MONDAY 20TH JUNE 2022

14 Banks Raked in N47trn as Deposits, Disbursed N25trn Loans in 2021 Zenith, Access, UBA, GTCO, First Bank, Ecobank maintain industry dominance Obinna Chima Fourteen banks listed on the Nigerian Exchange Limited (NGX) raked in a total of N46.863 trillion from their respective customers as deposit

at December 2021, which was 18 per cent higher than the N39.491 trillion recorded as of December 2020.

The figures compiled by THISDAY, following recent release of its full year financial

statement by one of the tier-one banks, First Bank, also showed that the 14 banks disbursed a total of N24.999 trillion as loans and advances to their customers in the period under review, which was 20 per cent

higher than the N20.852 trillion recorded the previous year, just as the combined profit after tax they posted increased by 17 per cent to N1.102 trillion in 2021, higher than the N939 billion recorded within same period

in 2020.

Similarly, their total assets also jumped by 17 per cent to N70.521 trillion in 2021, higher than the N60.084 trillion it was in the comparable period of 2020.

The banks are Access Bank, Fidelity Bank, FCMB Group, FBN Holdings, GTCO, Union Bank, United Bank for Africa (UBA), Zenith Bank, Ecobank Continued on page 5

Princess Margaret Obaigbena for Burial in Owa Kingdom, Delta, August 19–20…

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Monday 20 June, 2022 Vol 27. No 9932. Price: N250

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Buhari Still Waiting for Tinubu’s Shortlist of Running Mates…

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Atiku MocksTinubu, Obi, SaysThey Can'tTake First and Most Important Decision Chuks Okocha in Abuja In an apparent mockery of some other frontline contestants in the 2023 presidential election

who were unable to choose their vice presidential running mates before the deadline given by the Independent National Electoral Commission (INEC),

former Vice President and Peoples Democratic Party (PDP) presidential candidate, Alhaji Atiku Abubakar has said the first and most important

decision that any candidate for an executive position in a democracy must make is the choice of a running mate.

The APC presidential

candidate, Bola Tinubu and presidential running mate.

While Tinubu picked Usman his labour counterpart, Peter Obi had chosen ‘place holders’ Masari and Obi chose Doyin. because of their inability Continued on page 5 to choose their preferred

Buhari to Oyebanji: You Must Be Magnanimous in Victory Says success at poll indicative of people’s confidence in APC I won’t disappoint Ekiti people, governor-elect assures Your election is a popular choice, Kolawole hails victor Adamu, Tinubu, Lawan, Fayemi, Adebayo, Sanwo-Olu, others applaud party, winner Deji Elumoye, Chuks Okocha, Kingsley Nwezeh, Onyebuchi Ezigbo, Adedayo Akinwale, Sunday Aborisade, Udora Orizu in Abuja, Victor Ogunje in Ado Ekiti, Igbawase Ukumba in Lafia, Segun James in Lagos, and Fidelis David in Akure President Muhammadu Buhari has congratulated the Ekiti State governorContinued on page 5

THE MONDAY O INTERVIEW CHAUDHURI

Nigeria's Fiscal Situation Now Precarious, AWARD TO AMBASSADOR HARRIMAN...

May Worsen POSTHUMOUS L-R: Nigerian High Commissioner to the United Kingdom, Ambassador Sarafa Tunji Isola, presenting a plaque to children of late Ambassador Leslie Harriman, Mr. Tony Harriman and Ms. Josephine Harriman, at a •Late Harriman

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ceremony where the Association of Retired Career Ambassadors of Nigeria (ARCAN) honoured late Harriman in a posthumous award in recognition of his career achievements at a ceremony held in London…recently

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Big Crowds Take to London Streets to Protest Soaring Costs of Living Thousands of people marched through central London at the weekend in a protest over the soaring cost of living in Britain.

Huge crowds flooded into the British capital for the rally to demand that the government do more to help people faced with bills and other expenses that are rising more quickly than their wages, the AP reported.

Prime Minister Boris Johnson had been criticised for being slow to respond to the cost-ofliving crisis.

Inflation in Britain and across Europe has been surging, as Russia's war in Ukraine crimped supplies of energy and food staples like wheat. Prices were already rising before the war, as the global economic recovery

from the COVID-19 pandemic resulted in strong consumer demand.

Demonstrators carried banners with messages such as “Cut war not welfare." They booed when they passed by 10 Downing Street, the prime minister's residence, according to videos posted on social media.

Ben Robinson, who works

for a housing charity in south London's Brixton neighborhood, said the government doesn't realise how bad things are going to be for the poor.

“We’ve got residents who are coming into our offices who are choosing between feeding their own kids, not themselves, their own kids, and paying rent and heating," he said.

"That is just not a choice that anyone should have to face, you know, in the fourth biggest economy in the world.”

The TUC, an umbrella organisation for labor unions that organized the protest, said its research suggests workers have effectively lost a total of almost 20,000 pounds ($24,450) since 2008 because pay hasn't

kept pace with inflation.

Johnson's government is facing heavy pressure to do more to help Britons struggling with soaring fuel and food prices and domestic energy bills. In one example of the crunch for household finances, a data firm said the average cost of filling up a typical family car exceeding 100 pounds ($125).

assume the mantle shortly.

Finally, I wish you the guidance of the Almighty God in the onerous task ahead.”

Progressives Congress.

"This feat should motivate and inspire us as we go for more victories in the coming elections. I must commend the now outgoing governor, Dr. Kayode Fayemi, and his team, whose progressive leadership in Ekiti made it possible for APC to retain government for the next four years. I am confident that the governor will finish well and strong.

"While thanking the people of Ekiti once again for standing by APC, I urge them and, indeed, the generality of Nigerians to continue to maintain their faith and confidence in our party."

by the peaceful conduct of the people, they have shown the world that democracy has matured in the country.

Adebayo said the outcome of the election was the people's verdict on APC’s performance in the last three and a half years, which put the state on the path of steady progress and development The former governor of the state praised other contestants in the election for abiding by the rules of the game and allowing Ekiti people to make their decision on who should be their next governor. He called on them to accept the outcome of the election and team up with Oyebanji to continue the good work of the incumbent governor.

BUHARI TO OYEBANJI: YOU MUST BE MAGNANIMOUS IN VICTORY elect and All Progressives Congress (APC) candidate, Biodun Oyebanji, on his victory at Saturday's governorship poll in the state. Buhari, however, advised Oyebanji to be magnanimous in victory, in a release yesterday by the president’s media adviser, Femi Adesina.

The president said the APC candidate’s victory was well-deserved, considering his contributions to the development of the state and the party before his nomination, but it was also an indication of the people’s confidence in the ruling party.

In his acceptance speech at his Ikogosi-Ekiti country home, Oyebanji assured that he would not disappoint the people.

The assurance came as the candidate of the Peoples Democratic Party (PDP) at the governorship election, Olabisi Kolawole, congratulated the winner, describing his victory as a popular choice to which he convincingly conceded defeat.

Many prominent Nigerians hailed APC and its candidate over their victory at the poll. They included National Chairman of APC, Abdulahi Adamu; presidential candidate of the party, Bola Tinubu; President of the Senate, Ahmad Lawan; outgoing governor of Ekiti State, Kayode Fayemi; and Minister of Industry, Trade and Investment, Adeniyi Adebayo.

While urging Oyebanji to be benevolent in victory in the interest of the people, Buhari also rejoiced with Adamu and the APC National Working Committee (NWC) for a successful outing, the first in the tenure of the newly elected executives of the party.

The president told the APC national chairman, “This is a good beginning for you and your team. The APC is getting stronger and more united. The victory of our party in Ekiti is an indication of the confidence of Nigerians in the ability of our great party to deliver quality governance to all.”

Buhari charged all APC members within and outside the country to see the victory

in Ekiti State as a good omen for the 2023 general election and work diligently to ensure the party’s success. He urged a continuation of the winning trend in the Osun State governorship poll in July.

Felicitating with the people of Ekiti State for the smooth conduct of the election, Buhari affirmed that they were the real victors, as they were able to freely choose their leader for the next four years.

He also lauded the Independent National Electoral Commission (INEC) and the law enforcement agencies for their conducts, and urged them to keep the momentum in future elections.

On his part, Oyebanji promised never to disappoint or betray the confidence reposed in him

by Ekiti people. He said his victory marked a watershed in the history of the state, saying it would translate into prosperity and growth, as he builds and improves on the legacies of the previous administrations.

The APC governorship candidate polled an aggregate of 187, 057 votes to defeat Chief Segun Oni of the Social Democratic Party (SDP), who came a distant second with 82, 209 votes, while Kolawole of PDP scored 67, 457 votes to place third.

Oyebanji lauded the electorate in the state for the overwhelming confidence in him, and assured that he would hit the ground running with his agenda for growth and turnaround of the state.

He commended INEC and the security agencies for delivering to Ekiti State a free, fair and credible poll, in line with the decision of the majority of people in the state.

Commending the other contestants in the election for adding credibility to the contest with their noble and enviable conducts, Oyebanji stated that before his inauguration on October 16, he would be meeting them to source ideas towards the development of the state.

He said, "I thank all other aspirants and their respective

ATIKU MOCKS TINUBU, OBI, SAYS THEY CAN'T TAKE FIRST AND MOST IMPORTANT DECISION They have a 30-day window to replace them.

But in a statement, he signed, Atiku said: "The office of the president in particular requires that the holder of that office must have clarity of the mind on decision-making.

"That is why in countries that have acquired more experiences in democratic acculturation, the choice that a presidential candidate makes about their running mates, and how they make the decision, provides a window of assessing their preparedness for the job that potentially waits ahead of them."

According to Atiku, "In meeting up with this expectation, and more importantly to ensure that I make a pick of a running mate that you shall be proud of, it became necessary for me to be introspective about my choice."

He continued, “Governor of Delta State, Dr. Ifeanyi Arthur Okowa and I share a lot of personality attributes in common. He is a fine gentleman,

but tenacious. His experience as a Senator will come in handy in some of the legislative reforms that are urgently needed to reformat our governmental processes.

"Ifeanyi and I are incurable optimists in the future of Nigeria and the promises it holds as one united, peaceful and prosperous country.

"Having him on the ticket brings a lot of asset to our campaign. In the months ahead to the general election, together with other great leaders of our party, the Peoples Democratic Party and, with your esteemed support, we shall work very hard to ensure convincing victory for our party.

"A victory for the PDP in the general election is a victory for Nigeria. When we win, Nigeria wins. The stakes in the election are very high, and it gives me tremendous joy that I can count on your support to win the election and get to work in earnest.", Atiku stated.

political parties for the dignified way they carried out their campaigns, and for contributing to the credibility of the process.

"I will be seeking audience with you all in the coming days, to benefit from your wealth of ideas on how to develop our dear state – to complement our vision and blueprint for the accelerated development of Ekiti. You have all performed creditably and earned places of honour in the history of our state."

On those who lost their lives in some of the isolated violent incidents during the electioneering period, Oyebanji said, "I use this opportunity to once again convey my condolences to the families of our kinsmen, who died in the pockets of pre-election violence.

I join my voice with that of all well-meaning Ekiti kete to the call for full investigations into the incidences and ensure justice is done."

Kolawole: Your Victory is Popular Choice The candidate of PDP in Saturday’s governorship election in Ekiti State, Otunba Olabisi Kolawole, congratulated the APC candidate and winner of the election, Mr Biodun Oyebanji, saying his victory is a popular choice.

In a congratulatory letter he personally signed, Kolawole said, “Following the announcement of your victory in the June 18 Ekiti governorship election by the Independent National Electoral Commission (INEC), I hereby write to congratulate you accordingly.

“I believe that power belongs to God and He bestows upon whoever he chooses. I also believe in popular choice that the unfettered expression of the peoples mandate as one of the crucial hallmarks of democratic principle and practice.

“Democracy must, therefore, deliver to the people dividends of security or protection and enhance their social welfare and well-being basically, among other deliverables.

“These were the motivation for my own ambition in the governorship of Ekiti State, which I feel strongly to reiterate here in view of the precarious situation of our people at the moment.

“Please, take urgent actions aimed at redressing the plights of our people when you fully

Adamu: Ekiti Victory is Precursor of Future APC Victories National Chairman of APC, Senator Abdullahi Adamu, yesterday, said the victory recorded in the Ekiti State governorship election by the party was a foretaste of expected victories in future polls. Adamu stated this in his letter of congratulations to the governor-elect, Mr. Biodun Oyebanji, signed by the senate president’s Senior Special Assistant (SSA), Dr Samuel Jimba.

Adamu said the victory recorded in the first election in his tenure as national chairman of APC was as a result of the popularity of Oyebanji's candidature, as well as the robust campaign strategy put in place by the party.

He paid tribute to the leadership of President Muhammadu Buhari, who, as leader of APC, provided guidance for the party as it went into the Ekiti election.

The senate president promised Buhari that the party would continue to be guided by wisdom in all future elections for the consolidation of his legacies.

Tinubu: Ekiti Victory Will Motivate APC for More in 2023 Presidential candidate of APC, Senator Bola Tinubu, said the party’s victory in the Ekiti State governorship election would spur it on to more victories in the coming elections. In a statement yesterday by his media office, Tinubu congratulated Oyebanji and the party for winning the governorship election. He also commended the APC governors and members of the NWC under Adamu’s leadership for recording their first major electoral victory.

He charged them not to relent in their efforts, but to lead the party to greater victories in the 2023 general election.

Commending Oyebanji for the steadfastness and passion he brought to the campaign, Tinubu said, "I congratulate our governor-elect Abiodun Oyebanji and his deputy, Mrs. Monisade Afuye, for their great success at the election. This victory is our victory as members of the All

Fayemi: Ekiti People Have Spoken Loud and Clear Ekiti State Governor, Dr. Kayode Fayemi, congratulated the leadership of APC on the victory, and also lauded the Ekiti electorate, whom he said spoke loud and clear through the ballot box.

In a message of congratulations in Ado-Ekiti, yesterday, Fayemi described Oyebanji's victory as well-deserved, saying it is a befitting honour for a man, who, in the last three decades, has committed his time, energy, talent and resources to the development of the state.

The governor stated, "Ekiti people have spoken loud and clear. The outcome of the election has shown that Ekiti people are honourable people, who always support and reward leaders, who have served them diligently and faithfully.

"I have no doubt that the new governor-elect will serve Ekiti people even more diligently, and create opportunities for other young people.

“Hearty congratulations to our own BAO, the governor-elect, and a bigger congratulations to our party, APC. The biggest accolade goes to the good people of Ekiti State for their display of civility throughout the electioneering period."

Adebayo: Ekiti Has Shown the World Maturity of Nigeria’s Democracy Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, congratulated the winner of Saturday’s governorship election in Ekiti State, Biodun Oyebanji, saying

Sanwo-Olu: Oyebanji’s Victory Testifies to APC’s Good Works Lagos State Governor, Mr. Babajide Sanwo-Olu, congratulated Biodun Oyebanji, saying his victory is a testament to the good work the APC government in the state as well as the sterling qualities of its candidates.

Sanwo-Olu also congratulated he APC leadership at the federal and state levels, in a statement by his Chief Press Secretary, Mr. Gboyega Akosile.

The governor said he did not doubt the party's victory because Ekiti people were progressives and would always vote for the party. He said the progressive nature of the Ekiti people as well as their culture of reciprocating good gestures were what played in Oyebanji’s victory.

Sanwo-Olu stated, “I must note that our party, the All Progressives Congress, and its government under the able leadership of Governor Kayode Fayemi has delivered beyond the expectations of the Ekiti people. I, therefore, believe it was only natural for the citizens to reciprocate by voting for our party.

“Our confidence was further buoyed by the quality of candidates presented for the governorship poll. The combination of Mr. Biodun Abayomi Oyebanji and his deputy, Mrs Monisade Christiana Afuye, is what Ekiti needs to continue with the great work started by the outgoing governor.

“I once again congratulate the winners for running a good race Continued on page 6

14 BANKS RAKED IN N47TRN AS DEPOSITS, DISBURSED N25TRN LOANS IN 2021 Group, Stanbic IBTC, Sterling Bank, Unity Bank, Wema Bank and Jaiz Bank.

However, the financial results showed that the six largest banks – Access, Zenith, First Bank, GTCO, UBA, Ecobank - with respect to deposits, assets, loans and profitability, maintained their industry dominance.

For instance, in terms of profitability, the six bank made 85 per cent of the total profits recorded by the 14 banks; in terms of loans, the gave out 76 per cent of the loans to customers; attracted 81 per cent of the customers’ deposits and presently hold 79 per cent of the total assets.

While Zenith Bank had

posted N244.558 billion profit as at December 2021; Access Bank recorded N106.215 billion, FBN Holdings realised N151.079 billion; GTCO – N174 billion; UBA – N119 billion and Ecobank – N146 billion.

In the same vein, just as Zenith Bank’s loans and advances to customers stood at N3.502 trillion; Access Bank gave out N4.161 trillion; FBN Holdings – N2.882 trillion; GTCO – N1.802 trillion; UBA – N2.681, Ecobank’s loans to customers was N4.061 trillion in the year under review.

Similarly, in terms of customers’ deposits, Zenith Bank posted N6.472 trillion; Access Bank –N6.955 trillion; FBN Holdings – N5.849 trillion;

GTCO - N4.130 trillion; UBA – N6.309 trillion and Ecobank – N8.360 trillion.

Also, whereas Access Bank’s total assets in the review period was N11.732 trillion; Ecobank – N11.689 trillion; Zenith Bank - N9.448 trillion; FBN Holdings – N8.932 trillion; UBA – N8.541 trillion and GTCO – N5.436 trillion.

The growth in customers’ deposits was attributed to the banks’ aggressive marketing and deposit mobilisation strategies as well as their introduction of technology solutions, due to the threat posed by the financial technology companies (fintechs).

Fintechs have continued to encroach on commercial banks’

businesses, thereby threatening the operations and deposit mobilisation by the banks.

The Central Bank of Nigeria’s Monetary Policy Committee recently stated that the Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR) of the banking industry has remained above their prudential limits at 14.6 and 43.7 per cent, respectively. Also, the non-performing loan (NPL) ratio of the industry stood at 5.3 per cent in April 2022, compared with its prudential limit of five per cent, reflecting sustained stability in the banking system, though there remains a need to bring this down to the prudential limit.

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NEWS

At $450mn, Nigeria Owes 25% of Global Airlines’ Blocked Fund, Says IATA Airfares to Nigeria three times higher than what obtains in other countries Chinedu Eze in Doha The International Air Transport Association (IATA) has disclosed that airlines unremitted revenues from Nigeria (known as blocked funds) has risen to $450 million, representing 25 per cent of the total amount of international carriers’ funds held back by central banks of many countries put at $1.6 billion by end of April, 2022.

IATA Regional VicePresident, Africa and Middle East, Kamil Alawadhi who made this known yesterday in Doha, Qatar, at the 78th IATA Annual General Meeting and World Air Transport Summit, said airfares charged by international carriers are three times higher than what obtains in other countries that do not retain airlines’ revenues and expressed fear that the fares might continue to rise until Nigerians would not be able

to afford international travel and that would eventually weaken the nation’s economy.

Other countries in Africa that hold on to huge amount of airlines’ revenues include Zimbabwe - $100 million; Algeria - $96 million; Eritrea - $79 million and Ethiopia, $75 million. Alawadhi explained that airlines were charging higher fares to Nigeria so that they could make profit from one leg of the trip, as most trips are charged on return ticket.

For example, if a passenger buys Emirates ticket in Dubai to travel to Nigeria, the payment is fully received by the airline, but if a passenger buys similar ticket from Lagos to Dubai, the money is allegedly held down by the Central Bank of Nigeria, so the airline would charge higher fare in order to make profit from tickets bought outside Nigeria.

Alawadhi said that although

Nigeria was the biggest economy in Africa and also a major oil producer, but it was bogged down economically by its depreciating currency, hence the inability of the West African nation to remit airlines earnings.

According to him, some other countries may have other reasons why they are unable to remit such funds, including political turmoil.

He further said IATA would go to Nigeria to renew negotiation for the remittance of the funds.

“The continuous holding of airlines funds and the high fares charged Nigerian passengers would eventually damage Nigeria down the road. We are not expecting that Nigeria will pay the money in one single shot, but it should start paying the money because blocked funds will continue to accrue as traffic goes up.

“Average Nigerian traveler

is paying the price, as airfares in Nigeria have increased; so it is not helping the average Nigerian to travel. The price (fares) is two to three times higher. It will come to a time Nigerians will not be able to travel. It will come to a time it will collapse Nigeria’s economy.

“I don’t think Nigeria is intentionally trying to hold back the funds, but every central bank of any nation has its priorities; so maybe aviation is not Nigeria’s priority. Nigeria should make aviation its priority so that it would pay airlines their money.

“Airfares will continue to go up. Airlines cannot break even if they sell ticket at low fares because they operate to make profits. If am heading an airline I will operate a flight almost certain that I will make profit. The only way to operate in Nigeria is to put up the price so that

Nigerian passengers will pay for the ticket,” the Regional IATA Vice-President said.

Reiterating the importance of air travel, Alawadhi said connectivity was precious and noted that the COVID-19 pandemic has demonstrated that everybody suffers when aviation stops.

“A financially viable air transport sector supports jobs and must be a driving force for Africa and Middle East economic recovery from CONVID-19. A priority is releasing blocked funds. As of April, globally, there is a total of $1.6 billion in funds blocked by 20 countries worldwide.

“Of this, 67 per cent is blocked in Africa for a total of $1 billion, tied up in 12 African countries. Zooming a little more, Nigeria alone is holding back $450 million. It is the most amount blocked by any single African country,

and the amount is rising every week.

“Cash flow is key to airlines’ business sustainability-when airlines are unable to repatriate their funds, it severely impedes their operations and limits the number of markets they can serve,” he said.

He also stated that the consequence of reduced air connectivity includes the erosion of that country’s competitiveness, diminished investor confidence and reputational harm caused by a perception that it is a high-risk place to do business.

“Strong connectivity is an economic enabler and generates considerable economic and social benefits. We call on government to prioritise aviation in the access to foreign exchange on the basis that air connectivity is a vital key economic catalyst for the country,” Alawadhi said.

BUHARI TO OYEBANJI: YOU MUST BE MAGNANIMOUS IN VICTORY and emerging victorious. I also congratulate my brother-governor, Dr. Kayode Fayemi, who has set a winning template for the party, with good governance over the years.”

Lawan: Ekiti is Indicative of 2023 General Election President of the Senate, Ahmad Lawan, while congratulating the APC candidate in the Ekiti governorship election, Biodun Oyebanji, said the outcome of the exercise was indicative of what to expect in next year’s general election.

In a statement by his media aide, Ola Awoniyi, Lawan also congratulated APC, both at the state and national levels, and the people of Ekiti State on the peaceful and successful conduct of the poll, and for making the right choice. He said the outcome of the election further demonstrated the trust and confidence of Nigerians across the country in APC. Lawan said democracy had continued to get stronger in Nigeria under the APC federal government led by President Muhammadu Buhari. He commended the Independent National Electoral Commission (INEC) for delivering a poll that had been widely adjudged as free, fair, transparent and hitch-free, and wished the governor-elect God's guidance as he prepared for the onerous task ahead.

APC: Fayemi's Achievements Laid Foundation for Our Victory The APC leadership has said the towering accomplishments of incumbent Governor of Ekiti State, Dr. Kayode Fayemi, provided a solid foundation for the decisive victory of the party in the just concluded governorship election in the state.

National Publicity Secretary of the party, Mr. Felix Morka, in a statement, said without a doubt, the well-deserved victory in Ekiti State was an eloquent testimony to the acceptance of the party under the leadership of President Muhammadu Buhari, the sagacity of Adamu, and the uncommon commitment of members of the NWC. APC said, not surprisingly, the opposition PDP came a distant third position in the election, despite its claim to a self-serving and self-assigned rescue mission in Nigeria. It stressed that the people of Ekiti State and, by

extension, Nigerians were not, in any way, deceived by the ceaseless propaganda of a desperate party that only sought a return to power to continue its ruinous escapades.

APC stated, "As we savour the joy and euphoria of victory in the just-concluded gubernatorial election in Ekiti State, the All Progressives Congress (APC) wishes to congratulate and profoundly appreciate the wonderful people of Ekiti State for reaffirming their confidence in our party by rallying round the governor-elect, Biodun Oyebanji.

"It bears mentioning that the towering accomplishments of incumbent Governor of Ekiti State, Dr. Kayode John Fayemi, provided a solid predicate for this decisive victory. We thank you for your service to your state and country."

APC urged the people of Ekiti State and Nigerians, in general, to sustain their support for the party by voting overwhelmingly for all APC candidates in subsequent elections.

Akeredolu: BAO, APC Victory Symbolic Chairman of the Southwest Governors’ Forum and Governor of Ondo State, Mr. Oluwarotimi Akeredolu (SAN), congratulated the candidate of the All Progressives Congress (APC) and winner of Saturday's governorship election in Ekiti State, Biodun Oyebanji, saying his victory is symbolic.

Akeredolu also saluted the people of the state for the smooth conduct of the exercise.

In a statement by his Chief Press Secretary, Richard Olatunde, the governor described the victory as an unequivocal testament to the acceptability of APC and the excellent performance of the incumbent, Dr. Kayode Fayemi.

The governor stated, “I congratulate my brother, Biodun Oyebanji Abayomi, on this victory. I rejoice with our great party, the APC. I salute the people of Ekiti for their resilience and peaceful conduct. This victory is for the people of Ekiti State and all lovers of democracy across the country. It is a mark of renewed commitment of the people to our party, the APC. “No doubt, BAO’s vast experience in public service is an asset that would be deployed for the good of the people of Ekiti State. As a former commissioner, Chief of Staff, and later Secretary to the State Government, the governor-elect is well equipped to take the state to the next level.

“I have no doubt that BAO will consolidate on the gains of the outgoing administration of Governor Fayemi and leverage on the continuity of our party in government to further deliver dividends of good governance to the people.

"This is our first win since the emergence of Asiwaju Bola Ahmed Tinubu as the presidential candidate of our party. This election is, however, symbolic as it shows the preparedness and commitment of our people to vote en masse for the APC in next year's general election."

House Lauds INEC over Ekiti Governorship Election The House of Representatives lauded INEC for the successful conduct of the governorship election in Ekiti State, which has been adjudged a triumph for democracy, according to metrics by independent domestic and foreign observers.

The lawmakers, in a statement by their spokesman, Hon. Benjamin Kalu, also commended the Nigeria Police, the Economic and Financial Crimes Commission (EFCC), and other security agencies for keeping the peace and demonstrating vigilance against electoral malpractices.

While assuring of their commitment to the improvement of the electoral processes, the House expressed optimism that the successful run of the election in Ekiti would inspire more Nigerians to vote in the 2023 general election.

The statement said, "As the first gubernatorial election to be conducted by INEC under the new Electoral Act 2022, the election presented a unique opportunity to assess the operational implications of some provisions of the newly issued INEC guidelines and the Electoral Act 2022, which was recently passed by the National Assembly under the leadership of the distinguished Senate President, Ahmed Lawan, and the Honourable Speaker, Femi Gbajabiamila.

"According to reports from independent election observers, there was marked improvement in election logistics management, as well as the deployment of personnel and essential materials, such as the Voter Register, Bimodal Voter Accreditation System (BVAS), voting cubicles, and ballot boxes, which resulted in early commencement of voting.

“The House is also pleased with reports that the BVAS functioned properly in 94%

of observed polling units, and was promptly fixed in the 6% of polling units where it malfunctioned. This, indeed, validates the faith that was placed in INEC to deploy election technology to improve our electoral system.

“The House also seizes this opportunity to call on INEC to extend the June 30th voter registration deadline to accommodate the increasing number of Nigerians who wish to register to vote."

IG Hails Ekiti Electorate, as PSC Salutes Police Performance The Inspector-General of Police, Mr Usman Baba commended the electorate in Ekiti State for cooperating with the Nigeria Police and other security agencies in the governorship election.

In a similar vein, the Police Service Commission (PSC), which supervised the police officers deployed during the poll, confirmed that the election was largely peaceful and orderly and commended its men.

The IG also lauded the efforts of the police officers deployed for the poll, under the direct supervision of Deputy InspectorGeneral of Police in charge of election security, DIG Johnson Babatunde Kokumo.

The IG noted that the police officers conducted themselves professionally, which built trust with the electorate and, ultimately, led to a successful electoral process.

A statement last night by the Force Headquarters said the IG emphasised that the timely situation reports released by the police effectively covered all communication gaps with the people and eliminated every iota of doubt regarding the massive security presence in the state.

The police chief, while admonishing Nigerians to toe the line of peaceful conduct in forthcoming elections, assured all citizens of improved management of security during electioneering processes. He called on well meaning Nigerians, particularly, the electorate and political actors, to accord necessary support to the police and other security agencies in the 2023 general election, and in the Osun State’s off-season governorship election, slated for July.

The PSC, in a statement by its head of Press and Public Relations, Mr Ikechukwu Ani, affirmed that the Ekiti election was a huge improvement and good test-run for the 2023 elections.

SERAP Urges INEC to Prosecute Vote Buyers or Face Legal Action Socio-Economic Rights and Accountability Project (SERAP) gave the chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, seven days to gather information about reports of vote-buying, undue influence, intimidation, ballot box snatching, and other electoral offences by the three leading political parties in the just concluded governorship election in Ekiti State.

SERAP also urged INEC to promptly and effectively prosecute those arrested, and bring to justice anyone who sponsored, aided and abetted them.

In a letter dated June 18, 2022 and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said corruption of the ballot box intruded on the freedom of Nigerian voters to make up their minds and vote buying and other forms of electoral corruption froze out the less wealthy candidates and parties.

SERAP said if voting was as important as INEC always claimed, now was the time to end the buying of democracy by wealthy politicians and their sponsors.

The letter read, in part, “Vote buying encourages poor governance and weakens citizens’ capacity to hold their ‘elected officials’ accountable for their actions. When political candidates or their sponsors decide to buy the support of the people rather than contest fairly for their votes, there are possibilities that such candidates and sponsors will show a disregard for democratic rules and a disposition to adopt illegal means becomes inevitable.

“There are reports of a brazen pattern of vote-buying and electoral bribery in several polling units during the just concluded Ekiti governorship election. There are reports of bargaining prices for votes and payments made in uncompleted buildings and bags of foodstuff being shared after votes have been cast.

“Acting swiftly to address the brazen impunity and reports of vote-buying and electoral bribery and other electoral offences during the Ekiti State governorship election would also send a strong message to politicians that INEC, under your watch, would not tolerate

such practices during the 2023 general election.

“Prosecuting allegations of vote-buying, undue influence, ballot snatching, intimidation, and other electoral malpractices during the Ekiti State governorship election would be entirely consistent with the Nigerian Constitution, the Electoral Act, and the country’s international human rights anticorruption obligations.

“We would be grateful if the recommended measures are taken within within days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel INEC to comply with our request in the public interest.”

Situation Room Affirms Vote Buying Rampant in Ekiti Poll The Situation Room, a civil society coalition, said it observed the incidence of vote buying and selling going on unabated during the election in Ekiti State.

In a statement issued by Convener of the Situation Room, Eneh Obi, the group said vote buying during the Ekiti election followed a familiar pattern of similar across the country, and in particular, the 2014 governorship election in the state.

Obi stated, "The description of this phenomenon as ‘stomach Infrastructure’ in the 2014 election has evolved into a new nomenclature now described as ‘See and Buy’. The ability of Ekiti politicians to make light of such a grave violation of extant law is most unfortunate. Situation Room strongly condemns this blatant violation of the electoral law."

However, the Situation Room said the election was generally peaceful, with voters playing a key part in the peaceful election environment and commended voters for their comportment at the various polling centres.

It noted that INEC’s strategy of voters’ redistribution failed to address the problem of over concentration of voters in some polling units.

According to the election monitoring group, a glaring example was the situation at Surajudeen School, Ado Dallimore (Ward 9), Ado Ekiti LGA, which had about five thousand registered voters shared between just two polling units.

It said some of the voters complained that their request for transfer of registration to their preferred polling units was not approved before this exercise.

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NEWS

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

SOD TURNING CEREMONY OF FALOMO TOWERS...

L-R: Managing Director, Lagos State Development and Property Corporation (LSDPC), Mr. Ayodeji Joseph; Group Chairman, Heirs Holdings, Mr. Tony Elumelu; Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu, and Managing Director/CEO, Afriland Properties Plc, Mrs. Uzo Oshogwe, during the sod turning ceremony of Falomo Towers, a joint venture project of Afriland Properties Plc (Investee company of Heirs Holdings Group) and LSDPC, held at the site in Falomo…recently

Buhari Still Waiting for Tinubu’s Shortlist of Running Mates Ex-Lagos governor may be delayed by polling result Group urges APC candidate to consider technocrat Adedayo Akinwale in Abuja Although it is the constitutional prerogative of the All Progressives Congress (APC) presidential candidate, Bola Tinubu, to choose his running mate for the 2023 presidential poll, a final decision has yet to be taken. Tinubu has not presented a list of his preferred persons to President Muhammadu

Buhari for deliberation and ratification, a competent party source said.

But Tinubu, THISDAY also learnt, might have delayed his decision, because he might have commissioned a poll on his best bet, result of which he was still awaiting.

Relatedly, a group, the APC Integrity Group, urged Buhari,

Tinubu, and the party leadership to consider a technocrat as the vice presidential candidate of the party for next year's election.

Reliable THISDAY sources in the ruling party, explained that much as it was Tinubu’s right to choose who to work with, it was also traditional that he ran his preference through the party, more so a ruling party, whose

Senatorial Ticket: Ekpoudom Optimistic of Victory as Akpabio Begs Him to Accept Party’s Decision Okon Bassey in Uyo Despite the submission of the name of former Minister of Niger Delta Affairs, Senator Godswin Akpabio to the Independent National Electoral Commission (INEC) by the national leadership of the All Progressive Congress (APC), DIG Udom Ekpoudom (rtd) is still optimistic of flying the party flag for the Akwa Ibom North West Senatorial district election come 2023.

This was just as Akpabio has appealed to Ekpoudom to accept the turn of event if he has the interest of the party at heart.

The DIG Udom Ekpoudom Senatorial Campaign Organisation in a statement issued weekend said there was no cause for alarm and urged his supporters to remain calm as, "no man should play God with the people's mandate."

"While the submission of ‘candidates’ names to beat INEC's deadline was expected, the Commission (INEC) as regulator shall at the appropriate time, in line with the law, publish the name and particulars of the rightful flagbearer who won the senatorial primary and who shall lawfully be on the ballot for the 2023 general elections and that name, unarguably, shall be DIG Udom Ekpoudom (rtd).", it stressed.

The statement signed by the chairman, Ekpoudom Senatorial Campaign Organisation, Rt Hon Uwem Udoma recalled that, INEC had publicly acknowledged that

it never monitored, the primary that allegedly produced Senator Akpabio after he lost the APC presidential primary.

He reiterated that the senatorial primary for the senatorial district was lawfully held on May 27, 2022, where Ekpoudom emerged winner and was at no time canceled, nullified, or declared inconclusive to warrant a "rescheduled election"?

Meanwhile, the Senator Godswill Akpabio Senatorial Campaign Organisation in a statement weekend expressed shocked at the position of Ekpoudom to the decision of the national leadership of the APC. "It is time therefore to sheathe the sword and look at the bigger picture in the interest of the party and the state.

"This continuous exchange of recriminations can never forge the needed unity the party so badly needs to win the upcoming election.

"We appeal to DIG Udom Ekpoudom as an Elder of the party and his supporters to close ranks and embrace the olive branch that shall come with inclusiveness and benefits for all,” it added.

Akpabio regretted that Ekpoudom had made serial but hollow claims that he won the ticket of APC to be on the ballot for the election of North West Senatorial District.

The statement added, "it is on record that Rt Hon Ekperikpe Ekpo contested and won the

nomination which took place on May 28, 2022 at Ikot Ekpene Township in accordance with the timetable published by the party with necessary notifications served relevant agencies of government preceding the primaries as required by law.

