MONDAY 27TH MAY 2024

Tinubu’s Administration Yet to Find Right Way to Handle Economy

Flags off Lagos-Calabar coastal highway FG directs sections 3 and 4 of highway to start from Akwa Ibom, Cross River Virtually commissions design, procurement for 1,000km Sokoto-Badagry highway, 461km Enugu-Abakaliki- Ogoja road, reconstruction of 330 roads, bridges across geo-political zones

Deji Elumoye in Abuja and Bennett Oghifo in Lagos

A visibly excited President Bola Tinubu described Sunday’s flag-off of the 700-kilometre Lagos-Calabar Coastal Highway as his day to boast, saying the deal is done, and the project is realisable.

Tinubu spoke from the Ahmadu Bello Way, Victoria Island, Lagos, end of the project, which would traverse nine states along Nigeria's coastal shoreline, while linking the A1, A2, A3, and A4 highway corridors vertically crossing the western, central and eastern regions of the country, north to south.

But Minister of Works, David Umahi, announced that the president had directed that sections three and four of the Lagos-Calabar Coastal Highway project should commence from Akwa Ibom and Cross River states, respectively.

Former Vice President Atiku

Continued on page 5

CONSTRUCTION BEGINS ON LAGOS-CALABAR COASTAL HIGHWAY...

L-R: Minister of Works, Sen Dave Umahi; Governor Hope Uzodimma of Imo State; President Bola Ahmed Tinubu; Governor Babajide Sanwo-Olu of Lagos State and the President of the Senate, Godswill Akpabio, during the cutting of tape to officially flag off the construction of Lagos-Calabar Coastal Highway in Lagos...... yesterday

Chuks Okocha in Abuja, Sunday Aborisade in Abuja and Ahmad Sorondinki in Kano

Malam Nuhu

Dangote Refinery to Begin Export of 10ppm Diesel in June, Gets NMDPRA’s Approval to Refine Petrol

NUPRC, Schlumberger partner to boost upstream operations

Nigeria's 650,000 barrels per day Dangote refinery will start exporting diesel conforming to European specifications along with gasoline (petrol) sales in June, its Vice President for Oil and Gas, Devakumar Edwin, said at the weekend.

"We expect before the end of next month we'll also have gasoline in the market, and we'll also have Euro V diesel for export, that is below 10ppm", Argus Media, quoted Edwin to have said at a Society of Petroleum Engineers (SPE) event in Lagos.

Dangote, chief executive Aliko

Abubakar had questioned the rationale behind the commencement of the coastal highway from Lagos, instead of Calabar, the Cross River State capital.

At yesterday’s flag-off, Tinubu disclosed that the project would revolutionise transportation in Nigeria and bolster the unique economic strength of each zone. He added that the project was more than a mere road, but a symbol of hope, unity, and prosperity of the country.

He also virtually commissioned the design and the procurement for the 1,000-kilometre Sokoto-Badagry highway.

Tinubu commissioned the 461 kilometres Enugu-Abakaliki-Ogoja road, as well as the reconstruction of 330 roads and bridges across the six geo-political zones. He also inaugurated the 36.02 kilometres Apapa-Oworonshoki-Ojota expressway in Lagos, and the just renovated Third Mainland Bridge.

The president stated, "Today is my day to boast. The deal is done. The dream is realisable. The determination to build a nation of prosperity is possible. We said we would build this road, and we are determined to do it.

"Do not be afraid. We will do this road, and it will be a success for Nigeria, and we will do even more of this."

The president said the project would give future generations a good landmark and memory to treasure while serving as a good precedent set for others to follow in timely provision of world-class infrastructure.

He said, “We have a road that will

Dangote reiterated the planned June start for petrol on May 17.

Dangote refinery started its crude distillation unit in January, and received approval to start up a mild hydrocracker with its desulphurisation units in March.

A source at Nigeria's downstream regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the refinery has now received approval to start its residual fluid catalytic cracker. This implies that the facility can begin the refining of petrol.

Dangote started naphtha exports in March, low-sulphur straight-run fuel oil (LSSR) exports in May and began

outlive all of us here. That is how to build the future. This project is more than a mere road. It is a symbol of hope, unity, and prosperity.

“It will connect communities, bring prosperity to people, and create opportunities for millions of our people. For our nation to excel, we just have to be bold and courageous in our endeavours."

Listing the benefits and opportunities to be created by the construction of the 700-kilometre road, Tinubu said it would provide direct employment for thousands of people and indirect jobs for tens of thousands.

He added that it would open economic opportunities for millions of people, fast-track economic development, provide 30 million people with improved access to production and marketing centres, and facilitate the free movement of people.

Tinubu said the project would also complement the expansion of the country’s maritime industry in the wake of the recent decision by the United Nations to grant Nigeria an extension of its continental shelf by an additional 16,300 square kilometres.

"We must take advantage of these opportunities," the president said, adding that the establishment of more export processing zones along the coastal states must be a priority for the country.

Tinubu commended Umahi for his diligent efforts towards the qualitative execution of the strategic coastal highway project.

He also applauded the chairman of Hitech Construction Company,

RIBADU TO KANO DEPUTY GOV: RETRACT YOUR DEFAMATORY

called for caution.

At the same time, the First Class Emirate, of Bichi, has shown appreciation to the judiciary and security agencies for their steadfast commitment to upholding the constitution and the rule of law.

This was as the leadership of the Northern Youth Assembly also known as Majalisar Matasan Arewa, has written an open letter to President Bola Tinubu, and other international bodies, to be wary of some people in his government, who were planning to cause anarchy in the state.

In the same breath, scores of protesters matched through the state road, near Kano State Government House, yesterday, in support of the deposed Emir of Kano Alhaji Aminu Ado Bayero.

Nevertheless, the Civil Society Legislative Advocacy Centre (CISLAC), has expressed deep concern over the ongoing power tussle involving the reinstated Emir of Kano, Muhammadu Sanusi II, and the dethroned emir, Ado Bayero.

Also, the Human Rights Writers Association of Nigeria (HURIWA) has warned against the abuse or misuse of the operatives of the armed forces of Nigeria, describing it as unconstitutional and unprofessional.

But the Senior Special Assistant to the APC National Chairman on

selling diesel and jet fuel domestically in April. It has a waiver from NMDPRA to sell diesel with sulphur levels above 600ppm into the local market, Argus said.

At full capacity Dangote will be able to more than meet Nigerian domestic gasoline demand. But a trader in the region said gasoline production is unlikely to start next month, citing the amount of cargoes to be delivered to the country.

Exports of naphtha, a key blending component in finished-grade gasoline, are continuing from the refinery, with 80,000t due to load on May 31, according to Kpler.

Edwin, who hinted at a slowing of

Ambassador Gilbert Chagoury, and Engr. Ronald Chagoury, whose company was handling the project, for being worthy stakeholders and for believing in the future of Nigeria.

"Together, we worked to tame the Atlantic, and we turned a disaster into a great asset of value. We lost weight and took insults, but eventually, we tamed the Atlantic. We achieved our goals," the president said.

He recounted how the indigenous company successfully executed a project to prevent the Atlantic Ocean from encroaching on critical sections of the Lagos shoreline.

Earlier, Umahi announced that the president had directed that sections three and four of the Lagos-Calabar Coastal Highway project should commence from Akwa Ibom and Cross River states, respectively.

Emphasising that due process was followed in awarding the contract for this transformative project, the minister described Tinubu as a visionary and courageous leader.

Umahi disclosed that over 40 new projects were ongoing across the country and all compensations up to kilometre six of the Lagos-Calabar

yet to find how to handle the economy in a way that could stimulate investor confidence.

He also criticised two of the three major policies of the present administration, and declared that though they were necessary, they were wrongly implemented.

The three policies referred to by the former president were removal of fuel subsidy, closing the gap between black market and official rates of foreign exchange, and reaction to the military coup in Niger Republic.

Public Enlightenment, Chief Oliver Okpala, has slammed the Kano State Governor, Abba Yusuf Kabir, saying his desperation to destroy the legacy of his predecessor in the state would fail.

The Kano deputy governor, had alleged that the NSA facilitated the return of the dethroned Emir of Kano, Aminu Ado Bayero, by providing him with two private jets, and security.

Although Ribadu had since denied the allegation, he had also threatened to sue him if he failed to retract the claim.

In a letter to the Deputy Governor from Aliyu & Musa Chambers, counsel to Ribadu, the NSA demanded an apology from the deputy governor which must be tendered within 24 hours

Counsel to the NSA equally wanted the deputy governor to issue a public apology in five national dailies with wide national coverage and on popular online platforms as failure to do so, Ribadu would be compelled to seek redress in a court of law.

Northern Ruling Council Seeks Restraints

The Northern Traditional Ruling Council, under the chairmanship of

spot sales, said: "We had a meeting to see, probably, how we can slow down our sales because we've already made quite a few forward bookings,"

"Export, for example, aviation/jet, the last vessel went to the Caribbean islands. The next vessel, we are booking for US market," he added.

Dangote recently added TotalEnergies as a buyer in a deal that could see the French company take refined products for its African network of 4,800 retail fuel stations, including more than 540 in Nigeria.

The deal could also see the oil major supply crude to the refinery. A source told Argus there is a deal

project had been paid.

The Oniru of Iruland in Lagos State, Oba Abdulwasiu Lawal, whose domain the road would pass through, assured the president that the community would ensure the removal of all bottlenecks. He stated that his people had made painful sacrifices for the project to materialise and called for adequate compensation to them.

In separate remarks, three governors –Babajide Sanwo-Olu of Lagos, Abdulrahman Abdulrazaq of Kwara, and Hope Uzodinma of Imo – described the wide-ranging support from sub-nationals as a vote of confidence and support for the landmark project.

Starting from Lagos and terminating in Cross River State, the coastal highway will include a spur to the North-central part of the country.

From Victoria Island, Tinubu also performed the virtual flag-off of the design and procurement for the 1,000 kilometres Sokoto-Badagry Highway, which is expected to connect Sokoto to Badagry in Lagos State, passing through Kebbi, Niger, Kwara, and Oyo states.

the present administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in.

"They know us more than we know ourselves. And now, they are laughing at us, not taking us seriously. We have to present ourselves in such a way that we will be taken seriously.”

A statement by his Special Assistant on Media, Kehinde Akinyemi, said Obasanjo also took a swipe at those against his position on the much-touted refurbished refinery in Port Harcourt, describing them as "sycophants and spin doctors".

He declared that such people failed to remember that the attempt made by his administration in 2007 to partly privatise the refineries was after a thorough study of the situation.

Obasanjo stated, "Today, government has taken three decisions, two of which are necessary but wrongly implemented and have led to impoverishment of the economy and of Nigerians. These are removal of subsidy, closing the gap between black market and official rates of exchange, and the third is dealing with military coup in Niger Republic.

"The way forward is production and productivity, which belief and trust in government leadership will engender. No short cut to economic progress but hard work and sweat.

"Economy does not obey orders, not even military orders. I know that. If we get it right, in two years, we will begin to see the light beyond the tunnel. It requires a change of characteristics, attributes and attitude by the leadership at all levels to gain the confidence and trust of investors, who have alternatives.

"Total Energy has gone to invest six billion dollars in Angola instead of Nigeria. If the truth must be stated,

for TotalEnergies to supply two crude cargoes each month, or around 2 million barrels.

Indications based on the refinery's slate to date and TotalEnergies' Nigerian crude equity suggest one cargo of the very light Amenam blend one of Bonny Light, the report added.

Meanwhile, in a drive towards its goal of boosting Nigeria’s oil production, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe received a delegation from Schlumberger, led by its global President, Mr. Olivier Le Peuch, at the commission’s headquarters in Abuja. Edwin

In addition, Tinubu virtually flagged off the design and procurement for the 461 kilometres Enugu-AbakalikiOgoja Road, which would traverse Benue, Kogi, and Nasarawa states, and terminate at Apo, in the Federal Capital Territory (FCT).

The president, who was in Lagos to inaugurate and flag-off projects as part of activities marking his administration's first anniversary, also performed the virtual flag-off of the reconstruction and rehabilitation of 330 roads and bridges across the six geo-political zones of the country.

Tinubu seized the opportunity to inaugurate the newly reconstructed 36.02 kilometre Apapa-OworonshokiOjota-Oshodi Expressway, connecting Nigeria's premier ports – Apapa and Tin Can Island – to larger parts of Lagos State.

A statement by Tinubu’s media adviser, Ajuri Ngelale, said the president, who performed the symbolic unveiling of the plaque of the concrete-paved road at the Gbagada stretch, also virtually inaugurated the recently rehabilitated Third Mainland Bridge.

Tinubu, who was represented

and the present, and ask how Nigeria got to its current state.

According to Obasanjo, "Looking at the topic of today’s occasion, the question I would ask is, how do we navigate our way out of these crises and pave the path towards a more secure and prosperous Nigeria?

The former president added, “If the existing investors are disinvesting and going out of our country, how do we persuade new investors to rush in. We can be serious if we choose to be, but we need to change from transactional leadership in government to transformational and genuine servant leadership.

"With change by us, the investors will give us benefit of doubt, and security being taken care of on sustainable long-term basis, they will start to test the water.

“With the right economic policies, attribute of integrity and honesty of purpose, all should be well, with all hands on deck and government become a catalyst for development, growth and progress.”

Obasanjo concluded, "Tinkering with exchange rate is not the answer. The answer is consistency and continuity in policy to ensure stability and predictability. That way, we will be sure of incentivising domestic and foreign investment.

“There must be honesty and transparency in government dealings and contracts and not lying with deception about these issues. When government is seen as pursuing the right policy, the private sector will go for production and productivity.

“Change is possible but it must begin with the leadership."

The former president’s reaction to the refinery issue came barely six months after the claim that the refinery would begin operation in January. He stated that to get out of the current economic situation in the country, the government and the governed needed to look at the past

“I believe the answer to this requires a multi-faceted approach that addresses the root causes of these challenges.

The central questions are: where were we, and how did we get to where we are today?

"Firstly, we must know where we are coming from. Our economy has consistently suffered from poor policies, lack of long-term sustainable policies, discontinuity, adhocry and corruption firmed on personal greed, avarice, incompetence, lack of knowledge and understanding and lack of patriotism.

"For instance, the statement and proposed actions given 45 years ago to stop fuel scarcity are the same statement and action being touted today. I recall when I made the statement that the refineries will not work, the sycophants and spin doctors of this current administration went out to castigate me as not being a petroleum engineer and that I did not know what I was talking about.

"They forgot that the attempt that was made in 2007 to partly privatise the refineries was made by me after a thorough study of the situation. But the decision was reversed by my successor and the 750 million dollars paid was refunded."

On the way out, Obasanjo disclosed that the country needed "a 25-year socio-economic development agenda that will be generally agreed to by the nation, all political parties and passed into law by the National Assembly, with State Assembly aspects also passed into law by the state Houses of Assembly.

“We take up the implementation on five-year basis. In reality, that plan will have the effect of almost a constitution.

The high-level meeting between the NUPRC chief and officials of Schlumberger, the commission said, underscored its commitment to fostering strategic partnerships that would enhance Nigeria's oil production and operational efficiency.

by Senate President, Senator Godswill Akpabio, said the ApapaOworonshoki-Ojota Expressway would enhance access to the ports, boost commercial activities, and spur economic development.

Originally constructed between 1975 and 1978, the road had deteriorated significantly over the years, causing severe delay in the evacuation of goods from Apapa Wharf.

The reconstruction of the road was executed in four sections, using Continuously Reinforced Concrete Pavement (CRCP), by Dangote Industries Limited under the tax credit method of infrastructure funding, with Hitech Construction Nigeria Limited as the subcontractor.

The rehabilitated Third Mainland Bridge, the longest of three bridges connecting Lagos Island to the mainland, spans about 11.8 kilometres. It was commissioned by President Shehu Shagari in 1980 and completed by General Ibrahim Babangida in 1990. The bridge recently underwent significant rehabilitation, starting during the days of the Muhammadu

Continued on page 51

The first priority in the implementation will be education for all."

The second should be food and nutrition security through agribusiness, Obasanjo said. The third should be energy for all, the fourth should be industrialisation and manufacturing, according to the former president. And the fifth should be science, technology, innovation and Artificial Intelligence, AI, he said.

Obasajo stated, “In all these, government should provide conducive environment for private sector to operate and thrive. And where government will be involved at all, other than as policymaker and enabler, it should be on the basis of private public partnership with government as junior partner.”

Addressing the security question, Obasanjo said, "We need stick and carrot approach. Stick to deal with those who cannot be weaned out of criminality and evil deeds and for those weaned, they should be rehabilitated.”

He said every Nigerian must be in school compulsorily for 11 years – secondary education level. He stated, "Employment must be a right for all Nigerians from age 18 years to 65 years. With such carrot in position, the stick must then be made more severe for criminals. Five years must be set out to ensure that every Nigerian child that is not in school is in school and no one is left out of popular education.

“Adult education should be embarked upon to give every Nigerian basic education equivalent to six years of formal education. We should give ourselves 10 years to rid Nigeria of illiteracy.

“No matter what we do, if we do not find a way of educating, giving skills and empowerment, over 20 million Nigerian children that are out of school today will end up being rich recruitment centre for drug addicts, Boko Haram, bandits and other social misfits.”

Emmanuel Addeh in Abuja

62ND ANNUAL GENERAL MEETING...

Minimum Wage: Don’t be Private Sector’s Undertaker by Insisting on 1,233% Wage Increase, NECA tells Organised Labour

Says current economic condition cannot support N400,000 minimum wage

Director-General of Nigeria Employers’ Consultative Association (NECA), Mr. Adewale-Smatt Oyerinde, has urged representatives of organised labour to embrace the proposed N57,000 new minimum wage or be prepared to serve as the undertaker of organised business by insisting on N400,000 as minimum wage.

The N400,000 placed on the negotiation table by organised labour represents 1,233 percentage increase from the current N30,000 minimum wage.

Oyerinde, who is also spokesperson of the Organised Private Sector (OPS) in the National Minimum Negotiation Committee, said the proposed N57,000 represented 90 per cent increase over the current N30,000 minimum wage. He reminded labour that no member of OPS was making 90 per cent profit, as a large number of them were booking losses and shutting down.

The NECA director-general

told THISDAY at the weekend, “The circumstances and situation of the organised businesses have not improved significantly to accommodate the 90 per cent increase the OPS offered.

“The organised businesses have offered 90 per cent increase and the government has increased its offer from N47,000 to N57,000.

“But labour is still insisting on N400,000 minimum wage, which we believe is desirable and within the right of labour to ask, but is quite unsustainable for the organised business because it will lead to the death of many organisations. And we cannot allow either labour or government to become undertakers of the organised businesses.”

In a press statement titled, “National ‘Minimum’ Wage Negotiation: Job Security and Creation should be Prioritised,” which he issued yesterday, Oyerinde urged the wage negotiation committee to prioritise job creation and job

security in view of the prevailing worrisome and increasing rate of unemployment in Nigeria. He added that productivity should be the key driver of higher wages.

The director general of NECA stated, “It is important to note that what the committee was constituted to negotiate is a new national minimum (not maximum) that could be termed the ‘floor’ wage, below which no employer should pay.”

He said, “With organised businesses declaring over N1 trillion in combined losses and many shutting down their businesses for different reasons, while others are relocating to other climes, it will be practically impossible to guarantee enterprise sustainability and job security with the current demands of organised labour.

“Notwithstanding ongoing challenges, made worse by rising interest rates, astronomical logistics cost, increasing energy tariff and multiple taxes, levies and fees, the

private sector remained committed to the 90 per cent increase in the National Minimum Wage and will continue to support the welfare of workers and the protection of their jobs, which can only be guaranteed by the survival of the enterprise.”

While explaining the current economic realities, Oyerinde said, “In the last three years, hundreds of companies either exited the nation, shut down or changed their business model.

“These companies included Jubilee Syringe Manufacturing (JSM), Procter & Gamble, Unilever Nigeria Plc, PZ Nigeria Plc, GSK Nigeria Plc, Sanofi Pharmaceuticals, Bolt Food, Nampak, Microsoft, Jumia Food, Equinor (oil & gas), Mayor Biscuits Company Limited, and Greif Nigeria, among others, with many other multinational companies declaring over N1 trillion in combined losses.

“According to the Manufacturing Association of Nigeria (MAN), about 767 manufacturing companies were

Tinubu Inaugurates Ogbia-Nembe Road in Bayelsa, Calls for Collaboration with IOCs

Olusegun Samuel in Yenagoa

As part of the activities to mark his administration’s one year in office, President Bola Tinubu yesterday inaugurated the 25.735km OgbiaNembe road in Bayelsa, with seven bridges connecting 14 communities in the area.

The project was conceived and completed by the federal government through the Niger Delta Development Commission (NDDC) in collaboration with the Shell Petroleum Development Company (SPDC) and other joint ventures partners.

However, it was almost stalled before the Bayelsa state government donated N3 billion during the Senator Seriake Dickson administration.

The inauguration came as a big relief for the benefitting communities in the state that had been waiting for the completion of the road that was first initiated in 1940.

Work commenced in 2005 during former President Olusegun Obasanjo’s administration when the then Managing Director of the Niger Delta Development Commission (NDDC), Chief Ndutimi Alaibe,

initiated it.

The project was stalled during the administration of former President Goodluck Jonathan, who ironically was from the locality.

The benefitting communities include Ogbia, Emakalakala, Akipelai, Etiama, Nembe Bassambiri and Ogbolomabiri, among others.

The president, represented by the Minister of NDDC, Abubakar Momoh, an engineer, at the opening, expressed regret for being unable to attend due to international engagements.

Stressing the significance of the project, Tinubu stated: “This important road will alleviate many issues and hardships in the region by facilitating the free movement of goods and services. This is a project everyone would want to be associated with.

"The NDDC deserves a lot of commendation for this accomplishment. This demonstrates Mr. President’s commitment through the release of funds for the timely completion of the project.

“This project is a clear example of what good partnerships can achieve. I call on other international oil companies (IOCs) to follow suit.

Chevron, for instance, has undertaken similar projects in the region, and I urge them to complement the NDDC’s efforts so that we can witness more success stories like this.”

He also acknowledged the role of the National Assembly in the project, noting that for the NDDC to initiate this project in partnership with Shell, the lawmakers must be commended for their support.

Regarding the call by Alaibe for the federal government to remove the NDDC from the single treasury account, the president said the government had moved beyond that because his office had directed the NDDC to capture all legacy projects in the nine states of the region.

He said in the 2024 budget, a special arrangement would be put in place to execute the region's projects.

He thanked Shell for partnering with the NDDC, stressing that the huge project which gulped over N30 billion would have been difficult for any single entity to achieve alone.

"I encourage the IOCs and the governors of the nine states to collaborate with the NDDC to accomplish more. It is my honour and privilege to open this project," Tinubu said.

In his opening remarks, the Managing Director of the NDDC, Dr Samuel Ogbuku, described the completion of the project as a significant milestone, particularly for the Ogbia and Nembe people.

He called on all stakeholders to cooperate with the commission in its efforts to develop the Niger Delta region.

Also, the Chairman of the NDDC Governing Board, Mr. Ehiedu Ebie, described it as a great day for the people of the Niger Delta.

“This impactful project underscores the potential for collaboration with SPDC and other IOCs such as Shell,” he said.

He also stressed the importance of continuity, noting that the project began during the tenure of Alaibe as the MD/CEO of the commission.

“As a board, we strengthened the public-private partnership department, and our efforts are coming to light,” Ebie stated Also speaking, Bayelsa State Governor, Douye Diri described as unfair, deliberate efforts being made in some quarters to undermine the significant contributions of the state government towards the completion of the 25.7km road project.

shut down and over 335 experienced distresses in the country in the past three years.

“In addition to this is a bourgeoning N350 billion goods, which were unsold. The same fate is faced by Small and Medium Scale industries (SMEs). The private sector is on the precipice of collapse, with massive consequences for jobs.”

Oyerinde urged the National Minimum Wage Committee to refocus its effort on protecting jobs, boosting the capacity of the private sector to create more jobs, and ensuring sustainability and ability to pay.

He revealed, “According to the

Emmanuel Addeh in Abuja

Despite owning the world’s 9th largest reserves of natural gas, with over 209 Trillion Cubic Feet (TCF), Nigeria’s global market share of exports has declined from 15 per cent to just 2 per cent in recent years, a former Group Executive Director, Gas & Power, at the Nigerian National Petroleum Company Limited (NNPC), Dr David Ige, has disclosed.

Ige, who was a panellist at the Babalakin & Co organised gas colloquium in Abuja, also stressed that Nigeria’s much-talked-about gas master plan meant to ramp up production and supply of the commodity, was still stuck in phase one, 18 years after its take-off.

Ige, who now runs Gas Invest Limited, argued that from 2017 to 2023, Nigeria only grew its domestic gas market by about 1.3 million cubic feet per day to around about 1.5 to 1.55m CF, representing just 3 per cent annual growth rate, while gas export has also declined.

National Bureau of Statistics, the combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) increased to 17.3 per cent in Q3 2023 from 15.5 per cent in Q2 2023. “About 87.3 per cent of workers were self-employed in Q3 2023. The unemployment rate increased significantly in Q3 2023 at 5.0 per cent.

“With these figures, more efforts should be concentrated on keeping more people in employment while government should be challenged to implement its planned interventions in transportation, food security and general macro-economic stability.”

The Nigerian Gas Master Plan was devised as a major interventionist concept to move the gas sector from its essentially dormant status in 2006 to a market-based system with willing sellers and willing buyers, realising the full potential of the sector for the benefit of all Nigerians. Ige said: “On aggregate, we really haven't grown gas in the last seven years as a country. That's by virtue of our performance today. But let's even take the domestic market growth. We have grown at about 3 per cent. And the 3 per cent growth is evident also in the

challenges of the pipeline. Because the pipeline is barely operating at a steady state, which is very symptomatic of a lack of supply basically to the system.

“So all of these point to a generally low level of investment in Nigeria, regardless of what we have done in the Petroleum Industry Act (PIA) or in everything else. The key point is the PIA is a necessary but not a sufficient condition to attract investment. And I think that's very important because we focus so much on the PIA.

“It's a law. But there's a whole plethora of things that actually make investments to happen. And it's important that we get all those together. With 210 TCF of gas, Nigeria should be operating in a slightly different frame from countries that operate one project at a time. So we need to take this very holistically because we spend too much time talking about our 210 TCF.

“I think it's time we start talking about how much of that gas is actually working for us. Now, in the US, between 2017 and 2023, just the export component of the US market grew from zero to 12 BCF and growing steadily. That's on a compounded basis of about 37 to 40 per cent year-on-year, compared with our 3 per cent or less in Nigeria.”

According to him, Nigeria should begin to look at how to move the sector forward in a big way, rather than focus too much on the little things that tend to bog it down, noting that while the country has a humongous amount of reserves, they are hardly ever accessible, unlike in the US where reserves accessibility is not a major challenge. Ex-NNPC GED: Nigeria’s Gas Master Plan Stalls, Global Market Share Fell from

Dike Onwamaeze

Group Chairman, Mr. Tony O. Elumelu, CFR (right), and Group Managing Director/CEO, Mr. Oliver Alawuba, at the 62nd Annual General Meeting of United Bank for Africa (UBA) which coincided with the Bank’s 75th Anniversary, held at Transcorp Hilton, Abuja...last Friday

SIGNING OF STRATEGIC ALLIANCE BETWEEN SLB AND NNPC ENERGY SERVICES...

L-R: Chief Executive Officer, SLB, Mr. Olivier Le Peuch; Basin President, SLB, Mr.Wallace Pescarini; Managing Director, West Africa, SLB, Mr. Sops Ideriah; Managing Director, EnServ, Sophia Mbakwe; Group Chief Executive Officer, NNPC Limited, Mele Kyari; and Executive Vice President, Upstream, NNPC Limited,Oritsemeyiwa Eyesan, at the official signing to formalise the strategic alliance between SLB and NNPC Energy Services Limited (EnServ), aimed at enhancing service delivery in the Nigerian oil and gas industry, held in Abuja ... recently

At Oxford University, Obaseki Proffers Solutions to Nigeria’s Economic Impasse

The Edo State Governor, Mr. Godwin Obaseki, has proffered solutions to Nigeria’s economic challenges, noting that it was necessary for the government to step back and advance critical policies that would enable people to create wealth.

