrangements to Reduce the Risks of the Spread of COVID-19,” the world body said special attention should be given to the facilitation of entry, departure and transit of aircraft engaged in relief flights “as per Annex 9 — Facilitation Standard 8.8, in light of the urgent need to ensure sustainability of the global air cargo supply chain enabling notably to maintain the availability of equipment such as ventilators, masks and other

health and hygiene-related goods, which are necessary to assist in reducing the public health risk of the spread of COVID-19.”

“I have the honour to refer to the urgent need to reduce the risks of the spread of COVID-19 by air transport and to protect the health of air travellers and aviation personnel. In this respect, it has come to my attention that a few notices to airmen (NOTAM) do not provide sufficient information on the extent of restrictions to flight operations, the operational

impact of aerodrome closures or the reduction of air traffic services.

“In recalling the obligations of States contained in Annex 11 — Air Traffic Services, Section 2.32 - Contingency arrangements, concerning the development, promulgation and implementation of contingency plans, I encourage States to review all restrictions to flight operations, existing or planned, to ensure that they are appropriate, taking into account the need to facilitate operations to the extent possible.

MONDAY MARCH 23, 2020 ˾ T H I S D AY

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Gunmen Attack Niger Communities, Kill Police Officer, Shoot Soldiers Gunmen have attacked Galkogo and Zumba villages in Shiroro Local Government Area of Niger State, reportedly killing one mobile police officer, shooting three soldiers and several other persons.

The Police Public Relations Officer in the state, Assistant Superintendent of Police (ASP) Wasiu Abiodun, confirmed the attacks to Channels Television in a telephone conversation esterday.

According to him, the armed men attacked the communities riding on more than 50 motorcycles in an operation that lasted for over two hours.

According to locals, apart from the security officials who were attacked, a little girl was shot on her stomach and another man was shot on the thigh, while some members of the communities have been abducted.

The senator representing Niger East Senatorial District, Sani Musa, who forwarded some video clips to Channels Television, said he was disturbed by the security situation in his constituency, particularly in Shiroro, Munya, Rafi and Paikoro LGAs where bandits have continued to unleash mayhem on the locals.

According to him, members of the affected communities have

since fled their homes and are currently taking shelter in the bush.

He, however, noted that those who sustained injuries in the attacks are being attended to

at the IBB Specialist Hospital in Minna, while also stating that the state Commissioner

of Police, Adamu Usman has now deployed special squads to the area.

Defence Ministry Cooperative Society Declares N1.7bn Earning Kingsley Nwezeh in Abuja Stakeholders of the Ministry of Defence Agricultural Cooperative Society (MODACS), weekend expressed confidence in the management of the organisation for an impressive performance for the year ended December 31, 2019 with N1.7 billion earning.

They spoke at MODAC’s 8th Annual General Meeting (AGM) in Abuja, during which the cooperative’s stakeholders unanimously approved the proposed final dividend of N1.77. This followed the recent release of the cooperative’s audited financial results for the 2019 financial year.

Speaking at the event in Abuja, President of the Cooperative, Dr. Edache Adikwu, said the AGM was an opportunity for the cooperative society to engage shareholders on its 2019 financial year performance.

In his statement, Edache

said “MODACS is committed to consistently deliver superior returns to our highly esteemed cooperators by ensuring that a good chunk of our profit is set aside for MODACS retirees.

“In fact our administration became focused and determined towards expanding MODACS membership scope with its consequent increased monthly in-flow and stronger MODACS assets/liability Base”, he said.

He encouraged members who wished to go into farming to do so, as the cooperative would always assist them with necessary facilities.

“We want to encourage our members to go into agricultural farming it could be fish, poultry and so many other.

“We have to think outside the box. This is just a way of complimenting and also contribute to the federal government’s agricultural policy”, he said.

Group Launches Awards to Boost Public Servants’ Morale Kayode Fasua in Abeokuta The Public Office Holders Association of Nigeria (POHAN), has begun an annual award programme aimed at encouraging healthy competition and boosting career prospects for all categories of public office holders.

Announcing the new move through a statement made available to THISDAY in Abeokuta, Ogun State, yesterday, the POHAN National Coordinator, Chief Moses Eseyin , said principally, the POHAN National Public Service Awards and Summits for which nominations had been opened since March 20, this year, “is to promote and reward innovation and excellence in public service, in support of the realisation of government’s agenda for effective service delivery”.

Eseyin, who is immediate past Special Adviser on Youth Empowerment, Sports and Students’ Affairs to Governor Yahaya Bello of Kogi State, said the POHAN is the mouthpiece for public servants and political

office holders in Nigeria, both past and present, and that it is a nonpartisan organisation that strives for a more effective government for the Nigerian people.

“It rewards the creative achievements and contributions of public service institutions that lead to a more effective and responsive public administration in Nigeria; and through an annual competition, the POHAN National Public Service Awards and Summits promote the role, professionalism and visibility of the public service, before the Nigerian people,” he disclosed.

