MONDAY 13TH MAY 2024

Oyedele: Presidential Committee Proposes Exemption

of 95% of

Informal Sector from Taxes

Those earning N25m and less due for tax exemption Says tax reform proposal to reach National Assembly by Q3 2024 FG to introduce spending, borrowing taxes by year end

Presidency: Tinubu Suspends Cybersecurity Levy to Prevent Overburdening Nigerians

KPMG: idea ill-timed under current economic realities Okonjo-Iweala urges FG to streamline taxes CSOs want court to stop implementation

GTCO’S 3RD ANNUAL GENERAL MEETING...

Deji Elumoye in Abuja

The Presidential Fiscal Policy and

L-R: Mr. Suleiman Barau, Director; Mrs Helen Bouygues, Director; Mr. Segun Agbaje, Group CEO; Mr. Adesola Oyinlola, Chairman; Mr. Erhi Obebeduo, Company Secretary; Mrs. Cathy Echeozo, Director and Mr. Banji Adeniyi, Director, all of GTCO at the Group Company's 3rd Annual General Meeting held in Lagos... recently

L-R: Duchess of Sussex, Meghan Markle; the Duke, Prince Harry; Governor of Lagos State, Mr. Babajide Sanwo-Olu and the First Lady, Dr. Ibijoke Sanwo-Olu during a courtesy visit by the Duke and Duchess at the Lagos House, Marina, ... yesterday

Onyebuchi Ezigbo in Abuja

organised labour, last night, sent reminder notices to all its branches, offices and affiliates in

THE BIG DEAL...

In New Report, Nigeria’s Telcos

List

Pathway to Industry’s Survival

Want RoW pegged at N145/LSQM, fibre damage criminalised Seek simplification of numerous taxes, payment of spectrum charges in naira

Emmanuel Addeh

Telecommunication companies operating in Nigeria have called on the federal government to criminalise offences that involve damage to major infrastructure, increase penalties imposed on offenders as well as simplify the multitude of taxes paid by operators.

In a new report by Global System for Mobile Communications Association, GSMA, the global body for the entire mobile ecosystem, the telcos also demanded a consistent and fair system of Right of Way (RoW) charges and administration across the entire country.

“In order to achieve this, the following measures should be implemented: All government authorities at national and subnational levels should apply the national maximum RoW fee of N145 per/LSQM adopted by the National Economic Council (NEC) for the deployment of fibre across all states in Nigeria.

“There should be a single point of contact in each state for the RoW

application process. This process should be digitalised in all states in order to accelerate the process for managing Row applications. The duration for the approval process should be limited to a maximum of one month,” they argued.

The report further called for the simplification and reduction of the tax burden on the mobile sector, recommending that a comprehensive review of the level and impact of taxation on the sector and the government's digital economy objectives is undertaken.

It advised that the review should consider a single digit tax system, harmonise RoW charge agreement across all states and remove changes in the Value Added Tax (VAT) Act, which now subjects radio and television masts, transmission lines, and cell towers to VAT payment.

According to the GSMA report, government should remove Withholding Tax at 10 per cent on income of tower infrastructure providers as well as completely remove excise duty on telecoms services from the Finance Act.

While calling for the lowering of import duty on goods from outside Africa, the report stated that recent amendment to Section 32 of the Companies Income Tax Act removed capital allowance on telecommunication goods and services, and should be re-instated.

Aside its persistent call for tariff increase, the telcos also called for the lowering of the 7.5 per cent VAT on diesel importation for the sector, clarification of the powers of federal, state, and local governments regarding taxation and alleviation of the ambiguity surrounding tax obligations.

“Taking these actions reduce the operating costs of the industry and free up additional revenue for investment into network infrastructure and services. It would feed also through into lower retail prices, subject to the Nigerian Communications Commission (NCC) tariff regulations,” it argued.

Besides, it said that the creation of a regulatory environment that supports sustainable investment

was necessary as well as adapting to one which is more supportive of sustainable investment.

“It is recommended that the following measures are adopted: Changing the basis for charging for spectrum fees from USD to Naira. Remove retail tariff price control regulations and focus tariff regulation on wholesale services such as interconnection.

“In the interim, if retail price controls are retained, there should be: Periodic tariff reviews, ensuring

assessment of the costs of service provision in accordance with applicable legislation, to allow for adjustments to reflect the changing cost of inputs into the businesses and facilitate investment into improved network coverage and quality of service.

“There should be introduction of a more pro-competition tariff regulation where upper and lower price bands are set by NCC, and allows service providers to launch services without prior NCC tariff

approval, provided tariffs are within such bands,” it stressed. To increase adoption and access to digital technologies by consumers, it recommended support for digital skills programmes across target populations as well as reduce affordability barriers.

Besides, the GSMA report stated that there should be continued telecommunication infrastructure deployment and increased access points for digital government services.

Magaji: PoS Registration Will Plug Tax Leakages, Curtail Related Crimes

Registrar-General/Chief Executive, Corporate Affairs Commission (CAC), Hussaini Magaji, has said ongoing initiatives aimed at ensuring registration of Point of Sale (PoS) operators in the country would

Adamawa: New Customs Comptroller Makes Huge Contraband Seizures

Daji Sani

The newly deployed Comptroller to Adamawa/Taraba Command of the Nigeria Customs Service, Garba Bature Bashir, has said that within two weeks of his resumption, the command has made huge seizure of contrabands valued at over ten million Naira (10,871,496.25).

The Comptroller disclosed this at a press conference convened by the command's headquarters, over the weekend in Yola, the Adamawa

State capital.

He said the press conference was also to warn against smuggling activities and illicit trade across the territorial borders of the command.

His words: "We want to unwaveringly tell smugglers that our operatives are strategically repositioned along the borderlines to fasten their exit out of this illicit business. We also call on you to adopt a legitimate business.

"The command has recorded huge success since l took over the

affairs late last month. In the past two weeks, our drive of thwarting smuggling rings in this command has produced outstanding results."

Bashir added that the command officers after serious warnings while on anti-smuggling operations along the command frontier in Mubi borders had five incidents of interception of Premium Motor Spirit ( PMS) on its way to the neighboring Cameroon Republic.

According to him, "The intercepted and seized PMS plus the means of

conveyance hereinafter are valued at 10,871,496.25 as the Duty Paid Value (DPV) " "However during the operations, no suspect was apprehended, as they abandoned the items and absconded in an attempt to circumvent arrest . "The seized items include: 12,435 Litres of PMS packed in 491×25L and 8×20L jerry cans., One used Mitsubishi truck - the means of conveyance of PMS and one used motorcycle - the means of conveyance of PMS."

plug revenue leakages and reduce crimes associated with their activities, particularly ransom-taking.

He said many PoS operators currently do not remit taxes to the government because their businesses are not registered with the commission and can’t be traced by tax authorities.

Speaking while inaugurating a dedicated secretariat to fast-track bulk and individual registration of the operators over the weekend in Abuja, ahead of the July deadline for compliance, the CAC boss further asserted that the commission as a custodian of business data, remained a reference point for security agencies whenever there were fraudulent activities that involved PoS transactions.

The Corporate Affairs Commission (CAC), has inaugurated a centre for bulk registration of Point of Sale (PoS) operators in its database. He said it was therefore imperative for the government to have all such enterprises properly register for transparency and accountability among other benefits to the economy.

Magaji pointed out that the opening of the secretariat for business

formalisation further demonstrated the seriousness of the government to these issues, adding that the essence was to also provide services to the public as well as receive both complaints and feedback and deepen financial inclusion.

He insisted that by law, every business in the country must be registered with the commission to be regarded as legitimate.

He said, “Doing the opposite means you’re breaking the law. And in our law, we are asked to penalise you N200 for operating PoS without registration from the day you commenced the PoS business without registration.

“But in the spirit of encouraging more business participation, and deepening financial inclusion, the administration of President Bola Tinubu has decided that no one would be penalised.

“We will accommodate you in order to regularise your businesses into the system and that’s why we have started to sensitise such businesses since December, educating them on the provisions of the law regarding this.”

James Emejo

L-R: Governor of Enugu State, Dr. Peter Mbah; Commissioner for Trade, Investment, and Industry, Enugu State, Adaora Chukwu; Attorney General and Commissioner for Justice, Dr. Kingsley Udeh; Director, Diamond Stripes Ltd, Kenneth Oguzie; and Managing Director, Pragmatic Palms Ltd., Prof George Nwangwu during the signing of a N100bn deal for the revitalisation of Enugu State United Palm Products Ltd at the Government House, Enugu.

DUKE AND DUCHESS AT THE LAGOS POLO CLUB...

L-R: President of the Lagos Polo Club, Mr. Olabode Makanjuola; his wife, Moyo; Duchess of Sussex, Meghan; The Duke of Sussex, Prince Harry; Chief of Defence Staff (CDS), General Christopher Gwabin Musa; his wife, Mrs. Oghogho and Lagos Polo Club Captain, Muyiwa Oni, during a group photo session with young polo players after a Charity Polo Match as part of Nigeria Unconquered awareness and fund raising campaign in collaboration with Invictus Games Foundation held in Ikoyi, Lagos ...yesterday

NNPC, Sterling Oil Strike First Crude Production in OML 13

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos Nigeria is beginning to recover from underproduction of oil as the NNPC Exploration and Production

Limited (NEPL), a flagship upstream subsidiary of the Nigerian National Petroleum Company Limited (NNPC) and Natural Oilfield Services Limited (NOSL) have successfully commenced oil production at Oil Mining Lease

(OML) 13 in Akwa Ibom State. NOSL is a subsidiary of Sterling Oil Exploration and Energy Production Company Ltd (SEEPCO).

According to a statement issued last night and signed by the Chief

Corporate Communication Officer of NNPC, Mr. Olufemi Soneye, the production, which commenced on the May 6, 2024 with 6,000 barrels of oil is expected to be ramped up to 40,000 barrels per day by May

27 2024. The statement stated that the first oil flow from OML 13 was a historic milestone in the partnership between NNPC E&P Ltd and NOSL, highlighting their dedication to

JTF Uncovers over 50 Illegal Refineries in Bayelsa Community

Olusegun Samuel in Yenagoa

The Joint Task Force (JTF), codenamed Operation Delta Safe (OPDS), yesterday uncovered over 50 illegal refining sites in the Biseni forest of Yenagoa Local Government Area of Bayelsa.

The JTF Commander, Rear Adm. John Okeke, who led the operation, said illegal refining of stolen crude oil was taking place in each of the sites uncovered yesterday.

A large dug out open pit that can accommodate more than 10, trucks of Alternative Gas Oil (AGO), holding crude oil from where they distribute to their cooking site was also discovered by the Okeketeam.recalled that he had earlier warned oil thieves in the area to desist from the illegal business or relocate to another area.

"Today like I said we are not going to relent, and is work in progress. We will not get tired, we will continue, we are in Biseni in Yenagoa LGA of Bayelsa.

"We transverse from Ahoada West LGA, of Rivers to reach this point, the most surprising thing is that this place we are now is housing over 50 cooking sites with unique arrangements.

"Were the thieves operating in this area have decided to be so smart by connecting what is called theft line made of two inches pipe, a galvanised pipe connecting directly to supply oil line on the road, from a distance of one kilometre.

"Then they have a lot of funny connections where they have various arrangement of the connection,

multiple connections, where each of the thief get their supply.

"From a large dug out open pit that can accommodate more than 10 trucks of AGO, holding crude oil from where they distribute to their cooking site," he said.

According to him, it was a disturbing development, calling on spirited individuals to continue to volunteer information, because the JTF cannot do it alone.

"Look at the thick forest we are

A culture and creative industry advocacy group, Arewa Creative Industry Heritage Vanguard, has called on President Bola Tinubu and the Minister of Art, Culture, and Creative Economy, Hanatu Musawa, to lead efforts in securing the hosting rights for the next two editions of the All Africa Music Awards (AFRIMA)offered by the African Union Commission to Nigeria and South Africa as reported in the media recently. They urged Nigeria to ensure that at least one edition of the prestigious event takes place in the northern region of Nigeria of Kaduna, Jos or Abuja due to years of alleged deliberate marginalisation and deprivation of international events of this nature.

According to Dr Shehu Samadi, the President of the Vanguard, speaking from Kaduna, they have learned that the African Union (AU) invited the governments of Nigeria and South Africa to submit bids for the hosting rights for the next

now, you can never imagine that such serious crime is going on here, if not for the good spirited individual that volunteer information, we wouldn't have known,” he said.

He called on the criminals to relocate or change their business, because they will not relent as they will continue with the clearance operation.

The JTF Commander, said his message to those involved

editions of the All Africa Music Awards (AFRIMA).

As such, they are imploring and advising Tinubu not to allow South Africa to beat Nigeria to the hosting rights as this will have implications on the national psyche of Nigerians and the development of the music industry.

It called on the Minister of Art, Culture and Creative Economy, Hanatu Musawa to update Nigerians on the progress made thus far in securing the AFRIMA hosting rights, for Nigerians to know how and where to assist in achieving this common objective.

The group, which comprises cultural enthusiasts, music industry stakeholders, and advocates for Northern Nigeria's music heritage, said it recognises the significance of AFRIMA in promoting African music and fostering cultural exchange across the continent and with the rest of the world.

Therefore, they said they believe it is essential for Nigeria, especially

in illegality that sooner or later the law will catch up with them, adding that with the way it's going they may come up with more drastic measures.

"It appears that they felt that we are romancing them with kid gloves, but I can assure you that this is getting out of hand if we don't curb this illicit activities. I personally will begin to advocate for more serious measures to address this challenge, because

the Northern region, to play a central role in hosting the event and showcasing the country's rich creativity and cultural diversity from its point of expertise and cultural expression.

Samadi emphasised three significant reasons why Tinubu should champion the course of securing the hosting rights.

The group recalled with nostalgia how Tinubu in 2015, in person received a 23.9 karat gold plated AFRIMA trophy as the pillar of Art and Culture in Africa presented by the African Union commission.

" This should motivate the president to intensify efforts to secure the hosting rights, having experienced the creative power and the global influence of AFRIMA personally.

“The second reason is that as the Chairman of the Economic Community of West African States (ECOWAS) Tinubu can utilise the opportunity of hosting a large-scale event like this to further his com-

the country is bleeding..

"When you allow such activities to continuously be perpetuated, the legitimate people that engage will not be able to sell their products because this criminals will be selling at far lower price.

" The government needs to get revenue for developmental purposes, that is why we have taken it as a force to continue fighting this battle and we will not relent," he said.

mitment towards promoting unity, economic development, and cultural diversity in the region and on the continent.

“ Although an event of AFRIMA's scale can cause significant ripples across the continent and around the world, Nigeria stands a chance of benefiting the most, and we in the North hope to tap into the inherent benefits as against the past practice of marginalization where such international events are preserved for the exclusive experience of the southern part of Nigeria," it said.

Thirdly, it said the Nigerian Music industry has witnessed astronomical global growth with little or no input from successive governments.

It added that hosting an AFRIMA by this government provides an appropriate platform for the Tinubu administration to establish itself as a creative industry supporting the government as well as engendering positive perception and image for Nigeria to attract tourism and foreign

driving growth and development in Nigeria's oil and gas sector, which remains a vital component of the nation's economy.

NNPC explained that the achievement does not only signify the culmination of rigorous planning and execution by the teams involved, but also represents a new era of economic empowerment and development opportunities for the host communities.

"Furthermore, for Nigeria, the first oil from OML 13 holds some significance as it contributes to the country's efforts to increase its oil production capacity, which is crucial for meeting domestic energy needs and driving economic growth.

"The NNPC E&P Ltd and NOSL partnership is also committed to operating in a manner that is safe, environmentally responsible, and beneficial to the local communities", the statement added.

direct investment.

"Fourth, we believe that Northern Nigeria has the potential to become a tourism hub, and hosting events like this can help mitigate the effect of insecurity in our region. We are eager to host an event like this because we strongly believe that it could be used to address the issues that have plagued our region, including terrorism and banditry.

“By promoting peace and tranquillity, our youth can embrace hope and prosperity as well promote the budding music talents in the region who require inspiration and pragmatic motivation" the group said.

The group advocated for the cities of Abuja, Jos and Kaduna to be considered as host cities for at least one of the two editions of AFRIMA.

Subject: Keyamo Tour Kano Airport In Readiness of 2024 Hajj aimed at enhancing efficiency of MAKIA

PHOTO: KUNLE OGUNFUYI

VISIT TO THE VILLA...

L-R: President Bola Ahmed Tinubu and former Director-General of the National Agency for the Prohibition of Trafficking in Persons, Senator Basheer Lado at the presidential Villa Abuja ... weekend.

Keyamo Canvasses Support for Airport Infrastructure Development, Promises Successful 2024 Hajj Operation

FAAN reopens domestic runway at MMIA

Chinedu Eze

The Minister also assured there would be a seamless and successful airlift of pilgrims in this year’s Hajj operations.

Keyamo made the promise when he paid a courtesy visit to the governor of Kano State,

The Minister of Aviation and Aerospace Development, Festus Keyamo, has called on the government of Kano State to support the Federal Airports Authority of Nigeria (FAAN) in the management of the Aminu Kano International Airport by assisting the agency in renewal and provision of facilities at the airport.

Abba Kabir Yusuf, at the weekend and said he has outlined plans to ensure that all the airports designated for Hajj airlift are ready to do so.

The minister said state governments should support FAAN in upgrading facilities at the airports located in their states and pledged to always support FAAN in

ensuring seamless operations, with plans to collaborate with the Kano State government to ensure a successful pilgrimage.

He also solicited support from the Kano State Government for a dedicated power line to the Mallam Aminu Kano International Airport to enhance the airport’s power supply and improve the cooling

Sani Celebrates Fewehinmi, Balarabe Musa

John Shiklam in Kaduna Kaduna State Governor, Senator Uba Sani, yesterday, celebrated the Chief Gani Fawehinmi and Alhaji Balarabe Musa, as iconic right activists, saying he also considered himself as representative of the human rights and pro-democracy movement in government.

Sani spoke at the 86th Chief Gani Fawehinmi posthumous birthday celebration and the immortalisation of Balarabe Musa, a former governor of Kaduna State, in Kaduna.

Sani said Fawehinmi and Musa devoted their lives to the struggle for

social justice, noting that Fawehinmi used the instrumentality of the law to fight for social justice, while Musa deployed his mobilisational skills to rally the masses to take their destiny in their own hands.

“I am extremely delighted to be in the midst of my dear comrades and colleagues in the human rights and pro-democracy struggles.

“This is one reunion I deeply cherish. We must sustain such fora in order to continually reflect on our past struggles, critically look at current and emerging issues, and chart the pathway to a better future for our country.

“We are here to remember and honour two icons, who devoted their lives to the struggle for social justice. I honed my political skills in the ‘furnace’ of the struggle for the enthronement of democracy in Nigeria.

“I was a civil rights activist for so many years, after graduating as an engineer. My colleagues and I fought for the enthronement of democracy in Nigeria.

“I was the National Vice Chairman (North West) of the Campaign for Democracy (CD), which was then headed by Dr. Beko Ransome-Kuti, of blessed memory.

“Thereafter, we decided to form a coalition of opposition groups against military rule. We formed the Joint Action Committee of Nigeria, JACON, which was headed by the legendary Chief Gani Fawehinmi.

“In JACON, I also became the Deputy National Chairman, North. As governor, I see myself as a representative of the human rights and pro-democracy movement.

“We are running an inclusive, pro-people government committed to bringing succour to the poor, vulnerable and underserved in Kaduna State. We have come up with initiatives to lessen the pains of the people.”

Africa Magic Celebrates 10 Years of AMVCA, Honours Outstanding Talent in Film and TV

Mary Nnah

Africa Magic, a leading provider of entertainment content, has celebrated a decade of excellence in African film and television at the 10th edition of the Africa Magic Viewers' Choice Awards (AMVCA).

The three-day event, held from May 9-11, 2024, at the Eko Hotel and Suites in Lagos State, brought together the crème de la crème of African film and television talent to honour outstanding achievements in the industry.

The AMVCA, which has become a benchmark for excellence in African storytelling, recognised

exceptional achievements in various categories, including Best Movie, Best Lead Actor, Best Lead Actress, Best Director, and Best Indigenous Language Film, among others.

This year's edition saw "Breath of Life" emerge as the biggest winner, taking home multiple awards, including Best Movie and Best Director. Wale Ojo and Kehinde Bankole won Best Lead Actor and Best Lead Actress, respectively, for their outstanding performances in "Breath of Life" and "Adire".

Industry veterans Iya Rainbow and Richard Mofe Damijo were honoured with the Industry Merit Award for their contributions to the growth and development of

the African film industry. Chimezie Imo received the Trailblazer Award for his innovative work in the industry.

The event was attended by top African film and television personalities, including Joke Silva, Sola Sobowale, Chidi Mokeme, Genevieve Nnaji, Ramsey Noah, Kunle Afolayan, Mo Abudu, Odunlade Adekola, Kanayo O. Kanayo, and many others.

Dr. Busola Tejumola, Executive Head of Content and Channels, West Africa, MultiChoice, expressed her pride in the growth and quality of African film and TV, saying, "We congratulate all the winners and nominees who have put in

incredible work. We'd also like to say a big thank you to everyone in the African film industry. You have all made us proud!"

The AMVCA has not only become a benchmark for excellence in African storytelling but has also made a significant economic impact in Nigeria, creating over 3,000 direct and indirect jobs and investing 9 billion naira in the industry.

The event was broadcast live on Africa Magic channels and streamed on the MultiChoice streaming platform, Showmax, allowing audiences across the continent and beyond to join in the celebration of African film and TV excellence.

system, which epileptic power supply has rendered ineffective stating that with adequate power supply, the air conditioning will become very efficient.

The air conditioning became a pressing concern due to the season of the year when temperatures rise to discomforting levels.

FAAN in a statement signed by the Director of Public Affairs and Consumer Protection, Mrs. Obiageli Orah, said the Deputy Governor, Alhaji Aminu Abdulssalam Gwarzo, who represented the Governor at the occasion responded by assuring the minister and his team that the state government would work diligently to ensure that the request would be swiftly addressed.

The minister was accompanied

by the Permanent Secretary of the Ministry of Aviation, Dr. Emmanuel Meribole, the Managing Director/Chief Executive of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku, and directors from both the Ministry and FAAN. The Minister, his team and the Deputy Governor undertook facility tour of the airport, which includes the Hajj and cargo terminals.

In another development, Runway 18L has been reopened after the airline, XEjet with the registration number 5N-BZZ, en route from Abuja to Lagos, landed and skidded off the runway on Saturday and the facility was closed immediately after the incident.

Tinubu Rejoices with Former Supreme Court Judge, Mary Odili at 72

Deji Elumoye in Abuja

President Bola Tinubu has rejoiced with retired judge of the Supreme Court, Justice Mary Odili, as she marks her 72nd birthday.

The president, in a release issued yesterday by his Media Adviser, Ajuri Ngelale, celebrated the legal mind not only for her outstanding achievements in her calling but especially for her work in uplifting the downtrodden and providing succour to the needy.

Tinubu fondly recalled the many community development programmes and relief efforts of Odili as the First Lady of Rivers State, some of which include, The Adolescent Project (TAP) where education, health improvement, social rehabilitation, and empowerment services to vulnerable adolescent girls were advanced. He added that this directly impacted over 500,000 citizens, and went on to win the Global

Health Council Award for Safe Motherhood in Washington D.C, in May 2001. The president wished the esteemed jurist and the Odilis many more years of service to the nation in good health.

Odili, an eminent jurist, was the Deputy Chairman of the National Judicial Council (NJC), serving as Deputy to the Chairman (Chief Justice of the Federation) at the nation's apex judicial commission. She was also President of the National Association of Women Judges of Nigeria (NAWJN), and Chairperson of the Body of Benchers, where she led pioneering reforms. They included retooling the Legal Practitioners Disciplinary Committee by constituting three panels, thus expediting their processes and ensuring efficiency, and reviving the Body of Benchers' mentoring programme for all young lawyers from zero to seven years post call, among others.

PHOTO: GODWIN OMOIGUI

Bagudu: CBN, ONSA Partnership Strengthened Naira

Says payment of subsidy brought economy to standstill

James Emejo in Abuja

Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has commended the collaboration between the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA) which helped contain the activities of currency speculators and manipulators, adding that the cooperation also shored up the value of the Naira.

The minister further noted that President Bola Tinubu’s economic reforms have started to bear fruits by restoring faith in the economy.

Speaking when he appeared on

the Nigerian Television Authority (NTA), Bagudu said the reforms have restored confidence in the economy, adding that foreign investors had renewed their interest in the economy.

The minister pointed out that though the removal of the petrol subsidy had caused some pain, the policy had increased the quantum of funds available to the three tiers of government to invest in critical infrastructure that would regenerate the economy, explaining that before 29 May 2023, the finances of the government were fragile.

He said, “The payment of subsidies affected the quantum of

revenue available to all the layers of government so much so that the economy was at a standstill. The reform measures that were taken were in tandem with the Renewed Hope agenda and the eight priority areas of the Tinubu administration to regenerate confidence in the economy and provide resources to invest in the productive sector.”

He said both objectives of the reforms had been achieved, adding that governments at all levels had acquired more capacity to support the economy.

Bagudu said, “The federal government has expanded social

investment support to ensure that those who are at the lower end of the income strata of the society, who are affected by the reforms are helped to cope.

“All the sectors that will enable the gains to be achieved, including Agriculture, Infrastructure, and security have seen more funding. Sectors that invest in them will secure our future like education, health, and social investment have received not only increased budgetary allocation but also speedy implementation.”

He explained that programmes were also introduced to support the sectors so that manufacturing activi-

ties could resume, and agricultural activity could be better supported on a more sustainable basis.

Bagudu said part of the steps that were taken to boost employment was the provision of mortgage funds to regenerate the mortgage sector so that activities in the sector could increase.

Nonetheless, the minister pleaded with Nigerians to persevere, stressing that the president had persistently empathised with them.

He said, “We must take note that President Tinubu has empathised with the people and assured them that the reforms were not intended

PRESIDENCY: TINUBU SUSPENDS CYBERSECURITY LEVY TO PREVENT OVERBURDENING NIGERIANS

President Bola Ahmed Tinubu, at the weekend, directed suspension of the implementation of the cybersecurity levy, as provided for in the Cybersecurity Act 2015 recently unveiled by the Central Bank of Nigeria (CBN), to avoid overburdening citizens who were already battling economic hardship.

