MONDAY 11TH MAY 2020

Emefiele Allays Foreign Investors’ Fears over Funds Repatriation Obinna Chima The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has assured foreign investors in the country of the safety of their funds despite the scarcity of forex the country is presently facing

due to the significant drop in oil revenue.

Speaking in an interview with the press at the end of three different meetings with stakeholders in Abuja, at the weekend, Emefiele allayed fears expressed by some foreign investors, just as he

guaranteed those interested in repatriating their funds that their monies were safe.

Recalling that the country faced a similar situation between 2015 and 2016, he said the central bank had put in place measures to ensure an orderly exit for those interested

in doing so.

The CBN governor explained: “In 2015 and 2016, we faced the same situation.

What did we do? We called a meeting of the correspondent banks and development partners. We told them that none of them would lose their

money in Nigeria.

“And I am happy that we went through that without anybody losing his money in Nigeria. We made sure those that wanted to go were able to take their monies out because things turned around and we also put in place policies that

made it possible for them to take their monies out.

“We always like to support an orderly exit, but not an exit where everybody rushes to the door at the same time.

If there is a fire in this room Continued on page 9

Global Stock Markets Lose $18tn to Pandemic, Says Report... Page 5 Monday 11 May, 2020 Vol 25. No 9163. Price: N250

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CBN Assesses Funding Requests for Nigerian-made COVID-19 Vaccines 248 new cases bring tally to 4,399 with 778 discharged, 143 dead FG increases testing laboratories to 23 CACOVID pledges more support for PPE producers Lagos,FCT,Borno,Kanodischarge82morepatients Riversdemolishestwohotels for flouting restriction order NJC approves online sitting of courts nationwide Obinna Chima, Goddy Egene, Martins Ifijeh, Peter Uzoho in Lagos, Chuks Okocha, Olawale Ajimotokan in Abuja, Ernest Chinwo in Port Harcourt, Michael Olugbode in Maiduguri and Ibrahim Shuaibu in Kano The Central Bank of Nigeria (CBN) yesterday said it was reviewing funding requests by

local researchers to support the development of vaccines and drugs for COVID-19.

THISDAY had last week reported that paucity of funding had hampered efforts of the nation’s major research institutions to develop vaccines and curative drugs for the disease.

But the CBN Governor, Mr. Continued on page 9

FG to Set Up Panel on Implementation of Oronsaye Report There’ll be no job losses, says Ngige Onyebuchi Ezigbo in Abuja The federal government is to constitute a presidential committee to work out ways to implement the recommendations of the Steve Oronsaye Panel on

rationalisation of ministries, agencies and parastatals.

However, Minister of Labour and Employment, Dr. Chris Ngige, has assured the public that the merger and scrapping Continued on page 9

MONITORING LOCKDOWN...

L-R: Secretary to the Delta State Government, Mr. Chiedu Ebie (left), and Governor Ifeanyi Okowa monitoring the ban on inter-state travel to curb the spread of COVID-19 at Asaba/Onitsha Head Bridge in Asaba…weekend

Jonathan Explains Low-key Participation in Politics... Page 8

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

Global Stock Markets Lose $18tn to Pandemic, Says Report Nigeria loses N1.71tn

Ndubuisi Francis in Abuja Over $18 trillion have been wiped out globally by the COVID-19 crisis between February and March 2020, even as capital markets maintained their role of facilitating the transfer of funds in the real economy.

In the First Quarter (Q1) 2020 and the full-year 2019 Market Financial report just released by the World Federation of Exchanges (WFE), a copy of which THISDAY obtained at the weekend, the WFE placed its 2019 full-year statistics side by side the statistics for Q1 2020, with the aim of helping to better understand the intensity of the shock the global economy has experienced over the last quarter and the challenges that markets have faced.

According to the WFE, more than $18 trillion globally were wiped out by the COVID-19 pandemic over the course of February and March 2020.

It noted that even in such a difficult time, markets kept playing their role, facilitating the transfer of funds in the real economy.

The global report is coming on the heels of a recent News Agency of Nigeria (NAN) report that the Nigerian capital market lost N1.71 trillion or 12.54 per cent with market capitalisation falling from N13.657 trillion on February 28 to N11.945 trillion as at close of trading on April 20.

But the WFE report stated that in the first quarter of 2020, the global number of initial public offerings (IPOs) and the amount of capital raised significantly increased from the first quarter of 2019.

In March, described as the most impacted month of the first quarter of 2020, the WFE still saw more than 70 IPOs worldwide, raising more than $5.5 billion in capital.

The financial report said at the

end of Q1 2020, the domestic market capitalisation of all the regions amounted to $73.14 trillion, a 13.61 per cent decrease when compared to Q1 2019.

All regions were equally affected. While the Americas lost 17.28 per cent of its value, the Asia-Pacific region posted12.76 per cent and the EMEA region 7.11 per cent.

This is compared to Q4 2019 with a global decrease (-20.75 per cent), comprising the Americas (-22.18 per cent ), Asia-Pacific (17.48 per cent ) and EMEA (-22.79 per cent).

Global stock markets started 2019 against the backdrop of low market capitalisation figures in 2018.

As the year unfolded, however, the fears of a global economic slowdown receded and geopolitical and trade tensions showed some respite.

By the end of 2019, most indicators were positive.

Domestic market capitalisation reached record high levels in markets across the globe and investment flows through IPOs substantially increased. On the downside, there were significant declines in new listings through IPOs. While some of the positive indicators in 2019 are partly a result of having started the year at a low base, they are also a consequence of specific events, like Saudi Aramco’s IPO, the lowering of interest rates by the US Federal Reserve and some large IPOs in the technology sector, including interest.

Exchange-traded derivatives volumes reached record volumes in 2019, with only currency futures showing a decline when compared with 2018.

Global domestic market capitalisation in 2019 was up by 25.58 per cent relative to the end of 2018. All three regions enjoyed an increase in market capitalisation – Americas up by 19.44 per cent, Asia-Pacific up by 30.0 per cent and Europe,

160 Nigerians Evacuated from US Arrive Abuja Kasim Sumaina in Abuja The 160 Nigerians evacuated from the United States by the federal government on Saturday arrived at the Nnamdi Azikiwe International Airport, Abuja yesterday.

They were evacuated with an aircraft, a 270-passengercapacity Boeing 787 flight Number ET 509 with registration number ET-AOQ , which departed Newark (EWR) Liberty International Airport in New Jersey on Saturday and arrived at the Federal Capital Territory at about 11:05 a.m. yesterday.

The returnees were later taken to various locations for their isolation programme in seven buses and well spaced out in the buses to ensure compliance with social distancing.

Director, Public Affairs, Ministry of Aviation, Mr. James Odaudu, while speaking with THISDAY through a telephone interview, said though the federal government had banned

international flight, the exigency of the moment necessitated the approval of evacuation from both countries.

He explained: "The Presidential Task Force on COVID-19 is fully in charge, while the evacuation is being conducted by the Ministry of Foreign Affairs.

"The role Ministry of Aviation is playing in this regard is to provide the facilities for them to land as the operators of the airport.

"The arrangements to bring them and to the airline are being handled by the Ministry of Foreign Affairs.

"While the Ministry of Health and the NCDC officials are of course on the ground for testing and evacuation of the Returnees to Isolation centres."

The Consulate General of Nigeria in New York had on behalf of the Nigerian Missions in the US, recently confirmed the one-way flight being arranged for the evacuation of Nigerians in the US to Abuja.

the Middle East and Africa (EMEA) up by 31.9 per cent.

In 2019, the value of trades in equity shares was down by 7.7 per cent , but the number of trades was up by 13 per cent when compared with 2018, the contrast explained by regional trends.

For value traded, AsiaPacific’s uptick of 10.9 per cent was not large enough to outpace the downtick in both the Americas (-15.37 per cent ) and EMEA (-15.3 per cent).

And for a number of trades, Asia-Pacific’s increase of 23.3 per cent versus the Americas down by 1.7 per cent and EMEA also down by 2.7 per cent , was enough to drive a global positive trend.

As of the end of Q1 2020, the value of trades inequities amounted to $32.5 trillion,

an increase of 36.13 per cent globally when compared to Q1 2019.

All regions were positive.

The Americas saw a 42.29 per cent increase, the Asia-Pacific region a 25.97 per cent uptick and the EMEA region a 42.16 per cent increase as compared to Q1 2019.

In 2019, new listings through IPOs were down by 25 per cent , but investment flows through IPOs were up by 12.2 per cent on 2018.

The combination of the decrease in the number of IPOs and the increase in the number of funds raised suggests that companies going to market over the course of 2019 were, on average, larger in size.

Average investment flow per listing in 2019 was $166.2 million, as opposed to $113

million in 2018.

In Q1 2020, a total of 225 new companies listed on stock markets through IPO. The number of IPOs was 6.9 per cent larger than in Q1 2019, though 53.97 per cent lower to Q4 2019.

Despite the COVID-19 outbreak, February and March 2020 did not see a plunge in the number of IPOs as 74 companies listed through IPO in February 2020 and 73 in March.

These figures are comparable to and even higher than several 2019 monthly figures.

The chief executive officer of the WFE, Nandini Sukuma, said: “Markets have remained open, supporting the economy during this crisis. The industry’s long-running commitment and investment in business continuity planning have

enabled markets to provide funding solutions for those who need it, risk mitigation and management for those who need it and for investors to take a view on the economy and on growth. As an industry, we look forward to helping rebuild the global economy.�

On the other hand, Pedro Gurrola-Perez, head of research at the WFE, stated: “To better assess the impact of the economic shock of COVID-19 on markets across the globe, we have produced a report that brings together the highlights of 2019 with an update of the first quarter of 2020. When looking at the data, one cannot overstate the fact that, even during the worst days of the crisis, markets remained resilient and continued facilitating the transfer of funds in the real economy.�

STEPPING OUT...

Bayelsa State Governor, Senator Douye Diri (left), and former president, Dr. Goodluck Jonathan, during the swearing-in of the Peoples Democratic Party (PDP) State Executive Council members in Yenagoa‌yesterday

NCDC, Kano Train 300 Health Workers on COVID-19 Mobilises 5,000 volunteers Ibrahim Shuaibu in Kano Kano State has begun to enjoy the fruit of its new-found partnership with the federal government as 300 of its health workers have been trained on COVID-19 management by the Nigeria Centre for Disease Control (NCDC) and other partners.

The state government has also mobilised 5,000 volunteers, including retired doctors and nurses in the push to curb the rampaging virus that has infected 576 and killed 18 persons in the state.

A statement by the Chief Press Secretary to the governor, Mr. Abba Anwar, quoted the head of the Presidential Task Force on COVID-19 in Kano State, Dr. Nasiru Gwarzo, as saying the nature of the pandemic in the state had now been understood and that the government was prepared to scale up its management. "We now know the problems and the solutions for Kano," Gwarzo was quoted to have said.

He reportedly added: "We are able to train many people in the management of COVID-19 in the state. This, we are doing with

Ganduje thanks FG for support

other capable partners, that are known very well in that field.

It is encouraging to know that, the caliber of trainees in Kano will support not only Kano but other states."

Anwar said Gwarzo spoke at the weekend while receiving Governor Abdullahi Ganduje at Babale Suites, Kano, where the training of health workers by the task was holding.

He said the governor paid the visit alongside members of the State Task Force on COVID-19 and other members of the State Executive Council.

He said the task force head advised the people to be restrained in their interpretation of their situation, explaining that, "Steps need to be followed and people should know that you just cannot wake up tomorrow and see all that you want in dealing with such health problems. But the fact that we now know these problems and solutions, we are making headways."

On improving the capacity of non-health workers, he said the trained personnel would also train cleaners in health facilities, as well as food handlers, and hospitals’ security men among

others.

"We also trained hoteliers and their workers on disease control, particularly infectious diseases," he said, adding: "We are appreciative of His Excellency's commitment towards handling this pandemic. We are as well praying that may Allah preserve you to continue with the good work you are doing."

Gwarzo commended the efforts of the state government in providing items like personal protective equipment (PPEs), hand wash, sanitizers, customized tap buckets, and other items. "Kano is doing the needful against this global pandemic," he said.

Anwar also quoted Prof.

Abdusalami Nasidi, the envoy of the Minister of Health on COVID-19 in Kano State as explaining, "We trained 300 workers since we arrived as Ministerial Task Force and another team, Presidential Task Force on COVID-19. Out of them, 119 are doctors and nurses. We are targeting 600 workers."

He said the envoy was impressed with the size of health workers with Masters in Public Health in the state.

"Kano State has the largest number of health workers with Masters in Public Health. So Kano doesn't have a problem with manpower. Ours is just to reposition the manpower.

This is what we are doing now," Nasidi was quoted to have said, assuring that before they leave the state, they would make sure that all the isolation centres are manned by highly qualified hands.

Responding to the experts Ganduje reportedly said, "We are grateful that you provided advocacy, facilities, consumables, and others. But all these are not workable if we don't have the capacity. This is what you are providing now."

Ganduje thanked President Muhammadu Buhari and Minister of Health, Dr. Osagie Ehanire, for the good and timely intervention, saying: "We are thankful to President Muhammadu Buhari and Honourable Minister of Health for coming to our aid to fight this menace."

The governor said the state had recruited 5,000 volunteer medical workers to tackle the pandemic.

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Jonathan Explains Low-key Participation in Politics Segun James Former president, Dr. Goodluck Jonathan, at the weekend gave reasons for his low visibility in political circles in Nigeria.

Jonathan said in Yenagoa, the Bayelsa State capital that he was shifting away from partisan politics to focus more attention on his foundation so that the realisation of its goals would not be marred by partisanship.

He spoke at the inauguration of the state executive council of the Peoples Democratic Party (PDP) by the Governor, Senator Douye Diri.

The former president, who holds the record of the first sitting president to concede defeat even before the official announcement of the poll winner in 2015, had shortly after his exit from power, set up the Goodluck Jonathan Foundation, (GJF).

The foundation, with head office in Yenagoa and a subsidiary office in Abuja, was set up "to serve as a platform to champion and catalyse the positive social and economic progress being experienced across Africa, by focusing on promoting peace and stability, and enterprise development," two key issues which Jonathan believes can yield far-reaching positive outcomes at scale across the continent.

His low-key participation in political activities had stirred rumours, especially during the 2019 electioneering and the last governorship election in Bayelsa State that he was no longer in the PDP. His absence at a rally on November 7, 2019 at the Oxbow Lake Pavilion in Bayelsa, to kick off the party’s campaign ahead of

the governorship election in the state and hosting the candidate of the opposition All Progressives Congress (APC), Mr. David Lyon, at his country home in Otuoke had fuelled rumours of his alleged disenchantment with the PDP. Jonathan, who said he was actually moving away from being "an effective partisan politician," however, noted that his absence from political activities was being misunderstood.

"Don't be discouraged if you do not see me in most party activities in the state. I decided to appear in this event so that I will not be misunderstood.

"I'm shifting away from being an effective partisan politician because of my foundation. People who want to partner with me felt that if you are a partisan leader in the country, they will eat with you with a long spoon.

"I felt that after serving as president of this country, I should go to some other areas where my services would be required. Through that process, I would be able to support the nation and the state in one way or the other," he was quoted as saying in a statement issued

by Diri's acting Chief Press Secretary, Mr. Dan Alabrah.

The former president called on the new state executive council to run an all-inclusive administration, to promote peace, unity and stability in achieving more successes for the party.

According to him, the survival of the party in the state depends on its capacity to effectively manage its affairs.

"You have an enormous responsibility before you. You must work with the governor and not at cross purposes.

"No matter how strong a

party is, if the people don't appreciate you, you would be struggling to have them on your side. I know you will work harmoniously with members and carry everyone along," he added.

Jonathan also applauded the exemplary leadership exhibited

by Diri within a short period in office.

The governor urged the new party leadership to reach out to all those who had left and to bring them back into the fold towards sustaining the party's dominance in the state.

He also tasked them on loyalty to the party and for them to eschew divisive tendencies because "we are all brothers and sisters of Ijawland."

Diri, who noted the forthcoming senatorial bye-

elections would be a litmus test for the new council, challenged the leadership to work towards winning the west and central senatorial seats.

"As a result of our divine emergence, we should not be vindictive. Let us forgive one another and bring everyone on board because we want to sustain our party's dominance in the state.

"It seems like a tall order but you have the capacity to do so. We are all brothers and sisters of Ijawland. So let us not split ourselves. When we are united, we will be stronger and bring development closer to our people," he said.

PDP National Chairman, Prince Uche Secondus, represented by the National Vice Chairman of the Southsouth zone, Mr. Emmanuel

Ogidi, congratulated the new state executive council and implored them to work as a team.

While commending Diri on his reconciliatory efforts, he said the move would strengthen the party towards achieving victory in future elections.

Diri's predecessor, Hon. Seriake Dickson, expressed satisfaction with his successor for recording successes in piloting the affairs of the party so far, as evident in the smooth election and successful inauguration of the new leadership.

Represented by the Sagbama PDP Caucus Chairman, Chief Francis Doukpola, Dickson thanked the immediate past chairman for his loyalty to the party and the winning

streak during his leadership while congratulating the newly inaugurated executive.

In his acceptance speech, the new chairman, Mr. Solomon Agwanana, thanked Jonathan and Diri for their leadership role in strengthening the party.

He said his watchword would be repositioning the party and consolidating the gains achieved by past leaders.

Agwanana also called for clear direction from the governor as the leader of the party, to give the right instrument and synergy needed to record more victories as the leading party in the state.

The highpoint of the event was a minute silence in honour of the late Pastor Keniebi Okoko, a former governorship aspirant who passed on a few weeks ago.

TOUGH GUY...

Rivers State Governor, Nyesom Wike, inspecting persons arrested for violating the lockdown order to stop the spread of COVID-19 in Port-Harcourt‌weekend

Concerns over Lawmakers’ Move against NBET CEO Iyobosa Uwugiaren in Abuja There are concerns over a motion expected to be moved on the floor of House of Representatives tomorrow by some members of the House Committee on Power against the Managing Director/ Chief Executive Officer of Nigeria Bulk Electricity Trading Company (NBET), Ms. Marilyn Amobi, over alleged gross misconduct and insubordination.

The motion is coming at a time when some representatives are saying that since President Muhammadu Buhari has moved NBET from the Ministry of Power to Ministry of Finance, Budget and National Planning, the aggrieved lawmakers should drop the motion on the grounds that there is no locus stand upon which the Committee on Power should so act since the NBET should ideally be under the Committee on Finance.

The planned motion is being sponsored by Hon. Mohammed Ali Wudil; Hon.

Muhammed Ibrahim Bukar; Hon. Usman Abdullahi; Hon. Olarenwaju Ibrahim, and Hon. Abubakar Yalleman.

The members’ complaints against Ms. Amobi is that in line with the provisions of the Standing Orders of the House of Representatives, the Committee on Power that is saddled with the responsibility of carrying out oversight on the Ministry of Power and its agencies, including the Nigeria Bulk Electricity Trading Company (NBET), was in receipt of complaints and reports, which allegedly indicted the Managing Director of the NBET. They also claimed that several anti-corruption agencies among which are the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC) and the Office of the AuditorGeneral for the Federation had earlier indicted the Amobi for corruption and mismanagement and that despite the present administration’s fight against

corruption, she remained in office with attendant damages to the agency and the power sector in general.

The lawmakers further claimed that during the oversight visit by the Committee on Power to the Nigeria Bulk Electricity Trading Company, Ms. Amobi exhibited complete disrespect and disregard for the committee.

However, a member of the newly reconstituted board told THIDAY last night in Abuja that the board is very concerned about the motive of the sponsors of the motion.

He said: ‘’I understand that the motion will be taken on Tuesday. Of course, I am not sure whether there is a provision for the House of Representatives Committee to discipline the Chief Executive Officer of a public limited liability company that is governed under the Companies and Allied Matters Act. ‘’At this time of serious issues across the country, a member of the House

thinks the best thing to expend resources on is to chase issues that he cannot substantiate. Already they are promoting a doctored video, which suggested that the MD of NBET was rude to them."

An insider said that the lawmakers’ allegations against Amobi were the same that had been made against her since she resumed as the MD of NBET. According to the source, ‘’Ms. Amobi has never received any letter or communication regarding findings of corruption against her from the ICPC, EFCC or the Auditor-General’s Office. ‘’Against the allegation of the lawmakers, she has also not been found culpable for stealing N2Billion each month from the purse of NBET; or for over invoicing of the invoices that two power plants issue to NBET, namely the Olorunsogo and Omotosho power plants. ‘’In any case, you may recall that the NERC conducted an investigation on this matter and absolved her of any allegation of fraud. Indeed,

the NERC reported that the two petitioners, Sambo and Waziri, were unable to show how the over invoicing or the stealing of N2Billion each month occurs.’’ THISDAY gathered that the payment to the Olorunsogo and Omotosho power plants had gone on since the power plants were privatised and this was way before Amobi joined NBET in August 2016 as MD. ‘’So the pioneer MD of NBET made the same payments; Waziri Bintube, the petitioner, made the same payments in his capacity as the acting MD/CEO, and Sambo Abdullahi processed the tickets/vouchers in his capacity as the internal auditor then. Ms. Amobi continued to make the payments since she joined NBET in August 2016,’’ the board member stated.

The understanding is that NBET is a PLC that is governed under the Companies and Allied Matters Act (CAMA), and not a parastatal of the Ministry of Power or any other

ministry. And consistent with the CAMA and precedence with other companies of government, the MD is usually appointed for a period of five years in the first instance and can be renewed subject to the President and the Board of Directors’ approval.

In line with the rules that govern the company, any allegations of fraud, misapplication of public funds or disciplinary measures against the MD should be referred to the Board of Directors for determination. ‘’The president set the direction by doing that when in January 2020, he reversed the Amobi’s suspension by the Minister of Power and requested that the allegations are sent to the board for determination. It, therefore, goes without saying that the Committee on Power should send any of the allegations that they have on incompetence, gross misconduct, corruption and insubordination to the Board of Directors of the company, the board member insisted.

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PAGE NINE CBN ASSESSES FUNDING REQUESTS FOR NIGERIAN-MADE COVID-19 VACCINES Godwin Emefiele, in a telephone chat with THISDAY yesterday said the bank was perusing applications for funding by world class Nigerian private and public research organisations interested in the development of vaccines and drugs to fight the pandemic.

Meanwhile, the federal government, through the Nigeria Centre for Disease Control (NCDC) is scaling up testing capacities through the activation of three new COVID-19 testing laboratories in the country, bringing the total number to 23.

It also reported last night that Nigeria had recorded 248 new cases, bringing the total to 4, 399 in the country.

The centre said Lagos recorded 81 new cases, Jigawa 35, Borno and Kano 26 each, Bauchi 20, Federal Capital Territory (FCT) 13, Edo 12, Sokoto 10, Zamfara seven, Kwara and Kebbi four each, Gombe, Taraba, Ekiti and Ogun two each, while Osun and Bayelsa recorded one each.

The number of those tested rose to 23, 835.

The Private Sector Coalition Against COVID-19 (CACOVID) has also promised to increase its patronage of locally manufactured Personal Protective Equipment (PPE) in the battle against the spread of the virus.