He added that the proposed programme was also designed to celebrate the value and virtue of the public service to the community; highlight the contributions of public service in the development process, and recognise the work of public servants, He stressed that such a reward culture would also encourage young people to pursue careers in the public sector.

ANOTHER FIRE...

Fire outbreak at Agboju, close to FESTAC gate, in Amuwo Odofin Local Government area of Lagos State...yesterday

Group Urges Sanwo-Olu to Install Ikeja Oba-elect Kayode Fasua The Gbobaniyi Royal Association (GRA) of Ikeja rose from a crucial meeting last weekend with a strong appeal to the Lagos State Governor, Mr. Babajide Sanwo-Olu, to install the Obaelect of Ikeja, Prince Samsondeen Adeleye, who has been waiting to be crowned six years after his selection.

Adeleye was nominated as Oba-elect in December 2014 by the community’s five kingmakers, who were headed by a former

deputy governor of Lagos State, late Mr. Rafiu Jafojo.

His selection followed the passage of the Olu of Ikeja, Oba Rafiu Matemi Amore in October 2014.

In a communiqué that was made available to THISDAY by the President and Secretary of GRA, Mr. Babatunde Alaran and Mr. Samuel Soremi respectively, urged the governor to help correct the injustice suffered by Adeleye, whose installation as the Olu of Ikeja had been delayed for almost six years.

The group expressed concern, saying: “When the kingmakers nominated Prince Samsondeen Adeleye as Oba-elect in December 2014, the decision was unanimous.

His name was dutifully sent to the Ikeja Local Government authorities to transmit to the Lagos State Government.

“To our dismay, successive administrations in the state have not taken any step to install him as Oba even though there is no litigation whatsoever restraining the government from doing the needful.

“Encouraged by government’s silence on the Ikeja Obaship stool, there have been pockets of opposition from some people who did not even present themselves for scrutiny during the selection process.

“For these reasons, we plead with Governor Sanwo-Olu to put smiles on the faces of Ikeja people by installing their monarch, bearing in mind the fact that the community has been losing a lot of privileges, owing to the absence of a traditional ruler that could represent it at crucial places.”

2021: Anambra Monarchs Disown Elders’ Council over Zoning of Governorship David-ChyddyElekeinAwka Traditional rulers from the Anambra North Senatorial Zone of Anambra State have rejected the call by the Anambra State Elders Council for the rotationgovernorshippositionofthestate to Anambra South Senatorial Zone.

The elders had in their first meeting for the year endorsed the zoning of the governorship position to the southern zone.

But monarchs from the Anambra North zone, who met at the weekend at the palace of the Traditional Ruler of Igbariam Community, Igwe Nkeli Nzekwe, who is also the chairman of Anambra North Traditional Rulers, refused to support the zoning of the governorship post toAnambra South.

Igwe Nzekwe, who briefed journalists after the meeting of the monarchs, said: “We are traditional rulers. We are the father of all. We

do not tell lies. Our role is to bless anyone who emerges as governor.

You cannot zone the governorship position to a particular zone. People from other zones will also be in the contest like in previous elections.

“If you want to enforce zoning, then only people from the zone where the governorship is zoned should be allowed to contest. If you leave people from other zones to contest and by a stroke of luck they win,

will you take the victory away from them because they are not from the favoured zone?” Nzekwe asked.

He said that the monarchs would not be forced to accept a zoning system that does not exist and called on politicians to throw the contest open, adding that what was important is for the state to have a competent governor who has the capacity to develop the state.

DEREGULATION: WHY NIGERIA MUST STAY THE COURSE As scandalous as it may appear for Nigeria, Africa’s largest oil producer, to import petroleum products from Chad and Niger or any other country for that matter, it is the price that we have to pay for the mismanagement of the three refineries owned and operated

by NNPC. It is also a cheaper alternative to truck petroleum products from our neighbours up north to northern Nigeria than to import products through the seaports in southern Nigeria and truck to the northern states. With this as an option, Nigeria will be killing two birds with one

stone: Reducing the number of petroleum products trucks that crisscross the nation’s intercity highways and often enough cause devastating accidents, as well as insulating a section of the country from higher petroleum product pump prices while we wait for Mr. Aliko Dangote to complete the construction of his 650,000 barrels per day refinery in Lagos.

All in all, the immediate to long-term benefits of full deregulation of the downstream petroleum sector that includes nonsubsidization of FX to a particular

operator, by far outweigh the initial inconvenience that will be experienced by Nigerians. For one, it will engender competition, encourage investment in the sector, and lead to the creations of thousands of job. Secondly, NNPC will no longer have to misappropriate revenue that should have accrued to the federation for the three tiers of government to cover its cost arising from under-recoveries. As NNPC begins to cut its losses from under-recoveries, it will be better placed to revamp the refineries, insofar as there is the will and

sincerity of purpose among its leadership to fix the plants.

Concomitantly, the advantage of having working refineries even at 50% of nameplate capacity will not just be limited to lower prices of petroleum products at fuel outlets, but to the FX market where there will be less demand for scarce dollars to import products for Nigeria’s domestic consumption.