The governor said this during his keynote address at the Oxford University Conference 2024, themed, “Charting Africa’s Path Forward: A Journey of Possibilities,” organised by the Oxford University Africa Society, at the Blavatnik School of Government, Oxford, United Kingdom.

Also yesterday it emerged the state government has paid the N70,000 new minimum wage to workers in the state, in fulfilment of its promise to increase the minimum wage from the month of May, 2024.

Speaking on the theme, “Unlocking Africa’s Potential: The power of publicprivate partnership,” the governor said he undertook radical changes that have transformed the state’s economy, growing the Gross Domestic Product (GDP) to over $26 billion in the last seven years.

He said that any government that intends to grow the economy needs to step back and advance policies that would allow the people the opportunity to create wealth.

“We focused on institutions. We focused on governance because that would help us organise ourselves. We reformed our civil service. We cleaned up our processes and digitised the way the government does business. Today, right on my desktop, I have most data on the government available at the click of a button.

“More importantly, we have worked on the human capital – the civil service. We have given them a sense of pride and made them respected. We have ensured that they are well remunerated. A few weeks ago, I announced the highest minimum wage in the country, even that is inadequate,” he noted.

Obaseki stated that the government focused on the bureaucracy, not for the benefit of the bureaucracy itself, but to ensure that it helps people realise their potential.

“Government is supposed to work for us as citizens. To do that, we need to have clarity. Government’s role is not to build the economy. Its role is to help citizens achieve their goals,” he stressed.

Obaseki noted that his administration placed emphasis on creating the enabling environment for businesses to thrive in the state.

“We deployed seamless means of collecting fair taxes from the citizenry. We also undertook the task

of repositioning the government to carry out its principal function, which is regulation. Government needs to understand that it needs to step back and create opportunities for people to create wealth and make money.”

“It is people that make things happen; the government's responsibility is to focus on the people and key to this is education.

“When we came into government in Edo State, we understood that it was not all about schooling. Education is not just about schooling, but learning.

“So we focused deliberately on foundational literacy and numeracy. If I have $100 to spend on education, I will spend $40 on basic education. We have focused on basic education in the last seven years and you can see the transformation in the kids.

The children in Edo today learn 70 to 80 per cent as much as their peers in Britain or America.

“Usually, everyone got an education for the certificates or to be employed. But we felt that was not right. Our people need to get educated to make them useful to themselves and the society. They need to be able to employ and sustain themselves,” je explained.

The governor also said his administration focused on remediation of the vocational education system, which had been broken.

He stated that that that of January 2017, the rot had led to an exodus of over 30,000 youths who were waiting in Libya to cross over to Europe, according to data from the International Organisation for Migration (IOM).

“It was a humanitarian crisis. Young people wanted to stay anywhere else but home. They had to travel. As a result, we were top of the list in human trafficking and irregular migration. That was a signal. We had to support them and get the data on why they were leaving. The data showed that the education system had been broken and had to be fixed, which is what we have done,” he added.

The governor also said that he had to focus on providing key infrastructure to drive growth, focusing on roads and bridges, energy and digital infrastructure, which were critical to expanding the state’s economy.

“We are right at the centre of the country. We are the cheapest location to generate electricity because we have both the transmission and gas grids running through the state. Today, we supply close to 13 per cent of the total electricity in Nigeria. Most importantly, we have onshore gas and have attracted investment in electricity generation.

“We have Independent Power Plants (IPPs) running in the state. Also, in the last three years, we have built almost 2000km of fibre optic cable infrastructure running through the state. We are currently building an additional 300km of fibre optic cable infrastructure to connect schools and primary healthcare centres,” he said.

Meanwhile, officials of the Edo State Government and the Federal Ministry of Works are scheduled to meet on Monday over the impact of the flooding of May 24, 2024, at the Independent National Electoral Commission (INEC) State Head Office, in Aduwawa, Ikpoba-Hill, Benin City.

Addressing journalists at the INEC office after inspecting the damages caused by last Friday’s flooding, Obaseki said the destruction was unfortunate as it occurred just before the commencement of the Continuous Voters Registration (CVR) exercise in the State.

Obaseki said the impact of the flooding was even more devastating for the staff of INEC and people who are expected to have a flawless CVR exercise in the State.

He said: “I am here with my team

to look at what has happened and what we can do immediately. We are strategizing on a longer-term solution to this problem since it has become a perennial issue.

“The Federal High Court and the Federal Court of Appeal have been vacated. In fact, we have to relocate them but because of the size and operations of INEC, we have not been able to do so.”

“I will set up a team to have a meeting early Monday morning with officials of the Ministry of Works because it’s a Federal Road. They are responsible for this road.

“ The drainage design is with them and we need to understand what they did. As for palliative measures, we would look for alternative drainage routes where the low points are so that we can channel the water into those areas.”

He explained that the state needed to work with INEC to re-secure their premises so that their facilities can be safe.

“We also need to begin to think of a longer-term and a more permanent solution. If they need to be evacuated and get the whole area rebuilt, we would consider that.

“That is something we can’t

achieve in five months’ time. We would work with them and ensure they are put in operational readiness to undertake the next gubernatorial election,” he said.

The Edo State Resident Electoral Commissioner, Dr. Anugbum Inuoha, expressed appreciation to the governor for the visit.

Promise Kept: Edo Pays N70,000 New Minimum Wage to Workers

Meanwhile, The State Government has paid the N70,000 new minimum wage to workers in the state, in fulfilment of its promise to increase the minimum wage from the month of May, 2024.

Governor Godwin Obaseki had during the commissioning of the Labour House in Benin City announced the increase of the minimum wage for workers in the state from N40,000 to N70,000, to reflect the current economic realities of the country and cushion the impacts of the harsh economy on the people of the state.

In a statement, Edo State Commissioner for Communication

and Orientation, Chris Nehikhare, said the payment of the N70,000 minimum wage to the workers, further demonstrates the commitment of the Governor Godwin Obaseki-led administration to the welfare of Edo workers.

According to him, “The Edo State Government has paid the May salaries of workers in the State, reflecting the implementation of the N70,000 new minimum wage.

“This is in fulfilment of the promise made by Governor Godwin Obaseki to increase the minimum wage from N40,000 to N70,000 beginning this May, as part of efforts to cushion the impacts of the harsh economy occasioned by fuels subsidy removal and other economic decisions by the federal government.

“It is also in furtherance of the commitment of the state government to meet its statutory obligation even before the end of the month.”

The commissioner urged workers to be committed to their duties, while contributing effectively to ensuring the governor finishes strong, to reciprocate the gesture by the state government to their welfare.

FG to Review Capitation Fees for Healthcare Providers

James Emejo in Abuja

Director-General/Chief Executive, National Health Insurance Authority (NHIA), Dr. Kelechi Ohiri, has disclosed that a review of capitation fees paid to healthcare providers under the National Health Insurance Scheme (NHIS) is underway.

Ohiri said the move further reinforced the commitment of the President Tinubu Bola administration to improving the country’s overall health indices.

Capitation fee, the fixed amount paid by an insurer to a provider, covers the cost of services performed for a patient, and remains a major complaint by hospital proprietors involved in the scheme.

Ohiri, however, stated that the issue had been receiving priority attention due to its significance and given that the fees had not been reviewed for many years.

Speaking when he appeared on the Nigerian Television Authority (NTA), he said, "One of the things that we observed is that it's been a while since tariffs were actually reviewed in the sector, and one of the first things that we did in the NHIA upon resumption

was to commission actuarial reviews, which started in February.”

He said the purpose was to “have the evidence and the base to review tariffs in the country and also from an actuarial perspective understand what we can afford in terms of a basic minimum package of services so that if you go to a hospital, you know what to expect to have".

The NHIA boss shed light on the support given to vulnerable groups in the country to encourage them to enrol and benefit from the health insurance programme, which was a priority of the Federal Ministry of Health and Social Welfare under Professor Muhammad Ali Pate.

According to him, the establishment of the Vulnerable Group Fund (VGF) is in recognition that "health insurance could be contributory, where you prepay, but it also could be noncontributory, where somebody, like the government, pays on behalf of the poor and vulnerable”.

He said fund remained a critical part of the Act establishing the NHIA, which caters to poor Nigerians and others classified as vulnerable, including those with disabilities, internally displaced persons, the

elderly, among others.

Ohiri revealed that the definition of vulnerability had been expanded to include women who were at risk of death during childbirth “because that disproportionately affects poor women mostly in rural areas".

He stated that the deepening of partnerships with state governmentrun health insurance programmes was a priority because NHIA’s effort to boost enrolment was a national effort.

Ohiri commended the states for taking strong steps to expand the footprint of health insurance within their jurisdictions.

He said, "Over the last two years now, every state in Nigeria has a state health insurance scheme and the last one to actually come on board was Rivers State.

"Many states are setting up equity funds to also complement what the federal government is doing to ensure that even the poor and the vulnerable in their states are also covered."

He stressed that improving the current enrolment figure – an estimated 16 million people or seven per cent of the national population – was a national challenge, which the new NHIA Act had empowered

the agency to play a greater role in confronting.

Ohiri said, “Only seven per cent of Nigerians are covered by insurance; that's roughly 16 million people. With the act now making it mandatory, it means that now we actually have a pathway to universal coverage, where we aim to increase the coverage of Nigerians from seven per cent and to see how far we can go.”

He stated that the country's health insurance space was mixed with a variety of key players, adding that authority will continue to play its leadership role, and the challenges should be seen as a collective responsibility.

He said, "We have a mixed insurance space where we have not just the NHIA and the state health insurance schemes, but we have a lot of private health insurance agencies, HMOs as well as administrators.

"For Nigeria to actually increase coverage of people and for us to go on that path to universal healthcare coverage, it requires the collective effort of both the public and private sectors but also the

Tinubu Govt’s One Year of Gains and Pains

By May 29, 2024, President Bola Tinubu would have spent one year in office. So far so good, it has been a year of gains and pains for the Nigerian populace. Adedayo Akinwale writes.

When President Bola Tinubu took over the mantle of leadership of the country, Nigerians were hopeful and optimistic that he was going to reignite the hope that Nigerians have hitherto lost in the country.

Especially, taking over from the chaotic administration of former President Muhammadu, Tinubu’s performance while he was the Governor of Lagos State also made people to believe that come what may, his administration won’t be as terrible as that of Buhari.

Incidentally, right from the word go, Tinubu’s policies, if anything, has caused Nigerians more pain and it has successfully eliminated the middle class in the country.

Checks revealed that on May 29, 2023 as promised in his campaign manifesto and indeed as all the Presidential candidates including Peter Obi of Labour Party and Atiku Abubakar of the Peoples Democratic Party (PDP)also promised, Tinubu announced the removal of petrol subsidy.

The President had during his inaugural speech declared that ‘fuel subsidy is gone’, saying the country could no longer sustain the subsidy regime due to drying resources.

“Subsidy can no longer justify its everincreasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions,” he had said.

The decision to remove the subsidy, however, immediately led to a spike in the prices of the products and spiralling inflation across board.

Justifying his decision to remove the subsidy, Tinubu said Nigeria would have gone bankrupt if his administration had not discontinued fuel subsidy payments.

He admitted that though the policy came with economic pains, it was in the best interest of Nigerians.

While Nigerians were still trying to come to terms with the subsidy removal, Tinubu’s administration, also in line with his campaign promise, came with the idea of floating the Naira and the unification of the exchange rates.

The Central Bank of Nigeria’s decision to float the currency was hailed by the organised private sector and economists who said the move would unify the country’s multiple exchange rate and bring sanity to the FX market.

The development means buyers and sellers of

foreign currency in the official FX markets are now allowed to quote rates they find comfortable in the FX market, as against the previous practice where rates were dictated by the Central Bank of Nigeria.

Though, experts believe that with the unification of the exchange rates, a significant market distortion has been removed. However, the policy has brought both positive and negative implications.

The pressure on Naira had since increased as the Dollar now exchanges for above N1,400 in the official FX market.

Without doubt, most of the policies introduced by Tinubu are necessary and long overdue, but the spate at which the policies were being introduced have left Nigerians with bruised faces.

For instance, Tinubu announced the removal subsidy almost a year ago without any corresponding palliatives to cushion

the effect on Nigerians. The push back from the organised labour, however, forced the federal government to announce the Presidential Compressed National Gas (CNG) initiative, which has now been rolled out.

The Initiative, according to the Programme Director and Chief Executive Officer, Michael Oluwagbemi, would reduce the pressure on foreign reserves and improve the value of the Naira.

According to him: “For every 1,000,000 vehicles that Nigeria moves from petrol to natural gas, the nation is not just saving between $2.5 billion to $3 billion every year, we are also reducing the pressure on our foreign reserves, increasing the value of our currency, enhancing our export, we are creating jobs, we are enabling technology and innovation for our petroleum and clean energy sectors”.

Nevertheless, one year after the removal of the subsidy which has made life unbearable

While Nigerians were still trying to come to terms with the subsidy removal, Tinubu’s administration, also in line with his campaign promise, came with the idea of floating the Naira and the unification of the exchange rates. The Central Bank of Nigeria’s decision to float the currency was hailed by the organised private sector and economists who said the move would unify the country’s multiple exchange rate and bring sanity to the FX market. The development means buyers and sellers of foreign currency in the official FX markets are now allowed to quote rates they find comfortable in the FX market, as against the previous practice where rates were dictated by the Central Bank of Nigeria. Though, experts believe that with the unification of the exchange rates, a significant market distortion has been removed. However, the policy has brought both positive and negative implications. The pressure on Naira had since increased as the Dollar now exchanges for above N1,400 in the official FX market.

for Nigerians, the federal government is still negotiating expected increase in minimum wage with the Nigerian workers.

Moreso, while there is hope for government workers to have their salaries increased, those in the private sector have little or no hope of having their salaries increased at all

Based on the current agonising situation in the country, the All Progressives Congress (APC) Professionals last Tuesday organised a programme tagged “Asiwaju Scorecard Series” to x-ray Tinubu’s one year in office.

Chairman, Board of Trustees of APC Professionals Forum and former Governor of Bauchi state, Isa Yuguda said Tinubu inherited post-Covid economy, adding that

Nigeria was not exempted from the price of goods that have risen astronomically globally.

“The president did not create any of the problems people are talking about whether in the economy or in the other sectors. In fact, what he met on ground would have created a worse situation if not properly handled but he is championing reforms that are required to pave way for a better society.

“We all recall how on assuming office, President Tinubu announced the removal of fuel subsidy but again for the avoidance of doubt he did not remove subsidy on PMS.

It was not in the later part of the 2023 budget but surprisingly the Tinubu administration has had to bear the brunt for subsidy removal,” he maintained.

Yuguda was of the opinion that the president has today been proved right with the manner petrol importation has gone down by 50 per cent since June 2023. He added that it was almost certain to go down more in a few months when the 650,000 barrels per day Dangote Refinery begins to produce PMS locally as well as the impending resumption of production at the Port Harcourt and Warri refineries.

The former Governor emphasised that if any Nigerian was still in doubt about how payment of subsidy has over the years strained the country’s resources, they must have seen how the subnationals now receive more than double what they used to get from Federation Account Allocation Committee (FAAC).

Tinubu

Shettima

BUSINESS WORLD

08056356325

Despite domestic and global economic challenges, six DomesticSystemically Important Banks (D-SIBs) with operations across Africa, granted about N76.9 trillion loans to customers between 2021 and 2023, findings by THISDAY has revealed.

THISDAY analysis of the banks’ financial report for the period under review showed that ETI, followed by Access Holdings, and Zenith Bank granted the highest loans to key sectors such as Oil & Gas, Manufacturing, Power, Small & Medium Enterprises (SMEs), Real Estate, Information and Communication, among others.

The six D-SIB are: Ecobank Transnational Incorporated (ETI), United Bank for Africa (UBA), Access Holdings Plc, Zenith Bank Plc, FBN Holdings Plc, and

Guaranty Trust Holdings Company Plc (GTCO).

For instance, inn 2023 alone, the six D-SIBs granted N36.8 trillion as loans to customers, representing 67.3 per cent increase from N21.99 trillion in 2022, which is 21.4 trillion growth from N18.11 trillion in 2021.

Aside from loans to real sectors, the six D-SIBs withstand challenges to generate N6.06 trillion and N5.05 trillion profit before tax and profit after tax, respectively in three years. Although, these banks continued to reap bountifully from interest on loan amid elevated interest rates in Nigeria and other countries in sub-Saharan Africa given downside risks from a significant global slowdown, tightened financial conditions, and sovereign vulnerabilities.

The build-up of inflationary pressures eased gradually through 2023 as monetary policy

interventions across the continent gained traction, however, downside risks including prevailing structural weaknesses and exchange rate pass-through remain.

In the period under review, ETI’s total loans and advances to customers increased to N19.17 trillion, while Access Holdings recorded N17.3 trillion loans and advances to customers between 2023 and 2021.

In the last three years, Zenith Bank has granted a total of N13.9 trillion loans; FBN Holdings, N13.03trillion; UBA, N7.29 trillion and GTCO, N6.17 trillion loans and advances to customers.

THISDAY gathered that subsidiaries of these D-SIBs in Nigeria and other key West Africa countries have been a driving force behind robust growth in loans to customers in the period under review.

Take for instance, Access Bank Nigeria granted N5.37 trillion as

loans and advances to customers in 2023 financial year from N4.08 trillion granted in 2022 financial year.

For GTBank Nigeria, its loans and advances to customers closed 2023 financial year at N2.03 trillion, which is 82 per cent of the N2.48 trillion granted in 2022.

Further findings revealed that the six D-SIBs in the last three years have failed to comply with the Central Bank of Nigeria (CBN) Loan-to-Deposit (LDR) policy that mandated lending to key real sectors. LDR is used to assess a bank’s liquidity by comparing its total loans to its total deposits.

The apex bank in July 2019, announced an increase in the required minimum LDR to 60 per cent.

Upon review of the results of the policy, the CBN decided to raise the ratio higher to 65 per cent which banks were expected to comply

with by the end of December 2019.

The CBN in coming up with the policy sought to trigger growth in a weak economy.

In 2023, Zenith Bank declared 46.5 per cent LDR as against 45.9 per cent in 2022, while GTCO’ Loans to deposits and borrowings dropped to 38.11 per cent in 2023 from 42.89 per cent declared in 2022.

On its part, FBN Holdings declared 62.2 per cent LDR in 2023 from 55.2 per cent reported in 2022 while ETI declared 53.9 per cent Loans-to-deposits in 2023 from 55.40 per cent reported in 2022.

Commenting, the Vice Chairman, Highcap Securities Limited, Mr. David Adnori stated financial institutions are playing a critical role in Africa’s economy development, stressing that their impacts are felt not only in the continent but across the global trade.

Adnori, however, cautioned

Tier-1 banks’ about lending to the real sector amid Non-performing Loans (NPL) reduction. According to him, “Most of these Tier-1 banks are being careful with the level of their non-performing loans and this is the reason why they have NPL that is below five per cent, which falls within the CBN regulatory requirements.

“The CBN has noticed a remarkable increase in the size of gross credit by deposit money banks (DMBs) to customers. “Accordingly, the CBN has decided to retain the minimum 65 per cent LDR in 2023 but reduced it to 50 per cent. All DMBs are required to maintain this level and are further advised that average daily figures are to be applied to assess compliance going forward.”

Nume Ekeghe

Analysts at Afrinvest have highlighted the critical need for better coordination between Nigeria’s fiscal and monetary policies to tackle inflation and foster economic growth.

Despite aggressive measures by the Central Bank of Nigeria (CBN), inflation remains stubbornly high to 33.69 per cent as of April.

The analysts attribute this to a disconnect between fiscal and monetary authorities, the adverse

impact of continuous rate hikes on the real sector, and inefficiencies in policy implementation.

According to the analyst inflation has remained largely unresponsive to the CBN’s aggressive push, on account of schism between fiscal and monetary authorities, the effect of successive rate hikes on the real sector, and inefficiencies in policy transmission channels.

They state: “We opine that it is highly improbable that raising the policy rates alone would be sufficient to address Nigeria’s

inflation quagmire considering the triplicate relationship between interest rate, inflation rate, and exchange rate (down 33.5 per cent YTD to N1,485.66/$1).

We recommend the apex bank improves collaboration with the fiscal authority on the fight against inflation as isolated MPR hike would likely further devastate Nigeria’s fragile macroeconomic fundamentals.

“The Nigerian economy expanded by 2.98 per cent y/y in real terms in Q1:2024, close to

our base case projection of 2.93 per cent, but trailed Q4:2023 print of 3.54 per cent. The Q1 growth performance was supported in part by the sustained recovery in the oil economy which grew 5.7 per cent as against a 4.2 per cent contraction in Q1:2023, reflecting the modest improvement in average crude oil production to 1.57mbpd as against 1.51mbpd in the corresponding period of 2023. On the other hand, the non-oil economy grew 2.80 per cent compared to 2.77 per cent in Q1:2023, nonetheless

underperformed Q4:2023 growth of 3.07 per cent. In all, the share of the oil economy rose to 6.38 per cent from 6.21 per cent in Q1:2023, while the share of the non-oil economy compressed mildly by 16bps y/y to 93.62 per cent.” Looking ahead, they said, “We maintain our conservative growth projection of 3.0 per cent for the full year 2024. This cautious stance is informed by the lingering impacts of ongoing reforms on growth potentials, challenging business environment, protracted security

concerns, exchange rate volatility, dwindling Agric sector growth (the minuscule growth in Q1 is the lowest since negative print of 0.9 per cent in Q1:2023), and mounting risk in the external environment.” On his part, Head of Financial Institutions Ratings at Agusto & Co, Ayokunle Olubunmi noted that the GDP growth was higher than expected despite the devaluation.

Kayode Tokede

No Fraud in Deal with Enugu State, Says Firm

Ndubuisi Francis in Abuja

Diamond Stripes Limited, which recently signed an agreement with the Enugu State Government, using its special purpose vehicle (SPV)- Pragmatic Palm Limited, in a move to revive the moribund United Palm Produce Limited (UPPL) has denied any form of fraud in the deal.

Managing Director of the company, Prof. George Nwangwu, who debunked the fraud allegation when he appeared on the morning show of an Enugu-local TV station, said the entire deal was transparent and followed due process.

He explained that Diamond Stripes Limited through Pragmatic Palms Limited solicited the deal as it was not advertised by the state government, adding, “but

on our own volition carried out feasibility studies on Adapalm in Imo State and UPPL and we were satisfied that it was worth investing in the latter.”

Explaining the details, he disclosed that the Enugu State Government was not committing any financial resources to the project but only 40 per cent of the valued assets of the moribund firm while Diamond Stripes Limited would bring 60 per cent of the operating costs and other variables.

On the allegation that Pragmatic Palms Limited was incorporated few days to the signing of the deal, Nwangwu explained that it was in line with project financing which entails that during negotiations, the investor reserves a name which after the exercise, the reserved name would be registered with the Corporate Affairs Commission

(CAC).

“It is when the transaction is completed that you register the SPV as a consortium made up of financial, strategic and technical partners,” he added.

He said the South-East region has experienced a lot of challenges, including insecurity, adding: “as someone from the area, I feel concerned, hence, the need to set up businesses to create jobs for the teeming youth.

He urged politicians to support such business ventures instead of casting aspersions on the brains behind such businesses.

“If the UPPL which has been moribund for about 30 years now is revived, it will create jobs for indigenes of Enugu State and indeed, the South-East as well as generate revenue for the state,” he stated.

APM Terminals Creates Awareness with Rail Trip

Nigeria’s largest container terminal, APM Terminals Apapa last week, embarked on an awareness campaign on the standard gauge rail line with a rail trip to Ibadan for its customers.

About 20 of its customers comprising of importers and exporters, were present on the trip, which began from Ebute Metta rail station, Lagos, ending at the Moniya Freight Yard, Ibadan. Speaking on the trip, undertaken to create awareness on the opportunities the standard rail gauge offers for the economy and ease for the customers, the APM Terminals Nigeria Inland Sales Manager, David Abbey

underscored the critical role of rail in facilitating trade.

He said APM Terminals’s vision of “improving life for all by integrating the world’” is one of the many reasons this product was created which gives the customers the option of rail, road and barging of containers out of APM Terminals Apapa.

On his part, Market and Commercial Intelligence Manager for APM Terminals Nigeria, Adetunji Igbaugba, encouraged importers and exporters to use the standard gauge rail line for fast delivery of their containers to and from Ibadan.

He said the Moniya Freight Yard has 8,000 square metres of land and a warehouse measuring about 4,000

square metres which can be used for stuffing and unstuffing of boxes.

The Executive Director, Bueno Logistics Limited, Jedson Nwankwo said the Moniya Freight Yard, consisting of two terminals (A and B), is well positioned to handle many containers.

He said Terminal A operated by Diamond Star and Terminal B operated by Bueno Logistics.

Also speaking, Director of Primlaks Nigeria Ltd - Logistics Division, Bhagu Vasnani expressed appreciation to APM Terminals for the rail trip and assured of cooperation to optimize the use of the standard gauge rail line and the Moniya Freight Yard.

Oriental Energy to Drive Devt in Effiat, Mbo Communities

An indigenous oil firm, Oriental Energy Resources Limited has inaugurated the Host Communities Development Trust (HCDT) for oilbearing communities of Efiat and Mbo in Akwa Ibom state.

The HCDT, which is in line with the regulations of the Petroleum Industry Act (PIA) of 2021 is intended to drive development plans and initiatives based on the needs of the communities.

Speaking at the inauguration of the HCDT in Uyo, the Managing Director of the firm, Mr Mustafa Indimi said it expects interventions in Primary,

Secondary and tertiary education.

He also mentioned areas such as basic amenities including water, electricity and shelter, access to healthcare; infrastructure development including roads and social, environmental, and economic needs of the communities.

Indimi who was represented by Head of External Relations, Kazeem Koleoso, appreciated Effiat and Mbo community Representatives committees for the support and cooperation the firm received while working towards establishing the Trust.

He noted, “The process of establishing the Effiat and Mbo Host Communities’ Development Trust has been transparent, inclusive and participatory. From the onset, we defined our host Communities

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)

as Effiat (the Primary community), Uda, Udesi,Ebughu, and Enwang communities in Mbo local government area of Akwa Ibom State.”

In his message of goodwill the Commissioner for Environment and Mineral Resources Chief Etim Uno appreciated Oriental Energy for its ingenuity in managing its relationship with its host Communities, which has resulted to the selection of people with proven integrity that would partner state government to complement its efforts in Infrastructural development, through implementation of sustainable projects.

“I wish to assure you that the present government led by His Excellency, Pastor Umo Eno is determine to provide conducive environment for oil and gas investments in the state, “he said.

Onyema Honoured as Vanguard Personality of the Year

Chinedu Eze

In a night of pomp and grandeur, the Chairman of West Africa’s largest carrier, Air Peace Limited, Dr Allen Onyema, was honoured with the Personality of the Year Award, at the 2023 Vanguard Newspaper Awards.

The event was at the weekend, at the Eko Hotel and Suites in Lagos, marking the 12th anniversary of Vanguard’s celebration of excellence.

The ceremony saw the attendance of notable dignitaries, including the Minister of Interior, Hon. Olubunmi Tunji-Ojo, who was also honoured with the same award, and the Governor of Osun State, His Excellency, Senator Ademola Adeleke.

In his acceptance speech, Dr.

PenCom’s Framework Simplifies Pension Consumers’ Complaints Resolution

The National Pension Commission (PenCom) issued a Consumer Protection Framework to boost consumer confidence and ensure the effective resolution of complaints within the pension industry. This framework is designed to provide a robust, transparent, and accessible mechanism for addressing consumer complaints.

Complaints in the pension sector are expressions of dissatisfaction from consumers regarding various aspects of pension products or services. These grievances are vital as they highlight areas needing improvement and ensure that consumers’ voices are heard and addressed effectively.

The handling and redress of complaints are pivotal to maintaining consumer trust in the pension industry. The resolution mechanisms in the Consumer Protection Framework are fair, timely, transparent, accessible, and independent, ensuring that every complaint is given due attention and resolved satisfactorily. This process not only addresses individual complaints but also enhances the overall consumer confidence in the industry.