"However the leadership of the party citing infractions ordered for a rerun via a letter signed by the National Secretary of APC and Ekperikpe willingly withdrew from that rerun primary urging his teeming supporters to nominate Senator Akpabio as the flagbearer of the party for North West Senatorial District

president must equally buy into the choice.

The source further revealed Tinubu, being anxious to win the president's support, which had not been forthcoming, was hoping to use the running mate issue to force the president's hand.

"As you also know, the president has not really been supportive of Tinubu's ambition,” the source said. He added, “By allowing him pick his running, he is hoping to force the president's hand to fully back his presidential quest."

According to the source, while Buhari has maintained dignifying neutrality in the matter, he has also shared his concern with the Tinubu on the dangers of a Muslim-Muslim ticket, saying the current political situation in the country does not support the idea.

The source said, “It’s not true the president has stayed away from the matter of the party’s running mate. It was a different thing in 2015, when there was no president or ruling party.

Now, all that the president is doing is waiting for him (Tinubu) to present his short list of candidates.”

This conversation, among others, was the reason Tinubu

requested to further consultation on the best winning strategy, while at the same time factoring in the country's cultural and religious diversities.

It was also the reason, the source added, that Tinubu advanced the idea of using a ‘place holder’ to beat the June 17 deadline set by INEC, while widening the consultation for the most ideal and suitable partner in the circumstances.

The source explained that, ordinarily, Tinubu, would rather have a Muslim-Muslim ticket since it was what many considered a winning strategy, given the population of the Muslim northerners, the north west and north east, especially, in the political calculus of the nation.

In consulting on the choice of vice presidential candidate, a source close to Tinubu said the long delay might not be unconnected to the fact that Tinubu could have commissioned a poll to give a more clinical and scientific approach to selecting a running mate.

Accordimg to the source, “If I know Tinubu very well and this is not saying he had discussed this with me, he had commissioned a

poll on this matter and awaiting the result. The Tinubu that I know does not take a major political decision or risk without first weighing his options and he does this by conducting a poll that will guide him and set a clear path to follow.

“However, it does not mean he could not ignore the poll in some instances, but he would like to throw his cards open and on the table first, from which he would decide which way to go.

So, the delay you are seeing is most probably, because the poll result is not out yet and he wants to be guided near-accurately by it.”

The source further stated, “No one knows yet when he would give the name of a substantive running mate or submit those shortlisted to the president. If it is true he is waiting on a poll, we don’t know when the result would be ready. But all we can say is that, soon, this phase will be over for the campaign to take centre stage.”

Another THISDAY source dismissed speculations that a recent meeting of the president and some governors of the party was to discuss the issue of running mate with them.

Enugu PDP Gubernatorial Candidate, Peter Mbah, Promises to Grow State's GDP to $30bn Gideon Arinze in Enugu The Enugu State governorship candidate of the Peoples Democratic Party (PDP) in the 2023 election, Mr. Peter Mbah has said he would grow the state's Gross Domestic Product (GDP) from $4.4 billion to $30 billion if elected.

Mbah, who made this known yesterday, while interacting with newsmen on what he intends to achieve, said part of his plan was to make Enugu the preferred destination for tourism and investment as well as a

peaceful place to live in.

Mba, who is a former Commissioner of Finance in the state, also used the occasion to announce Mr. Ifeanyi Ossai as his running mate in the election.

He noted that in terms of GDP growth, Enugu currently sits on the 25th position, behind Lagos, Rivers and Delta states which are the top three, with $33 billion, $21 billion and $16 billion respectively, adding that his administration would change the narrative if given the mandate in 2023.

"We hope to move to the top

if given the opportunity" he said.

"We will achieve this by undertaking ambitious projects which will be largely driven by private sector enabled development,” he added.

Mba, who is the Chief Executive Officer of Pinnacle Oil and Gas Limited, maintained that achieving the feat would require a lot of disruptive measures, which includes creating enablers for businesses to thrive in terms of procurement of property and registration, construction permit, setting up of business

and enforcement of contract and development in Infrastructure and security.

He noted that he also intends to massively invest in agricultural activities which constitutes over 40 per cent of the state’s GDP, adding that his administration would open up industries that would tap into the mineral resources in the state such as limestone.

"This will bring in more investors to come in and invest," Mba said, adding that he was driven by the desire to serve the people of Enugu state.

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FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Outgoing President Duterte’s Daughter Sara Becomes PhilippineVice President Sara Duterte, the daughter of the outgoing populist president of the Philippines, took her oath Sunday as vice president following a landslide electoral victory she clinched despite her father’s human rights record that saw thousands of drug suspects gunned down.

The inauguration in their southern hometown of Davao, where she’s the outgoing mayor, comes two weeks before she assumes office on June 30 as specified in the Philippine Constitution. President-elect Ferdinand Marcos Jr., Duterte’s running mate, will take his oath in Manila on June 30.

“I’m not the best or the most intelligent person in the Philippines and the world but nobody can beat the toughness of my heart as a Filipino,” Duterte, who wore a traditional green gown, said in a speech after she took her oath before a Supreme Court associate justice, her hand resting on a Bible held by her mother.

“The voice of 32.2 million Filipinos was loud and clear - with the message to serve our motherland,” Duterte said, referring to the votes she got, to an applause from thousands of supporters.

Fondly called by supporters as “Inday Sara,” the mother of three called for national unity and devotion to God and asked Filipinos to emulate the patriotism of the country’s national hero Jose Rizal. She cited longstanding social ills facing Filipino children, including poverty, broken families, illegal drugs, bullying and online misinformation and asked parents to ingrain in them the values of integrity, discipline, respect for others and compassion.

President Rodrigo Duterte, 77, led the VIPs in the heavily guarded ceremony at a public square near city hall in the port city of Davao, where he had also served as a longtime mayor starting in the late 1980s. His family, hailing from a modest middle-class background, built a formidable political dynasty in the restive southern region long troubled by communist and Muslim insurgencies and violent political rivalries.

NATO: Russia-Ukraine War Could Last for Years Russia’s war against Ukraine could last for years, NATO Secretary-General Jens Stoltenberg warned Sunday, but he said Western allies should not curb their support for Kyiv’s forces.

“We must prepare for the fact that it could take years,” Stoltenberg told the German weekly Bild am Sonntag. “We must not let up in supporting Ukraine, even if the costs are high, not only for military support, also because of rising energy and food prices.”

British Prime Minister Boris Johnson, who visited Kyiv on Friday with an offer of training for Ukrainian forces, also warned against the risk of “Ukraine fatigue” as the war grinds on toward the four-month mark in the coming days.

In an opinion piece in London’s Sunday Times, Johnson said this meant ensuring “Ukraine receives weapons, equipment, ammunition and training more rapidly than the invader.”

Ukrainian President Volodymyr Zelenskyy, who has rallied his countrymen with daily videos, said he had visited forces in the southern Mykolaiv region, about 550 kilometres south of Kyiv.

“Their mood is assured: They all do not doubt our victory,” he said in a video Sunday that appeared to have been recorded on a moving train. “We will not give the south to anyone, and all that is ours we will take back” from the Russians.

Zelenskyy said Russian forces had destroyed parts of the Mykolaiv and Odesa regions EU to Release Ukrainian Grain Stuck Due to Russia’s Sea Blockade European Union foreign ministers will discuss ways to free millions of tons of grain stuck in Ukraine due to Russia’s Black Sea port

blockade at a meeting in Luxembourg on Monday.

Ukraine is one of the top wheat suppliers globally, but its grain shipments have stalled, and more than 20 million tons have been trapped in silos since Russia invaded the country and blocked its ports.

Moscow denies responsibility for the food crisis and blames Western sanctions for the shortage that has led to a jump in global food prices and warnings by the United Nations of hunger in poorer countries that rely heavily on imported grain.

The EU supports efforts by the United Nations to broker a deal to resume Ukraine’s sea exports in return for facilitating Russian food and fertilizer exports, but that would need Moscow’s green light.

Turkey has good relations with both Kyiv and Moscow and has said it is ready to take up a role within an “observation mechanism” based in Istanbul if there is a deal. It is unclear if the EU would get involved in militarily securing such a deal.

“Whether there will be a need in the future for escorting these commercial ships, that’s a question mark, and I don’t think we are there yet,” an EU official said.

Meanwhile, talks among EU member states on a new package of sanctions against Russia are continuing, according to the EU official who signalled that fresh measures are not imminent.

The existing sanctions are already extensive, and there is not much scope for agreement to impose sanctions on Russia’s gas exports to the EU, the official said.

Over 200 Killed in Ethiopia Ethnic Attack Witnesses in Ethiopia said Sunday that more than 200 people, mostly ethnic Amhara, had been killed in an attack in the country’s Oromia region, and they blamed a rebel group, which denied it.

It was one of the deadliest such attacks in recent memory as ethnic tensions continue in Africa’s second-most populous country.

“I have counted 230 bodies. I am afraid this is the deadliest attack against civilians we have seen in our lifetime,” Abdul-Seid Tahir, a resident of Gimbi county, told The Associated Press after barely escaping the attack on Saturday. “We are burying them in mass graves, and we are still collecting bodies. Federal army units have now arrived, but we fear that the attacks could continue if they leave.”

Another witness, who gave only his first name, Shambel, over fears for his safety, said the local Amhara community was now desperately seeking to be relocated “before another round of mass killings happen.”

He said ethnic Amhara who settled in the area about 30 years ago in resettlement programs were now being “killed like chickens.”

Both witnesses blamed the Oromo

Liberation Army for the attacks. In a statement, the Oromia regional government also blamed the OLA, saying the rebels attacked “after being unable to resist the operations launched by [federal] security forces.”

An OLA spokesman, Odaa Tarbii, denied the allegations..

120 Partygoers Arrested in North Iran Police have arrested 120 people for breaking Iran’s segregation and morality rules at a party in the forest in the northern province of Mazandaran, state media reported Sunday.

“Members of this illegal tour … were arrested by the morality police and a lawsuit has been filed,” provincial judiciary chief Mohammad Sadegh Akbari said, according to state broadcaster IRIB. Akbari said the “criminal acts” conducted in a forest near the city of Neka included “drinking alcohol, having illicit relationships, mixed-sex dancing and uncovering the hijab.”

Iranians, seeking reprieve from the hustle and bustle of city life, often choose the north of the country as a destination for sightseeing and enjoying their free time.

Under Islamic law in force in Iran since its 1979 revolution, women must wear a hijab that covers the head and neck while concealing the hair.

But many women have pushed the boundaries over the past two decades by allowing their veils to slide back and reveal more hair, especially in Tehran and other major cities.

Under Iranian law, only non-Muslim citizens are permitted to consume alcohol for religious purposes, while dancing with the opposite sex is forbidden.

In April, Iranian police arrested three young women after a video online showed them dancing in a cemetery.

Single-sex dancing is not a crime in Iran, but legal experts say that if someone dances in public or on the internet in a manner seen as offending public decency, the person can face prosecution.

Monsoon Floods Kill 42, Millions Stranded in Bangladesh, India At least 25 people were killed by lightning or landslides over the weekend in Bangladesh, while millions were left marooned or homeless in low-lying northeastern parts as the country faces the worst monsoon floods in its recent history, officials said.

In the neighbouring Indian state of Assam, at least 17 people were killed during the wave of flooding that began this month, police officials said on Sunday.

Many of Bangladesh’s rivers have risen to dangerous levels, and the runoff from heavy rain from across Indian mountains exacerbated the situation, said Arifuzzaman

Bhuiyan, the head of the state-run Flood Forecasting and Warning Centre.

Thousands of policemen, and army personnel, have been deployed to parts of the country to help search and rescue efforts.

About 105,000 people have been evacuated so far, but police officials estimated that over four million were still stranded.

Syed Rafiqul Haque, a former lawmaker and ruling party politician in Sunamganj district, said the country was facing a humanitarian crisis if proper rescue operations were not conducted.

“Almost the entire Sylhet-Sunamganj belt is underwater, and millions of people are stranded,” he said, adding victims have no food, drinking water and communication networks were down.

Regional officials said about 3.1 million people were displaced, 200,000 staying in government-run makeshift shelters on raised embankments or on other highlands.

US Treasury Chief: Biden Considering Gas Tax Holiday, Chinese Tariff Cuts US President Joe Biden is considering declaring a federal gas tax holiday and curbing some tariffs on imported Chinese goods to help Americans cope with the surging cost of consumer goods, Treasury Secretary Janet Yellen said Sunday.

“President Biden wants to do anything he possibly can to help consumers,” Yellen told ABC’s “This Week” show. “Gas prices have risen a great deal and it’s clearly burdening households.”

US gasoline prices are at an all-time high of about $5 a gallon (3.8 litres), up more than 48% over a year ago. She said eliminating the 18.4-cent-per-gallon federal gas tax for a time was “an idea that’s certainly worth considering” and that Biden was willing to work with Congress to enact it.

Biden last week called on major oil refinery companies to take “immediate actions” to increase supply, telling them in a new letter that “historically high” profit margins were unacceptable as prices at service station pumps for Americans continued to soar.

American Petroleum Institute Chief Executive Mike Sommers rebuffed Biden’s complaint, saying, “The administration’s misguided policy agenda shifting away from domestic oil and natural gas has compounded inflationary pressures and added headwinds to companies’ daily efforts to meet growing energy needs while reducing emissions.”

Spain, Germany Battle Wildfires Amid Heat Wave Firefighters in Spain and Germany struggled to contain wildfires on Sunday amid an unusual heat wave in Western Europe for this time of year.

The worst damage in Spain has been in the northwest province of Zamora, where over 25,000 hectares (61,000 acres) have been consumed, regional authorities said, while German officials said that residents of three villages near Berlin were ordered to leave their homes because of an approaching wildfire Sunday.

Spanish authorities said that after three days of high temperatures, high winds and low humidity, some respite came with dropping temperatures Sunday morning. That allowed for about 650 firefighters supported by water-dumping aircraft to establish a perimeter around the fire that started in Zamora’s Sierra de la Culebra. Authorities warned there was still danger that an unfavourable shift in weather could revive the blaze that caused the evacuation of 18 villages.

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

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

Oyebanji’s Victory Has Put to Rest Succession Jinx in Ekiti Victor Ogunje writes that the 23 year-old succession jinx in Ekiti State has been broken with the weekend’s victory of Biodun Oyebanji of the All Progressive Congress (APC) as Governor-elect of the State

Oyebanji

T

he Saturday, June 18, 2022 Governorship election in Ekiti state would forever remain indelible in the annals of history of the All Progressives Congress (APC). The day was momentous, not just for its Candidate, Hon Biodun Oyebanji, emerging victorious but surviving the winding and bumpy paths to get to the promised land remains a mystery.

The election was a fierce battle among 16 political parties, three of them with candidates that were strong and formidable. Biodun Oyebanji of the APC, Segun Oni of the Social Democratic Party (SDP) and Bisi Kolawole of the People’s Democratic Party PDP) were all experienced politicians who had held pivotal political positions in the state.

Going by their credentials, they all understand the dynamics of Ekiti politics and how best to navigate the path without being bruised.

This accounted for why the election was highly intriguing and pulsating.

The most symbolic aspect of Oyebanji’s victory was that, he succeeded in breaking the succession jinx that had existed in Ekiti state since 1999. No incumbent governor had either succeeded in getting a second term or won elections back to back or installed a successor.

Looking at the trajectory of elections in Ekiti for over 23 years, each incumbent had suffered one calamity or the other that served as impediment to them producing a successor.

In 1999, Otunba Niyi Adebayo of the Alliance for Democracy (AD) failed in his second term bid. His successor, Ayodele Fayose was also impeached few months to the time he was to seek a second term. Governor Kayode Fayemi also failed in his re-election bid in 2014 in a calamitous fashion that portrayed his loss the worst failure ever recorded by any incumbent.

He lost in all the 16 local government areas to the opposition. Also, all desperate bids and efforts by Fayose to instal a successor, Prof Olusola Eleka, in 2018 crashed.

The foregoing scenarios made Oyebanji’s victory enigmatic and highly rewarding. It was like breaking an uphill record and did “what Napoleon could not do at the battle of Waterloo”.

Oyebanji is one man that has been patient to withstand all the onslaughts against him.

Right from the time he was the Secretary to the State Government under Governor Kayode Fayemi, some politicians who perceived him as a threat never game him a breathing space.

He was seen as not being part of the nucleus of power-wielding ‘cabal’ around Fayemi tagged “tokantokan” in government. By providence, he got to the promised land and the rest is history. Even at the party’s level, the primary conducted by the Governor Abubakar Badaru-

Oni

led committee on January 27, 2022, was rancorous and pulsating enough to destabilise him, but he remained undaunted and had his eyes fixed on the governorship seat.

It would be recalled that the governor-elect contested against heaveweight politicians like Senator Opeyemi Bamidele, Hon Femi Bamisile, Prince Dayo Adeyeye and four others, who rejected the outcome of the primary and threatened fire and brimstone to abandon the party.

One of them is still in court challenging the alleged shoddy conduct of the poll.

As stroppy as the situation seems to be, he survived the onslaughts and all the aggrieved aspirants with the exception of a few eventually worked for his victory. The seven enraged aspirants, had unanimously rejected his being elected as the candidate at the initial stage.

Another contending force against his governorship candidacy was the Southwest Agenda for Tinubu 2023 presidential aspiration called SWAGA, led by former Minister of Works, Prince Adedayo Adeyeye.

The group has become a potent force in Ekiti and Southwest and its grouse with Oyebanji was that the primary didn’t go the way of Adeyeye, its leader. This triggered annoyance within its fold and the

Kolawole

Fayemi

hoopla elicited by this persisted and remained unsettled up to the day of election.

When Oyebanji was about recovering from the zoning and primary crises fever, the issue of Third Force surged like a dreaded monster that would be difficult to tame. Oni, having felt disenchanted with the outcome of the primary election in the PDP defected to the SDP to realise his ambition.

The platform then served as a veritable political pedestal for the aggrieved and political warlords from the PDP and APC to seek refuge. That was why the force with which they coalesced into SDP was not only terrifying but quaked the APC to its foundation. The tremor the third force SDP generated in APC only subsided after the election.

In the build up to the primary, the politicians of Ekiti South extraction had amplified zoning of the Governorship ticket to the district, having not produced the governor since 1999. This was so amplified to the extent that it resonated across all the strata of the state. But Governor Fayemi was not swayed by the deafening noise. He stuck to his gun and picked Oyebanji from the Central, where the immediate past governor Ayodele Fayose hails from.

This particular action really enraged the politicians and contributed to the virulent opposition against his candidacy. The situation was further convoluted by the high number of Governorship aspirants from the zone who spoke with unanimity of purpose and posed as dogged and uncompromising fighters.

But Governor Fayemi maintained that he was not swayed by any zoning mantra. He

said he had always believed in competence, commitment, honour and character as defining factors in leadership and these, he said, Oyebanji adequately possessed.

Going by the election result declared by the Independent National Electoral Commission’s Returning Officer, Prof KayodeAdebowale, who announced the results in Ado Ekiti, the APC candidate won 15 of the 16 Local Governments, while People’s Democratic Party candidate, Mr Bisi Kolawole won Efon Local government.

The APC governorship candidate polled an aggregate of 187, 057 votes to lead Chief Segun Oni of the Social Democratic Party, SDP, who came distant second with 82, 209 votes to emerge second, while Bisi Kolawole of the People’s Democratic Party scored 67, 457 votes to emerge third. Making his pronouncement , Prof Adebowale said: “Mr Biodun Oyebanji, having scored the highest number of votes and won more than two-third of the election in 16 Local Government councils, is hereby declared winner”. That was the verdict and constitutional pronouncement that made Oyebanji the governor-elect.

The breakdown of the results declared further confirmed how impressive Oyebanji was in the just concluded election: Ekiti South-West LG : APC - 9,679 ,PDP - 4474 and SDP - 4,577, Ekti West LG APC -15,202 ,PDP - 3,386 and SDP - 3,863, Efon LG APC - 4012, PDP - 6,303 and SDP - 339 Ijero LG APC - 13,754, PDP - 4897 and SDP - 5006, Ikere LG APC - 12,086, PDP - 3789 and SDP - 1943 , Ilejemeje LG APC - 4357, PDP - 1157 and SDP - 2344 In Irepodun Ifelodun LG APC - 13,125, PDP - 4,712 and SDP - 5010, Ise/ Orun LG APC - 8,074, PDP - 2,588 and SDP - 5,909, Moba LG APC - 11,609, PDP - 3530, and SDP - 4904.

Also, in Oye LG APC - 13396, PDP - 4122 and SDP - 3591, Ado LG APC - 23,831, PDP - 7,575 and SDP - 15,214, Ido/Osi LG APC - 10,321, PDP - 2,871 and SDP - 9,489, Emure LG APC - 7,728, PDP - 2,610 and SDP - 3,445.

In Ikole LG APC-16,417, PDP - 6,266 and SDP - 5,736, Gbonyin LG APC--11247, PDP-3,947 and SDP--4059 while in Ekiti East LG APC --12,099, PDP---5,230 and SDP---4982.

A vivid dissection of this election could convince anyone that litany of factors worked in Oyebanji’s favour in the just concluded electoral duel. One, he was the first indigenous politician to seek Governorship seat in Ekiti. The trio of Oni, Fayemi and Fayose were considered as “foreigners” and “technocrats” who knew a little about the local politics. The fact that APC harped and hammered on Oyebanji being a local politician gained traction among the

Oyebanji is one man that has been patient to withstand all the onslaughts against him. Right from the time he was the Secretary to the State Government under Governor Kayode Fayemi, some politicians who perceived him as a threat never game him a breathing space. He was seen as not being part of the nucleus of power-wielding ‘cabal’ around Fayemi tagged “tokantokan” in government. By providence, he got to the promised land and the rest is history. Even at the party’s level, the primary conducted by the Governor Abubakar Badaru-led committee on January 27, 2022, was rancorous and pulsating enough to destabilise him, but he remained undaunted and had his eyes fixed on the governorship seat

Continued on page 17

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T H I S D AY ˾ MONDAY JUNE 20, 2022

MONDAY DISCOURSE

APC Intensifies Search for Tinubu’s Running Mate With July 15, 2022 deadline for parties to substitute candidates, the ruling All Progressives Congress (APC) has continued its search for a suitable running mate for its presidential candidate, Senator Bola Tinubu. Adedayo Akinwale reports

T

he Independent National Electoral Commission (INEC) last Friday shut the window against political parties to submit the names of their presidential candidates and their running mates ahead of the 2023 elections after the June 17 deadline lapsed.

Whereas section 29(1) of the 2022 Electoral Act, as amended, provides that political parties shall submit names of their candidates, not later than 180 days before the date appointed for the general election, Section 31 of the Act also gives the political parties an opportunity to withdraw and substitute their candidates, not later than 90 days before the election Section 31 states that “A candidate may withdraw his candidature by notice in writing signed by the candidate to the political party that nominated him for such election and the political party shall covey such withdrawal to the Commission not later than 90 days to the election”.

The Commission had as part of its administrative arrangements given up till 6pm of Friday June 17th, 2022, as deadline for the submission of names of candidates for the Presidential and National Assembly election and 15th July, 2022, for the Governors and State Assembly candidates.

In fulfillment of Section 31, of the Act, the Commission, gave the July 15, 2022 as last day for withdrawal by candidates and replacement of withdrawn candidates by the political parties.

Ordinarily, one would have thought a clearer picture of a running mate especially for the presidential candidate of the ruling All Progressives Congress (APC), Senator Bola Tinubu would have become clearer by now, but the search for suitable and acceptable running mate continues.

Ever since the emergence of the former Governor of Lagos state as the presidential candidate of the APC in the 2023 elections, there have been strong opposition to the Muslim-Muslim ticket being mulled by the party in order to boost its chances in the coming elections.

The reason why APC is thinkering with a Muslim-Muslim ticket is not far fetched considering the fact that North-West and North-East geopolitical zones have the bloc votes and if the party could not find a stronger Christian from the two sub-regions, it might settle for a Muslim.

While consultation was still ongoing on the issue of acceptable running mate with much needed clout to help APC retain power beyond 2023, the idea of picking Governor Simon Lalong of Plateau State or the Secretary to the Government of the Federation, Boss Mustapha, or former Speaker of the House of Representatives, Hon. Yakubu Dogara who are northern Christians might be off the table due to their limited clout in the North.

While some stakeholders of the party believed that winning an election should not be premised on sentiment as democracy is a game

Tinubu

of number, others were of the views that the country’s fault lines should not be widened with the purported Muslim-Muslim ticket.

Against this background, the Christian Association of Nigeria (CAN) has warned the APC and the Peoples Democratic Party (PDP) not to undermine the Christian community with the Muslim-Muslim ticket, insisting that such will not fly.

A former Secretary the Government of the Federation (SGF), Babachir Lawal, also shared the sentiment expressed by the Christian body when he vehemently kicked against the idea, saying ethno-religious factors are still very much relevant in Nigerian politics; while a group within the party, APC stakeholders also urged the party to narrow its search for the Vice Presidential candidate of the party to a Northern Christian to ensure national inclusion, and help manage the country’s differences and promote national unity.

But the Kaduna State Governor, Mallam Nasir el-Rufai, said the issue of religion should not be a criterion in determining the running mate of the APC’s presidential candidate.

In the same vein, the National Vice Chairman of the party, Dr. Salihu Lukman, said as important as ethnic and religious identities are, addressing challenges facing the country require that political leaders are not allowed to ride on cheap sentiments of religion and ethnicity to opportunistically win elections Lukman insisted that If Nigeria was to move forward, 2023 Presidential

campaigns must not reduce important debates of moving Nigeria forward to sentimental considerations of ethnicity and religion.

He said, “If the truth is to be told, both Islam and Christianity, as well as all our ethnic factors have been used in equal measure to hold Nigeria at a standstill. Many so-called religious and ethnic leaders have used and are still using religion and ethnicity to pollute the minds of Nigerians against one another. If Nigerian politics is to overcome the adversities of these so-called religious and ethnic leaders, religious and ethnic backgrounds of leaders must be subordinated to experiential attributes of persons being considered for leadership.

“Perhaps, it is important to stress the point that whatever is the final choice of Asiwaju Tinubu and APC leaders with respect to who emerges as the running mate, the 2023 Presidential election will be keenly contested, irrespective of religious and ethnic identity of both Asiwaju Tinubu and whoever the running mate may be.”

Nevertheless, former Deputy National Publicity Secretary of the party, Yekini Nabena, said at this point in time, Muslim-Muslim ticket doesn’t count, but the personality involved. To him, those against Muslim-Muslim ticket should stop sitting on the fence and participate fully in politics, rather than telling political parties what to and the choice to make.

Nabena noted, “This is a repeat of what happened between Abiola and Tofa. Tofa at the other side (north), Abiola on the side (South) and the same Muslim-Muslim ticket in quote.

Those people crying that there should not be Muslim-Muslim ticket should try as much as possible to participate more. They cannot sit down in their houses and tell people from their own party what to do. If they want ChristianChristian ticket, they should allow the whole Christian to participate, they can sit on the fence and tell political parties what to do.”

Moreso, a chieftain of the party and Deputy Organising Secretary, Hon. Nze Duru said Tinubu is at liberty to pick a running mate that will complement his strength.

According to him, It is the sole prerogative of the candidate to choose and determine who his number two would be. The number two will be such a person that will complement his strength. And then will also help him in administering the government come 2023 when the party wins the election.

Meanwhile, in order to meet last Friday’s deadline for the submission of presidential candidates and their running mates, Tinubu submitted the name of Kabir Ibrahim Masari.

Masari is of the Malumfashi/Kafur Constituency in Katsina State, the home state of President Muhammadu Buhari.

From all indications, the choice of running mate was yet to be resolved hence the decision to include a “place holder” as vice-presidential candidate, while Tinubu and the APC were

still making consultations for a suitable deputy that would enhance the party’s victory in 2023.

“The name of the running mate submitted would be changed for another northern politician in the next few weeks. The one submitted is just holding the ticket in trust for another candidate to be picked by Tinubu and the party in the next few weeks. The candidate is still widely consulting, because the issues around the choice of running mate are many and he is yet to address them all.

So, he is still asking for more time to look into it all – whether he is running a Muslim-Muslim or a Muslim-Christian ticket,” “He personally thinks there’s a need for more consultation and that’s what he is doing. The debate on the choice of deputy has assumed a level that is currently greater than the party and the candidate, hence the need for comprehensive consultation, which is what he is doing,” a reliable source said.

Another reliable source in Tinubu’s camp told THISDAY that Masari works with the support group and can’t be the choice for the position.

He said, “Masari is one of us in the office but can’t be the Vice President. It is also possible that his name was submitted to fill in, but can’t confirm that yet until they resolve who they want to give it to.”

Unlike the past elections, the 2023 elections will be more of a regional votes. Each presidential political gladiators will hold on tight to their respective regions.

This time around, there may not be a repetition of what happened in the 2019 elections where APC had bloc votes from North-West.

2023 promises to be a different ball game.

As it stands, the New Nigerian Peoples Party (NNPP) who has the former Governor of Kano State, Senator Rabiu Musa Kwankwaso as its candidate will lock down Kano, part of Kaduna and possibly Jigawa state votes - both in North-west during election; while the former Governor of Anambra state, Peter Obi who is the candidate of Labour Party will sweep the South-east votes, Tinubu has South-west to lose, while the presidential candidate of the Peoples Democratic Party (PDP) will hold on tight to South-south and part of North-east. Basically, the battle ground now remains North-Central.

To this end, political observers believed that there is need for the ruling party to replace North-west with North-east, the second region with bulk votes. To do that, a northern Muslim from the North-east is the party’s best bet. They added that if APC wants to ride with religion sentiment, the party should pick a northern christian from the North-east, but if the party wants to retain power beyond 2023, a northern Muslim from the North-east is key.

The APC has a critical decision to make in the next few days on the issue of who the running mate would be. The decision, therefore, will either make or mar the party’s chances in the 2023 elections.

Oyebanji’s Victory Has Put to Rest Succession Jinx in Ekiti populace and it worked out.

Most importantly, the local politicians, even across party lines perceived the governor-elect as one of them. They found him receptive and affable and this further buoyed his chances among the locals. It seems like the spirit of esprit de corps came to play.

The power of incumbency is also another factor to consider. The party deployed this in this election by way of conducting the widest political campaigns that touched every facet of the state, including the youth, market and women, teachers, civil servants, farmers and Okada riders, drivers and many others. The APC had over 50 campaign groups that only an incumbent could fund and network.

Again, the PDP led by Fayose , who ought to have given the APC a run for its money had been greatly emasculated through internal sqaubbles. Some of the politicians like Senator Duro Faseyi, Ambassador Dare Bejide, former Speaker Femi Akinyemi, immediate past Speaker, Kola Oluwawole, former Chief of Staff, Kayode Osho, Dipo Anisulowo and scores of others, who ought to stay within and

fortify the major opposition party, had defected. This actually reflected in the outcome of the election. The PDP scored a paltry 67,457 votes to rank third. Even the SDP, fondly regarded as a third force defeated the PDP, widely regarded as the major opposition party.

The APC also had a deep financial war chest and strong stakeholders to prosecute the election. The party had allegedly outspent the other parties in vote trading that was openly perpetrated by all parties on election day.

Most exhilarating was the fact that 14 APC governors and the Presidential candidate of the party and Southwest APC leader, Asiwaju Bola Ahmed Tinubu and party bigwigs stormed Ekiti four days to election to campaign for the party. This was a serious impetus to party members as they were given messages of hope.

This astounding support came

for APC at a time the PDP was practically abandoned. The PDP presidential candidate, Alhaji Atiku Abubakar and governors on the platform of the party never came to Ekiti to rally support for Bisi Kolawole. The party seemed abandoned and neglected under this context.

It was like an orphan in this election.

Ardent followers of the political situations of Ekiti started having an inkling that APC might likely win on June 8, 2022 when former Lagos State Governor, Tinubu won the presidential primary. The people of Ekiti largely perceived Tinubu as the father of the Southwest politics and they revered him a lot. Again, the fact that Fayemi stepped down for him changed the rhythm and he started receiving accolades from unexpected quarters. This also brought some sympathy votes to APC. Oyebanji knew the enormity of the load he is to shoulder to ensure that he build on the legacy set by Fayemi. He also knew the recordbreaking victory would automatically came with a price and that will be for him to perform and do Ekiti proud and this reflected in his response to the resounding victory. Though,

he basked in the euphoria of victory, but he took cognisance of one fact and that is being magnanimous by reaching out to all other candidates to seek their inputs and advice in the running of the state.

He said: “I, together with my Deputy governor-elect, Chief Mrs. Afuye, use this opportunity to express our gratitude to everyone who voted for us. We also recognise all those who did not vote for us, but whose participation in this important democratic ritual of the election enriched the process, especially with the gracious manner in which you accepted the outcome, and helped maintain the peace during and after the exercise. We are hopeful that though we did not have your vote at this time, we would earn your trust and cooperation as we begin the journey of keeping Ekiti working.

“I thank all other aspirants and their respective political parties for the dignified way they carried out their campaigns, and for contributing NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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MONDAY JUNE 20, 2022 • T H I S D AY

MONDAY, JUNE 20, 2022 • T H I S D AY

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THE MONDAY INTERVIEW

Chaudhuri & Hernandez: Nigeria is an Exceptional Oil-producing Nation For the first time since the discovery of crude oil, Nigeria has been in a situation whereby when oil prices go up significantly, globally, it does not translate into improved earnings for the country, but a deteriorating fiscal situation. Therefore, one of the fiscal burdens the economy currently shoulders is as a result of its retention of the controversial fuel subsidy policy, which the World Bank has predicted might gulp up to N5 trillion this year alone. Thus, in an interview with THISDAY, World Bank’s Country Director for Nigeria, Shubham Chaudhuri, with useful interjections from Marco Hernandez, the institution’s Lead Economist for Nigeria, have reiterated the dangers ahead if the federal government continues with the fuel subsidy policy, especially, that rising inflation was pushing more Nigerians into poverty. Excerpts: During our last interview, you expressed concern about Nigeria’s fuel subsidy payments and said if it continues by this year, they might not have money to pay salaries. Today, subsidy payments are still active and the government has asked for it to be increased to about N4 trillion, what do you think?

Chaudhuri: Unfortunately, our take is that the problem has just gotten bigger, because of rising oil prices globally, partly of course, due to what’s happening in Ukraine. The fiscal burden of the Premium Motor Spirit (PMS) subsidies in Nigeria, means more challenges. In our latest projection for 2022, it’s more than N4 trillion; it’s probably N4.5 or even close to N5 trillion. Part of this, you would have already seen, reflects in the fact that the Nigerian National Petroleum Corporation (NNPC), in the last four or even five months, has not been able to transfer anything to the Federation Account.

The Federation Account Allocation Committee (FAAC) meets every month and a big part of the discussion is the net oil and gas revenues that NNPC transfers over to the federation account and then, from that, it gets divided between the federal and the states. Well, in the last four months and perhaps, even in May, the NNPC was unable to transfer anything, partly because revenues that it was getting in were being used to cover the cost of the PMS subsidy, which has been ballooning, and also other expenses.

Unfortunately, again, we wish what we had been predicting would not come to pass, but not only does it seem like it will come to pass, the problem has grown a lot larger. And if you look at how that translates into the revenues that the federal government will have and also what the states will have to meet basic expenses – whether it’s wages of civil servants, meeting payments to contractors, etc – it will be difficult. And in fact, we expect that some states, perhaps, will find it difficult to meet these payments, which means they will go into arrears.

Again, we hope that this does not happen and that a solution is found to somehow bring up government revenues from other sources.

But the fact of the matter is that the costs of the PMS subsidies and the fact that revenues are being kind of dedicated to covering those costs before it goes to any other of the needs that the government has, have now gone up beyond N4.5 trillion, according to our estimates.