However, the population of people being treated for the virus reduced at the weekend with the Federal Capital Territory (FCT), Lagos, Borno and Kano States discharging 82 more patients.

Emefiele, in the interview, said the apex bank had received proposals from both public and private research organisations, and was considering them preparatory to approval and disbursement of funds to research to speed up the discovery of vaccines for the virus.

He added that out of the N100 billion healthcare intervention fund that the central bank unveiled in March, the first beneficiary, Fidson Healthcare Plc, one of the leading pharmaceutical manufacturing companies had received approval for N2.5 billion.

Emefiele said: “We are assessing the various proposals that have been sent to us by researchers for the development and trial of vaccines and in due course we would make some announcements about those that

met our requirement and those we would support for vaccine. “Also, from the N100 billion health sector facility, we have approved for Fidson Healthcare N2.5 billion to expand its plant into the production of ethical drugs and intravenous. So, we are also reviewing other requests for funding for the N100 billion facility and in due course we would make the announcement.�

The CBN had in March released guidelines for accessing its N100 billion credit support facility for its healthcare sector.

The fund was announced as part of a raft of measures to cushion the impact of the COVID-19 pandemic on the economy.

NCDC Increases Testing Laboratories to 23 Nationwide In the meantime, the NCDC has activated three new testing laboratories in the country, bringing the total number to 23 nationwide, to boost the nation's testing capacity.

NCDC, which announced this yesterday through its verified Twitter handle @NCDCgov, said the newly activated laboratories were located at the University of Benin Teaching Hospital (UBTH) in Edo State, University of Port Harcourt Teaching Hospital (UPTH) and the Rivers State University Teaching Hospital, both in Port Harcourt, Rivers State.

It said: “This brings the number of laboratories in Nigeria with the capacity to test for COVID-19 to 23.�

Private Sector Coalition Pledges Increased Support for Local Manufacturers Also at the weekend, CACOVID promised to increase its patronage of locally manufactured Personal Protective Equipment (PPE) in the battle against the spread of COVID-19.

Responding to an enquiry from THISDAY during a telephone interview, one of the leaders of CACOVID and Managing Director of Access Bank Plc, Mr. Herbert Wigwe, stated that the coalition had been patronising manufacturers of locally made protective equipment since its formation.

He said: “We buy PPE locally.

CACOVID will continue to support local manufacturers, whether it is for face masks or PPE, etc. The only things that we import are medical equipment that cannot be manufactured here, but are absolutely necessary for the treatment of COVID-19. Even the medication like Erythromycin, it is produced locally in Enugu. “We have a technical committee and that committee is made up of people who are very strong in research and one of them is at Redeemers University.�

CACOVID said it had also donated fully equipped isolation centres and medical equipment to Ondo and Kwara States.

The donation was in response to pleas by governors of the two states and to strengthen the partnership with governments at all levels to help contain the pandemic.

The group, made up of leading private sector operators, had earlier donated similar items to Rivers and Enugu States, apart from the distribution of palliatives to the people, which the coalition commenced in Lagos last week.

CACOVID, while handing over a 100-bed space isolation centre and medical items in Ilorin, Kwara State said its efforts were meant to complement the federal government’s action against the spread of the virus and to end the pandemic in Nigeria.

Speaking at the handover to the Kwara State government, the spokesperson of CACOVID, Mrs. Grace Olagunju, said the gesture was to support the government to successfully fight the virus.

The representative of the state government, Chairman Medical Advisory Committee of COVID-19 Technical Committee in the state, Dr. Femi Oladiji, commended CACOVID for the gesture, stressing that it would help the state government in its efforts to successfully fight the pandemic.

In Akure, the Ondo State capital, the coalition donated medical equipment and beddings to Ondo State Infectious Diseases Hospital (IDH), where 10 patients are currently undergoing treatment and three suspected persons are being isolated.

The Head of Ondo State COVID-19 Task Force, Dr. Busari Ismail, said though the three suspected cases had tested negative, they would still need

to run another test before they could be discharged if they tested negative again.

Lagos, FCT, Borno, Kano Discharge 82 More Patients Lagos, Borno and Kano States, as well as the Federal Capital Administration (FCTA), have discharged 82 more patients.

FCTA discharged 39 patients undergoing treatment at one of its isolation centres in Abuja.

It was the largest number of patients to be discharged at any particular occasion in the FCT since the outbreak of the pandemic.

The FCTA COVID-19 Situation Room said yesterday that the patients were discharged late on Saturday to bring the total number of those discharged to 85.

The Lagos State Government discharged 21 more patients from its isolation centres, bringing to 469 the total number of successfully treated persons in the state.

The Governor, Mr. Babajide Sanwo-Olu, said four of those discharged were females and 17 males, adding that they are all Nigerians.

He said: "Three were discharged from the Onikan Isolation Centre, one from the Eti Osa (Landmark) Isolation Centre, one from First Cardiology Hospital (an accredited private isolation facility), six from Lekki Isolation Centre and 10 from the Lagos University Teaching Hospital (LUTH), Idi-Araba.

"They were discharged today having fully recovered and tested negative for COVID-19 in two consecutive test readings. With this, the total number of cases successfully managed and discharged from our isolation facilities has risen to 469."

The Borno State Government also yesterday said 12 patients were discharged in the state.

This brings to 14 numbers of patients discharged since the pandemic was first reported in the state as two parents were earlier discharged a few days ago.

The Chairman of the state Committee on COVID-19 and Deputy Governor, Alhaji Umar Kadafur, in a statement, said of the 12, six were discharged by the University of Maiduguri Teaching Hospital (UMTH) Isolation Centre, while the remaining six were from

state isolation centre at Bulabulin Ngaranam.

The Kano State government on its part discharged 10 patients undergoing treatment in its isolation centres.

With the new patients discharged, the total number of patients successfully managed and discharged in the state stands at 32.

The state’s Commissioner for Information, Malam Muhammad Garba, said in a statement made available to THISDAY in Kano, that the patients had fully recovered and tested negative for COVID-19 in two consecutive readings.

PDP Blames Spike in Cases on Poor Leadership by APC The Peoples Democratic Party (PDP) has decried the increasing cases of the pandemic, blaming it on what it described as the poor leadership by the federal government, controlled by the All Progressives Congress (APC).

According to a statement by the National Publicity Secretary of the party, Mr. Kola Ologbondiyan, the increase in infection and mortality rates in Nigeria would have been curtailed if the federal government had articulated a quick national response to the pandemic.

The party noted that the situation had been worsened by alleged diversion of resources meant for the fight against COVID-19 pandemic.

The PDP said it was distressing that since the outbreak of the pandemic in Nigeria, President Muhammadu Buhari had not been seen to be leading from the front.

According to the party, the president addressed the country only thrice, after which he has remained out of public visibility, leading to the lack of effective coordination of the fight against the pandemic.

It accused the president of failing to act on suggestions on the administration of palliatives and production of homegrown therapeutics.

"President Buhari has woefully failed to spur and lead a strong teamwork of federal, state governments and the organised private sector for a proactive response that would have checked the spread of the pandemic in

EMEFIELE ALLAYS FOREIGN INVESTORS’ FEARS OVER FUNDS REPATRIATION and everybody rushes to the door at the same time, I am sure the fatalities would be more than if we all go out through the door in an orderly manner; and that is what we are appealing to everybody. “If you have Letters of Credit or dollar obligations, we are asking you to be patient. There may be some delay, but I am giving 100 per cent assurance to everybody that they would not lose a cent of their monies if they desire to take their monies out. But we are seeking the patience and understanding of everybody.�

Speaking on efforts of the Bank in tackling the economic impact of the COVID-19, he said the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, was committed to galvanising the manufacturing sector in a bid to reset the economy.

He said the CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group and explained that the challenge posed by the pandemic necessitated that, as leaders, the fiscal and monetary authorities must work together to moderate

the health and economic impact of COVID-19.

Emefiele said COVID-19 presented Nigeria with an opportunity to reset the economy and as such there was a need for the country to prepare itself to get the manufacturing sector to work, while the banking sector would support the economy.

With the revenue drop from crude oil, the CBN governor said Nigeria had no choice but to diversify its economic base.

He said the time had come for Nigerians to produce what could be produced in the country and consume what is produced in

FG TO SET UP PANEL ON IMPLEMENTATION OF ORONSAYE REPORT of MDAs, will not lead to job losses.

President Muhammadu Buhari had ordered that the White Paper on the report, submitted in 2014, be dusted up and implemented as one of the steps to reduce governance cost in the face of plummeting revenue occasioned by the outbreak of COVID-19 and its attendant effect on global oil price volatility.

The committee, set up by the administration of former president, Dr. Goodluck Jonathan, recommended among other measures, the reduction of statutory agencies of government from 263 to 161.

The committee's 800-page report had put the number of federal government parastatals, commissions, and agencies

(statutory and non-statutory) in the country at 541.

From the committee's recommendations, the number of statutory agencies should be reduced from the current 263 to 161.

However, the White Paper on the panel report, which the Buhari administration is set to implement, either rejected or merely “noted� for future consideration about 90 per cent of the recommendations.

THISDAY gathered at the weekend that the federal government was working on the next step to appoint an implementation committee to carry out the pruning.

A source at the presidency confided in THISDAY that the implementation of the report would mainly lead to the

merging of related offices except where the agency or parastatals are adjudged to have outlived their usefulness or have become unproductive. “If the agency has outlived its usefulness, it will be scrapped, while others will be merged. But it will be a gradual exercise and an implementation committee will have to be established to study the report and recommend the best approach to adopt," the source said.

THISDAY had reported that the government’s target for the implementation of the report is October.

The move to revisit the report has already elicited mixed reactions from stakeholders, with groups kicking against it.

The Association of Senior Civil

the country.

He urged entrepreneurs and companies to take advantage of the various interventions funds that had been put in place by the central bank to grow their businesses, create jobs and reduce the adverse consequences of the health crisis. “We found out that after eight weeks of creating various facilities, the applications are not coming as fast as we thought and that was why we decided to call the banks and companies in the healthcare sector. “Nigeria has an opportunity to reset again and begin

a new journey towards industrialisation,� he said.

He reiterated that the pandemic presented an opportunity to prepare, as the largest country in Africa, for the take-off of the African Continental Free Trade Agreement (AfCFTA) next year.

According to Emefiele, there was a need to galvanise the manufacturing and health sector to be prepared for AfCFTA, especially with the significant slide in oil revenue. “The dollars that we used to have in ample quantity would no longer come in the size and quantum they used

Servants of Nigeria (ASCSN) had issued a statement condemning it, saying that it would lead to job losses.

ASCSN’s Secretary-General, Mr. Alade Lawal, said the body was shocked that government decided at a time when the world was mourning the death of thousands of people killed by COVID-19 to implement the Oronsaye report.

But reacting to ASCSN’s position, Ngige told THISDAY at the weekend that the picture being painted about the Oronsaye report by the workers' body was not correct, adding that the intention was to minimise the cost of governance by reducing the running cost of agencies.

Ngige explained that the implementation of the report was not aimed at causing job

losses. Instead, the minister said that the key aim was to cut down on the cost of governance and to promote economic sustainability after COVID-19.

According to him, although there will be apprehension by workers that their jobs may be threatened, the idea is to cut down the running cost of the government agencies where necessary.

"It will not lead to job losses; the idea is to cut down on the cost of governance, running cost of those agencies, not the personnel cost," he said.

Ngige who is a member of the Presidential Committee on Economic Sustainability explained that even when some staff are affected, an incentive might be provided to cushion the pain.

our country," the party said.

Policeman Dies in Ogun A policeman has died of COVID-19 complications at the Federal Medical Centre (FMC), Abeokuta in Ogun state.

TheCable quoted the FMC’s Head of Public Relations, Mr. Segun Orisajo, as saying in a statement issued yesterday that the officer had presented himself at the general outpatients department at the FMC on Friday, and died on the same day. “His body is being prepared for release to his family for burial in strict compliance with World Health Organisation (WHO)’s guidelines. “All staff that came in contact with the deceased are currently on self-isolation,� the statement said.

Rivers Demolishes Two Hotels for Flouting Order on Restrictions Rivers State Governor, Chief Nyesom Wike, yesterday monitored the demolition of two hotels accused of violating the State Government Executive Order 6, banning the operation of hotels across the 23 local government areas of the state.

The hotels are Prudent Hotel, Alode, Eleme, and Etemeteh Hotel, Onne.

Addressing journalists after the demolition, Wike said the law must be obeyed, hence the state government's decision to enforce it.

He said: "Government has no alternative but to apply the Executive Order, which I signed before the lockdown of Obio/ Akpor and Port Harcourt. I called all the traditional rulers and council chairmen and told them to ensure that no hotel operates in the state.

"We are not saying it will be forever. This is for now, so that we know where we are: to reduce the cases and check the spread.

"Whether you are PDP or not, all we are saying is that nobody is above the law. If we can do this to a PDP person, then you know we are not discriminatory.

Everyone must obey. Whether you are in PDP, SDP or no party, you must obey the law. If any other person does the same thing, the same rule will apply."

He reiterated his declaration that no hotel should operate anywhere in the state.

Continued on page 37

to come. What does that also mean? It means that we have to prioritise to make sure that the available dollars are used to service obligations that are the priority. It also means that we must produce those items that can be produced in the country and consume what can be produced in Nigeria,� he added.

TOP GAINERS NGN NGN % FIDSON 0.18 2.48 7.8 CUSTODIAN 0.45 6.30 7.6 NIGBREW 2.60 37.50 7.4 NEIMETH 0.04 0.64 6.6 AFRIPRUD 0.19 3.90 5.2 TOP LOSERS NGN % UPDC 0.08 0.92 8.0 UPPLC 0.08 1.04 7.1 MTNN 8.00 112.00 6.6 JAPAUL 0.01 0.20 4.7 MBENEFITS 0.01 0.20 4.7 HPE Nestle Nig Plc â‚Ś1,000.00 Volume: 208.588 million shares Value: N2.193 billion Deals: 4,320 As at Friday 8/5/2020 See details on Page 29

10

MONDAY MAY 11, 2020 ˾ T H I S D AY

NEWS

Manufacturers Lament N420bn Unsold Products in Q1 2020 Seeks declaration of state of emergency Dike Onwuamaeze The Manufacturers Association of Nigeria (MAN) has lamented the high volume of inventory of unsold products worth N420 billion during the first quarter of 2020, canvassing a special bailout fund for the sector with tangible deliverables on the number of jobs to be created, the volume of exports to be generated, projected revenue and quantum of local raw materials to be used by manufacturers.

It also called on the federal government to declare a state of emergency in the manufacturing

sector.

The declaration of emergency, according to MAN, would enable the government to study the current state of the manufacturing sector and craft sustainable stimulus packages to herald the recovery of the industrial sector.

The call was contained in the MAN CEOs Confidence Index (MCCI) for the first quarter of 2020, which was created to quarterly measure changes in macroeconomic trends, operating environment and selected diffusion factors relevant to the manufacturing

sector.

The Head of Research Department of MAN, Dr. Oluwasegun Osidipe, who headed the research team that produced the report, stated that the respondents to the MCCI’s survey were chief executive officers (CEOs) of

manufacturing companies in Nigeria.

Osidipe explained that the MCCI survey sought to measure the thoughts of the CEOs on the economy “with a view to ascertaining their level of confidence in the prevailing economic policies, regulatory

guidelines and manufacturing operating environment in Nigeria.” The association also called on the government to reduce the financial pressure on companies occasioned by the lockdown, necessitated by the government’s measure to contain COVID-19, by providing

60 per cent of employees’ salaries for at least three months to prevent the retrenchment of workers.

It also demanded a downward review of interest rates on bank facilities to manufacturers to five per cent with two years’ moratorium.

Sokoto Commissioner Dies at 52 Onuminya Innocent in Sokoto Sokoto State Governor, Hon. Aminu Waziri Tambuwal last night announced the death of one of his commissioners, Hon. Surajo Marafa Gatawa.

The late Gatawa, who was the Commissioner for Lands and Housing, passed away after a brief illness.

Born on September 15, 1957, the late Gatawa, an astute politician was a councillor in Sabon Birni Local Government Area between 1988 and 1989.

He also became the Chairman

of the same local government area from 1991-1993.

Between 1999 and 2007, he was a member of the Federal House of Representatives representing Isa/Sabon Birni federal constituency.

During Tambuwal’s first tenure, he was the Commissioner for Social Welfare.

Four years later, he was moved to the position he held until his death.

Gatawa is survived by three wives and many children.

He has since been buried according to Islamic rites.

Umahi Suspends Commissioner, Perm Sec, Others over Porous Boundaries Governor David Umahi of Ebonyi State has ordered a one-month working suspension of the state’s Commissioner for Local Government and Chieftaincy Affairs, Chief Samuel Okoronkwo, over alleged boundary security compromise and negligence.

Umahi gave the order yesterday in a statement he personally posted on the social media and confirmed by the state’s Commissioner for Information, Mr. Uchenna Orji.

He said the suspension meant forfeiture of one month salary.

The governor also ordered a one-month working suspension of the Permanent Secretary in the ministry, Dr. Augustine Nwuzor.

The governor expressed dismay over an alleged high level of compromise and

negligence of duty he witnessed on May 9, while inspecting the state’s boundaries at Afikpo North and Ivo LGA. He threatened to sack them if there were no improvements.

He said, “All development centre coordinators of Afikpo North and Ivo LGA’s are hereby suspended from office and should handover to the ‘Member One’ in their various development centres, including their official vehicles.

“All political appointees from these councils are to remain on half salary until normalcy returns, including all traditional rulers from both councils.

“Commissioner for LGA and Permanent Secretary of LGA are to serve one-month working suspension without salaries and if there is no improvement in the running of LGA, they will be removed.

THE FIGHT RAGES IN KANO…

Kano State Governor, Mr. Abdulahi Ganduje, during the inspection of facilities at Hamdala Hotel, which has been converted to an isolation center in Kano...weekend

IPPIS Under Threat of Sabotage, Says AGF The federal government has raised the alarm that some individuals are determined to sabotage the Integrated Payroll and Personnel Information System (IPPIS).

IPPIS is believed to have saved 361 billion that could have been paid to corrupt civil servants.

The Office of the Accountant General of the Federation (OAGF) raised the alarm yesterday in a statement from Abuja.

The OAGF was reacting to reports that it had paid Armed Forces their April, 2020 salaries.

According to the OAGF: “The IPPIS Department in the Office of the Accountant General of the Federation confirmed that as at Friday, May 8, 2020, the Armed Forces personnel had been paid.”

The OAGF said the delay “in the salary payment was due to the unexpected lockdown in the country, which led to late submission of variations by the agencies concerned and the need to accommodate their inputs in the April payroll accordingly.”

It was alleged that the April 2020 salaries of military

and paramilitary personnel was delayed “as a result of incapability and inexperience of the operators of the IPPIS.” The OAGF lamented that “such report has the potency to incite the Armed Forces and the general public against the operations of the Integrated Payroll and Personnel Information System (IPPIS).”

It added that “staff of the Office of the Accountant General of the Federation (OAGF) and the IPPIS are competent professionals who have demonstrated the will and

capacity to get the job done.

This the OAGF noted that is “despite distractions and opposition from some quarters whose objectives is to sabotage the government policy that has saved the nation over N361 billion.”

Keyamo Kicks against Another Total Lockdown.

The Minister of State for Labour and Employment, Mr. Festus Keyamo (SAN), has said the introduction of another total lockdown in parts of the country would be counterproductive.

Power Sector Loses N57bn to Gas, Grid Constraints in 30 Days Emmanuel Addeh in Abuja Nigeria’s power sector further suffered a major setback in the last one month with the loss of about N57 billion due to problems associated with gas supply and grid infrastructure challenges, THISDAY checks revealed at the weekend.

The 30-day trend analysis in the industry, which ran from between April 10- May 9, however showed that the

loss reduced by about N13 billion compared to the same period between March and April which was roughly N70 billion.

Although the Nigerian National Petroleum Corporation (NNPC) had recently resolved to supply gas to the electricity Generation Companies (Gencos), to curb the discomfort occasioned by erratic power supply, during the lockdown, it was gathered

that the gas problem was persisting in the country and worsened by the poor infrastructure deployed by the operators.

Figures released by the Advisory Power Team (APT), Office of the Vice President, obtained by THISDAY indicated that gas shortage remains the biggest short term challenge of the supply value chain, with about 3,958mwh/h lost to the phenomenon in the

period under review.

During the time, the average energy supply stood at 4,179mwh while peak power was 5,316mwh, increasing by 268.2mw over the previous month.

The figures revealed, for example that on May 7, 2020, average energy sent out was 4,441 mwh/h (up by 11 MW from the previous day) while 2,993 MW was not generated due to the unavailability of gas.

reduce governments’ spending on welfare of its citizens in order to guarantee the repayment of loans it granted to them.

In a statement issued on yesterday by the General Secretary of NASU, Mr. Peters Adeyemi, the union said the decision to implement the report is a cover up to carry out retrenchment in some sections of the public service.

“We are convinced that the rush to implement the report is an attempt to fulfill the

conditions the IMF extracted from the federal government as an eligibility requirement to obtain the recent loans the institution granted the federal government.

“We in NASU see the decision to implement the Report as a licence and cover to carry out retrenchment in some sections of the public service and this is not acceptable to the Union. “The policy direction, which is ill-timed, is another attempt by the advisers and

drivers of the policy to pitch the administration of President Muhammadu Buhari against workers and their unions. It is going to bring about job losses and poverty and this is not the time to throw people into the over-saturated unemployment market,” NASU said.

The union warned that it would be unacceptable for government to implement any policy could threaten the security of jobs and entrench poverty.

Taraba Communal Clashes Claim Eight Lives NASU Rejects Move to Implement Oronsaye Report At least eight persons were there was an attack in Suntai feared dead in the Bali Local Government Area of Taraba State, following the communal clashes between Ichen and Tiv in the Donga Local Government Area.

Speaking to journalists yesterday when he presented relief materials to the victims of the crisis, the Chairman of the Caretaker Committee of Bali LGA, Alhaji Musa Mahmud, said he wascoming from Jalingo the state capital when he was informed that

ward.

“On getting there, eight people were killed with serious destruction. Today, His Excellency Gov. Darius Ishaku has sent me to donate these relief materials to help cushion the effects of the suffering the people have been subjected to.

“I have procured drugs on the advice of medical doctors and treatment of common illnesses in the IDPs’ camps will commence as soon the doctors arrive.”

Onyebuchi Ezigbo in Abuja

The Non-Academic Staff Union of Educational and Associated Institutions (NASU) has accused the federal government of giving in to the advice of the International Monetary Fund (IMF) by accepting to implement the 2012 Steve Oronsaye report.

The union said that the IMF usually encouraged governments to implement public sector reforms tailored to

MONDAY MAY 11, 2020 • T H I S D AY

11

12

T H I S D AY ˾ MONDAY MAY 11, 2020

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

Criticisms Trail N’Assembly’s Bill On Control of Infectious Diseases Deji Elumoye and Udora Orizu write that the infectious diseases bill before the National Assembly has generated heated debate among various stakeholders who questioned its timing and content.