Most crucially, deregulation will usher in transparency and shut the doors firmly against the scams that characterised petroleum products supply and distribution for years.

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MONDAY MARCH 23, ͺ͸ͺ͸ ˾ T H I S D AY

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

40 Years After, Ekeji Recalls Why He Missed AFCON 1980 Finals Duro Ikhazuagbe As Nigerians are celebrating 40 years of Green Eagles first Africa Cup of Nations (AFCON) victory in 1980, Dr. Patrick Ekeji who was an integral part of the squad few months before the final, recalls events that led to his exit from the team.

Speaking with THISDAY yesterday, Dr. Ekeji who rose to become the country’s chief sports officer as Director General of the National Sports Commission (NSC), attributed his exit from the Green Eagles as ordained by God. “I was an integral part of the team and was always in the ‘possibles’ line up. It never crossed my mind that I will not be in the team to play in the 1980 Nations’ Cup for Nigeria,” recalled Ekeji.

As a fresh graduate from the University of Nigeria Nsukka

Ekeji

(UNN), Ekeji was hot for both Enugu Rangers and the senior national team. He was shuttling between Enugu and Lagos for Rangers and the Green Eagles respectively.

He recalled that after Rangers lost the 1978/79 league title chase and were beaten 3-0 in the final of the 1979 Challenge Cup in Lagos by Bendel Insurance FC of Benin, Coach P.O.C Achebe got eased out of the Rangers job.

“I thus became a Coach/ Player for Rangers. It was during this period that I met one of the young Brazilian coaches then NFA Chairman, Sunday Dankaro recruited for Nigeria.

Carlos Alberto Parreira along with Head Coach, Otto Gloria and a Fitness Trainer, Carlesso were brought into the Green Eagles team to compliment the jobs of Nigerian coaches like Isiaka Yakubu and John Zagbai.

“But along the line, Carlos was seconded to Rangers to help organize the teams ahead of the West African Football Union Cup semi final clash with Police of Senegal team. While working with Carlos, I just discovered that he brought a refreshingly different aura to the team. It was even better than what we were getting at the Green Eagles camp. “ This was what made me, as

one of the senior players in the Eagles to report my observations of Carlos’s technical competence to both Isaac Akioye who was NSC director and Eleyae Awoture the NIS boss at the time. I wanted Carlos drafted to the Green Eagles,” Ekeji also recalled.

However, his suggestion leaked to Otto Gloria as Head Coach who didn’t take kindly to it.

“I just noticed that Otto Gloria was no longer using me

among the ‘Possibles’ anymore.

He started to sideline me as punishment for dare to suggest bringing Carlos Alberto Parrieira to Green Eagles for his competence,” alleged the ex international.

Ekeji said when he could not stomach it any longer, “ I just walked up to Otto Gloria to tell him I wanted to decamp and he obliged me with a handshake.”

Ekeji said he had to reactivate a scholarship for a Master degree programme in Germany

that was barely a month to expiration.

He said he had no regrets for his reports about the competence of Carlos Alberto Parreira because the coach proved his worth later by leading Brazil to win the World Cup in 1994.

“Looking back now, I think my not playing in the AFCON 1980 and getting all the largesse handed out to my teammates by the Federal Government was ordained by God.

“Though I missed those benefits but I gained more through the Masters degree programme as it prepared me more for some of the roles I later played in the nation’s sports.”

Ekeji who rose to the exalted position of Director General of the National Sports Commission, believes that that AFCON 1980 victory opened doors for subsequent honours Nigeria picked up in the game at both continental and global levels.

Dare, Amokachi Hail 1980 Green Eagles Forty years after winning the most coveted football trophy on the continent, Youth and Sports Development Minister, Mr. Sunday Dare, has lavished encomiums on the victorious 1980 Green Eagles.

On March 22nd, 1980, the Green Eagles led by Christian Chukwu defeated Algeria 3-0 in Lagos to win Nigeria’s first Africa Cup of Nations title.

Speaking on the 40 years anniversary of the victory yesterday, Dare said: “We salute the gallantry of the victorious 1980 Nations Cup-winning Green Eagles for bringing glory and honour to our fatherland.

“Their feat opened a new chapter in the history of Nigerian football and inspired generations of younger players to excel on the field of play.

They not only arrested the attention of world football, they opened opportunities for others to pursue professional football.

A big congratulations to all members of that great team for winning the Nations Cup for the first time on home soil.

Their achievement brings fond memories to us about the never-say-die Nigerian spirit.”

Dare said the government had planned to celebrate the 40-year anniversary by honouring members of the epoch-making team, but this was put on hold due to the outbreak of the Covid-19 which led to the suspension of all sporting activities.

“We were planning to celebrate this anniversary in style in honour of these great patriots, but due to the Covid-19 scourge, we had to put it on hold. Once the situation returns to normal, we shall celebrate these worthy Nigerians. We

shall continue to honour those that have won laurels for our great country. Their immense sacrifice canot be forgotten,” observed the minister.