Hernandez: In terms of the latest estimates, these are based on not only the latest international prices for oil and also for gasoline, but also taking into account that there are many things that are interlinked. So, revenues are also a function of what’s happening with the petrol subsidy and of course, there are situations internally that have to do with oil production in Nigeria that also affect this calculation. So, what we can do

is to highlight that in the amended budget for 2022 which happened several weeks ago, allocation was around N4 trillion, which is two per cent of GDP and much higher than what we have seen in previous years, even in years, when the petrol subsidy existed and prices of oil rose high.

Our latest projections, based on the fact that international oil prices have continued to increase, put it closer to around N5 trillion for 2022. And that means that even if Nigeria is expected to receive higher revenues from oil and gas, the country is likely, in 2022, to receive less revenues in nominal terms than what it received in 2021 and 2020, even though prices of oil were much lower in previous years.

Also, on what’s happening at the state level and what that may mean for the states to fulfil their obligations, what we know now is that in 2022, the situation has become more urgent and it would not be possible for the states to achieve their intended level of expenditure in 2022 as specified in their own state budgets. And that gap could be as large as 50 per cent for the majority of states in Nigeria.

So, that means that if they were planning to spend N100 on a given item, they would only be able to spend up to N50. So, they will have to decide what they spend on or not in the coming months of 2022. And even though there might be some variation across states, what is very clear is that the bottom line is not positive. The situation is much more concerning than before.

Chaudhuri: That is the elephant in the room.

Two other points your readers may want to keep in mind: First, this is the first time in Nigeria that we have seen a situation, where oil prices globally have gone up as much as they have, at the same time, Nigeria’s fiscal situation is actually more precarious and is likely to get worse. Nigeria will not benefit in fiscal terms from rising oil prices globally. One big reason for that is the PMS subsidy but the other very important reason as well is that oil production is trending downwards. At other times, when oil prices went up, oil production would also keep up but this time, that’s not what we’ve been seeing, certainly not for last year and possibly going forward.

The second point to keep in mind is that Nigeria is pretty unique among oil-exporting countries in facing this situation. Nigeria is the exception. Nigeria is an oil exporter but Nigeria is not enjoying the windfall from the higher oil prices and its fiscal situation is becoming more precarious. We have been saying this pretty much since early 2021. We said it with a heightened sense of urgency in November of 2021 and this time, unfortunately, we’re having to say it again with even greater urgency.

The picture you painted here is a scary one. But have you sat down with the government, and maybe, the policymakers to let them know the dangers of continued payment of fuel subsidies?

Continued on page 22

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THE MONDAY INTERVIEW

Rising Inflation Pushing More Nigerians into Poverty clearly communicated to all parties in the economy, so that there is more credibility in the exchange rate management system and also an improved availability of foreign exchange. That is because the inability to access foreign exchange is actually one of the reasons pushing inflation upwards. On the trade side, our recommendation has been to fully reopen the land borders and also to remove restrictions on trade, especially on staple foods and medicines, so that there will be less pressure from those critical goods that are especially affecting food inflation for the poor and for vulnerable groups.

On the monetary side, one particular example that I want to highlight is the importance of prioritising reducing inflation as the key monetary objective.

At this time, the central bank is pursuing several objectives, which include the promotion of growth and these objectives are conflicting with each other.

So, the prioritisation of price control as the primary objective is what we highlight as critical. And on the fiscal side, one important element that we have been highlighting also for some time is the importance of making sure that the central bank’s deficit financing is kept within the legal limit of not more than five per cent of the previous year’s fiscal revenues.

Because when fiscal deficits are also much higher than projected, then that also pushes more resources into the economy that eventually translates into higher inflationary pressures. Just to give you a flavour of the examples of these four dimensions of policies, once again, given that the particular situation is a balancing act. It is a balancing act for policymakers to understand where the pressures are coming from, what are the main drivers of inflation and make sure that there is once again, a sequence and a coordinated mix of all these different elements so that eventually inflation will be controlled, and it will stop pushing Nigerians into poverty. As it has been doing over the past three years.

Second, the implementation of the Petroleum Industry Act (PIA) was extended by 18 months, do you see them implementing it when that time comes?

Chaudhuri: We have certainly communicated and shared with government officials, both at the federal and at the sub-national levels, meaning the governors, everything that we are saying here, so there isn’t much difference between what we’ve been saying in public and what we said in private to government partners. What we’ve also said and you will have seen this in our November report, is that at this time, we understand that eliminating PMS subsidies just off the top is not going to be easy, it does require a consensus building and then a clear kind of understanding with the Nigerian people.

But first and foremost, a consensus within the governing elites, the political, business and other elites. And what we’ve been trying to say more privately is that it’s important even if the solution needs a bit of time to work out, that it’s really important and critical to have that conversation to have that public kind of debate and discussion about the need to find the solution. We have proposed that the solution really has to do with making sure that ordinary Nigerians do not bear the brunt of the adjustment costs. So, what are the adjustment costs? Is that if you eliminate PMS subsidies, that means that the price of PMS will go up, and with the price of PMS going up, the cost of some other things will go up? If you look at the numbers, think of what could be done with N5 trillion.

A big part of it could be used through targeted cash transfers and through making schools more affordable and primary healthcare more affordable, building rural roads so farmers can get their produce to markets. We think the leadership must engage in that conversation to figure out where the pain points are and what robust ways of ensuring that these fiscal resources actually reach the people rather than going off into some black hole. I think, more important than anything else, is to just acknowledge the scale of the problem and begin a dialogue around it. It is a conversation that ultimately the political elites have to be willing to engage in as there has to be a consensus amongst the political elites to have that conversation with the Nigerian public.

In your latest NDU, Nigeria’s growth prospects for the next three years were revised upwards with agriculture as one of the drivers despite the insecurity in the country. Is that realistic?

Hernandez: I think there are two main reasons why we are projecting that Nigeria will grow in 2022 by 3.4 per cent, which is higher than the 2.8 per cent that we projected back in November.

The first reason is that there has been better-thanexpected performance with not just agriculture, but also services. For example, all of the services sectors except for trade, had a big rebound in terms of production. Part of that was driven by bass effects. As you know, in 2020 and part of 2021, the economy was trying to recover because it was not growing that fast. The growth that was projected in 2022 gives an extra push.

So, that’s one part, but there were other sectors like telecommunications and financial services that were growing more organically, they have been growing and they have continued to grow extensively and that is part of the way that they have been benefiting from higher consumption. In the case of telecommunications, it is driven by data and additional collections of oil. The agriculture sector has been growing on a sustained basis and that includes also the story of what happened in the previous recession back in 2016. So, it has been one of those sectors that have had continuous influx of workers because agriculture is an employer of last resort.

So, as they get more work and as they increase their production, they have been able to sustain a higher production even though sometimes, there have been higher prices for some of the inputs like fertilizers that have been put at risk to the sector. But even in that context, agriculture has been performing well. So it is the better-than-expected performance of services and agriculture that is pushing our higher growth projections. On the other side is the fact that we now have higher oil prices. Now why that matters for Nigeria is because even though the oil sector still protects a relatively small share of the total economy, it has a positive spillover effect for the non-oil sector, whether it’s through manufacturing or financial services or also transportation and trade that helped to boost the nominal economy as well as the oil sector.

So, those are the two main forces that are leading us to have higher growth projections.

And to answer your question about security, we have incorporated our security assessment as part of our growth projections for 2022 and beyond.

Nonetheless, as you highlighted, there could be a risk that the security situation might get worse or the insecurity continues to trend upwards as it has been over the past few months and that may put a dent on growth prospects. Now, we are assuming that the security situation will remain as it is currently.

But if it does get worse, what we do highlight in

Hernandez

“Majority of states would only be able to spend 50 per cent of their intended level of expenditure this year” the Nigeria Development Update is that the risks are tilted to the downside. And one of these downside risks is the potential that as a result of other reasons, such as inflation and social unrest, and so forth, that insecurity would increase and that will bring growth down. That is a risk, but in our baseline scenario, we are projecting higher growth than what we were projecting six months ago. Again, this is driven by other factors, but security is taken as one of the pieces that does affect prospects for Nigeria.

The report also identified higher oil prices as a catalyst for growth for Nigeria. How do you mean exactly?

Hernandez: There are several transmission channels that we have to take into account when thinking about how higher oil prices will translate into the Nigerian economy. The first one is through the external sector. As you know, most of the exports of Nigeria, more than 80 percent come from the oil sector. Higher prices of oil would increase the value of Nigerian exports. But there is one thing that cuts across the outlook for the oil sector and that is how much oil Nigeria is actually producing.

Production in Nigeria has been trending downward in the past two years, not only because it’s below the quota that the Organisation of Petroleum Exporting Countries (OPEC) set, but also because it is one of the lowest production levels in more than three decades.

Even if the prices of oil have increased substantially, the fact that we’re now producing less than before means that Nigeria is not benefiting as much. Now on the external side, they still benefit from higher oil prices and that means that they have higher exports which help them with their current account balances.

That means that Nigeria requires less external financing for the investment that it makes. The second channel is the growth channel. Now on the growth channel, the oil sector as I mentioned before, has linkages with the non-oil sector. So, whatever happens in the oil sector creates expectations for the non-oil sector counterparts that have interactions and transactions with the oil economy.

A big one is the financial services sector because around one-third of all loans in Nigeria are tied to the oil sector. So of course, if that sector is doing well, then the financial sector will have more resources to lend further to other sectors that are not related to oil which will also spur growth in these other sectors whether it’s construction, retail, trade, transportation services and telecommunications and so on. So, the third channel is the channel that has to do with

prices which link to inflation and higher oil prices, especially because Nigeria exports oil, but imports petroleum products, including gasoline and petrol.

So, because those prices are higher, that means that there is also upward pressure on prices and that also trickles down to the entire economy because transportation costs go up, that makes you feel food inflation, and so on and so forth. One transmission channel that we have been discussing is the fiscal channel. It’s mostly negative because of the petrol subsidy. Petrol subsidy means that whatever revenues Nigeria was expected to collect are being watered down as a result of the resources that go to pay for the petrol subsidy. So, that is our main message on the fiscal side in the NDU and one that we hope gets turned around so that Nigeria can eventually use fiscal policy as an engine for growth because without resources, Nigeria cannot promote growth through investments in critical infrastructure and human capital that it requires for the medium to longer term.

What is your projection for inflation in Nigeria?

Hernandez: The projection for inflation for next year and a half is 15.3 per cent on an annual basis, and this is close to two percentage points higher than what we were projecting before the invasion of Ukraine. So, it gives you an idea of the impact the war in Ukraine is suspected to have as a result of increases in various food items.

But not only that, what we do highlight in the report is that the lack of concern in policy action to reduce inflation is also one of the reasons why inflation is not only ticking upwards but it’s not expected to come down as fast as it would in other emerging economies.

In your recommendation, what can the Central Bank of Nigeria do to bring down inflation?

Hernandez: In terms of reducing inflation, what we have highlighted in previous both public and private conversations with government counterparts and stakeholders across the country is that there needs to be a sequence and coordinated mix of policies involved in exchange rate management, monetary policy, fiscal policy, and trade. To give you some examples of a flavour of the type of policy options that we have been highlighting in the past, and we’ll continue to do so in the report published, is the importance of improving exchange rate management.

For example, the opportunity to adopt a single and a market-responsive exchange rate that is

Chaudhuri: The response that one often hears about the rising high rates of inflation in Nigeria is that it has to do with the structure of things, security, and transport costs. Certainly, that contributes especially as transport costs within Nigeria are high compared to many other countries. But we have to ask ourselves why are transport costs not only high, but are increasing and increasing at a faster rate. That’s what rising inflation means. That means prices are not only going up, but are also going up by 15 percent. Our take is that some of the structural issues that one often hears about, explain the high costs of overall transport and other things, but they don’t necessarily explain the fact that these prices are increasing and increasing at a faster rate. And we think that has more to do with some of the direct policy issues Marco mentioned.

I think structural issues are a big part of the story, but it doesn’t quite explain and doesn’t deal with the fact that you have the inflation rate itself rising. And then prices, which means prices are rising at higher and higher rates. And then that’s where some of the policy issues, policy choices that have been made become critical. Another reason for emphasising the policy choices is that even if it’s the case that there are these structural impediments, those structural impediments will take time to address. I don’t think that Nigeria can afford to wait that long when ordinary households are finding it hard to put food on the table.

We are predicting that millions of Nigerians who are near-poor have now technically fallen into poverty because they’re not able to afford what’s considered the basic bundle of food and basic needs. And again, there’s a policy solution to that which is on foreign exchange management. Look, this is a very tricky thing to do, you don’t want to let the current foreign exchange rate depreciate by a huge margin or something. Our basic take is that having it be the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate, which is the investors and exporters’ (I&E) window to be a bit more responsive to market pressures, it will be like letting the steam off a pressure cooker.

There is a reason why pressure cookers have little valves on top that let the steam out, that’s because if you don’t let the steam out, then the pressure builds up. And what we see with the parallel market rate now being more than N600 is that the pressure is building up and manifesting itself in that market. Please hear us on this one, it is not that we are saying the exchange rate should be completely market-determined, what we are saying is that the exchange rate needs to be managed, but it should be managed in a way that is market responsive, that takes into account what the market pressures are and access to foreign exchange has to be a bit more predictable. In many countries, central banks may have rules about how they regulate foreign exchange, but there should be some predictability about it and I think that’s also what would help in terms of relieving some of the pressure.

Hernandez: There are two headline numbers that if you ask me are what keeps me up at night as an economist analysing Nigeria: Inflation is definitely one of the things that keep me up on a daily basis.

So let me just have two headline numbers, one is inflation pushing millions of Nigerians into poverty.

So, we are expecting that, for example, in 2022, by the end of the year, inflation would push seven million more Nigerians into poverty. The second one also takes me back to when I arrived in Nigeria in 2019, there was a lot of hype about the new minimum Continued on page 23

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THE MONDAY INTERVIEW

All Most Nigerians Need are Economic, Job Opportunities that’s what it is used for. And second, in terms of borrowing, I think Nigeria has to be transparent with its debt reporting.

The NDU stated that Nigeria’s protectionist trade policy was making the country to lose $1.8billion in import tariffs annually. Can you speak more on this and what could be done to reverse this trend?

Chaudhuri wage of N30,000 per month.

Now, if we translate what has happened with that minimum wage because of inflation, the first thing that we see is that the N30,000 in nominal terms that they were paying in 2020 in real terms today is close to N22,000. So, it’s not N30,000 anymore, you lost already N8,000 just because of the increasing prices. All of a sudden, for someone that is making a minimum wage, that’s an incredible blow.

But not only that, linking that was the point that because of this lack of predictability and availability, the parallel market forex rate shoots up and the parallel rate is where most Nigerians will exchange their money. So, that means that for the N30,000 minimum wage, if you convert that to dollars, you will be getting $82, but because of inflation and the fact that you have an exchange rate depreciation, you now only get $37 per month. So, from $82 to $37 per month, that is not only concerning but an astonishing statistic.

Are you suggesting an upward review of the minimum wage in Nigeria?

Hernandez: There are very few people in Nigeria that benefit from the minimum wage. Actually, the minimum wage or the income for a family of five is less than N30,000 per month. Recall that the poverty line is about N137,000 per person, per year. So, the majority of Nigerians are living less than what some would call the minimum wage.

The minimum wage is something that would get to a very small share of the population. There are many other things that Nigeria needs to do, such as to catalyse private investments and create more jobs on a sustained basis.

Chaudhuri: This is not a recommendation for raising the minimum wage. Most Nigerians need more economic opportunities to have jobs that pay them higher wages. Just legislating on a minimum

wage in a country where 80 per cent of the labour force is informally employed is symbolic at best.

A worsening fiscal balance means more borrowing for Nigeria, what are your thoughts on debt service in the short and long terms?

Hernandez: We assess Nigeria’s debt to be sustainable. Let me start with that point. Now, there is also a discussion about how the rise of fiscal deficits is increasing debt faster. And the second point is that debt is becoming more expensive.

That is because on one hand, global rates have increased and that means that interest rates are higher globally and that means any debt Nigeria incurs would be more expensive. And another reason is also that Nigeria over the past three years has been borrowing more from the central bank to cover its financing needs and central bank’s financing is more expensive than other marketable debt instruments and as a result, the important thing is not just that the debt has increased, but also the cost of debt has also increased together with the amount of debt.

The bottom line that I wanted to highlight is that there is the deeper question about where debt is actually going or how the country is utilising its debt. If it is borrowing to just pay for the fuel subsidy, that will be a different story than if it is borrowing for constructing bridges, improving healthcare and education and also making sure that there’s targeted support for the poor and vulnerable who are facing very difficult times.

What you have to ask is what is the debt being used for and how are we choosing who we borrow from, and under what terms? I think it’s the answers to all three that you need in order to assess whether Nigeria is on the right path. And our answer is that Nigeria does need to borrow for lots of things because the financing investments for Nigeria’s infrastructure and its people are huge, but only if

“Two other points your readers may want to keep in mind: First, this is the first time in Nigeria that we have seen a situation, where oil prices globally have gone up as much as they have, at the same time, Nigeria’s fiscal situation is actually more precarious and is likely to get worse. Nigeria will not benefit in fiscal terms from rising oil prices globally. One big reason for that is the PMS subsidy but the other very important reason as well, is that oil production is trending downwards”

Hernandez: On trade, our analysis in the NDU shows that trade restrictions are hurting Nigeria through various channels. For instance, trade restrictions are leading to higher inflation. They’re also encouraging smuggling. They’re increasing tax evasion, which as a result, reduces fiscal revenues.

And they’re also increasing the production costs for firms. So, there are several channels through which trade restrictions are affecting the Nigerian economy. And what we have been able to put together in this analysis is to quantify some of these effects.

So, for example, one of the things that we’ve highlighted is that when it comes to foreign exchange restrictions, we’re highlighting foreign exchange restrictions between 2015 and 2019, they were generating around $250 million in tax evasion every year. In a country that is desperately in need to mobilise revenues in a sustainable manner, this is a crucial statistic because we call it the unintended effect of trade policies. That is because some of these policies were put in place with the intended effect of supporting domestic industries. There are a series of unintended effects that are happening as a result of these trade protections.

One of them is the negative effect it has on evading taxes and another one is on higher inflation, increasing the production costs and so on and so forth. So, in addition to foreign exchange restrictions, they’re also import bans generating $1.8 billion in losses annually as estimated from our recent research. So that is also another effect and on top of that, we also highlighted that, for example, when Nigeria closed its borders in 2019, that coincided with a significant rise in inflation, including for those goods that were produced locally in Nigeria. So, you would ask, why is a good that is produced locally in Nigeria be at a much higher price when they closed the borders?

Well, of course it was because of fewer imports and the market is not producing as fast and that led to higher prices of goods. And in those states that were closer to the border, the increasing prices were much more significant when they closed the border in 2019. So, it’s not just one thing and only one sector that would be affected by trade restrictions, but all sectors in the economy because every single sector is interlinked and every single sector is affected by high prices, by higher production costs and of course, a worsening tax collection and so forth.

Chaudhuri: We often get accused of preaching this dogma of free trade. No one wants to see Nigeria, as you know, forever dependent on imports and being what is called a consumption economy. It is all about increasing domestic value-addition so that there are more jobs and better jobs for Nigerian youths. The point we are making here is that often the path to increasing domestic valueaddition involves fixing certain things behind the borders rather than just imposing these restrictions at the border. Not only does it not always help in increasing domestic value-added, it sometimes can even be counterproductive because of the unintended consequences.

And I’m sure if you spend time talking to the management of many of the established domestic firms, some of whom are responsible for producing and creating much of the domestic value-creating value-added, they will tell you how their growth plans, their ability to kind of compete has been affected by the fact that they don’t have access to foreign exchange for critical intermediate inputs.

These are some of the unintended consequences.

Since you are speaking about trade, how would you assess the Central Bank of Nigeria RT 200 policy, and then, finally, can you give us your outlook on the nation’s economy?

Hernandez: With the outlook I mentioned at the beginning, we are predicting higher growth prospects for Nigeria for 2022 and 2023 than what we were projecting six months ago. However, we’re also seeing that our projections on other macroeconomic indicators for the next two years are not looking as good, especially on inflation, the fiscal deficit and also on the lack of improvement in the external account. So, we’re seeing that inflation is expected to be much higher than what we had six months ago. The fiscal deficit is also expected to be much higher.

For instance, we are projecting that in 2022, the fiscal deficit could be as large as six per cent of GDP or more, which is much higher than what we have been seeing in the previous two years.

And that trickles down into what is happening at the state level. So those prospects, I wanted to differentiate between just what we’re seeing in terms of improvements on higher growth and what we’re seeing in other macroeconomic indicators which make the situation concerning because even if Nigeria’s growth prospects have improved, our bottom line is that growth is not

near enough where it needs to fulfil the needs of the citizenry, especially, when you have close to 300,000 youths joining the labour force every single month and they need to find job opportunities and a growth rate of 3.5-3.6 and even a growth rate of 4 percent , may not necessarily provide those job opportunities for Nigerians.

So, what we are highlighting in this edition of the NDU is that we see that it is time for the central bank to scale down some of its development interventions because they’re providing subsidised lending to medium and large firms. And the time has passed already when this has to be phased out and phased out in a way that is orderly of course.

But continuing to do so may just further delay the fact that many firms have been facing more difficult situations and you’re just delaying the problem with a higher cost. The CBN’s RT200 is a policy that actually proves that we need to make sure that there is a market-responsive exchange rate, which is what we were highlighting before. One of the components of the RT200 is a non-oil FX rebate scheme, which is a special local currency scheme for normal exporters.

So, CBN would pay N65 for every dollar repatriated into the I&E window for third-party use and N35 for every dollar that is repatriated and sold into the I&E window for own use and eligibility transactions. So, what the CBN has created are two additional windows that it is subsidising through an exchange rate mechanism, and what we are highlighting, not just in this edition of NDU, but in previous ones is the opportunity that Nigeria has, especially now that it might be receiving more foreign exchange because of higher oil prices, it needs to move to a single and a more market-responsive exchange rate that on the one hand, increases the predictability and credibility of the system but on the other hand, allows more price discovery so that there’s better access to foreign exchange. And that better access to foreign exchange we see as a critical component for not only short, but also medium and long-term economic growth.

Chaudhuri: On the overall outlook, growth pickup is encouraging, but it’s not nearly enough for a country of Nigeria’s size for its growing population.

But really, if you ask me, the bottom line is that we are more concerned now than we were six months ago because we see the fiscal pressures and the inflationary pressures building up in a way that will directly impact the livelihoods and just everyday choices that millions of Nigerians will have to make and the government’s ability to respond to those needs will be limited by the fiscal pressures.

We hope Nigeria gets through at least to the other side of the elections but there has to be a broader consensus amongst the elites and then ultimately, Nigerian people as a whole, that this situation on the fiscal front and in terms of some of the key reforms that we’ve highlighted cannot continue. The title for our November NDU was, ‘Time for Business Unusual,’ this time, what we finally settled for was, ‘The Continuing Urgency of Business Unusual.’ That’s the bottom-line message and the need for Nigeria to kind of really embark down a different path that will help Nigeria realise its full potential. It’s become even more urgent.

The fact that growth has picked up is great, but that’s just at the most, the first step.

In your report, investing in adolescent girls and education, is a call to action for Nigeria. How about you elaborate on its expected impact?

Chaudhuri: Does Nigeria have adequate investment in healthcare, please? No. It’s just that we run out of issues and we want to be a bit selective in terms of the things that we bring to the forefront in every given issue. If you ask us about what is Nigeria’s development agenda in terms of investing more in primary healthcare, that continues to be critical. Investing more in power, rural roads, and connectivity all of that remains. Is just that right now, the fiscal and inflationary pressures have to be dealt with a sense of urgency and that’s why we’ve highlighted it. And because we’ve talked about primary health care in the past, because we’ve talked about power in the past. We thought we would also bring in investing in adolescent girls.

Let me just say that investing in adolescent girls is key to so many other things. Keeping adolescent girls in school is very important. I think it’s over 12 million adolescent girls, especially in northern Nigeria who basically dropped out, which is incredibly high. So, in terms of keeping adolescent girls in school, not only does it make sense as they have the opportunity to learn and contribute to their full potential, it has all kinds of spillover effects in terms of health and well-being of their families and for the economy as a whole.

So that’s why we were supporting governments across pretty much all the northern states to keep adolescent girls in school. And the reason why adolescent girls are dropping out of school vary.

It has to do with their families needing them to do other work, it has to do with the fact that the schools are not close enough to their communities, and has to do with traditional norms.

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

Insecurity: Spread of Terror Network and Need for Effective Containment Policy Kingsley Nwezeh looks at the incessant spread of terror across the country and the need for an effective containment policy

Mass burial for the 48 persons massacred in St Francis Catholic Church, Owo

W

ith the killing of over 48 worshippers at St Francis Catholic Church of Xavier in Owo, Ondo State; the horrifying revelation of the existence of a gully of beheaded corpses in Umuneochi in Abia State by the Prelate of the Methodist Church of Nigeria, His Eminence Samuel Kanu-Uche; the incessant killings and beheadings in the South-east; and the endless decimation of Nigerians in the North, the projected encirclement and infiltration of the country by the combined evil forces of Boko Haram, Islamic State for West African Province (ISWAP), unknown gunmen and armed he, appear to have been completed.

As it is, there is no part of the country that the terror networks have not accessed.

In fact, the United States government had last year warned that the terror groups were moving South. It said the dreaded terror groups were looking to make an inroad into Southern Nigeria.

The US government had also warned that terror network, Al-Qeida, had begun to penetrate the North-western part of the country.

At a recent media briefing, Commander of the US Special Operations Command, Africa, Dagvin Anderson, said alQaeda was also expanding to other parts of West Africa.

"We have engaged with Nigeria and continue to engage with them in intel sharing and in understanding what these violent extremists are doing. And that has been absolutely critical to their engagements up in Borno State and into an emerging area of North-west Nigeria that we are seeing al-Qaeda starting to make some inroads.

“So, this intelligence sharing is absolutely vital and we stay fully engaged with the government of Nigeria to provide them with an understanding of what these terrorists are doing, what Boko Haram is doing, what ISIS-West Africa is doing, and how ISIS and al-Qaeda are looking to expand further south into the littoral

areas," he said.

Anderson regretted that despite successes recorded in previous years, there was a setback.

“We as a community of international nations, keep thinking we have defeated them or we have put them on their back foot and that they are just moments from disintegration,” he said, adding that for international efforts to yield desired results in the fight against terrorism in Nigeria, the government must take the lead.

“When it comes to Nigeria in general, Nigeria, obviously, is a critical nation to West Africa. It is a critical nation and we realise that Nigeria is a lynchpin,” he said.

Jihadists Operating in South-east For most stakeholders, killings in the South-east which was originally attributed the Indigenous Peoples of Biafra (IPOB), now increasingly looks like Boko Haram-style attacks, forcing human rights groups in the region to raise the alarm.

A human rights advocacy group, the International Society for Civil Liberties and Rule of Law, last week raised the alarm that the pattern of killings in the South-east bore the hallmarks of jihadists, a mark of their strong presence in the region.

This was emphatically corroborated by the Prelate of the Methodist Church of Nigerian, His Eminence Samuel KanuUche, who was kidnapped with some of his officials and later released on the payment of N100 million ransom.

The head of the Methodist Church in Nigeria gave an insight into the violent killings, beheadings and kidnappings in the South-east which he put squarely at the doorsteps of the Fulani herdsmen.

He said the herdsmen in question were born and grew up in the South-east and were children of cattle dealers, who had lived in the region for decades.

He described the raging insecurity in the country with a Bible reference, Proverbs Chapter 29 verse 2, which says that "When the righteous are in authority, the people rejoice; but when a wicked man rules, the people groan".

Kalu-Uche, who was released from the den of kidnappers in Umuneochi, Abia State, after three days in captivity, said contrary to earlier belief that Igbos, especially the Indigenous Peoples of Biafra (IPOB), were behind the killings, Fulani herdsmen were the masterminds.

The primary duty of government is the security of life and property. Therefore, we call on President Muhammadu Buhari to rise up to his duty as the Commander in Chief of the Armed Forces of the Federal Republic of Nigeria and to ensure that the growing security challenges are addressed

He restated his accusation that the Nigerian military was complicit in the raging insecurity in the area by acting as enablers to kidnappers.

The military, have, however, robustly denied any involvement of soldiers in kidnapping and has continued to conduct multiple operations to contain insecurity in the country operations across the country.

The prelate, who was later freed with some officials of the church after the payment of N100 million ransom, said there was a grand conspiracy against the Nigeria State by some forces but expressed profound confidence that God Almighty will neutralise such evil designs.

He said the harrowing experience in the hands of kidnappers was the "worst humiliation" a human could be subjected to.

The cleric said the leader of the eightmember terror group, who spoke fluent Igbo language, claimed to be Fulanis from Sudan while two others were from Mali and one from Songhai, adding that they have lived in Nigeria for many years.

The leader said he speaks Umuahia dialect fluently and has played football there. He said his father was a cow dealer but is dead while he's now taking care of his siblings and his people.

"It was pure kidnapping. People who cut off people's heads are not Igbos. They are fulanis. They are fulanis, who grew up in Igbo land. Their mothers used to sell kwose (local beans delicacy). They have integrated into Igbo land", he alleged.

The head of the Methodist Church in Nigeria said the kidnappers, whose age ranged between 18 and 35, had shown them a gully full of corpses and beheaded a corpse on the floor and threw the head into the gully of the dead as an example of what would happen to them if they defaulted the ransom payment.

Claim about Military's Complicity in Kidnapping, Others The prelate also pointedly accused the Continued on page 25

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Insecurity: Spread of Terror Network and Need for Effective Containment Policy and taking over Igboland. This also calls for urgent investigation on the orders of the president", it said.

military of complicity in kidnapping and other raging criminalities in the region.

He restated his earlier position that the military was complicit in the security breaches in the South-east, going by the conduct of the nearby military checkpoint where they were kidnapped.

"They don't allow people to pass there but the military checkpoint allowed them (kidnappers) to pass there. When they went to collect the ransom, they brought more people hidden somewhere with more guns. Our people saw one boy at a military checkpoint.

"Our man wanted to harass him and asked him who are you, what are you doing here and the military said no, leave him, he is our boy, he came to drop something for us and this is the same military that normally says to people, don't cross this line, if you cross this line, we will fire you.

"Why are they shielding the people?

Why are they shielding them? Why do you shield them? Some people are planning something in this country but only God will foil it. There is something they are planning but God will neutralise their plan", he asserted.

Owo Massacre of Worshippers In the wake of the massacre of innocent worshippers at the St Francis Catholic Church of Xavier in Owo in Ondo State, the federal government claimed that the terror group, ISWAP masterminded the attack.

Briefing newsmen at the end of the National Security Council meeting presided over by President Muhammadu Buhari at the State House, Abuja, Minister of Interior, Rauf Aregbesola, said security agencies were already on the trail of the culprits.

He said while their imprints were established in the attack, authorities were yet to make any arrests.

Aregbesola, who was flanked by the Inspector-General of Police, Mr Usman Baba, dispelled insinuations of ethnicreligious connection in the attack, stating that the group’s activity had nothing to do with Islam.

He also said there was no ethnic agenda in the attack, urging Nigerians to unite and defeat terrorism in the country.

"The council is concerned about the violent attack in Owo and have been able to locate the perpetrators of that horrendous attack. From all indications, we are zeroing in on ISWAP. “It is not an ethno-religious thing, the animals in ISWAP, wanting attention and recognition, are suspected to have launched that attack. We have directed all the agencies concerned to go after them and bring them to justice,” he said.

FG's ISWAP Claim Too Hasty, Says Akeredolu But Ondo State Chief Executive, Oluwarotimi Akeredolu, said the federal government’s pronouncement of ISWAP as the terrorist group behind the terror attack at the St. Francis Catholic Church, Owaluwa Street, Owo on June 5th, 2022 was too hasty.

Akeredolu said he took the conclusion with a pinch of salt, adding that ISWAP is known for claiming responsibility for their attacks.

He spoke last Friday during a virtual interaction with a Swiss-based Christian human rights organisation, Christian Solidarity International (CSI). ”The statement is too hasty. I take their conclusion with a pinch of salt. ISWAP doesn’t hide their attacks. If they had done it, they would have owned up. We are yet to know their identity and our security people are still on their trail," he said.

He said the attack was a crime against humanity, noting that the South-west region was peaceful before the horrific attack.

He said despite the attack on the psyche of the people, the people of the state remained indomitable and ready to fight insecurity.

CSOs Weigh In, Seek Investigation

Buhari

of Military's Complicity Civil Society Organisations (CSOs) have also called on President Muhammadu Buhari to live up to his responsibility as president and halt the spiralling criminalities in the country.

The civil society groups also sought the investigation of the allegations by the Methodist Church Prelate that military personnel were complicit in the spate of kidnappings in the South-east.

Members of the coalition include Rule of Law and Accountability Advocacy Centre, Lagos, African Centre for Entrepreneurship and Information Development, Abuja, COMPPART Foundation for Justice and Peace Building, International Peace and Civic Responsibility Centre, Young Innovators and Vocational Training Initiative and Ace and Vanguard Legal Practitioners among others.

A statement issued by the coalition also demanded the investigation of a trending video where a police officer alleged that military personnel in the South-east were frustrating the efforts of other security agencies to contain kidnapping

in the region.

"The primary duty of government is the security of life and property. Therefore, we call on President Muhammadu Buhari to rise up to his duty as the Commander in Chief of the Armed Forces of the Federal Republic of Nigeria and to ensure that the growing security challenges are addressed", it said.

The coalition called on President Buhari to launch an investigation into the allegations by the prelate and a police officer on the complicity of military personnel in criminal activities in the region.

"The Prelate of the Methodist Church of Nigeria had, upon his release by kidnappers, revealed information suggesting the complicity of military personnel in the region in kidnapping.

"In one of the videos in circulation, a senior police officer identified as CSP Johnbull, who is the Commander of the Rapid Response Squad, Abia State, also expressed frustration at the role played by personnel of the Nigeria Army in sabotaging the efforts of security forces to combat kidnapping in that axis", it said.

"We call on President Buhari to wake up and to order an investigation into this rather scandalous revelation. We also condemn the decision of the police hierarchy to subject the police officer to harassment or disciplinary action instead of acting on the intelligence information to improve their operations.

"We are further shocked by the revelation that the kidnappers said they are amassing arms with money realised as ransom, with a view to eventually unleashing mayhem

To this end, the African Bar Association (AfBA) declared that bad governance, sabotage within security circles and religious bigotry were fueling terrorism in Nigeria and other African countries

AfBA: Bad Governance, Sabotage, Religious Bigotry Fueling Terrorism To this end, at a meeting in Abuja last week, the African Bar Association (AfBA) declared that bad governance, sabotage within security circles and religious bigotry were fueling terrorism in Nigeria and other African countries.

Speaking at the opening ceremony of the 2022 Maiden Armed Forces and Other Security Agencies Law Conference in Abuja, Chairman of the body, Mr Hannibal Uwaifo, said conflicts were complicated by bad governance and religious bigotry which made it difficult for the Armed Forces and security agencies to bring the situation under control.

The position of the continental bar association came as the the Chief of Defence Staff, Gen Lucky Irabor, said the assymetric nature of conflicts in Nigeria and Africa required a new approach in containing security crises on the continent.

Also, a former Chief of Defence Staff, Gen Alexander Ogomudia (rtd), lamented the insecurity bedeviling the continent especially the West of the Sahel, which he said was "becoming something else".

He also pointed the way forward in averting collateral damage in war situations by war commanders, saying that such commanders should be guided by the Rules of Engagement (RoE).

Uwaifo, who spoke at the conference in Abuja themed:" "Enhancing the Operational Capacities of African Armed Forces and other Security Agencies: Law as a Vital Instrument", said "sabotage from within, inadequate intelligence gathering, lack of synergy amongst security agencies are also factors contributing to the deteriorating security situation.

"Ethiopia, Nigeria, Kenya, Sudan, Libya, Cameroun, CAR, the DRC, Somalia, Mali, Niger, Chad and so on are some of the worst hit where hundreds of thousands of lives have been lost including those of our armed forces and security personnel, while the military and security agencies continue to suffer these heavy casualties in defence of the territorial integrity and security of our borders, public perception of their actions and inactions appears very poor".