Lawan

Gbajabiamila

Utazi

Melaye

T

can handle all that. We want to put everything under a law to address health issues.”

He added that unlike the one before the House of Representatives, the National Health Emergency Bill introduced on the floor of the Senate today, will not generate any controversy as not less than 102 senators have written their names as co- sponsors .

Said he, “I don’t see any controversy about the bill that 102 members of the Senate sponsored. The bill is to address the issue that’s posing public health emergency around the world. There are so many things that are not covered under the Quarantine Act. These are the things that are troubling the country today which must be addressed through required legislation in form of the bill. I have not read the House bill, but what I know is that we have a bill that will address the health issues connected with COVID-19 and beyond, so that such issues, whenever they occur in the future, we have a law to address them. What we have in the Quarantine Act doesn’t cover all the protocols that we supposed to follow. If they were there, the Presidency and the PTF will not be coming up with one guideline or the other. We want to harmonize the approach on how to face the issue.”

Highlights of the bill include a clause which empowers the federal parliament to annul a quarantine order made by a sitting President.

Clause 3 (7) provides that “if a resolution is passed by both Houses of the National As-

sembly annulling the order or declaration, it shall cease to have effect, notwithstanding subsection (3) or (4) (whichever is applicable), but without prejudice to anything previously done by virtue thereof.”

The bill also provides for compulsory vaccination of children shortly after they are born. Clause 45 (1) provided that “the parent or guardian of every child in Nigeria shall ensure that the child is vaccinated against the diseases set out in the Fourth Schedule. “(2) The Registrar of Births and Deaths shall, immediately after the registration of the birth of a child, issue to the parent or guardian of the child a notice requiring the child to be vaccinated against the diseases to which this section applies.

The bill provides that anybody guilty of tampering with the mark of an infectious disease area will be liable to a N100,000 fine.

It is contained in Clause 22 which provides that “a designated health officer may cause to be placed any mark on or about a premises in which any case of infectious disease has occurred for the purpose of denoting the occurrence of such disease, and may keep such mark affixed for a period of 14 days, and any person removing or obliterating any such mark without the authority of a health officer commits an offence and is liable on conviction to a fine of N100,000.00 (One Hundred Thousand Naira) or to a community service as may be the determined by the Magistrate.”

The proposed law also empowers health officers

and the police to take any action they deem necessary to ensure compliance. Clause 15 (4) states that “a designated Health Officer or a police officer may take any action that is necessary to give effect to an order under subsection (3).”

The bill further stipulated that only cremated ashes should be allowed into the country. Clause 40 (1) states that “no corpse or human remains or bones other than cremated ashes, shall be brought into or transhipped or exported from Nigeria, unless accompanied by a medical certificate or other evidence showing the name of the deceased, the date and cause of death and the measures adopted to preserve the body.”

At the Green Chamber, the proposed legislation titled, “Bill for an Act to Repeal the Quarantine Act, Cap. Q2, Laws of the Federation of Nigeria, 2004 and Enact the Control of Infectious Diseases Bill, make provisions Relating to Quarantine and make Regulations for Preventing the Introduction into and Spread in Nigeria of Dangerous Infectious Diseases; and for Related Matters.” was jointly sponsored by three legislators namely the Speaker, Hon. Femi Gbajabiamila; Hons Pascal Obi and Tanko Sununu.

The Bill seeks to create a legal framework to bestow powers on Nigeria Centre for Disease Control (NCDC) to manage the outbreak of infectious disease outbreaks, like coronavirus pandemic and curb its spread. Given that the COVID-19 pandemic is currently ravaging the world, the Bill however wasn’t praised by the public, it rather met with outrage and criticisms by various stakeholders and citizens who claims it is draconian in nature and infringes on fundamental human rights.

A look into the various sections of the bill showed the excessive power that will be given to NCDC, which explains the public’s cause for concern.

Section 6 for instance, gives the DirectorGeneral right to order for compulsory testing of persons residing within an area if he suspects, Section 23, stipulates the arrest of persons on the streets suffering from infectious diseases, Section 7 empowers postmortem tests based on suspicion, it also empowers the DG to stop even a wake keep based on suspicion, section 15 empowers the DG to issue a notice and take over a citizens property and declare it an isolation centre without the consent of the owner, section 24 empowers any enforcement officer to get order from a court to destroy any building where an infectious disease would have occurred.

Before the criticisms starting rolling in, some lawmakers opposed the passage of the Bill.

Hon. Sergius Ogun at the plenary had asked the House to think twice and avoid giving so

here has been outrage and criticisms over the Control of Infectious Diseases Bill which passed first reading at the Senate but speedily passed for first and second readings at the House of Representatives when the lawmakers resumed plenary on Tuesday April 28 after a five-week recess.

The bill entitled “National Health Emergency Bill, 2020,” sponsored by Senator Chukwuka Utazi, passed through the first reading at the Senate last Tuesday but not without an observation by former Deputy President of the Senate, Senator Ike Ekweremadu, who requested that draft copies of the bill be given to all senators before further consideration of the bill. Ekweremadu in kicking against the bill through order 14(1) of the Senate standing rules, said his privileges and that of the other Senators would be breached, if details of the contents are not made available to them before given further legislative consideration.

“In line with Order 14(1), which has to deal with privileges, as one of the serving Senators, I move that draft copies of the bill should be made available before any other legislative action is taken on it.

“This is very important because, it won’t augur well for the Senate to to follow the same route with House of Representatives where a controversial Bill on Control of Infectious Diseases, was passed for first and second reading last week. Copies of the one that had just been passed for first reading in the Senate today, must be made available to us for required responses and contributions at the appropriate time.”

The President of the Senate, Dr. Ahmad Lawan, therefore directed the Sergeant-at-arms in the Chamber to distribute copies of the bill to all Senators ahead of its consideration for second reading next Tuesday.

Shedding more light on the bill, its sponsor who is the Chairman of Senate committee on Primary Healthcare and Communicable Diseases, Senator Chuwuka Utazi, said the contents and intendment of the bill are not the same with the one before the House of Representatives.

His words, “Although I have not read the content of the one before the House but provisions such as compulsory vaccinations for all citizens and other compulsion for that matter, are not there. The main purpose of the bill is to strengthen our Quarantine Act by way of required amendments and to take care of all the issues that have to with the management of pandemic like the ranging COVID-19. In doing that, we want to ensure that instead of having firebrigade approach of solving the problem of this nature, we have a law that

The bill provides that anybody guilty of tampering with the mark of an infectious disease area will be liable to a N100,000 fine. It is contained in Clause 22 which provides that a designated health officer may cause to be placed any mark on or about a premises in which any case of infectious disease has occurred for the purpose of denoting the occurrence of such disease, and may keep such mark affixed for a period of 14 days, and any person removing or obliterating any such mark without the authority of a health officer commits an offence and is liable on conviction to a fine of N100,000.00 (One Hundred Thousand Naira) or to a community service as may be the determined by the MagMagistrate

13

T H I S D AY ˾ MONDAY MAY 11, 2020

MONDAY DISCOURSE

Nwajiuba

Wase

Ihekweazu

Ologbondiyan

much powers to the NCDC. He said, “Be careful with thrusting omnibus powers on an agency whose responsibility it will be to determine whether or not, a vaccine is necessary for combating a given outbreak.

Such could give rise to conspiracy.”

On his part, Hon. Uzoma Abonta opined that the Bill is coming at a wrong time, urging the lawmakers to apply restraint on the speed.

According to him, “Direction is superior than speed. We are all aware of what is awash in the social media. Why am saying this is, I have seen the quarantine act, something bigger than disease control. We need a bill for control of prevention disease.

What I am trying to say is we should not because of what we are trying to do and make big error. If we are going to do away with public hearing then we must seek for direction and not speed.”

Responding, the Speaker while saying drastic situations requires drastic measures declared that “If you look at the language of the bill the NCDC “may” be empowered. It is also not true to say public hearing is an integral part of every bill, but public hearing gives the people outside the opportunity to contribute.

What this means is that the House will have to subject every bill to public hearing.”

“I thought we are here to address some very serious and important issues. This bill like i said is to improve on what we have. The essence of the Bill is what we should keep our focus on and work out the details and I plead that we pass this Bill and send it to the Senate.”

At this point, the question was put by the presiding Deputy Speaker, Hon Ahmed Wase, and the Bill got maximum votes, as it was referred to the committee of the Whole for consideration.

Some Nigerians, however, took to their twitter handles to voice their views with the hash tag #StopNCDCBill. Even the former Minister of Aviation, Femi Fani-Kayode on his twitter account described the Bill as “evil.”

He wrote, “I’ve warned about the dangers of the vaccine that will be proposed as the answer to COVID-19. This will result in millions of deaths. Nigeria is trying to pass a law that will make it compulsory to take that vaccine as part of the world depopulation agenda.

This is Evil.”

Criticizing the Bill, the main opposition party Peoples Democratic Party (PDP) said it considered moves to shut out Nigerians from public debate on such a crucial legislation as ominous and raising suspicions of sinister objectives as the nation combats the spread of COVID-19 pandemic.

The party’s spokesperson, Kola Ologbondiyan, expressed concern that such an approach was already worsening public mistrust in the polity as well as heightening apprehension over the intentions of the presiding officers of the House of Representatives and the All Progressives Congress (APC)-led administration at this critical time.

The PDP insisted that Nigerians must be carried along in the decision making process of such a critical legislation, stressing that anything short of that would be counter productive and capable of breeding an avoidable public resistance, especially, given the deepening fear and anxiety in the polity over the COVID-19 pandemic. The party, therefore, counseled Gbajabiamila to review his position and allow for public hearing on the bill.

Also, The Director General of Nigeria Centre for Disease Control (NCDC), Dr. Chikwe Ihekweazu said he was not consulted in drafting

of the legislation and that he’s not in favour of drafting a Bill in the middle of a crisis.

A former Senator representing Kogi West at the National Assembly, Senator Dino Melaye, has also commenced moves at the Federal High Court Abuja to halt further hearing of the Bill. Melaye told the court that the Bill infringes on the right of Nigerians, contrary to constitutional provisions.

Also 36 Civil Society Organizations (CSOs) have described the Bill as a threat to human rights and abuse of power. The CSOs in a joint statement said the Bill is ambiguous, lacks clarity and should be subjected to public scrutiny/hearing. According to them, “The Control of Infectious Diseases Bill vests overbearing discretionary powers on the Director General of the Nigerian Center for Disease Control (NCDC), while making no provision for reviewing and controlling the exercise of such powers.

“The Bill empowers the NCDC to restrict fundamental rights and freedoms at will, and abuse constitutionally established institutions and processes, without any form of accountability. While the threat of infectious diseases may be apparent, measures deployed for their prevention must be within the ambits of the law and must protect citizens from willful abuse of rights. It is important to note that the spirit of section 45 of the 1999 Constitution of Nigeria (as amended) validating laws that may restrict the exercise of certain human rights requires that such laws must be reasonably justifiable in a democratic society and also, must be subjected to judicial review. This Bill, in its proposed form, fails to meet this standard, as it is not reasonably justifiable in a democratic society. There is therefore the need to clearly define terms used, extent of powers granted, and penalties for breach.”

The Christian Association of Nigeria (CAN), on its part, said the Bill violates the constitution and human rights. Chairman of CAN, North-central Zone, Rev. Israel Akanji, who spoke against the Bill during an interview on Arise Television, the broadcast arm of THISDAY Newspapers, said the Bill gave so many powers to the Minister of Health and the Director-General of Nigeria Centre for Disease Control (NCDC), which would negate the constitution and the fundamental

human rights of Nigerians.

“The bill negates the belief system of the different religious groups in the country. The bill does not address certain religious beliefs of the people and should, therefore, be rejected by all Nigerians, irrespective of their religion.

For example, some religions do not believe in autopsy, which the bill is projecting”.

Similarly, the PDP caucus Leader in the House of Representatives, Hon. Kingsley Chinda, on his part, while describing the contents of the bill as draconian in nature, called for a rejig.

Chinda, who made the call when he appeared on The Morning Show, a breakfast programme on Arise News channel, a sister broadcast arm of THISDAY Newspapers, commended the sponsors of the Bill for their foresight, but warned that the contents of the Bill if not rejigged will give room for it to be politicised which will lead to serious abuse of power.

He said: “By the wording of that Bill, it will be politicized considering the political history of Nigeria. Anybody who becomes director general of NCDC and is given this powers, of course the person that appointed him belongs to a political party. We practise a multi party system unlike Singapore where they have one party system.

“It will be politicized and I think that’s the area we have to look at. Even where you want to give such powers, it should be tied to conditions so that when you exercise it, it is not completely discretionary. I don’t think it’s proper to leave it the way it is now, besides the fact that it will encroach other existing laws, it will lead to serious abuse.”

Expressing his stance on the view that the timing of the Bill is wrong, he said: “I agree with the DG of NCDC, Chikwe Ihekweazu, that the timing of the Bill is not right because we are in a middle of a pandemic. There are things that we could still learn as we go on, by the time we conclude with this whole pandemic. I’m sure that there are new revelations which need to be captured in that Bill. We need to open it up so that people can make contributions and at the end of the day, we come up with a very quality Bill.”

Chinda while shedding light on what he will like rejigged in the Bill said: “If you look at office of the DG of NCDC, which was not

created by this Bill, all the powers to administer this Bill were given to the office of the director general of NCDC. And you know that the director general’s office was created by another law which is the Nigerian Centre for Disease Control Act 2018. Under the present infectious diseases control Bill, some of the powers of the board in NCDC Act of 2018 were given directly to the DG alone which runs contrary to that other Bill.

“Also, if you look at sections of the constitution particularly, chapter 4 of the constitution is grossly abused by the contents of this Bill.

I will also come to argument that section 45 allows for that which I do not agree with. Firstly the president is given the power to declare a public emergency in the present Bill that’s being considered. I think under Section 3 of that Bill, the Bill now went further to say that the president will publish such declaration but didn’t determine what form the publication will take, what stops the Bill from telling us exactly how this should be done.

“Section 6 also provides for compulsory testing on mere suspicion, the DG has the right to order for compulsory testing of persons residing within an area if he suspects. My own concern is yes if you fail to undergo that testing you commit an offence but again how do you publish that it is also not spelt out in the Bill.

“Section 7 empowers postmortem tests based on suspicion. It also empowers the DG to stop even a wake keep based on suspicion. So my worry is that most often burials have religious correlation, if you are conducting a wake keep and the suspected corpse is not there, why do you need to stop that? That clearly infringes on constitutional rights to freedom of thought, religion, worship, association.

“And then section 12 empowers the DG on mere suspicion to stop the wake keep or burial of any person. Section 14 empowers the DG to place a citizen under surveillance on mere suspicion, I keep emphasizing on ‘mere suspicion’ because what that means is discretionary.

“Section 15 empowers the DG to issue a notice and take over a citizens property and declare it an isolation centre without the consent of the owner. What these means is that the DG enjoys so much power even against the provisions of land use act. So without the consent of the governor, the federal government through the DG can acquire any property in any state under this law.

“Section 24 empowers any enforcement officer to get order from a court to destroy any building where an infectious disease would have occurred. My worry and concern is do you need to destroy a building to curb an infectious disease? That’s not a solution, of course you can sanitize the building or disinfect, this is too draconian.”

Apart from criticisms, the lawmakers were accused of receiving bribe from a foreign sponsor to see to the speedy passage of the Bill.

This was contained in a statement issued by the Coalition of United Political Parties (CUPP) last week. In the statement signed by its spokesperson, Ikenga Ugochinyere, the coalition said it has credible intelligence that the alleged deal on the passage of the Bill was struck during a trip to Austria a few months back. It called on the House to suspend the Bill and await for proper input and scrutiny after the pandemic.

At the Green Chamber, the proposed legislation titled, “Bill for an Act to Repeal the Quarantine Act, Cap. Q2, Laws of the Federation of Nigeria, 2004 and Enact the Control of Infectious Diseases Bill, make provisions Relating to Quarantine and make Regulations for Preventing the Introduction into and Spread in Nigeria of Dangerous Infectious Diseases; and for Related Matters.” was jointly sponsored by three legislators namely the Speaker, Hon. Femi Gbajabiamila; Hons Pascal Obi and Tanko Sununu. The Bill seeks to create a legal framework to bestow powers on Nigeria Centre for Disease Control (NCDC) to manage the outbreak of infectious disease outbreaks, like Coronavirus pandemic and curb its spread

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

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COMMENT

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

OF PANDEMIC, SOLIDARITY AND COOPERATION China cherishes her strategic partnership with Nigeria, writes Zhou Pingjian

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r Echar Christopher Sunday, 43, has been living in Guangdong province as a businessman for a decade. In March, he applied to become a volunteer, after local authorities called on residents, including foreigners, to help with the prevention and control of the COVID-19 pandemic. He lives in Zhanjiang, a city 450 kilometers away from Guangzhou, the provincial capital.

After his wife was approved as a volunteer, she helped Echar submit his application to the local foreign affairs authority. “My Chinese wife helped me a lot to become a volunteer,� he said.

Zhanjiang has more than 1,900 foreign residents. Echar, among the first group of 46 volunteers involved in foreign affairs management in the city during the pandemic, said the volunteers can communicate in English, Japanese, Korean, French and Spanish. “The life here is easy, nice, less traffic and peaceful,� he said, adding that volunteering was a way to help contribute to building a cross-cultural society. In Zhanjiang, Echar exports Chinese goods including daily necessities and electrical products to Africa. He and his wife, who married in 2009, have two sons. “Zhanjiang is more like my second home. I am grateful that I had a chance to do something for the city,� he said.

After days of online and offline training, Echar was given the job of raising awareness of ways to control COVID-19, including distributing brochures at the Zhanjiang airport and helping to take the temperature of passengers arriving in the city. “Some foreigners did not realize the importance of taking a nucleic acid test for the virus,� he said. “In the fight against the disease, we should work together, no matter where we are from.�

Echar and his wife visited local communities, helping people from African countries to be more aware of regulations, policies and measures taken by the health authorities during the pandemic. “I am grateful to be trusted by African brothers and sisters. They open up about their life here and challenges. And I hope I’ll be of help to them,� he said. “More communication would help foreigners know more about Chinese culture. Moreover, it would help us to be more aware of prevention and control of the disease.�

On April 27, Echar wrote a letter to the city’s foreign affairs authority in appreciation for being given a chance to volunteer in the fight against COVID-19. And, local officials invited Echar, his family and 35 foreign teachers and students on a tour of some scenic spots in Zhanjiang during the May Day holiday to show their appreciation for their contributions, according to China Daily.

I had the privilege to receive a copy of Echar’s letter on April 28. A hand-written one, emanating understanding, solidarity and cooperation.

I wish one day I could have the honour and pleasure to meet Echar, his Chinese wife and two sons, in Nigeria or in China. The number of families like Echar’s in Guangdong are in hundreds, I know. And I know there are many more excellent Nigerian goodwill ambassadors like Echar in China.

I would be remiss if I here don’t acknowledge Ambassador Baba Ahmed Jidda. He finally returned to Beijing on April 8, after having

CHINA HAS TAKEN THE MOST COMPREHENSIVE, STRINGENT AND THOROUGH MEASURES TO FIGHT THE VIRUS. IT WORKS, ALBEIT AT HUGE COST

spent 14 days in quarantine in Taiyuan, the capital city of Shanxi province which is 500 kilometers away from Beijing. At that time, the international flight to Beijing he was onboard like many others were required to divert to other cities for landing. All the inconveniences for an ambassador during 14-day quarantine outside Beijing could be imagined. “We have to abide by regulations for everyone’s sake,� the Nigerian Ambassador to China assured his hosts in plain words. Senior officials saw him off at the railway station to express their sincere appreciation and gratitude. I reached Ambassador Jidda for that, thanking him from the bottom of my heart.

As one of the countries hit by the first wave in the pandemic, China was the first to bring COVID-10 under control. There must be something worth looking at. China has taken the most comprehensive, stringent and thorough measures to fight the virus. It works, albeit at huge cost. Wuhan, the capital of Hubei province and then the epicenter of the epidemic, ended the lockdown on April 8 after being closed for 76 days from January 23. On April 26, Wuhan city had no remaining cases in hospital. On May 2, Hubei province lowered its public health emergency response level. On May 6, about 57,800 students in their final year from 121 high and vocational schools returned to campus.

Now Wuhan is working hard on prevention and control on a regular basis and is promoting work and school resumption to let the society return to normal as soon as possible. Remarkable achievement, indeed.

During the lockdown however, the city’s public transport operations were totally suspended and all contacts between the epicenter and the rest of the country were blocked off. Everyone in Wuhan, Chinese or foreigner, in response to the government’s call, staying indoors and sacrificing normal lives in order to contain the spread of the virus, have borne the biggest burden and paid the biggest price. Of more than 3,000 African students in Hubei province and the city of Wuhan at the most difficult time, only one was infected and then quickly cured.

The rest have all been safe and sound. 79 Nigerians (65 adults and 14 dependants), including 50 students, were then in Wuhan. No one got infected and I heard no complaints from them. Their full cooperation on the implementation of the most stringent measures to fight COVID-19 outbreak is highly appreciated. As one Nigerian student said, “We are foreigners, not strangers.� We are deeply touched by their understanding, solidarity and cooperation.

What happened in Guangdong recently is a similar story like Wuhan, in essence. All the measures taken there aim to fight against the COVID-19, not against any Nigerian, any African, or any foreign national. Between April 5 and 23, altogether 138,700 residents in Guangzhou, including 5503 African nationals (3.97%), have been tested.

Among them, 185 tested positive with 164 (88.5%) asymptomatic cases.

Their understanding, cooperation and sacrifice has made every resident there safer. Since April 12, the Foreign Affairs Office of Guangzhou has been daily briefing Nigeria’s Consulate-General by note on the numbers of confirmed cases, test result positive cases, and close contacts, as far as Nigerian nationals are concerned.

Dr Pingjian is Ambassador of China to Nigeria

INFECTIOUS DISEASE BILL: HOW FAR CAN REPS GO? The National Assembly should ensure a critical review and robust public hearing of the bill, writes Adewale Kupoluyi

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ver the decades, African countries have had to contend with a variety of problems ranging from brain drain, poverty, bad leadership, famine, and diseases. These diseases have not only killed many people but have prevented the continent from developing in tandem with the abundant human, material, and natural resources. The importance of good governance becomes imperative to draw Africa and Africans out of this misery. Nigeria, a leading African nation is not left behind in its quest for development and good governance by putting in place strong democratic institutions and legislation that would make this possible.

The ravaging coronavirus pandemic (COVID-19) reinforces the need for appropriate legislation. In the exercise of its statutory functions, the House of Representatives has introduced a new bill, which was sponsored by Hons. Femi Gbajabiamila (Speaker), Pascal Obi and Tanko Sununu, to address the archaic nature of the subsisting Quarantine Act and the limitations of the Nigeria Centre for Disease Control (NCDC) to curb the spread of diseases. The new bill, with the long title ‘Control of Infectious Diseases Bill 2020: A Bill For An Act to Repeal the Quarantine Act and Enact the Control of Infectious Disease Act, Make Provisions Relating to Quarantine and Make Regulations for Preventing the Introduction into and Spread in Nigeria of Dangerous Infectious Diseases and for Other Related Matters’.