Speaking in the same vein, Nigerian Football Ambassador, Daniel Amokachi, described the team as more talented than the 1994 Nations Cup Super Eagles squad that he played with.

“The 1980 Green Eagles are the most talented Nigerian team, they were better than the 1994 squad that a lot of Nigerians considered very talented,” Amokachi said.

“This team is under celebrated. Imagine a team that had Best Ogedegbe, Kadiri Ikhana, Muda Lawal, Segun Odegbami, Adokiye Amiesimaka, Christian Chukwu, Tunde Bamidele, Alosius Atuegbu and Henry Nwosu among others. “We have not done justice to these players because there are no archives detailing their achievements. Television was not too common then, so a lot of the younger generation did not watch them play.

“Each time I watch the old videos, I get inspired. They deserve to be celebrated more because their achievement encouraged a lot of younger players. They were not only talented, they were patriots and heroes who opened up opportunities for many younger players.

“They have a big space in the history of not only Nigerian football, but Africa and the world at large. They can never be forgotten any time the history of football is discussed,” conclude the ex international fondly called The Bull.

Rangers’ Ifeanyi George (left) and Emmanuel Ogbu from the feeder team lost their lives in an auto crash in Abudu, Edo State...yesterday

Rangers Players, George, Ogbu Die in Auto Crash LMC, Rivers Utd condole with Flying Antelopes Rangers International FC of Enugu striker, Ifeanyi George, 26, and Emmanuel Ogbu were killed in an auto crash at Abudu, on the Onitsha Agbor-Benin road Sunday morning.

According to a tweet from Rangers yesterday morning, George, Ogbu and a friend were heading for Lagos before their car ran into a stationary articulated vehicle.

They are the fourth Nigerian footballers to die in the last one month after Remo Stars’ Tiamiyu Kazeem and Chineme Martins of Nasarawa United passed on prematurely.

While Kazeem died from injuries sustained from a hit and run vehicle after he was alleged to have been pushed out of a moving police van, Martins

slumped and died from cardiac arrest during his club’s NPFL home game against Katsina United.

George was on his way to Lagos with the other players for the ten-day break approved by the management of the Flying Antelopes following the suspension of the Nigeria Professional Football League as a result of the outbreak of the Coronavirus pandemic.

George was part of the Flying Antelopes’ campaign in the CAF Confederation Cup. His only goal came in the 1-1 draw against Al Masry at Nnamdi Azikwe Stadium.

On the international scene, he marked his debut in the country’s African Nations Championship (CHAN) qualifier against Benin

Republic. However, he did not make the final cut for the championships where Nigeria ended as runners-up.

Meanwhile, Chairman of the League Management Company (LMC), Shehu Dikko has expressed shock at the accident involving some players of Rangers International on Sunday morning which led to the death of George and Ogbu.

Dikko who contacted the club Management on getting the report of the accident, commiserated with the Club Management, team members and fans of the Enugu based club as well as the players immediate family.

“We sympathise with the club at this trying time and pray for the repose of their souls and wish the injured ones a speedy recovery,”

the LMC Chairman told the club’s team manager, Amobi Ezeaku and coach, Salisu Yusuf in the phone call.

He urged all Nigeria Professional Football League (NPFL) stakeholders to take all necessary precaution to stay safe amidst the growing Coronavirus Disease (COVID 19) pandemic.

Similarly, the management of Rivers United FC has commiserated with Enugu Rangers over the death of George and Ogbu.

Speaking on behalf of the club, General Manager, Okey Kpalukwu, expressed shock and sadness at the news while also sending the Rangers family the heartfelt concern and condolences from the Rivers United family.

NOC Backs President Buhari on Postponement of Edo 2020 Habu Gumel and the board of the Nigeria Olympic Committee (NOC) have thumbed up President Muhammadu Buhari’s approval for the postponement of the 20th National Sports Festival (NSF) tagged “Edo 2020” as a precautionary move against the spread of the coronavirus pandemic.

Minister of Youth and Sports Development, Mr. Sunday Dare,

confirmed the postponement of the National Sports Festival on Tuesday after a meeting with President Buhari and his counterpart in the Health Ministry, Dr. Osagie Ehanire.

Gumel said the decision of Mr. President is prompt and most expedient because we do not want our athletes and guests to be a victim of the deadly disease during the festival. He

added that a clean bill of health is what we want as a people and as a country.

“On behalf of the Nigeria Olympic Committee, I want to sincerely thank President Muhammadu Buhari for his decision to postpone the National Sports Festival because it will be a congregation of people from all over the world”.

Like they say, prevention is

better than cure,” the ANOCA Treasurer concluded.

The 20th edition of the NSF was earlier scheduled to take place from 22nd March to 1st April 2020 in Benin City, Edo State.

The Federal Ministry of Youth and Sports Development and the Edo State government are expected to announce a new date for the Games soon.

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MONDAYSPORTS

Premier League Targets Resumption in June The English Premier League is tentatively targeting a resumption on June 1 with a view to completing the season over six weeks before making an August start to the 2020-21 campaign, the Sunday Telegraph reported on Sunday.

