MONDAY 10TH JUNE 2024

L'Oréal Paris Announces Multi-talented Temi Otedola New Ambassador for Africa Actress is first Nigerian to represent iconic beauty brand

Vanessa Obioha Iconic beauty brand, L'Oréal

Paris, has unveiled its partnership with Nigeria’s multitalented actress, entrepreneur,

and global influencer, Temi Otedola, as the new African Digital Brand Ambassador

for its L'Oréal Paris Makeup.

A statement made available to THISDAY by the iconic

brand yesterday described the development as ‘historic’, with Temi being the first ever

Nigerian to represent the brand.

Continued on page 5

Oando Announces $550m Participation in NNPCL’s Crude Oil-backed Project Gazelle... Page 6 Monday, June 10, 2024 Vol 29. No 10652. Price: N400

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Tinubu Approves New Leadership for National Council on Climate Change...

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Nigeria, Seven Other Nations Demand Immediate Halt of Arms Supply to Israel Africa’s most populous country backs Biden’s ceasefire proposal Israeli forces rescue four hostages in Gaza Emmanuel Addeh and Michael Olugbode in Abuja The D-8, a group of developing

nations, at the weekend called on all countries of the world to stop supplying arms to Israel, and urged the United

States to lift its veto on the full membership of Palestine as an independent and sovereign state in the United Nations.

Palestine is currently a nonmember observer state, a de facto recognition of statehood granted it by the United Nations

General Assembly in 2012.

Bangladesh, Egypt, Indonesia, In a declaration after a Iran, Malaysia, Nigeria, meeting in Istanbul of its council of ministers, including Continued on page 5

Bagudu: N62,000 Recommended Wage in National Interest, Based on Economic Realities

Governors say compelling states to pay may lead to 40% retrenchment Disclose only 10 subnational govts can afford new salary structure Chuks Okocha and Olawale Ajimotokan in Abuja The federal government has maintained that the N62,000 minimum wage offer recommended by the Tripartite Committee set up by President Bola Tinubu, was made after taking into consideration the national interest and current economic indices.

The Minister of National Budget and Economic Planning, Senator Atiku Bagudu and the Chairman of the 37-man Tripartite Committee on National Minimum Wage, Alhaji Bukar Aji, made the remarks in separate chats with THISDAY in Abuja.

However, the committee's recommendation to the president at its meeting on Friday night was rejected by Organised Labour, which insisted on N250,000 as an acceptable national minimum wage.

In the interview with THISDAY, Bagudu noted that members of the committee took cognisance of the prevailing economic situation, information, data, national interest, developments in the polity, macro economy and the ongoing economic reforms by the administration before arriving at the figure.

“This is what we have done; Continued on page 5

MAKING NIGERIA PROUD...

Temi Otedola, newly appointed brand Ambassador of iconic L'Oréal Paris

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NAF Conducts Airstrikes, Destroys Illegal Refineries Near Abia, Imo, Rivers Border Tony Icheku in Owerri and Ikechukwu Aleke in Abuja The Nigerian Air Force (NAF) yesterday said that after an airstrike, it destroyed two illegal crude oil refining sites with three surface tanks and reservoirs located near Obiaku and close to the Imo/Abia/ Rivers States borders.

The airstrikes came barely 48 hours after NAF Chief of Air Staff (CAS), Air Marshal Hasan Abubakar , announced during a visit to Abia State Governor, Alex Otti, plans to extend its reach in the deployment of air power in response to national security imperatives in Abia State and the South-east Region.

The NAF Chief had at the meeting requested the Abia State government to provide

the Airforce with a parcel of land for the establishment of a Base in Abia to enhance security not only in the state but the entire South-east zone of the country.

In a release, the Director of Public Relations and Information, NAF, Air Vice Marshal Edward Gabkwet stated that the air strikes were conducted by the Air Component of Operation Delta Safe.

According to him: "Observing that these sites were active, authorisation was sought and received for air strikes on the targets.

"Building on these successes, air operations under Operation Delta Safe will be intensified especially within the areas of interest in efforts at curtailing the

NIGERIA, SEVEN OTHER NATIONS DEMAND IMMEDIATE HALT OF ARMS SUPPLY TO ISRAEL Pakistan, and Turkey, D-8 demanded “an immediate, permanent and unconditional ceasefire, the cessation of the Israeli aggression on the Palestinian people in Gaza, and the immediate implementation of the relevant UN Resolutions”.

It also called on countries around the world to ensure that Israel strictly complied with the provisional measures ordered by the International Court of Justice (ICJ), which required the regime to immediately halt its offensive on Gaza and withdraw from the southern Gaza city of Rafah, where people sheltered from bombardments elsewhere.

D-8 reiterated that the “brutal Israeli aggression” on Gaza must end to allow humanitarian aid to reach people in need in the Palestinian territory.

The statement called on all countries to “stop supplying weapons and ammunition to Israel that are used by its army and extremist settlers to kill the Palestinian people and destroy their homes, hospitals, schools, mosques, churches and all their properties”.

D-8 members called on the United States to “lift its veto on the full membership of Palestine in the UN as an independent and sovereign State”.

Besides, the group condemned Israel for actions that could cause the war in Gaza to spread to other parts of the region, including “unjustifiable attacks” targeting the Iranian embassy in Damascus, Syria, in April.

The United Nations General Assembly last month backed a Palestinian bid to become a full UN member by recognising it as qualified to join and recommending the UN Security Council "reconsider the matter favourably".

The Palestinian push for full UN membership comes several months into a war between Israel and Palestinian militants, Hamas, in the Gaza Strip, and as Israel is expanding settlements in the occupied West Bank, which the UN considers to be illegal.

As the Palestinian death toll in Gaza exceeds 36,000 and a humanitarian crisis engulfs the enclave, human rights groups and other critics have faulted the US for providing weapons to Israel and largely defending Israel's conduct.

On Saturday, Israeli military said they rescued alive four hostages, who were seized by Hamas during the October 7 attack in which Israel said

1,200 people were killed and 250 abducted.

Israel announced its forces rescued the four hostages from a Gaza refugee camp in an operation, which the Hamas-run government media office said left 210 Palestinians dead and hundreds wounded.

The Israeli military said the four, who were in “good medical condition”, had been kidnapped from the Nova music festival during Hamas’s attack that sparked the war, now in its ninth month.

Meanwhile, Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, called for immediate global action to de-escalate the spate of extreme violence against non-combatants in the Israel-Palestine conflict.

Tuggar, in a statement yesterday, also confirmed Nigeria’s support for the proposals put forward by US President Joe Biden for a ceasefire.

He said, “The Biden ceasefire proposal should be embraced by world leaders and the totality of the international community— to intensify efforts towards a speedy resolution of the conflict, and the immediate cessation of the attendant extreme violence in Gaza and all other innocent civilians affected by the conflict.

“Equally important is the continuous, sufficient and unhindered provision of ifesaving humanitarian supplies and services for civilians.”

The minister assured the US of Nigeria’s support to bring about a complete cessation of violence and an end to the loss of human lives and manmade humanitarian crisis.

He said, “We are concerned that the ongoing carnage is setting a bad precedent for the international system of justice and are mindful that justice is antithetical to revenge.

The Biden plan presents a clear path towards progress and the conditions required for peace.”

Biden’s proposal includes a deal that will lead to a permanent ceasefire, a surge in humanitarian aid, the release of hostages, and a major reconstruction plan to rebuild homes, schools, and hospitals.

According to the minister, Nigeria believes the Biden plan is the best way forward for all parties and can prevent any repetition of the tragic deaths on June 8, of more than 200 people at the Nuseirat refugee camp.

activities of criminal elements.”

The statement noted that the successes recorded in destroying the illegal refining sites further supports the necessity of setting up a NAF Base in Abia State, which both Otti and Abubakar during their meeting agreed was long overdue.

“The NAF’s continued efforts in all ongoing operations, yet again, underscore its commitment to maintaining aerial dominance over the Nigerian skies, while collaborating with surface forces

towards the safety and security of Nigeria and its citizenry,” the NAF spokesperson stated.

NAF leadership on Friday June 7, 2024, announced plan to establish a permanent presence in Abia State to curtail security threats in the zone.

Abubakar said that NAF presence in Abia State would not only bolster security of the airspace but also provide invaluable support in emergency response, disaster management and community development initiatives.

NAF Chief of Air Staff, Air Marshal Hasan Abubakar

BAGUDU: N62,000 RECOMMENDED WAGE IN NATIONAL INTEREST, BASED ON ECONOMIC REALITIES I was a member of the 2018 tripartite committee then as a governor, representing the state governors. And in that committee as well, views were divided like in the Organised Private Sector (OPS) and the Organised Labour as we had then. And a report was sent to Mr President just like we did now.

“So, I am glad that democratic rights have been exercised. Mr President has been encouraged and what has happened is to show that this is a process where you bring your best argument. The labour has participated and they have presented different views and different arguments which we are going to send to Mr President,” Bagudu said.

His position was also echoed

by Aji, who is incidentally a former Head of the Civil Service of the Federation (HoSF).

Aji said the recommendation by the committee to Tinubu to be sent to the National Assembly to be passed as National Minimum Wage Act, came as a "result of deeper understanding and deeper study of all the economic indices".

He added that caution was taken in order not to recommend a figure that would further throw the country into confusion.

“We studied all the economic indices, the current inflation situation, the state of the economy, affordability, ability, capability and sustainability.

Caution had been displayed all through so that a figure that will further throw the country into confusion is not allowed.

“This because if any party goes into an agreement of any figure that it knows from its sources that it can’t afford, then it is going to create another problem. But I thank God that all wisdom came together and the recommendation to Mr President is going along

that direction,” Aji said.

He described the negotiation on national minimum wage at the tripartite level with organised labour and the organised private sector in the last four months as a serious business.

He likened the recommendations made to the president as similar to the one that happened in 2018, when the organised labour and labour unions proposed N30,000 as the national minimum wage, while the government side recommended N24,000.

He added that the tripartite committee had no power to approve but only to recommend to the president.

In the same vein, the governors under the Nigeria’s Governors Forum (NGF) have doubled down on their rejection of the 60,000 proposed minimum wage, maintaining that coercing the them to pay the proposed minimum wage will have consequences.

According to a source who disclosed the position of the governors at the Friday tripartite meeting of the minimum wage, any forced wage bill on the states could lead to the retrenchment of up to 40 per cent of workers in the states.

The source who is not permitted to speak officially to the press, told THISDAY that most of the states are heavily indebted due to loans taken by their predecessors and therefore cannot afford the new minimum wage.

The source listed only 10 states that can afford the new minimum wage without it affecting the overall strength and development of the states.

For instance, the source said that only states like Lagos, Delta, Akwa Ibom, Bayelsa, Cross River, Rivers, Ogun, Kano, Kaduna can afford to pay the minimum wage effortlessly.

"Kano state is listed in the

states that can pay the new minimum wage because it does not have any huge debt burden.

This is quite like some states across the federation.

"You see over 24 drivers attending to only four or five vehicles in the fleet.

What do you want such state governments to do. Sack them?

But where the states are forced or coerced to pay, there could be consequences of up to 40 per cent retrenchment. States cannot be forced to pay the minimum wage because Nigeria is operating a federal system of government which is based on the ability to pay.

"In the United States which we are emulating, take for instance, the salary of the governors of Vermont, New York and California are different with some rural states of Mississippi and others. The governor of Vermont and his counterpart in California earn over $200,000 per year, but the governor of Mississippi earns less. This is operation of the federal constitution in place," it added.

Giving further details on the poor revenue and why the governors can't pay the new minimum wage, the source said that revenue accruing to states only increased recently as the daily crude oil production has remained poor.

The source said that the tripartite meeting challenged the President of the Trade Union Congress (TUC), Mr. Festus Osifo to explain from his experiences since he came from the oil union, what they had done to curtail oil theft and militancy in the South-south geopolitical zone.

THISDAY was further told that the labour movement at the meeting threatened to picket Anambra State that because the state was allegedly not paying the minimum wage, to which the Governors of the state, Chukwuma Soludo

countered that the state had been paying.

But the trade union movement was said to have countered that Anambra State was not paying the consequential adjustment as prescribed in the 2019 minimum wage act, prompting Soludo to tell the gathering that in the 2019 minimum wage bill, there were no provisions for any consequential adjustment payment.

The governors had Friday said that the N60,000 minimum wage was not sustainable and therefore could not fly.

The NGF Acting Director on Media and Public Affairs, Hajiya Halimah Ahmed, in a statement said that the Forum urged all parties to consider the fact that the minimum wage negotiations also involve consequential adjustments across all cadres, including pensioners.

The NGF cautioned parties to look beyond just signing a document for the sake of it, insisting that any agreement to be signed should be sustainable and realistic.

"All things considered, the NGF holds that the N60,000 minimum wage proposal is not sustainable and can not fly. It will simply mean that many states will spend all their allocations on just paying salaries with nothing left for development purposes. " In fact, a few states will end up borrowing to pay workers every month. We do not think this will be in the collective interest of the country, including workers.

"We appeal that all parties involved, especially the labour unions, consider all the socioeconomic variables and settle for an agreement that is sustainable, durable, and fair to all other segments of the society who have legitimate claim to public resources," the governors said.

L'ORÉAL PARIS ANNOUNCES TEMI OTEDOLA NEW AMBASSADOR FOR AFRICA Standing alongside fellow ambassadors, including Kendall Jenner and Viola Davis, the collaboration, it said, marks a significant milestone in celebrating beauty in all its forms across the African continent and reaffirms L'Oréal Paris's commitment to diversity and empowerment.

“As the face of L'Oréal Paris Makeup, Temi will headline the latest Infallible Makeup Range campaigns, showcasing her unique style and celebrating the diverse beauty of Africa,” the statement added.

Temi expressed her excitement and honour in her statement, stressing that as a young girl growing up, the L’Oréal Paris Makeup was one of the earliest beauty brands she was exposed

to.

She said: "Words cannot describe how honoured I am to partner with L'Oréal Paris Makeup. L'Oréal Paris was amongst the first beauty products I was introduced to as a young girl playing with my mother's makeup.

“I have grown up loving their products and deeply respecting the company's values and vision.

The L'Oréal Paris woman is someone I deeply resonate with—confident, unapologetic, and always striving to make a difference in the world. I'm so excited to begin this beautiful journey with a brand that truly inspires me.”

In her remarks, General Manager for Makeup in the Sub-Saharan Africa Zone at

L’Oréal Paris, Issima Oniangue, shared her excitement about the partnership, noting that it marks a new era of glamour and innovation in beauty for the region.

"Temi's unique style, confidence, and passion for beauty perfectly embody the L'Oréal Paris ethos of empowerment and sophistication.

“This partnership marks a new era of glamour and innovation in beauty for the region as we continue to celebrate and cater to the diverse beauty of African women. We are excited to inspire and bring the best of beauty to every corner of the continent," Oniangue stated.

As the number one beauty brand worldwide, she explained that L'Oréal Paris

has empowered women for more than 110 years with stateof-the-art products backed by scientific advances.

According to her, the partnerships and initiatives are dedicated to promoting equal rights and self-esteem.

"Because I'm Worth It," the L'Oréal Paris slogan coined in 1971, the statement said, is no less relevant today.

“For many years, it has honoured extraordinary women who volunteer their time to serve their communities," it added.

Temi’s journey with L'Oréal Paris Makeup promises to celebrate beauty, empowerment, and cultural richness, resonating with audiences across SubSaharan Africa and beyond, the release noted.

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NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580

INAUGURATION OF CKD PLANT AT DANGOTE SINOTRUK WEST AFRICA...

L-R: Senator Solomon Olamilekan Adeola; Governor of Lagos State, Mr. Babajide Sanwo-Olu; Chairman, Dangote Group, Alhaji Aliko Dangote; Executive Director, Dangote Group, Halima Aliko-Dangote; Senate President, Senator Godswill Apkabio and his Deputy, Senator Barau Jibrin during the inauguration of CKD plant at the Dangote Sinotruk West Africa Limited, Ikeja, Lagos, ... yesterday

Oando Announces $550m Participation in NNPCL’s Crude Oil-backed Project Gazelle Emmanuel Addeh in Abuja Oando Plc, an indigenous energy company, at the weekend announced a successful $550 million participation in the Project Gazelle financing deal, raising the total disbursed amount to $925 million in the deal sponsored by the Nigerian National Petroleum Company Limited (NNPCL).

Arranged and coordinated

by Afreximbank, the accordion arrangement saw the raising of a combined total of the $925 million from a consortium of crude oil offtaker lenders, including the Oando Group, Sahara Energy, among other energy companies.

This brought the total funded facility size for Project Gazelle to $3.175 billion, a statement from the company said.

Project Gazelle is a $3.3 billion

structured crude oil-backed forwardsale finance facility. The unique financing arrangement is backed by crude oil allocation from the royalties and tax entitlements of the Nigerian government and is a first of its kind in Africa’s largest economy.

The statement added that it was designed to enable the muchrequired forex injection into Nigeria’s economy, helping the government meet its immediate obligations.

It is also expected to enable investments in critical projects to boost production and in turn, generate increased revenues, part of which would be used in paying off the facility over a five-year period, it noted.

Speaking on Oando's participation, Group Chief Executive, Oando Plc, Wale Tinubu, said the transaction further reinforces

Oando’s ability to create value and the company’s status as the indigenous partner of choice in Nigeria. " The successful completion of this facility signifies another win for the company and the country at large. The transaction further reinforces Oando’s ability to create value and the company’s status as the indigenous partner of choice in Nigeria.

“As a proudly indigenous company, our ambition has always been to use our platform to support the sustainable development of the nation. Against this backdrop, Project Gazelle will be instrumental in realising the federal government’s efforts to boost the country’s socioeconomic indices. “Afreximbank as lead arranger continues to support African corporations – public and private growing confidence in the

market and continent," Tinubu stated.

One of the key reasons given for the novel Project Gazelle, Oando said, was its ability to avail the federal government in the immediate to medium term with access to the funding for investments in critical sectors that will help in reversing some negative economic indices and trends, while positively impacting the lives of its citizens.

In a joint statement with Afreximbank, NNPCL’S Group CEO, Mele Kyari commended the bank’s management and team for their investment philosophy and active interest in co-creation of prosperity.

“The successful disbursement of the first accordion under Project Gazelle and its interest in funding viable and strategic projects is a clear indication of investors’ confidence

Bakrin: Sugar Sector Reforms to Unlock Quality Jobs for Nigerians as Council Targets 2MMT by 2032 Unveils robust initiatives to develop host communities, reduce hostilities James Emejo in Abuja Exxecutive Secretary/Chief Executive, National Sugar Development Council (NSDC), Mr. Kamar Bakrin, said the country’s drive for self-sufficiency in sugar production was the most important element of the second phase of the Nigeria Sugar Master Plan (NSMP II) and a top priority for the council.

Barkin said the aim was to achieve a production capacity of two million metric tonnes of sugar by 2032, adding that ongoing reforms by the council and the operators' current expansion strategies will soon unleash thousands of quality jobs for Nigerians.

In an interview with THISDAY, Barkin said based on the mandate and new targets given to major sugar operators by the council, the former had embarked on an aggressive expansion that will create high-paying jobs for Nigerians in the coming months.

The NSDC boss also revealed that through some regulatory interventions by the council, sugar operators had agreed to pool resources towards the development of host communities – a move that would further douse current hostilities towards the operators.

He said, “You are going to see a lot

of employment because each of the sugar operators has very aggressive expansion plans, which we have seen and we have also engaged them on what they need to do.

“You will see a lot more economic activity. You know, in terms of logistics and others, a lot is going on in the sugar-producing estates, and it will translate into jobs for the local communities, suppliers, contractors, and all of that because everybody is now scrambling to move.

“They are laying irrigation pipes, they are completing other infrastructure, they are expanding their factories and rehabilitating them, and so on. So, you see a lot of that. Of course, we will continue to import sugar for some time. I told you it has quite a significant gestation period, but at least we will see those benefits very soon.”

Bakrin said the economic impact from the current expansion drive would be significant for the economy, pointing out that the council has identified 14 new greenfield sites, ranging from 6,000 to 18,000 hectares, across the sugarcane belt, with high viability for sugar production.

He said these sites had not been previously cultivated and required

further evaluation to determine their full viability.

Barkin said, “There is nothing better than employment. I can sit down and promise you we will crash the price of sugar. But jobs are the real things.

“I am talking about thousands of jobs. These are good quality jobs. Some of them are factory jobs. Yes, some of them are farm jobs, and some of them are seasonal. But there are quite several factory jobs that will be created that are sustainable.”

He said there was need for a comprehensive approach to addressing community hostilities, a long-standing challenge in the sugar industry, highlighting key strategies incorporated into the NSMP II to ensure community acceptance.

According to him, these include educating communities about the economic benefits of sugar production, allocating a portion of capital for community development projects, and mandating sugar companies to recruit residents for various positions, thus, fostering greater community involvement and engagement.

He said, “We are mandating a specified amount of capital that must be dedicated to community development, roads, schools, clinics, whatever makes sense for that

community.

“We are also mandating a certain amount of recruitment that must come from the host communities, as well as the catchment areas for both field operatives, junior staff and workers, and so on, as well as for managerial staff.

“And we have already engaged the operators around this and we have gotten their buy-in. We also insist that a certain quantity of the sugar produced must be by out-growers sourced from the local communities.”

He said the council had good engagement with governors of host states to create a friendly environment for the investors.

Barkin stated, “I think we have met with all governors of states in which we are active. We have met with all the state governors, including Nasarawa, Adamawa, Kwara, and Niger states. We have had very fruitful discussions. We have gotten their commitments. Not only have they given verbal commitment, they have delivered.

“So, for example, one of the operators had an issue with a 2,000-hectare piece of land, which the host community was denying them access to develop and plant cane there.

in NNPCL and Nigeria’s growth aspirations,” he said.

He further assured Afreximbank and all investing communities of NNPCL’s resolve to continue to grow the nation’s hydrocarbon resources and strengthen its partnerships across the oil and gas value chain locally, and globally.

Commenting on the disbursement, President & Chairman of the Board of Directors, Afreximbank, Prof.

Benedict Oramah, said the funding will greatly support the attainment of Nigeria’s short and long-term economic development priorities “The milestone achieved thus far, on this facility, demonstrates the bank’s capabilities in performing its role as a crucial development partner for Africa. It reaffirms our commitment to assisting our member states in their efforts to achieve economic growth and stability.

“This funding will greatly support the attainment of Nigeria’s short and long-term economic development priorities,” he stated.

Oramah described the original facility as ‘a landmark’ for being the largest crude oil-backed facility in Nigeria and one of the largest

syndicated debts raised in Africa.

He added that the closure of the first accordion demonstrated the existence of positive market appetite for well structured commoditiesbacked instruments.

In its second win for the week, Oando announced the lifting of the suspension of the company’s secondary securities listing on the Johannesburg Stock Exchange (JSE).

After a two-month suspension, the JSE’s recent action means investors in South Africa are now able to trade in Oando’s securities on the country’s exchange, it said.

Furthermore, Oando said it saw a positive swing in its NGX share price appreciating by 52.8 per cent between April 28 to June 6, 2024, a period that saw the company release its audited FYE2022 results and shortly after at the end of May, its interim FYE2023 results.