Onyema expressed profound gratitude to the leadership of Vanguard Newspaper for recognising his deep nationalistic beliefs, trailblazing spirit, and philanthropy.

“This recognition of my efforts and interest in peace advocacy will spur me to do even more. I am deeply honoured and encouraged to continue striving for the betterment of our nation,” he remarked.

The event underscored Dr. Onyema’s significant contributions to national unity and societal progress, highlighting his unwavering commitment to fostering peace and development in Nigeria. His achievements have not only garnered national acclaim but also set a benchmark for leadership and community service.

for PFAs regarding the operation of complaints handling channels. These standards are periodically assessed to ensure their effectiveness and adequacy, with comprehensive evaluations conducted to ensure compliance across the industry.

Multiple Channels for Lodging Complaints

PenCom and PFAs have made multiple avenues available for consumers to lodge their complaints. These channels include dedicated email addresses, telephone numbers, helpdesks, web chat options, and walk-in centres. These channels are designed for easy access, ensuring consumers can lodge complaints without any hindrances.

Streamlined Complaints Management Process

The complaints management process is designed to be simple, efficient, and, where possible, automated to facilitate swift resolution. PFAs are required to establish transparent processes in line with PenCom’s minimum standards for receiving and resolving complaints. Consumers are provided with status updates and tracking numbers for their complaints, ensuring they are kept informed throughout the resolution process.

If a complaint remains unresolved or the consumer is dissatisfied with the resolution, they can escalate the issue to PenCom for reviews of the steps taken by the PFA in addressing the complaint. The purpose is to ensure that the resolution process was effective, transparent, and adequate to engender consumer confidence.

Training and Standards for Complaint Resolution

To ensure a high standard of complaint resolution, PenCom mandates that all employees involved in consumer interaction and complaints handling receive appropriate training. This training ensures they possess the necessary skills and knowledge to address consumer concerns effectively while maintaining high customer service standards. PenCom also sets minimum standards

The personnel manning these channels are trained to handle consumer issues with courtesy and professionalism. Additionally, supervisors overseeing these processes are equipped with the authority and expertise to resolve complaints effectively.

Pension consumers can visit the offices of their PFAs or use channels available on the PFAs’ websites and social media platforms. However, unresolved complaints by PFAs can be escalated to PenCom through electronic channels, including emails and telephone for review. Email complaints are accepted at complaints@pencom. gov.ng or info@pencom.gov.ng. In addition, such unsettled complaints can be submitted through its head office in Abuja or zonal offices in Lagos, Kano, Awka, Calabar, Ilorin, and Gombe.

Enforcement and Compliance

PenCom is committed to enforcing strict compliance with the Consumer Protection Framework. This involves comprehensive examinations of complaints, performance audits, and imposing administrative penalties on PFAs found to be in breach of consumer rights. These enforcement measures are carried out promptly and impartially, reflecting PenCom’s dedication to safeguarding consumer interests. In conclusion, complaint handling and resolution mechanisms in the pension industry are a testament to PenCom’s commitment to consumer protection. By providing multiple accessible channels, ensuring effective training, and enforcing compliance, PenCom and Pension Fund Operators strive to create a pension industry that is responsive to consumer needs and built on trust and transparency.

PENCOM DG, Aisha Dahir-Umar

NAHCO Explains Establishment of Subsidiaries, Pays N4.95bn

The Nigerian Aviation Handling Company (NAHCO) Plc, has stated that it established subsidiaries in the just ended financial year to enhance shareholders’ value.

At its 43rd Annual General Meeting (AGM) held in Lagos, the company rewarded its shareholders with a gross dividend of N.2.54 per ordinary share, amounting to N4.95 billion.

per cent growth.

The company said its revenue climbed to N28.4 billion in the 2023 financial year performance, an increase from N16.7 billion in the previous year, indicating 70

Altclub Launches At Lagos Airport, MMA2

Nume Ekeghe

Alternative Bank has launched Altclub at Murtala Muhammed Airport Terminal 2 (MMA2), offering travelers a new level of comfort and convenience.

This innovative premium space provides a luxurious retreat where passengers can relax and recharge before their flights, while also attending to their basic banking needs.

Altclub, a division of Alternative Bank’s digital travel financing product, Alttravel, aims to enhance travel accessibility and ease for Nigerians.

Director of Digital Business and Innovations at The Alternative Bank, Mohammed Yunusa, in a statement highlighted the significance of Altclub at the launch event.

“Altclub isn’t just a lounge; it’s a sanctuary of comfort and convenience. Gone are the days of sacrificing relaxation for travel formalities. Our lounge offers a luxurious space where travelers can unwind and rejuvenate before their flights, free from the typical travel stress,” Yunusa stated.

The executive Director of Sales at the Alternative Bank, Korede Demola-Adeniyi, elaborated on the lounge’s accessibility.

He stated: “Altclub is exclusively available to The Alternative Bank customers, showcasing our commitment to their comfort and convenience. Present your boarding pass and proof of Altbank membership at the entrance, and our dedicated staff will ensure a seamless and enjoyable pre-flight experience.”

X3M to Strengthen Skills among Youths

Raheem Akingbolu

Lagos based creative agency, X3M Ideas has flagged off X3M Tech, an initiative designed to equip the next generation of Nigerians with cutting-edge technological skills. According to the firm, the initiative was in furtherance of its corporate social responsibility and in commitment to the corporate philanthropic gesture it has maintained over the course of 12 years.

The agency recently flagged off the initiative to empower young minds with the essential tools and knowledge required to thrive in the rapidly evolving digital landscape at the Muritala Ajadi Animashaun Community Senior Grammar School in Surulere, Lagos. Addressing students, teachers and other stakeholders, Group Chief Executive Officer and Chief Creative Officer of X3M Ideas, Steve Babaeko, spoke

on the significance of the initiative, describing it as a milestone in the company’s commitment and dedication to empowering the youth of Lagos State.

The British American Tobacco Nigeria Foundation (BATN), has commemorated its 20th anniversary, where it acknowledged its outstanding efforts in promoting sustainable agriculture and bolstering rural development through impactful initiatives across multiple sectors.

The anniversary event, held recently in Lagos, brought together stakeholders, partners, and beneficiaries to reflect on the Foundation’s journey and accomplishments. In her anniversary message, Chairperson of the Board at the BATN Foundation, Adebisi Lamikanra, emphasised the significance of celebrating the Foundation’s accomplishments over the past two decades. She stated that since its establishment, the Foundation has

The company its financial report financial report said its Profit Before Tax (PBT) stood at N8.68 billion, which was over 120 per cent increase to the 2022 period at N3.84 billion.

“Also, Profit After Tax (PAT)

was N5.54 billion, indicating an increase from N2.67 billion in the same period in the 2022 financial year. The PAT growth was 107 per cent in 2023 financial year when compared to the 2022 period. Also, the company’s gross profit for the 2023

year ended was N15 billion, doubling the N7.5 billion earned in the 2022 financial year period. Besides, profit for the year ended was N5.5 billion, indicating an increase from N2.6 billion in the previous year, “the company said.

In his speech at the AGM, Group Chairman, NAHCO, Dr. Seinde Fadeni said that in 2023, the company made significant strides in the acquisition of Ground Support Equipment (GSE), which further enhanced its continuous service quality.

SML Holds Free Medical Outreach in Host Communities in Edo

Sundry Markets Limited (SML), a leading grocery retailer in Nigeria and owners of MarketSquare supermarkets, at the weekend, ended a week-long free medical outreach, benefiting thousands of people in its host communities across Edo State.

This initiative is part of SML’s commitment to corporate social responsibility (CSR), aimed at enhancing the quality of life for residents in the communities where it operates.

The Edo State free medical outreach programme, planned by SML in collaboration with Pro-Health International (PHI), a non- governmental organization, held at Arougba Health Centre, Benin City, Edo State and is the second in the series after the Port Harcourt, Rivers State outing last year.

It focused on free medical consultations; general and specialized surgeries; eye examinations; blood

sugar and high blood pressure checks.

Other service offerings at the programme include; dental examinations, laboratory investigations, health promotion and education.

“Every year, we continue to impact members of our host communities with our health intervention. This year, we are glad to be expanding our scope to reach the most vulnerable persons

in Edo State with free and quality medical health services tailored to their needs”.

“SML recognizes the challenge healthcare coverage poses in the Nigerian society that needs to be managed. As a responsible corporate brand, we consider this medical outreach as our modest contribution in the effort to help fill the current gaps in the healthcare access and delivery in the country,” Manager, Marketing, SML, Timothy Abati said.

LG Extols FG’s Investment Climate Policies

Gilbert Ekugbe

LG Electronics has commended the federal government’s investment policies to attract both local and foreign investors into the country.

The Head of Marketing, West Africa Operations, Hari Krishna Elluru, stated that LG’s investment portfolio in Nigeria is expanding even as the company reaffirms its commitment to investing in the country.

He stated this on the sidelines of a 3 day exhibition organised by Elan Expo in Lagos.

This market is very interesting. As of now, we are getting the required support from the government and we expect the same support in the coming years,” he averred.

He however, stated that plans are ongoing to empower Nigerian youths with the requisite skills vital for repairs and manufacturing of innovative equipment in the

air conditioning space.

“LG has a training Academy in the University of Lagos where students are being trained on new technologies, adding that plans are ongoing to open one more training centre for the general public next month,” he added.

In his words, “We have a training Academy in University of Lagos where students are trained on the new technologies and next month, we are planning to open one more

training for the general public. We have already identified the space and by next month it will be open. We would be inviting students from the colleges to get trained and once they complete their courses they can pick up jobs while also having experience with LG.” According to him, LG is a leading brand with a strong presence in Nigeria, pointing out that the expo is the best platform to showcase its innovative products.

Plans to Establish New Cargo

The Managing Director, Finchglow Holdings, Bankole Bernard, has revealed that plans are underway to establish a

witnessed the transformative power of collective effort and unwavering commitment to its cause.

Lamikanra noted, “Our emphasis on sustainable agriculture, the backbone of Nigeria’s economy and driver of food security, has been the focal point. We achieve this by supporting smallholder farmers and equipping them with the necessary tools and resources to succeed.”

Permanent Secretary to the Commissioner of Agriculture, Lagos, Mr Emmanuel Audu, expressed his appreciation for the Foundation’s collaborative spirit, and value for the partnership with the BATN Foundation saying, “The entire food system in Lagos state and the transactional value is estimated at 7 trillion is expended every year in food production and that is why

cargo airline, named Finch Air in Nigeria.

Benard who disclosed this during a media briefing at the weekend, said the firm has received the Air Transport License (ATL)

to begin operations.

“Authoritatively, I can say to you that the airline has a name.

It’s called Finch Air. Not only does it have a name, we have an ATL, Air Transport License. Yes, we have gotten that,” he said.

we cherish the partnership with the BATN Foundation that strengthens, rendering support through our value chain actors.

However, he stated that the instability of the foreign exchange has hindered the progress, but expressed assurance to re-evaluate and commence operation of cargo business in Nigeria.

“What created a bit of setback was the floating of the foreign exchange market that has brought about the devaluation in our currency. So you can imagine if we have gotten $5 million then in Naira, it means that we must make provision for 10 billion Naira as it were. So that made us take a step back to reassess the single direction we want to go,” he said.

Chinedu Eze

Ugo Aliogo

Raheem Akingbolu

L-R: Non- Executive Director, Mr. Roosevelt Ogbonna; MD/Chief Executive Officer, Mr. Haruna Jalo-Waziri; Chairman, Mr. Temi Pop oola; and Non-Executive Director, Mr. Nonso Okpala; at the 30th Annual General Meeting (AGM) of Central Securities Clearing System Plc (CSCS) in Lagos… recently

How Wema Bank’s 5 for 5 Promo is Changing Lives in Nigeria

Over the past three years, the 5 for 5 Promo has evolved into a beacon of hope and possibility for everyday Nigerians, writes Gilbert Ekwugbe

Have you ever wondered how a small step can lead to monumental changes in your life? Imagine a ripple effect where a simple action cascades into life-altering opportunities, forever changing the trajectory of your future. This is not just a fanciful notion but a reality for thousands of Nigerians, thanks to Wema Bank’s revolutionary 5 for 5 Promo.

Over the past three years, the 5 for 5 Promo has evolved into a beacon of hope and possibility for everyday Nigerians. With a clear mission to reward and empower, this promo has provided financial relief, inspired dreams, fueled ambitions, and transformed lives in unimaginable ways.

The premise is simple yet powerful: fund your Wema Bank account with 5,000 naira, make five transactions, and maintain an average balance of 5,000 naira. These seemingly modest steps pave the way for extraordinary rewards, turning everyday actions into gateways to financial freedom and success.

What makes the 5 for 5 Promo truly remarkable is its inclusivity and broad appeal. It’s designed for everyone—students, entrepreneurs, civil servants, and hustlers alike. Whether you are saving for education, looking to expand your business, or simply trying to secure a better future for your family, the 5 for 5 Promo offers a tangible path to achieving those goals.

At its core, the 5 for 5 Promo is about more than just monetary rewards. It’s about building a culture of savings and financial responsibility, encouraging Nigerians to take control of their financial destinies through regular, disciplined banking habits. Wema Bank understands that financial empowerment starts with small, consistent steps, and the 5 for 5 Promo is a catalyst that turns these steps into monumental leaps.

Launched in 2019, Wema Bank’s 5 for 5 Promo has become a lifeline for Nigerians from all walks of life. The promo is a way of saying thank you to those who trust the bank with their financial needs and continuously use its services. This recognition comes in the form of substantial cash prizes, which can make a significant difference in the winners’ lives.

The promo represents a broader movement towards financial empowerment and inclusion by incentivizing savings and encouraging regular transactions. Wema Bank fosters a culture of financial responsibility and literacy.

One of the most significant outcomes of the 5 for 5 Promo has been the strengthening of trust and loyalty between Wema Bank and its customers. By delivering on its promises and ensuring a transparent and fair selection process, the bank has built a solid reputation for integrity and customer-centricity. This trust is further reinforced by the tangible benefits that winners experience, creating a positive feedback loop that attracts more participants and strengthens customer relationships.

The inaugural season of the 5 for 5 Promo set the stage for what would become a hallmark of Wema Bank’s commitment to its customers. Season 1 visited nine cities across Nigeria, reaching a diverse audience in both urban and rural areas. These cities included major economic hubs and underserved regions, ensuring a broad and inclusive reach. The 5 for 5 Promo wasn’t just about numbers; it was about touching lives and bringing hope to

Moruf Oseni

many who needed it most.

A total of 639 winners were selected, with 387 men and 251 women receiving cash prizes totaling 31.5 million naira. These figures were not just numbers; they represented lives changed, dreams realized, and futures secured. The sheer joy and relief experienced by the winners were palpable, building a strong foundation of trust and loyalty between Wema Bank and its customers.

Building on the success of the first edition, Season 2 of the 5 for 5 Promo continued the journey with even greater impact. The team visited seven cities: Lagos, Abuja, Onitsha, Abeokuta, Calabar, Ilorin, and Enugu. This season, 539 winners emerged, with 352 men and 187 women sharing in the joy of receiving a total of 31.85 million naira. The reduction in the number of cities visited did not diminish the promo’s reach or impact; instead, it allowed for more concentrated efforts in each location, ensuring that the message of financial empowerment resonated deeply.

Now in Season 3, Wema Bank has disbursed a remarkable 81 million naira. This season has far surpassed the combined efforts of the previous seasons. This dramatic increase in both the amount of money and the number of winners—over 1,000 to date—signifies not just growth but a deepening commitment to financial empowerment. From the bustling streets of Lagos to the serene landscapes of Enugu, Wema Bank’s 5 for 5 Promo Season 3 has journeyed across nine cities, leaving a trail of joy and hope. Each city visited has become a chapter in a larger story of transformation. In each location, the promo has brought together diverse groups of people, uniting them in a shared dream of financial freedom.

“The numbers in the 5 for 5 Promo Season 3 are not just figures; they are stories waiting to be told. With 496 male winners and 578 female winners, the promo has touched the lives of

individuals from all walks of life. This balanced distribution reflects Wema Bank’s inclusive approach, ensuring that the benefits of the promo reach a wide and varied audience.

“Imagine the relief of clearing debts, the joy of starting a new business, or the security of a brighter future—all made possible with a single win. This is the reality for the over 1,000 winners in the 5 for 5 Promo, Season 3. Each prize, whether big or small, has the potential to change lives in profound ways, “said an official of the bank.

While the numbers are impressive, the true impact of the 5 for 5 Promo is best understood through the stories of the winners. These are stories of hope, resilience, and transformation. They are stories of individuals who, with a little financial support, have been able to achieve their dreams and improve their lives.

Consider Divine Onyinye Nwangwu, a 22-year-old NYSC member serving in Uyo. Winning 1 million naira in the fourth monthly draw was more than just a financial boost for her; it was a lifeline. As she prepares to transition into the workforce, this prize money will support her in ways she never imagined, providing stability and a head start in her career.

Similarly, Muritadho Shakiroh Opeyemi, a 23-year-old student at the University of Lagos, won 1 million naira in the fifth monthly draw. Her win inspires hope, showing that dreams can come true with a little faith and the right opportunity. For Muritadho, this windfall means she can focus on her studies and future career without the looming worry of financial constraints.

In the seventh monthly draw of Season 3, Wema Bank celebrated the Valentine season by recognizing joint account holders. For the first time ever, four couples were rewarded with 250,000 naira each, highlighting the bank’s dedication to celebrating and supporting

its customers in every facet of their lives. This special gesture not only brought joy to the winners but also underscored the bank’s commitment to fostering relationships and spreading love and hope.

Aligning with International Women’s Day, Wema Bank dedicated the eighth monthly draw of the promo in Season 3 to celebrating women, distributing over 7 million naira to 113 women. This gesture underscored Wema Bank’s commitment to gender equality and the empowerment of women. The bank’s decision to allocate 95 percent of the prize money to women during the Women’s Month draw is a testament to its dedication to gender equality and the empowerment of women. This campaign has provided numerous women with the financial resources to support their families, start or expand their businesses, and invest in their futures.

The 5 for 5 Promo has created a community of winners, each with their own unique stories of triumph and transformation. From young graduates to seasoned entrepreneurs, the promo has provided a financial cushion and a springboard for countless individuals. These winners often become ambassadors for the promo, sharing their stories and encouraging others to participate. This word-of-mouth endorsement has been instrumental in the promo’s sustained success.

But the impact of the 5 for 5 Promo extends far beyond individual winners. By injecting N81 million into the economy through these winnings, Wema Bank has played a part in stimulating economic activity. Winners often use their prizes to start or grow businesses, pay for education, or support their families, creating a ripple effect that benefits their communities and the broader economy.

“As we approach the grand finale of the 5 for 5 Promo, Season 3, on May 31st, the excitement is palpable. This season’s culmination promises to be the most spectacular yet, with an additional 1 million naira added to the usual 9 million naira prize pool, bringing the total to 10 million naira. This grand finale is not just a celebration of the promo’s success but a testament to Wema Bank’s tireless commitment to its customers.

“Wema Bank’s 5 for 5 promo stands as a testament to the transformative power of financial empowerment and inclusion. Over the past three seasons, this remarkable campaign has traveled to over 25 cities across the nation, impacted the lives of over 2,000 Nigerians, and awarded cash prizes totaling over 144.35 million naira. Beyond the cash prizes, the 5 for 5 Promo has inspired hope, fueled ambitions, and changed lives across Nigeria. From the modest beginnings of Season 1 to the extraordinary achievements of Season 3, the promo has grown into a vital movement for financial literacy and responsibility.

“As we look to the future, the 5 for 5 Promo continues to illuminate hope and possibility. The bank’s vision for the promo includes exploring new ways to engage customers, leveraging technology to streamline the participation process, increasing the prize pool to reach even more Nigerians, and encouraging them to take control of their financial destinies.

“Don’t miss the opportunity to become a millionaire in the grand finale of the 5 for 5 Promo, Season 3, happening on May 31st. Let Wema Bank be your partner in progress. Fund your account, make your transactions, and keep believing. The next millionaire could be you!, “said an official of the bank.

There is light at the end of the tunnel, reckons ALLISON ABANUM

TINUBU:

ONE YEAR ON

As May draws to a close, Bola Ahmed Tinubu has assumed office as President of the Federal Republic of Nigeria for one year. "Renewed Hope" was his promise, and he made good on it by swiftly taking the necessary steps. Upon taking office, it was evident that the President had inherited a significant economic crisis. Those familiar with his leadership style recognized his propensity for implementing bold reforms that would ultimately lead to success in the near future. Therefore, it was no surprise when he announced the elimination of fuel subsidies in his inaugural speech.

This decision was a rational response to widespread corruption and mismanagement of funds by a few individuals seeking to deplete the nation's resources. While these economic reforms affecting the country's main revenue source and more were welcomed by experts, they had far-reaching consequences on the economy. Fluctuating foreign exchange rates and rising petroleum prices led to increased

costs of goods and services, subsequently driving up inflation rates.

It was anticipated that such extensive reforms would initially result in some pains; however, the situation is no longer as bleak, as the benefits of these proactive and decisive measures are now beginning to manifest across all sectors of the economy. The President's unwavering determination and courage, combined with the expertise of qualified economic advisors who are implementing suitable fiscal and monetary policies, are gradually but steadily reversing the initial negative economic trajectory inherited from the previous administration.

The funds saved from petroleum subsidy and by extension from theft and corruption that had engulfed the process in the past, are now being put into good use. The first roll out of saved funds from subsidy removal to the tune of N2Billion was released to the governments of the 36 states and the FCT. This fund was aimed at providing relief to the people as they faced the impact of economic reforms. The President had also advised that state governments use the allocated funds to ensure workers welfare by giving out salary awards.

These interventions show a President that is not just willing to take the hardest decisions but also ready to manage the risks involved. Numerous state governments have seen wisdom in the presidential recommendations and have since reacted affirmatively and are intensifying efforts to distribute relief materials to assist their citizens in vital sectors including agriculture, food accessibility, education,

and healthcare. The acknowledgement and subsequent utilisation of these funds further aided in debunking rumours peddled in some quarters that petroleum subsidy had not been removed.

National security has presented a significant challenge for past administrations, and the Tinubu-led government has had to devise strategies to address it. Fortunately, there have been positive outcomes in this regard. Facilitated by the President's directive to refrain from paying ransom to kidnappers, bandits, and other criminals, collaborative efforts between the federal and state authorities, and security agencies have yielded remarkable enhancements in the internal security landscape, particularly in volatile areas of conflict and insurgency. This progress is evident in the significant decrease in fatalities resulting from security-related issues, plummeting from over 2000 deaths per month to less than 200 in recent times. The ultimate objective is to drive these figures down to as low as possible. Furthermore, the proactive and improved performance of security agencies and their leaders is highlighted by the elimination of key bandit and terrorist cell commanders in the North East region, many of whom have direct ties to past violent incidents.

The President, in conjunction with state governments, has established a high-level committee to implement state police in order to enhance security. Additionally, the Pulaku initiative, which is endowed with N50 billion, seeks to tackle farmer-herder conflicts and promote national cohesion. This initiative will concentrate on the revitalization of communities in seven states impacted by these conflicts through the development of infrastructure.

Upon presentation of the 2024 budget, President Bola Tinubu had indicated that the Budget of Renewed Hope places significant emphasis on Nigeria's national defense and internal security, as well as local job creation, macroeconomic stability, optimization of the investment environment, human capital development, poverty alleviation, and social security.

Over the past year, the President, keenly aware of the necessity to revitalize the economy, has extensively engaged with stakeholders from both the public and private sectors, in addition to hosting various international diplomats. It is evident that in order for the economy to stabilize and progress towards growth, the private sector, domestic and foreign investments, as well as international partnerships and alignments, must be strategically managed as well as securing the necessary aids from various international organizations to help the repositioning of the economy. The President's overseas trips to participate in business, trade, investment, security, and economic conferences are expected to yield positive impacts on the economy, with some initiatives already demonstrating profitable outcomes, ensuring that the administration is on track as regards its renewed hope agenda. Well, despite the seemingly harsh albeit necessary effect of the economic reforms carried out, there is indeed light at the end of the tunnel.

Abanum writes from Orogun, Delta State

SONNY IROCHE argues the need for both public, private sectors and the education institutions to collaborate on the effective adoption of AI to arrest the revenue haemorrhage

LEVERAGING AI TO COMBAT CRUDE OIL THEFT

Crude oil theft in the Niger-Delta region has been a long-standing and challenging issue in Nigeria, leading to significant economic losses and environmental damage and degradation. The situation is exacerbated by the fact that revenues from oil are largely responsible for funding the entire country’s budget and development. In recent years, there has been a growing interest in using Artificial Intelligence (AI) to address such problems and challenges in other developed climes, and should be of interest to the Nigerian petroleum industry, if it intends to seriously address the long- standing menace of crude oil theft, which seems to have defied solutions of past governments. This article explores and supports how the current government of President Bola Ahmed Tinubu could guide the industry to leverage AI technologies in tackling this festering crude oil theft effectively.

Nigeria is one of the largest oil-producing countries in Africa, with the Niger-Delta region being the heartbeat of its oil industry. However, the region has been plagued by pervasive crude oil theft for many years, with criminal syndicates siphoning millions of

barrels of oil annually. This rampant theft not only leads to massive economic losses and deprivation for the Nigerian government and oil companies but also causes severe environmental damage.

AI analysts have commented on the massive deployment of the nascent technology in multisector industries across the world, and highlighting how the race of the deployment of AI in all aspects of production is disrupting technology while spending billions of dollars on AI Research and Development.

Although there is a dearth of the infrastructure such as power and water to support the efficient adoption of AI in Nigeria, but it is still imperative that the public, private sectors and the education institutions should collaborate on the effective adoption of AI and the supporting infrastructure put in place to curb the loss of revenue accruing to the country.

For the government to seriously embark on putting a permanent end to this organized criminality of crude oil theft in Nigeria, it must as a matter of urgency consider the use of AI through some of the following mechanisms which the use of AI can enhance, such as detailed here under:

Monitoring and Surveillance: AI-powered drones and satellite imaging can be used to monitor oil pipelines and detect any anomalies or unauthorized activities in real-time. By analyzing the data collected by these technologies, authorities can identify potential theft hotspots and take proactive measures to prevent it.

Predictive Analytics: AI algorithms can analyze historical data on oil theft incidents, weather patterns, and social factors to predict future theft activities. By leveraging predictive analytics, law enforcement agencies can deploy resources more effectively and deter potential thieves before they strike.

Enhanced Security Systems: AI can be used to

develop sophisticated security systems that can detect and track suspicious activities around oil installations. For example, facial recognition technology can help identify known criminals, while smart sensors can alert authorities to any unauthorized access to restricted areas.

Collaboration with Tech Companies: Nigeria can partner with local and international tech companies, some of whom participated in the recent National Artificial Intelligence Strategy session for Nigeria, that specialize in AI and cybersecurity to develop customized solutions for combating oil theft in the Niger-Delta region. By leveraging the expertise of these companies, Nigeria can stay ahead of sophisticated criminal networks and protect its oil resources more effectively.

Some of these technologies are not in any way a reinvention of the wheel, or blazing new trails. They are not new, but are already being used effectively in other oil producing countries like, Saudi Arabia, Mexico, and the USA.

In Mexico, AI-powered drones have been used to monitor oil pipelines and detect illegal tapping, leading to a significant reduction in oil theft incidents.

The United States Coast Guard has employed AI algorithms to analyze maritime data and predict potential oil theft activities, allowing them to deploy resources more efficiently and combat illegal oil smuggling.

Saudi Arabia, as one of the largest oilproducing countries in the world, employs a variety of technologies and strategies to monitor its crude oil production effectively. The country has a sophisticated monitoring system in place to ensure the smooth operation of its oil fields and to prevent any disruptions or unauthorized activities. Here are some of the key methods Saudi Arabia uses to monitor its crude oil production: Supervisory Control and Data Acquisition (SCADA) Systems: Saudi Arabia utilizes SCADA systems to monitor and control its oil production facilities in real-time. These systems collect data from various sensors and equipment across oil fields and pipelines, allowing operators to monitor production levels, detect any abnormalities, and respond promptly to any issues that may arise.