The report said the sketchy plan was a “best-case scenario” aimed at mitigating the heavy losses clubs are sustaining as they continue to pay wages while football remains shut down because of the coronavirus pandemic.

On March 13, all elite level soccer matches in England, including the Premier League, were suspended until April 4 with that stoppage subsequently extended until April 30.

The postponement of the Euro 2020 championship for a year, however, has cleared space in the calendar for domestic competitions to finish if the public health situation allows.

Player contracts, some of which end in June, could be an

issue although world governing body FIFA has said it is looking into possible ‘dispensations’.

Under the plan being considered, UK’s Telegraph said, the Premier League and FA Cup competitions would be resumed with matches played behind closed doors.

The 2020-21 campaign would get underway after a short break on August 8, the report said, allowing the league to fulfil its commitments in the second season of three-year broadcast deals worth £9.2 billion.

Meanwhile, with football having ground to a halt because of the coronavirus pandemic, the usual transfer rumour mill has fallen silent and nobody cares much where Neymar or Paul Pogba might be playing next season.

Nobody even knows when next season might be, and the financial impact on football clubs, and therefore the transfer market, is likely to be significant.

A study by KPMG this week estimated that cancelling the rest

of this season would cost clubs across Europe’s top five leagues as much as four billion euros in lost revenue.

The knock-on effect could be enormous, trickling down to smaller clubs worldwide.

After all, look at a club like Monaco, who have raked in huge

sums in recent years from selling players like Kylian Mbappe, who went to Paris Saint-Germain in 2018 for 180 million euros. They have then invested that money in new recruits, helping spread the wealth.

“Given the international situation, clubs are going to be less

inclined to pay the kind of sums we look for,” admitted Monaco’s vice-president, Oleg Petrov.

Nevertheless, beyond worrying about who Mbappe, Neymar or Pogba could sign for, there is a more pressing concern.

UEFA’s commitment to ending the European season by June 30 was

surely partly because it is common practice for contracts to run until that date.

Players like Manchester City’s David Silva, Willian at Chelsea, or Paris Saint-Germain’sThiagoSilvaand Edinson Cavani, will be free to leave on July1eveniftheseason has not been completed.

Covid-19: Players Relate Life in Lockdowns in Europe Juventus midfielder Sami Khedira is learning to play the piano, La Liga clubs are facing off on playstation and Atalanta’s Robin Gosens has been revising for exams in psychology.

Yet as thousands of footballers, from the highest levels to the lower leagues, remain on lockdown while coronavirus spreads across Europe, all of them are tasked with keeping themselves fit, as well as entertained.

“Everyone needs to be ready so that when the health advice says resume, we can resume straight away,” Emmanuel Orhant, medical director of the French Football Federation (FFF), told AFP. Nobody knows when that will be and with the global death toll from coronavirus passing 13 000 on Saturday, there is little appetite yet even to address the question.

But within football, the absence of a deadline only enhances the sense of urgency. In theory, the season could restart in a matter of weeks and clubs are determined to be ready.

“Players may even need to get their summer break in now,” Brighton striker Glenn Murray told AFP. “We might finish the 2019/20 season and then roll into 2020/21 without any break at all.” Asked if the players would accept that scenario, Murray said: “We don’t have any choice.”

It means fitness coaches and club doctors are creating week-toweek conditioning programmes, personalised for individual players, explained through Whatsapp and Skype, and dependent on both technology and trust.

“Every one of our players has been given the guidance they need from our coaches, nutritionists and

Lukaku…lockdown has made it impossible for him to see his mother

doctors,” Real Betis head of medical Jose Manuel Alvarez told AFP. “It is up to them to take it.”

Betis, who sit 12th in La Liga, have divided their squad into groups depending on physical characteristics, with one coach assigned to each.

Devices then send data on fatigue, sleep, pain and even moods while players submit reports to the doctors on their weight and temperature, and to the fitness department regarding targets achieved.

“Players know if they don’t do their job they will be at a clear disadvantage against their teammates when normal training resumes,” Alvarez says.

In that sense, they are given no excuses. Many players already have gyms at home but club owners have paid thousands to ensure those without have all the equipment they need.

“A football player’s mechanics are precise, complex and sophisticated,” Marseille president Jacques-Henri Eyraud told AFP. “And they require almost daily maintenance.”

Yet many clubs believe there is more to it than bikes and treadmills.

In Germany, Bayern Munich held their first ‘cyber-training’ session on Wednesday, when the players worked out through video-conference and then stayed online for an almost an hour to catch up.

In France, Lyon have told their players to rest until March 24, while in Spain, Atletico Madrid have done tactical work, with video meetings held between players and coaches to reinforce key messages.

Atletico are also particularly stringent on diets. Like most clubs, they deliver meals devised by their nutritionists but players also choose between options for lunch and dinner, which they then eat at the same time as their teammates.

Self-discipline will not come easy to some.

“Of course some players are better than others at handling this sitation,” Jonathan Barnett, agent of Gareth Bale and Stella Group, told AFP. “Players are human beings too and at the moment they’re very frustrated.”