It pointed out that investors had shown a strong and positive response to the release of the company’s 2023 unaudited financial reports which showed a major recovery for the indigenous energy company.

Coalition Backs N'Assembly Resolution to Halt Divestment in Oil, Gas Sector by IOCs Adedayo Akinwale in Abuja A group, Coalition of Civil Society Organisations has thrown its weight behind the resolution of the House of Representatives to halt the ongoing divestment of oil and gas assets by the International Oil Companies (IOCs) operating in the Niger Delta region of the country.

The Coalition led by Botti Isaac of Social Action Integrated Centre (Social Action), Dr. Prince Ekpere of OLESH Centre for Community Development; Arigbabu Sulaiman of HEDA Resource Centre; Dr. Barrister Uko Etuk of Policy Alert; Shehu Akowe of Health of Mother Earth Foundation, among others disclosed this at a press conference on Sunday in Abuja.

Speaking on behalf of the Coalition, Isaac expressed worry over the rationale behind the federal government's plan to hurriedly approve the International Oil Companies (IOCs) divestment

plans without proper assessment.

The coalition stated: "We call for a halt to divestment given the significant risks and concerns associated with this divestment, we call for an immediate halt.

"The Nigerian authorities should not approve any further divestment until a comprehensive and transparent framework, acceptable to the governments of the Niger Delta states, affected communities, labour, and civil society observers, is established, addressing all environmental, industrial relations and social liabilities to the satisfaction of all stakeholders, including affected communities.

"Demand for comprehensive resolution of environmental and social liabilities the divestment raises significant concerns regarding the accountability for SPDC’s and other IOC’s historical environmental damages and the ongoing pollution from oil operations.

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BEST PROJECT BOND AWARD...

L-R: Publisher and CEO, EMEA Finance Limited, Christopher Moore; Chief Executive Officer, InfraCredit, Chinua Azubike; Vice President, Credit Risk and Portfolio Management, InfraCredit, Bolatije Odunewu;representative of the Lagos Free Zone (Tolaram), Madhav Banka; Vice President, Origination and Structuring, InfraCredit, Osaze Osaghae, and Investment Director, GuarantCo, Tola Odukomaiya, during the presentation of “Best Project Bond” award to InfraCredit at the 2024 EMEA Finance Achievements Awards held in London...recently

Tinubu Approves New Leadership for National Council on Climate Change Endorses mandate for presidential envoy on climate action Expands membership of green economy committee

Deji Elumoye and Olawale Ajimotokan in Abuja President Bola Tinubu has approved the appointment of Dr. Nkiruka Maduekwe as the Director-General/ Chief Executive Officer of the National Council on Climate Change (NCCC) in interim capacity, pending the confirmation of her appointment by the NCCC Supervisory Council.

The appointment, according to a release issued yesterday by presidential spokesperson, Ajuri Ngelale, is in accordance with Tinubu’s commitment to actualise Nigeria's green industrial vision, boost investor confidence, and unlock sustainable economic value through various climate finance instrument.

The president has also approved that Maduekwe, 39, who holds a Bachelor of Law degree; a Master’s

degree in Environmental Law & Policy from the University of Dundee (UK), and a Doctorate degree in Law from the University of Hull (UK), is to serve as the Co-Chairperson of the Intergovernmental Committee on National Carbon Market Activation Plan (NCMAP).

“Maduekwe has over 15 years of national and international experience in climate policy development and project implementation. She previously served as Nigeria National Coordinator, Climate Parliament.

“Climate Parliament is an international, multi-partisan network of legislators working worldwide to help solve the climate crisis and accelerate the transition to renewable energy. She was also the legal adviser to the NCCC director-general,” the statement added.

Furthermore, the Tinubu has

Sanwo-Olu, Anyaoku, Atiku, Obi, Others to Grace June 12 Anniversary Wale Igbintade Governor Babajide Sanwo-Olu of Lagos State, former Vice President, Atiku Abubakar, and the Presidential Candidate of the Labour Party, Mr. Peter Obi, have been listed among dignitaries expected at the June 12 Democracy Day Anniversary Celebration.

Other dignitaries expected at the event are the Presidential Candidate of the New Nigeria People's Party (NNPP), Dr. Rabiu Musa Kwakwanso, former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba SAN, and former Chairman of the Independent National Electoral Commission (INEC), Prof Attahiru Jega, among others.

The event organised by The Patriots, a group of eminent leaders of thought in Nigeria, in collaboration with the June 12 Pro-Democracy Movement of Nigeria, is scheduled to hold at the Conference & Exhibition Centre of Lagos Chamber of Commerce and Industry LCCI, in Alausa Ikeja, Lagos, on June 12, 2024.

According to the Chairman, Local Organising Committee, LOC June 12 Democracy Day Celebration, 2024, Prof. Anthony Kila, the theme of the rally is "Securing the Future of Nigeria through a Democratic People's Constitution".

The event will be chaired by former Secretary General of the Commonwealth of Nations and

Chairman of The Patriots, Chief Emeka Anyaoku, and shall receive a crucial State address from the Lagos State Governor, Babajide Olusola Sanwo-Olu. The statement added that Atiku Abubakar, Peter Obi, and Dr. Rabiu Musa Kwakwanso will deliver goodwill messages to Nigerians at the annual event.

According to the statement, Dr. Agbakoba, Prof. Jega, and Senator Shehu Sanni are expected to lead the anniversary conversation on securing the future of Nigeria through a democratic constitution reform process.

The statement added: "Nobel Laureate, Prof. Wole Soyinka, who was earlier scheduled to provide the key note address at the occasion has now been replaced, due to very pressing engagements and his place taken by former governor of Ekiti State, Dr. Kayode Fayemi and former military governor of Kaduna State and June 12 Activist, Col. Umar Dangiwa, who are respectively billed to pioneer broad interventions on the anniversary theme.

"Leading pro-democracy stakeholders and activists in the country, who are invited to x-ray and discuss the key note submissions at the event are Prof. Pat Utomi, Barr Femi Falana, SAN, Dr Oby Ezekwesili, Prof Jibrin Ibrahim, Amb. (Hon) Nkoyo Toyo, Alhaji Shettima Yerima, Otunba Dele Momodu, Hajia (Dr) Bilikisu Magoro, Ann Kio Briggs.

approved the appointment of Mr. Ibrahim Abdullahi Shelleng, 40, as the Senior Special Assistant to the President on Climate Finance & Stakeholder Engagement, Office of the President.

He is seconded to the NCCC Secretariat, where he will handle all matters relating to Climate Finance & Stakeholder/Donor Relations.

Tinubu has also approved that Shelleng is to assume the position of secretary of the Intergovernmental Committee on NCMAP and serve as a member of the Presidential Committee on Climate Action and Green Economic Solutions, as well as the Presidential Steering Committee on Project Evergreen.

Shelleng, who holds a Master’s degree in Business Administration (MBA) from Ahmadu Bello University, Zaria, has served in leading roles across multiple financial institutions, and was Head of Business Development for the Nigeria Mortgage Refinance Company PLC (NMRC) before his appointment as Senior Special Assistant to the President.

The president has also approved the appointment of Mr. Olamide Fagbuji, 44, as the Senior Special Assistant to the President on Climate Technology and Operations, Office of the President.

He is seconded to the NCCC Secretariat, where he will oversee the digitalisation of a new open procurement process and crossdepartmental procedural optimisation

Dr. Nkiruka Maduekwe

Mr. Ibrahim Abdullahi Shelleng

Mr. Olamide Fagbuji

initiative.

Fagbuji served as Special Assistant to the President on Economic Matters under the previous administration, and was most recently the Technical Adviser to the Director General of the NCCC on Policy Research and Strategy. He is a policy analyst and computer scientist.

“By the directive of the president, the aforementioned appointments take immediate effect. President Tinubu expects the new appointees to bring their expertise and discipline to bear in these very important assignments in pursuance of the nation’s aspiration on green industrial development and climate action for sustainable growth and national prosperity,” the statement added.

Meanwhile, the president has approved the terms of reference for the pioneering Office of Special Presidential Envoy on Climate Action (SPEC) in order to bring clarity to

the functions of the office within the climate and green economy ecosystem.

A statement by the Director, Information & Public Relations, Office of the Secretary of the Government of the Federation, Segun Imohiosen, yesterday said following the president’s directive, the SPEC shall be country's lead negotiator on climate-related matters, reporting directly to the President.

In addition, he will be the lead negotiator on carbon market and management initiatives on behalf of the federal government with a mandate to integrate the work of the Intergovernmental Committee on NCMAP into the climate action plans of the federal government, reporting directly to the president.

Also as part of his mandate, he will be the supervising interface between the Secretariat of the NCCC and its supervising council, which is chaired

by the president.

He will also function according to the statement as: Coordinator of all climate action-related activities across Federal Ministries, Departments, and Agencies, legislative, and sub-national entities which directly impact the president's climate action and green economic agenda with a mandate to directly engage other nations, international organisations, and non-governmental entities to build coalitions and advance global climate goals in accordance with Nigeria's national interest.

The focal point of the federal government's engagement with the United Nations Framework Convention on Climate Change (UNFCCC), Conference of the Parties (COP) meetings, and other related international meetings on climate-related and green economic matters will also be overseen by the SPEC office.

CBN Directors’ Sack: Middle-Belt Group Alleges Lopsidedness Demands governors, NASS investigate the apex bank

Seriki Adinoyi in Jos Conference of Autochthonous Ethnic Communities Development Association (CONECDA) has expressed concern over what it called the questionable manner the governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso, massively sacked Directors, Deputy Directors and Assistant Directors leaving some regions almost without representation in the bank.

Addressing the press in Jos, Plateau State, the groups spokesman, Mr. Paul Dekete, who observed that the North-central was worst hit by the sack, has demanded the National Assembly and governors of the affected states investigate the lopsidedness that

characterized the sack.

He said: “The CBN's purge extended beyond individual hardship, raising serious concerns about ethnic bias.

Reports indicate that some states saw over 80% of their executive staff removed, with North Central and South Eastern regions disproportionately affected. This blatant disregard for the principle of federal character raises troubling questions about the bank's commitment to national unity.

“The nature of the sack shows an attempt to cripple the Middle-belt region as Gombe, Plateau and Benue are affected most. In Gombe State, five (5) people cutting across Deputy Directors to Assistant Directors cadre were all dismissed courtesy the re-organization

of the bank. In Plateau, 80% of the staff in the executive cadre were sacked, including one who had 3 days to retire and arrangements had been concluded for her normal retirement.

“Benue is not spared either, as a number of Deputy Directors are affected.

Very painful is that Mr. Onoja Ameh who was transferred from Abuja to Awka Branch last year December was involved in a terrible accident in April this year during which he almost lost his life on his way back to Awka after visiting his family in Abuja is still recuperating when he got sacked. A widow who is currently nursing her trauma was also sacked from the region due to "re-organisation" of the bank.”

Dekete said that the mass disengagement of the bank’s experienced staff, has left many questioning the its future stability, lamenting that a staggering 16 critical departments were gutted, with directors summarily dismissed and ordered to leave the premises the same day without usual handover procedures, leaving a gaping hole in the bank's operational capacity.

Further according to him, “The purge wasn't limited to high-level executives. It extended far beyond directors, impacting Deputy Directors and Assistant Directors who formed the backbone of departmental operations.

These were not junior staff; they were seasoned professionals with deep institutional knowledge.

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PRESENTATION OF A SYMPHONY OF STORIES...

L-R: Wife of former Head of Interim National Government (ING),Mrs. Margaret Shonekan; Founder/ Chairman, Chrisland Schools Limited, Chief (Mrs) Winifred Awosika; and Venerable Ladipo L. Eso, during the presentation of A Symphony of Stories: An Evening of Theatrical Wonders by the Students of Chrisland Schools at Muson Centre, Lagos at the weekend KOLAWOLE ALLI

Lagos Attorney General Asks Court to Discontinue EFCC's N1.35 Billion Alleged Fraud Case Alex Enumah in Abuja The Attorney General (AG) and Commissioner for Justice, Lagos State, Mr Lawal Pedro (SAN), has asked the Ikeja Special Offences Court, Lagos, to discontinue the trial of two defendants – Azubuike Ishiekwene and Olalekan Abdul, standing trial on fraud allegations to the tune of N1.35 billion.

The Notice of Discontinuance dated May 30, was brought pursuant to Section 71(1) of the Administration of Criminal Justice Law of Lagos State and under the inherent powers of the court.

"I Attorney General of Lagos State wholly discontinue the charge against the defendants pursuant to the powers conferred on the Attorney General of the state as provided under Section 211(1)(c) and 2 of the Constitution of the Federal Republic of Nigeria," the notice read in part.

Lawal filed for discontinuance of the case after an earlier attempt to take over its prosecution failed.

Meanwhile, trial judge, Justice Mojisola Dada, has fixed July 1, 2024, for ruling on the application.

The Economic and Financial Crimes Commission (EFCC) had

on January 29, 2020 arraigned Ishiekwene and Abdul on a 26-count criminal charge, bordering on conspiracy, forgery, and stealing.

They were in the charge marked: ID/11126C/19, alleged to have conspired with one Adeyinka Adewole and one Morakinyo Bolanle, who are at large, to obtain N350 million and N1 billion from Wema Bank under false pretences.

The EFCC alleged that the defendants forged a document, dated April 9, 2018, titled: ‘Board Resolutions of Cleanserve Integrated Energy Solutions Ltd’,

purported to have been issued

by Cleanserve Integrated Energy Solutions Limited.

The EFCC further alleged that Abdul, on December 14, 2010, presented a false board resolution of Cleanserve Integrated Energy Solutions Limited to Wema Bank to obtain a credit facility of N350 million and N1 billion at different intervals.

Ishiekwene and Abdul, former Managing Director of Cleanserve, pleaded not guilty and were granted bail, following which trial commenced in earnest.

The EFCC opened its case in

Experts Seek Speedy Passage of Chartered Institute of Auctioneers of Nigeria Bill Adedayo Akinwale in Abuja Experts in auctioneering industry of have called on the National Assembly to expedite action on the passage of the Chartered Institute of Auctioneers of Nigeria Bill.

The experts said the Bill has been re-gazetted in November 2023 for consideration at the Committee of Whole on the floor of the House of Representatives.

The institute in a statement issued Sunday and jointly signed

by Hillary Nwaukor, Adeleke Hassan and Dr. Jogunola Onabanjo, said the Bill which has been reintroduced in the 10th Assembly was aimed at promoting professionalism, regulation and control of auctioneers’ body of skills and knowledge required for the profession.

The institute added that the Bill was passed in the 8th National Assembly and the 9th was sent to the President for assent.

It said in order to develop and deepen the practice of auctioneers in Nigeria, they have collaborated with state governments and higher institutions in the training and certification of auctioneers across the country.

It explained that the institute has adequately addressed the training and certification of auctioneers and enjoyed overwhelming support from other sister organisations such National Association of Auctioneers, among others during its public hearing and passage in the 8th and 9th National Assembly.

The institute, however, frowned at the introduction of a similar bill titled, "Auctioneers Registration Council of Nigeria HB1508

(Establishment) Bill, 2024", which was stepped down in the 9th Assembly, but represented last week on the floor of the House.

It noted: "We therefore observed with much curiosity as well the rationale behind the accelerated consideration being given to a bill that was introduced at First Reading on Wednesday, 5th June, 2024 and on the Thursday, 6th June, 2024 was referred to the Committee of the Whole on the floor of the Hallowed Chamber of the House of Representatives, in contradiction to extant legislative practices and conventions.

"At no given time was the Auctioneers Registration Council of Nigeria passed through Third Reading in the previous Assemblies nor in the Senate of the Federal Republic of Nigeria.

"Presently, the Chartered Institute of Auctioneers of

Nigeria HB 1046 Bill is already at the 10th National Assembly Committee of the Whole with a view of obtaining Presidential assent thereby putting final stop to various activities of unscrupulous and fraudulent individuals masquerading as auctioneers in our society.

"To this end, the Auctioneers Registration Council (HB 1508) should be stepped down because of its contradictions, unusefulness and irrelevance to the growth of the auction industry in Nigeria."

The institute maintained that the new Auctioneers Registration Council bill would lead to a double licensing arrangement which makes auctioneers to be licensed at both the federal and state levels thereby killing the profession and stifling the development of the profession across the country.

Green Energy: Ngelale Wants Cooperation With US on Financing Instruments in Nigeria Deji Elumoye in Abuja President Bola Tinubu's Special Envoy on Climate Change (SPEC), Ajuri Ngelale, has met with the United States Head of Delegation to the United Nations Climate Conference and Principal Deputy Special Envoy for Climate, Ms. Sue Biniaz, in Germany At the meeting held Sunday in Bonn, issues concerning

tangible steps to be taken towards leveraging large-scale climate financing instruments to drive Nigeria's green industrial agenda in the years ahead were discussed by both officials.

Ngelale in a release issued after the meeting said: "We have much work to do in the form of putting in place new mechanisms to achieve a truly transparent and innovative application of available

resources to meet our objective of attracting new and de-risked investment capital from around the world. I am confident that we have the team to deliver on this for the country. One step at a time.

"The ties of mutually fruitful cooperation between the United States of America and the Federal Republic of Nigeria will extend deeply into Nigeria's realizable

ambition to become a green industrial powerhouse over the next ten years.

"The U.S. Principal Deputy Special Envoy for Climate was joined in the meeting by Mr. Trigg Talley, who serves as the Managing Director for Negotiations and Director for the U.S. State Department’s Office of Global Change," the Special Envoy said.

January 2020 and called several witnesses for about three years.

The defendants filed no-case submissions dated August 11 and August 15, 2023, praying the court to dismiss the charges, discharge and acquit them.

They contested the testimony of the EFCC’s witnesses, arguing that the prosecution failed to show any prima facie evidence linking them with any alleged offence.

The first defendant, in particular, told the court that he was a victim of a vendetta

by EFCC elements who were disgruntled that he reported them for demanding a $20,000 bribe. The prosecution countered this argument.

In his ruling on November 17, 2023, Justice Dada upheld the EFCC’s argument that a prima facie case had been established

and the defendants had questions to answer concerning the allegations.

“The no case submissions, therefore, fail and are hereby dismissed and the defendants are hereby called upon to open their defence. I so hold,” Dada held.

The judge directed the defendants, represented by Dr. Muiz Banire (SAN) and Mr. Olumide Fusika (SAN) to open their defence.

The defendants called four witnesses before seeking that the EFCC withdraw the case.

They also applied to the Lagos State Attorney General (AG) to take over the case, a move initially resisted by the AG via a counter application to the court. The AG later withdrew the said counter application and prayed the Court to give its ruling.

Yobe Government Insists State Now Safest in Nigeria Michael Olugbode in Damaturu The Yobe State Government has called on investors around the country and globally to come over to the state to invest, insisting that the season of insecurity was over.

Addressing a press conference in Damaturu, marking the five years anniversary of Buni administration, the Secretary to the State Government (SSG), Baba Malam Wali boasted that Yobe State is now safer than the other 35 states in the country.

He said: “Investors are free to come and tap into the economic potentials under the leadership of Governor Mai Mala Buni.”

He added that the incessant attacks of Boko Haram between 2013 and 2023 in the state were over as it is near non-existence, noting that many facilities are now in place to boost economic activities.

He noted that before Buni assumed the mantle of leadership, there were many communities that were inaccessible; due to the threats posed by terrorists in Gulani and Gujba Local Government Areas.

He said those communities are now safe and those displaced in the wake of insurgency have since be relocated back and resettled with dignity with the support of the state government and other developing partners.

He said: “With the state

government’s commitment, supported by the federal government, military, developing partners, security agencies, vigilante groups and concerned stakeholders, Yobe State is now peaceful for doing business, as total peace has been restored by God’s grace.”

He insisted that normalcy has returned to the insurgencyravaged areas, including the border communities of Geidam, Yusufari, Yunusari and Nguru Local Government Areas.

He noted that besides the restoration of peace, reconstruction, resettlement and rehabilitation (RRR) of affected communities have been completed with people’s livelihoods restored.

Wali said: “Buni/Yadi community has been developed while that of Malamdunari is being carried out satisfactorily at present,” noting that insurgency has been consigned to history in Yobe State.

He said there is no reason for any prospective investor to be afraid of attack or return on investment, stressing that: “In almost all parts of the state, people are now moving about pursuing their legitimate goals without hindrance.”

He disclosed that good road networks have been put in place, the International Cargo Airport was ready to fully come on stream with the largest trailer park in Nigeria in place in the state, Yobe is ready to welcome investors into the state.

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PRESENTATION OF CHEQUES TO 200 BENEFICIARIES OF N100 MILLION GRANT...

L-R: Minister of state, Labour and Employment, Nkeiruka Onyejeocha; one of the beneficiaries, Precious Agu Esther; and Senior Special Assistant to the President on Technical, Vocational and Entrepreneurship Education, Madam Abiola Arogundade, during the presentation of cheques to 200 beneficiaries of the N100 Million grant at the TVEE Unlock Graduation and Grant Presentation Ceremony to participants of the Unlock Training Programme ,an initiative of the SSA-TVEE to the President as part of Renewed Hope Agenda at the SSA-TVEE office Asokoro, Abuja...last Saturday

Atiku Counters Shettima, Claims Tinubu Actually Benefited from His Goodwill Chuks Okocha in Abuja Vice President Kashim Shettima goofed when he claimed that former Vice President of Nigeria, Atiku Abubakar, benefited from President Bola Tinubu’s goodwill when he was being "persecuted" in the Peoples Democratic Party (PDP.) "Truth be told, it was Tinubu that actually benefited immensely from Atiku’s goodwill,” the Ex-vice President countered in a statement over the weekend.

According to Atiku's media aide, Paul Ibeh, "But for Atiku’s support, hinged on his pro-democracy instincts and rule of law, Tinubu’s tenure as governor of Lagos would have been rough with a wide possibility of termination of his political career.

"For some time, and especially

leading up to the 2023 election, there has been a deliberate attempt to distort the history of the politics of the early 4th Republic by ascribing the Action Congress (AC), the political platform that Atiku ran in 2007 as Tinubu’s party.

“Nothing can be further from the truth. Vice President Shettima, obviously carried away with the euphoria of the unveiling of his official residence as Vice President, repeated the same lie.

"Shettima needs to be reminded that Atiku did not run under the Action Congress of Nigeria (ACN), but Action Congress (AC). AC came out of a coalition of ACD (Advance Congress of Democrats), formed by mainly PDM members and other associates and Tinubu’s faction of AD. "Moreover, Tinubu was not in a position to lend the platform to Atiku as erroneously being suggested, as

Court Orders Arrests of REA Staff Members Over Non- appearance Kuni Tyessi in Abuja The Federal High Court in Abuja has ordered the arrest of 3 staff of the Rural Electrification Agency, REA for failing to appear for their arraignments over multiple charges of frauds and diversions of public funds.

They are Emmanuel Pada Titus, Henrietta Onormen Okojie, and Umar Musa Karaye who had earlier been granted administrative bail by the Independent and Corrupt Practices and Other Related Offences Commission, ICPC, over alleged fraud, criminal conspiracy and diversion of public funds amounting to the sum of one billion eight hundred and thirty five million naira only (N1.835m) only negating due process.