He said the volatile situation was "largely due to the activities of politicians, lack of information, acts of criminals within and inter-security agencies rivalry. There has also been largely no frequent interactions with civil groups who are largely the vocal voice of the civil populace.

"The high casualty rate of our security forces arising from these conflicts and the lack of popular support for the military and other security agencies has become a source of concern for the African Bar Association and its leadership".

Speaking further, he said "in Nigeria, terrorists, bandits, and other criminal gangs have been terrorising towns and villages in the northern part of the country for over a decade.

"Most of these criminals are fuelled by political activities and religious extremism.

The Nigerian Military and other security agencies saddled with the responsibility of tackling them are either lacking in equipment or morale. While it is clear that they are doing their best in the circumstance, their inability to secure full public support and the activities of civilian saboteurs is making the job difficult".

Conclusion From all indications it would seem that there is no solution in sight or an effective containment policy of government as the criminal gangs have defied counter strategies of government requiring a new approach.

For many Nigerians, the only choice left now is to look up to God to end the carnage. They also hope that a new administration that would emerge after the 2023 polls would bring an end to the hostilities.

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See page 28 FOREIGN MONEY IN NIGERIA’S ELECTIONS? CHIDI ANSELM ODINKALU argues that security and financial intelligence agencies must do more to stem illicit financial flow during elections See page 28 THE EMPERORS AND THEIR ENVIOUS BAND There’s none better equipped to lead Nigeria than Peter Obi, argues OKECHUKWU UDEAGWU See page 29 SOLOMON ARASE AT 66 ERASMUS IKHIDE pays tribute to former IGP, Arase, at age 66

See page 29

EDITORIAL BUSINESS, WITHOUT ELECTRICITY

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RESTRUCTURING FOR EFFICIENCY Will Bola Tinubu back the restructuring of the federation? asks FREDRICK NWABUFO

UT H

A British Court has ruled that the charges against the former Attorney-General of the Federation are unfounded, writes ABUBAKAR D. SANI

MOHAMMED ADOKE AND OPL 245 SAGA In what is quickly becoming a consistent pattern in the federal government’s serial attempts to ‘nail’ the immediate past AttorneyGeneral of the Federation, Mohammed Bello Adoke in connection with his role in the resolution of the Oil Prospecting Licence (OPL) 245 saga, a British Court, last week, threw out the government’s bid to compel a British Bank, JP Morgan Chase, to refund about U$1.1 billion which the latter had paid out on behalf of the government, to Malabu Oil and Gas Co. Ltd., between 2011 and 2013. )URP WKH FHUWLÀHG FRS\ RI WKH FRXUW·V judgment it is clear that the federal government grossly over-estimated its chances of success LQ WKH FDVH DV LW VRXJKW EDVHG RQ ÁDZHG OHJDO DGYLFH WR À[ -3 0RUJDQ &KDVH ZLWK a duty of care which the court said was unfounded in the circumstances. The court WKUHZ RXW DOO LWV FODLPV VSHFLÀFDOO\ WKH VHULHV of damaging allegations against Mr. Adoke (which the government frankly admitted to be the fulcrum of its case). What were those allegations and why the court rejected them VKDOO EH H[DPLQHG SUHVHQWO\ %HIRUH GRLQJ that, however, it is necessary to stress that Mr. Adoke, himself, was not a party to the proceedings and the federal government sought no reliefs whatsoever against him.

Prior to the said judgment, an Italian Court, had, in related proceedings, in February 2017, charged a number of current or IRUPHU R΀FHUV HPSOR\HHV RI FRPSDQLHV in oil and gas giants Eni and Shell (as well as former Nigerian Oil Minister, Dan Etete) with international bribery arising from the circumstances in which those companies had acquired their interests in Block 245 under the 2011 Resolution Agreements. In March 2018, the FG joined the proceedings as a civil claimant. Even though Mr. Adoke was not a party to these proceedings, his name featured prominently therein, as the FG apparently sought to ‘scape goat’ him for what it perceived to be its loss. Mr. Adoke has consistently denied any wrongdoing. In March 2021, all the defendants in the case were acquitted of all charges (vide judgment released on 9th June 6LJQLÀFDQWO\ IRU RXU SXUSRVHV WKH )*·V civil claims were also dismissed.

On 13th April, 2018, a Federal High Court, sitting in Abuja, held, inter alia, that Mr. Adoke could not be held personally liable in respect of the payments to Malabu (and any other role he played in that transaction), because he was merely carrying out the lawful directives and approvals of President Goodluck Jonathan.

It was against this background that the IHGHUDO JRYHUQPHQW ÀOHG WKH FDVH ZKLFK was decided by Hon. Justice Cockerill. Even though the essence of the claim was the alleged negligence and breach of a duty of care owed by the Nigerian Government’s’ bankers, JP Morgan Chase to it in relation to the payments which the latter made to Malabu, Mr. Adoke

featured prominently in the court processes ÀOHG E\ WKH JRYHUQPHQW DV ZHOO DV LWV HYLGHQFH As the court observed, “the critical issue of fact in the case, is whether Resolution Agreements (allegedly authored by Mr. Adoke, the basis upon which the payments to Malabu were made) were themselves part of a fraud”.

Given the government’s charge that Mr. $GRNH·V ´ÀQJHUSULQWV ZHUH DOO RYHUµ WKH resolution agreements, the court considered it “necessary to evaluate whether one, Mr. $GRNH ZHQW EH\RQG ZKDW RQH PLJKW H[SHFW LI he were innocently promoting the settlement and two, whether there is anything in his actions which denotes a guilty involvement”.

7KH FRXUW REVHUYHG WKDW ´LW KDV EHHQ H[SOLFLWO\ accepted by the FRN that its case in this action cannot succeed unless it can prove fraud in relation to the Resolution Agreements. Here LW LV WKH ERQDÀGHV RI 0U $GRNH ZKLFK LV LQ issue”. Continuing, the court noted that the “FRN’s factual case had two main elements: One, Mr. Adoke’s causative role in the agreements, characterized by the submission WKDW ´KLV ÀQJHUSULQWV ZHUH DOO RYHU LWµ Two, What it sees as clear evidence of corruption on the part of Mr. Adoke and VSHFLÀFDOO\ D WUDLO RI PRQH\ IURP WKH SD\PHQWV made under the Resolution Agreements which they submit leads directly to Mr. Adoke”.

The court, however, agreed with the bank (JP Morgan Chase) that “since (Mr. Adoke) was Attorney-General and the agreements (if honest) settled a long running legal dispute, this cannot of itself be seen as surprising or sinister”. Accordingly, the court considered it “necessary to evaluate whether (i) Mr. Adoke ZHQW EH\RQG ZKDW RQH PLJKW H[SHFW LI KH ZHUH innocently promoting the settlement and (ii) whether there is anything in his actions which denotes a guilty involvement”.

7KH )* PDGH D QXPEHU RI VSHFLÀF allegations against Mr. Adoke to justify its inference that the resolution agreements (which he allegedly authored) were fraudulent and corrupt. However, each of them, in turn,

was separately considered and categorically rejected by the court, as follows: (i) Mr. Adoke’s alleged proactiveness in saving the deal by proposing an alternative transaction structure which would not require Shell and Eni to transact with Malabu. The court however held that this could not stand alone, being “equally consistent with a wish to see a deal which he honestly believed to be in the country’s best interests done”; (ii) That Mr. Adoke’s letter of 4th April, 2011, inviting President Jonathan to approve the resolution agreements did not make any mention of the objections which had been raised to the transactions. The court pointed out that “those concerns largely did not go to resolving the Malabu imbroglio, but rather to the commercial terms with the new partners”, adding that, it did “not appear a particular pointer to fraud”.; (iii) Mr. Adoke’s alleged knowledge of Mr. Etete’s ownership of Malabu and the supposed self-grant to him of OPL 245. The court held that this was “hardly surprising (because) this knowledge appears to have been common currency”; (iv) That the resolution agreements did not represent a good outcome for the FG. Even though the court conceded that it couldn’t GHÀQLWLYHO\ ´MXGJH WKLV SRLQWµ LW KRZHYHU noted that that argument would “ignore the VLWXDWLRQ ZKLFK H[LVWHG QDPHO\ WKH KLGHRXV web of litigation which the Malabu grant and revocation and later actions have spawned, doubtless all conducted at enormous cost and requiring considerable input from ministers and civil servants”. All of these, according to the court, “would seem to provide a very powerful incentive for even a costly resolution”. (v) That Mr. Adoke sought to set up the JP Morgan Chase account as a bi-partite DFFRXQW QRW QDPLQJ WKH EHQHÀFLDU\ 7KH FRXUW opined that this was “equally capable of being seen simply as a pragmatic approach to a transaction which on any analysis contained WR[LF FRPSRQHQWV ZKLFK PLJKW OHDG WR GL΀FXOWLHVµ DV ´WKH UHDFWLRQV RI 6KHOO DQG (QL would have indicated a real danger that others would not wish to be seen to touch Malabu”. (vi) That Mr. Adoke sought to push through the payments of the proceeds via a letter to Mr. Aganga dated 24 May 2011, in which the former wrote that the “conditions precedent to the release of the funds had EHHQ VDWLVÀHG DQG UHTXHVWHG WKDW 0U $JDQJD instruct JP Morgan Chase to pay the moneys out to Petrol Services’ account at BSI with the utmost urgency”. The court opined that JLYHQ ´WKH LPPLQHQFH RI WKH FDELQHW UHVKX΁H (which occurred on 29 May), an urgency to complete business may not have been entirely surprising”.

Sani, Esq. writes from Kano

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T H I S D AY

Will Bola Tinubu back the restructuring of the federation? asks FREDRICK NWABUFO

RESTRUCTURING FOR EFFICIENCY separation do so because their personal ambitions will be better served by such a thing. They believe they will have greater FKDQFH DW SROLWLFDO SRZHU XQGHU D GLͿHUHQW arrangement. Yet the cry for separation has gained traction among average people; this is due to the chronic failure of government to meet basic aspirations. If over the years, government had delivered on the promise of growth, prosperity, and justice, those calling for such extreme remedies would be but a small fringe of little consequence. Our task is not to condemn but to listen and understand. I care not at all for this proposed solution.

But I dare not discount the concerns and problems that have led many people into advocating such a thing.’’

On the existential question of national cohesion, Tinubu said: “We all lined up to call ourselves Nigerian without gathering to discuss what it meant. Thus, we inhabit D QDWLRQ WKDW KDV QRW VX΀FLHQWO\ GHÀQHG LWV JRYHUQDQFH :H PD\ EH GHÀQHG E\ political borders and boundaries but we have not glued ourselves to collective purpose and vision. Too many of us are born in Nigeria but not of it.” $QG RQ UHZRUNLQJ WKH V\VWHP WR UHÁHFW true federalism, the APC presidential candidate said: ‘’We cannot become a better Nigeria with an undue concentration of The south-west where Bola Tinubu, power at the federal level. Many of the APC presidential candidate, comes 68 items on the Exclusive Federal List IURP KDV EHHQ WKH ÀHUFHVW SURSRQHQW RI should be transferred to the Residual the restructuring of Nigeria according List. This would be in harmony with the to regions and of a return of Nigeria to 1963 Constitution, again an instance of the 1963 constitution. Under the 1963 reaching back to revive something old constitution, also called the Republican yet more likely to give us a better Nigeria. constitution, the old regions existed as That prior constitution granted vast semi-autonomous orbiting entities with powers to the regions enabling them to a surfeit of power to decide their future carry out their immense responsibilities as regards education, healthcare, basic DV WKH\ VDZ ÀW %\ YLUWXH RI WKH FOHDU IDFW that regional governments were closer to facilities, customs, identity, etc.

The south-west’s pursuit, which the people, they had a better feel for the became more trenchant under the material and intangible priorities of their Buhari administration, is the absolute populations. We must return to this ideal. restructuring of Nigeria. In September, Some items which should be left for the 2017, leaders of the region converged states to handle such as police, prisons, on Ibadan, Oyo State where they made stamp duties, regulation of tourist a bold and incisive declaration – ‘’the WUD΀F UHJLVWUDWLRQ RI EXVLQHVV QDPHV Ibadan declaration’’. They demanded the LQFRUSRUDWLRQ RI FRPSDQLHV WUD΀F RQ federal truck roads passing through immediate restructuring of Nigeria.

The south-west leaders declared that the states, trade, commerce and census are Yoruba no longer wanted to be governed now on the Exclusive List for the federal under the 1999 constitution. In a 16-point government.’’

Throughout the treatise, Tinubu communiqué signed by the chairman of the summit, Afe Babalola (SAN), and maintained his accustomed patriotic zeal, read by the late Yinka Odumakin, the reemphasising the fundamentality of leaders demanded regional governance, retooling Nigeria to make it better rather according to them, to enable the Yoruba than discarding the entire establishment along with its merits. to decide their own future.

But the gnawing question is, will Will restructuring still be or not be if Tinubu becomes president? Will the same Tinubu stick to his guns if he becomes decades-long demand by the south-west president and initiate the process (with WKH QDWLRQDO DVVHPEO\ WKDW ZLOO HͿHFWLYHO\ persist? Or will Tinubu bell the cat?

Tinubu gave an interesting perspective make Nigeria a working federation based on restructuring and the national on the views he espoused, considering divergences in a treatise entitled: ‘’A new the fact that restructuring or whatever 1LJHULD RU D EHWWHU RQH 7KH ÀWWLQJ WRROV RI concomitant variant does not sit well with a great repair’’, which he delivered at the the north?

Or will this noble but polarising pursuit annual dinner of the King’s College Old Boys’ Association in Lagos in September, be buried awaiting exhumation after 2017. Please permit me to quote Jagaban eight years? copiously here -- as a record of history.

Nwabufo On the agitations for secession, he is a writer and journalist said: ‘’Let us be frank. Many who cry Restructuring. This has been the governing subject since 2015. It became very tendentious with the secessionist agitations and the killings by gangs of criminals across the country. The APC government was accused of coming to power on the pinions of lofty ideals and precepts, including restructuring, but abandoned them as soon as it got the prize. But will restructuring be or not be – under a new administration in 2023?

There are variants of restructuring – according to whoever is arguing. But the nucleus of the argument on restructuring is devolution of more power to states.

MONDAY JUNE 20, 2022

CHIDI ANSELM ODINKALU argues that security and financial intelligence agencies must do more to stem illicit financial flow during elections

FOREIGN MONEY IN NIGERIA’S ELECTIONS? Three days before Nigeria voted in the presidential election in 2019, on Wednesday, )HEUXDU\ D OLWWOH NQRZQ R΀FLDO IURP Saudi Arabia dropped into Abuja to visit Nigeria’s President, Muhammadu Buhari, who was running for re-election. His name was Ahmed Qattan, described as the ´0LQLVWHU RI 6WDWH IRU $IULFDQ $ͿDLUVµ LQ the Kingdom of Saudi Arabia. His arrival was as unheralded as it was suspicious.

He lingered long enough for the bowels of his corpulent aircraft to be emptied. The bulletin from the Presidency on the day merely said that Sheikh Qattan visited to deliver an anodyne “letter” to the Nigerian president from King Salman Bin Abdulaziz of Saudi Arabia.

Something about that visit screamed anything but anodyne. The Independent National Electoral Commission (INEC) had postponed the vote in the presidential election in 2019 from 16 to 23 February. If the vote had occurred on the original date, it is unlikely that the president would have been available to receive Sheikh Qattan on the date that he eventually visited. The wait for results and their aftermath would have accounted for that. The candidates and parties, stretched by INEC’s limitations, would not have had spare bandwidth to entertain him unless it was for a quite substantial purpose that could not await the conduct of the vote. Unraveling the kind of purpose that would have met this criterion does not exactly task the imagination.

If they noticed it, the opposition Peoples’ Democratic Party (PDP) did not venture an acknowledgement of the suggestive visit of Sheikh Qattan. They may themselves have had an interest in not calling attention to the subject matter and opening themselves up to close scrutiny on such an issue so close to the election.

The day after he received Sheikh Oattan, President Buhari “expressed astonishment at the huge amount of foreign currency ÁRRGLQJ WKH FRXQWU\ LQWHQGHG WR LQÁXHQFH the outcome of the general elections beginning on Saturday.”

As president, all the agencies with SRZHUV WR DGGUHVV LOOLFLW ÀQDQFLDO ÁRZV LQWR and out of Nigeria report to General Buhari. $V D FRQGLWLRQ IRU DVVXPLQJ R΀FH KH swore to an oath to defend the sovereignty and independence of Nigeria. Yet, faced with what he acknowledged was evidence of a peril to that sovereignty in the form RI SRVVLEOH IRUHLJQ PRQH\ WR LQÁXHQFH WKH destination of Nigeria’s presidency, General Buhari chose to become an advocacy NGO UDWKHU WKDQ OLYH XS WR KLV RDWK RI R΀FH The suggestive visit of Sheikh Qattan on the eve of Nigeria’s 2019 elections touches upon the greyest of grey zones in the governance of Nigeria’s elections – the role of foreign money. This is an area in which the INEC has failed miserably and the institutional infrastructure for DGGUHVVLQJ LOOLFLW ÀQDQFLDO ÁRZV LQ WKH country, including the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the National Financial Intelligence Unit (NFIU) and WKH 2΀FH RI 1DWLRQDO 6HFXULW\ $GYLVHU (ONSA) - act both complicit and suborned.

Two dimensions to this matter deserve attention. One is the geometric escalation

in the cost of access to a competitive presidential ticket in Nigeria. The Financial Times estimates the cost of Nigeria’s presidential elections at about two billion Dollars or one trillion Naira.

According to Africa Report, “the funds needed to win a Presidential election surpasses (sic) the N305bn ($733m) budget set aside by the INEC to conduct the elections across the 176,846 polling units in the 774 local governments in the country.” The same report estimates that at least $300 million is needed to mount a minimally competitive race.

Yet, under the section 88(2) of the Electoral Act, 2022, the ceiling on election expenses permitted for candidates running for the presidency in Nigeria LV ÀYH ELOOLRQ 1DLUD DSSUR[LPDWHO\ million).

In a country in which over 95.1% million or over 40% live below the poverty line, these are staggering sums RI PRQH\ ZKLFK ZRXOG EH GL΀FXOW IRU even the most well-heeled billionaires to fork out. In an economy in which politics is the quickest and most assured route to wealth and comfort, the sources from which to fund these sums are few and predictable. One is the to plunder the state. The other is foreign money.

Both would ordinarily be crimes under regular law. In Nigeria, however, the latter is not necessarily so.

This leads to the second issue. The ODZ RQ IRUHLJQ IXQGLQJ RI DQG LQÁXHQFH in elections is neither black nor white.

It is very grey. Section 225(3)(b) of Nigeria’s 1999 Constitution says that no political party shall “be entitled to retain any funds or assets remitted or sent to it from outside Nigeria.”

The focus of this prohibition is not the nationality of the source of the money but geography from which the money is sent. So, a Nigerian citizen living outside Nigeria may not send money WR VXSSRUW RU ÀQDQFH HOHFWLRQV LQ KLV or her country but a foreigner living in 1LJHULD FDQ SURYLGH IXQGV WR ÀQDQFH elections in Nigeria. If a political party violates this, it commits a crime and may be liable under section 85(b) of the (OHFWRUDO $FW WR D ÀQH QRW H[FHHGLQJ ÀYH PLOOLRQ 1DLUD By the way, the money does not need to be sent to the political party.

It can merely be spent on its behalf on purposes that advance its goals According to former presidency spokesperson, Doyin Okupe, “there is no Nigerian President who has through his sheer wealth alone put KLPVHOI LQ R΀FH «LI SHRSOH EHOLHYH LQ you, they will give you money.” The kind of people who issue the cheques for the kind of money needed to run for the presidency do not run charities.

They have interests to advance or protect. When these political donors are foreigners, whether within or outside the country, it cannot be assumed that they share the same interests as the country.

A lawyer and a teacher, Odinkalu can be reached at chidi.odinkalu@tufts.edu

329

T H I S D AY MONDAY JUNE 20, 2022

There’s none better equipped to lead Nigeria than Peter Obi, argues OKECHUKWU UDEAGWU

THE EMPERORS AND THEIR ENVIOUS BAND in Abakiliki or Argungu or Abak or Abeokuta or Abraka would simply summarise it as his humility, simplicity and patriotism - no need mentioning competence and capacity. Peter Gregory Obi personae and philosophy have GHP\VWLÀHG OHDGHUVKLS HYHQ DV D ÁDVK phenomenon - at whatever levels, corporate or state, private or public sector.

Now, for the umpteenth time I’d rehash 1LJHULD·V ÁDZHG OHDGHUVKLS VHOHFWLRQ process would need to self-destruct to enthrone a PGO to the Presidency. This makes it the more a Herculean task for him and promoters.

Perhaps it is due to these facts that the disinherited young and not-so young Nigerians are routing for him. Would their social media solidarity translate to electoral fortunes? Time, indeed, February 2023 would tell. But, the other establishment candidates, the old guards that have kept Nigeria and her people down as well as their associates, supporters and errand men and women who pick the crumbs are fuming at WKH HͿURQWHU\ DQG WHPHULW\ 7KH\ VFRͿ at him for daring and sneer at what they call his online support that’s just mere noise. And as usual, they put his kinsmen and women on guilt trip - the preponderance of their support makes him Igbo than Nigerian president in a bid to de-market his candidacy and railroad his electability.

Ironically, if rival candidates have themselves, they are never united, as fallacious as these decidedly are! Two such followership as PGO, these Yorubas, Olu Falae and Olusegun same ‘knowledgeable politicians and Obasanjo vied against each other in 1999 supporters’ would announce the result as two Fulanis, Muhammadu Buhari and before the poll. And their crookedness Atiku Abubakar sparred in 2019. Their (read: good understanding of the system) and their deep pockets (with ethnic unity was never contested. stolen money) are what stands them in good stead. Even the educated and notIn the Igbo world, a wellso educated share in same mentality, same ‘vision’. behaved child is everyone’s If the teeming youth population, the child. A plea to supporters young and not-so young would not GHQ\ WKHPVHOYHV FRPIRUW DQG VDFULÀFH and traducers alike would be their time to get their permanent voter to allow the Igbo to bask in cards (PVCs) and actually vote (even the sun that there’s, at least, if for once in their life for majority of them), then it’s no use raising the hope one among them whose of ‘taking back the fatherland’ from old guards who have made the country a integrity towers above his banana Republic, a living hell. If so, then contemporaries and indeed these supporters should, in the word of the owners of the land, “tone it down.” above their haters and In the Igbo world, a well-behaved child is everyone’s child. A plea to oppressors supporters and traducers alike would be to allow the Igbo to bask in the sun that there’s, at least, one among them But, perhaps, there’s some truth in those whose integrity towers above his accusation of disunity among the Igbo. contemporaries and indeed above their An Orji Uzor Kalu or Ike Ekweremadu haters and oppressors.

7KHUH·V QRQH EHWWHU TXDOLÀHG DQG or Rochas Okorocha, indeed, any one of the regular politicians of Igbo extraction equipped to lead Nigeria, to draw would not, in fact, never get such Nigeria from the precipice at this point support from the Igbo. Knowing the in history than PGO. Therefore, if he Igbo, they would not only secretly sneer fails (or ‘rigged out’) in February 2023 it but publicly excoriate them. The regular would not be because of lack of trying; politicians of Igbo extraction who are it would be because the oppressed VFR΀QJ DW 3*2 DUH DFWLQJ RXW WKHLU HQY\ love their oppressors. The Stockholm even if couched as ‘political reality’ as syndrome! they unashamedly claim. Fact.

Udeagwu So what is it about Peter Gregory writes from Abuja Obi that stands him out? A vulcaniser One singular summation one could make from online and personal interactions with contacts on the wave and rave of Peter Gregory Obi’s presidential election candidacy is“envy,” to call a spade a spade.

Even when cornered on his oozing competence and capacity over and above his rivals the resonating retort becomes he cannot win election on social media. As if anyone ever does! Next is the accusation, “his brothers” (read: the Igbo or as they say Igbos) are making him unacceptable to other ethnic groups.

Ironically, the erstwhile refrain has always been Igbos don’t love or support

ERASMUS IKHIDE pays tribute to former IGP, Arase, at age 66

SOLOMON ARASE AT 66 and manner Arase headed the topmost intelligence-gathering unit of the Nigerian Police, the Criminal Intelligence and Investigation Bureau. Buhari joined family members, friends and associates of the YHUVDWLOH UHWLUHG R΀FHU LQ FHOHEUDWLQJ DQRWKHU milestone, ”coloured with recognitions from achievements of serving at national and international duties.”

Even President Buhari as a hermit – in all his frailties – recognised, acknowledged the fact that the former IGP was famous for his stout and stoic strives for excellence in the national security architecture, being an intrepid tribune of tackling security nemesis plaguing the nation through multifaceted approach dubbed ‘stick and carrot’ strategy.

In 2015, the former IGP’s wealth of experience and unassailable wisdom saved the day when Alhaji Bukola Saraki staged a daylight coup and became the Senate President of the eighth Senate against all odds and in the midst of obvious security breaches.

It’s only an Arase with an illustrious spirit, SDWULRWLVP PDJQLÀFHQW FDSDFLW\ WR FXUWDLO ominously self-imposed nightmares by a political party (APC) that chooses to ignore the most basic and rudimentary lessons RI DOORWWLQJ SRVLWLRQV R΀FHV LQ WKH KDOO RI victory.

Time and again, Arase demonstrated in service that a Nigeria, reduced of high levels of crimes and criminality is possible LI WKH ULJKW SHRSOH DUH DW WKH KHOP RI DͿDLUV and the needed and urgent support could be availed the traumatized Police Force. Because WKH 1LJHULD 3ROLFH 2΀FHUV DQG PHQ KDYH been abandoned and poorly cared for, they take solace in brutalisation and exploitation of the innocent denizens who should have ordinarily be protected by the same police force.

Even though we’re at the tail end of Nigeria’s security relapse, a nation in the throes of brigandage, barbarity and monstrosity without the slightest pretext of national security architecture colluding with gun trotting bandits, ISWAP, Boko Haram wholesale, Nigeria can overcome the visited woes if it is its luck to have another Arase.

Truth be told, Solomon Arase is an RXWHU VSDFH ZKHUH QR FXUUHQW SROLFH R΀FHUV DUH authority in forensic brilliance and intelligence gathering and had been tested not privy to? No!!

What that means is that the Nigeria Police as the nation’s police top brass. His kinds are Force needs new ethical order and structural in short supply and that explains the present rearmarment if it must serve its purpose. doomsday security collapse that Nigerians Arase’s recuperative landmarks, reengineering have been going through recently. This has of the force intelligence gathering machine been proven, most glaringly in recent times. remains redemptive tropes that can only be )RU H[DPSOH WHUURULVWV RI GLͿHUHQW KXHV carried out by an assertive visionary police attacked Southern Nigeria churches, killing R΀FHU RI KLV NLQG $UDVH ZDV WUXO\ D ORQH VWDU dozens in one fell swoop, which has become in the police’s transformative heroes’ list! This a national embarrassment on a daily basis in noble and notable avatar till date remains the Northern Nigeria.

For Arase, it’s celebration time to serenade crusader who mopped up cultism across the swathes of the country and restored integrity joyously in the land of the noble and upright as a visionary and an iconic police boss who to the force.

Arase’s stellar quality and achievements has contributed immeasurably to the entire in his service to the nation once again caught nation building processes. This is the time President Muhammadu Buhari’s attention last of symphony and perfect synchrony when a \HDU ZKHQ KH ZLVKHG µWKH GHFRUDWHG R΀FHU WKH man who live up to the billing of his name, very best in health and strength as he continues when service to his nation resonates through to serve the nation, especially in advocacy.” He the mirror for the collective aspirations and noted the reforms that the former Inspector willed identity of an institution like the Police General brought to the police in Nigeria, Force, in spite of the present calamity. deploying his wealth of experience of working Ikhide and training in many parts of the world, to writes from Lagos, and can be reached via: visualise and domesticate operations. ikhideerasmus@gmail.com The President also commended the way JUNE 21st marks the 66th birthday of the 18th Nigeria’s Inspector-General of Police, Solomon Ehigiator Arase who retired from the nation’s Police Force six years ago. Barely a little above half of a decade after leaving the service, his sterling career is benchmarked as the ultimate gold standard for rectitude and integrity in modern Nigeria’s public service.

A man with little patience for slackers and slobs, Arase is an exceptional individual who is a stickler for rules, regulations and institutional building and responsibility. Not only did he have his eyes on the ball as an intelligentsia in service, he was also result-oriented. His kind of cerebral security engagement and unequalled commitment to thoroughness is largely lacking in the Police Force, presently. Did the much admired and well- venerated Arase descend from Heaven? No! Was he trained from the

4 30

T H I S D AY

MONDAY JUNE 20, 2022

EDITORIAL

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

BUSINESS, WITHOUT ELECTRICITY Lack of electricity is ruinous to the economy

T

he picture of Nigeria’s energy sector painted by the World Bank Regional Director for Infrastructure, Africa West and East of the global bank, Ashish Khanna, should give the authorities sleepless nights. It is not only that our country has the highest number of people without electricity worldwide, leading to about four per cent loss of Gross Domestic Product (GDP), but that we lag far behind other African countries. On a comparative basis, according to Khanna, Ghana already has 85 per cent electricity access while Senegal was on its way to achieving 100 per cent access by 2025.

For the umpteenth time this year, major cities across the country, including the Federal Capital Territory (FCT), last week Sunday experienced a total blackout, following another collapse of the national grid. But that has become the new normal.

From Kano to Calabar, Sokoto to Abakaliki and Jos, indeed across the country, several days go ZLWKRXW HOHFWULFLW\ ZLWK LWV UHVXOWDQW HͿ HFWV RQ VRFLR economic activities. As things stand, the promise that the reforms in the power sector would lay a solid foundation for sustainable power generation and VHUYLFH H΀ FLHQF\ DQG ZRXOG OHDG WR LQFUHDVHG DFFHVV to electricity, engender private sector investments, improve infrastructure as well as create employment for the growing population of jobless Nigerians, has become a mirage.

While we wait for the authorities to resolve the power crisis, it is a notorious fact that the epileptic supply of electricity makes Nigeria one of the harshest environments to do business and this renders the FRXQWU\ OHVV FRPSHWLWLYH ,Q WKH IDFH RI À WIXO HOHFWULFLW\ VXSSO\ LQGLYLGXDOV DQG EXVLQHVVHV UHVRUW WR VHOI help by generating their own power. Yet privately generated electricity also comes at a huge cost. This is aside the negative implications of the more expensive DQG VHOI JHQHUDWHG HOHFWULFLW\ RQ WKH FRVW RI OLYLQJ RQ

"

EXVLQHVV SURÀ WDELOLW\ RQ WKH LQFLGHQFH RI SRYHUW\ DQG on health, safety, and the environment.

This much is contained in a recent World Bank report which revealed that Nigerian businesses experience an average of 239 hours of power outage every month. This, according to the report, accounts for nearly seven per cent of the business losses recorded by these enterprises that are now forced to UHVRUW WR VHOI JHQHUDWLRQ RI HOHFWULFLW\ DW D KLJK FRVW WR themselves and the economy. The situation results in economic losses of more than $25 billion annually to the country. $QDO\VLV RI À UP OHYHO data from the Nigeria World Bank Enterprise Survey indicates that electricity supply is consistently the biggest constraint to doing business in the country. <RXQJHU À UPV H[SRUWHUV and manufacturers, the report noted, are most likely to identify electricity access as a key obstacle to their productivity. Yet, having a reliable electricity supply is consistently associated with higher levels of economic productivity.

Because the country’s power supply system is mostly unreliable, the World Bank report argues that it does QRW MXVW SXVK EXVLQHVVHV WR VHHN RͿ JULG DOWHUQDWLYHV or causes economic losses but also creates payment apathy by consumers who don’t feel obligated to pay for electricity services they consider to be unreliable.

With the nomination of presidential candidates by the political parties, we hope that the issue of energy will be on the front burner during the campaigns. For a very long time now, the challenges of poor electricity supply and its attendant impacts on businesses have headlined conversations in almost all economic summits or fora in Nigeria. But it is now time to move such conversations from the meeting rooms to WKH À HOGV 1RWZLWKVWDQGLQJ ZH DUH KRSHIXO WKDW WKH recently initiated Energising Economy Programme ((3 ZKLFK WKH 5XUDO (OHFWULÀ FDWLRQ $JHQF\ 5($ LV implementing in key economic hubs will serve as a lift for electrifying businesses in Nigeria.

The epileptic supply of electricity makes Nigeria one of the harshest environments to do business, and this renders the country less competitive

T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI 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, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

Letters to the Editor

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

LETTERS INSECURITY: BEYOND ROTIMI AKEREDOLU’S TEARS Religion used to provide succor to a lot of people, even if these days, it has become something that induces anxiety, especially at the KDQGV RI VRPH PLOLWDQW 0XVOLPV ZKR IDXOW WKH ODZ IRU EHLQJ LQDGH quate, and would not trust it, and so subject those who blaspheme their religion to death by burning. Christians in Nigeria used to feel safer in churches under the eyes of an invisible but invincible God, but it appears that that is no longer the case.

On June 5, 2022, gunmen stormed the St Francis Xavier Catholic Church in Owo, Ondo State where they attacked worshippers who had gathered for mass. At the end of the attack, about 40 people were killed and many more injured. Of course, as the news spread DFURVV WKH FRXQWU\ OLNH ZLOGÀ UH D FRXQWU\ ZKLFK LV QR VWUDQJHU WR bad news was stunned afresh.

The attack in Owo sent alarm bells chiming across the length of the country. A major reason for the tolling of the alarm bells was that the attack happened right in the heart of the Southwest which until then was thought to be the last region in Nigeria untouched by the terror raging in Nigeria.

7KH FKLOOLQJ FULPHV RI -XQH ZKLFK FXW GRZQ ZRUVKLS SHUV LQ 2ZR KDYH VLQFH EHHQ DWWULEXWHG WR WKH DFWLYLWLHV RI WKH ,V ODPLF 6WDWH :HVW $IULFD 3URYLQFH ,6:$3 ZKLFK VHHPV KHOOEHQW RQ

spreading its terrorist tentacles to every part of Nigeria.

Although doubts have been cast over the claims, the mere fact that a country already convulsed by terror also has to worry about the menace of a group as deadly and as determined as ISWAP is yet another challenge. The country and its panicked citizens have certainly struggled to cope. The question these days mostly bothers on ‘ where next, and who next?’

On Friday, June 17, 2022, mourners and sympathizers gathered at the same church where the attacks took place for a funeral mass for the victims of the attack and amidst more familiar tears, the Bishop of the Catholic Diocese of Ondo, Jude Arogundade and the Governor of Ondo State, Rotimi Akeredolu, who is himself from Owo spoke.

While the governor admitted that the government had failed to defend those slaughtered by the attackers, the Bishop spoke of how D SDUW RI 1LJHULD OD\ GHDG LQ WKH FR΀ QV The attack in Owo may have jarred a slumbering country into ZDNHIXOQHVV EXW LW ZDV QRW WKH À UVW DQG ZLWK WKH ZD\ WKLQJV DUH going, it will not be the last.

Even during Nigeria`s most secure times which have since faded into distant memory, the security architecture of the country was

QRW ZDWHUWLJKW DV VKRXOG EH EHÀ W WKH *LDQW RI $IULFD :KDW ZDV ODUJHO\ RQ JURXQG ZDV D ULFNHW\ VWUXFWXUH ZKLFK ZDV VXUH WR FUXP ble under little pressure. Now, with pressure building from every side, the signs are of a national disaster. $OO RYHU WKH FRXQWU\ IURP 0DUDGXQ WR %LUQLQ *ZDUL WR ,JDPD WR $QHPL WR 2ZR DJRQL]LQJ GHDWKV KDYH FRQWLQXHG WR FRPH IRU FL YLOLDQV DQG VHFXULW\ RSHUDWLYHV DOLNH DW D IULJKWHQLQJ UDWH 7KH JRY ernment`s response has been tepid at best and the greatest worry is WKDW WHUURU ZKHQ LW À QGV OLWWOH UHVLVWDQFH LQ D SODFH GLJV LQ LWV KHHOV and simply refuses to go away.