The bill covers diseases like the Acquired Immune Deficiency Syndrome (AIDS), Avian Influenza, Cholera, Dengue Fever, Hepatitis, Malaria, Measles, Tuberculosis, Yellow Fever, Measles, Polio, Meningitis, and Coronavirus, among others.

Obnoxious aspects of the bill include provisions that the NCDC Director-General may, by written order, prohibit any person or class of persons from entering or leaving the isolation area without his permission, prohibit or restrict the movement within the isolation area of any person or class of persons, authorise the destruction, disposal or treatment of any goods, structure, water supply, drainage and sewerage system or other matter within the isolation area known or suspected to be a source of infection.

The scope of responsibilities looks too wide and inchoate. The bill also provides that goods brought into or removed from an isolation area in contravention of an order shall be forfeited to the government and could be seized, dealt with and disposed of.

It equally accords power to order an autopsy on bodies of persons, who had died of suspicious symptoms. This clause is at variance with Muslim’s constitutional rights of freedom of religion and offends the Sharia Penal code system as applicable in the Northern states of Nigeria. Specifically, Section 12 empowers the NCDC DG on mere suspicion to prohibit the burial of a deceased by family members. Again, this is a clear violation of citizens’ right to human dignity. Section 13 of the bill gives DG the power to order the isolation of people having or suspected to have an infectious disease for a period of time subject to his discretion. Section 17 prescribes that if in the opinion of the DG, a building is so overcrowded as to expose the occupants to the risk of infection by an infectious disease, the DG may by written notice; direct the owner or occupier of the building to abate the overcrowding or to close the building or part thereof.

Sections 30 and 46 of the proposed legislation are repugnant because it allows forceful vaccination

against a person’s choice and will. Section 70 of the bill gives immunity that ousts the jurisdiction of the court to hear human rights abuse claims as no liability shall lie personally against the DG, health minister or official, and police officers during implementation. Section 79 prescribes a N500,000 fine and six-month jail term for persons who either violate the quarantine restriction or refuse to take vaccinations in case of an outbreak or a suspected outbreak of an infectious disease in Nigeria.

Ordinarily, lawmakers are expected to ensure that national interest, security, and welfare of the people take prominence in whatever legislation they are making without sacrificing due process and law.

At any time, transparency, accountability, and openness should guide their activities as true representatives of the people. It is on this premise that the proposed bill deserves to be interrogated in line with the established legislative process. Before now, our legislators have been accused of sponsoring bills that have little or no benefits to the aspirations of the people. Except for a few, most of our lawmakers prefer to engage in legislative rascality for selfish or political reasons. The moves by the reps can best be described as ill-timed, suspicious, and antithetical to the genuine desires of Nigerians. Aside from that, many members of the house had protested that they were not served copies of the new bill before it was hurriedly passed during the first and second readings as most of the lawmakers were absent because of the subsisting national interstate lockdown.

Major stakeholders that would have enriched the quality of the bill were not also carried along. For instance, Dr. Chikwe Ihekweazu, the incumbent NCDC DG said he was not involved in drafting

the legislation and that promoting such a bill in the middle of a pandemic was not the best decision to make. Another clog in the way of the bill is the allegations that it was plagiarised from the Singaporean Infectious Disease Act of 1977. No doubt, the Quarantine Act that was enacted in 1926 requires amendment but the taking over of properties and arrest of persons without warrant or recourse to the courts appear ultra vires. Acquiescing absolute discretionary power takes away the constitutional powers of the courts to determine the criminality of an action. The compulsory subjection to vaccination nonetheless raises the suspicion that there is a grand plan to inoculate Nigerians against their wishes amid the conspiracy theory beclouding the origin, nature and dimensions surrounding coronavirus pandemic.

Nigerians deserve rich legislation from our lawmakers going by the huge yearly resources gulped by the National Assembly. In 2019, a bill with the short title, ‘Protection from Internet Falsehood and Manipulations Bill, 2019 also known as the social media bill, which was meant to criminalise the use of social media, was initiated in the Upper Legislative House but was widely rejected by the people. The social media bill was also reportedly plagiarised from Singapore. To avoid dancing in circles, the Senate should take a cue from the mistakes of the House of Representatives as it begins deliberations on a similar version of the legislation with the short title, ‘National Heath Emergency Bill, 2020’, sponsored by Senator Chukwuka Utazi, Chairman, Senate Committee on Health.

Kupoluyi wrote from Federal University of Agriculture, Abeokuta

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EDITORIAL COUNTING THE COST OF COVID-19 The nation’s economy has been badly battered

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ommercial activities resumed last Monday in the Federal Capital Territory (FCT), Abuja as well as Lagos and Ogun States after President Muhammadu Buhari announced the gradual easing of restrictions earlier imposed to curb the spread of the dreaded COVID-19. Like prisoners stripped of their fetters, Nigerians swooped on public places, including banks to announce their freedom. Whether the restrictions on socio-economic and religious activities have slowed the spread of the virus is a different thing altogether. But what is not in contention is that the nation’s economy has been badly battered.

In a clime where the informal sector holds sway and where majority of citizens survive on daily earnings with little or no support from the government, the lockdowns have also subjected the vulnerable of our society to much deprivation. That perhaps accounted for the partial compliance by Nigerians on the directive to stay at home. The unassailable fact is that majority of Nigerians OBSERVING THE LAID are aware that the DOWN PROTOCOLS directive was meant IN CONTAINING THE to protect them from PANDEMIC IS MORE being struck by COVID-19. However, IMPORTANT NOW THAN they were compelled EVER by survival instinct to defy the advisory when confronted by a bleak reality of being without money or lack of food supplies, among other necessities of life.

Unfortunately, rather than the infection curve flattening, virtually all the 36 states of the federation have since recorded cases of COVID-19. In some instances, states which had no known case of infection when the president imposed an initial two-week (later extended to five weeks) lockdown of Lagos and Ogun States as well as the FCT are now frontline states with Kano as a quick example.

With no vaccine or therapeutic drugs available since

the outbreak of the current Covid-19, lockdowns and quarantines have become prominent measures taken across the world to contain it. Several countries have enforced lockdowns of varying degrees, including total movement restrictions while others have enforced restrictions based on time, with only essential businesses allowed to open. Educational institutions, sporting and recreational activities, religious centres and sundry programmes have closed shop. The fortunes of small and medium scale enterprises have also gone to the nadir as the lockdown takes its toll.

Meanwhile, huge scandals have trailed palliative exercises put in place to help keep the vulnerable afloat and persuade them to stay home.

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

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

hat happened last Monday in the FCT, Lagos and Ogun States has already made a mess of whatever benefits the restrictions and the embedded social distancing were set out to achieve. The crowds that besieged public places following the relaxation of the lockdown are already raising apprehension on the uptick of new infections.

The situation is not helped by the Central Bank of Nigeria (CBN) directive which limited the number of banks that can open for business. That has led to a situation in which the few bank branches that are open have to deal with huge crowds. At the end, the relaxation of restrictions in the two states and the FCT looks like an experiment in figuring out how to live with the virus.

The authorities must understand that another round of lockdown will be more difficult to enforce than the earlier one without civil disobedience. So, what is important at this point is an enlightenment campaign: To all those who have gone back to their old habits, there is an urgent need for a word of caution. Relaxation of the lockdown is not the expiration date for the virus. It could still be contracted by those who have so far been negative. Observing the laid down protocols in containing the pandemic is more important now than ever. Since there is as yet no vaccines or approved drugs for COVID-19, prevention is the only cure.

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TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

Covid-19, Elusive Cure And The Human Cost

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hen in December 2019, COVID-19 which is caused by a new strain of coronaviruses called severe acute respiratory syndrome 2 (SARS-CoV-2) broke out in faraway China, the world stood with hands on the hips and elbows turned outwards, watching the East Asian Socialist country struggle tenaciously with what everyone wanted to believe was their own headache. As part of their strategic response to minimize casualty and curb escalation, ‘their headache’ culminated into the now controversial country constructing a 645,000-square-foot makeshift medical facility, made up of two floors and equipped with 1,000 beds, several isolation wards, and 30 intensive care units at Wuhan, the epicenter of the outbreak in just 10 days. However, before the end of the first quarter of the new year, the virus overwhelmed China’s purported sagacity, caught the world off guard and sent us reeling for solutions.

Understandably, it was a strategic panic reaction rather than a curative means of solving the problem, with various world leaders imposing measures they agree was best under the prevailing circumstance, and lockdowns - practicable in some advanced climes with appreciable level of social security but devastating for other regions especially economically inferior nations - became the most adopted course of action in the shared battle against the pandemic, while the world awaits a scientific cure. But what if the cure for COVID-19 is never found, shall we then remain in our tents at the expense of all aggregated human consequences?

Already, cases in Nigeria are exponentially increasing and the effect of lockdowns are manifesting in the form of job loss, hunger,

inaccessible health care, increase in domestic violence, rising cases of sexual assault, to mention a few.

In Kano for example, there is a drastic decline in the number of women attending antenatal care in primary health centers due to issues of mobility, law enforcement excesses and financial constraints. Some cannot afford as paltry as NGN100 for PCB and urinalysis tests because their husbands are no longer earning anything, thereby increasing the risk of maternal mortality.

While on the other hand, sexual assault counsellors cannot see victims because they are not on the list of identified essential workers thereby risking at least five cases daily which aggregate to about 100 cases in a month at danger of unwanted pregnancies and sexually transmitted diseases. While predictions show it could take anything from nine months to two years to create a vaccine, it is worthy to note - while clarifying that a vaccine prevents a disease and a cure ends it - there are diseases that have no vaccines till date.

In 1984, the US Secretary of Health and Human Services Margaret Heckler announced at a press conference in Washington, D.C., that scientists had successfully identified the virus that later became known as HIV - and predicted that a preventative vaccine would be ready for testing in two years.

Nearly four decades, 72 million infections and 32 million deaths later, the world is still waiting for an HIV vaccine.

While science may eventually come to the rescue, I do not think it is the answer at this point because its processes are painstaking. I prefer a more proactive humanity that will manage the situation at minimal or no risk.

Mohammed Dahiru Lawal, mdlawal001@gmail.com

Good Governance In Edo State

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overnor Godwin Obaseki published the audited financial statements of Edo State Government for the year ended 31st December, 2019 in some national papers. Good governance is a way of measuring how public institutions conduct public affairs and manage public resources efficiently and effectively.

It has been said that good governance is the process whereby public institutions conduct public affairs, manage public resources and guarantee the realization of human rights in a manner essentially free of abuse and corruption, and with due regard for the rule of law. The true test of “good” governance is the degree to which it delivers on the promise of human rights: civil, cultural, economic, political and social rights. Five key attributes of good governance are transparency, responsibility, accountability, participation and responsiveness (to the needs of the people). The Obaseki-led administration has published her annual audited financial statements consecutively for the year 2017, 2018 and 2019. This action revealed that Governor Obaseki is a man of transparency, accountability and integrity. A man to be trusted and thus deserves a second term as Governor of Edo State. Its leadership style is commendable. I am using this medium to affirm the support of Esan land on the governor’s second term bid. I would advise that the governor explore diverse channels of revenue generation that would free Edo State Government from dependence on Abuja for survival and sustainability amidst Covid-19 disaster on global economy. Focusing on agriculture processing and export, mineral resources development and attraction of SMEs to the state would help to drive economic prosperity of Edo State.

Pedro Ukokobili, Lagos

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FEATURES

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

Embracing Remote Learning and Working after COVID-19 as our New Reality Ehi Braimah

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he novel coronavirus, COVID-19, is still on the war path, ravaging the land and killing people.

However, we are consoled by the fact that whatever has a beginning will surely have an end and the human race will continue to endure from generation to generation. In challenging times, empathy matters; we have to remain resilient, hopeful, confident, optimistic and thoughtful about the future. The global economy has been severely impacted by COVID-19 and we must therefore adapt our normal lives to the significant changes taking place. What does the foreseeable future look like? We cannot tell but English Naturalist, Charles Darwin (1809 – 1882), famous for his Theory of Evolution, said, “Those who survive are not the strongest or the most intelligent, but the most adaptable to change�.

Every global crisis ushers in a “new cultural moment� which we must adapt to on the one hand, and embrace the challenges and opportunities on the other. As we go along and navigate these unchartered waters, Susan Kobasa, a psychologist writing in www.mindtools.com, reminds us that we must be resilient and never give up. She explains the importance of resilience as our “ability to adapt and bounce back when things don’t go as planned�. Kobasa also highlighted the three characteristics of resilience as ‘challenge’ (resilient people view difficulty as a challenge, not a paralysing event); ‘commitment’ (resilient people are committed to their lives and goals) and ‘personal control’ (resilient people focus on only the things they have control over).

COVID-19 will impact our businesses in ways we never imagined but we can empower ourselves by adapting to the new reality and do even greater things.

Talking about changes, our world has also been disrupted by rapidly changing digital technologies in more ways than one and the three biggest enablers are the internet, smart phones and social media. The good news is that these changing technologies continually make our lives better. The largest accommodation provider in the world is AirBnB but it owns no real estate. Who would have thought, some years back, that you can actually share an apartment with strangers?

Facebook is the most popular media in the world and yet it provides no content; Alibaba is the most valuable retailer but it has no inventory; Instagram does not sell cameras but we are happy to upload our photographs and share our stories thereby making it the most valuable photo company in the world. Now, we can book rides from our smart phones, making UBER, which owns no vehicle, the biggest taxi company in the world. Most car owners now prefer cab hailing services because it is actually cheaper when you consider the wear and tear on your car and cost of petrol. It is the same story with Netflix, the largest growing TV network that does not lay cables. What would life be like today without access to the internet or without these global tech brands? To be honest, it will be miserable.

There’s so much happening on the World Wide Web with endless possibilities. We are gradually being introduced to the internet of things (IoT), augmented reality (AR), artificial intelligence (AI) and 5G technologies.

Technology is placing useful information at our finger tips every blessed day.

Computers are becoming increasingly faster, more portable and high-powered than ever before. See how Facebook has brought families and friends together with over 2.5 billion users, taking socialization to a new level. Practically everything – well almost everything – is done on the internet including online banking and online newspapering; businesses and schools have also migrated to the digital space.

If you’re travelling, you can book your

Braimah ticket and make hotel reservation from any device, especially your smart phone. Any business, commercial and non-commercial organisation ignoring the internet does so at its own peril. With just a click of the button, searching the internet has been made easy with Google, the number one search engine brand in the world. According to Walter Landor (1913 – 1995), a pioneer of branding and consumer research techniques widely used to this day, “Products are made in the factory but brands are created in the mind�. Al Ries, one of the world’s best known marketing strategists, agrees that successful brands such as Facebook, UBER, Netflix, AirBnB, Alibaba, YouTube, Twitter, LinkedIn, Instagram and Google are created in the mind through strategic positioning principles.

Like most businesses, Google also struggled when the company started. In his best-selling book, “Burn the Business Plan�, Carl Schramm, a university professor and entrepreneur, wrote this about Google: “Just as in the big company environment, every startup has to constantly and continuously improve its products if it hopes to survive.

Google provides a good example. At first, it foundered in a sea of search engine companies. Many observers didn’t give it a chance in the face of Excite, Webcrawler, Altavista, Infoseek, and Yahoo. (Other than Yahoo, do you recognise those names?) It was not until Google founders, Larry Page and Sergey Brin, hired a professional CEO, Eric Schmidt, who in turn recruited Hal Varian, that the company found a way to make money. As an economics professor at Berkeley, Varian had developed the algorithms that enabled Google to devise targeted advertising. That business competence allowed it to rapidly rise to dominate the search industry�.

In a world turned upside down by COVID-19, the global pandemic has taught us that remote learning and working are possible by deploying the relevant tech tools such as Zoom video conferencing, a cloud based service, during the forced lockdown. Recently, President Muhammadu Buhari joined advocates of remote working around the world when he participated in an extra-ordinary ECOWAS meeting in Abuja through a video conference to review the impact of the deadly coronavirus on the region. From my personal experience, remote learning is no longer a distant possibility; it is right here with us. Over a 30 months period, I took part in online classes for my MBA programme at the University

of Roehampton, London. It was a very intense and rigorous schedule with short breaks between course modules. The only time we travelled to London was for the graduation ceremony.

Since the lockdown began, remote meetings have become the order of the day. We now conduct our weekly Rotary meetings using the Zoom video conference application which allows messages to be shared while the meeting is on; hands can be raised if you wish to speak by using the hand icon provided and microphones can be muted to allow for uninterrupted conversations. At a strategy session recently where we reviewed the impact of COVID-19 on businesses in Nigeria, there was a debate on our readiness to adopt remote working as a way of life. Toju Ogbe, a Nigerian communications strategist based in the UK, was one of the participants and he does not think remote working will become our new reality in the immediate aftermath of COVID-19 because of our peculiar challenges.

Ogbe said, “Nigeria is still significantly unprepared for large scale adoption of remote learning and working. For instance, if you consider the proportion of schools – especially public schools – that do not have the capacity to offer remote learning, you will see that we are yet to scratch the surface. I would imagine it is the same in the work place, and the issue is less about our choice and more about our readiness.

The public and private sector organisations should collaborate and develop a framework with timelines for remote learning and working capabilities. However, in the UK and other advanced countries, remote working is not a new thing because the available infrastructure supports online studies and working from home.�

Debo Adebayo, a management consultant and facilitator of the session, disagreed with Ogbe because, according to him, he worked on a regular basis remotely for some clients before COVID-19. “The key to remote working is to have a clear cut contract with you client and effective performance management system,� Adebayo advised. “Remote learning and working will become our new reality from the lock down experience. As a way of reducing cost, most organisations will encourage remote working,� he added. Yemi Adeboye, former Corporate Relations Manager of Unilever Nigeria PLC, observed that there are costs associated with working from home. To be able to study or work remotely, you need space, laptop, electricity supply and internet

access. “Who bears these costs, especially expensive data and diesel or petrol for your generator because of erratic power supply?� Adeboye asked. These costs can be factored into invoices submitted to clients by consultants; however, where employees are concerned, the organisation they work for should absorb the costs based on the terms and conditions for working from home.

Participants were in agreement that the challenges posed by low speed internet, expensive data and poor electricity supply are constraints that should be addressed by the relevant organisations as we embrace remote learning and working. In a congested city such as Lagos, where you can be held up in traffic for over three hours on your way to attend a meeting, remote meetings may be the solution to save time and other resources. For some organisations, remote working may not be applicable because of the need to protect sensitive proprietary tools and information. In such scenarios, you can only work from within the company premises by logging into a remote serve, and once you step out, you are logged out.

Ogbe also observed that working from home requires total commitment and adjustment of our thinking, orientation and mindset. “If you agree with your employer that you will work for six hours from home on a particular day, please for God’s sake, make sure you work for six hours,� he admonished, with a strong accent on integrity because our word should be our bond.

The issue of internet security also came up during the strategy session especially now that Zoom meetings are becoming popular.

The ICT expert among us, Fred Chukwuemeka Agbata Jnr., presenter of Tech Trends on Channels TV and Regional Director of Founder Institute, noted that hackers are on the prowl every minute of the day and cautioned that we must take our personal security on the internet very seriously. We have since discovered that social media accounts and even chats as well as voice/ video calls on WhatsApp are not safe. Do not click on any suspicious link or open a spam email; instead, delete immediately or you can copy and paste the link on a new web browser so that your devices and information are not compromised. Nigeria can create massive opportunities for digital business if only we can establish our own local data centres and empower the ICT professionals.

Group meetings/conferences are also conducted using Facebook, Instagram and Twitter applications. WhatsApp is a popular medium of communication with chat, voice and video capabilities for local/international calls free of charge. Meetings also take place in WhatsApp groups, and in some cases, WhatsApp forums are created to achieve different objectives. By the way, Facebook is the owner of Instagram and WhatsApp -- Facebook bought Instagram for $1 billion 18 months after it was launched, and subsequently bought WhatsApp when it was five years for $19 billion.

Remote working is flexible because you can be in control of your time. In fact, it was agreed during the session that employees are likely to be more productive when they work from home as long as a good performance management framework is in place as Adebayo noted. As we prepare for the post quarantine era, remote learning and working will still come across as a form of culture shock; a practice we are not generally used to but the more we embrace tech tools and their applications, the more we are likely to adopt the range of benefits in spite of the limitations of irregular electricity supply, expensive data and internet disruptions. The rest of the world is moving ahead in the digital space and we cannot afford to be left behind.

-Braimah is a public relations and marketing strategist based in Lagos

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BUSINESSWORLD

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Quick Takes Ecobank Partners Google on e-Learning

SUPPORTING COVID-19 FIGHT

L-R :- Special Adviser to the Lagos State Governor on Agriculture, Mrs. Abisola Olusanya; Marketing Manager, Promasidor Nigeria Limited, Mr. Abiodun Ayodeji; and Lagos State Permanent Secretary on Agriculture, Dr. Olayiwola Onasanya, during the company’s outreach project initiative to support the fight against the COVID-19 in Lagos ...recently ETOP UKUTT

Ahmad Urges Banks to Imbibe Risk Management Principles Nume Ekeghe The Deputy Governor, Financial System Stability Directorate, Central Bank of Nigeria, Mrs. Aishah Ahmad, has advised Nigerian banks to continue to design their business models to enable them manage disruptions and make positive environmental and social impact in their quest to deliver value to their stakeholders.

She made the call while delivering her remarks at a Webinar, organised by the Centre for Financial Studies (CFS) of the Chartered Institute of Bankers of Nigeria (CIBN).

Ahmad maintained that banks and other financial institutions can only survive disruptive events if they fully embrace sustainability principles, stressing that this had become even more critical during periods of significant disruptions

ECONOMY such as the current COVID-19 pandemic ravaging the world.

According to her, though primarily a health crisis, the negative spill-over effects on business and the economy are complex and pervasive, considerably slowing economic activities in most countries.

The Webinar tagged CIBN Advocacy Dialogue Series 2.0 focused on “Enhanced Sustainable Banking (ESB) Model in the Event of Major Economic and Business Disruptions’.

Ahmad, told over 800 participants who connected to the programme through Zoom and YouTube that prior to the disruption caused by COVID-19 pandemic, financial services was undergoing significant evolution.

The Deputy Governor of Central

Bank of Nigeria was of the view that banks have had to modify their business models to address changes caused by innovation, digitalisation, new entrants by fintechs, increasing regulation and changing needs and behavioral patterns of customers.

These developments have triggered very aggressive changes in the financial services industry, introducing significant dynamism into the industry’s value chain changing mode the production, delivery and consumption of financial products and services, she asserted.

She also stated that the CBN has been at the forefront of entrenching sustainable banking principles in the Nigerian banking industry through the implementation of the Nigerian Sustainable Banking Principles (NSBP), which has formally been adopted by the CBN and 33 banks, discount

houses and Development Finance Institutions.

In his intervention, the Vice Chairman, FMDQ Group, Mr. Jibril Aku, who noted that the Nigerian economy was at the risk of a second recession foresaw a new financial order post COVID-19.