Remote Sensing Technologies: Saudi Arabia leverages remote sensing technologies, such as satellite imaging and drones, to monitor its oil fields and infrastructure from a distance. These technologies enable authorities to conduct regular inspections, detect any leaks or unauthorized activities, and ensure the security of oil production facilities.

Reservoir Monitoring: Saudi Arabia employs advanced reservoir monitoring techniques, such as downhole sensors and well logging tools, to assess the performance of its oil reservoirs and optimize production processes. By continuously monitoring reservoir conditions, Saudi Arabia can make informed decisions to maximize oil recovery and extend the lifespan of its oil fields. Data Analytics and Artificial Intelligence: Saudi Arabia has also started incorporating data analytics and Artificial Intelligence into its oil production monitoring efforts. By analyzing large volumes of data generated from production operations, Saudi Arabia can identify trends, predict equipment failures, and optimize production processes to enhance efficiency and reduce costs.

Iroche writes from the Saïd Business School of the University of Oxford, England. He was one of the participants in the recent Nigeria National Artificial Intelligence Strategy Workshop in Abuja

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

THE RIGHTS OF NIGERIAN CHILDREN

All stakeholders must work harder to secure a better future for the children

The 2024 World Children’s Day comes at a period when children in Nigeria are facing challenges on practically all fronts. “Children’s rights are human rights. But in too many places today, children’s rights are under attack,” said the United Nations Children’s Fund (UNICEF), which advocates making space for children and young people to raise their voices on the issues that matter to them. By prioritising children's rights and participation, we can help to build a better future for all. For instance, UNICEF has been strident that non-state armed groups are using children in our country as combatants and non-combatants, while committing other grave violations against them.

The surge of child soldiers in a country with almost half its population living below the poverty line is predictable. Education, for instance, which ought to have productively engaged these children, has

Authorities in Nigeria must prioritise child

malnutrition, disease, inadequate healthcare, and poor sanitation.

protection and welfare policies through incentivised and compulsory basic education

of the predatory activities of terrorists. Since we agree with the UN agency that this situation is “unacceptable and unconscionable”, authorities in Nigeria must prioritise child protection and welfare policies through incentivised and compulsory basic education. As a matter of urgency, children must be sustained campaigns to sensitise the public on this growing malaise.

Conscripting children into armed groups is not only a gross abuse of their innocence, but also a systematic destruction of the present and future have created children who are separated from their families, unprotected, starved, and exposed to violence as their only means of survival. Besides the mental and physical torture, exposing children and mortality. To worsen matters, hundreds of thousands of children are dying every day

T H I S D AY

EDITOR SHAKA MOMODU

DEPUTY EDITOR WALE OLALEYE

MANAGING DIRECTOR ENIOLA BELLO

DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU

CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI

EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

THE OMBUDSMAN KAYODE KOMOLAFE

T H I S D AY N E W S PA P E R S L I M I T E D

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA

GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, EMMANUEL EFENI

DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE

DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI

SNR. ASSOCIATE DIRECTOR ERIC OJEH

ASSOCIATE DIRECTOR PATRICK EIMIUHI

CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI

DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

Letters to the Editor

On a day such as this, we must also pay attention to the latest survey by the National Bureau of Statistics (NBS) on child labour in the country. Four out of every 10 children in Nigeria, according to the NBS, are trapped in child labour. The report, ‘Nigeria Child Labour Survey 2022,’ done in collaboration with the International Labour Organisation (ILO) established that Nigerian cent of the incidents, while those aged between 15 in forced labour. Child labour is more among boys, and predominant in the agriculture sector followed by services and industry. Besides, the prevalence of child labour is higher in rural areas, with the Southeast and Northeast regions recording the highest incidents. Unfortunately, most of the children engaged in child labour are deprived, and from poor homes. More than 20 million children are out of school, just as many are stunted and underweight because of poor nutrition. They are forced into the farms or streets to eke out a living. In a recent survey by UNICEF, six out of every 10 emotional, or sexual violence before attaining the age of 18.

Even though the Child Rights’ Act has been domesticated in almost all the states, its provisions child labour and rape of underage boys and girls are on the increase in many parts of the country. The United Nations Sustainable Development Goals in secure a better future for children. The 16th goal is dedicated to peace, justice, and strong institutions. relevant stakeholders must pay attention to issues that threaten the future of our children.

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

GOV AHMADU FINTIRI’S SECOND TERM

second term smoothly, easily formulating policies and executingthese practices in their second term. Governors who managed rea clear vision for completion and the legacy they wish to leave. Furterm, focusing on the future well-being of their people. And, have quality leadership that uses its 'today' for people's tomorrow.

Governor Ahmadu Umaru Fintiri of Adamawa State is fortunate to belong to the category of state governors who excelled in their

performance to a level that political-development pundits describe as exceptional and transformational leadership.

Pundits assert that no leader achieves exceptional leadershipedness, and a focus on the future."

While it's customary to assess a governor's performance by listing their accomplishments in projects, programs, and policies

the obvious. His projects, programs, and policies already speak for themselves. The crucial task lies in understanding how Governor Fintiri managed to pioneer new initiatives and impact all socio-economic sectors of Adamawa State's economy while navigating the complex socio-political-economic landscape. Adamawa resembles a microcosm of Nigeria, where politics is ever-present, whether in governance or during political cycles.

Governor Fintiri's approach aligns with what operations research scientists refer to as systems thinking. He applies both a series and parallel systems approach, yielding excellent results. Fintiri's development strategy is series-oriented, where all his projects and programs are interconnected. The urban renewal projects are interconnected, all programs are aligned with all projects, and together, they span across every sector. Additionally, Fintiri's policies are carefully

The construction of hundreds of kilometers of roads across the -

ital city, and the building of 1000 housing units for 5,000 families are just a few components of a comprehensive strategy. Additioncottage hospitals , rehabilitation and equipping of specialist and general hospitals, the establishing of 21 model nursery and primary schools, and constructing six mega secondary schools are all through Fintiri wallets to 100,000 people, the clearance of all pension and gratuity backlogs, and the introduction of Fresh Air Metro buses and Blue Bird school buses contribute to the overarching goals. Furthermore, the agribusiness program, the construction of the Jimeta stadium, the statewide rehabilitation of water supply facilities, the construction of new Jimeta Shopping Complex and Yola town markets and redevelopment of other old ones, the foreign and local scholarship programs, the skills acquisitions centres are interconnected to play a crucial role in enhancing economic, healthcare, human capital development, and education, improvingtions to broader goals.

Zayyad I. Muhammad, Abuja

TAJBank Reports 11.3bn PBT in FY2023, Highest in Non-interest Banking

Oluchi Chibuzor

Nigeria’s fastest growing noninterest bank, TAJBank Limited, has reported a profit before tax (PBT) of N11.3 billion in its 4th year of operations, the best in the non-interest lending sub-sector of the banking industry in the year.

The PBT of the awardwinning lender represented a 122.65% increase over the N5.08 billion PBT it reported in FY 2022.

The bank also recorded 149.13% growth in gross earnings from N17.323 billion in 2022 to N43.157 billion in 2023

In the year under review, TAJBank also recorded other remarkable feats in its financial results, with the balance sheet figures surging by over

144% from N212.021 billion in FY2022 to N518.335 billion in 2023 financial year.

Similarly, the bank also surpassed analysts’ forecasts by boosting its shareholders’ funds during the year from N19.535 billion in FY 2022 to N41.825 billion in FY2023, representing 114.10% increase year-on-year.

The bank’s gross deposits grew by over 128% in financial year 2023 from N161.958 billion in FY 2022 to N369.337 billion despite the serious whirlwinds in the economy.

Following the performance, its earnings per share rose from N31.06 kobo in 2022 to N65.40k per share in the year under review, indicating 114.56% improvement in the return on investment for the shareholders.

Commenting on the results, the Founder/CEO, Mr. Hamid Joda, attributed the sterling performances in key indicators, “to the management’s proactive strategies and service delivery innovation being adopted to surpass our customers’ expectations and demonstrate to Nigerians and the global community that our awards, recognitions by brand experts and analysts as re-defining non-interest banking values are well-deserved.”

In his remarks, the bank’s Co-Founder/ Executive Director, Mr. Sherif Idi, enthused: “Let me say that these key financial performance indicators of our bank clearly demonstrate that TAJBank has an irrepressible zeal for excellence in all areas of its operations.”

Alternative Bank, UK Govt Launch Electric Transport for Kano Women

In a groundbreaking move that transforms transportation and enhances the security of women, Kano State witnessed the launch of a first-of-its-kind electric tricycle program.

The Alternative Bank,in collaboration with the UK government’s Foreign, Commonwealth & Development Office (FCDO) and Qoray Mobility, unveiled this innovative social impact initiative, providing women with fully electric tricycles and comprehensive training.

This project flips the script on traditional transportation in Kano and marks a new chapter for the expertly trained women ready to navigate the city’s streets. With 120 women from the Mata Zalla and Yar Baiwa cooperatives having undergone comprehensive training, they

are now proficient tricycle drivers and mechanics. These electric tricycles enable women to generate income by providing local transportation services and operating small delivery businesses.

Executive Director of The Alternative Bank. Garba Mohammed, said, “Our electric tricycles are designed to address significant concerns regarding the safety of female passengers and children while at the same time safeguarding the environment.

Regional Coordinator of Kaduna and Kano State for the UK’s FCDO, Adamu Maikano, highlighted the broader impact of the initiative, stating: “The UK government, a longstanding ally of Nigeria, is committed to facilitating investment, trade,

and economic development.

The launch of this EV project is evidence that partnerships truly work when all parties remain focused on a mutual goal.”

Head of Qoray Mobility, Olabanjo Alimi expressed pride in the initiative and optimism about expanding the pilot program and improving its electric vehicles.

He highlighted a recent launch in Victoria Island, Lagos, where locally built charging stations were introduced.

Reflecting on Qoray’s history, Alimi emphasized the company’s vision for the future of urban transportation—one with reduced pollution, lower transportation costs, and a strong commitment to the local community.

APM Terminals Apapa Hosts Blue Talents School-to-Sea Program

APM Terminals Apapa has announced its collaboration with Ocean Ambassadors Foundation (OAF) to host secondary school students to a career seminar on the maritime industry, in recognition of the Children’s Day celebration.

An initiative of OAF, the Blue Talents School to Sea Program is a project by OAF, which encourages the training of young female school leavers on export procedures including processing, packaging, warehousing, quality and the supply value chain. The seminar is expected to hold on Thursday, May 30th.

APM Terminals Nigeria CEO, Frederik Klinke said it was important for the terminal was to partner with the OAF in the development of future

maritime professionals in the country.

He said, “The FG has identified the maritime sector as a pivotal area of focus. Its development of a National Policy on Marine and Blue Economy is a sign of its commitment to create an enabling environment that supports and promotes the growth of the sector.

Terminal Manager, APM Terminals Apapa, Steen Knudsen, describes the collaboration as a way of giving back to the society.

He said, “This is just one of the many ways in which we give back. We have continuously engaged in several CSR projects at all levels of government; the Apapa community, state government and country at

large.”

Senior People Business Partner, APM Terminals Apapa, Omolara Olatunbosun, said the program is of great importance to the terminal due to its particular focus of grooming female maritime professionals.

“This program is focused on the girl child. As a business, we support the growth of women in the industry, hence our mentoring program for our female employees. In the last few years, we have also recruited women into roles which were previously held by men.

“We hope by supporting this program to kindle the interest of the girl child in this sector by sensitizing them on the various career paths available to them,” she said.

Nigeria Business Leaders to Converge at Alaro Summit

Alaro City, a business-friendly free zone in Nigeria, has announced its inaugural Trade Summit themed “Positioning Nigeria as a Production Economy,” slated for 30 May 2024 at Four Points by Sheraton in Victoria Island, Lagos State.

Industry leaders and policymakers have been invited to discuss strategies for transforming Nigeria’s economy and fostering a production-driven future. Among the distinguished

speakers are the Honourable Commissioner, Lagos State Ministry of Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, and the Honourable Commissioner for Economic Planning and Budget, Lagos State, Mr. Mosopefolu George and Mr. Owen Akinwande, Plant Director of Cadbury Nigeria.

In a statement, Alara City noted that throughout the event, participants will navigate actionable insights on innovative solutions to reduce import reliance, strategies for

boosting domestic production and building a sustainable trade environment.

The Managing Director of Alaro City, Yomi Ademola, said the summit is strategic for stakeholders within the Nigerian business ecosystem to forge invaluable connections with key decision-makers, and influencers across various sectors. He said, “The Trade Summit is designed to allow its participants to get first-hand knowledge of market trends, regulatory insights, and emerging opportunities to leverage in boosting Nigeria’s economy.”

L- R: Managing Director, TWS Logistics and Services, Albert Enabulele; Nigeria Inland Sales Manager, APM Terminals, Abbey David; Director of Primlaks Nigeria Limited - Logistics Division, Bhagu Vasnani and Country Market and Commercial Intelligence Manager, APM Terminals Nigeria, Adetunji Igbaugba at the Moniya Freight Yard, Ibadan, Oyo State during a rail trip to the yard organised by APM Terminals...recently

Nume Ekeghe

Popoola Lauds CSCS’s Performance, Shareholders Approve N7.5bn Dividend

Kayode Tokede

The Chairman of the Board of Directors at the Central Securities Clearing System (CSCS) Plc, Mr. Temi Popoola lauded the company’s stellar financial performance in 2023 during its 30th Annual General Meeting held on weekend in Lagos.

Following shareholders’ approval at the AGM, CSCS will pay a total dividend

of N7.5 billion to shareholders, a notable increase from N6.85 billion paid out in the previous year, translating to a dividend of N1.50 per share.

This highlights the company’s commitment to delivering increased value to its shareholders.

CSCS reported impressive revenue growth in 2023, reflecting its strong performance and strategic initiatives throughout the

year.

The company achieved gross earnings of N19 billion, representing a remarkable 65.2per cent increase compared to N11.5 billion recorded in 2022.

Additionally, the company realized a profit before tax of N11.2 billion in 2023, marking an impressive 84.2per cent increase from N6.1 billion in the previous year.

Expressing gratitude for his

appointment as Chairman, Popoola acknowledged the dedicated Board members and exceptional Management team.

He extended appreciation to his predecessor, Mr. Oscar Onyema, for his distinguished leadership, which significantly contributed to CSCS’s growth and solidified its position as a reputable market infrastructure in Nigeria and West Africa.

Popoola remarked, “It is with great enthusiasm that I joined the esteemed and diverse Board of CSCS, a body that has consistently exhibited effective and efficient leadership over the years.

The Board’s unwavering commitment to steering the strategic direction of our company and providing diligent oversight to Management has been pivotal in achieving our

organizational goals. I am particularly proud to note the Board’s role in challenging the Management team, which has undoubtedly contributed to our company’s stellar performance in 2023. Despite navigating a challenging business environment and socio-economic challenges in Nigeria, the Board and Management’s collective efforts have yielded commendable results.”

PRICES FOR SECURITIES TRADED ASOF MAY 23 /24

HOMES & DESIGN

Oban Tower Exudes Top-range Luxury Lifestyle

Oban Tower is purpose-built to give

those who choose to live there an impeccable luxury

Oban Tower is part of the first phase of Azuri Peninsula, a superb residential development being launched by specialist Eko Development Company Ltd.

The tower is located in Eko

lifestyle, Bennett Oghifo writes

Atlantic, the city built on 10kmsq of reclaimed land by Victoria Island. It is the new multibillion-dollar city and is destined to be West Africa’s financial city for the next couple of decades.

Oban Tower has exquisite

four-bedroom apartments, six-bedroom simplexes (penthouses) and sevenbedroom villas.

Features in this facility include, air conditioners, CCTV, alternative power generator, gym, playground,

sauna, secure parking, swimming pool, and water treatment. Eko Development Company is a property development company with head office located in Marina District, Eko Atlantic, Lagos. It has one ongoing project and one completed project.

BUSINESS SPECIAL

Seplat Energy’s Quest for Cleaner Energy, Environmentally F riendly Operations

Seplat Energy Plc is spearheading Nigeria’s energy transition towards cleaner energy and environmentally friendly operations with millions of dollars investments, writes Dike Onwuamaeze

The Seplat Energy Plc is primed to lead Nigeria’s energy transition towards accessible cleaner and more reliable energy. The company is currently implementing an aggressive programme that is geared towards eliminating gas flares by 2025 as a significant part of its commitment to achieving net zero gas flares by 2050.

It is also exploring the use of solar power where it is feasible and initiated a diesel replacement programme in favour of gas, a less carbon-intensive fuel, for power generation in its operations.

Seplat Energy is also supporting its decarbonisation efforts with substantial financial resources. In 2023, it allocated $5.7 million towards projects that would contribute to ending routine flares in its operations. This includes installing gas compression facilities and incineration at various flow stations among other projects.

Upon completion, these projects are expected to significantly improve its gas handling capacity and reduce flares, thus monetising flare gas in alignment with its corporate strategy and national initiatives.

In line with its strategy to lead in energy transition, Seplat has assessed various midstream gas, power, and renewable investment opportunities that are focused on increasing energy supply and reliability, lowering costs, and reducing carbon intensity of Nigeria’s electricity consumption.

In view of this, it has upgraded a gas-to-power development project, which should be matured during 2024 and presented to its board for approval.

In addition, following the completion of internal due diligence, Seplat is reviewing two other potential acquisition opportunities in the Compressed Natural Gas (CNG) and Renewable Power Generation markets.

Speaking at the company’s recent Annual General Meeting (AGM), the Chairman of the Board of Seplat Energy, Senator Udoma Udo Udoma, said that the company’s vision would continue to remain the model company on excellence and respectability that would inspire other Nigerian companies to achieve the highest levels of success on the global business stage.

Udoma also emphasised that the company would remain committed to pursuing strategic aims in the most sustainable way possible for the benefit of all stakeholders and shareholders.

He said: “These are truly exciting times for us as in the coming months we intend to commence production from our joint venture ANOH Gas Processing Company and, we hope to complete our transformative acquisition of Mobil Producing Nigeria Unlimited (MPNU), which will diversify the business into offshore operations for the first time.

“We have been able to take on this acquisition alongside other strategic business decisions due to our focus on high standards of safety, responsible stewardship of Nigeria’s assets, excellence in operations, improvements in corporate governance, and consistent strengthening of our finances.

“As the new board chairman, I intend to continue driving the board in ensuring the organisation’s commitment to operating to the highest standards of governance and management.

“I am optimistic that by maintaining these standards, Seplat Energy will be able to continue offering very attractive returns to shareholders.”

INVESTMENT

Commenting on the proposed acquisition of MPNU started about two years ago, Udoma said that the board remained confident that the transaction would be approved, and all associated legal issues resolved.

He said: “We will continue to work with all parties to achieve a successful outcome, including our financiers, who remain supportive. We have been encouraged by the continued efforts of President Ahmed Bola Tinubu’s administration to drive positive change in Nigeria and a more supportive environment for businesses that want to invest and grow in the country.

“We hope to complete our acquisition of the entire share capital of MPNU and integrate its business with ours, welcoming its highly skilled and experienced staff to the Seplat family. I am confident that the larger group we become will be synonymous with excellence in Nigeria, reflecting the boundless energy and limitless potential of its people.”

Explaining further, the Managing Director of Seplat Energy, Mr. Roger Brown, said that the ANOH gas plant achieved mechanical completion

on December 29, 2023, without recording any Lost Time Incident (LTI).

Brown added that current activity on the ANOH gas project involves moving all key work streams to completion ahead of the first gas, planned for third quarter of (Q3) 2024. He said: “All upstream wells required for first gas were completed by the operator, SPDC, in 2023, with well deliverability tests conducted in first quarter (Q1) 2024. Work is ongoing to connect the wells to the gas plant.

“Our government partner, NNPC Gas Infrastructure Company (NGIC), is responsible for delivering the pipelines required to transport the gas from ANOH to the demand centres, including the 23km spur line and the ObiafuObrikom-Oben (OB3) pipeline.

“With respect to the OB3 pipeline, routing of the unconsolidated formation along the tunnelling pathway on the River Niger has been completed, and our government partners announced that tunnelling operations are ongoing. Our partners recently reaffirmed their guidance for the completion of construction of the OB3 pipeline in second quarter ( Q2) of 2024.

“Regarding the Spur Line project, the operations in Imo State are witnessing improved progress following the engagement of additional contractors to expedite the completion of the remaining pipeline sections. NGIC is advising an expected completion date of the end of Q2 2024.

“The project has achieved several notable milestones in recent months, providing greater assurance that the project is on track to achieve first gas as estimated by Seplat in Q3 2024. Upon commencement of operations, ANOH will provide two income streams to Seplat.

“The first is through the sales of wet gas from upstream to AGPC. The ANOH gas plant has a design capacity of 300mmscf/d.

“As a 50 per cent owner in the AGPC incorporated joint venture, Seplat will receive dividends from the AGPC’s profits. As previously reported, we anticipate a six-month ramp-up to plateau production after the first gas, during which period AGPC will establish plant stability and off take performance. The dividends are expected to begin approximately 12-18 months after first gas.”

GOING FORWARD

Brown believes that the year 2024 holds out much prospect for Seplat Energy as its production has recorded improved stability in the past year.

He said: “In 2024, we expect this to continue. Our 2024 capex programme aims to maintain production, and we provided initial guidance at 44 - 52 kboepd with Q1 2024 average production was 49kboepd.

“The guidance assumes the availability of the Trans-Niger Pipeline (TNP) from the end

of 3Q 2024. It also assumes the first gas on ANOH in line with guidance, and a gradual ramp-up of contribution from the gas field through the end of the year.

“Capital expenditure for 2024 is expected to be in the range of $170-$200 million. The programme includes drilling 13 new wells across our operated and non-operated assets, as follows: OMLs 4, 38 & 41 - nine wells (seven oil wells, two gas wells); OML 40 - four oil wells (including two wells in Abiala).

“The 2024 drilling program will address normal production decline and, along with the completion of maintenance activities, support long-term production levels from the assets.

“Our key focus areas and expenditure on the facility and project deliverables include the completion of the ANOH Gas Processing Plant inauguration and commencement of operations; Completion of the Sapele Gas Plant; and Installation of Abiala surface production facilities.

“Additionally, we are committed to exploring and developing new business opportunities, especially along our New Energy business, fostering growth and diversification within our portfolio. Finally, a significant priority for the business will be the elimination of routine gas flares through the delivery of Oben, Amukpe, Sapele, and Ohaji flares out projects, aligning with our commitment to environmental sustainability and regulatory compliance.

“These deliverables underscore our dedication to innovation, sustainability, and value creation across all operations. We recognise the importance of the sustainability of our evacuation options and strive to bolster security measures along our evacuation routes to safeguard our operations. These initiatives are also geared towards maximising the volume of oil sales and revenue for the company, highlighting our commitment to operational efficiency and financial sustainability.”

In addition, the company’s Environmental, Social, and Governance (ESG) performance and 2024 targets reflected the company’s heightened emphasis on ESG measurement and reporting.

Moreover, Seplat Energy was one of the early adopters of the IFRS S1 & S2 Disclosure Standards and commenced reporting in alignment with these standards from the 2023 annual report.

2023 FINANCIAL YEAR

There is no doubt that the year 2023 was a very good one for Seplat Energy in terms of growth as the company delivered a strong set of results, against a weaker oil price environment.

Despite the 17.0 per cent decline in the average price of Brent crude, the company grew its oil and gas revenue by 11.5 per cent to $1.061 billion, thus crossing the $1.0 billion mark for the first time.

The company also increased its average daily

production by 8.3 per to 47,758 boepd (barrels of oil equivalent per day) in 2023, from 44,104 boepd in 2022. Similarly, revenue from oil and gas sales for 2023 rose by 11.5 per cent to $1.061 billion from $952 million in 2022. This excluded the reported $98.9 million over lift.

REWARDING SHAREHOLDERS

For the fiscal year 2023, the board recommended a total dividend of the United States’ (US) 15 cents per share to shareholders. This decision was influenced by various considerations, as the company has a solid financial plan that assures it can operate effectively. In the words of Chief Financial Officer of Seplat, Mr. Eleanor Adaralegbe, “the board of Seplat Energy recommended a special dividend of three cents per share for the 2023 business year aside from the core dividend of 12 cents per share, up 20 per cent on 2022.

“The payment of the special dividend reflects the board’s continued confidence in the future of the business and is underpinned by a strong balance sheet.

“Our financial strategy ensures we can appropriately fund our capital expenditures, meet necessary debt repayments, and return cash to our shareholders. It also provides the flexibility required to realise the value of our asset base.

“We have a Naira revenue stream that largely matches our significant Naira cost base, and we will continue to monitor our exposure over the coming months to effectively manage the impacts of any currency fluctuations as they occur.”

SAFETY CULTURE

Seplat Energy again demonstrated its strong safety culture in the year under review without any LTI. This achievement reflected the company’s strong focus on safety and the dedication of its workforce to maintaining a secure work environment. To date, the company has achieved a cumulative 10.6 million man hours since the last LTI recorded in October 2022.

Explaining further, Chief Operating Officer of Seplat Energy, Mr. Samson Ezugworie said: “Safety remains Seplat Energy’s top priority.

Several training sessions on Incident Management, Process Safety Management Training for Operations, Engineering, Maintenance, Wells, and HSE Team members were conducted over the past year to ensure all teams are updated on the latest safety procedures. The company is also on a path to achieving ISO 45001 and 14001 standards certifications, demonstrating its commitment to top-tier safety and environmental performance. These certifications are globally acknowledged benchmarks for occupational health and safety management systems and environmental management systems, respectively.”

v COMMITMENT TO HOST COMMUNITIES

Seplat Energy recognises the importance of its relationship with the communities in which it operates and is committed to contributing to the growth and development of these communities. It has several initiatives in place to support communities, including health, and educational programs. The company also engages in continuous dialogue with community members starting from project initiation and throughout the operation and decommissioning phases.

Ezugworie said: “As a sustainable company, Seplat Energy remains dedicated to contributing to the growth and development of our people and communities. We believe that the sustainability of our business is dependent on the relationships we forge with the communities in which we operate and the contribution we make to them.

“We have successfully attained the ISO 26000 endorsement, which underscores our adherence to internationally recognised sustainable and ethical business practices standards.

“In 2023, we made substantial progress by installing solar panels and granting 100 per cent renewable energy access to five schools and three hospitals, advancing our goal of increasing energy access while enhancing our capabilities in the power and renewable energy sectors.

“In 2024, we plan to provide additional community hospitals, schools, and households with reliable and renewable power. We executed successful direct intervention programs in health and education as well in our communities, and these initiatives underscore our commitment to social responsibility and creating long-term value for all stakeholders.”

Brown

FOCUS

Ebenezer Onyeagwu: Driving Culture of Financial Leadership

Donatus Eleko

Zenith Bank Plc earlier this month released its unaudited results for the first quarter ended 31st March 2024, and in line with the financial institution’s culture of financial leadership excellence instituted since the outgoing Group Managing Director/ Chief Executive of the bank, Dr. Ebenezer Onyeagwu, assumed office, the numbers were impressive.

Onyeagwu would this weekend hand over the baton of leadership at Zenith Bank to his successor, even as the financial institution continues to gain global recognition due to the efforts of the outgoing chief executive and his team. Dr. Adaora Umeoji succeeds Onyeagwu as from June 3, 2024.

Specifically, the results showed that the bank under the leadership of Onyeagwu recorded an impressive triple-digit growth of 189 per cent in Gross Earnings, from N270 billion reported in first quarter (Q1) 2023 to N781 billion in Q1 2024. This was despite the challenging operating environment and tightening monetary policy stance.

From the unaudited statement of account submitted to the Nigerian Exchange (NGX), the impressive growth in the topline also enhanced the bottom line, as profit before tax (PBT) rose to N320 billion in Q1 2024, representing an increase of 270 per cent from the N87 billion reported in Q1 2023. Profit after tax (PAT) equally grew significantly by 291 per cent from the N66 billion reported in Q1 2023 to N258 billion in the current period.

Interest and non-interest income contributed significantly to the growth in gross earnings. Zenith Bank’s interest income grew by 155 per cent from the N192 billion reported in the quarter ended March 2023, to N489 billion in the period to 31 March 2024. The growth in interest income was due to the repricing of risk assets, owing to the increase in the central bank’s Monetary Policy Rate (MPR), which currently stands at 26.25 per cent. The growth in net interest income was primarily due to the increase in fees and commissions as well as trading grains.

