WEDNESDAY 8TH MAY 2024

Central Bank Clarifies Export Proceeds’ Repatriation, Utilisation By Oil Companies

James Emejo in Abuja

Central Bank of Nigeria (CBN) yesterday clarified that 50 per

cent

during

www.thisdaylive.com

Cybersecurity Tax: NLC, NACCIMA, Others Fault Timing

Rewane, Yusuf say new fee imposes further burden on beleaguered citizens SERAP issues Tinubu 48-hour ultimatum to reverse levy, threatens lawsuit The Nigerian Labour Congress, NLC, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), others yesterday faulted the timing of the newly imposed 0.5 per cent tax on most electronic transactions by the Central Bank of Nigeria (CBN).

Continued on page 11

Rivers: Lawmakers Whose Seats Were Voided Move to Impeach Fubara

sunday aborisade in Abuja and Blessing Ibunge in Port Harcourt

War appears to have resumed in Port Harcourt, Rivers State as the 27 lawmakers whose seats were declared vacant following their defection to the All Progressives Congress, APC, and affirmed by the state High Court are moving to initiate impeachment proceedings against Governor Siminalayi Fubara. The 27-member pro-Wike lawmakers led by Martin Amaewhule, were directed yesterday by the Rivers State chapter of All Progressives Congress (APC) to commence impeachment proceedings against the Governor for what the state chapter called "clueless and directionless" governance of the state by Fubara.

Caretaker Committee Chairman of APC, Mr Tony Okocha, stated this yesterday at a press conference at his office in Port Harcourt.

But elder statesman and foremost nationalist, Chief Edwin Clark, urged the Inspector General of Police (IGP), Kayode Egbetokun, to immediately

Continued on page 11

during an Investigative hearing on "The need to comprehensively review the input and output values of the Nigeria Mining Industry in the light of its central role to economic diversification, foreign exchange earnings and social inclusion" at the National Assembly complex in Abuja …. yesterday

Chuks okocha, onyebuchi Ezigbo, Ndubuisi francis, James Emejo in Abuja; dike onwuamaeze, Nume Ekeghe, and Kayode tokede in Lagos

NAtioNAl EmErgENcy coordiNAtioN Forum mEEtiNg...

L- R : Consultant Epidemiologist, National Centre for Disease Control (NCDC), Dr Abiodun Ogunniyi; Director General, Nigerian Hydrological Services Agency, Engr Clement Nze; Director General, National Emergency Management Agency (NEMA) , Mrs Zubaida Umar; Director General, Federal Radio Corporation of Nigeria, Dr Mohammed Bulama; and representative of World Health Organisation (WHO), Dr Edwin Edeh, during the National Emergency Coordination Forum meeting convened by NEMA in Abuja, on Monday

Again, Umahi Attacks Atiku, Says Ex-VP’s Views on Controversial Lagos-Calabar Highway Misguided

Insists no known procurement law violated Alleges owners of Landmark Beach manipulated by politicians

Emmanuel Addeh in Abuja

The Minister of Works, David Umahi, has again attacked a former Vice President of Nigeria, Abubakar Atiku, over the former Nigerian leader’s position on the controversial LagosCalabar coastal highway, describing him as misguided.

In a long treatise signed by Umahi’s spokesman, Uchenna Orji, yesterday, the minister alleged that Atiku’s thoughts on the 753-kilometre road, which the Bola Tinubu administration says will connect the South to the North, were mostly driven by political calculations.

The former vice president had on more than two occasions raised questions over the opacity surrounding the project, the alleged flouting of the procurement law and the conflict of interest in the award of the multi-trillion naira project to company owned by a friend of the president.

On May 6, Atiku doubled down on his criticism of the highway, revealing that Seyi, the president’s son, is actually a member of the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, which owns Hitech Construction, the company handling the project.

“Such viewpoints are false analogies, conceived by the fertile imaginations of the former vice president and which are clearly superficial, hypocritical, diversionary, and undoubtedly motivated by ambitious political calculations.

“These accusations or rather,

Emmanuel Addeh in Abuja

The Senior Special Assistant to the President on Sustainable Development Goals (SSAP-SDGs), Princess Adejoke Orelope-Adefulire, has called for increased attention to the welfare and development of senior citizens across the country.

The SSAP-SDGs made the remarks during a strategic partnership meeting with a delegation from the National Senior Citizens Centre (NSCC), led by the Director General, Emem Omokaro. Orelope-Adefulire highlighted

viewpoints, are, to say the least, intrinsically superficial, baseless, self-serving and politically motivated to imprint malice in the minds of unsuspecting members of the public, especially the gullible,” Umahi insisted.

He highlighted that the argument by Atiku and other ‘desperate persons’ were thoroughly trashed when he (Umahi) gave insights into the award process, the unit cost comparisons, the project review dimensions, the demolition notices and compensation plans as well as those affected by the demolition.

“For the avoidance of doubt, the Lagos-Calabar Coastal Highway project complied 100 per cent with the provisions of the Procurement Act and was awarded based on the Engineering, Procurement, Construction and Financing (EPC+F) procurement process, that is to say, the project is an unsolicited bid done on EPC+F.

“Under this model of procurement, the investor provides all the designs, part of the financing and construction, while the federal government pays counterpart funds. The bid of the Lagos-Calabar Coastal Highway project came through this process.

“The ministry received the bid, worked on it, and sent the same to the Bureau of Public Procurement (BPP). The BPP worked on it in accordance with the stipulations of the Procurement Act and came up with a competitive price slightly lower than the ministry's price

and even lower than the cost of similar projects awarded five years ago, including the Bodo-Bonny project awarded to Julius Berger Nigeria Plc.

“The BPP issued a certificate of ‘No Objection’ on the project to the Federal Ministry of Works as required by the Procurement Act. Consequently, the Federal Ministry of Works took the certificate of No Objection to the Federal Executive Council (FEC), and the FEC deliberated on and approved the same,” Umahi stated.

Umahi recalled that the FEC had first approved the project model on EPC+F before the process of procurement even started, emphasising that it was a testament that the section 1 of the project followed due process.

He insisted that the claim of the former vice president that the son

of the president has interest in CDK Integrated Industries Ltd was not tenable as the company that did bid for the project was Hitech Construction Company Nigeria Ltd which has a full legal personality.

“Again, this claim is nothing but a digression showing absolute frustration of a false accuser who is bereaved of facts to substantiate his claims,” Umahi maintained.

The statement said that Umahi has within the shortest period in office, saved billions of Naira in the review, redesign and award of contracts, stressing that the former vice president and others who share in his ‘misguided views’ can testify to it.

It stated that Umahi had come up with a new and higher dimension of the project of which the design, dimension and concept were

reviewed upward by the ministry and yet the cost was drastically reduced downwards.

“The project, which was by the analysis of the former vice president put at a cost of about N8.552 billion per km of standard gauge, was meticulously and judiciously reduced to about N4.329 billion per kilometre gauge by the minister under the new design and concept.

“The old concept and design relied upon by the former Vice President has a 52-metre corridor with asphalt, whereas the new concept as reviewed by the minister has a 100-metre corridor with a total concrete pavement of 59.2 metres and increased size of 10 lanes and a provision for 25 metres for train track,” it added.

He argued that the road standard used by the former vice president

in his analysis cannot stand the test of time because of the high water table at the coastal area, noting that the quality of road design and construction by the current administration for the coastal road is such that it will last for 50 to 100 years.

“In this regard therefore, it will not be immodest to state that the former vice president displayed the highest level of hypocrisy and was out to mislead and brainwash the unsuspecting members of the public, especially the gullible, for selfish political reasons,” the minister added.

On the Environmental and Social Impact Assessment (ESIA), he stated that there was a preliminary approval issued in December 2023 by the Federal Ministry of Environment and the same renewed in January 2024.

Nume Ekeghe

United Bank for Africa Plc (UBA), Africa’s Global Bank, has unveiled its first-quarter financial results for the period ending March 31st, 2024, with its profit before tax earning growing 165 per cent year-on-year to N156 billion. Released to the Nigerian Exchange

the importance of integrating the national senior citizens’ policy at the sub-national level to ensure more effective implementation and support for elderly citizens.

Recognising the significant contributions and challenges faced by the elderly population, the SSAP-SDGs underscored the importance of comprehensive policies and programmes tailored to meet their needs.

The call for greater attention to senior citizens comes amid growing concerns over issues such as access to healthcare, social inclusion, and

economic support for the elderly, which have been exacerbated by various socio-economic factors.

Efforts to integrate the National Senior Citizens Policy at the subnational level, according to the presidential adviser, are crucial steps towards ensuring that policies are tailored to local contexts and effectively implemented to address the diverse needs of elderly citizens across different communities.

The SSAP-SDGs reiterated the government's commitment to prioritising the wellbeing of senior citizens and called for collective

Limited (NGX) recently, the Group's results showcase exceptional yearon-year increases.

Gross Earnings surged by 110 per cent , soaring from N271.1 billion to N570.2 billion, while Interest Income witnessed a substantial growth of 130 per cent to N440.7 billion. Operating Income also experienced a significant increase

of 115 per cent, from N175.7 billion in 2023 to N378.59 billion.

Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, UBA again saw Profit Before Tax rising significantly by 155 per cent from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024; while Profit After Tax jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165 per cent year-on-year.

efforts from all major stakeholders. She stated that these include state governments, local governments, development partners, civil society organisations, private sector, philanthropists, with a whole of government and a whole of society approach to create a more inclusive and supportive environment for the elderly population nationwide.

In her presentation, the Director General of the Centre, Dave Omokaro, highlighted the key initiatives being implemented to address the challenges faced by senior citizens in Nigeria.

Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, said the Group delivered strong first quarter performance, building on the solid momentum of 2023, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification and effective risk management and governance.

He said, “Our record Q1 profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income. Fees and Commissions rose by 118 per cent year-on-year on the back of improved efficiencies and continued digital adoption. This has helped drive improvement in efficiency and customer satisfaction, with the Group’s cost-to-income ratio

held at 57.8 per cent.”

“The Group’s balance sheet grew steadily with Total Assets increasing by 23 per cent to N25.4 trillion. Customer deposits closed at N18.4 trillion, recording a 23 per cent increase year-on-year, largely attributed to growth in current accounts and savings accounts.”

“Our unwavering commitment to sound governance, robust risk management, and financial strength positions us for continued growth, while we contribute meaningfully to inclusive economic development across our network.”

Also speaking on the performance, UBA's Executive Director, Finance and Risk, Ugo Nwaghodoh, said the Group’s operating results for the quarter showed the actions taken to enhance the Group’s performance continued to deliver.

He said, “Our first quarter results highlight our relentless customer focus and the strength of UBA’s geographic and product diversification, with good performance across all our regions. We continue to differentiate ourselves across all key financial metrics, with a keen focus on high-quality risk adjusted revenues and cost discipline, while maintaining very sound asset quality.“

Network Across borders...

Presidential Candidate of the Labour Party in the 2023 Presidential Election, Mr Peter Obi (L) with UK Labour Party MP and

House of Commons, London … yesterday

New Licensing Round: Era of Frontloaded Huge Oil Signature Bonuses Over, Says Komolafe

Pledges to conduct fair, transparent bids Exercise to last nine months

emmanuel Addeh in Abuja and Peter Uzoho

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday disclosed that the era of collecting huge oil signature bonuses which impede the capacity of bid winners to make quick and requisite investments in the new assets was over. Speaking at the African Oil Industry Opportunities Session organised by the Petroleum Technology Association

(PETAN) at the Offshore Technology Conference (OTC), Houston, Texas, the commission also promised to conduct fair and transparent bids.

During the last marginal fields bid round, some participants had alleged that the 'Competent Person’s Report' exaggerated the value of the assets, stating that based on that false value, a huge signature bonus was extracted from the awardees.

They argued that the cost frontloading of the assets rendered most of them sub-commercial, explaining that

most of the awardees will not make progress without the government returning their money to them.

But Komolafe told his audience in the US that the President Bola Tinubu administration had become a lot more proactive and pragmatic in ensuring that entry fees do not constitute a barrier to entry for investment in exploration blocks offered

“In addition, recognising that the era of frontloaded huge signature bonuses is over, Nigeria under President Bola Ahmed Tinubu, as

the Honourable Minster of Petroleum Resources has become a lot more proactive and pragmatic in ensuring that entry fees do not constitute a barrier to entry for investment in exploration blocks offered.

“As a responsible regulator, the Commission will continue to review the prevailing global investment climate to ensure that the entry fees associated with all licensing rounds are competitive in the context of global realities.

“Broadly speaking, competitive

Presidency: Tinubu Returns Today after Two-week Absence

The presidency has disclosed that President Bola Ahmed Tinubu will return to the country today after a two-week absence on official duty in Europe and Saudi Arabia.

Tinubu had travelled to the Netherlands on an official visit for a meeting with Prime Minister Mark Rutte. Later last month, he was in Riyadh for the World Economic Forum in Saudi Arabia.

After the WEF, Tinubu later left for an unknown European destination for an undisclosed mission that had generated some controversy.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed Tinubu’s return to the country.

“President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow from Europe,” Onanuga wrote.

It would be recalled that former Vice President and PDP candidate in the last presidential election, Alhaji Atiku Abubakar, had descended on Tinubu, whom he accused of globetrotting in search of foreign direct investments.

He also dismissed the presidency's claims of having secured over $30 billion from various companies, when nothing was allegedly forthcoming.

Atiku had said, “Rather, all manufacturing firms have been posting heavy losses while some are exiting due to his poorly implemented exchange rate unification policy, with even Aliko Dangote describing it as a huge mess at the recent annual

general meeting of Dangote Sugar Refinery.

“The IMF in its latest report stated that Nigeria will by the end of the year become the 4th largest economy in Africa behind South Africa, Egypt and Algeria, a disgraceful develop- ment for a nation which was the largest in Africa by a mile when the PDP left the stage in 2015.

"Investors are seeing how local businesses are being treated and will not come to a place where their investments will not be protected. In saner climes, businesses such as Landmark would have been given at least two years’ notice in order for effective planning. But Tinubu’s eagerness to satisfy his business partners impaired his ability to coordinate the project properly."

The presidency, which accused Atiku of distortion of facts to

hoodwink the public, had said the Tinubu administration, within its first year, had attracted over $20 billion into the economy, in addition to securing over $14 billion in new investments from Indian business leaders, when Tinubu was in New Delhi, India, for G20 Summit last year.

It claimed that substantial part of this sum was already in the country.

But Onanuga stated, “In an unmistakable vote of confidence in the economic reforms being executed by the Tinubu administration, foreign investment in Nigeria’s stock market has ballooned, from N18.12 billion in Q1 2023 to N93.37 billion in Q1 2024, an increase of 415 per cent.

“The last time Nigeria saw such level of investment was in the first quarter of 2019, when N97.6 billion was invested. The market, since

Naira Declines at Both Official Market, Parallel to N1416/$1, N1,450

Nume ekeghe

Nigeria's troubled currency, the naira yesterday experienced a decline in both the official market and the parallel market.

At the Nigerian Autonomous Foreign Exchange (NAFEM) window, it closed at N1,416.57/$1, marking a depreciation of N62.36 compared to the previous rate of N1,354.21/$1 on Monday. Meanwhile, the parallel market

closed at N1,450/$1, representing a decrease of N20 from the previous rate of N1,430/$1 on Monday.

The daily turnover recorded an increase in transactions of 89.5 per cent, to $160.77million yesterday compared to the $84.83 million recorded on Monday.

Furthermore, the highest spot rate observed yesterday stood at N1,445, with the lowest spot rate recorded at N1,301.

Tinubu came to power, has broken records and created more wealth for the investors.

“During President Tinubu’s recent trip to The Netherlands, the Prime Minister, Mark Rutte, announced a fresh $250 million investment by Dutch businesses in Nigeria.”

Onanuga had asserted on top of claim that different sectors of the economy, notably telecoms, manufacturing, solid minerals, oil and gas, e-commerce, and fintech, had been attracting new Foreign Direct Investments (FDIs) from discerning investors, who were convinced that Nigeria was a good market for bountiful returns.

entry fees that are responsive to prevailing realities will be adopted in the 2024 Block licensing rounds. Also, considerations for the commerciality of projects will be made on a case-by case basis for the determination of appropriate entry fees.

“In the case of the 2024 licensing round, the commission will implement suitable models that support investments and guarantee value for stakeholders in accordance with the government aspirations,” the NUPRC chief executive stated.

Komolafe explained that the 2024 block licensing round was scheduled to last for approximately nine months and invited all interested parties to visit the dedicated NUPRC portal.

He emphasised that the guidelines for participation were structured to ensure fairness and strategic partnership, fostering not just economic returns but also technological exchange and capacity building.

According to him, the 2024 block licensing round is not merely a transactional opportunity, but a testament to Nigeria's commitment to advancing a resilient and sustainable industry.

Under Tinubu, Komolafe stressed that Nigeria has embarked on a transformative agenda that aligns with the most stringent global standards and commitments.

He stated that the recent Presidential Executive Orders issued in March this year, were aimed at improving the efficiency and attractiveness of Nigeria’s oil and gas sector.

“Nigeria is endowed with 37.5

billion barrels of crude oil and condensate reserves and 209.26

Trillion Cubic Feet of Natural Gas Reserves representing above 30 per cent and 33 per cent respectively of the entire oil and gas reserves in Africa aside abundant mix of other renewable energy resources.

“ It is towards the exploitation and optimisation of this abundant hydrocarbon resources that Section 7(t) of the Petroleum Industry Act (PIA) empowers the NUPRC as the industry regulator to conduct bidding rounds for the award of PPLs and PMLs pursuant to the Act and applicable Regulations.

“This round introduces 12 meticulously selected blocks across diverse geological spectra — from the fertile onshore basins to the promising continental shelves and the untapped depths of our deep offshore territories. Each block has been chosen for its potential to bolster our national reserves and stimulate economic vitality.

“The NUPRC on behalf of the Federal Republic of Nigeria is committed to conducting the licensing round in a fair, competitive and transparent manner and ensuring a level playing field for both indigenous and international investors.

“Our approach is underpinned by the robust legal framework of the Petroleum Industry Act 2021(PIA), which ensures compliance with best practices to boost investors’ confidence.

continues online

Again, NNPCL Cautions against Panic Buying, Says 30 Days Petrol Sufficiency Intact

Peter Uzoho

Amid the current scarcity of petrol and long queues at filling stations across the country, the Nigerian National Petroleum Company Limited (NNPCL) has advised Nigerians against indulging in panic buying of the product.

Chief Corporate Communications Officer of NNPCL, Mr. Olufemi Soneye, gave the caution in a statement issued yesterday, saying the company has over 1.5 billion litres of petrol in stock, which he said was sufficient to last the next

30 days.

Soneye, said the queues seen in several filling stations in the country, including Lagos and Abuja, have since thinned out and that the development would keep improving daily in other states.

He said, "As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product.

"In filling stations monitored

across several states, including Lagos and the FCT, the queues have since thinned out, a development that will keep improving daily in other states.

"The company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.

"The NNPC Ltd is also collaborating with relevant downstream agencies, such as the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector and security operatives to address hoarding and other unwholesome practices."

Shadow Foreign Secretary, Mr David Lammy, after a private meeting at the

olawale Ajimotokan in Abuja

InAugurAtIon & HAnDovEr of 300-SEAtEr LEcturE tHEAtrE to AgAgu unIvErSIty...

L-R: Chairman,

Pro-Chancellor/Chairman Governing

of

Senate Moves to Revive $18.5 Billion Centenary City Project

Akpabio berates Nigeria Correctional Service over jailbreaks

Sunday Aborisade in Abuja

The Senate yesterday commenced a legislative process to revive and complete the $18.5 billion Abuja Centenary City project.

This was sequel to the adoption of a motion titled, "Urgent Need to revive and complete the stalled Centenary Abuja Project."

This was just as President of the Senate, Godswill Akpabio, yesterday, berated the Nigeria Correctional Service over what he described as lapses in the service.

The Senate resolved to set up an ad hoc committee to urgently investigate factors impeding the completion of the Abuja Centenary’s City project.

The Senate also charged the committee to review the original public-private partnership agreement and recommend amendments.

If necessary, the Senate plans to facilitate smooth and expeditious completion of the project within a defined timeframe.

The upper chamber urged the federal government to prioritise the revival of the Abuja Centenary City project by providing appropriate

support.

It plans to resolve regulatory issues, and address any other impediments, given its beneficial potential to the economy and people of Nigeria after 10 years of stalled progress.

The motion which led to the Senate resolution was sponsored by Senator Yisa Oyelola Ashiru representing Kwara South.

He drew the attention of the Senate to the fact that the original estimated Investment for the Abuja Centenary Economic City project was $18.5 billion as of 2014, and that it was the equivalent to the size of Nigeria's national budget at today’s exchange rate.

He explained, "The original vision for the Abuja Centenary Economie City project was for it to serve as a potential economic hub, with a plan to create over 190,000 construction jobs, 250 million permanent well-paying jobs, and residential accommodation for over 200,000 residents."

Ashiru, noted that the Abuja Centenary City was designated as a free trade zone under the regulatory oversight of the Nigerian Export Processing Zones Authority (NIPZA).

He said it was without prejudice to other statutory agencies like the Federal Capital Territory Administration (FCTA), Abuja Investment Company (AIC) and Abuja Infrastructure Investment Centre (AIIC).

The lawmaker further observed that significant progress had been made on the similarly ambitious $6billion Eko Atlantic City development project in Lagos.

He also observed that the Abuja Centenary City project had been stalled for almost 10 years since its commencement, with developmental estimates of less than seven per cent of road construction and other critical infrastructure as adjudged by the report of the independent investigation assessment.

Meanwhile, Akpabio, yesterday, berated the Nigeria Correctional Service over what he described as lapses in the service.

He stated this while commenting on a bill to amend the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) Act.

Akpabio, noted that since the Nigeria Prisons Service was changed to Nigeria Correctional Service, the nation has witnessed more jailbreaks.

Yusuf Signs Premarital Health Screening Law in Kano

Kano State Governor, Abba Yusuf, has assented to the Kano State Premarital Health Screening Law, which mandates premarital health screening for all prospective couples in the State.

According to the new law, no wedding will be permitted in Kano without the presentation of a health screening certificate for genotype, hepatitis B and C, HIV/AIDS, and other related illnesses.

A statement by the governor's spokesperson, Sunusi Tofa, said the law was deemed necessary to

reduce the likelihood of children being born with underlying health issues such as sickle cell anaemia, HIV/ AIDS, and hepatitis.

"This initiative aligns with the Kano state governor's commitment to enhancing and providing a conducive environment for the healthcare sector, aiming to make Kano free from or significantly reduce health challenges," he said.

The statement maintained that the new law necessitates mandatory testing for HIV/AIDS, Hepatitis, genotype, and other relevant examinations before marriage.

" It also prohibits any discrimina-

tion or stigmatization against individuals living with HIV/AIDS, sickle cell anaemia , hepatitis, and related conditions," it added.

During the signing ceremony, Yusuf, emphasized that the purpose of implementing the law is to uphold the sanctity of marriages in Kano State and ensure the birth of healthy offspring, free from any preventable illnesses.

"Upon approval by the state house of assembly and endorsement by the Kano state governor, the law was signed on the 6th of May 2024 and will come into effect on May 13, 2024.

He added: "Since the adoption of that name, we have had more jail breaks. Laws are meant to punish and to correct.

“If by the time you are convicted and you are sent to prison, you are even meant to learn skill and ethical

reorientation and all that, it is not only when we specifically call it correctional centre and yet we are not correcting anything.

"I support the idea of having a thorough examination of the Bill for the amendment of RMAFC Act

to avoid making the same mistake we made in coming up with the Correctional Services as a name." The RMAFC Act was approved for second reading and referred to the Senate committee on Finance and Appropriation.

House Moves against Cement Manufacturers, Vows to Checkmate Price Hike

Summons producers

The House of Representatives has vowed to leave no stone unturned to put the right laws in place that could help checkmate the avoidable excesses and hike in cement prices as witnessed recently.

The Speaker of the House, Hon. Tajudeen Abass, made this known yesterday, in Abuja at a public hearing on the investigation on the unabated rising prices of cement in Nigeria.

He noted that the event was a fall out of the concern and care the parliament has towards the people whom they are representing and the need to have a transparent engagement with all critical stakeholders in the cement industry especially the manufacturers.

This, the Speaker said, was aimed at informing Nigerians on exactly what was happening within this sector, and possibly come out with resolutions as to how they could navigate through.

Abass added: “To state the fact, the unabated high cost of cement has impacted negatively not only on the built environment but also on the economy, this is obvious because

Tinubu Condoles Nuhu Ribadu over Brother's Demise

represented by his Chief of Staff, Hon. Femi Gbajabiamila, who led a seven-man government delegation on a condolence visit to Yola yesterday. Speaking at the Ribadu family home in Yola, the Chief of Staff said Tinubu was saddened by the loss and described it as "painful and irreparable."

The President, according to a statement issued by his Media Adviser, Ajuri Ngelale, was

According to Gbajabiamila: "Mr. President has mandated us to come to Yola and condole with a valued

member of his team, the National Security Adviser, and by extension the rest of the family over the sad loss suffered by them.

"The loss of a close family member like this is very painful, and it is therefore important for friends and family to come together and commiserate with the bereaved family".

The Chief of Staff was accompanied on the condolence visit by the Deputy Chief of Staff to the

cement is the major component use for building and construction, such as; bridges, dykes, Houses, water works, Dams, Road Construction among others.

“Thus, the dire need to have this public hearing today. It is in public knowledge that the Housing deficit in Nigeria is over three million, therefore for the government and the private sector to close the huge gap the price of cement must be affordable and within reach.”

Abbas stressed that while one might attribute the rise in prices of cement and of course other commodities to the exchange rates, it was commendable that the policies of this administration of the renewed hope mantra, led by Bola Tinubu has started yielding fruits, as Naira has gain remarkable strength to a dollar in the last three weeks.

He stressed that the need to deliberate on the development exhaustively and come up with possible ways to moderate the high price of cement cannot be over emphasised.

Abass stated: “Let me assure you that the parliament is working hard in putting the right legislation to help promote and encourage industrialisation as well as small and medium enterprises in place.

“We are equally open and willing to work hand in hand both with manufacturers and the end users, this, in our belief, is the surest way to improve on the quality of life and standard of living of the citizens.

“We are equally leaving no stone unturned to put the right laws in place that could help checkmate the avoidable excesses that brought us to where we are.”

Earlier, the Chairman of the Committee on Solid Minerals, Hon. Jonathan Gaza, assured that the public

hearing was not a witch-hunt but an open discussion with a view to finding lasting solutions to the problem within the built environment. The committee said its review of cement prices in other countries like Kenya, India and Zambia for 2021, alone showed that Nigeria has the highest price of cement using the official exchange rates for each country.