Another staff, Usman Ahmed Kwakwa was offered administrative bail in the sum of N50million, with one surety in like sum with 3 years tax clearance, a landed property in the FCT, with original documents, two recent passport photographers of both the respondent and his surety Earlier in the charge presented

by Assistant Chief Legal Officer of the ICPC, Dr. Osuoben Ekoi Akpanimisingha, while reading their charges, had stated that Emmanuel Pada Titus was being arraigned

for the alleged diversion of the sum of N261million.

He also informed that Henrietta Onormen Okojie was being arraigned for the diversion of the sum of N342million, while Umar Musa Karaye was being arraigned for the diversion of N165million only.

The complainant on behalf of the federal government, Dr. Okojie, had sought permission of the court to have the trio arrested, for deliberately failing to appear, despite having full details of their arraignments by the commission.

Quoting Section 114 and Section 184 of the Criminal and Justice Act respectively, the complainant informed that he had personally served the defendants the notices of arraignment on May 29th, 2024, with the details of appearances clearly stated, but the defendants on their own notices had failed to appear for their arraignments.

Recall that investigations by the Economic and Financial Crimes Commission, EFCC and the Independent Corrupt Practices and other Related Offences Commission, ICPC, as well as the Accounts Committee of the House of Representatives had showed outflows of payments amounting to N1.835billion.

he (Atiku) was nominated by all the delegates from all the states."

According to Atiku, "The delegates to the primaries of the election that threw up the former Vice President as the party’s presidential candidate included Atiku Abubakar himself,

Lawal Keita, Amb. Yahaya Kwande, Dr. Okwesilieze Nwodo, Alexis Anielo, Titi Ajanaku, former Governor Rasheed Ladoja, Chief Tom Ikimi, and Chief Dapo Sarumi.

“Others were Chief Sergeant Awuse, Alh. Lawan, Dr. Chris Ngige, Prof.

Ango Abdulahi, Dr. Farouk Abdul Azeez, Chief Audu Ogbeh, Chief Ejiofor Onyia, and Dr. Iyorchia Ayu, among others.

“From the Tinubu’s Alliance for Democracy were Asiwaju Bola Ahmed Tinubu, Chief Segun Osoba, Chief

Adebayo Adefarati, and Chief Bisi Akande, among others.

"It will be appropriate for Vice President Shettima to refrain from making statements on subject matters on which he knows little or nothing about."

UBEC Boosts Capacity of Head Teachers, Education Officers on Effective Sch Mgt Adibe Emenyonu in Benin City The Universal Basic Education Commission (UBEC) has concluded a five-day training for head teachers and educational officers on effective school management in the 21st century.

The training was held in Benin City, the Edo State capital, for head teachers, education officers, and principals of Junior Secondary Schools with the theme, “Effective School Management in the 21st Century.”

The training was organised by UBEC in collaboration with the National Institute for Educational Planning and Administration (NIEPA) and the Edo State Government.

Speaking in one of the sessions, representative of the Acting Director General/Chief Executive of NIEPA, and senior Research Fellow of the Institute, Dr. Sunday Adegbesan, described education as an instrument for national development and social change in the National Policy on Education.

He noted that “the development of a nation depends on the quality of education provided for its citizens.

It passes through different stages of development and is influenced by developments in science and technology.

“The quest for national development and the need to meet global changes led to reforms in policy and curriculum changes to meet the development needs. These changes are affected by curriculum and schooling.

(The Asian Tigers have become a force to reckon with in the world of technology, computers, electronics, handsets, and automobiles, and they can feed themselves. What makes the difference is education.)”

According to him, to achieve the national goals on education various interventions should be put in place, including but not limited to the Teacher Professional Development, Universal Basic Education Act (2003), which makes basic education free, compulsory, and universal, provision

of instructional facilities, Child rights acts, and curriculum review, among others He further said: “The first phase of this workshop was held in Nasarawa, Gombe, and Kano States, representing the North Central, North East, and North West, respectively, while the second phase is taking place in Ondo, Ebonyi, and Edo States, representing the South West, South-east, and South-South, is taking place simultaneously. Through this workshop, participants will be exposed to the following topical issues, among others: Effective school management in the 21st century, Roles of school heads in school management in the 21st century, School culture, Instructional leadership, Safe and violence-free schools, Climate change, Team building and collaborative problem-solving, Records and records management, and Stress management and mental health.

On her part, the Executive Chairman, Edo State Universal

Basic Education Board, Mrs. Salami Ozavize, commended the organizer of the workshop for choosing Edo State as one of the centers in South-South geopolitical zones, noting that this was a testament to the progress made in education sector particularly the training and retraining of teachers in the state.

The chairman who was represented by the Edo State Universal Basic Education Board Training Desk Officer, Mrs Amarachi Itenebe, noted, “I am thrilled to see so many dedicated professionals coming together to learn, share, and grow.

I want to thank each of you for your enthusiasm, commitment, and passion. Your presence here is a testament to your dedication to excellence and your desire to make a positive impact.”

In her remarks, the Edo State Coordinator, Universal Basic Education Commission, Mrs, Gloria Lawani, commended the organizers and sought for further collaboration.

Bandits Abduct Catholic Priest in Kaduna as Police Nab Four Terrorists

John Shiklam in Kaduna and Ikechukwu Aleke in Abuja

The presiding Catholic priest of St. Thomas Parish, Zaman Dabo Community, in the Zango Kataf Local Government Area of Kaduna State, Rev. Fr. Gabriel Ukeh, has been abducted by bandits.

Ukeh was said to have been abducted at the parish rectory in the early hours of yesterday.

This incident is coming as the Federal Capital Territory (FCT) Police Command has announced

the arrest of four suspected bandits in a forest bothering Kaduna State and the FCT. The Vicar General, Rev. Fr. Emmanuel Kazah confirmed the abduction of the priest in a statement issued yesterday.

He condemned incessant abductions of innocent citizens for ransom payment and called on government and security agencies to up their games.

“While we solicit for fervent prayers for his urgent and safe release, we equally condemn this

act of incessant kidnappings for ransom of innocent and defenceless citizens of our communities, and we call upon the government to horn its security intelligence as we approach the celebration of Sallah " the statement said.

"As we work with security operatives for his quick release, we wish to call on all to stay away from taking the laws into their hands. We will use every legitimate means to ensure that father comes back to us safe and sound.

“Through the intercessions of the

Blessed Virgin Mary, the Mother of Priests and Religious, may Jesus the crucified hearken to our prayers and hasten the unconditional release of His Priest and every other abducted person,” he explained.

Spokesperson of the Kaduna State police command, Masir Hassan could not be reached when contacted as his mobile phone was not reachable In another development, the FCT Police Command has announced the arrest of four suspected bandits in a forest bothering Kaduna State and the FCT.

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FEMALE FOUNDERS LOUNGE CONFERENCE...

L-R: General Partner, Norrsken 22, Lexi Novitske; Managing Director/CEO, Financial Institutions Training Center (FITC), Mrs. Chizor Malize; Founder, Female Techpreneur, Bukky Babajide; Managing Partner, AfriGloCal Venture Capital, Mope Abudu, and General Manager, VFD Microfinance Bank, Yonodu Okeugo, during the Female Founders Lounge 2.0 conference held in Lagos...recently

Troops Neutralise Five Bandits, Recover Arms in Kaduna John Shiklam in Kaduna Troops of Operation Whirl Punch (OPWP) have neutralised five bandits during a patrol along the Kachia-Kajuru axis, Kaduna state.

However, the presiding Catholic priest of St.Thomas Parish, Zaman Dabo Community, in the Zango Kataf Local Government Area of Kaduna state, Rev. Fr. Gabriel Ukeh, has been abducted by

bandits. Ukeh was said to have been abducted at the parish rectory in the early hours of yesterday.

In a statement on Sunday, Overseeing Commissioner, Ministry of Internal Security and Home Affairs, Samuel Aruwan, said the bandits met their Waterloo in Dantarau general area of Kajuru LGA. He said report of the incident was communicated in an operational feedback to the

Ex-Amosun’sAidesSeekTinubu’s Intervention over Severance Gratuity in Ogun Ex-aides of the former governor of Ogun State, Senator Ibikunle Amosun, have called on President Bola Tinubu to use his good office to persuade the incumbent, Governor Dapo Abiodun, to pay their severance gratuity denied them since 2019.

They lamented that in spite of the humongous amount accruing to Ogun State under the Tinubu-led administration and the charge of the president to state governors to cushion the economic hardship through

payments of outstanding debts to their citizens, the governor had refused to fulfil his pledge to offset the severance allowance.

According to a statement made available to newsmen in Abeokuta, representatives of the former special assistants who served between 2015 and 2019, Fakorede Adesanya, Okoya Babatunde and Musiliu Oladeinde, said Governor Abiodun met them ahead of the 2023 elections and promised to pay the severance allowance.

Police Arrest Four Robbery Suspects, Recover Two Beretta Pistols in Delta Sylvester Idowu inWarri Operatives of the Delta State Police Command have arrested three robbery suspects terrorising Sapele in Sapele Local Government Area on the state.

The suspects, Blessing Atima, 23; gang leader, Destiny Okpako, 23, and Wisdom Akpohirowho, 20, were apprehended last Wednesday at about 5.45 p.m. following a tip off.

According to the state Police Public Relations Officer (PPRO), Edafe Bright, in a statement issued at the weekend said the suspected criminals were arrested by a special squad led

by Julius Robinson, an Assistant Superintendent of Police (ASP), deployed by the state Commissioner of Police, Abaniwonda Olufemi, to checkmate activities of kidnappers and armed robbers in Ughelli, Warri and Sapele.

He said: “The team led by ASP Julius Robinson stormed Sapele Town on the said date and effected the arrest of Atima, 23, of Jesse community in Ethiope West LGA of Delta State; Okpako 23, of Oviri-Okpe Community in Okpe LGA, and Wisdom Akpohirowho, 20, of Jesse community in Ethiope West LGA, all residents of Sapele town.”

Kaduna State Government.

The statement said the troops recovered two AK-47 rifles, one locally fabricated sub-machine gun, nine AK-47 magazines, 250 rounds of 7.62mm ammunition, two motorcycles and two

A man, Emmanuel Emeruwa, has debunked what he described as ‘a well-coordinated malicious social media campaign’ against him over allegation that he defiled his 5-year-old daughter.

In a statement issued yesterday by his lawyer, Ife Ajayi, Emeruwa accused his estranged wife of cooking up the allegation against him in order to have sole custody of their children and his personal estate.

Expressing optimism that he would be vindicated over the allegation, Emeruwa said that it is

disheartening that some persons have been paid to run a wellcoordinated social media campaign to defame him and whip up negative sentiments against him, whereas the matter is before the court.

The statement signed by his lawyer reads: “Our attention has been drawn to various malicious stories against our client circulating on social media, particularly on Instagram, which we believe emanated from a post by the username @justadetoun, alleging that our client defiled and violated his own daughter, who is 5 years, whose name we shall withhold.

Air Component of Operation Whirl Punch, successfully hit bandits camps in Sabon Birnin Daji general area of Igabi LGA of Kaduna.

“Credible human intelligence sources confirmed the successful

operation resulting in several bandits taken out during the mission. “Some of the bandits sustained injuries and are reported to be lurking around the general area in need of medical support.

Obaseki: Efforts in Top Gear to Flush Out Criminal Elements, Cult Groups in Edo Adibe Emenyonu inBenin-City Governor Godwin Obaseki of Edo State, yesterday read riot act to criminals and cultists terrorising residents, including those who attacked soldiers in the state, vowing that efforts to flush out criminals operating under the guise of cult

groups and Okaigheles are in top gear.

Obaseki, who was represented by the State Commissioner for Communication and Orientation, Chris Nehikhare, disclosed this to newsmen during a visit to wounded soldiers and a police officer shot by suspected cultists in Okomu -Ijaw

Community in Ovia South West Local Government Area of the state.

While pledging that the Edo State Government will support in footing the bills of the wounded military officers receiving treatment at the Military Base Hospital in Benin-City, Obaseki, said that the attack on soldiers by civilians in

the Okomu Community is not unconnected with the nefarious activities of cultists.

He said: “We frowned at the attack on military personnel. A task force has been set up by state government led by the Director of the State Security (DSS) to combat cult groups in the state.

Workers of Federalof commitment Poly Begin Seven Days Warning Strike in A’Ibom by the school Nigerian Polytechnics, (SSANIP) of their demands.

Okon Bassey in Uyo Members of Senior Staff of the Federal Polytechnic, Ukana, in Essien Udim Local Government Area of Akwa Ibom State have commenced seven days warning strike to protest lack

administration to meet their demands.

The Senate President, Senator Godswill Akpabio is from Ukana where the institution, the workers, under the aegis of Senior Staff Association of

staged the protest.

The workers began the protest after a brief congress meeting held at the institution’s TEFfund auditorium, weekend, expressing disappointment over management’s poor handling

The workers listed their demands to include nonpayment of 38 per cent balance of salary shortfall, non-payment of promotion arrears, forceful conversion of staff among others.

Sultan, Customs, NSCDC Pledge Commitment to Anti-graft Fight Onuminya Innocent in Sokoto His Eminence, the Sultan of Sokoto, Muhammad Sa’ad Abubakar III, the Nigeria Security and Civil Defence Corps (NSCDC), and the Nigeria Customs Service (NCS), have pledged their renewed

support and commitment to the anti-corruption fight by the Economic and Financial Crimes Commission (EFCC).

They stated the commitment separately to the Sokoto Zonal Acting Commander of the EFCC, Nwanneka Nwokike, while on courtesy visits to the Sultan as

well as the Commander, NSCDC, Sokoto, Bello Alkali Argungu and the Area Controller Zone B, NCS, Kamal Mohammed.

Nwokike, who represented the Executive Chairman of EFCC, Mr. Ola Olukoyede, assured his hosts of the commission’s readiness to partner with all stakeholders

towards redeeming the country from the scourge of corruption, economic and financial crimes.

On his part, the Sultan assured the Commission of his continued support and that of the sultanate.

“We as an institution support the work of the EFCC and will continue to do so,” he said.

Kano Recruits 5,632 Teachers, Distributes N300m Soft Loan to Them

Ahmad SorondinkiinKano

The Kano State Government has offered full time jobs to 5,632 Better Education Service Delivery for All (BESDA) teachers in the state.

The is even as the State Governor Abba Kabir Yusuf, approved the disbursement of the sum of N300

million as soft loan to teachers working under the State Universal Basic Education Board (SUBEB) across the state.

Delivering his address at Government House, on Saturday in Kano, Yusuf also approved the recruitment of additional 10,000 teachers with intensified effort of

continuous periodic training and retraining to achieve the vision of making “ every teacher, a caring educator.

He said: “ As part of our commitment to resurrecting/ revitalising education in Kano State, I am pleased to announce several initiatives aimed at addressing

the pressing challenges facing the education sector in the State. “ The state government has offered full time job to 5,632 BESDA teachers, approved for hiring of additional 10,000 teachers with intensified effort of continuous periodic training and retraining of teachers.

Hardship: Nigerians Task Government on Good Governance Blessing Ibunge in Port Harcourt

Man Denies Defiling Five-year-old Daughter Nigerians at home and in Wale Igbintade

handheld radio sets.

“At Dantarau community, the troops made contact with bandits and after a sharp exchange, five of the criminals were neutralized,” Aruwan said.

The statement also said the

the Diaspora have told the governments at all levels to improve on the welfare of the people, stressing that Nigerians in the country are dying on daily basis as a result of

hunger resulting from economic hardship.

An American-based Nigerian, Dr Nyesom Sam Dike, said despite the rich natural resources in the country, the citizens are still wallowing in poverty and deprivation.

Dike made the assertion at the weekend, during the burial

ceremony of his 94 years old mother, Mrs Mary Dike, held at the Yakubu Gowon stadium, in Port Harcourt, Rivers State.

Speaking on the level of development in the country, Dike , who said he has been living in the United States of America for the past 40 years, regretted that the government

has not done very well in terms of infrastructure and human capacity development.

He said: “I am not impressed.

I think Nigeria has a lot of rich natural resources, including manpower but the way things have deteriorated considering when I left the country, I am appalled by it.

University Don Harps on Need for Collaborative Efforts to Educational Systems Globally Yinka Kolawole in Osogbo

A University lecturer, Professor Florence Adeoti Yusuf, at the weekend called for collaborative efforts to address the challenges facing educational systems globally.

Prof Yusuf, who is also the

Provost of the College of Education, Osun State University, in her welcome address at this year 2024 International Conference on Education, hosted by the College of Education, under scored the need in bringing together stakeholders from diverse backgrounds aimed

at facilitating meaningful dialogue, exchange of ideas, and forge partnerships that will pave the way for a more sustainable and equitable future for education both in Nigeria and globally.

The Professor of Guidance and Counselling, who spoke on the

theme for the conference: ‘Our World is Our Effort: Achieving Sustainable Educational Development through Partnerships’, highlighted the urgent need for collaborative efforts to address the challenges facing educational systems in Nigeria.

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MONDAY JUNE 10, 2024 ˾ T H I S D AY

NEWS XTRA

Group Flays Makinde over Statement on Olubadan-designate Kemi Olaitan in Ibadan A socio-cultural organisation in Ibadanland, Oyo State, Ibile G-7, yesterday condemned a statement credited to the state Governor, Seyi Makinde, on the enthronement of the Olubadan-designate, Oba Owolabi Olakulehin.

The group in a statement issued by its President, who is a former President of the

Nigeria Union of Journalists (NUJ), Lanre Ogundipe, and Secretary, Jide Olaniyonu, described the alleged comments by Makinde as unfortunate, and one that could lead to dissatisfaction in the ancient city.

It would be recalled that Makinde last Saturday allegedly said Olakulehin, who is the current Balogun of Ibadanland, would be

installed as the 43rd Olubadan when he is strong enough to complete the installation processes.

But Ibile G-7 in its reaction said the governor is not a medical doctor, so he cannot determine if the Olubadandesignate is fit to ascend the throne or not, stating that the statement by Makinde was a big surprise to indigenes of Ibadanland.

Mother, Daughter Washed OffAway by Rain at Mining Site in Niger Laleye Dipo inMinna Barely one week after 14 miners were trapped in Galkogo community in Shiroro Local Government Area of Niger State, a mother and her grown up daughter have been washed away by rain at an illegal mining site in the outskirt of Minna, the state capital.

The incident occurred at the

Maitumbi area of the state capital behind the state Peoples Democratic Party (PDP) secretariat last Saturday.

The mother and daughter said to be from Sayako area of Minna were engaged in mining at the site when it started raining.

According to eyewitnesses, it was the daughter that first slipped and was being washed away before the mother raced after her in an attempt to rescue her daughter.

It was said that the mother suffered the same fate resulting in both mother and daughter being washed away. The eyewitnesses said efforts to rescue the duo were abortive because of the intensity of the rain and the flood.

However, the dead bodies of the mother and daughter were recovered yesterday morning and interred near the mining site by some members of the community.

Policing Isn’t a Tea Party, DIG Alabi Tells Police Officers Fidelis David inAkure The Deputy Inspector-General of Police (DIG) in-charge of Southwest, Sylvester Alabi, has declared that policing is not a tea party, but a very serious and tedious job which demands thorough professionalism.

Alabi, who made the charge at the weekend while addressing the officers and men of the Ondo State Command in Akure, said the time has come for police officers to engage community and religious leaders to tackle

criminality in society.

The police boss, who charged police officers on professionalism towards eradicating completely the issues of kidnapping and other for of criminalities in the zone, said his visitation was on the directive of the Inspector-General of Police (IG), Kayode Egbetokun, to all the zonal DIGs to assess security situations in their respective zone.

The police boss, however, said fighting crime in the Southwest had yielded positive results, but there is the need to do more.

He said: “When something

happens unexpectedly, it is the duty of the officer to go back to the drawing board and re-strategies. Policing is not a tea party, it is a very serious, tedious, physical and mentally challenged job.

“So, it’s a job that entails total commitment, because we owe members of the public a duty to secure their lives and property.

Generally, Southwest is one of the most peaceful zone in the country today, but I don’t want you to be carried away by that, to avoid embarrassment.

Lawmaker Tasks FG on Adequate Power Supply to Build Productive Economy Emmanuel Ugwu-Nwogo in Umuahia A member of the House of Representatives, Hon Ibe Okwara Osonwa, has tasked the government on the issue of generating adequate electricity to power the country’s productive sector and enhance economic growth.

He bared his mind on the sorry state of Nigeria’s electricity supply in a chat with journalists

at Umuahia, Abia State, at the weekend, saying that the poor power generating capacity of Nigeria would continue to drag the economy down.

Osonwa, who represents Arochukwu/Ohafia federal constituency in the National Assembly, said that the federal government should deploy every resources and policy framework to make Nigeria meet its electricity needs.

He said: “I want the president

to look into the issue of power (because) electricity takes as much as 60 percent of production cost.”

The Labour Party (LP) federal lawmaker said Nigeria is not making appreciable headway to join the league of productive nations in the world due to the abysmal power supply in the country.

According to him, “We (import) everything in this country, which means that we are failing to be a manufacturing country.

Group Donates N30m Mathematics, ICT Centre to Isanlu Victory College in Kogi

Ibrahim Oyewale in Lokoja

As part of efforts to continue to encourage the teaching and learning of mathematics

at secondary school level, a group has donated N30 million Mathematics and ICT Centre to the Isanlu Victory College, Ilafin Community,

in honour of the renowned educationist, late Pa Joseph O. Owoeye, who died recently.

Just as the Rector of the Kogi Polytechnic, Professor Salisu Usman, has pledged to immortalise Pa Joseph Owoeye for his immense contribution to the educational development and growth of the state-owned institution.

The son of the deceased, Mr. Peter Owoeye, disclosed this while speaking at the official handing over of Chief Joseph Olarenwaju Owoeye Mathematics and ICT Centre to the principal of the Isanlu Victory College shortly after the interment of their late father at the weekend, said that apart from Mathematics and ICT centre, an educational foundation would be established to continue the vision of Pa Owoeye on education.

T H I S D AY

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MONDAY JUNE 10, 2024

The debate paints the country in bad shape, reckons VICTOR C. ARIOLE

NIGERIA AND THE MINIMUM WAGE DEBATE

When the global political establishment puts its force on GDP growth human and natural systems come under enormous pressure. That means creating rules that encourage destructive behaviour as what is measured and how it is measured are all wrong things hence the outcome is going to be wrong….Jason Hichel Measuring and doing the wrong things at both macro and micro economic levels are part of pressure on Nigeria that is creating more unhumanly marginalised and oppressed Nigerians than expected and the debate on minimum wage not only degrades further the great number of Nigerians in the ultra-subaltern space but also makes Nigeria ignominiously an ultra-subaltern country, oppressed by world institutions that want to see to its destruction. More forecasts show its great decline already and by the findings of Nigerian economic operators no fewer than five million Nigerians could boast of 500,000 naira in their banking accounts, not up to 400 dollars.

Secretary to the Government of the Federation (SGN) complains about the impossibility of Labour Union aiming at 100,000 naira as it means he must pay each of his four drivers that amount if passed into law. He is just seeing minimum wage as political largesse to the subalterns in Nigeria as confirmed by a guest from his part of Nigeria on Ayo Makinde programme of Channels TV. To that guest minimum wage in Nigeria is just a way of giving some amount to civil servants not necessarily as a worth of their productive or efficient input in Nigerian economy. He stated that employment in the civil service was just for political concern not that they are expected to do any serious work that helps Nigeria grow its GDP. Quite an absurd statement.