KPMG, a global firm that provides audit, tax and advisory services, also raised issues with the timing of the 0.5 per cent cybersecurity levy by the federal government, saying it is ill-timed under the current economic realities.

But Chairman of the Senate Committee on National Security and Intelligence, Senator Shehu Buba, yesterday, said the cybersecurity levy was not targeted at individuals, but meant for financial institutions and telecoms firms, among others.

Relatedly, Director General, World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, asked the federal government to streamline its taxes and levies, arguing that though higher taxes may not be bad, they should not constitute an undue burden on the people.

That was as Socio-Economic Rights and Accountability Project (SERAP), BudgIT, and other concerned Nigerians filed a lawsuit against the CBN “over its failure to withdraw the patently unlawful ‘circular’ directing all banks and other financial institutions to deduct from customers’ accounts a cybersecurity levy.”

CBN had issued an implementation guideline to all commercial, merchant, non-interest and payment service banks, other financial institutions, mobile money operators, and payment service providers on the collection and remittance of the national cybersecurity levy.

The guidance, pursuant to the provisions of Section 44 (2) of the Cybercrime (Prohibition, Prevention, etc.) Act 2015, it said, was in line with recent developments and aimed to bolster cybersecurity measures in Nigeria.

It mandated the imposition of a levy on electronic transactions, with the proceeds paid into the National Cybersecurity Fund (NCF) under the administration of the Office of the National Security Adviser (ONSA).

Presidency sources told THISDAY last night that contrary to a report yesterday, the president did not order the CBN to stop the implementation of the cybersecurity levy.

Rather, Tinubu, who believed in the rule of law, and recognised the independence of the CBN and its autonomy, the source claimed, only directed the National Security Adviser (NSA) to suspend the implementation.

According to the source, who pleaded anonymity, "The cybersecurity levy is not a CBN action. CBN only issued circular to banks to commence implementation as a regulator. It is an action of the NSA.

“The directive to stop implementation is to ONSA. There will be internal communication between ONSA on how to carry out the presidential directive."

The source said Tinubu was not insensitive to public opinion, "which informed why he does not want to overburden businesses and citizens with extra levy.

"Though the intendment of the law is good and what it seeks to achieve with heightened cybersecurity threats, it is important as a country we have capability to build strong firewalls around the nation's database and government and corporate organisations’ online infrastructure against hackers.

“The levy is also designed to fund counterterrorism efforts of the federal government."

But in a commentary on the levy,

KPMG stated that although the idea was not new, it was unjustified under the prevailing economic conditions, given the squeezing effect the current reforms were already having.

KPMG said no country could tax itself to prosperity. It stressed that higher taxes did not lead to sustainable growth. He also warned against unintended consequences of the policy.

KPMG disclosed that the levy was not limited to financial institutions but also payable by GSM service providers and all telecommunication companies, internet service providers, insurance companies and the Nigerian Stock Exchange.

It hinted that the regulators of these other businesses might issue their implementation guidelines soon.

KPMG stated, “Undoubtedly, Nigeria faces significant revenue challenge. This has, therefore, constrained, and continues to constrain, the country’s capacity for achieving sustainable growth. Given this context, government may go to any length to mobilise the required revenue.

“However, research has shown that higher taxes do not lead to sustainable growth. In fact, no country can tax itself to prosperity.

OYEDELE: PRESIDENTIAL COMMITTEE PROPOSES EXEMPTION OF 95% OF INFORMAL SECTOR FROM TAXES

small businesses and low-income individuals.

According to him, the informal sector was populated by citizens working hard to earn a legitimate living, emphasising that in the eye of the committee, people in the category should not be overburdened with taxation, but rather supported to grow economically to a point where they could fit into the more affluent categories before imposing taxes on them.

Oyedele also explained that a lot was considered before the committee came up with the recommendation, noting the those who earn between N25 million and less annually should be exempted from paying all forms of taxes, including income and value added tax (VAT).

He stressed the need for tax reform, saying, "Everybody, even if you're not a business person, feels the impact of multiple taxation almost everywhere you turn. It affects small businesses even more than large businesses, and the poor and vulnerable population are having to deal with it.

"So, we're using data to inform our decisions. Currently, if you earn N25 million a year or less, you don't have to pay company income tax, you don't have to worry about VAT.

“We're looking at increasing that significantly, first to recognise the inflation we've had to contend with over the past few years and also because we think that this whole idea and concept of “your money is in the informal sector” is not supported by data.

"We think that the informal sector are people who are trying to earn legitimate living, we should allow them be and support them to grow to a point where they can then have the ability to pay taxes.

“So, we think that 95% of the informal sector should be legally exempted from all taxes: withholding tax, company income tax, even payee

on their staff, let them be.

"We can then focus our attention on top 5% of that sector and of course, the middle class and the elites. We think that the days of being above the law in paying taxes are over.

“The same thing we're saying to our leaders, whether they are elected or appointed, we think they have to lead by example by showing that they have paid the taxes, not only on time, but correctly to the lawful authorities as contained in

the various laws," he said.

According to him, the committee's proposal for tax reforms is expected to be submitted to the National Assembly by the third quarter of this year.

Oyedele disclosed that the committee has concluded the proposal phase and was currently consulting with the private sector, with internal approvals expected by the end of June.

He said some executive orders and regulations, such as the new

withholding tax regulation exempting small businesses, were ready for implementation and await the Minister's signature.

"Additionally, a new National Tax Policy, Spending Policy, and Borrowing Policy will be introduced before the end of the year, while Constitutional amendments are expected in 2025 and 2026, aligning with the National Assembly's two-year timeline.

Perhaps, it is in recognition of this that the current administration and the Presidential Committee on Fiscal Reforms have often emphasised that the government will not introduce new taxes.

“Though the cybercrime levy is not new as it has been in existence since 2015, the question is why implement it now given the prevailing economic challenges? The timing of any reforms is essential to the success of such reforms. This underscores the current public resistance to the implementation of the levy.

“This is certainly not the right time to implement this levy. Hopefully, the National Insurance Commission (NAICOM) and the Nigerian Communications Commission (NCC) will consider this before introducing their own guidelines with respect to those businesses under their purview.”

KPMG reckoned that the key objective of the cybercrime levy was to ensure that there was dedicated and adequate funding available to address the growing threats of cyberattacks. This, it said, explained why some countries had implemented various forms of cybersecurity levies to fund cyber security initiatives.

It emphasised that consideration must be given to the country’s prevailing economic conditions.

KPMG stated, “The current economic climate does not justify its implementation now.”

It added that although various reports had indicated that the government would raise about N3 trillion annually from the levy, there was no formal presentation to the public of the cost and benefit analysis.KPMG observed that it was always critical that the enactment of any tax or levy be accompanied by the tax expenditure statement to provide information as to whether the benefits of such tax or levy outweighed its cost.

to inflict pain on them but that they were necessary measures to reposition the economy.”

The firm stated, “It is not sufficient to provide only the revenue projection, which is not certain as no details have been provided with respect to this; albeit there have been reports on how the money would be spent.

“Under the enabling Act, the Office of the National Security Adviser will be responsible for administering the fund. Though the Act provides that the fund shall be audited in accordance with guidelines issued by the Auditor General of the Federation, this does not provide enough comfort.

“There are many government agencies that have not been audited for years and nothing has happened. It is, therefore, critical that practical measures be put in place to ensure transparency and accountability.”

One key question that the implementation of the levy triggered, the firm said, was whether Nigeria was back to the era of cheque transactions since they dd not qualify as electronic transfers under the enabling Act. According to KPMG, businesses may resort to any measures to avoid the payment of the levy.

The global tax advisory firm said, “This is why unintended consequences of any measure must be adequately evaluated before implementation. A related question is how the implementation of this levy will contribute to financial inclusion in the light of the financial burden that customers of financial institutions will experience.

“Hopefully, government will reconsider delaying the implementation of the levy, which has been in the books since 2015! Government should focus on tax reforms that address revenue leakages and be financially prudent in the utilisation of public fund.

“Combining revenue-raising initiatives with responsible spending practices is essential for fiscal

ELECTRICITY TARIFF HIKE: LABOUR PICKETS NERC, DISCO OFFICES NATIONWIDE TODAY

respect of a proposed nationwide protest to commence today over the electricity tariff hike and removal of subsidy from the power sector by the federal government.

The picketing of all the offices of the the Nigeria Electricity Regulatory Commission (NERC) by the labour is expected to lead to the shutdown of the Abuja headquarters of the agency, the Ministry of Power and state offices of power distribution companies.

NERC had announced hike in the electricity tariff for Band A customers at a press briefing in Abuja on April 3, revealing that those affected would pay N225 per kilowatt-hour, up from the previous rate of N68/kWh.

The hike represented a 240 per cent increase.

The development marked the removal of subsidy from the tariff of customers in the Band A category, who constituted about 15 per cent of the total 12.82 million power consumers across the country. Based on the tariff hike, the federal government said it would save N1.5tn.

The government stated that the decision took effect on April 3, 2024, adding that Band A custom-

ers would enjoy up to 20 hours of power supply daily.

But the House of Representatives, organised labour, the Nigerian Bar Association, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, electricity consumers and civil society organisations, haddemanded a reversal of the hike to the subsidy era tariff.

The House called on the NERC to suspend forthwith the implementation of the new electricity tariff nationwide.

However, justifying the increase during an investigative hearing held by the Senate Committee on Power, Minister of Power, Adebayo Adelabu, argued that there would be a nationwide blackout in the next three months if the increase in electricity tariff was not implemented.

He said this after the Senate Committee, chaired by Senator Enyinnaya Abaribe, rejected the new tariff regime.

“The entire sector will be grounded if we don’t increase the tariff. With what we have now in the next three months, the entire country will be in darkness if we don’t increase tariffs. The increment will catapult us to the next level. We are also Nigerians.

We are also feeling the impact,” Adelabu declared.

But the NLC and the TUC insisted on the reversal of the tariff hike and expressed dissatisfaction with the epileptic power situation in the country, which they said was affecting economic growth.

The unions had, last week, handed down a a week ultimatum and threatened to picket NERC offices should a total reversal of the tariff to the subsidy era was not done. The ultimatum expired yesterday.

Curiously, in a move to appease the unions, the NERC had last Monday ordered a downward review of the tariff from 225/ kWh to 206.8/kWh, representing approximately an 8.1 per cent reduction.

The commission attributed the cut to the relative appreciation of the naira in the official foreign exchange window.

NERC also said the revision of the 2024 Multi-Year Tariff Order for Band A customers led to a reduction in tariffs for all discos.

In a statement announcing the cut, the commission said, “Under the tariff methodology adopted by the Nigerian Electricity Regulatory Commission, a revised tariff order covering the month of

May 2024 had been issued by the commission to the 11 electricity distribution companies.

“The commission has considered changes in the macroeconomic parameters over the preceding month of April 2024 and especially the appreciation of exchange rates – consequently the commission has approved a downward review of end-user tariffs for Band ‘A’ customers from NGN225/kWh to NGN206.8/kWh.

“The commission reaffirms its commitment to providing a balanced and effective regulatory regime serving the needs of the Nigerian Electricity Supply Industry.”

The TUC, in a statement issued to all its council chairmen and secretaries by the Secretary of the Trade Union Congress, Lagos State Council, Aladetan Abiodun, called on all units and members in Nigeria to picket all offices of NERC and Discos nationwide today over the recent hike in electricity tariff.

Titled: “Picketing Action against NERC and Discos”, TUC said:

“We write to inform you of a picketing action scheduled to take place on May 13, 2024, against the Electricity Regulatory Commission (NERC) and Electricity

Distribution Companies (Discos).

“This action is in response to the recently announced hike in electricity tariff, which has brought untold hardship to Nigerians.

“We demand an immediate reversal of the tariff hike and a commitment to providing affordable and reliable electricity to Nigerians.” It added in the statement that the picketing action would take place today by 6 a.m. at the following offices: EKO Electricity Distribution Plc 24/25 Marina, Lagos; NERC Ikeja Forum Office Block J. Plot 3 Otunba Jobi Fele Way, Agindigbi, Ikeja, and Ikeja Electric Plc 178 Obafemi Awolowo Way Alausa Ikeja, all in Lagos State, as well as all NERC and Discos offices nationwide.

“We urge all chairmen and secretaries to mobilise their members to participate in this action. Let us stand together to fight for the rights of Nigerian workers and citizens. Solidarity forever!”

The NLC, in a joint letter with similar tone, signed by Chris Uyot and Anka Hassan, acting general secretary and secretary general of NLC and TUC, the organised labour confirmed today’s protests at designated centres.

Bagudu

Deji Elumoye, Chuks Okocha, Michael Olugbode, Emmanuel Addeh and Sunday Aborisade in Abuja

As Kaduna Assembly Grills former Aides of Ex-Gov El-Rufai...

John Shiklam writes that some serving and former officials of Ex-Governor El-Rufai administration have been grilled by the ad-hoc committee set up by the Kaduna State House of Assembly to probe contractual and financial dealings under the former governor.

The ad-hoc committee set up by the Kaduna State House of Assembly to investigate the eight-year administration of ex- governor Nasir El-Rufai, has commenced sitting.

Some serving and former government officials had been summoned by the committee.

The committee was set up by the house, following complaints by the Kaduna State governor, Senator Uba Sani that, he inherited huge debts from his predecessor and he was finding it difficult to pay salaries because a huge chunk of the state’s federal allocation was being deducted to service debts.

Sani had at a town hall meeting with stakeholders in Kaduna on March 30, 2024, said he inherited $587 million foreign debts, N85 billion local debts, and N115 billion contractual liabilities from the El-Rufai administration.

The committee is probing contract awards and execution, loans and sale of government property, among others under the El-Rufai administration.

Among those summoned before the committee were, Thomas Gyang, former Commissioner of Public Works and Infrastructure; Ja’afaru Sani, former commissioner of Education; Dr. Manzo Maigari, former Agric commissioner (currently political adviser to Uba Sani); Balarabe Aliyu, former Administrator, Zaria Metropolitan Authority; Phoebe Sukai, former Administrator, Kafanchan Metropolitan Authority and Mohammed Magaji, former Managing Director, Kaduna State Roads Agency (KADRA).

Some of the serving government officials were said to have been interrogated by the lawmakers at the House of Assembly Complex, for several hours between 11:am when the session began and 8:00 pm when it ended.

Chairman of the Committee, Hon Henry Danjuma, representing Kagarko state constituency, said in an interview that the committee deemed it fit to summon both present and former officials of government just to assist the committee in carrying out its mandate of unravelling the circumstances surrounding loans, contractual obligations under the ElRufai’s administration.

Danjuma, who is also the Deputy Speaker, said more officials would be summoned by the committee if the need arises.

He added that this will depend largely on the evidence made available before the committee by officials who had so far testified.

Danjuma said, so far, the session had been rewarding, adding that discussions between the committee and those who testified, had

been honest and frank.

He said the job of the committee was just to unravel whether there were any discrepancies in the loans and contractual obligations of the immediate-past administration in the state.

“We have invited some key persons that we deem it necessary to have them interviewed so that we can get testimonies to aid us to get to an appropriate conclusion. So that we can give a justified report of our committee.

“Depending on the evidence we heard from those before us, there might be people that may be invited based on the testimonies that we are receiving from those that have been invited. I am happy that there have been honest discussions between us and those that appeared before us.

“The Adhoc Committee is to investigate financial dealings that have to do with loans and contractual obligations by the Kaduna State Government from 29 May 2015 to May 29, 2023, to unravel whether there were any misdemean-

ours”, Danjuma said.

The finance ministry had earlier been summoned to provide the ad-hoc committee with memorandum (official memo) and relevant documents detailing the total loan collected by the government between 2015 and 2023.

The committee also demanded documents regarding “The total loans collected from May 2015 to May 2023 with the approval of the Kaduna State House of Assembly, the account into which the loans were lodged and drawdowns as recorded by the Project Finance Management Unit (PFMU) and Debt Management Office (DMO).

“Relevant State Executive Council Minutes of meetings, Council’s Extract and Resolutions with regards to the loans.

“Payments and Outstanding Liabilities to contractors from May 2015 – May 2023. Report of salaries paid to staff from 2016 to 2022. Dloyd Reports on KADRIS from 2015 to 2023.

“Terms, purpose and conditions on those loans. Appropriation items related to the loans. All record of payments made to all contractors engaged by the State Government and relevant documents from May 2015 to May 2023”.

Chairman of the Committee, Hon Henry Danjuma, representing Kagarko state constituency, said in an interview that the committee deemed it fit to summon both present and former officials of government just to assist the committee in carrying out its mandate of unravelling the circumstances surrounding loans, contractual obligations under the ElRufai’s administration. Danjuma, who is also the Deputy Speaker, said more officials would be summoned by the committee if the need arises. He added that this will depend largely on the evidence made available before the committee by officials who had so far testified. Danjuma said, so far, the session had been rewarding, adding that discussions between the committee and those who testified, had been honest and frank. He said the job of the committee was just to unravel whether there were any discrepancies in the loans and contractual obligations of the immediatepast administration in the state.

The lawmakers also asked the finance ministry to provide it with the modalities for payment of contracts, documents of all payments made to the contractors and sale of government properties, the accounts in which the proceeds were lodged and how the money was expended.

The legislators directed the finance ministry to produce 30 copies of the documents that were submitted on April 25, 2024..

The investigation has generated so much interest among residents of the state, some of whom cautioned the lawmakers to be diligent, fair, and just in carrying out their assignment. However, there have been mixed reactions among Kaduna residents about the investigation. While some people are insinuating that the motive of the investigation is to witch-hunt El-Rufai and rubbish his political profile, others insist that the people have the right to know how public funds are spent.

Speaking in an interview, a chieftain of the ruling All Progressives Congress (APC) who pleaded anonymity for fear of being victimised, said Governor Uba Sani was a member of the “kitchen cabinet” of the El- Rufai administration, maintaining that it was very unfortunate that he has turned against a man who contributed a lot to whatever he has become in life today.

Governor Sani was one of those who facilitated the $350 million World Bank loan while he was in the Senate.

In fact, Senator Shehu Sani, the two other senators from Kaduna, fell apart with El-Rufai because they rejected the loan.

He supported Uba Sani and Abdul Kwari to defeat Shehu Sani and Suleiman Hunkuyi during the 2019 elections.

“Some people don’t know that Uba Sani and El-Rufai have come a long way! They are very close, they have worked together. For me, what is happening is political witch-hunting being sponsored to rubbish El-Rufai, but they will not succeed,” he said.

Also commenting on the issue, Mr. Waziri Ashafa, a chieftain of the opposition Peoples Democratic Party (PDP), on his part, dismissed insinuations that the investigation was aimed at witch-hunting the former governor.

According to him, the people have the right to demand to know how the former governor managed state resources if they have reasons to believe that certain things were not properly done.

El-Rufai

Danjuma

Email: chiemelie.ezeobi@thisdaylive.com, 07010510430

The Horrific Tales of Kidnaping ‘Enterprise’ in Nigeria

Following the rise in incidents of kidnapping for ransom in Abuja and other parts of the country, including the latest trend of crowdfunding ransoms by Nigerians, as though it is an ‘enterprise’, Sunday Ehigiator, Ayodeji Ake, Esther Oluku, and Izuchukwu Ahuchaogu, examine the trend of kidnapping in Nigeria, ransom payments/crowdfunding ransom, and the impending danger it poses to the country

In a horrific tale of fear, tears, apprehension, blood, death and sorrow, Nigerians can no longer sleep with their two eyes closed. They are neither safe outside their homes nor safe at home, as criminal gangs can now hold a full estate at ransom in broad daylight for hours, breaking into homes and abducting as many victims as they want without challenge. Alas! Kidnapping one person at a time is now old-fashioned and outdated in this blooming enterprise. The new update is blocking major federal roads, stopping as many cars as they want, and abducting over 45 people at a time without challenge from security forces.

After the abduction, call up their relatives using a ‘registered sim card’ without even hiding the number, place a price tag of not less than N100 million on each victim (of course, it will be crowdfunded), give a deadline of at least one-week for cash delivery of ransom, drop pickup location, kill the victims when their relatives failed to meet the deadline or abduct whoever is delivering the ransom if they can meet the deadline. Welcome to a new Nigeria!

The sad story of ‘Al-Kadriyar Six’ In a heartbreaking turn of events, Alhaji Mansoor Al-Kadriyar and his six children, fell victim to a harrowing kidnapping incident that has left the nation in shock. Tragically, one of the abducted daughters, identified as Nabeeha Al-Kadriyar, lost her life at the hands of her abductors.

This incident, now widely discussed under the hashtag #NajeebahAndHerSisters, has sparked outrage across social media platforms.

Nabeeha, a dedicated 400-level student of Biological Science at Ahmadu Bello University, was laid to rest on Saturday, January 13, 2024, by Islamic rites.

Compounding the tragedy, others abducted include Najeebah, a 500-level Quantity Surveying student, and Nadheerah, a promising 300-level Zoology student. The kidnappers initially demanded a ransom of N60 million, a figure that has since escalated to a staggering N100 million. The news has triggered an outpouring of grief and solidarity on social media, with X users expressing their outrage and calling on security agencies to intensify efforts to rescue the remaining victims. The family and well-wishers are turning to social media platforms to seek financial assistance, amplifying their desperate plea for support.

Sherifdeen, a relative of the victims, took to social media to share the family's urgent situation, stating, “We have been given until Friday, January 12, 2024, to gather the money. That's N10 million per child. To support the efforts in securing their freedom, we humbly seek financial assistance. Bank details have been provided on my Facebook page.”

Sadly, upon failure to meet up with the deadline again, the kidnappers increased the ransom for the release of others in their custody to N700

million, while also killing another two of their victims. They were afterwards released but the incident claimed two lives.

Kidnapping incidents

According to a Google report, between October and December 2023, there were 12 recorded kidnap incidents and 80 victims. The incidents took place in Gbau, Kuje, Gauge, Pezu, Abaji, Keti, and Kwali, unchallenged by security agencies.

On Thursday, January 18, kidnappers invaded the Army Estate in Abuja and kidnapped the wife and in-law of one Barrister Cyri Adikwu.

According to an eyewitness, identified as Austine John, the incident happened at about 10:00 p.m. in the Phase 2 area of the estate.

John, who is a neighbour to the victim, said the kidnappers came in and started shooting while they invaded the barrister’s house and took away his wife and in-law, but the barrister escaped.

On Wednesday, January 17, kidnappers abducted a man identified as Suleimon Sabo at about 8 pm at Sabon Lugbe, Airport Road, Abuja. The armed criminals reportedly came in a Golf car; and shot him and his tires before whisking him away.

On January 9, 2023, it was reported that gunmen armed with AK-37 kidnapped 32 people at a train station Southern Nigeria train station in Southern Edo State.

In a press statement, the Nigeria Police Force (NPF), said armed herdsmen attacked Tom Ikimi station at 4 pm as commuters awaited a train to Warri, Delta State.

On September 30, 2023, gunmen abducted 25 travellers along the Owo/ Ifon/Benin Expressway in Ondo state.

According to the report, the victims were members of the Choir of the Christ Apostolic Church (CAC), Oke Igan, Akure, the state capital.

The kidnappers struck at about 3 pm on Friday around Elegbaka village, while they were on their way to Ifon for a funeral ceremony.

On August 26, 2023, suspected gunmen kidnapped 12 people in two different locations in Zamfara and Borno States. According to the report, the first incident occurred in Zamfara State where four people including the village head of the Nasarawa-Burkullu community, a local official confirmed the incident.

In a separate incident, Boko Haram militants abducted eight farmers on Saturday in Maiwa village, about three kilometres from Maiduguri, the capital of Nigeria's northeastern Borno state.

On December 12, 2023, 12 persons were kidnapped in an attack on Gbanupe, a rural village behind ACO Estate, Lugbe.

Not far from the Abuja airport road.

A 9-year-old boy and a 13-year-old girl were kidnapped alongside 10 others. The villagers panicked as security agencies were immediately alerted.

On October 17, 2023, at least 50 people including children were abducted, while three were killed in an attack by gunmen in Bagega, Northwest, Zamfara State. Residents of the community lamented insecurity as millions were demanded as ransom for the abductees to regain freedom. Reports revealed schools, villages, and travellers have been the main targets of the kidnappers.

December 9, 2023, recorded the abduction of 23 residents in the Dei-Dei community under the Bwari area council, Abuja. According to reports, the victims were kidnapped from their comfort zone in a compound at around 9 pm while preparing for bedtime.

A leader in the community confirmed that seven of the victims were rescued that same night by the security vigilante who trailed the kidnappers into the bush.

In separate news, on December 19, 2023, a traditional ruler alongside 21 others was kidnapped in the Pupule community of Yorro Local Government Area of Taraba State. The community was attacked at about 2 am shooting sporadically when residents were asleep. An eyewitness disclosed that a pregnant woman, a family member of the third class chief and his security orderly were kidnapped.

On December 7, 2023, students protested over the abduction of 10 students of the Federal University of Lafia, Nasarawa State. According to reports, gunmen attacked the student community at about 2 am and kidnapped 10 of them while others ran helter-skelter for safety. Eyewitness told the media that the operation lasted about two years without interruption.

On December 19, 2023, a popular Juju Musician, Omoba De Jombo Beats and his crew were kidnapped. They were kidnapped on their way to Kogo State for a live performance. According to information that made the rounds on social media, the kidnapper demanded a huge sum of N10 million for their release.

As Nigerians bask in the euphoria of a New Year, on January 11, 2024, 15 persons were recorded kidnapped in Abuja, since the beginning of the New Year. The first incident happened around Zuma 1, Bwari Area Council of Abuja, where seven persons, all members of the same family, were abducted by gunmen.

On the night of Sunday, January 7, some armed men invaded Sagwari Layout Estate in Dutse, also in Bwari Area Council, at about 7.30 p.m. and abducted nine persons including a mother and her four children.

Also, on August 17 2023, an 11-seater Akwa Ibom State Transport Company (AKTC) en route to Sokoto from Uyo was intercepted by bandits on the Zamfara State Highway who abducted eight of the passengers and the bus driver while others escaped.

The passengers were mainly fresh graduates from Akwa Ibom State posted to Sokoto for the compulsory one-year NYSC programme.

Kidnapping indices

In recent years, Nigeria has seen a sharp increase in kidnappings. This has seen Nigerians pay billions of naira in ransom to secure the release of their loved ones at the hands of kidnappers. Data collected from weekly reports on Nigeria Security Tracker stated that in the year 2020, 191 kidnap cases were reported with 1,789 kidnap victims. The number rose by 70.5 per cent in 2021 to the total of 334 reported cases and 4,673 victims with an average of 386 victims per month and 89 victims per week.