Gaza, lamented that Nigeria’s price of cement doubled that of India at a difference of 69 per cent; while the price was 29 per cent higher than that in Kenya and 39 per cent higher in Zambia.

The committee pointed out that it concern was for all legitimate businesses especially cement production companies in Nigeria to thrive and deliver their objective and services to the people in such a manner that could foster development.

Cement Price Hike: House Gives Dangote, BUA, Others 14 Days Ultimatum to Appear

Meanwhile, the lawmakers yesterday, summoned Dangote Cement, BUA Cement, Lafarge Cement, Asaka Cement and Eagle Cement, to appear before its joint committee over the arbitrary increase in the price of cement across the country. To this end, the committee issued a 14-day ultimatum to the cement manufacturers to cause appearance.

At the investigative hearing, five cement manufacturers in Nigeria including Dangote Cement, BUA Cement, Lafarge Cement, Asaka Cement and Eagle Cement failed to appear and did not send any representative to brief the lawmakers.

Against this background, the chairman of the Committee on Solid Minerals, Hon. Gaza Gbefwi was left with no option but to issue the summon.

Deji Elumoye in Abuja President Bola Ahmed Tinubu has condoled with the National Security Adviser (NSA), Mallam Nuhu Ribadu, over the demise of his brother, Salihu Ahmadu Ribadu, who died on Sunday, in Yola, Adamawa State.

President, Senator Ibrahim Hadejia; Minister of Information and National Orientation, Alhaji Mohammed Idris; Minister of Education, Professor Tahir Mamman; Minister of Arts and Creative Economy, Barrister Hannatu Musawa; Minister of State for Health and Social Welfare, Dr. Tunji Alausa, and Special Adviser to the President on General Duties (Office of the Vice President), Dr. Aliyu Modibbo Umar.

Ahmad Sorondinki in Kano

Adedayo Akinwale in Abuja

M.O. Owotuga Foundation, Nelson Ogede;

Council

OAUSTECH, Prof. Akinbo Adesomoju; the Executive Governor of Ondo State, Lucky Aiyedatiwa, represented by his Special Adviser on Education, Olawunmi Kolawole; Wife of M.O Owotuga Foundation, Bodunwa Omodayo Owotuga; Vice-Chancellor of OAUSTECH, Prof. Temi Ologunorisa; Son of M.O. Owotuga, Felix Omodayo Owotuga at the inauguration and handover of 300-seater Omodayo Owotuga Memorial Lecture Theatre to Olusegun Agagu University of Science & Technology, Ondo State....recently

Outgoing World Bank Country Director Lauds Nigeria's Monetary Policy Efforts

The outgoing World Bank Country Director, Dr. Shubham Chaudhari has commended Nigeria for its proactive measures and robust efforts in bracing up monetary policies and in fostering sustainable economic development despite the daunting challenges.

Chaudhari, who spoke at an event hosted in his honour by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja, said the World Bank's doors were wide open for more collaboration and partnerships for the country's growth.

Speaking at the event, Edun

They included Nigeria Labour Congress (NLC); National President of Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Mr. Dele Kelvin Oye; Socio-Economic Rights and Accountability Project (SERAP); and Managing Director, Financial Derivatives Company Limited, Bismarck Rewane.

The new fee was also denounced by Chief Executive Officer of Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf; former Commissioner for Finance, Imo State, Professor Uche Uwaleke; and other financial market analysts.

SERAP threatened possible lawsuit if the federal government did not withdraw the levy within 48 hours.

CBN stated that implementation of the levy followed the enactment of the Cybercrime (Prohibition, Prevention, etc.) (amendment) Act 2024, and was pursuant to the provisions of Section 44 (2)(a) of the Act, which provided for the rate deduction.

Under the new CBN directive, if a customer, for instance, wants to transfer N10,000, the customer will be charged N50 as cybersecurity levy, aside other charges incurred on the transaction, like Value Added Tax (VAT).

Nigeria Interbank Settlement System (NIBSS) said electronic payments on its platform in 2023 were N600 trillion and 0.5 per cent of this sum is N3 trillion, which analysts stressed would be a heavy burden on the citizens. They further lamented the effect of the new levy on new businesses struggling to set up.

The levy was conveyed in a circular dated May 6, 2024, and addressed to all commercial, merchant, non-interest and payment service banks; other financial institutions, Mobile Money Operators and Payment Service Providers. It was jointly signed by CBN Director, Payments System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustafa.

The central bank explained that the deducted funds were to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).

With few exemptions, all banks, Other Financial Institutions and Payments Service Providers are required to implement the new provision of the Act as directed.

However, NLC stated that

stakeholders on its circular in respect of Cash Pooling requests by banks on behalf of IOCs.

CBN stated that banks might submit the request for cash pooling ahead of the expected date of receipt, supported by the required documents, for approval by the central bank.

It explained that expenses on petroleum profit tax, royalty, domestic contractor invoices, cash call, and domestic loan – principal and interest payment – were eligible for settlement from the balance 50 per cent. Others include transaction taxes

(Including Nigerian Content Development (NCD) Levy), education

commended Chaudhari for his significant contributions to Nigeria's economic growth.

A statement issued by the finance ministry, stated that Edun acknowledged the crucial role of the World Bank in promoting socio-economic sustainability and enhancing Nigeria's economic competitiveness.

He expressed appreciation for the remarkable achievements recorded during Chaudhari's tenure and reaffirmed Nigeria's commitment to building on these accomplishments in order to further drive economic progress in line with the administration’s agenda.

"We appreciate your tireless efforts towards the promotion of economic

the cybersecurity levy as well as several other levies and taxes already imposed on the citizens had deepened the financial burden on the populace currently grappling with economic challenges.

A statement signed by NLC President, Joe Ajaero, demanded the reversal of the directive by CBN, adding that the federal government should prioritise policies that alleviate the financial burdens of Nigerians.

NLC said the move, which was ostensibly aimed at bolstering cybersecurity measures, was capable of exacerbating the financial strain already faced by the populace.

It stated that while CBN had exempted interbank transfers and loans transactions from the levy, the broader impact on everyday transactions could not be overlooked.

NLC said in the statement, "This levy, to be implemented by deduction at the transaction origination, is yet another burden on the shoulders of hardworking Nigerians.

"The directive comes on the heels of the recent implementation of stamp duty charges on mortgage-backed loans and bonds by the federal government, further straining the financial resources of Nigerians. These successive levies only serve to deepen the financial burden on citizens already grappling with economic challenges.

"The NLC calls on the federal government to reconsider these directives and prioritise policies that alleviate the financial burdens of Nigerians.

"We urge a collaborative approach between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace."

NLC added, "We continue treading on the edge and it is not certain which uncaring policy will tilt the balance and throw us into a socioeconomic spiral

"The NLC recognises the importance of cybersecurity in today's digital age. However, imposing such a levy on electronic transactions, without due consideration for its implications on workers and the vulnerable segments of society, is unjustifiable.

“This levy stands as another tax too much for Nigerians, burdening them with additional financial responsibilities.

"We see in this levy another gang up by the ruling elite to continue its extortion and exploitation of

tax, and forex sales at the Nigerian Foreign Exchange Market.

Earlier in February, CBN introduced a cocktail of policy interventions to further boost FX liquidity in the system, declaring that going forward, International Oil Companies (IOCs) would only be allowed to repatriate a maximum of 50 per cent of export proceeds in the first instance. The central bank added that the balance of 50 per cent of export proceeds might be repatriated after 90 days from the date of inflow of the proceeds.

Equally, the central bank prohibited the payment of Personal Travel Allowance (PTA) and Business

growth and development in Nigeria. Your leadership and expertise have made a significant impact on our country's progress.

"Your dedication to supporting Nigeria's development agenda is truly commendable. We are grateful for these contributions and look forward to continued collaboration.

"Your commitment to fostering inclusive and sustainable growth in Nigeria is inspiring. We appreciate your partnership and guidance in shaping our country's future," Edun said.

According to him, the hallmark of the present administration's policy thrust which brought fiscal reforms was aimed at boosting the nation’s

hapless and helpless workers and the masses so that their cronies in various financial centres can continue wallowing in unbridled consumption.

“During our last May day speech we called on the government to prioritise the welfare of Nigerian workers and masses in their policy directions and actions instead of profit seeking that unleashes more pressures on the people.

"We wonder when it has become a crime for the people to save their meagre incomes in the banks and whether it is the intention of government to encourage people to resort once again to keeping cash and using cash transactions instead of electronic transfers, which has seemed to have become an undoing for the people?

“NLC further lamented that such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen.”

According to NLC, domestic manufacturers and other businesses are already shuttering as a result of the stifling socioeconomic environment.

Yet, NLC said, instead of creating a business-friendly environment to encourage greater investments in the economy, "The opposite seems to be what is being practised. How can you attract foreign investment when you make the business environment difficult?

"Moreover, the threat of fines amounting to not less than two percent of an institution's annual turnover for non-compliance adds further pressure on financial institutions, potentially leading to a trickle-down effect on consumers.

"Definitely, the businesses will pass down these costs to consumers, which will lead to further inflation in an economy that is already in the grips of hyper-inflation.”

NLC wondered, “How would domestic manufactured goods and services remain competitive in the midst of all these costs and how would the businesses expand capacity, thus, employ more Nigerians when they cannot sell their products because of high prices?

"Monies raised in the past have not helped in making lives better for the citizenry, neither have they been seen in better infrastructural provisions. Extracting this levy from the people who are already kwashiorkored by government policies in order to throw money at cybersecurity will not make our

Travel Allowance (BTA) by cash going forward.

The apex bank declared that PTAs and BTAs must henceforth be disbursed through electronic channels only, including debit or credit cards, to curb abuses and boost transparency in FX transactions. Furthermore, CBN announced the review of the allowable limit of price deviation for exports and imports to -15 per cent and +15 per cent of the global average prices, respectively under the Price Verification System (PVS).

However, the apex bank pointed out that the policy intervention on IOCs was in line with ongoing reforms in the foreign exchange

economic development with a view to attracting foreign investments so as to ensure job creation, poverty reduction and improved standard of living for the citizenry.

The minister assured that Nigeria offers a wealth of opportunities for foreign investors, with a large and growing market, rich natural resources, and a skilled workforce.

"We invite you to explore the possibilities and partner with us for mutual growth. Join us in harnessing the potential of Nigeria's emerging economy.

"Our country offers a favourable business environment, investment incentives, and a dynamic market waiting to be tapped," he said, and

cyberspace better, just like it has been our experience in the past.

“We see this as a cybersecurity levy that will inflict severe social security on workers and masses."

In his own reaction, Rewane stated, “Does it mean that if there was no levy there won’t be fight against cybercrime? Whether there was a levy or not, we would have loved to fight cybersecurity.”

The economist pointed out that the responsibility for fighting cybercrime ought not to be imposed on the citizens, even though the citizens must be protected, which is the more reason they pay taxes.

Rewane added, “Is this levy a premium so that if I lose money from a cyberattack I would get refunded? So, I am not really clear as to what this levy was supposed to achieve. The amount involved in question is quite astronomical. What is the money going to be used for?

“We need some clarity. But to announce that with immediate effect people should start paying is startling to me. When Yemi Cardoso came in as CBN governor, there were consultations and feedback. In other words, he consulted and came back to say the things he would like to do.

“Imposition of this levy is not consistent with the consultation and feedback culture which the CBN has.”

On its part, SERAP urged President Bola Tinubu to immediately direct the CBN to withdraw the cybersecurity levy.

The group stated that the levy “patently violates the provisions of the Nigerian constitution 1999 (as amended) and the country’s international human rights obligations and commitments”.

SERAP further urged the president to stop the National Security Adviser (NSA), Mr. Nuhu Ribadu, and his office from implementing Section 44 and other repressive provisions of the Cybercrimes Act 2024, as it “flagrantly violates the provisions of the Nigerian constitution and the African Charter on Human and Peoples’ Rights and International Covenant on Civil and Political Rights to which Nigeria is a state party”.

The organisation also urged Tinubu to direct the Attorney General of the Federation (AGF) and Minister of Justice, Mr. Lateef Fagbemi, to immediately prepare and present a bill to amend Section 44 and other repressive provisions

market. It stated that proceeds of crude oil exports by the IOCs operating in the country were often transferred offshore to fund their respective parent accounts, otherwise referred to as "cash pooling".

CBN said this practice had effect on liquidity in the domestic foreign exchange market.

The central bank pointed out that while it strongly supported the need for IOCs to have easy access to their export proceeds, particularly to meet their offshore obligations, such repatriations must be done with minimal negative impact on liquidity in the Nigerian foreign exchange market.

invited the international community to discover the opportunities and advantages of investing in Nigeria.

"Our government is committed to creating a conducive environment for businesses to thrive and succeed.

"We are inviting the international development partners to come to Nigeria and invest their resources.

Nigeria is a country with diverse business opportunities and market potentials for profit maximisation," he stressed.

Nigeria, he stated, would continue to be a development partner with the World Bank, adding that the present administration was committed to championing a good cause as well as implementing policies that would

of the Cybercrimes Act 2024 to the National Assembly, “so that those provisions can be brought in line with the Nigerian constitution and the country’s international human rights obligations”.

The group further issued a 48-hour notice to the federal government to reverse the 0.5 per cent cybersecurity levy imposed on electronic transactions or risk legal action.

It described the CBN’s directive as "grossly unlawful" and called on the president to immediately withdraw the directive.

SERAP Deputy Director, Kolawole Oluwadare, said, “The Tinubu administration must within 48 hours withdraw the patently arbitrary and unlawful CBN directive purportedly imposing cybersecurity levy on Nigerians.

“Section 44(8) criminalising the non-payment of the cybersecurity levy by Nigerians is grossly unlawful and unconstitutional.

“Our lawyer, Ebun-Olu Adegboruwa, is already preparing the necessary court papers, should the administration fail or neglect to act as recommended.”

Oluwadare said, “The administration must urgently take concrete and effective measures to ensure the repeal of Section 44 and other repressive provisions of the Cybercrimes Act 2024.

“If the unlawful CBN directive is not withdrawn and appropriate steps are not taken to amend the repressive provisions of the Cybercrimes Act within 48 hours, SERAP shall

halt what he called an unlawful plot to impeach the governor, saying it amounts to invitation to chaos.

The impeachment directive followed Fubara's recent declaration that members of the APC-dominated Assembly did not exist as lawmakers anymore in the eyes of the law

Okocha said no section of the constitution empowered the governor to declare the Assembly members non-existent.

He stated that the government of Fubara was clueless and, therefore, lacked criteria on how to govern the state.

Okocha stated, "Everyday we find justification in our assertions that the government of Sir Siminalayi Fubara is the worst thing that has happened in our political landscape, in our political history.

“We are justified every other second in our assertion that the government is clueless, is directionless, and it is ruthless. And that the governor is even compounding the matter. He is procuring for himself other very negative dictions and the penchant to deceive Rivers people.”

Speaking on the presidential agreement over the political crisis in the state, Okocha warned that APC would not keep watching while the governor continued to undermine President Bola Tinubu.

"To that extent, in consultation with my party, we have directed APC Assembly members to immediately commence impeachment processes of Governor Sim Fubara. Impeachment of a government that does not respect the rule of law,” he said.

consider appropriate legal actions to compel the Tinubu administration to comply with our request in the public interest.

“Withdrawing the unlawful CBN directive and repealing the repressive provisions of the Cybercrimes Act 2024 will be entirely consistent with President Tinubu’s constitutional oath of office, (which) requires public officials to uphold the provisions of the constitution, and the rule of law and abstain from all improper acts.”

He added, “The repressive provisions of the Cybercrimes Act 2024 are clearly inconsistent and incompatible with the public trust and the overall objectives of the constitution. A false oath lacks truth and justice. The oath statements require the oath takers to commit to uphold and defend the constitution.

“Section 14(2)(b) of the Nigerian constitution of 1999 (as amended) provides that, ‘The security and welfare of the people shall be the primary purpose of government.’

“The CBN yesterday has directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers on the basis of the Section 44 44(2)(a) of the Cybercrimes Act 2024 purportedly imposing ‘a levy of 0.005 equivalent to a half per cent of all electronic transactions value by the business specified in the second schedule of the Act.

“The money is to be remitted to

But the Commissioner for information, Mr Joe Johnson, said the APC chairman did not have the locus standi to direct the lawmakers to commence an impeachment process. Johnson said, "Tony Okocha, by definition, is an acting caretaker chairman and you know once there exists a caretaker, it means there is a substantive chairman of APC in the name of Chief Emeka Beke. That matter is before the jury and the issue of whether he has the power to direct means that the answer is no.”

Meanwhile, Clark asked the IGP to stop the lawmakers from parading themselves as duly elected lawmakers following their defection from Peoples Democratic Party (PDP) to APC. Clark, who would be 97 years later this month, made the appeal in an open letter to the IGP, which he read out to journalists at a news conference in Abuja, yesterday.

The leader of the Pan Niger Delta Forum (PANDEF) said the IGP held it a duty to save Rivers State from an imminent crisis and, by extension, the country's democracy from derision, by protecting the sanctity of the provisions of the 1999 Constitution (as amended). Clark said the 27 Rivers State lawmakers ceased to be members of the state legislature immediately they defected from PDP to APC. He urged Egbetokun to ensure that the laws of the country were obeyed by the Assembly members rather than allow them to further plunge Rivers State into crisis by plotting Fubara's impeachment.

Ndubuisi Francis in Abuja

boost the country's economy in order to make it more vibrant and resilient.

Chaudhari

Shettima: Nigeria Positioned to Tap from $360bn Global Outsourcing Market

Vice

said the country was positioned to tap into the global outsourcing market which is worth over

billion. He revealed that the Outsource to Nigeria Initiative which he launched recently, has the capacity to position Africa's most populous nation as a global outsourcing hub.

The vice president stated this yesterday, in Abuja while delivering his address at the fourth Nigerian Academy of Engineering (NAE) public forum. This, he disclosed was what

the present administration would achieve by training young citizens and position them to take up not just jobs in Nigeria, but globally. Represented by his Special Adviser on Power Infrastructure,

Nigeria Needs More Effort to Attain HIV Reduction Target, Says UNAIDS

onyebuchi ezigbo in Abuja

The Joint United Nations Programme on HIV/AIDS (UNAIDS) has expressed concern over what it described as not too impressive progress being made by Nigeria towards attaining the 2025 target for reduction of new HIV infection.

UNAIDS's concern came just as the Director General of the National Agency for the Control of AIDS (NACA), Dr. Temitope Ilori, said Nigeria has made notable progress in shaping “our response and strategies to address the HIV/ AIDS epidemic in the country.”

Speaking at the 2024 Nigeria HIV Prevention Conference for Youths organised by NACA, in Abuja, UNAIDS Country Representative, Leo Zekeng, said whereas 11 countries in Africa have already achieved 66 per cent reduction rate, Nigeria's progress rate was just nine per cent.

The conference with the theme: "Accelerating HIV Prevention to End AIDS- innovations and Community Engagement," was sponsored by UNAIDS and US President 's Emergency plan for AIDS Relief (PEPFAR).

UNAIDS Country Director Dr. Leo Zekeng: said the progress made so far in achieving targets set for eradication of HIV in country is not very impressive yet.

"We can't be satisfied because in 2021, the world made a commitment to reduce new HIV infection by 83 percent and reducing the infections by 83 percent meant that by 2025, we would have had 370,000 new infections but the data for 2022 suggests that we have 1.3 million new infections.

“So we can't be satisfied with that kind of performance that did not reduce significantly the number of new infections.

"For a country like Nigeria, it means that the target was 22,000 but when you look at the data for 2022, we had 74,000 new infections".

Zekeng, however said about 11 countries mostly from the east and southern Africa has attained a 66 percent reduction in HIV infection based on pre-2025 target assessment.

According to him, out of the 11 countries, nine are from the east and southern Africa while the other two - Cameroon and Ivory Coast - are the country’s neighbors.

Zekeng, said the progress attained by the 11 countries serves as a testimony that reducing HIV infections is achievable with determination. He said the target set by Nigeria was achievable but that what was needed was the strengthening of efforts and doing all the things that needed to done.

He identified several challenges inhibiting progress, including the lack of political leadership commitment to efforts at prevention by state governments and funding limitations.

While welcoming participants to the conference, Director General, NACA, Dr. Temitope Ilori, said stigma and discrimination remained significant barriers to achieving the country's goal of stopping the spread of HIV by 2030.

She explained that between the last conference and now, the agency has implemented various strategies such as combination prevention therapy, HIV self-testing, harm reduction initiatives, treatment as prevention, and the re-evaluation of Nigeria's HIV epidemic through the NAIIS in 2018, among others "We must educate and sensitise people about the harmful effects of stigma and discrimination against

individuals living with HIV/AIDS.

“Our strategies must be inclusive, person-centred, and sensitive to the needs of adolescents, young people, key populations, and people living with HIV/AIDS," she added.

In addition, the DG said the agency would focus on community-based interventions while promoting local ownership and sustainability of our response effort.

Minister of State for Health and Social Welfare Dr. Tunji Alausa, who was represented by Dr. David Atuwo, tasked NACA to ensure that a documentation of the recom-

mendations reached at conference is made so that the ministry can leverage on it.

On his part, Chairman of the House Committee on HIV/AIDS, Tuberculosis, and Malaria (ATM), emphasised the need for Nigeria to reduce reliance on foreign donors to combat the HIV epidemic.

Country Coordinator of PEPFAR , Funmi Adesanya, highlighted the crucial role of youth participation, advocacy, and leadership in achieving the goal of eliminating HIV as a public health threat by 2030 and breaking the cycle of mother-to-child transmission.

Dr. Sadiq Wanka, the Vice President said given the nature and scale of the challenges ahead, “the strength of our engineering capacity is inextricably linked to our economic and social Shettimaprogress.”underscored the role of engineers in writing the rebirth story of the country.

"It is therefore critical that, as government, we continue to work hand-in-hand with professional bodies like the Nigerian Academy of Engineering to ensure that the quantity and quality of engineers meet the moment and match the needs of our national aspirations," he added.

Earlier, the President, Nigerian Academy of Engineering, Prof. Azikiwe Onwualu, said speakers were carefully selected based on their rich experience in the sector to provide a sector based road map for revitalising engineering education in Nigeria.

Onwualu, said resolutions from the forum would provide major inputs for policy formulation, adjustment and policy implementation guidelines for the relevant ministries, departments and agencies involved in engineering education.

"The Academy believes strongly that if Nigeria prioritises and uses engineering and technology to drive development in all sectors

simultaneously, Nigeria would in a short time join the league of developed countries because we would have been able to solve our problems in food and agriculture, health care, communications, transportation, energy and power, commerce and industry and indeed all other sectors.

"The Academy is willing to advise government on how this can be achieved successfully," he added.

In their separate goodwill messages, the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, represented by Chairman, House Committee on Science Engineering; Executive Secretary, Tertiary Education Trust Fund (TETFund), Sonny Echono; Minister of Steel Development, Shuaibu Audu, represented by Jeremiah Adejo, Assistant Director, Metallurgical Inspectorate, Federal Ministry of Steel Development; Executive Secretary, National Board for Technical Education (NBTE), Prof. Idris Bugaje, among others applauded the Academy for the unwavering commitment to advancing the field of engineering in Nigeria.

According to them, engineering plays pivotal role in driving progress and innovation, sustainable development across various sectors of the economy.

Sector Contributed N7tn to Lagos GDP in Two Years, Says Commissioner

segun James

Lagos State government has disclosed that the agriculture sector contributed over N7 Trillion to the State's Gross Domestic Product (GDP) in the last two years, even as she said not less than 10,000 heads of cattle are slaughtered in the State daily.

The State Commissioner for Agriculture, Abisola Olusanya, who made this known during a ministerial press briefing on the activities of her ministry in the last year, also said the State government was working in collaboration with other states to ensure that 200,000 tonnes of paddy required at Imota Rice Mill were met.

According to Olusanya, "In Nigeria, agriculture contributes 25 per cent to the national GDP, but in Lagos, agriculture has contributed no

less than N7 trillion in the last couple of years to the Lagos economy.

"This is to tell you that we have the potential, there is opportunity. We will not relent in terms of making it better."

On the production of red meat in the State, she said not less than 10,000 heads of cattle are slaughtered daily in the State.

While reiterating availability of data, the Commissioner stated, "There are so many loopholes. A lot of people take advantage of these loopholes. This is why we will be taking advantage of the logistics hub in Epe.

"Lagos slaughters not less than 10,000 heads of cattle daily, these include what is slaughtered in our barracks."

She explained that as part of measures to control and preserve meat, the state government would

by next week inaugurate 50 vans of meat at the Oko-Oba abattoir.

Speaking on the production of rice, Olusanya maintained that, "Lagos State is the largest consumer of rice in the country with an estimated consumption of about two Million metric tonnes per annum.

"The Lagos Rice Mill is two lines of 16MTPH integrated mill sited on 8.5 hectares of land at Imota. The rice mill can produce 2.4 million bags of 50 kg bags of Rice yearly using 200,000 Metric tonnes of paddy annually.

"The mill is part of the government's commitment towards ensuring food security in the State which is a key component of the T.H.E.M.E.S + Development Agenda of Mr. Governor to make Lagos State a 21st Century economy."

Special Adviser on Agriculture,

Dr. Oluwarotimi Fashola, further explained that because of the large number of people who consume rice, the state government was in partnership with some states on supply of paddy.

"Because of the size of rice needed, Mr. Governor signed an MoU with Niger State being the largest producer of paddy in the country.

"The Imota rice mill needed 200,000 tonnes of paddy. The partnership with other states is to ensure the sustainability of production. We extend our hand of fellowship to all the South-west States.

"If we have 20 per cent of paddy from Lagos, other South-west states will give 40 per cent. There is no single state that can give us all. Once there is paddy we know the production of rice will be sustained.”

L-R: Mother of the President, Royal Institute of British Architect, Mrs. Laura Oki; President, Royal Institute of British Architect, Arc. Muyiwa Oki; Ogun State Governor, Prince Dapo Abiodun; Muyiwa Oki's father, Prof Makanjuola Oki, and the President, Nigeria Institute of Architect, Mrs. Mobolaji Adeniyi, during a courtesy call on the governor by President, Royal Institute of British Architect... yesterday

Kuni tyessi in Abuja

President Kashim Shettima has

$360

DIALOGUE ON UNLOCKING CLIMATE FINANCING...

Economic Diversification: Senate, Ministry, Stakeholders Brainstorm on Solid Minerals Devt

The Senate, Federal Ministry of Solid Minerals Development and stakeholders in the solid minerals sub-sector of the economy yesterday agreed on the need to explore it for the purpose of tackling the current foreign exchange crisis in the country.

They gathered at a three-day Investigative Hearing on: "The Need to Comprehensively Review the Input and Output Values of the Nigeria Mining Industry in the Light of its Central Role to Economic Diversification, Foreign Exchange Earnings and Social Inclusion" It was organised by the Senate Committee on Solid Minerals Development.