Much will depend on personal circumstances. Lockdown can either offer the chance to spend more time with family or leaves family far away and unusually difficult to reach.

Manchester City players training ahead of their UEFA Champions League Round of 16 clash with Real Madrid before COVID-19 pandemic put all football matters on hold

Ronaldo Joins Force with Mendes to Fight Coronavirus in Portugal Cristiano Ronaldo will join forces with his agent Jorge Mendes to help fund the fight against coronavirus in Portugal.

Ronaldo’s agent Mendes has made a heroic gesture by purchasing vital medical supplies for the Sao Joao

Ronaldo

hospital.

AS report that Mendes has spent a significant amount of money buying 200,000 gowns and three ventilators for the hospital in Porto where a National Institute of Medical Emergency (INEM) field tent has been set up to facilitate with operations due to a flood of coronavirus patients.

The super agent also intends to buy 50,000 protective masks over the coming days and will donate them along with a sum of money to hospitals around the country.

Ronaldo, who earns £28million per year in wages at Juventus, is among several of Mendes’ clients set to get involved in the initiative.

The 35-year-old is currently in Madeira after Juventus

granted him permission to travel back to be with his family following his mother’s stroke.

Ronaldo had been in selfisolation after several of his Juventus team-mates tested positive for the virus.

Portugal has not been as severely hit as other places in Europe but the country is expecting a surge in cases over the coming weeks and declared a state of emergency on Wednesday.

The country have so far recorded 1,280 coronavirus cases and 12 deaths while 26 people have been hospitalised with lifethreatening symptoms.

Mendes’ contribution will go a considerable way to ensure the Sao Joao hospital won’t be overwhelmed by an

anticipated influx of patients.

As well as Ronaldo, Mendes also represents Manchester City stars Bernardo Silva, Ederson and Joao Cancelo as well as Liverpool’s Fabinho, Wolves’ Ruben Neves, PSG’s Angel Di Maria, Leicester’s Ricardo Pereira and Real Madrid’s James Rodriguez.

Mendes and Ronaldo are just the latest figures in football to aid health services in the battle against the pandemic.

Earlier this week, Chelsea’s billionaire owner Roman Abramovich pledged to help health workers by paying for staff to stay in his hotel while former Manchester United defender Gary Neville also said he would donate beds to the NHS.

Why Schools Must Give Attention to Sports,

By PTA Boss Following recent exploits of Grange School at the 2020 World School Games in Dubai, Chairperson of the Lagos-based school’s Parents-Teachers Association (PTA), Tairat Tijani, has said curriculum experts must make efforts to give sport its rightful place in the school system.

According to Tijani, “the reality is that quite a number of schools are not structured to encourage sporting activities. Not everyone is meant to be in the classroom. If a parent sees that their child has interest in one sports or the other, that parent should give them all the support and exposure to external competitions and not rely entirely on the school sports structure.

“I think the school curriculum

has to change in order to change the mindset of many people about sports and so that many pupils can be identifies and realize their potential in sports. Also, there must be recognition for schools doing well in sports,” she said.

However, Tijani also noted “that schools are becoming more aware of the opportunity they are going to get in terms of sports especially with regards to overseas scholarship, so some schools are now beginning to implement better sporting activities.

Tijani’s interest in sports was sparked by her son’s enthusiasm.

She said: “My interest in sports started when my son exhibited a flair for swimming. I knew people were swimming in his

school but he was not really part of the swimming team.

“So when I realized that my son started enjoying swimming and he was progressing, I said maybe this is something we could actually develop.

“I never once thought I would be a mother of a potential sports champion in school but when I saw he had the capacity to do it I supported him. Not everyone is academically inclined and I have always been passionate about ensuring children identify their passion and build on it, because, passion is key for progress,” she noted.

The PTA chairperson stressed that sport has great potential for pupils as it could spur them to success in other spheres of life.

Her words: “There is something

unique about successful people.

They try and fail several times but they never ever give up.

You can’t teach someone that but he or she must experience same to have an appreciation for what it takes to succeed. My son was never always the best in swimming. He tried severally before he started getting medals at competitions. But I kept telling him you have to get up and that it is not about being defeated.

So that experience is going to go a long way for him.

“Sports teach you not to be complacent and not to give up.

So for me my son has learnt a valuable lesson to never give up in the face of life’s challenges through sport. That is a skill or disposition he would need to succeed in life as a whole.”

Monday March 23, 2020

TR

UT H

& RE A SO

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Price: N250

MISSILE

PDP to Supreme Court

“So, the inevitable fate of the APC’s application on Zamfara is to be dismissed.

It cannot have any life before the Supreme Court. That is why the Supreme Court had no business in the first place reserving judgment on the matter. In fact, all issues bordering on the review were never reserved for judgment but dismissed because of the Supreme Court’s belief in the finality and infallibility of its own judgment” – The PDP advising the Supreme Court to dismiss APC’s application seeking to review its judgment on the Zamfara State governorship.