To stimulate economic growth and opportunities, Aku spelt out the critical steps policy makers, the banking sector and capital market should undertake as a matter of urgency.

For policy makers, the Vice Chairman FMDQ called for the recalibration of national economic strategy to reduce dependence on oil/gas sector and boost nonoil sector growth and enjoined strategic investments in health sector with a focus on domestic production.

Ecobank Group is leveraging its distribution and partner networks to raise awareness of literacy apps in the Google Play Store to support the education of children who are at home due to the COVID-19 pandemic.

According to a statement, the bank is committed to protecting the health, safety and wellbeing of its customers across Africa.

It stated that with social distancing being enforced and schools closed, parents are looking for ways to help children keep up with their learning and homework. “Ecobank is helping to raise awareness of locally relevant, globally applicable and accredited literacy and learning apps that support parents’ eorts to educate their children at home. “The apps are free on the Google Play Store, with speciďŹ c apps available in local languages.â€?

Head, Group Consumer Banking, Ecobank, Nana Abban, said: “We believe that children are Africa’s future. At this unprecedentedtime,itismoreimportantthaneverthatparentsusetechnology to help their children continue to learn and improve their knowledge. “Ecobank is committed to closing the literacy and digital skills gap in Africa, and therefore ensuring that the education of Africa’s future generationofleadersdoesnotsuerasaresultoftheCOVID-19pandemic.â€? “Countries across Africa have historically had limited access to educational platforms. We are leveraging on our distribution network to make access to education as easy as the tap of an app, keeping children educated and enlightened at the same time, whilst also keeping them safe online,â€? Abban added.

Unity Bank Resumes FX Sales

Unity Bank Plc said it has received supply of foreign exchange (FX) from the Central Bank of Nigeria (CBN) to adequately meet eligible demands from its customers. The bank, therefore assured its customers, “that there is suďŹƒcient forex provision to meet legitimate needs. Customers are encouraged to come forward with their respective demands.â€?

Tantalizers Commences Home Delivery

Tantalizers Plc, Nigeria’s indigenous quick service restaurant brand, has signed a partnership agreement with OyaNow Logistics and Concorde Express in the bid to oer customers greater ease in terms of delivery across major areas in Lagos.The company signed on to the multi-product on-line shopping platform, to make it possible for customers in Lekki, Ajah, Victoria Island, Ikoyi, central Lagos and other parts of the Lagos Island metropolis to place their order direct from their phones via the OyaNow app. According to the company, with this, customers on the Island can get their meals in less than 45 minutes via the app.

In another development, the company has also become the ďŹ rst QSR brand in the country to engage the services of another fast rising logistics company,ConcordeExpress,toserviceitscustomerbaseinLagosMainland, especially Festac, Amuwo-odoďŹ n, Satellite, Ikotun, Iyana Ipaja, Dopemu and Abule Egba areas. According to the Deputy Managing Director of TantalizersPlc,Mr.GbolahanLabinjo,thepartnershipsrepresentasynergyof strengthswithinnovation-drivenserviceproviderstounderlineTantalizers re-deďŹ ned business focus of ensuring that lovers ofTantalizers delicacies do not face any form of stress in getting their favorite meals in spite of the challenges of the season.

9mobile Oers Health, Education Tips

9mobile has provided free access to health and educational website for its customers. Access to these websites ensures that 9mobile customers and Nigerians remain connected and have more access to basic essential services which they require. Executive Director, Regulatory and Corporate Aairs at 9mobile, Abdulrahman Ado, explained that health and education are two out of the three pillars of 9mobile’s corporate social responsibility (CSR) programs. “The decision to focus on these Continued on page 22 two areas at this time is borne out of a desire to provide access to health and educational information and services, a critical requirement during the ongoing COVID-19 pandemic. “Asaresponsibleorganisation,wefelttheneedtosupporttheincreasing recourse to online learning by a growing number of academic institutions during this period of lockdown,â€? he added. operations at this period and be able to rebuild their businesses post COVID-19 era. “We strongly recommend that domestic airlines with the capacity to do so should be patronised to convey essential material drugs, some food items, PPE, needed medical personnel, etc as may be required across the country. “On evacuation of Nigerians back home domestic airlines should be fully involved in the international airlifts and repatriation of Nigerians stranded abroad. Some of the airlines

NACCIMA Welcomes Planned Bailout for Aviation Sector Chinedu Eze and Chris Uba The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) has commended the federal government’s planned bailout of Nigerian airlines due to the impact of the COVID-19 pandemic.

In a statement signed by the Director General of NACCIMA, Ayo Olukanni, the organisation said the pandemic has had devastating effects on the aviation industry, which makes the planned bailout very critical. “There is an immediate need

ECONOMY for a rescue package and we welcome the reassurance by the federal government to support the aviation sector at this hour of its need. NACCIMA is of the view that special attention should be paid to the aviation Industry in form of a special rescue package. “Such a package must include funding and financial support and waiver of tax and other fees. This is to ensure that Nigerian airlines and its work force and indeed the entire industry survive COVID-19 and plays its role in rebuilding

the economy Post COVID era. “Globally the aviation sector across the world is one of the most visibly hit with closure of airports, drop in passengers and grounded planes across the world and thousands of workers either laid off or on forced leave. In Nigeria the situation has been the same and speculation is that the industry has lost about N21 billion.

This sector therefore deserves a special package,� the association added.

NACCIMA also said the objective should be to save the sector from total collapse and reposition these airlines to carry out strategic

“So, we are putting together a volunteer health workforce of people, who are willing to assist in the fight against COVID-19�

Governor of Ekiti State,

Continued on page 22

Kayode Fayemi

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MONDAY MAY 11, 2020 • T H I S D AY

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BUSINESSWORLD AHMAD URGES BANKS TO IMBIBE RISK MANAGEMENT PRINCIPLES He also stressed the need for investment in digitalisation of education in public schools to prevent the collapse of educational system as well as unified and market determined exchange rate regime. He admonished the banking sector to ensure effective implementation of sustainable banking principles with a focus on economic, social and environmental and governance issues to boost reputation and investor confidence.

While he saw the current situation as an opportunity for digital transformation and growth in e-banking offerings, Aku also emphasised the need to increase investments in cyber security to reduce fraud risk.

Furthermore, Aku who is also the Chairman of SunTrust Bank Limited listed the imperatives for the capital market to include the need to support the creation of new funding mechanisms to support economic recovery; work with regulatory and market shareholders to create incentives that support the growth of a green economy; ensure that listed companies report on compliance with environmental, social and corporate governance criteria, and enhance capacity building and knowledge enhancement in sustainable finance.

NACCIMA WELCOMES PLANNED BAILOUT FOR AVIATION SECTOR

have demonstrated they have the capacity to do so and they should be given the opportunity to do so rather than patronising foreign Airlines. “The Nigerian aviation sector must be supported now. Prior to this period, it was struggling.

It should not be allowed to go under because through their operations and resumption of flights, domestic operations will gain traction and this will help these airlines to gain a foothold in the sub region and subsequently international routes. “Tax relief, waivers of fees on planes currently grounded should be considered as part of the support package. Likewise, consideration should be given to a review of their debt profiles with a moratorium on existing loans for next two years.

NEWS

Survey: COVID-19 Responsible for Fall in PMI Peter Uzoho

Both output and new orders decreased at rates unprecedented in more than six years, the report revealed.

The report also showed that firms scaled back employment as most companies kept their staffing levels unchanged at the start of the second quarter. Concerning purchasing activity, difficulties in securing materials led

to a sharp rise in purchase costs, and this was passed on in the form of higher output prices.

As companies continued to increase their selling prices at a marked pace in April as a result of the higher purchase costs, the rate of inflation rose to a new high.

The introduction of the lockdown prevented many

firms from completing outstanding orders, thereby making backlogs of work to increase for the first time in three months.

Specifically, the Nigeria PMI survey report for April was a weighted average of the following five indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times

(15%) and Stocks of Purchases (10%), the report stated.

Despite many companies experiencing a drop in confidence due to a severe decline in business activities across the country when compared to the index of the previous six months, there is optimism that businesses will begin to bounce back steadily once the pandemic eases.

The recently released April version of the Nigeria Purchasing Managers’ Index (PMI) has expectedly revealed a decline in the private sector.

According to the report, the Nigeria PMI headline sank to 37.1 index points in April 2020 compared to 53.8 index points recorded in March. New orders, output and employment witnessed sharp falls as prices rise amid supply chain disruption.

The Nigeria PMI report, published by Stanbic IBTC Bank Plc, reflected economic indicators gotten from monthly surveys of private sector companies and it is targeted at providing information about current business conditions to various stakeholders. Readings above 50.0 indicate an improvement in business conditions while readings below 50.0 show a deterioration.

The advent of the COVID-19 and the lockdown imposed to curtail its spread have led to a severe deterioration in business conditions across L-R: Director, Infinity Trust Mortgage Bank, Mr. Akin Arikawe; Company Secretary, Mrs. Tolulope Osho; Chairman of the Board, Dr. Adeyinka Bibilari; the Nigerian private sector Managing Director/CEO, Dr. Olabanjo Obaleye; Directors, Mr. Dada Ademokoya and Babatunde Olaleke, during the company’s Annual General during April.

Meeting held in Abuja‌recently

STOCK-TAKING

‘Remote Technology Solutions Will Transform Data Centre Operations’ Emma Okonji The Managing Director, BCX Nigeria, Mr. Ayo Adegboye, has said current global realities, occasioned by the global economic lockdown has necessitated the need to for information technology (IT) managers to modernise their approach to maintaining, protecting and optimising their network systems.

Adegboye, in a statement, said by adapting and leveraging remote technology solutions, IT managers would be in a better position to proactively manage their organisation’s IT infrastructure. “They will be able to reduce downtime by taking care of issues before they become problems. With the power of cloud-based computing, they will also be able to improve performance by assessing how to improve hardware based on the experience of similar

systems at thousands of other sites,� Adegboye said.

According to him, the most exciting would be the potential of Artificial Intelligence (AI) comparing data sets from tens or hundreds of thousands of other data centres and then sharing results on how to optimise hardware and software performance with the IT team.

He said all of these tasks could be done remotely to save time that could be put to other tasks, such as anticipating the needs of internal customers, researching new trends in the technology and data centre space, and looking at how to implement these new solutions.

He explained that BCX Nigeria in conjunction with its partner, Schneider Electric, would be taking the lead to drive the new trend, when it hosts its webinar on Wednesday this week, where

participants would have the opportunity to understand more about the trends by joining the webinar conference.

Citing current statistics, Adegboye said Nigeria currently has about seven functional Data Centres, yet not many of them depend on a specific PC, with a VPN login, in order to access a data centre monitoring system.

Therefore, this year has been a wake-up call for business and decisions makers in the area of technology.

Few were ready for the sudden emergency we were all faced with and the lockdown precautions that we have had to follow to preserve our health and safety. We have all had to adapt to working from home and remote learning. But how have IT professionals adapted and what have they done to shift online, Adegboye asked.

According to him, “There is one technology trend that people are used to as consumers. Given its simplicity and convenience, most people in Nigeria access their bank accounts through an app.

We are increasingly turning to apps to order food and groceries, stream videos and even study. Technology has transformed services for consumers. It’s about time we did the same for businesses and governments, by using remote maintenance. “One could even argue that the most resilient businesses in Nigeria, be they the banks, the telcos, and e-commerce retailers, have been able to operate and function effectively during lockdown due to their use of technology.

They have embraced online channels such as mobile applications, which have been built on cloud technologies and software defined data

centers. “Technology has always been an enabler; it’s never been easier to manage IT systems, both hardware and software, remotely, even through an application on your smart phone.�

He listed the reasons why remote monitoring could dramatically support any organisation’s productivity and growth to include: Embedded Systems, Big Data, Mobile Computing, Health and Safety.

Describing embedded system Adegboye said there were more sensors, notifications, and alarms available on data centre systems today than there were a decade ago. “With this much data, we are able to run our data centres much more efficiently, provided we have the right monitoring systems and technology in place,� Adegboye added.

International Breweries Backs COVID-19 Fight Raheem Akingbolu Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (ICT)

The International Breweries Plc has backed the effort of Anambra, Lagos, Ogun, Osun, and Rivers states among others in alleviating the hardship caused by the COVID-19 on Nigerians.

From monetary donations to provision of testing kits and personal protective equipment (PPE) for frontline healthcare workers, the member of Anheuser-Busch InBev (AB InBev) family collaborated with government, partners with stakeholders to reduce the spread of the disease.

According to a statement issued by the company, not

less than 30,000 bottles of hand sanitisers have been distributed to these states, hospitals government institutions. About 60,000 bottles non-alcoholic beverages produced by the company have also been donated to support the food distribution drive by the governments in various states.

Earlier in the implementation of the stay-home directive to curb the spread of the coronavirus, the company donated N10 million to the National Centre for Disease Control (NCDC) for the procurement of test kits via its Trophy Stout brand in an e-concert led by popular hip-hop star, TuFace.

Hugo Dias Rocha, IBPlc’s Managing Director, said it was crucial to take solution-driven actions which would shape the future of the country. He reiterated the firm’s commitment to exploring areas of further potential collaboration and support with stakeholders, especially government. “As an organisation, we are always looking to support our local communities and are positive that our donation will assist and support the government and our communities greatly in the fight against the spread of this pandemic,� Rocha stated. “We appreciate and lend our voice to the various

initiatives by the federal government of Nigeria, the state governments, the private sector to which we belong and all other sectors, organizations, individual and players that have all teamed together to assist in curbing the spread of COVID-19. We stand with you, and indeed the world, in the joint resolution to eradicate this virus and its impact on communities and economies.�

Legal and Corporate Affairs Director, Temitope Oguntokun, in the same vein, expressed the company’s commitment to its core values of health, safety, environment and corporate

social responsibility (CSR).

She said while most of the donations had been distributed across the states and communities, some were still ongoing.

Apart from the donations, she pointed out that the company has been supporting its employees with resources and consistent COVID-19 information to stay safe and healthy. “We believe this intervention will go a long way to reduce the further spread of the virus while also boosting our already challenged economy through youth entrepreneurship,�

Oguntokun added.

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BUSINESSWORLD

MARKET REPORT

Equities Investors Count Gains as All-Share Index Rises 4.4% Goddy Egene Equities investors had a good outing last week as the stock market recorded growth despite the challenges brought by the COVID-19 pandemic. Contrary to the negative performance recorded the previous week, the stock market recorded a positive performance as indicators closed higher.

Precisely, the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 4.45 per cent to close at 24,045.40, while market capitalisation higher at N12.531 trillion.

Also volume and value of shares traded improved to 1.662 billion shares worth N18.205 billion in 28,791 deals, from N1.012 billion shares valued at N9.892 billion traded in 17,023 deals the previous week.

Given the low valuation in the market, many investors have been embarking on bargain hunting so as to increase their portfolios ahead of expected market recovery.

Having gained in the month of April after a decline in the first quarter of the year, the market sustained the bullish run for eight straight days before the bears resurfaced last Friday.

The market garnered about N804 billion in the eight-day bullish run.

Market analysts had attributed the positive performance to low prices of stocks and reaction of investors to some of the improved first quarter results announced by some companies.

For instance, Senior Equity Research Analyst at Cordros Capital, Mustaha Wahab, said: “For us in Cordros, we believe the ultra-selloffs witnessed in March were an overreaction and that the market is now in a stronger condition than at the beginning of this COVID-19 episode. In other words, the panic element has eased significantly in our opinion. “There have been a few developments over the recent past weeks, which I believe provide respite for investors. For one, Nigeria received the International Monetary Fund (IMF)’s approval for $3.4 billion (N1.2 trillion) loan request. The approval came earlier than expected and is the IMF’s largest COVID-19 emergency financing provided to-date. While the loan will do little to address the significantly stressed balance of payment condition, it sure will provide some notable support to the 2020 budget in a year where government spending is necessary,� Wahab said.

He noted that the positive results posted by some companies in the Q1 of 2020, also impacted the growth posted in April “On the corporates side, we have seen some fairly impressive first quarter results thus far. The cumulative banks’ earnings that have been published to-date show earnings growth of eight per cent, with core income lines and asset quality fairly strong. For consumer goods companies, we like the fact that Nigerian Breweries Plc maintained revenue at last year’s level, even though profit was weaker (owing to high operating expenses). As expected, MTN Nigeria Communications Plc delivered strong numbers, driven by strong growth across revenue lines,� he said.

According to Mr. Oluropo Dada of Network Capital Limited, the digital channels deployed by the NSE to support remote trading which was overwhelmingly embraced by the traders, has contributed to the positive market performance being witnessed in the market. “Everything worked seamlessly to the advantage of the market.

The Q1 results of those big banks that provides over 65 per cent of the trading activities in the sector were released to the market and those results compared favourably with the

historical records, meaning that those banks are still creating values. Also, dividend declared for 2019 financial years were paid by major banks during the month, thereby providing liquidity to the shareholders and by extension to the market,� he said.

Market turnover Meanwhile, a breakdown of the market turnover showed that the Financial Services industry led the activity chart with 1.385 billion shares valued at N11.813 billion traded in 17,117 deals. The sector contributed 83.35 per cent and 64.89 per cent to the total equity turnover volume and value respectively. The Services industry followed with 53.551 million shares worth N128.065 million in 1,003 deals, while the Consumer Goods industry, occupied the third position with a turnover of 53.444 million shares worth N2.780 billion in 3,607 deals.

Trading in the top three equities namely, FBN Holdings Plc, Guaranty Trust Bank and Zenith Bank Plc accounted for 774.294 million shares worth N9.796 billion in 7,516 deals, contributing 46.59 per cent and 53.81 per cent to the total equity turnover volume and value respectively.

Top price gainers and losers The price movement chart showed that 39 equities appreciated in price during the week, higher than 28 equities in the previous week, while 22 equities depreciated in price, lower than 20 equities in the previous week.

Ardova Plc led the price gainers’ with 32.4 per cent. The Chief Executive Officer of the company, Mr. Olumide Adeosun, recently said the petrol products marketing firm had designed a programme to minimise the impact of the COVID-19 pandemic on its operations and assured stakeholders that it would be ready to face the challenges that emerge at the end of the crisis. “Our foresight in setting up business continuity frameworks for unprecedented circumstances such as this, means we are presently experiencing near-zero impediments to our operational efficiency. Ardova Plc remains committed to supplying the energy needs of our customers during this period, and our stations remain open to provide them with fuels, lubricants and cooking gas. We fully support the federal government’s efforts to remove petrol subsidy for the downstream, as it will allow subsidy money to be re-allocated to areas that truly benefit the broader population and have more impact on our development as a nation,�

Adeosun said.

Meanwhile, WAPIC Insurance Plc closed as the second highest price gainer, chalking up 26.9 per cent.

Nigerian Breweries Plc added 25 per cent, while Consolidated Hallmark Insurance Plc and Prestige Assurance Plc appreciated by 20 per cent each.

UACN Property Development Company Plc garnered 19.48 per cent, just as Ecobank Transnational Incorporated went up 12.3 per cent.

Royal Exchange Plc and Cutix Plc added 10 per cent and 9.9 per cent respectively.

Conversely, Linkage Assurance Plc led the price losers with 16.9 per cent, trailed by C & I Leasing Plc with a decline of 10 per cent. MCNichols Plc shed 8.7 per cent, just as NEM Insurance Plc and Lafarge Africa Plc went down by 8.1 per cent and 6.7 per cent in that order.

Other top price losers included: NPF Microfinance Bank Plc (5.6 per cent); Wema Bank Plc (5.08 per cent); Courteville Business Solutions Plc (4.7 per cent); May & Baker Nigeria Plc (4.4 per cent); and Chams Plc(4.3 per cent).

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Chike-Obi: Why FG Should Borrow More Money The Vice Chairman, Alpha African Advisory and former Chief Executive Officer of the Asset Management Corporation of Nigeria, Mr. Mustafa Chike-Obi, in this interview monitored on on Arise Television, spoke on the effects of the coronavirus pandemic on the economy as well as the response by the federal government so far. Nume Ekeghe presents the excerpts: ably going to drop to the N400 billion range, which would put a lot of states into monetary pressure. So, I believe that loans outstanding to the states should be looked at. Banks need to watch very careful. I think this is not a time for over-regulation by CBN. I read that they had to sterilise some money recently from the banks - over a trillion was taken from the banks. I think this is not a time to over-regulate but the time to work with the banks, and find a path. All banks need is time, if you give banks time, they would make money in the long run. So, we need to find a way for the CBN and the banks to work together. Look at all these loans, restructure them in a sustainable way, so that the banks survive and the financial system doesn’t collapse. But there is a real risk of financial system collapsing if care is not taken at this point.

Recently, the Central Bank of Nigeria (CBN) reopened forex sales for some invincibles, is that a welcomed development and what else would you prescribe to the CBN in the context of trying to respond to the new normal that is emerging from the COVID-19 and economic shocks?

I think the impact of COVID-19 on Nigerian is going to be in two dimensions. One dimension is the health dimension as you have had doctors talk about it, and the second is the economic dimension. I think that in the long run, if these two things are not handled properly, economic problems might lead to more problems down the road; in terms of livelihood, security, health, and happiness.

The health area which is being handled by the doctors and scientists, and the economic areas should be both handled delicately. Taking a step back, instead of dealing with specific things that the CBN has or hasn’t done, I think we need to take a holistic look at what the economy is today; what it should look like, and the things we should be doing to make sure we come out of the economic side, in a manner that Nigerians have a healthy and happy life. Life must go on, depending on the magnitude of what CBN has done with the SMEs, with the BDCs, it’s okay.

That doesn’t address the larger issue that we have to face, going forward. And I think it is those larger issues we should be discussing.

Speaking on the $3.4 billion loan by the International Monetary fund (IMF), do you think there are any risk with the funds that we should be beware of?

First of all, we need to compliment the Minister of Finance and her team for arranging what I call a lifeline. You are quite correct it is a loan and it is supposed to be repaid between three and five years. That is the range of time for repayments. While it doesn’t come with strings or conditionalities, it does come with strong suggestions as to what should be done with the money, and how the money should be spent. And $3.4 billion sounds like a large amount of money, but it is roughly one to two per cent of our Gross Domestic Product (GDP). It is just a lifeline; it is not enough to solve our economic problems. Hence, depending on how we use the money and how transparent and forward looking, we are going to need much more money. I think we are going to need upward of $20 billion from various world agencies.

And they are watching what we do with this $3.4 billion, and I think if this money is spent properly, I suspect that we would be able to attract more money down the road.

But it is one per cent of our GDP and not enough to solve all our problems. But it is a welcome lifeline and minister should be commended for being able to get this lifeline at this time.

How signiďŹ cant is the N850 billion local loan request the Senate approved recently?

I have always been against foreign loans or borrowing in dollars because, like everybody knows, every five years, our naira exchange rate devalues by about 30 to 50 per cent. Then borrowing in foreign currencies ends up being more expensive to borrowing domestically.

Hence, if this was a loan that was approved previously and now, they are changing it from dollars to naira, then I think it is a very smart thing to do and I welcome it.