Declaring the event open, Senate President, Godswill Akpabio, wondered why the national economy continues to rely solely on crude oil.

"Why can't we infuse our economy with the richness of solid minerals and liberate ourselves from the shackles of oil dependence? How can we transform our mono-economy into a fully diversified economy?, Akpabio further queried.

He noted that his observations were the fundamental questions that the stakeholders must confront and address.

He said: "Today, we embark on a three -day investigative hearing on the comprehensive review of the Nigeria Mining Industry, driven by the spirit of inquiry and the desire for economic diversification.

"I extend my heartfelt gratitude to the Committee on Solid Minerals Development for their unwavering dedication in organizing this significant event.

"Their commitment to the development of our nation's mining sector

and their leadership in driving the diversification of our economy is truly commendable.

"The resolution in the Senate that led to this investigative hearing underscores the pivotal role that the mining industry should play in our quest for economic diversification.

"We can no longer overlook the immense potential of this sector. The mining industry should be a cornerstone of our foreign exchange earnings and a catalyst for social inclusion and empowerment.

"Our beloved country, blessed with abundant mineral resources, has the potential to become a global powerhouse in the mining sector. However, to realize this potential, we must confront the challenges that hinder the growth of this sector.

"This investigative hearing presents us with an opportunity to ask the tough questions, identify these challenges, and develop effective strategies to overcome them. I implore all stakeholders present here today to actively engage in the deliberations of this hearing.

"Your expertise, concerns, perspectives, insights, and recommendations are invaluable in shaping the future of the Nigeria Mining Industry and propelling our economy towards new horizons.

"Let us engage in constructive dialogue, share best practices, and explore innovative solutions that will infuse the mining sector into the very bloodstream of our economy.

" It is through our collective and collaborative efforts that we can create an enabling environment for the mining industry to thrive, attract investments, generate income, boost our foreign exchange earnings, and create employment opportunities

for our people.

He expressed the hope that the investigative hearing would serve as a catalyst for positive change, marking the beginning of a new era of growth and prosperity for the Nigeria Mining Industry and our great country as a whole.

The Minister of Solid Minerals Development, Mr. Dele Alake, said the reason that the forex problem remains was because the nation is dependent solely on oil, hence there was a free flow of petrol dollars.

He said: "We closed our eyes as a society to other critical sectors that could have stabilised and improved the infrastructural and technological development of Nigeria.

"We had free flow of oil and so we became quite indulgent and partisan. But like the Senate President said, that's history now.

"We are being compelled by a global trend to now shift our focus to the solid mineral sector in this country because we don't really have a choice than for us to open up the sector and of course give it the much needed life, that is, inject

life into that sector.

"There are so many other countries in the world that don't have oil, that have no options, but solely rely on their solid minerals. They are thriving and they are moving ahead and they are developed more than us. What has been the clog in the wheel of Nigeria's economic progress, especially in the solid mineral sector?

"Again it is because we decided to shift our attention away. Now that we have been compelled by the trend in the world of shifting away from fossil fuel, from oil, into minerals and the global warming conditions have also compelled the world to shift attention away from global warming-inducing industrialization.

"Green energy is a watchword in the world today. And what are those things that ginger and sustain green energy? It's the minerals. And this critical metals we have in abundance.

"So if the world is shifting attention away from fossil fuels and of course because of global warming going towards green energy, it then

means this is a time for Nigeria’s resurgence, what I call Nigeria’s resurgimento is here.

“With due respect, the idea of ‘dwindled revenue’ derivable from the solid minerals sector is not reflective of the actual fact.

“This is far from the reality of revenue performance as reported by several credible research organizations, including Nigerian Bureau of Statistics in the last five years.

“With the above facts, I believe you will agree with our ministry that the idea of dwindling revenue is alien to the revenue performance of the Solid Minerals Sector, particularly in the last five years.

“The issue therefore, is not that the revenue is dwindling but that this increasing revenue is still too low compared to the economic potential of the Solid Minerals Sector and the level of economic activities in the sector.

“We agree with the conclusion of NEITI and other stakeholders that although the sector contributed 0.63 percent to GDP in 2021, from 0.45% in 2020 and 0.26% in 2019,‘the sector

has not yet reached its full potential in making a significant impact on the overall Nigerian economy.

“As at now, the reality of the Solid Minerals sector and its contribution to the national economy is seriously under-investigated and underreported. This is one of the reasons why the Ministry is partnering with the BS to improve the quality of its research and consequently, the credibility of its data.

“On our part, as the regulatory body, we are increasing our data gathering capacity, technological sophistication and visibility of the system.

“Three weeks ago, I issued a directive for monthly data turns towards our policy of disseminating Monthly Digest of Mining statistics to give every Nigerian access to data on the facts and figures of the progress we are achieving in transforming the sector.

“Very soon, we shall deploy advanced satellite technology that will use geo-spatial tools to capture each and every mining activity on Nigerian soil."

Lagos-Calabar Coastal Road: Revert to Original Right of Way, Yoruba Council Tells FG

A group, the Yoruba Council Worldwide, has demanded that the federal government should revert to the original alignment of the Lagos-Calabar Coastal Road, as gazetted.

In a letter to President Bola Tinubu, dated April 22, 2024, signed by the President of Yoruba Council Worldwide, Oladotun Hassan, the group said they checked at the Lagos State Ministry of Physical Planning and Urban Development

Microsoft Shuts Down Innovation Centre in Lagos, Puts Several Jobs at Risk

Emma Okonji

Microsoft may have taken a business decision to shut down its African Development Centre (ADC) located in Ikoyi, Lagos, a development that will affect over 500 jobs that are directly linked to the innovation centre.

Although no reason was given by Microsoft for the decision to close down the innovation centre in Lagos, but sources close to Microsoft Nigeria said Microsoft informed the staff on Monday of its decision to close down the innovation centre, which also houses the Microsoft

Garage, where local solutions are developed and nurtured to maturity.

THISDAY spoke with a senior staff at Microsoft yesterday, who neither denied the information nor accept it as truth. The senior staff however said Microsoft would soon react to the media information.

Another source close to Microsoft, however said the decision to close down the Microsoft Innovation Centre could be linked to the tough business environment in Nigeria, coupled with the harsh economic realities of the Nigerian economy. The

source said no investor would be ready to lose money from any investments and that when an investment is fast losing money, it would be in the best interest of the investors to shut down the business to avoid further loss of money.

Microsoft had in 2019, initiated the innovation centre, with the purpose to create centres where technology solutions would be developed from Africa to address the African challenges as well as global challenges. Pleased with the initiative, Microsoft went ahead to establish the $100 million African Development Centres in Nigeria

and Kenya, but decided to shut down that of Nigeria, leaving Kenya’s centre to still operate in Kenya.

THISDAY, had last month, observed what appeared to look like a desolate area in the building housing the Microsoft Innovation Centre in Lagos. The entire seven floors of the building were without staff and the few staff members on duty were the front desk staff and security personnel that kept watch over the place. The absence of staff was an indication that Microsoft may have taken the decision earlier to shut down the innovation centre.

where they confirmed that their buildings, slated for demolition, did not violate the coastal road’s alignment/right of way.

According to them, “We are aware of the federal government's decision to construct the Lagos - Calabar Coastal Road wherein ab initio, proper alignment verification had been carried out from the starting point at Bar Beach, Eti-Osa, Okun-Ajah, Ibeju-Lekki, en route Ogun, Ondo, Edo, Delta, Bayelsa, terminating at Calabar coastline corridors and communities.

“The aforementioned communities had specifically preserved the marked original portions of the alignment for Right of Way (RoW) as gazetted in the survey attached herewith to the certificate of occupancy (CofO), prepared and signed by the Lagos State Surveyor General.

“Interestingly, as approved by the federal government, this alignment had been marked by Lagos State Ministry of Physical Planning and Urban Development since 2006/2013, respectively, and at no point did any of the aforementioned communities receive any formal

communication(s) that the alignment of the coastal road had been shifted from the original alignment gazetted by the Federal Ministry of Works, Lagos State Surveyor General alongside other adjoining Communities that fall within the Lagos-Calabar Coastal Road Project.

“However, we are aghast, as a body, to note with grave dismay how several law abiding citizens and innocent Nigerians who had legitimately bought and erected their properties, while all the ancestral communities with approved excisions and Global CofO took cognisance of the original alignment, and without any iota of intention to violate the existing right of way rules and regulations, nor commit any trespass encroachments as the case may be, would be subjected to such inhumane treatment.

“We have double-checked from records of the Lagos State Ministry of Physical Planning and other ancillary related records and facts, and it was obvious and crystal clear that the aforementioned victims did not encroach on the Right of Way of the coastal road alignment.”

Sunday Aborisade in Abuja

Bennett Oghifo

L-R: Representative of the Minister of Budget and Economic Planning, Mr Bolaji Onalaja; Senior Associate, African Energy Program, Global South Program, Habiba Ahut; Portfolio Management Lead, United Kingdom, Nigeria Infrastructure Advisory Facility (UKNIAF), Abdul Ladipo and Executive Director, Africa Policy Research Institute, (ASPRI), Abimbola Olumide, at the Stakeholders Dialogue on Unlocking Climate Financing in Abuja ... yesterday PHOtO: ENOCK REUBEN

Email: deji.elumoye@thisdaylive.com

PDP’s Board of Trustees: Speaking Truth to Power

Chuks Okocha in this report explains that the Peoples Democratic Party’s Board of Trustees under the leadership of former Senate President, Senator adolphus Wabara, speaks truth to the party as the main soul and custodian of its assets and liabilities.

The Board of Trustees (BoT) of the Peoples Democratic Party (PDP) like every other political party is the soul of the party and is constitutionally empowered to intervene when there are disputes and crisis in the party.

In the PDP constitution, Part IX mandates the BoT as the soul of the party to intervene when there is any dispute, and is also vested with the custody of the party’s assets and liabilities.

And above all, the BoT is to ensure that the party has not only good image before Nigerians but good political health.

It is expected that the BoT guides the PDP when issues go wrong as is currently the case with the absence of a substantive national chairman and questionable circumstances around the national secretary who resigned to contest governorship election in Imo state while still clinging on to office as party scribe.

Other stakeholders of the PDP from the South east is asking that Anyanwu cannot occupy the national secretary’s office as well as contesting for governor at the same time. But the embattled Anyanwu claimed that the establishment manual of the party gave him the constitutional right to do so.

By implication, the BoT, speaks truth to the powers that be in the party, irrespective of whose ox is gored.

It was in line with the aforementioned constitutional duties of the party’s BoT that its Chairman, Senator Wabara, spoke truth recently to members of the National Executive Committee (NEC) of the party, warning of the consequences of disobeying such advice.

Wabara had during the NEC and BoT meetings held on April 18, 2024 expressed concern that the Acting National chairman, Ambassador Iliya Damagum has over stayed in office. He also said the issues surrounding the office of the national secretary presently occupied by Senator Anyanwu should be amicably resolved as it is generating unhealthy controversy in the party.

Before he made the position of the BoT known at the NEC meeting, there is the line of thought that the national secretary, Anyanwu ought to have resigned before becoming the party’s candidate in the last gubernatorial poll in Imo state.

There was also uneasy calm uneasy among the party folks over the continued stay in office of Damagum and perceived denial of the North Central zone of it’s rightful position of national chairman.

Wabara while speaking as chairman of the soul of the party and custodian of its properties

clearly stated that the acting national chairman of the party, Damagum has over stayed in his acting capacity to the detriment of the North Central zone of the country.

As an elder, who will not allow the goat give birth in bonds, Wabara said, “the ambiguity surrounding this position has led to confusion and internal strife, hindering our collective efforts to pursue our noble objectives.

“The solutions to these two challenges are clearly imbibed in our party’s constitution but deliberate litigations have made the application of these constitutional solutions impossible.

“It is incumbent upon us to resolve this matter with utmost urgency, guided by transparency, fairness, and the best interests of our party and its members.

“As leaders, we feel the pulse of Nigerians and particularly members

of our great Party in their demand and quest for direction at this critical time in the life of our Party the PDP and dear nation, Nigeria.

“Nigerians are currently passing through a perilous time and their earnest expectation is for us as a Party to put our house in order and effectively lead the charge to rescue our nation from the stranglehold of the All-Progressives Congress (APC).

“We must therefore go into this meeting with the determination and resolve to urgently come up with practical solutions to the challenges facing our Party at this time.

I must address a matter that weighs heavily on our collective conscience, the leadership of the party as it stands.

‘’Recalling the events that led to the ousting of the former Chairman of the Party in person of Senator Iyorchia Ayu, the current Acting Chairman has spent over a year in office whereas as the usual practice of the party, the region from whence the national officer hails from should

Unresolved grievances in the PDP have in recent times led many prominent members to dump the party, especially in the South-east geo-political zone, leaving the party in a shadow of itself. The most affected states include Abia, Ebonyi and Imo. In the latest gale of defections, which occured in Imo State, no fewer than 13 party officials of PDP at zonal, state and local government levels quit the party. The former deputy speaker of the House of Representatives, Hon Emeka Ihedioha, had opened the flood gate of resignations when he resigned from PDP on April 23, 2024, citing dispute over the issue of the National Secretary of the party as reason for leaving the party. In the same vein, former Governor of Katsina state, Dr. Ibrahim Shema, also recently defected from the party to the All Progressives Congress citing leadership insincerity as his main reason for leaving the opposition party. However, the party’s BoT Chairman has given assurance that those still having grievances against the party would be pacified to stem further resignations and defections, saying: the BoT did it (reconciliation) once and shall do it again no matter whose ox is gored.

have produced a viable candidate to complete the tenure of the former national officer.

“Furthermore, the contentious issue surrounding the office of the National Secretary has regrettably sown seeds of discord within our party.

“As we stand on the cusp of a new era, marked by the impending expiration of the Ward and LGA executive structures of our party across several states, we are presented with a pivotal opportunity to reinvigorate and reposition our party for the challenges and opportunities that lie ahead.”

According to him, the forthcoming congresses at various levels should serve as a beacon of hope, offering us a platform to reaffirm our commitment to democratic ideals, grassroots participation, and inclusive governance.

His words: “Let us seize this moment to embrace change, foster unity, and chart a course towards a brighter and more prosperous future for our party and our nation.

In conclusion, he said, “let us approach the deliberations of this meeting with a spirit of fellowship, mutual respect, and unwavering dedication to the ideals and principles that bind us together as members of the great People’s Democratic Party (PDP).

“Together, we have the power to surmount any obstacle, overcome any challenge, and realize our collective vision of a stronger, more resilient, and more inclusive party ready to take over power at the centre in 2027.”

Wabara spoke at the last NEC meeting but the party did not heed his advice. This has led to the mass exodus of party faithful from the PDP in Imo state since last week when the former deputy speaker of the House of Representatives, Hon Emeka Ihedioha resigned along with other members of the party. Most if not all the Executive at both the ward and local government levels of the PDP resigned their positions and membership of the party in solidarity with Ihedioha.

Unresolved grievances in the PDP have in recent times led many prominent members to dump the party, especially in the Southeast geo-political zone, leaving the party in a shadow of itself.

The most affected states include Abia, Ebonyi and Imo. In the latest gale of defections, which occured in Imo State, no fewer than 13 party officials of PDP at zonal, state and local government levels quit the party.

Wabara Damagum

Anyanwu

Developing Naval, Defence Manpower through Purposeful Training at NAVTRAC

The Naval Training Command, NAVTRAC, is responsible for the implementation of the Nigeria Navy training doctrine, policies and concepts, all which are targeted towards actualising the Chief of Naval Staff, Vice Admiral Ikechukwu Ogalla's Strategic Directive and Mission. Chiemelie Ezeobi writes that the command, which is driving excellence through purposeful training and development of Naval and Defence Manpower, was recently relocated from Lagos to Ebubu-Eleme in Rivers State

With the express mandate to develop, train and implement all policies for naval personnel on the core professional, mission and operational requirements of a modern Nigeria Navy (NN), the Naval Training Command (NAVTRAC) was established. This they are doing through purposeful training, technology and service delivery.

It was founded on May 20, 1987 to coordinate and harmonise all of Nigeria Navy training, which include basic procedures, operational and tactical training for commissioned officers, midshipmen, cadets and ratings.

But to do this, they have keyed into the Chief of Naval Staff (CNS), Vice Admiral Ikechukwu Ogalla's Strategic Directive and Mission, which is in pursuit of "A highly motivated professional naval force capable of shaping the security outcomes within Nigeria's maritime domain and the littorals including land-based engagements in fulfilment of Nigeria's national interest".

This is also in furtherance of his mission to "Maintain and equip a professionally competent and ethical naval force while leveraging on all element of national power for the effective defence of Nigeria's maritime area of interest against all form of threat in fulfilment of national security imperatives".

Mission, Vision, Strategy

At NAVTRAC, it's mission is "To provide initial, specialist, professional and bespoke training/ education to NN, AFN and other Nigerian/ international agencies’ personnel through col- laboration with relevant stakeholders towards optimal Nigerian Navy performance”.

The vision on the other hand has is for “A highly motivated professional naval force capable of shaping the security outcomes within Nigeria’s maritime domain and the littorals including land-based engagements in fulfilment of Nigeria’s national interest.”

For strategy, the strategic approach for NAVTRAC is filing the gap first and advancing specialised learning across naval disciplines.

Purposeful Training

Driving excellency through purposeful training and development of Naval and Defence Manpower, the training in NAVTRAC is the backbone of the service. To this end, the command refitted the infrastructure and deployed technology and well engaged personnel to bring efficiency and effectiveness to the training operations.

Technology

Globally, technology is key and in today’s military, that is very strategic, both in force management and equipment usage. The Command is exploring technology options and solutions to bring personnel and officers to a place great knowledge in technology and enable its usage for the attainment of their goals.

Service

Delivery quality service and optimal performance on assigned duties are critical to the success of mandate of the Nigerian Navy and in this regard, the services rendered by NAVTRAC and its several schools under it are part of what oils the engine room of the Nigerian Navy.

Schools Under NAVTRAC

To carry out its training responsibilities, NAVTRAC has various specialised schools located across the country. From Nigerian Navy Ship (NNS) QUORRA in Apapa to Nigerian Navy Basic Training School in Onne; Nigerian Naval College, Onne; Nigerian Navy College of Accounts and Finance in Owerrinta; Nigerian Naval Engineering College in Sapele; Nigerian Navy Center for Education and Training Technology in Ile Ife; and Nigerian Defence Academy (Naval Wing) in Kaduna.

Others include Nigerian Navy School of Health Science in Offa; Nigerian Naval School of Armament in Kachia; Nigerian Navy Provost and Regulatory School in Makurdi; Nigerian Navy Hydrolographic School in Port Harcourt; Joint Military Security Training Centre in Ojo; Nigerian Navy Logistics College in Dawakin Tofa; and Nigerian Navy Special Boat Services, Ojo.

Movement to Ebubu-Eleme, Rivers State

The chain of events that began with the movement of Naval Training Command from Apapa, Lagos to Ebubu-Eleme, Rivers State, kicked off with the donation of Ambassador Nne Furo Kurubo Model Secondary School Ebubu-Eleme and the Model Secondary School Egberu in Oyigbo LGA to the NN by the Rivers State government in April, 2023, when the then governor, Nyesom Wike, ceded the structures to the NN for use.

Faced with the property that needed renovation, the Nigerian Navy carried out extensive renovations and upgrade of infrastructure in the complex, which led to the relocation of NAVTRAC.

About two weeks back, the Nigerian Navy inaugurated the newly set up Naval Training Command. The command was inaugurated by the Rivers State Governor, Sim Fubara, just as the Rear Admiral MAB ELEGBEDE Hall situated inside HQ NAVTRAC was commissioned after the Governor unveiled the marble for

the command.

In his speech, the Chief of Naval Staff (CNS), Vice Admiral Ikechukwu Ogalla, said the relocation marked a significant strategic move by the Nigerian Navy, underscoring the importance of having the HQ NAVTRAC in the riverine environment that Rivers State provides.

While appreciating the Rivers State government and the people of Rivers State for the donating the school complex, the CNs said it was an indication of the existing cordial relationship and support of the state to the NN.

He said; “The relocation of the Headquarters Naval Training Command from Lagos State to Ebubu-Eleme in Rivers State will lead to increase in human capacity development for the Nigerian Navy as well as strengthen our operations for national development.

“It will assist in providing the enabling learning environment for the Nigerian Navy to carry out its statutory mandate of enhancing maritime security in our waters. This is in line with achieving Mr President’s mandate of harnessing the enormous economic potentials in our maritime environment for national economic prosperity.

“The Nigerian Navy will continue to carry out operations to ensure security of our maritime domain as well as security of Rivers State and the Niger Delta region for the development of the region.”

The CNS, who further thanked President Bola Ahmed Tinubu for his constant support to the NN, also said while the navy is grateful for the support from the Rivers State government, he would further solicit for more towards the upgrade of more infrastructure in this complex and for the renovation of the second secondary school for the relocation of Nigerian Naval College to Egberu.

He also appreciated the support of the National Assembly to the attainment of Nigerian Navy’s constitutional mandate as was evidenced by the presence of Hon. Babajimi Benson.

In his speech, Rivers Governor, Siminalayi Fubara, announced the donation of N350million to the NN to support the continuing infrastructure development and operationalisation of the training command in the state.

He also charged the navy to ensure that its investment in the professional development of naval personnel is translated into visible

advancement in the security and prosperity of the nation’s maritime interests and blue economy.

He said: “This magnificent training command stands as a testament to the commitment of the leadership of the Nigerian Navy to invest in the professional development of our naval personnel with the singular objective of cultivating a highly skilled, proficient and motivated naval force capable of advancing the security and prosperity of the nation’s maritime interests.”

Noting that Rivers State is a littoral territory with significant deposits of natural resources that was exposed to seaborne security threats, activities of pirates, kidnappers, and pipeline vandals, which impact adversely on the state and national economies, if not effectively tackled, he said it's why he will continue to provide tangible support and work together with the NN and other security agencies to safeguard the freedom of navigation, combat criminality on the waterways and ensure the state is safe and secure for business and development to thrive and benefit our people and the nation. With the command, he charged them to effectively maintain and utilise the facility to expand their operations and activities for national security development, just as they are to provide effective security and development support to the host communities, and live in peace and harmony with the civilian population in the local government area.

Also speaking, Speaker of the House of Representatives, Hon. Tajudeen Abass, who was represented by the Chairman, House of Representatives Committee on Defence, Hon. Babajimi Benson, urged the NN to defend and protect the sovereignty of Nigeria’s territorial waters against all forms of threats.

Highpoints of the event were the presentation of plaques to the CNS and the Governor by the Flag Officer Commanding Naval Training Command, Rear Admiral Istifanus Albara and a guarded tour of facilities at the complex.

To witness the auspicious event were dignitaries, captains of industries, religious leaders, traditional rulers, and military officers. For the senior officers in attendance, in no particular order were Rear Admiral Istifanus Albara, FOC Naval Training Command (NAVTRAC); Admiral Superintendent, Naval Dockyard Limited, Rear Admiral Abolaji Orederu; Rear Admiral Patrick Effah; NHQ (CIT) – CCI, Rear Admiral ZS Muhammad; Flag Officer Commanding, Eastern Naval Command, Rear Admiral Saheed Akinwande; Rear Admiral Samson Burra; Chief of Training and Operations, Rear Admiral Olusegun Ferreira; and Rear Admiral HUF Kaoje. Others include the Naval Secretary (NAVSEC), Rear Admiral PC Nwatu; Chief of Naval Engineering (CONE), Rear Admiral Kohath Levi; NHQ (LOG) – COL, Rear Admiral OK Oluwagbire; Rear Admiral AJ Oyegade; Director Naval Transformation, (DNTRANS), Rear Admiral B Iyalla; Rear Admiral Damtong, Admiral Superintendent Naval Shipyard Port Harcourt. Not left out were OPDS Commander, Rear Admiral JU Okeke; Rear Admiral Livingstone Izu, Admiral Superintendent Naval Ordinance Depot (ASNOD); Rear Admiral Musa Madugu, Director of Admin (DOA); Rear Admiral JN Mamman, DOT; Commander NNS PATHFINDER, Commodore Desmond Igbo; Director of Naval Information (DINFO), Commodore Aiwuyor Adams-Aliu and a host of other senior officers.

Cross section of dignitaries and senior officers at the inauguration of the Naval Training Command in Ebubu-Eleme, Rivers State

The CNS and members of the Naval Officers Wives Association (NOWA) led by its Vice President, Mrs. Zainab Akpan

L-R: Commander, NNS PATHFINDER, Commodore DOC Igbo; FOC NAVTRAC, Rear Admiral Istifanus Muazu Albara; Hon Babajimi Adegoke Benson, member of the House of Representatives; Governor Sim Fubara; and the Chief of Naval Staff, Vice Admiral Ikechukwu Ogalla, at the inauguration

ProPerty & environment

BCPG: Extending Coastal Highway to Badagry More Beneficial

Bennett Oghifo

The Building Collapse Prevention Guild (BCPG) has said it would be more beneficial

economically if the terminus of Lagos - Calabar Coastal Highway is situated by the border town, Badagry.

The group said in a

statement, signed by the Coordinator, BCPG Badagry Cell, QS. Olaniyi Olajire, and the Secretary, BCPG Badagry Cell, Engr. Dipo Olayiwola,

saying having the terminal in Badagry would make a higher developmental impact than the Bar Beach on Ahmadu Bello Way, Victoria Island.

“After a careful study, members of the Building Collapse Prevention Guild residing or working around Badagry axis observed that extending the coastal highway to the coastline of Badagry will bring added economic value to the project.

“Professionals from the BCPG Badagry Cell carried out a preliminary feasibility study along the coastline of the Atlantic Ocean spanning from Badagry to Marina on Lagos Island, using a boat.

“Hence, the possibility of constructing the highway to Badagry was technically established. Some of the advantages of taking the terminus of the coastal highway to Badagry are enumerated below.

“The coastal highway will link directly the proposed Badagry Deep Sea Port with the Tin Can Port, Apapa Port

and Lekki Deep Sea Port.

“Extending the highway to the international border of Badagry will encourage neighbouring countries to establish similar coastal highways that will boost international commercial activities.

“The direct route will increase patronage in the Lekki Free Trade zone, especially the Dangote Refinery and the airport. The highway will promote physical development with concomitant amenities along the rural settlements by the coastline.

“Ramshackle buildings along the littoral region will be regenerated, improving the quality of building production and embellishing the landscape with imposing buildings.

“Slum growth along the coastline will be eradicated. Construction of mass housing estates is predicted. The highway could serve as a protection for buildings that are under threat of ocean surge such as experienced at Bonny

(Military) Camp in Victoria Island.

“Physical development along Badagry coastline is sparse compared to that of Lekki coastline. Hence, compensation payment to affected property owners will be significantly reduced.