THISDAY checks reveal that a majority of these incidents are concentrated in three out of the nation's six geopolitical zones namely, North East, North West and North Central known for their vast expanse of arable land with pockets of incidents occurring in the South-West, SouthSouth and South-East Geo-political zones. This would pose severe threats to food security and availability in the coming years as farmers cannot go to their farms for fear of being kidnapped.

According to Nigeria Security Tracker (NST), 19,366 Nigerians have been kidnapped in 2,694 kidnapping instances over the last 10 years as of the end of June 2023.

Available data shows that incidents and cases of kidnapping began to rise in 2014 and peaked in 2021 compared to previous years.

It increased from 31 incidents in 2013 with 351 kidnap victims to 84 in 2014 with 897 victims 111 in 2015 with 926 victims to 137 in 2016 with 347 victims, 141 in 2017 with 532 victims, 157 in 2018 with 1,014 victims, 331 in 2019 with 1421 victims, 439 in 2020 with 2879 victims, 590 in 2021 with 5,287 victims, 515 in 2022 with 4,680 victims and 199 in the first six months of 2023 with 1,384 victims.

There were also mass abduction incidents involving more than 20 victims. While there were five such abductions in 2015, Nigeria recorded 11 cases in 2018, eight in 2019, 25 in 2020, 69 in 2021 and 40 in 2022.

Large-scale abductions have also targeted schoolchildren. Thousands of students have been kidnapped in Borno State’s Chibok, Niger State’s Kagara, Zamfara State’s Jangebe, Kaduna State’s Afaka, and Kebbi State’s Yauri.

Blooming kidnapping economy

Kidnapping in Nigeria has become a very lucrative incident, spawning a vibrant criminal economy that continuously draws new assailants to the thriving illegal business.

In 2018, Nigeria had the highest number of kidnapping for ransom cases worldwide, and was also ranked among the ‘Costelli Kidnap Ransom Top Ten Countries for Kidnapping Foreign Citizens in 2022’.

Kidnapped NYSC Corps members still in captivity after 156 days

Crowdfunding notice for a Kidnapped Victim

The Horrific Tales of Kidnaping ‘Enterprise’ in Nigeria

Crowdfunding notice for a kidnapped victim

In 2017, following his arrest, Notorious kidnapper, Chukwudi Dumeme Onuamadike, a.k.a Evans, reportedly told police that he received $4 million in ransom from four of his high-profile kidnapped victims between 2015 and 2016.

Some kidnappers go after the wealthy. Others are becoming less prejudiced. No Nigerian is protected from the risk, whether ordinary Nigerians commuting interstate, farmers caring for their crops, older people resting at home, or children at school.

In July 2022, Daily Trust reported that N800 million was paid to terrorists to secure the release of seven captives seized from the AK9 train service attacked on the Abuja–Kaduna route.

The released victims were among the dozens of passengers abducted on March 28, 2022, by gunmen who derailed the moving train.

Similarly, an Enugu-based politician, Tochukwu Okeke, who in 2019 narrated how he was kidnapped by a late notorious kidnapper, Collins Ezenwa, popularly known as ‘E-money’, said he paid $2 million, which had a naira value of N700 million at the time, to secure his release.

SBM Intelligence, a research company, in a report published in 2020, titled, ‘The Economics of The Kidnap Industry in Nigeria’, alluded to the ‘Democratisation of the kidnap industry’.

The report stated that between 2011 and 2020, at least $18.34 million (N8.98 billion) was paid as ransom to kidnappers in the country. It also stated in an amended report published in 2022 that between July 2021 and June 2022, Nigeria paid N653.7 million in ransom.

It added that over 60 per cent of the total amount was paid out between January 2016 and March 2020, indicating a recent surge.

Crowdfunding for ransom and its dangers

After several years of government failures in performing its primary function of providing a viable environment safe for economic thrives, while also securing the lives and properties of the people, Nigerians have learnt to step up for themselves.

They provide water for themselves, provide power for themselves, do their roads themselves, provide security for themselves, and now, they are coming together to pay ransom too, as kidnapping for ransom has become a lucrative business for bandits, terrorists, and other strains of daredevils in Nigeria.

A report by Voice of America shows that kidnappers demand between 1,000 to 5,000 dollars, depending on their evaluation of the victims.

SBM Intelligence also reported that Nigerians paid about $18.3 million or N13.7 billion in ransom between June 2011 and March 2020. Some victims paid as low as N4,000 for ransom while the largest ransom collected within the period in view was N190 million.

The latest data from SBM Intelligence, released in August 2023, showed that the kidnappers are still cashing out from the business. They kidnapped more than 3,600 people in Nigeria between July 2022 and June 2023 and demanded about N5 billion in ransoms.

Most of these payments came out of pocket. Some families of the victims had to sell their properties.

According to a report titled, ‘Crowdfunding for Ransom Payment is a Double-edged Sword

Number of People Kidnapped in Nigeria between 2013 and 2023 (Source ICIR)

that Cuts Everyone but Bandits,’ by Bello Hussein from the University of Ilorin, “a young man in Ilorin sold his car to pay ransom after his two daughters were kidnapped in 2022.

“Isyaka Labaran, a veterinary drugs seller in Kwali, Abuja, had to sell his three-bedroom apartment to fund his release after he was kidnapped in September 2023.” But these pockets are running dry, and many families don’t have more to sell.

The 2022 Multidimensional Poverty Index (MPI) survey by the National Bureau of Statistics (NBS) showed that more than 133 million Nigerians, 63 per cent of the population, are multidimensionally poor, with low-income and lack access to basic amenities.

These are some of the people bandits compel to pay millions in ransom. Leaves on to wonder, where will they get money from? That Nigerians are turning to crowdfunding for ransom shows the helplessness of the situation.

Speaking further, Hussein said, “Late last year, parents of the 11 remaining Yauri schoolgirls started a crowdfunding campaign for the N100 million bandits demanded to release the students. The students had been in captivity for 19 months. The campaign started after government interventions and negotiations failed to secure their release.

“This helplessness has further encouraged a collection of savages to kidnap and maim at will, funded by the millions of ransoms hapless victims pay, and the casual complicity of the government for not providing enough deterrence.

“We can debate the morality of contributing to a ransom and arming bandits to wreak even more havoc, shatter more dreams, and take more lives, or calling their bluff at the risk of losing more lives to their cold, indifferent hands, but to what end?

“Al-Kadriyar family had little option than to pay the ransom. One of their daughters had been killed; more lives were at stake. The risk of flouting the federal government’s criminalisation of ransom payment and the chilling prospect of funding terrorism was not going to be enough to deter them, especially when the government has not been able to deter kidnappers.

“Meanwhile, bandits are raking in billions. In 2023, the Nigerian Financial Intelligence Unit (NFIU) reported that two self-appointed negotiators facilitated two billion naira transactions for bandits between November 2021 and August 2022. Most of these monies were paid by the families of the kidnapped victims.

“The monies, according to the NFIU, are often used to purchase the ‘terrorists’ weapons and motorcycles, logistics, and further their terrorist campaign and recruitment of new members.

“Armed with hundreds of millions of naira from ransom, the bandits have graduated from attacking villagers and

Ransoms Paid by Victims of Kidnapping between 2011 and 2023 according to SBM Intelligence

herders to hijacking cars on the highways, abducting children from schools, and attacking homes, trains, civilians, and security operatives. What they will do with the tens of millions they will get now from crowdfunded ransom is anybody’s guess.

“The fiasco of the rampant kidnapping, the crowdfunding campaigns it inspired, and the brazen savagery of the bandits are a sad indictment of our government and a call for them to do more to secure fellow Nigerians and win citizen confidence. No amount of criminalisation or moral judgements will disincentivise families from paying ransoms or crowdfunding for it.

“For the victims and their families, the pain of captivity is raw, the threat of a repeat experience is haunting, and the horrors of the old are ever-present. They may never find closure.

“The rest of us are now wary of being the next victims of better-funded bandits with more weapons, members, and greater reach. The government is struggling to contain the crisis.

“And the bandits, basking in the success of their most recent propaganda and incoming million, lick their lips: there is more to come.”

FG warns against crowdfunding for ransom

Meanwhile, the Federal Government (FG) of Nigeria has warned relatives of kidnapping victims against engaging in crowdfunding and paying ransom to kidnappers.

The Minister of Defence, Abubakar Badaru, gave the warning while fielding questions from State House journalists after the FEC meeting presided over by President Bola Tinubu on Wednesday, January 17.

The minister, who spoke on the havoc being done by rampaging terrorists and kidnappers across the country, especially the nation’s capital, Abuja, admitted that the kidnapping was high within the FCT area councils.

Reacting to the issue of crowdfunding to pay ransom, Badaru said there is an existing law that prohibits the payment of ransom to kidnappers

“We all know that there is an existing law against the payment of ransom. So, it is very sad for people to go over the internet and radio asking for donations to pay ransom.

“This will only worsen the situation; it will not help the situation, as you have seen. Initially, they asked for N60 million and now, because of this funding, somebody has already raised N50 million through friends and media, and the kidnappers jacked up the ransom.

“We believe we have to stop, as painful as it is, responding to requests for ransom. If we stop, over time the kidnapping will not be profitable, and they will stop.

“It is not easy, though, but that is the law that you are known by. So, we want to call on the people to manage the kidnapping situation intelligently and quietly, because talking too much about it, especially raising funds through the public and media is not productive at all and should be discontinued.”

Complicity of security agencies

One other big issue fueling insecurity in Nigeria is the complacency of security agencies in Nigeria.

According to the Director General (DG), the Institute of Security and Strategic Studies, Prof Azeez Olaniyan, rising insecurity stems from nepotism and ineptitude of leaders, poverty,

corruption, and unemployment, amongst others and lack of provision of basic amenities to the people.

He also said, “The level of vigilance and detective capacities of our security agencies is very low.

“You can imagine that right in Abuja, kidnapping and abductions are occurring daily. If insecurity must be reduced, there should be a high level of vigilance and community policing.

º“There should be strengthening of Joint Task forces, Inter-agency security meetings and briefings, training and capacity building of personnel. Money budgeted for security is often diverted. The vigilance should extend to how such funds are deployed.”

Also speaking, the National Coordinator, of the Association of Rural Chiefs for Peace and Development, Chief Nengi James, said, “While we are grappling with insufficient manpower in the security agencies to police the country adequately, security personnel are now assigned to those who can pay while the ordinary citizens are left unprotected. You see security personnel in their numbers being assigned to politicians, rich persons who can pay including ‘Yahoo’ boys and even criminals.

“How many are now left to protect most of us ordinary citizens? If there was adequate security manpower and less corruption, the insecurity wouldn’t have gotten to this level.

“Again there should be policing at the community level by empowering the traditional institutions, which should be given clear-cut roles to take responsibility for their domains.”

Amnesty International calls on President Tinubu

Speaking on the high spate of kidnapping currently going on in the country, Amnesty International Nigeria on its X page said that many families choose not to report cases of kidnapping after paying ransom for fear of reprisals and as a result, many incidents go undocumented.

“The current epidemic of kidnapping highlights the utter failure of the Nigerian authorities to effectively protect lives.

“The number of Nigerians in custody of armed groups and kidnappers is unknown. However, the victims usually suffer shocking abuses. Several abducted women and girls, including school children, have been viciously raped while in captivity.

“Rampant kidnapping by armed groups has become a part of daily life in Nigeria. Those kidnapped by armed groups are routinely tortured. Many are beaten, starved, threatened with death, raped, held blindfolded for several days, verbally and physically assaulted.

“People in Nigeria are living on a knife edge. Widespread insecurity and chaos have been exacerbated by routine kidnapping, as armed groups tighten their stranglehold on the country.

“People resorting helplessly to crowdfunding online to pay ransom to ruthless kidnappers is a stain on Nigeria’s image. The Nigerian authorities must restore the people’s confidence in their ability to secure lives and properties.

This Week In Tech

Tech Top 5 News

US PLANS DEPLOYMENT OF CYBERCRIME ADVISER TO COMBAT FRAUD

The United States has unveiled plans to send a cybercrime advisor to Nigeria.

The advisor is poised to facilitate cooperation between the two nations, offering essential training, equipment, and technical assistance to bolster Nigeria’s capacity to address cyber threats, including fraud and sextortion. The decision to deploy the advisor, expected to be funded by the International Narcotics and Law Enforcement Affairs (INL), was disclosed in a joint statement released by the Governments of the United States of America and Nigeria during the sixth U.S.-Nigeria Binational Commission held recently.

The joint statement emphasised the imperative to reinforce efforts against cyber-enabled money laundering and fraud, underscoring the importance of leveraging technology and international cooperation mechanisms such as extradition and mutual legal assistance.

According to the statement, Nigeria and the United States shared concerns regarding cybercrime’s threats to mutual peace, prosperity, and security. Nigeria identified its several efforts and capabilities for combatting cybercrime, presenting many avenues for bilateral cooperation.

The United States commended Nigeria for acceding to the Budapest Convention on Cybercrime in 2023 and for collaborating in several cybercrime forums. The United States and Nigeria pledged to work together to combat cybercriminals who target citizens of both countries.

“To that end, the United States announced the upcoming deployment of an INL-funded cybercrime advisor in Nigeria to facilitate that cooperation and provide training, equipment, and technical assistance to build Nigeria’s capacity for cybercrime, including fraud scams and sextortion,” the statement said.

It added that both countries “understand the need to reinforce efforts to combat cyber-enabled money laundering and [cyber-enabled] fraud and to make greater use of both technology and international cooperation mechanisms such as extradition and mutual legal assistance.”

CONTROVERSY BREWS AS NIGERIA PLANS CYBERSECURITY LEVY ON ELECTRONIC TRANSACTIONS

Nigeria’s financial landscape is controversial following the Central Bank of Nigeria’s announcement of a cybersecurity levy on electronic transactions, slated to begin on May 20. The levy, set at 0.5 per cent of the value of electronic transfers, marks a substantial increase from the previous rate, sparking widespread debate and concern among stakeholders.

The circular issued by the Central Bank mandates all banks and mobile money operators to enforce the levy, with funds managed by the country’s security adviser’s office. Non-compliance will incur a hefty charge of two per cent of the institution’s annual turnover, intensifying the pressure on financial entities to adhere to the directive.

The central bank defended its decision, citing alignment with the recently amended Cybercrime Act of 2024. However, this rationale faced scrutiny as the House of Representatives intervened, directing the apex bank to halt levy implementation.

The Minority Leader of the House, Kingsley Chinda, criticized the Central Bank’s interpretation of the Cybercrime Act, arguing that the burden of the levy should fall on specific businesses outlined in the law, not bank customers.

“The wording of the CBN circular is ambiguous, leaving room for multiple interpretations, including the imposition of the levy on bank customers, contrary to the Cybercrime Act,” Chinda stated. In response to mounting criticism, The House unanimously adopted a motion urging the central bank to withdraw the contentious circular and issue a revised version that aligns with the law’s provisions, offering clarity and proper interpretation.

The unfolding saga underscores the complexities of cybersecurity regulation and highlights the need for clear, consistent directives to navigate Nigeria’s evolving financial landscape while ensuring consumer protection and regulatory compliance.

JUMIA REPORTS REMARKABLE Q1 PERFORMANCE

Africa’s leading e-commerce platform, Jumia, announced a substantial reduction in its operating losses, plummeting by 71% year over year to $8.3 million in the first quarter of 2024, a stark improvement from $28 million reported in the same period of 2023. The company’s robust financial performance was unveiled in its Q1 2024 report released recently.

Jumia attributed this impressive feat to a series of strategic initiatives to bolster profitability, including

TECH PERSONALITY OF THE

WEEK

Jude Dike: Driving Innovation, Financial Inclusion and Empowering People

substantial cost reductions and enhanced gross margins. Despite a five per cent decline in its active customer base during the same quarter, the company managed to achieve a noteworthy 19 per cent revenue growth year-on-year, reaching $49 million in Q1 2024. Moreover, Jumia’s gross merchandise value, representing the total customer payments before deductions, experienced a five per cent surge year-on-year to $181 million. The company’s strategic focus on cost-cutting measures, such as scaling back customer incentives and free shipping expenses, reduced quarterly active customers from two million to 1.9 million. However, this move contributed to a higher-quality customer base with increased repurchase rates.

The CEO of Jumia Group, Francis Dufay, expressed confidence in the company’s trajectory, emphasizing a strong start to the year and the execution of strategic priorities to fortify Jumia’s core business and enhance cash efficiency. Despite challenging economic conditions and significant currency devaluations in key markets impacting purchasing power and supply availability, Dufay highlighted Jumia’s resilience in securing adequate inventory and offering a diverse product range at competitive prices, fostering sustained consumer engagement on its platform.

MICROSOFT, OPENAI UNVEIL

$2M FUND TO COMBAT AI MISINFORMATION, PROMOTE EDUCATION

In a groundbreaking move, technology giants Microsoft and OpenAI have introduced a $2 million Societal Resilience Fund to tackle

This week’s spotlight shines on Jude Dike, the CEO and co-founder of Get Equity. Established in 2021, Get Equity operates as a private marketplace facilitating the trading of digital securities and assets securely. The platform serves as a bridge for investors and companies, offering a seamless avenue to digitise assets and cultivate liquidity through investment management and syndication. Get Equity’s inception focused on democratising venture capital investments. However, with a successful record of channelling $3 million into startup ventures, the platform has evolved to encompass a broader spectrum of investment options. Now, users can access a diversified portfolio, including bonds, commodities, and other fixed-income instruments, catering to varying risk appetites.

Dike brings a wealth of expertise to the tech and finance realms. His previous roles as engineering lead at Bloc, senior software engineer at Ethereum Push Notification Service and Concourse Open Community, and head of product at Africave reflect his proficiency in overseeing engineering projects, building technical infrastructures, and managing teams.

Beyond his role at Get Equity, Dike also serves as a venture partner at Wefunder and RaliCap, further cementing his influence and impact within the investment and entrepreneurial landscape. With a background in computer science, Dike continues to drive innovation, foster financial inclusion, and empower individuals to navigate the dynamic world of digital assets and investments.

AI misinformation and enhance global AI education. This initiative comes as several countries prepare for elections, highlighting the critical need for informed and literate voters.

The fund, specifically targeted at AI education and literacy among voters and vulnerable communities, is a proactive step towards navigating the complexities of the digital age. Microsoft and OpenAI emphasized the importance of providing tools and information to help individuals navigate the digital landscape and access authoritative resources amidst a surge in AI-related content.

In a statement, both companies highlighted the significance of providing tools and information to navigate the complex digital ecosystem, stating, “In a year when two billion people across the globe will vote in democratic elections, it is more important than ever to provide tools and information that will help people navigate an increasingly complex digital ecosystem and find authoritative resources.”

The fund’s objectives include promoting whole-of-society resilience against deceptive AI content. Grants from the fund will support organisations such as Older Adults Technology Services from AARP (OATS), the Coalition for Content Provenance and Authenticity (C2PA), the International Institute for Democracy and Electoral Assistance (International IDEA), and Partnership on AI (PAI). These grants will aid in delivering AI education and fostering a better understanding of AI capabilities.

“Our shared goals are to combat the growing risk of bad actors using AI and deepfakes to deceive the voters and undermine democracy,” said Microsoft and OpenAI.

GOOGLE EMPOWERS AFRICAN SMBS WITH AI TRAINING IN HUSTLE ACADEMY

2024 COHORT

Google has unveiled applications for the 2024 cohort of its Hustle Academy, signalling a renewed commitment to accelerating the growth of small and medium-sized businesses across Sub-Saharan Africa. The program introduces a groundbreaking upgrade by integrating business-focused AI training directly into its curriculum.

The Hustle Academy emerges as a beacon of hope, offering comprehensive business education, mentorship, and networking avenues. Since its inception in 2022, the program has empowered over 10,000 businesses, leading to a notable increase in funding success rates and job creation. Participants who received grants nearly doubled their success rate in securing new funding sources beyond personal networks, indicating a significant impact on financial sustainability and growth.

Head of B2B Marketing, SSA, Kristy Grant, highlighted the transformative potential of AI for African SMBs, stating, “Artificial intelligence holds immense potential for African small and medium-sized businesses, enabling them to drive innovation, increase efficiency, and unlock new levels of economic growth.”

Grant emphasised the Hustle Academy’s role in supporting businesses in raising funding and creating jobs, with the incorporation of AI poised to amplify this impact further.

The new AI modules within the curriculum focus on data-driven decision-making, operational optimisation, and AI-powered marketing strategies. Participants will delve into practical applications through modules such as ‘Boost Your Productivity with AI’ and ‘Marketing Strategy and AI’, equipping them with tools to enhance efficiency, streamline operations, and drive digital outreach.

BUSINESS WORLD

08056356325

Q1: Total Direct FX Remittances

Kayode Tokede

Despite efforts by the Central Bank of Nigeria (CBN) to attract foreign exchange into the country, total direct FX remittances dropped by 6.28 per cent Year-on-Year (YoY) to $282.6 million in the first quarter (Q1) ended March 31, 2024.

According to the Central Bank of Nigeria (CBN) “International Payments” data, total foreign exchange direct remittances in first quarter of 2023 was at $301.57million.

On a Month-on-Month (MoM) breakdown, the apex bank reported $138.56 million total direct remittances in January 2024, a growth of 75 per cent from $79.19million in January 2023, while in February 2024, it stood at $39.15million, a decline of 53.26 per cent from $83.76 million in February 2023.

Kayode Tokede

About eight Deposit Money Banks (DMBs) listed on the Nigerian Exchange Limited (NGX) generated a whopping sum of N59.67 billion from account maintenance income in the first quarter (Q1) of 2024. This represents 83.01 per cent increase over the N32.61 billion reported in the first quarter of 2023. The eight banks are: Zenith Bank Plc, Access Holdings Plc, United Bank for Africa Plc (UBA) and Guaranty Trust Bank Holdings Plc (GTCO).

Others include: FCMB Group

In addition, total foreign exchange direct remittances was at $104.91million in March 2024, a further decline of 24.3 per cent from $138.63 million reported by apex bank March 2023.

While there have been concerns over the decline in total remittances to the country despite the surge in the number of Nigerians relocating abroad, the Vice President, Highcap Securities Limited, Mr. David Adnori said there may not be any cause for alarm now.

According to him, the decline in remittances in the Q1 2024 could be attributed to several factors including the weakening of the local currency, and policy directions of the CBN.

The CBN had reported a sum of $1.98billion total direct remittances in 2023, about 8.2 per cent from $2.16 billion in 2022.

The CBN two months ago said

Plc, Stanbic IBTC Holding Plc, Wema Bank Plc and Fidelity Bank Plc.

Extract from the banks’ unaudited Q1 2024 results revealed that Zenith Bank generated the highest account maintenance fee of about N16.9 billion, an increase of 66 per cent from N10.19 billion in Q1 2023, followed by Access Holdings that generated N13.8billion account maintenance fee in Q1 2024, a growth of about 110 per cent from N6.68billion reported in Q1 2023. For GTCO, its account maintenance fee stood at N9.41

overseas remittances into the country rose to $1.3 billion in February 2024 compared to $300 million in the preceding month.

However, the report by CBN disclosed $39.15 million total direct remittances in February 2024.

The Acting Director of Corporate Communications, CBN, Mrs. Hakama Sidi Ali recently noted a significant rise in foreign inflows in February 2024, driven by higher remittance payments from Nigerians living abroad and a spike in the purchase of naira assets by foreign portfolio investors.

Direct remittances come into the country via the International Money Transfer Operators, banks, among others.

There are four major sources of FX inflow into Nigeria. These include; proceeds from oil exports, proceeds from non-oil exports, Diaspora remittances, and foreign direct/

billion in Q1 2024, representing about 72 per cent growth from N5.46billion in Q1 2023, while UBA’s account maintenance fee moved from N5.35billion in Q1 2023, increasing about 75 per cent to N9.35billion in Q1 2024.

Fidelity Bank declared N4.95 billion account maintenance fee in Q1 2024, a significant increase of 208 per cent from N1.61 billion in Q1 2023; FCMB Group posted N2.73 billion account maintenance fee in Q1 2024, about 49 per cent increase from N1.8 billion in Q1 2023; Wema Bank announced N1.47 billion account maintenance fee in

portfolio investments.

In 2022, during the launch of ‘The RT200 FX Programme’ to boost foreign supply in the country through the non-oil sector in the next three to five years, the CBN had said that policies and measures Improved Diaspora inflow and remittances from an average of $6 million per week in December 2020 to an average of over $100 million per week by January 2022.

The report released in the fourth quarter of 2022 titled, “Remittances Brave Global Headwinds Special Focus: Climate Migration,” stated that it represents a 7.5 per cent rise from the prior year of 2021.

The report stated: “Nigeria, the largest recipient of remittances in the region, which witnessed a sharp recovery in flows during 2021 a 13.2 per cent, maintained the improved momentum of 2021 into to the first quarter of 2022. However, growth fell

Q1 2024, representing 99.7 per cent from N734.1million in Q1 2023 and Stanbic IBTC Holdings posted N1.06billion account maintenance fee in Q1 2024, an increase of 25 per cent from N849million declared in Q1 2023.

The eight DMBs in the 2023 financial year generated about N145.58 billion for maintaining customers accounts, a significant increase of 21 per cent from N 120.06 billion declared in 2022 financial year.

Nigerian DMBs are competing with Fintech companies such as, MoMo Payment Service Bank

in Q2 data to 0.5 per cent vis-à-vis the same period of 2021. Moreover, the country is reaping little benefit from the surge in crude oil prices, while the expatriate community faces real income losses in the United States, the United Kingdom, and the Euro Area. A falloff in remittance flows to growth of 7.5 per cent is likely for 2022.”

Furthermore, the report noted that the remittance outlook cites that the risk of further adverse developments in the external environment will persist through 2023, “and act to lower the pace of remittance flows to Africa to 3.9 per cent. Price pressures for wheat, oil, and fertilizers are likely to continue into 2023, although ebbing from peaks of the previous year.

“Food affordability and deterioration of real incomes across African states will place a damper on economic growth,

while government spending on subsidies and support for farmers will widen fiscal gaps. Little easing of current account deficits is seen given continuing adjustment to the large terms of trade changes of 2022. And depreciating currencies against the US dollar will magnify the rise in import prices measured in local currency.”