What is even more disturbing is that the government appears RYHUZKHOPHG E\ WKH FKDOOHQJHV :KHQHYHU DQRWKHU DWWDFN KDS SHQV WKH JRYHUQPHQW ULQVHV DQG UHSHDWV FRQGROHQFHV DQG FRPPLW ments to bring the killers to justice. But hardly enough is ever done.

Every serious country which has a serious government in place SXWV WKH VHFXULW\ RI LWV FLWL]HQV DERYH HYHU\WKLQJ HOVH +HUH LW DS pears that those in government get too easily excited and distracted to get their priorities right.

Kene Obiezu, keneobiezu@gmail.com

T H I S D AY ˾ MONDAY, JUNE 20, 2022

31

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

1 7 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

On the Back of Inflationary Pressure, Banks Increase Maximum Lending Rate to 27.79%

Kayode Tokede Following a pike in inflation in the month of April this year, Nigerian banks have increased maximum lending rate on loans and advances to customers from 26.61 per cent in March 2022 to 27.79 per cent in April, indicating an increase of 4.43 per cent or 1.18 basis points.

THISDAY investigation revealed that Nigerian banks have as a result increased lending to real sector of the economy.

The Central Bank of Nigeria (CBN) in its ‘money market indicators’ data showed a 0.51 percentage point increase in the average maximum lending rate to 27.79 per cent in April 2022

from 27.65 per cent in January.

The CBN data revealed that in the first four months of 2021, the maximum lending rate was hovering around an average of 28.56 per cent.

The apex bank in the first four months of 2022 maintained its Monetary Policy Rate (MPR) or lending rate at 11.5 per cent but increased it to 13 per cent in May, citing inflationary pressure that moved from 15.7 per cent in January to 16.82 per cent in April 2022.

The hike in MPR was the first time in two and a half years that the policy-setting committee of the nation’s financial regulator would increase the rate.

The MPR is the baseline interest

rate in an economy while every other interest rate used within such an economy is built on it.

The CBN Governor, Godwin Emefiele in his communique at the end of Monetary Policy Committee (MPC) meeting in May had explained that the members were concerned about the somewhat aggressive rise in inflation by almost 90 basis points in April, 2022.

According to him, “To dampen the expectation of the inflationary pressure, MPC decided on the need to take a shift from its historically cautious approach on interest rate, to a policy rate hike, while still adopting an accommodative approach to development finance initiatives

that have supported the growth of the economy and sustained recovery.

“The MPC is of the view that rates on the development finance initiatives of the Bank should remain at five per cent till March, 2023.

Consequently, as regards the decision on whether to hold. tighten or loosen, MPC feels that loosening in the face of the rising policy rates in Advance economies may result in a sharp rise in capital outflow and faster dry-up of foreign credit lines.”

A member of the MPC, a Professor of Economics at the University of Benin, Mike Obadan in his personal statement had argued that, “A further tightening

of monetary policy will not tame inflation. Rather, it will lead to an increase in lending rates of the commercial banks, limit access to credit, and hurt investment in the real sectors of the economy.

“Indeed, a further tightening policy will be antithetical to the CBN’s goal of increasing access of investors to cheap credit in order to aid economic recovery, spur growth, increase employment and reduce poverty.

“On the other hand, easing monetary policy in the present circumstances could increase untargeted money supply growth and exacerbate inflation. The situation of low growth, high unemployment and poverty incidence and double-digit infla-

tion, no doubt, entails difficult policy choices.”

Meanwhile, analysts have attributed the increase in maximum lending rate to inflationary pressure, stressing that gap between the CBN’s lending rate and the maximum lending is huge.

Speaking with THISDAY, Vice President, Highcap Securities Limited, Mr. David Adnori said, “The gap is almost like double-digit and it indicates a serious rant-seeking within the banking industry. The spread between the maximum lending rate and MPR should not be more than 10 per cent but when you have something more than Continued on page 33

N800bn Judgment: Supreme Court Orders Shell, Others to Maintain Status Quo

Wale Igbintade

The Supreme Court has ordered all parties to maintain the status quo in a contempt proceeding filed against the Managing Director, Shell Petroleum Development Company of Nigeria (SPDC) Osagie Okunbor, and three management staff of the company.

A five-man panel of the Apex

Court led by Justice Kudirat Motonmori Kekere-Ekun gave the order on Thursday while delivering judgement on appeal number SV/CV/398/2022 filed

by Osagie Okunbor and others over alleged disobedience of the orders of the Court.

Other members of the panel are Justice Chima Centus Nweze, Justice Uwani Musa Abba Aji,

Justice Helen Moronkeji Ogunwumju, and Justice Adamu Jauro.

Justice Kudirat Kekere-Ekun in her lead judgement held that the pending applications filed before the court are contentious and cannot be taken now.

The Apex Court also ordered parties to file written addresses and to maintain the status quo pending the hearing of all the

contentious applications.

The contentious applications before the court are, an application dated April 4, 2022, seeking an order staying further committal proceeding in Appeal Number, CA/OW/489/2020; an application dated April 21, 2022, seeking an order setting aside Ex-Debito Justitiae, Notice of Appeal filed in Appeal Number SC/CV/393/2022

and an application filed on April 29, 2022, asking the Apex Court for an order striking out Ex Debito Justitiae, Notice of Appeal filed in appeal No. SC/CV/393/2022.

The matter has been adjourned till November 3, 2022, for hearing.

The Court of Appeal sitting in Owerri, Imo State had ordered the Managing Director and the other three management staff of Shell

Petroleum Company to appear before it to show cause why they should not be committed for contempt of court.

The three-man appeal court presided over by the Honourable Justice Rita Pemu had on March 23, expressed displeasure with the management of Shell for Continued on page 33

M A R K E T D ATA A S AT F R I D AY, J U N E 1 7 , 2 0 2 2 BILLS

BONDS DESCRIPTION

Price

Yield

14.20 14-MAR2024 13.53 23-MAR2025 12.50 22-JAN2026 16.2884 17MAR-2027 13.98 23-FEB2028

109.71

8.10

108.02

10.12

106.45

10.30

120.20

10.74

113.20

10.80

Change Updated Time (%) June 16, 0.22 2022 June 16, 0.00 2022 June 16, -0.02 2022 June 16, 0.00 2022 June 16, 0.00 2022

MATURITY

Discount

Yield

OTC F X F U T U R E S

CPS

Change Updated Time (%)

NTB 14-Jul22 NTB 11Aug-22 NTB 8-Sep22 NTB 13-Oct22

3.00

3.01

-0.25 June 16, 2022

3.70

3.72

0.00 June 16, 2022

3.45

3.48

0.00 June 16, 2022

3.90

3.95

0.00 June 16, 2022

NTB 10Nov-22

3.90

3.96

0.00 June 16, 2022

MATURITY TRBH CP V 26-JUL-22 FSDH CP VI 1-AUG-22 NENL CP I 24-OCT-22 FSDH CP VII 27-OCT-22 SIBP CP III 27-OCT-22

Discount Yield 11.55 11.70 8.09

Change Updated Time (%) -0.19 June 16, 2022

8.17

-0.16 June 16, 2022

15.17 16.03

0.26 June 16, 2022

9.48

9.82

0.27 June 16, 2022

8.67

8.95

0.27 June 16, 2022

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS JUN 29 1 427.24 2022 NGUS JUL 27 428.93 2 2022 NGUS AUG 31 3 430.63 2022 NGUS SEP 28 4 432.32 2022 NGUS OCT 26 5 434.02 2022

Updated Time

June 16, 2022 June 16, 2022 June 16, 2022 June 16, 2022 June 16, 2022

32

MONDAY, JUNE 20, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

NEPC: Export Trade Houses Will Boost Non-oil Market Share James Emejo in Abuja The Nigerian Export Promotion Council (NEPC) has said that the adoption of Export Trade House (ETHs) will further drive the country’s non-oil export, increase market share and take maximum benefit of the African Continental Free Trade Area agreement (AfCFTA).

As a result, the Executive Director/ Chief Executive, NEPC, Dr. Ezra Yakusak, said the council intended to establish the ETHs in different centers around the world including Cairo, Egypt, Nairobi, Kenya and Johannesburg, South Africa.

Others are Hunan, China, Ottawa, Canada, Saudi Arabia and Lome, Togo.

Yakusak , during the advocacy programme on Export Trade House, which was organised by the council,

said these trade houses are to cover export activities in the various regions of the world being targeted by Nigeria.

He said to this effect, the Export Trade House had been launched on March 21, 2022 in Sadat City in Cairo, Egypt adding that it is “expected to improve value addition on our export of products through cleaning, processing distribution and marketing”.

“This in turn will lead to economies of scale, international foothold in finding new customers and managing currency risks,” the NEPC boss stated.

He said the objectives of the trade houses are to enhance the visibility of made-in-Nigeria products outside the Nigerian shores, reduce the cost of logistics on the Nigerian Small and Medium Enterprises (SMEs,

increase Nigeria share in the targeted markets, create employment for our teeming youths and to increase foreign exchange inflow into the Nigerian economy.

According to him, these would give an exporter an advantage over his counterparts.

Yakusak, further pointed out that, “It is therefore on the basis of the launch of the Cairo Export Trade House, that the Council is today organizing this advocacy programme to sensitize all relevant stakeholders on the existence of that facility.

He said: “The main objective is to sensitise the Nigerian business community on how they can leverage on the Export Trade House platform to enhance exports from Nigeria.

We at NEPC firmly believe that our survival as a nation depends on non-oil.”

CBN Urges Banks to Reduce Charges to Attract Gen-Z Nume Ekeghe The Central Bank of Nigeria (CBN), has urged banks to reduce bank charges and tailor banking services to attract the Millennials and Gen-Z into the financial sector.

Deputy Governor, Financial System Stability, CBN, Ms. Aisha Ahmad made the called during the Launch of Millennial & Gen Z Banking Survey Report by FITC over the weekend in Lagos.

Titled, “Tapping the Millennial & Gen Z Markets: Redefining Opportunities for Financial Services Growth,” the report identified enormous bank charges as a major challenge to traditional

banks in attracting millennial.

Meanwhile, Ahmed noted that with Nigeria’s population largely dominated by the Millennials and Gen-Z, it has become pertinent for banks to take providing services suited for that demographic if they are to remain in business for the long run.

She said: “A lot has happened in the industry and there has been a lot of transformation, a lot of innovation, and digital technology has come into change the way financial services are delivered. Also, most importantly to change the way people and different segments use financial services. And that is why this report is important because it

focuses on a very important and strategic segment for banks and non-bank financial institutions and that is the millennials and Gen-Z.” Speaking, the Managing Director/Chief Executive Officer, FITC, Ms. Chizor Malize said: “This survey was necessitated by the rapid changes within the financial services sector, occasioned by the advent of fintech in Nigeria.

“With fintech steadily gaining ground within the Millennial and Gen-Z markets over the last few years, it became apparent that we needed a clear understanding of these target groups’ perception of traditional players within the Financial Services Sector.”

NAICOM Licenses Micro Insurance Institutions to Promote Financial Inclusion Ebere Nwoji The National Insurance Commission (NAICOM), has explained that its reason for issuing operating licenses to micro insurance institutions was to ensure that Nigerians at the grass roots were not left out in the financial inclusion initiative of the federal government.

The Commissioner for Insurance, Mr Sunday Olorundare Thomas, stated this at the financial inclusion strategy conference organised by the Oriental News Nigeria, a Lagos based finance news online.

The conference was tagged, “Engaging with Critical Groups to Develop Effective Financial

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 Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

Inclusion Initiative.”

Represented by the Deputy Director/Head Corporate Communications & market Development NAICOM, Mr Rasaaq Salami, Thomas said micro insurance provided the leeway to protecting people’s property, safeguarding belongings from damages or loss and ensuring the insured did not suffer loss when the unexpected damage or loss occurs.

Also speaking, the Director General Securities and Exchange Commission (SEC), Lamido Yuguda stated his commitments towards ensuring that every segment of the society was covered in the ongoing financial inclusion initiative of the federal government.

The Executive Vice Chairman, EVC, of the Nigerian Communications Commission (NCC), Prof.

Umar Dambatta, noted that the best approach towards benefitting from globalised digital economy was to be financially inclusive.

Executive Director, Centre for Citizens with Disability (CCD) David Anyaele however called on the federal government through the Central Bank of Nigeria (CBN) to expand the nation’s financial inclusion policy to include provisioning for the disabled people in the society.

The conference Chairman, and CEO Bank Customers Association of Nigeria, Dr Uju Ogubunka, stated that the financial inclusion policy of the federal government which commenced in 2012 was geared towards ensuring that no Nigerian was short changed in its financial intermediations policies and economic development plans.

Odu’a Investments Holds 40th AGM Wednesday The 40th Annual General Meeting of Odu’a Investment Company Limited (OICL) comes up on Wednesday, June 22, 2022 at Osun Hall of the Lagos Airport Hotel, Ikeja, Lagos.

According to a statement signed by Head Branding and Communications, Victor Ayetoro, the company at the meeting will be presenting the year 2021 Audited Financial Accounts as well as proposing the declaration of dividend to its shareholder states.

The meeting will also serve as an opportunity

to provide an update on progress made towards repositioning the company as a world-class conglomerate as well as being an efficient engine of growth for the South-West region.

The six South-West shareholder states will be represented at the meeting by the Secretary to the State Governments (SSGs) of Oyo, Ondo, Ogun; Osun; Ekiti and Lagos States while the meeting will be chaired by Dr. Segun Aina, OFR, Chairman, Odu’a Investment Company Limited board.

PENCOM Commences 2022 Online Verification, Enrolment Exercise A significant aspect of the transition to retirement for employees of Treasury-funded Ministries, Departments and Agencies (MDAs) of the Federal Government of Nigeria (FGN) is participation in the Annual Pre-retirement Verification and Enrolment Exercise organised by the National Pension Commission (PenCom). PenCom recently announced the commencement of the 2022 Online Verification and Enrolment Exercise for retirees/ prospective retirees of FGN Treasury-Funded MDAs. The exercise is scheduled to commence on Monday, 20th June 2022. All retirees and prospective retirees for the year 2022, are required to complete the verification and enrolment exercise by 31 August 2022 to enable the computation of their accrued pension rights. The accrued pension rights represent an employee’s benefits for past services rendered to the Federal Government of Nigeria (FGN) prior to the commencement of the Contributory Pension Scheme (CPS), from the date of their first appointment to 30 June 2004. The annual exercise which is carried out to determine the accrued pension liability is in line with the provisions of Section 15 of the PRA 2014, which requires that the accrued entitlement of any employee under the Defined Benefit Scheme who migrated to the Contributory Pension Scheme (CPS), be recognized by a Bond, which shall be redeemed into the Retirement PENCOM DG, Aisha Dahir-Umar Savings Account (RSA).

PenCom had automated the Pre-retirement Verification and Enrolment of prospective retirees to register, complete their employment details, of Treasury-funded Ministries, Departments & and upload scanned copies of the required Agencies (MDAs) in September 2021. Prior to documents. this, the annual physical enrolment exercise by the The Stages of the Online Verification and Commission was conducted at selected centres Enrolment Exercise in the six geo-political zones of the country. The The online verification and enrolment exercise is restriction of mass gatherings which stemmed carried out in three (3) stages namely, Registration, from the emergence of the COVID-19 pandemic Verification and Enrolment. in early 2020, prevented the retirees and prospective retirees from being enrolled at the various THE REGISTRATION STAGE In order to ease the process for prospective centres, as had been the practice. In response to this challenge, the Commission successfully retirees, two registration/enrolment options designed and developed the Online Enrolment have been provided: the Self-Assisted option Application, which automated the process. The and the Pension Fund Administrator (PFA)/ Application which has capabilities to register, Pension Desk Officers (PDO)-Assisted option The step-by-step procedure for the Online verify and enrol prospective retirees, effectively eliminates the need for mass gatherings while Enrolment is hosted on the PenCom website.

Retirees/prospective retirees who choose the enhancing comfort for the prospective retirees who are now enabled to participate in the exercise Self-Assisted option, are required to visit PenCom’s through the Application. For added convenience, website (www.pencom.com.ng) and upload their the application can be accessed either through employment details as well as scanned copies of the required documents before proceeding mobile phones or computer systems.

Preparatory to the official deployment of the to their respective PFAs for physical verification Application for use by the prospective retirees, and enrolment.

On the other hand, retirees/prospective retirees the Commission embarked on the enlightenment of stakeholders. In recognition of the vital role who are unable to complete the online registration of MDAs, through their Pension Desk Officers for any reason could approach PDOs of their (PDOs) in sensitizing and assisting retirees to respective MDAs or visit their PFAs for assistance. undergo the online verification and enrolment exercise, workshops were organized for the PDOs THE VERIFICATION STAGE The retiree/prospective retiree is required to of all FGN Treasury-Funded MDAs, to expose them to the Enrolment Application and procedures visit their PFA’s nearest branch office for the for the verification of prospective retirees. The verification stage. The essence of the verification workshops held in the six geo-political zones of is to validate the information and documents the country and the FCT. Similarly, the Pension uploaded by the retiree/prospective retiree.

Fund Administrators (PFAs) have their role clearly The PFAs would therefore sight the original outlined. They are responsible for verification and or Certified True Copies (CTC) of the documents enrolment of the prospective retirees, assisting uploaded by the retiree/prospective retiree and those who are not able to use the self-service retain only the original Records of Service and option to register on the Enrolment Application, the Letter of Introduction from the MDA. and forwarding the required reports to PenCom. Workshops were held for relevant personnel of THE ENROLMENT STAGE Following a successful verification, the PFA the PFAs in order to equip them with requisite shall capture a live photograph of the retiree/ knowledge on the Enrolment Application.

Eligibility for the 2022 verification and enrolment prospective retiree on the enrolment Application. exercise is restricted to employees of Federal Thereafter, the PFA shall print two copies of Government Treasury-Funded MDAs who are the Registration Slip, for the signatures of the scheduled to retire in 2022, and those that missed retiree/prospective retiree and the Enrolment Officer. One copy of the Registration slip is to the enrolment exercises in previous years.

As a prerequisite for this exercise, the retirees/ be scanned and uploaded on the Enrolment prospective retirees are to undergo the Data Application while the second copy would be Recapture Exercise. This entails providing their given to the retiree/prospective retiree.

The automation of the verification and enrolment personal information and National Identity Number (NIN) to their Pension Fund Administrator. exercise will facilitate the smooth conduct of the Those who have already undergone the data retiree enrolment exercise and enable PenCom to recapture are not required to repeat the exercise, seamlessly carry out the computations of accrued but should proceed with the online enrolment. pension rights. With the relative ease of the The Enrolment Application is hosted on the process, eligible retirees/prospective retirees are Commission’s website, www.pencom.gov.ng expected to enroll within the stipulated timeline where retirees/prospective retirees can log on as advised by PenCom.

T H I S D AY ˾ MONDAY, JUNE 20, 2022

33

BUSINESSWORLD

STATUS REPORT

Lafarge Africa: Sustaining Shareholders’ Return on Investment

Kayode Tokede

S

ince reporting a loss in 2017 full financial year, Lafarge Africa Plc has maintained stronger top-bottom line performance and sustained dividend payout to shareholders.

The company in the last five years has maintained impressive growth in revenue that has translated into robust profit and proposed dividend on shareholders return on their investment.

Lafarge Africa between 2019 and 2021 declared a sum of N104 billion profit of which N64.4 billion paid to shareholders as dividend.

This represents 61.43 per cent return to shareholders as dividend on investing in Lafarge Africa stocks on the Nigerian Exchange Limited (NGX).

Lafarge Africa in its 2021 financial year recorded a 27.1 per cent increase in net sales driven primarily by strong volume and price improvement. The audited financial result for 2021 is an indication of the strength of the company’s execution of its strategy, which has led to impressive results.

However, in its unaudited financial statement for first quarter (Q1) period ended March 31, 2022, Lafarge Africa has shown sustained results, driven majorly by impressive increase in revenue and effective management of costs.

The cement maker showed impressive performance in revenue that impacted on profit before tax and profit after tax that rose by 68.09 per cent and 92.2 per cent respectively.

The unaudited financial statement showed sustainable performance in Basic Earing Per Share has the company maintained the third most profitable cement manufacturing company on the Nigerian Exchange Limited (NGX).

With the growth in profit, Lafarge Africa closed Q1 2022 with earnings per share (EPS) of N1.09 kobo from N0.59 kobo reported in Q1 2021.

DOUBLE-DIGIT INCREASE IN REVENUE

Lafarge Africa reported 27per cent increase in revenue to N90.61 billion in Q1 2022 from N71.47 billion reported in Q1 2021, driven by revenue from cement.

Cement’s revenue grew by nearly 26 per cent to N87.99 billion in Q1 2022 from N69.86 billion reported in 2021.

Also from revenue, aggregates and concrete rose by 62.3 per cent to N2.52 billion in 2022 from N1.55

billion in 2021, while revenue from ‘Other product’ rose by 60.4 per cent to N98.94million in Q1 2022 from N61.68 million in Q11 2021.

Lafarge Africa’s cost of sales gained rose by 20.26 per cent in 2022 to N48.43 billion in Q1 2022 from N40.27 billion reported in Q1 2021.

The growth in cost of sales primarily driven by production variable costs that moved from N24.44 billion in Q1 2021 to N31.38 billion reported in Q1 2022, while production fixed cost inched up by 3.18 per cent to N6.499 billion in Q1 2022 from N6.29 billion in Q1 2021.

In December 2021, the group and company modified the classification of distribution costs on its products to reflect more appropriately the nature of the expense, which is consistent with the accounting policy of the group and company.

Comparative amounts in the statement of profit or loss were reclassified for consistency.

As a result, N14.1 billion (2021: N12.1 billion) for the Group and N13.2 billion (2021:N10.8 billion) for the Company relating to distribution costs were reclassified from cost of sales to selling and distribution costs.

Consequently, CoS/Revenue dropped to 53.5 per cent in Q1 2022 from 56.35 per cent in Q1 2021.

Lafarge Africa’s reported gross profit of N42.17 billion in Q1 2022, an increase of 35.18 per cent from N31.2billion in Q1 2021 to positioned gross profit margin at 46.5per cent in Q1 2022 from 43.65 per cent reported in Q1 2021.

With the double-digit inflation rate, total operating expenses rose by nearly 18 per cent to N20.26 billion in Q1 2022 from N17.17billion in Q1 2021.

The breakdown of operating expenses showed 16.9 per cent increase in selling and distribution cost to N15.02 billion in Q1 2022 from N12.86 billion in Q1 2021, while administrative expenses rose by 21.3 per cent to N5.23 billion in Q1 2022 from N4.32 billion in Q1 2021.

The cement maker, thus, reported ‘other income’ of about N165.66 million in Q1 2022 from N147.97 million in Q1 2021 to drive 50.4per cent increase in operating income to N22.12 billion in Q1 2022 from N14.7 billion reported in Q1 2021.

As finance income dropped to N26.19 million in Q1 2022 from N171.7 million in Q1 2021, finance cost dropped by 67.9 per cent

to N675.7million in Q1 2022 from N2.1 billion reported in Q1 2021.

In all, profit before tax rose by 68.09 per cent to N21.5 billion in Q1 2022 from N12.77 billion reported in Q1 2021. The company reported 7.5 per cent increase in tax expenses to N3.91 billion in Q1 2022 to position 92.2 per cent to N19.56 billion in Q1 2022 from N9.14 billion reported in Q1 2021.

With the increase in profit, Lafarge Africa closed Q1 2022 with 23.7 per cent profit margin as against 17.9 per cent reported in Q1 2021.

Lafarge Africa’s Basic earnings per share moved to N1.09 in Q1 2022 from N0.57 per share reported in Q1 2021.

BALANCE SHEET ON STRONGER POSITION

Lafarge Africa improved on its balance sheet positioned that has contributed to profitability.

The company reported N535.6 billion total assets as of March 31, 2022 from N526.84 billion in December 31, 2021 full financial year result and accounts.

Its non-current liabilities rose by six per cent to N413.7billion as of March 31, 2022 from N390.26 billion reported in 2021 FY, while current assets dropped by 10.7 per cent to N121.95 billion as of March 31, 2022 from N136.57 billion reported in 2021FY. Total equity increased marginally by 4.6 per cent to N396.12 billion as of March 31, 2022 from N378.56 billion in 2021 FY. Also from the balance sheet position, total liabilities dropped by nearly six per cent to N139.52 billion as of March 31, 2022 from N148.3 billion reported in 2021 FY. The company reported N123 billion current liabilities as of March 31, 2022 from N131.05 billion in 2021FY, while non-current liabilities also dropped by 4.1 per cent to N16.5 billion as of March 31, 2022 from N17.22 billion reported in 2021FY.

2022 OUTLOOK

The company’s in its 2022 outlook stated that good demand momentum is expected to continue in the second quarter (Q2) of 2022 stressing that it will continue to maximize volume opportunities across our markets and actively manage our costs.

The company added that it remained focused

in its drive towards sustainability.

The Chief executive officer, Lafarge Africa, Khaled El Dokani in a statement said, “Our Q1 2022 performance shows significant improvement over Q1 2021, with net sales of +26.8per cent, recurring EBIT of +50.4per cent and net income of +92.2per cent.

“Coming after our very strong FY 2021 results, our Q1 2022 performance confirms the continued growth trajectory of our business.

“We are equally pleased with the progress we are making on sustainability; our use of affordable clean energy and agro-ecology footprint are in accordance with our net zero pledge journey.”

Speaking to shareholders during the company 2021 Annual General Meeting, Chairman of the company’s board, Prince Adebode Adefioye hinged the company’s success on the rising demand for cement as building and construction activities picked up nationwide. ‘The cement industry experienced another year of strong growth, mainly attributable to increased government expenditure on infrastructure and improved real-estate investments by private and commercial home builders.”

According to Adefioye, the company benefited from these improved market conditions with volume and price growth; with net sales increasing by 27.1 per cent compared with the previous year, to close at N293.1 billion. “The positive impact of increased net sales, moderated cost of sales, selling, distribution and administrative expenses amidst inflation and devaluation pressures resulted in improved margins recorded for the year.”

“Through effective governance frameworks, assessments, as well as monitoring and evaluation, we are entrenching a culture of ownership, ethics and corporate responsibility in our activities. We also continue to pursue and leverage strategic partnerships that help sustain value and with a positive impact on our stakeholder groups. We are providing thought leadership initiatives to strengthen our voice and position as a foremost company in Nigeria committed to Environmental, Social and Governance (ESG),” he remarked.

Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.

ON THE BACK OF INFLATIONARY PRESSURE, BANKS INCREASE MAXIMUM LENDING RATE TO 27.79% 100 per cent, it means there is a serious rent-seeking activities in the banking sector that is eroding the nation’s economy of resources.”

On his part, analyst at PAC Holdings, Mr. Wole Adeyeye said, “A lot of countries like USA, Ghana among others have increased their policy rate and Nigeria cannot operate in isolation. Banks reacted to the hike

in inflation rate and increased the maximum lending rate to 27. 79 per cent in April 2022.”

Similarly, President, Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka attributed the increase in maximum lending rate to uncertainty surrounding and inflation rate in the business environment amid political tension in the country.

Ogubunka, who was the former Registrar/Chief Executive, Chartered Institute of Bankers of Nigeria (CIBN) expressed that Nigeria’s economy in 2022 has not witnessed major improvement to warrant a hike in banking lending rate to the real sector.

Ogubunka explained further that banks opted to increase the rate on saving deposits to attract

savings since the funds are not available.

Meanwhile, the data by CBN indicated that interest on savings deposits closed April 2022 at 1.28 per cent from 1.25 per cent, representing an increase of 2.4 per cent Year-till-Date (YtD) performance.

The date revealed that onemonth deposit dropped to 2.96

per cent in April from 3.79 per cent in January, while three-month deposit closed April 2022 at 4.44 per cent from five per cent in January 2022.

Ogubunka questioned that, “How many bank customers are still saving money in the bank? It is a demand and supply related issue. If customers do not give to banks, they will not have enough

to lend to the real sector.

“Ordinarily, if there is surplus in the system, the pricing goes down but if you do not have enough and there is demand for it, you increase the rate. I think what is happening now is that so many bank customers are incapacitated that they cannot save due to inflation rate, among others.”

N800BN JUDGMENT: SUPREME COURT ORDERS SHELL, OTHERS TO MAINTAIN STATUS QUO disobeying two court rulings against the company.

The judge held that Shell had disobeyed the lower court ruling and they ran to the appellate court and it (Appellate Court) also ruled that Shell should deposit the N800 billion judgment sum against it to the court of appeal account still the company disobeyed the ruling.

Dissatisfied, the alleged contemnors, through their counsel, Chief J.J. Onanigbo Okpoko, SAN appealed the ruling.

Shell had applied for a motion seeking an order staying the execution of the Federal High Court judgment in appeal number CA/OW/498/20 and appeal number CA/OW/490/20 respectively.

On the other hand, counsel

to 1st to 88th respondents, Mohammed Ndarant Mohammed, a senior advocate of Nigeria prayed the court to ignore the motion for an order staying execution and urged the court to mandate the appellants to deposit the money in an interestyielding account pending the final determination of the appeal.

Mohammed also raised the fears the appellants were prepar-

ing to close shop in Nigeria and relocate to another country, which would jeopardize the judgment if nothing was done.

THISDAY had previously reported that the Owerri Appeal court had ordered Shell to deposit N800 billion (about $2b) in 48 hours over alleged oil spillage.

This comes after Shell appealed a November 2020 Federal High Court ruling that ordered Shell

to pay 800 billion naira ($1.95 billion) to 88 communities of Egbalor Ebubu in Rivers state, who had accused the company of an oil spill that damaged their farms and waterways.

The three-man panel had on Monday, March 14, ordered Shell Plc to stop selling any assets in Nigeria until a decision is reached on its appeal of the nearly $2 billion penalty.

The judges said Shell, acting through its agents or subsidiaries was restrained from “selling, allocating, vandalising or disposing off any of its assets/properties pending the determination of the appeal.

Disappointed with the ruling Shell approached the Apex Court seeking for stay of the execution of the decision until the appeal is determined.

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L–R: Directors, Champion Breweries Plc, Mr Kevin Albert Santry, Mrs Helen Umanah; Chairman, Dr Elijah Akpan; Company Secretary, Tosan Atle Aiboni and Director, Frederik Williem Kurt during the 46th Annual General Meeting of Champion Breweries Plc in Lagos… recently

Oramah: Afreximbank a Vital Instrument for Crisis Intervention in Africa Kayode Tokede President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah has stated that the bank has become a vital instrument for crisis intervention in Africa.

He stated this while speaking at the opening 29th Afreximbank Annual Meetings 2022 (AAM2022) in Egypt, Cohosted by African Export-Import Bank (Afreximbank) and the Central Bank of Egypt (CBE), Oramah also stressed the need for African institutions to do more to strengthen and unify economic development on the continent.

He said, “Afreximbank has become a vital instrument for crisis intervention in Africa.

The success of the Bank’s interventions reminds us of the urgency not only to support our own institutions but to make them stronger and more effective. Despite limited resources, Afreximbank has made a significant impact in helping Africa to contain the pandemic. A stronger Afreximbank and, indeed a stronger group of African Development Finance Institutions, can be one of the solid pillars on which Africa’s development can be built.”

He acknowledged the

Egyptian President’s outstanding achievements and commitment to Africa’s progress According to him, “We thank His Excellency, President Abdel Fattah El-Sisi and his able Government, for hoisting the African flag high. Your Excellency, the successes you have achieved in Egypt as well as during your tenure as the Chairperson of the Africa Union in 2019, prove to us that with focus, determination, and unity, we can turn the enormous potential that abounds in Africa into a powerful force for change. At Afreximbank, we share your “Commitment to Africa”. We put Africa first

in everything we do.”

He concluded that, “Afreximbank is a firm believer that Africa can only begin to resolve issues affecting Africa’s trade through aggressive pursuit of intra-African trade promotion and implementation of the AfCFTA.” The President of Egypt, Abdel Fattah El-Sisi, hinted that for Africa to achieve the hopes of its people and youth, there is need to achieve continental infrastructure initiatives.

El-Sisi emphasized on the extensive work required to realise the goals of the Africa Continental Free Trade Agreement (AfCFTA) and called

on African governments to pursue greater integration with their fellow African countries.

Convened to discuss the theme, “Realising the AfCFTA Potential in the Post Covid-19 Era – Leveraging the Power of the Youth,” the meetings focus on key trends affecting the African continent as it forges ahead with implementing the AfCFTA in a changing demographic that is grappling with post pandemic stagflation.

The Secretary-General, AfCFTA secretariat, Wamkele Mene during a plenary session: titled, “Making the AfCFTA Work for the Africa We Want,” noted that the continent with

the AfCFTA has opportunity to change the narrative and harness the potential of the youthful population to achieve Africa’s sustainable development.

According to him, “It is time to implement policy and institutional actions that will remove the encumbrances and unlock opportunities for Africa’s youth. It is in this context that the broad theme for this session is pertinent.”

He noted further that, “We intend to foster a favourable environment for young Africans to competitively engage in cross-border trade in goods and services, in the context of the AfCFTA.

INTELS Graduates 38 Beneficiaries ADVAN Tasks Regulatory of Women Empowerment Scheme Agencies on Speedy Approval Nigeria’s oil and gas logistics giant, INTELS Nigeria Limited, has graduated 38 women under its Women Empowerment Project Scheme Synergy (WEPSS).

WEPSS is a Corporate Social Responsibility (CSR) initiative of INTELS Nigeria Limited. It was established in 2013 to empower 5,000 community women over a 20-year period through training in fashion design and tailoring.

The beneficiaries are trained in two batches every year.

Since inception nine years ago, more than 1,540 women drawn

from various communities across the country have benefited from the empowerment scheme.

Speaking during the graduation ceremony of Class of 2022 Batch A at the WEPSS Training Centre, Federal Lighter Terminal, Onne Port, Rivers State on Thursday, the General Manager, Legal and Corporate Services of INTELS Nigeria Limited, Amaopusenibo Mike Epelle, said the scheme was designed to uplift the economic status of the beneficiaries.

“It is a joyous occasion to celebrate determined trainees

who have succeeded in acquiring new skills to make a decent living.

WEPSS is a special centre set up to equip women in the community with competent tailoring skills,” he said.

Also speaking, the Manager, Government and Public Affairs of INTELS, Rex Asaikpuka, encouraged the beneficiaries to utilise the skills imparted on them during their training.

He said, “I encourage you to run with the baton. It took time and resources to facilitate this training and we have succeeded

in equipping you with the skills and start-up kit to takeoff.”

The Project Manager of WEPSS, Nancy Freeborn, commended the management of INTELS for its commitment to the empowerment of women, promotion of Nigerian content and support for local communities despite the present economic challenges in the country.

She encouraged the beneficiaries to put their skills to adequate use and build successful careers and businesses that will generate employment opportunities for others.

Shareholders Await Capital Oil, Oando 11 Others’ 2021 FY Results Kayode Tokede Shareholders of some quoted companies on the Nigerian Exchange Limited (NGX) that have not submitted 2021 financial year result and accounts have called on the companies to do so.

THISDAY gathered that some of these companies have notified the management of the NGX of reason (s) behind not filing 2021 results.

It was learnt that majority of the 11 companies that are yet to submit their results are undergoing reconstruction in compliance with NGX post-listing requirement.

THISDAY findings revealed that; Oando Plc, Capital Oil Plc, Thomas Wyatt Nigeria Plc, Rak Unity Petroleum Company Plc, Medview Airline Plc, Standard Alliance Insurance Plc and International Energy Insurance Plc are non-rendition companies that have not submitted 2021 financial year results to the NGX. Others are Goldlink Insurance

Plc, Resort Savings & Loans Plc, STACO Insurance Plc, Smart Products Nigeria Plc, Deap Capital Management & Trust and DN Tyre & Rubber Plc. The post-listing rules of the Exchange in respect of financial accounts submission, stated: “An issuer shall announce the financial statements for the full financial year immediately after the figures are available, but in any event not later than ninety (90) days after the relevant financial period.”