“Finally, in a study of the layout of the proposed route, it is observed that the highway passes through the full coastlines of Ogun, Ondo, Delta, Bayelsa, Rivers and Akwa Ibom States. Hence, Lagos State can also be given full coastline share of the coastal highway project. Location of the Cross River State coastal highway terminus is also relevant.

“In view of the aforementioned reasons, we hereby appeal to the President of the Federal Republic of Nigeria, His Excellency Bola Ahmed Tinubu to add to the LagosCalabar Highway project the stretch traversing Bar Beach/ Eko Atlantic City on Ahmadu Bello Way to Badagry.”

Wemabod Breaks Ground for Aurora Westlink Estate Ikeja, Lagos

Bennett Oghifo Wemabod, the real estate development arm of the Odua Investment Company Limited has performed a groundbreaking ceremony for the development of a premium residential facility known as Westlink Estate in Ikeja, Lagos.

In his welcome address at the event, MD/CEO Wemabod Ltd. Mr. Yemi Ejidiran stated that “This project represents not just bricks and mortar, but it is testament to our resilience, innovation and unwavering

commitment to excellence. It is a symbol of the collective strength and ambition that define who Odua Investment Company Ltd (OICL) is. It is also in consonance with ensuring that the real estate assets of the entire group are optimized.”

Ejidiran said, “The first phase of the Aurora Westlink Estate is a premium residential development, comprising a total of 40 units, sitting on about 7400 square meters of land and broken down into 20 units of three bedroom, Terrace Apartments.

“Eight three bedroom maisonettes and a three-bedroom penthouse with attached guest chalet. The second phase will be sitting on about 3,717 square meters of land and comprising another 14 units of apartments of various typologies, and expansive recreational facilities such as swimming pool, football pitch, Basketball court, two tennis courts, and children playground.”

He said this project has been meticulously planned to showcase quantity, luxury product offering in a bid to continue the signature brand.

The GMD/CEO, OICL, Mr. Adewale Raji, acknowledged the role played by the six South-west states “who are shareholders of ODUA investment and who are represented by their respective secretaries to the state government.”

He said the groundbreaking event “marks the culmination of a strategy decision that underscores our commitment to excellence and innovation, consolidating our real estate business under Wemabod.

This decision was driven by a thorough analysis of the market dynamics and a clear vision for the future. This property where we are today used to house two blocks of 12 flats. I do remember describing the sitting room as a mini Old Trafford colonial building, but what you’ve heard from the MD, this is what we are replacing with innovation and

excellence, with 40 units from terraces and penthouses that are coming up at this site. “In this respect therefore, the purpose is to ensure that we take advantage of new opportunities, streamline our operations and maximize value for all stakeholders. “The potential benefits of this strategic position by Odua investment are significant. We anticipate improved efficiency and en-

hanced market positioning and accelerated growth in the real estate sector. “With Wemabod and subsidiaries proven track record and expertise in industry. We are confident in our ability to capitalize on the emerging trends and collaborations with strategic partners such as Earofield Homes Limited and deliver exceptional value to all customers and stakeholders.

Prevention Best Way to Tackle Fire

Fadekemi Ajakaiye

A safety expert, Lasisi Adedoyin has said the best way to tackle fire is to prevent it.

Adedoyin, who trains people on fire, environment and safety, stated this at the launch of a book he co-authored with his wife, who’s also a fire officer with Lagos State Government.

He said, “The need for this book is because most of us see the incident that occurred in Lagos fire is becoming prevalent.”

He said they decided to author the book “is to put safety tips, fire prevention tips that each and every one of us can use in our homes in our offices to prevent fire. The building code is one of the things that is very, very

common in Nigeria. But are people building using fire’s device in designing of the building?

“If you look at most of the estates, the gates of most of the states are small, even for fire ambulance to even access them is very, very difficult. People don’t know the laws.

“In this book, we have a chapter that is dedicated to regulatory law that guides fire in Nigeria. People don’t pathway for ambulance in this part of the world And that’s against the law. How do you expect a fire handler to get to the fire scene if people don’t make waypoints? We need to improve our turnaround for fire. And all these information how do we help for services there are hydrants around

in the States, the hydrants around, but people build on the hydrants You see people building on canal also there are a lot of hydrants available in the state people vandalize them and if you vandalize they get to the fire scene, you have to move miles away before you can recharge the water. But the hydrants that are available if they are not vandalized, they can quickly recharge the ambulance and things gets easily. so it is very, very important for us to have those tips in place. And that’s why we decided to author this book so that this part of the world we don’t want a situation whereby codes that are foreign, You know most of the people when they want to design buildding they use

foreign code, UK code and US Code however we have the national building code. We also have the fire code that is domesticated in Nigeria. Most practitioners in this field don’t know anything about it. And that’s the reason why we decided to bring this to Limelight or for everybody to relate. Each and every one of us always talk about the regulator. We talk about the practitioners. But the people, we have to protect ourselves, we need to guide ourselves. You are designing you give an architect, a building for you to design, the architect that design the building that did not put all those fire devices in place. Who is to blame? you are the one that will be at loss.

L-R: COO, RedGecko PR Agency, Mr. Cornelius Onuoha; GM, Marketing & Corporate Communications, Coscharis Group, Mr. Abiona Babarinde; Acting COO, Soulcomms PR Agency, Mr. Ugochukwu Uwajeh, at the Nigeria Public Relations Week held in Abeokuta, Ogun State… recently

L-R: Mr. Bisi Akindehinde; Mr. Abideen Are; Mr. Bola Adesoji; Mrs. Comfort Ernest Obi; Mr. Saheed Jimoh; Mrs Victoria Odunayo-Proprietress of Holy Saviour’s College, Isolo; Mr. Michael Shobande; Mr. Abraham Afemonbhio, current Principal Holy Saviour’s College, Isolo; and Mrs. Olawunmi Fakoya, after the presentation of equipment to the school by the Holy Saviour’s College 1994 set… recently

Lending Rate Hits Highest Peak Since 2020

Following the hike in Monetary Policy Rate (MPR) to 24.75 per cent by the Central Bank of Nigeria (CBN), the banking sector average maximum lending rate rose to 29.38 per cent in March 2024, the highest since 2020.

According to the CBN money market indicator, the average maximum lending rate opened January at 27.07 per cent when MPR was at 18.75 per cent and dropped to 26.55 per cent when the Monetary Policy Committee (MPC) of the CBN hiked MPR to 22.75 per cent.

Maximum lending rate refers to the rate charged by commercial banks for lending to customers with low credit rating.

In 2020, the average maximum lending rate reached a peak of 30.73 per cent when the MPR rate stood at 13.5per cent

The average maximum lending rate had closed 2023 at 26.62 per cent on the backdrop of CBN hike in MPR to 18.75 per cent.

The unanticipated rise in MPR has impacted on the banking sector lending rate as the CBN sustained pressure in tackling inflationary pressure.

This unprecedented move has not only set the MPR at its highest level to date but also reflects the CBN’s determined effort to address the persistent economic pressures.

The decision has garnered praise from the International Monetary Fund (IMF), which commended the MPC’s resolve to tighten monetary

trillion recorded in March 2024.

The Central Bank of Nigeria (CBN) has disclosed that banks’ credit to the private sector declined by 12 per cent month-on-month in March 2024 to N71.21 trillion.

However, the CBN said March 2024 saw a 65.54 per cent year-on-year increase compared to N43.01 trillion recorded in March 2023.

The CBN who disclosed this in its money and credit statistics noted that credit to the government declined YoY by 28.83 per cent from NN27.52 trillion in March 2023 to N19.58

Looking back at previous months, February 2024 recorded N80.86 trillion in credit, while January 2024 witnessed N76.29 trillion, indicating a positive trajectory for lending operations and economic growth.

Reflecting on the preceding year, a breakdown for 2023 revealed a series of fluctuations in credit activities.

Starting from January 2023, the credit landscape began at N41.54 trillion, providing a foundation for financial activities.

This figure set the stage for subsequent months, indicating

policy further by increasing the policy rate to 24.75 per cent.

Such a strategic manoeuvre aims to curb the inflation surge, which recorded a year-on-year peak of 33.20 per cent in March 2024, and to mitigate the depreciative pressures on the naira.

However, the steep increase in the policy rate has sparked concerns regarding the potential impact on the cost of credit for businesses already facing economic hardships.

Each bank offers different lending rates that reflect their respective approaches to lending to the manufacturing sector in Nigeria.

Lending rates obtainable from the CBN’s website revealed that FCMB Bank has one of the highest average maximum lending rate in the manufacturing sector, followed

the baseline for lending operations.

February 2023 saw a marginal uptick, with credit increasing to N41.75 trillion, marking a modest rise of approximately 0.51 per cent and setting the tone for the following months.

March 2023 witnessed a more pronounced surge, reaching N43.01 trillion, suggesting a substantial increase of about 2.99 per cent.

April 2023 maintained the positive momentum, with credit figures climbing to N43.66 trillion, marking a further increase of approximately 1.51 per cent.

by FSDH.

As of March 28, 2024, FCMB average maximum lending rate for the manufacturing sector stood at 40 per cent, while FSDH reported 38.50 per cent.

Also, Sterling Bank’s average maximum lending rate for the manufacturing sector stood at 37 per cent to join the top three commercial banks with highest manufacturing sector maximum lending rate as of March 28, 2024.

At 18 per cent, SunTrust Bank has the lowest average maximum lending rate in the manufacturing sector as of March 28, 2024.

In Nigeria, large corporations perceived as having lesser risk with a history of generating consistent cash flows are offered prime lending rates, while small businesses and

As the months progressed, May 2023 brought another boost, with credit soaring to N44.79 trillion, signifying a rise of about 2.57 per cent and reflecting a robust financial environment and an expanding private sector. June 2023 witnessed a significant leap, hitting N52.81 trillion, indicating a substantial increase of around 17.92 per cent.

Analysts attributed this surge to heightened economic activities or strategic investments.

July 2023 continued the upward trend, recording a credit figure of N56.46 trillion, representing a

individuals perceived as having higher risk typically fall above the prime lending rate margin.

Analysts have attributed the increase in lending to the hike in MPR and severe macroeconomy challenges.

The recent announcement, made by CBN Governor, Dr. Yemi Cardoso, had highlightd the central bank’s proactive approach towards monetary tightening amidst challenging economic conditions.

Investment Banker & Stockbroker, Tajudeen Olayinka in a chat with THISDAY said, the current high interest rate regime in Nigeria is the outcome of a deliberate policy of the central bank to encourage foreign inflows into Nigeria from foreign portfolio investors, in a way to increase accretion to foreign

growth of approximately 6.95 per cent and pointing towards sustained economic optimism. August 2023 saw a marginal rise to N56.95 trillion, reflecting an increase of about 0.86 per cent and suggesting stability and ongoing economic transactions.

September 2023 demonstrated a more substantial increase, with credit reaching N59.51 trillion, marking a rise of about 4.49 per cent and hinting at sustained confidence in the economic landscape. October 2023 witnessed a notable surge, hitting N63.57 trillion, suggesting a buoyant

reserves and stabilize exchange rate of the Naira.

He explained, “This is the reason for rising interest rate in the economy, with continued repricing of securities across markets and instruments, including loans and advances by banks. So, high interest rate regime will remain with us for as long as it takes CBN to achieve its exchange rate and inflation objectives.

“I think its sustainability will guide CBN’s decision, going forward. For me, the huge debt service cost to the government and its further threat to inflationary pressure are clear indications that the policy may not be sustainable.”

economic environment and heightened demand for credit. November 2023 experienced a dip in the credit figure, recording N59.74 trillion, indicating a decrease of about 6.02 per cent and possibly reflecting a temporary adjustment in credit activities or a response to specific economic factors. Closing the year on a high note, December 2023 showcased a robust credit figure of N62.52 trillion, marking an increase of about 4.66 per cent and highlighting the resilience of the financial sector despite fluctuations throughout the year.

Nume ekeghe

Kayode tokede

UBA Consolidates Gains as Profit Hits N156bn in Q1 2024

United Bank for Africa Plc (UBA), released its financial results for the first quarter (Q1) ended March 31, 2024, showing a strong growth across key performance measures.

The Group’s results, which were released to the Nigerian Exchange Limited (NGX) saw outstanding year-on-year increases: Gross Earnings rose by 110 per cent, from N271.1billion to N570.2 billion; Interest Income grew by 130 per cent, to N440.7 billion. Operating Income increased by

115 per cent, from N175.7 billion in 2023, to N378.59 billion.

Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, UBA again saw Profit Before Tax rising significantly by 155per cent from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024; while Profit After Tax jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165per cent year-on-year.

Commenting on the results, UBA’s Group Managing Director,

Oliver Alawuba, said the Group delivered strong first quarter performance, building on the solid momentum of 2023, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification and effective risk management and governance.

He said, “Our record Q1 profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income. Fees and Commissions rose by 118per cent year-on-year on the

back of improved efficiencies and continued digital adoption. This has helped drive improvement in efficiency and customer satisfaction, with the Group’s cost-to-income ratio held at 57.8per cent.

“The Group’s balance sheet grew steadily with Total Assets increasing by 23per cent to N25.4 trillion. Customer deposits closed at N18.4 trillion, recording a 23per cent increase year-on-year, largely attributed to growth in current accounts and savings accounts.

“Our unwavering commitment

Awosika, Araka Empower Youths at Lagos Conference 2024

The 2024 Lagos Conference of the Young Professionals Club, themed, “Value: Reimagined and Repositioned,” brought together a diverse assembly of entrepreneurs, innovators, and professionals across various sectors.

The event took place at the Balmoral Convention Center, Ikeja was held under the vision of the Young Adult and Youth Affairs ministry of RCCG (Redeemed

Christian Church of God), aimed to foster networking, professional development, and industry advancements among young, talented individuals.

Keynote speakers Ibukun Awosika and Perez Araka, Chairman of Premium Trust Bank, delivered inspiring addresses that emphasized the importance of value-driven leadership and innovation in today’s dynamic business landscape.

The conference featured engaging panel discussions that tackled crucial topics for young professionals. The first session, moderated by Mr. Bode Olanipekun and featuring Mrs. Ifeoluwa E. Obafemi and Dr. Emmanuel Igbasan, delved into strategies for navigating career paths, integrating faith with professional endeavors, and the significance of mentorship

in personal growth.

In the second panel session, led by Mr. Adetola Badmus, Mrs. Phoebe Dami-Asolo, and Mr. Olugbenga Omojola, attendees gained valuable insights on core values essential for Christian professionals. Emphasizing the concept of contributing successful value, the panelists highlighted the importance of integrity, excellence, and service in fostering professional growth.

Pension Operators to Create Awareness on CPS

Stories by Ebere Nwoji

Against the backdrop of prevailing high level of public ignorance of the workings of the Contributory Pension Scheme (CPS), pension sector operators said they would embark on enlightenment programme for various stakeholders and contributors into pension scheme.

The operators said the campaign, which would mainly focus on radio program seeks to shed light on various aspects of

the pension industry in Nigeria.

The Chief Executive Officer, Pension Operators Association (PenOp) the umbrella body of pension fund Administrators and custodians, Mr Oguche Aguda, said the interviews were structured as conversations between a number of the CEOs and CIOs of pension funds within the industry, and that the interviews delved into so many issues and topics.

“The interviews will be covering issues such as how pension funds are

invested, the history of CPS in Nigeria, how to access pension benefits, pension funds and SMEs, pensions and technology, understanding voluntary contributions, micro pensions, the closed pension fund administrators, multi-fund structure of the Nigerian pension industry, safe custody of pension funds, amongst others, “he said.

Speaking on this development, the Chief Executive Officer of PenOp, Oguche Agudah said, “we

felt that these interviews and conversations were necessary in order to bridge the gap between the knowledge of various stakeholders and the pension industry. We realize that pensions can sometimes seem complex, but we hope to simplify these concepts to make them better appreciated and to enlighten various stakeholders on functions of PFAs, PFCs, how pensions are invested and some of the other things that we felt people do not have a grasp on.”

WAICA Advocates Harmonisation of Insurance Regulation in W’Africa

The West African Insurance Companies Association (WAICA) has advocated the need to harmonise insurance regulation and education to strengthen regional cooperation, build a vibrant, progressive and virile insurance market in the subregion. Insurance expert and lead paper presenter at the WAICA Annual General Meeting and Education Conference held in Banjul Gambia,

Dr Samson Omale stated this while speaking on the theme ‘Building a Common Insurance Market in West Africa: Challenges and Prospects’.

He said as important as the place of insurance is in the economic development of any nation, its full potential could not be exploited without markets coming together to gain from the exponential synergistic effect of

such association.

Omale added that it was for this reason that countries all over the world were forming common markets.

Citing examples from countries in the EU, and CIMA zone that have realised this necessity and formed common regulations and directives that bound the operations of insurance activities in their various zones,Omale

noted that as the economies of the world’s many nations become increasingly linked, a coordinated approach to legal problems like harmonisation had a strong appeal.

He added that increasing harmonisation of cross-border finance and trade regulations in Africa’s sub-regions was likely to further raise revenue potential of insurance in the coming years.

to sound governance, robust risk management, and financial strength positions us for continued growth, while we contribute meaningfully to inclusive economic development across our network.”

Also speaking on the

performance, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the Group’s operating results for the quarter showed the actions taken to enhance the Group’s performance continued to deliver.

The Alternative Bank and TotalEnergies, have revealed plans to unveil an innovative partnership that aims to bring vital banking services directly to underserved communities nationwide through their pioneering Branch in a Box initiative.

These mini-branches, the bank said in a statement, will be strategically located within select TotalEnergies stations across the country, offering enhanced accessibility and convenience for customers seeking essential financial services.

Director of Products & Innovation at The Alternative Bank, Mohammed Bashir Yunusa, lauded the initiative as innovative and timely, emphasizing its role in alleviating the difficulties associated with accessing financial services.

According to Yunusa, “The Branch in a Box provides convenient, accessible banking services within trusted and familiar locations, staffed with well-trained customer service personnel to assist everyone.”

The Branch in a Box functions like traditional branches, offering a comprehensive range of banking services, including account opening, cash withdrawal and deposit, fund transfers, card pick-up, access to interest-free credit, and more. Expressing enthusiasm about the collaboration, Yunusa remarked, “The Alternative Bank and TotalEnergies have a shared commitment to fueling financial inclusion and supporting the communities they serve. We are therefore thrilled to partner with TotalEnergies to launch this innovative initiative.”

Abdulahi Umar, General Manager at TotalEnergies, echoed these sentiments, stating, “We are committed to providing our customers with exceptional service and convenience. So, partnering with The Alternative Bank allows us to enhance our offering of a truly integrated experience to our customers and communities.”

The NGX Group GMD/CEO, Mr. Temi Popoola has outlined strategies to drive listings, tackle delistings and other market challenges, emphasizing the importance of government policy and alternative asset classes.

Speaking at the Company’s 63rd Annual General Meeting (AGM) in Lagos, Popoola highlighted the role of government policy in driving listings, citing historical successes such as the indigenization policy of the 1970s.

He stated, “Policy can drive companies to list if the government wills it, and it worked during the indigenization policy of the 70s.”

Addressing the global trend of delistings, Popoola pointed to the Johannesburg Stock Exchange’s

experience, noting the significant decrease in the number of listings over the years. However, he offered a positive perspective, suggesting that a decrease in listed companies could be offset by an increase in market capitalization. He remarked, “If you have 10 companies that delist with an aggregate value of N50billion, you can have two listings with an aggregate value of N5trillion.”

Looking ahead, Popoola discussed the growing importance of alternative asset classes, particularly private markets, in the face of changing market dynamics. He revealed plans to explore private markets as part of NGX’s strategy, stating, “Part of our vertical creation will be a private market entity.”

Stories by Kayode Tokede

From left: Category Manager, Reckitt Sub-Saharan Africa, Zara Adoki; Marketing Director, Reckitt Sub-Saharan Africa, Tanzim Rezwan; International Footballer and Brand Ambassador Dettol 5C Cool, Taiwo Awoniyi and General Manager, Reckitt Sub-Saharan Africa, Akbar Ali Shah at the signing event of Awoniyi as Brand Ambassador of Dettol 5C Cool held in Lagos… recently

CAC Tightens Noose on Fintechs, Sets Deadline to Register Agents, Merchants

The Corporate Affairs Commission (CAC) and Financial Technology Companies including Point of Sale (PoS) operators, have agreed to a two-month’ timeline to register the latter’s agents, merchants, and individuals with the commission.

The move, which is in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN), aimed at safeguarding the businesses of fintech’s customers as well as strengthen the economy.

Hussaini Ishaq Magaji, and fintechs.

The agreement was reached today during a meeting between Registrar-General/ Chief Executive, CAC, Mr.

He stressed that the action was backed by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020 as well as the 2013 CBN guidelines on agent banking.

Mechanisation: FG Opens Talks with Vendors for Supply of 85,000 Farm Equipment

The federal government has opened discussions with Chinese agricultural/construction machinery vendors to boost the current administration’s agricultural transformation agenda as well as achieve food security.

This followed a closed-door session between top officials of Federal Ministry of Agriculture and Food Security led by Director, Mechanisation Department, Mr. Sule Majeed, and officials of Tee-Pama Nigeria Limited, vendors of the Chinese YTO Group Corporation in Abuja.

Addressing journalists after the meeting, the ministry’s Head, Procurement and Administration Department, Mr. Akintunde

Akinkumi, said the government remained committed to fostering partnerships to effectively drive the agriculture mechanization in the country.

He said under the partnership agreement, Chinese Group will through their local partner, supply 85,000 farming and construction machineries and implements to boost the current administration’s Renewed Hope agenda, particularly in revolutionizing the sector.

He told THISDAY that the supply would be carried out within two years with back up components and spare parts to be distributed to the 774 Local Government Areas with one- or

two-years warranty to the federal government.

Akinkumi said, “A large number of YTO tractors samples were to be procured by the federal government for about five state governments which included Kaduna, Zamfara, Kano, Ebonyi among others, as the preliminary phase for the implementation of the Agricultural Mechanisation System (AMS).

“The outstanding performances of the YTO tractors led to the tripartite Memorandum of Understanding (MoU), among the federal government, states and YTO CAMACO in 2016 for the supply of 80,000 YTO

tractors.

“Although the MoU could not be fully realised due to the recession in Nigeria at that period, nonetheless the preliminary tractors supplied have maintained their performances.”

According to him, the machinery and equipment to be supplied included tractors, harrows, ploughs, harvesters, rollers, bulldozers, graders among others.

Tee-Pama was recently in Niger State where the state government expressed readiness to partner the YTO to enhance the state’s effort to attain food security.

STL Asset Management Launches Mutual Funds

STL Asset Management has introduced two new mutual fund offerings to the market, namely the STL Money Market Fund and the STL Balanced Fund, both of which are fully digitalised.

The STL Money Market Fund is designed as a low-risk investment vehicle aimed at generating periodic income while safeguarding investment capital throughout the investment period. It prioritises maintaining high liquidity and includes a diverse range of assets such as Money Market Instruments, Nigerian

Treasury Bills, Bank Placements, Commercial Papers, Promissory Notes issued by the Federal Government of Nigeria, and Other Money Market Instruments, along with Cash.

On the other hand, the STL Balanced Fund is tailored for investors with long-term objectives, seeking to generate periodic income over the investment period while emphasising optimal diversification. This fund comprises a mix of assets including Equities, Bonds, Nigerian Treasury Bills, Bank Placements, Commercial Papers,

Promissory Notes issued by the Federal Government of Nigeria, Other Money Market Instruments, and Cash.

Speaking at the launch, the Managing Director, STL Asset Management, Ahmed Olaitan Banu said: “STL Asset Management is an Asset Fund and portfolio business. Our intention is to cover Nigerian and Sub-Saharan Africa to ensure that we empower generations of investments to achieve optimal financial goals by providing easy access to investment solutions in this digital age.

“We all know that the world

is becoming very technologyfocused and our objective is to infuse both money and technology. As a business, our mission is to be the foremost or most preferred investment management firm in Sub-Saharan Africa for its competence and client focus.”

On her part, a NonExecutive Director of STL Asset Management Limited , Funmi Ekundayo, said: “Today marks a significant milestone in our journey at STL Asset management as we venture into a new vista of financial services with the unveiling of STL Mutual funds.

BetKing Renews Partnership to Promote Responsible Gaming

Ugo Aliogo

In alignment with its commitment to responsible gaming, BetKing, reinforces its partnership with Gamble Alert.

The ongoing collaboration fortifies BetKing’s endeavors to educate players about responsible betting practices.

Commenting on the partnership, Managing Director, BetKing Nigeria, Gossy Ukanwoke,

highlighted: “At BetKing, we recognize our pivotal role in promoting responsible gaming practices and safeguarding the welfare of our customers. Our continuous collaboration with Gamble Alert is an ongoing commitment to prioritizing the well-being of our customers and the broader community. By partnering with Gamble Alert, we are not only amplifying our efforts to educate players

on responsible gaming but also enhancing our support systems for those grappling with gamblingrelated challenges.”

Also speaking, the Chief Executive Officer, Gamble Alert, Fisayo Oke stated “BetKing and Gamble Alert have seen the value of building long-lasting partnerships to best address gambling disorders and promote responsible gaming practices. Collaborations like this are

key to effectively increasing responsible gaming awareness and finding solutions that benefit the community as a whole. Our continued partnership with BetKing aims to assist individuals struggling with gambling addiction and related problems. By investing in responsible gambling practices, the industry ensures that support is readily available for those in need, which contributes to the welfare of individuals and families.”

He said the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at providing protection for businesses.

THISDAY further gathered that the move seeks to curb the increasing exposure of these payment channels to fraud perpetrated annually.

Ebere Nwoji

Universal Insurance Plc, has been approved by the umbrella body of insurance brokers the Nigerian Council of Registered Insurance Brokers (NCRIB) as financially strong; reliable and trustworthy insurer worthy of patronage.

The rating and applause was accorded the firm at the recent members’ evening of the brokers’ body in Lagos.

The past President of the NCRIB and former Managing Director SCIB Nigeria Limited Shola Tinubu, at the event narrated how his former company got in contact with Universal Insurance through Goodwills shared by other brokers.

According to him, when he heard of the progress made by the firm, he researched and observed that the firm was a toast to many others, which then endeared SCIB to the firm, a relationship he said he never regretted.

The President of NCRIB Babatunde Oguntade, also

The CAC estimates that about N1.9 billion is lost to PoS-related fraud with over 10,000 reported cases.

lauded Universal Insurance for being forthright in the handling of businesses and relationship with brokers.

He implored brokers to related with the firm freely, stressing that the council had found it worthy to earn its trust.

The Deputy President of NCRIB Mrs. Ekeoma Ezeibe, also spoke positive things about the firm, whilst encouraging the management to uphold the confidence reposed on it by brokers.

In his response, Managing Director of Universal Insurance Benedict Ujoatuonu, said the firm’s journey with NCRIB and member broker companies was one of partnership, adding that the firm was grateful for the partnership and sincerely believe in making the partnership stronger.