“Remittance outturns will depend on the balancing of increasing needs for support from the African overseas labor force, and the availability of incomes in host countries to be remitted. Real wages are now declining in the United States and the euro area, indicating the likelihood of softening remittance flows. For larger countries, Nigeria is anticipated to see continued moderation in flows to a 4.5 per cent pace in 2023. Kenya should experience a modest slowing to gains of 5.5 per cent,” the report stated.

(MoMo PSB), Fintech subsidiary of MTN Nigeria. Airtel SmartCash, Opay, Palmpay, others that charges customers zero charges on fund transfer to another Fintech company or commercial banks. As technology evolves, customer demands continue to affect how businesses operate especially in the banking sector. In recent times, fintech startups have raised the bar, offering customers easier, faster, and cheaper financial services particularly in areas such as zero transfer fees, more attractive interest rates on savings, full online banking experience, speed and simplicity. These competitive advantages are endearing them to an increasing number of customers and strengthening their position in the financial sector.

With the emerges of more Fintech companies, electronic payment transactions in Nigeria hit an all-time high in 2023 as it rose by 55 per cent to N600 trillion, compared to N387 trillion in 2022, according to Nigeria Inter-Bank Settlement System (NIBSS).

‘Cybersecurity Levy Will Impact Nigerian Economy N egatively’

Emma Okonji

Two advocacy groups, Nigeria Internet Group (NIG), and the Nigeria Computer Society (NCS), have kicked against the planned introduction of cybersecurity levy by the Central Bank of Nigeria (CBN), highlighting its implications for both the Nigerian economy and businesses.

According to the groups, the cybersecurity levy, if introduced, would impact negatively on the Nigerian economy, businesses and consumers. They therefore urged CBN to consider alternative approaches to strengthening cybersecurity without unduly burdening the Nigerian populace.

President of NIG, Mr. Destiny Amana in a statement, said: “The recent announcement by the Central Bank of Nigeria (CBN) regarding the introduction of a cybersecurity levy on electronic transactions is a matter of grave concern. The levy, pegged at 0.5 per cent of all electronic transaction values,

is purportedly a provision of the recently passed 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act.

“While we recognise the importance of cybersecurity measures in safeguarding our digital infrastructure and protecting against cyber threats, we cannot ignore the potential negative impact of this levy on the Nigerian economy, businesses, and consumers.

“The imposition of a cybersecurity levy on electronic transactions is not only burdensome but also raises questions about its necessity and effectiveness in addressing cyber threats. We are deeply concerned about the potential for this levy to stifle innovation, hinder financial inclusion efforts, and place undue financial burdens on individuals and businesses, particularly small and medium-sized enterprises (SMEs).”

Executive Secretary, Information Technology Systems and Security

Professionals (ITSSP) of the Nigeria Computer Society (NCS), Mr. Rogba Adeoye, who spoke to THISDAY in a telephone interview, said the cybersecurity levy had been in the Cybercrime Act from inception in 2015, when the Cybercrime Bill was signed and passed into law as an Act, but argued that what was initially in the Cybercrime Act was 0.05 per cent cybercrime levy, which amounts to N5 levy for every N10,000.00 electronic transaction and that no date was fixed for its implementation. According to him, the cybercrime levy was raised to 0.5 per cent when it was recently amended, which amounts to N50 levy for every N10,000.00 electronic transaction, with a plan to begin its implementation on May 20, 2024.

He argued that CBN did not take industry stakeholders into consideration, while amending the Cybercrime Act, insisting that the hike will impact negatively on the economy and businesses.

Okubadejo: Ogun IGR has Tripled from N50bn to N150bn

TThe Commissioner, for Finance and Chief Economic Adviser to Ogun State, Mr. Dapo Okubadejo, has revealed that the state’s Internally Generated Revenue (IGR) has almost tripled from N50 billion in 2020 to almost N150 billion in 2023, thereby ranking Ogun the 3rd in IGR in Nigeria.

He also disclosed that the Dapo Abiodun administration would soon be establishing the Kajola Dry Container Port to provide efficient and cost-effective operations, logistics and distribution for our manufacturing companies.

He disclosed that the Gateway International Airport would soon be ready for commissioned, adding that the airport is scheduled and non-scheduled cargo and passenger flights while the other zones within the Aerotropolis are currently being concessioned.

He also stated that the state has initiated discussions with the Lagos State Government to extend their Blue line and Red line rail networks into the state.

Okubadejo, who disclosed this at the 2024 KPMG Alumni cocktail in Lagos, said with over 6000 industries and as the investors’ destination of choice,

over 500 km of roads have been constructed, established six Economic Development Clusters (EDC).

The commissioner remarked that they consider the cluster strategy, as one of the most important developmental initiatives for African economies to engender cost optimization through infrastructure sharing and economies of scale.

Okubadejo further explained that cluster strategy also lowers entry barriers for investors and encourages value chain development and processing of raw materials, two important measures for non-oil export growth.

US Government, FCMB Partners to Strengthen Nigeria’s Health Sector

The U.S. Agency for International Development (USAID) Mission Director, Melissa Jones has affirmed the U.S. government’s commitment to strengthen Nigeria’s health sector and private sector resilience with a new partnership agreement.

He stated this during a ceremony held at the First City Monument Bank (FCMB) Headquarters in Lagos, to announced a new partnership

with the bank.

Under the terms of the agreement, USAID and the United States International Development Finance Corporation (DFC) will collaborate with FCMB to facilitate $10 million in new loans.

The partnership will assist FCMB to expand access to finance for underserved borrowers, and SMEs in the health sector in Nigeria, the health sector, and small and medium-sized enterprises throughout Nigeria.

“I commend the DFC for its commitment to improving local access to quality healthcare. This partnership will help close the gap in healthcare financing. This means more Nigerians will have access to better healthcare facilities. First City Monument Bank welcomes the

Group Business Editor

Eromosele Abiodun

Deputy Business Editor

Chinedu Eze

Comms/e-Business Editor

Emma Okonji

Asst. Editor, Money Market

Nume Ekeghe

Senior Correspondent

Raheem Akingbolu (Advertising)

Correspondents

Emmanuel Addeh (Energy)

KayodeTokede(CapitalMarkets)

James Emejo (Finance)

Ebere Nwoji (Insurance)

Reporters

Peter Uzoho (Energy)

Ugo Aliogo (Development)

Emma Okonji

PalmPay, a leading fintech platform, has partnered Lagos State government to bolster its agricultural initiative, offering robust payment solutions to empower residents and businesses alike with the necessary financial tools for success through the Food Discount Market initiative tagged - OunjeEko

OunjeEko, meaning - Lagos Food, is a food intervention programme by Governor Babajide Sanwo-Olu of Lagos State, aimed at providing succour to residents. The initiative is taking place across five divisions of the state.

The OunjeEko markets were opened at 27 locations in Ikeja; six in Lagos Island; nine in Ikorodu; five in Epe; and 10 in Badagry divisions. The food

PenCom Issues Consumer Protection Framework (Part 2)

Exploring responsibilities of pension fund operators, consumers

A s reported on this page last week, the National Pension Commission (PenCom) recently issued the maiden Consumer Protection Framework for the Nigerian pension industry. Previously, we highlighted pension consumer rights and enforcement mechanisms as captured in the Framework. In this publication, we continue the discussion on the key highlights of the Framework, focusing on the responsibilities of Pension Fund Operators (PFOs) and pension consumers.

The responsible business conduct of Pension Fund Operators (PFOs) serves as the bedrock for safeguarding the rights and interests of pension consumers. The Consumer Protection Framework underscores the importance of ethical standards and professionalism in PFOs’ operations, emphasising transparency, efficiency, and consumer protection. Here is an insightful look into the key responsibilities of PFOs and the obligationscorresponding of pension consumers.

Pension Consumers’ Responsibilities

To help Pension Fund Operators serve them better, pension consumers also bear responsibilities crucial to the efficacy and integrity of the pension system. While PenCom and PFOs strive to protect the rights of pension consumers and ensure that they receive quality service, RSA holders are also expected to play significant roles in all the processes.

opportunity to collaborate with healthcare providers and SMEs nationwide to build a healthier, more productive future for our nation,” said FCMB Managing Director, Mrs Yemisi Edun.

“As demonstrated by this partnership, the United States government is eager to continue collaborating with the financial sector to improve access to credit for underserved borrowers, including small and medium enterprises in the health sector, and thereby stimulate economic growth. In addition to supporting FCMB’s increased lending in the health sector, we are committed to work with FCMB to disburse loans to the agriculture and renewable energy sectors through our existing partnerships,” said Jones.

items - rice, beans, garri, bread, eggs, tomatoes, and pepper, among others, were sold at a 25 per cent discount to residents.

Commenting on the initiative, the Head of Marketing Communications, PalmPay, Enakeno Umuteme, said:

“The OunjeEko is indeed a laudable initiative especially as the country’s inflation rate stands at 30 per cent according to the National Bureau of Statistics (NBS).

“PalmPay is privileged to have participated in the OunjeEko Initiative and offered its support as one of the Independent Payment Solution providers to have partnered with Lagos State government as payment platforms providing Point of Sales PoS terminals as a means of payment.

Responsibilities of PFOs for effective service delivery Effective Communication is essential in the operations of all organisations offering pension-related services. The Framework mandates all PFOs to communicate clearly and transparently with pension consumers. This includes using plain language and timely responses to consumer inquiries, ensuring that consumers receive accurate and comprehensive information regarding their pension schemes.

During the Retirement Savings Account (RSA) registration process, Pension Fund Administrators (PFAs) are required to provide clear and precise information to prospective contributors, explaining all aspects of the pension scheme, including contributions, benefits, and investment Fund options. Transparency is crucial to fostering consumer trust. Since pension consumers are entitled to transfer their RSAs from one PFA to another once a year, an acceptable market conduct entails PFAs recognising that transparency and fairness are paramount in the transfer processes. PFAs are required to facilitate transfers in good faith, respecting consumers’ choices without coercion or inducement.

In investing pension funds, PFAs have a fiduciary duty to act in consumers’ best interests by prioritising fund safety, security, and growth while managing risks prudently. They must make informed investment decisions aligned with regulatory guidelines. Best practice entails that PFAs exercise due diligence, implement robust risk management practices to protect pension funds against potential risks and make informed investment decisions that aim to maximize returns within acceptable riskToparameters. render outstanding service and protect pension consumer rights, PFAs are responsible for timely and accurate disbursement of pension benefits, ensuring retirees understand their benefit payment options (Programmed Withdrawal and Retiree Life Annuity) and eligibility criteria for various benefit types. PFAs shall provide comprehensive educational materials to help consumers make informed decisions about the modes of receiving their periodic retirement benefits most suitable to them.

First, pension consumers must furnish accurate details to PFOs, avoiding misinformation or omission that could impact their pension benefits. It is essential for consumers to read and comprehend all materials provided by PFOs to make informed decisions about their pension and retirement Consumersplanning. should ensure all mandatory fields in forms are filled accurately before appending their Conductingsignatures. due diligence on documents helps to prevent errors or misunderstandings. RSA holders are required to keep all records of pension- related documents to ensure accountability and transparency. The Framework requires pension consumers to use correct mailing addresses and phone numbers to facilitate effective communication with PFAs. Essentially, for clarity and avoidance of mistakes, pension consumers should seek clarification on any unclear terms or conditions related to Contributory Pension Scheme (CPS). Consumers should not hesitate to engage PFOs to address any challenges or uncertainties they encounter. Furthermore, pension consumers are required to imbibe the practice of safeguarding personal information about their RSAs. The confidentiality of Personal Identification Numbers (PINs) and other personal details protects against fraud and unauthorised access. RSA holders are required to regularly update their personal details with PFAs to ensure accurate account management. Accordingly, PenCom has mandated RSA holders who enrolled in the CPS on or before July 1, 2019, to participate in the Data Recapture Exercise (DRE). This exercise, which covers active and retired RSA holders, was necessitated by the need to collect and maintain current, comprehensive, and accurate data of RSA holders.

It is imperative for pension consumers know how to escalate complaints and concerns to ensure timely resolution of issues affecting pension accounts. The Framework requires RSA holders to promptly report any unauthorised transactions to PFAs and, where necessary, escalate further to PenCom for resolution. It is noteworthy that promptly reporting unethical practices or fraud contributes to a more transparent pension system.

In conclusion, the success of Nigeria’s pension sector hinges on the responsible conduct of both PFOs and pension consumers. By upholding ethical standards, transparency, and effective communication, PFOs can build consumer trust and ensure the integrity of pension operations. Likewise, informed, and proactive consumer behaviour strengthens the overall resilience and efficiency of the pension industry, safeguarding the retirement future of millions of Nigerians. In the next publication, we will continue our presentation on the key highlights of the Consumer Protect Framework.

PENCOM DG, Aisha Dahir-Umar

Ugo Aliogo

Eromosele Abiodun

Transcorp Poise to Sustain Profitability with Six Strategic Pillars

KayodeTokede

The management of Transnational Corporation Plc (Transcorp), has highlighted six strategic pillars to sustain its growth momentum in 2024 financial year and beyond.

The Group in its unaudited first quarter (Q1) ended March 31, 2024, results declared N199.99 billion gross earnings, a growth of 47.32 per cent from N133.72 billion reported the previous year.

The leading conglomerate listed on the Nigerian Exchange Limited (NGX) announced N45.68billion profit before tax, an increase of 1,501 per cent from N2.85 billion reported in Q1 2023, while profit stood at N35.92 billion in Q1 2024, a growth of 1,832per cent from N1.86 billion reported in Q1 2023.

The President and Group Chief Executive Officer of Transcorp Group, Dr Owen Omogiafo, who highlighted the six strategic pillars at

the group’s Q1 2024 analysts conference call, stated that the management is poised at improving & sustaining its power generating capacity, continue innovation and optimization to improve customer experience in its hospitality businesses and robust maintenance plan to ensure that its businesses operate optimally and efficiently through the year.

Other strategic pillars she highlighted include: drive continued synergies across the Group; maintain strong relation with host community & other stakeholders and leveraging on human capital to deliver superior results.

“Transcorp is poised to take advantage of reforms in the electricity sector and continued to deliver value for all stakeholders.

“We are diversifying our gas supply across. You will recall last year, there were spite significant gas supply challenges but strategic engagement and clear focus, we are beginning to come out of it,” she said.

She stated that for Transcorp Power Plc, the group target an average capacity (MW) with a year-end target of 720MW, while for Transafam Power Limited, its target average capacity (MW) with a year-end target of 365MW.

She expressed that the Group remains focused at redefining hospitality standard in Nigeria with N147.721 Average Daily Rate (ADR) and launch a 5,000-seater event centre in the third quarter (Q3) 2024.

Earlier, the Group CFO, Transcorp, Mr. Festus Izevbizua stated that the group is excited about the Q1 2024 performance of its three subsidiaries (Power, Hospitability and Energy), stressing that the performance is sustainable.

He disclosed that the revenue growth in Q1 2024 is driven largely by power segment that contributed 80 per cent and Hospitability, 20 per cent.

VistaJet Introduces High Class Charter Services in Nigeria

Chinedu Eze

A major private jet company has extended its service to Nigeria, providing clients private jet charter service to any part of the world with a pay per hour flown structure.

VistaJet has revolutionized business aviation by pioneering a new way to fly: access to a global fleet without any of the responsibilities of owning an aircraft.

VistaJet’s President of Europe and Africa, Philippe Scalabrini, while briefing newsmen in Lagos, explained that all that is needed is for the airline’s client to register

and be a client of Vista jet and book a minimum of 50 flight hours in a year.

He further explained that the difference between the service and charter service is, He said, “If a client is looking to charter an aircraft for example, the problem is that it is not consistent. You are not sure of what you are going to have. The aircraft is only available if the owner is not using it or the owner is not ready to let it go. It creates this problem when you want to go somewhere and you are not able to because the aircraft is not available. We give client something close to aircraft ownership without the headaches that comes with owning an aircraft.

“We are providing flight services for our clients. We have had the ability to get assets for client. Instead of buying assets that become very complicated that has a lot of restrictions and a lot of regulations, we simply offer flight services based on purchasing block hours. Our clients are not faced with maintenance issues or dealing with depreciation of the assets. People can buy block of 50 hours and we can tailor our solutions for them. We simplify and make access to private aviation services as transparent as possible”

Executive Officer, Dynamic Portfolio Limited, Aderemi Lasaki; Deputy

Commission (SEC), John Briggs and Managing Director and Chief Executive

Exchange (LCFE), Akin Akeredolu-Ale, during the induction of Commodities

FG: Tinubu’s Economic Reforms Boosting Investor Confidence, FDI Inflow Now $30bn

Raheem Akingbolu

The Minister of Information and National Orientation, Mohammed Idris, has said that President Bola Ahmed Tinubu’s administration’s various economic reforms are attracting Foreign Direct Investment (FDI) and spurring economic growth.

Speaking during an industry dialogue, on the theme, “Public-Private Collaboration in the Marketing Industry: The Path to Economic Viability,” organised by the Advertisers Association of Nigeria (ADVAN), Idris

underscored the crucial role of collaboration between the public and private sectors in driving innovation and sustainability within Nigeria’s advertising industry.

Represented by the Director General of the Advertising Regulatory Council of Nigeria (ARCON), Dr. Olaleken Fadolapo, the Minister lauded President Tinubu’s steadfast commitment to implementing reforms aimed at propelling the economy to greater heights. He highlighted the administration’s success in addressing challenges such as repatriation of profits by

multinationals and foreign exchange payment backlogs through innovative policy implementation.

Speaking to statistics, the Minister disclosed, “The administration has secured $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy since assuming office.” He elaborated on the sectors benefiting from these investments, including Manufacturing, Telecoms, Healthcare, and Oil and Gas.

He cited notable investments by companies such as Nigerian

Bottling Company, Unilever, Seven-Up Bottling Company, and Sugar Refineries (Dangote Sugar Refinery, BUA Foods, and Golden Sugar Ltd).

He also highlighted the inauguration of Africa’s largest tomato processing factory by Spanish GB Foods in Kebbi State.

Idris stated that the signing of an Executive Order was aimed at making Nigeria the preferred destination for oil and gas investment in Africa. He projected the creation of 2.3 million jobs and a GDP boost of $17 billion upon policy implementation.

Investment: Stakeholders Map Out Cross-platform Content Exposure Strategy

Raheem Akingbolu

Following the speedy evolution and technology advancement in the global marketing communication industry, which have altered the media consumption on all fronts, stakeholders are increasingly advocating for the implementation of a cross-platform audience measurement system. The move aims at optimising advertising investments by enhancing efficiency and maximizing value for brands operating within this dynamic environment.

This was one of the major take homes at the 8th edition of the DStv Media Sales and the Media Independent Practitioners Association of Nigeria (MIPAN) conference held recently in Lagos, with a cross-section of stakeholders in the marketing communications industry in attendance.

The conference, themed, “Cross Platform: Content and Context,” provided the industry stakeholders an opportunity to deliberate on cross-platform content exposure for efficient audience reach, engagement, and measurement.

In her opening remarks, Executive Head, DStv Media Sales Nigeria, Doris Ohanugo, said the conference, since its inception, has continued to deliver on its vision and purpose. “The idea for this annual conference is for

us to deliberate, share key learnings, and industry insights, establish strategic partnerships, and provide advertising opportunities to brands and our media partners. This forum has continued to deliver on this for the past seven editions,” she said.

Head of DStv Media Sales, Africa, Kholeka Maringa, while delivering her keynote address, noted that social media is reshaping content exposure and consumption, as content now lives across a variety of platforms, which necessitated the 2024 conference.

Director General, Advertising Regulatory Council of Nigeria (ARCON) Dr. Lekan Fadolapo, while speaking at the conference, outlined the process for advancing cross-platform content for excellence. The DG, who was represented by the Head of Legal, Chukwudi Ezeaba, explained that excellent content must align with the ethical considerations for advertising in Nigeria.

President, Advertisers Association of Nigeria, (ADVAN), Osamede Uwubanwmen, stressed that reach and frequency are now more important in the industry. He noted that if accurately provided across screens, frequency and reach will help advertisers plan and optimise spending, while also helping media owners attract buyers to their inventory.

L-R: Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue; First Vice President, Chartered Institute of Stockbrokers (CIS), Fiona Ahimie; newly inducted Commodities Broker and Managing Director and Chief

Director, Securities and Exchange

Officer, Lagos Commodities and Futures

Brokers in Lagos… recently

Breweries on the Brink

The unfavourable business environment that is prone to exchange rate volatility, rise in input costs and declining purchasing power are pushing brewers on the brink, writes Dike Onwuamaeze

It is not strange in Nigeria to witness the death of an entire industrial sub-sector. It happened to the tyre manufacturing industry when the likes of Dunlop, Michelin and Odutola tyres seized operations and folded up. It also happened in the paper manufacturing sector where all the paper mills are today moribund and not producing. The same process is being witnessed in the nearly extinguished textile manufacturing sector. These industrial closures exposed Nigeria to total reliance on importation for these essential products. No thanks to the dire operating environment.

Now, it appears that this trend is creeping into the breweries sub-sector, where operators are faced with the grim choice of swim or sink. A report that was published by Afrinvest in April disclosed that three major brewers that are listed

on the Nigerian Exchange (NGX), namely Nigerian Breweries Plc, International Breweries Plc and Guinness Nigeria Plc, booked historic pre-tax losses of N254.8 billion in 2023 financial year. The report also projected that the industry’s volume of sale would contract further in 2024 by 2.7 per cent. The report, which foresaw a mixed bag of boom and gloom, said that the prevailing weak fiscal capacity of the nation would made it compelling for the federal government to remain aggressive with taxation to meet part of its growing expenses.

“On the back of this reality, we do not rule out the possibility of a further upward review in the excise charge on alcohol, wines and spirits products later in the year, given that the 2022-2024 excise roadmap would be due for review by mid-year,” it said. Recently, the interim Chairman of

Nigerian Breweries Plc, Mr. Sijbe Hiemstra, revealed that firms in the brewery subsector suffered a volume decline and erosion of profitability leading to an unprecedented combined pre-tax loss of N266 billion amongst the main players in the sub-sector. He attributed the huge loss to the revaluation of outstanding foreign debts and payables to overseas partners in the face of the current devaluation of the Naira.

The sub-sector, like other industry, is encompassed with difficulties in the Nigerian operating environment. For them, 2023, and even the first quarter of 2024, was a period of unprecedented challenges and uncertainties.

DISRUPTIONS IN ECONOMIC ACTIVITIES

It began with disruptions in the economic activities and widespread

hardship caused by the currency (Naira) redesign policy of the Central Bank of Nigeria (CBN) in early part of 2023. The policy caused severe shortage of Naira that led to nationwide liquidity crisis with severe impact on social, economic, productive activities and a contraction of many critical sectors of the economy. This was coupled with the tension and uncertainties that went with the 2023 general elections in the country.

The environment was worsened in the middle of 2023 by the floating of the Naira to allow the market forces to determine the country’s exchange rate and the removal of fuel subsidies that resulted to over 300 per cent increase on the price of petrol. These had huge impact on the cost of transportation, energy, and other utilities as well as drastic reduction in purchasing power of Nigerian.

Also, the brewed products’ market was also confronted with massive increase in excise duty rates and introduction of other taxes on alcoholic beverages and single use plastic. However, the administration of President Bola Ahmed Tinubu has suspended the implementation of the new rates and taxes.

To survive the harsh business terrain, brewers in the country were constrained to resort to series of price increases on almost monthly bases, even bi-weekly in some cases. In March this year for instance, the Guinness Nigeria Plc informed its distributors at least two times that it would be increasing the prices of its products. The first announcement was done on March 6 while the second price increases was announced on March 31. On March 31, 2024, that it has reviewed the prices of its products upward. The notices were signed by the Acting Commercial Director, Guinness Nigeria Plc, Mr. Olusanya Adesanya, who explained that, “this is due to the prevailing economic realities which have impacted significantly on our current cost of doing business.”

Similarly, the International Breweries Plc, announced its price increases on Thursday, February 29, 2024, and on Monday, April 1, 2024. It said: “We write wishing the best for you, and your business. Due to escalating costs impacting our business, we decided to review prices in our portfolio.”

The Nigerian Breweries Plc also recorded three rounds of price increases in February, March and April 2024.

So far all these upward reviews of prices have not helped operators in the brewery sector to recover their cost and declare profit. Most of them are robbed of their profitability at the foreign exchange end of their economic activities.

Recently, Hiemstra, the board chairman of NB Plc, shared his organisation’s experience with shareholder. He said: “We were nevertheless able to deliver organic net revenue growth by a high-single-digit of 9.0 per cent while maintaining our leadership position in the market due to a strong performance by the premium brands led by Heineken, efficiency measures and price adjustments.

BATN Foundation is inviting other non-governmental organisations to partner with it in empowering rural communities through its ‘Charity Challenge’. Through the partnership, the foundation hopes to raise funds for a local charity organisation that is making a positive impact on society. BATN Foundation will donate the sum of N1m to the local Charity. Individuals are invited to nominate deserving charity organisations and local NGOs to participate in the challenge By rallying support for local communities, the aim is to uplift communities and strengthen the network of organisations working towards a common goal of transforming and improving the well-being of rural communities.

HOMES & DESIGN

Eko Pearl Towers: Five Elegant Residential Skyscrapers Adorning Atlantic City

The Eko Pearl Towers comprise five elegant residential skyscrapers, all ranging from 24 to 33 floors, Bennett Oghifo writes

The five towers, Eko Black Pearl, Eko White Pearl, Champagne Pearl, Indigo Pearl and Aqua Pearl, can be accessed by Eko Boulevard, Nigeria’s first eight-lane city road.

The residential tower project was designed by the architecture firm TAA (Tabet Atelier d Architecture), the electrical and mechanical consultants are DHD-MEP Design and Supervision and the structural engineering was conducted by the Lebanese. Construction

management was assigned to TAA Construction and the site engineering consultants are APAVE Nigeria.

The residential towers are being developed by ESLA International Limited, a subsidiary of Chagoury Group, while the contractors are Eko Pearl Construction Company and South Energyx Nigeria Ltd.

Each of the five towers comprises four apartments per floor, two apartments on the penthouse, a technical

floor, terrace floor, a ground floor and a basement floor.

The penthouse has two- and three-bedroom apartments and provides viewing access to the Lagos coastline.

The five towers cover a total plot area of 22,738m2.