SGF is not reneging that statement as he claims that minimum wage is never to be equated as living wage. It is in contrast with how Governors like Obaseki and Makinde see it. These are governors who cherish greatly the input of any one employed by the State to perform a duty that cumulates to a better progress of the country. You either employ someone for the perceived input he or she makes in the economy or you keep them aside and propose a welfare package for them, as the revisited national anthem provides, feeding naturally out of the abundance of ‘our own dear native land’. What the land provides is capable of allowing them at least a subsistence living if no one is encroaching on it as either mineral exploiter or nomadic settler.

For example Gabon and Equatorial Guinea, countries not far from Nigeria having crude oil and mineral resources do that for their citizens and they still parade the highest GDP per capita in west and central Africa, almost 7000 dollars as against that of Nigeria that is 2,500 dollars. Their

minimum wage is about 240 dollars as that of Nigeria’s 20 dollars. Minimum wage to them is just a parameter to a living wage as no one earns less than the double of the so-called minimum wage, approximating the relative cost of living in their urban areas.

Unlike as expressed by the SGF, a driver in Gabon or Equatorial Guinea is a professional not a minimum wage candidate and not employed as a largesse by politicians. He earns above one percent of what the highest paid politician earns, their own way of measuring what the lowest earner should earn. Almost in tandem with how France quietly pays its workers by measuring always what to add to their pay without debate as inflation on a weighted basket basic living items are considered as inflation shows up.

So, as reported, if the highest paid Senator in Nigeria takes out of the treasury of Nigeria about 30million naira, 300,000 naira ought to be paid as minimum wage to the lowest paid Nigeria or allow him to be oppressed further or feel dejected in a native land where no one should feel oppressed. Most Nigerians going by the concern of the SGF are greatly made to feel highly oppressed. It is like for every one politician four Nigerians are bearing the burden of great oppression in the land. Almost 160 million, if the 200 million population stands, are completely and greatly oppressed in the native land or sovereign mother land. So how do Nigerians measure the worth of the revisited national anthem? In deed it should be the concern of government holding in trust the collective wealth of Nigeria.

The SGF will do better by releasing half of his drivers and allowing them to aim at being less oppressed by employing them in a living wage business. The presumption that civil service work is not remunerated on efficiency or productive metrics is greatly an indictment on the Civil Service Commission and the ruling elite. They should learn from the Senegal’s recent elections and the excellent way their civil servants conducted it.

The electoral processes were handled by civil servant working in the Ministry of Internal Affairs not a separate body like Nigeria’s INEC. As the then President Macky Sall planned to postpone the election on the ground that late preparation could mar it, the head of the civil service in the Ministry stood its ground that they were ready to conduct the election; and so it happened. These are civil servants devoted to their functions not employed on compassionate grounds or on the largesse of politicians.

Nigeria’s reward system is negatively programmed to favour non devoted people hence the devoted ones are disdained or looked down on. Civil servants must be seen as the conscience of the nation and they must be employed on the basis of how best they could raise the value systems of Nigeria where tongue and tribe may differ but completely subsumed in brotherhood so as to grow economy with over one trillion GDP though quite below what a small country like Netherlands of 18 million current worth.

Enough of the debate on minimum wage as it paints Nigeria as a country of irremediable human and natural resources’ disaster; just not capable of rising up to the threshold of economic profitability with great natural and human endowment and potential. Greatly a factor of wrong reward system.

Ariole is a Professor of French and Francophone Studies, University of Lagos

The reforms initiated by the Tinubu administration hold lessons for Nigeria, writes SEUN AWOGBENLE

TINUBU AND THE PERILS OF REFORM Over the last one year, the Nigerian government under President Bola Tinubu has made efforts to implement a range of key policy reforms. Immediately dubbed a reformer within his first few months, Tinubu’s government announced a number of policy decisions, including the removal of fuel subsidies, liberalisation of the foreign exchange regime, banking sector recapitalisation, the removal of electricity subsidies, and the clearing of foreign exchange backlogs.

In June 2023, global news agency Reuters hailed Tinubu for moving at lightning speed and implementing what it described as a raft of radical changes that may finally unleash Nigeria’s full potential. The trouble, however, is that the reforms, while necessary, have created unintended consequences. In the last 12 months, Nigerians have faced unprecedented hardship, monumental pain, and despair as a result of the fallout of the reforms. Rising

inflation, soaring food prices, an increase in energy bills, a rise in the cost of transportation, a decline in the value of the naira, and a costof-living crisis have left more people in poverty.

In fairness, at the outset of the administration, the options before the government were limited. President Tinubu was inheriting a fragile economy with high inflation, mounting debts, low government revenue, and inadequate economic growth. It was important to halt the slide and stop the economic hemorrhage. British economist John Williamson, who compiled the Washington consensus in 1989, argued that policies such as reordering public finance from subsidies to key growth sectors, tax reform, and exchange rate liberalisation among others, represent some of the standard reform packages for transition economies. It is no wonder Nigeria has been hailed by multilateral institutions such as the International Monetary Fund and the World Bank, who are the main backers of the consensus, for implementing some of the reforms.

In the last year, Nigeria has recorded marginal gains from these reforms, especially with foreign portfolio investment (FPI) inflows and a capital market that has gone from N30 trillion in market capitalisation to N56 trillion.

Despite these gains, the problem, as it would seem, is that the gains have not translated into democratic dividends for the average man on the streets, leaving many in doubt about the merit or otherwise of these reforms. If there is one thing, we can all agree on, however, is

that reforms by their nature are painful; therefore, while it is hard to disagree with the merit of the reforms, it would appear there are key lessons for the government on how to identify, apply, and manage the fallout of subsequent reforms.

The most important lesson from the reforms is the sequence of the reforms.

Shock therapy, some sort of “big bang,” which involves the implementation of many reforms as quickly as possible, does not always work. In his inaugural address, President Tinubu announced the removal of fuel subsidies and foreign exchange liberalisation. The two reforms immediately led to a cost-of-living crisis and a decline in purchasing power. The same shock therapy was tried in Russia in the 1990s, and it led to devastating effects, culminating in the Russian financial crisis of 1998. Rather than shock therapy, the emphasis should be on gradualism and a slow transition of the reforms.

The second lesson is on the need to establish a strong institutional base as a prerequisite for the reforms. Institutional requirements such as transparency, social safety nets, rule of law, and accountability are important for building confidence and resilience against the economic shocks that arise from the reforms. For example, the government did not work out the palliatives that would help to cushion the impact of the reforms and was only having to work out these requirements after the subsidy removal. The government has also not been transparent with the savings from subsidies, if any, and has failed to consistently lead by personal example in cutting the cost of governance.

Another lesson is the need to get away from elusive best practices. The government must understand that different contexts require different solutions, a point that was stressed by former World Bank Vice President Dr. Gobind Nankani in World Bank’s Economic Growth in the 1990s: Learning from a Decade of Reform (2005).

Nankani emphasised the need for humility, policy diversity, and selective and modest reforms. Policymakers must understand that it can never be one size fits all; each reform must take into account Nigeria’s complexities.

Government must be reminded at all times of the need for humility and empathy in the implementation of these reforms.

And that what is required to sustain reforms cannot be confused with what is required to initiate them. Sustaining reforms always requires a lot more than just initiating them; they must plan for the fallout and the impact of these reforms and understand that implementing multiple reforms at the same time does not always work; it would only unnecessarily overstretch and overburden the people.

Awogbenle, a Development and Public Policy Professional, writes from the United Kingdom. He can be reached via seunawogbenle@gmail.com

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T H I S D AY

MONDAY JUNE 10, 2024

EDITORIAL

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

THE WASTING FEDERAL ASSETS...11 Government should put abandoned assets to good use

Continued from yesterday

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All abandoned national assets should either be turned around for economic benefits to the country, or handed over to entities that can make the most of them so they can create jobs for the people 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

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RE: LAGOS MUST THINK OUT OF THE BOX

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T H I S D AY ˾ MONDAY JUNE 10, 2024

18

POLITICS

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

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

It’s Time to Own the EFCC To see it succeed, the Nigerian people must own the Economic and Financial Crimes Commission and its battle against graft. Olawale Olaleye writes.

E

ven the most intrepid and impassive of humans are sometimes shaken and slack-jawed, when certain revelations are let out from the rather impossible quarters.

Something akin to this played out recently when the chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, recalled one of the wonders of the cyberworld he witnessed from the prism of a 17-year-old undergraduate adept in hacking.

“I brought into my Lagos office a 17-yearold boy studying History and Anthropology.

He is in 200-level. He is not doing anything science-related. The guy sat in my office in Lagos and demonstrated some things on my laptop,” he said, regaling his audience with the wonder from this minor.

“He asked for my number, which I gave him, and through my number, he got my BVN. He then mentioned the name of my account number to me at the bank. I didn’t tell him anything,” he said.

According to the EFCC boss, the young man confidently told him, “Look, oga, I can make N10 million now. I will demonstrate it to you.

I will move money from your account to mine.

I said no; don’t do that in my office. When he opened my laptop, I didn’t give him the key to my laptop though, but he had access.”

Upon further questioning, Olukoyede revealed that the unnamed boy told him that he got involved in cybercrime because his parents, both farmers, could not work on their farm due to security concerns and he also has two siblings to fend for.

“I saw a Bill Gates in that guy,” Olukoyede enthused, adding that he assured the boy that he would take responsibility for his schooling if he could stop the criminal act.

The story Olukoyede shared was to illustrate how endemic and pervasive corruption has become among young Nigerians, not just among the broad spectrum of public office holders, who parlay their positions for personal gains rather than to serve the whole of society.

For the youths involved in cybercrimes, Olukoyede disclosed that the commission pleads for light sentences as deterrence while also focusing on re-orientating them.

His words: “What joy will I derive from sending a 17-year-old boy to jail? You have destroyed his future. You have destroyed his career. Sometimes, they give them options of fines and all of that conviction. So, we bring them in, lecture them, and talk to them.”

The EFCC chairman averred that Nigeria must take all necessary measures to discourage these young individuals as their actions could lead to imprisonment or even fatal consequences.

Poverty can never be an excuse for criminality, but the depth and spread of it have turned many youngsters into emergency cyber criminals.

For them, it is a survival strategy, their gateway out of poverty.

This is why there is an exponential increase in internet-assisted crimes ranging from Business e-mail Compromise, pornography, piracy, and phishing to hacking, spamming, identity theft, cyber harassment, and Automated Teller Machine spoofing, among others.

Every institution and individual connected to the internet, especially through computers and mobile phones, is a potential victim. According to the Nigerian Communications Commission, cybercrime, like hacking, identity theft, cyber terrorism, harassment, and internet fraud, costs the country $500 million per year. And there is no end in sight as yet.

Unemployment has also been fingered as one of the major factors that lead youths into crime, especially the popular ‘Yahoo Yahoo’ with its voodoo-enhanced spin-off popularly known as ‘Yahoo Plus’.

Areport from the National Bureau of Statistics released in February, 2024 revealed that the unemployment rate surged to 5.0 per cent in the third quarter of 2023 from 4.2 per cent in the previous quarter.

Olukoyede “The rate of unemployment among persons with post-secondary education was 7.8 percent in Q3. The unemployment rate among youth aged (15-24 years) was 8.6 percent in Q3. Increase of 1.4 percent compared to Q2,” the NBS report declared.

For many youths, however, unemployment and poverty are not the primary motivations for engaging in criminalities.

Peer pressure and the get-rich-quick syndrome are equally potent factors.

Today’s generation of kids does not want to put in the hard work before making money, especially when they see their criminally-inclined peers buying Mercedes Benz, wearing ‘bling bling’ and designer apparel, and popping expensive champagnes in clubs. This is not poverty-induced; it is just an urge to ‘belong’ and to live on the fast lane.

In 2019, a former acting chairman of the EFCC, Ibrahim Magu, revealed what would later become a shocker.

He disclosed that mothers of cyber fraudsters now organise themselves into an association.

Magu said, “We are looking at how we can rehabilitate the Yahoo Boys. These are young boys who have graduated, who are in the university. We want to see how we can sensitise and make them know that the Yahoo Yahoo business is wrong.

“And we are also appealing to their mothers. The parents of these children have actually formed an association of Yahoo Yahoo Mothers’ Association – Yes, they are there: Association of Mothers

of Yahoo Yahoo Boys.”

The revelation sounded wild and contrived, but it was not. Such associations abound in many southwest states, especially. These mothers, Magu added, always argued that the fathers of the Yahoo Boys abandoned their responsibilities or were incapable of meeting them until their sons came to the rescue with cyber crime proceeds.

There could not have been a more symbolic and poignant pointer to the fact that Nigeria is tottering dangerously on the precipice because the family, which ought to be the first vital cell of the society where children start forming habits, learning, and imbibing social norms and values that would determine how responsible they turn out as adults, seems to have disconnected from their core responsibility.

As the basic unit of society, the family makes invaluable and unique contributions to what a child becomes. But what are families doing today? What manner of children are they breeding?

For the Nigerian nation to develop and be competitive in the global space, citizens have a role to play in stemming the tide of corruption because the more individual members of the society that get involved, the less corrupt the country will be.

Indeed, the anti-graft war should not be an EFCC battle alone. Everybody has to get involved – from the family to religious organisations, schools, and the government – and own it as a public trust of note.

The National Democratic Institute, a United States-based civil society organisation, states that the citizens’ role is social accountability where they oppose corruption by keeping it in check, critically assessing the conduct and

After all, Olukoyede, has more than anyone else, shown a rare commitment to decimating the scourge, both from the nation’s private and public life. All that’s left is for the people to own it, too.

decisions of office holders, reporting corrupt misdoings and crimes, and asking for appropriate countermeasures.

The institute added that the concrete ways by which individual citizens may contribute to the fight against corruption include reporting such acts to the authorities or through the media and supporting training programmes and sensitisation campaigns that aim to create a culture of integrity and zero tolerance for corruption.

“Sometimes even refusing to participate in corrupt practices is an important act of resistance,” the NDI stated.

Importantly, too, government institutions at all levels have a huge role to play, and it is interesting to see that the chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Adamu Aliyu (SAN) has stated that as part of his efforts to tackle corruption, he would embrace inter-agency collaboration for effective prosecution of corrupt practices.

In line with this commitment, the ICPC is taking significant steps to strengthen its collaborative efforts.

“The fight against corruption demands a collaborative, multi-sectoral approach, transcending the capabilities of any single entity.

A key focus of my tenure will be to foster such collaboration, recognising that corruption’s multifaceted nature affects every level of society.

“Our strategy involves engaging diverse stakeholders – the media, civil society, the private sector, and international partners – to pool perspectives, expertise, and resources,” he said.

Perhaps, other institutions and individuals will wake up to this grim reality and be part of its amelioration if not total eradication, and not just leave this battle to the EFCC. After all, Olukoyede, has more than anyone else, shown a rare commitment to decimating the scourge, both from the nation’s private and public life. All that’s left is for the people to own it, too.

Graft, in whatever form, is a cancer, and the people are its cure!

19

T H I S D AY ˾ DAY JUNE 10, 2024

CITYSTRINGS

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 07010510430

Empowering Katsina MSMEs for Sustainable Development Through tailored programmes and seed capital funding, Governor Dikko Umaru Radda, is empowering MSMEs in Katsina State with feasible business ideas for a viable economic growth. Writes Francis Sardauna

I

n recent years, Micro, Small and Medium Enterprises (MSMEs) have emerged as key drivers of economic development in Nigeria. These enterprises play a crucial role in fostering innovation, creating employment opportunities thereby contributing to overall economic growth of the nation.

As growth agents for economic viability, MSMEs have stimulated business activities in the economy, and also encouraged economic activities among the unbanked population, thereby encouraging financial inclusion.

While the potential of these MSMEs in the country is immense, the enterprises face various challenges that hinder their growth. Limited access to finance, inadequate infrastructure and regulatory barriers are among the primary hurdles faced by these MSMEs. Recognising these challenges, Governor Dikko Umaru Radda of Katsina State, has designed and commenced implementation of effective strategies and support mechanisms aimed at stemming the impediments and creating an enabling environment for the MSMEs to thrive in the state.

One of the enviable strategies initiated and implemented by the governor is the creation of the Katsina State Enterprise Development Agency (KASEDA) to address the highlighted challenges faced

by MSMEs in the state.

The agency headed by an ingenious woman, Hajiya Aisha Aminu AbdullahiMalumfashi, is fostering entrepreneurship, innovation and economic growth essential support and resources to aspiring entrepreneurs as well as existing businesses, promoting job creation and economic diversification.

KASEDA is making thousands of citizens self-reliant and financially independent, driving economic development, tackling unemployment and improving their socio-economic wellbeing in fulfilment of Governor Radda's campaign promise of providing robust support for enterprise development within the state.

Serving as a cornerstone in building sustainable business and thriving economic environment, the state government through the agency, recently launched a N5 billion MSMEs growth fund and Dikko Business Development Service (Dikko BDS) to enhance the economic landscape of the state.

The loan scheme is not only aimed at ensuring the sustainability of the small and medium enterprises in the state, but will contribute significantly to the economic profitability of the home of “Heritage and Hospitality” thereby taming the financial challenges affecting entrepreneurs.

Under the first-of-its-kind MSMEs growth fund, the state government has injected the sum of N3 billion as a managed and matching funds, while the Bank of Industry (BOI) will be providing another N2 billion matching fund, totalling N5 billion in order to stimulate economic growth.

As a pilot loan scheme, the Raddaled government has already identified 10 MSMEs with growth potentials in each of the 34 local government areas of the state through a well-scrutinised needs assessment for transparency and accountability of the widely accepted life-changing programme.

However, the Dikko BDS is another intervention programme of the “People's Governor” poised to transform the economic landscape of the state. It is carefully designed to provide tailored support and comprehensive business development services to the state's MSMEs, particularly in destitute communities.

This initiative will further equip entrepreneurs with the prerequisite

Radda

tools, knowledge and resources they need to drive their businesses.

Through the programme, the state government is committed to assisting the entrepreneurs with advisory services, vigorous training, facilitating their access to financial resources, market, legal and regulatory compliance support.

As a governor who always matches words with actions, Radda has identified 136 BDS Corp volunteers (four per LGA) in the first phase of the programme across the 34 local government areas of the state. The beneficiaries who are staffers of the local governments, are to be subjected to continuous training to take up the additional responsibilities.

The Dikko BDS initiative is believed to enkindle the state’s economic activity, create jobs, and improve living standards, empower rural dwellers, foster self-reliance and contribute to the overall development of Katsina state.

While unveiling the N5 billion MSMEs growth fund and Dikko Business Development Service, Governor Radda said the two initiatives are primarily aimed at providing the much-needed financial support tailored to the needs of MSMEs and complemented by comprehensive business development support services.

The governor said the programmes will enable businesses to expand their operations, invest in new technologies, improve

competitiveness, create jobs and reduce unemployment, adding that the initiatives will address security challenges, poverty levels and strengthen the state's local economy.

He said: “You will agree with me that economic instability and lack of opportunities are significant contributors to insecurity in our communities. When individuals struggle for livelihood, the allure of criminal activities can become strong.

“By upscaling MSMEs and creating economic opportunities using these initiatives, more jobs will be created, poverty levels will reduce and our local economy will be strengthened. This will naturally lead to economic inclusivity thereby bridging the gap between different socio-economic groups, fostering social harmony and reducing criminality.

“These ambitious initiatives represent a holistic approach to economic development. By combining financial support with comprehensive business development services, we are creating a powerful mechanism to enhance the performance of loans, drive business success, and build a sustainable economic future for Katsina State.”

Governor Radda, however, said often times businesses struggle with financial management, strategic planning, and operational efficiency, leading to suboptimal use of financial resources, but the embedding of the Dikko BDS Corp and the MSMEs growth fund monitoring and evaluation framework is to address the challenges head-on.

He expressed optimism that the initiative will significantly enhance the performance of loans and entrepreneurs

By upscaling MSMEs and creating economic opportunities using these initiatives, more jobs will be created, poverty levels will reduce and our local economy will be strengthened.

This will naturally lead to economic inclusivity thereby bridging the gap between different socio-economic groups, fostering social harmony and reducing criminality

will be better equipped to utilise financial resources effectively, leading to higher repayment rates and reduced default risks.

Radda therefore admonished Katsina entrepreneurs to embrace the initiatives with enthusiasm and commitment, as his government worked towards unlocking their full potential and pave the way for a brighter, safer, and more prosperous future for all.

In her remarks, the Director-General of KASEDA, Hajiya Aisha Aminu AbdullahiMalumfashi, described MSMEs as the engine room for economic growth, sources of employment and catalysts for innovation in the country.

She said the MSMEs embody the spirit of resilience and creativity that propels the nation forward, adding however that despite their vital role, MSMEs face a myriad of challenges that hinder their growth and potential.

Malumfashi said: “Today, we have taken a decisive step to bridge this gap with the introduction of the N5 MSMEs Funds. This fund is not merely a financial instrument; it is a beacon of hope and a promise of support to our entrepreneurs. It symbolises our belief in their potential and our commitment to their success.”

She added that the N5 billion MSMEs fund is designed to provide accessible and affordable financing options tailored to the unique needs of MSMEs, reiterating that the fund will provide the necessary financial support to entrepreneurs irrespective of their business status.

The KASEDA DG further explained that the agency is dedicated to ensuring that the allocation of the funds is transparent, equitable and impactful thereby fostering a culture of trust and accountability.

“I am filled with optimism and excitement as we embark on this journey. The N5 billion MSMEs fund and the DIKKO BDS represent a new chapter for our MSMEs, one where their potential is fully realised, and their contributions are recognised and celebrated. Let us embrace this opportunity to drive growth, innovation, and prosperity for our nation”, she added.

With these various initiatives aimed at improving the state’s economic ecosystem, the Radda-led government is providing training, mentorship and financial support to entrepreneurs, equipping them with the skills and resources needed to succeed.

Hence, the state government has partnered with the Small and Medium Enterprises Development Agency of Nigeria to renovate, upscale, equip and take over the running of the Industrial Development Centre (IDC) located in the state.

Already, the Radda’s administration has provided common facilities in the areas of tailoring machines, garment printing and sequinning, leather works, various packaging machines for grains, powder, paste and liquids as well as agricultural processing machines, including dryers, spice blenders, industrial dry and wet grinders.

His government is currently giving the access road and other facilities a facelift and thereafter it will be officially inaugurated for public use, while arrangements are on the pipeline to extend this common facility to Daura and Funtua senatorial zones for better results.

Therefore, by investing in the growth of SMEs, Governor Dikko Umaru Radda is committed to harnessing the power of entrepreneurship to address pressing challenges, build resilience, and foster inclusive economic development.

Furthermore, as these enterprises continue to evolve and expand, they will undoubtedly play a central role in shaping the future trajectory of the state.