“You the brokers and our friends are the integral part of our success. Our success story cannot be complete without mentioning your roles in our success journey,” he stated.

Standard Chartered Bank collaborated with the Lagos Food Bank Initiative to bring smiles to the faces of thousands of people in Lagos.

The bank partnered with the non-governmental organization to sort, pack and distribute 300 food and dental hygiene boxes with items sufficient to support underprivileged and vulnerable families with a minimum of five individuals per family.

This initiative, which was targeted at reducing hunger, creating more social impact in the communities, and demonstrating the Bank’s dedication towards supporting communities where it operates in, was executed with the support of 50 colleagues from the Bank’s Head Office in Lagos.

Speaking on the event, AGM/ Acting Head of Corporate Affairs,

Brand and Marketing of the Bank, Joke Adu said, “We are very proud of the volunteering opportunity we had with the Lagos Food Bank Initiative today. As a Bank, we believe in contributing our time, expertise, and resources towards improving the various communities where we operate in.

“To achieve this, every employee gets three days every year to volunteer towards various initiatives focused on education, employability, entrepreneurship, environmental protection, relief effort support etc that foster development and economic empowerment in society.

“Today, we have packed and distributed food boxes that will support over 300 families across the state as a testament to our commitment towards making a positive impact in the community. For us this is one of the many ways we continue to reiterate that we are here for good.” she added.

Nume Ekeghe

James Emejo in a buja

Kayode Tokede

From left: Group Head, Business Banking, First City Monument Bank (FCMB), Mr. George Ogbonnaya; Divisional Head, Transaction Banking, Mrs. Rolayo Akhigbe; Vice President for Agriculture, Human and Social Development, African Development Bank (AfDB), Dr. Beth Dunford; Divisional Head, Corporate Banking, FCMB, Mrs. Ronke Jibodu and Acting Coordinator of AfDB’s Affirmative Finance Action for Women in Africa (AFAWA) Initiative, Melissa Basque-Roux, during a meeting between officials of FCMB and AfDB in Lagos…recently

GTCO: Enhancing Profitability With Capital Raising Exercise

Guaranty Trust Holding Company Plc’s proposed $750million capital raising exercise will enhance its profitability and shareholders return, writes KayodeTokede

The Group’s proposed plans to raise $750million capital aimed at bolstering its capital reserves in order to meet new regulatory targets of the CBN. GTCO in a statement stated that it could issue shares or bonds in Nigeria or internationally to raise the funds and capital market analysts have expressed that the move is poised to drive the group’s profit further and impact positively on shareholders’ return.

The plan is to raise the fund through the issuance of securities comprising ordinary shares, preference shares, convertible and/ or non-convertible notes, bonds or any other instruments, in the Nigerian and/or international capital markets.

According to the company, the capital raise shall be by issuance of securities which consists of ordinary shares, preference shares, convertible or non-convertible notes, bonds or any other instruments in the Nigerian and international capital markets.

The group with about N2.01 trillion total equity as of March 2024 from N1.48 trillion reported December 31, 2023, has consistently grown its retained earnings amid rewarding shareholders.

Retained earnings stood at N923.23billion as of March 31, 2024 from N580.03 billion in 2023 as share capital and share premium remained at N14.72 billion and N123.47billiion as of March 31, 2024.

On the backdrop of effective management, GTCO sustained sound first quarter (Q1) ended March 31, 2024 and full financial year ended December 31, 2023 performance.

The financial institution commenced 2024 on a remarkable note, surpassing other banks in profit generation amid N331.55billion fair value gain on financial instruments in Q1 2024 from N99 billion fair value loss on financial instruments in Q1 2023.

The financial institution delivered outstanding growth in profit before tax and profit after tax, gaining about 587per cent and 686per cent, respectively in unaudited Q1 2024.

In Q1 2024, GTCO declared N509.35billion profit before tax, a growth of 587 per cent from N74.09 billion declared in 2023, while its profit stood at N457.13 billion in Q1 2024, representing about 686per cent growth from N58.17 billion reported in Q1 2023.

The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at N13trillion and N2trillion, respectively.

Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.9per cent, while asset quality was sustained as IFRS 9 stage 3 loans improved to 3.1per cent in March 2024 from 4.2per cent December 2023.

However, the lender sustained its profit growth momentum and delivered outstanding performance in 2023 full financial year results and accounts for period ended December 31.

The Group in 2023 financial year leveraged synergies created through the Holding Company structure, its robust foreign exchange liquidity, efficient capital planning, well-crafted and executed retail strategy, well-structured and healthy balance sheet to post a 184.5per cent increase in profit before tax to N609.3billion in 2023 from N214.2billion in 2022 with the Nigerian operation accounting for 77.6per cent, West Africa – 17.3per cent, East Africa – 2.3per cent, UK – 1.9per cent and Non-Banking Entities – 0.9per cent.

Profit after tax stood at N539.65 billion in 2023, representing about 219 per cent from N169.17 billion declared in 2022 financial year.

Amid growth in profit, the directors of GTCO recommended the payment of a final dividend of N2.70kobo per ordinary share of 50 kobo (bringing the total dividend for the financial year ended December 31, 2023, to N3.20kobo.

Key drivers of profit in 2023FY

The Group’s gross earnings closed 2023 at N1.19 trillion, a growth of 120 per cent from N539.2billion in 2022, driven by a growth in core banking activities from increased transactional volumes and enhanced “Other Income”.

From the profit & loss figures, Interest income stood at N550.8 billion in 2023, representing 69.3 per cent from N325.4 billion in 2022, and it was further complemented by the 197.3per cent growth recorded in non-funded income

that stood at N635.7 billion in 2023 from N213.8billion in 2022.

The key driver for the 72.6per cent increase in interest expense to N114.1billion in 2023 from N66.1billion in 2022 is on the backdrop of the 120 basis point pick up in the cost of savings account on the back of an increase in MPR; 18.75per cent in 2023 compared with 16.5per cent in 2022.

Net interest income increased to N436.7billion in 2023, a growth of 68.4per cent from N259.3billion in 2022.

The increase in interest rates in response to rising Inflationary pressures impacted interest paid on savings accounts, leading to an increase in the cost of funds from 1.2per cent in 2022 to 1.4per cent in 2023.

The Group increased its loan impairment charges to N103.0billion in 2023 from N12.0billion in 2022 as a precautionary provision against the impact of unfavourable changes in macroeconomic variables on its Stage 2 Facilities as permitted under IFRS 9. Total operating expenses (Opex) closed 2023 financial year At N250.4 billion in 2023, about 26.5 per cent or N52.5 billion growth from N197.9billion in 2022, primarily as a result of an increase in AMCON levy and NDIC premium, incremental depreciation charge arising from capital spending, increase in energy costs and upward salary reviews (salary review to cushion the effect of rising inflation).

Opex growth was also impacted by translation as functional currencies in the Group’s Jurisdiction of operation outside Nigeria also depreciated against the US Dollar in 2023.

Well-structured, diversified balance sheet

The audited result and accounts of GTCO for full year ended December 31, 2023 showed balance sheet improvement amid challenges in the banking sector.

The group balance sheet remained wellstructured and diversified with total assets closing at N9.69 trillion in 2023, an increase of 50.33per cent from N6.45trillion reported in full year (FY) ended December 31, 2022, to maintain a well-structured and diversified balance sheet across its Banking and NonBanking Business Verticals (Payments, Pension and Funds Management).

The growth in group’s balance sheet was driven by an increase in the Asset base of GTBank Ltd as the Bank benefitted from the net effect of devaluation on its FCY denominated assets and liabilities (USD to Naira at the I&E Window closed N907.11 against the dollar in 2023 from N461.50 against the dollar in 2022.

Total assets of the Non-banking subsidiaries increased significantly by 312 per cent or N265.3billion to N350.2billion from N85 billion in 2022, contributing 3.6per cent to the Group’s Total Assets, up from 1.3per cent contribution in 2022.

The Group continued to adopt a cautious approach to loan growth amidst uncertainty in the operating environments of the jurisdictions wherein it operates. Consequently, net Loans increased to N2.48trillion in 2023 from N1.89 trillion in 2022, representing 31.5per cent growth (2.4per cent without devaluation).

Customer deposit liabilities grew by 65.2 per cent, from N4.485trrillion in 2022 to N7.411trillion in 2023, with low-cost funds growing by 68.1 per cent (N6.565trillion vs N3.906trillion) resulting in low-cost deposit mix of 89perr cent from 87per cent in 2022.

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

Education

Akintoye: Why Students Must be Equipped with Skills before Travelling Abroad

Ishola Rufus Akintoye is a professor of Accounting and Financial Strategic Management and director of the Centre for Executive Development at Babcock University, Ilishan-Remo, Ogun State. In this interview with Funmi Ogundare, he explained why it is important for students who travel abroad for greener pastures to be equipped with the necessary skills before they leave, so that they can return home to make an impact. He also stressed the need for parents to face their responsibilities by allowing their children to get matured under them before sending them to the university, among other issues. Excerpt:

You have just been appointed as the head of Babcock Business School, how would you describe your experience having worked in government-owned universities and private university such as Babcock?

Anywhere you work, what is important is that, you must strive to achieve excellence via accreditation . For instance, when I was appointed at Ogun State University, I was de-accredited before I got appointed as head of department. By the certification of the National Universities Commission (NUC), I got full accreditation. I went to Osun State University and started Accounting and Finance department and got full accreditation. Now coming to a private, I was invited by the management of Babcock to come and commence Ph.D in Accounting . I have been here for 12 years now. For the first time in the history of Nigeria, no university has graduated five Ph.D Accounting. Babcock happens to be the first that started. In 2018, I produced 19 doctoral students in Accounting. I presented them for ICAN and they had competitions with so many universities and to the glory of God, six of them got grants of N500,000, each on their Ph.D. There was no other university that got that. Out of the scholars , three of them have become deputy vice chancellors in Nigeria. Two weeks ago, one of them became a vice chancellor in Rwanda. That record seem to be unbeatable to the extent that when they wanted to commence Accounting at the University of Ibadan, I was invited. I can tell you that I am one of the pioneer consultants to University of Ibadan for the establishment of Accounting at the institution. Where I was coming from, I did a good job and as a matter of fact, my impact as

far as doctoral programme is concerned happened here. So far, I have done about 50 doctoral students. If you moved round to most of the universities around , you will find Babcock graduates there.

How would you decribe your efforts on the Executive Development Programme and the Business School? I inherited the Executive Development programme especially for part-time. I inherited it three years after they started. Before I took over, there was no graduation at all . There were outstanding results and so many other issues. When I came on board, in the history

of part-time programmes, I graduated two sets. Another set just matriculated. Some of the graduates are already on their masters programme now. When I came into Babcock 12 years ago, I developed a five-year strategic plan for the Babcock Business School which I got approved and I was appointed the first head of the school. We conceived about five departments under that. I wanted to also bring the centre under it. We have the postgraduate academy which is to run all postgraduate programmes to doctoral level, secondly the centre for executive development, the consultancy unit , local collaboration . As we speak, we have signed an MoU with ICAN and collaborating with Chartered Institute of Stockbrokers and Chartered Institute of Bankers. We also signed a MoU with MAZAR Consulting. These are local collaborations. We are still going to collaborate with aviation and security outfit; Halogen. We also have international linkages and collaborations. As we speak, the School of Aviation , Freetown had been here to sign MoU with us as well as chartered secretaries in the UK. All these MoUs operate under our international linkages and collaborations. We have various lecturers abroad who are teaching on the programmes. What are we trying to do? We developed the 70:30 model (town and gown) in the business school as against the traditional model you used to know. Those lecturers contribute to the 30 per cent ( academic) and others who we call fellows or those in the industry, come to complement what we do. They contribute 70 per cent. We believe that the basic information from them will form the practicals. So all my students must go out for three months for practicals so we can bridge the gap between

town and gown. As we speak 69 industry chiefs from banks and courts who are impacting our students. What we are trying to do , is to issue certification that is linked to society and students will be ready- made for the workplace. I got this model from the University of Capetown. So when we started PhD Accounting here, I started with this model.

You have written various papers over the years, how will you rate research generally in Nigeria?

At the business school, I have six programmes running currently. Accounting up to doctoral level, Finance, Business Admin, Marketing, Economics and Law. We run the hybrid method. We have students in Canada and UK who are almost completing the programmes, but have never being to Nigeria. They do their classes, seminars and exams virtually . They come for lecture between 6 pm and 9 pm everyday. One of the requirement in the business school is that , for every course you take, you must publish a paper in high impact journal such as Scopus, Web of Science, Google Scholar, etc. We have a course; seminar one and two. You cannot pass it until you have published, before your results will be ready. We have started Babcock Business School bulletin review. We have done volume one and two, we are going to volume three. With these, we are able to proffer solutions even to some of the challenges confronting the country. Some of the policies you hear of, is from the Babcock Business school.

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

CDSS Launches New School Building, to Establish Boarding Facilities

The Corona Schools’ Trust Council (CSTC) has announced plans to set up boarding facilities at the Corona Day Secondary School (CDSS), Lagos, based on the appeal of some parents. Speaking at the official launch of a threestorey academic building at the school, the Chairman of CSTC Governing Board, Justice Raliat Adebiyi, stated that at inception, the management wanted it to be a fully day school, but parents have been requesting a boarding school in Lagos because of the successful boarding school in Agbara, Ogun State, the traffic, and other factors.

According to her, the management is trying to acquire property around the school to put up purpose-built structures, but in the meantime, it will find ways to start and as soon as it

gets the state government’s approval, Adebiyi said that the new building, the first to be fully owned by CDSS, is eco-friendly and has all the modern facilities to make teaching and learning pleasurable.

She said the school was established in 2020 and is growing in leaps and bounds, while recording several achievements.

She said the trust council is pleased with the opportunity to add the school as its contribution to educating children in Lagos.

She said the schools’ council will turn 70 in 2025, so it has vast experience in training children in nursery, primary, and secondary levels and recently built capacity in training teachers through the Corona College of Education.

According to her, the trust council continues to operate on sound financial principles, with the direction and guidance of the board, which is made up of knowledgeable professionals with a high level of integrity and passion. She said, “To this end, we were able to design, build, and complete the new academic building for CDSS from our internal reserves, using the brightest and best consultants in the industry.”

The Chief Executive Officer of CSTC, Mrs. Adeyoyin Adesina, stressed the need to align education with family and commitment to family values, which she said is fast eroding in the system.

As such, she said the school engages parents as its primary stakeholders in delivering education to their children, adding that students do better when they have commensurate support from the home front.

She added that education is taking a new dimension, and children are charting new ground. To help them, the school is opening their minds as much as possible beyond the subjects they are taught to independence, ownership, crafting their vision, and running with it.

Adesina said that in addition to teaching the prescribed subjects, the school has introduced leadership and entrepreneurial skills into the curriculum and is leveraging technology heavily. In his remarks, the Chairman of Ibeju-Lekki LGA, Hon. Abdullahi Sesan Olowa, said he was proud to be associated with the school based on its achievements.

He also thanked the school for choosing Ibeju-Lekki and for its contributions towards the development of the community and promised to collaborate with the school always.

Dont be Addicted to Social Media, Provost Warns Students

The Provost of the Federal College of Education (Technical) Umunze, Anambra State, Prof Theresa Okoli has warned students of the institution against addiction to social media. She said spending long hours on idle chats on social media rob students of valuable study time, which subsequently affect their overall academic performance.

The provost stated this at the 35th/13th joint matriculation ceremony of the college, held recently at the Convocation Arena, main campus. The event was attended by the Vice-Chancellor of the Nnamdi Azikiwe University, Awka, Prof. Charles Esimone, the Commissioner for Education, Anambra State, Prof. Ngozi Chuma-Udeh, the pioneer

Provost, Federal College of Education, Ofeme-Ohuhu, Umuahia, Abia State, Dr. Titus Sunday Ezeme, among others. Okoli said the college made the acquisition of ICT skills compulsory for all students in order to prepare them for the digital age. According to her, the College encouraged the formation of Google Developer Students Club (GDSC) in the institution, with Kenechukwu Nweke and Chukwuemeka Esther Chidinma emerging Google ambassadors respectively. She expressed delight that several students of the college were already working for IT firms and earning income.

Despite these glittering prospects in the ICT sector, Okoli advised students not to allow the use of social media erode the moral values of the society and constitute a distraction to their studies. She frowned at online fraudulent activities popularly called Yahoo Yahoo and other get quick rich syndrome, stressing that such criminality among students would not be condoned in the college. She maintained that her administration took up the task of making the College a centre of excellence, where students graduate in flying colours. She urged the new students to take advantage of the quality teaching in the college to ascend a lofty height in academics. According to her, several students of the college won

Federal Government scholarship in past years.

The provost thanked the federal government for introducing the student loan scheme, noting that it would widen access to tertiary education among vulnerable groups across the country.

“The college will continue to collaborate with the federal government for the implementation of the Students Loan Scheme. Let me advise students that applied for this scheme to be patient, as the government works out the modalities for its implementation,” she added. Also speaking, Esimone, represented by the Dean of Faculty of Education, Prof. Vivian Nwogbo, congratulated the new students on their admission and urged them to work hard throughout their stay.

Uchechukwu Nnaike

Akintoye

Students Urged to Develop Sporting, Other Skills

Uchechukwu Nnaike

The Head of School, Greensprings Anthony Campus, Mrs. Magdalene Okrikri, has urged students to develop other skills, especially sports, to complement their academics.

Speaking at the 2024 Sports Day of the school, held at the University of Lagos Sports Centre, she said sports helps students to develop alertness, spirit of sportsmanship, and other physical benefits to their bodies. She added that when a child is physically alert, it has a positive impact on teaching and learning.

“Research has discovered that the effect of physical activity on memory is not only apparent in the medium- or long-term, but can also be momentary. According to German researchers, physical activity during teaching helps with memory,” she said Okrikri stated that research has also proven that physical activity reinforces cognitive activity, adding that sporty children are very often excellent problem solvers.

She added, “Sporting activity will help develop their strength, speed, skill, stamina, and flexibility, but it also increases selfesteem, builds social skills and leadership, increases resilience and inculcate values.”

Okrikri advised the competitors to be open minded and to imbibe the spirit of sportsmanship and take the outcome of the event with a sense of responsibility.

The Executive Director of Greensprings School, Mrs. Lai Koiki, described the sports day as a celebration of the school’s values, unity and dedication to

fostering a healthy and active lifestyle among students.

She stated that sports day is not about winning medals or breaking records.

“It is about the invaluable lessons that sports teach usdiscipline, resilience, teamwork, and leadership. It’s about learning to push ourselves beyond our comfort zones, to set goals and work tirelessly towards achieving them, and to embrace the joy of both success and failure as part of the journey,” said Koiki.

The Head of Physical Education Department, Mrs. Gladys Okatu, said sports and other activities are integrated into education to groom a total child. She added that a lot of talents have been discovered through the sports day and other activities, and have been groomed further to represent the school at external events.

The sports prefect, Miss Temitayo Dortie said sports teaches self-control, determination, and self-confidence.

A parent, Mrs. Folashade Dare, said children look forward to inter-house sports competition every year because it creates excitement and keeps them active, and also unites them.

She stressed the need for students to strike a balance while participating in sports to ensure that no aspect is affected.

At the end of the sporting events, Moremi House came first with 29 gold, 30 silver and 11 bronze medals; Amina House came second with 21 gold, 18 silver, and 16 bronze medals; while Enahoro House came third with 13 gold, eight silver and 15 bronze medals.

UniAbuja Lecturers Oppose Call for Indefinite Strike

Hammed Shittu in Ilorin

A group of academic staff of the University of Abuja has announced opposition to the indefinite strike called by members of the university’s Academic Staff Union of University (ASUU).

The ASUU of the institution had declared an indefinite strike action since March 2024 over non-election of provost and deans of faculties and advertorial for the about-to-be vacant position of the vice chancellor.

Speaking with journalists in Ilorin on the issue on Friday, the group of the academic staff of the university led by the HOD of Agricultural Engineering, Ambassador Gana Yisa and Dr. A.G. Kari, Dean and former convener of ASUU National Political Com-

mittee, said, “Members of the ASUU, “desperately wanted a strike to satisfy their personal interest but never the larger interest of ASUU members and the University of Abuja.”

The lecturers added, “It is very imperative to address Nigerians on the misrepresentation and sectional interest represented by the ASUU leadership of the university of Abuja in declaring an indefinite strike action over highly questionable issues.

“This process was fraught with patterns strange to ASUU declaration of strike action. The university vice-chancellor had since released time table for the election of Deans in manners that it will not cripple the University activities, especially, the ongoing students’ first semester

examination.

“The process since started, four substantive Deans have been elected and by Tuesday, 7/05/2024, it will be the turn of faculty of Law as others follow appropriately. If the basis for the strike was genuinely about the election of deans, would an indefinite strike facilitate the process or put it far off?”

On the advertorial for the position of vice-chancellor, the lecturers stated that five federal universities advertised for the position of vice-chancellor and none of the five varsities embarked on strike.

The lecturers explained, “The question begging the mind of everyone, staff and the public is why would ASUU, University of Abuja alone, proceed on

indefinite strike when university of Maiduguri, Usman Dan fodiyo University, Sokoto, ATBU Bauchi and others sustain the sanctity of stable academic calendar on their campuses?”

“We say no to strike over issues that are not peculiar to the University of Abuja. We vehemently demand that ASUU must work for ASUU and not a hidden cabal out to take the university of Abuja back to the inglorious yesteryears.

“A decision to go on an indefinite strike without at any point, seeking members of ASUU’s vote for, or against is absolutely not the ASUU procedure for calling strike. So, the so-called strike remains unrepresentative of the larger members of ASUU and cannot stand.”

University of Calabar to Represent South-South in National Debate

Blessing Ibunge in Port Harcourt

Students from the University of Calabar will be representing the South-South at the grand finale of the Nigeria Universities Debating Championship to be held later this month, in Abuja.

The Unical students took the lead after they flaw students from the Rivers State Univer-

sity, Ignatius Ajuru University of Education and University of Benin at a zonal debate competition in Port Harcourt.

THISDAY at the zonal competition held at the premises of Ignatius Ajuru University, observed that the students focused their debates on politics, governance, citizenship and economy.

The undergraduates compared the influence of radical

and organic economic policies and how it has affected the the nation’s economy and the citizens, with reference to removal of fuel subsidy by the President Bola Tinubu’s administration.

Speaking with journalists during the debate, Senior Programme Officer, Citizens Engagement Programme of Yiaga Africa, Anthonia Onda, said the competition was an

initiative of ‘My Nigeria and Nigeria National Debate’ of Yiaga to provide the young people opportunity to meet and discuss on the Nigeria of their dream.

She said, “What we intend to achieve is to build the consciousness between young people and also build their capacity to engage in governance. We know that alot of people do not have interest

and so, this will give them the opportunity to have interest in processes and participate in governance processes.”

Explaining why the zonal competition was between the four institutions, Onda said, “Schools applied, we screened and at last we are working with four schools. This is because of the schools availability based on their calendar, some were writing

examinations as at the time of screening and they were not able to participate.”

On his part, Mark Amaza, Senior Communication Officer of Yiaga Africa explained that the programme was organised by Yiaga Africa in partnership with the National University Commission and All Nigeria Debating Championship, with support from Open Society Foundation.

NILDS Partners Lokoja Varsity to Award Doctoral Degrees

Sunday Aborisade in Abuja

The training arm of the National Assembly, the National Institute For Legislative And Democratic Studies (NILDS) has started a partnership arrangement with the Federal University, Lokoja to award doctoral degrees in some of its postgraduate programmes.

NILDS is currently in partnership with the University of Benin (UNIBEN) to award

master’s degrees in some courses.

The Director General of the institute, Prof. Abubakar Sulaiman, disclosed this at the second orientation programme of the NILDS-UNIBEN postgraduate programmes held in Abuja.

The DG, who is a former minister of national planning, explained that the the doctoral degrees would be awarded by the Federal University, Lokoja,

in Election and Party Politics; Parliamentary Administration; Legislative Studies; Peace Studies and Conflict Resolution; Leadership and Strategic Studies, and Social Works.

He also announced that a tripartite agreement had been signed between NILDS, University of Abuja and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) to strengthen its post graduate programmes.

He said, “as part of our efforts in ensuring that we strengthen our post graduate programmes, a master’s degree programme in Governance will soon commence in the Institute.

“It is a collaborative tripartite agreement between the National Institute for Legislative and Democratic Studies (NILDS), University of Benin (UNIBEN) and the Institute of Chartered Secretaries and Administrators of Nigeria

(ICSAN).

“Also, the Open Distance Learning (ODL) Programme in professional certificate courses in diverse areas will soon commence.

“I am equally pleased to inform you all that there is also a collaboration between NILDS and the Federal University Lokoja for Doctoral Programmes.

“This will be in Election and Party Politics; Parliamentary

Administration; Legislative Studies; Peace Studies and Conflict Resolution; Leadership and Strategic Studies, and Social Works.

“Also, there is also another partnership between us and the University of Abuja to improve and expand the academic programmes offered by the Institute and showcase the Institute as indeed the citadel of learning, character moulding and intellectualism.

YABATECH, UNICEF to Empower Nigerian Girls with Skills, Economic Opportunities

Funmi Ogundare

Yaba College of Technology (YABATECH) has partnered with the United Nations International Children’s Emergency Fund (UNICEF) to train one

million girls in Nigeria on education skills through the fund’s Girls’ Education Skills and Partnership (GESP).

The college is expected to empower 5,000 girls in Lagos, to boost access to skills and

economic opportunities for adolescent girls and young women, supporting them to become employable, entrepreneurial and better skilled in ICT.

Speaking at the opening ceremony of a five-day course

design workshop on GESP, sponsored by UNICEF and Foreign Commonwealth and Development Office (FCDO), the Rector of the college, Dr. Ibraheem Abdul emphasised the significance of the project,

which seeks to provide sustainable livelihood training for the girl child, necessary skills acquisition and having significant employment.

He highlighted the importance of ICT skills, stressing that they

are in high demand and are essential for long-lasting skill development. The project, he stared, will utilise a pedagogical approach, combining online learning with practical workplace experience.

L-R: Acting Registrar and Secretary to the Council, SouthWestern University; Ms. Fatimat Adelana; Founder/Chancellor, SouthWestern University; Babatunde Odufuwa; wife; Mrs. Busola Akano; MD/CEO Upperlink Limited; Dr. Olusegun; Vice Chancellor SouthWestern University, Prof. Nojimu Adetunji Amusa; and Chairman, Board of Trustees SouthWestern University, Mr. Oluwatosin Odufuwa, during the 3rd Convocation Ceremony of SouthWestern University, Okun-Owa, Ogun State, Nigeria, when Akano was honoured with D.Sc Honoris Causa (Information Technology) recently in Ogun State

Makinde’s Antidote to Ibadan’s Traffic Congestion

The administration of Governor Seyi Makinde with execution of Junction Improvement Works has moved to change the narrative about traffic congestion in Ibadan, the Oyo State capital, writes Kemi Olaitan

For residents of Ibadan, the Oyo State capital, especially those plying areas such as Agodi Gate Junction, Civic Centre Junction, Idi-Ape Junction and Challenge/Felele Junction, challenges they faced daily include the constant traffic congestion as well as deplorable internal road network such that passing through these areas was either in the morning or evening was becoming nightmarish.