Altogether, the towers will provide approximately over 560 apartment units with views of the Atlantic Ocean, Victoria Island and Lagos Island. The project commenced after the land reclamation for the first

phase of Eko Atlantic in 2013. As of 2016, the Black Pearl has been topped out, the Champagne Pearl was scheduled to be completed in 2017 and has been topped out. whilst the other two towers are still under development. The project was initiated in 2013, with an estimated completion and opening date initially scheduled for 2016. However, the 2016 date could not be attained for all the towers during the construction process of the project.

BUSINESS SPECIAL

Transcorp Hotels Reaps the Benefits of Innovative Investments

Kayode Tokede writes on how innovative investments boosted Transcorp Hotels Plc’s 2023 full year and 2024 first quarter financial performance

After reporting an impressive financial performance for the year ended December 31, 2023, Transcorp Hotels Plc has recorded another remarkable financial results for the first quarter (Q1) ended March 31, 2024.

In the 2024 Q1 unaudited results hospitality subsidiary of one of Africa’s leading, listed conglomerates Transnational Corporation Plc (Transcorp Group), declared N13.8 billion revenue, showing an increase of 72 per cent from N8 billion reported in Q1 2023.

Further highlights of Transcorp Hotels showed that its profit before tax closed Q1 2024 at N6 billion, representing an increase of 568 per cent compared to N911.6 million during Q1 2023.

From the profit and loss figures, profit after tax increased to N5 billion in Q1 2024, 844 per cent growth from N531 million in the same period last year.

Commenting on the Q1 2024 results, the Chief Financial Officer, Transcorp Hotels, Oluwatobiloba Ojediran said: “This outstanding performance highlights the continuous improvement we have recorded in all parts of our business, and how our operational efficiency has given us a competitive edge. We have continued to break our own revenue records and outperform industry performance on all indices.”

The Managing Director/CEO, Transcorp Hotels, Dupe Olusola said: “Our excellent Q1 performance marks the beginning of another great year for our company. We broke our all-time monthly revenue record in March, a demonstration of our commitment to excellence and superior performance.

“We leveraged opportunities across our segments for continuous growth. Demand in our International Business Travel and leisure segments remained strong in Q1 2024, delivering an industry-leading revenue per available room (RevPAR) growth of 74per cent and profit growth in excess of 844per cent.”

“We assure our stakeholders that we will continue to deliver exceptional value and leverage innovative tactics to rapidly expand our business portfolio.”

OUTSTANDING 2023 PERFORMANCE

Transcorp Hotels had reported a recordbreaking revenue of N41.5 billion in 2023, compared to N30.4 billion in 2022, marking a substantial 36 per cent growth year-on-year, while operating income also grew by 50 per cent, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022.

The company’s total revenue for the year ended December 31, 2023, was N41.5 billion, compared to N30.4 billion in December 31, 2022, signifying a 36per cent increase.

The company’s operating Income grew by 50 per cent from N8 billion in 2022, to N13.1 billion in 2023.

Profit for the year grew by 133per cent from N2.6 billion in December 2022, to N6.1 billion in 2023.

Total assets increased by five per cent from N120.5 billion in December 2022, to N126.1 billion in December 2023.

Based on the performance, the board recommended a dividend of N2.05 billion for 2023, which translated to 20 kobo per share. Shareholders of Transcorp Hotels Plc have endorsed the recommendation of the board of directors for a dividend of N2.05 billion for the financial year ending December 31, 2023.

Addressing stakeholders during the annual general meeting (AGM) held recently, Chairman of the company, Mr. Emmanuel Nnorom, said that its performance in 2023 underscored the unwavering commitment to excellence and sustainable growth.

He said: “Our strict adherence to corporate governance principles has been fundamental in guiding our strategic decisions. This impressive achievement and our confidence in continued business growth has consistently improved shareholder return.”

According to him, in line with the firm’s commitment to continuously maximize long-term value for shareholders by accelerating growth, improving margins, and allocating resources and capital prudently, the board of directors has approved that over N2.05 billion be paid as dividend to the company’s shareholders.

The shareholders approved the dividend and commended the performance of the company.

One of the shareholders of Transcorp Hotels Plc, Chief Olatunde Okelana, said: “I have watched this company grow in leaps and bounds over the years. Returns to shareholders are growing impressively every year, and we owe this to our experienced

“Our strict adherence to corporate governance principles has been fundamental in guiding our strategic decisions. This impressive achievement and our confidence in continued business growth has consistently improved shareholder return.”

board and excellent management. I am excited at what the future holds for our Company.”

Another shareholder, Mrs. Bisi Bakare, commended the management of Transcorp Hotels, stressing the importance of the company’s core values in execution and enterprise which have been the bedrock of the business and have yielded profit.

The CEO of the company, Olusola had stated that the company’s exceptional performance was achieved through continued dedication to excellence, unparalleled guest satisfaction and a resilient spirit that defines its commitment to delivering exceptional service and stakeholder value.

She said: “By strategically investing in innovations, that align with our growth objectives, we continue to deliver these impressive numbers, beating our previous year’s records.

“Our considerable investment in our iconic Transcorp Hilton Abuja has been rewarded by significant increases in occupancy rates and guest satisfaction. We are continuing this investment, with our 5,000-capacity event centre purpose-built to host local and international entertainment, conference, and exhibition events.

“This new world-class facility located within the premises of Transcorp Hilton Abuja is scheduled to open in the second half of 2024. I am immensely proud of the team’s dedication, resilience, and unwavering commitment to excellence, in providing an unparalleled hospitality experience. We remain focused on our mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry.”

At the investors’ presentation, she noted

the exceptional strides the company has made over the past year, its commitment to sustainable practices, and forward-looking strategies.

While taking the analysts and investors through the factors that led to the company’s impressive outing in 2023 and its target for 2024, she noted that to sustain the impressive performance, Transcorp Hotels Plc focuses on key growth drivers that will ensure it continuously wins in this ever-changing industry and economy.

Olusola explained that Transcorp Hotels focuses on the enhanced use of its digital platform Aura, “which is revolutionising how we drive bookings, engage with guests, and generate revenue. This technology underscores our commitment to growth and adaptability in the digital age”.

Another key driver the company is focusing on is the upgrading of its technology to enrich the guest experience, offering contactless services and personalised offerings that cater to the unique preferences of each visitor while ensuring that its services are not just cutting-edge but also deeply personal.

She noted that Transcorp Hotels is committed to strategic sourcing and operational efficiency which are key to its cost optimisation efforts. “We are dedicated to managing expenses without compromising the quality that our guests have come to expect from us.”

“This is in addition to its focus on ecofriendly initiatives, energy-saving measures, and sustainable sourcing, and “continuously looking for ways to enhance the value and utility of our assets – including thoughtful refurbishments and adaptive reuse of spaces, ensuring that our investments yield the best possible returns.”

“We are confident that we will maintain our performance through 2024 and beyond. We are committed to not only upholding but elevating the exceptional guest experiences that set us apart. Our strategy is to widen our portfolio, innovating and diversifying our services to drive revenue growth further whilst also focusing on operational efficiency to reinforce our position as the leader in Nigeria’s hospitality sector.

Speaking further, she said: “We are a proud subsidiary of Transnational Corporation Plc and stand as one of Africa’s premier hospitality organizations. We go beyond just providing a place to stay but are committed to redefining the hospitality experience across the continent, ensuring that every interaction with our brand is memorable and unmatched.”

According to her, “Our flagship brand, Transcorp Hilton Abuja, continues to set the standard for luxury hospitality and culinary excellence. With 670 rooms, 20 meeting rooms, and seven restaurants, it stands as one of the largest hotels in Sub-Saharan Africa, offering a unique blend of hospitality and lifestyle experiences that resonate with both business and leisure travellers seeking exceptional service and memorable moments.”

“Aura by Transcorp Hotels is Africa’s best platform for connecting travellers to unique accommodations, great food, and memorable experiences. With 4,000 rooms across 88 Hotels and 490 apartments, Aura offers a wide range of accommodation and experience options for guests,” she added.

With hospitality experience spanning over 30 years, Transcorp Hotels’ brands are individually distinctive and collectively powerful. Its growing portfolio of awardwinning and innovative brands is paving the way for superior guest experience across its key locations and all touch points.

Recently, Transcorp Hotels divested its 100 per cent interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company.

With this development, Transcorp Hotel’s strategic focus is on Abuja and the significant continuing investment in the iconic Transcorp Hilton Hotel and in development opportunities in Lagos.

Dupe Olusola

FOCUS

Osidi: Repositioning FMBN to Deliver Renewed Hope for Affordable Housing

Richard Imhoagene

In Nigeria, like in many parts of the world, housing is a fundamental human need and a crucial determinant of wellbeing and socio-economic development. Yet, despite its significance, millions of Nigerians lack access to adequate housing, facing a myriad of challenges ranging from homelessness to inadequate housing conditions.

According to the World Bank, Nigeria faces a significant housing deficit, with an estimated shortfall of over 22 million housing units. This gap continues to widen due to rapid urbanisation, population growth, and insufficient investment in housing infrastructure.

The consequences of this deficit are far-reaching, impacting not only individual households but also the broader economy and social fabric of the nation. Inadequate housing leads to overcrowding, informal settlements, and proliferation of slums, exacerbating issues of poverty, inequality and social exclusion.

The United Nations Human Settlements Programme highlights the critical role of housing in achieving sustainable development goals, emphasising its links to health, education, employment, and environmental sustainability. In Nigeria, the lack of access to adequate housing undermines progress towards these goals, perpetuating cycles of poverty and marginalisation.

Moreover, inadequate housing conditions contribute to health hazards, with millions of Nigerians living in substandard dwellings, lacking basic amenities such as clean water, sanitation, and electricity.

The state of housing in Nigeria reflects a pressing need for government intervention and policy reforms. Despite various initiatives aimed at addressing the housing deficit, progress has been slow, hindered by challenges such as limited access to financing, land tenure issues, inefficient regulatory frameworks, and institutional capacity constraints.

To effectively tackle these challenges, concerted efforts are required from both the federal and state governments, as well as collaboration with the private sector, civil society organisations, and international development partners.

FMBN & Nigeria’s Housing Gap

One key institution poised to play a pivotal role in addressing Nigeria’s housing crisis is the Federal Mortgage Bank of Nigeria (FMBN).

Established with a mandate to promote the delivery of affordable housing finance to Nigerians, the FMBN has the potential to catalyse investments in the housing sector, facilitate access to mortgage financing, and support the development of affordable housing projects across the country.

However, to maximise its impact, the FMBN requires adequate funding, enhanced operational efficiency, and greater transparency in its operations.

Osidi in the Saddle

The appointment of Mr. Shehu Osidi as the new Managing Director of the Federal Mortgage Bank of Nigeria (FMBN) marks a significant turning point in the institution’s trajectory. With a wealth of experience and a proven track record in the financial sector, Osidi brings a fresh perspective and renewed vigour to FMBN’s leadership. His appointment signals a commitment to ushering in a new era of innovation, efficiency, and accountability within the organisation.

Under Osidi’s leadership, the FMBN’s new management team has embarked on a bold and ambitious agenda aimed at repositioning the bank as a key player in Nigeria’s housing sector. Recognising the magnitude of Nigeria’s housing crisis and the urgent need for action, the management team has developed a comprehensive roadmap to address the multifaceted challenges facing the housing sector.

Central to this agenda is a commitment to harnessing technology to drive operational efficiency and enhance customer experience. The management team recognises that in today’s rapidly evolving digital landscape, technology plays a pivotal role in streamlining processes, reducing costs, and improving service delivery. By leveraging digital platforms and automation tools, the FMBN aims to simplify and expedite the mortgage application process, making it more accessible and transparent for aspiring homeowners.

Moreover, the management team is keenly focused on strengthening the FMBN’s financial

position and enhancing its capacity to mobilise resources for housing finance. This includes initiatives to improve credit quality, reduce non-performing loans, and explore innovative financing mechanisms to expand the reach of affordable housing finance to underserved populations.

By adopting sound financial management practices and forging strategic partnerships with financial institutions and development agencies, the FMBN aims to leverage its resources more effectively and maximize its impact in addressing Nigeria’s housing deficit.

In addition to financial reforms, the management team is committed to enhancing the FMBN’s operational effectiveness through improved project management practices and performance monitoring systems. By equipping staff with the necessary skills and tools to deliver projects on time and within budget, the FMBN aims to enhance its reputation as a reliable and efficient housing finance provider.

Furthermore, the management team recognises the importance of stakeholder engagement and collaboration in driving sustainable change in the housing sector. By fostering partnerships with government agencies, real estate developers, community organisations, and other key stakeholders, the FMBN aims to build consensus and mobilise collective action to address the root causes of Nigeria’s housing crisis.

As the FMBN undergoes transformative reforms under the visionary leadership of Mr. Shehu Osidi, the institution is not only revitalising its operational capabilities but also enhancing its ability to provide affordable housing solutions to Nigerians. Central to this endeavour are the bank’s suite of unique affordable housing products, designed to cater for the diverse needs of aspiring homeowners across the country.

National Housing Fund Mortgage Loan

One of the flagship housing products offered by the FMBN is the National Housing Fund (NHF) Mortgage Loan, which provides eligible contributors with access to long-term mortgage financing at single-digit interest rates. The NHF Loan stands out in the market due to its favourable terms, including extended repayment periods of up to 30 years and 6 per cent interest rates, making home ownership more accessible and affordable for low and

middle-income earners.

Loans under N5 million attract zero equity down payment while loans ranging from N5 million to N15 million qualifies a contributor to apply after only six months of continuous contributions to the scheme. The terms and features of the NHF Mortgage loan are unbeatable in the market.

For comparison, interest rates on housing loans in the open market range from 18 per cent to 25 per cent per annum while maximum loan repayment tenors hover between 10 – 20 years. Most commercial banks and mortgage lenders would also require that applicants provide between 30 per cent to 50 per cent equity contribution before loans are processed and possibly approved for disbursement.

Rent-to-Own Product

In addition to its suite of housing products, the FMBN offers the innovative Rent-to-Own Housing Scheme, representing a groundbreaking approach to home ownership for Nigerian workers. This scheme provides an easy and convenient payment arrangement that enables individuals to transition from renting to owning their homes, thereby fulfilling their homeownership aspirations.

The FMBN Rent-to-Own housing product offers a unique opportunity for Nigerian workers to instantly move into an FMBN-owned housing property as tenants and conveniently pay towards ownership of the property in monthly or annual instalments over a period of up to 30 years.

This flexible payment plan is designed to accommodate the financial circumstances of aspiring homeowners, allowing them to spread the cost of homeownership over an extended period while enjoying the benefits of residing in their own homes.

One of the key advantages of the Rent-to-Own housing product is its affordability, with an interest rate of 9 per cent over the repayment period. This competitive interest rate ensures that monthly or annual instalments remain manageable for participants, making home ownership accessible to a broader segment of the population.

By providing a path to home ownership that is both affordable and sustainable, the FMBN empowers Nigerian workers to achieve their dream of owning a home without experiencing undue financial strain.

Moreover, the Rent-to-Own housing scheme offers participants the opportunity to enjoy the

benefits of homeownership from the outset, including the security and stability of owning their own homes. By moving into an FMBNowned housing property as tenants, individuals can begin building equity in their homes while enjoying the comfort and convenience of living in a property that meets their needs and preferences.

Home Renovation Loan

Another innovative product offered by the FMBN is the Home Renovation Loan, designed to enable homeowners to undertake renovation and improvement works on their existing properties. This product addresses the pressing need for housing maintenance and upgrades, allowing homeowners to enhance the quality and value of their homes without the financial burden of upfront costs.

With flexible repayment options and competitive interest rates, the Home Renovation Loan empowers homeowners to invest in the upkeep and modernisation of their properties, contributing to the overall enhancement of the housing stock in Nigeria.

Cooperative Housing Development Loan (CHDL)

Furthermore, the FMBN offers the Cooperative Housing Development Loan, tailored to support cooperative societies in the development of affordable housing projects for their members. This unique product leverages the collective strength and resources of cooperative societies to finance the construction of housing units, thereby reducing individual financial burdens and promoting community-based homeownership initiatives. By facilitating the formation and operation of housing cooperatives, the FMBN empowers communities to take ownership of their housing needs and drive grassroots development initiatives.

Individual Construction Loan

In addition, the FMBN offers the Individual Construction Loan, a specialised financing solution designed to support individuals in the construction of their own homes. This product caters for the unique needs of aspiring homeowners who prefer to build their homes from scratch or undertake significant renovation and expansion projects.

Specifically, the loan enables NHF contributors with unencumbered land, appropriate land titles, and approved building plans to undertake self-construction. The loan provides up to N15 million to contributors to the NHF scheme at a 7 per cent interest rate.

Beneficiaries can pay over a period of up to 30 years depending on their age and the number of years left in service. By providing access to long-term financing with favourable terms, the FMBN empowers individuals to realise their homeownership aspirations and invest in the construction of quality, sustainable homes for themselves and their families.

Renewed Hope for Housing Agenda

The spirit of creativity and dynamism which Osidi has brought to the nation’s foremost mortgage institution aligns perfectly with the renewed hope agenda of the Bola Tinubu administration.

On assumption of office, the president made it clear through his Renewed Hope Agenda to give Nigerians hope with regards to housing provision, kicking the ball rolling with strategic actions. From demerging the Ministry of Works and Housing and creating a new Ministry of Housing and Urban Development, to strategic appointments of experts to the new ministry, to larger housing budgetary allocations as well as continuously re-echoing the rights of Nigerians to decent and affordable housing and his administration’s commitment to this vision, he has left no one in doubt about achieving astounding success in this regard.

As the FMBN continues to implement its transformative agenda and strengthen its capacity to provide affordable housing to Nigerians, its suite of unique housing products will play a pivotal role in driving progress towards the realisation of the country’s housing aspirations. By offering innovative solutions that address the evolving needs of the housing market, the FMBN is poised to become a catalyst for positive change and a beacon of hope for aspiring homeowners nationwide.

Osidi

Reserves Reaches Three Weeks High, Now $32.39bn

Stories by Nume Ekeghe

Nigeria’s external reserves surged to a three-week high, hitting $32.39 billion on May 8, 2024, marking a noteworthy recovery from previous declines.

Data sourced from the Central Bank of Nigeria (CBN) revealed this uptick, a level last witnessed on April 15 when reserves stood at $32.29 billion.

However, this figure reflects an 8.13 per cent decline compared to the $35.25 billion recorded on May 8, 2023.

In the recently conducted Article IV Consultation for Nigeria by the International Monetary Fund (IMF), the fund noted that the removal of foreign exchange market distortions was lauded, with a call for further enhancements in the FX market’s functionality.

It stated:” Directors commended the authorities’ actions to rein in inflation and restore market confidence. They stressed the importance of keeping a tight monetary policy stance to put inflation on a downward path, maintaining exchange rate flexibility, and building reserves. Directors welcomed the removal of foreign exchange market distortions and encouraged the authorities to continue improving the functioning of the FX market, including by adopting a well-designed FX intervention framework. Some Directors also noted that carefully and sequentially phasing out capital flow management measures when warranted would be important. Directors supported the authorities’ intentions to shift to an inflation-targeting regime and recommended strengthen-

DBN Accelerate Support,

As part of efforts aimed at improving access to finance for small business owners across the country, the Development Bank of Nigeria (DBN), said it has since inception disbursed more than N787 billion to over 495,000 Micro, Small, and Medium-scale Enterprises (MSMEs).

The bank in its cumulative “Social Impact Report” for 2023 noted that out of the disbursed N787 billion, 72 per cent of the beneficiaries were women, while 24 per cent of the beneficiaries were youth, solidifying DBN’s role in fostering entrepreneurship and recognizing the importance of women-led businesses in driving economic development.

The report also reveals that in the past year, more than 3,500 MSMEs were trained by the bank in a wide range of courses such as; Essentials of a Business Plan, Accounting, Book-keeping, Marketing and Branding, Business Sustainability, Environmental and Social Risk Governance among others.

ing central bank independence and communication to ensure a successful transition.”

The report highlighted a strengthened fiscal position in 2023, attributed to various factors including revenue gains from naira depreciation and enhanced revenue administration. Moreover, prudent expenditure management facilitated a one-off wage increase to mitigate the impact of soaring inflation for public officials.

It added: “Gross international reserves declined in 2023 amid persistent capital outflow pressures. The naira depreciated sharply after the unification of the official foreign exchange windows in June 2023. Following monetary policy tightening in February and March 2024 and a resumption of FX interventions, the naira has started to stabilize.”

Disburses N787bn to 495,000 MSMEs

Commenting on DBN’s impact in 2023, the Managing Director/CEO, Dr. Tony Okpanachi said: “The year 2023 has marked another significant milestone for DBN as we continue to make meaningful contributions to the growth and development of Nigeria’s economy. Through our strategic projects and initiatives, we have empowered MSMEs, facilitated job creation, and promoted inclusive economic growth across various sectors. As we look ahead, DBN remains committed to driving positive change and fostering entrepreneurship for the prosperity of our nation.”

According to him, “One of the distinctive features of DBN’s interventions is its focus on capacity building and technical assistance, equipping MSMEs with the necessary skills and knowledge to enhance their operational efficiency and competitiveness in the market. This holistic approach not only addresses financial needs but

also empowers entrepreneurs to navigate challenges and seize growth opportunities.”

Okpanachi also stated that the bank established several partnerships with notable entrepreneurshiporiented organizations such as LBS, Google, GIZ, FSFM, GAIN, etc. “As Nigeria strives towards sustainable development and economic resilience, following the policy reforms of the current administration, DBN remains committed to supporting MSMEs to unlocking their full potential as catalysts for inclusive growth and prosperity, through continued collaboration with stakeholders and strategic partners.” He affirmed.

Speaking on the company’s financials for the year ended December 31st, 2023, the DBN Boss disclosed that the wholesale development institution recorded a gross earnings of N52.4 billion and a Profit Before Tax (PBT) of N35,3 billion.

FBNQuest Merchant Bank Records N35bn Revenue, N600bn AUM

FBNQuest Merchant Bank has reported a stellar financial performance, with gross earnings soaring by 43.1 per cent year-onyear to N35.5 billion.

Profit Before Tax (PBT) witnessed a substantial increase of 36 per cent year-on-year, reaching N4.09 billion while PBT for the FBNQuest Merchant Bank Group surged by 91.5 per cent year-onyear to N9.98 billion.

In a statement, Chairman of the Board of Directors, Mallam Bello Maccido said asset under management surpassed N600 billion by the end of December

2023.

He added that the equities business achieved significant growth in PBT, soaring by 182 per cent year-on-year. In line with its commitment to shareholders, the bank declared an interim dividend of N1.01 billion.

He stated, “2023 was a year filled with unprecedented challenges that tested our resilience. Given the evolving economic landscape which was characterized by shifting government policies and volatile market dynamics, FBNQuest Merchant

Bank stood resilient. Our ability to navigate through these challenges underscores our adaptability and unwavering commitment to excellence.”

Looking ahead to 2024, Maccido expressed optimism about the improved outlook and opportunities for the bank’s various lines of business.

He stated, “We are dedicated to accelerating revenue growth purposefully and responsibly. The Bank remains committed to delivering value to its stakeholders and driving growth in the years ahead.”

UBA Upgrades Mobile App for Better Control, Convenience

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has said that it has upgraded and enhanced its mobile banking application, with exciting new features designed to empower its customers with increased control, convenience, and ease in conducting their transactions.

“With the upgrade, customers are now armed with more tools to carry out transactions with ease from the comfort of their phones, without having to visit the branch or leave

their comfort zones, “it said in a statement.

UBA’s Group Head Retail and Digital Banking, Shamsideen Fashola, said the upgrade of the mobile banking app, emphasises the bank’s commitment to providing cutting-edge solutions that align with the evolving needs of its customers.

“Our goal is to ensure that banking with UBA remains seamless, secure, and intuitive, and these new features represent a significant step

in achieving that objective. By placing greater control and flexibility in the hands of our customers, we are empowering them to bank on their own terms, anytime, anywhere.”

UBA’s Head, Digital Banking, Olukayode Olubiyi, expressed the bank’s excitement to introduce these enhancements to its mobile banking app, reflecting its ongoing commitment to delivering best-in-class digital solutions to customers.

L-R top: Media Executive, Hassan Usman; Call Centre Nurse, Oluoma Edim; Brand Manager, Hussaina Dada; Call Center Coordinator Kenneth Onyema. L-R bottom: Marketing Manager Ethicals, Peju Agboola; Marketing Manager OTC, Joy Obinyan; and Programs Manager, Precious Nwaogbo at the family planning outreach in Makoko organised by DKT International Nigeria…recently

GTCO Shareholders Approve $750m Capital Raising Exercise, Approve N94.2bn Dividend

Kayode Tokede

Shareholders of Guaranty Trust Holding Company (GTCO) Plc, have approved the company’s plan for a capital raising programme of $750 million either through public offerings, private placements, rights issues and/or other transaction modes.

Also, the shareholders endorsed the management’s N94.179 billion dividend payouts for the year ended

December 31, 2023, comprising of N2.70 per share final dividend and 50 kobo interim dividend paid last year, making a total dividend paid for the 2023 financial year to N3.20 per share.

Speaking at the third Annual General Meeting (AGM), Chairman of the company, Mr. Hezekiah Sola Oyinlola, said, “After three years of reorganizing and fitting all the business verticals into a holding company

structure, we successfully made the first wave of progress in our drive to broaden and diversify our revenue streams and solidify our standing as a leading financial services provider in Africa.”

Oyinlola noted, “in 2023 the Group’s Balance sheet remained well structured and distributed with loans and advances accounting for 25.4 per cent in full year 2023, investment securities at 25.3 per cent in

2023 and placement 16.1 per cent in 2023. The Group grew its total Assets by 51.3 per cent to N9.8 trillion in 2023 due to increases posted on key asset lines including investment securities, cash & bank balances, loans and advances, and restricted deposits.”

He added that, “beyond the bottom-line, we understand that building an enduring institution is also about the underlying drive to make a sustainable

impact in the communities we serve and operate in.

“Through strategic initiatives and partnerships, we strive to address pressing social and economic challenges, enriching lives and fostering better outcomes for people and businesses across Africa.”

The Group CEO of GTCO, Segun Agbaje stated that in spite of the varying challenges in the operating environment and headwinds that weighed

on growth in 2023, the Group delivered a strong performance posting a PBT of N609.3 billion representing a growth of 184.5 per cent from N214.2 billion achieved in full year 2022. According to him, this result was on the back of impressive growth in gross earnings, increasing by 120 per cent to N1.186 trillion in the year under review, underpinned by the growth on funded and non-funded income lines.