The only notable company that has notified the NGX of when the 2021 result will be released is Oando.

Oando in March 2022 had notified capital market stakeholders that its financial year ended December 31, 2021 will be released October 2022.

The Chief Compliance officer and company secretary, Oando, Mr. Ayotola Jagun in a statement apologized for any inconvenience caused, maintaining that concerted efforts are being made to finalise the

accounts with the external auditors and to ensure that the continue to comply with other continuous disclosure requirements within the time prescribed by the applicable regulations.

Speaking with THISDAY, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Dr. Anthony Omojola said the failure to disclose financial statements by these companies is affecting shareholders’ decision making in trading their stocks.

He called on market stakeholders to assist these firms in making sure audited 2021 result and accounts released to the investing public.

The Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie expressed dissatisfaction with companies not complying with post-listing requirements of the Exchange, stressing that the value of these companies are trading undervalued.

According to him: “As a shareholder, I am concerned that some listed companies have not

released audited 2021 results to the public. We don’t know the problems of these companies and the management of NGX and SEC should intervene and find out their problems.”

Meanwhile, Medview Airlines on the floor of the NGX has not moved below or above N1.62 in the last two years.

As at June 17 , 2022, data obtained from the local bourse disclosed that the company recorded zero trade and zero volume within the period under review.

Also, the airline has been among companies listed on the NGX’s free float deficiencies of 14.16 per cent.

THISDAY can report that some of these companies are undergoing restructuring from the Exchange.

Union Homes Savings & Loans Plc, Goldlink Insurance Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, DN Tyre & Rubber are currently undergoing restructuring on the Exchange.

of Permits, Documentation

Gilbert Ekugbe The Advertisers Association of Nigeria (ADVAN) has charged advertising regulatory agencies on speedy approvals of permits and paper documentation, noting that delays in paper regulation is still a major challenge hindering the industry.

According to the president, ADVAN, Osamede Uwubanmwen, most of these regulatory agencies are overwhelmed with activities due to inadequate workforce and office infrastructure.

Uwubanmwen at a press briefing to herald its business dialogue scheduled to hold on June 22nd 2022 at Radisson Blue Hotel GRA Ikeja, to discuss the role of regulators in the ease of doing business in Nigeria, called on the federal government to create the enabling environment for the regulators to improve service delivery.

He however stated that the business dialogue is a fresh attempt to make business environment become more friendlier to operators in Nigeria’s business landscape.

The event themed “The role of government regulations in the ease of doing business” will feature a keynote paper to be delivered by the Special Adviser to the President of Nigeria on Ease of Doing Business, Dr. Jumoke Oduwole.

He said the dialogue will be an avenue to bring together stakeholders to discuss on the way forward on how to move the industry forward, stressing that, the idea is that you have

industry regulators in a room and you have people they regulate in the same room, and they ask themselves questions on burning industry issues.

He added: “We are inviting several stakeholders including the Lagos State Governor, Lagos State Commissioner for trade and Industry, Lagos State Signage and Advertisement Agency (ASAA), Nigerian Communication Commission (NCC), Standards Organisation of Nigeria (SON), NAFDAF, APCON, Heads of Sectoral Groups (HASGs)among others, and the essence is how government will continue to support businesses through regulations.”

In his words: “When regulators come up with policies, they need feedback on how regulations are affecting the industry, and we believe that is what dialogue is all about, it is something we have done over the years and the essence is to ensure we have sanity in where we do business.”

He further stressed that industry dialogue is an annual event organised by ADVAN to bring stakeholders together, saying that regulations should help businesses succeed.

“Among all the players in marketing industry, ADVAN sits in a very important position because in ADVAN, you have guys from Telecoms, pharmaceuticals, FMCG, and for us regulation should be an everyday thing, it should be after one or two years before regulators will come up with new regulatory framework.”

He added.

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L-R: Country Manager, Tek Experts, Mr. Olugbolahan Olusanya; CEO, DigitalJewels Ltd, Mrs. Adedoyin Odunfa; CEO, VDT Telecommunications Ltd, Mr. Biodun Omoniyi; and PHOTO: ETOP UKUTT Managing Director, HC Bonum, Mr. Lanre Onasanya, at the Stakeholders Focused Breakfast Forum, organised by DigitalJewels in Lagos… recently

Deep Blue Project: NIMASA Takes Delivery of UAS, Boats, Armoured Vehicles The Nigerian Maritime Administration and Safety Agency (NIMASA) has taken delivery of additional mobile assets for enhanced maritime security under his deep blue project.

Two unmanned aircraft system, 9 interceptor patrol boats

and 10 armoured vehicles have been added to the existing assets earlier procured by the Federal Government and commissioned

by President Muhammadu Buhari.

Director General of NIMASA, Dr. Bashir Jamoh while thanking President Buhari for

his sustained support in the fight against sea piracy and other maritime crimes said the additional equipment will improve on the gains recorded in securing the Gulf of Guinea and Nigerian maritime domain.

Jamoh who described the recently held Gulf of Guinea

Maritime Collaboration Forum (GOG-MCF/SHADE) in Abuja as a success in rallying international support in the suppression of maritime insecurity, added that Nigeria’s commitment in regional maritime security will always be sustained.

He recommended the

FG Urged to Leverage Lnnovation Around Fossil Fuel Resources to Drive Process Industries Oluchi Chibuzor As technologies continue to drive global industries, the federal government has been urged to leverage the abundance of fossil fuels resources to drive process industry and digitisation of the industrial sector in the country.

The global transformation towards carbon-neutral production has gained significant momentum in recent years and Nigeria holds about 60 per cent pharmaceutical

production capacity in Africa.

In view of this, the delegation of German Industry and Commerce in Nigeria (AHK Nigeria) ahead of ACHEMA trade fair, is calling on the manufacturing industry in the country to leverage the conference to put Nigeria on the map as innovation around the chemical industry continues to attract foreign investment.

ACHEMA is the world forum for chemical engineering, process engineering and biotechnology and

is the world’s leading show for the process industry that usually takes place every three years in Frankfurt.

Speaking in Lagos recently, the CEO of DECHEMA Exhibitions, Dr Thomas Scheuring, said the conference would enable Nigerian participants to interact with world-class companies to drive their industries with technological products.

For Katharina Felgenhauer, Delegate of German Industry and

Commerce in Nigeria, “We see increasingly, more business interest and focus on the Nigerian market and we would continue to support German business.”

Commenting also, Covestro’s Chief Technology Officer, Dr Klaus Schäfer, said, “I sense a great spirit of optimism in the chemical industry. The urge to push ahead with new projects to build the global circular economy as well as to reduce greenhouse gas emissions continues to grow.”

African Refinery Awards Maire Technimont SpA Phase 1 Contract Bennett Oghifo Ahead of the full implementation of its Refinery Project in Port Harcourt, Rivers State, African Refineries Port Harcourt Limited (ARPHL) has announced the award of Phase 1 contract for the collocation of a Greenfield Refinery to Messrs Maire Technimont SpA, a leading global Oil & Gas Refining, Chemical & Petrochemical, Fertilizers and Power EPC company as the FEPC contractor. The 100,000bpd name plate capacity refinery will process Nigerian crude oil and produce

Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Jet A-1, Liquefied Petroleum Gas (LPG), and Low Pour Fuel Oil (LPFO).

This follows the conclusion of negotiations with NNPC to acquire a 10% equity stake in ARPHL’s 100,000BPD refinery at the same location. This was contained in a statement issued by the C.E.O. of ARPHL Mr. Omotayo Adebajo recently.

The Front-End Engineering Design (FEED) Contract is the first step towards implementing

a plant for the processing up to 100,000 barrels per day of crude oil and 10,000 barrels per day of sustainable aviation fuel or Biojet at the existing Port Harcourt Refinery Battery Limit. The plant is due to be operational in 2025.

In line with the Federal Government’s strategic plan the Nigerian National Petroleum Corporation (NNPC) in 2016 advertised a Request for Proposal in all major newspapers, seeking bids for private investors to invest in the collocating of crude oil refineries within its existing refinery sites

in Kaduna, Port-Harcourt and Warri, towards increasing Nigeria’s national refining capacity from 445,000BPD to 695,000BPD in the shortest possible time frame.

By a transparent bid process conducted by NNPC in-line with the Bureau of Public Enterprise (BPE) guidelines, ARPHL emerged the collocation partner to run and operate a 100,000 BPD refinery on 45 hectares of vacant land within the battery limit of the Port Harcourt Refinery Complex (“PHRC”) in Alesa-Eleme, Rivers State.

‘75 Percent of Jobs Will be Soft Skills Intensive by 2030’ Ugo Aliogo The Founder of Tantalum Academy, Mithum Hamath, has stated that by the year 2030, 75 percent of jobs would be soft skills intensive, noting that the demand for soft skills exceeds supply up to 45 percentage points.

He hinted that one fourth of employers have difficulty filing entry-level vacancies because applicants lack soft skills.

Hamath, who disclosed this yesterday in Lagos, during the official launch of the academy, said 42 percent of businesses need leadership skill for the digital future, and three quarter of organizations report a workforce skills gap.

He also stated that Tantalum Academy has developed the idea of games to promote learning and improving personal effectiveness especially in the workplace.

He said the academy blends

emotional skills, social skills and business competencies into a single concept that is crucial to the success of any individual.

Hamath explained that there is a need to blend technology with life and work skills to deliver transformational social impact.

According to him, “The academy emphasizes on the relevance of soft skills and ability to communicate.

The impact of gamified learning is tied to improved performance on

the job. The essence is to promote skills and confidence and making behavioral change. While through the gamified learning experience, individuals learn instantaneously in an existing atmosphere. The gamified learning programmes are indeed path breaking approach to competency development. The gamified learning is very futuristic in its approach as people want to learn. It promotes effective learning beyond physical training.

Suppression of Piracy and other Maritime Offences (SPOMO) Act emplaced by Nigeria as a robust statute that supports maritime law enforcement, which other countries are considering to replicate.

He said, “Nigeria is improving on her capacity to fight maritime

crime by procuring state of the art technology, upgrading human capacity for effective service delivery and deployment of the assets for round the clock patrol, interdiction and reconnaissance with the support of Nigerian Navy and other security agencies we signed MoU.”

iCreate Africa Vows to Address High Youth Unemployment Rate in Africa Gilbert Ekugbe Worried over the alarming rate of unemployment currently at 37 per cent and counting, iCreate Africa has announced plans to equip over five million youths on the continent with vocational and technical skills.

The Founder, iCreate Africa, Bright Jaja, in a statement issued to THISDAY, said the unemployment rate has reached an unprecedented figure, stating the urgent need to tackle the high unemployment rate in Nigeria and Africa at large.

In his recent interview with CNN as he found his way to their spotlight, he said: “The goal is to get more young people in Africa to embrace technical and vocational skills without being afraid of the stereotype.”

“We identify experts and match them with aspirants who basically enroll in an apprenticeship for about 3 months to one year. Some of the trades we focus on are carpentry, graphic design, web design, and basically everything technical and vocational,” he added.

According to him, these are skills that can be learned and harnessed into something beautiful.

He understands the need for the youths of Nigeria to be self employed, saying that it is exactly why he is doing everything he can to make

this vision be much more visible.

Jaja, who started iCreate Africa, in 2017, in South Africa, has successfully trained over 20,000 young people in vocational and technical skills. With his expansion to Nigeria, he targets training over 5 million young people across the continent. Now, mere looking at this, one would think it is almost impossible. But Jaja, a great lover of the youth of Nigeria, has set his mind to it and it is only a matter of time before this dream becomes a reality.

He also looks to expand to Nigeria with the aim of empowering young people in the technical sector. This expansion is heralded by an annual and vocational technical skills event dubbed ‘icreate Skills Fest.’

“I started a competition annually called iCreate Skills Fest to help change perception among youths on vocational and technical skills. We bring technicians and craftsmen together to showcase their skills in a contest, all to encourage youths to embrace skills trade as a profitable career choice.

After the competition we have a skills awards night where we celebrate the winners, give them cash prize and empower them with high value tools and equipment to support their business. We also link them to jobs,” he stressed.

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IoD Harps on Innovation for Business Relevance, Continuity Gilbert Ekugbe The Institute of Directors (IoD) has emphasised on the need for organisations to invest massively on innovative solutions to remain relevant in the future.

The president, IoD, Mrs. Ije Jidenma, at its Institute’s fellows’ luncheon in Lagos, said

innovation is crucial to the continuing success of any organisation.

According to her, innovation enhances market position, increase sales and market share, reduces waste, saves cost as well as increases productivity, growth and profitability.

“Therefore, as business environment

changes, driven by technological and social shifts, innovation is central to ensuring the development and growth as well as sustainability of organisations,” she advised.

She recommended that directors, as business leaders must be futuristic in their outlook and come up with new and creative

ideas for business to thrive in this highly competitive environment.

She charged directors on the need to lead the charge and play major roles, saying that Directors have the deepest understanding of the goals and motivations of businesses, the cultures and nuances of their operating markets, as well as a vested interest in the sustainability

of these organisations.

The IoD boss added that becoming an innovative organisation, is a continuous journey, pointing out that innovation can involve simple, incremental enhancement in any area of an organisation.

“It requires companies that have a long history and legacy to embrace shifts in culture, process

and structure to become consistently creative,” she added.

She said the Fellows’ Luncheon is an annual event set aside by the Governing Council to felicitate with its Fellows as well as other members of the Institute and invitees; to network, interact, bond and share knowledge and experience.

Honeywell Partners Lagos Innovates to Upskill Young Tech Entrepreneurs Emma Okonji

L-R: Secretary, Austrian Embassy to Nigeria, Ms. Antonia Bierbaumer; Austrian Ambassador to Nigeria, His Excellency, Amb. Thomas Schlesinger and Acting Managing Director, Nigerian Airspace Management Agency (NAMA), Engr.

Lawrence Pwajok, during a courtesy visit to the Acting Managing Director of NAMA, at the Agency’s headquarters, in Abuja...recently.

S ol a r E lect rif ication: LBS Secur es SUNREFNigeria’s N140m Credit Facility Gilbert Ekugbe The Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria has announced that the Lagos Business School (LBS) has signed a N140 million credit facility to embark on a 350kw solar project to reduce their soaring

operating cost.

The move according to SUNREFNigeria is also part of its commitment to contribute its quota to reducing carbon footprint in the country.

In a statement issued to THISDAY, the Lagos Business School (LBS) is the first beneficiary of the SUNREFNigeria

credit facility.

The statement added that LBS will be receiving a loan through Access Bank, which is a partner bank of SUNREF Nigeria, at 9 per cent interest with an 8-year repayment period. The loan includes a 10 per cent investment grant.

“Through this loan, the

Lagos Business school which is the leading business school in Africa will be embarking on a 350KW solar project that will significantly reduce their soaring operating energy cost as well as cater for 60 per cent of their electricity requirements,” the report added.

FiberOne Appoints Ibrahim Dikko as Chairman Chinedu Eze FiberOne Broadband, Nigeria’s largest fiber broadband provider in Nigeria, has appointed Ibrahim Dikko as its Board Chairman.

Regulatory & Corporate Affairs at Etisalat Nigeria (now 9mobile), Executive Director, Resourcery Plc and Chairman at First Securities Discount House for 10years.

He owns Hitel Limited.

According to the company, it has also appointed additional directors on its board. They are Tosin Osunkoya, and Ayaba Modupe Ayo Joseph.

“I’m really excited at FiberOne trajectory growth over the years, and I look forward to serving as its Board Chairman as we enter a new phase of growth, said Dikko.

The company described Ibrahim Dikko is a telecoms expert with keen interest in governance and regulatory compliance. He has held previous roles as VP,

He is a member of Institute of Directors, and a registered professional of Financial Reporting Council of Nigeria. He

studied Law at University of Buckingham, UK, and University of London.

According to FiberOne, Tosin Osunkoya is a global financial market expert with diverse knowledge and skills, which are not limited to global financial instruments but, also apply to identifying and exploiting investment opportunities for portfolio companies, ultimately for wealth creation.

In the last two decades, Osunkoya has dedicated his skills, knowledge, and experience to creating wealth for investors in

global financial instruments.

The company said that as a serial entrepreneur and venture capitalist, Tosin leverages his unique skills in investment management and wealth creation to unlock the potential of human capital in Africa. “He is a co-founder of multiple startups, such as Enov8 Solutions and its Tech Hub, The Bulb Africa.

“He sits on the board of several organizations in the Financial Services, Tech, Sport, and Advertising industries.

He is also the current Chairman of the Investors, Issuers & Intermediaries

Nigerian investment holding company, Honeywell Group (HGL), has partnered the Lagos State Government and Lagos Innovates, the tech arm of Lagos State Employment Trust Fund (LSETF) to support the growth of one of Africa’s most exciting tech ecosystems.

The partnership is executed via a talent development programme under ‘Lagos Innovates’ - a training project conceptualised to ease the process of building successful tech start-ups in Lagos State.

Commenting on the partnership, Head of Corporate Services, Honeywell Group, Tomi Otudeko said: “Creating longterm value for Nigeria and its people has always been at the heart of Honeywell Group’s mission. We are invested in impacting our communities, and the tech ecosystem in Lagos is filled with ideas that can revolutionise how we think and operate as a society. We also understand that these young minds need support in accessing the tools

and the people required to grow their ideas. It is our duty to support them in any way that we can.

“We are excited to meet these new faces of technology and to partner with Lagos State and Lagos Innovates in easing the path to success.”

Also commenting on the programme, Executive Secretary of LSETF, Teju Abisoye stated, said: “We are delighted to partner with Honeywell Group to develop a talent pool of tech entrepreneurs who can compete favourably with their peers across the world and improve results in the tech eco-system. LSETF and Honeywell Group are committed to ensuring that young people are equipped to drive the growing tech ecosystem in Lagos and Nigeria at large, in addition to positioning themselves for the gig economy. Through this partnership, we hope to cement Lagos’ position as the leading destination for start-ups in Africa. We look forward to seeing the impact of the training on job creation.”

AC CA L a u n c h e s ‘Recycle for Education’ Initiative James Emejo in Abuja The Association of Chartered Certified Accountants (ACCA) has announced the launch of its ‘Recycle for Education Drive’ in Nigeria.

The initiative is in commemoration of World Environment Day 2022, aimed at supporting vulnerable out-of-school children with access to basic education, through funding from waste recycling by ACCA member communities across the country.

The ‘Recycle for Education Drive’ is in collaboration with FlexiSAF foundation and W.A.S.T.E Africa, a transformational organisation for the advancement of waste management in Africa.

According to ACCA Nigeria Country Head, Mr. Tom Isibor, “The collaboration aligns with ACCA’s decade-long commitments to the UN SDG’s, including partnership for the goals (SDG17), to create awareness about recycling and its positive impact on the environment (SDG12), towards providing access to quality education (SDG4) in Nigeria.”

Founder of WASTE Africa, Ms. Olufunto Boroffice described the collaboration with ACCA as timely and impactdriven, acknowledging that it is a welcome development to its partnership with the foundation, headed by Executive Director, Amina Abubakar.

37

T H I S D AY ˾ MONDAY, JUNE 20, 2022

HOMES&DESIGN

FALOMO TOWERS:

The Metamorphosis of Ikoyi Landmark Investors in Ikoyi real estate, Lagos, never cease to impress prospective buyers, as they spare no expense to ensure their facilities stick out nicely. Falomo Towers, an exquisite mixed-use project being developed on the prime location of the former iconic Falomo Shopping Complex, ticks all the boxes. Bennett Oghifo writes

F

alomo Towers is a new high-rise real estate’s priceless property being developed on 11,950 square metres of prime land on Awolowo Road in Ikoyi. It occupies a central location where the iconic Falomo Shopping Complex once stood.

Falomo Towers is conceived as a mixed-use high-rise, complete with apartments. It will offer a blend of green amenities that will promote quality living.

The exquisite Falomo Towers is evolving from a unique redevelopment partnership between the Lagos State Development and Property Corporation (LSDPC) and a blue-chip real estate company, Afriland Properties Plc, an arm of Heirs Holdings, whose president/chairman is Tony Elumelu, a foremost entrepreneur and banker. Elumelu is building millions of young entrepreneurs across Africa.

At the sod-turning ceremony of the project at the weekend, Governor Babajide Sanwo-Olu of Lagos stated that the government’s choice of Afriland Properties as a partner in the development of the towers was deliberate, on account of their excellent track record.

“Afriland Properties is a tested, trusted and reliable developer,” said Sanwo-Olu. The Lagos governor further explained that the corporation had found the right partner for the redevelopment project.

The project, which is expected to be completed in 30 months, is designed to enhance the socio-economic outlook of the neighbourhood, according to Sanwo-Olu. He also mentioned that closing the partnership deal

took 10 years to actualise.

“This is a phenomenal project that will bring back the lost ambience of Ikoyi. When this partnership was initiated 10 years ago, I was the managing director of LSDPC,” disclosed Sanwo-Olu. “It is interesting to note that we’ve all gone through arbitration but we didn’t throw a wrong punch. We agreed this project must not be thrown away.” The governor added, “Today we are making a transaction that is bigger and better than what was initially proposed 10 years ago.”

The governor said the project was another milestone achieved by his administration to renew urban amenities, stressing that the strategic implementation of the Lagos Master Plan had been dependent on the government’s ability to forge workable partnership between the public and private sectors.

To this Lagos government, the deal is a testimony to the uniqueness of public and private sectors in ensuring that things can be “made a lot better when we sit and agree.” The Falomo Tower is a clear example of what public-private partnership (PPP) model can achieve “when partnerships and collaborations are pursued and implemented with seriousness.”

Sanwo-Olu added, “When we put our minds of possibilities to ideas, great things happen.

This aptly describes the story of today’s flag-off of construction of Falomo Towers.”

The government, he said, would remain committed to ensuring that investors get full value for their investments, while promising to continue to “pursue business environment reforms, including automation of land and property records to scale up transparency and efficiency that catalyse sustainable investments.”

The brains behind the high-rise, Elumelu has a firm grasp of the investment turf, creating enduring systems that are propelled by young Africans to grow the economies of countries in Africa.

Elumelu knows where to invest. “Lagos remains the most hospitable environment for investors seeking profitable return on their investments,” the Heirs Holding chairman stated.

He admitted that the partnership was another testimony to the Lagos government’s belief in the private sector as a key development driver.

“I commend Governor Sanwo-Olu and the political leaders of the state for believing in the private sector. What we are witnessing today attests to their beliefs in the private sector as a driver of development in the state,” Elumelu stressed.

He added, “For the private sector to do well, the political leadership must create the right environment. Lagos has set the pace in this direction. This partnership is a celebration of dialogue and this makes Lagos remain the most hospitable environment for investors.”

LSDPC’s Chief Executive Officer, Hon. Ayodeji Joseph, explained that the project site evoked memories of a glorious past for Island dwellers in the 1970s.

Joseph that the corporation took an informed decision to turn around the site by building residential apartments to provide additional accommodation to the growing middle class, business professionals and the swelling rank of young citizens.

“Over 40 years down the line, the corporation in its decision to renew some of its facilities has deemed it fit to redevelop the site of the shopping complex, taking into consideration the realities of today’s needs, as well as the environmental impact implications,” said the LSDPC honcho. “To achieve this purpose, we decided to mobilise finance from the private sector.

This decision will free resources that could otherwise be tied down to this project, for other pressing needs. In addition, it will allow the project to benefit from the competitive efficiencies for which the private sector is better known.”

For Afriland Properties Chief Executive Officer, Uzo Oshogwe, the project is a revival of a landmark.

“With the project, we tend to give Ikoyi back its aesthetic landmark,” stated Oshogwe.

According to her, the partnership will create economic opportunities and social wealth that will transform Lagos and Nigeria. The iconic project also when completed will beautify the Ikoyi skyline.

38

MONDAY, JUNE 20, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

Ugoji: Nigeria Has Strategic Role to Play to Ensure AfCFTA Succeeds

Ugoji Lenin Ugoji was appointed Group Managing Director/Chief Executive of C & I Leasing Plc in January this year. Ugoji, who holds a Bachelors’ Degree in Estate Management from the University of Lagos and an MBA in Banking & Finance from the ESUT Business School, Enugu, joined C & I Leasing with over 20 years of experience in Commercial/Investment Banking, Leasing and Asset Management. In this interview, he speaks about opportunities for his company in the African Continental Free Trade Area for his company as well as efforts to restructure the company so that it can sustain its industry leadership position. Obinna Chima brings the excerpts: What is your assessment of the business landscape in Nigeria for the first half of 2022? oing back a bit, Nigeria has gone through about two recessions and I think that as well as COVID-19 have impacted the business landscape tremendously.

So, even what has happened within the last six months is actually like a spillover of several of the things that had happened in the past seven years. For instance, fundamentally the devaluation of our currency, the hike in inflation, overall increase in cost generally across board, slowdown of economies, all these have dovetailed into what we have now seen in the last six months and in February by the time the Ukrainian-Russian war came on board, some more upheaval came to the global market. And because we are in a global economy, everything affects everybody.

For instance, like us in our business where we deal in motor vehicles which have some foreign components, those things have impacted the cost of managing assets. But by and large, Nigeria has been able to manage creditably some aspects of the upheavals that have happened. Why did I say so? COVID-19 brought about an unprecedented amount of debts. For instance, because people could not work, governments had to keep market moving and from what happened in the 2009 financial crisis, governments realised that quantitative easing - which is pumping of money to ensure consumption - is very critical in managing economies. And to that effect, COVID-19 caused another round of quantitative easing. That’s why you see across board, developed and undeveloped, unprecedented amounts of borrowing.

The challenge now is that those borrowings are going to start being repaid, so there are going to be issues with the borrowers. And we have already started seeing that. But if you look at Nigeria’s debt management, even though our debts have grown partly because of COVID-19, it’s still pretty low compared to other countries.

For instance, Kenya’s debt-to-GDP is 70 per cent and Nigeria’s is still about 32 percent. So, that shows that Nigeria has not done too badly. Yes, we’re feeling the inflationary pressures and all that, but, I think we have been able to manage that slightly. And even the stock market, you see that it trended upwards in the first half of this year. It’s one of the most performing exchanges in the world. So, it shows that it’s really been quite a topsy-turvy one, but I think Nigeria has been able to manage its situation properly.

largest leasing company and provider of various type of fleets, I think is also well positioned to take advantage of that.

So, we do appreciate that we are experiencing excruciating challenges because the Nigerian economy has been a bit tepid for an extended period of time, but I think we’ve been able to manage those weather effectively. We’re poised for growth by the end of the year and looking forward to next year. We think we are really positioned for some major push.

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We are gradually moving into another electioneering period. How do you think it’s going to impact on the business environment?

It definitely will and you can even see what has happened to the naira against the dollar in the last few weeks. It has probably depreciated by over 10 to 15 per cent. And what that shows you is that electioneering still has an impact on some of these indices that affect our daily lives. The way I see the candidates, I think we are going to have a very keenly contested election. So, that means there’s going to be quite a lot of activity and for the business community, it may actually be positive because what it means is that there’s going to be, for instance, a lot of requirements for vehicles, a lot of requirements for advertisement, a lot of requirements for basic services. So, I think definitely there will be an impact on the volume of business and I think business volume will edge up.

You were appointed CEO six months ago, I will like you to speak generally about the C&I Leasing business and the structure you met on ground?

C&I Leasing is quite a robust business. I always tell people that I used to be a competitor and so I’ve always analysed the company. Firstly, the company is a market leader. C&I started about 1990 and it has gone through several areas of rebirth at different times in its life and is now a business that spans about three major areas. For instance, the fleet management for vehicles, the personnel and sourcing, and of course its biggest unit which is the marine business. So, C&I is quite

Ugoji a unique business, and that’s why if you see even on the stock exchange, it was difficult for the exchange to pigeonhole the business because C&I has a finance house license - so it’s regulated by the Central Bank; Because it’s probably one of the biggest indigenous player in the marine business, so it’s also regulated by NIMASA, so it has been able to straddle these industries, providing jobs to about 8,000 people.

So, it is the epitome of the spirit of the Nigerian entrepreneur. I think C&I should be one of the companies that should be celebrated especially because of its indigenous nature.

And not only that, I’m the third CEO of C&I. What that means is that C&I Leasing has also shown great act and depth in succession planning. So, Emeka Ndu who formed most of the company and handed over to Andrew who oversaw it for seven years, and who has now retired and handed it over to me. That shows that indigenous businesses can be run.

Nigeria is a very tough environment that’s the truth. But like we said, we have been able to do show that Nigerians can run a successful business with C& I Leasing.

So, I think Yes, there are challenges because one, COVID-19 seriously impacted the business especially in the marine area because as we all know because of COVID-19, oil production was severely hit. So, people were producing oil but they couldn’t sell and planes were not flying, hotels were not open. So, there was so much oil and they were just storing it. It impacted our business because our business directly services the oil industry and for that, we had to assist the industry with some price cut. So we had to take some financial hit to be able to at least keep those businesses afloat as well as ourselves. And I think now as oil price has gone up, we believe that in the near future, things would start to stabilise in the marine space so that we can go having some higher rate.

But in the meantime, C&I Leasing wants to focus on its key strength which is its fleet management. We think there is a massive opportunity in the logistics space so as the big vehicle area. For instance, Nigeria is becoming more and more industrialised. Africa has signed the African Continental Free Trade Area (AfCFTA) agreement, all these open up massive opportunities for movement of goods in-country and intra-Africa. So, we think that Nigeria as the largest economy has a very strategic role to play in making Africa succeed and C&I as the

So, are there plans to restructure the company?

Oh definitely. I always tell people that every business is perpetually in restructuring because things change. Maybe in the 80s for instance, things change every five or six years, but in the world today, things change every five minutes.

So, I always tell people when they ask me, what’s your five-year plan, i tell them, well, I don’t know if five-year plans are even in vogue anymore. We are very particular about the issue of rejigging the business. First of all, it’s a people-business, so because it is a service business, we deal a lot with businesses but at the same time, with clients. I’ll give you an example, C&I is primarily a B-2-B business, but it is a B-2-B business that has a retail flavor. We have contract with some of the big companies in Nigeria, but we drive the individuals. So, every interaction with those individuals give a story of C&I. It tells a story and gets down to the man on the streets.

That is something we are very keen on in terms of tweaking the business and we have already started that. For example, in our marine unit, what we are doing is that we are not focusing too much on new build contracts. For instance, normally we build vessels to supply for certain contracts, but we all know that the foreign oil companies, most of them are positioned to exit the Nigerian market and in as much as that could be a challenge, it’s also an opportunity. An opportunity for the local players as the Local Content Law has helped build quite some strong local presence in the area of oil and gas. We think that as the oil majors exit, that if they do, we think that the players that are going to come on stream are going to take up those roles and that will still create opportunities for C&I Leasing. But at that point in time, we’ll be ready to expand in that market as well.

Peace Mass Transit acquired about 55 per cent stake in the company, what value did that bring on your business?

Well, it’s two ways. The Local Content Law was created sometime in 2010 to empower indigenous companies. C&I Leasing was one of the first beneficiaries of that. So we acquired the service of one of the former foreign companies that was supplying for Shell with vessels, so, we benefited from that. And what that did was that it created a different business line for C&I Leasing, while also adding foreign exchange earnings to our general revenue base. For a country whose currency continuously devalues, C&I now has a business unit or arm that earns in foreign currency. So, about 50 to 60 per cent of our revenues are actually come in dollars.

That means that the texture of our earnings tremendously improved by that strategic move.

When Actis which acquired the convertible notes from Aureos and Abraaj wanted to exit Nigeria, they had two choices - they could convert that equity, but once they did, they would own 53 or 54 percent of the company.

Automatically, C&I will no longer be a local company, C&I will no longer be able to benefit from the local content law and C&I will lose some of those contracts. So, strategically, it was important that C&I got a local investor and that’s where Peace Mass comes in. Peace Mass Transit was already a shareholder in C & I Leasing and he had seen the business, he had seen where the business was going

and you know as a business-savvy investor, he realised that there were some symbiosis that could happen with his business and ours.

You know Peace Mass Transit assembles his buses here in Nigeria, so, he has that advantage in terms of cost. And we have a very strong fleet management business. For us, we looked at it also that strategically, that may be also another fantastic point of meeting because the whole aim is to manage our costs, to be able to give our clients value. Those two things strategically made the coming on board of Peace Mass Transmit a masterstroke for the Nigerian capital market, for C&I Leasing, and I think for investors in the medium to long-term.

What is your five-year plans for C&I Leasing?

There’s a word that I think I have become totally enamored with now and it symbolises what I want to achieve with my time at C&I Leasing and that is to collaborate. I think the world is all about collaboration now. The time when one person owned, controlled or did everything by himself is over. I think people are more efficient doing things in their own spaces.

And if you can combine all those things together, it creates more value for you as a company, it reduces risks which is very important and because of the volatility in the world, people must focus on risks.

It’s risks that ensures businesses survive. You’ll see a lot of people, especially local businesses, yes, they are big, they have contacts, they get the business, but they don’t put in place structures, they don’t put in place processes.

All these things are risk mitigation so that nothing is dependent on one man, and the more we continue to do that, I think the more the company will continue to endure. Another one is innovation. You must innovate for you to remain alive; it’s just the fact of life. And I think that’s one thing C&I has traditionally excelled in. Many people don’t know the meaning of C&I. It’s ‘Computer and Industrial.’ It started as a computer company and the computers they bought then, because computers were changing every five minutes then, the off-take did not come the way they expected. So they had to lease the computers to get back their money. So, that in itself was the innovation.

Then down the line C&I started supplying food for the maritine industry, and they saw the opportunity and then next things they provided a vessel and C&I changed the game. So in the current times, just before COVID-19, C&I had been looking for ways to cut cost and one of the ways was how to be able to work effectively remotely. Now this was before COVID and so C&I had started playing around with it and working on it and of course next thing, COVID happened the following year. And C&I was probably one of the fastest companies to transit to a remote work environment. If you and look at the financials, they did pretty well in those periods because they were able to effectively still manage their business which is a physical business. I think innovation is something that runs in the DNA of the company and it’s something we want to pursue.

And so for that, we’ve gotten even some new hires.

So we have a new chief commercial and strategy officer, we have a new chief marine officer for the marine business specifically because in as much as we don’t want to increase our assets accounts there now, we want to still increase the business.

So, we want to leverage on our contacts in the industry to do what they call cross-charters so we can get in vessels that are not ours, we can get the contracts, we can manage them and get the margins. So, those are some of the strategies that we have especially in the short to medium term.

We want to see what is going to happen in the next three years because that will determine some of the plans that we have in terms of the next five years. Nigeria has an infrastructure deficit and we think that we may be able to play in a role in that area. That is one of the areas that we want to focus on. We want to help Nigeria improve its infrastructure. For instance, why should Nigeria be buying and running trains?

They should just provide the policies that would enable companies to be able to do that.

Continued on page 39

T H I S D AY ˾ MONDAY, JUNE 20, 2022

39

BUSINESS SPECIAL

INTERVIEW

Owolabi: Running Business in Nigeria is Challenging Michael Owolabi is the Managing Director/Chief Executive Officer of Black Pelican Limited. He had spent the first 10 years of his career in investment banking, treasury, strategy and planning before pursuing founding the company in 2004. Between 2000-2003, he gained experience working in advisory roles at both federal and state government levels in the areas of budgeting and strategy. He currently oversees the Black Pelican Group made up of five subsidiaries.

In this interview, he speaks about the performance of the company in the past 18 years. Excerpts: solutions. Some of them required freight solutions because they wanted to consolidate goods bought from us with other items.