The Group reported an impairment charge of N56 billion for Q1 2024, up from N8 billion recorded in Q1 2023. This is attributable to significant growth in risk assets, primarily driven by the revaluation of its USD loans, which necessitated additional impairment on the bank’s foreign currency-denominated loans.

The cost of funds grew by 48 per cent from 2.7 per cent in Q1 2023 to four per cent in Q1 2024, due to the high-interest rate environment, while interest expense increased by 157 per cent from N71 billion reported in Q1 2023 to N182 billion in the period to March 2024. Notwithstanding the year-on-year (YoY) increase in interest expense, net interest margin (NIM) grew by 20 per cent from 6.9 per cent in the three months ended March 2023 to 8.3 per cent in the current period ending 31 March 2024. Return on Average Equity (ROAE) and Return on Average Assets (ROAA) increased year-on-year (YoY) by 114% and 119%, respectively, due to improved profitability.

Gross loans, which are largely funded by customer deposits, grew by 30 per cent from N7.1 trillion in December 2023 to N9.2 trillion in March 2024. Customer deposits also grew by 11 per cent from N15.2 trillion in December 2023, to N16.8 trillion in March 2024, underpinning continued customer confidence in the Zenith brand. Total assets increased by 19 per cent to N24 trillion within the same period.

The Zenith Bank Group has consistently maintained all prudential ratios well above the minimum regulatory requirement. At the end of Q1 2024, Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 20% and 67%, respectively, demonstrating the Group’s ability to maintain a strong and liquid balance sheet.

The Zenith Bank Group is making progress on the planned capital raise to support

future growth and is very optimistic about meeting the new minimum capital requirements in line with the CBN’s recapitalisation directive. As the Group accelerates migration to its new technology architecture and also transitions into a holding company, it remains poised to maximise value for all stakeholders.

In line with what has become a tradition since Onyeagwu assumed the leadership of the bank, Zenith Bank recently emerged as the Best Bank in Nigeria in the Global Finance Best Banks Awards 2024, winning the award for the fourth time since 2019.

The bank was among other banks from 36 countries in Africa recognised as the prestigious Global Finance announced its 31st Annual Best Bank Awards Winners.

The editors of Global Finance made the selections after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts worldwide. Factors considered in selecting the top banks ranged from the quantitative objective to the informed subjective.

Objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.

Commenting on the award, Onyeagwu said: “This award serves as a powerful affirmation of our resilience and tenacity despite headwinds and a very challenging macroeconomic environment. Indeed, it is a testament to our status as the leading financial institution in Nigeria, dedicated unwaveringly to delivering exceptional value to our stakeholders.”

He expressed profound gratitude to the founder and chairman, Jim Ovia, CFR, for his exceptional vision and foundational role in establishing a resilient

and enduring financial institution. He also lauded the board for their astute insights and exemplary leadership, the staff for their steadfast commitment and unwavering dedication, and the customers for their staunch loyalty to the Zenith brand.

Zenith Bank’s track record of excellent performance has earned the brand numerous awards, under the leadership of Onyeagwu. Under his leadership, Zenith Bank as an institution won a total of 51 awards in the last five years.

A breakdown of the awards showed that in 2019 alone, Zenith Bank was adjudged Best Commercial Bank, Nigeria by the World Finance; Biggest Bank in Nigeria by Tier-1 capital by the The Banker; Most Valuable Banking Brand in Nigeria by the The Banker; Best Digital Bank in Nigeria 2019, by Augusto & Co.; Best Company in Promotion of Good Health and Well-Being by SERAS Awards; Bank of the Year by BusinessDay Newspaper; Retail Bank of the Year by BusinessDay Newspaper, and Most Innovative Bank of the Year by Tribune Newspaper

This continued in 2020, where the financial institution was named Bank of the Year, Nigeria by The Banker; Best Bank in Nigeria by Global Finance; Biggest Bank in Nigeria by Tier-1 capital by The Banker; Most Valuable Banking Brand in Nigeria, by The Banker; Best Corporate Governance ‘Financial Services’ Africa by Ethical Boardroom; Best Company in Promotion of Good Health and WellBeing by SERAS Awards; Best Company in Promotion of Gender Equality and Women Empowerment by SERAS Awards; Bank of the Decade (People’s Choice) by Thisday Newspaper; Bank of the Year by Independent Newspaper, and Retail Bank of the Year by BusinessDay Newspaper. Furthermore, in 2021, Zenith Bank was also named Best Bank in Nigeria by Global Finance; Best Commercial Bank, Nigeria by World Finance; Biggest Bank

“This

award serves as a powerful affirmation of our resilience and tenacity despite headwinds and a very challenging macroeconomic environment. Indeed, it is a testament to our status as the leading financial institution in Nigeria, dedicated unwaveringly to delivering exceptional value to our stakeholders.”

in Nigeria by Tier-1 Capital from The Banker; Most Valuable Banking Brand in Nigeria by The Banker; Best Corporate Governance ‘Financial Services’ Africa by Ethical Boardroom; Most Responsible Organisation in Africa by SERAS Awards; Best Company in Infrastructure Development- SERAS Awards; Best Company in Reporting and Transparency-SERAS Awards; Best Company in Gender Equality and Women Empowerment- SERAS Awards; Bank of the Year- Champion Newspaper, and Retail Bank of the Year- BusinessDay Newspaper In 2022, it was named Bank of the Year, Nigeria- The Banker; Best Bank in Nigeria -Global Finance; Biggest Bank in Nigeria by Tier-1 Capital -The Banker; Best Commercial Bank, Nigeria -World Finance; Best Corporate Governance, Nigeria- World Finance; Best Commercial Bank, Nigeria -International Banker; Best Innovation in Retail Banking, Nigeria -International Banker; Best Corporate Governance ‘Financial Services’ AfricaEthical Boardroom; Bank of the Year- New Telegraph Newspaper; Retail Bank of the Year- BusinessDay Newspaper; Best Company in Technology for Development - SERAS Awards, and Best Company in Work Place Practice- SERAS Awards. This continued in 2023, in which it was adjudged the Biggest Bank in Nigeria by Tier-1 Capital -The Banker; World Finance 100- World Finance; Best Commercial Bank, Nigeria -World Finance; Best Corporate Governance, Nigeria - World Finance; Best Corporate Governance ‘Financial Services’ Africa- Ethical Boardroom; Most Sustainable Bank, Nigeria - International Banker; Best Bank for Digital Solutions, Nigeria – Euromoney; Bank of the Year- BusinessDay Newspaper, and Most Sustainable Bank of the Year -New Telegraph Newspaper. Also, in the five-year period, Onyeagwu was severally rewarded for being consistently humble, disciplined, ethical, hardworking, an outstanding professional and inspirational corporate leader with impeccable track records of excellence. In 2019, he was named Bank CEO of the Year by Champion Newspaper; in 2020, again he was recognised as Bank CEO of the Year by BusinessDay Newspaper and SERAS Awards respectively. Also, in 2021, BusinessDay and SERAS Awards awarded him Bank CEO of the Year respectively; In 2022, he was adjudged as Bank CEO of the Year by BusinessDay Newspaper and Leadership Newspaper respectively and in 2023, he emerged as Best Banking CEO of the Year, Africa, an award bestowed on him by International Banker, Bank CEO of the Year by BusinessDay Newspaper, and Bank CEO of the Year by New Telegraph Newspaper.

Onyeagwu

Øchuko: The 19-Year-Old Sensation Redefining Fashion and Influence

Meet Ogheneochuko Obire, aka Øchuko, the 19-year-old multitalented creative who's making waves in the fashion, entertainment, and influencer scenes. As a law student at Baze University, Abuja, Øchuko is also a model, stylist, and social media personality, inspiring thousands with his impeccable taste and innovative flair. With a fierce dedication to self-expression and a keen eye for detail, Øchuko is redefining the boundaries of creativity and influence. In this exclusive interview with Mary Nnah, he shares his thoughts on the latest trends, reveals his styling secrets, and unveils his ambitious plans to leave a lasting legacy in the industry

Can you share what inspired you to become a model and style influencer?

I like to say that the entertainment industry found me, and not the other way around. The style influencer part came organically from people asking questions about my style, where I source my outfits, as well as my hair and skincare routine. I didn't set out to be a model or style influencer; I wanted to become an actor. However, I found that I could use my platform to share messages that are important to my generation and effect positive change in the lives of my audience.

What would you describe as the biggest trend in the evolution of fashion in Nigeria over the past decade?

Today, the fashion industry is increasingly being driven by the street and not the runway as it used to be. There is a trend towards streetwear and street casting, especially in Lagos and Abuja. Also, movies and what actors wear play a key role in defining style for many. Designers are always trying to connect more to their audience, so we're seeing more edgy presentations on the big screen and runways. Add to that the growing number of fashion trendsetters and potential stars on Instagram and other social media platforms. It brings the realisation that there is an entire realm of fashion and beauty out there that is still uncharted, leading to the evolution of a new ideal of models and fashion styles that complement and even challenge the mainstream.

Do you feel that the fashion industry's approach to model casting is evolving?

I love this question because it allows me to talk about why I can work as a runway model. I describe myself as a non-conformist or unconventional model, and the industry

is beginning to acknowledge such presence. The past decade has seen the fashion industry's perception of beauty standards being constantly challenged. The landscape of casting is changing. Decision-makers in the

industry are signing on more models who eschew stereotypes - males and females who do not particularly fit the classic definition of beauty or the word "model". These days, there is a lot more room for unconventionality and individual artistic expression both on and off

the runway.

You're a Law student. What is a typical day like for you?

A typical day for me includes studying, attending lectures, creating content for my social media platforms, and engaging in photoshoots for clients.

How do you juggle your work in entertainment with studying for a Law degree?

It has been pretty challenging and demanding. I will say that the key lies in prioritizing commitments and proper time management. Having a daily routine as well as a checklist to keep track of my commitments and dates also helps.

Do you intend to practice Law after you graduate or are you getting a law degree for your parents?

I believe that no matter your passion or the field of endeavour that you find yourself in, education in a formal environment is very important. It brings a level of knowledge, polish, and refinement to the execution of your passion, so by all means, I will encourage every young person out there to utilize and appreciate the opportunity of getting a tertiary education. What advice do you have for younger entertainers?

Be consistent and true to yourself. It's very important to prioritise school because it makes your work stand out. I always say, "If it isn't you, it isn't true.”

Who are your role models in the entertainment industry?

I'm a big fan of Denrele Edun's style and his approach to the entertainment industry.

How Nigerian, French Navy Deepened Shared Commitment in Enhancing Maritime Security

Osho Oluwatosin

To underscore their shared commitment in enhancing maritime security in the Gulf of Guinea (GoG) waters through hydrography, French Navy Ship (FNS) Borda, a hydrographic vessel, recently visited the Western Naval Command (WNC) of the Nigerian Navy (NN) in Apapa, Lagos.

The visit was strategic given the role the NN plays as a regional seapower in the fight against maritime crimes in the GoG region.

The vessel and French diplomatic team in Nigeria, were received by the WNC Flag Officer Commanding (FOC), Rear Admiral Mustapha Hassan, who reiterated Nigeria's commitment to deepen their cooperation to address security challenges and promote peace and prosperity in the GoG region.

Commending their proactive engagement in maritime security collaborations within the Gulf of Guinea over time, Rear Admiral Hassan said their active participation demonstrates a shared dedication to regional stability.

Still on the visit, he said the general objective was for Nigeria to expand her hydrographic horizon, just as she called for more cooperation between the Nigerian Navy and its hydrographic partner in order to enhance the navigability of waterways.

He said: ‘’We are happy to receive the French Navy Ship BORDA, it is a hydrographic ship. The general objective of this visit is for Nigeria to expand her hydrographic horizon by expanding cooperation with the navy.

“We got news of the expanded maritime border by the UN a few days ago. This is falling in place with the visit of FNS border because cooperating

with our hydrographic partners helps us to enhance the navigability of our waters regarding the blue economy so it’s everything falling in place.’’ Furthermore, he promised to continue the smooth diplomatic relations between the Nigerian Navy and the French Navy, just as the Commanding Officer of the visiting ship appreciated the support

received when they arrived in Lagos.

In turn, the French Navy led by the Defence Attache, Commander William Tostan, described the visit as a move to maintain the link between them and their Nigerian counterpart.

According to the FN, apart from developing and reinforcing their cooperation with the Nigerian Navy, the visit would also ensure training of some NN officers in the country.

He explained that the hydrographic nature of their vessel important in attaining an effective blue economy for Nigeria.

‘’This is a continuation of the historic partnership of the French Navy with the Nigerian Navy in the domain of hydrography. Hydrography is very important because this is one domain that is very key for the blue economy. We are very happy to maintain this link.’’

The FOC Commanding, Western Naval Command, Rear Admiral Mustapha Hassan flanked by French Naval Attache, Commander William Tostan and CO French Navy Ship BORDA

Øchuko

This Week In Tech

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alekhuogien@yahoo.com

Nosa Alekhuogie

Adeagbo: Nigeria Will Emerge as A Global Power

Ayomide Adeagbo is a visionary leader and renowned communications expert who is celebrated for his remarkable ability to transform societal narratives through impactful creative expressions. He is also an awardwinning photographer, photojournalist, and published author with a distinguished career spanning over a decade at the intersection of photography, journalism, and politics. Ayomide previously served as the special assistant for visual communications and personal photographer to the speaker of the House of Representatives, where he effectively managed the Parliament’s media presence. He is the special assistant to the president on art, culture, and the creative economy. In this role, he actively promotes Nigeria’s rich cultural heritage, encourages innovation, enhances cultural vibrancy, and leverages the creative industry for national growth and global recognition. Nosa Alekhuogie delves into the insights and experiences of Adeagbo, exploring his journey, vision, and the transformative power of art and culture in shaping the Nigerian society. Excerpts:

What exactly does your job entail as the special assistant for art, culture, and the creative economy to the President of Nigeria?

As the special assistant for art, culture, and the creative economy to the president of Nigeria, Bola Ahmed Tinubu, my role is to unlock the potential of our cultural and creative sectors, transforming them into pillars of national pride and economic growth alongside the minister of art, culture, and the creative economy, Honorable Hannatu Musa Musawa. Through collaboration, facilitation, and advocacy, I am equipped to build a network that supports and nurtures creativity across the Federal Republic of Nigeria. I envision a future where art, culture, and creativity are the heartbeats of our national identity and prosperity. In my role, I ensure that we meet the evolving needs of creativity, offering dedicated support to the President in achieving the Renewed Hope Agenda Mandate with respect to art, culture, and creativity.

How do you envision leveraging art, culture, and the creative sector to promote national development and international relations?

The work has already begun. We are leveraging various sectors within this vibrant ecosystem to strengthen bilateral relations, promote cultural diplomacy, and enhance our nation’s global image. Since taking office, I have engaged in productive dialogue with numerous key representatives from other nations. A common theme in our discussions is Nigeria’s unique opportunity to utilise the arts, culture, and creative sector as a platform for enhancing global relations through cultural exchanges, showcases, and bilateral agreements. In terms of our country’s development, this sector will positively impact our economy, promote resource diversification, and highlight the power of innovation and education. The possibilities within the creative sector are truly endless.

Can you discuss a recent successful project or initiative you spearheaded that had a significant impact on the creative aspect of the economy?

At this time, the projects of the office are still in the pipeline and yet to be finalised. We have several that are nearly completed, and I assure you that in due time, these projects will be ready for public unveiling, demonstrating our commitment to advancing the sector. However, to give the public an idea of these initiatives, I can share that I am in discussions with private sector partners on projects focused on inclusion, particularly female empowerment within the creative economy. Additionally, we are partnering with a renowned creative industry to promote indigenous fashion on a global scale, highlight sustainability, and empower our creatives with the support they need to thrive.

For private projects, a blueprint has been developed through the Skill Sync Initiative, made to equip aspiring creatives in the creative economy with skills through masterclass mentorships, training and workshops to assist them break out into the industry, void of limitations.

In what ways do you see technology and digital innovation playing a role in enhancing the reach and impact of arts and cultural initiatives under your leadership?

Under my leadership, technology and digital innovation will play a pivotal role in enhancing the reach and impact of arts and cultural initiatives. It is often said that technology grants us power, but we have the discretion to choose how we utilise it. In fulfilling my responsibilities, I choose to harness technology to drive positive narratives about Nigeria’s culture and heritage, preserve our traditions, promote innovation, and create global connections.

Our partnership with technology and digital innovation is evident in the projects my office is undertaking, both independently and in collaboration with others. A prime example is the initiative “Nigeria to Naija: The Birth of a Colossus.” This project leverages digital innovation to store and transmit our cultural heritage, gifting it to present and future generations. It aims to instill a spirit of awareness and understanding of our roots. The initiative was created to foster respect for cultural diversity and to sustain cultural beliefs, values, and practices. These factors are critical in building a strong and cohesive society.

How do you plan to collaborate with government agencies, private sectors,

and cultural institutions to advance the agenda of art, culture, and creative industries in the country?

Collaboration offers limitless opportunities to advance the agenda of art, culture, and creativity in the country. Through the Ministry’s plans, we can align our efforts and work with fellow government agencies on policy alignment and development, regulatory support for our Creative and Cultural Industries (CCIs) and establishing solid foundations for robust funding and grants for creatives.

In the private sector, my office has successfully forged partnerships with numerous organisations, including creative academies, fashion institutes, and creative hubs. These collaborations are designed to elevate the industry beyond its current capacities, driving growth and innovation across the cultural landscape.

What strategies would you implement to ensure inclusivity and diversity within the art and cultural sectors, considering various communities’ perspectives and voices?

From inception, our goal has been to promote a truly inclusive culture, one that embodies the richness of our authentic and dynamic heritage, promoting the narratives that are uplifting to those who are usually neglected. In bridging gaps within the industry, we have implemented strategically targeted funding and support programs aimed at amplifying the voices

of underrepresented groups, ensuring they achieve equal footing in all areas. We go a step further to prioritise capacity-building initiatives and promote accessibility for all thorough digitised processes. We believe that through these efforts and others to come, we will create an equitable cultural landscape, one that reflects our collective identity in the Federal Republic of Nigeria.

How do you intend to balance preserving traditional cultural heritage while fostering innovation and modernisation in the creative economy?

The Federal Ministry of Art, Culture and the Creative Economy has been very instrumental in this area. Early this year, the Minister was present at the signing of the Memorandum of Understanding for the Conservation and Preservation of the tangible and intangible heritage of Sukur Cultural Landscape, a UNESCO Heritage Site located in Adamawa State. Interestingly, part of the efforts towards actualising this would be the use of technology that would be implemented adequately for documentation, mapping, and recording purposes. Worth mentioning is also the partnership between the Federal Ministry and UNESCO Nigeria to not only transform the creative economy but to safeguard our cultural heritage through effective measures.

How would you address challenges such as funding constraints, regulatory issues, and cultural sensitivities while implementing policies or programs related to art, culture, and creative industries?

To address these challenges, we are adopting a strategic and inclusive approach. For funding constraints, we are leveraging public-private partnerships. Additionally, we have allocated a budget specifically to cover the necessary costs for this sector, ensuring that resources are used efficiently and effectively through prudent management. To reduce bureaucratic barriers, we have implemented a mechanism to better understand the needs of our creatives and determine the most effective ways to support this industry.

What are your long-term goals and vision for the advancement of the creative sector during your tenure in this role?

I envision a Nigeria that proudly celebrates its rich cultural heritage and artistic brilliance, recognising these as cornerstones of our national identity and strength. Imagine a nation where the integration of education and the arts is paramount, fostering a generation of youth who are not only the torchbearers of our creative endeavours but also pioneers of innovation and entrepreneurship. In my era, these young individuals will be empowered with the necessary skills and resources to become self-sufficient. In this long-term vision, our country will emerge as a global power, embracing the strength of innovation. This will be demonstrated through strategic investments in the ideas of our creatives, leading to a vibrant, dynamic, and sustainable future. We will come to understand that art, culture, and the creative economy are fertile grounds for resource diversification, evidenced not just in our words but through our achievements.

Adeagbo

POLITY

Keynes, Roosevelt, and Tinubu: In Search of the Multiplier Effect

John Uwajumogu

Governments aiming for growth during tough economic times often use public works as a key strategy. This approach, refined by John Maynard Keynes and Franklin D. Roosevelt, is now being skillfully used by Nigeria’s President, Bola Ahmed Tinubu, through his ambitious Renewed Hope Infrastructure Development Fund (RHIDF). This blueprint is not just a plan but a promise to catalyze economic growth by pumping demand through expansive infrastructure projects—a venerable strategy with a robust pedigree.

Keynes advised the British Treasury during the Great Depression, promoting public investments to help the economy. His “multiplier effect” theory suggested that such spending would stimulate more economic activity, effectively paying for itself by boosting the overall economy. Similarly, Roosevelt’s New Deal supported the U.S. economy, and Dwight D. Eisenhower’s Interstate Highway System led to decades of economic growth in America.

President Tinubu’s RHIDF aims to replicate these successes by improving Nigeria’s infrastructure. By enhancing key logistics and reducing energy costs, this plan will lower business expenses, boost productivity, and strengthen the private sector.

While some may doubt, history shows the multiplier effect works. The RHIDF plans to inject funds that will generate more economic activity, creating jobs and increasing demand. Better infrastructure leads to lower costs and more opportunities for trade and investment. This isn’t just spending—it’s investing in Nigeria’s global economic standing.

For the RHIDF to succeed, it must work well with monetary policy. The Central Bank of Nigeria’s role in controlling inflation and stabilizing the currency is crucial. Together,

fiscal and monetary policies can enhance the positive effects of public investment, helping Nigeria achieve economic stability and growth.

Public works face challenges like corruption, inefficiency, and bureaucratic hurdles. However, the potential benefits far outweigh these risks. If managed well, the RHIDF can reshape

Akwa Ibom at 37: Eno Names

Udeme Utip in Uyo

A 21-storey smart business complex built by the immediate past administration in Akwa Ibom State has been named after the initiator, former Governor Udom Emmanuel.

The pronouncement was made by the State Governor, Umo Eno, during the anniversary thanksgiving and book presentation service at the State International Worship Center, Uyo.

Paying glowing tributes to the immediate his predecessor, Eno said his legacies of enduring peace had provided a perfect pedestal for the smooth commencement of his administration, stating that he was working hard to continue developing the State from where his Emmanuel stopped.

“You called it Dakkada Towers, but by the authority conferred on me as the Governor of Akwa Ibom State, I rename this 21 storey edifice,

Nigeria’s economic landscape, creating a solid foundation for future prosperity.

Following the successful strategies of Keynesian economics, Roosevelt’s resolve, and Eisenhower’s infrastructure legacy, Tinubu’s RHIDF is set to lead Nigeria into a new era of economic growth. This is a careful and strategic use of proven economic tools,

tailored to Nigeria’s specific needs. The RHIDF is more than a fiscal stimulus—it’s a bold move for sustainable economic development. This is a risk worth taking for the economy, the people, and Nigeria’s future.

•John Uwajumogu is a Special Adviser to the President on Industry, Trade and Investment

21-Storey Smart Building after Predecessor

Udom Emmanuel Towers, for the works you have done in our state,” he said.

He also commended Emmanuel for the vision of putting up a standard worship centre in the State, saying the altar represents the quality of vision God usually revealed to him, during his tenure in office.

He stressed: “Tomorrow May 27, we are inaugurating the International Airport road which you have called

Ogun Supports 8,800 Farmers Through FADAMA Scheme

About 8,800 small holder farmers across the 20 local government areas of Ogun State have benefitted from the free agricultural inputs and assets as well as infrastructural support through the OGUN-CARES FADAMA to further boost the outputs of farming enterprises in the state.

Items distributed include: 14,000 day-old chicks, 560 bags of chick feed, 209 fish feed, 500 bags of fertiliser, 8 motorised sprayers, and 75 rechargeable knapsack sprayers.

Other supports are 24 roads, which were rehabilitated, including culvert, water drainages, and provision of boreholes for water supply at four wet markets where food processing takes place to

increase hygiene and reduce food contamination.

Presenting the items to the benefiting farmers at OGUNCARES FADAMA premises, OGADEP, Idi-Aba, Abeokuta, Commissioner for Agriculture, Bolu Owotomo said the State Governor, Dapo Abiodun acknowledges the plight of farmers occasioned by the COVID-19 pandemic and was passionate about alleviating their plights through various intervention programmes.

Owotomo gave kudos to the farmers who, in spite of the prevailing economic challenges, plant and process food for people’s consumption, thus contributing their quota in the government’s strive to ensure good security.

He implored farmers who are

yet to benefit from the project to be patient as the distributions are being done in batches, enjoining the beneficiaries to join hands with FADAMA Team and make judicious use of the items to maximize the inherent profits.

Earlier, the Permanent Secretary in the Ministry, Mr Samuel Adeogun said over 10,000 farmers had been assisted in the previous distributions across the state and they have been sending good reports on how the project has bettered their lots.

In a related development the ministry has presented seven motorcycles to field officers in the produce department to enhance their performance and improve revenue generation, particularly in areas with challenging terrain.

many names. If you drive through the road, you will see that it is a very good welcome into the State. It was conceived, started and delivered by my political father, the immediate past governor of Akwa Ibom State.

“We have formally asked him and his dear wife to honour us with their presence tomorrow as we commission that Airport Road.”

Eno said it was a first official invitation to the immediate past overnor to the state to a state function, and “we must really make him know that we love him”.

The governor who said he was reserving his scorecard for his anniversary speech for May 29,

however thanked God and everyone in the State for standing by him to achieve the successes so far.

Speaking at the event, immediate past Governor of Akwa Ibom State, Emmanuel commended Eno for a successful one year in office, attributing his success in the elections to his achievements in office to the Grace of God.

“Even after we had gone through the entire process, someone in Abuja came to tell me that you will be the shortest time governor of Akwa Ibom State. But that day never came. God has been so faithful,” Emmanuel added.

The former governor who drew

reflecting improved revenues and robust financial performance.

Access Bank has emerged Nigeria’s most valuable brand in the Brand Africa’s 2024 report of London-based Brand Finance.

The report revealed that Access Bank’s brand value increased by 73 per cent, which solidified the bank’s position as the most valuable banking brand in Nigeria.

According to the Brand Finance’s Africa 200 2024, Access Bank’s brand value soared to N355.3 billion, making it the 31st most valuable brand in Africa.

The impressive growth, it said, was primarily driven by significant increases in interest-based income,

This would mark the third consecutive year that Access Bank has held the top spot in Brand Finance’s annual ranking of the world’s Top 500 Banking Brands.

Brand Finance is one of the world’s leading brand valuation consultancy has been bridging the gap between marketing and finance for more than 25 years by evaluating the strength of brands and quantifying their financial value to help organisations of all kinds make strategic decisions.

Reacting to the ranking, the Managing Director/Chief Executive Officer of Access Bank, Mr. Roosevelt Ogbonna, said: “We are proud to once

his inference from Romans 16:17-18, he appealed to the governor to watch out for people whose admonitions and comments are, deceitful, divisive and inflammatory, as such people are not serving God truthfully. He also harped on Isaiah 31:1, urging the governor to look unto the Lord alone, who delivered him from all his battles, as only God saves.

“I will share in your burden, I will share in your challenges, I will share in your trying times. I know you call me political father, but I will never be the kind of father who will attempt to press your neck,” he added.

again be recognised as Nigeria’s most valuable brand.

“This accolade is a testament to our commitment to excellence, innovation, and sustainable growth. We will continue to focus on delivering exceptional value to our customers and stakeholders, driving positive impact across the communities we serve.”

Similarly, Group Head, Group Marketing & Retail Analytics at Access Bank, Ms. Toyin Henry-Ajayi, who spoke on the brand’s journey at the announcement event, added that “Access Bank’s consistent performance and brand value growth reflects our ability to stay true to our DNA of excellence through every strategic five-year cycle.