Even if there is an additional loan, I also think that this is the time that the Nigerian government should be borrowing money. I think the purposes is what matters and what you do with the money. There are some things we should not do with the N850 billion and even with the $3.4 billion. We should not use it to support our foreign exchange. We should not be sharing this money with the

chike-obi states. This is a federal government loan that has to be repaid between three and five years, and it must be used for solving things that would solve our immediate problems and then build for the future. The third thing it should not be used for is for subsidies. As long as it is not being used for those three things, I think that we would do well. We would borrow more money and use it for the proper things.

You said we need over $20 billion to ďŹ ll the country’s ďŹ nancing gap, do you think we would have to go back to the IMF for a proper conditional loan?

I think we would have to go back to the IMF for a proper loan and I think we would have to go to the World Bank for loans and other agencies in the world that are set up.

Even under the IMF guidelines, if your GDP is affected by 20 per cent or more, there is a new facility that you can access. So, we would need upward of $20 billion and I think that is a test case. If the government manages this money very responsibly, very transparently, it would open the doors for more monies down the lane. But if we use this money the way we used money in the past, I think we would find it more difficult to source the rest of the money we need in

We need to start building our health infrastructure.

This is a good opportunity to do so as too many Nigerians die from all sorts of diseases, with malaria being number one, then Lassa fever and all sorts of things

the future.

The IMF gave some suggestions to Nigeria, what in speciďŹ c terms do you think should be our priorities?

In my opinion, there are four things I think we should do with the money. First is health. We need to start building our health infrastructure.

This is a good opportunity to do so as too many Nigerians die from all sorts of diseases, with malaria being number one, then Lassa fever and all sorts of things. I think this is a time for us to start building our health infrastructure. The second thing is education.

We have to start looking at digital learning.

We have to start building infrastructure for people to learn remotely and from home. We are also going to look at security, and finally we need to look for support for industries that are critical. Manufacturing industries, power, and a lot of things that can give us productivity down the road. This shock would happen again, and this is the chance for us to start being prepared for the long term. I am not a big fan of school fees abroad, so the CBN opening up a window for school fees abroad doesn’t strike me as a priority at this time, but in their wisdom, that is what they have chosen to do. But I think we should start investing for the future and we should start now.

It is said that indigenous oil companies have lost about $12 billion to the volatility of the market. To what extents are local banks exposed to these companies and what does this mean for the ďŹ nancial system in Nigeria?

Well I think the banks are exposed to a lot more than the indigenous oil companies. I think we should look at the loans the banks have with the state governments. I think that is a significant number. Also, with this new oil price, apart from this extraordinary Federal Account Allocation Committee (FAAC) sharing of last month, I think FAAC is prob-

Some weeks ago, the Chairman of the Federal Internal Revenue Service issued a statement advising corporate bodies to pay taxes early and as due to help Nigeria address its revenue squeeze which you reacted to on twitter, can you elaborate on that?

When a government is certain and can demonstrate they are expecting some tax revenues at a certain time based on audited financials and based on number of things and corporations cannot pay taxes willingly without knowing what their financials are at the end of the year. So what people do all over the world is for them to anticipate those revenues, issue bonds if they have immediate cash needs, and issue bonds which are repaid when the taxes come by.

Obviously, your ability to anticipate your taxes and your honesty about it matters. But if the chairman of the FIRS believes that he is going to have additional tax revenues at the end of the year, the best thing for him to do is to issue a one-year tax anticipation bond, which would be subscribed to by the Pension Fund Administrators I am sure. And when the taxes come, pay off the bond, instead of asking companies to do something that they are not equipped to do. It was an ill-advised statement and I think we should just forgive him for it.

What would a Post COVID-19 Nigeria look to you?

I think that before COVID-19, Nigeria has been doing many things wrong. I think our governors have been doing things wrong.

There is no reason on earth for any governor in Nigeria, who depends on the people for a living, would be going around with 10 to 20 convoys and all the extravaganza that we see associated with governance. I think this is a time for us to take a huge cut at the cost of governance. The President of Nigeria, when he is traveling, if you are in Abuja, there are policemen lining the streets for four hours before he even leaves the Villa, and the Inspector General of Police goes with him, and the Minister, all of that should stop. We should have a very lean government. If the president is going to the airport, he should go with five cars, and get on his plane and go to where he is going to. And if he does that, the governors would follow suit. But this waste in government, and governors having 200 Special Advisers, all of that has to stop.

We need to take a serious look at the cost of governance in Nigeria, and we must all make sacrifices from the top to the bottom.

We are in for two or three years of very tough economic condition. The oil market would not improve significantly next year or in two years. Nigeria would have to go through very lean times, and all of us have to sacrifice, and face the fact that we must sacrifice to build a new and stronger Nigeria. And we can, and we have the potentials to do so.

T H I S D AY Ëž ÍŻÍŻËœ Í°ÍŽÍ°ÍŽ

IMAGES

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Photo Editor ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ ÔËÖË Email Ă‹ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜Ë›Ă‹Ă”Ă‹Ă–Ă‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×

L-R: Deputy Managing Director, Shell Petroleum Development Company (SPDC), Simon Roddy; Rivers State Governor, Chief Nyesom Wike; and the Zonal Manager, Nigeria National Petroleum Corporation (NNPC), Adebola Aderibigbe, during the donation of COVID-19 testing machines by SPDC at the Government House, Port Harcourt...recently

Ogun State Ministry of Agriculture’s team on tour of food production locations in Odogbolu and Remo North Local Government Areas, as the state continues to support Non-Anchor Borrowers Programme (ABP) food production and processing in the face of COVID-19 challenges,..recently

L-R: Administrative Secretary, FCT NASFAT, Mr. Tiamiyu Abimbola; Chief Imam of FCT, Dr. Musa Olaofe; and Representative of the First Lady, Dr. (Mrs.) Hajo Sanni, during the brief presentation of palliatives by the First Lady, Hajia Aisha Buhari to the Ansarudeen Society and NASFAT to cushion the eects of the COVID-19 lockdown in Abuja...recently

Some oďŹƒcials of Environmental Health OďŹƒcers Registration Council of Nigeria (EHORCON),fumigating the premises of the Small and Medium Enterprises Development Agency (SMEDAN), in Abuja...recently

Minister of State, Federal Capital Territory (FCT), Nigeria, Hajiya Ramatu Tijjani-Aliyu (right), receiving some palliatives donated to the Federal Capital Territory by the Indian Cultural Association to cushion the eect of partial lockdown against the spread of Covid-19 pandemic in Abuja...recently

Speaker of the House of Representatives, Rep Femi Gbajabiamila (right) with the Minister of State for Health, Sen. Mamora Olorunnimbe responding to questions from journalists after his inspection visit to the FCT Isolation Center, Thisday Dome, Abuja....recently

Minister of Women Aairs and Social Development, Dame Pauline Tallen (left) and UN Country Women Representative, Comfort Lamptey during the presentation of a cheque of over thirty Eight Million Naira to the minister as UN Women’s contribution of COVID-19 relief to vulnerable Nigerian women, in Abuja...recently

A cross-section of participants at a community dialogue with community leaders to strategise on reaching households with key messages on COVID-19 prevention guidelines and reduce transmission of the virus within the community, organised by World Health Organisation (WHO) and Kano state government, in Kano...recently

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T H I S D AY Ëž ÍŻÍŻËœ Í°ÍŽÍ°ÍŽ

CITYSTRINGS

Group Features Editor: Chiemelie Ezeobi Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?äĂ?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ ͙͔͙͚͚͓͖͑͑͑͒

Deepening Safety Awareness for the Grassroots Chiemelie Ezeobi writes that the Lagos State Environmental Protection Agency and Lagos State Safety Commission recently extended its social distancing and basic hygiene campaign to the grassroots

The joint task force at arrival at the Farm Settlement Primary School, Odogunyan

Social distancing enlightenment class for the vigilante group by the DG Safety Commission, Lanre Mojola and GM LASEPA, Dolapo Fasawe

Market leaders class room

Distribution of support foods to CDAs

W

ith COVID-19 pandemic ravaging the world and no readily-acceptable cure at hand, nations have adopted social distancing and good hygienic practice, among others, as some of the measures to ameliorate the spread of the virus. In Nigeria, it’s is not different both at the federal and state level. However, one of the major enforcers of these measures is Lagos and this message have been reiterated in recent times especially in the wake of the looming partial re-opening of the state.

Thus, as a way of deepening the message of physical distancing and basic hygiene practices that could help keep the spread of COVID-19 at bay, the Lagos State Environmental Protection Agency (LASEPA) and Lagos State Safety Commission (LSSC), last week extended their ongoing sensitisation campaign to some cluster groups in the suburbs of Ikorodu.

Apart from raising the level of awareness on the deadly pandemic as well as prevention methods among the participants at the event, the two agencies also donated relief materials to some residents.

The sensitisation exercise, held at Farm Settlement in Odongunyan area of Ikorodu, had each of the groups in different classrooms of not more than 10 persons seated at physical distancing proximity.

Explaining the rationale behind the relief packages, the General Manager of LASEPA, Dr. Dolapo Fasawe said that from bringing the messages of distancing and regular hygiene to the participants, the two agencies, LASEPA and Safety

Disposing of Used PPE after the session Commission, decided to complement the ongoing efforts of the Lagos State government by providing relief packages to the indigent residents.

She said “In LASEPA, what people know us for is enforcement and sanctioning of recalcitrant persons or individuals but, unknown to many is the fact that before we issue sanctions to defaulters, we would have explored and exhausted all forms of dialogue and mutual reasoning�. “And as such, this gesture today speaks volumes to our level of civility because we identified the need to carry people along, sensitise them and also make available to them, relief materials that would make it easy for them to

continue to stay at home if there is no compelling need to go out.�

Fasawe acknowledged that all members of the various associations could not take part in the sensitisation exercise due to the restriction on large gatherings, pleading with representatives of the various groups present at the event to cascade the message to other members of their groups.

She specifically urged members of the transport unions to comply with the modalities guiding their operations at this period, saying that compliance with the directive would greatly assist in lowering the spread of the virus among the commuting populace in the state.

In her words; “Ensure the capacities

of your buses are not beyond 60 percent passenger-capacity, disinfect your buses regularly and always make available hand sanitisers for the use of your customers�.

Dr. Fasawe, after her interaction with the various groups during the exercise, expressed satisfaction with the level of information already prevalent among the participants, attesting that it was easier conveying the messages of physical distancing and hygiene to the participants.

Also speaking at the occasion, the Director-General of LSSC, Mr. Lanre Mojola said the holistic idea to bring the campaign to the grassroots was borne out of the genuine love for all residents to keep safe at this crucial time, especially Lagosians living in the hinterlands where the level of awareness is presumably low.

Mojola, therefore, urged the various participating groups at the event to embrace the ‘Mask-Up’ campaign being championed by the state government, stressing that if Lagosians adhere to distancing and basic hygiene of regular hand washing with the use of sanitisers, in addition to the use of face masks, the fight against the deadly pandemic would be won in no distant time.

While decrying the continuous disregard for physical distancing directive and closure of religious centres for worship, the DG assured that the government is not relaxing its enforcement drive and would continue to clamp down heavily on erring groups or persons.

On the partial lifting of lockdown order in the state from next week, Mojola maintained that the new development does not imply that residents should disregard the various messages being preached by the state government.

MONDAY MAY 11, 2020 • T H I S D AY

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T H I S D AY Ëž Ëœ ÍŻÍŻËœ 2020

BUSINESS/MONEYGUIDE

Elegbe: Business Owners Must Embrace Diversity Peter Uzoho The Group Managing Director, Interswitch, Mitchell Elegbe, has advised entrepreneurs to have a clear business model before seeking start-up capital.

The Interswitch boss made this remark during a two-hour Webinar Startup Insight series themed: ‘Why startup capital is necessary, but not sufficient.’ The online session was attended by different entrepreneurs. Elegbe stated that when looking for capital for business, entrepreneurs should bear in mind the problem they intend to solve. He said it was important to know the appropriate business model required.

He also advised entrepreneurs to critically think about their business models, stating that: “the bigger the problem you want to solve, the more coherent your business model should be.�

Narrating his experience prior to the emergence of Interswitch, Mitchell said he recognised Nigeria had payment problems but he had very little knowledge of the banking industry having cut his teeth career-wise in the

telecommunications and oil and gas sectors. However, because he understood the problem he was trying to solve, he went for different pitches and scaled through. Elegbe, also spoke about the concept of ‘Greiner growth curve,’ in business which posits that businesses would go through six stages of evolving growth and five revolution of crisis stages.

He explained that the ability to move from one stage to the other is what will make a business. He advised entrepreneurs to consider partnerships later in business, noting that at that time a name would have been made for the brand. He concluded by encouraging business owners to recognised their times and seasons. According to him, if a business is run successfully for two years, then the most dangerous part has been overcome.

The next challenge would be how to scale the business. “Business owners should not do the same thing for a long time. They should be dynamic in their line of thought. Business owners should see difficult times as a golden opportunity to make

their brands better. May you see your golden opportunity,� he added. The programme which was in its second edition, is a 12-week Accelerator programme organised by Asset & Resource Management Holding Company Limited (ARM) in partnership with the Ventures Platform. It was designed to fund and support compelling fintech startups solving key problems in the financial services industry. It was also initiated to unlock verticals and new markets, thereby changing how users access and consume financial services in Africa through the Ecosystem Dialogue, and Startup Insight Series.

The Ecosystem Dialogue Series (EDS) is a platform for conversations between policymakers, advocators and members of the startup community, to discuss policies and innovations that startups can leverage; while Startup Insights is a mentorship series that brings experienced entrepreneurs, investors, and corporate professionals (with prominent success stories) together with startup founders, to explore deep industry and entrepreneurship insights.

Infinity Trust Declares N444m Profit Adedayo Akinwale Ă“Ă˜ ĂŒĂ&#x;ÔË Infinity Trust Mortgage Bank has declared a 21.2 per cent per cent increase in profit before tax, from N366.8 billion in 2018, to N444.4 million in 2019.

The company’s Head, Corporate Communication and Brand Support, Mr. Akinwale Ishola, in a statement issued yesterday, said the bank also approved its 2019 annual reports and accounts, during the bank’s first-ever virtual Annual General Meeting (AGM), which was also the 14th AGM. He said the meeting which took place at the bank’s head office, was held in adherence with social distancing rules and directives of the federal government, stressing that only 12 persons attended physically.

The Chairman of the Bank, Dr. Adeyinka Bibilari, was quoted in the statement as saying he was satisfied with the reports.

He said it was a true reflection of the performance of the bank during the 2019 financial year.

He stated: “Weathering the challenging and hostile busmess

environment in 2019, our bank achieved a profit before taxation (PBT) of N444.4 million.

This means that the bank has remained consistently profitable for 14 straight years. “Gross earnings increased by 37.6 per cent from N1.005 billion in 2018, to N1.383 billion, sustaining its performance in the billion arena. Total operating expenses increased by 28.2 per cent, from N577 million in 2018 to N740 million in 2019. “This culminated in a PBT of N444.4 million, an increase of 21.2 per cent over last year‘s N366.8 million. Though customer deposits reduced

by N530.5 million or 21.5 per cent, the core mandate of the bank witnessed three significant boost with loans growing from N3.802 billion in 2018 to N5.338 billion in 2019, an increase of 40 per cent. “Houses recognised as held for sale also witnessed a decrease of 50 per cent from N63.8 million to N31.9 million over the period under review. Our secondary market operations characterised by our on lending and refinancing activities grew

from N1.650 billion to N2.149 billion, an increase of 30.2 per cent.�

Also, the bank’s total assets grew from N10.351 billion in 2018 to N10.644 billion in 2019, which was a growth of three per cent, while shareholders’ funds grew from N5.969 billion in 2018 to N6.202 billion in 2019.

He therefore assured that the bank remains resolute in its commitment to be an industry leader in the Banking sub sector through innovation, focus and excellent service delivery.

Bibilari stressed that the shareholders approved the appropriation of profits proposed by the Board of Directors and resolved to distribute a dividend of 3.5 kobo per share, adding that it marked the fourteenth year that the bank has maintained profitability and consistently paid dividends to shareholders.

On his part, the Managing Director/CEO, Dr. Obaleye Olabanjo, said the bank’s performance in 2019 was as a result of the zeal and commitment towards excellence of both the Board, management and staff.

Firm Offers Free Healthcare Services to Customers Ebere Nwoji AXA Mansard Insurance Plc said it is providing free primary healthcare drugs and mental health support to its customers.

The insurer said the initiative was to help its customers overcome stress during this COVID-19 crisis period.

This was announced by the company during the launch of the free primary healthcare drugs and mental health support for all its customers across the country.

The Chief Client Officer AXA Mansard, Mrs. Rashidat Adebisi, said AXA Group is riding on its health insurance solution platform

to secure mental and physical health well-being of its customers.

According to her, recently, the company in collaboration with one of its subsidiaries- AXA Mansard Health Limited, announced the launch of some medical services which can be accessed for free

by Customers within the AXA Mansard Group, including Customers of AXA Mansard Insurance Plc. AXA Mansard Health Ltd, AXA Mansard Investments Ltd and AXA Mansard Pensions Ltd. According to her, these services include Telemedicine service: which allows all AXA Mansard customers to virtually visit the hospital and see a doctor from the

comfort of their homes through their phones, laptops or tablets.

She said through this service, customers are able to access a platform that connects them with licensed doctors who can consult, diagnose, prescribe medication and make recommendations on medical conditions and treatments.

Explaining the reasons for the services, Adebisi said, “We have introduced these services in a bid to ensure our customers are better equipped to scale through the challenges of the current crisis. We will continue to create sustainable and innovative solutions to cater for our customers’ healthcare needs at every point in time.�

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

SEPTEMBER 2019 Money Supply (M3)

35,029,779.72

-- CBN Bills Held by Money Holding Sectors

7,374,356.91

Money Supply (M2)

27,655,422.82

-- Quasi Money

116,533,891.21

-- Narrow Money (M1)

11,121,531.60

---- Currency Outside Banks

1,625,047.69

---- Demand Deposits

9,496,483.91

Net Foreign Assets (NFA)

13,911,335.83

Net Domestic Assets(NDA)

21,118,443.89

-- Net Domestic Credit (NDC)

35,918,179.45

---- Credit to Government (Net)

10,452,199.38

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

11,007,422.79

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

25,465,980.07

---- Credit to Private Sector (CPS)

-14,799,735.56

--Other Assets Net

7,000,253.07

Reserve Money (Base Money

2,005,600.83

--Currency in Circulation

4,677,530.81

--Banks Reserves

317,121.43

Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT THURSDAY, 7 MAY 2020

The price of OPEC basket of thirteen crudes stood at $22.91 a barrel on Thursday, compared with $22.40 the previous day, according to OPEC Secretariat calculations.

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

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MARKET NEWS

International Breweries Records N5.6 Billion Loss in First Quarter Goddy Egene Shareholders of International Breweries Plc are in for another bad year as the company has recorded a loss of N5.645 billion for the first quarter ended March 31, 2020. The brewing firm had posted a loss of N28 billion in the 2019 financial year.

In its unaudited results for the 2020 Q1, International Breweries Plc recorded a loss affected by foreign exchange

loss and high cost of sales.

The brewing firm also recorded a revenue of N35.348 billion, up marginally from N35.097 billion in the corresponding quarter of 2019. Cost of sales rose from N26.151 billion to N29.176 billion in 2020. Administrative expenses fell from N4.891 billion to N4.761 billion, while marketing and promotion expenses also reduced from N3.927 billion to N3.797 billion in 2020.

P R I C E S MAIN BOARD

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Other income rose to N4.301 billion, boosted by sale of waste and scraps. However, the loss of N9.943 billion moderated the gain from the scrap and waste sales.

Consequently, its loss before tax stood at N7.694 billion, compared with N5.318 billion in 2019. A tax credit of N2.048 billion reduced the loss after tax to N5.645 billion as against N3.988 billion in 2019.

Commenting on the results, analysts at WSTC Financial

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

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Services, said International Breweries Plc made a gain of N4.54 billion on derivative contracts during the period. “ Therefore, the company’s income line was supported by these derivatives gains.

However, the company yet recorded a N9.94 billion foreign exchange loss during the period, resulting from the exchange rate devaluation recently implemented by the Central Bank of Nigeria (CBN). The Company had

T R A D E D MAIN BOARD

A S

significant FX exposure on its borrowings and payables.

In a bid to protect margins, the Company incurred a lower operating expense of N8.56 billion in Q1 2020, representing a three per cent year-on-year decline from N8.82 billion in Q1 of 2019. The significant FX losses put a damper on bottom-line,� the analysts stated.

They explained that to understand what could

O F

have been the true earnings position of the company had it not incurred an FX loss, they discounted the FX losses and the derivatives gains in both comparable years. “By doing so, the company could have still reported an operating loss of N2.64billion.

This is so because of an operating expense of N8.56 billion relative to an operating income (gross profit plus adjusted other income) of N5.92 billion,� they added.

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MONDAY, MAY 11, 2020 ˾ T H I S D AY

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MARKET NEWS

Continental Reinsurance Grows Profit by 446% to N2.5bn in First Quarter Goddy Egene Continental Reinsurance has posted a 29 per cent increase in gross premium income to N11.560 billion for the first quarter (Q1) 2020, up from N8.992 billion in the corresponding period of 2019

despite unprecedented challenges across Africa resulting from the COVID-19 pandemic. Underwriting profit soared by 622 per cent to N1.565 billion, from N217 million, while profit before tax jumped by 446 per cent from N454 million to N2.479 billion in 2020.

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

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

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

Commenting, Group Managing Director, Continental Reinsurance, Dr Femi Oyetunji, said: “The pandemic has alerted us to expect variations in key performance metrics, which are highly likely to impact our annual objectives.

COVID-19 has caused extreme

floor of the Nigerian Stock Exchange.

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

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

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 07May-2020, unless otherwise stated.

personal distress and challenged business sustainability across the world. However, it has also created an environment for greater collaboration, innovation and digital transformation, particularly within the insurance industry. As insurers, we should

be demonstrating our value more effectively as lubricants of the economy and create greater cohesion with other sectors of our economies. As we do with the UN–Principles of Sustainable Insurance, steadfastly integrate our global efforts to proactively

prevent and manage climate related catastrophes and pandemics.”