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MONDAY, JUNE 10, 2024

• THISDAY

POLITY Bukola Saraki: The Final Forensic Summersault of a Proxy War Davidson Iriekpen At the weekend, former President of the Senate, Dr. Bukola Saraki, hailed the Supreme Court’s judgment, which overturned the Federal High Court’s 2018 decision regarding an alleged N3.5 billion fraud case against Melrose General Services Limited, a company believed to be linked to him.

Even though he had since moved on after several plots to upstage him as the Senate president failed, especially since the same Supreme Court had first cleared him of any wrongdoing over the alleged false declaration of assets charges filed against him by the federal government at the Code of Conduct Tribunal were dismissed, he could not have glossed over this one victory. It connotes too much to wave at merely.

In December 2016, the federal government approved the sum of N522.74bn to be paid to the 36 states of the federation as part of the reimbursement of the over-deduction on the Paris Club loan from 1995 to 2002.

The Economic and Financial Crimes Commission (EFCC) under Ibrahim Magu, had claimed that the loan refunds were illegally diverted through the account of the Nigeria Governors’ Forum (NGF) by the Central Bank of Nigeria (CBN).

It added that its investigation revealed that following receipt of the fund, the NGF, in an alleged connivance with Saraki as its chairman, remitted huge sums of money to private consultants, who eventually laundered about N19bn. It further alleged that a sum of N3.5bn was lodged into Melrose General Services’ account.

The anti-graft agency, believed to have been drafted into the “pull down Saraki” project, submitted a report to President Muhammadu Buhari, linking the former Senate president and some of his aides to the diversion of the sum of N19bn from the N522.74bn Paris Club refund.

EFCC arraigned Gbenga Makanjuola, Deputy Chief of Staff to Saraki, for alleged fraud amounting to N3.5billion before Justice Babs O. Kuewumi of the Federal High Court, Lagos, on an amended 11-count charge bordering on alleged conspiracy, accepting cash payment beyond threshold and money laundering to the said amount.

Makanjuola was charged alongside Kolawole Shittu, and pleaded not guilty to the charges preferred against them.

But on April 27, 2018, a Federal High Court in Lagos, presided over

by Justice Cecilia Olatoregun, ordered the final forfeiture of the said money to the federal government.

Dissatisfied with the verdict of Justice Olatoregun, Melrose General Services approached the appellate court for redress, asking it to set aside the pronouncement of the lower court.

In June 2019, Court of Appeal in Lagos, dismissed the appeal and affirmed the request of EFCC for the final forfeiture of the money. It further held that Melrose’s appeal lacked merit and ordered the firm to pay N100,000 cost to the EFCC. The appellate court also held that

Saraki

Melrose could not show that the said funds were lawfully earned by it.

Justice Tijjani Abubakar, who wrote the lead judgment, added that section 17 of the Advance Fee Fraud Act, 2006, which the EFCC relied on to seek forfeiture of the said funds was constitutional.

Justice E. Tobi and Justice O. A. Obaseki-Adejumo, both of whom concurred with the verdict, also agreed that the company was not denied fair hearing in the matter.

However, delivering judgment last Friday, the court panel led by Justice Akomaye Agim not only set aside the judgments of the lower courts and dismissed the case in its entirety, it also ruled in favour of the appellant, Melrose General Services.

The victory at the apex court by Saraki was not the first time he would be vindicated from obvious political machinations, the core of which was perpetrated during and by the Buhari government.

His rat race with the Buhari administration started after he emerged the president of the senate without the consent of the establishment, which wanted someone else. But Saraki, on the other hand, was driven by the fact that the same establishment was going to stab him on the back after they had agreed, albeit in principle, that he would be the senate president.

Seeing that his political career, which had just peaked at the time, was likely to fizzle out in flash if he lost the battle to be the senate president, Saraki took his destiny in his own

hands, and went all out to “snatch” the seat from the establishment.

Sadly, for the establishment, that he became the senate president through subterranean moves was not principally their concern, but that he went to the whole extent of engaging the opposition, to the point that he made a member of the opposition party his deputy as part of the deal.

Neither Buhari nor president Bola Tinubu forgave him.

However, for context, it’s important to note that when the federal government first arraigned Saraki for alleged false assets declaration before the Code of Conduct Tribunal (CCT), Danladi Umar, had dismissed the entire 18 counts charge on the grounds that the prosecution, with its four witnesses and 49 exhibits tendered, only led hearsay evidence.

The government appealed the ruling and on December 12, 2017, and the Court of Appeal asked Saraki to enter defence on three counts. He proceeded to the Supreme Court to challenge Appeal Court’s decision.

On July 6, 2018, a five-man panel of the Supreme Court led by Justice Dattijo Mohammed, unanimously brought the case an end.

The apex court, in its lead judgment delivered by Justice Centus Nweze, ruled that in clear conscience, there was no basis for the Court of Appeal to have held that Saraki had a case to answer on the three counts as according to the justice of the apex court, the entire evidence of the prosecution was based on hearsay.

Justice Nweze further held ruled that the Court of Appeal was guilty of “forensic summersault” which he said was capable of making ill of jurisprudence. The court held firmly that “The prosecution is duty bound by law to call all key witnesses to be able to establish prima facie case against anybody,” Thus, responding to last Friday’s verdict, Saraki noted that the ruling vindicated his earlier stance that the case was politically-motivated and a veiled attempt to witch-hunt him because he emerged President of the Senate against the wishes of certain forces.

In a statement by his Head of Media, Alhaji Yusuph Olaniyonu, the former Senate president said the ruling had revealed the truth and affirmed his earlier position of innocence. He added that the legal suit was a proxy war, aimed at persecuting him, undermining his political career, and tarnishing his reputation.

“As much as this case was between the EFCC and Melrose General Services Limited, it was a proxy war, with Melrose serving as a mere pawn in a larger scheme to victimise and persecute me. It was always clear that this case was a thinly veiled attempt by the Buhari administration to weaponise the legal system for political gain.

“The allegations of ‘Paris Club Fraud’ were nothing more than a smokescreen designed to weaken the institution of my office, undermine my political career, and tarnish my reputation through spurious accusations similar to the Code of Conduct Tribunal (CCT), which also acquitted me of all charges.

“As I said in my first appearance at the CCT, this is a politically motivated case. The case was trumped up in the first instance because I emerged as the President of the Senate against the wishes of certain forces.

“The fact that this case was even brought to court, based on dubious evidence and procedural irregularities, is proof of the length that some people will go to manipulate the legal system for political gain. It was a disservice to the Nigerian people and a waste of our limited but valuable judicial resources,” Saraki said.

The Peoples Democratic Party (PDP) chieftain, therefore, lauded the judiciary for ensuring that justice prevailed, and charged all to be inspired by the verdict in the fight against corruption and abuse of power for the promotion of Nigeria’s democracy.

“I am profoundly grateful to the Almighty Allah, the ultimate arbiter of justice, for guiding the Supreme Court to this righteous verdict. I applaud the judiciary for their meticulous examination of the evidence and adherence to due process, which has ensured that justice prevailed. I also thank Melrose’s legal team for their tireless efforts in bringing this case to a just conclusion.

“Moving forward, we all have to canvas for fairness in the fight against corruption. We should see this verdict as an inspiration to champion the rule of law, promote democracy and its institutions, and tolerate divergent views,” Saraki added.

MONDAY JUNE 10, 2024 • T H I S D AY

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T H I S D AY • MONDAY, JUNE 10, 2024

NEWS

INAUGURATION OF CNG FACILITY...

L-R: Senior Special Assistant to the President on Governmental Affairs, Dr Lande Smart; Programme Executive, Tetracore Energy Group, Oladayo Williams; CEO, Tetracore Energy Group, Olakunle Williams; Director, Tetracore Energy Group, Mrs. Kemi Williams; Honorable Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo; Programme Director, Presidential CNG initiatives, Engr. Michael Oluwagbemi; MD, NNPC Gas Marketing Limited (NGML), Justin Ezeala; and MD, Gas Aggregation Company Nigeria Limited (GACN) Chijioke Uzoho at the inauguration of the compressed natural gas facility and ground breaking of liquified natural gas facility in Ogun State… last Friday SUNDAY ADIGUN

Peter Obi Urges Federal Govt to Protect Nigerians, Insists Killing Spree Must Stop Chuks Okocha in Abuja The presidential candidate of the Labour Party in 2023, Mr. Peter Obi, has called on the government to rise to its constitutional duties by protecting Nigerians, stating that the killing spree in the country must not continue.

He disclosed this in a statement on his verified X handle on Sunday.

The former governor of Anambra State expressed sadness over the report of the recent killing of seven mobile police officers by armed bandits in Zurmi Local Government

Area of Zamfara State.

Obi said the government must keep the nation safe by fishing out the perpetrators of those crimes and bringing them to justice.

He said he will continue to add his voice against the ever-rising tide of insecurity in Nigeria, stressing that the life of all Nigerians matter and must be protected.

Obi said: “I must, for the best interest of our nation, continue to add my voice against the ever-rising tide of insecurity in Nigeria. It has cost us precious lives, caused damage to properties and denied

us opportunities for progress and development.

“Above all, the viral insecurity has curtailed the freedom of our people to enjoy peace and happiness in a land of democratic freedom. Democracy without freedom from fear is a farce.

“I read with sadness the reports of the recent killing of seven mobile police officers by armed bandits in Zurmi Local Government Area of Zamfara State. The bandits also killed five other residents in the attack.

“Last Tuesday, no fewer than 30 Nigerians were killed in separate attacks in the Dutsinma

and Safana Local Government Areas of Katsina State by terrorists. Also, two days ago, terrorists were reported to have invaded the Bassa community in Shiroro Local Government Area of Niger State, killing 20 people in the attack.

“Families are constantly left in agony over the killing of their loved ones by terrorists.

Sadly, the monster of insecurity has continued to rear its ugly head in every part of the nation, leaving in its wake, tears, blood, and death.

“We must not allow the killing spree to continue in our nation. The government

Insecurity, Vandalism of Infrastructure Responsible for High Cost of Power – Nextier Report Michael Olugbode in Abuja The high cost of power and sometimes its paucity has been attributed to insecurity and vandalization of infrastructure.

This was stated in a Nextier research report titled, "All on Off-Grid Energy Business Report," funded by All On, which visited 21 mini-grids in 21 communities spread across Nigeria, released in Abuja, during which the federal government and stakeholders in the power sector insisted on the address of critical issues in the off-grid market so that power can be accessible and affordable to end users in the country.

The report noted that essential infrastructure gaps in some states create additional challenges.

Presenting the report at the Nextier office, Programme Manager,

Ms. Folake Aletan attributed the lack of power supply to insecurity and vandalization of infrastructure.

She noted that mini-grid development faces challenges from insecurity and vandalism.

According to the report, low literacy levels among consumers hinder their understanding of how to access mini-grid energy services.

Residential customers pay more than productive users, creating an unfair burden, and mini-grid developers struggle to access capital to scale their businesses.

While calling for opportunities for expansion and investments, the report recommends that increased investment in productive users of energy can drive market growth.

Standardisation of solar PV components, is also noted is an avenue that can improve efficiency in mini-grid installation, and

educating customers through ICT channels can empower them to access quality services.

Increased investment in protection schemes and battery storage mechanisms is also seen as crucial, the report added that mini-grid developers need to adopt technologies that facilitate scaling and electricity sales.

The report also stated that the streamlining and harmonizing existing policies, regulations, and laws is necessary to consider the interests of both mini-grid developers and customers.

Increased incentives for renewable energy and off-grid technology adoption are needed.

It further said: “We need more federal government support for offgrid power projects. A cross-sectoral policy to boost overall power affordability and meet climate

change goals is recommended."

At the unveiling, the Chief Executive Officer (CEO) of All On, Caroline Eboumbou, said, "We are thrilled to unveil the All On Off-Grid Energy Sector Report today.

"This pivotal study conducted

by Nextier gives a comprehensive analysis of the critical challenges and vast opportunities within Nigeria's renewable energy landscape.

"Our commitment to driving sustainable energy solutions is stronger than ever, and this report serves as a vital resource for stakeholders, who, like us, are dedicated to transforming Nigeria's energy sector.

"Together, we can harness the power of innovation and collaboration to ensure a brighter, greener future for all."

must act and protect the very precious lives of Nigerians and keep the nation safe by fishing out the perpetrators of these crimes and bringing them to justice.

“The life of every Nigerian matters and must be protected.

I extend my condolences to the families of the killed police officers, the Nigeria Police Force and the other victims of insecurity in different parts of our nation. We shall overcome.

May God grant eternal rest to the dead.”

CSOs Take Natural Resource Governance to Abuja School Emmanuel Addeh in Abuja Two Abuja-based Civil Society Organisations (CSOs) have highlighted the need for young people to gain early knowledge of natural resource governance in Nigeria, reiterating that youngsters have a role to play in that respect.

Speaking at ‘The Head Girl Initiative’ of the Spring Hall British School in Abuja, the Executive Director, Centre for Transparency Advocacy (CTA), Faith Nwadishi, stressed that by learning about and engaging in natural resource governance, children can make a significant impact now and in the future.

She explained that this will help to ensure that the planet remains healthy and that resources are available for generations to come.

“Children play a crucial role in natural resource governance by helping to protect and manage our natural resources. Children can learn about the importance of natural resources and share this knowledge with others, promoting awareness about conservation.

“They can join school clubs or community groups focused on environmental issues, getting involved in activities that protect and sustain natural resources.

“By doing simple things like recycling, conserving water, and

reducing waste, children can help preserve resources,” she added.

In addition, Nwadishi, a former board member of the Extractive Industries Transparency Initiative (EITI) stated that children can voice their concerns about environmental issues and suggest ways to improve resource management, participating in community meetings or projects.

Also speaking, Executive Director, Extractive 360, Juliet Alohan-Ukanwosu, said that Nigeria gets significant revenue from solid minerals such as limestone, sand, stones, among others.

She stated that the world is entering a phase where the next big earners will be countries endowed with transition minerals such as lithium used for batteries and ceramics.

She listed copper used in building construction, electrical grids, electronic products, transportation equipment and home appliances as another energy transition mineral resource.

Others, she said, are cobalt used to make airbags in automobiles, and petroleum and chemical industries as well as nickel used for batteries, turbine/propeller blades, among others.

In her remarks, the initiator of the Head Girl Initiative, Oluwateniola Olowoporoku, stated that the initiative was set to increase children’s knowledge, build capacity and create awareness of various topics affecting children in Nigeria.

Infant Mortality: FG Inaugurates Sickle Cell Centre in LASUTH Onyebuchi Ezigbo in Abuja As part of efforts to tackle sickle cell disease contributing to approximately 376,000 under-5 deaths in Nigeria annually, the Office of the Senior Special Assistant to the President on Sustainable Development Goals (OSSAP-SDGs) has donated a fully equipped, state-of-the-art Sickle Cell Care Centre to the Lagos State University Teaching Hospital (LASUTH).

The Centre commissioned by Lagos

State Governor Babajide Sanwo-Olu on Friday is designed to cater to the needs of the numerous Sickle Cell patients who visit the hospital daily.

Speaking at the event, Governor Sanwo-Olu stated that the centre would provide comprehensive care, including early diagnosis, advanced treatment, and continued management for children suffering from the debilitating condition. He emphasized that the centre will serve as a hub for research and education, fostering greater awareness and

understanding of sickle cell disease.

“This will not only transform our total healthcare landscape but will also add to the number of childcare facilities that already exist in our state health institutions. It will raise the capacity of the state’s medical services and, very importantly, contribute to improving the state’s infant and maternal mortality index,” he said.

The governor commended OSSAP-SDGs, noting that the centre would provide an environment where children could receive holistic care

tailored to their needs, from medical treatment to psychological support.

“We believe that this will ensure that every child that has an opportunity to come to this facility will come out healthier, better, and be able to fulfill their life,” he added.

The Senior Special Assistant to the President on Sustainable Development Goals, Princess Adejoke OrelopeAdefulire, described the project as part of the efforts to deliver on the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.

She stated that the centre would enhance the quality of care for children with Sickle Cell Disease, aiming to reduce under-5 mortality and support the attainment of the SDGs in Nigeria.

According to her, the World Health Organization (WHO) had declared sickle cell disease a global public health concern and encouraged countries with high disease burdens to establish newborn screening programs for early detection and evidence-based interventions.

Princess Orelope-Adefulire

noted that, “In August 2023, a Lancet Haematology publication revealed that globally, between 2000 and 2021, the rate of children born with sickle cell disease increased by 13.7 percent, reaching an average of up to 515,000 babies per annum.

The study also found that sickle cell-specific under-5 mortality was 11 times higher than deaths due to other causes, amounting to approximately 376,000 deaths from sickle cell disease annually compared to 34,400 deaths from other causes.

T H I S D AY ˾ MONDAY, JUNE 10, 2024

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BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

Group Business Editor Eromosele Abiodun Email oriarehu.eromosele@thisdaylive.com

08056356325

J U N E

S & P INDEX

7 , 2 0 2 4

S & P INDEX

EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 TO DATE

0.24%

N1,262.85/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT FRI., APRIL 26, 2024

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

Ni ger ia’s Debt S erv i c e G ul pe d $854m in May, Highest in Four Years

Nume Ekeghe Data obtained from the Central Bank of Nigeria (CBN), has reveals that Nigeria’s external debt service payments in May 2024 amounted to $854 million, the highest monthly debt service payment in four years.

The previous significant high was recorded in February 2020, with debt service payments

totalling $4.43 billion.

This remains the highest figure in the historical data provided by the CBN, which dates back to October 12, 2003. The second highest was $1.52 billion; recorded on November 10, 2006, before the recent $854 million payment in May 2024 took the third spot.

A month-to-month breakdown of Nigeria’s debt servicing for 2024 showed that in January, the debt

service payment was $560 million.

February saw a decrease to $283 million. March recorded a slightly lower figure of $276 million, while April’s payment dropped further to $215 million. However, May experienced a significant spike with a payment of $854 million.

This brings the cumulative total for the first five months of 2024 to $2.19 billion.

A retrospective look at 2023

reveals dynamic trends in Nigeria’s debt servicing, revealing that the year commenced with debt servicing at $112 million.

A substantial leap occurred in February, reaching $288 million, reflecting the country’s fluctuating financial commitments.

The momentum continued into March, with debt servicing escalating to $400 million. April, however, experienced a dip,

recording a payment of $93 million. Debt servicing rebounded in May, totalling $221 million, indicating the cyclical nature of Nigeria’s debt obligations.

June reflected a noticeable adjustment at $54 million, representing a low point for the year. However, July stood out as a peak month, hitting $641 million, the highest for 2023.

A significant decline followed

in August, with debt servicing plummeting to $310 million.

September saw an increase, climbing to $439 million, as the country continued to navigate its fiscal responsibilities.

October recorded $509 million in debt service payments, followed by a decrease in November to $368 million. The year 2023 concluded with a notable decrease in December, reaching $65 million.

Nigeria’s Currency in Circulation Hit All-time High at N3.97tn Kayode Tokede Despite the Central Bank of Nigeria (CBN) monetary policy tightening, Nigeria’s currency in circulation surged to an all-time high of N3.97 trillion in May 2024, resulting in a N314.6 billion increase year-to-date (YtD), according to statistics obtained from the CBN website.

This represents an increase of N42.15 billion or 1.07 per cent Month-on-Month (MoM) from N3.92 trillion reported in April 2024, and N1.44 trillion or 56.93 per cent Year-on-Year (YoY) from N2.53 trillion reported May 2023.

Currency in circulation refers to the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses.

In January 2024, at the height of the currency redesign policy of CBN, currency in circulation

stood at N3.65 trillion and by February 2024, it increased to N3.69 trillion.

According to CBN, currency in circulation stood at N3.87 trillion in March 2024, about 4.76 per cent MoM increase from N3.69 trillion in February 2024.

It increased to the N3.9 trillion in April 2024 at N3.92 trillion, and before rising to N3.97 trillion in May 2024.

The CBN had revealed that that currency in circulation closed December 2023 at N3.65 trillion from N1.39 trillion reported in January 2023.

The Central Bank had announced the designing of the naira for N200, N500, and N1000 denominations, which began circulation on December 2022 and is expected to be in use simultaneously as the old note till January 2023.

The decision according to the apex bank was made in

light of growing cases of naira counterfeiting and currency hoarding. “In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.

“In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes. Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years,” the CBN said.

Analysts had expressed that the current pattern in currency in circulation is a reflection of growing lack of confidence in the banking system, stressing that an increased preference for cash

transactions, possibly driven by economic uncertainty or other socio-economic factors.

When Olayemi Cardoso resumed office as CBN governor in September 2023, currency in circulation was at N2.76 trillion.

While there has been a significant surge in the currency in circulation, the country’s economic growth has been tepid, with Nigeria’s economic growth rate for 2024 projected to be around 2.9per cent and 3.1per cent, having one of the slowest growth rates in West Africa.

Inflation has been a significant concern, with the headline inflation rate jumping 33.69per cent in April 2024 from 29.9 per cent reported January 2024, according to the National Bureau of Statistics (NBS).

The Monetary Policy Committee (MPC) of CBN has increased Monetary Policy Rate to a historic high of 26.25 per cent

to combat inflation and foster economic stability.

The announcement, made

by CBN Governor, highlights the central bank’s proactive approach towards monetary tightening amidst challenging economic conditions.

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

Meanwhile, analysts believe the currency in circulation presupposes that there has been more spending in the economy especially by the government because of the hardship in the land.

“So, the government has to spend a lot. And when there is much more money in circulation and the government is spending so as to probably

boost the people’s income, the resultant effect is inflation and that is why in every Economic Policy there is something called trade-offs, you cannot have much more in the circulation and at the same time have low inflation,” said Vicie President, Highcap Securities Limited, Mr. David Adnori.

He explained, “When you have more money in circulation, it means that there has been increase in government spending, and that means that there will be inflation which means that cost of goods will go higher, as much money will keep chasing fewer goods and services.”

According to him, the consequent effect is that, it will reduce people purchasing power and their earning power will also reduce. “Because inflation reduces people earning power and that is where are at the moment in Nigeria,” he said.

M A R K E T D ATA A S AT F R I D AY, J U N E 7 , 2 0 2 4 BONDS DESCRIPTION Price Yield Change Updated Time (%) June ^13.53 230.02 7, 2024 95.66 19.46 MAR-2025 ^12.50 22June 92.23 18.14 0.01 7, JAN-2026 2024 June ^21.00 200.00 7, 104.31 18.03 2024 MAR-2026 ^16.2884 17June 95.28 18.48 0.00 MAR-2027 7, 2024 ^19.94 20June 101.02 19.40 0.00 MAR-2027 7, 2024

BILLS MATURITY NTB 11-Jul24 NTB 8-Aug24 NTB 5-Sep24 NTB 24-Oct24 NTB 7-Nov24

Discount Yield

Change (%) Updated Time

MATURITY

18.75

19.15

June -0.01 7, 2024

18.15

18.79

June -0.01 7, 2024

18.62

19.59

June -0.01 7, 2024

20.30

22.09

June -0.02 7, 2024

20.06

June -0.01 7, 2024

UNCP CP VI 20-JUN-24 DUFIL CP III 25-JUL-24 FDHC CP VI 2-AUG-24 GZIL CP II 13-AUG-24 DANC CP XII 27-AUG-24

18.44

OTC F X F U T U R E S

CPS Discount Yield 26.40

26.79

24.17

25.08

21.58

22.41

23.24

24.39

22.73

24.05

Change (%)

Updated Time

June -0.10 7, 2024 June 0.59 7, 2024 June 0.72 7, 2024 June 0.94 7, 2024 June 1.22 7, 2024

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS JUN 13M – 25 2025 NGUS JUL 14M – 30 2025 NGUS AUG 15M – 27 2025 NGUS SEP 16M – 24 2025 NGUS OCT 17M – 29 2025

Updated Time

June 7, 2024 June 7, 2024 June 7, 2024 June 7, 2024 June 7, 2024

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MONDAY, JUNE 10, 2024 ˾ T H I S D AY

BUSINESSWORLD

NEWS

NIGERIA’S CURRENCY IN CIRCULATION HIT ALL-TIME HIGH OF N3.97TN

NGX Launches USSD Platform to Boost Capital Market Access Kayode Tokede Nigerian Exchange (NGX) Limited has urged investors to leverage on

its new Unstructured Supplementary Service Data (USSD) platform, for enhanced capital market access.