James Sowole in Abeokuta

Dike Onwuamaeze

Appeal, Abuja... recently

L-R: Teacher at the Vale College, Adenike Oladimeji; state Business Manager, Airtel Nigeria (Ogun State), Adetokunbo Alegbejo; state Business Manager (Oyo State), Wumi Adejumo; Regional Operations Director (West Region), Tolu Adeniyi (middle); Regional Technical Officer (West Region), Airtel Nigeria, Olusola Bisuga; Retail Head (West Region), Airtel Nigeria, Grace Agaga; Regional Enterprise Head (West Region), Airtel Nigeria, Femi Adegbite; and teacher of the Vale College, Josphine Oloyede, during an interactive session with girls from the Vale College in commemoration of ‘Girls in ICT’ in lbadan, Oyo State...recently

L-R Chairman, Nigerian Bar Association (NBA) Benin branch, Nosa Francis Edo-Osagie, exchanging pleasantries with past President of the NBA, Paul Usoro (SAN); and Attorney General of Edo State Oluwole Osaze -Uzzi (centre), during the valedictory court session held in honour of late Justice Theresa Ngolika Orji Abadua JCA at the Court of

Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Ajayi Obasa (middle), flanked by members of the executive and the legislative arms of government during the internment of his father, Pa Suleimon Atanda Obasa, in Agege, Lagos...recently

L-R: Marketing Director, Nigerian Breweries Plc, Emmanuel Oriakhi; Brand Manager, Goldberg and Star, Titilayo Odekunle; Head of Media, Digital, Brand PR and Sponsorship, Nigerian Breweries Plc, Wasiu Abiola; Convener, The Industry Summit, Goddie Ofose; and Portfolio Manager, Beyond Beer, Sampson Oloche, during the presentation of the 2023 Industry Brand of The Year, Brewer of the Year and Marketing Director of the Year won by the Nigerian Breweries at The Industry Awards 2023 in Lagos... recently

L-R: Research and Development Manager, West Africa, Stanley Okeke; Category Manager, Deodorants, Shadiat Eniodunmo; Beauty Wellbeing and Personal Care Marketing Lead, Unilever, Akintayo Akinseloyin; Oral Care Lead and Closeup Africa Lead, Oiza Gyang; and Assistant Brand Manager, Rexona, Jeremiah Omotade, at the Rexona Motion party in Lagos...recently

L-R: Wife of the President, Lagos Polo Club, Mrs. Moyo Makanjuola; her husband, Mr. Olabode Makanjuola; the Duchess of Sussex, Meghan, and the Duke of Sussex, Prince Harry, at a Charity Polo in honour of the Duke and Duchess, to raise awareness of the Nigeria Unconquered Charity, which supports injured and disabled Nigerian soldiers and veterans, held at the Lagos Polo Club, Ikoyi...recently

SESSION ON INVESTMENT OPPORTUNITIES IN NIGERIA...

UNDP: Nigeria, African Nations Need $250bn

Annually to Achieve Climate Objectives by 2030

Emmanuel Addeh

The United Nations Development Programme (UNDP) has said that Nigeria and other African nations would need about $250 billion annually to meet their climate objectives by 2030.

In its latest African Green Business and Financing report, the global organisation stated that the continent has a pressing need to rapidly diversify the existence of dedicated green financing mechanisms through expanding existing institutions or the creation of new approaches. It urged the nations of Africa to create and support green financing products, for example green microfinance or dedicated funds and facilities, to encourage investment in green businesses that might find themselves outside the traditional banking system.

In addition the UN body said there was the need to leverage new commodity and asset classes, such as carbon and nature markets, to help lower the cost of capital for

countries across the region.

The UNDP advised the continent to explore the institutional home for facilities and mechanisms; for example, within existing national development banks or elsewhere.

The overall objective of the recommendation, it said, is to rapidly stimulate investment in green businesses, facilitate blended finance approaches and provide technical assistance to catalyse $500 billion in investments by 2030.

According to the body, the mechanisms must have a clear link to private sector investment, build local technical capacity, create local jobs and leverage human capital available from existing financial and financing structures.

“There is a clear need for green financing to capitalise on the vast opportunities that are available across the Africa region. While the needs at individual country levels vary widely, research suggests that in aggregate Africa needs approximately $250 billion annually to implement its Nationally

Determined Contributions (NDCs) and achieve its climate objectives by 2030.

“Yet, the volume of capital flowing into climate finance is only 10 per cent of that requirement, with private capital making up only a small portion. Although a wide range of mechanisms, instruments, tools and public funding exist, more are clearly needed,” the UN body added.

While the economic and climate challenges Africa faces are complex and interconnected, it said that several emerging dynamic trends in Africa leave the continent wellpositioned to innovate and lead the global green growth agenda leveraging the rich abundance of natural resources.

This, the report said, presents a unique business and investment opportunity to pursue a naturepositive transition.

It acknowledged that many African economies are taking clear steps to increase economic diversification and enhance participation in value-added

manufacturing and services crucial to the green transition.

The UNDP said it believes that areas of utmost strategic importance for the continent include: Renewable energy, water and related infrastructure, sustainable agriculture and food production, forestry and nature-based solution, eco-tourism, and a broad sector called technology and next-generation solutions.

It said that Africa must improve the continent's energy mix and upscale local technology production to drive green industrialisation and called for the development of a tech-based innovative service delivery to ensure access to clean water and sanitation for communities and increase the efficient use of water resources.

UNDP said that Africa should embrace circularity and technology innovation as a means to protect the national environment as well as a shift towards sustainable and smart alternative vehicles.

It listed some action-orientated and feasible measures which if taken

Elumelu: UBA Will Easily Scale Recapitalisation Hurdle Before Deadline

James Emejo in Abuja

Chairman, United Bank for Africa (UBA) Group, Mr. Tony Elumelu, has assured that the bank will meet the new minimum capital requirement set by the Central Bank of Nigeria (CBN) in the stipulated time frame. Speaking at the 62nd Annual General Meeting (AGM) of the bank in Abuja, over the weekend, he said his optimism was hinged on the fact that some of its shareholders have indicated their interest to reinvest significant stakes in the bank.

have a huge potential for catalysing green growth, summarising them as: Promotion of dedicated green investment banks, facilities and funds.

According to the organisation, this should be with a specific mandate to support the development of green business in the region via green financing products, for example green microfinance, and target new sources and types of financing.

It further called for the creation of an African urban green business and finance platform to help support Africa's rapidly growing cities meet the dual challenges of rapid urbanisation and climate change, with a key mandate to catalyse

and transform green business ventures and entrepreneurship in urban locations

“Recognising the need for Africa's growing cities and urban municipalities to tackle the dual challenges of rapid urbanisation alongside climate change, it is proposed to create a platform with a mandate to catalyse and transform green business ventures and entrepreneurship in urban locations and support cities in their greening ambitions.

“This would be accomplished by working in cooperation with existing institutions across the region, for example the urban climate finance institute,” the report added.

Udeme Utip in Uyo

Governor of Akwa Ibom State, Pastor Umo Eno, emphasised the state's collaboration with the London Borough of Southwark in education and investments.

Eno spoke when he was received by the new Mayor of London Borough of Southwark, Naima Ali.

The governor expressed his administration's commitment to the joint projects between Akwa Ibom and London Borough of Southwark.

of Southwark's unwavering support and announced plans for a reciprocal visit by a Southwark delegation to Akwa Ibom.

"Former Mayor Michael Situ, who attended the meeting, praised Governor Eno's visionary leadership in improving education standards in Akwa Ibom. Situ, who visited Akwa Ibom during his tenure, reaffirmed his commitment to supporting the state's projects and initiatives."

The shareholders also okayed payment of N78.66 billion dividend for the 2023 financial year, which translated into N2.30 kobo per share.

The bank also disclosed that its shareholders’ fund had reached over N2 trillion while its deposit base doubled to N18 billion from N9 billion in 12 months.

Addressing journalists shortly after the meeting, Elumelu said, “I would say recapitalisation is something that UBA will accomplish before the stipulated time frame. The Reason being that we have shareholders who want to reinvest in their bank.

“We have customers who want to become shareholders of the bank, and remember that UBA not only operates in Nigeria; it operates 19 other African countries and they’ve been yearning to become shareholders of the bank. “And we the board

Elumelu also said there are customers from 19 other African countries where UBA currently operates, who have been yearning to become shareholders of the bank. This came as shareholders authorised the bank to raise additional capital through issuance of securities comprising ordinary shares, preference shares, convertible and/ or non-convertible notes, bonds, or any other instruments, in the Nigerian and/or international capital markets, among others.

has approved, and today, shareholders have supported it that we will do private placements and these private placements will give opportunity to our customers and friends across Africa to invest in UBA.”

He said, “So, when all of these investments come in, plus the rights, the reinvestment by existing shareholders and even the wider Nigerian public, it would be an easy accomplishment.

“We are happy for what has happened. The shareholders were happy to hear that their bank doubled in terms of our deposit base – our deposit base moved from N9 billion last year to N18 billion this year.

“Also, the shareholders' fund is now over N2 trillion and that is massive, that is significant and awesome. That gives UBA the impetus to support more customers.”

The UBA Group chairman also said the bank was supporting African SMEs with $6 billion over a period of three

years “because they believe that SMEs drive the economy of nations, and because UBA is not about profitability; UBA is about helping SMEs to grow, helping to economically empower people.”

Elumelu further expressed satisfaction that UBA Africa was now contributing 55 per cent to the group’s profit.

He said, “That's a validation of our dream, a validation of our vision. When we started branching out in 2007, we were very ambitious in our vision and we were looking forward to the day that UBA Africa will contribute at least 50 per cent of our profits.

“Today it's 55 per cent, and that is very interesting, very exciting time. But we'll do more. Nigeria will do more and better and Africa will do a lot more. UBA International that operates in Dubai, UAE, operates in Paris, in London and in America will also do more in terms of contribution to the bottom line. So, interesting times.”

In a statement from Government House Media Unit, made available to newsmen in Uyo, Eno congratulated Ali on her new role and commended former Mayor Situ for his impactful service and contributions to Nigeria.

He reiterated his administration’s dedication to fostering partnership between Akwa Ibom and Southwark, particularly the planned education exchange programme, which had generated enthusiasm among students from public secondary schools in the state.

The statement said the meeting marked the first official engagement of the newly inaugurated Mayor of Southwark, Naima Ali.

According to the statement, "She thanked Governor Eno for his dedication to advancing education and elevating Akwa Ibom's global profile.

"She assured the governor

The statement said during the meeting, the Akwa Ibom State Commissioner for Culture and Tourism, Sir Charles Udoh, presented the state’s tourism blueprint, while Chairman of Akwa Ibom Investment Corporation, Mr. Ide Owodiong Idemeko, highlighted investment opportunities to potential investors.

Those who accompanied the governor to the meeting were Secretary to the State Government, Prince Enobong Uwah; Commissioners for Works and Fire Service, Lands and Town Planning, Culture and Tourism, and Information, Professor Eno Ibanga, Capt. Iniobong Ekong (Rtd.), Sir Charles Udoh, and Comrade Ini Ememobong, respectively.

Other key members of the delegation included Managing Director of HENSEK Integrated Services, Engr. Uwem Okoko, and Senior Special Assistant to the Governor on ICT, Dr. Frank Ekpenyong.

L-R: Managing Director, Platform Petroleum Limited, Mr. John Anim; Executive Secretary, African Refiners and Distributors Association (ARDA), Mr. Anibor Kragha; Partner & Sector Head, Energy & Infrastructure, Jackson, Etti & Edu (JEE), Chambers, Mr. Taiwo Adeshina; and Senior Partner & Head of Analysis, Rystad Energy, Mr. Per Magnus, during the panel session on “Investment Opportunities in Nigeria” at the “Invest in Africa Energy 2024” conference held in Paris, France… recently

in Abuja

STANDARD CHARTERED BANK'S EXCLUSIVE DINNER...

L-R: AGM/acting Head, Corporate Affairs, Brand & Marketing, Standard Chartered Bank Nigeria Limited (SCBN), Joke Adu; Managing Director/Chief Executive Officer, SCBN, Dalu Ajene; Liverpool FC Legend, Glen Johnson; and Head, Affluent Banking and Branches, SCBN, Chima Eboh at an exclusive dinner for Glen with clients in Lagos...recently

Afenifere Urges FG to Halt Economic Policies Pauperising Nigerians

Criticises Tinubu over controversial Lagos-Calabar coastal highway

Ugo Aliogo

Afenifere has advised the federal government to critically review its economic policies that have not favoured the common citizens of Nigeria.

The socio-cultural group also noted that the economic mismanagement, inflation and poverty level were on the high, and had severely pauperised its citizens.

Afenifere in a statement signed by the Publicity Secretary, Justice Faloye, expressed worries that if the federal government does not end the policies in the first year of its scorecard review, the turbulence would continue in the subsequent years.

It appealed to the Bola Tinubu administration to heed the yearning of the masses to alleviate their plight.

It stated: “The economy has experienced severe turbulence in the one year administration of President Bola Tinubu, worsening the previous administration’s economic legacy.

“ Afenifere hereby calls for better understanding of the economy to stop the alarming rate of inflation, devaluation, increasing unemployment, homelessness and poverty.

“Firstly, it is an illogical economic belief that the subsidy removals and tax increases that remove money from the economy will stimulate economic growth. As former British Prime Minister Winston Churchill once opined, ‘for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle’’.

It argued that prosperous countries stimulate their economies with production and consumption subsides, mainly in energy, agriculture and transportation.

“ Therefore, the adoption of flawed neo-liberal theories of subsidy removal and unbridled tax increases must be stopped since they always contract the economy, and ours is no exception as companies are folding up and leaving due to fuel and electricity costs skyrocketing, fuelling galloping inflation and fall of real incomes.

“In apparent over-reliance on a one-sided monetary policy, this current government has been hiking interest rates with the Monetary Policy Rate (MPR) standing currently at 26.25 per cent from 18.5 per cent a year earlier.

“The Central Bank of Nigeria

(CBN) also raised the Cash Reserve Ratio (CRR) to 45 per cent from its 32.5 percent position a year ago.

“These policies are crowding out the productive sectors of the economy from much needed loans. The hikes in interest rates are not effective in curbing inflation for the twin reasons that whatever loans are withheld from the private sector by the restrictive policies are flowing to the government that is spending recklessly and pumping the same funds right back into the markets,” it said.

Afenifere said that energy costs are crucial to the modern economy since energy is an essential ingredient for almost all human activities, so are subsidised by most nations.

The group argued that past governments’ failure to enable local refineries for local petrol production and gas for thermal plants, should have been resolved with emergency measures.

The national plan for electricity, it said, was for the government to subsidise private investors electricity generation and distribution, then later increase prices to recoup its investment.

“ Instead, the government exponentially increased the cost of electricity without any significant new investment, therefore profiteering on existing stock without enabling an increase in our productive capacity.

“ Subjecting consumers and producers alike to prohibitive energy costs is antithetical to increased productivity and employment generation.

“The policy of floating the Naira without moderating the excesses of the free market speculators and hoarders, and a nation addicted to capital flight, is questionable economic logic. With 90 per cent of our foreign exchange derived from oil and gas, stopping government funding of the forex market was bound to lead to massive devaluation as witnessed.

“Our collective patrimony is not only meant to fund the political class’ excessive cost of governance, but to stimulate the economy and abundance of life to the greatest number of the citizens,” it stated.

Furthermore, Afenifere advised that the stability in the foreign exchange market was critical to stabilising domestic prices, and

stimulating domestic and foreign investor’ confidence.

It remarked that the wasteful jamborees around the world looking for direct foreign investors are really forlorn adventures in fanciful thinking, adding that those who are already in are either not making additional investments, or disinvesting to move on to more investment-friendly economic jurisdictions.

“The problems inherited from the Muhammadu Buhari administration have been compounded by the inept management of the economy by the Tinubu administration, following the example of their predecessor by spending recklessly while looking

for loans and additional taxes to fund the profligacy.

“Contrary to government propaganda that we import too much, we are a low importing nation with our import bill just 16 per cent of our GDP. Neither is our debt to GDP ratio of 39.8 per cent above global acceptable rate of 60 per cent.

“The problem is that we are not exporting enough due to long years of government complicity with or lack of political will to stop the massive theft of about a million barrels a day of crude oil.

“This has prevented us from exporting more than half of our OPEC production quota. Even what is

earned is stolen, gulped by recklessly inflated cost of governance and graft infested non-transparent contracts, and capital flight by all and sundry.

“The government can not turn round and punish the people for its own wastefulness, recklessness and inefficiencies,” it argued.

Afenifere advised the government to place emphasis on proper accounting on how much crude oil, and other minerals are actually mined.

It said the country must strengthen the nation’s security architecture to protect all economic production facilities , oil producing, other mineral mining areas and the farms.

It also stated that without security of lives and property, no meaningful economic activity can be guaranteed. It suggested that instead of deploying the grossly inadequate law enforcement agents for the personal protection of politicians and big businessmen, while entrusting oil facilities to militants, it must as a matter of urgency introduce multi-level policing which is a national emergency.

“Tinubu's administration in Lagos State is credited for a hyped increasing Internally Generated Revenue (IGR) that never translated into the development of the kind of infrastructure built by the Lateef Jakande administration.

Oluremi Tinubu: Education Will Give Young People Better Options

Calls for more entries into fabric competition with

Deji Elumoye in Abuja

Wife of the President, Senator Oluremi Tinubu, has advised young people to endeavour to complete their education saying doing so would afford them more options in life.

In a release issued on Sunday by her media aide, Busola Kukoyi, Mrs. Tinubu, who noted that purpose, passion, determination and resilience were necessary for achieving success in life, at an event tagged, “Honouring the Youth of Our Nation” with the theme: Becoming: Pathway to Success” in commemoration of the first anniversary of President Bola

Tinubu’s administration, held at the State House Conference Center, Abuja.

The First Lady, who stressed the importance of education to attain great heights, assured that her pet project, the Renewed Hope Initiative, was geared towards complementing the efforts of President Tinubu, in the areas of education, agriculture, social investment and economic empowerment.

Her words: “Stay in school, finish school because we are a developing country. When you stay and finish your education, you will have more options.

“We will continue to do our best

N25m prize

to provide an enabling environment to foster and support you as active participants in national development and in re-writing Nigeria’s story for good. I urge us to keep believing in Nigeria, by the special grace of God, we will witness the rebirth of a new nation that will take its rightful place among the comity of Nations."

She hailed the panelists for their relentless pursuit of excellence and groundbreaking contributions, standing as pillars of progress, shaping a brighter future for generations to come.

Mrs Tinubu seized the opportunity to remind the youth of the ongoing

#ONE NIGERIA/Unity Fabric competition. She emphasised that the competition is open to all Nigerians within and outside the shores of the country between ages of 15-25 years old.

According to her: “The #ONE NIGERIA/unity fabric, is N25 million as the star prize. We are going to be showcasing that by October 1st by the grace of God.

"We have some very few entries in a country of 200 million people, we have less than 40 entries. Are you going to try? It is better than social media.”

5,000 Participants to Attend Africa Social Impact Summit

Segun James

Over 5,000 participants are expected to attend the Africa Social Impact Summit (ASIS) 2024, that will bring together many development and sustainability leaders from across the continent to accelerate progress towards the United Nations’ Sustainable Development Goals (SDGs).

Lagos State Commissioner for Commerce, Trade and Investment, Mrs. Folashade Ambrose-Medebem who disclosed this at a press conference on the ASIS held at the Bagauda Kaltho Press Centre,

Alausa, Ikeja at the weekend said Lagos would collaborate with Sterling One Foundation, the United Nations Nigeria, and other notable organisations to achieve transformation and multifaceted solutions to address challenges.

She said: “According to the United Nations (UN) Progress Report on Sustainable Development Goals, Special Edition 2023, more than half of the world is left behind. She added that progress on more than 50 per cent of the targets of the SDGs is weak and insufficient.

“We need to reverse this narrative; we need to mobilise

people and organizations as critical partners towards achieving transformation.”

Ambrose-Medebem noted that ASIS would serve as a global platform for effective collaboration and alignment by critical players in Africa’s social development sector, as the theme “reimagining progress” implied. She added that the summit would review transformative recovery from the COVID-19 pandemic, the decade of action for accelerating the implementation of the Sustainable Development Goals, and progress at the midpoint to

the deadline for the 2030 agenda.

The commissioner further stated that there would be a social enterprise forum where business leaders, whose businesses are focused on social impact in thematic sectors, could pitch innovative solutions to potential investors and access funding to drive scale and accelerate impact.

“There will also be a tour of Lagos State’s notable investment destinations and tourist attractions hosted by the Lagos State government and an event roundoff networking dinner at the Eko Atlantic City.

2024 ECOBANK CHESS COMPETITION...

L-R: Head, Marketing and Corporate Corporation, Ecobank

Customer Experience, Ecobank

SERAP Appeals to Tinubu, Shettima to Publish Their Assets at One Year in Office

Chuks Okocha

in Abuja

The Socio-Economic Rights and Accountability Project (SERAP), has challenged President Bola Tinubu and Vice President Kashim

Shettima to use the anniversary of their first year in office to make public their assets. SERAP particularly urged Tinubu to use the anniversary to demonstrate his oft-expressed

commitment to democracy, accountability, and openness in government by immediately publishing his asset declaration form.

This was contained in a statement

by Kolawole Oluwadare, SERAP

Deputy

Director

in which the organisation urged Tinubu to also encourage Shettima, ministers, and governors to publish their asset declaration forms.

Appeal Court Lambasts Property Developer over Sharp Practices, Orders Return of Apartments

Wale Igbintade

The Court of Appeal in Abuja has lambasted a property developer and lawyer, Mr. Cecil Osakwe, over sharp practices, saying that having benefited from the contractual sale of a property, he sought to benefit more by revoking the sales.

The court therefore overturned the judgment of an FCT High Court over two luxury apartments at Abeh Signature Apartments, located at the highbrow Maitama district, Abuja.

The appellate court reverted the apartments to Ms Asabe Waziri, rescinding earlier decision of Justice Othman Musa of FCT High Court reverting the coveted apartments back to a property development company, Abeh Signatures Ltd, and its Chief Executive Officer, Osakwe.

The appellate also blamed the trial judge for veering off track of the facts before it which led to miscarriage of Justice.

The property developer had in 2022 approached the FCT High Court asking the court to revoke a contract of sales of two luxury apartments due to the mode of payment of N150 million by the buyer, Ms Waziri which he claimed contravened the provisions of the Money Laundering Act.

The company claimed that the buyer made a cash payment of $40,000, and bank transfers worth

$100,000, and through Bureau de Change.

It also claimed that the defendant presented herself as a business woman whereas she is a civil servant working with the Nigerian National Petroleum Company Limited (NNPCL).

Due to these reasons, Osakwe offered to pay back the money paid for the apartments and recover them from the defendant.

The defendant however denied the claims of the defendant (plaintiff) , saying she only paid $5,000 from the N130,000 agreed after he requested that he needed dollars and presented evidence of all transfers made to the property developer’s accounts.

Delivering judgment, the trial judge ordered that the properties be reverted back to the plaintiff.

He also ordered the plaintiff to pay back the sum of N150million, being money deposited, to the defendant.

The judge said: “In view of the way and manner or mode of payment employed by the defendant in the purchase of the two flats at Abeh Court, belonging to the claimant, same has rendered the contract for the purchase of the properties void for violating money laundering laws”. Not satisfied, Ms. Waziri had approached the Court of Appeal, challenging the decision of Justice Musa.

Represented by her lawyer,

Henry Eni-Otu, she argued that the lower court relied solely on written statements (affidavits) without considering oral or documentary evidence to support the developer’s claim of money laundering against the Appellant.

Additionally, she questioned whether the trial judge could decide the case through originating summons given the conflicting information in the affidavits by the parties and the clear documentary evidence presented by the appellant.

In a unanimous verdict, the threejudge panel led by Justice Hamma Akawu Barka, comprising Justices Abba Bello Mohammed, and Okon Efreti Abang, set aside the lower court’s judgment in its entirety and awarded costs of N500,000 to the appellant, Ms. Waziri.

The appellate court justices said the trial court judge veered off the track in his reasoning and occasioned miscarriage of justice.

Justice Barka, who read the lead judgment, upheld the argument of the appellant lawyer, saying that “it is trite law that a party seeking declarative reliefs must establish his entitlement to such reliefs based on the strength of the case makes out, and is not entitled to rely on the weakness of the case of the respondents, unless such weakness aids his case.”

The lead justice declared that the

judgment of the trial court was not supported by credible evidence and constituted a miscarriage of justice.

“The facts forming the respondent's case before the lower court were contained in the affidavit in support of the originating summons. The appellant as defendant filed a counter affidavit and therein sought to clarify all the material allegations made by the respondent in his affidavit in support to the originating summons. In particular with respect to the allegations of cash payments of forty thousand dollars was part of the cost of building, thus offending the provisions of the Money Laundering (Prohibition) Act, defendant vehemently denied the averment posting further that the only money she paid in dollars was five thousand dollars in cash made to the alter ego of the respondent on request. Surprisingly, on all the exhibits attached to the affidavit in support of the originating summons, none mentioned the fact of payment of forty thousand dollars in cash in satisfaction of the sale agreement. In the same vein, as argued, the allegation of the identity of the appellant which the respondent relied upon as a ground to vitiate the concluded transaction was not substantiated and appellant having joined issues on those facts, it behoves the respondents to lay facts of proof in support of those allegations”.

Pa Adebanjo is Alive, Afenifere Declares

Pan-Yoruba socio-cultural and socio-political organisation, Afenifere, has dismissed rumour that Chief Ayo Adebanjo, was dead.

National Publicity Secretary, Jare Ajayi, made the clarification in a statement issued yesterday, insisting that the elder statesman was alive.

Late Saturday evening, an rumour had it that one of the last of Awoists and veritable patriot, Adebanjo, had passed.

But Ajayi said: “By Sunday morning, the rumour had grown wings, thus raising serious concerns among members of Afenifere and followers of the late sage, Chief Obafemi Awolowo among others.

"We are hereby categorically stating that Pa Ayo Adebanjo is still very much with us - to the glory of the Almighty God."

He added that members of Afenifere were trusting in the Lord that, "our leaders would

still be around with us for long so that they can provide proper direction.

"Pa Adebanjo was 96 year in April this year, 2024, following in the footstep of the leader, Chief Reuben Fasoranti, who clocked 98 on May 11 this same 2024.

“There was the insinuation that the source of Pa Adebanjo's purported death might be the passing away of a former Vice Chancellor of the University of

Ibadan, Professor Ayo Banjo.

"As can be seen, the two men not only shared first names, Ayo, their second names are also similar. One is Adebanjo while the other is Banjo. Incidentally, both of them are of Ijebu extraction."

Ajayi, who explained that it was the former Unibadan VC, who joined the ancestors on Friday, urged members of the public to ignore the news of the purported death of Adebanjo.

SERAP specifically said to promote public trust and establish a system of transparency, accountability and public participation, the president should urgently propose a constitutional amendment to include provisions on the creation of asset declaration database to publish government officials’ asset declaration forms before, during, and after serving in public office.

“Openness and transparency in the details of asset declaration forms of high-level public officials would strengthen the country’s democracy and promote accountability at all levels of government.

“You promised in your inaugural speech on May 29, 2023, ‘to take proactive steps to discourage

corruption’, and to ensure that ‘Nigeria is impartially governed according to the constitution and the rule of law’.

“We urge you to use your first anniversary in office as an important opportunity to underscore and reaffirm your oft-repeated commitment to democratic governance, openness and public accountability by immediately taking concrete steps to implement the proposed recommendations.

“Transparency in the details of asset declaration forms would also enable Nigerians to scrutinise the forms and verify the financial situation of public officials and alert about possible conflicts of interest and corruption,” it said.

Nigeria, China Partner to Drive Abuja Creative City Project

The Charge D’affairs of the Chinese Embassy, Mr. Zhang Yi, has reaffirmed China’s commitment to collaborate with Nigeria in cultural exchange programmes and infrastructure development.

The acting Ambassador to Nigeria made the commitment to reaffirm continuous collaborations with the Ministry of Art, Culture, and the Creative Economy when he paid a visit to the Minister, Hannatu Musawa at the weekend in Abuja, according to a statement by the spokesperson to the minister, Nneka Anibeze.

Yi emphasised the importance of partnership between Nigeria and China, particularly in infrastructural development, highlighting the minister’s agenda for strategic partnership and infrastructure development, especially with plans to develop the Abuja Creative City project.