According to him, as insurance leaders, they are focusing attention to the crisis on the continent by working with industry players to contribute towards resolving this challenge.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 113.58 117.23 -22.47% Afrinvest Plutus Fund 100.00 100.00 3.75% Nigeria International Debt Fund 300.79 300.79 -3.77% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 6.79% AIICO Balanced Fund 2.61 2.66 5.86% info@anchoriaam.com ANCHORIA ASSET MANAGEMENT LIMITED Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 5.60% Anchoria Equity Fund 95.19 95.52 -7.08% Anchoria Fixed Income Fund 1.19 1.19 4.20% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 13.83 14.24 -9.73% ARM Discovery Fund 327.56 337.44 -5.17% ARM Ethical Fund 27.52 28.35 -5.36% ARM Money Market Fund 1.00 1.00 5.81% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 92.33 92.98 -3.90% AXA Mansard Money Market Fund 1.00 1.00 6.32% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 0.07 0.05 6.99% Paramount Equity Fund 10.69 10.88 -14.61% Women's Investment Fund 107.06 107.82 -3.12% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 5.49% Cordros Milestone Fund 2023 96.88 97.14 Cordros Milestone Fund 2028 104.77 105.09 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 4.40% Coronation Balanced Fund 0.89 0.90 -4.16% Coronation Fixed Income Fund 1.40 1.40 5.65% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,340.36 1,343.34 3.82% FBN Balanced Fund N/A N/A N/A FBN Money Market Fund 100.00 100.00 5.34% FBN Nigeria Eurobond (USD) Fund - Institutional 111.15 112.22 -6.78% FBN Nigeria Eurobond (USD) Fund - Retail 111.68 112.74 -6.80% FBN Nigeria Smart Beta Equity Fund 112.18 113.51 -13.79% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 6.40% Legacy Debt Fund 3.74 3.74 2.47% Legacy Equity Fund 1.03 1.05 -8.82% Legacy USD Bond Fund 1.10 1.10 1.65% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 2,822.75 2,851.66 -5.38% Coral Income Fund 3,157.48 3,157.48 15.18% FSDH Treasury Bills Fund 100.00 100.00 6.11% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 5.42% Nigeria Entertainment Fund 118.47 118.97 10.32%

GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 4.84% Vantage Balanced Fund 2.20 2.23 0.19% Vantage Guaranteed Income Fund 1.00 1.00 10.08% Kedari Investment Fund (KIF) 142.19 142.73 -0.85% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.19 1.21 1.98% Lotus Halal Fixed Income Fund 1,120.50 1,120.50 3.96% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.44 1.46 17.01% PACAM Fixed Income Fund 11.94 11.99 5.92% PACAM Money Market Fund 10.00 10.00 3.62% PACAM Equity Fund 1.03 1.04 PACAM EuroBond Fund 104.21 106.34 SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 109.44 111.27 -16.48% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.01 1.01 3.72% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund N/A N/A N/A Stanbic IBTC Bond Fund N/A N/A N/A Stanbic IBTC Ethical Fund N/A N/A N/A Stanbic IBTC Guaranteed Investment Fund N/A N/A N/A Stanbic IBTC Iman Fund N/A N/A N/A Stanbic IBTC Money Market Fund N/A N/A N/A Stanbic IBTC Nigerian Equity Fund N/A N/A N/A Stanbic IBTC Dollar Fund (USD) N/A N/A N/A Stanbic IBTC Shariah Fixed Income Fund N/A N/A N/A UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.11 1.13 -7.81% United Capital Bond Fund 1.79 1.79 3.57% United Capital Equity Fund 0.61 0.63 -12.91% United Capital Money Market Fund 1.00 1.00 7.26% United Capital Eurobond Fund 114.50 114.50 2.37% United Capital Wealth for Women Fund 1.05 1.05 -3.99% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 10.03 10.16 -2.34% Zenith Ethical Fund 11.53 11.65 -0.75% Zenith Income Fund 23.41 23.41 5.28% Zenith Money Market Fund 1.00 1.00 3.79%

REITS NAV Per Share

Yield / T-Rtn

3.40 114.44 52.79

-64.85% 2.22% 1.42%

Bid Price

Offer Price

Yield / T-Rtn

8.17 83.17 65.74

8.27 84.89 66.94

-6.08% -10.09% -10.85%

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

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

2.82 3.93 11.21 10.31 178.82

2.86 4.01 11.31 10.51 180.82

-20.54% -33.21% -7.41% -0.72% -4.79%

NAV Per Share

Yield / T-Rtn

108.29

16.90%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

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COVID -19 UPDATE...

COVID -19 UPDATE...

ECA: Africa Loses $65.7bn Monthly to Lockdowns Proposes seven strategies for Africa’s economic recovery

Peter Uzoho The Economic Commission for Africa (ECA) has released a new report proposing to African nations various COVID-19 exit strategies following the imposition of lockdowns that helped suppress the spread of the COVID-19 in the region but with devastating economic consequences.

The United Nation’s agency however estimated that the lockdowns applied by at least 42 countries in Africa would cost

the continent about 2.5 per cent of its annual Gross Domestic Product (GDP), equivalent to about $65.7 billion per month.

The report entitled, “COVID-19: Lockdown Exit Strategies for Africa”, issued yesterday in Adis Ababa, Ethiopia, by the ECA’s Communications Section, added that the estimated loss was separate from and in addition to the wider external impact of COVID-19 on Africa of lower commodity prices and investment flows.

According to the report, the

47 Health Workers Test Positive for in Kano

The Kano State Government has stated that 47 health workers have tested positive for COVID-19.

Coordinator of the state’s Task Force on COVID-19, Mr. Tijjani Husaain, disclosed this yesterday at a press conference in Kano.

He said the infected health workers had contracted the disease the previous week, adding that no medical personnel got infected in the last few days.

Husaain said the virus transmission has reduced among health workers following “prompt actions” of the state government.

He said the state has recorded 576 confirmed cases of the disease, out of which 32 patients have been discharged, while 21 fatalities have been recorded. “Out of the total number of confirmed cases in Kano State, we recorded 21 deaths,” he said.

On Saturday; we also recorded 84 new suspected cases of the COVID-19, bringing the total number of the suspected cases to 1,820 in the state.

“Between Saturday and Sunday, 29 of the 84 samples collected were confirmed positive to the virus. So far we have collected 2,072 samples in the state.”

seven exit strategies proposed by the ECA that provide sustainable, albeit reduced, economic activity are being tried around the world and outlines the risks involved for African countries.

The strategies include: improving testing; lockdown until preventive or curative medicines are developed; contact tracing and mass testing; immunity permits; gradual segmented reopening; adaptive triggering;

and mitigation.

The report explained that the strategies were assessed with respect to the extent to which each strategy minimises uncertainty over fatalities, saying, in most cases, countries were applying a combination of several strategies such as testing, contact tracing and gradual segmented reopening. The ECA report maintained that under adaptive triggering, nations could ease

lockdown once infections declined and re-impose if they begin to rise above intensive-care capacity.

It said these would require regular shutdowns lasting two-thirds of the year, making little difference to permanent lockdown from an economic perspective, pointing out that African health-care capacity was limited, meaning that capacity would quickly be exceeded, potentially resulting in fatalities.

The report noted that mitigation gradually allows the infection to spread across the population with some social distancing measures in place, adding that it is reportedly working in Sweden, where an estimated 25–40 per cent of Stockholm have contracted COVID-19, but relies on good adherence to basic social distancing measures and strong health-care capacity.

HEDA Cautions against Plans to Commence Vaccine Trial in Nigeria The Human Enviromental Development Agenda (HEDA) has warned that any attempt to commence the clinical trial of the proposed COVID-19 vaccine in Nigeria would be dangerous to the peace and wellbeing of the people.

The HEDA, in a statement it issued yesterday, said reports that the World Health Organisation, (WHO) would commence the trial of the COVID-19 vaccine in the country, would expose Nigerians to be used as guinea pigs and undermine the dignity of the people.

The rights group alleged that the WHO’s proposal has a lot of legal and health implications.

The Chairman of HEDA, Mr. Olanrewaju Suraju, who signed the statement, said it would begin legal proceedings against WHO and any other

institution that might support the clinical trial of the vaccine in Nigeria.

He said HEDA would approach the African Human Rights Court and Nigerian courts to seek legal redress and stop any plot to undermine the self-esteem and rights of Nigerians.

“COVID-19 is not a Nigerian specific disease. It did not originate in Nigeria. Vaccine trials are an experimental phenomenon whose outcome and consequences remain unknown even to scientist that initiated them. That is why it is called trial vaccine.

The possibility of the trial consuming human life is real,” Suraju said.

The WHO said last week that Nigeria would be willing to have the vaccine trial done in Nigeria as part of the global

effort to contain the COVID-19.

But HEDA claimed that the trial vaccine has been trailed by controversies. “It appears there is a conscious effort to have the vaccine trials in African countries with Nigeria chosen as a pilot project. We can assure WHO that this decision will be contested by HEDA

using all available national and international legal instruments,” Suraju said.

The WHO Officer in Charge in Nigeria, Ms. Fiona Braka, disclosed that efforts were underway to start the process in Nigeria while speaking during the Presidential Task Force Briefing on COVID-19.

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MONDAY MAY 11, 2020 ˾ T H I S D AY

COVID -19 UPDATE...

COVID -19 UPDATE...

Ganduje: Repatriation of Almajirai Collective Decision of Northern Govs

Ibrahim Shuaibu in Kano

Kano State Governor, Abdullahi Umar Ganduje, has said the

repatriation of Almajiris to their states of origin was a collective decision of the Northern Governors’ Forum.

150 Deaths Caused By Hypertension, Others, Bauchi Gov Insists Bauchi State Governor, Senator Bala Mohammad, has revealed that about 150 people died in Azare, the headquarters of Katagum Local Government Area in the last 30 days from hypertension and other related diseases.

Some residents in Azare on Saturday alleged massive deaths from a ‘strange ailment’ in the community.

They said about 301 people were feared dead in the last two weeks in the area.

Some associated the strange ailment with COVID-19.

But Governor Mohammad yesterday told journlists at the Government House that about

The Catholic Archbishop of Lagos, Alfred Martins, yesterday appealed to the federal government to set out guidelines for the opening of churches and mosques in some states in the country, saying, “many are truly suffering, spiritually, emotionally and psychologically.”

Martins, said this while delivering his homily monitored via DSTV. He stressed the need for the

government to consult with stakeholders and come out with guidelines for such gatherings, which he said must be strictly adhered to.

According to the Lagos Archbishop, “If transportation, banking and other sectors would re-open and yet would be safe, we need to follow guidelines.

“Our leaders in government took this step in dialogue with stakeholders because those sectors are very important for the lives of people.

Lagos to Receive Free Medical Supplies from Stallion Group, Morsun Clinics Bennett Oghifo Stallion Empowerment Initiative (SEI), the charity arm of Stallion Group, has partnered Morsun Mobile Clinic to offer free medical consultation and drugs to residents of Lagos State, using 11 clinics.

The group Chief Executive Officer, Mr. Anant Badjatya, said they would treat over 70 common ailments prevalent in Nigeria, and that they would also reach over 20,000 people in the city in two months, according to a statement issued yesterday by officials of the group.

The statement added: “The service aims to provide some succour to people who cannot access hospitals due to overcrowding caused by the pandemic or for those who can’t simply afford a treatment.

“There is nothing greater than the safety of the people of this country, and it is our responsibility to support the government and the community in this time of need.”

Morsun Mobile clinics, the statement said, are strategically located in business districts for the easy access of the working

all Almajiris that are not from Kano State to their respective states of origin.”

Speaking at the weekend at the state Task Force on COVID-19 media briefing held at the Government House in Kano, he pointed out that the exercise was not political and should not be politicised.

“The way we are sending back the Almajiris to their states

of origin, that’s how we are also receiving Almajiris from other states who are Kano indigenes.

But the fact that we are not making noise about it does not mean they are all healthy without COVID-19 infections.”

While making it categorically clear that some of the Almajiris brought to Kano during the exercise are also COVID-19 positive, the governor said:

“People should also understand that these children were not infected in the process of transporting them to their respective states.

“So noise making should not be the way forward. All we are doing is simply to comply with the Northern Governors’ Forum decision that all Almajiris in our states should be taken back to their respective states, simple.”

150 had died so far in the last 30 days according to a report received from the committee set up to investigate the strange death.

He said: “We have reviewed the rumour about Azare that it has become a morgue. It’s not true; we have gotten the statistics of the death in the last 30 days.

“About 150 died in Azare, an average of about eight death per day and most of them we have found the cause to arising from hypertension and other related diseases; it’s not true that people are falling and dying in Azare, even if that is the situation ,we are moving there as a government.”

Catholic Bishop Seeks Gradual Reopening of Churches, Mosques

Peter Uzoho

Ganduje explained: “But we are not making politics out of it, because we all believe that what they need mostly now is not noise making or publicity.

What they need at this critical point in time is, care giving.

“We agreed at the Forum that all Almajiris should be moved to their states of origin.

That is why we are sending, in good faith and procedures,

communities. “These clinics are known for providing quality, affordable and accessible health care to Nigerians. In Lagos, they have seven existing clinics and four new ones that have been inaugurated this month.”

The group said Victoria Island has two well established clinics at Adeola Odeku Street and one close to the 1004 estate. It also has one clinic each at Ajaye Road, Ogba; Aina Street, Ojudu; City Mall, Onikan Round About; Freedom Way, Lekki Phase 1; Ayangburen Road, Ikorodu.

The four new ones are being strategically placed at Orile, Apapa Road; Ajah and Somulu to best cater for the working class.

The statement said: “Stallion Empowerment Initiative (SEI) in its endeavour works to develop scalable, impactful and sustainable programmes that shall leave a visible impact for the future generations in West Africa.

“The key focus is towards providing better education, health care, skills and capability building in youth communities.

The association with the mobile clinic is a step towards fulfillment of accessible health care and wellbeing of the community.

GIVING BACK TO SOCIETY…

L-R: Councilor of the Embassy of Republic of Korea, Mr. Ju-Yeol Lee; representative of Samsung Heavy Industries (SHI) of Korea, Mr. Kim Jiwon; Minister of State for Health, Senator Adeleke Olorunnimbe Mamora; and Permanent Secretary, Federal Ministry of Health, Mr. Abdulaziz Abdullahi, during the handover of 5,000 COVID-19 test kits donated by SHI to the Nigerian government in Abuja...yesterday

Bakare Donates Church Halls as Isolation Centres The Serving Overseer of The Citadel Global Community Church, formerly known as Latter Rain Assembly, Pastor Tunde Bakare has donated three church buildings to the Lagos and Ogun state governments as isolation centres.

In a broadcast shared by the church yesterday, Bakare called on other churches, with multiple

facilities to do the same, rather than criticise the government for shutting down congregational worship.

The Cable quoted him as saying that he had not asked the churches to do what he himself has not done, stating that his church had donated their facilities to the government in Lagos, while a private residence

in Abeokuta has been granted to the Ogun state government.

“This morning, I would like to bring ethical correction to some of the lamentations of certain people within the church over the ban of congregational worship in churches across the land, while markets and hospitals are allowed to operate,” Bakare said.

“I am so glad that no only churches are prevented now from congregating, the mosques also are lockdown.

“The government order to open the markets to operate for a few days is to prevent hunger, especially in the life of daily earners because the palliatives from the government cannot go to every citizen.”

CBN ASSESSES FUNDING REQUESTS FOR NIGERIAN-MADE COVID-19 VACCINES “We said no hotel should operate within this period.

Unfortunately, the PDP Youth Leader in Eleme joined others to flout the Executive Order.

Therefore, the executive order will be applied.

“We said if any hotel operates, the government will bring down that hotel.

We are doing what we have told people that we are going to do. Nobody wants to obey any rules. We are saying just for now, keep off, let us see how we can keep our people safe,” he said.

He explained that the focus on hotels is due to the fact that one of the cases in the state spread the virus from a hotel.

He said: “Look at the rate of infections, most of these people are found in hotels. Look at the man that died, he was at Mingi Hotel in Rumumasi. Due to that contact, we have had other seven cases.”

He added that those involved in the crime would be prosecuted and that the managing director of the hotel at Onne had been arrested.

The state government had on Saturday declared the Youth Leader of the PDP in Eleme Local Government Area and owner of Prudent Hotels, Mr. Princewill Osaroejiji, wanted for “various criminal activities.”

The state also offered N5 million reward to anyone who will give law enforcement agencies information that will lead to his arrest.

ANAP Seeks Curfew Relaxation, Extension of Business Hours In a related development, the ANAP Foundation COVID-19 Think Tank has called on the federal and state governments to lift or adjust the dusk to dawn curfew across the country and extend the hours for the opening of businesses in the country.

The foundation said the suggestion was necessary to avoid physical contact and overcrowding resulting from the curfew and tight business opening hours, which it said was caused by people rushing to meet their engagements before the expiration of the deadlines, thereby increasing chances of COVID-19 contact.

ANAP in a statement yesterday jointly signed by its Chairman, Mr. Atedo Peterside, and the Vice-Chairman, Mr. Abubakar Mohammed, recommended that the federal and state governments should intensify behaviour change communication campaigns on physical distancing, hand washing and wearing cloth

face coverings in public in order to prevent the spread of COVID-19.

It urged the government to lift the curfew or limit it to 11 p.m.– 5 a.m. (no more than six hours) to help ease overcrowding, and lengthen business hours and reserve one or two hours for the exclusive service of the elderly, especially in banks and supermarkets, in consideration of their extra vulnerability to COVID-19.

ANAP further recommended that the government should prevail on businesses to enforce the physical distancing of two metres between customers; compulsory wearing of cloth face coverings in public places and public transportation; continued ban of physical congregational religious activities and other social events and/or ceremonies.

It said it strongly believed that implementing some or all of the above measures would help in achieving the government’s objective of easing hardship on the citizens whilst curbing the spread of COVID-19.

While commending the efforts of the federal and state governments and their agencies in dealing with multifaceted problems posed to the nation by the COVID-19 pandemic, the foundation noted the increasing

awareness and responsibility of state actors and the renewed emphasis on educating the public on all that was important regarding COVID-19.

ANAP added: “After reviewing situation reports from various towns and villages across the nation, our conclusion is that governments must continue to monitor and define the extent to which they will modify partial lockdowns to allow for some economic activities thereby ensuring that the right balance between public health and economic sustainability is maintained.

“Whilst the easing and modification of lockdown measures have met with varying degrees of success, we underscore the need to increase the intensity of a sound and effective communication strategy which ensures that the public is alive to the dangers of COVID-19 and its potential for exponential growth if we let our guard down.

“Unchecked behaviour and violations of public health advice regarding minimising physical and social contact, observing personal hygiene e.g. failure to wash hands frequently and/ or use of sanitizers and/or wearing cloth face coverings in the public will lead to the rapid spread of COVID-19.”

MONDAY MAY 11, 2020 ˾ T H I S D AY

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24 HOURS...

24 HOURS...

Southern, M’Belt Leaders Outraged over Influx of Almajiris into States Deji Elumoye and Chuks Okocha in Abuja Leaders of the Southern and Middle Belt parts of Nigeria

have expressed shock and outrage at what they described as the complacency of the Nigerian security forces at the invasion of their areas by

CSR: Dangote Cement Donates Patrol Cars to Ogun Security Trust Fund As part of its strategic Corporate Social Responsibility (CSR) towards maintaining security of lives and property, leading Cement manufacturer in Nigeria, Dangote Cement Plc, yesterday donated 25 operational cars, fully equipped with security features, to the Ogun State Security Trust Fund (OSTF) The donation was a fulfillment of a pledge made by the immediate-past Group Managing Director (GMD) of the company, Joseph Makoju, who promised the state government that Dangote Cement, as a responsible corporate citizen, would partner the government in ensuring the much desired security is maintained in the

teenagers from far Northern Nigeria hidden in containers and trailers in spite of the ban of interstate movements by President Muhammadu Buhari , the Northern Governors Forum and all the Governors in the South and Middle Belt.

In a statement signed

by Signed by Chief Edwin

Clark for Pan Niger Delta Forum (PANDEF); Chief Olu Adebanjo for Afenifere; Chief John Nnia Nwodo for Ohaneze and Dr. Bitrus Porgu for The Middle Belt Forum, the leaders described the development as “ominous development,” especially as it is coming after Boko

Haram threatened openly three weeks ago, that they were going to take their battle against Nigeria to the South-east and South-south.

The leaders of these Pan Nigerian leadership forum said that this is very worrisome development in view of the silence of the National Security

organisations, the National COVID-19 Committee and the Presidency since this story broke out.

“This development has brought about very strong suspicions amongst our people regarding the aim of the deployment of these young men.

state and its environs.

Presenting the cars to the OSTF in Lagos State on behalf of the management of Dangote Cement Plc, the Independent Non-Executive Director, Mr. Emmanuel Ikazoboh, said the donation was informed by the need to boost the Fund’s operation “because security is essential to economic development.”

According to him, “No investor will be willing to put his or her funds in an economy where is insecurity rife with lawlessness and chaos. We are major investors in Ogun State, and as such, we prefer a state of orderliness and sound security which allows businesses to thrive.

COMPLIANCE… CSOs Allege Breach of Federal MONITORING Governor Ifeanyi Ugwuanyi of Enugu State (left), monitoring compliance with the state government’s closure of all land boundaries and Character Principle in Police Trust interstate transportation, at the boundary between Enugu and Ebonyi states...yesterday Fund Composition UK Extends Lockdown By Three Weeks

Peter Uzoho

Citing breach of the Federal Character principle and other illegal acts by President Muhammadu Buhari in the constitution of the board of trustees of the Nigeria Police Trust Fund announced recently, civil society organisations (CSOs) have called on the president to review the board of the fund to reflect the federal character.

The CSOs listed the federal character principles violated by Buhari in the police trust fund’s composition as the appointment of retired Inspector General of Police, Mr. Suleiman Abba as chairman and Ahmed Aliyu

Sokoto as Executive Secretary, both from the same geopolitical zone.

They argued that the two main principal officers of the fund’s board coming from the same geopolitical zone was against Section 14(3) of the Constitution.

The CSOs in a statement yesterday collectively signed by 82 of their member organisations, said other constitutional breaches and counter-productive decisions taken in the composition of the board of police trust fund included appointment of a former inspector general of police to chair the board; non consultation with key stakeholders and critical interests in the appointments; among others.

Our Inauguration Legal, Ogun PDP Chairman Replies Secondus The new Chairman of the Ogun State Chapter of the Peoples Democratic Party (PDP), Hon. Samson Bamgbose, yesterday said the inauguration of the new State Executive Committee at the weekend complied with the laws of the land and was therefore, valid.

Bambgose was reacting to a statement credited to the National Chairman of the party, Prince Uche Secondus and the National Secretary, Senator Umaru Tsauri, dissociating the National Working Committee (NWC) of the party from the newly inaugurated state executive committee in the state.

Bamgbose, in a statement, noted that while the position of the NWC was not unexpected, “it is disturbing that our leaders in this great party still do not understand (or just don’t care) that all politics is local and that handing over the structures of the PDP to Ladi Adebutu

(whose only desire for seeking such control is to guarantee his ambition of being the candidate of the party for the Ogun State gubernatorial elections in 2023) is a recipe for depletion of the commitment of members to the party in Ogun State and defeat at the polls.”

According to the new chairman, the issue as to which organ of the party is empowered to conduct congresses for the elections of party leaders in Ogun State had been resolved in Suit No. FHC/L/CS/636/2016, where the court reposed the powers in the party’s state executive committee.

He said, “The courts in Suit No. FHC/L/CS/347/2012 and successive cases (particularly Suit No. FHC/L/CS/636/2016) have sought to create a special case for the conduct of congresses and primaries in the Ogun State Chapter of the PDP.

Britain’s COVID-19 lockdown will stay in place until at least June 1, Prime Minister Boris Johnson said yesterday, as he unveiled cautious plans to lift restrictions imposed seven weeks ago.

“This is not the time simply to end the lockdown this week,” he said in a televised address but added that some primary school children could return and shops re-open from June 1.