NGX stated this during an

Investor Education Series, in partnership with Meristem Securities Limited via a zoom with the theme, “Unlocking Potential:

Oyetola to Commission Projects During NIWA Working Tour The Minister of Marine and Blue Economy, Adegboyega Oyetola, will tomorrow, embark on a one-day working visit to the National Inland Waterways Authority (NIWA) headquarters, in Lokoja, Kogi State.

In a statement, the minister’s spokesman, Ismail Omipidan, said he visit would afford the Minister the opportunity of inaugurating some of the landmark projects and programmes executed by NIWA, under the leadership of the Managing Director, Bola Oyebamiji, in the last seven months.

Among the projects to be inaugurated are: 12 fibre-reinforced plastic fast-moving boats and three Water Ambulances.

The deployment of the boats, which are pilot schemes, are part of deliberate efforts to phase out wooden canoes with a view to eliminating incessant accidents on the water ways.

Speaking on the proposed visit, the NIWA MD, Oyebamiji, noted that he was excited about the visit, as it would afford his team the opportunity to render its stewardship account in the last seven months of assumption of office.

He said, “After receiving my appointment letter about six months ago, the Minister charged me to find a lasting solution to incessant accidents on the Waterways. Today, I am happy to note that, in response to that charge, my team and I have

Almond Productions Sets for Insurance Awards Ebere Nwoji Entertainment specialist and organisers of insurance awards and consumers’ Nite, Almond Productions ltd, has said that the stage is set and nominations opened for the 2024 Annual Almond Insurance Industry Awards.

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)

The organisation said the annual awards was aimed at rewarding the efforts of men and women in the various arms of the Nigerian Insurance Industry who daily push boundaries to sell insurance despite the low acceptability and low purchasing power of many Nigerians.

Almond Chief Executive Officer, Faith Ughwode, at a press briefing in Lagos to announce the commencement of this year’s edition of the awards noted that while insurance awareness and penetration was still low, insurance practitioners were making steady gains by way of gross premium income which has hit one trillion Naira as at the end of 2023.

She said the 2024 edition tagged “Reinvent Edition”,would once again bring together policy makers, insurance practitioners, top rated entertainers in music and comedy, para- military and the insuring public in an atmosphere of fun and relaxation.

She said the 2024 Awards would hold on Friday November 1st 2024 at the Queens Park Events Center Water Corporation Drive/Trinity Avenue off Ligali Ayorinde Street Victoria Island Lagos.

“Given the overwhelming support and participation form all arms of the industry last year, the 2024 Awards categories have been streamlined to meet international standards.

Some categories have been dropped and others introduced to engender inclusivity”, explained the Almond boss.

already put measures in place to address that situation.”

Leveraging USSD For Enhanced Capital Market Access.”

Speaking at the event, Head, Trading & Products at NGX, Abimbola Babalola stated that the NGX USSD platform is a technology that allows mobile phone users to access a variety of services by dialing a short code (*5474#) on their phone keypad, saying that the NGX USSD platform is a new and innovative way for investors to access real-time stock market information and connect

with a stockbroker.

Speaking, Head, Investment Advisory at Meristem Stockbrokers Limited, Temitope Oludimu said that Meristem Securities has been in the industry for over two decades, growing her clients’ wealth and enhancing their financial wellbeing.

She noted that the Stockbrokers subsidiary of the Group provides easy access to online brokerage accounts allowing clients to monitor trades in real-time via MeriTrade and the first online

stock trading platform in Nigeria commenced in 2014.

Oludimu added that “MeriTrade allows users to buy and sell stocks online through the Nigerian Stock Exchange from the comfort of their home, office, car and even on the go.”

On his part, Head, Data and Digital Innovation, NGX, Afeez Ramoni, stated that the public can now conveniently receive market information and commence account opening process through their mobile phones by dialing *5474#.

Tetracore Energy Commissions CNG Facility, Groundbreaking of LNG Project In continuation of its efforts to deepen gas penetration in West Africa and support the Federal Government of Nigeria’s Decade of Gas agenda, Tetracore Energy Group has commissioned phase I of its compressed natural gas (CNG) facility with a of capacity 3.1 MMscf/d (84,000 scm/d) located on the Benin-Sagamu Express Road in Ogun State.

The effort, it said, will support gas availability along Nigeria’s WesternSouthern corridor where some of the country’s biggest industrial clusters are located.

In a statement, it said the facility is expandable to 6.2 MMscf/d, providing room for expansion as the demand for gas grows.

In addition to the newly

commissioned CNG facility, Tetracore has also embarked on an ambitious modular Liquefied Natural Gas (LNG) project.

“This initiative aims to further diversify the company’s energy offerings and contribute to the nation’s energy independence.

Tetracore’s LNG facility will enable the efficient production and distribution of liquefied natural gas, providing a versatile and environmentally friendly energy source for various applications, including transportation, industry, and power generation,” it said.

Managing Director of Tetracore, Olakunle Williams expressed his vision for the company’s role in shaping Nigeria’s energy future at the commissioning event.

While speaking about the new facility he said, “We are excited to be play a part in the development of Nigeria’s energy sector as we celebrate this important milestone of commissioning our CNG facility and break ground on our small-scale LNG facility. This milestone marks a significant step towards unlocking and harnessing the nation’s abundant natural resources while contributing to national economic development in Nigeria and across Africa.

Beyond building infrastructure, we’re laying the groundwork for a lasting impact on Nigeria’s energy landscape. We are determined to harness natural gas’s potential to drive industrialization and enable energy availability. We know that through our dedication, we will

drive the transition towards cleaner fuels and propel the region towards sustainable energy solutions.”

He aded, “Tetracore has invested in modern technology for its CNG facility, including compression technology equipped with an inbuilt fire suppressant system, ensuring safety and optimal compression at all times. The state-of-the-art CNG facility is designed for maximum efficiency, achieving an energy conversion efficiency rate of over 90%.

“Additionally, the company has implemented ISO 9001:2015 QMS standards across the organization, demonstrating its commitment to quality delivery, customer satisfaction, and continuous improvement of its processes.”

IHS to Reduce Carbon Emission, Spends $7m on Sustainability Initiatives Emma Okonji IHS Holding Limited, has published its 2023 Sustainability Report, highlighting how it has reduced its carbon emission by 11 per cent, having spent as much as $7 million on community-focused sustainability initiatives in one year.

The report, which covers sustainability activities from January 1, 2023 to December 31, 2023, is in accordance with the Global Reporting Initiative Standards and maps the company’s sustainability initiatives to the United Nations’ Sustainable Development Goals.

The report also highlighted the environmental, social and governance (ESG) related progress made by IHS.

According to the report, IHS continues to execute on its carbon reduction roadmap, reduced its Scope 1 and Scope 2 kilowatt-hour emissions intensity by approximately six per cent compared with 2022, with an 11 per cent approximate reduction in emissions intensity since 2021. It also powered 48 per cent of its sites with hybrid power systems that combine diesel generators with solar and/ or battery systems, and maintained responsible management of its waste streams, including 20,044 batteries recycled.

In the area of socials, IHS spent $7 million on community-focused sustainability initiatives, and reduced Road Traffic Accident Frequency (RTAF) rate by seven per cent

and reported zero fatalities. It also increased female representation with females comprising 27 per cent of employees and 28 per cent of managers across the group. It strengthened supplier due diligence to include screening new suppliers for environmental and social criteria, and continued in its commitment to education through several initiatives like the Expansion of UNICEF Giga partnership to Brazil, to help Giga map and connect more schools to the internet.

Commenting on the report, Chairman and CEO, IHS Towers, Sam Darwish, said: “Since 2017, we have invested more than $29 million in community-focused initiatives as part of our comprehensive sustainability

programme. We are proud to help bring millions of people the power of mobile connectivity, promoting economic growth, social development, and access to critical public services.”

He added: “As we entered the second year of Project Green, the current phase of our Carbon Reduction Roadmap, we directed considerable effort towards reducing our environmental footprint. This included a reduction of Scope 1 and Scope 2 kilowatt-hour emissions intensity by approximately six per cent compared with 2022. Looking back on 2023, we are pleased with our progress and continue to reflect, refine, and enhance our sustainability strategy today for the benefit of all stakeholders.”

Fitch Revises Outlook on Fidelity Bank to Positive Nume Ekeghe

Fitch Ratings has revised the outlook on Fidelity Bank PLC’s Long-Term Issuer Default Rating (IDR) to Positive from Stable while affirming the rating at ‘B-’.

The credit rating agency has also affirmed Fidelity Bank’s National Long-Term Rating at ‘A(nga)’ with

a Stable Outlook.

In a statement released recently, Fitch said that the outlook revision reflects its, “expectations that the bank’s capitalisation will strengthen in the near term as a result of core capital issuances, including to meet the new paid-in capital requirement of N500 billion for banks with an international licence effective by

end-1Q26.”

According to the statement: “Fidelity’s IDRs are driven by its standalone creditworthiness, as expressed by its Viability Rating (VR) of ‘b-’. The VR balances the concentration of operations in Nigeria’s challenging operating environment, very high credit concentration and high Stage 2 loans

against a growing franchise, sound profitability metrics, good capital buffers and reasonable foreigncurrency (FC) liquidity coverage.

“Fidelity’s National Ratings are driven by its standalone creditworthiness. They balance a growing franchise and good capital buffers against weaker profitability than higher rated peers.”

T H I S D AY ˾ MONDAY, JUNE 10, 2024

25

BUSINESSWORLD

ECONOMY

Need to Trash Nigeria’s Shipping, Port Economic Regulatory Agency Bill Eromosele Abiodun posits that the Nigeria Shipping and Port Economic Regulatory Agency Bill, in its present form, is a contradiction of the presidential policy specifically aimed at reducing cost of governance and implementation of the Oronsaye Report

A

t a time when the federal government is reducing cost of governance and implementation of the Oronsaye Report, which recommended mergers of agencies whose functions overlap and constitute duplications, entrenched interest are looking to sabotage this effort with the Nigeria Shipping and Port Economic Regulatory Agency Bill.

The clandestine moves to force the bill through the national assembly has resulted to a muted squabble in Nigeria’s maritime sector as its regulators jostle for supremacy in a power play likely to undermine trade facilitation and afflict Nigeria’s maritime and shipping value chain with the unenviable status of an overregulated business environment. Sadly, the House of Representatives appears to be evolving as an interest group on this ill-motivated venture.

Consequently, stakeholders in the maritime sector have called on the federal government to stand its grounds and fully implement the Oronsaye report and save the country the huge cost of governance.

The House of Representatives Committee on Shipping Services and Related Matters had on Monday, May 27, 2024 held a one-day hearing to gauge public feedback and input on repealing the Nigerian Shippers Council (NSC) Act (Cap N133, LFN 2004) as prelude to enacting the Nigerian Shipping and Port Economic Regulatory Agency Bill.

The Nigerian Shipping and Port Economic Regulatory Agency Bill 2023, with the Speaker of the House of Representatives, Tajudeen Abass, as lead sponsor, passed its second reading in March 2024.

One of the bill’s sponsors and Chairman, House Committee on Shipping Services and Related Matters, Hon. Abdussamad Dasuki, quoting a gazette, said the Nigerian Shippers’ Council was made the Port Economic Regulator in 2015 by the federal government, a status that needs formalising through legislation.

“The federal government noted that the objective of the regulation is to create an effective regulatory regime for the Nigerian ports after the concession

of the ports. Port does not mean the Nigerian Ports Authority alone. It also means all the stakeholders in the ports, for the control of tariffs, rates, charges and other related economic services” Dasuki said on Wednesday 14th February 2024, while presenting the Bill to the House of Representatives.

Specifically, he added: “The shippers’ council’s gazette is being implemented today as a regulation and not as an Act. The Regulations provided that the Nigerian Shippers’ Council shall perform the role of interim Port Economic Regulator with the administrative backing of the federal government.”

Repealing the existing Nigerian Shippers’ Council Act, he concluded, is to empower the NSC to discharge its mandate as the Port Economic Regulator, adding that collation of memoranda from various stakeholders is ongoing prior to tabling a report before the House of Representatives for Third Reading.

DISSENTING VOICES

There are however contrary positions in various quarters, not necessarily against the passage of the Nigerian Shipping and Port Economic Regulatory Agency Bill, but against misrepresentation of the agency to be created from the bill in terms of its functions and jurisdiction vis-à-vis other agencies in the maritime sector.

For instance, a thorough examination of the bill clearly shows that the powers and functions of the Nigerian Maritime Administration and Safety Agency (NIMASA) have been duplicated, considering that such functions as shipping regulation, issuance of certificates, licenses, fees, charges, and levies fall within the exclusive jurisdiction of the Nigerian Maritime Administration and Safety Agency. The bill failed to indicate how this will be remedied.

Even the agency has argued that the bill,

“It is worthy of note that following the port reforms programme and subsequent concessioning of the ports, there was consensus among stakeholders on the need to establish an economic regulator for the ports to provide a competitive and conducive environment for commercial activities in the industry. Consequently, various versions of a bill to create this agency were developed and presented for legislative action in the 6th, 7th, 8th and 9th National Assemblies. However, none yielded the desired outcome due to conflict of interests and narrow articulation.”

in its present form, is a contradiction of the presidential policy specifically aimed at reducing cost of governance and implementation of the Oronsaye Report, which recommended mergers of agencies whose functions overlap and constitute duplications. There is need for revision, it says.

NIMASA is not alone as other agencies under the Ministry of Marine and Blue Economy are also demanding for ‘revision of the existing approach of operation guiding the agencies over the years.’

For example, the Nigerian Ports Authority (NPA), while not opposed to the bill, has highlighted the confusion that may ensue due to the combination of “Ports” and “Shipping” in a regulatory agency, and demanded for proper phrasing of the roles of the agencies to avoid encroachment and infringement.

It also emphasised the need for the agency, which should be named the, “Nigeria Port Economic Regulatory Agency,” for clarity to avoid duplicating the functions of other players in the sector.

In addition, the NPA, as landlord agency, is saddled with granting of concessions to the concessionaire, under the statutory regulation and monitoring of the Infrastructure Concession and Regulatory Commission, meaning that the review of concessions, and indeed collection of all or part of the concession fees as in Section 28 of the bill cannot be the business of the proposed new Ports Economic Regulator.

A position paper presented by the agency said, “The intent and import of the Nigeria Shipping and Port Economic Regulatory Agency Bill is POLICY. It therefore MUST be driven by the sector policy arm of the executive – the Federal Ministry of Marine and Blue Economy.

The function of parliament here is to facilitate seamless implementation of established policy by enacting the intent of the operators.”

CONFLICT OF INTERESTS AND NARROW ARTICULATION

It is worthy of note that following the port reforms programme and subsequent concessioning of the ports, there was consensus among stakeholders on the need to establish an economic regulator for the ports to provide a competitive and conducive environment for commercial activities in the industry.

Consequently, various versions of a bill to create this agency were developed and presented for legislative action in the 6th, 7th, 8th and 9th National Assemblies. However, none yielded the desired outcome due to conflict of interests and narrow articulation.

In response, the federal government in 2014 signed an Executive Order that made the Nigeria Shippers’ Council an interim economic regulator for the ports pending the enactment of an Act. Now, the process of enacting an appropriate law to streamline operational framework for

“Now, the process of enacting an appropriate law to streamline operational framework for the industry, particularly in port management, has become an exercise to overload the NSC with roles and powers well beyond the original purpose of an economic regulator.” the industry, particularly in port management, has become an exercise to overload the NSC with roles and powers well beyond the original purpose of an economic regulator.

Given the possibility of hitting the crossroads again arising from contradictory positions on the bill, perhaps the status quo should be allowed to remain, while consultations continue in order to avoid the fate of previous versions of the bill, which failed to see the light of the day.

It cannot be ruled out that personal gain, rather than national interest, may underpin the motivation of some persons pushing for enactment of the bill in its present form.

Meanwhile, contrary to experts view, the House of Representatives Committee on Shipping Services and Related Matters recently said the Nigerian Shipping and Port Economic Regulatory Agency Bill will curb arbitrary charges and other illegality of operators in the nation’s maritime industry when passed into law.

But experts have denounced this, stating that the house needed to trash the bill as it will result to inter agency rivalry and confusion.

Speaking with newsmen after a Public Hearing on the repeal of the Nigerian Shippers Council Act, Chairman of the Committee, Abdussamad Dasuki, explained that the Committee is still collating memoranda from various stakeholders on the bill before going ahead to present the report before the House of Representatives for third reading.

According to Dasuki said the bill seeks to repeal a law preventing NSC from enforcing a presidential directive concerning economic regulation of the ports.

He continued, “The bill is to repeal a law which is preventing the NSC from enforcing a presidential directive concerning economic regulation of the ports.

The nation’s maritime industry is overdue for this, and we will see to its implementation.”

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MONDAY, JUNE 10, 2024 ˾ T H I S D AY

BUSINESSWORLD

STATUS REPORT

Berger Paints: Growing Shareholders’Value Amid Challenges Kayode Tokede

to produce customized colours in sizeable quantities personalized to meet the unique needs of the customer.

W

ith the growing competition in the paints manufacturing sector, Berger Paints Plc has consistently rewarded shareholders with robust return on investment on the backdrop of prevailing foreign and domestic challenges.

The company in its latest 2023 audited result and accounts paid shareholders a dividend of N0.80 and N0.20 interim dividend as against N0.70 final dividend paid in the 2022 financial year.

The management noted that the decision to pay an interim dividend was made in recognition of the difficult economic circumstances and the continuing value erosion that makes an annual dividend less impactful.

The company had also paid shareholders N0.40 final dividend in 2021 and 2020 financial year, respectively, in justification of sustained growth in revenue that translated into impressive profit generation.

The 2023 financial year results of Berger Paints showed an impressive performance on top line and bottom line results even amid hike in cost of production, rising inflation and foreign exchange devaluation. In 2023, the company reported N7.9 billion revenue, 25 per cent growth from N6.33billion reported in the 2022 financial year.

Berger Paints’s sale of paints and allied products stood at N7.6 billon in 2023, about 23 per cent growth from N6.2billiion in 2022, while contract services was N363.8million in 2023, representing about 172.9 per cent growth from N133.33 million in 2022. Nigeria is the Group’s primary geographical segment as all sales in the current and prior year were made in the country.

The group’s cost of sales stood at N5.26billion in 2023, an increase of 22 per cent from N4.33billion reported in 2022. Gross profit increased by 35 per cent from N2.01 billion to N2.71 billion in 2023, a gross margin of 34 per cent vs 31 per cent in 2022In the year under review, total operating expenses stood at N2.09 billion as against N1.7 billion in 2022, increase driven by higher selling and distribution expenses. Operating profit stood at N751.28 million, an increase of 95 per cent from N386.02 million in prior year. Finance income was at N53.46 million in 2023 financial year, an increase of 209 per cent from N17.32 million in 2022.

MANAGEMENT’S VIEW

PROFIT GENERATION

From the statement of profit or loss, Berger Paints announced N776.32million profit before tax in 2023 financial year, a growth of 100 per cent from N387.79 million in 2022, while profit after tax was at N445.33 million in 2023, about 113.4per cent increase from N208.67 million reported in 2022.Findings revealed that the company’s profit after tax increased to its highest in 2023 and it reflected significant increase in dividend declared.

With N445.33million profit generated in 2023 financial year, the company’s declared dividend was at N260.84mlliion as against N115.93 million in 2022.Total assets emerged stronger The group total assets stood at N6.6 billion in 2023 financial year, about 19 per cent increase from N5.53 billion in 2022.Working capital remained positive in the year, increased from N955 million to N1,638 million.

Total equity increased to N3.51 billion in 2023, from N3.32billion reported in 2022 financial year.

What is sustaining Berger Paints performance ?

Berger Paints Nigeria has over the years sustained its growth momentum as the management has always placed innovation, integrity, quality of products and services and the provision of a vast product range at the top of its priorities.

Berger Paints Nigeria is keen on research and development which has resulted in its being known for pioneering new products and setting the pace in the paints and allied coating sector. An example of such specialty products is Berger Fire Retardant Texcote, a textured finish which has been very successful and has been adopted as the generic term for textured paint in Nigeria.

Another first of its kind product in the Nigerian market is Berger Rufhide, a wall putty with superior adhesive strength and capability over other screeding materials. Another well-known brands such as Luxol and Superstar continue to have their loyal clientele and enjoy extreme popularity across Nigeria today. The company has outlets (Colour World, Colour Mart) strategically positioned across the geo-political zones which have ample supply of BPN products for immediate purchase or supply. These outlets are managed by ‘business partners’ with well- trained staff, having capability to provide technical evaluation and professional consultation services to corporate and private clientele.

In order to improve customer experience, each Colour World is equipped with ultra-modern colour tinting machines, colour development software and skilled technical personnel with the capability

The Chairman, Berger Paints, Mr. Abi Ayida stated that 2023 was characterised by an unprecedented shortage of foreign exchange from the Central Bank which persists to date.

He said, “This adversely affected our ability to conduct efficient supply chain management and led to the highest rise in input costs in any 12-month period in our Company’s history. I am pleased to report that we were up to the challenge and the investments we have made in our human capital enabled the strategic agility required to successfully navigate and adapt to the new structural landscape. Our results are testament that we are on the right track to emerge as a more nimble and efficient Company for the challenges ahead. To buttress and sustain our position in the market, improve efficiencies and performance of the business into the future, a number of initiatives are being implemented.”

He noted that the N1.00 dividend payout was the first in the company’s history and was intended to improve investor confidence and the value of holdings.

On market position, he said “In the face of market uncertainties, Berger Paints Nigeria maintained its position as a leading player in the paints and coatings industry. Our relentless commitment to innovation, product quality, and customer satisfaction has not only fortified our market presence but also empowered us to seize new opportunities for growth. Currently, Berger Paints operates within the premium and super-premium segments of the market.“To adapt to evolving consumer preferences and capture the attention of younger demographic groups aged 25 to 45, we have undertaken strategic rebranding initiatives.