“China has been putting great efforts into supporting the sovereignty of Nigeria. We are also encouraging Chinese companies to come and invest in Nigeria. That is why a lot of Chinese companies have a huge presence here in Nigeria.

“But the foundation of both countries wouldn't be solid without cultural and people exchanges, and that is why my country attaches great importance to cultural tourism and people-to-people exchanges between China and Nigeria.

“Nigeria has a rich cultural background and we need to do cultural exchanges. We should get to know each other better to

strengthen our relationship. We are planning to host President Tinubu in China in September and we hope you will be a part of the delegation so you can come and see the culture of China”.

Responding, Musawa expressed the need for both countries to align in areas of culture to showcase their unique selling point to the world.

“I would like us to explore different programmes and initiatives that we can do together at Davos or United Nations General Assembly (UNGA) or the Olympics or something to show the world that China and Nigeria are very much aligned.

“Investment is very important for us and I think there are lots of investments to be made in Nigeria, especially with the ministry. We want to build infrastructure, one of which is the Abuja Creative City which is going to be a huge one-stop shop for everything culture and creative in Africa.

“The Abuja Creative City will house film studios, arenas, museums and galleries. We don't have a museum in Abuja so we plan to have our own Louvre in Abuja.

“We are working with the FCT ministry to identify some potential locations for the project. We want to have China Town, Korea Town, India Town, Brazil Town, etc in the Creative City. These are some of the things we can collaborate on, and I know that in terms of infrastructure, China is the best, so I look forward to some collaborations,” she added.

Nigeria, Jide Sipe; Guinness World Chess Record Holder, Tunde Onakoya; Platform School, Ikeja, winner of 2023 Championship, Amir Obe; Head,

Nigeria, Tola Oshomah; Vice President, Nigerian Chess Federation (NCF), Adeyinka Adewole, at the commencement of Ecobank National Schools’ Team Chess Championship 2024 edition taking place at Ecobank Pan African Centre (EPAC), Lagos ... last Friday

SUNDAY ADIGUN

AFRICA CEO FORUM IN KIGALI, RWANDA...

Local Governments Autonomy: S'Court to Hear FG's Suit against Governors May 30

Alex Enumah in Abuja

The Supreme Court will on Thursday hear the suit filed by the federal government against the governors of the 36 states on local governments autonomy.

The suit filed by the Attorney General of the Federation (AGF) and Minister of Justice (AGF), Lateef Fagbemi, SAN, is aimed at removing local government councils from the

alleged gross abuse by governors. In the suit marked SC/ CV/343/2024, the AGF prayed the apex court for an order prohibiting governors from unilateral, arbitrary and unlawful dissolution of democratically elected local government executives.

Fagbemi, in the originating summons is also praying the Supreme Court for an order permitting the funds standing in

the credits of local governments to be directly channelled to them from the Federation Account in line with the provisions of the Constitution as against the alleged unlawful joint accounts created by governors.

He also sought an order of the apex court stopping governors from constituting caretaker committees to run the affairs of local governments as against the constitutionally recognised and guaranteed democratic system.

Besides, the federal government applied for an order of injunction restraining the governors, their agents and privies from receiving, spending or tampering with funds released from the Federation Account for the benefits of local governments when no democratically elected local government system is put in place in the states.

The governors were sued through their respective state attorneys

Tinubu, Police, EFCC, PSC Mourn Lamorde

Deji Elumoye and Kingsley Nwezeh in Abuja

President Bola Ahmed Tinubu, weekend, commiserated with the family of a former Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Lamorde, who passed on at the age of 61.

In the same breath, the InspectorGeneral of Police, Kayode Egbetokun, said Larmorde was an exemplary leader.

This was as the EFCC, where Larmorde served as Director of Operations and later chairman, mourned the loss of the former head of the agency.

Chairman of the Police Service Commission (PSC), Solomon Arase, also eulogised Lamorde's humility and temperate disposition to the

His Eminence, the Sultan of Sokoto, has noted with concern, the situation in Kano as it affects their revered institution.

The Council said, “With all sense of responsibility” it called for restraint on the part of the disputants in the interest of peace and stability moreso as the matter has reportedly gone to court and was therefore sub-judice.

Signed by Justice Lawal Hassan Gummi OFR, Emir of Gummi and Chairman, Coordinating Committee Northern Traditional Rulers Council (NTRC), the Council prayed Almighty Allah for peace to reign in Kano in particular and Nigeria in general.

Bichi Emirate

Appreciates Judiciary, Security Agencies

allure of power.

The President, according to a statement by his Media Adviser, Ajuri Ngelale, condoled with the associates of the former anti-graft czar, the EFCC, the Nigeria Police Force, as well as the government and people of Adamawa State.

Tinubu prayed to God Almighty to grant repose to the soul of the deceased and comfort for his family.

A statement by Force Headquarters said, the Inspector-General of Police, Kayode Egbetokun, on behalf of the officers and men of the Nigeria Police Force regretted to announce the passing of DIG Ibrahim Lamorde (rtd), a distinguished officer and an exemplary leader.

"Throughout his illustrious career, DIG Lamorde rose through the ranks, serving with staunch professionalism. His integrity and dedication were

The First Class Emirate of Bichi, has expressed its appreciation to the judiciary and security agencies for their steadfast commitment to upholding the constitution and the rule of law.

In a statement signed by 39 stakeholders of the emirate, it stated:

“We commend the judiciary for their courageous interpretation of the constitution, which has ensured that the principles of democracy and separation of powers are respected in Kano State.

“You have indeed demonstrated a strong commitment to justice and the protection of the rights of all citizens, and we are grateful for your service.

“We also appreciate the security agencies for their professionalism and dedication to maintaining peace and order in the state, despite the challenges posed by the recent political developments.

“Your tireless efforts have ensured that our people can live in peace and security, and we are deeply grateful for your sacrifices.

We are grateful for the independence and impartiality displayed by the judiciary and security agencies, which has helped to strengthen our democracy and

evident in every role he undertook, culminating in his appointment as Chairman of the Economic and Financial Crimes Commission (EFCC) in 2011.

"During his tenure at the EFCC, DIG Lamorde was renowned for his steadfast stance against corruption. His leadership led to the successful prosecution of numerous high-profile cases and the recovery of substantial sums of looted funds," it said.

The statement stated that upon concluding his service at the EFCC in 2015, Lamorde continued his distinguished career in the Nigeria Police Force, eventually retiring as a Deputy Inspector General of Police in 2021 as the pioneer DIG for the Force Intelligence Department (FID).

"His career was characterised by an unyielding commitment to justice and the principles of professional

ensure that the rights and dignity of all citizens are protected.

“The people and indeed leaders of the Bichi Emirates have endured the onslaught on their rights to this Emirate, and the actions of the judiciary and security agencies have averted the breakdown of law and order in Bichi Emirates in particular and by extension the other four Emirates.

“There is no gainsaying that all the Emirates have witnessed tremendous progress in infrastructural and socioeconomic development in the last eight years and upon no fault of any of the emirs these unpopular decisions were taken by the State Assembly and the executive arms of the Government of Kano State.

“All these have demonstrated that President Asiwaju Bola Ahmad Tinubu is a democrat, who believes in justice and fairness and a statesman who believes in a better and renewed Nigeria.”

Those who signed were Mal Bello Salisu, Alh Uba Kunchi, Alh Sule

policing.

"The entire Nigeria Police Force mourns the loss of DIG Ibrahim Lamorde. His legacy as a dedicated officer and an anti-corruption crusader will continue to inspire future generations of police officers.

"Our thoughts and prayers are with his family, friends, and colleagues during this challenging time. May his soul rest in peace," it stated.

Equally, a statement by the EFCC stated it received with shock the sudden death of one of its former Executive Chairman, Mr. Ibrahim Lamorde.

Lamorde, pioneer Director of Operations and third substantive Chairman of the EFCC between February 15, 2012 and November 9, 2015, served the nation actively as a focused and gallant anti- graft fighter.

Mu'azu Kunchi, Mal Muhammad Garba Yusuf, Alh Mudassir Ado Kunchi, Alh Tukur Sani Kwa, Mal Kabiru Muhammad, Alh Musa Zangon Mata, Sani Alasan Dawaki and Alh Ado Rabiu Danbayero.

There was also Alh Mohd Abba Danbatta, Alh Yahaya Nuhu, Alh Magaji Sani Maidaji, Alh Ibrahim Nuhu Amasaye, Alh Muntari Sale, Alh Danasabe Makoda, Alh Rabiu Abubakar Makoda, Mal Yusuf Yusuf Lawan, Alh Suleiman Ahmed Auwal and Hon Ibrahim Damisawa.

Included on the list were Alh Babangida Mansur Kunya, Alh Murtala Rufa'I, Mal Musa Mai Azara, Alh Muhd Sani Gadanya, 18.Alh Ibrahim Zakari Bagwai, Alh Muhammad Inuwa Dabgada, Alh Lawan Safiyanu Gogori, Alh Sunusi Nasarawa, Alh Jibirin Harbau and Alh Hamza Tsanyawa.

The other signatories were Alh Nura 'Yanchibi, Alh Farouk 'Yanganau, Alh Inusa Yusha'u Tsanyawa, Gwani Abdullahi Dangwani, Comrd Aminu Abdurrahman, Eng Bello Gambo

general.

The suit is predicted on 27 grounds among which are that the Nigeria federation is a creation of the 1999 Constitution with President as Head of the Federal Executive arm and has sworn to uphold and give effects to the provisions of the Constitution.

"That the governors represent the component states of the Federation with Executive Governors who have also sworn to uphold the Constitution and to at all times, give effects to the Constitution and that the Constitution, being the supreme law, has binding force all over the Federation of Nigeria.

"That the Constitution of Nigeria recognises federal, states and local governments as three tiers of government and that the three recognized tiers of government draw funds for their operation and functioning from the Federation Account created by the Constitution.

"That by the provisions of the Constitution, there must be a democratically elected local government system and that the Constitution has not made provisions for any other systems of governance at the local government level other than democratically elected local government system.

"That in the face of the clear provisions of the Constitution, the governors have failed and refused to put in place a democratically elected local government system even where no state of emergency

Bichi, Barr Imam Ghazali Umar, Alh Aminu Abdulhamid and Alh Bello Gambo Gogori.

Northern Youths Seek Tinubu, UN, EU, ECOWAS’ Intervention

The leadership of the Northern Youth Assembly, has written an open letter to President Bola Tinubu, urging him to be wary of some people in his government, who were planning to cause anarchy in the state.

Copies of the letter were also sent to the United Nations Office, Abuja; European Union Embassy, ECOWAS, Abuja; US Embassy, Abuja; British High Commission, Abuja; US Congress in the the United States and the European Union.

The letter, dated 25th May, 2024, was signed by the group's President, Dr Ali Idris, and Secretary General, Dr Garba Abdulhafiz

The northern youths said the change in the emirate law in Kano

has been declared to warrant the suspension of democratic institutions in the state.

"That the failure of the governors to put democratically elected local government system in place, is a deliberate subversion of the 1999 Constitution which they and the President have sworn to uphold.

"That all efforts to make the governors comply with the dictates of the 1999 Constitution in terms of putting in place, a democratically elected local government system, has not yielded any result and that to continue to disburse funds from the Federation Account to governors for non existing democratically elected local government is to undermine the sanctity of the 1999 Constitution.

"That in the face of the violations of the 1999 Constitution, the federal government is not obligated under section 162 of the Constitution to pay any State, funds standing to the credit of local governments where no democratically elected local government is in place.”

The AGF, therefore, asked the apex court to invoke Sections 1, 4, 5, 7 and 14 of the Constitution to declare that the governors and State Houses of Assembly were under obligation to ensure democratic system at the third tier of government in Nigeria and to also invoke the same sections to hold that the governors cannot lawfully dissolve democratically elected local government councils.

State was a product of the law by the State House of Assembly. They warned that any attempt to subvert such law by through a federal might would only result in chaos.

Pro-Bayero Youths Protest, Organise Prayers

Scores of protesters matched through the state road, near Kano State Government House, yesterday, in support of the deposed Emir of Kano, Alhaji Aminu Ado Bayero. Some of the protesters raised placards with different inscriptions such as: “Aminu is Still Our Emir “Abba Kabir Yusuf, Obey Court order”, “We Are Against Injustice” “Court Brought You”, “You Must Obey The Court.” Also, the protesters held special prayer session in front of the second Emir's Palace in Nasarawa, to seek for the divine intervention on the current Emirate Tussle in the State.

Sales Manager, Lagos Free Zone (LFZ), Mr. Richard Atigogo; Director Corporate Services, Nigeria Export Processing Zones Authority (NEPZA), Mrs. Haleema Kamba; Managing Director NEPZA, Mr. Olufemi Ogunyemi; and Deputy Chief Executive Officer, LFZ, Tejaswi Avasarala, during the Africa CEO Forum in Kigali, Rwanda... recently

RIBADU TO KANO DEPUTY GOV: RETRACT YOUR DEFAMATORY STATEMENT OR FACE LEGAL ACTION

FOUNDATION LAYING CEREMONY FOR FIVE-STAR ENUGU INT’L CONFERENCE CENTRE HOTEL...

L-R: Chief of Staff to the Governor of Enugu State, Barr. Victor Udeh; Governor of Enugu State, Dr. Peter Mbah; Special Adviser to the Governor on Project Development and Implementation, Arc. Uche Nwatu; Speaker, Enugu State House of Asset, Hon. Uchenna Ugwu; and the Commissioner for Works and Infrastructure, Engr. Gerald Otiji, during the foundation block laying ceremony for the five-star Enugu International Conference Centre Hotel by the governor at the weekend

rescued CUSTECH Management Announces Three Days Mourning in Honour of Slain Students

Four kidnappers in military

Okon Bassey in Uyo and Ibrahim Oyewale in Lokoja

The Management of the Confluence University of Science and Technology, (CUSTECH), has announced three days of mourning over the two students murdered by armed bandits on Saturday, 25th May, 2024.

Also, the Akwa Ibom State Police Command, has arrested four suspected kidnappers in military uniform and the victims rescued.

A statement by the Registrar of the university, Ms Olufunke Hudson, said, "It is with deep pain that the Management of the Confluence

University of Science and Technology (CUSTECH), Osara hereby declares three days of mourning over the death of two of our students who were kidnapped on Thursday, 9th May and killed on Saturday, 25th May, 2024.

"All activities in the university are to be held low-key from Monday, 27th to Wednesday, 29th May, 2024 in memory of our departed students.

"The Management shares in the pains of the parents, family, and colleagues of our dearly beloved deceased students, and we use this medium to condole with them.

"We wish to assure the parents, guardians, and the university

TINUBU: TODAY IS MY DAY TO BOAST, THE DEAL IS DONE, THE DREAM IS REALISABLE

Buhari administration, to improve its structural integrity and extend the lifespan.

Akpabio said regarding the rehabilitation, “This is a great feat by any standards, and it is all for Nigeria. I congratulate the Ministry of Works and the contractors for the great work.

''It is not only in Lagos that these good things are happening. From the Presidential Villa in Asokoro to the AYA Roundabout in the capital city (Abuja), you will notice a great deal of work and some of these projects will be commissioned this week.”

Umahi explained the reason for the use of concrete technology in constructing the road, and spoke on its durability, as well as the rising cost of bitumen used in making asphalt.

“We want our contractors to migrate to the use of concrete technology for road construction,” the minister said, while describing the inauguration of the road as another plus on the utility of tax credits in the country.

On the Third Mainland Bridge, he said the project went beyond mere rehabilitation.

"We had to replace all the expansion joints, and we also noticed that over the years all the maintenance on the bridge was only for the surface and

that created a lot of super elevation, potholes, and increased the dead load on the bridge, resulting in increased deflection,'' he said.

In his remarks, Permanent Secretary, Federal Ministry of Works, Dr. Yakubu Kofarmata, announced that Tinubu had directed the ministry to complete Abuja-Kano Road within one year.

Kofarmata said, “What we are witnessing today is Nigeria working under the Renewed Hope Agenda of this administration, and the determination to have a better Nigeria where infrastructural facilities are functioning."

Deputy Governor of Lagos State, Dr. Femi Hamzat, expressed gratitude to the president and the Federal Ministry of Works for fixing the roads, thereby reducing travel time from seven hours to one hour and 15 minutes.

Hamzat stated, “About two years ago, a lot of companies on the Apapa-Oworonshoki-Ojota Road moved from this axis because of the deplorable state of the road.

“We are grateful to Mr. President, the Ministry of Works, Dangote Group, and Hitech Construction Limited for the current state of the road and also for the Third Mainland Bridge.”

uniform arrested in A'Ibom, victims

community that the Kogi State government is making concerted efforts to ensure the safe release of the remaining students from captivity.

"We urge everyone to be calm and maintain the peace as the Visitor, Alhaji Ahmed Usman Ododo, is leaving no stone unturned in his efforts at making sure that the students are released safely. May

the Almighty God grant the souls of our departed students eternal repose,” she said.

Meanwhile, the Police Public Relations Officer (PPRO) of Akwa Ibom State Police Command, ASP Timfon John, disclosed in a statement yesterday that the command arrested four suspected kidnappers in military uniform and that the victims were rescued.

She said the arrest was achieved following a distressed call received by the State Police Command over the kidnap incident.

"On 24/05/2024 at about 23:00hrs, the Command received a distress call giving notification of a kidnap incident at Utang Street by Gibbs Street, Uyo.

"The Command's Anti-Robbery

Squad immediately swung into action and mobilised to the scene where four suspects namely, Abdulkarem Yusuf 'm', Yusuf Waziri 'm', Inbinabo Sunny Iboroma 'm' and Abdulrahman Abbas 'm' were arrested.

"Preliminary investigations revealed that the suspects had earlier kidnapped one Abraham Ekpe at Ring Road 3, Opposite Cemetery.

Hajj 2024: Sanwo-Olu Resolves

BTA Differentials for Pilgrims

Segun James

In order to prevent the state’s intending pilgrims from suffering any shortfall in their Basic Travel Allowance (BTA), the Lagos state Governor, Mr. Babajide Sanwo-Olu, has waded into the matter following protest by some of the travelers.

The pilgrim had alleged irregularities with the $400 BTA given to them instead of $500 as announced by the National Hajj Commission, NAHCON.

NAHCON had used N1,252.01 per dollar to calculate hajj fare to

give $500 as BTA to each pilgrim, and the Central Bank of Nigeria (CBN) released BTA at N1,530.86 per dollar, which gives each pilgrim $415 instead of $500.

While briefing journalists during the departure of the fifth and last batch of the pilgrims to the Kingdom of Saudi Arabia, Lagos State Commissioner for Home Affairs, Hon. Ibrahim Layode, said Sanwo-Olu approved the payment of the $100 shortfall for each of the pilgrims, pending the resolution of the matter by both NAHCON and CBN.

Layode commended Sanwo-Olu for the timely intervention and kindheartedness, which according to him, would go along to ease the affairs of the pilgrims.

He assured the pilgrims that the promises made by Sanwo-Olu to pay for their sacrificial rams, Ihram clothes and ziyyarah (visitation) to historical sites both in Makkah and Madinah would all be fulfilled.

Layode also admonished them to be cautious of their conduct whilst in the holy land and avoid anything that could bring the state and county at large to disrepute.

exercise on Friday, May 17 with 425

and this was immediately followed by the second batch of another 425

on Saturday, May 18. The third batch of 428 pilgrims was airlifted on Thursday, May 22, which was also followed by the fourth flight of 312 pilgrims on Friday, May 24, while the fifth and final batch of 256 pilgrims departed Nigeria yesterday, May 26, 2024, bringing the total pilgrims airlifted by the state to 1,846.

LP Candidate, Achonu, Rejects Verdict of Imo Election Tribunal, Set to Appeal

Sunday Aborisade in Abuja

The Labour Party governorship candidate in the November 11, 2023 election in Imo State, Senator Athan Achonu, has rejected the judgement delivered by the Election Petition Tribunal on Friday in Abuja and vowed to appeal the verdict at the Court of Appeal.

The Imo State Governorship Election Petitions Tribunal had on Friday affirmed the election of Hope Uzodimma as Imo State

Governor.

The tribunal also dismissed the petition of the Labour Party and its governorship candidate, Achonu.

In a unanimous judgment delivered by Justice Oluyemi Akintan-Osadebay, the threemember panel of the tribunal held that Uzodimma’s election as Imo State governor complied substantially with the provisions of the Electoral Act.

The tribunal further held that the Labour Party in its petition

failed to prove the allegation of overvoting and non-compliance to the Electoral Act.

But addressing a World Press Conference in Abuja on Sunday, Achonu alleged that the Independent National Electoral Commission, frustrated his efforts to prove his case by not making electoral materials used for the poll, available for inspection.

He lamented that the electoral body collected millions of naira from him to enable him and his legal team

to inspect the electoral materials used for the poll but refused to present them before the Court. Achonu, said for the Tribunal to declare that he could not substantiate the claims of the use of fake electoral materials and election rigging in the Governorship Election, "is an affirmation of illegality in the electoral process." He, however, vowed to pursue the case in the Appeal Court and would not mind if it means getting to the Supreme Court.

Lagos State Muslim Pilgrims Welfare Board commenced its airlifting

pilgrims

pilgrims

CSCS HOLDS ANNUAL GENERAL MEETING...

L-R: Non-Executive Director, Central Securities Clearing System Plc (CSCS), Mr. Samuel Onukwe; Independent Non-Executive Director, Mr. Ibrahim Dikko; Non-Executive Director, Mr. Roosevelt Ogbonna; Managing Director/Chief Executive Officer, Mr. Haruna Jalo-Waziri; Chairman, Mr. Temi Popoola; Non-Executive Director, Mr. Nonso Okpala; Executive Director, Mr. Adeyinka Shonekan, and Company Secretary, Mr. Charles Ojo, at the 30th Annual General Meeting of CSCS in Lagos… recently

Paris-bound Businessman Excretes 111 Wraps of Cocaine at Abuja Airport

Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a 48-year-old Paris-bound businessman, Emmanuel Okechuku Orjinze, for ingesting 111 wraps of cocaine.

He excreted after days of observation in the agency’s custody following his arrest at the Nnamdi Azikiwe International Airport, Abuja.

AF 878 from Abuja to Paris.

A statement yesterday by the spokesman of the anti-narcotics agency, Femi Babafemi, said Okechukwu, who also claimed to be a professional footballer in Europe, was arrested last Tuesday during the outward clearance of Air France flight

VFD Group Declares N3.04bn PBT in Q1 2024

Kayode Tokede

VFD Group Plc has announced N3.04 billion profit before tax(PBT) in its unaudited first quarter (Q1) ended March 31, 2024, compared with N220.28 million reported in corresponding period in Q1 2023.

The leading proprietary investment company listed on the Nigerian Exchange Limited (NGX) announced N2.62 billion profit in Q1 2024, an increase of 1,089 per cent from N220.3million in Q1 2023.

The group also announced its audited 2023 financial year, declaring gross earnings that grew by 13.2per cent closing the year at N45.1billion, a significant increase from N34.03 billion in

2022, which indicates a robust top-line growth.

The company’s balance sheet improved in the period under review as total assets hit N261.91billion, a growth of nine per cent per cent from N219.3 billion reported as of December 2023.

The Group Managing Director/ CEO of VFD Group, Nonso Okpala, in a statement said that the increase in the company’s balance sheet and gross earnings were due largely to dividend income and treasury-related income.

Okpala attributed the company’s loss after tax recorded in 2023 financial year to tough and challenging business environment.

Osun Announces Registration of Citizens with Special Needs

The Special Adviser on Special Needs to Governor Ademola Adeleke of Osun State, Kamil Aransi, yesterday announced that the governor has directed that all Osun citizens with disabilities must be duly registered without a fee.

This was made known via a statement over the weekend in Osogbo by the special adviser.

Aransi disclosed that the 10-day registration exercise

would commence from Monday, May 27(today), 2024, to Friday, June 7, 2024.

According to Aransi, the registration would assist the government in knowing the precise number of people with special needs, especially in terms of wants and demands such as physical, sensory, cognitive, and intellectual impairments.

He stated that it would help the government to plan and cater to them rightly, in clear deviation from the past.

Palton Morgan to Launch Kadars Gate Luxury Apartments

Palton Morgan Limited, a leading real estate developer, has announced the development of its luxury apartment, Kadars Gate, which is set to redefine the concept of luxury and class for the upper class who values class and prestige.

In a statement released by the company, the new luxury apartments located on the Victoria Island, give prospective residents the opportunity to be at the epicentre of Lagos vibrant business district, upscale shopping,

high-end restaurants, and cultural landmarks.

According to the company, this prestigious address seamlessly blends luxury with practicality, offering an exceptional lifestyle for those who seek the best of both worlds.

Speaking on the new apartments, the Group Commercial Director of Palton Margon Holdings, Mumtaz Zaidi, said: “Goal for Kadars Gate is to provide premium apartments that elevate people’s living experience.

He said after a body scan confirmed he ingested illicit drugs, he was taken into custody where he excreted

a total of 111 pellets of cocaine that weighed 1.603 kilogrammes over a period of three days.

Babafemi said the suspect

claimed he does business in the maritime sector while still scouting for any European football club to engage him.

NDLEA officers operating

at the Murtala Muhammed International Airport, Lagos in another clampdown dismantled another drug trafficking syndicate at the airport.

Kanu’s Family Faults Fagbemi’s Stance on Continued Detention of IPOB Leader

Emmanuel Ugwu-Nwogo in Umuahia

The family of the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, has picked holes in the reasons given by the Attorney-General of the Federation (AGF), Mr. Lateef Fagbemi, for the

Segun Awofadeji in Bauchi

The Federal Competition and Consumer Protection Commission (FCCPC) has met with market leaders, traders and other stakeholders in Bauchi to find out reasons for the daily

continued detention and trial of the separatist agitator.

The AGF had reportedly said that the federal government would not free Kanu as his case was complicated, and since he is currently on trial, the matter would be allowed to run its full course in the court of law.

increase in food prices in the market.

Acting Executive Vice Chairman of the FCCPC, Dr Adamu Abdullahi , while briefing newsmen yesterday in Bauchi, said we had engagement with market leaders of Muda

He also said that Kanu’s case was “remarkably different” and so he could not enjoy the same privilege extended to the convener of #RevolutionNow, Omoyele Sowore.

The activist and former presidential candidate was freed after his pending treasonable felony case was immediately withdrawn shortly after Fagbemi assumed office as AGF. Reacting to Fagbemi’s stance on Kanu’s issue a the weekend, the spokesman of the IPOB leader’s family, Prince Emmanuel Kanu, said that the reasons adduced by the AGF smacked of contradiction and double standard.

Lawal and Railway markets. He lamented that prices of food items in the market continue to rise despite the frantic efforts made by the government to stabilise the prices of goods and services, “ doesn’t yield any result.”

Abdullahi, , represented by North-east, Zonal Coordinator of the Commission, said the team was on a fact-finding mission to understand why the prices of food items continue to rise in spite of federal government’s efforts to curb the menace.

Passengers Stranded as Kaduna - Abuja Train Reportedly Derailed

John Shiklam

Many passengers on the KadunaAbuja train were said to have been stranded yesterday morning as the train reportedly derailed an hour after taking off from Kaduna.

The train, which took off from the Rigassa station in Kaduna, was

said to have derailed at about 8 a.m. in Jere, Kaduna State.

Security operatives were said to have been immediately deployed to the location to protect apprehensive passengers.

A staff of the Rigassa railway station who pleaded anonymity confirmed the incident, saying

three carriages of the train went off the tracks.

“But there was no casualty.

Security agents were drafted to the location to provide security cover for the passengers. The train was later fixed and the passengers continued with their journey to Abuja.

“As I am talking to you even the train that left Abuja to Kaduna had since reach its destination,” the rail station staff said. Also, Mansir Hassan, spokesperson of the Kaduna State Police Command did not respond to telephone calls when contacted.

Lady Pharmacists Urge FG to Implement National Drug Distribution Guidelines

Adibe Emenyonu inBenin-city

The Association of Lady Pharmacists (ALPs) has reiterated its earlier call on the federal government on the full implementation of the National Drug Distribution Guidelines (NDDGs) to enable pharmacists fulfil their roles in this implementation.