PRICES FOR SECURITIES TRADED ASOF MAY 09 /24

Sanwo-Olu Receives Prince Harry, Meghan

Hails couple for working with Nigeria’s military on mental health Dabiri-Erewa lauds them over invictus games centre in Nigeria

Michael Olugbode in Abuja

Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday, received the Duke and Duchess of Sussex, Prince Harry and Meghan Markle, and commended them for working with Nigeria’s military on mental health.

Equally, Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, commended the duo for their innumerable philanthropic works to society, especially for the injured, sick and traumatised soldiers and war veterans.

The couple was received by Sanwo-Olu, his wife, Dr. Ibijoke, and some members of the State Executive Council, during a courtesy visit to the Lagos House, Marina. Harry, in company with his wife, Meghan, was on a three-day visit to Nigeria to promote the Invictus Games, which he founded in 2014. The couple had a stopover in Lagos yesterday.

The Invictus Games are aimed at raising funds and supporting serving members of the military as well as veterans to overcome their physical and mental illness or injuries, which would help them to develop a sense of belonging and increased self-esteem.

Speaking to journalists after a closed-door meeting with the couple, Sanwo-Olu praised them for the work they were doing with Nigeria’s military men, especially on issues around mental health.

The governor said, "We are honoured to receive them (Prince Harry and Meghan Markle) at the Lagos House, Marina. We are excited about the ideas and what they are planning to do, especially with the

PAP

office of the Chief of Defence Staff, General Christopher Musa, and his wife, Mrs. Lilian Musa.

"For Prince Harry, it has been a very interesting and informative trip to the country. He has seen a lot. And part of the things we are hoping he will take away is the diversity and extent of how big our country is, how we continue to ensure that we live together in peace and harmony, and what role Lagos plays in the whole conversation.”

Sanwo-Olu said concerning the royal couple,"They have been to Kano, Abuja, and now Lagos. I am sure they have their own experience of what Nigeria looks like. We have extended an additional invitation to them that they can always come back when they want to.

"We are, indeed, happy for what they are doing, especially for our military men, on the conversation around mental health issues and how they can galvanise their various NGOs to ensure that people who require their support, both in the military and private, can seek that support.

"Mental health issues are all around us. Denial and stigmatisation are some of the things we talked about. And more importantly, at what point in Nigeria can we have the Invictus Games that Prince Harry is known for so that the true Nigerian competitiveness can also be reflected in those games."

On her part, Dabiri-Erewa gave the commendation at the welcome banquet held in their honour by Chief of Defence Staff, General Christopher Gwabin Musa, in Abuja.

She stated that the kind gesture from them would empower the wounded soldiers, who had sacrificed their lives to protect the country.

Dabiri-Erewa stated, “The initiative for the proposal to site the Invictus Centre in Nigeria to support the categories of soldiers mentioned above is not only laudable but also a testament of our commitment as a country to look after those who have suffered in one way or the other in the line of duty to protect our nation.”

Dabiri-Erewa added that the commission’s visit would also boost Nigeria's quest and interest to host the Invictus Games 2027 and enhance the proposal to site

the Invictus Centre in Nigeria in support of the wounded, injured and sick war veterans, among others.

In addition, Dabiri-Erewa, who learnt that Meghan Markle was 43 percent Nigerian after having her genealogy (DNA) done in 2022, commended the Duchess for being an embodiment of the Nigerian woman and her activities towards women and girl-child empowerment.

She used the opportunity to welcome the Duchess to Nigeria and extended an invitation to attend the Annual Badagry Door of Return

Festival in Lagos.

Prince Harry, who is the founder of the Invictus Games Foundation, stated that in the 10 years of the Invictus Games, one remarkable moment was to have the Nigerian team win gold and bronze medals at their first outing in the 2023 games held in Düsseldorf, Germany.

He expressed his pleasure at Nigeria joining the Invictus Games and hoped to witness more participation.

Major General Uche Agbor, representing the Chief of Army Staff, Lieutenant General Taoreed

Lagbaja, said the Nigerian Army would continually cater to the welfare of its soldiers, especially post-war and injured ones.

He thanked the couple for choosing Nigeria to build a centre during the historic visit, which he believed would rehabilitate the victims to become the best versions of themselves, irrespective of the present challenge facing them.

Wife of the Minister of Budget and Planning, Hajia Zainab ShinkafiBagudu, said she was pleased at their visit to help the wounded soldiers.

NEDC, Group Donates Farm Inputs to 4,200 Farmers in Bauchi

Segun Awofadeji in Bauchi

The North East Development Commission (NEDC), through LOBITO group for Asiwaju has donated farm inputs and implements to 4,200 farmers across twenty local government areas of Bauchi State, to boost food security.

Mr. Sulaiman Aliyu, representative of the Commission stated this at the inauguration of the distribution of the farm inputs on Sunday in Katagum.

He said the distribution of the items was in line with President Bola Tinubu administration’s efforts at boosting food production to achieve food security in the country.

Aliyu said the commission was collaborating with the LOBITO group

and other stakeholders to support the farmers directly, in order to boost dry season farming and rain fed farming.

The items donated include, 3-inch water pump, liquid fertilizer, and agrochemicals and improved seeds of maize and rice.

LOBITO Coordinator in Bauchi, Mr. Usman Darazo, said the items would be distributed through the LOBITO structures and stakeholders to 4,200 farmers across the state.

Darazo further said the gesture was mainly for grassroots farmers across three senatorial districts of the state through the group respectively, urging the beneficiaries to utilise the items judiciously.

The coordinator lauded the

commission for the gesture, saying the inputs and implements would positively impact farming as well as tackling food security.

The state chairman of LOBITO Group, Alhaji Abdullahi Idris Lanzai, said the aim is to support farmers to get bumper harvests.

While commending the LOBITO National Chairman Alhaji Yau Darazo for championing the course of farmers in the state, Alhaji Abdullahi Lanzai, said the present administration under Ahmed Bola Tinubu is committed to achieving the federal government food security programme.

Speaking earlier, Contact Persons of Tafawa Balewa local government, Dr. Yusuf Magalam, promised to support the present administration

of Bola Ahmad Tinubu to achieve his Renewed Hope Agenda. Some of the beneficiaries spoke to Aliko Musa Umar and Nbami Masoyi who thanked the donors for the gesture and pledged to use it to boost their farming operations.

Another beneficiary, Malam Saidu Yana, from Shira Local Government Area said the gesture has come at the right time as farmers commence farm clearing.

He said the gesture shows that the Bola Tinubu-led administration is battle ready for the food crisis in the country.

He assured that the beneficiaries would make good use of the inputs to produce more foods for Nigeria’s population.

Boss Harps on Partnership to Bridge Medical Professionals Gap in Niger Delta

Olusegun Samuel in Yenagoa

The Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, has assured the management of the Bayelsa Medical University (BMU), Yenagoa, of the office’s readiness for collaboration to remedy the shortage of medical professionals in the Niger Delta.

He observed that there was a gap in medical personnel in the region, stressing that one of the major objectives of the Programme is human capital development in the region.

Otuaro, who gave the assurance when he led PAP management

team on a visit to the BMU, on Friday, stated that the Amnesty Programme Office and the BMU could strengthen their partnership to train more students in critical areas in the health sector.

Before BMU, Otuaro and his team had visited Igbenedion University and Benson Idahosa University in Edo State; the Western Delta University, Oghara; the Edwin Clark University, Kiagbodo; and the Michael and Cecelia Ibru University, Ughelli, all in the Niger Delta, as a part of his tour of tertiary educational institutions partnering with the PAP.

During the visits, Otuaro

interacted with the PAP scholarship students and the management of the institutions with a view to getting first-hand information towards improving service delivery.

The Amnesty Programme, which was established in 2009 to disarm, demobilize and reintegrate ex-agitators into the mainstream of society and expand educational opportunities for indigenes of impacted communities, is currently in the reintegration phase.

A statement issued by his Special Assistant on Media, Mr Igoniko Oduma, quoted the PAP Administrator as having noted that the Niger Delta was faced with two

major challenges namely, limited infrastructure and human capital development.

He applauded the BMU for being a success story of the PAP scholarship scheme, and playing the role for which it was established by the Bayelsa State Government.

Otuaro said, "The Amnesty Programme under my watch will focus on developing the human capital in the Niger Delta.

"The Bayelsa Medical University is very vital at this time when we need more trained medical professionals to cater to the healthcare needs of our people and drive development in the Niger Delta

region."

In his remarks, the ViceChancellor of BMU, Prof. Ebitimitula Etebu, congratulated the PAP Administrator on his well-deserved appointment by President Bola Tinubu and also commended him for the deliberate decision to visit the institutions where scholarship students are studying, noting that "this demonstrates the vigour and dynamism you have brought to the Programme.’’

Etebu sought further collaborations between the university and the Amnesty Programme, especially in professional courses, and appealed to the Amnesty Programme Of-

fice to consider creating a special scholarship scheme for the health sector because of the great need in that area.

“I believe we should be able to take advantage of the Presidential Amnesty Programme to leave a lasting legacy for our people and impact them positively", the VC said. Otuaro later interacted with the PAP scholarship beneficiaries in the institution led by their leader, Fawei Disebira, a 300-level Medicine and Surgery student, promising to respond promptly to their complaints which bordered on late payments of in-training allowance and lack of gadgets.

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Presidency: Tinubu Won’t Take Sides in Rivers, or

Allow State Government to be Frustrated

Wike, not Atiku, infuriated Obi out of PDP, Atiku’s aide, Ibe, declares Coalition seeks president's reintervention in state’s crisis

Chuks Okocha Blessing Ibunge

The presidency has declared that President Bola Ahmed Tinubu would neither take sides in the ongoing crisis in Rivers State nor allow any attempt by anyone to frustrate the stateThisgovernment.

was as a media aide to former Vice-President, Atiku Abubakar, Mr. Paul Ibe, has disclosed that contrary to beliefs, it was the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and not his principal, who frustrated Mr. Peter Obi out of the Peoples Democratic Party (PDP).

But a concerned group, the Rivers Coalition for Good Governance, has urged Tinubu to re-intervene in the political crisis rocking the state.

However, speaking on a television programme monitored in Abuja, Special Adviser on Media and Publicity to the President, Ajuri Ngelale, said there was the need for all stakeholders to understand that the president would not take sides in the crisis.

Ngelale also said President Tinubu had told the Minister of Federal Capital Territory (FCT), Nyesom Wike and others that he would not take sides in the ongoing crisis rocking Rivers State.

The presidential adviser said all those assuming that the president would take side with them in the Rivers State political crisis would be disappointed.

“I believe that anyone who believes that by their actions, whether it is from the federal level, state level or the legislative branch in the state or the executive branch in the state, if they are banking on Mr. President to take sides on this matter, they are mistaking and they will be disappointed.

“Mr. President will not do that. What he will do is to ensure that everybody has what they need in order to work.

“He will also ensure that any attempt to frustrate the operation of the Rivers State Government in conducting its affairs in a way that it would benefit the Rivers people, that is obviously not going to be allowed by this president or anybody else,” he said.

‘Wike, Not Atiku Frustrated Obi Out of PDP’

Media aide to former Vice-

President Atiku Abubakar, Paul Ibe, has disclosed that the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and not Atiku, was

instrumental to the exit of Peter Obi from the PDP.

Ibe said Atiku wanted the PDP to zone the 2023 Presidential ticket to the South East but Wike worked against it.

Obi was the Vice Presidential candidate of the PDP in the 2019 Presidential election but dumped the party for the Labour Party (LP), ahead of the 2023 Presidential election.

He later became a force in the last general election, securing over six million votes.

Since the PDP and LP lost to the All Progressives Congress (APC), in the 2023 election, the leading opposition party has yet to resolve

its internal crisis.

However, Ibe said, Atiku was ready to zone the PDP presidential ticket to the South East.

In an interview monitored by THISDAY in Abuja, Ibe said Wike frustrated the move to zone PDP’s ticket to the South East.

“Atiku did not force Peter Obi out of the party, Wike was instrumental to the exit of Obi because Wike had promoted the zoning of the presidency to the South.

“Atiku Abubakar had said he was prepared to get himself off the ticket if the party zoned the ticket to the South East.

“Wike frustrated that effort because he believed that if it was zoned to

the South, not the South East, he would be in the best position to be able to get the ticket.”

Coalition Seeks Tinubu's Re-Intervention

A group, Rivers Coalition for Good Governance, has urged President Bola Tinubu to re-intervene in the political crisis rocking the state.

The coalition called for a new accord anchored on the constitution to guarantee stability and allow the governor, Sim Fubara, to focus on governance without distractions.

In a statement by its Conveners, Mr Soala Jumbo and Inyefai Wobo, the coalition expressed deep concern

over the brewing political crisis in the State.

"Despite the clear provisions of the Nigerian Constitution, which stipulate that such defections result in the loss of their seats, these individuals have continued to operate as members of the House because the Speaker of the House at the time of defection who ought to have declared the seats vacant is part of the defectors presenting a severe conflict of interest," he said. According to the coalition, the defectors have continued to challenge the authority of the duly elected governor of the state, a situation which should not be allowed to persist.

2027: Group Plotting to Scuttle Tinubu's Second

Benjamin Nworie

Term Bid, Ohanaeze Ndigbo Alleges

The apex Igbo socio-cultural organisation, Ohanaeze Ndigbo, has accused some Igbo elders of plotting against the second term bid of President Bola Ahmed Tinubu.

In a statement by the Secretary General of the organisation, Mazi Okechukwu Isiguzoro, he noted that the Igbo plotters were said to be members of the "so-called Ohanaeze Reconciliation Committee" established in December, 2024 with

Diri Restates Call for Fiscal Federalism as Ijaws in US Honour Bayelsa Gov, Others

Bayelsa State Governor, Senator Douye Diri, has again called for a review of the country’s revenue derivation formula in line with the practice of fiscal federalism.

He queried the existing practice, where resource-endowed states in Nigeria, particularly in the Niger Delta, got a paltry 13 per cent as monthly allocation from their resources.

Diri maintained that the country’s lopsided federalism practice had hindered the development of states.

The Bayelsa governor spoke

on Saturday in Houston, Texas, when Ijaws in the United States and Canada conferred on him the award of “Icon of Unity and Social Justice.”

The three-day 2024 convention was held under the auspices of the Ijaw National Congress (INC)-Americas.

Also honoured were the former Nigerian first lady, Dame Patience Jonathan, the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri as well as renowned author and Ibenanaowei of Ekpetiama Kingdom, King Bubaraye

Dakolo.

While receiving the award, Diri appreciated the organisers for upholding the Ijaw tradition and culture even in the diaspora.

He urged them not to allow the fire of Ijaw nationalism that has been ignited to extinguish and ensure that the annual event was sustained while promising the support of his administration.

“This annual convention offers an opportunity for Ijaws in the diaspora to continue to associate with themselves.

“I urge the INC in the Americas not to allow the Ijaw fire to be put out. My administration will support you to sustain the Ijaw culture and tradition here in the Americas,” he said.

Present at the event were President of the INC, Prof. Benjamin Okaba; one of his predecessors, Chief Joshua Fumudoh; Chairman, INCAmericas, Mr. Kenneth Anga; as well as former Managing Director of the Niger Delta Development Commission (NDDC), Chief Ndutimi Alaibe, among others.

an office in Abuja. He disclosed that the clandestine activities of the committee were aimed to align with Fulani leaders to position a Southeast Governor as the running mate to a Northern presidential candidate in the 2027 elections.

"In response to recent developments concerning political intrigues and covert maneuvers within Nigeria's political arena, Ohanaeze Ndigbo, the esteemed socio-cultural organisation, issues this press release to shed light on critical matters impacting the unity and integrity of our nation.

"First and foremost, we express our deepest gratitude to individuals of impeccable character and integrity such as Professor Obasi Igwe, Dr. Harford Ugwu, and Professor Nwankwo Nwaezeigwe.

“These noble individuals have exhibited unwavering courage in unveiling the hidden agendas and clandestine political machinations of the so-called ‘Ohanaeze Reconciliation Committee’.

"Despite facing setbacks exposed by leaked audio recordings, the civil intrigues to unseat President Tinubu persist, with financial backing

provided by the Southeast governor.

"This subversive effort involves leveraging a faction of misguided Igbo Elders to engage with Northern counterparts, Fulani leaders, and Northern Monarchs.

"The proponents of the Southeast governor have resorted to deceptive tactics, baseless accusations, and alarmist strategies to obfuscate the truth behind the failed Ohanaeze Ndigbo Reconciliation Committee.

"Following their negotiation with Northern stakeholders in Adamawa , Kaduna and Bauchi between January and April 2024, discussions concerning a Northern Presidency and Southeast Vice Presidency for 2027 emerged.

“A pre-condition was set for the Igbo delegation's presence at all their meeting was an apology from Igbo leadership for the events of the 1966 coup.

"Ohanaeze Ndigbo unequivocally refutes the frivolous accusations directed at Mazi Okechukwu Isiguzoro by Chief Emmanuel Iwuanyanwu as groundless, malicious, and untruthful. No monetary demands for any medical trip were made to Chief Iwuanyanwu by Isiguzoro."

L-R: Imo State Commissioner for Sports and Youth Development, Evaristus Obinna Onyeocha; Governor Hope Uzodimma of Imo State; winner of Imo State National Youth Service Corp's Meritorious Service Award for loyalty and dedicated service, Mohammad Ridwan and Imo State NYSC Coordinator, Rachel Idaewor, when the latter presented Ridwan to the Governor in his office... weekend

AT THE UNITED NATIONS HEADQUARTERS IN NEW YORK...

L-R: Borno State Governor, Babagana Umara Zulum; UN Deputy Secretary-General, Amina J Mohammed; and Consul General of the Consulate of Nigeria in New York, Amb. Abubakar Jidda at the UN headquarters in New York … recently

Army Tasks Rivers Indigenes to Join Military

Blessing Ibunge in Port Harcourt Stakeholders and leaders of Rivers and other South-South States have been advised to encourage their youths to join the military.

Acting Director Supply and Transport Services, Army Headquarters, Department of Army Logistics (DOAL), Brigadier General Wiito Nzidee, made the call when he led a sensitisation team on the ongoing Nigerian Army 87 regular intake for trades/non tradesmen and women, to Rivers State.

The programme was aimed at sensitising the people on the need to encourage their youths to join the military.

He lamented that the state was not utilising its quota when it comes to recruitment into the Army.

He said the Chief of Army Staff (COAS), Lieutenant General Taoreed

Addressing journalists during the sensitisation programme at the Garrison Command of the 6 Division, Nigerian Army in Port Harcourt, Brig. Gen. Nzidee disclosed that Rivers was leading other states in the region with the lowest representation in recent recruitments into the army.

Lagbaja, was worried by the low representation of Rivers indigenes in the army, and sent his team to visit the state and sensitize the indigenes, encourage the youths to take advantage of the ongoing recruitment to join the military.

"The Chief of Army Staff, Liet. Gen. Taoreed Lagbaja in his wisdom has sent us to carry this message to the nooks and crannies of not just

EFCC: How Underage Boys Open Accounts, Get Drivers’ License to Perpetrate Fraud Edo

comes after Lagos in terms of conviction

Adibe Emenyonu in Benin City

The Economic and Financial Crimes Commission (EFCC),has revealed how underage boys, who are into internet fraud popularly called yahoo-yahoo, did age declaration to enable them open bank accounts and get driver's licenses in order to expend their proceeds from the crimes.

The agency also revealed that Edo State was second to Lagos in terms of convictions despite the small size of the state.

The anti-crime agency, however, vowed to go after government agencies and individuals issuing

the papers for the fraudulent declarations.

The Zonal Director of the EFCC in charge of Edo, Delta and Ondo States, Effa Okim, stated this in Benin City while on a courtesy visit to the Edo State Council of the Nigeria Union of Journalists (NUJ) led by Festus Alenkhe.

Okim said parents who normally claimed that their children were underage when convicted would also go in for it for complicity in the forgery of documents.

“Crime, what we call yahoo-yahoo is visible in our streets. When you walk on our streets, when you visit our hotels per second you

see these boys and it is so visible and disturbing. The statistics that we have is that Edo is second to Lagos in terms of conviction.

"This calls for concern because in terms of size, Edo is not but look at the slant on the level of convictions, it is not a good reputation and for me, Edo is too great in the Nigerian history to be reduced to that level in terms of criminality.

“When you hear that a 12-year-old boy has been sent to jail, that in law he is not supposed to go because he is underage. But it happens here often because they go and agree with some authorities and do age declaration stating that they are eighteen just

Otti: We'll Reverse Policies Considered Anti-people

Emmanuel Ugwu-Nwogo in Umuahia

Abia State Governor, Alex Otti, has stated that he would promptly reverse any policy of his administration found to be against the interest of the people.

He gave the assurance weekend when he received the leadership of the Methodist Church led by the Prelate, Dr. Oliver Ali Abba, that paid him courtesy visit at his Nvosi country home.

The governor said he would always put the interest of the people first in every policy formulation and implementation hence any policy found not to be in the interest of the people would be jettisoned.

He said he was running a selfless administration and would continue

to provide good governance for the benefit of Ndi Abia.

"This is a very selfless leadership in Abia State; leadership that is oriented towards the welfare of the people of Abia, and we have taken very bold initiatives in reversing anything that we find that will not be in the interest of Abia people," Otti said.

The governor acknowledged that as humans, "we make mistakes but anytime we make mistakes and we find out, we go back and correct them.

"We are not perfect and we do not say that we do not make mistakes but deliberate efforts at doing things that would not be in the interest of the people would not happen here under my watch," he asserted.

He told the team of Methodist

clerics that he would not allow the opposition to distract him, adding that he would continue to ignore his detractors since "they are in the very tiny minority."

According to him, "majority of the people want good governance and one thing you can go away with from here is that good governance, Abia people will get."

Earlier, the Methodist Prelate explained that he was in Abia on a routine apostolic visit to the Umuahia Archdiocese and came to congratulate Otti on his victory in the 2023 poll.

He lauded the Abia governor for restoring the dignity of Abia people, enthroning good governance and qualitative political leadership in the state, adding that Otti's performance has become a subject of discourse, both at home and abroad.

to enable them to open account and put their criminal structures in place and at the end when they are arrested, their father will come and say their children are underage.

“We are asking them where were you when he got his driver’s license, where were you when your underage son opened an account because in the Nigerian law an underage cannot open an account, where were you when your son was spending money in an irresponsible manner?” he said.

Okim further said the commission, in line with its mandate and vision, was ready to partner the media “to reduce the visibility of crime on our streets”

On his part, Alenkhe urged the new zonal director to maintain an open door policy to always make information available to journalists.

Niger Delta but, of course, Rivers State that you are not utilizing your quota in the Nigerian Army."

He said the sensitisation campaign was not just for Rivers State alone, but that they have had similar programme at Delta, Edo, Bayelsa and Akwa Ibom States.

"With the messages we have passed to these states, it has changed their misconception about the military and they have come to understand that its good to join the Army.

"The enlistment is ongoing as we speak, the portal was opened on the 3rd of May, and will close on the 7th of June. Let me shock you that, as at today, some states are already having about 1400 persons that have been enlisted, others 1200, 800, 700 and so on, but Rivers State is just about 40 people,” he said.

Yahaya Unveils New Fertilizer Plant in Gombe

Segun Awofadeji in Gombe

Gombe State Governor, Muhammadu Inuwa Yahaya, yesterday, commis- sioned the Al-Yuma Fertilizer and Chemical Company in Kwadon, Yamaltu Deba Local Government Area of the state.

He said his administration would continue to unlock the agricultural potential of Gombe State by supporting agro-allied industries, which he said were crucial to the state's socio-economic development.

"We will continue to unlock Gombe's agricultural potential by supporting these industries," highlighting the company's role in creating jobs and providing essential farming inputs to boost food production and sufficiency.

He expressed his resolve to continue to foster a thriving agricultural sector in line with President Bola Tinubu's Renewed Hope agenda, especially his determination to

increase agricultural production in order to ensure sufficient food in the country and guarantee food security.

"Our government is 100% committed to developing agriculture, the state and nation's largest employer. And since taking office in 2019, food security has been a major focus for us. We believe development hinges on it," Yahaya said. He maintained that Gombe's vast arable land and large population were enough to facilitate food security, stressing that, "There's no reason for Nigeria to rely on food imports when we have the resources to feed ourselves."

Acknowledging the role of the private sector, he said, "While job creation is primarily the responsibility of the private sector, government's role is to provide an enabling environment. We are therefore ready to support any entrepreneur who wants to establish a business in Gombe State."

OYEDELE: PRESIDENTIAL COMMITTEE PROPOSES EXEMPTION OF 95% OF INFORMAL SECTOR FROM TAXES

"We just closed out now on the proposal phase, we’re already consulting with the private sector. That consultation we expect will continue for the rest of this month, May, and then the internal approvals, whether it's FEC, whether it's NEC, whether it's any other organ of government, up until the end of June.

"We envisage by the Quarter Three, our documents will be ready to go to the National Assembly and by the end of that Q3, we should have them enacted into law, so we can give reasonable notice to the public, businesses, individuals before commencement for many of them kick off in 2025.

"But where we have executive orders, directive regulations that don't require enactment into law, like we have a new withholding tax

regulation, where small businesses will be exempt from having to deduct withholding tax, that based on the existing law today, you don't need to enact it into law, we just need the Minister to sign. So, it's ready, we're waiting for the final signature.

"We also have a new National Tax Policy that communicates this direction of our tax system, how we're going to be spending our money, we have a Spending Policy now, as well as Borrowing Policy so that the social contract with the people is delivered to them in a meaningful way.

"So all of that will happen before the end of the year, but where we are enacting the law and proposals to amend the Constitution, will happen in 2025, and maybe 2026, in the case of the Constitution because I think the timeline that the National

Assembly has is about two years."

Oyedele said the administration was reforming the country's tax system with the aim to reduce the burden of multiple taxation on small businesses and low-income individuals.

According to him, despite numerous taxes, the country's tax collection as a percentage of GDP remains low and to address this, the government intends to repeal many taxes, harmonise the remaining ones, and improve tax collection efficiency.

"So, all of that will happen before the end of the year, but where we are enacting the law and proposals to amend the constitution, will happen in 2025, and maybe 2026, in the case of the Constitution because I think the timeline that the National Assembly has is about two years," he said.