These efforts are aimed at making our offerings more appealing to this target audience. Despite prevailing market challenges, our latest revenue figures indicate that we have increased our market share. To ensure sustained growth and business resilience, we rely on these five key pillars: product innovation, market expansion, operational efficiency, customer experience and strategic partnerships “

The story continues online on www.thisdaylive.com

L-R: SSA to the President on Governmental Affairs, Dr Lande Smart; Program Executive, Tetracore Energy Group, Oladayo Williams; CEO, Tetracore Energy Group, Olakunle Williams; Director, Tetracore Energy Group, Mrs Kemi Williams; Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo; Program Director, Presidential CNG initiatives, Michael Oluwagbemi; MD, NNPC Gas Marketing Limited (NGML), Justin Ezeala and Managing Director, Gas Aggregation Company Nigeria Limited, Chijioke Uzoho at the commissioning of Tetracore CNG facility in Lagos… recently

May & Baker Posts N19.7bn Revenue for 2023FY Despite the unfavorable business climate in Nigeria, May & Baker Nigeria Plc, has posted its group revenue of N19.7 billion in 2023,

representing a growth of 37 per cent, when compared to N14.3 billion posted in 2022.

In view of the relatively strong

Idea Home Promises Affordable Furniture In a strategic move to dominate the Nigerian high-end furniture market, Idea Home & Lagom has inaugurated a new branch in Victoria Island with the promise to treat customers to a wide range of high-quality, stylish, and affordable furniture.

The Lebanese Ambassador to Nigeria, Emhassidor Hussam Diab over the weekend, commissioned the new outlet.

Speaking at the event, the Managing Director, Idea Home & Lagom, Dany Taan said, “Customers can expect a wide variety of high-quality, stylish, and affordable furniture that caters to different tastes and needs.

“Additionally, our new branch will feature personalized

customer service, in-store design consultations, and a seamless shopping experience,” he said.

Taan said, “Our furniture stands out due to its exceptional craftsmanship, innovative designs, and sustainability. We prioritize using eco-friendly materials and processes. Additionally, we offer customizable options to ensure our furniture meets the unique needs and preferences of our customers.

He added, “We aim to have a positive impact by creating job opportunities, supporting local suppliers, and participating in community events and initiatives.

We believe in giving back to the community that supports us and fostering a strong local economy.”

performance of the company, the chairman disclosed that the directors have recommended a dividend of 30 kobo for every 50 kobo share held in the company representing a total dividend payout of N517.57 million subject to the applicable tax.

Speaking on the sidelines of the company’s 2024 Annual General Meeting/Commissioning of Lily Water in Lagos, the Chairman, Board of Directors, Senator Daisy

Danjuma, notes that the gross profit grew by 70 per cent from N3.9 billion in 2022 to N6.8 billion in 2023; other operating income dropped significantly from N1.6 billion in 2022 to N62.2 million in 2023.

She said Distribution, selling and marketing expenses grew by 19 per cent from N2.1 billion in 2022 to N2.6 billion in 2023 to drive revenue; while administrative expenses grew by a whopping 119

per cent from N1.2 billion in 2022 to N2.7 billion in 2023. N1.1 billion out of the figure above came from foreign exchange losses due to the depreciation in the value of the Naira versus the dollar,” the senator stated.

Speaking On the financial cost, Danjuma said financial cost was flat year on year moving from N286 million in 2022 to N290 million in 2023 while finance income grew by 66 per cent from N231 million

in 2022 to N384 million in 2023.

She disclosed that Bio-vaccines Nigeria Limited, May & Baker’s joint venture business with the federal government of Nigeria contributed N57 million as its share of the company’s profit.

“Biovaccines Nigeria Limited started commercial operations in 2023 and made a marginal profit, largely from tax credit recoupable from past losses,” Danjuma explained.

ASKY Organises Familiarisation Trip to Boost Tourism Chinedu Eze ASKY, in collaboration with Jambojet, has announced an exciting familiarisation trip to Kenya, aimed at boosting traffic and tourism to this beautiful country renowned for its breathtaking landscapes and rich cultural heritage. This initiative is part of ASKY’s continuous efforts to promote Kenya as a premier tourist destination and enhance the travel experience

using its airline services.

The familiarisation trip will take place from June 04 to June 11, 2024, and will include key tour operators and some top-selling agents from across ASKY’s network. The selected participants will have the unique opportunity to explore Kenya’s diverse attractions, from the stunning savannahs to the pristine beaches of Mombasa, and the vibrant urban life of Nairobi.

According to the airline, the the journey will be facilitated

by Jambojet, our esteemed partner within Kenya, ensuring seamless travel experiences across the country. The itinerary includes stays at some of the finest partner hotels, such as the EKA Hotel, which offers exceptional hospitality and comfort to our guests. Through this initiative, ASKY expect the selected agents to gain firsthand experience of Kenya’s tourism

offerings, enabling them to better promote the destination within their market segments.

“By leveraging the unparalleled services of ASKY and Jambojet, we aim to create greater awareness and drive tourism growth to Kenya.

Currently, ASKY operates three weekly services from its hub of Lomé, connecting Nairobi to other 26 destinations across West, Central, and Southern Africa,” the airline said.

27

MONDAY, JUNE 10, 2024 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Goddy Egene goddy.egene@thisdaylive.com 0803 350 6821

The Access Bank‘s Journey of Resilience, Transformation and Innovation

Joseph Yeduma

T

he history of banking in Nigeria dates back to the colonial era. In 1892, the African Banking Corporation (ABC) was founded in Britain by Elder Dempster and Company Limited , a Liverpool-based shipping agent.

The ABC, entirely owned and operated by foreigners, was the first bank established in Nigeria. It was soon followed by other banks, beginning with the Bank of British West Africa (BBWA) in 1894, which eventually acquired the African Banking Corporation.

The Anglo-Africa Bank Limited, Nigeria’s first indigenous bank, and the Colonial Bank were founded in 1902 and 1917, respectively.

Subsequently, establishing banks became more straightforward and frequent, with 94 of 145 banks being founded between 1945 and 1952 by both local and foreign investors, marking the era of unregulated banking.

The proliferation of banks, many lacking solid financial foundations and competent management, led to frequent financial distress, partly due to the absence of regulation. The 1952 ‘Banking Ordinance’ was Nigeria’s first attempt to regulate banking activities, ushering in the era of regulated banking. The banking industry in Nigeria has since gone through several significant or transformational phases, including the Era of Free Banking (1892-1952), the Period of Regulated Banking (1952-1986), the Era of Deregulation (1986-2004), and the Era of Banking Consolidation combined with the Era of Stringent Banking Regulation (2009-2015).

2015 till date has seen the industry change at rapid speed but can broadly be defined as the era of financial inclusion, retail expansion, digitalisation, and corporate responsibility.

Despite various regulatory reforms aimed at improving the banking sector, Nigeria faced severe banking crises in the 1990s. In response, significant measures such as increasing the capital base of commercial banks from N2 billion to N25 billion in 2005 and implementing strict banking regulations in 2009 were introduced.

These milestones were pivotal in shaping the Nigerian banking system. Nevertheless, one of the banks that evolved from this crisis, has today become a behemoth, with its sights set on becoming the world’s most respected African bank.

Access Bank began its operations in May 1989 after obtaining a banking licence from the Central Bank of Nigeria. Initially, it faced challenges as a small player in the Nigerian banking sector. By 2002, when Aigboje AigImoukhuede and Herbert Wigwe took over, Access Bank was ranked 65th out of 89 banks in Nigeria.

However, the resilience of Access Bank is evident in its early challenges, as between 1989 and 2001, the bank experienced limited growth, operating only 27 branches in 14 years. Its financial performance was also poor, providing minimal returns to investors. Despite these early struggles, the new leadership was determined to turn the tide.

The turning point came in 2002 when Aig-Imoukhuede and Wigwe implemented an ambitious transformation agenda. First, they assembled a formidable management team with a mandate to reengineer and refocus the bank. This marked the beginning of a strategic transformation aimed at elevating Access Bank to a top industry position.

In March 2002, the Board of Directors appointed Aig-Imoukhuede as Managing Director/Chief Executive Officer and Herbert Wigwe as Deputy Managing Director. The mandate was clear: Reposition the bank as one of Nigeria’s leading financial institutions within a five-year period (March 2002 to March 2007). This task was perceived by many as impossible given the realities of the Bank at the time.

The new management team subsequently created a transformational agenda for Access Bank which represented a departure from all that characterised the bank in the past and became the road map for the conversion of the lender into a world class financial institution.

The impact of the transformation agenda was reflected in the first year. The bank grew its balance sheet by 100 per cent and posted an impressive N1 billion profit-before-tax (PBT). Though paling in comparison to the numbers it reports today, the PBT was more than the cumulative profit made by the bank in the previous 12 years. This also marked the beginning of what would be a six-year

Access Bank Corporate Headquarters, Lagos record triple-digit growth trend. Similarly, earnings per share had rebounded to 21 kobo from a negative two kobo position, leading to a declaration of a five kobo dividend to shareholders for the first time in three years.

Access Bank also expanded its banking portfolio, leveraging relationships with large corporate clients to drive organic growth.

Strategic acquisitions also played a crucial role in this transformation, as in2005, Access Bank acquired Marina International Bank Ltd and Capital Bank Ltd (formerly commercial bank Crédit Lyonnais Nigeria).

In recognition of the role of an enhanced capital structure, the bank embarked on a capital raising exercise in July 2007.

The exercise was an astounding success recording more than 300 per cent in over subscription. The public offer comprised an Over-The-Counter GDR placement of US$250 million which was similarly oversubscribed by 700 per cent. The bank’s shareholders’ fund today stands at over N2.5trillion with a shareholder base of over 920,000 domestic and foreign investors.

In 2011, Access Bank acquired Intercontinental Bank, significantly

expanding its customer base and asset portfolio. By 2019, the merger with Diamond Bank created one of the largest banks in Africa by assets and customer base, strengthening its retail banking presence and digital banking capabilities.

Access Bank’s transformation has not only been about growth, but also about setting a benchmark in the banking sector.

The bank has been at the forefront of digital innovation, launching various digital banking products and services to enhance customer experience and financial inclusion. Its mobile banking app has made banking services more accessible to millions of customers, particularly in rural areas, contributing significantly to financial inclusion.

Expanding its footprint across the African continent, Access Bank now operates in 221 countries. Its African spread includes a presence in Angola, Botswana, Cameroon, Congo DR, Gambia, Ghana, Guinea, Kenya, Mozambique, Nigeria, Rwanda, Sierra Leone, South Africa, and Zambia.

This pan-African strategy leverages the bank’s capabilities in trade finance and digitalisation to serve as a gateway between Africa and the rest of the world. Access

Bank also has operational presence in key financial centres such as China, Hong Kong, France, UAE, and the UK, and maximises this to facilitate international trade and investment.

The bank’s resilience and transformative strategies have translated into robust financial performance and industry recognition. Over the years, Access Bank has consistently reported growth in revenue, profit, and assets. It is now firmly recognised as one of the leading financial institutions in Africa, receiving numerous awards and accolades for its banking services, innovation, corporate governance, and social responsibility efforts.

Commencing in the second half of 2024, the bank’s Africa and international expansion strategy will enter the consolidation and efficiency phase, aligning with the its plan to become a top-five bank in Africa by 2027.

Looking ahead, Access Bank plans to continue its expansion across Africa and other international markets, seeking opportunities for growth and innovation. The bank aims to further enhance its digital banking capabilities, focusing on customer-centric solutions and leveraging emerging technologies. t :FEVNB JT B -BHPT CBTFE mOBODJBM BOBMZTU

28

MONDAY, JUNE 10, 2024 ˾ T H I S D AY

BUSINESS/MONEYGUIDE

NSC Boss Commends WACT for Massive Investment, Automation The Executive Secretary/CEO of Nigerian Shippers’ Council (NSC), Akutah Pius Ukeyima, has commended West Africa Container Terminal (WACT) for its high level of investment, automation, and services they are offering.

The NSC CEO gave the commendation during his recent visit to the terminal in Onne, Rivers State.

Speaking during the visit, Ukeyima described the terminal as one of the most modern terminals in Nigeria while also stating that the level of automation in the terminal is very high and is the only way of encouraging the ease of doing business.

He expressed satisfaction over the WACT Container Freight Station which promotes the exportation of non-oil products while aiding the consolidation of

export cargoes, stuffing and unstuffing of import and export containers.

He also stated that the major concern of the government is to lower the cost of export and import business so that it will not impact more on the consumer and the exporter but rather reduce the cost to impact positively on the economy.

According to him, the federal government is engaging in implementing rail connectivity to minimize the cost of haulage transportation for investors. He further assured the terminal of regular support and collaboration. ‘’I am satisfied with the level of investment I am seeing on ground and the services they are offering and the government on our part will continue to move this sector forward.

The government is committed to growing this sector and we

must do everything that is needed to support the sector, “he said.

Also speaking, the CEO of APM Terminals Nigeria, Frederik Klinke said the company strongly believes in the Nigerian economy and thus, has made additional investment of over USD112 million in operating the facility to now being a state-of-the-art container terminal.

“We fully support and want to help facilitate the export drive that the government is pushing very successfully and that is the background of the millions of investment that is seen in our handling equipment and also the Container Freight Station which is indeed one of the ways we can directly impact the ability of exporters to bring their goods easier to the market,’’ Klinke said.

Country Chief Executive Officer, APM Terminals Nigeria, Frederik Klinke (left) and the Executive Secretary/CEO, Nigerian Shippers’ Council (NSC), Akutah Pius Ukeyima, when Ukeyima visited the West Africa Container Terminal (WACT) Onne, Rivers State… recently

MARKET INDICATORS

FBNQuest Trustees Champions Estate Planning in Ibadan Nume Ekeghe FBNQuest Trustees, a subsidiary of FBNHoldings, recently inaugurated its first Estate Planning Clinic in Ibadan, Oyo State.

FBNQuest in a statement noted that this event was aimed to equip participants with comprehensive knowledge on the vital steps and measures necessary for preserving and managing

their properties and legacies for future generations.

The event, themed, “Preserving Legacies Across Generations,” offered valuable insights on the importance of Estate Planning and intergenerational wealth.

In his message, the Managing Director/CEO of FBNQuest Trustees, Adekunle Awojobi,represented by the Head of Business Development at FBNQuest Trustees, Babajide

Fetuga, underscored the importance of a well-drafted estate plan.

He highlighted how FBNQuest Trustees, with their expertise and experience, can guide potential clients in this crucial process.

“This ensures that assets are properly allocated to the right individuals at the righttime, thereby preventing future disputes or legal issues among family members.”

Coronation Group Plants Over 400 Trees in Nigeria, Ghana Nume Ekeghe In a significant step towards sustainability, Coronation Group has launched its new initiative, ‘Trees for Tomorrow’ in celebration of World Environment Day on June 5th.

As part of this green commitment, Coronation Group employees united to plant over 400 trees across various locations in Nigeria and Ghana, where the company operates.

The initiative underscores the group’s dedication to environmental stewardship and sustainable practices.

In a statement, the firm noted that the initiative was launched by the Deputy Managing Director of Coronation Merchant Bank, Paul Abiagam, along with other leaders in Coronation Group including MD/CEO, Coronation Asset Management, Aigbovbioise

Aig-Imoukhuede, Managing Partner, Coronation Capital, Kayode Akindele, and Chief Marketing & Communications Officer, Coronation Group Ngozi Akinyele.

Abiagam stated, “At Coronation, we recognise the urgency of addressing environmental issues. Our ‘Trees for Tomorrow’ initiative is not just about planting trees; it’s about planting hope for a sustainable future. By actively participating in World Environment Day, we underscore our commitment to promoting sustainable practices and community involvement. Our goal of planting over 400 trees is a testament to our dedication to environmental stewardship and our belief in the collective power of individual actions.”

Director-General of UNESCO, Audrey Azoulay, emphasised the collective

responsibility towards environmental conservation, she stated: “We must heed the call of the young people, citizens, associations and scientists urging us to take action, and radically change our relationship with nature and the planet. This collective quest for solutions is what World Environment Day is all about.”

Furthermore, Chief Marketing & Communications Officer, Coronation Group Limited, Ngozi Akinyele, added: “Trees for Tomorrow’ is one of several ways we are taking tangible steps towards creating a more sustainable future. By planting over 400 trees, we are not only contributing to land restoration but also promoting biodiversity, rejuvenating our natural environments, and enhancing the resilience of our ecosystems.”

Moniepoint to Enrich Millions with Personal Banking Programme Kayode Tokede Moniepoint MFB has relaunched its personal banking referral program to enrich its customers as they enjoy the Moniepoint experience with family and friends.

The referral program is designed to reward users every time their friends or family perform a transaction on Moniepoint after signing up with their referral link.

Through this, millions of people will earn well over N100,000 from referrals alone.

Moniepoint’s technology has powered over 3 million businesses across Nigeria, and

with its reliable infrastructure now in the hands of personal users, it now enables seamless payments for many across the country. With referrals linked to transfers, a leading payment method for many in Nigeria, this referral program will provide extra income for many of its users.

Commenting on this development, Managing Director of Moniepoint MfB, Babatunde Olofin noted that the customer-centric referral program supports the bank’s focus on driving financial inclusion while helping to accelerate its vision of creating a society where everyone ex-

periences financial happiness.

“We know how important seamless financial transactions are, and we’ve seen first-hand the power of peer to peer recommendations and how word-of-mouth referrals can grow a customer base and increase revenue. Given our strong customer obsession and the strings of commendations which we have received that validate the work we do in providing peerless financial services, we want to provide our customers with rewards even as they continue to share these positive experiences with the Moniepoint brand,” Olofin said.

MONEY AND CREDIT STATISTICS (MILLION NAIRA) -- CBN Bills Held by Money Holding Sectors

1,588,771.44

Money Supply (M2)

93,968,491.96

-- Quasi Money

63,691,242.70

-- Narrow Money (M1)

30,277,249.26

---- Currency Outside Banks

3,411,735.44

---- Demand Deposits

26,865,513.82

Net Domestic Assets(NDA)

88,149,253.67

---- Credit to Government (Net)

33,925,848.79

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

0.00

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

0.00

Credit to Private Sector (CPS)

80,863,019.16

--Other Assets Net

13,319,068.99

Reserve Money (Base Money

21,230,656.70

--Currency in Circulation --Banks Reserves --Special Intervention Reserves

3,693,573.23 17,537,083.47 433,229.15 ˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

February

Inter-Bank Call Rate

19.25

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

22.75

Treasury Bill Rate

17.03

Savings Deposit Rate

5.86

1 Month Deposit Rate

8.69

3 Months Deposit Rate

9.89

6 Months Deposit Rate

9.61

12 Months Deposit Rate

10.75

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OPEC DAILY BASKET PRICE AS AT 4TH APRIL , 2024

The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00 the previous Thursday, according to OPEC Secretariat calculations.

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

MONDAY, JUNE 10, 2024 ˾ T H I S D AY

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MARKET NEWS

ETI Gets Shareholders’ Approval to Raise $600m Capital, Ndiaye Emerges Chairman Kayode Tokede The shareholders of Ecobank Transnational Incorporated, have approved the management’s decision to raise $600million fresh capital, among other key resolutions at its 36th Annual General Meeting (AGM) which was followed by Extraordinary General Meeting (EGM) held in Togo.

The shareholders during the AGM also approved the Appropriation of the profits, the renewal

of mandates of Directors, and the election of Directors.

The AGM also approved the appointments of Papa Madiaw Ndiaye, Louis Adande and Terence G. Sibiya as Non-Executive Directors succeeding the retiring Directors.

Alain Nkontchou, Mfundo Nkuhlu and Hervé Assah stepped down from the Board after completing their terms of office.

The shareholders commended the Group’s strong performance in 2023 financial year with its net

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revenues exceeding the $2 billion mark for the first time in nearly 10 years.

They also noted that this performance was achieved in the face of significant macroeconomic headwinds such as high inflationary and interest rate environment, local currency depreciation, and geopolitical tensions.

The Group achieved profit before tax of $581 million, up 8 per cent from $540 million in 2022. In constant currency (i.e.

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excluding the adverse effects of translating local currencies into ETI’s reporting currency the US dollar), the increase in profit before tax is 34 per cent.

The Group recorded a record low cost-to-income ratio of 54.9 per cent.

Speaking to shareholders, the outgoing Chairman, Ecobank Group, Alain Nkontchou said: “2023 was an encouraging year for our Group. Our organisation has shown resilience in a rapidly changing operating environment.

T R A D E D MAIN BOARD

The Board is proud of what our employees around the continent and in our affiliates in other regions have achieved, collectively and individually. He expressed that Group is mindful of the challenges ahead and hold unwavering confidence iin the capabilities of its management team and dedicated staff to meet and overcome them.

Commenting on the new Chairman, Nkontchou stated that, “the Chairperson will bring a fresh

AS O F

J U N E DEALS

perspective and experience that will undoubtedly contribute to the continued success and growth of Ecobank, working alongside our Group CEO, Jeremy.”

The Chief Executive Officer, Ecobank Group, Jeremy Awori commented: “Ecobank delivered a strong performance in 2023, demonstrating the competitive advantages of our resilient, diversified business model and the early results of our new Growth, Transformation and Returns strategy.

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T H I S D AY • MONDAY, JUNE 10, 2024

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NEWS

AT TOBA AND MODUPE FATIMILEHIN'S WEDDING...

L-R: Founding Partner, Diya Fatimilehin and Co., Gboyega Fatimileyin; his Wife, Dr Mojisola Olutimilehin; the Groom, Toba Fatimileyin; the Bride, Modupe Fatimilehin; wife to the former Minister of State for Finance, Bumi Babalola; and former Minister of State for Finance, Remi Babalola during the wedding ceremony of the newly wedded couple, Modupe and Toba, held in Lagos, last Saturday

Clark Cautions Sekibo over Comments on Rivers Politics Says contrary to ex-lawmaker’s remarks, Wike benefitted from Ijaw people Sunday Aborisade in Abuja Elder statesman and prominent Ijaw leader, Chief Edwin Clark, has cautioned the senator who represented Rivers East Senatorial District in the 9th Senate, George Sekibo, to be cautious about his comments on the current political crisis in the oil-rich Niger Delta state.

Clark gave the advise yesterday in an open letter to the senator, a copy of which was sent to President Bola Ahmed Tinubu; Secretary to the Government of the Federation,

George Akume, and Governor of Rivers State, Siminalayi Fubara.

The former minister of information in the defunct First Republic said, as a 97 year-old Ijaw leader, he needed to put things in proper context because a number of wrong information was communicated recently in Sekibo's public interviews.

He said contrary to claims by Sekibo in his interviews, Wike had been a major beneficiary of the goodwill of the Ijaw nation.

He said: "God has kept me alive and have seen my 97th birthday barely

two weeks ago, I owe it a duty to educate you, younger ones on the true course of events as regards the politics of Rivers State, the Niger Delta and Nigeria at large, whenever the occasion calls for that.

"I became closely associated with the politics of the Niger Delta in the early 1950s under the leadership of Chief Harold Dappa-Biriye. As a matter of fact, we were all part of the Zikists Vanguard within the NCNC political party before Chief Dappa-Biriye went on to form the Niger Delta Congress (NDC) in 1959.

"We all moved with him and I became one of the leaders of the youth wings of that political party.

"My dear son, the Ijaw have made sacrifices for the survival of, and growth of all tribes in Rivers State, including Nyesom Wike, without expecting the beneficiaries of such Ijaw kind gestures to be excessively sublime towards them, or expect them to lay on the ground for Ijaw to step on them.