The call was contained in a communique the association issued during the 16th biennial delegates conference held in Benin-city, capital of Edo State, which climax at the weekend with the theme: ‘Making Healthcare Impact in Tandem With 2030 Sustainable Development Goals’. The conference also noted the devastating consequences of drug abuse on children and youths in the country and called on both parents and the youths to play vital roles in both primary and secondary prevention of substance abuse among youths in a bid to enhance healthy lives of the future generation of Nigerians. It further called for proactive measures by pharmacists to ensure that controlled drugs are kept out of reach of children and street corners, maintaining that ethical drug distribution of Central Nervous System stimulants and other substances of abuse will go a long way in curbing illicit access.

Coastal Road Project: Lagos Community Urges Works Minister to Ignore Distractors

Sunday Okobi

The people and residents of the Okun-Ajah community in Eti-Osa Local Government Area of Lagos State have called on the Minister of Works, Dave Umahi to ignore those they described as distractors in the alignment imbroglio in the

Lagos-Calabar coastal road project. They lamented that some elements in the community, including the Baale, have attempted to pressurise the Minister of Works, David Umahi, to change the already signed Lagos-Calabar coastal road alignment.

Some residents had accused the Minister of Works of altering the long-established right of way in order to preserve the property of violators.

The residents accused the minister of deviating from the original right of way “by specifically directing surveyors of the Federal Government of Nigeria (Ministry of Works) on the project to establish a fresh right of way, create a new alignment and alter the road course into the area where their plots of lands and houses were situated, an area which was not covered by the long-established right of way.

Assault on EEDC Officials Throws Anambra Community into Darkness

David-Chyddy Eleke in Awka

Enugwu Nanka village in Orumba North Local Government Area of Anambra State has been thrown into darkness, following an assault on officials of Enugu Electricity Distribution Company (EEDC)

by an indigene of the community.

An industrialist, Dr. Jacob Enemuo, whose factory is located in the community, lamented that the situation may lead to sack of over 400 employees from his factory if nothing was done. Enemuo in a petition he sent to

the Anambra State Government said that rift within the community, which was being caused by the leadership of the community was responsible for the disconnection of power in the area. He accused the leadership of the community of shielding the man who attacked the officials. He said: “For 10 days now, the factory has been closed because power supply has been cut off from the entire village. This is because some people in the community beat up EEDC officials who were on official duty.

Yinka Kolawole in Osogbo

in Kaduna

Adopt Non-kinetic Approach to End Insecurity, Coalition Tells Northern Govs

Francis Sardauna inKatsina

The Coalition of Northern Groups (CNG) has called on the northern state governors to adopt the use of a non-kinetic approach to tackle what it termed as the deteriorating security challenges beleaguering the region.

The Katsina State Coordinator of the coalition, Habibu Ruma, while briefing journalists in Katsina yesterday, said the security situation in the region needs an urgent non-kinetic approach that requires inclusiveness of community members.

He explained that the efforts by some of the northern governors in combating terrorism and other security challenges in their states have proven ineffective considering the spate of terrorists’ attacks and killings in the region.

While decrying the inadequate number of ‘overstretched’ security personnel in the country, Ruma said their armoury and welfare are in shames while the terrorists’ armoury is increasing with more young Nigerians being recruited into terrorism as informants or field actors.

He, however, said civil-military cooperation, psychological, diplomatic community dialogue, social and economic support are some of the non-kinetic approaches that should be adopted by governors in the region to tackle the security challenges.

The coordinator added that the state governments should introduce a vigorous poverty alleviation programme in rural areas, targeting young people in order to stem youth restiveness which he described as one of the monsters of insecurity.

Coalition Embraces Tinubu’s Commitment to End Suffering of Ogoni People

Blessing Ibunge in Port Harcourt

A coalition of youth groups led by National Youth Council of Ogoni People (NYCOP) has declared their support to President Bola Tinubu in his commitment to end the long-suffering of the Ogoni people, especially with the plan to resume oil exploration in the area.

The youth group said the commitment of President Tinubu during a visit of Ogoni delegation to him in Abuja would provide lasting answer to the Ogoni

un-answered questions.

Speaking at a press conference by a coalition of youth groups held yesterday in Bori, Khana Local Government Area, the NYCOP President, Mr. Barinuazor Emmanuel, said the visit to the president was purely traditional, adding that no politicians from the state was among the delegates to avoid politicising the move.

Emmanuel explained that the aim of the conference was to “review the situation of the Ogoni people within the Nigerian federation, bearing in mind the

current socio-economic, socio-political realities, the need to mobilise support and social licence for economic rebirth in Ogoni.”

Speaking on the plight of the people in the past years, the NYCOP president said the socio-economic conditions of Ogoni people have significantly deteriorated as a result of systematic repression, marginalisation, neglect, and underdevelopment imposed upon communities by successive government administrations.

APC Calls for Cancellation of CVR in Edo

Adibe EmenyonuinBenin-city

Ahead of the September 21 governorship election in Edo State, the All Progressives Congress (APC) has called for the cancellation of the Continuous Voters Registration (CVR) exercise scheduled by the Independent National Electoral Commission (INEC) to begin in the state today.

In a statement issued by the state Chairman of the party, Jarret Tenebe, yesterday he said the APC made the call due to the damage to INEC secretariat, materials and equipment meant for CVR.

Tenebe said: “We are calling for the cancellation of the CVR exercise expected to begin on Monday in Edo State due to the extensive damage to the INEC premises.

“INEC in Edo State, has officially alerted the public of the unprecedented damage inflicted upon its facilities and equipment, especially the INEC Voter enrolment device as a result of heavy rainfall last Friday night, when a torrential downpour hit Benin-city, resulting in severe flooding and damage to the commission’s perimeter fence with the resultant submerging of sensitive materials in floodwater.

CONSTITUTION,

SEE YOUR BABIES

recording that has since been quoted more often than presidential speeches. One First Lady publicly upbraided her husband for ceding too much power to his associates, and he in turn publicly told her to remain in the kitchen and in the other room.

The National Assembly of the Fourth Republic has metastasized beyond the Constitution’s expectations. MPs redefined their role from law-making to sharing cars, motor cycles, irrigation pumps and Hajj seats to securing jobs for constituents. NASS redefined “oversight functions” to mean threat and extortion. It introduced budget padding. It created a parallel budget called “constituency projects” worth trillions of naira, most of which never get done. It invented the “doctrine of necessity,” when presidential powers were transferred by side stepping the Constitution. At least one state assembly, Taraba’s, borrowed a leaf in 2012.

Governors prevented anyone from snatching their awesome constitutional powers. A few of them ceded some of their powers to godfathers. Yet, many governors emasculated their state assemblies, usurped the functions of state party chapters, emasculated local government councils by holding local elections only when they wished, usually when they are about to depart. They used SIECs as tools to install who they want. Budget means nothing to some governors; they embark on unbudgeted projects, dish out projects as it fits political whims, and they borrow and spend like money is going out of fashion. Some governors however

excelled in discharging their duties. Several governors got impeached, always at the behest of Federal authorities using EFCC agents. Two governors died in office; one governor became incapacitated after a plane crash, and one man died just when he was about to win the governorship election.

Even though the Constitution vested “all legislative power of a state” in State Assemblies, almost all of them all over the country ceded their constitutional powers to governors, who appoint and remove their leaders at will. Majority of state assemblies went so far as to reject a constitutional amendment that was meant to give them financial autonomy, because the governors told them to.

Supreme Court and its subordinates, the Appeal, Federal and State High Courts, have tried hard to guard their constitutional powers but many of them have abused ex parte orders and delivered politically tainted verdicts. Some issued ridiculous injunctions, including one in 2001 that stopped the main opposition party’s national convention hours before it started. Election tribunals, which are adjuncts of the courts, have also not helped the judiciary’s image, to put it mildly.

Local Government Councils are the werewolf institutions of the Fourth Republic. The supposed “third tier of Government” is most of the time under unelected Sole Administrators. One state, Anambra, did not hold local government elections for 13 years. LGAs’ funds are commandeered by state governors through the “Joint Account,” which has been

ONE YEAR ON: WORDS ABOVE ACTION

funds to the state's coffers for growth and development. This is besides the 13 per cent derivation revenue (for the benefitting states) and other funds accruing to states from different sources.

The recent increase in state government revenue has not improved Nigerians' quality of life. Revenue from FAAC has doubled, but living standards are getting worse. More money for the states has yet to translate to substantial improvements in infrastructure, healthcare services, education, job creation, or even security.

Much has been written about the national government's performance in the past year, and the verdict is nothing to cheer about. We frequently overlook that, in a federal system, the ways by which subnational governments create and implement development policies are essential to a functioning country. In Nigeria, many people are disappointed and dissatisfied with how subnational entities are run. This illustrates how deeply disappointed people are with the results of governance over the last 12 months.

Despite modest progress in a few states, there is a systemic breakdown of public healthcare and education facilities at the state level. The public's confidence in sub-nationals' capacity to deliver social services and look out for the welfare of the populace has been severely damaged as a result. According to statistics, endemic poverty has spread and is now present in 28 of the 36 states in the country. The World Bank Nigeria Development Update Report states that as of 2023, the poverty percentage had risen from 40% in 2018 to 46% in 2023. It is projected that a combination of subnational ill-managed administration and inflation will have caused the poverty rate to surpass 50% by the end of 2023.

State governments in Nigeria have failed to meet the task of ensuring food security by failing to invest appropriately and implement policies that would encourage agriculture. Several issues are to blame, including inadequate finance, insecurity, bad planning, and unfavourable policies that reduce farmers' production. Few states have changed and turned farming into a commercial endeavour. A few more are promising. This is true even though we have more arable land than the Netherlands—which has 29%—but the Netherlands exports ten times as much agricultural goods as Nigeria. Over the past year, there has

bastardised out of its constitutional intent. Local Government chairmen and councilors most often reside in state capitals; they are said to go to their areas once a month when statutory allocations arrive.

Ministers and Commissioners are more visible than elected legislators, which causes envy and rivalry. Although the Constitution demands that there must be at least one minister from each state [36], the first president in the Fourth Republic added one more per geopolitical zone, to make it 42. This number has since increased to nearly 50. As for commissioners, whereas they were as few as ten per state in the military era, sone states now have as many as 30 commissioners.

Independent National Electoral Commission [INEC] is a key institution in this Republic, responsible for conducting national and state, but not local, elections. It has experienced major crises under some of its chairmen, has experimented with many new technologies, has had its fair share of rogue officers, and has been bashed for “inconclusive elections” which are caused by others. State Independent Electoral Commissions [SIECs] have no credibility because in every state, the ruling party there wins every seat in local elections.

Political parties of the Fourth Republic have been more numerous than in any previous Republic, over 90 at some point. Most of them are “briefcase” parties whose purpose is to provide platforms for desperate aspirants who lose out in the primaries of major parties.

been little substance but mostly talk about agriculture.

With the significant resources the states have received in the past year, it's disheartening to see that many states cannot account for how they spent the money. While we acknowledge the impact of rising inflation and a decline in the

Fourth Republic political parties have no ideological leaning at all. No one knows their programs, and even the biggest ones among them have comatose intra-party organs.

Two agencies not mentioned in the Constitution, Economic and Financial Crimes Commission [EFCC] and ICPC, have acquired more powers than those created by it, chasing corrupt officials up and down the country. From chasing money launderers in the banking system, EFCC is now chasing black market forex dealers under mango trees and through bushes. Some wanted persons however slipped through their fingers when their agents laid siege to a house.

The 1999 Constitution vested the Armed Forces with the duty of guarding the country’s territorial integrity and also as the ultimate repository of legitimate violence. The soldiers reciprocated the gesture by not overthrowing the Constitution in 25 years, six times as long a breathing space as they gave to the 1979 Constitution. The 1999 Constitution might however find it strange that soldiers took on the added responsibility of chasing terrorists, bandits, kidnappers and secessionists up and down the country. Check points on highways, special military operations in almost every state and more recently, guarding deposed emirs are all military roles not envisaged by the Constitution. Trade unions, mass media and Civil Society Organisations [CSOs], which the constitution hoped will check all the other institutions, have done a sloppy job of it. But they might yet improve.

accountability in governance to drive meaningful change.

Insecurity still festers. Almost all elected chief executives promised to prioritise security, but it seems the more they promised, the deeper we go into insecurity. A few states are examples of using local and internal security systems to support external security systems and form a cohesive security system that has reduced insecurity in those states. However, in many states today, insecurity is worse, and there is no hope of effectively tackling it soon. Security, though mainly a function of the federal government, needs sustained and coordinated efforts from the state government to effectively secure the lives and properties of Nigerians living in various states.

Many state governments need something to show in terms of infrastructural development. The level of infrastructural decay is palpable. Few or no new roads are constructed . State governments have been empowered to regulate the generation, transmission and distribution of electricity yet only few states have taken advantage of this constitutional amendment. The availability of pipe-borne water and other water systems is still a mirage, and medical facilities need to be put in place to cater to the needs of the people. The newly sworn-in governors promised their people these things, but one year later, there is little or no evidence that many are fulfilling them. Most of them will stagger into the second year without a concrete plan.

value of the Naira, it's inexcusable for states to not demonstrate significant achievements with those funds. This lack of transparency and accountability at the state level is a key factor contributing to the suboptimal performance in many states. It's crucial for citizens to demand and ensure transparency and

At all levels, I hope our political leaders recognise the importance of redeeming democracy's reputation. The average person is beginning to question the capacity of democracy to deliver dividends that can improve his life. It will take more than impressive rhetoric to convince citizens that our political officeholders are working for our interests. Actions must follow words and beautiful promises. The few states where the governors are doing well shine like illuminators for others to emulate. It is not rocket science to provide quality leadership for the people. The next three years are enough time to correct this harmful and unfruitful leadership anomaly in some states. The people deserve more, and that is what they must get!

Tinubu

Lookman, Boniface Battle Aubameyang, Kudus for Europa Goal of the Tournament Award

Duro Ikhazuagbe

Super Eagles duo of Man-of-themoment, Ademola Lookman and Victor Boniface have been nominated for the Europa League Goal of the Tournament award.

UEFA's Technical Observer panel selected the top ten most

eye-catching goals scored in the 2023-2024 Europa League, with Lookman and Boniface making the cut for their efforts against Qarabag and Bayer Leverkusen respectively.

Lookman scored three fantastic goals for his Italian side Atalanta in the 3-0 defeat of Boniface’s Bayer

Iheanacho on Burnley’s Transfer Radar

Nigeria and Leicester City forward, Kelechi Iheanacho, has been linked to a move to newly relegated Premier League side Burnley, according to Football League World.

Burnley has a very busy summer ahead of them, with a manager to hold on to and players to recruit, as they prepare for a second go in three seasons at returning to the Premier League at the first possible chance.

Players’ acquisition, and which of the current team to offload, won't be the most pressing thing on the minds of the higher-ups at Turf Moor.

The manager is currently being courted by one of the biggest clubs in the world - Bayern Munich - and Vincent Kompany is reported to be interested in being Thomas Tuchel's successor at the Allianz Arena.

The Clarets have also announced their 2023/24 retained list, confirming the departures of Jack Cork and Johann Gudmundsson, and revealing

that they have offered fresh terms to Jay Rodriguez and Charlie Taylor.

The free agency market is one that is more frequented by teams lower down the divisions, but it can be a very useful place to pick up talent without having to pay a transfer fee. These are five out-of-contract players that Burnley should be looking at.

Burnley’s squad isn't exactly a mirror image of the one that was promoted at the end of the 22/23 campaign, and as such they should look towards Nigerian international Kelechi Iheanacho for a wiser head in the team.

Again, the striking options that Kompany currently has to work with aren't amazing, with Lyle Foster acting as the only real standout number nine currently on their books. Iheanacho has a proven record in the top flight, despite a down season last time out in the second tier.

Da Silva, Faniru, Others Win at Zenith Bank Tennis Grand Slam

The annual Zenith Bank Grand Slam Tennis tournament came to a close at the weekend with winners emerging in various categories of the event.

Over 90 tennis players took part in the competition which started on May 16 at the tennis courts of Ikoyi Club 1938 and it was the 9th edition with club members testifying to amazing display of tennis skills by the participants.

In the final of Men's Singles A, Destiny Da Silva defeated Emelie Okika 6/2, 6/3 while Men's Singles

B Final saw Ayotunde Faniru getting the better of Lanre Odiahi in straight sets of 6/3, 6/3.

The Tennis section Lady Captain, Wemimo Ogunsanya, was involved in a final match that stole the show on the final day of the event.

Ogunsanya was dragged to the limit by her opponent in the Ladies Singles final. She came back from one set down to defeat Maryann

Chuks 5/7, 7/5, 10-7 in a keenly contested encounter as the spectators were kept at the edge of their seats for the better part of the interesting final.

In the Men's Veterans Singles, Godwin Kienka retained his crown in grand style as he defeated Edet Akpaso 6/2, 2/0 (Scratch).

Kenka said consistency and hard work has kept him at the top over the years.

“I work hard, I train on a daily basis not just waiting for a competition but the joy of events like this is the fun we share as club members for recreation and overall fitness.

“Let me add that this 2024 edition has been explosive with the skills exhibited by the participants in all categories. I am happy I won again. It feels really good,” Kienka said. In the Super Veterans Finals, Innocent Ihebuzor defeated Walter Jibunoh in straight sets of 6/2, 6/2.

Leverkusen in the final of the second tier European club football top honour last Thursday in Dublin, Ireland.

Lookman’s second goal, when he pounced on a loose ball after Leverkusen’s Kovar gave it away upfield, resulting in the Nigerian to cut inside his man, before bending a low drive into the far corner of the post, was selected for the award.

His hat trick earned Atalanta their first ever European title. Boniface on the other hand was selected based on his excellent goal against Qarabag in the match-day three Group H game of the Europa League tournament. Boniface’s long-range effort in the 35 minute increased Leverkusen lead to 3-1 at the time.

However, the race to the award

will not be smooth-sailing for the Nigerian duo as they have the likes of Marseille's Gabon international, Pierre-Emerick Aubameyang who has been double nominated and West Ham United's Ghana sensation Mohamed Kudus.

Other nominees include; João Pedro (Brighton), Darwin Núñez (Liverpool), David Doudera (Slavia Prague), Rafael Leão (AC Milan) and Robert Andrich (Bayer Leverkusen). Lookman was named Player of the Week for his incredible performance against Bayer Leverkusen, topping the poll ahead of Éderson, Piero Hincapie and Davide Zappacosta. The Atalanta number 11 man has been named in the Europa League Team of the Season after netting five goals in 11 matches.

NPFL: Rangers Go Four-point Clear as Enyimba Leapfrog Remo Stars

Femi Solaja

Former champions, Enugu Rangers, continued their quest for another podium finish in the Nigerian Premier Football League (NPFL) yesterday with an emphatic 3-0 win against Bayelsa United at the Nnamdi Azikiwe Stadium in Enugu.

The win pushed the visiting side back into the relegation zone while Rangers now have their destiny of winning the title in their hands should they refuse to drop points as the season hits the final home stretch with five matches to play.

Elsewhere, Enyimba FC returned to the second spot following a crucial lone goal scored by Bernard Ovoke in the 72nd minute against hosts, Abia Warriors.

The win put the defending champions at 56 points alongside Remo Stars, who lost away at Kwara United but with a superior goals difference.

In the run down to the matches yesterday, Rangers showed massive character and never let their fans down when Godwin Obaje opened the score in the 41st minute against Bayelsa United and the star player doubled the lead in the 66th minute

before Chiedozie Okorie put the match beyond the reach of the visitors two minutes later.

But in Ilorin, host Kwara United got into the front foot as early as the first minute when Wasiu Alalade took advantage of a mix-up in Remo Stars vital area for the opening goal.

Ejeh Isaiah increased the tally in the injury time of the first half with a low shot that beat Kayode Bankole in goal for the Ikenne lads.

With the hosts firmly in control of the match, Ahmed Akinyele compounded the woe of his team with an own goal to leave

Obaseki Hails Edo Queens on NWFL Title, Ticket to CAF Champions League

The Edo State Governor, Mr. Godwin Obaseki has congratulated Edo Queens for winning the Nigeria Women Football League (NWFL) and picking a ticket for the CAF Women Champions League.

In a statement, the governor praised the team’s doggedness in holding Bayelsa Queens to a 1-1 draw at the NWFL Super Six Playoffs to win their first league title.

According to him, “I am elated to congratulate our darling girls, Edo Queens, on their outstanding performance in the NWFL Super Six play-offs where they emerged winners and cemented their place for continental action, which is truly where they belong.

“This feat is a reflection of the

attention paid to sports development over the years, which include inclusive welfare packages and other initiatives that have lifted the profile of women's football in the state.

“I congratulate the girls for their indefatigable spirit and commitment which have earned them this high honour. It is indeed a new dawn for women's football in Edo State.”

The governor commended the players and the coaching crew for their dedication over time, noting that their efforts have paid off with their qualification to play on the continental level. He assured that the government would continue to support the team to ensure that they put up a good showing as they progress to play continental football.

the score at 3-0 but a late rally from the visitors and goals from Franck Mawuena in the 88th minute and another from Dayo Ojo late into injury time reduced the scoreline to 3-2 and pushed host away from any threat of drop to relegation zone.

In Katsina, the visiting Shooting Stars of Ibadan were cruising to a vital away win against Katsina United before tragedy struck in the final minute as the hosts secured an equaliser to leave the scoreline a 2-2.

Moses Effiong had put the host in front in the 16th minute but Daddy Abdulrahaman secured parity in the 31st minute however in the 61st minute, Adams Mustapha put the visitors in the lead before Michael Okoro Ibe levelled up in injury time. In Jos, former champions, Plateau and Niger Tornadoes played uninspiring goalless while relegation-troubled Heartland of Owerri spanked Gombe United 3-0. Kano Pillars dimmed Doma United 3-1. Akwa United moved away from the relegation zone with a 2-1 away win at Lobi Stars. The result means the host may have dropped off from the chance to win the league this season. Sani Suleiman was the hero of the night with two goals in each half while Abubakar Ibrahim Aliyu pegged the score line in the 75th minute.

Rivers United secured a comprehensive 4-1 win at home against Sporting Lagos while Sunshine Stars failed to get a vital win against Bendel Insurance with a goalless scoreline in Akure.

Nigerian duo of Victor Boniface (left) and Ademola Lookman have been nominated for goal of the Europa League tournament

Edo Queens celebrating on podium shortly winning the Nigerian Women's Football League's Super 6 Playoffs in, Bayelsa

Baba-Ahmed to Soyinka

“ThelearnedelderStatesman,Prof.WoleSoyinka,isscaredinadvanceaboutwhatgood PeterObiwouldbringtoNigeria.Heisscaredinadvancethattheendisstilllookinglikelyfor hisprincipal, forbadgovernance.WhatSoyinkaisdoingnowisanattempteddistraction. Theintellectdoesnotgiveyourighttoinsultanybody,IrememberthisSoyinkainsultinglate GeneralSaniAbacha"-PeterObi'srunningmateinthe2023Presidentialelection,YusufDatti Baba-Ahmed,respondstoSoyinka'scommentthatObiisunfittobeNigeria's President.

VIEW FROM THE GALLERY

Constitution, See Your Babies MAHMUDJEGA

The principal law that governed the Fourth Republic in its 25-year existence, by far the longest of any previous Republic in this country, has been the 1999 Constitution. It is itself a slight modification of the first presidential-system constitution we first adopted in 1979. This Constitution outlined the powers and subtly indicated its expectations for each of the main institutions of the Fourth Republic. In 25 years however, we can see that some institutions exceeded their constitutionally-assigned powers. Other institutions shirked their powers. Still others failed to live up to constitutional expectations, while yet other institutions not mentioned in the Constitution emerged and acquired more power than the Constitution-created agencies. There was this panel beater at Sokoto’s J Allen mechanic’s village who wrote on his shop, “Spray, painter and panel beating.” The Constitution itself has undergone “spray, painter and panel beating” under every National Assembly session in this Republic. Yet, some people are still not satisfied. They want to overhaul

its engine, change its gearbox, replace its dashboard, replace its tyres, change its brainbox and battery, change the headlights, replace the shock absorbers

and discard the silencer.

In 1979 when Nigeria first adopted the presidential system of government, Africa magazine described the Presidency as the “star prize” of political contest. It has more than lived up to this billing. There have been five presidents so far in this Republic. Even though some of them were described as weak and some others were described as aloof, no institution was able to snatch away the president’s powers. But, enormous though these are, some presidents sought to add unto them the powers of the legislature, some powers of the judiciary, and all the powers of political parties under the constitutionally strange role of “Party Leader,” which arrogated to itself the power to anoint party candidates for all offices up and down the country. One President fought the National Assembly for four years because it did not choose his anointed candidate as Senate President, while another president lined up “banana peels” on the path of Senate Presidents so that four of them tripped in as many years. Two presidents completed two full terms in office. One president did one and a half terms in office. Only one

DAKUKU PETERSIDE

BENEATH THE SURFACE

president lost an election in 25 years. One president tried to amend the Constitution and do a third, possibly even a life, term in office. There have been five Vice Presidents and hundreds of Deputy Governors so far in this Republic. Only one Vice President publicly fought his President; four others were content to occupy the position with its ill-defined constitutional powers. While most Deputy Governors in the states managed to coexist peacefully with their principals, several others fell out with their governors and the state assemblies were commanded to impeach them, most recently in Edo State. One Vice President succeeded his President by accident, while only a few deputy governors managed to become governors, most recently in Sokoto and Jigawa and once in Zamfara State. There have also been five official First Ladies in this Republic and an unknown number of First Mistresses. Some of the First Ladies were more assertive than others. Many of them created pet programs. One of them did a video

One Year On: Words Above Action

Amidst the initial fanfare, good feelings, and high expectations, a new era began on May 29, 2023, as a new president, vice president, and governors took oaths of office. However, as we approach the one-year mark, it's clear that for many Nigerians, the end of the Buhari era was not the relief they had hoped for. The Buhari administration appeared rudderless and in need of more vigour. This sentiment was echoed in various states, where citizens felt betrayed by the lacklustre performance of their then-outgoing governors.

This column in a piece written in March 2023, captioned Governors: Right versus Wrong captured the general feeling about the state governors thus: "it is utterly absurd that instead of elected governors to focus on making their states economically viable and developing their states from down to up, many governors have turned the states into fiefdoms and domains

where they rule as absolute dictators controlling not just the resources of the state, but all the state institutions with impunity. We see governors who unashamedly use public funds as their private funds and use it anyhow they want, with little or no accountability whatsoever".

There were high expectations and a renewed hope that the new administrations in the states would be different this time around and would use the state's resources to develop the states. They made lots of promises to their people to tackle the myriad problems that have kept their states from developing. Some articulated visions and goals that are noble to the admiration of Nigerians living in these states. In many states, barring a few, these promises made on the inauguration day have become empty promises, the visions are largely blurred, and no overarching goals are pursued, much more being achieved. Sadly, many states are heading in the same direction of hopelessness

and despair as in past dispensations. Leadership is lacking, and the status quo must be changed if Nigeria is to see meaningful development in the current dispensation. To address this, the governors must reflect on their performance in the last year and implement policies, structures and systems that will help them fulfil their responsibilities to the people.

The state scorecards for the past year, as evidenced by dire and unpleasant statistics in aspects such as poverty, food insecurity, unemployment and underemployment, environmental degradation, poor business-friendly environment, and poor policy implementation, are, at best, suboptimal and, at worst, grim. Some states cannot demonstrate meaningful achievement in any one area and are not positioned to achieve anything in the future unless something drastic is done to redirect their leadership to the proper development direction. This lacklustre and self-defeating approach to growth

and development occurs when the states enjoy unprecedented FAAC allocations and other internally generated revenues. Every month, according to the Federation Account Allocation Committee (FAAC), not less than a trillion naira is announced to have been generated and disbursed among the three tiers of government in Nigeria, at least since the removal of fuel subsidy, which has significantly improved the revenues of governments across the country. The statutory federal allocations to the coffers of the state governments alone are expected to increase by 69 per cent, from N3.3 trillion in 2023 to N5.54 trillion in 2024, based on the approved budget and revenue projection. Government fiscal statistics indicate that in the first four months of 2024, states have received approximately N1.548 trillion in disbursement. The internally generated revenue of many states has significantly increased in the past year, adding more

TRUTH &

Tinubu