SIGNING OF PARTNERSHIP AGREEMENT TO FACILITATE $10 MILLION LOANS...

L-R: Managing Director of First City Monument Bank (FCMB), Mrs. Yemisi Edun and Mission Director of the United States Agency for International Development (USAID), Melissa Jones, during the signing of a partnership agreement to facilitate $10 million in new loans for underserved borrowers, MSMEs in the health sector and informal businesses from all sectors of the economy in Lagos....recently

Buratai Canvasses Nigeria’s Strategic Autonomy, Opposes Foreign Military Bases

Louis Achi

Nigeria’s former Chief of Army Staff, Lt. General Tukur Yusuf Buratai, has pitched for Nigeria’s strategic autonomy and counseled the President Ahmed Bola Tinubu-led federal government not to allow any foreign military forces in its sovereign territory.

Buratai’s position came against the backdrop of recent allegations by some Northern leaders that the US and French governments had been lobbying Nigeria to sign new defence pacts, clearing the way to redeploy their expelled military forces from

the Sahel.

“Nigeria should not allow any foreign force on its soil. I commend the federal government for its stand against the reported planned redeployment of the US Forces that are being withdrawn from the Niger Republic to Nigeria,” the soldierdiplomat, who was also Nigerian Ambassador to the Republic of Benin, exclusively told THISDAY.

He added that, “The Honourable Minister of Information and National Orientation made it very clear that Nigeria had no plan to harbour US troops on our soil.”

In a recent letter to President Tinubu, a crop of northern leaders warned that the presence of foreign military bases would worsen already strained relations between Nigeria and Niger Republic as well as neighbouring Francophone countries and asked the president to prioritise the nation’s security over “short-term strategic alignments,”

In an interview with a national television last Tuesday, David Greene, US chargé d’affaires in Nigeria, refuted the reports.

“I am not aware of any such conversation, and I am not really sure whose purpose it serves to

PRESIDENCY: TINUBU SUSPENDS CYBERSECURITY LEVY TO PREVENT

sustainability. It is also important that government considers phasing in tax reforms on a gradual basis to minimise potential shocks to the economy.”

Senate Panel: Cybersecurity Levy Meant for Financial Institutions, Telecoms Firms

Chairman of the Senate Committee on National Security and Intelligence, Senator Shehu Buba, said the recently announced cybersecurity levy was not targeted at individuals operating bank accounts.

Rather, Buba, who sponsored the amendment bill, in a statement in Abuja, explained that the levy was aimed explicitly at financial institutions and telecommunication companies.

He said the financial institutions and telecommunication firms were most vulnerable sectors to financial crimes and cyber fraud, the levy was to enhance cybersecurity measures and national security in the country.

He stated, "The relevant section of the Cybercrime Act is very clear about the businesses that are required to pay the levy, not the citizens.

“The Act is very explicit about who is responsible for the payment, not Nigerian citizens or individuals.

"The relevant Section of the Cybercrime Act 2015 listed the businesses required to pay the levy: telecommunications companies, Internet Service Providers, Banks,

Insurance Companies, the Nigerian Stock Exchange, and other Financial Institutions.

“The organisations in the sectors have been listed in previous circulars by the Central Bank of Nigeria, especially in 2018. The new circular by the CBN further provided many exemptions.”

Explaining the amount payable as a cybersecurity levy, Buba said, “It is either 0.005 or 0.5 per cent arithmetically. The figure in the principal act was 0.005 as a fraction, which was converted to the percentage that became 0.5 per cent in the amendment.

“Therefore, the statistics in fractions and percentages are the same.”

The legislator highlighted that the passage of the amendment bill was a collaborative effort of various stakeholders.

He stated, “The passage of the amendment bill was a collaborative effort involving the government, industry players, civil society, and academia.

"They expressed their contributions and actively participated in the public hearing before the endorsement by the two chambers of the National Assembly.

"After rigorous processes, President Bola Ahmed Tinubu signed the bill into law in February 2024.”

The senator acknowledged the concerns of Nigerians, civil groups, and other stakeholders about the current economic situation, and reassured them that the

cybersecurity law was not meant to punish citizens.

Okonjo-Iweala: FG Should Streamline Taxes to Avoid Overburdening Citizens

Director General of World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, called on the federal government to streamline its taxes and levies, saying though higher taxes may not be bad, they must not constitute an undue burden to people.

Okonjo-Iweala spoke in Abuja at the weekend at a gathering of Women in Leadership Nigeria, hosted by her, with the Duchess of Sussex, Meghan Markle, the co-founder of the Archewell Foundation.

She said, “All taxes and levies are to increase government revenue, it depends on where and how you levy it. But our tax to Gross Domestic Product (GDP) ratio is quite low, it is about seven per cent or so of GDP.

“We need to push it up, may be this is why government is introducing some more taxes. But we have to be careful where the levies or the taxes are, so that they don’t constitute an undue burden to people.

“At the same time, we need to bear with government because the tax to GDP ratio is low and we need to work hard to lift it.

“I don’t want to comment on any specific level but would rather

agitate on this point,” he said.

But Buratai holds that given Nigeria’s continental and regional clout, strategic autonomy remained the best doctrine from which to manage an increasingly disruptive international geopolitical theatre.

To buttress his position, the former Chief of Army Staff recalled that in 2014 and 2015, the Nigerian government asserted its sovereign autonomy and declined the deployment of UN or AU international peacekeeping force to fight Boko Haram.

“The Nigerian government rejected the deployment of UN

or AU international peacekeeping force to fight Boko Haram in 2014 and 2015.

“The birth of the new MNJTF with its HQ in Ndjamena was the solution to a foreign force deployment that could have placed these foreign forces as inter-position force between the Boko Haram territory and the Nigerian territory.

“The implication of this is that it could have given territorial legitimacy to the insurgents.

“Similarly, as COAS, I had to quickly recover Gamboru-Ngala from the insurgents in order to prevent the deployment of the

OVERBURDENING NIGERIANS

comment on the general, that trying to improve our tax administration and to improve our tax to GDP ratio is something we need to aim at doing.

“To do that we need to broaden the tax base, the base is presently narrow. The number of people that pay tax in the country are not really many. We need to find ways around this, but to do it we need to know that to tax people you have to offer them service.

“Otherwise, they would wonder why they are paying taxes. So, there is a whole lot of work that we need to do. The government needs to broaden the tax base but they need to be just thoughtful about which taxes and levies they put in.”

SERAP, Other CSOs Want Court to Stop FG from Implementing Cybersecurity Levy

Socio-Economic Rights and Accountability Project (SERAP), BudgIT and and some concerned Nigerians filed a lawsuit against CBN over failure to withdraw circular directing banks and other financial institutions to deduct cybersecurity levy from customers’ accounts.

In the suit number FHC/L/ CS/822/2024 filed last Friday at the Federal High Court, Lagos, SERAP, BudgIT and the concerned Nigerians asked the court to determine “whether the CBN circular dated 6th May 2024,

directing financial institutions to deduct from customers’ accounts a cybersecurity levy is unlawful and therefore ultra vires the CBN.”

They also asked the court to determine “whether the CBN circular dated 6th May 2024, directing financial institutions to deduct from customers’ accounts a cybersecurity levy and section 44(2) (a) of the Cybercrimes Act were not in breach of sections 14(2), 44(1) and 162(1) of the Nigerian Constitution 1999 (as amended), and therefore unconstitutional, null, and void.”

They demanded “a declaration that the CBN circular dated 6th May 2024 directing all banks and other financial institutions to deduct from customers’ accounts a cybersecurity levy is contrary to the provisions of the Cybercrimes Act and ultra vires the CBN, and therefore is illegal null and void.”

The plaintiffs further sought “an order of interim injunction restraining the CBN, its office, agents, privies, assigns, or any other persons acting on its instructions from enforcing the Circular dated 6th May 2024, pending the hearing and determination of the motion on notice filed contemporaneously in this suit.”

The suit filed on behalf of the plaintiffs by their lawyer, Ebun-Olu Adegboruwa, SAN, read in par, “The CBN Circular is unlawful and an outright violation of the provisions of the Nigerian Constitution and the country’s international obligations.

Chadian Forces on the Nigerian soil. The MNJTF Concept of Operation was to have 3 Sectors.

“Sector 1 deployed in Cameroon's Far North Region, comprising all Cameroonian troops. Sector 2 was to be deployed in Ngamboru-Ngala on Nigerian territory, comprising all Chadian troops. Sector 3 was to remain in Baga in Northern Borno State, comprising of all Nigerian troops.

“Having denied the Chadian forces deployment on Nigerian soil, Sector 2 was then deployed in Baga Sola in the Lac Region of Chad.”

“Unless the reliefs sought are granted, the CBN will enforce its Circular directing banks to deduct from customers’ accounts a cybersecurity levy. Millions of Nigerians with active bank accounts would suffer irreparable damage from the unlawful deduction of cybersecurity levies from their accounts.

“The provisions of the Cybercrimes Act on payment of cybersecurity levy strictly apply only to businesses listed in the Second Schedule to the Act. These provisions make no reference to bank customers, contrary to the CBN Circular to all banks and other financial institutions.

“The Nigerian government has a legal responsibility to ensure the security and welfare of the people, as provided for under section 14(2) (b) of the Nigerian Constitution and human rights treaties to which Nigeria is a state party.

“The CBN Circular is also a blatant violation of Nigerians’ human rights including the right to property guaranteed under section 44 of the Nigerian Constitution and article 14 of the African Charter on Human and Peoples’ Rights to which Nigeria is a state party.

“We urge the Honourable to grant the reliefs sought in the public interest and the interest of justice as well as to prevent arbitrariness and ensure the rule of law in the country.”

No date has been fixed for the hearing of the suit.

PROMOTING TRADITION AND CULTURE...

L-R: Senior Brand Manager, Seaman’s Schnapps (Grand Oak Limited), Mrs. Nnenna Uche-Onyenacho; Elepe of Epe, Oba Kamorudeen Ishola Animashaun; Marketing Manager, Mr. Gbemileke Lawal, and Activation Manager, Mr. Benson Oluwafiropo, during a courtesy visit by the company’s team to the monarch to show Seaman Schnapps’ respect for the tradition and cultural heritage in…recently

Security Operatives Rescue Some Abducted CUSTHEC Students in Kogi

Ibrahim Oyewale in Lokoja

Kogi State Government has announced that the combined security agencies and local hunters in the state have secured the release of some of the abducted students of Confluence University of Science and Technology, Osara, who were taken into captivity by gunmen last Thursday.

This announcement was made by the State Commissioner for Information and Communications, Kingsley Fanwo, copy of which was made available to the

journalists in Lokoja yesterday.

The statement read: “This is to inform the general public that some of the students abducted by gunmen at the Confluence University of Science and Technology, Osara have been rescued safely by local hunters and other security agents, hours after the Executive Governor of the State, His Excellency Alh Ahmed Usman Ododo visited the institution to assure parents of his commitment to rescuing the students.

“Local vigilance men and security agents engaged the

Fubara Urged Not to Demolish House of Assembly Quarters

Blessing Ibunge in Port Harcourt

National Assembly members from Rivers State and leaders across political party lines have called on the state Governor, Siminalayi Fubara, to suspend any plan to pull down structures at the House of Assembly quarters located on Aba Road in Port Harcourt.

The call was made yesterday when the past andpresent members of the National Assembly, local government chairmen and opinion leaders paid a visit to the quarters to assess the condition of the buildings.

Their action followed the recent visit of the governor to the facility and planned move to renovate the estate, which currently houses the hallowed chamber of the Martins Amaewhule-led House of Assembly.

Amaewhule told the leaders that there was a grand plot by the governor to bring down the structures the same way he ordered the demolition of House of Assembly Complex located on the Moscow Road to stop them from sitting.

He said the structures were in excellent condition, fully functional and were currently occupied by

the lawmakers and their family members.

The Speaker condemned the manner the governor stormed the quarters aided by armed policemen, alleging that Fubara broke the gate and allowed others to scale the fence. Amaewhule said the lawmakers never invited the governor to come to the quarters, adding that the estate remained the property of the Rivers State House of Assembly.

Addressing the elders, Amaewhule said: “Your visit is unusual. It shows that the good people of the state are concerned about what is happening. This facility belongs to the Rivers State House of Assembly.

“We have also brought in experts and engineers, and there is nothing wrong with these structures. They are fully in use and fully functional. All the experts confirmed to us that this building is one of the best in West Africa.

“This complex was constructed by the former Governor, Nyesom Wike, and inaugurated in August 2022 by the current Chief of Staff to the President, Mr. Femi Gbajabiamila. We are happy with the building and everything is working well.”

EFCC Arrests 25 Suspected Internet Fraudsters in Ilorin

Hammed Shittu in Ilorin

Operatives of the Ilorin Zonal Command of the Economic and Financial Crimes Commission ( EFCC) at the weekend arrested 25 persons for offences bordering on suspected internet fraud.

A statement issued by the anti-graft agency which was signed by the agency Head of Media and Publicity, Mr. Dele Oyewale, stated that the suspects were arrested during

two separate sting operations at various locations in Ilorin, Kwara State following credible intelligence about the activities of some suspected internet fraudsters operating within the state.

The statement said that items recovered from the suspects include six exotic cars, different brands of phones and laptops.

The statement added that the suspects will be arraigned in court upon conclusion of ongoing investigations.

kidnappers in a fierce shootout and the kidnappers succumbed to superior firepower and escaped with gun wounds,

‘Nigerian

leaving the kidnapped students who also ran in different directions to avoid being caught up in the fire exchange.

“Many of the students kidnapped and even other people in captivity have been rescued and taken to medical

facilities for proper attention, while many others were also rescued in the early hours of today(yesterday).

Politicians See Public Office as Wealth Mine, Not Service’

David-Chyddy Eleke inAwka

A professor of political theory and methodology of political inquiry in the department of Political Science, Nnamdi Azikiwe University, Awka, Anambra State, Prof Makodi Nnia Biereenu-Nnabugwu has frowned at the attitude of Nigerian politicians towards public service.

Biereenu-Nnabugwu at the weekend stated this while delivering the 102nd inaugural lecture as the guest lecturer at the university with the theme: ‘Reflections on the state, classical political thoughts and the cradle: from a perspective reflection’.

Speaking to prominent individuals at the event, Biereenu-

Nnabugwu, who is the Vice President of Nigeria Political Science Association, said two factors prompt Nigerian politicians to aspire to public offices.

According to him, “In October 2021, as the 8th Kalu Ezera lecturer, in a lecture titled: ‘Postcoloniality, State and State Behaviour in Nigeria: A Study in Politicology’, I identified two toxic cleavages in Nigeria’s contemporary social order as federal character and wealth mine.

“The take-home pay of the members of the Nigerian National Assembly offers two ready illustrations of wealth mine syndromes associated with the contemporary character of the state in Nigeria.

Over 27 Tertiary Institutions Benefit from ASR Africa $100m Education Grant

Okon Bassey in Uyo

Over 27 public and private Nigerian universities and institutions of higher learning have benefitted from the ASR Africa Tertiary Education Grants. The funding is achieved through the ASR Africa Tertiary

Education Grants Scheme from Abdul Samad Rabiu(ASR) Africa Initiative $100 million Fund for Social Development and Renewal. This was revealed at the ground breaking for the construction of four classroom blocks for the University of Uyo in Akwa Ibom State by the ASR Africa.

Speaking at event, the Vice Chancellor of the University, Prof. Nyaudoh U. Ndaeyo lauded ASR Africa for considering the University of Uyo as a worthy beneficiary of the Tertiary Education Grant Scheme. He emphasised that constructing the classroom

blocks was a top priority for the university, requesting that the project be completed quickly so that the institution could start using it.

He also lauded the Chairman of ASR Africa, Abdul Samad Rabiu, for his various interventions in tertiary institutions in the country.

Police Arrest Man for Abducting, Killing Six-year-old Cousin in Kaduna

John Shiklam in Kaduna

The police operatives in Kaduna have arrested one Abdulazeez Idris for allegedly abducting and killing his six-year-old cousin, Aisha Dahiru.

The incident, according to a statement by the police, occurred

in the ancient city of Zaria, headquarters of Zaria Local Government Area of Kaduna state.

The statement signed by the spokesperson of the Kaduna State Police Command, Mansir Hassan, said the deceased was kidnapped while on her way to Islamiya School.

Hassan disclosed that Idris allegedly killed the deceased having recognised him while in captivity.

The statement said: “On February 12, 2024, at about 1:00 hrs, Mr. Saidu Dahiru, father of the victim, a resident of Angwan Juma’a, Zaria, reported to the Zaria City police station that his daughter, Aisha Saidu, a six-yearold female, went missing on her way to Islamiyya school.

“According to Mr. Dahiru, Aisha was allegedly abducted by her cousin, Abdulazeez Idris, also residing in Angwan Juma’a, Zaria.

Enugu Labour Party Raises the Alarm over Govt’s N100bn Partnership Deal

‘Partnership on cassava to Bioethanol production with FG yielding results’

Gideon ArinzeinEnugu

The Labour Party (LP) has lashed out at the Enugu State Government for signing a N100 billion partnership agreement with Pragmatic Palms Limited, a company which was registered on May 6, 2024 to resuscitate moribund Enugu State United Palm Products Limited (UPPL).

The party noted that while it was acceptable to revive moribund state government-owned projects, tax payers money must be transparently used and accounted for.

The state government had in a statement, noted that the partnership will see Pragmatic Palms Limited resuscitate the moribund Enugu State United Palm Products Limited (UPPL), one of the agricultural and agro-industrialisation initiatives of the late premier of the defunct Eastern Region, Dr. M. I. Okpara, which had remained fallow for many years.

According to the statement, the partnership was also in line with the objectives of the Governor Peter Mbah Administration to revive and convert Enugu State’s dormant assets to productive assets, as part of plans to grow the state’s economy exponentially from $4.4 billion to $30 billion per annum.

NAFDAC Arrests Owner of Illegal Alcohol Factory in Lagos

Onyebuchi Ezigbo in Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) said it has discovered an illegal manufacturer of alcohol drinks in Badagry, Lagos State.

A statement by NAFDAC’s Resident Media Consultant Sayo

Akintola said that NAFDAC’s enforcement officers, aided by intelligence from the Nigerian Army’s 15 Field Engineering Regiment in Badagry, had dismantled the operations of Mr. Chinedu Okafor, an illegal drinks manufacturer operating from his residence at No. 24, MTN Road, Badagry.

The agency said that Okafor will face prosecution, in addition to having all offending products estimated at N50 million destroyed.

According to NAFDAC, Mr. Okafor’s suspicious activities caught the attention of the Nigerian Army, which gave information leading to

his arrest and subsequent handover to NAFDAC’S officers at the Ports Inspection Directorate, Seme Border. The statement said: ‘Upon inspection, officers evacuated all equipment and materials used in the production of illicit drinks, and effectively shut down the illegal factory.

2027: Stakeholders in the Nation’s Electoral Process Tasked on Credible Polls

Hammed Shittu in Ilorin

Ahead of the 2027 general election in the country, stakeholders in the electoral process at the weekend were urged to fashion out new innovations and practical

solutions that can be scaled up and implemented in order to ensure a free and fair future elections in the country.

The Executive Director of a non- governmental organisation based in Kwara State, Webfala Digital Skills for All Initiative (WDSfAI), Mrs. Bakare Nafisat, stated this in Ilorin last Friday while declaring open workshop on Hackathon with the theme: ‘How Technology can Solve Election Problem in Nigeria’.

The event was organised by the WDSfAI to garner

innovations on how to ensure a credible and acceptable elections in the country. According to her, “I have witnessed the impact of elections on our country’s progress and the lives of our citizens.

WEMA BANK UNVEILS COOP HUB...

L-R: Group Head, Partnerships and Ecosystem, Wema Bank,Mr. Ajibade Laolu-Adewale; Divisional Head, Brands, People and Culture, Wema Bank, Ololade Ogungbenro; President, Ogun State Cooperative Federation Limited, Alhaji Wasiu Olaleye; Managing Director/CEO Wema Bank,Mr. Moruf Oseni, and Executive Director, Retail and Digital Bank, Wema Bank,Mr. Tunde Mabawonku, at the launch of Coop Hub in Lagos... recently

FCT Streetlight Contractors Blame AEDC for Persistent Darkness in Abuja

Sunday AborisadeinAbuja

The Streetlights Maintenance Contractors in the Federal Capital Territory (FCT) have attributed the constant darkness being experienced on the major highways in the federal capital to the consistent power failure from the Abuja Electricity Distribution Company (AEDC).

The Legal Secretary of the contractors, Festus Ugwegbu, in a statement issued on their behalf yesterday in Abuja said the streetlights are always active and ready to shine at night if not for the constant outages and load shedding by the AEDC.

The contractors disputed media reports about the darkness in the

Three Die, 21 Injured in Ogun Multiple Road Crashes

Three people have died, while 21 others sustained varying degrees of injuries in multiple road crashes in Ogun.

Spokesperson of the Ogun State Traffic Compliance and Enforcement Corps (TRACE), Mr Babatunde Akinbiyi, confirmed the accidents to the News Agency of Nigeria ( NAN) yesterday in Abeokuta.

Akinbiyi said the accidents occurred on the Iju bridge, Atan, on Owode Idiroko Expressway and Ayedade village, Obada on Lagos Abeokuta Expressway on Saturday.

“Five vehicles were involved

in the accident. One was a Mazda bus with registration number AAA729YC, a Toyota Hiace bus with registration number LND85YA, a Sino truck with no registration number, a Bajaj tricycle, marked TTN58ND, and a Volkswagen bus (White), with registration.No: APP 77 YD.

“The corpses have been deposited at the State Hospital Mortuary, Ota, and Neuropsychiatric Hospital, Aro Abeokuta

He further said the vehicles involved have been towed to Atan Divisional Police Station for further investigation.

Jos DisCo to Restore Power Supply to Bauchi, Gombe Soon

The Jos Electricity Distribution Company (JED), has said it will soon restore power supply to Bauchi and Gombe States following progress recorded in the repair work of four vandalised transmission towers.

Managing Director, JED, Abdu Bello-Mohammed said this during an inspection visit to the ongoing reconstruction of vandalised 330kV power line towers.

This is contained in a statement by Head, Corporate Communications, JED, Friday Adakole-Elijah, yesterday in Bauchi.

Bello-Mohammed was represented by the Chief Operating Officer of the company, Alhaji Mamanlafia Umar.

He said the management of the Transmission Company of Nigeria (TCN) are working assiduously towards fixing the problems.

JED officiåals inspect repair work of 330KV Jos – Gombe power transmission line

The managing director said that normal power supply would soon be restored to Bauchi and Gombe States.

Writer Names Regrets, Shame, Guilt as Triplets of Trauma

Kuni Tyessi in Abuja

With the rising cases of traumatic experiences and inadequate facilities to diagnose and treat sufferers, lawyer and writer, Alice Agada, has listed regrets, shame, and guilt as the three siblings often responsible for trauma.

Unveiling three of her books and the Alice Agada Foundation in Abuja at the weekend, she said investigations have revealed that many adults began

experiencing trauma from childhood and many have been reduced to walking corpses.

At the well-attended event attended by the Catholic Arch Bishop of the Abuja Diocese, Ignatius Kaigama; Chairman of the occasion and Chief Justice of the Federal Capital Territory, Justice Husaini Baba Yusuf, among others, Agada stated that individuals need to see themselves as deserving of peace and happiness no matter what they’ve been through.

Federal Capital Metropolis and its environs, which had been wrongly attributed to the laxity of streetlight contractors.

Part of the statement read: “To

put the record straight, the contract was awarded in August 2022, and it is expected to end by July 31, 2024, with a fixed contract rate from inception, irrespective of inflation

and the hike in prices of materials and labour.

“Nevertheless, we, the contractors, have been optimally delivering our assigned responsibilities despite

our failed appeals to the FCD administration for a review of the contract sum, and a price variation to reflect the effects of inflation on the cost of executing this project.

WHO: Increase in Teenage Pregnancy in Delta Worrisome

Omon-Julius Onabu in Asaba

Ireye said that there is the need to address the issue of adolescent pregnancy because currently, four percent of pregnancies in the state occur among adolescents.

The WHO coordinator in

The World Health Organisation (WHO) Coordinator in Delta State, Dr. Faith Ireye, has called on the state government and other stakeholders to address the increasing cases of adolescent pregnancy among the girl-child in the state to reduce the dangerous trend. She observed that pregnancy in adolescents, especially within the age of 14 to 19 in Delta State, was worrisome.

the state gave the advice at the weekend in Asaba during a oneday programme organised by the Delta State Ministry of Health and Primary Health Care Management Board in collaboration with SFH, tagged: ‘DISC 1.0 State Level Project Dissemination’.

Dr. Ireye stated that it was high time the government took a firmer decision to drastically reduce adolescent pregnancy, through rigorous educating and alerting of the girl-child to the hazard of early and needless pregnancy. “If they have information, and are well guarded with the information at their disposal, it will be possible to crash teenage pregnancy below four per cent,” she said.

WIP Calls for Advancement of Women in Legal Profession

Ugo Aliogo

The Trustee and Member of the Steering Committee of Women in the Profession (WIP), Nigeria Chapter, Mrs. Adeola Sunmola, has called for the need for the advancement of women in the legal profession, adding that if the right processes are in place,

Gbenga Sodeinde in Ado Ekiti

women will be able to succeed. She also stated that women are finding it challenging to generate business, and pursue business leads.

Sunmola, who disclosed this last Thursday in Lagos during the WIP Nigeria Breakfast session with the theme: ‘Strategic Rainmaking: Empowering

The Catholic Bishop of Ekiti Diocese, Most Rev. Felix Femi Ajakaye, has called on journalists to join their voices against any legislation that would approve the use of Artificial Intelligence (AI) to the detriment of humanity in Nigeria.

Bishop Ajakaye, represented by his Vicar-General, Rev. Fr. Felix Odesanmi, gave the remarks in his sermon at the 58th World Social Communications Day held at St. Patrick’s Catholic Cathedral in Ado-Ekiti, Ekiti State.

Women for The Future’, said the organisation is seeking to bring female legal practitioners together to engage in meaningful conversations about rainmaking and business development among other matters. She noted that WIP’s objective is underscored by the importance of empowerment and that the subject of business development remains one of the most challenging issues for women in the legal profession. She remarked that the session provided an opportunity to discuss these challenges and the solutions to those challenges and most importantly, how women in the legal profession can be rainmakers.