IJEOMANWOGWUGWU BEHIND THE FIGURES

ijeoma.nwogwugwu@thisdaylive.com

Deregulation: Why Nigeria Must Stay the Course

A

s most Nigerians would have noticed, the petroleum downstream sector recorded a major milestone last week. It started at the end of the weekly Federal Executive Council (FEC) meeting. As is the norm, the ministers filed out to brief the press on the outcome of the cabinet meeting. One of the headline-grabbing announcements from that meeting was the one made by the Minister of State for Petroleum Resources, Mr. Timipre Sylva. He informed the expectant State House press corps that in reaction to lower crude oil prices, President Muhammadu Buhari had approved a reduction in the price of petrol.

Devolving from that approval, the minister said petrol would sell at N125/litre at fuel stations. He further clarified that the federal government was “introducing a price modulation mechanism that will allow the price (of petrol) to drop or rise with the drop or rise in crude oil prices”.

To drive home his briefing, Sylva immediately issued a seven-paragraph statement, in which he said the federal government had directed the “Nigerian National Petroleum Corporation (NNPC) to reduce the ex-coastal and ex-depot prices of petrol to reflect current market realities”. In that statement, the minister added: “Also, the PPPRA (Petroleum Products Pricing Regulatory Agency) shall subsequently issue a monthly guide to NNPC and marketers on the appropriate pricing regime. The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further market developments.” Less than an hour after Sylva’s statement, the NNPC complied by reviewing downwards its ex-coastal and ex-depot prices for petrol from N117.6/litre to N99.44/litre and N133.28/litre to N113.28/ litre respectively. It went further to direct its “retail stations” nationwide to change their retail pump price to N125/litre from N145/litre.

By the next day, the PPPRA stepped up to the plate. In exercise of one its key statutory mandates to determine the pricing policy of petroleum products as enshrined in the PPPRA Act, it announced the new pricing regime for petrol. It said, the new price of N125/litre will guide the pricing of the commodity for the rest of March 2020. Going forward, the agency stated, it will continue to monitor market fundamentals and issue a monthly guide/ expected open market price at the beginning of every month, effective April 1, 2020.

Having listened to Sylva and read through all the directives coming from the relevant government agencies, there was palpable excitement. In my mind there was no ambiguity in what the minister, NNPC and PPPRA had stated. They were crystal clear. For anyone in doubt, the minister’s briefing can be viewed on YouTube via the link provided here: https:// www.youtube.com/watch?v=KkuU0PNIq5c. In effect, after decades of dilly-dallying and running away from the inevitable by successive administrations, this government had taken the bold move to deregulate the price of petrol.

It also meant that when crude oil prices rise, as they surely will as the global economy recovers from the COVID-19 pandemic, the pump price of petrol will be adjusted in lockstep with the prevailing market price of crude oil. The subsidy era was finally over.

To be clear, the Buhari administration did not embrace this decision without considerable pressure. In 2016 when oil prices tanked to $30 per barrel, the president stubbornly refused to deregulate the price of petrol even with

Sylva the window presented by lower oil prices. He waited till oil prices had risen in 2017 when he was forced to increase the pump price of petrol to N145/litre, and watched helplessly as the petrol subsidy bill shot through the roof. This time around, with the economic situation more critical than it was three to four years ago, his government has been forced to deregulate petrol prices. Kudos must be given to the NNPC Group Managing Director, Mr. Mele Kyari and the Presidential Economic Advisory Council (PEAC) led by Dr. Doyin Salami, who it was gathered remained unrelenting in convincing the president to make hay while the sun was shining.

But even as we adjust to the new regime for petrol pricing, there is a need for all market participants to understand the roles that they play in the pricing, marketing and distribution of petroleum products in the country. The minister, going forward, should allow the PPPRA to determine the expected open market price (EOMP) for all petroleum products consumed in this country. Although he could be forgiven for his excitement, as any politician in his position would have been just as eager to hug the limelight by announcing the new price before anyone else, the agency that should have determined and conveyed the revised price of petrol to NNPC and other oil marketers was the PPPRA, as provided in its establishment Act. By taking over the role of the PPPRA and declaring that petrol would sell at N125/litre and subsequently mandating the NNPC to reduce its ex-coastal and ex-depot prices, he obviously forget that the NNPC was not the sole market participant in the petroleum products marketing and distribution chain.

As populist as the price reduction was, unlike the NNPC that was compelled by government to absorb the losses arising from the price reduction of ex-coastal and ex-depot prices for the current market stock of petrol at its depots that was imported in January and February this year, other oil marketers that had lifted petrol from NNPC depots at N133.28/litre could not absorb similar losses. It is for this reason other oil marketers have been reluctant to adjust their pump prices at fuel stations to N125/litre. They would have to finish the old stock of petrol that they had lifted from NNPC before adjusting their meters at their dispensing stations.