Thus when the state Commissioner for Public Works, Infrastructure and Transport, Prof. Dahud Shangodoyin, late in December last year after the state Executive Council Meeting presided over by Governor Seyi Makinde, announced that scores of the internal roads within the city would soon be reconstructed or rehabilitated could not but raised the expectation of the people that the government is prepared to bring them succour.

The waiting for what could be regarded as a game-changer was not to be long with the administration of Governor Makinde determined to continue to endear itself to the people went to work with the award of the roads to contractors and the results have been nothing but remarkable with once-infamous traffic bottlenecks now being transformed into smoothly flowing intersections.

Indeed, one area of the ancient city where the governor could be said to have given lifeline to residents and visitors is the Agodi-Gate/ Civic Centre/Idi Ape Junction Improvement Works handled by Planet Projects Limited and which was recently commissioned. A tour of this area could not but evoked a warm salutation for Governor Makinde if not for anything his exceptional leadership through an ambitious plan of enhancing connectivity and reducing traffic congestion.

The Managing Director of Planet Projects Limited, Engineer Biodun Otunola, while speaking at the commissioning, lauded Governor Makinde for having a foresight of a new Ibadan that would be a source of envy for other state capitals in the country. According to him, the Agodi Gate part of the project was a refuse dump when they moved to site with over 100 trucks of refuse evacuated.

He said, "What we are doing today is a new vision, new era in Oyo State under the agenda of Governor Seyi Makinde and I am proud to say that this is the new Ibadan we all look forward to.

"We have been able to take care of the interest of everybody with the Agodi-Gate part as we have close to 1,000 stalls for the traders, and there is provision for okada riders and other transporters."

The Commissioner for Public Works, Infrastructure and Transport, Prof. Shangodoyin, in his remarks, disclosed that the Junction

Improvement Works included traffic system management as well as provision of car park, bus shelters, lock up shops and stalls.

Governor Makinde in his address, noted that the Agodi-Gate/Civic Centre/ Idi Ape Junction Improvement projects, will reduce the number of man-hours spent by residents commuting roads in the city, added that it would also ease traffic flow and contribute to boosting commercial activities in the axis, just as it would help the government to enforce the rule of law regarding street trading and orderliness in the city.

Makinde, who spoke to the admiration of jubilant market men and women, disclosed that 700 street traders displaced by the project will be given free stalls in the new market built, stating that three new Junction Improvement Projects would come up at UI-Agbowo, Polytechnic Road-Sango and Eleyele Junction.

According to him, the delivery of the Junction Improvement Projects also activated another component in his Oyo State Roadmap to Sustainable Development, 2023-2027, which has to do with the rule of law and orderliness in the society.

He appreciated his Anambra State counterpart, Prof. Charles Chukwuma Soludo, for being part of the commissioning, stating that his presence in Ibadan showed that it was time to work together at this period in the life of the country rather than looking for what could divide the people.

According to him, “As you have

already seen from the available visual, we are commissioning these three junction improvement works at Agodi Gate, Civic Centre and Idi Ape. These are important projects that will reduce the man-hours spent in traffic in Ibadan.

“Let me also announce that another three are coming to Ibadan: U.I Junction is coming; Poly Road Junction is coming; and Eleyele Junction is also coming.

“More importantly, by completing and commissioning this project, we are making a clear statement and those of you in Ibadan would have been aware of the chaos this place used to be. With this project, we are bringing sanity to this axis.

“So, it is significant in our quest to implement another component in our Oyo State Roadmap for Sustainable Development 2023-2027, and that is the rule of law.

“The shops that are here are for those trading by the side of the road, and they will be given free of charge. Nobody will collect one Naira from you. This means 700 of you will be moving out of the street into this place. So, we thank God.

"We can see how beautiful this environment is now and our plan is to keep it that way. Street trading and illegal dumping of refuse at road medians are two uncivil acts we must do away with as citizens.

“I have given a directive that anyone found carrying out such activities in this area should face the full wrath of the law.

“As we celebrate this accomplishment, I vow to do more for our people because it is our belief that you will reciprocate by protecting this project.”

A private car owner who has been plying the Agodi-Gate/Civic Centre/Idi Ape Junction area since it was commissioned, Mr. Biodun Olajide, lauded Governor Makinde, for bringing great

relief to not only traders but also commuters who spent hours on the road because of traffic congestion.

His words, "It would not be out of place to state that the present administration in Oyo State under the leadership of Governor Seyi Makinde has invested in extensive junction improvement works thereby displaying a commitment to creating a sustainable environment, while enhancing the overall quality of life for residents.

“Without any fear of contradiction, the bold move by the governor is a testament to his visionary approach to governance. Before the improvement work on Agodi Gate Junction, regular users of this road would recall that it has always been problematic with a very large spare market and correctional centre here.

“Also, roadside traders are many here. They would display their wares on the road to the extent that it would be difficult for vehicles to move. So, God bless Governor Makinde for improving Agodi Gate Junctions with the expansion and traffic light. It is also important to thank the contractor, Planet Projects Limited for a job well done.

"The governor has done a good job at the Junction of Ibadan Civic Centre in Idi-Ape as well as the main Idi-Ape Junction. The road expansions in the two junctions and the complements of the traffic lights are highly commendable."

On his part, a commercial driver plying Mokola to Iwo Road , Rasheed Akintunde, while speaking in the same vein, lamented the deplorable condition of the Idi Ape-Civic Centre-Agodi Junction often caused traffic gridlock, noting that Planet Projects has brought great relief to commuters with a quality job.

“I sincerely want to appreciate the present government of Governor Makinde because we have never had it so good. The deplorable state of the road affected us greatly but today we are happy that we are enjoying a motorable road with what Planet Projects did", he said.

One of the traders, Mrs. Busayo Lambe, while expressing optimism that she would be part of those promised free stall by Governor Makinde, said the environment has become one that anybody could be happy to be part of, maintained that the Agodi-Gate/Civic Centre/ Idi Ape Junction Improvement Works could not but attract businesses, investors, and industries and leading to increased job opportunities and economic growth in the city for sustainable development and prosperity.

"The quality job put in place by the contractor would certainly lead to residents witnessing the rise of a more progressive, sustainable, and prosperous city courtesy of Governor Seyi Makinde", she said.

#DiscoverMyAfrica: Google, African Union Partner to Celebrate African Creativity, Innovation

The Office of the African Union Chairperson’s Youth Envoy and Google today announced the launch of the #DiscoverMyAfrica Shorts Challenge, a month-long initiative to celebrate the rich diversity, heritage, and vibrant spirit of the African continent.

Throughout May, YouTube creators across Africa are invited to share short videos capturing their unique perspectives, using the hashtag #DiscoverMyAfrica.

“#DiscoverMyAfrica empowers African youth to share their stories and rich cultural heritage globally,” said Chido Mpemba, African Union Chairperson’s Youth Envoy. “Partnering with Google fosters creative expression and dialogue on content responsibility, digital preservation, and AI’s impact on Africa’s creative industries. This aligns with our vision for a digitally-enabled Africa harnessing cultural wealth for economic growth and social progress.”

The YouTube Shorts Challenge encourages creators to showcase various facets of African life, from music and art to food, fashion, and local landmarks. To further celebrate Africa's vibrant music scene, YouTube is turning up the energy with YouTube Music

Nights in Nigeria and South Africa, showcasing the infectious rhythms of Afrobeats and Amapiano. Two dedicated playlists, "Africa's Next Wave" and "Africa Superstars," will highlight both emerging talent and

iconic voices that have made the continent a global music powerhouse. Nollywood superstar and style icon Osas Ighodaro will immerse viewers in the luxurious side of Lagos with her new show "Spa with Osas." Enioluwa and The Geng will

unravel the drama and secrets of high school elites in their highly anticipated series "All of Us." And comedy superstar Broda Shaggi is guaranteed to bring the laughs with his hilarious new project, "Shaggi's Palava." These exciting new shows will premiere exclusively on YouTube.

Aspiring filmmakers and content creators can also take advantage of specialized workshops designed to hone their skills and expand their reach. A dedicated Nollywood workshop in Nigeria, and broader #DiscoverMyAfrica workshops for content creators will offer valuable insights and resources to creators at all levels.

“We are committed to supporting the diverse voices and talents that make up Africa’s creative landscape,” said Addy Awofisayo, Head of Music for Sub-Saharan Africa at YouTube. “These initiatives provide valuable resources and platforms for African filmmakers, musicians, and content creators to share their stories and connect with global audiences.”

To learn more about #DiscoverMyAfrica and how to get involved, visit www.blog. google/africa or follow #DiscoverMyAfrica on social media.

Governors Seyi Makinde and Charles Soludo, and other dignitaries at the commissioning of Agodi-Gate/Civic Centre/Idi Ape Junction Improvement Works

Navigating the Path to Sustainable Organisational Success

In a world characterised by rapid change and uncertainty, the pursuit of sustainable organisational success has become more than just a lofty aspiration—it has become a strategic imperative. Recognising this reality, leaders from across industries converged in Lagos for the TEXEM, UK executive development programme titled ‘Strategies for Sustainable Organisational Success’, led by Prof John Peters, a former prisoner of war and chair of the Association of MBAs that accredits London Business School and Harvard. Dr Alim Abubakre, Founder of TEXEM, also delivered part of the executive development programme.

The two-day programme, organised by TEXEM, UK, and held on April 24 and 25, was meticulously crafted to equip executives with the tools, insights, and strategies needed to navigate turbulent times and thrive amidst uncertainty. From building a solid foundation for success to fostering innovation and resilience, the agenda was designed to address the key challenges facing organisations in today’s dynamic business landscape.

Day 1 commenced with a focus on laying the groundwork for sustainable success. During this TEXEM programme, participants delved into the importance of sustainable success in today’s business

interview

environment and explored the transformative power of pressure as a catalyst for innovation. Through engaging discussions and real-world case studies, they gained valuable insights into leading through crisis and leveraging challenges as opportunities for organisational excellence.

As the day unfolded, the programme fostered opportunities for networking, informal discussions, and collaborative problem-solving—a testament to the interactive and participatory nature of the learning experience. From panel sessions to strategic games, participants were challenged to think critically, collaborate effectively, and apply their newfound knowledge in practical scenarios.

Day 2 built upon the foundation laid on the first day, focusing on building a winning culture, innovation, resilience, and risk management.

Participants explored the role of culture and innovation in driving sustainable success and learned to harness the power of organisational culture for strategic advantage. They developed a deeper understanding of resilience and risk management through immersive activities and group discussions, equipping them to navigate uncertainty with confidence and poise.

The programme culminated in the presentation of certificates—a symbolic gesture marking the

participants’ commitment to continuous learning and professional growth. As they reflected on their journey over the past two days, it was evident that they had not only gained new skills and insights but had also forged meaningful connections with fellow executives, fostering a sense of camaraderie and collaboration that would extend beyond the confines of the programme.

In closing, the programme served as a beacon of inspiration and empowerment for leaders committed to driving positive change and achieving enduring success. As participants returned to their respective organisations, they did so armed with a renewed sense of purpose, a deeper understanding of sustainable strategic leadership, and a shared commitment to building a brighter future for their organisations and communities alike.

Abubakre said, “True success is not measured by what we achieve individually but by the lasting impact we create collectively. Together, let us chart a course towards sustainable success—one that empowers, inspires, and transforms lives for generations to come.”

Peters added, “In the turbulent seas of today’s business landscape, sustainable success is not merely a goal but a necessity. Through strategic innovation, decisive problem-solving and competent

leadership, TEXEM, UK has been able to inspire participants to navigate the waves of uncertainty, transforming crisis into opportunity, and charting a course towards enduring success.”

Nafisa Ibrahim, Manager of Internal Audit at NNPC Pension Fund Limited, said the programme was “very impactful learning for me.” Ibrahim added, “I must say that as an ardent believer in personal and professional development, I have attended a lot of trainings and courses. But TEXEM stands out. They deliver this course excellently.

“One thing that stands out for me is the fact that they assembled very interesting, exceptional and sufficient activities into all of the learnings, and with this.”

Another participant, Muhammed El Amin Gwadabe, President of the Association of Bureau de Change Operators of Nigeria (ABCON), said, “I’ve seen where tradition is being converted to modernity... I’ve learned how to keep sustainability. I have learned teamwork. I have learned different strategy tools from Marshmallow, from OODA, observation of my opponents, orienting my business, making decisions and acting fast. I’ve also learned the importance of balancing culture with my organisational objective.”

John Peters: Nigerian Executives Need Strategic Leadership to Thrive in Uncertain Glocal Business Landscape

John Peters, former Chair of the Association of MBAs (an organisation that accredits Harvard, Stanford, Wharton and IMD), is a top leadership speaker and survivor par excellence. He will be among the three faculty members delivering the TEXEM programme, ‘Strategic Leadership Unleashed: Thriving In An Uncertain GLOCAL World’, scheduled for May 26 and 30 in Manchester. Other faculty members include Prof Rodria Laline (the inventor of the IP being used on all ATMs globally, former SVP for Oracle in Asia Pacific and Harvard, INSEAD and IMD professor), and Prof Paul Griffith (the world’s first professor of Management to lead a team to launch a rocket into space). In this interview, Peters shares insights on how leaders can win in these turbulent times.

As part of TEXEM’s ‘Strategic Leadership Unleashed: Thriving In An Uncertain Glocal World’, you will be one of the three faculty. How does understanding the importance of strategy in today’s business landscape contribute to effective leadership?

Understanding the importance of Strategic Leadership enables leaders to adopt a holistic approach to decision-making, balancing short-term objectives with long-term considerations, creating value for all stakeholders, and ensuring the resilience and longevity of their organisations.

Can you explain how pressure can be utilised as a catalyst for innovation in problem-solving within an organisation?

Pressure can be a powerful catalyst for innovation in problem-solving within an organisation by fostering urgency, resourcefulness, adaptive thinking, risk-taking, collaboration, learning, adaptation, and motivation among individuals and teams. When harnessed effectively, pressure can fuel creativity and drive positive change, leading to breakthrough solutions that propel the organisation forward.

What strategies can leaders employ to recognise crisis as an opportunity for transformation and organisational excellence?

Leaders can employ several strategies to recognise

open to new possibilities, leaders can identify opportunities for transformation and guide the organisation towards excellence.

Encourage innovation: By fostering a culture of innovation, leaders can harness the collective intelligence of their workforce to overcome challenges and seize opportunities.

Focus on purpose and values: by anchoring decision-making and actions in core principles, leaders can ensure alignment and coherence across the organisation, guiding efforts towards transformative outcomes that uphold the organisation’s mission and vision.

Communicate transparently: transparent communication fosters trust, builds resilience, and encourages collective problem-solving, laying the foundation for organisational excellence.

Empower and support employees: By investing in employee well-being and development, leaders can foster a motivated and resilient workforce capable of driving transformation.

Learn from adversity: by embracing a mindset of continuous learning and improvement, leaders can leverage crises as catalysts for organisational excellence.

Lead by example: By embodying the values and behaviours they wish to see in others, leaders

can inspire confidence, foster trust, and galvanise collective action towards transformative outcomes. By attending the forthcoming TEXEM programme you will be able to glean fresh insights into how to win in these volatile times.

How does fostering a culture of innovation contribute to Strategic Leadership, especially during turbulent times?

Fostering a culture of innovation is strategic for driving sustainable success, particularly in turbulent glocal economic landscapes. By encouraging creativity, adaptability, customer-centricity, and sustainability, organisations can better navigate challenges more effectively, differentiate themselves in the market, and create value for all stakeholders over the long term.

Why is ‘Strategic Leadership Unleashed: Thriving in An Uncertain Glocal World’ important for Nigerian Leaders in these turbulent times? In these turbulent times, Nigerian leaders face a confluence of global and local challenges, necessitating a paradigm shift in leadership. ‘Strategic Leadership Unleashed: Thriving in An Uncertain Glocal World’ equips leaders with the agility and foresight to navigate complexity.

Cross section of some of the participants at the programme Peters

CITN Maintains Enhanced Tax System Crucial to Implementing Budget

Omolabake Fasogbon

As the federal government explores options to fund the national budget of N28.77 trillion, the Chartered Institute of Taxation of Nigeria (CITN) has admonished that efforts be devoted to strengthening tax system, considered as the only sustainable way to run the government and economy.

President of CITN, Samuel Agbeluyi during the institute’s 50th induction ceremony in Lagos, recently, expressed scepticism on the projection for non-oil proceeds expected to exceed N13 trillion by the end of 2024.

He worried that states in particular may likely not meet up with target within existing tax framework considering that they still grapple with the challenge of increasing their Internally Generated Revenue (IGR).

He maintained that overhauling the tax system remained a must to be able to execute the 2024 renewed hope budget to a reasonable height.

“Gladly, there seems to be some level of optimism with efforts of the Presidential Committee on Fiscal Policy and Tax Reforms which reflects a resolute commitment to charting a course for sustainable economic growth through effective and efficient taxation.

“Considering the recommendations put forth for the committee’s consideration by stakeholders, particularly the CITN, I am hopeful that when the main report is released, tax professionals in Nigeria will play a very pivotal role in the implementation,” he said.

On her part, Chairman, Kwara State Internal Revenue

Service and Special Guest, Mrs Shade Omoniyi asserted that the roles of tax professionals have become more critical in an evolving global landscape in which Nigeria is actively playing along.

Moreso, Chairman, CSDC Consulting Enterprise Solutions, Akinyele Oladeji in his keynote address admonished inductees to embrace continous learning, networking and credibility in their career journey.

He said, “As professionals, it is important to be versed in intelligent, emotional, social and adversity quotient to carry on successfully. This means that you must be able to identify and solve problems, understand and respect people’s emotions, build and maintain a network of friends and show resilience in all situations.”

STOAN Chairman,Vicky Haastrup Bags ICAN Leadership Award

The Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Vicky Haastrup has been conferred with the Leadership Award of the Institute of Chartered Accountants of Nigeria (ICAN).

The award was presented to Princess Haastrup at the 2024 ICAN Annual Dinner and Awards, which took place at the Monarch Event Center, Lekki in recognition of her outstanding contributions to the Nigerian maritime sector.

The 49th President of ICAN, Innocent Okwuosa, said the award ceremony with the theme, “An Evening of Excellence,” was organised to recognise and celebrate

members, non-members and cooperate organisations that have made contributions that resonates with the values of the institute to the economy of Nigeria.

He said Princess Vicky Haastrup won the award as a result of her achievements and for her significant contributions to the development of the maritime sector. He advised other members of the society to embrace the values of accountability, integrity, honesty, and transparency to make the country a better place.

Speaking on the award, Princess Haastrup expressed her delight at being recognised for her contributions to the maritime sector, especially

being a woman in a maledominated sector.

She advised other women to be resilient, hardworking, resolute, and determined in their professional pursuits.

“I will tell the girl-child that if Princess Haastrup could be what she is today, contributing her quota to the economy of Nigeria, any girlchild can become anything. For every girl-child who does not have hope, there is hope for women in Nigeria; you can be anything you want to be. Don’t devalue yourself, don’t allow anyone to put you down. There is no limitation to which a woman can grow in Nigeria, just spread your wings and fly,” said.

FCMB Group Sustains Performance With 192.6% Profit Growth

FCMB Group Plc has announced impressive its first-quarter 2024 financial results, which showed profit before tax rising 192.6% Year-on-Year to N31.3 billion compared to N10.7 billion in the same period in 2023.

All of the group’s business segments demonstrated significant growth, with Investment Banking leading at 228.1%, Consumer Finance at 165.4%, Banking Group at 157.2%, and Investment Management at 74.3%.

This impressive performance across all business segments directly results from FCMB Group’s strategic initiatives, which align perfectly with its purpose of fostering inclusive and sustainable growth in the communities it serves.

FCMB Group recorded a substantial 104.8% growth in gross revenue during the three months (January to March 2024), rising to N179.1 billion from N87.4 billion for the same period the prior year. This growth was driven by an 89.9% growth in interest income and a 150.9% growth in noninterest income. Additionally, customer confidence remained strong, with deposits rising by 63.2% year-over-year, from N2.0 trillion to N3.3 trillion at the end of March 2024.

The Group Chief Executive of FCMB Group Plc, Mr. Ladi Balogun, expressed confidence that the growth trend will be sustained.

He said: “We continue to leverage our unique group

structure to build a technologydriven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy is enabling us to deliver robust performance in spite of the challenging domestic and global environment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitisation.”

Despite the challenging business environment, the Group increased its contribution to economic growth by extending loans and advances to N2.2 trillion, an 85.4% increase, Yearon-Year, from N1.2 trillion in the corresponding period of 2023.

KEA Group Appoints ‘Kemi Irinoye Executive Director

The Board of Directors and Management of KEA Group, has announced the appointment of ‘Kemi Irinoye as Executive Director of the company. The appointment was announced during a board meeting held recently in Ibadan. The appointment became effective May 1, 2024. Speaking on the appointment, the Chairman, Board of Directors, KEA Group, Dr. Toba Adisa, described the elevation of Irinoye as Executive Director as well-deserved giving her

dedication, commitment, and contributions, which have been instrumental to the growth of the group over the last few years.

“I am very pleased to announce the appointment of ‘Kemi Irinoye as Executive Director for KEA Group. The board is confident in her skills, talent and dedication to continue to grow the member companies. I believe that she is a perfect fit for the job giving her professional history with the companies within the group. I wish her well as she carries out her responsibility in this new role,”

Adisa said.

Irinoye who hails from Iwọ, Osun State, graduated with a Bachelor of Science degree in Agricultural Economics at Obafemi Awolowo University, Osun State.

Before her elevation to the new role, Irinoye was the Head of Production at KEA Media where she was responsible for collaborating with numerous renowned brands, creating memorable advertisements, events, and shows that resonate with consumers across Nigeria.

Sider (Libya), Bonny

(Saudi Arabia), Murban (UAE)

L-R: Oniru of Iru Kingdom, Oba Abdulwasiu Omogbolahan Lawal; Chairman, Seaport Terminal Operators of Nigeria (STOAN), Princess Vicky Haastrup; her husband Prince Clement Adesuyi Haastrup and President of the Institute of Chartered Accountant of Nigeria (ICAN), Innocent Okwuosa when Princess Haastrup received ICAN’s Leadership Award in Lagos…recently

Stock Market Depreciates by N268bn on Investors Profit-taking

Kayode Tokede

The domestic stock market yesterday extended losses from the previous session, bringing the overall capitalisation down by N268 billion.

Also, the Nigerian Exchange Limited All Share Index (NGX ASI) lost 475.18 basis points, or 0.48 per cent to close at 98,228.50 points. Also, market capitalisation shed N268 billion to close at N55.555

trillion. Consequently, the NGX ASI’s Month-to-Date return was flat, while Year-to-Date return moderated to +31.4per cent.

Analysing by sectors, the NGX Banking Index dropped by 3.1per cent, NGX Insurance Index was down by 1.5per cent and NGX Consumer Goods Index depreciated by 0.7per cent, while the Industrial Goods and Oil &

Gas indices closed flat. Also, investor sentiment, as measured by market breadth closed negative as 15 stocks advanced, while 28 declined. Japaul Gold & Ventures, May & Baker Nigeria and Presco recorded the highest price gain of 10 per cent each to close at N2.09, N6.60 and N291.50 respectively, per share.

FTN Cocoa Processors followed with a gain of 8.16

per cent to close at N1.59, while Wema Bank rose by 7.28 per cent to close at N8.10, per share.

On the other hand, Unity Bank led the losers’ chart by 10 per cent to close at N1.62, per share. FBNH followed with a decline of 9.91 per cent each to close at N25.45, while Champion Breweries declined by 9.78 per cent to close at N3.32, per share.

Livestock Feeds depreciated by 9.71 per cent to close at N1.58, while Wapic Insurance declined by 9.33 per cent to close at 68 kobo, per share.

Meanwhile, the total volume traded increased by 0.93 per cent to 425.664 million units, valued at N8.349 billion, and exchanged in 9,620 deals. Transactions in the shares of United Bank of Africa (UBA) topped the activity chart with 102.233 million shares valued at N2.675 billion. Access Holdings followed with 49.180 million shares worth N878.406 million, while Transcorp traded 30.139 million shares valued at N394.749 million. Japaul Gold & Ventures traded 28.754 million shares valued at N59.060 million, while AIICO Insurance sold 22.648 million shares worth N22.779 million

PRICES FOR SECURITIES TRADED ASOF MAY 07 /24

Thisday Afrinvest Index Down 1.5%

Thisday Afrinvest 40 index declined 1.5% to print at 4,058.63 points due to buy interest in MTNN( 0.2%), GTCO ( 6.0%), and ZENITH BANK ( 0.3%). Cumulatively, these stocks account for 21.2% of the index.

Banking

Stocks Leads Sell Off ASI down 0.5%

Yesterday, the bourse continued its bearish start to the week as sell offs on FBNH ( 9.9%), GTCO ( 6.0%), and DANGSUGAR ( 6.6%) dragged the NGX ASI lower by 0.5% to 98,228.50 points. As a result, YTD return declined to 31.4% (previously 32.0%) while market capitalisation dipped 0.5% to ₦55.6tn.

Activity level was mixed as volume traded rose 0.9% to 425.7m units while value traded declined 6.8% to ₦8.3bn.

Bearish Sector Performance

Performance across sectors within our purview was bearish as four indices closed negative, while the Oil & Gas and Industrial Goods indices closed flat. Leading the bearish route, the Banking and Insurance indices faltered 3.1% and 1.5% respectively, following losses in FBNH ( 9.9%), GTCO ( 6.0%), MANSARD ( 3.2%), and WAPIC ( 9.3%). Following, the Consumer Goods and AFR ICT indices declined by 0.7% and 0.1% respectively, due to losses in DANGSUGAR ( 6.6%), NASCON ( 4.3%), and MTNN ( 0.2%).

Outlook

Investor sentiment, as measured by market breadth, declined to 0.16x from 0.29x in the prior session as 15 stocks advanced, 28 declined, and 81 closed flat.

Today, we expect the market to sustain its bearish performance as the bourse remains short of positive triggers.

THISDAY AFRINVEST 40 INDEX

RetiRement thanksgiving seRvice...