"Nyesom Wike knows, that aside from God, the biggest players who

have supported him to rise to his political level today, are the Ijaw, including myself. I am sure he knows the roles I have played in his political ascendency.

"There is, therefore, no need to be apologetic to Nyesom Wike, when there is no offence. In the course of the Ijaw fighting for people of all tribes, it was almost a daily occurrence with all the political actors seeing ourselves as one,” he stated.

As a result of his activities and roles in Rivers State affairs, fighting for equity, justice and fair play, Clark stated that former Governor Rotimi Amaechi and himself had a close relationship.

Immediately after he was sworn in as Governor of Rivers State in his

first tenure, Clark stated that Amaechi came to his country home to visit in appreciation.

"As Amaechi’s government came to an end in 2015 after eight years, the Rivers Ijaw again insisted that it was their turn to take over governance in Rivers state and this time, the consensus was general among the people.

"All Ijaw people under the leadership of four times minister, Alabo Tonye Graham Douglas insisted for an Ijaw man to take the lead.

This was only fair and just and so many Ijaw sons and daughters with all manners of qualifications presented themselves. Almost all of them had held top positions, both at the state and federal levels.

NAPTIP: Activities of Orphanages Are Being Investigated Nationwide NDLEA Intercepts Codeine

Michael Olugbode in Abuja

Director-General of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Prof. Fatima Waziri-Azi, has revealed that many orphanages in the country are presently having their activities investigated for likely child trafficking.

She made the revelation during a one-day community dialogue and advocacy on sexual and genderbased violence (SGBV) organised by the agency for stakeholders in Gwagwalada Local Council of the Federal Capital Territory, Abuja.

The NAPTIP DG said some orphanages commit a lot of infractions that can be categorised as human trafficking, noting that: “We are investigating a lot of orphanages around the country, NAPTIP is currently prosecuting some of these orphanages.

According to her, “The agency is witnessing a lot with these orphanages. No orphanage has the right to conclude the adoption of children. NAPTIP comes in when there is an element of human trafficking.”

She warned operators of orphanages to be careful about their mode of operation, adding that Nigerians should avoid adopting babies from such homes.

In February, the Federal Capital Territory administration sealed the Priesthood Orphanage in Karon Majigi Village, Abuja, for allegedly trafficking 23 children whose ages range from one to 14 years.

The children, who were rescued from the orphanage, were alleged to have been trafficked from Plateau State.

The NAPTIP head also condemned the act of child molestation, lamenting

that it has become a rampant issue facing young ones today.

She said: “Issues of sexual and gender-based violence happens mostly at the community level and we must all create solutions that deals directly with these problems and the solutions can only come from you as stakeholders.

“The grievous offenses like, infliction of injury, female genital mutilation should not be settled at the community level. These are very serious offenses that deserves legal action and settling this kind of issues at the community level is just blatant injustice to the victim".

She added: “So protecting offenders, intimidating witnesses, hinders justice and leads to a lot of withdrawal of cases. She also noted that it is a serious crime to tamper with evidence.

“You tamper with evidence that can

help law enforcement investigations, intimidation, threats, blackmailing, or when you give the witness money.

All these are serious offenses that someone can be arrested for. It is also a crime to obstruct any law enforcement officers from doing their job".

Earlier, the Chairman of Gwagwalada Local Area Council, Alhaji Abubakar Jibrin Giri, speaking at the event said: “One of the major problems we have in our society today is gender-based violence which has become a phenomenon in our society. Thank God that people are coming in to join hands with the governments to see how we can eradicate or at least bring to the minimum the menace in society.”

He added that: “Our youth is our future leaders, and the way we take care of them is how they will be tomorrow.”

Amidst Delayed Trial, Family of Slain BRT Passenger Bamise Ayanwola Seeks Justice

Mary Nnah

The family of Bamise Ayanwola, a young woman allegedly murdered by a Lagos State Transit bus driver on February 26, 2022, is crying out for justice.

Despite assurances from the Governor Babajide Sanwo-Olu, the case has stalled in court, leaving the family in anguish.

In a heartfelt letter of appeal to the African Television Foundation for Justice, Bamise's sister, Elizabeth

Ayanwola, has called on the foundation to help amplify their demand for justice. The letter, dated June 6, 2024, paints a picture of a family still grieving and seeking answers.

According to Elizabeth, "We are writing to appeal to your foundation to help us seek justice for our beloved sister, Bamise Ayanwola, who was brutally murdered by a Lagos State Transit bus driver over two years ago.

"Despite assurances from the governor, the case has stalled in

court and we are yet to get justice.

We believe that your foundation can help us amplify our demand for justice and ensure that those responsible for our sister's death are held accountable."

The African Television Foundation for Justice, led by its CEO Larry Omodia has taken up the case, vowing to pursue justice for the Ayanwola family.

Omodia promised that, "We will not rest until justice is served.

We will work tirelessly to ensure

that those responsible for Bamise's death are held accountable and that the family gets the closure they deserve.”

The family is seeking answers to several questions, including the mission of the SUV car accompanying the bus; why the driver picked up passengers after hours of closing, and the whereabouts of the CCTV footage from the bus.

They are also demanding the release of the toxicology report pending for over two years.

Shipment from India, US, UKBound Opioids in Ladies’ Hair Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted another consignment of 175,000 bottles of codeine-based syrup imported from India at the Port Harcourt Ports complex in Onne, Rivers State This is barely a week after a shipment of the same drug with equal quantity was seized at the same port, according to the spokesman of the anti-narcotics agency, Femi Babafemi.

He said the two seizures followed earlier intelligence, which made the agency request that the shipment be stepped down for 100 percent examination, noting that the latest seizure of 875 cartons of codeine containing 175,000 bottles and weighing 26,25 kilogrammes, was made last Friday during a joint examination by NDLEA, Customs Service and other security agencies.

He said the container marked HASU 4787890 from India was enroute C to C bonded terminal in Enugu.

Babafemi also said NDLEA officers of the Directorate of Operations and General Investigation (DOGI) last Wednesday intercepted five different parcels containing illicit drugs concealed in ladies’ clothes and synthetic hair going to the United States and United Kingdom.

He noted that some of the seized drugs include 620 ampoules of pentazocine injection, promethazine

and other opioids. The drug consignments were seized at a courier firm in Lagos.

In Kebbi State, NDLEA operatives on patrol along Kalgo-Birnin Kebbi road, on Saturday, arrested a 32-yearold Nigerien, Hassan Mummuni, with 4,000 pills of diazepam and 1.250 kilogrammes cannabis, concealed in four pesticide tanks, while operatives in Gombe State same day arrested Ibrahim Abubakar (aka Alhajiji) at Herwagana, with 6,740 pills of tramadol and 20,000 tablets of diazepam.

He said not less than 1,098 bottles of codeine-based syrup were recovered from a suspect, Onyekachi Iwula, 42, following his arrest in a commercial bus at Aloma junction, Otukpa, Ogbadibo LGA, Benue State.

In Bauchi State, NDLEA officers on patrol along Ningi-Kano road last Wednesday arrested a 20-year-old lady, Hasana Usman, with 25 blocks of cannabis sativa that weighed 28.2 kilogrammes, while their counterparts in Yobe State nabbed Ali Mohammed, 42, along Kano-Potiskum road, with 19,000 pills of tramadol 225mg concealed in a black sack and the suspect’s travelling bag.

In Oyo State, 57-year-old Oladimeji Samson was arrested in a commercial bus at the Ibadan end, of the LagosIbadan expressway with 79 blocks of cannabis sativa weighing of 44.4 kilogrammes and 48 grammes of ecstasy, all concealed in the engine compartment under the driver’s seat of the bus.

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BACKPAGE CONTINUATION LONG QUEUE FOR RETURN TO OLD learnt those lessons, please let us hurry back to left hand driving. Afterall, 75 countries worldwide still drive on the left, including South Africa, Kenya, Tanzania, Uganda, Zimbabwe, UK, Ireland, India, Pakistan, Singapore, Indonesia, Australia, New Zealand and Japan.

At the same time he made us to change to right hand driving, General Gowon also changed our money and introduced naira and kobo from 1973.

Central Bank alleged at the time that the name “naira” was derived from Nigeria.

Why is it sinking everyday against other currencies? National Assembly, please direct Central Bank to immediately bring back pounds, shillings and pence. The value of our currency will immediately appreciate. In those days most of our money was in coins; you could buy most foodstuff and provisions with a few coins. Only the richest people had paper money. With this naira, the last time I saw a coin was nearly twenty years ago, even though CBN never said it withdrew it from circulation. In 1972, I escorted my elder brother to the market and we sold a large hen for one shilling three pence, i.e. 15 kobo. Last week I bought a medium-sized hen at Garki market for N10,000, a 66,666 times price increase.

Even our exchange rate problems will be solved when we restore the old currency.

Before Gowon’s change we had a half penny, one penny, three pence, six pence, one shilling and a two shillings coin.

The latter, a large silvery coin which was quite rare, was called “dala” in Hausaland. My aunt later told me that it meant dollar, which was its exchange rate equivalent that time. It means the dollar’s value has increased 7,500 times against our currency since 1972, to its present 1,500 naira. Please bring back the old currency as new currency.

The new [old] national anthem spoke about Nigeria as “our own dear native land.” Which reminds me. Since we are obviously fond of the word native, could we hastily bring back the old Native Authorities to replace Local Governments?

It will be a tremendous idea. Everyone is saying that Local Governments are the sick tier of government, despite collecting 20.6% of the Federation Account every month. The old Native Authorities largely financed themselves by collecting poll taxes and the cattle tax jangali. It was Babangida who brought this Value Added Tax [VAT] business in 1988, which we should aim to abolish.

The Native Authorities were also far more effective in things that mattered.

The old Gwandu Native Authority, for example, was so concerned about girl child education that, at the beginning of each school term, it sent a Bedford truck to fetch every female secondary school student from her parents’ home and delivered her to her school dormitory.

The same truck went and brought them home for the holidays. Today’s Local Governments, do they even know which girl goes to which school?

After replacing the LGAs with Native Authorities, we should quickly abolish the states and bring back the provinces. I was marveling at the kata kata in Kogi State today. The late Alhaji Yusuf Dantsoho, who was a member of the Northern Region Scholarships Board in the 1960s, once told me that Kabba Province alone produced more than half of qualified candidates for the scholarships. Even the nomenclature of current government officials should revert back to the old times. Let us restore the District Officers, Divisional Secretaries, Residents and Provincial Commissioners. It will immediately restore honesty, dedication and selfless hard work to political leadership.

You see, in the mid to late 1970s, General Olusegun Obasanjo was frenetically changing things, only for us to now discover that the old things are much better. For example, he made the Land Use Decree. What we heard at the time was that it was much easier for government to grab land in the North for projects than in the South, where communal land ownership inhibited public projects. Obasanjo was so bent on that decree that when the Constituent Assembly handed to him its approved Constitution in 1978, the Supreme Military Council amended it and inserted the Land Use [along with NYSC and NSO decrees] into it, to make them un-amendable. Obasanjo’s Chief of Staff, Major General Shehu Yar’adua, also forced all state governors to make edicts forcing all motorcyclists to wear crash helmets, because doctors told him that half of all motorcycle accident patients in hospitals had cracked skulls. National Assembly, please abolish crash helmets so that we can wear our traditional caps, turbans and head ties again as we ride.

It was again Obasanjo in 1978 who forced all this country’s labour unions to come together and form the Nigeria Labour Congress, NLC. I am sure the National Assembly will look into this.

Only last week, NLC President Joe Ajaero refused to budge on the general strike despite pleas from both Senate President and House Speaker. He impudently told them to reduce the length of their motorcades so that they can pay a new minimum wage. They should quickly reverse that 1978 law, make NLC to fall apart into 42 or more feuding labour unions. Let us see where Ajaero will stand and demand half a million naira as minimum wage.

Talking about Ajaero, the former leader of the Electricity Workers Union, even reminds me. Who advised General Yakubu

Gowon in 1972 to merge Electricity Corporation of Nigeria [ECN] with Niger Dams Authority [NDA] to create National Electric Power Authority, NEPA? It was a failed experiment. After 52 years and despite many more reforms, there is still No Electricity Power Available, as we used to say in secondary school. We should bring back ECN and NDA and snatch back our power assets from the Discos and Gencos. ECN had no Band A customers; all of us were equal before it.

We saw all the back and forth this year before Muslim pilgrims left for the hajj. Why don’t we simply restore Hajj

By Road? Damn the airlines, pilgrims from all over the country once used Borno as launching pad, from where they departed through Chad to Sudan, where they then boarded ferries to cross the Red Sea into Saudi Arabia.

No government subsidy was needed; no bidding by airlines and no one was left stranded.

Our ill-thought out “reforms” over the years even spilled into the field of sports.

For Heaven’s sake, since we changed the Green Eagles’ name to Super Eagles, they have been underperforming on the African stage. National Assembly should quickly pass a bill to restore the name Green Eagles. Even our once great football clubs fell behind due to name change. Enugu Rangers’ fortunes declined when it was renamed Rangers International. Don’t you see that Manchester United, Manchester City, Liverpool, Real Madrid, Barcelona, Inter Milan, Paris Saint- Germain and Bayern Munich have remained on top because they still bear the names of their cities? National Assembly please pass a Football Clubs Name Restoration bill to make every club to re-adopt its former name. There is a long queue for return to the old.

seemingly innocuous thing, albeit a crime, force a former president in Nigeria to be convicted of a felony? We know of media sleaze of infractions and alleged corruption by high-powered politicians, but after a while, we hear nothing again about the prosecution of the case, and sometimes we hear of such people receiving national awards or portfolios of office without being acquitted by a court of law for the alleged crime.

The fourth lesson is that no criminal should be allowed to become the President of Nigeria. Americans did not foresee a future where a strong candidate like Trump would emerge as a party frontrunner with convictions hanging on his neck, but now it has happened. The example of Eugene V. Debs, a socialist leader who appeared as a candidate from prison and ran for the presidency, should have guided their legal framework, but America has a way with a history that their democracy does not fall apart. That cannot be said of an emerging democracy like Nigeria.

Just like it happened to us during the death of Umaru Yar'adua and for days, lawyers were struggling with the instrument to use until the "doctrine of necessity" was invoked, this is the best time to review the constitution to amend any ambiguity in our laws to protect our democracy.

The fifth lesson is that Nigeria must tackle economic inequality, which creates a huge class divide that makes some feel above the law. Policies to reduce economic disparities through education, healthcare, and social welfare programmes can strengthen social cohesion and democratic stability. Developing strategies that promote inclusive economic growth and providing opportunities for all segments of society is critical for maintaining long-term democratic health.

Nigeria must fortify its democratic foundations and ensure a stable and inclusive political future.

Building solid institutions and an excellent democratic political culture steeped in democratic principles and ethos deemphasizes the power of political agents, especially those so powerful that they exert a considerable influence on the entire political system.

Everyone across the political divide must work collaboratively to defend our democracy. Encouraging dialogue across political divides and fostering a culture of bipartisan cooperation can mitigate polarization. Civic education that promotes understanding and respect for diverse viewpoints is essential. We must protect our democracy at all costs!

AMERICAN DEMOCRACY'S TRUMP TEST official—this momentous milestone is also a victory for soberness. Trump's conviction shows how a working democratic system can achieve justice. It serves as a reminder that we cannot discuss democracy without bolstering the judiciary's independence built on solid political culture and institutional resilience. This is a painful spot in Nigeria's democratic journey right now. The only thing that can ensure the preservation of democracy and our freedom is an impartial, courageous, and independent judiciary.

The stress tests American democracy faces reveal the resilience and fragility of democratic systems, especially the institutions. Learning from these challenges allows Nigeria to build a more robust and responsive democracy. This stressor provides valuable insights into the strengths and vulnerabilities of democratic governance, which can be instructive for countries like Nigeria, which has a complex democratic landscape.

The first lesson is the supremacy of the rule of law. No one is above the law, and no matter how highly placed, they must be subjected to the accountabilities and dictates of the law. Reminding future generations that nobody is above the law in a democracy is essential, and we must strengthen our democratic institutions so they can withstand any bully. Creating strong institutional structures is vital to withstand the most heinous attacks on democracy.

The second lesson is that we must fortify the other two arms of government – the legislature and judiciary against executive capture. Any attack on democracy from the executive arm, either still in power or out of power, must be resisted by the legislature and judiciary. The legislature must make clear laws that can easily overcome divisiveness, not opaque ones that become easy political tools. The judiciary must dispense justice equitably and responsibly. The weaker a legislature or the judiciary is, the easier it is for leaders from the executive arm to exploit the system, either to expand their power or to take down an opponent. Furthermore, weak institutions of democracy could manipulate facts like supple political stupidity.

The third lesson is that the Nigerian state must declare a war on corruption and hold all corrupt people accountable.

Trump

The fight against corruption should not be limited to politicians and politically exposed people but must cover corrupt businesses, public servants, and civil society. Like the case of Trump, his first conviction was not based on his action while in office but based on his seemingly private affair that hovers around how he handled his books and hush money for the porn star he was accused of having sexual entanglement. The question we must ask ourselves is, can a

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MISSILE Federal Govt to Hoteliers “Nigeria may be better. From June 20, we have directed hotels to put a sign outside from the Ministry of Women. No lodging of underage girls. (Otherwise) what happened in Niger State will be an understatement of what will happen in the FCT and I mean it" -Minister of Women Affairs, Uju Kennedy-Ohanenye, reads the riot act to hoteliers, on lodging of underage girls in hotels in the FCT.

MAHMUDJEGA VIEW FROM THE GALLERY

Long Queue For Return to Old

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he hurried discarding of our 46-year-old national anthem and replacing it with its predecessor reminded me of a news photo in Newsweek magazine in 1982. It was at the height of Italy’s revolving-door governments.

Italian Prime Minister Giovani Spadolini’s governing coalition fell apart and after several months of intense negotiations, he managed to cobble it back together.

When he unveiled his new cabinet, every former minister was back, for that matter to the same post he or she vacated. Newsweek featured a photo of the new cabinet with the caption: “Spadolini unveils his new cabinet [His old one].”

Changing the national anthem was the most important thing the National Assembly did in one full year. Unlike other people who are condemning it, I think it is a very important mission statement which indicates that all things past in Nigeria are better than all the innovations we made in the last 50 years.

I therefore urge the National Assembly to conduct a forensic investigation into

Tinubu

each and every innovation made by General Yakubu Gowon, General Murtala Mohammed, General Olusegun Obasanjo, Alhaji Shehu Shagari, Major General

Muhammadu Buhari, General Ibrahim Babangida, Chief Ernest Shonekan, General Sani Abacha, General Abdulsalam Abubakar, President Olusegun Obasanjo, President Umaru Yar’adua, President Goodluck Jonathan and President Muhammadu Buhari with a view to reversing them and restoring the old ones. Since President Bola Tinubu must sign any passed bill before it becomes law, National Assembly should tarry awhile on his Administration’s major innovations, such as subsidy removal and naira float, until a later date.

Some youngsters on the social media dug up an old picture of Nigeria Police uniform of the 1960s. It was a wide floating khaki shirt with short knickers, a black belt, long traditional cap and a baton. They said policemen pleaded with them to hide the picture from the National Assembly lest they pass a bill to abolish the current uniform and restore the old one. On the contrary, I have sent the picture by DHL to both Senate President and House Speaker and urged them to act fast on a National Police Uniform Act. When the state police

come up soon, that restored uniform, which is locally made, will help engender understanding between them and the local communities. I hear that the old uniform also had no pocket, which is very good because a cop at a check point has nowhere to hide egunje.

Look, National Assembly, please quickly pass a law to restore left-hand driving. As primary school pupils in 1972, our teachers matched us to the roadside for several weeks to witness rehearsals for the April 2, 1972 switch from left hand driving to right hand driving. Government was serious in those days; not only motorists, but even pedestrians were taught how to adjust to the switch. We were taught how to cross the road: “Look left, look right and then look left again. Remember, you will sometimes hear traffic before you can see it. Don’t loiter and don’t run. Don’t play on the road. Walk on the left side of the road so that you will be facing oncoming traffic.” Since all the taxi drivers in Nigeria have not Continued on page 31

DAKUKUPETERSIDE American Democracy's Trump Test BENEATH THE SURFACE

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here is currently no evidence to support the claim that democracy is a perfect system of governance.

However, humans still need to figure out a better means to guarantee the freedom and consent of the governed. Democracy remains the most practical choice available. We must keep working on it until it accurately reflects our goals because it's an evolving idea even after many years. Because Nigeria, Africa's largest democracy, is fashioned after the United States (US) model of liberal presidential democracy, whatever threatens democracy in that land becomes of interest to us. Recent unsavoury developments around the candidature of Donald Trump called for Nigeria to look inward and reflect on the ability of the institutions to prevail over considerations of status and sentiments.

America, the flagship of democracy, may face its first real test of the elasticity of democracy and democratic institutions.

For the first time in its history, there is a likelihood that Donald Trump may be

campaigning from prison or as a convicted criminal to be elected as President of the US. A Manhattan Jury has convicted Donald Trump for falsifying business records to cover up a hush-money payment to a porn star. On July 11, a New York court will give him a sentence. This raises a moral conundrum, a constitutional issue, a dilemma for the party, electoral questions, and a logistics challenge.

Some pertinent rhetorical questions merit consideration: can Trump run for office, and what does the US Constitution say?

Can the Republican Party replace Trump, and is there a precedence? Can the party system survive a deadly jolt in the event that the law eventually disqualifies Trump?

Mr Trump is registered to vote in Florida, and the law of that state bars convicted people; can Mr Trump vote? Can Mr Trump be elected while in prison, and is there a constitutional provision to guarantee this?

What if Mr Trump is convicted in other states where he is facing more criminal proceedings? What are the implications?

These questions will test the US Constitution

and presidential transition tradition as it has never done before.

Although I will not attempt to answer most of these rhetorical questions, I boldly posit some facts that deserve attention.

The US Constitution does not disqualify a person convicted from running for the office of President. Consequent to the preceding, a court's conviction of Donald Trump will not prevent or disqualify him from running for the said office. In the case of Nigeria, Section 137 lists grounds for disqualifying a person standing for election to the office of President, and it includes a trial Court conviction that must have taken place within a period of less than ten years before the date of the election to the office of President, and the said conviction must be in respect of an offence involving dishonesty or the person has been found guilty of the contravention of the Code of Conduct. In essence, not all court convictions apply in Nigeria. A sentence that does not border on fraud, financial crimes or forgery will not count or lead to the disqualification of a person

running for President. We may recall that this issue arose at the last presidential election petition trial, and legal experts argued this point.

Besides, the US Constitution overrides any State law, particularly the Florida State law prohibiting a convict from voting. This Florida State Law will only apply if such a conviction occurred in Florida or was made by a Florida Court. In this way, Donald Trump has not been convicted by the State of Florida, and the said Florida State law will not apply or be enforced against him.

However, while a convict can still run and win a presidential election in the US, the nature of the sentence may prevent him from occupying the office.

The implications of all of these are still on us. This marks the first-ever conviction of a sitting or former President in American history for a criminal offence. A triumph for accountability and the fundamental idea that no one in a democracy is above the law—not even the highest elected Continued on page 31

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