Another issue that appeared to have been ignored by government agencies last week was the exchange rate to be used for petrol

importation. As of last Wednesday when FEC met, while the PPPRA computed its pricing template for petrol at the official exchange rate of N307 to the dollar, NNPC was importing petrol and other products at the exchange rate of N345 to the dollar. Obviously, with the PPPRA pricing template premised on an exchange rate of N307, its computation for the product was a far cry from market reality.

While in the case of NNPC that was allowed to import at N345 to the dollar, it had an undue advantage over oil marketers that could not access foreign exchange for the importation of petrol at the same rate. As a consequence of this regime, oil marketers bailed out of petrol importation and left NNPC as the sole importer of the product into the country.

However, as this article was being written at the weekend, there were indications from market participants that it is the intention of the federal government to direct NNPC and oil marketers to procure their FX requirements from the official window after the Central Bank of Nigeria (CBN) devalues the naira from N307 to N360 to the dollar today. If this is to be taken for gospel truth, then this arrangement will prove to be unsatisfactory, as the only market participant this will favour is the NNPC. The reason being that the corporation imports its petroleum products through oil swaps amounting to about eight crude oil cargoes a month. Other oil marketers, on the other hand, will not be able to get their dollar requirements met at the official exchange rate.

In order to eliminate this market distortion and create a level playing field for all operators, it will be incumbent on the PPPRA to meet with CBN officials to direct all market participants to access the Investors’ and Exporters’ (I&E) window of the market for their FX requirements.

That way, the petroleum downstream sector will be truly deregulated. But a caveat must be added: Should all market participants buy their FX from the I&E window, the PPPRA effective April 1 may have to adjust upwards the pump price of petrol in line with market realities.

The implication is that unlike other countries with functioning refineries, substantial FX reserves and savings, whose citizens can enjoy the benefit of lower crude oil prices, Nigerians may not be able to enjoy the same luxury due to an empty Excess Crude Account (ECA) and malfunctioning refineries. Had the refineries been functioning, a debate as to what window to use and demand requirements for FX to import products will not even arise. Besides, additional cost elements associated with the pricing of imported petrol such as freight, lightering, NPA, NIMASA and financing charges will be eliminated, making petrol at the pump cheaper.

Nigeria, nonetheless, could take advantage of its proximity to neighbouring oil producers.

It is bordered by Niger in the north, Chad in the northeast and Cameroon in the east.

Owing to the proximity of northern Nigeria to Chad and Niger Republics, nothing stops the Nigerian government, through the NNPC, from entering into importation deals with both countries to supply refined petroleum products to states in the north where there is a high prevalence of poverty. Chad operates the 20,000 barrels per day Djarmaya refinery with the China National Petroleum Corporation (CNPC) while Niger operates another plant with the same nameplate capacity also with CNPC in Zinder, the country’s third largest city.

Continued on page 53

Legalising the Excess Crude Account The adverse fallout of the Coronavirus on the global economy is impacting Nigeria like never before. Nigerian fiscal and monetary authorities are in a bind over what to do and have limited fallback options other than to slash spending and print money to fund cash-strapped industries and the federal government. But they would have had greater latitude had they heeded the warning of former finance minister, Dr. Ngozi Okonjo-Iweala to save for a rainy day.

In her first stint at the finance ministry, she set up the Excess Crude Account (ECA). Her boss former President Olusegun Obasanjo saw the sense in her counsel and adopted the savings culture that she had advocated.

By the time of the global financial crisis of 2008-9, Nigeria had saved $22 billion in the ECA. The savings along with Nigeria’s buoyant foreign reserves were sufficient to shield the country from the exogenous shock of that crisis.

Despite its benefits, the state governors could not wait to get their itchy fingers on the savings. Citing Section 162 of the Constitution, they and the government at the centre started to plunder the ECA. When Okonjo-Iweala returned to run the finance ministry between 2011 and 2015, she made another attempt to shore up savings. The balance in the ECA rose to over $4 billion under her watch, but her attempt to improve on that amount was thwarted by the politicians that she was answerable to. At the time of her departure in 2015, the Goodluck Jonathan administration handed over about $2.45 billion

to the incoming government. Today the ECA has been completely emptied, with a paltry balance of $72.2 million left in the account.

With nothing to fall back on, the naira is now under pressure as speculators hedge against the local currency and foreign investors flee. As the Central Bank of Nigeria continues to create more money for lending to the federal government and sectors of the economy, it hampers its ability to reduce the monetary policy rate for fear that too much money in circulation will put more pressure on the naira and erode reserves.

But all this would not have arisen had we saved for another day.

A recommendation is for the National Assembly to step in at this juncture to pass a legislation that makes it mandatory for government to save all revenues accruing above the budget oil benchmark in the ECA for unforeseen circumstances. The legislation should be made watertight to render it impossible for the federal and state governments to withdraw from the account except in times of crises and can only be done with the emergency approval of the federal and state assemblies.

Should any governor or politician decide to challenge the constitutionality of the ECA, let the courts decide on its legality. After all, the same Nigerian Constitution gives the National Assembly the power to make laws for the good governance of the country. In my mind, that should be sufficient reason for the legislature to give legal backing to the ECA.

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