L-R: General Secretary, Kuramo College Old Students Association (KCOSA), Uche Nwosu; Financial Secretary, KCOSA, Anifat Aremu-Lawal; KCOSA member, Police ASP, Taiwo Ajibabe; Director / Principal, Kuramo Senior College, Victoria Island, Lagos, Alhaji Abdulwahab Babatunde Lawal; KCOSA President, Felix Uweribeno and Assistant PRO, KCOSA, Julie Bassey presenting a meritorious service plaque and a cash award of N100,000 to the Principal, during his Pen Down / Statutory Retirement thanksgiving service held at the school premises ... recently

Binance CEO Demands Release of Executive Detained in Nigeria

Says holding staff on policy discussions dangerous precedent for all firms Alleges bribe demanded by ‘unknown persons’

emmanuel addeh in Abuja

The Chief Executive Officer of Binance, Richard Teng, yesterday demanded the release of the cryptocurrency exchange’s executive, Tigran Gambaryan, who has been detained in Nigeria since late February.

In a blog post, Teng argued that holding Binance’s employees who were in Nigeria for policy negotiations, portended a new dangerous precedent for companies operating globally.

“To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for

all companies worldwide,” Teng maintained.

Gambaryan alongside Binance’s African Head, Nadeem Anjarwalla, were detained on February 26, following accusations of the company’s involvement in illegal financial activities. However, days later Anjarwalla was said to have escaped from the secured facility where he was being held.

Gambaryan, who was later charged to court is set to stand trial on May 17 on sundry allegations, including tax evasion, currency speculation, and money laundering.

“It is important to note that Tigran did not go to Nigeria as a decision-maker, nor a negotiator. He

was merely acting as a functional expert in financial crime and capacity building in policy discussions,” Teng pointed out.

He noted that the company had written the Nigerian authorities on the fee structure for licensing, and the impact of the registration on the facilitation of bank accounts in the region without response.

In early December 2023, Binance, he said, received a letter from the Chairman of the House Committee on Financial Crimes (HCFC) requesting that it appeared at a public investigative hearing in less than two weeks.

“On January 8, Binance employees had a face-to-face meeting with

three members of the HCFC and a clerk in Abuja at the House of Representatives building for a scheduled pre-hearing engagement in private. The meeting was chaired by the Honourable Peter Akpanke, the Honourable Philip Agbese, and the Honourable Peter Aniekwe, as well as a clerk.

“During the conversation, the committee highlighted the important nature of the issues at hand and the lengths to which they were prepared to go to summon Binance, including issuing arrest warrants against our team and CEO and preventing our team from leaving the country.

“While concerning, it was understood that the HCFC does

Oshiomhole: Why Inmates Escaped from 100 Years Old Suleja Mud-built Prisons

Hails minister's efforts in revamping prisons

The Senate Committee Chairman on Interior, Adams Oshiomhole, yesterday, explained that the reason some inmates escaped recently from the Suleja Medium Security Custodial Centre was not as a result of prisonbreak but a collapse of the walls of the facility built with mud over 100 years ago.

Oshiomhole gave the explanation while briefing journalists shortly after a closed door session with the Minister of Interior, Hon. Olubunmi Tunji-Ojo.

There was a reported case of jailbreak in Suleja, Niger State on April 24, during which 119 inmates escaped from the correctional facility.

The minister had, during his visit to the affected facility, two weeks ago, disclosed that the government was planning to relocate some correctional centres to create better space, security and infrastructures. Oshiomhole, however, told journalists that the efforts by the Minister and the security agencies had helped in re-arresting some of the fleeing inmates, saying more would be tracked in the coming days.

"I know exactly that this particular prison was built in 1914. I think that was the year of amalgamation of Southern and Northern Nigeria for about 200 people. And they now have about 419 inmates. And some of these places were built with mud.

"It was not really a jailbreak. You had heavy rainfall, a storm, and then the wall fell, and then the roof, even if you were in your private house and it is raining and you have a storm and your roof is gone and your walls come down, you will remain in the place?

"So, naturally, people find escape. The good news is that they have what it takes to retrack them. And they have already re-arrested some of them, and the effort is still ongoing to get the rest people," Oshiomhole said.

He commended the presentation of Tunji-Ojo during the closed door session, saying, "we are satisfied, very satisfied with the Minister's briefing"

The minister, on his part, said the lawmakers had been fully briefed appropriately about the incident in Suleja Prisons, and possible solutions had been suggested during

the closed door session, saying everything was under control.

"We spoke about the root cause of the matter. What happened. We spoke about what we are doing, which I won't be able to say here for security reasons. We also discussed about solutions in terms of making sure that this doesn't happen again.

"I can tell you, the federal government is in control of this, everything is under control. Mr. President, Asiwaju Bola Tinubu, is actually putting in everything through the Ministry of Interior and the Nigerian Correctional Services, to make sure that there is no reoccurrence,” he said.

not in fact have the power to issue arrest warrants.

“The committee confirmed that the public hearing would proceed on the 10th of January and that Binance would be afforded an opportunity to respond to any allegations publicly in the presence of the petitioners, press, and over 30 agencies.

“Despite multiple requests, Binance had still not received details of the allegations, and our employees, therefore, inquired if there was an opportunity to submit our responses in writing and in the absence of a public hearing.

“ There were a number of reasons for that, including the sensitivity of the information and getting the opportunity to see the allegations in full and prepare a thorough substantive response. The meeting ended with the Chair confirming they would consider the matter and revert through Binance's local counsel.

“However, as our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations. Later that day, our local counsel — representing us at that time — was summoned by the Committee through someone purporting to be their agent, who relayed the Committee’s terms and instructed our local counsel to advise us.

“ Counsel reported back that he had been presented with a

demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away and that our decision was expected by the morning. Our team grew increasingly concerned about their safety in Nigeria and immediately departed.

“We, of course, declined the payment demand via our counsel, not viewing it to be a legitimate settlement offer,” he added.

Despite the two executives travelling to Nigeria and receiving multiple assurances for their safety, he said that they were later told that the issues involving Binance were of national security.

According to Teng, the Nigerian authorities demanded them to delist naira from the Binance platform, provide granular-level detail on all Nigerian users and provide financial/tax compliance information.

“Let Tigran go home to his family, and then Binance will work through the same process that we have done with Nigeria's law enforcement community voluntarily more than 600 times in the past. We will always work to protect innocent users, and bad actors are not welcome on our platform.

“We will work tirelessly with public and private partners to remove them. Furthermore, we will continue engagement with Nigeria’s Federal Inland Revenue Service (FIRS) on resolving potential historic tax liabilities,” he stated.

Ladoja Paves Way for Installation of

New

Olubadan, Vacates Suit against Kingmakers

kemi Olaitan in Ibadan

The coast appears clear now for the Olubadan-designate, Oba Owolabi Olakulehin, to ascend the throne as the Otun Olubadan of Ibadanland, High Chief Rasheed Ladoja, yesterday, withdrew the suit filed against members of the Olubadan-in-Council.

Ladoja had instituted the suit against Governor Seyi Makinde over the beaded wearing crown in July, 2023, after the approval of the elevation of the Ibadan

High Chiefs to Obas following Olubadan’s recommendation.

It was later gathered that Ladoja indicated his willingness to withdraw the suit initiated against other council members on the condition that the two parties must sign the terms of settlement as prepared.

Ladoja said, “Myself and other members of Olubadan-in-Council have been sitting together and talking. We have agreed to withdraw the case from court.

"I heard that they have started

signing the agreement. After all of them have signed, I will also sign my own aspect, and the next day, we will file for withdrawal of the case from court.” Ladoja said.

However, when one of the aides to Ladoja, Adeola Oloko, was contacted on the phone, he confirmed that the case had been withdrawn from the court.

Oloko said the counsel to the litigant would approach the court today (Wednesday) for enrollment order after which the defendants would be served with the case

withdrawal notice. "Baba has withdrawn the case filed against the Olubadanin-Council from the Court. This will facilitate the enthronement of Oba Owolabi Olakulehin as the 43rd Olubadan of Ibadanland.

"Ladoja has lived up to his promise to the people of Ibadanland to withdraw the case from the court.

"There is no longer any delay from his end. What is next now is for Governor Makinde to approve the nomination of Oba Olakulehin as the next Olubadan."

sunday aborisade in Abuja

Fintech community and PaPSS LeaderShiP team interactive SeSSion...

L-R: Business and Product Development Associate, Pan-African Payment and Settlement System (PAPSS), West Africa,Mr. David Obaseyi Olatunde; Group Managing Director, SystemSpecs Holdings Limited, Dr. John Obaro; Member, Board of Trustees, FintechNGR, Mr. Patrick Akinwuntan; Head, Technology and Operations, PAPSS, Mr.Ositadimma Ugwu; and Managing Director, Remita Payment Services Limited, Mr. 'Deremi Atanda; during the dynamic

Shell Paid Nigeria $1.09bn in Taxes, Royalties in 2023, Says Management

Peter uzoho

British oil and gas giant, Shell, has said that it paid a total of $1.09 billion in corporate taxes and royalties to the government of Nigeria in 2023 through the operations of the Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell

Nigeria Exploration and Production Company of Nigeria Ltd (SNEPCo).

The figures, announced in the just published 2023 Shell Briefing Notes, showed that SPDC paid $442 million, while SNEPCo remitted $649 million. Similar payments made by the two companies in 2022 amounted to $1.36 billion.

“These payments are Shell exclusive and do not include those made by our partners,” SPDC Managing Director and Country Chair, Shell Companies in Nigeria, Osagie Okunbor, said.

“Shell Companies in Nigeria will continue to contribute to the country’s economic growth through

C Y ber S e C ur ITY TA x: NLC, NACCIMA, O TH er S FA u LT T IMIN g

the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).”

Similarly, Uwaleke urged the central bank to immediately withdraw the new circular directing banks to charge 0.5 per cent levy on electronic transactions.

According to him, such withdrawal is against the backdrop of assurances by the government that its plan to increase revenue would not include introducing new taxes or increasing tax rates.

Reacting to the apex bank's directive in a comment made available to THISDAY, Uwaleke, who is Director of the Institute of Capital Market Studies, Nasarawa State University, described the levy as mistimed.

Uwaleke stated, "I think the cybersecurity levy is ill-timed, coming at a time when the CBN is concerned about the high rate of financial exclusion and the increasing rate of currency circulating outside the banks.

"It carries the downside risk of discouraging financial intermediation as well as complicating the transmission of monetary policy, with more people shunning the banks due to high charges. The end result is that it makes difficult effort by the CBN to tame inflation.

"So, I think the circular should be withdrawn especially against the backdrop of assurances by the government that its plan to increase revenue would not include introducing new taxes or increasing tax rates.

"To this end, the government should suspend the policy while getting set to implement the recommendations of the Presidential Committee on Fiscal Policy and Tax Reforms whose mandate includes streamlining multiple taxes and levies currently inhibiting the growth of businesses in Nigeria."

For Yusuf, the cybercrime levy was more troubling because “it is a tax on electronic transactions and not on profit and has no regard to whether a business is healthy or not as even loss making companies are liable”.

He stated, “The poorer segments

of society are not exempted either.

This raises serious issues of equity.”

Yusuf noted that by the account of the NIBSS, electronic payments on its platform in 2023 was N600 trillion and 0.5 per cent of this sum is N3 trillion.

He said, “It is difficult to rationalise spending this much on fighting cybercrime. Meanwhile, total budget appropriation for defence and security in the 2024 budget was N3.2 trillion; and infrastructure appropriation was N1.32 trillion. These are just appropriations; though actual releases are often much less.”

He pointed out that this levy posed a threat to the cashless policy of the central bank over which significant progress had been made.

Yusuf stated, “We are likely to see an increased migration to the use of cash as against electronic platforms.

“We plead with the relevant authorities to put the implementation of the legislation on hold while a thorough review is done.

“We propose a robust stakeholder engagement to review the legislation. In its present form the legislation will impose more hardship on the citizens and more burdens on investors.”

Similarly, Oye described the 0.5 per cent levy as “another stealth tax on the private sector”.

The NACCIMA national president, added, “We are still in consultation with our stakeholders, however, we feel compelled to comment on the implementation of this cybersecurity levy because the blanket imposition of this levy without a limit raises significant issues that warrant a thorough review and reconsideration by the authorities.

“Firstly, the security and defense sectors are already substantial recipients of the national budget and should tackle a hybrid of security challenges like terrorism, banditry and other internal conflicts in Nigeria.”

Oye suggested a maximum levy cap of N500, insisting, “The organised private sector must be involved in the oversight and management of these funds to ensure efficiency and effective use of the levy for public and private sector services, akin to an estate service charge model. Without

this, there is a risk of misapplication and lack of accountability.

“Thirdly, the introduction of this levy may be in contravention of the constitutional provision mandating all revenues to be deposited into the consolidated fund, which can only be utilised following appropriations by the National Assembly. We await further guidance on this position.”

He added, “This new tax could detrimentally affect Nigeria's competitiveness in the Ease of Doing Business rankings, discourage foreign direct investment, instigate capital flight, and exacerbate the talent drain in the technology sector.

“In light of these concerns, NACCIMA appeals to the CBN and the relevant authorities to reconsider the imposition of this cybersecurity levy. We urge a suspension of the levy for a few weeks pending a comprehensive review and consultation with key stakeholders.”

Speaking in the same vein, former President of Chartered Institute of Bankers of Nigeria (CIBN), Mr. Okechukwu Unegbu, questioned the legality of the levy.

Unegbu, who is also a lawyer and former teacher of banking law at the University of Lagos, stated, “On what law is the CBN relying to introduce this charge and who is going to benefit from it? I have gone through the Cyber Security Act and did not see it. The CBN should tell us the section of the legislation it is relying upon. That is what I am insisting on.

“There is no law backing this levy and I stand by my words. Even if a law has been made, the CBN should quote the very section of that law it is relying on. It cannot just say Cyber Security Act without specifying the exact section of this law that gave it power to start making this levy. The charge, for me, is illegal until a court of law rules on it.”

Similarly, former Registrar/Chief Executive Officer of CIBN, Dr. Uju Ogubunka, told THISDAY said that the levy would constrain businesses to resort to the use of cheque and cash for payments.

Ogubunka said, “I never contemplated that such a thing will be happening in our own environment

the revenue we generate and the employment opportunities we create by supporting the development of local businesses", he added. Shell has invested in Nigeria for more than 60 years.

The Briefing Notes report on the progress of the businesses of Shell Companies in Nigeria – SPDC,

at this point in time, especially. Why will the CBN tax people who are making simple transfers from one person to another and at the same time trying to de-emphasise the use of cash?”

He said the enforcement of the levy would increase the volume of money outside the banking system and make the effectiveness of monetary policy decisions suspect.

He also feared that the levy would precipitate another wave of cash scarcity in the economy.

According to Ogubunka, “There will likely be another wave of cash scarcity for those unwilling to use electronic transfer in order to avoid the levy, if the government is not printing enough cash.

“The only thing that could happen is people will resort to cheque and use it to make payments. Then, the turnaround of business will take longer time.

“It is like we are taking many steps backward. It is a sad situation for me as an individual because we are not moving forward as we ought to be moving.

“There are many things to tax people on but not on transfers for God’s sake. On one hand we are promoting electronic payment and de-emphasising cash transactions and on another hand we are saying that if you patronise electronic payment I will charge you.”

An economist and investment specialist, Dr. Vincent Nwani, stated that electronic transactions were vital for driving economic growth, and Nigeria recognised this by implementing diverse policies to induce and incentivise cashless transactions since 2013.

Nwani explained further, “Over the years, we have seen remarkable impact of thriving electronic transactions in the country. For instance, we saw a remarkable 55 per cent surge in the total electronic payments, from N387.00 trillion in 2022 to N600 trillion in 2023.

“Furthermore, the volume of transactions on e-payment platforms experienced an impressive 79.04 per cent increase, rising from 541 million in January 2023 to 968.59 million by December 2023.

“Nigeria loses $500 million an-

SNEPCo, Shell Nigeria Gas and Daystar Power for 2023.

The reports showed that the companies continued to power progress, working closely with stakeholders and communities to promote socio-economic development and providing cost-effective and cleaner energy solutions.

nually to cybercrime and this levy will potentially provide a dedicated source of funding for cybersecurity efforts.

“A strong cybersecurity framework enhances investor confidence because it boosts investors’ confidence on the security of their digital transactions. Notwithstanding, how much the objective of securing the cyberspace will be realised through new levy remains to be seen,

“Businesses are increasingly scaling down, cutting back employment and adapting all sorts of lean measures in a bid to navigate an extraordinary challenging business environment.

“Customers and the public on the other hand are struggling with high cost of living, declining real wages and lower consumption exacerbated by recent reforms, such as removal of full subsidy, floating of the FX, increase of electricity tariff, increase of lending rate, etc.

“The new cybersecurity levy serves as another wave of financial burden on businesses and the public with attendant implication, such as undermining financial inclusion drive and discouraging e-transactions.”

Head of Financial Institutions Ratings at Agusto & Co., Mr. Ayokunle Olubunmi, said the new policy had positive and negative implications.

On the positive side, Olubunmi highlighted the potential for enhanced cybersecurity and reduced bank fraud if the funds generated from the levy were effectively utilised. However, he raised concerns about potential drawbacks of the policy.

Olubunmi pointed out that while the levy might appear insignificant for small transactions, it could lead to substantial costs for high-volume transactions. He emphasised the risk of this policy impacting financial inclusion efforts, as some individuals might use it as an excuse to avoid electronic transactions.

Moreover, Olubunmi warned that the levy could deter the progress of the CBN's cashless policy by making cash transactions seem more cost-effective compared to electronic transactions, which currently incur a separate levy.

Additionally, he noted that businesses might pass on the increased operational costs resulting from

Okunbor further said: “It is important to emphasise that Shell is not leaving Nigeria and will remain a major partner of the country's energy sector through its deep-water and integrated gas businesses. Our collective focus remains on delivery of safe operations and care for our people.”

the levy to consumers, potentially leading to higher prices of goods and services.

President of Association of Corporate and Marketing Communication Professionals of Banks (ACAMB), Rasheed Bolarinwa, called for enhanced advocacy, communication and education on the cybersecurity levy directive to ensure that all stakeholders fully understood their obligations and responsibilities.

That, according to Bolarinwa, would include providing clear guidelines on how the levy will be applied, remitted, and exempted transactions. He urged stakeholders to meet and discuss more on the implementation roadmap, among others, to reassure the citizenry following the robust discourse the announcements had generated among Nigerians of all classes.

Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, told THISDAY that the cybersecurity levy was an additional tax on businesses.

Ekechukwu said, “We have been complaining about how multiple taxation has adversely affected businesses. This is an additional and another version of tax.

“For a deposit of N100,000,000, the customer pays N500,000, and another N500,000 for withdrawing the same amount or transferring same, for example.

“There is another payment charged by banks called maintenance fee of 1 per cent. There is also stamp duty charge.”

He said, “This is happening at a time when the inflation rate is as high as 33.2 per cent, cost of diesel and fuel very high, exchange rate over N1,400 per dollar, standard of living is very low and hardship pervades every nook and cranny of the country.

“Bank customers are not supposed to fund expenses and responsibilities of banks.

“How is it the business of the government to watch over cyberspace? Let banks build enough ICT capabilities that can fight cyber insecurity.”

Nigeria Fintech Community and PAPSS Leadership Team interactive session hosted by Remita in Lagos...recently

COURTESY CALL ON OBASEKI...

Akpabio Blames Lawan’s Senate, FCDA, as Ndume Flays Renovation at Red Chamber

Sunday Aborisade in Abuja

President of the Senate, Godswill Akpabio, yesterday, blamed the leadership of the ninth senate, led by Senator Ahmed Lawan, and the Federal Capital Development Authority (FCDA) for alleged poor supervision of the renovation of the red chamber.

Similarly, Chief Whip of the senate, Ali Ndume, condemned the renovation work as poorly executed, despite billions of naira spent on the contract

The federal government had awarded the contract for the renovation of the National Assembly complex to Visible Construction Limited for N42 billion.

The complex is maintained and managed by the Federal Capital Territory Administration (FCTA) and has been under renovation for about two years.

The lawmakers held plenary at a temporary chamber in the senate

wing of the National Assembly while the renovation was ongoing.

The senators, however, resumed plenary in the permanent chamber yesterday after they returned from their four weeks Easter and Eid-el-Fitr holiday.

Upon resumption, some of the senators, especially the ranking senators, expressed displeasure at sitting arrangements in the renovated chamber.

Akpabio blamed the irregularities in the renovated chamber on the leadership of the ninth senate, led by Lawan, and FCDA.

Akpabio said the renovation contract was supervised and managed by the previous senate leadership and authorities of FCDA, saying, “In the sitting arrangement, 99.9 per cent arrangement had been made.

“This is not our contract; it was a contract that was awarded in the ninth senate. It is the FCDA that renovated it. If we have a complaint, we have to channel it to the FCDA.”

The senate president also stressed the need for National Assembly autonomy. He stated, “We shall discuss in the future the need to have autonomy. After 25 years, the National Assembly should be able to own property.”

Ndume complained that the structural view, chairs, speakers and other equipment in the chamber were not properly fixed.

The chief whip said the renovated permanent chamber looked like a conference room and not a chamber where legislations are made.

Ndume stated, "This is not a chamber, it is like a conference room. You will not even know that it is me, Ndume that is speaking, so also when the leader was speaking.”

The senator noted that the sitting arrangement and fixing of chairs in the renovated chamber also required correction.

He added, “We need to correct this. We need to change so many things. Like the sitting row, if you

want to stand up, you will have to use tactics or strategy to stand up or sit down.”

Ndume also listed lack of electronic devices for voting as one of the challenges in the renovated chamber.

He said, “There is no voting device here, if we are to vote electronically, the facilities are not there, but we had that previously.

“There is no clock here for senators to see the time. Okay, they are trying to show me and I am looking for it, it is not even clear. There used to be a big one."

The chief whip also complained that microphones and speakers in the chamber were not audible. He specifically observed that the speakers were echoing lawmakers’ voices, who were contributing to discussions on the floor of the senate.

Ndume stated, “This is a serious observation. If you play back the record, you cannot identify Akpabio's voice, you have to listen hard, but the audio is supposed to be very clear.

Shittu: There Were Lots of Manipulations, Sham Approvals by Persons Close to Buhari

A former Minister of Communications, Adebayo Shittu, yesterday, provided an insight into the level of impunity that typified the Muhammadu Buhari administration, saying there were lots of manipulations and fraudulent approvals under the government.

Shittu, who spoke yesterday on a television programme monitored in Abuja, served as a minister under the Buhari government but believed many persons close to the former president manipulated things to their favour, and plunged the country’s economy into a downward slide.

“Let me tell you, there were a lot of manipulations and we even heard that a lot of the so-called approvals did not emanate from President Buhari,” he said on yesterday’s edition of Channels Television’s Sunrise Daily monitored, while responding to comments that the previous government was printing money to run the economy.

“There were a lot of manipulations and fraudulent approvals which did not emanate from President Buhari. I am telling you confidently that a lot of it did not get his attention.

“There were a lot of people around the president who exploited their relationship with the President and conspired with the then-CBN

governor,” he said. Shittu’s claims corroborated that of presidential spokesman, Ajuri Ngelale, who said many approvals for releasing funds within the Central Bank of Nigeria (CBN) under Godwin Emefiele did not have Buhari’s signature.

“President Bola Tinubu has come out several times in fairness to him (Buhari), to say, ‘Look, this is what happened under the previous administration’.

"I think we have to acknowledge the fact that he (Tinubu) understands more than anyone that many of the approvals within the CBN that brought us to this point have no signature to President Muhammadu Buhari and had no knowledge of President Muhammadu Buhari,” Ngelale said.

Ex-President Goodluck Jonathan appointed Emefiele as the CBN governor. However, upon assumption of office in 2015, Buhari retained

him as the apex bank’s boss. He was removed in June and is being tried for charges bordering on corruption.

Shittu, therefore, wanted Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC) to wade into the matter and “probe properly”, adding: “I hope the EFCC will probe properly as to how these things happened without the president knowing.”

NANS Threatens Mass Protest over Electricity, Fuel Scarcity

Segun Awofadeji in Bauchi

Leadership of the National Association of Nigerian Students (NANS), Bauchi State axis, has threatened to mobilise a peaceful protest if the federal government failed to address the lingering scarcity of premium motor spirit popularly known as petroleum as well as the hike in the prices of electricity across the country. The state coordinator of the association, Comrade Usman Abubakar Mansur, made their position known yesterday while addressing journalists at the NUJ

Press Centre.

Mansur, who lamented that the situation directly affected the students' ability to pursue their education, called on the federal government to expedite actions towards alleviating the problems.

"This dire situation directly affects the ability of students to pursue their education effectively and contributes to the overall deterioration of our quality of life," he said.

According to him, the association also frowned at the Nigerian National Petroleum Corporation Limited (NNPCL)and Nigeria

Electricity Generation Company for their inability to meet the demands of the citizens.

While emphasising that NANS would continue to advocate better policies aimed at ensuring the welfare of students, Mansur also urged government and relevant stakeholders to ensure transparency and accountability in management of resources.

"As representatives of the Nigerian Students Community in Bauchi State, we remain resolute in our commitment to advocating the right and welfare of students across the nation," he said.

"Most importantly, these seats were better. You have where you can put your documents and conveniently make your contributions, but right now the chamber is echoing.

“Lastly, the sitting arrangements, the rules clearly states that it is strictly on seniority. You have some seniors misplaced. All these should be corrected.”

Ondo APC Primaries: Ibrahim Accuses Ododo, Omo-Agege of Fostering Illegality

Sunday Aborisade in Abuja

The Senator representing Ondo South Senatorial District in the National Assembly, Jimoh Ibrahim, has accused Kogi State Governor, Usman Ododo, and a former Deputy Senate President, Ovie Omo-Agege, of compromising the outcome of the April 20, governorship primary of the All Progressives Congress (APC) in Ondo State.

Ibrahim, who addressed a news conference in Abuja specifically accused Ododo and Omo-Agege of changing the venue of the state collation centre abruptly without giving contestants and prior notice.

The duo served as the chairman and the secretary of the election committee sent by the APC to conduct the primaries.

Ibrahim presented documents to journalists, which indicated that the APC primary did not hold in 15 out of the 18 local government areas in the state. He demanded the conduct of a fresh APC governorship primary in Ondo State on the grounds that election was not conducted in virtually all parts of the state. Ibrahim alleged that the outcome of the primary election was manipulated to favour Governor Mr Lucky Aiyedatiwa of the state. The federal lawmaker, who was a contestant in the primaries, specifically accused the APC’s electoral committee, chaired by Ododo, of allocating votes, as against conducting genuine polls.

“It was mere allocation of figures, no election. I was not even able to vote," he said.

Kaduna Debts: El-Rufai's Ex-Officials to Appear Before Assembly Probe Committee

John Shiklam in Kaduna

The ad-hoc committee set up by the Kaduna State House of Assembly to investigate the eight year administration of ex-governor Nasir El-Rufai has summoned some former and present government officials to appear before it.