We had extensive experience in logistics, and it was therefore logical to offer it as a service to our clients and that is how “BPL Logistix” was born. In 2015, in the advent of the Buhari administration, Nigeria was plunged into recession and the Naira suffered substantial devaluation. Demand for high end products plummeted and it was time for fresh thinking. We started looking for more affordable solutions especially for our volume driven project clients. So as not to dilute the exclusive “IL Bagno” brand, we founded “Bathrooms Direct” which focused on imports from Turkey rather than our usual import countries of Germany and Italy. We are also fortunate to represent the number one wellness company in the world “Technogym”.

We saw this as the final piece in our hospitality and wellness business. We had consulted for and supplied fittings to many hotel projects and handled the spa and wellness areas but didn’t have a solution for gym equipment. Adding Technogym to the group was therefore a perfect fit and to properly segment and position the brand, we set up a new subsidiary to manage our wellness business. This gave birth to “BPL Wellness”. We recently opened a Technogym showroom on Bishop Aboyade Cole Street, Victoria Island and our clients are responding very positively to that.

Black Pelican Group celebrates its 18th anniversary this year, what are some of the challenges your organisation has encountered? he Black pelican group is 18 years this year and it gives me great pleasure to say thank you to all our customers that has made us successful over the years.

The journey has not been a smooth or easy one. We have learnt a lot of lessons along the way but are glad we are thriving 18 years after we started the dream to provide high quality interior fittings to the Nigerian population. Running a business in Nigeria is challenging and one of the most difficult tasks is finding the right team. As we know, that is the challenge most Nigerian entrepreneur’s encounter especially today. As an import-based economy, getting things through the port is also a big challenge and I need not mention the foreign exchange availability and the constant depreciation of the naira. These are the things we must deal with in our company every day, but we carry on.

T

What makes Black Pelican different?

I think specialisation is very important in any business and this is one of our core strengths.

One must be focused, and focus is one of the things I am quite big on as an individual. When we started, we were going to focus on bathrooms and kitchens only. At the time, I wanted to model the company on a business I had seen in South Africa that was focused on bathrooms and kitchens. I bought fittings for my house from them. Just before we started, the ban on furniture including kitchens was announced by the Obasanjo administration. This restricted us to bathrooms until about 2009 when our customers started insisting on more solutions from us and we had to diversify into other solutions like tiles and doors, particularly after we moved into our purpose-built head office in Lekki.

How did the business take a turn to an all-solutions company?

Our growth has been driven largely by customer demand. Most of our customers gave us repeat business and expressed a preference for getting all their solutions from one source.

We also realised that it was important that we started our design consultancy from ground up so when the building designs were being done, it was important that we partnered with the clients’ consultants from the design stage, and this made for better installations. We also found that starting early helped to save money because for instance we could design a room such that the tile wastage would be almost zero because we would design a room to fit the specific tile

Owolabi size to be used in that room. We add a lot more value by starting with the clients from ground up.

How did other subsidiaries of the Black Pelican Group come about?

We started as only a product-based company but realised quite quickly that we had to add services to our portfolio of solutions.

Customers insisted on installation after buying products from us. This gave birth to our installation company “Bagno Technik”. I was flying Lufthansa from Frankfurt to Lagos, and I looked out the airplane window and I saw “Lufthansa Technik” maintenance wing.

This inspired the name “Bagno Technik” a fusion of “Bathroom” and “Technical”. We went into installation because it was the final component of the sales process. Years later we noticed that many clients were not ready to take delivery when their goods arrived in Nigeria and therefore required warehousing

After 18 years of market leadership, what should we be expecting from Black Pelican Group in the future?

Black Pelican has always been a market leader and reference point in the interior design trade. With a long list of “firsts” …. including being the first to open a purpose built and well-appointed showroom of international standards with the opening of Ebenezer House in Lekki. This location remains a reference point for the business in Nigeria; being the first to position the interior design trade as a properly structured business and today we remain the largest and best structured company in the interior design trade in Nigeria; being the first to open a ‘Design Centre’ in Abuja.

This 6,000SQM building is also the largest Interior Design Showroom in Nigeria. We remain the top provider of full interior design solutions in Nigeria and are probably the only company that supports customers from

design specification to installation, important and after sales service. Being the first company to set up and maintain a permanent installation and after sales team in the sanitary ware business; being the first to annually take teams of Nigerian consultants to Europe for Continuous Learning programs; being the first to start Continuous Learning and Certification programs for various trades in Nigeria. We organised the first Lighting Design Seminar for MEP consultants in Nigeria.

I am very excited about the future and particularly to see where the next generation of staff will take the company. We constituted what we called a “Shadow Board of Directors” comprising the younger members of our team who meet regularly with a mandate to forge future growth strategies. We are developing a strategy to enter the real estate market with something truly special and I think the market should anticipate that initiative from the Black Pelican Group. We are also going to build up on the BPL Logistix brand with the construction of a Logistics Centre in Lagos. I think the next 5years will be very exciting ones indeed.

What do you have to say about the people at Black Pelican Group?

Our business stands on the shoulders of the giants who put in their best every day to build the brand. Our team is well trained and dedicated and are clearly responsible for the success we have achieved today. I cannot thank them enough. From the dispatch men who deliver our mails to the warehouse team who do the delivery to the clients, the team who manage the warehouse, the salespeople that are in the front line for customers; every single member of the team come in every day, and they make their impact felt. Honestly, I couldn’t be more grateful, it is really a team effort.

I remember in 2004 we started with three people, my driver, my assistant and one salesperson. Today there are 170 people who come in everyday and bring great results, I couldn’t be more grateful for their contribution. It would be remiss of me if I don’t also mention the vast contribution and assistance that we get from our Board of Directors, led by our able chairman Mr. Mobolaji Osunsanya who was my boss at GT Bank many years ago.

He is ably assisted by Mr. Bayo Sanni and Ms. Olusola Adeola and off course my life partner and best friend, Mrs. Adetola Owolabi who is Executive Director and COO. I would also like to thank our shareholder and benefactor, Mr. Fola Adeola for his invaluable support and advise over the years. This is really an occasion to thank all these people that have made Black Pelican Group a success.

UGOJI: NIGERIA HAS STRATEGIC ROLE TO PLAY TO ENSURE AFCFTA SUCCEEDS But have you opened talks with the government on the issue of allowing private companies handle the train projects?

Well not directly, but we have opened talks with them in terms of certain other areas that have to do with. For instance, vehicles and alternative means of running vehicles. You know we expect the fuel price to be deregulated probably next year and what that will mean is that that is going to tremendously increase the operating cost of vehicles. So C&I is already working on certain things in those areas to see how it will help us to manage those costs on behalf of the customers.

So, those are some of the things that we are looking forward to in the next two, three or five years, of how Nigeria can transit into more efficient use of more energy to propel itself. Nigeria has already started in terms of pursuing gas which we have the advantage of doing and that is a good direction to follow and we have already started looking at that area.

Since you were appointed, definitely there have been challenges, can you talk about some of them?

One of the major challenges

I think has been the price of assets. Inflation has tremendously impacted the cost of vehicles, the cost of assets generally. The price of a vehicle today can be totally different from the price in a month’s time and the challenge for us as a business is that a lot of our clients want contracts.

For instance, they want to sign you a contract for four years, but if you’re having this type of galloping inflation, to project for four years is now a challenge.

So, we are looking at other ways to manage that. We have quite a fleet ourselves – between here and down, we have about 2,000 vehicles – so we are looking at a lot of vehicles that we currently have, and we are looking at how we can upgrade them because we think that may be more costefficient for the client until we have some stability in the currency market. It may be an opium task to continuously do that.

Another thing is to look at the heavy vehicles’ area. If you notice in the Nigerian market, it’s difficult to get reliable heavy-duty movers of products in terms of goods and services. That is why there are certain companies that are known for that. If you notice, those companies, you probably can’t get their services because

they are already plugged to some of the big names. So, clearly, there is a demand-supply gap there. We think there are something there for other players, and we think we are interested in that market so that’s one of the things that we are so going to look at I think in the short-term.

Beyond Nigeria and Ghana, and you looking at expanding to other countries or even outside Africa?

Definitely. I think opportunity are across the African continents, and AfCFTA is the pathway for that. I have a personal view about Africa. Africa is blessed with natural resources and people talk about adding value, right? But I always tell people that before you can add value, you also have to have the right population that is empowered. So it’s not just to have population, the population must have spending power, and that way, you can now create value internally. But if not, I think Africa is going to have to start from where it must start, which is, take control of its commodities.

That is Africa must be able to appropriately price its commodities; it will now be able to get the kind of margins that it can now invest in the

infrastructure because Africa is not going to be competitive in a value-addition space because it lacks infrastructure. How do you compete with China when you don’t have light, you don’t have roads to move the goods?

So, i think Africa should focus on how to properly take charge of its commodities and price it appropriately and I think value will be added. Moving into the AfCFTA would be very key for a company like ours; because if we want to grow, we think we need to look within the continent as well.

Are there government policies you will like to see that would support your business?

One of the policies we think would be very good for our business would be in the area of taxation. We are an asset-heavy business, so there are multitude of taxes that impact us and C& I is a committed taxpayer. However, we are a margin business and because we need to have contracts, what it means is that we are susceptible to vagaries in inflation and price rises.

What that means is that sometimes we may have to take a hit, even on the operational side and then if you add the multitude

of taxes that are available in the market, it really impacts our business. So, it is something that we think the government should look at to be able to help indigenous businesses like ours to be able to grow. We that a very simple, clear tax policy for businesses like ours would be welcomed.

For stakeholders, clients and investors, what should they be expecting from the company under your leadership?

What I can tell them is that in the short-term, we are going to rebalance the company because certain things have happened, such as COVID-19, that impacted the sector, which are now impacting the company. So, I think we need to refocus how the company is structured. So, we would really want our stakeholders to be patient with us, especially in the short-term. We have looked at the business internally and we see that there are so many opportunities to tap and there are so many assets that the company have that we can utilise to create revenue. So, in the medium term, the shareholders are going to be extremely happy about the business. Why I say so is that some of the partnerships we are

working on, we think would help to reduce cost and also help in giving us additional businesses to grow. We think that in not too distant future, we should see the impact of some of these on the bottom-line of the company. So, in terms of internal growth, the company has evolved.

We have quite a number of people that have been here for about 18 years. It is a 31-year old company, so you can expect that.

We did an analysis the other day and found out that we actually have more baby boomers than the other generation. So, what that tells us is that C & I is evolving tremendously and what that means is that as a business we too have to evolve internally, so that we can be able to get the best out of our employees.

That was one of the things that prompted us to do a management rejig. Sometimes, you just need to bring in new faces, new ideas, new opportunities, to be able to make the best of it. So, I think internally we are growing at a very positive way and I am pleased about that. You can only exude your positivity or confidence if you are happy internally. So, for us, the important thing for us is how to increase the happiness index within the company.

T H I S D AY • MONDAY, JUNE 20, 2022

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This Week In Tech Tech Top 5 News 08097710984

GOOGLE SUPPORTS SMALL BUSINESSES WITH SCHOLARSHIPS To support small retail businesses in Africa, Google has offered 1,000 scholarships to business owners who wish to participate.

The company, in a statement, said the initiative was part of a month-long observance of International Micro, Small, and Medium-sized Enterprises (SMB) day this month.

The initiatives include the Shopping Small Business Summit, a one-hour virtual training session to assist SMB owners in developing skills and resources to compete online.

Google also teamed with Coursera, a wellknown open online education provider, to create an online career certificate course for SMEs in digital marketing and e-commerce.

The certificate program is the most recent in a succession of efforts to train people for entry-level jobs.

“E-commerce presents an opportunity for small businesses in Africa to reach new customers and grow. Through the digital marketing and e-commerce career certificates, specialised training and 1000 scholarships, we want to be able to assist small businesses in Africa gain the expertise to connect online, expand their customer base and scale up,” said Google Country Director for West Africa, Juliet Ehimuan.

Ehimuan added, “The topics would include e-commerce trends and digital marketing, and the programmes marking International SMB day this month underline Google’s commitment to ensuring that small retail businesses across Africa have access to the digital technologies, tools, and training they need to prosper and be more resilient.”

According to her, this month also sees the debut of ‘Local Opportunity Finder’, a new tool that evaluates a Google Business Profile and makes personalised recommendations for changes.

The tool evaluates changes or recommendations that a business owner might make to enhance how their business profile looks to consumers in Google Search.

She also said the free, one-week-long Hustle Academy in June would focus on essential skills to help them build the skills they need to grow.

T

AMAZON IS SECRETLY RECRUITING IN NIGERIA Amazon Web Services (AWS) has been quietly recruiting salespeople and engineers in Lagos.

According to reports by the Rest of World, this hints at an expansion of its streaming and cloud computing businesses in Africa’s largest economy.

The company has also hired a major advertising agency to work on its first push for Prime Video subscribers in Nigeria.

The tech giant has also reportedly expanded its Prime Video streaming service to Nigeria in 2016 as part of a global rollout.

Many local businesses have used its Amazon Web Services (AWS) product for several years. However, the company does not have a physical presence in the country or much of sub-Saharan Africa outside of South Africa.

The company has made increasing investments in Nigeria over the past year, with Amazon Prime Video securing key deals with Nigerian studios and advertising three roles for its Nigeria Originals team based in London.

“We have no changes to share with regards to the location of our teams or on expansion plans for other Amazon businesses. We are investing in the region, and this is what the advertising campaigns represent,” Amazon said in a statement.

Africa has become an important growth area for streaming services, with Disney+, Netflix, Amazon, and South Africa’s Showmax competing for subscribers.

Amazon has not released viewing figures

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Tech Personality of The Week OLATUNBOSUN TIJANI

T

his week’s tech personality is the Co-founder and CEO of Co-Creation Hub, Olatunbosun Tijani.

Co-Creation Hub (CcHUB) is Nigeria’s first open living lab and pre-incubation space designed to be a multi-functional, multi-purpose space where work to catalyse creative social tech ventures take place. The HUB is a place for technologists, social entrepreneurs, government, tech companies, impact investors and hackers in and around Lagos to co-create new solutions to the many social problems in Nigeria.

At CcHUB, Bosun has led social technology projects, including Lagos Innovation Hotspots, i-HQ and has driven the growth of social innovation using technology, producing initiatives and businesses that have influenced; the environment, fiscal transparency, e-commerce, Healthcare, education, wellness and transportation.

He also prompted the visit of Mark Zuckerberg to CcHUB on his first-ever visit to Sub-Saharan Africa in 2016.

New Africa Magazine named Bosun as one of the 100 Most Influential People on the continent. In 2019, Co-creation Hub acquired Kenya’s iHub under Bosun’s leadership. for Prime Video in Africa, but it has been estimated that the company has 600,000 subscribers in Africa.

Amazon is also looking to expand its AWS cloud business in Nigeria.

AWS, which has had roots in South Africa since around 2004, is the world’s largest cloud computing platform, and companies across Africa are using its services. It has become an increasingly widely used platform in Nigeria for many start-ups and large firms, despite not having an in-country data centre or office.

TECH GIANTS SUBSCRIBES TO EU’S VOLUNTARY CODE IN FIGHTING DISINFORMATION Meta, Google, Twitter, and Microsoft have announced they will be implementing tougher measures against disinformation under an updated EU code of practice that could hit them with hefty fines if they fail to do so.

The code includes measures preventing adverts from being shown next to fake news content. According to reports, companies will not push ads and make money on fake content.

There are also requirements for more transparency on political ads, such as adding labels, reducing manipulative techniques like automated bot accounts, and giving users tools to recognise and flag up false information so it can be taken down.

Under this code, the signatories agree to do more than tackle deep fakes, fake accounts, and political advertising, as non-compliance can lead to fines of up to 6 per cent of the company’s global turnover.

Sanctions may also include banning companies from Europe.

Speaking during the news conference, EU industry chief, Theory Breton said, “if there is the consistent flouting of the rules, we can also think about stopping their access to our space of information.”

Aside from the big companies, the EU expects around thirty bodies to sign the code of practice, and this year so far, online platforms, including tech companies and advertising bodies, have committed to the updated Code of Practice on disinformation, doubling the number of signatories from a year ago.

INTERNET EXPLORER SHUTS DOWN AFTER 27 YEARS Microsoft Corporation has shut down its support for Internet Explorer after 27 years.

The future of the search engine will be Microsoft Edge, which is faster, more secure, and more modern, Microsoft said.

However, IE could not maintain its position, and its user base started to decline drastically as other competitors released new browsers with better user interfaces, faster internet speed and smoother performance.

Microsoft Edge Programme Manager, Sean Lyndersay, said that the future of Internet Explorer on Windows 10 lies in Microsoft Edge.

“Not only is Microsoft Edge a quicker, more secure, and more contemporary browsing experience than Internet Explorer, but it also addresses a crucial concern: compatibility for older, legacy websites and applications,” stated Lyndersay.

Internet Explorer mode (IE mode) is incorporated into Microsoft Edge,

allowing users view older Internet Explorer-based websites and applications directly from Microsoft Edge.

With Microsoft Edge capable of taking on this and other responsibilities, the Internet Explorer 11 desktop application has been discontinued and phased out of support for certain versions of Windows.

FLUTTERWAVE APPOINTS NEW CFO Flutterwave has appointed Oneal Bhambani as its new chief financial officer (CFO).

In the announcement made by the company recently, Bhambani joins Flutterwave from American Express, where he served as Vice president, CFO and Head of capital markets of Kabbage, a fintech platform offering credit, banking, and payments solutions.

The appointment follows Flutterwave’s Series D funding round in February 2022, when it raised $250 million at a valuation of more than $3 billion.

In the new role, Flutterwave says Bhambani will help the company’s expansion with “best-in-class discipline, operational controls and financial rigour.”

“His record of operating finance to enable scale and innovation with listed company standard financial controls will help us accelerate our growth as we continue to meet the needs of our expanding global customer base,” said founder and CEO of Flutterwave Olugbenga Agboola, commenting on the Bhambani’s appointment.

He added. “I am also looking forward to working with Oneal on deal-related initiatives, given the number of inorganic opportunities we are seeing in today’s market environment.”

Flutterwave enables businesses worldwide to expand their operations in Africa and other emerging markets through a platform that enables cross-border transactions via one API.

T H I S D AY ˾ MONDAY JUNE 20, 2022

IMAGES

41

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

The Oru of Imoru Ijebu, His Royal Majesty Oba Adeposi Bashorun being attended to by a medical doctor at the just concluded three-day Ijebu Boys Association’s annual free medical outreach at the Ijebu Ode Local Government Area secretariat, Itooro, Ogun State...recently

Super aggregator and winner of the Nomba Grand Cash Prize, Hameed Lasisi (centre); flanked by the Vice President, Business and Operations of Nomba, Jeffrey Williams-Edem (left); and Vice President, Brand, Marketing and Communications, Nomba, Toluwani Odukoya-Ijogun (right), at the prize presentation ceremony of Nomba Partner Reward event held in Lagos...recently

Former President, Chief Olusegun Obasanjo (left), presenting the key of one of the tricycles to Bashir Alli Modu during the launch of the OBJ@85 Free Keke programme, where President Obasanjo donated 85 tricycles to youths from the 36 states of the federation and the Federal Capital Territory (FCT), in Abeokuta, Ogun State...recently

L-R: Director, Trade Information, Nigerian Export Promotion Council (NEPC), Mrs. Gertrude Ukoanam; Executive Director, International Cocoa Organisation (ICCO), Mr. Michel Arrion; Executive Director/CEO NEPC, Dr. Ezra Yakusak; and Deputy Director, FMITI, Mr. Tuayeringha Sog, during a visit by ICCO to NEPC headquarters in Abuja...recently PHOTO: AYO AJAYI

L-R: President, Association of Anambra State Town Unions (AASDU), Lagos State chapter, Chief Amechi Ebeledike; Special Guest, Mr. Olatunji Suleiman; Author of the book, ‘Sagacity of a Digital Revolution’/Editor, ITREALMS Media, Mr. Remmy Nweke; Head of Spectrum, Nigerian Communications Commission (NCC), Mr. Abraham Oshadami; and Lagos Zonal Director, National Broadcasting Commission (NBC), Dr. Chibuike Ogwumike, during the 2022 Nigeria DigitalSENSE Forum and launch of ‘Sagacity of a Digital Revolution’, in Lagos...recently PHOTO: KOLAWOLE ALLI

L-R: Planning Director, Unilever Nigeria, Tobi Adeniyi; Economic Adviser/Business Developer, The Netherlands Consulate in Lagos, Sonia Onovughakpo Fajusigbe; Managing Director, Unilever West Africa, Carl Cruz; ConsulGeneral of The Netherlands in Lagos, Michel Deelen; Corporate Affairs and Sustainable Business Director, Unilever West Africa, Soromidayo George; National Finance Director, Unilever Nigeria, Folake Ogundipe; Procurement Director, Unilever Nigeria, Obinna Emenyonu; and Manufacturing Director, Unilever Nigeria, Abayomi Alli; during a courtesy visit by the Consul-General of The Netherlands to Unilever Nigeria in Lagos...recently

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MONDAY JUNE 20, 2022 • T H I S D AY

MONDAY JUNE 20, 2022 • T H I S D AY

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T H I S D AY ˾ ˜ JUNE 20, 2022

BUSINESS/MONEYGUIDE

FCTA Inaugurates Committee to Recover N29bn Ground Rents Debt Olawale Ajimotokan ÓØ ÌßÔË The FCT Administration (FCTA) has inaugurated a coordinating committee on the recovery of outstanding ground rents owed the administration by property owners in Abuja.

The FCT Permanent Secretary, Mr. Adesola Olusade inaugurated the committee yesterday in Abuja.

He said revenue generation has remained a talking point for the administration since inception.

He described funding to be the key in the running of government,

provision of infrastructure as well as delivery of quality services to the residents of the Territory.

The permanent secretary lamented that funding of FCTA activities was being hampered due to paucity of funds needed for the running of a modern capital city such as Abuja.

“The decision to embark on recovery of Ground Rents has therefore, become a matter of necessity. We are serious about this. All those owing should come forward to settle their debts,” he said. He recalled that the FCT

Administration had migrated all revenue collections to the Treasury Single Account (TSA) via Remita Platform, to boost revenue generation in compliance with the Federal Government directive, adding despite all the efforts the rate of revenue generation has not met the realities on ground, hence the need to exploit other frontiers.

The nine-member coordinating committee is headed by the General Counsel, Secretary of Legal Services Secretariat, FCT, Muhammed Umar.

Stanbic IBTC Urges Women to Engage in Wealth Building Investments Nume Ekeghe Stanbic IBTC Holdings Plc, has called on women to engage in wealth-building investments for the collective progress of their finances and businesses.

This was disclosed at the Women in Management, Business and Public Service (WIMBIZ), June 2022 Roundtable Session, themed: “The Woman and Her Money: Empowerment through Business, Trusts, Private Banking, StockBroking, and Insurance.”

Speaking, Executive Director, Investment Management, Stanbic IBTC Asset Management Limited, Busola Jejelowo said despite the positive impact that women-

owned businesses have on the society, there are still untapped wealth building opportunities that can be explored to improve their businesses and finances.

She said: “Despite the challenges women face, we continue to play a significant role in driving the economic, social and cultural development of our communities.

In Nigeria, more than 41 per cent of small businesses in Nigeria are run by women, with over 23 million female entrepreneurs operating in this segment. Imagine if all these women begin to invest their funds in veritable assets. The returns they will get on their investments will be indeed substantial. However,

many women are not aware of financial opportunities due to the low level of financial literacy in the nation. This is part of the reason why we have organised this event.”

The Executive Director, Clients Solution Stanbic IBTC Bank, emphasised that the focus of the conference was to primarily build the confidence of the businesswoman in the Nigerian market and provide a platform for sensitising women on wealth creation through opportunities with alternative investments, access to business financing and working capital, use of insurance to protect their wealth and many more.

Vitapur Bags SON Certification for Quality, Standard A subsidiary of Vitafoam Nigeria PLC, Vitapur Nigeria Limited, has earned the much coveted certification of Standard Organization of Nigeria (SON) on Integrated Management System ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 after conducting an intensive audit of the Company’s factory and its production processes.

A statement from Vitapur indicates that the development has placed the Company as the first insulation manufacturing company in Nigeria to possess integrated management system certification. According to the statement, the certification, is a clear demonstration of Vitapur’s commitment to offering quality products and ensuring customer satisfaction.

By the certification, ISO 9001:2015 elaborate on Quality Management System ensures that all customers and stakeholders’

needs are met. Products are built to the required standards so that the requirements are met in terms of quality and customer satisfaction. This standard is in conformation to world best standard practices, this means that the same product quality that can be gotten in Europe or anywhere in the world, is the same product that will be gotten at Vitapur.

On the other hand, ISO 14001:2015 focuses on the Environmental Management System, what this implies is that, in terms of the environment, Vitapur has been certified as being land and environment conscious. The blowing agents and chemicals used for their products are green chemicals which means that they are Ozone friendly chemicals.

This management system also focuses on waste management and the general housekeeping of the factory.

Commenting on the certification, Vitapur’s General Manager, Engineer Yemi Mofikoya, said : “ it is a big deal to us at Vitapur Nigeria Limited to be the first and foremost insulation company in Nigeria to be certified by the Standard Organization of Nigeria (SON), most especially with a 3-in-1 Integrated Management System. We sincerely appreciate all of our clients and thank them for their continual support and patronage over the years. We also want to use this opportunity to assure our customers and interested stakeholders that Vitapur as a company is committed to delivering products of good quality and standard that meet our customers’ expectation and requirement.”

He stated that Vitapur Nigeria Limited was the largest indigenous manufacturer of rigid polyurethane insulated products in Nigeria.

Expert Advocates Coaching for Economic Growth, Devt Gilbert Ekugbe A life coach and personal development expert, Adeoye Abodunrin, has stated that coaching, if applied right, has the potential to grow solution-oriented individuals that can proffer ways to revamp the nations’ economy towards prosperity.

Indeed, the urgent need to develop human capacity to take various leadership roles in the nation’s economy cannot be overemphasised.

Abodunrin with over 25 years’ experience of coaching said the African continent is in dire need of solutions and results- hence there is much need for Insights based human interventions like

coaching that has significant Posterity, Prosperity, Productivity, and Profit & Loss (P & L) implications for its economic outcomes and prospects at the micro, meso and macro phases of her socio-economic landscapes.

He stated this over the weekend as he emerged the online coach of the year at the 2022 Gage awards aimed at recognizing, promoting, and rewarding digital personalities and brands that shaped the country digitally.

For 2022, GAGE nominations presented 11 categories that were judged by public votes, and in the Online Coach category, he emerged the winner from the

strong pool of online coaches that has Lanre Olusola, TriciaBiz, Steve Harris, and Naija Brand chic.

He said he is deeply grateful and humbled by the award as it gives an indicative measurement of the massive confidence that the client communities online have in his works and brands.

He also mentioned that the award crystalizes into the distinct feeling of a summon to the higher and deeper worlds of “gift- work” meant to inspire, by leading people into the very extreme limits of solving the complex challenges that their businesses, landscapes & communities are facing in their respective spheres of current and projected influence.

L-R: The General Manager, Legal and Corporate Services of INTELS Nigeria Limited, Amaopusenibo Mike Epelle; the Best Graduating Student, Class of 2022 Batch A of INTELS Women Empowerment Project Scheme Synergy (WEPSS), Gift Osaro; and the Project Manager of WEPPS, Nancy Freeborn, during the graduation ceremony of 38 WEPSS beneficiaries at the WEPSS Training Centre, Federal Lighter Terminal, Onne Port, Rivers State...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT MONDAY MAY 30, 2022

The price of OPEC basket of thirteen crudes stood at $118.84 a barrel on Friday, compared with $116.50 the previous day, according to OPEC Secretariat calculations.

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

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T H I S D AY ˾ ˜ Ͱͮ˜ ͰͮͰͰ

TotalEnergies Shareholders Okay N6.18bn Final Dividend Kayode Tokede The shareholders of Total Energies Marketing Nigeria Plc have approved a final dividend of N6.18billion dividend for the financial year ended December 31, 2021.

The dividend represents an N18.20 per share to be distributed as the final dividend for the year.

The company had earlier

distributed the sum of N1.36 billion as interim dividends, representing N4.00 per share.

Addressing shareholders at the 44th Annual General Meeting (AGM) in Lagos, the Chairman of the company, Mr. Jean-Phillipe Torres said despite global, national, local and social challenges the company’s profit after tax increased by an unprecedented 712per cent from N2.06 billion to N16.8 billion.

P R I C E S MAIN BOARD

F O R DEALS

“We remain steadfast in our commitment to renewable energies and by the end of 2021, a total of 131 service stations had been solarised, a further 125 stations are planned for solarisation in 2022. Over 1.5 million people in Nigeria have benefited from the sale of 400,000 TotalEnergies solar lamps, we have also B2B solar hybrid solutions in Nigeria.

“TEMNPLC remains very

S E C U R I T I E S

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active in the lubricant market and has continued to grow its market share which by the end of the year stood at 17per cent.

The company commenced installation of its end-of-line automated machines at its blending plants which will be concluded in 2022. It will increase the production output of small-pack lubricants by about 30per cent.

“At the 2020 AGM, our

T R A D E D MAIN BOARD

A S

shareholders unanimously gave management the mandate to establish a domestic commercial paper programme of N30 billion, this was implemented in 2020.

“The restructuring and refinancing of the company’s debt profile using commercial papers contributed to improved liquidity and positive cash flow.

I am pleased to report that the commercial paper issuance was

O F

fully repaid from cash reserves in August 2021,” Torres said.

Torres said the staff at TotalEnergies’ remain at the forefront of the company’s success.

According to him, “Our staff are indeed a great asset.

Considering the challenges and uncertainties of the economy, we believe that your company performed creditably, and this is a testament to the passion and commitment of its staff.

1 7 / 0 6 / 2 0 2 2 DEALS

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MONDAY, JUNE 20, 2022 • T H I S D AY

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

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

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

floor of the Nigerian Stock Exchange.

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

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

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 16June-2022, unless otherwise stated.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 3.73% Anchoria Equity Fund 148.80 150.48 6.86% Anchoria Fixed Income Fund 1.20 1.20 4.84% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 22.18 22.85 9.35% ARM Discovery Balanced Fund 514.83 530.35 14.11% ARM Ethical Fund 43.45 44.76 11.53% ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund 1.04 1.05 2.83% ARM Money Market Fund 1.00 1.00 6.41% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 105.76 105.76 8.62% AVA GAM Fixed Income Dollar Naira 1,115.86 1,115.86 11.59% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.12 2.12 7.55% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.38 2.43 20.81% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalfif@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund 1,014.00 1,014.00 4.30% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.05 1.05 3.96% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 7.03% Paramount Equity Fund 20.19 20.55 15.74% Women's Investment Fund 151.96 153.87 7.02% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 6.25% Cordros Milestone Fund 134.87 135.74 8.20% Cordros Dollar Fund ($) 109.84 109.84 5.09% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 4.50% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 5.74% EDC Nigeria Fixed Income Fund 1,160.66 1,173.92 -0.33% EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 7.67% Emerging Africa Bond Fund 1.05 1.05 8.35% Emerging Africa Balanced Diversity Fund 1.07 1.07 16.93% Emerging Africa Eurobond Fund 102.66 102.66 4.60% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1463.25 1463.25 10.54% FBN Balanced Fund 194.57 195.95 11.02% FBN Halal Fund 120.45 120.45 10.11% FBN Money Market Fund 100.00 100.00 6.24% FBN Dollar Fund (Retail) 124.17 124.17 5.71% FBN Nigeria Smart Beta Equity Fund 166.58 168.74 9.60% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 4.74% Legacy Debt Fund 3.96 3.96 -1.15% Legacy Equity Fund 1.96 2.00 12.93% Legacy USD Bond Fund 1.23 1.23 1.82% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Coral Balanced Fund Coral Income Fund Coral Money Market Fund

4,212.46 3,567.78 100.00

4,274.16 3,567.78 100.00

17.98% 6.26% 6.11%

FSDH Dollar Fund 1.10 1.10 3.87% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.58 1.61 11.72% Lotus Halal Fixed Income Fund 1,171.57 1,171.57 4.50% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 102.36 102.36 7.56% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.09% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.69 1.72 7.16% PACAM Fixed Income Fund 11.82 11.85 5.78% PACAM Money Market Fund 10.00 10.00 5.55% PACAM Equity Fund 1.53 1.54 7.40% PACAM EuroBond Fund 114.70 117.67 0.79% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 131.51 134.78 8.13% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.04 1.04 8.55% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,704.06 3,746.10 -1.83% Stanbic IBTC Bond Fund 239.27 239.27 0.17% Stanbic IBTC Ethical Fund 1.48 1.50 -1.32% Stanbic IBTC Guaranteed Investment Fund 321.14 321.14 0.26% Stanbic IBTC Iman Fund 275.04 278.71 -0.57% Stanbic IBTC Money Market Fund 1.00 1.00 3.67% Stanbic IBTC Nigerian Equity Fund 12,465.10 12,636.71 -1.48% Stanbic IBTC Dollar Fund (USD) 1.32 1.32 0.24% Stanbic IBTC Shariah Fixed Income Fund 118.64 118.64 0.14% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 109.82 109.82 0.32% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.02 1.05 14.87% United Capital Balanced Fund 1.45 1.47 10.43% United Capital Wealth for Women Fund 1.16 1.18 12.12% United Capital Sukuk Fund 1.06 1.06 3.35% United Capital Fixed Income Fund 1.89 1.89 3.01% United Capital Eurobond Fund 121.43 121.43 2.53% United Capital Money Market Fund 1.00 1.00 6.64% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 14.01 14.14 6.24% Zenith ESG Impact Fund 16.26 16.44 11.30% Zenith Income Fund 22.70 22.70 3.39% Zenith Money Market Fund 1.00 1.00 5.60% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.98 4.08 -0.75% Vetiva Consumer Goods Exchange Traded Fund 6.39 6.49 9.21% Vetiva Griffin 30 Exchange Traded Fund 19.38 19.58 9.55% Vetiva Money Market Fund 1.00 1.00 4.26% Vetiva Industrial Goods Exchange Traded Fund 21.87 22.07 9.42% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 153.16 155.16 -2.90%

REITS NAV Per Share

Yield / T-Rtn

116.90 51.69

3.28% 1.65%

Bid Price

Offer Price

Yield / T-Rtn

15.32 146.35 116.07 17.10 16.40

15.42 149.89 118.56 17.20 16.50

9.48% -3.11% -2.37% 19.98% 7.25%

NAV Per Share

Yield / T-Rtn

107.55

12.10%

Fund Name SFS REIT Union Homes REIT

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

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

T H I S D AY ˾ MONDAY JUNE 20, 2022

47

CITYSTRINGS

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

Nigerian Navy's Fight against Smuggling of Illicit Drugs As part of measures targeted at dissuading drug traffickers from indulging in such act, the Nigerian Navy Patrol Team recently intercepted a wooden boat and seized Cannabis Sativa bagged inside sacks estimated to worth over half a billion naira. The illicit drugs were recently handed over to NDLEA, which is the lead agency for drug-related crimes, Chiemelie Ezeobi reports

R-L: The Commander NNS BEECROFT, Commodore Malami Haruna presenting the handing over note of bags of seized Cannabis to the Maritime Commander NDLEA, Isaac Uzah

W

ithout stating the obvious, one of the responsibilities of the Nigerian Navy (NN) is to make the maritime waters free from crime in all ramifications whether piracy, smuggling, illegal fishing, crude oil theft, pipeline vandalism and bunkering.

In line with that objective, the NN recently intercepted a boat with piles of bags containing Cannabis Sativa (Indian Hemp) estimated to worth about half a billion naira-N500 million to be precise.

After preliminary investigations, the navy handed over the 463 large sacks to the National Drug Law Enforcement Agency (NDLEA).

At the recent handover to NDLEA, Commander, Nigerian Navy Ship (NNS) BEECROFT, Commodore Malami Haruna, said the illicit drugs were intercepted from a boat on May 21, 2022, during the routine sea patrol conducted by the Nigerian Navy Special Boat Service (NNSBS) off Lagos Fairway buoy, adding that the suspects on sighting the naval patrol boats jumped into a speed boat and sped off.