Johnson said some public places could re-open from

July 1 but warned that air passengers travelling to Britain faced quarantine measures.

The government has come under pressure to outline its exit strategy from the lockdown.

Britain has seen nearly 32,000 deaths in the outbreak — the second-worst cumulative death toll behind the United States, and the worst in Europe.

But despite passing the peak of the outbreak, Johnson said it would be “madness” to waste the sacrifices the public had

made since the lockdown.

Further details of what he stressed were a “conditional plan” would be outlined in parliament on Monday (today).

It centres around a five-phase COVID Alert Level similar to the system in place for security threats, with one the lowest and five the highest.

Johnson said Britain had been at level four throughout the outbreak and “careful steps” were needed to move to level three, even as transmission rates

varied around the country.

As a first step, the new guidelines again urge people who can work from home to but those who cannot to maintain social distancing and avoid public transport.

Johnson said there would be some easing of restrictions from Wednesday, allowing “unlimited exercise”, sport and sunbathing, but only within households.

“In step two, at the earliest

by June 1, after half-term, we believe we may be in a position

Atiku Urges FG to Liberalise Downstream Sector of Oil Industry Chuks Okocha in Abuja Former Vice President and presidential candidate of the Peoples Democratic Party (PDP) in the 2019 election, Alhaji Atiku Abubakar, has again called on the federal government to liberalise the country’s downstream oil sector as the current situation whereby the Nigerian National

Petroleum Corporation (NNPC) uses scarce foreign exchange to import fuel at subsidised rates is not sustainable.

Atiku in a statement issued by his media office in Abuja at the weekend said the focus of the federal government should be to aggressively drive the enhancement of the local capacity to process larger

quantities of our crude oil for domestic consumption and not be fixated over price fixing.

He emphasised that closely related to this is the need to build the enabling infrastructure to add value to the economy via the development of petrochemical facilities, explaining that these would allow the country to impact upon so many

sectors, including agriculture, pharmaceuticals, textiles, construction as well as food processing.

According to him, UNIDO estimates that up to one million new jobs can be created in Nigeria within 10 years through investments in petrochemicals and petrochemicals-based activities.

Road Transport Companies Want Inclusion in FG’s Stimulus Plan The Association of Private Transport Companies of Nigeria (APTCON) has called on the federal government to include the road transport companies in its stimulus package.

Spokesman of APTCON, Mr. Audu Gaddo, condemned the non-inclusion of the sector in the proposed stimulus plan

being contemplated by the Nigerian government.

Speaking at the weekend in an interview granted select journalists, Gaddo described as unacceptable, a situation where senior government officials appear to be deliberately pursuing the interest of only one arm of the transport sector as the country groans under

the COVID-19 pandemic.

Gaddo spoke against the backdrop of reports saying that the Buhari-led administration had concluded plans to effect a special stimulus package for the aviation industry.

Gaddo said such lopsided plan showed a very poor understanding of the economy and portends great danger for

the country.

“We have noted with total displeasure government’s dangerous plans to surreptitiously bail out the aviation sector without any consideration for the road transport sector that contributes more to the GDP and employs a greater number of Nigerians.

Keyamo Kicks against Another Total Lockdown The Minister of State for Labour and Employment, Mr. Festus Keyamo (SAN), has said the introduction of another total lockdown in parts of the country would be counterproductive.

Keyamo said via twitter yesterday that another total lockdown is unnecessary as Nigerians must learn to live with the virus and practice the guidelines, including observing social distancing,

avoiding crowded places, use of face masks in public, regular hygiene, amongst other.

“My personal view is that another total lockdown would be counterproductive. Before defeating the virus, we must

learn to live with it all around us and practice the skills of avoiding it like a landmine.

Practice makes perfect. We cannot perfect those skills by locking ourselves up,” he tweeted.

Ëœ ͚͚˜ ͺ͸ͺ͸ Ëž T H I S D AY

39

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

Sports Minister Lifts Okwaraji, Bada’s Mothers with Gifts, Cash Duro Ikhazuagbe

The mothers of two of Nigeria’s late sports icons, Samuel Okwaraji and Sunday Bada,

have been touched by the magnanimity of the Minister of Youth and Sports Development, Sunday Dare.

Both mothers were at the

Okwaraji (left) and Bada died in active service for Nigeria

H E AV Y W E I G H T U N I F I C AT I O N

Anthony Joshua v Tyson Fury Clash this Year Dashed Anthony Joshua and Tyson Fury are unlikely to meet in the ring this year after promoter Bob Arum revealed ‘AJ’ will fight Kubrat Pulev in 2020.

Pulev is the mandatory challenger for Joshua’s IBF belt, meaning AJ has to fight him next, but reports had suggested he could step aside to allow the Nigeria born British heavyweight champion to fight Fury.

But after missing out on the chance to fight Joshua in 2017 after pulling out of the fight with an injury, he’s now unwilling to give up his chance this time around.

Bob Arum, who promotes Fury in the US and is also represents Pulev, told Bad Left Hook: (There will be) No step aside for Pulev.

“I talked to Eddie Hearn (Saturday) morning about Joshua vs Pulev. “It looks like it can’t be the UK, because there couldn’t be spectators. There looks like there are a couple other possibilities. “It’s probably not gonna take place until later this year. And definitely not the UK. Also, for Fury versus Wilder, that’s looking like the fourth quarter.�

Joshua’s fight with Pulev was originally scheduled for June 20 at the Tottenham Hotspur Stadium but the coronavirus pandemic saw the bout postponed.

In recent days, reports have suggested talks are ongoing to stage the fight abroad, with Croatia suggested as one potential location for the bout.

weekend presented with cash and food items by representatives of the sports minister as a show of gratitude for the services rendered to the country by the two late sportsmen.

First to receive the minister’s largesse was Mrs Janet Okwaraji, the mother of the late Super Eagles player, Samuel Okwaraji, who got a surprise cash and foodstuff donation from Dare.

Samuel, then 25 years old, slumped and died on the turf of the National Stadium, Surulere, Lagos on August 12, 1989 during a World Cup qualification match against Angola.

The minister, who was represented by one of his aides, Mr. Bamidele Ajayi, at the home of the late Eagles’ star in Abakpa-Nike in Enugu State, donated various food stuffs and provisions as well as cash gift of N50,000 to the aging lady. The food items donated included rice, semovita and beverages.

Ajayi explained that the gesture from the minister was to assist Okwaraji’s aged mother as a mark of honour for the contribution of the former Dinamo Zagreb forward to Nigerian football which remains indelible years after his death. “I have always been drawn to greatness and I admire people who live their lives to elevate the status of their community and nation. Okwaraji was not just a footballer, he was an icon and great patriot. “Samuel Okwaraji was a great professional who redefined football in Nigeria with many young talents benefiting from his ingenuity and sacrifices by re-writing Nigeria’s name in gold in world football,� observed the minister in his special message to the family of the late icon.

Responding on behalf of the family, the eldest son of the Okwaraji family, Mr. Patrick Okwaraji, regretted that though their mother was slightly indisposed hence she could not receive the minister’s representative, he expressed the family’s appreciation for the kind gesture from the minister.

Patrick said he lacked the words to describe the gesture from a serving minister to lend support to the family after several past attempts had failed.

He said: “Sam died almost 30 years ago. Everybody would appreciate if they feel he is worthy to be remembered and appreciated for the little contributions he made even when he died in his prime. “I thank the minister for deeming it worthy to do this.

It is very encouraging that this is the first and only minister to support the family to date. We are

indeed very grateful. I honestly don’t know what to say other than to say the family appreciates this show of commitment to us which is long overdue.�

Similarly, the ancestral home of the late Nigerian quarter miler Sunday Bada in Odomogun Quarters, Ilaere Ogidi in Ijumu Local Government Area of Kogi State also came alive yesterday as his mother, Mrs. Funmilayo Bada, got a soul lifting gift of N50,000 and food items such as rice, semovita and beverages from the sports minister.

Mrs. Bada expressed gratitude

to the minister for lending support to her, especially on Mother’s Day. She said that she was delighted that the minister deemed it fit to assist her years after the passage of her son. Bada died on December 12, 2011.

He was a member of Nigeria’s 4×400 relay team that won silver at the Sydney 2000 Olympic Games in Australia.

That silver was eventually lifted to gold following the disqualification of Team USA after one of her quarter-milers tested positive for dope.

BATTLING COVID-19‌

This structure (above) was produced by Turkish software company Etisan and is one of FC Besiktas’ main new hygiene measures to prevent the spread of the coronavirus (COVID-19) at its training facilities. One player and a staff member tested positive to the virus at the weekend. Now both players and support staff alike will have to go through the cabinet before they can participate in full training ahead of the restart of the Turkish Super Lig PHOTO: SPORTSMAIL

Justin Fashanu Foundation Offering ‘Support’ to Five Bundesliga to Restart Despite Dresden COVID-19 Setback Gay Players The Justin Fashanu Foundation is allegedly providing counselling for five secretly gay football stars in England.

The players, including two from the Premier League, are said to be ‘recognisable names’ and have sought support from the organisation - which was founded and is run by Justin’s niece.

Justin killed himself in 1998, aged 37, eight years after coming out as Britain’s first gay player.

According to UK’s The Sun, the topflight stars have confided in some of their team-mates.

The other unnamed players are also said to turn out for Football League clubs.

However, since Justin’s passing, no professional footballers in the UK have come out as openly gay since.

Justin’s niece Amal, 31, created the foundation last year and says that footballers will

begin to reveal their sexualities over the coming years.

She told UK’s The Sun: “No one wants to be the first. In their minds these guys are trapped, ashamed. They think society won’t accept it so instead they live their lives in secret. “It’s sad that this has to happen. But they would be a trailblazer,� she stressed.

Amal also believes that football supporters would be more welcoming of gay footballers than ever before.

She added: “The media would treat it differently now and I don’t think there would be a problem with fans. “One in ten men are gay so the idea there aren’t lots playing football doesn’t add up.

Sportsmail contacted Amal for comment on the project.

Justin was inducted into the UK’s National Football Museum’s Hall of Fame earlier this year.

Five new cases in Spanish top two divisions * 3rd in Brighton * 3 in Portugal

Dynamo Dresden, who play in the second tier of German football, have put their entire squad and coaching staff into two-week isolation after two players tested positive for coronavirus.

However, DFL boss, Christian Seifert, insists restart to go ahead as planned.

The Bundesliga and Bundesliga 2 are due to restart on Saturday, 16 May. It is set to be the first European league to restart following the coronavirus shutdown. “The fact is that we can neither train nor participate in a game in the next 14 days,� said Dynamo.

On Thursday, the German Football Association (DFB) said the season would resume under strict health protocols that ban fans from the stadium and require players to have Covid-19 testing.

About 300 people, including players, staff and officials, will

be in or around the stadiums during match days.

The league has been suspended since 13 March.

Clubs returned to training in mid-April, with players working in groups.

But on Saturday Dresden, who are bottom of Bundesliga 2, said they would be unable to fulfill the initial fixtures. “In the past few weeks, we have made enormous efforts in terms of personnel and logistics in order to strictly implement all the prescribed medical and hygienic measures, “said Dynamo sports manager Ralf Minge. “We are in contact with the responsible health authority and the DFL (German Football League) to coordinate all further steps.�

Dresden were due to resume the season on 17 May at Hannover 96.

However, in a swift move to

reassure fans, DFL boss, Christian Seifert, downplayed the Dynamo setback, insisting that the season will resume as planned. “It’s not a reason to call the entire season into question,�

Seifert told German broadcaster ZDF late Saturday. “It was always clear to me that this could happen. We’re at the very beginning of the restart.�

The Bundesliga will be the first top European league to restart matches since the outbreak of the coronavirus forced lockdown measures to be imposed across the continent.

Matches will be played behind closed doors and with a maximum number of 300 people, including both teams, allowed at each game.

In the run-up to the restart, all teams must go into a one-week quarantine training camp.

There are still worries that an outbreak of the coronavirus in the league could halt the resumed

season, this time for good.

Seifert said that although he saw no problem right now, further coronavirus cases could throw a spanner in the works. “It can reach a scale where it’s not feasible anymore,� he said. “It would depend on how much time there is left to finish the season.�

The Bundesliga season is slated to end on June 30, he said. “A lot of player contracts are running out so we want to play as many games as possible before then,� Seifert said, adding that some matches could also be postponed until early July.

Elsewhere in Europe, five players have tested positive across Spain’s top two divisions, a third player from Premier League side Brighton tested positive with three players from Portuguese top-flight side Vitoria Guimaraes all tested positive for Covid-19.

Monday May 11, 2020

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Price: N250

MISSILE

PDP to APC

“Since the third recorded broadcast, Mr. President had receded into the safety of the Aso Presidential Villa, leaving his inept aides to continue to issue disjointed claims and uncoordinated directives. President Buhari had woefully failed to spur and lead a strong teamwork of federal, state governments and the organised private sector for a proactive response” – PDP blaming poor leadership by APC-led government for increasing rate in the coronavirus pandemic.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Who Made the Clothes You are Wearing?

“Say she looking into my eyes and she seeing designer Gucci, Dolce & Gabbana (Dolce & Gabbana) Dolce & Gabbana (Dolce & Gabbana), yeah”

D

avid Adeleke, popularly known as ‘Davido’, is the son of my brother, Dr. Adedeji Adeleke. Davido is in a sense my son and I take him as such. The 27-year old star has done wonders with his talent and even though he didn’t need to work too hard for his daily bread, considering his clearly privileged background, he is a good example of self-reliance and diligence. He has remained very successful in his chosen field; a cultural icon and influencer, a significant economic agent and an employer of labour in today’s Nigeria.

Towards the end of last year, Davido released a song titled ‘D&G’, which stands for Dolce & Gabbana. Part of the lyrics of the song has been reproduced above. The song, just like many others in his repertoire, became an instant hit. Dolce & Gabbana is an Italian luxury design company that sells premium and expensive apparel. It was set up 35 years ago by Domenico Dolce and Stefano Gabbana. It has become so successful that its 2018 revenues hit $1.5bn, with over 3,000 employees, across the world. This same song mentioned another brand, Gucci, a much older Italian luxury goods designer brand that has been around for almost 100 years. Gucci’s annual revenues as at 2017, stood in excess of $7bn from its operations at over 550 locations across the world. These brands, together with many others, have dominated the clothing industry for years. Here in Nigeria, it is a mark of success to adorn some of these designs.

Just like any other thing, fake versions of the original products continue to compete for space.

Interestingly, many of these designers had since outsourced manufacturing of parts or the whole products to countries with cheap labour. In other words, the only thing that they do is lend their name to the third world efforts and simply tell them what they want produced for them.

The production units of these well-known brand names are found in many parts of the developing economies, mainly Asia, but some Latin American and even some hard-working African countries, have joined in producing for these big designer companies. Sometimes, in efforts to cut costs, these production facilities are turned into ‘sweat shops’, where unscrupulous labour practices are carried out. Generally, they are very good sources for base manufacturing, and it has been one of the platforms that countries like China, India, Bangladesh and Vietnam, have used to launch into technology transfer.

Unfortunately, Nigeria has not been a beneficiary of the outsourcing policies, despite the tailoring prowess of cities like Aba. The reason for this is not far-fetched. Being a consumption-oriented society, we are amongst the top contributors to the success of some of these businesses, which we should be operating. And as these businesses continue to flourish, our local currency, industrial capacity, labour market and skills continue to struggle. One of the sectors that has born a lot of the brunt is the Textile Industry, better known as the Cotton, Textile and Garment (CTG) Industry.

The advent of Coronavirus has forcefully brought our attention to the fact that we must think and act differently. In fact, the message staring us in the face is that we must hit the reset button and recalibrate our economy and its structure if we are to survive the crisis. Job Creation and poverty reduction are major areas of focus. The reality of insufficient foreign currency inflows and the need to manage the post Covid -19 foreign

David Adeleke exchange market, would require that we think deeply about those sectors that would reduce the demand pressure on foreign currency. One of such sectors in our opinion, is the moribund CTG industry. Up until early 1990s there were over 180 textile mills in the country employing directly, over 500,000 people. It was the largest employer of labour after the Public Sector. One of its most recognisable employees is the current Chairman of the ruling APC, Comrade Adams Oshiomhole. His claim to fame started from his days as a labour leader in the textile industry.

These mills relied on the supply of cotton from over 600,000 local cotton farmers in addition to other indirect engagements in the logistics and transport segments of the chain. These cotton farmers were spread amongst 30 out of the 36 states of the federation. By 1995, Nigeria joined the World Trade Organisation and in accordance with WTO rules, Nigeria had to remove any protection of the local textile industry. This singular action threw our borders open to unfair competition and importation and smuggling of textile and garments from Asia and other parts of the world. In view of the fact that these other countries had cheaper production costs and smarter economic policies, which included dumping where necessary, our CTG Industry came under ferocious attack. The result was that in less than a decade, we were down to less than 30 textile mills with less than 40,000 jobs available. Cotton farming, naturally disappeared with the 600,000 farmers thrown into the job(less) market.

There was a lot of other difficulties that this industry had faced and continues to face. One of them is very high operating cost profile. Closely related to costs is lack of basic infrastructure and overall government neglect. This was one of the ugly consequences of dependence on oil. The infrastructural problem that came from this type of neglect, remains a major challenge to every industry in the country today. Companies operating in Nigeria, are left to generate their own electricity, water and transportation and these are what competitors producing in Asia and Europe take for granted. In an open market, products from Nigeria stand no chance to compete in price, even if they were of better quality. Therefore, opening local products to competition with imported ones is akin to sending a boxer to the ring in a champion fight, with his hands tied behind his back. The result was predictable and that is exactly what happened to Nigeria’s products.

Even where the cost structures were similar, countries have been known to implement

a dumping policy on others, if just to crush competition and attain market dominance. Some countries take a strategic decision to subsidise some industries like the USA will always do for agriculture to keep its farmers in business and protect local jobs, local capacity and most importantly, food security. Again, smuggling has been the bane of Nigeria’s textile industry.

Even when outright bans have been officially pronounced, smugglers would ensure that those policies would benefit the illicit trade. We believe that the closure of the borders even before the pandemic was to frustrate smugglers and drive them out of business. While this may work for a moment, we hold the view that this policy is not based on sound economic fundamentals and is therefore not sustainable. Our belief is that we must get policies of government to work and if those vested with the authority to ensure compliance compromise instead, we should deal with them as the law demands, rather than work around them. Of course, we must also give them the required tools and incentives that will help them deliver.

We should not lose sight of the fact that the elements in the value chain in the CTG sector include cotton growing, ginneries, spinning and weaving, printing and garments production. While textiles may look like the strongest link in the chain, Cotton remains the primary product or element and without it, the rest of the sector is doomed to fail. Though cotton may appear to be ubiquitous in the country, the quality of naturally occurring species is poor and susceptible to devastation by pests. Yield per hectare is below the standards witnessed in the competitor countries that currently have market dominance. This has a strong impact on the quality of final products.

To deal with the issue of quality of seedlings, two home-grown genetically modified varieties known as BT cotton, have been approved by government and we must commend that action.

These varieties are neither subject to pest attacks nor low yields. By the way, experts claim that devastating insect pests cause a cotton yield loss of about 60 percent. With the government approved varieties, use of excessive chemicals to control insects become unnecessary and the yield is exceptionally high. Again, the higher yields possible with BT cotton will help cotton farmers to transit from subsistence to large-scale farming.

The WTO scenario that got the country into a free trade agreement, even though avoidable, fits into an ideological debate. A school of thought argues that the economy has an in built selfregulating mechanism, called ‘market forces’. This phenomenon deals with the side effects of the interplay of demand and supply in the market.

A subsequent modification of this position was propounded by another school of thought which holds that there is actually no such thing as in-built mechanism and therefore assigns government the major role of intervening, to ensure that the economy continues to work smoothly for its citizens. The removal of protective hedges around our textile industry and as a matter of fact other industries, is largely the reason for the de-industrialisation of the Nigerian economy. If you subject everything to the classical economic theory of market forces, you may end up destroying your economy. It is too early to forget that the unregulated creation of mortgage loans in the USA led to the sub-prime- lending-induced economic crises of 2008/2009. We are therefore of the view that both the Federal and State Governments should use this pandemic opportunity to pursue a policy of self-reliance, import dependency reversal and job creation. If this is accepted, the CTG industry comes to mind as a low hanging fruit.

The governments mentioned above should not

be afraid to support this industry with subsidies, grants and cheap loans, to help it mature and become competitive again. This is the whole idea of protection of infant industries. These measures should be implemented now and driven to such a level that any importation cannot effectively withstand local competition in the marketplace.

We are not unaware of the different efforts made by present and past administrations in the last ten years to resuscitate this vital sector of our economy. On record is the N30bn loan scheme set up by the Bank of Industry in 2010 to revive the textile industry. Our opinion is that it is not just about throwing money at the industry. A comprehensive policy framework and the enabling laws to protect the industry must be in place before we bring in the cash otherwise, it will simply go down the drain, as would seem to have been the case thus far. The General Secretary of the National Union of Textile, Garment and Tailoring Workers Of Nigeria, my good friend and brother, Comrade Issa Aremu had consistently argued that the textile industry sustained the regional governments of old and that state governments should pay more attention to this potential cash cow for job creation and internally generated revenue. One could understand that the oil windfall made it unattractive to heed this advice. With the current situation in the international crude oil market, one believes that the attention of the state governments should shift to this alternative revenue source.

In appreciation of the point being made here, the CBN Governor, Godwin Emefiele, had also made commendable moves to protect this industry by restricting importation of textile materials and pronouncing textile ineligible for allocation of foreign exchange at official rates. While that would have helped, the truth is that it will have relatively little impact as importers would naturally source funding from unofficial sources. In reality, this is what they have been doing ever since. If this industry can contribute close to 60% of export revenue, 8.5% to GDP and 45% of total employment for Pakistan; 81% of export earnings, 12.4% of GDP and over 60% of labour force for Bangladesh and 2% of GDP and 45 million direct jobs as well as 15% of export earnings for India, then it is a sector that we ignore at our own peril. It is even more apposite to point out that before the onset of the oil boom, Nigeria was one of the world’s largest exporters of cotton!

As we struggle to diversify and replace oil as our major foreign exchange earner and economic driver, we recommend that both the states and the federal government should pay greater attention to the CTG industry given that cotton exists in most of the states. The last time we checked, over $4bn was the annual import bill for textile. It is most likely that this bill has declined now but it is arguable that this decline has led to any positive impact on job creation or production capacity in the country so far. A more comprehensive and well-coordinated policy is therefore an imperative now. We should make deliberate efforts to support the sector the same way we had supported the oil sector for decades. We should put money at the disposal of the industry and ensure that we have knowledgeable people who would ensure flawless execution of agreed deliverables. As we embark on these reform measures, we must also ensure that our superstars begin to show greater faith and support for our locally made goods. We should ensure that great Nigerians personalities who have a cult following in many parts of the world proudly buy and wear made in Nigeria clothes. If we do nothing, then the Guccis and D&Gs of this world would continue to dominate this market with products made in China and Bangladesh, not to talk of other African countries.

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