His Lordship called on media professionals to raise their voice against the dangers associated with artificial intelligence, saying all efforts of the capitalists in ensuring that they do not just take the world for granted should be condemned, because they are just for economic gains.

Ajakaye noted that all efforts must be on deck to ensure that while “we approved of the good things that technology has brought to us, we should be conscious of the dangers of economic state leading to unemployment and the moral issues that go along with it.

Economy: Don’t Give Up on Tinubu’s Administration, APC Chieftain Appeals to Nigerians

Yinka Kolawole in Osogbo

A chieftain of the All Progressives Congress (APC), Hon. Olatunbosun Oyintiloye, in Osun State has appealed to Nigerians not to give up on the administration of President Bola Tunubu.

Oyintiloye, a member of

the defunct APC Presidential Campaign Council (PCC), made the appeal while speaking with journalists, saying that Tinubu is a true democrat, who will fulfil all his electoral promises for the prosperity of Nigerians

Oyintiloye, a former lawmaker, said that various economy policies by the president, such as fuel subsidy removal, unification of naira, among others, which may have created a bit of discomfort, would form a strong foundation upon which a prosperous Nigeria would be built.

The APC chieftain said that although it was obvious that Nigerians were presently experiencing economic hardship, they should be hopeful for a better and prosperous future. He said: “There is no doubt that Nigerians are facing hard times, but this is not deliberate nor a sign of failure on the part of the president.

Job Scam: Court Convicts Mother of 5 for Forging Late Abba Kyari’s Signature

Wale Igbintade

A Federal Capital Territory (FCT) High Court in Gwagwalada, Abuja, has found guilty and convicted a mother of five, Mrs. Ramat Mercy Mba, for forging the signature of former President Muhammadu Buhari’s Chief of Staff, late Abba Kyari. The convict was charged to court by

the Independent Corrupt Practices and Other Related Offences Commission (ICPC). The presiding Judge, Justice Ibrahim Mohammad, however, deferred the sentencing of the convict till May 16, 2024, but directed that she should be remanded in Suleja Correctional Centre.

The ICPC had arraigned Mba in June 2022 on a five-count charge bordering on

cheating, fraud and forgery contrary to Section 13 of the Corrupt Practices and Other Related Offences Act 200 and Sections 320 (b), 366 of the Penal Code Cap 89 laws of Northern Nigeria.

One of the counts read: “That you Ramat Mercy Mba (F) sometimes in the month of October 2019 or thereabout in Abuja within the jurisdiction of this court

did fraudulently induce one Mr. Ismail Adewole Oladipupo, an unsuspecting job seeker and collected the sum of Seven Hundred Thousand Naira only N700,000 from him which sum was paid into your private account under the guise of securing employment for him at the National Space Research and Development Agency. (NASDRA).

Jonathan, Abdulsalami Others Salute Chief Igbinedion as University Celebrates 25th Anniversary

Adibe Emenyonu inBenin-city

Former President Goodluck Jonathan and ex-Head of State, Gen. Abdulsalami Abubakar (rtd), have commended the vision of the Esama of Benin, High Chief

Gabriel Igbinedion, in establishing the Igbinedion University, Okada, Edo State.

The duo were among the dignitaries who at the weekend graced the 25th anniversary celebration of the university, which

came on stream on May 10, 1999, as the first private university in Nigeria with Registration Number 001. Jonathan, who was the chairman of the ceremony, while commending the courage and vision of the founder in

establishing the institution, said because the university is doing well, that motivated other entrepreneurs to do same which today has increased the establishment of other private universities in the country.

MINISTRY OF LOW BIRTH RATE

catering to 85 million tourists each year, that you forget your elementary duties? And the Japanese, who will drive all the Toyota, Honda, Suzuki, Daihatsu and Nissan cars that you are producing, and who will watch Seiko, Hitachi, Panasonic, Canon, Nikon and Toshiba tv sets if there are no children?

Anyway, East Asians are not alone in their demographic quandary. Europeans, especially the rich West Europeans, also have similar worries, with many of the countries having zero percent natural population growth rates. Even though the rising far-right populist political parties in those countries will have none of it, Europeans’ saving grace is immigration. The extreme poverty in sub-Saharan Africa and the violent crises in several African and Middle Eastern countries all the way to Afghanistan and Syria provide to them a steady stream of immigrants who can undertake menial jobs at very cheap rates. In a way, cheap immigrant labour to replenish their falling populations is the Westerners’ biggest post-colonial dividend. Truly, the right-wing populists among them don’t want to dilute their milky white skin with any dark skin, but then, that may be their only saving grace in decades to come. Why are Korean women not producing enough children? One Korean expert said it is due to “demanding work cultures, stagnating wages, rising costs of living, high real estate prices, high cost of education, greater economic anxiety, changing attitudes toward marriage and gender equality, and rising disillusionment

BAD LAW, NEEDLESS LEVY

generation, especially in an increasingly volatile economic climate where productivity is low, and businesses are shutting down because of increasing cost of doing business, ranging from the cost of labour, energy, and raw materials. My take on this anchor on the morality behind the levy given Nigeria’s social contract with the state, procedural antecedents in institutional revenue collection for government, the burden on Nigerians on financial transaction-related charges, and the imperfections of our legislative processes.

The pertinent question is why should Nigerians who pay personal and business taxes pay for security in whatever guise or nomenclature? Whether cybersecurity, physical security, or any form of security, it is the Nigerian government’s exclusive and primary responsibility, which is why we pay tax to the government. Under the social contract between Nigerians and the state, we accept and give out our rights, especially the right to security of our lives, to the state and expect the state to protect us by whatever means necessary. The state provides the security infrastructure, architecture, and personnel to provide security for all. The government singling out an aspect of security and levying citizens to pay for it is tantamount to double taxation when we already pay income tax and allow the government income from our natural resources to provide this service. Unbundling security and taxing some is a prelude to other security tax forms. Should we expect a Banditry levy, terrorist levy, or armed robbery levy soon?

The second question is, when did the office of the National Security Adviser become a revenue-generating and collecting centre?

The Nigerian state has explicit provisions for regulatory agencies or public enterprises that provide public goods and services. The office of the NSA is not such and does not have such a mandate. It is an anomaly procedurally to saddle this office with the mundane task of revenue issues, and as a government unit coordinating security, it should receive its funding from the federal government budget. Enacting and implementing laws that go against established procedures affects the structures and systems of the state and sometimes goes against the mandate on which institutions are created.

The third issue is why the national assembly members were screaming at the top of their voices against this law when the same body amended it. Does it mean that they did not understand the law they

among younger generations.” Another expert added that “stigma against single parents, discrimination against non-traditional partnerships, and barriers for same-sex couples” are also to blame. Yet another expert said, “Marriage, childbirth and child care require too much sacrifice for women in a patriarchal society, especially over the past decade. So, they are beginning to explore the possibility of being able to live well without getting married.” Tell that to an African.

While the East Asians and Europeans have dismally low fertility rates, we Africans are racing to the Guiness Book of Records to register the highest fertility rates. The champion in this regard is Niger Republic with a 6.73 fertility rate. In other words, any Zarma or Bororoji Nigerien woman that you see in a Saharan tent is expected to produce nearly seven children during her lifetime, when a South Korean woman, surrounded by all the electronic gadgets, is expected to produce 0.7 of a child. Other high fertility countries include Angola, 5.76; DR Congo, 5.56; Mali, 5.45; Benin, 5.39 and Chad, 5.35. Even Somalia, which has had no functional government since 1991, has a 5.22 fertility rate. South Sudan, despite all the troubles between Silva Kir and his rivals, has a 5.2 fertility rate while Nigeria’s fertility rate is 4.57, which is low by African standards.

This year, Nigeria’s population is estimated at 229 million. It is estimated that there will be 377 million Nigerians in 2050 and in 2100,

there will be 546 million Nigerians, the third largest in the world, after having overtaken the United States and closing in on China! Wonder of wonders, China’s population of 1.4 billion is projected to reduce by 500 million in 2100. Fear what you wish for. In 2000 AD I had a discussion with a young Chinese technician who came to my office in New Nigerian to install the Xinhua news agency gadget. He said China wished that it has 500 million less people. Well, that wish is about to materialize and it looks like the Communist Party is panicking. One problem for the East Asians is that, unlike Europe, they are not expecting immigrants to flood their shores. Which African will immigrate to China and be asked to learn an alphabet of 8000 characters? Which African will migrate to Japan and be told to wear a kimono, eat seaweed, sip sake and perform a samurai ritual with a short sword?

Not that the East Asians have done nothing about their falling populations. For one, they threw money at it. South Korea spent $200 billion in the last 16 years in initiatives such as extending paid paternity leave, offering monetary “baby vouchers” to new parents and social campaigns encouraging men to contribute to childcare and housework. With little effect, so far. Imagine, if you are to deploy $200 billion in Nigeria to get babies, very soon there will be no space to stand. Even when nobody pays us, when so many of us have no roofs over their heads, when too many of

passed? Or is it that the law was amended and passed without the knowledge of many members passing through the due processes? Is the interpretation of the law by CBN not in tandem with the intentions of the lawmakers? Is there a problem with framing the law caused by language failure? Did the framers mean online or electronic transfer levy? It would be easier for the public to understand the levy if it had come outright as a transaction levy because many people cannot link their electronic transactions and cyber security levy. Where is the ‘cybersecurity’ in transferring legitimate money? The law does not resonate with many Nigerians of average means and education, and they cannot link their everyday transactions to cybersecurity.

Granted, the legislation enacted by

us are starving and when there are far fewer paediatric clinics and far fewer classrooms, this country is still awash in children. This is a cruel dilemma for humanity. The richer human societies get, with all the means to provide shelter, food, clothing, health care, education, jobs and recreation, the less able they are to bring forth the children who will enjoy them. Conversely, the poorer a society is, with the least means of providing these necessities for a good life, the more able it is to bring forth children in huge quantities.

You, Koreans and Japanese, with all your technological wizardry, why can’t you manufacture artificial wombs to incubate and give birth to children? In 1977 when the world’s first “test tube baby” was born, I thought we will graduate within a few years from in-vitro fertilization to a test tube womb and delivery. Unless they bring their technological wizardry to a procreation conclusion, they may one day be gone from the Earth and we, the meek, shall inherit the world. Meanwhile, to each his own problem. While the Koreans will soon have a Ministry of Low Birth Rate, President Tinubu should use his First Year Anniversary speech to create a Ministry of Very High Fertility Rate to tackle our own problem, or else one day, there will be only one square foot of space for every Nigerian to stand, including the lakes and rivers. As I used to teach in Ecology classes, the ultimate limiting factor to population growth is physical space.

cybersecurity levy while the Taiwo Oyedele committee is working on the harmonization of multiple taxes, reducing unprogressive taxes and the multiplicity of legislation that imposes taxes on business. Besides, the cybersecurity levy affects citizens’ living wages. We cannot stagnate household income and continuously increase all cost elements of a living wage (housing, transport, utilities, food) through more charges like cybersecurity levy and not increase poverty in the extreme or diminish consumption income in the main.

The last issue is that the burden of bankrelated levies and taxes that individuals pay in Nigeria is too much on them. It will be good for researchers to do a comparative study with other developing countries like Nigeria to determine whether we are in this alone. Bank-related levies include transfer fees, card maintenance fees, card issuance charges, stamp duties, VAT on SMS, and SMS charges for the receiver and sender. This cybersecurity levy will be one too many. Imagine the implication on the cost of doing business, especially post-subsidy removal, post-increase in electricity tariff, the collapse of the Naira, hyperinflation and many charges and levies on businesses.

the National Assembly is not perfect. It sometimes has some flaws. They are subject to review, revision, or repeal. Because of this, the law is a living thing that changes with the seasons and the passage of time. Remember, errors are not uncommon when enacting laws. Had Magaji Tambuwal, the then-Clerk of the Nigerian Assembly, been successful in getting President Bola Tinubu to sign a version of the “Real Estate Regulatory Council of Nigeria 2023”—which is regarded as phoney—into law, he would have been inducted into the Hall of Fame. This demonstrates that sometimes, legislation approved and accented to by the president may not always accurately reflect the framers’ intentions. Numerous things occur in between. The fourth issue is the incongruence of the

Existing business levies and taxes include Company Income Tax, Stamp Duties, Petroleum Profit Tax, Capital Gains Tax, Value Added Tax, Personal Income Tax, Withholding Tax, Tertiary Education Tax, one per cent of payroll contribution to NSITF, 10 per cent of Payroll Contribution to PenCom; one per cent of Payroll ITF Levy and National Information Development Levy. Others are Radio and TV Licenses; Police Special Trust Fund Tax levy; Niger Delta Development Commission levy; National Agency for Science and Engineering Infrastructure levy; Land Use Charge; Parking Fee; Consumption Tax; Road Tax; Standard Organization of Nigeria fees; Nigeria Content Development levy; NAFDAC levy; Nigeria Health Insurance Authority contribution; Signage Fees. Touts and street urchins are leveraging the multiplicity of taxes and levies to attack businesses. Businesses are getting it rough and do not need another levy straw that will break their backs. Cybersecurity levy is peculiar to Nigeria and is not applicable in many developing and developed countries of the world. President Bola Ahmed Tinubu acted well in suspending the cybersecurity levy; many Nigerians are happy about that. There are many reasons to repeal this law or quickly review it with broad-based consultations.

Cardoso

NFF to Unveil Finidi George as Super Eagles’ Head Coach Today

The Nigeria Football Federation will this morning in Abuja officially unveil Finidi George as the substantive Head Coach of the Super Eagles.

The 52-year-old spent 20 months as assistant to Portuguese José Peseiro from the summer of 2022, during which the Super Eagles qualified for the 2023 Africa Cup of Nations and finished in the final match as runners up to host Côte d’Ivoire,

three months ago.

The former UEFA Champions League winner with Ajax Amsterdam passed up an opportunity to coach a second-tier team in Spain to return to Nigeria and lead two-time CAF Champions League winners Enyimba FC. He won the tough-as-nails Nigeria elite division title with the People’s Elephantin his second season.

When George formally bowed out of the Aba giants few days

ago, Enyimba FC remained in third place on the NPFL log, with 53 points from 32 matches, four adrift of table-toppers Enugu Rangers and three off secondplaced Remo Stars.

George, who as a player won 62 caps for Nigeria at senior level, during which he won the Africa Cup of Nations gold, silver and bronze, and played in two FIFA World Cup finals.

His immediate task now is

Twist and Turn Continue as Arsenal Beat Red Devils to Return to Top

The twists and turns in the leadership of the English Premier League continued yesterday with Arsenal defeating Manchester United 1-0 at Old Trafford to return to the top of the log. Now, the race to the title between Arsenal and Manchester City will extend to the final day of the season. The Gunners delivered an unconvincing display against a severely depleted United side but did enough to secure the win that puts them one point ahead of Manchester City having played a game more.

Leandro Trossard struck after 20 minutes when lazy defending from struggling veteran Casemiro played Kai Havertz onside and his cross was turned in by the Belgian at the near post.

United showed plenty of endeavour but suffered from a glaring lack of quality and never seriously tested Arsenal keeper David Raya, as their own hopes of European football next season faded further.

Arsenal must now hope north London rivals Tottenham Hotspur do them a favour by getting a result at home to Manchester City on Tuesday.

The Gunners host Everton in their final game of the season next Sunday, while City are at home to West Ham.

how to pick maximum points from 2026 FIFA World Cup qualifying matches against South Africa (home) and Benin Republic (away) in a few weeks.

Details of the contract are expected to be revealed to know how long Finidi will remain on the job and also if the NFF will accede to his request to bring in foreign assistants amongst his backroom staff.

Minister of Sports Development, Senator John Owan Enoh, alongside Permanent Secretary in the ministry, Mrs Tinuke Watti, President of NFF Alhaji Ibrahim Musa Gusau and the NFF General Secretary, Dr. Mohammed Sanusi, are among prominent personalities expected at the unveiling.

Giants of Africa Partners Prince Harry & Meghan to Build B’ball Court in Abuja

Giants of Africa, the non-profit organisation co-founded by Toronto Raptors Vice-chairman and President, Masai Ujiri, returned to Lagos, Nigeria to host a youth basketball clinic at Ilupeju Grammar School where they unveiled a basketball court in 2021.

The clinic welcomed Prince Harry and Meghan, The Duke and Duchess of Sussex, who shared remarks with the youth and participated in on-court activities. In addition, through

their non-profit organisation, the Archewell Foundation, they made a commitment to donate to Giants of Africa, supporting the construction of a new basketball court in Abuja, Nigeria.

This contribution bolters to the organization's ambitious initiative, ‘Built Within,’ a multi-year, 100-court investment in sports infrastructure across Africa.

“We are grateful to be joined by The Duke and Duchess of Sussex at this basketball clinic

here in Lagos," said Masai Ujiri. "Basketball has the power to unite communities and inspire young people to reach their full potential. Teaming up with the Archewell Foundation, we look forward to creating experiences for young people, empowering them to become leaders, while also fostering pathways to opportunity and hope."

The basketball clinic participants included boys and girls from Ilupeju Grammar school, along with

wheelchair basketball athletes from the Spinabifida and Hydrocephalus Association in Nigeria.

Local Giants ofAfrica coaches, and Team Nigeria Paralympian and Giants of Africa board member, Dennis Ogbe, lead the young athletes through activities that not only focused on athletic skill development but also emphasized the importance of inclusivity, teamwork, perseverance, and community engagement.

Prince Harry said “What you

guys are doing here at Giants of Africa is truly amazing. The power of sport can change lives. It brings people together and creates community”.

Megan, The Duchess of Sussex added, “We are thrilled to be here. I lived in Toronto for seven years and that was the first time I’d heard of Giants of Africa – talk about full circle– never did I think we would be able to be here all those years later supporting the expansion of this incredible orga-

Ghanaian, Cameroonian, Nigerian Golfers Set 2nd eTranzact Golf Classic Abuzz

The second edition of eTranzact Golf Classic will tee off at IBB International Golf and Country Club, Abuja from Wednesday, May 15 through May 18 with a strong field of over 100 registered professional golfers from Ghana, Cote d'Ivoire, Cameroon, Togo and Senegal joining Nigerians for a shot at the N20million prize money.

The pros are expected in Abuja today and will be joined by 60

category 1 amateur players.

Addressing the media, the Managing Director of eTranzact International, Niyi Toluwalope, said the company was committed to golf, which is a prestigious sport that attracts the best of mind and allows players to develop a different level of precision.

“When we partnered the PGD Tours last year, we promised that the Classic will provide a platform to promote and elevate professional and amateur golfing in Africa,

while fostering business to business collaborations and facilitating partnerships between business and government,” Toluwalope said.

He added that the increase in the prize money from N10 million was a demonstration of eTranzact’s commitment to making the Classic more competitive and encouraging the best of golfers to perform.

He described the Nigerian fintech’s involvement in sports as a demonstration of its resolve to keep supporting and providing

innovative solutions and platforms to help businesses to succeed in the marketplace.

“This is in line with our vision, which is to be the preferred integrated financial technology platform for merchants and consumers. We are leveraging on our homegrown, world-class switching and payment processing platform to facilitate business successes across all sectors of the economy," he added.

Also speaking, the Commissioner for PGA Tour, Femi Olagbemiro,

said the West African players are featuring in the event because it is a pay and play tour, which like every established tour around the world, it is to showcase and develop talent.

He clarified that the top 30 professional players that make the cut after 36 holes will complete the 56-hole tournament alongside the amateur players on Friday.

The winner of the stroke play tournament will be rewarded with N3 million cheque.

nization, through our foundation the Archewell Foundation. We’re so grateful and proud of all the work that you’re doing”.

The Giants ofAfrica basketball court in Nigeria, sponsored by the Archewell Foundation and the Duke and Duchess of Sussex announced on Sunday, will serve as a testament to the power of sports in transforming lives and communities.

Masai Ujiri concludes by stressing that the this partnership exemplifies the collective effort to promote youth development and create a lasting impact in Nigeria and beyond.

Masai Ujiri is the first and only African-born President of a professional sports franchise in North America. In 2019, Masai led the Raptors to their first-ever NBA Championship and the first NBA Championship won by a team outside the United States in NBA history. In 2003, Masai co-founded the Giants of Africa Foundation, based on the idea of using basketball as a means of educating and enriching the lives of African youth—both boys and girls.

Prince Harry and Meghan, the Duke and Duchess of Sussex surrounded by Ilupeju Grammar School pupils, Co-founder of the Giant of Africa, Masai Ujiri and coaches handling the coaching clinic organised by Ujiri’s NGO in Lagos...yesterday

Finidi George... to be officially unveiled as Super Eagles Head Coach today in Abuja

Olawale Ajimotokan in Abuja

PREMIER LEAGUE

MISSILE

Utomi to Political Parties

“I believe that the political party system in Nigeria has failed completely. Political parties are not democratic and they are not serving the purpose. Political parties and politicians of these parties cannot save Nigeria now. It is clear. The nature and the structure of our politics is such that even good people, when they enter these existing political parties, will play to their interests” –-PromoterofMegaPoliticalParty,Prof. PatUtomi,saystheplannedMegaPartywillupstagetherulingAPCin2027

MAHMUDJEGA

VIEW FROM THE GALLERY

Many new Federal ministries were created at the inception of the Tinubu Administration, with nearly 50 ministers to match. How come that we forgot to create a very important Ministry of Birth Rate? This world no balance, to use street language. While we are here worrying about Nigeria’s explosive population growth rate, other countries of the world are deeply worried that their women are not giving birth to enough children.

Last week, President of South Korea, Yoon Suk Yeol, declared that his country’s birth rate is so low that he would create a whole ministry to tackle it. Mr. Yoon said South Korea’s extremely low birth rate is “a national emergency.” “We will mobilize all of the nation’s capabilities to overcome it,” he said, and that he would ask parliament to establish a Ministry of Low Birth Rate Counter-planning.

These Koreans self. So, while they were busy building microchips, smart phones, television sets, computers, Kia and Hyundai vehicles, they forgot to go to bed and produce babies? Which one is more difficult: staying up all night in a lab to add new features to a smart phone and expand the capacity of

a microchip, or retiring to bed to kiss and cuddle, and for a baby to fall out nine months later? You mean all the hi-tech factories of Samsung, LG, Hyundai and other chaebols

cannot manufacture babies?

It is a big puzzle to Africans that South Korea is said to have the world’s lowest fertility rate, i.e. the average number of children a woman will have during her lifetime. While population experts say that a country needs a fertility rate of 2.1 to maintain a stable population, South Korea recorded a rate of 0.78 in 2022. Rather than improve, it further dropped to 0.72 in 2023, with no end in sight. We used to think that Koreans are industrious, but we are forced to review our assessment of them.

Not only South Korea. Its East Asian neighbours including China, Japan, Taiwan and Hong Kong all face what is described as a “demographic time bomb.” These were exactly the countries that we Africans envied for their rapid economic growth and their technological prowess. We envied the Japanese as hi-tech wizards; we envied the people of Hong Kong for their financial wizardry; for three decades we thought Taiwanese were the best manufacturers of cheap goods; and in recent times we marveled at the Chinese for their near-miraculous rate of economic growth. It turns out that, while the East Asians were achieving economic miracles,

DAKUKU PETERSIDE

they were failing in the much juicier art of procreation.

Remember, we said a country needs a 2.1 fertility rate to maintain a stable population. Well, here are some of the countries with the lowest fertility rates for their women. Reading from the bottom, Taiwan leads at 1.09, followed by South Korea with 1.11, with Singapore in third place at 1.17. [Who is that former Nigerian state governor who, at the drop of a hat, cites Singapore as the best role model for Nigeria? Well, not in this simple matter]. Other champion nations of low fertility include Italy, 1.24; Spain, 1.29; Bosnia Herzegovina, 1.37 and Japan, 1.39. I see. Italians, despite all your free-wheeling social ways, you are not producing enough babies? Why? Is it the Mafia in Sicily that stops you from sleeping? Or is it the influence of the The Vatican which you host within Rome, which has a 0% natural population growth rate because the Pope and all his cardinals, archbishops, bishops and nuns are celibate? Spaniards, what is the use of your beaches and castles when you cannot procreate? Are you so busy receiving and

Bad Law, Needless Levy Ministry of Low Birth Rate

Afew weeks ago, Nigerians were startled by a legislation that had largely escaped public awareness. This legislation, which has since undergone substantial amendment carries profound implications for the financial health of every Nigerian, sparking widespread controversy.

The law raises several concerns regarding our legislators’ rigour, effort, and dedication to enacting laws. The legislation, which is known as the Cybercrime (Prohibition, Prevention, etc.) (Amendment] 2024 Act. Section 44 (2] (a] of the Act, mandated a levy of 0.5% of all electronic transactions value by businesses specified in the second schedule of the Act, which includes GSM service providers and telecommunication companies, Internet Service Providers, Banks and other financial institutions, Insurance companies and Nigeria Stock Exchange.

To implement this law, the CBN, on the 6th of May 2024, sent a circular to all

banks and financial institutions in Nigeria to charge a cybersecurity levy starting from the

20th of May 2024 on electronic transactions by customers, barring a few exemptions. Industry watchers have claimed that the government aimed to earn about N2 trillion per annum, judging by the over N600 trillion values of all such transactions in 2023. This caused an uproar in the country, and most civil society organizations, private sector businesses, labour organizations, and concerned Nigerians used all the media available to them to voice their condemnation of this imprudent law.

The banks and other mandated institutions are to collect the levy and remit it monthly to a designated fund (National Cybersecurity Fund) at the CBN for transmission to the Office of the National Security Adviser (ONSA). The fund’s stated primary purpose is to provide financial resources for fighting cybersecurity crimes in Nigeria.

There are many things wrong with this levy beyond the fact that Nigerians are discontented with government and non-

governmental levies and fees plaguing the living light out of them. Some have argued about the interpretation of the law by CBN that the transactions to be charged should be on the businesses mentioned in the Act, not their customers or Nigerians. Others have questioned why this law, created, and signed into law in 2015 by the Jonathan administration, was amended now to include the cybersecurity levy and why the haste to implement it now, especially given the harsh economic conditions occasioned by good-intentioned policies that have had a devastating impact on Nigeria.

The argument on timing is germane given the level of inflation and the devastating degradation of the value of the Naira and, by extension, the purchasing power of Nigerians. Some still argue about the increasing focus of government to use tax as a significant economic policy for revenue

President of South Korea, Yoon Suk Yeol

CBN governor, Olayemi Cardoso