El-Rufai was governor of the state from May 2015 to May 2023. According to a statement by the Media aide to the Speaker of the House, Suraj Bamalli, those summoned by the committee included Thomas Gyang former Commissioner, Ministry of Public Works and Infrastructure; and Ja’afaru Sani, former commissioner Ministry of Education.

Also listed was Dr. Manzo Maigari, former Agric commissioner (currently political adviser to the governor); Balarabe Aliyu, former Administrator, Zaria Metropolitan Authority; Phoebe Sukai, former

Administrator, Kafanchan Metropolitan Authority and Mohammed Magaji; and former Managing Director, Kaduna State Roads Agency (KADRA), among others.

The house set up the committee on April 16, following revelations by Governor Uba Sani of the state, that he inherited huge debts from his predecessor and was finding it difficult to pay workers salaries. He said a large chunk of the state’s federal allocation was being deducted for debt servicing. The governor had at a town hall on May 30, 2024, said he inherited $587 million foreign debt, N85 billion local debt and N115 billion contractual liabilities from his predecessor.

Speaking in an interview with journalists in Kaduna, chairman of the committee, Henry Danjuma, said anyone indicted in the course of testifying before before the committee would be invited to answer questions.

Chuks Okocha in Abuja

L-R: MD/CEO, Foremost Development Limited, Alhaji Fatai; Manager, Assurance Africa at Roundtable on Sustainable Palm Oil (RSPO), Marie Rosine Nsegbe; Edo State Governor, Mr. Godwin Obaseki; CEO, RSPO, Joseph D’cruz, and acting Team Lead, Edo State Oil Palm Programme (ESOPP), Churchill Oboh, during a meeting with the Chief Executive Officer of RSPO, at the Government House, Benin City, ... recently

FINANCE FOR WOMEN…

Group Head, Business Banking, First City Monument Bank (FCMB), Mr. George Ogbonnaya; Divisional Head, Transaction Banking, Mrs. Rolayo Akhigbe; Vice President for Agriculture, Human and Social Development, African Development Bank (AfDB), Dr. Beth Dunford; Divisional Head, Corporate Banking, FCMB, Mrs. Ronke Jibodu, and Acting Coordinator of AfDB’s Affirmative Finance Action for Women in Africa (AFAWA) Initiative, Melissa Basque-Roux, during a meeting between officials of FCMB and AfDB in Lagos…recently

Gunmen Kidnap 13 at Bwari, Demand N900m Ransom

Olawale Ajimotokan in abuja

Thirteen persons have been kidnapped from Piko, a remote community in Bwari Area Council of Abuja, by suspected gunmen during a stealth invasion of the community that caught vigilance group and other security agencies unawares.

A source at the community disclosed yesterday that the Maidakin of the community, Chief John Jatau, confirmed that 10 residents were kidnapped, including four nomadic Fulani herdsmen. However, one of the nomads escaped from the kidnappers’ custody.

JAMB Releases Additional 531 Results

Kuni Tyessi in abuja

The Joint Admissions and Matriculation Board (JAMB) has announced the release of additional 531 results of candidates who sat in the 2024 Unified Tertiary Matriculation Examination (UTME).

The released results were among the over 64,000 results JAMB had withheld over suspected examination infractions.

The development has now taken the total number of results released so far to 1,842,897.

The board, in a statement, yesterday, by its spokesman, Fabian Benjamin, said it was

looking into cases of unverified candidates and would soon come up with a position.

The statement read: “As promised, the Board is proceeding with the screening of over 64,000 withheld results. It has, however, released additional 531 results taking the total number of results released to 1,842,897.

“In the course of the exercise, other cases of examination misconduct were also established to make a tally of 92 from the 81 initially discovered. The Board is also looking at cases of unverified candidates and would soon come up with a position.

‘Why I Wrote a Book on Ijaw Struggle’

The former President of the Ijaw Youth Council (IYC), Elvis Donkemezuo, an author of ‘The Vain Ijaw Struggle’ has stated that the struggles of the Niger Delta people have been a socio-political battle.

Donkemezuo, who disclosed this recently in Lagos during the book launch and celebration of his 40th birthday, stated that the imperative of preserving the historical injustices faced by the people of the region and the legacy of the struggle for future generations.

Sharing his personal motivation for penning the book, he said it was to leave a tangible record of the sacrifices made by past and present activists.

“Having been a key player in the Ijaw Youth Council, I thought it wise to make my statement known, that I should write a book and document the incidents and role that I played. Because my children are small, they’re going to grow up tomorrow. I don’t want anybody to come and say your father never did this or never did that.

“It is important and imperative that the children who have lived their life on the course of the struggle, which I dedicated the book to, should be heard. The Ijaw nation have been on this struggle for more than 30 years. From the time of Isaac Adaka Boro and yet there has not been proper documentation on our struggles,” he remarked.

Alhaja Selimotu Oyefusi Dies at 94

The dead has occurred of Alhaja (Chief) Selimotu Oyefusi (Nee Yusuf) on Monday, May 6, 2024. She was 94 years. She was buried yesterday according to Islamic rights in her residence, Agbala Estate, Iperu Remo, Ogun state.

Late Alhaja Oyefusi is survived by five children, grand children and great grand children, among whom is Mr. Idowu Oyefusi of Advert Production Unit, THISDAY Newspapers

He listed the following as those kidnapped and still in the captivity of the abductors: Nuhu Anyiwoyi, Emmanuel

and Ezra Male. It was also gathered that the kidnappers have placed N900 million ransom on the victims. He said: “The kidnapping incident occurred last Sunday at about 11p.m.

Edo Guber Election: PDP NWC Sues for Unity, Reconciliations among Stakeholders

Akoko-Edo PDP leaders assures deputy gov of massive votes for Ighodalo

Chuks Okocha in abuja Adibe Emenyonu in Benin City

The National Working Committee (NWC) of the Peoples Democratic Party (PDP) at its 586th meeting yesterday called for unity and reconciliation among its various stakeholders.

This is just as some leaders of Edo State PDP from Akoko-Edo Local Government Area of the state, yesterday assured the Deputy Governor, Mr. Godwins Marvellous Omobayo, of their preparedness to deliver block votes to the party’s governorship candidate, Dr. Asue Ighodalo.

In a statement issued by Hon. Debo Ologunagba, the National Publicity Secretary of the party, said that the NWC enjoined all leaders, stakeholders and teeming members of the party in Edo State to, in the overall interest of the people and the PDP, close ranks and work together for the success of the party in the forthcoming governorship election in the state.

According to Ologunagba, “At the meeting, the NWC considered the reaction and or statement credited to the National Vice Chairman (South-south), Chief Dan Orbih, on the membership of the Edo State Governorship Election Campaign Council.

Police Brutality: Family Demands Justice for Murder of Patrick Anosikwa

Sunday Ehigiator

In a familiar story of another incident of police brutality, the family of late Patrick Anosikwa, who was allegedly stabbed by a police officer identified as Inspector Taofeek at Skymall Shopping Mall in the Ajah area

of Lagos State on April 20, 2024, are currently seeking justice to take its course over the murder of their son.

According to reports, the heartbreaking event happened at Skymall Supermarket in the Sangotedo area of Ajah, Lagos State, where Inspector Taofeek, allegedly embroiled in an undisclosed dispute, fatally stabbed Patrick and fled the scene.

Following the heinous act, Inspector Taofeek was apprehended and is currently in custody as confirmed by the Lagos State Police Command.

However, not much has been heard from the police since the news of the arrest came in on April 21. The death of Patrick has since sparked another outrage among the public, thereby reigniting the discourse on police brutality in Nigeria.

Ooni Rejoices as Adeleke Begins Construction of N14.9bn Flyover in Ile-Ife

Yinka Kolawole in Osogbo

Osun State Governor, Ademola Adeleke, yesterday flagged off the construction of Lagere iconic flyover in Ile-Ife.

Also, the Chairman and Chief Executive Officer of Sammya Nigeria Limited, Adigun Sammy Oreoluwa, expressed readiness to provide high quality and the best road infrastructure for the government and the people of Osun State in record time.

Wale Igbintade

The Court of Appeal, Lagos Division has fixed September 19, for hearing of the appeal filed by the Chairman of Ibeto Energy Development Company, Cletus Ibeto, challenging the jurisdiction

Adeleke, who noted the deep level of infrastructure deficit across the five local government areas in Ile-Ife, said he embarked on the project to address the challenges by applying a big view approach.

The governor said: “Ile Ife is the source of the Yoruba race.

I understand the deep level of infra deficit across the five local government areas. Consequently, we decided as a government to address the challenges by applying a big view approach. “The infra deficit covers roads, health, water and schools. In the multi-billion naira agenda, we earmarked specific projects for this ancient city. Many are ongoing and more are still coming.

Alleged N4.8bn Fraud: Appeal Court Adjourns Ibeto’s Suit, Suspends Bench Warrant

of Lagos State High Court in Ikeja to try him over an alleged N4.8 billion fraud.

The appellate court presided over by Justice Muhammed Mustapha adjourned the appeal to await the report of ongoing negotiations between the Economic and Financial Crimes Commission (EFCC) and the defendant.

Justice Ismail Ijelu had ordered the businessman’s arrest after he failed to appear before the court on many occasions to take his plea over the alleged fraud case despite repeated hearing notices served on him.

The anti-graft agency had charged the defendant alongside his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, on a 10-count charge of conspiracy, fraud, forgery and fraudulent use of documents.

Anambra Community Begs Soludo to Intervene in Erosion Threat

David-Chyddy Eleke in awka

Indigenes of Amakor village in Nanka, Orumba South Local Government Area of Anambra State have cried out over the devastating effect of erosion in their environment.

Leaders of the village, under

the aegis of Amakor Njikoka Development Union in a press release signed by its chairman and secretary, Mr. Ilo Obinna Daniel and Mr. Patrick Okole respectively and made available to journalists in Awka yesterday, accused the traditional ruler and President General of Nanka

Community, Igwe Godwin Ezilo and Rev. Can. Ifeanyi Ezike of being behind the excavation of sand in the village.

This outcry is coming months after the Anambra State governor, Prof Chukwuma Soludo banned the activities of sand excavators in the community.

Aiyedatiwa Hails Owotuga Foundation over 300-seater Lecture

Ayodeji Ake

The Ondo State Governor, Lucky Aiyedatiwa, has hailed the Late Matthew Omodayo Owotuga Foundation on its recent donation of 300-seater lecture theatre at Olusegun Agagu University of Science and

Technology (OAUSTECH) in Okitipupa, Ondo State.

The donation, which is intended to immortalise late Matthew Omodayo Owotuga, stemmed from a deep-seated commitment to honoring his legacy of love for education and philanthropy.

Governor Lucky Aiyedatiwa, who was represented by his Special Adviser on Education, Olawunmi Ilawole, expressed gratitude to the Owotuga family for their generous donation.

Speaking on behalf of the family, Felix Omodayo Owotuga, expressed

The community said the destruction of their environment through sand mining by the traditional ruler is part of the marginalisation Amakor has faced in the hand of the leadership of Nanka community leaders.

their dedication to giving back to the community of Ode-Irele, where their father hailed from. He emphasised the profound significance of education to their father and urged students to utilise the facility judiciously, bearing in mind the generations to come.

Nuhu, Danjuma Ali, Parisa Numa, Ezekiel Jatau, Shekwosa Ezekiel, Roseline Samuel, Salome Jacob, Abyelo Ezr,

Ugo Aliogo

Alhaja (Chief) Selimotu Oyefusi

BASKETBALL AFRICA LEAGUE

Rivers Hoopers Blowout Tunisia’s Monastir for Third Win

Duro Ikhazuagbe

Nigeria’s Rivers Hoopers recorded their third consecutive victory in the ongoing Sahara Conference of Basketball Africa League (BAL) in Dakar, Senegal. The 84-63 victory over 2022 champions US Monastir of Tunisia was a huge one for the Rivers State owned team. No team is yet to match Hoopers 21 points edge over Monastir so far.

As the only team with maximum three wins from three games, Hoopers are sitting pretty on top of the conference standing on six points while Monastir drop to the bottom

of the log with no win so far.

Unlike in the Hoopers second game against Rwanda’s APR that was dominated by American import, Will Perry with 31 points, yesterday, it was Edo-born

Canadian, Kelvin Amayo, who played like a man on fire to help the Port Harcourt side destroy the Tunisians, contributing 30 points.

Perry had 19 points credited to him while Peter Olisemeka contributed

Standings in the Sahara Conference

13 points.

Monastir’s American star, George Williams was no match on the night. They also had Ater Majok, who was once drafted by the Los Angeles Lakers in the NBA with another Tunisian, Marcus Christopher Crawford. It just wasn’t their day as Hooper with the three victories are now waiting for the reverse fixtures to complete the six games of the conference and possible shot at the BAL 2024 title.

From tip off, Hoopers flew into lead, finishing the first quarter 25-16. They kept their feet on the

All-German Final Looms as Dortmund Beat PSG in Paris

Borussia Dortmund produced a fine away performance to beat Paris St-Germain and reach their first Champions League final since 2013.

Dortmund held a 1-0 advantage following the first leg and doubled their lead when Mats Hummels was left unmarked five yards out to head in from Julian Brandt's right-wing corner.

That goal came just after PSG's Warren Zaire-Emery wasted a glorious chance as he volleyed against the post from close range early in the second half.

PSG hit the upright twice in the opening match in Germany and, after falling 2-0 behind on aggregate, again struck the post through Nuno Mendes.

The hosts thought they had been given a penalty and a potential lifeline when Italian referee Daniele Orsato pointed to the spot, only to instantly change his mind and rule that Hummels' foul on Ousmane

RESULTS

PSG 0-1 Dortmund

(Dortmund 2-0 agg) TODAY

R’Madrid v B’Munich

CHAMPIONS LEAGUE

Dembele had been just outside the area.

PSG have never been European champions, losing in the 2020 final, and Dortmund produced an excellent defensive display to frustrate the French title winners.

Kylian Mbappe, in his last European match for PSG before

joining Real Madrid in the summer, had an effort deflected onto the crossbar before Vitinha fired against the bar too - the sixth time overall his side had hit the frame of the goal in the tie.

The final will be at Wembley on Saturday, 1 June and could be an all-German affair, just as it was in

May 2013 when Bayern Munich beat Dortmund 2-1 in London. Bayern and Real are in the second 2024 semi-final and the first leg ended 2-2 in Germany, with the second leg in Spain on Wednesday.

Dortmund are aiming to become European champions for the second time in their history after they defeated Juventus 3-1 in the 1997 final.

...Tuchel Urges Kane to Fire Bayern into Final

Bayern Munich Coach, Thomas Tuchel, has called on Harry Kane to fire the German side past Real Madrid and into the Champions League final when the two giants of modern European football meet tonight in Madrid.

Tuchel handed out this ‘order’ to the Englishman while revealing the striker's passion for coffee yesterday.

Former Tottenham striker Kane has scored a career-best 44 goals in 44 matches across all competitions in his first year at Bayern, ahead of today’s clash at the Santiago Bernabeu.

Kane, yet to win a trophy in his career, converted a penalty in the 2-2 first leg draw in Munich

last week as six-time winners Bayern outplayed the record 14-time champions.

"I knew we'd get a big personality into the dressing room on top of everything you can analyse, goalscoring, movements, dealing with the pressure," Tuchel told a news conference.

"He was captain of Tottenham and is still captain of the English national team. He brought everything to the table that we could possibly hope for – and tomorrow he needs to prove the point and deliver."

Tuchel had been asked if anything surprised him about Kane, who leads the Champions League scoring charts on eight goals along

with Paris Saint-Germain's Kylian Mbappe.

"How much cappuccino he drinks a day, it's ridiculous," joked a relaxed Tuchel.

"It's very surprising. All the time I go to the kitchen he's on the coffee machine and having a cappuccino. It's obviously good – I started doing it, the guy looks healthy and he's in good shape."

The coach admitted at the other end of the pitch it might not be possible to stop Real Madrid forward Vinicius Junior, who struck twice at the Allianz Arena.

"A lot of teams have tried and it's not always possible (with the) quality in the passing, the delivery," said Tuchel.

throttle, also winning the second quarter 24-13. But the Tunisians fourth back gamely in the third quarter, snatching a 22-18 win to give their bench the hope of a possible miracle happening in the fourth and final quarter. Sadio

Bayelsa

at 84-63.

to Host 2024 NWFL Premiership Super Six

The Nigeria Women Football League (NWFL) has announced, Yenagoa, Bayelsa State as the hosts of the highly anticipated 2023/2024 NWFL Premiership Super Six scheduled from May 16 to 26.

The highly-anticipated NWFL Premiership title championship is scheduled to run from Thursday 16th to Sunday 26th May, 2024 in Yenagoa, Bayelsa State.

Bayelsa was confirmed as host by the NWFL yesterday following a review of bid interests from various states to stage the playoff competition.

The NWFL Chairman, Nkechi Obi, expressed hope that the opportunity to host a great Super Six will further boost women's football in Bayelsa and raise the profile of the sport in Nigeria. This will be the first time that the NWFL Premiership playoff tournament will be hosted by Bayelsa State.

Yenagoa is also the home ground of Bayelsa Queens, who had a memorable 2022 NWFL Premiership campaign where they famously won the domestic title, WAFU-B playoff and eventually finished third at the 2022 CAF Women's Champions League held in Morocco.

On the tournament's schedule, the NWFL's Chief Operating Officer, Modupe Shabi, said the Super Six playoff will be played in a round-robin format, with each participating team playing

five matches in the race for the coveted title.

She said the participating clubs are expected to arrive in Yenagoa tomorrow, followed by the draw and pre-match meeting to be held on Friday from 10 am.

The playoff tournament would begin on Saturday with Matchday One and end with the Matchday Five on Sunday. Three matches will be played on each Match Day, with breaks in between match days. With holders Delta Queens missing out, six giants will battle for the coveted Nigerian league crown, having qualified as the top three finishers from two groups during the regular season of 14 matches.

The six teams include the host team Bayelsa Queens, Edo Queens, Rivers Angels, Confluence Queens, Nasarawa Amazons and Heartland Queens.

In Group A, Nasarawa Amazons finished as group winners with 27 points from 14 matches, followed by Confluence Queens in second with 25 points and Heartland Queens in third with 24 points.

Sitting top in Group B was Rivers Angels with 27 points, four ahead of Edo Queens in second and Bayelsa Queens in third with 22 points from 14 games.

The title winner of this year's Super Six tournament will represent the country in the WAFU-B qualifiers to qualify for the 4th CAF Women’s Champions League.

Maradona’s 1986 World Cup Golden Ball Trophy for Auction

Diego Maradona's "stolen" Golden Ball trophy, awarded for being named the best player at the 1986 World Cup, has been found and will be auctioned off in France on 6 June.

The Aguttes auction house announced on Tuesday that the item had resurfaced and they expect it to be sold for "millions".

Maradona, who died in 2020, won the award after leading Argentina to World Cup victory in Mexico.

"There are a lot of stories and legends, like it was stolen by the mafia to make gold," the Aguttes auction house sport expert Francois Thierry told BBC Sport. "We did all the necessary checks and called the police about it.

"We have had the ball for about one year. We did a lot of research about it since there are a lot of details in terms of manufacturer comments until we could say it was a good one."

The Golden Ball was bought by the anonymous seller in 2016 at an auction in France. However, he was unaware what item he had purchased.

"He bought it with many other things, at the beginning he did not know it was something important,"

Thierry added.

"In the case he bought there were a lot of trophies. He then searched on the internet and found it could be the Golden Ball.

"He tried to call Maradona and Fifa, but had no luck."

The 1986 World Cup arguably is best remembered for Maradona's two goals against England in the quarter-finals.

Maradona outjumped England keeper Peter Shilton to punch his first goal into the net with a raised fist, which was later described by the Argentine as being scored by the "Hand of God".

His second was voted as the "Goal of the Century" in a Fifa poll, Maradona dribbling from his own half past five English players to score. Both the jersey he wore that day, along with the ball from the match, have previously been sold at auction for millions.

"The trophy symbolizes the pinnacle of his career and he is the player of the century," Thierry said.

"We can see there were some results from before when his jersey against England in 1986 being sold for I think £9m and the ball of the game went for £2m, so we expect millions."

Doucoure was the star player on the Tunisian side as his three points throws were awesome! But Rivers Hoopers refused to let go, rushing to a 17-12 win to leave the final summary scores

Borussia Dortmund players celebrating reaching the Champions League final after their aggregate 2-0 victory over PSG in Paris...last night

MISSILE

US Ambassador to Nigeria

“Nigeria needs to diversify its economy and invest more in digital technology. ICT alone contributes 22 per cent of Nigeria’s GDP. Nigeria should begin to export ICT solutions because ICT is contributing three times more than what oil and gas is contributinxg to the Nigerian economy. There is need for collaboration to unleash the talent that will further grow the digital workforce of Nigeria” --USConsul GeneralinNigeria,WillStevens,chargesNigeriatoinvestmoreindigitaltechnology.

MohaMMedIDrIS

GUEST COLU m NIST

President Tinubu’s First Year in Office: Propelling Nigeria Towards Renewal

Three weeks from now, President Bola Ahmed Tinubu will mark his first year in office. As we approach that first anniversary, it is only natural that the entire nation will be looking back and reflecting on the journey so far. In this piece, I would like to highlight some of the foundational elements of the thinking underpinning the work that President Tinubu is doing to reset and remake Nigeria. I believe that the more Nigerians are able to understand the ‘whys’ behind the ‘whats’, the easier it will be to connect the dots between the vision and its outcomes.

I will start by reiterating known facts: that President Tinubu came to the Presidency with eight years of experience as the Governor of the largest subnational economy in Africa, during which he mastered the art of implementing enduring institutional and process reforms. The President also showed up with an unparalleled understanding of the private sector, honed by his high-flying career as a corporate executive in the oil and gas industry. These have no doubt shaped his approach to the task of leading Nigeria. It is with these in mind that I will now turn to highlight five core principles or ideas that underpin the President’s leadership vision.

Firstly, President Tinubu is resolutely focused on policies and actions that will attract long-term local and foreign investments to Nigeria, knowing that every naira and dollar of new investment in the country means new jobs, increased productivity for local consumption and for export, and much-needed economic growth. For these investments to happen, the business environment must be conducive. This is what is fueling the painstaking rebuilding of the credibility and capacity of the Central Bank. It is also why we have extensive tax and fiscal reforms ongoing, to reduce the burden on businesses.

It is why Mr. President has established the Renewed Hope Infrastructure Development Fund (RHIDF), which is mobilizing billions of dollars for infrastructure projects that will reshape the country’s landscape – our roads and highways, airports and seaports, power plants, and so on. It is equally what explains the constant engagement with local and foreign investors, in which

the President plays the role of Chief Marketing Officer with great energy and enthusiasm — and with remarkable success. In the last one year, we have seen investment commitments in excess of 30 billion USD, across various sectors.

Secondly, President Bola Ahmed Tinubu is focused on policies and programs that provide direct and targeted economic relief and benefits to the pockets and livelihoods of Nigerians, by way of grants, education loans, food and fertilizer distribution, cash transfers, health insurance, and consumer credit.

As we speak, disbursement has since commenced of the nano-grants of fifty thousand Naira each intended for one million Nigerians, part of a larger 200 billion Naira MSMEs credit program.

The National Social Investment Programme (NSIP) is currently being repositioned to ensure that it delivers maximum value to the intended beneficiaries, without the distortion of middlemen. This vision of targeted economic relief has also led to the launch, in recent weeks, of the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CrediCorp), as well as the work going on to negotiate a new minimum wage that will touch the lives of millions of Nigerians. A Presidential Compressed Natural Gas (CNG) initiative to provide a cheaper alternative to petrol and diesel for transporters and commuters is also

being finalized.

Thirdly, the President understands that desirable developmental outcomes often require a temporary period of pain and adjustment. He seizes every opportunity to be seen and heard asking for the understanding of the Nigerian people. Speaking recently at the World Economic Forum meeting in Riyadh, Saudi Arabia, he said, “Concerning the question of subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt and to reset the economy and the pathway to growth. It was going to be difficult, but the hallmark of leadership is making difficult decisions when they need to be made.”

On the foreign exchange regime reforms, he said, “The currency management was necessary, equally to remove the artificial element of value in our currency. Hence, our local currency finds its level and competes with the rest of the world’s currencies as we remove corrupt arbitrage and opaqueness.”

President Tinubu wants to build a Nigeria that is confident and competitive on the global stage. Because of this, we can no longer afford certain ways of doing things. We must push past the false comfort of certain ingrained habits and practices, and endure inevitable but temporary discomfort, because we are certain that ahead of us lies lasting reward.

Fourthly, we have a President who listens very actively to the opinions of Nigerians, who does not allow ego to get in the way of doing what is best, and does not shy away from implementing adjustments in the policy-making process, where necessary. When the Students Loan Act required some more work, he wasted no time in getting this done. He sent the Act back to the National Assembly, where it was revised in record time, and returned for presidential assent. Today we have a much-improved Act that will deliver even greater value to the young Nigerians for whom it is intended.

Fifthly, President Tinubu is an adept communicator who leads by example, and wants Nigerians to always be in the know regarding the decisions being taken on their behalf. As the Minister of Information and National Orientation, I can attest to the enthusiasm that I have always seen in him, which has

helped greatly in my work. I have personally enjoyed the President’s support to inaugurate a pioneering National Communications Team (NCT) that brings together key communications experts in the Presidency and the Federal Government, alongside the heads of our public information agencies. Our goal is to ensure that Nigerians are carried in a timely and transparent manner, as the President intensifies his determination to deliver on the Renewed Hope agenda. Nigerians will in the months ahead see even more effort from us to communicate this journey of transformation. Let me now also add this: We were well aware, from the very start, that the task we signed up for as a party and a government — to renew the hope of Nigerians, and to convert that hope into genuine satisfaction, under the inspired leadership of President Tinubu — was never going to be an easy one. That is in fact why we put ourselves forward; because we knew that at this critical juncture in our history, Nigeria requires thinking that is fresh, audacious, and pragmatic; and we are confident that we can deliver this, against the backdrop of a world assailed by myriad fiscal, geopolitical, and technological challenges. Under President Tinubu’s watch, we will rebuild and restore the faith of Nigerians in their country.

As the implementation of our administration’s first full-year budget gathers momentum, Nigerians will increasingly see, across all sectors of the economy, concrete manifestations of the renewed hope they ushered in a year ago. This is where I will again ask for the continued understanding and support of all Nigerians, and for the media to strive to become fully alive to its democracy-nurturing obligations. As a government, we must be held accountable for all that we have promised the people of Nigeria. At the same time, we also deserve to have Nigeria’s budding success narratives reported and amplified with enthusiasm, and without distortion. With a committed President and team, as we move into the second year of the administration, there is no doubt in my mind that things can only get better for this blessed and beautiful country of ours.

•Mohammed Idris, fnipr, is the Honourable Minister of Information and National Orientation of Nigeria.

President Bola Tinubu