He said: "At about 1AM on Saturday, May 21, the Nigerian Navy intercepted a boat laden

The illicit drugs

with contraband suspected to be cannabis sativa popularly known as Marijuana.

"The interception was done during the routine sea patrol conducted by the Nigerian Navy Special Boat Service (NNSBS) off Lagos Fairway buoy. The suspects on sighting the patrol boats jumped into a speed boat and sped off.

Though the suspects are at large, efforts are being made to apprehend them.

"However, the boat laden with the contraband was towed to the Base for further investigation. Our preliminary investigations revealed that the boat was loaded with about 463 large sacks of compressed Marijuana worth more than N500,000 in the local market amongst other items."

On why the drugs were handed over to the NDLEA, he said it was "in line with extant regulations for the arrest and handover of suspects and evidence to appropriate agencies", adding that the "prevention of such large quantity of hard drugs from entering the Nigerian society would serve to reduce drug intake

that lead our youths towards committing crimes in the society.

"It has also deprived the owners of the contraband the funds to sustain their operations. Accordingly, I would like to use this avenue to warn drug traffickers and other economic saboteurs that the Nigerian Navy under the leadership of Vice Admiral AZ Gambo AM maintains zero tolerance to criminalities and will not relent in its drive to rid the nation’s maritime space of all illegalities such as drug trafficking and oil theft amongst others".

Also speaking, NDLEA Maritime Commander, Isaac Uzah, who received the seizure, commended the navy for supporting the war against transnational crimes and assured that the agency would continue to strengthen existing collaboration between the NDLEA and the Nigerian Navy to achieve greater efficiency and curb illicit drug trafficking.

"Our gathering today is another milestone in our collaboration with the Nigerian Navy. The navy is one of the

agencies of government that are supporting the war against transnational crime, especially drug trafficking.

“The maritime domain is not only large but it is complex and challenging. Despite the challenges, the Nigerian Navy is living up to expectations. Specifically, with the NDLEA and upon my assumption of duty from January, the Navy has made massive arrests at sea.

“On the January 11 and 27, 2022, they handed over 261 and 268 bags of cannabis respectively and today again, we can see the massive seizure which is over 463 bags. So, the seizure and arrest speak volume in our relationship with the Nigerian Navy.

"From the second seizure, 20 Ghanaian suspects were apprehended and handed over and they are facing prosecution at the Federal High Court. So, we thank the navy for complementing the efforts of the NDLEA,” he said.

Uzah also added that the two Epenal boats recently handed over to the NDLEA by the navy will boost the agency’s marine unit operational efficiency and capacity in its fight against drug trafficking and abuse.

Navy Strengthens Maritime Collaboration with French Navy, Indian NDC

The FOC with the Commanding Officer French Naval Ship BORBE, Lt. Commander Pierre Henry Lavergne

FOC WNC, Rear Admiral Yakubu Wambai presenting souvenir to the leader of the delegation Indian National Defence College, Maj Gen Rajesh Moghe

Uzoma Mba

collaborations, not only of Nigerian Navy, but other stakeholders as well. We hope to see more of these kinds of visits and hope to go back to the old days when we also pay port calls to foreign nations.”

The Commanding Officer of the French Naval Ship, Lt. Commander Pierre- Henry Lavergne, said: "It is a great pleasure for me and my crew to be in Lagos for the hydrographic cooperation with NNS LANA since four days of being here."

Also speaking, French Defence Attaché, Col. Dujon Guillaume, said the first step in the cooperation since the acquisition of NNS LANA from a French company, OCEA, has shown that they would want more engagement with the Nigerian Navy in the future as well.

A

s part of moves to strengthen its maritime collaboration, the French and Indian Navies recently visited the Western Naval Command (WNC) of the Nigerian Navy (NN).

For the French Naval Ship BORDA, its visit was a collaborative effort towards hydrographic training activities and Passage Exercises at sea with NNS LANA, while the Indian National Defence College team led by Major General Rajesh Moghe were on a study tour to strengthen collaboration.

The Flag Officer Commanding (FOC) Western Naval Command (WNC), Rear Admiral Yakubu Wambai, noted that the technical collaboration

between the Nigerian Navy and the French Naval Ship BORDA, for trainings and Sea passage exercises would further enhance the improved security experience in the Gulf of Guinea (GoG).

Stressing that the collaboration would further build the Nigerian Navy’s technical strength in hydrographic activities, he said: "it marks a remarkable turning point for our collaborative efforts as we continue to seek better times in the Gulf of Guinea.

“Not long ago, Nigeria was delisted from piracy-prone states, and this was possible as a result of our

For the Indian delegation, speaking on the purpose of the visit, Major General Rajesh said it was to expose the course participants to the military culture and operational activities in Nigeria.

He said the already existing relationship made it possible for the course participants to visit Nigeria to further deepen the good of both countries and thereafter formulate strategies that will help to strengthen the military as a whole.

The Indian Defence College team comprised 120 members with 40 from Indian Army, 12 from the Indian AirForce, nine from the Indian Navy, 21 from the civil services, including administrators from the revenue services, and industry, and approximately 40 from the foreign services from about 22 countries.

48

T H I S D AY • MONDAY, JUNE 20, 2022

NEWS

TINUBU'S TRIUMPHANT RETURN...

L-R: Presidential Candidate of the All Progressives Congress (APC), Mr. Bola Tinubu; Oba of Lagos, Oba Rilwan Akiolu I; Lagos State Governor, Mr. Babajide Sanwo-Olu and his Deputy, Dr. Obafemi Hamzat, during Tinubu’s visit to the monarch on arrival in Lagos, after clinching the APC presidential ticket for the 2023 general elections...yesterday

With Funding Sorted, Fashola Urges Contractors to Ramp Up Work on 1,048km Lagos-Badagry Road Emmanuel Addeh in Abuja Minister of Works and Housing, Babatunde Fashola (SAN) has urged the contractor handling the 1,048-kilometre LagosBadagry expressway to accelerate work on the critical project.

Speaking during his working inspection tour of

the ongoing rehabilitation and expansion of the road, the minister advised the China Geo-Engineering Corporation (CGC) Nigeria Limited to employ more staff and get more equipment to site before the weather conditions deteriorate.

“The main problem on the Lagos–Badagry expressway project was always funding

and budget. Now that has been substantially addressed with the Nigerian National Petroleum Corporation (NNPC) Road Infrastructure Tax Credit Scheme and the contractor is progressing with the project. ‘’The Lagos –Badagry route is part of the Lagos –Abidjan highway which is about 1,048 kilometres. It is also

Princess Margaret Obaigbena for Burial in Owa Kingdom, Delta, August 19–20 Osinbajo, Okonjo-Iweala, Zainab Ahmed, Lai Mohammed, Adebayo, Onyeama, Yusuf Bichi, Shehu Malami, Kuru, Secondus, others condole with THISDAY/Arise Chairman

Chuks Okocha in Abuja

The funeral ceremony for the matriarch of the Obaigbena family and a Princess of Owa Kingdom in Delta State, Margaret Obaigbena, who passed last week has been scheduled for August 19 and 20, 2022.

The funeral ceremony would take place in Owa Kingdom in Delta State, according to the Royal family of Owa Kingdom.

However, more eminent Nigerians, led by the Vice President, Prof. Yemi Osinbajo, have continued to send condolence messages to the Chairman of THISDAY/ARISE Media Group, Prince Nduka Obaigbena, commiserating with him and his family over their mother’s passing.

Other personalities that condoled with the immediate past president of the Newspaper Proprietors’ Association of Nigeria (NPAN) were the Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala; the Founder of the FCMB Group, Chief Subomi Balogun; Oba Otudeko; Nigeria’s Foreign Affairs Minister, Geoffrey Onyeama; his Information and Culture

Counterpart, Lai Mohammed; Minister of Industry, Trade and Investment, Niyi Adebayo; Minister of Finance, Budget and National Planning, Zainab Ahmed, and the Chief Executive Officer, Assets Management Corporation of Nigeria (AMCON), Ahmed Kuru.

Others were Shehu Malami- on behalf of descendants of Othman Dan Fodio of whom he is the eldest; Senator Ben Bruce, Guy Murray Bruce; the Director General, Department of State Security (DSS), Yusuf Bichi, and former National Chairman of the Peoples Democratic Party (PDP), Mr. Uche Secondus.

Bichi in his condolence message wrote: “My dear brother I have been unable to reach you since I received the news of the demise of mama. Please accept my most sincere condolence and may her gentle soul rest in perfect peace. Let me use this medium to on behalf of myself and the entire staff of the DSS register our condolence over the death of our mama and we pray that God gives you the fortitude to bear the loss. Amen, thanks and remain blessed.”

On his part, Secondus in a

message to the media mogul said he got the news as a huge loss, “given the utility counsel that had always come from her to you as a loving mother.”

“I join your family, friends and well-wishers in sharing in your pains and pray that Mama's soul rests in the bosom of her creator.

"I also urge you and the rest of the family to be consoled to the fact that she left behind huge blessings and legacies that includes you and other great siblings who are making enormous impact in the society.

“Death, no matter how and when it comes is always a painful experience, more so when it happens with a beloved and close mother like Princess Obaigbena,” he added.

Furthermore, the condolence letter read: “We have every reason however to thank God that she lived a reasonable age of 88 years and we should also praise the almighty for the huge blessings that enabled her leave behind great and outstanding achievements.”

Secondus prayed that the good lord would grant the Obaigbena royal family the fortitude to bear the huge loss.

a very strategic investment Nigeria is making as Nigeria’s contribution to West African trade and also for the local community,” he explained.

During the inspection , while interacting with the Oni Ibereko of Ibereko 1, Oba Israel Okoya, Fashola urged the monarch to discourage some members of the communities from carting away construction materials.

He added that the materials were meant for the road embankment but have been taken away for personal use, urging him to tell his subjects in the area to stop trading by the roadside.

While speaking, Okoya said the completed portion of the road had brought succour to the people, explaining that in the past, Badagry to Agbara which was a journey of about four to five hours, has been reduced to less than 30 minutes.

The monarch assured the

minister that he would have meetings with his fellow chiefs and elders in the communities to ensure that the people stop trading by the roadside, stressing that those carting away building materials would be handed over to the police.

Meanwhile, the federal government has reaffirmed its commitment to completing the ongoing rehabilitation of the Odukpani-Itu-Ikot Ekpene road in Cross River and Akwa Ibom States.

The Director, Highway Construction and Rehabilitation in the ministry, Folorunsho Esan, according to a statement, spoke during the inspection of work on the 83.3-kilometres road being handled by Julius Berger, SERMATEC and CCECC companies.

He called on the state governments to prevail on their people who have structures on the right of way to remove them in order not

to frustrate the effort of the contractors.

"The challenges are mainly on the right of way. People have their structures on the right of way and this will delay the work. The land belongs to the states, they are the owners of the land, they are the ones that can talk to their people so that we can have space to work," he pointed out.

He added that funding was not a problem , as the road is similarly being financed by the NNPC under the tax credit scheme.

Similarly, on the inspection of the East-west road, at the Akwa Ibom axis, he stated that it will be open for traffic soon.

"The contractor is working on the bridge so that it can open up traffic in order to work on the other side of the road and they have said it will take them eight weeks and we are taking them by their words, " he said.

Sylva: Nigeria will Play Leading Role in Global Net-zero Transition Emmanuel Addeh in Abuja

Minister of State, Petroleum, Timipre Sylva at the weekend said Nigeria will play a key role in the global energy transition to achieve netzero emissions, stressing that the country will stake natural gas as its favourite transition fuel.

The minister who spoke at the 10th anniversary of the West African Gas Pipeline Company Limited (WAPCo), themed: ‘‘Driving Regional Energy’’, which held in Lagos, said the government was taking steps to expand and develop its huge gas resources .

Sylva, who was represented by his Chief of Staff, Adedapo Odulaja, added that this was being done through enhanced gas exploration, development,

and utilisation schemes.

With Nigeria’s approximately 209 trillion cubic feet (TCF) of proven gas reserves and a further potential of 600TCF, the minister maintained that Nigeria has no reason not to lead Africa in the energy transition race.

“Thus we are well placed to take a leading role in providing the much-needed gas. Furthermore, the recently enacted Petroleum Industry Act (PIA) will undoubtedly support Nigeria’s, and indeed the global, endeavour to eliminate energy poverty as envisioned in the UN’s Sustainable Development Goal (SDG).

“The Act has generous incentives to enhance the development, distribution, penetration, and utilisation of gas, even as it

incentivises entry into the midstream, ” he pointed out.

According to him, the federal government will continue to expand the natural gas subsector with a view to ensuring global economic recovery and shared prosperity.

He added that the establishment of WAPCo represents the region’s effort at self-development and energy security, explaining that the WAGP project at inception was to improve the competitiveness of the energy sectors in Ghana, Benin, and Togo.

“This is by promoting the use of cheaper and environment-friendly natural gas from Nigeria in lieu of solid and liquid fuels, for power generation and other industrial, commercial, and domestic uses,” the minister noted.

49

T H I S D AY • MONDAY, JUNE 20, 2022

NEWS

PRICEWATERHOUSECOOPERS AT LAGOS HOUSE, MARINA...

L-R: Partner and Technology Leader, West Market, PricewaterhouseCoopers (PwC), Mr. Femi Osinubi; Partner, Strategy Advisory & Government Leader in Nigeria, (PwC), Mary Iwelumo; Lagos State Governor, Mr. Babajide Sanwo-Olu and Partner, UK Digital Government Practice, (PwC), Stewart Wilson, during a courtesy visit by the PwC delegation at Lagos House, Marina, on Friday

Bank Asks Court to Stop Directors from Disposing Firm's Ikoyi, Agbara Properties over N13. 3bn Debt Alex Enumah in Abuja First Bank of Nigeria (FBN) has approached a Federal High Court in Lagos for an order restraining six former directors of Commonwealth Consortium Limited and Agbara Estates Limited from disposing assets belonging to the two firms pending the hearing and determination of an alleged N13,420,159,607.78 debt suit.

The affected assets the bank is seeking to be protected in its interest are No. 21 Milverton Road, Ikoyi, Lagos and 21.222 Hectares in Agbara Estates, phase 3, Agbara, Ogun State.

First Bank, Commonwealth Consortium and Agbara Estates (both in Receivership), who are the 1st to 3rd plaintiffs, are specifically asking the court to grant an injunction ordering the six former directors to yield possession of the assets covered

by Mortgage Deeds and deliver to the Receiver/Manager Mr. Oluwakemi Balogun, Statement of accounts, inventory of all Assets, list of debtors and all other documents in their custody.

In the suit marked: FHC/L/ CS//2022, the plaintiffs were claiming that the six 1st and 2nd defendants in a bid to avoid repayment of depositors' funds trapped in their custody, had been dissipating their assets, which are personal in nature and taking steps to move all other moveable assets outside the jurisdiction of the court.

Mr. Kayode Ayeni, Mrs. Kikelomo Ayeni, former Ecobank Director Mr. Kolapo Lawson, Mr. Paulo Cruz, Mr. Tunji Lawson and Babatunde Akindele, former directors of the two firms were 1st to 6th defendants respectively.

Counsel to the plaintiffs, Mr. Oluwakemi Balogun, in the suit filed on May 11, stated that the 1st to 6th defendants are also taking steps to alienate or transfer the charged assets to unsuspecting third parties, adding that there is imminent risk of the 1st to 6th defendants frustrating the realisation of the charged assets and other assets of the 1st and 2nd Defendants.

Among the reliefs been sought from the court including an order of interlocutory injunction restraining the 1st to 6th defendants and others including employees of the 2nd and 3rd Plaintiffs, "from interfering with or otherwise obstructing or frustrating Mr. Balogun, the Receiver/Manager appointed

by First Bank in the course of performance of his statutory duties over the whole assets of the 2nd and 3rd Plaintiffs.”

The assets are as covered by the Deed of Legal Mortgage of January 30, 2019 registered as No. 89 at Page 89 in Volume 213 of the Federal Lands Registry Lagos and further registered with the Corporate Affairs Commission on the 15th of November, 2019 over the assets known as No. 21 Milverton Road, Ikoyi, Lagos State.

They also cover the Deed of Tripartite Legal Mortgage of August 20, 2014, registered as No. 15 at Page 15 in Volume 1026 of the Lands Registry office at Abeokuta and further CAC over assets located within Agbara Estates phase 3, Agbara, Ogun State, measuring 21.222 Hectares.

Plaintiffs also prayed for, "an order of mareva injunction restraining all licensed banks and financial institutions in Nigeria from granting access, releasing or

parting with any funds, money, shares, bonds, letters of credit, promissory note, bills of lading and other forms of negotiable instruments in their custody in the name of the 2nd Plaintiff and the 1st and 2nd Defendants and or any other account(s) with Bank Verification Numbers (BVN) 22224472100 and 22152857686 being operated individually or collectively by the 1st and 2nd

Defendants up to the sum of N13,420,159,607.78.”

According to the plaintiffs, the said sum was the outstanding liability of the 1st and 2nd defendants to the 1st Plaintiff as of September 9, 2021.

The plaintiffs in their motion on notice listed nine grounds upon which the application was based.

They said the 2nd Plaintiff

acting through the 1st and 2nd defendant obtained several credit facilities from the 1st Plaintiff to finance the purchase of a property at 21, Milverton Road Ikoyi Lagos.

The defendants charged the asset situate at No. 21 Milverton Road, Ikoyi, and those within Agbara Estates Phase 3, Agbara.

They said owing to the failure and inability of the 1st to 6th defendants to liquidate the 2nd

Plaintiff's indebtedness to the 1st Plaintiff as and when due, the 1st defendant's indebtedness to the 1st Plaintiff now stands at N13,420,159,607.78 as of September 9, 2021 in spite of repeated demands.

Hearing could not go on at the last sitting of May 16 and Justice Chukwujekwu Aneke subsequently adjourned till June 30 for hearing.

Kyari, Abiodun Hail Rainoil on 25 Years Anniversary Company adequately positioned for growth next phase, says Ogbechie Peter Uzoho The Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari and the Governor of Ogun State, Prince Dapo Abiodun have felicitated with the founder and Group Managing Director of Rainoil Limited, Dr. Gabriel Ogbechie and the company's over 2000 workforce for the successes and profitability recorded in the last 25 years.

Kyari and Abiodun spoke in Lagos at the weekend, at the 25th anniversary dinner of Rainoil, just as Ogbechie stated that the company was at the forefront of questioning what would disrupt the global downstream oil sector and would be appropriately positioned to be ahead of that and adequately prepared for the ongoing energy transition.

Kyari, who was represented

by NNPC's Group Executive Director, Downstream, Mr. Adetunji Adeyemi, said Rainoil, which started as a mere idea, had

grown to become a major player in the downstream sector of the Nigerian oil and gas industry He said the success of the company was made possible through the sterling attributes of its founder, who he described as a man of vision, full of determination, courage, hard work and consistency.

"We are here today to celebrate a gentle man, his vision, determination, courage, hard work and consistency. All of those were espoused when he came here to tell us about the history and how Rainoil came to be and to where it is today, and the message from the GMD of NNPC is to wish this great company very good celebration of 25 years and to pray that the next 25 years of this company, next 50 years, next 100 years of this company will be much moregreater than what we have witnessed today," Kyari said.

He stated that Nigeria needed more stable and prosperous companies in the nation's oil and gas industry and in other

sectors of the economy, adding that the country needs companies that have succeeded and stayed up to 50 years plus as witnessed in other countries.

According to the GMD, "In Rainoil Limited, we have no doubt that with the foundation that has been laid and the leadership of Dr. Ogbechie, that this can only last forever. This is a going concern, and here we celebrate."

Also congratulating the oil marketing company, Abiodun, who was a Chairman of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) before his foray into politics, said the story of Ogbechie and his company was the, "story of a young focused, dynamic, purposeful, dedicated, resilient, determined, audacious Nigerian entrepreneur. Of course, it's no gainsaying that he has been very successful at that."

He added' "When I listened to the story of Rainoil, I was touched. I'm sure most of you know that this was an industry

that I was before I got the call to join politics and I rose to become the Chairman of the downstream section of the oil and gas industry.

"I hope those that are here that are upcoming consider the Rainoil story as a testimony that should inspire every young man, that truly indeed, you can make it with a dint of hard work."

Earlier in his welcome remarks, where he narrated the story of the company, Ogbechie said the company started as a vision in the early 90s while he was working with Ascon Oil Limited and was on a monthly salary of N30,000.

According to him, "One day, I sat down and asked myself a question: Gabriel, what else can you do and earn N30,000 a month. I then realised that I could sell just one 30,000 litre truck of diesel and make N30,000 and go and sleep till the next month."

He said the name of the company, which was prophetic, was coined from two words: rain and oil, as suggested by his clergy friend, who explained rain as blessing.

FOMWAN Lauds Supreme Court Judgement over Use of Hijab in Schools Hammed Shittu in Ilorin.

The Federation of Muslim Women Associations of Nigeria, (FOMWAN) has lauded the Supreme Court judgement which upheld the use of hijab

by Muslim female students in schools.

The association however described it, "as giant stride in support of constitutional rights of freedom of worship as enshrined in the Nigeria constitution and also followed the injunction on

Islamic modesty for female Muslims as contained in the Holy Qur'an:24vs 30-31."

In a statement issued in Ilorin yesterday, signed by the National Amirah of the association, Hajia Rafiah Idowu Sanni and association's chairperson on National Publications, Hajia Biliqees Oladimeji, association also advised, "all states in the country to allow peaceful coexistence adorning our future leader by allowing them to uphold their religious

tenets, as reaffirmed by the Apex court in Nigeria."

The association urged, "Muslim students to exhibits confidence and pride in the use of hijab as part of their school uniform as ordained by Allah and legalised by the Apex court in Nigeria after unrelented efforts to save Muslim female students from intimidation and punishment by some overzealous teachers in some schools."

The association called on the, "teachers and parents to

teach their students and wards the divine spirit of tolerance as a fundamental principle of peaceful coexistence in a religiously diverse society such as ours."

The association commended the initiative and steadfastness of the Muslim Students' Society of Nigeria (MSSN) and all concerned passionate, conscious, professionals and Islamic organisations for the great achievement, all for the sake of Almighty Allah and

dignity of our female students.

FOMWAN further congratulated frontline supporters of the Islamic ummah on the legal victory and beseech Almighty Allah to reward them all with the best in the world and hereafter.

As mothers, the association, "advised proprietors of educational institutions to provide for the divine and human rights of Muslim female students in their design of approved school uniform added

that the Nigerian constitution allows for freedom of belief."

The association also advised the female students to remain law-abiding and follow the teachings of Islam on obedience to law and order.

The association therefore said, "since the use of hijab is for Muslim students and not forced on others, the most appropriate steps is for schools to provide the enabling environment which is the sine qua non for peaceful co-existence."

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CFAO TEAM'S VISIT TO POLICE COMMAND… L-R: Deputy Managing Director, CFAO Motors, Mr. Kunle Jaiyesimi; Managing Director Assene Laborex/Country Delegate, CFAO Nigeria, Mr. Regis Tromeur; Lagos State Commissioner of Police, Mr. Biodun Alabi; Group Company Secretary/Head of Legal, CFAO Nigeria, Aramide Nwokediuko; and CFAO Security Advisor, Tanneguy Menager, during a courtesy visit of the CFAO team to the Lagos State Commissioner of Police at the Command Headquarters in Ikeja, Lagos… recently

Terrorists Attack Two Churches in Kaduna Community, Kill Three, Abduct 44 Gunmen kidnap mourners in Edo, demand N60m ransom John Shiklam in Kaduna and Adibe Emenyonu in Benin City Four people have been killed while 44 others were abducted by terrorists in an attack on two churches in Rubu community, Kajuru Local Government Area of Kaduna state.

Sources said the terrorists attacked worshipers at St. Moses Catholic Church and Maranatha Baptist Church in the community yesterday during mass at the catholic church and service at the Baptist church.

This was just as suspected gunmen kidnapped 13 mourners along the Auchi-Benin Road, Edo State.

In Kaduna, three people were said to have been killed in the attack on Catholic Church while 30 people were abducted at Maranatha Babtist Church.

Most of those abducted were said to be women and children.

Those who sustained injuries were said to have been taken to St. Gerald Catholic Hospital, Kaduna, for treatment.

The President of the Adara Development Association (ADA), Awemi Maisamari who confirmed the incident disclosed further that one person was killed while 14 others were abducted in a similar attack on Saturday at Mararaban Kajuru, also in Kajuru LGA. Maisamari said many people were still missing in the attacks on the churches.

“The village head of Rubu

informed me of the attacks on churches in this community today.

From information made available, three people were killed while 30 others were abducted. Some people were injured, some are still missing as I speak with you.

“On Saturday, one person was killed, while 14 others were abducted in Mararaban Kajuru which we thought was a safe place,” he said.

The Kaduma state government also confirmed the incident, saying three people were killed while unspecified number of persons were abducted.

In a statement on Sunday, the Commissioner for Internal Security and Home Affairs, Samuel Aruwan, said the bandits attacked three communities, looted shops and carted away some valuables from the villages.

“On a sad note, security agencies have reported to the Kaduna State government that bandits attacked worshippers and locals at Ungwan Fada, Ungwan Turawa and Ungwan Makama in Rubu general area of Kajuru local government area.

“According to the report, the bandits stormed the villages on motorcycles, beginning from Ungwan Fada, and moving into Ungwan Turawa, before Ungwan Makama and then Rubu,” Aruwan said He said, “In Rubu village, the bandits attacked worshippers in the Maranatha Baptist Church and St. Moses Catholic Church.”

The statement said three locals, identified as Peter Madaki (Ward head of Ungwan Fada), Elisha Ezekiel (Resident of Ungwan Fada) and Ali Zamani (Youth leader of Rubu) were killed in the attacks.

Aruwan added that, two persons were left injured in the attacks: one Aniro Mai, and a yet-unidentified woman.

He said, “An unspecified number of locals were also kidnapped, according to the received reports.

“The bandits looted shops and carted away some valuables from the villages.”

The statement said the acting governor of Kaduna state, Dr. Hadiza Balarabe, expressed sadness, and condemned the attacks and sent her condolences to the families of the deceased victims, as she prayed for the repose of their souls.

The commissioner said the acting governor also commiserated with the attacked churches, and prayed for the speedy recovery of the injured.

“Security patrols are being conducted in the general area as investigations proceed. Citizens will be briefed on emerging developments,” he added.

Gunmen Kidnap Mourners in Edo, Demand N60 million Ransom

Meanwhile, suspected gunmen have kidnapped 13 mourners along

the Auchi-Benin Road, Edo State Those abducted were said to be on their way home to Delta State from a burial ceremony in Akoko Edo Local Government Area of Edo State.

One of the church elders who pleaded anonymity confirmed the abduction of the worshippers.

The elder who did not give his name disclosed that the gunmen hijacked the mini-bus conveying the victims, all members of

after the All Progressives Congress Presidential primaries travelled to Dubai to show support for the former Nigerian leader and was expected to be at his hospital bed in the UK for the same motive.

It was gathered that the former military ruler was brought into London last week for urgent medical care, with the source adding that the Chairman of the National Peace Committee had been sick for some time before the family took the decision to seek medical care for him outside Nigeria.

Abubakar, as a result of his sickness, could not be in Ado Ekiti earlier in the past week for the Gubernatorial Peace Pact signed by all the 11 political parties and their candidates on June 15, 2022. He

was represented by Bishop Mathew Kukah and other members of the National Peace Committee.

It was also learnt that Abubakar could not celebrate his 80th birthday on June 13, 2022, as earlier planned because of the sickness that has confined him to hospital bed in London.

President Muhammadu Buhari, governors and other leaders through press releases and statements celebrated the elder statesman for his accomplishment, patriotism and ushering in democratic governance in Nigeria on May 29, 1999 after about two decades of military dictatorship.

According to our source, the health condition of Abdulsalam calls for worry but his doctors are working to stabilise him and return him to

being taken to the kidnappers’ den.

However, another source disclosed that the hoodlums were demanding the sum of N60 million for the release of three top members of the church.

Contacted on his mobile phone, the Edo State Police spokesman Mr. Chidi Nwanbuzor said that the police was yet to be notified of the incident, promising to call back once he is briefed.

JAMB, US Grant Agency Partner on Provision of Medical Equipment to 12 Teaching Hospitals Hammed Shittu in Ilorin.

The Joint Admission and Matriculation Board(JAMB) has partnered with Project Cure in United States of America to facilitate the provision of medical equipment worth several billions to 12 teaching hospitals across six geopolitical zones in the country.

The teaching hospitals are: North West -Yusuf Maitama Sule University Teaching Hospital, Kano State and Federal Medical Centre, Gusau, Zamfara; North Central- University of Ilorin Teaching Hospital, Kwara State and University of Medical Sciences, Otukpo, Benue State; South East University of Nigeria Nsukka Teaching Hospital, Nsukka, Enugu State and Federal Medical Centre, Umuahia, Abia State.

Others are: South-west -Lagos

Former Head of State, Abdulsalami Abubakar, May Have Suffered Stroke Former Military Head of State General Abdulsalami Abubakar is ill and may have suffered stroke in a part of his body, sources revealed yesterday.

Abdulsalami Abubakar was rushed out of the country about three weeks ago to receive medical treatment.

Family sources said he was first flown to Dubai in the United Arab Emirate for the medical attention but could now have been admitted at a Specialist hospital in the United Kingdom.

According to the reliable source, the former military Head of State was accompanied on the trip abroad by his wife and former First Lady Justice Fati Lami Abubakar.

Sources in the UK said his in-law and Governor of Niger State, Alhaji Abubakar Sani Bello immediately

God’s Will Mission owned by Archbishop Solomon Gbakara with headquarters in Orhuwhorun in Udu, Delta State.

According to him, the church members were said to have been waylaid amidst sporadic gunshots by the suspected kidnappers who whisked all occupants including the driver of the vehicle to an unknown destination.

It was further learnt that some of the occupants escaped while

good health.

“He was 80 years old last week and all plans to celebrate him in a big way by family, friends and associates could not materialise because he had to be brought to London for medical care.

“His condition is not deteriorating but calls for worry. He is not a young man at 80 but we are praying for good health for him.

“We don’t know how long he will stay here. We hope he will return to Nigeria as soon as his health is better and allowed to go by his doctors. General Abubakar is a stabilising figure in Nigeria. He is well respected across board and we pray God grant him more years,” said the source who saw him in the last 48 hours,” the source added.

State University Teaching Hospital, Lagos State and Federal Medical Centre, Abeokuta, Ogun State; South –south - Federal Medical Centre, Yenagoa, Bayelsa State and Irrua Specialist Hospital, Irrua, Edo State (Opted out).

Speaking at the unveiling of the medical equipment for the first beneficiary, University of Ilorin Teaching Hospital(UITH) over the weekend, the Registrar of JAMB, Prof. Ishaq Oloyede said: “The provision of the medical equipment to the affected teaching hospitals is to improve the health care delivery in many benefiting countries of the world.”

Among the medical equipment include angle poise lamp, ventilator, consumables, mattress, OG couch, gynecology chair, treatment table, treadmill machine, crutches, ICU beds, urinary catheters, defibrillator machines, laparoscopy machines, needle and syringes, wheel chairs, oxygen concentrator, suction machines and endoscopy machines.

He said: "It is no gainsaying that the COVID-19 pandemic provided the much-needed impetus for countries around the globe to do the needful by breaking barriers and tapping into available opportunities.

"For us in Nigeria, the pandemic served as a wake-up call that opened our consciousness to the need for adequately equipped public health institutions to complement our highly acknowledged skilled force of medical personnel.

"It is in pursuit of this noble goal that JAMB, in its wisdom, decided to enter into a partnership with a grant agency in the United States of America to equip 12

tertiary health institutions in Nigeria.

"This is premised on our fervent belief that we could address the deficits in this particular sector of our nation if every segment of the society contributes its quota no matter how little to confronting the lack in the critical areas of our society, such as health, food and education."

Oloyede added: "Permit me to recall that the partnership with Project C.U.R.E began in 2019 when a delegation from the Board travelled to the United States of America to explore the possibility of establishing in the USA, another foreign prometric centre for its Unified Tertiary Matriculation Examination (UTME) as is the case in about ten other countries.

"It was in the course of that exploratory trip that the delegation led by a Deputy Director came across a well-established grant agency Project C.U.R.E which offers donation of quality medical equipment which had contributed significantly to improve the health care delivery in many benefiting countries.

"The information made available to the Board through the delegation was that Project C.U.R.E supplies free medical equipment to needy facilities across the globe and that all that is required of the recipient health facilities is to provide logistics to convey the equipment from Project C.U.R.E warehouse to their locations anywhere in the world.

"JAMB decided to key into this opportunity as part of its corporate social responsibility towards its fatherland and to boost the capacity of the health sector in the country."

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RAINOIL'S 25TH ANNIVERSARY GALA NIGHT...

L-R: Executive Director, Downstream NNPC, representing the Group Managing Director NNPC Engr. Adeyemi Adetunji ;Group MD/CEO Nepal Oil and Gas, Barrister Ngozi Ekeoma; Group Executive Director of Rainoil Limited, Mrs. Godrey Ogbechie; Ogun State Governor, Dr. Dapo Abiodun; and the Group Managing Director Rain Oil Limited, Dr Gabriel Ogbechie, during the Rainoil Limited 25th anniversary Gala Night held at Eko Hotel in Lagos... yesterday

APC, PDP Have Disappointed South-east People, Say Ezeife, Nwodo Obi's candidacy seen as consolatory Onyebuchi Ezigbo in Abuja Former governors of Anambra state, Chief Chukwuemeka Ezeife and his Enugu state counterpart, Dr. Okwesilieze Nwodo have said the outcome of the presidential primaries of Peoples Democratic Party (PDP) and All Progressives Congress (APC) had left their members from the south-east devastated.

However, Okwesilieze said it may be a wonderful consolation if the presidential candidate of the Labour Party, Peter Obi realises his ambition of winning the presidency in 2023.

The duo who spoke at a brief thanksgiving ceremony held for the former governor of Abia state and the immediate past Minister of Science and Technology, Dr. Ogbonnaya Onu in Abuja, at the weekend, said the Igbos who had trusted that the two parties would deliver

justice and allow the zone to produce their presidential candidates were dissatisfied with what happened in the end.

Ezeife who spoke briefly, said the question posed by Onu while speaking to the APC delegates during their convention about justice was very appropriate.

"I appeal to everyone, Igbos, Hausa, Yoruba, Fulani, Ijaw, and indeed all tribes to please help to bring justice to Nigeria so that people where is justice, we point to Nigeria," he said.

Speaking on the issue zoning of the presidency of Nigeria and with regard to the fall out of the presidential primaries, Okwesilieze said the people of south-east felt disenchanted by the manner the two leading political parties ignored the clamour for the south-east to be given the opportunity to produce the next president

of the country.

He said: "Many of us from the south-east believe that after a presidency from the north, presidency should return to the south and if it came to the south, one of the zones that it should go to is the south-east.

“We felt that it is a fact and that fact is looking for justice, looking for fairness and looking for equity. So if you go to the south-east, those us in the PDP feel devastated because we have given that party our all and when it threw the presidency open, jettisoning our constitution, which is based on rotation and zoning of political offices, we were truamatised and still devastated after the primaries.

"Again, we looked forward that APC will zone presidency to the south, since the Presidency has been in the north, and what they appeared to be doing was

justice and we were hoping that justice will end up in the South East, but we saw how it ended," he said.

Okwesilieze said Onu expressed the frustration of the Igbos when he made an injunction, "asking where is the justice?

He said a country that jettisoned justice was only leaving on quick sand, it cannot stand.

"There must be justice to all its people not to some of its people. But you know, after all my efforts in the past few years to midwife an Igbo presidency which I look forward to be the highest achievement of my political career and see what happened so far.

"At 72 I have decided not be emotional, but to look at the facts in the face.”

He said the struggle was not over until it is over, assuring those of them in the PDP would stay back and fight so hard to

ensure Igbos would get their fair share if the party wins the presidency in 2023 election.

Likewise, he urged those other Igbo politicians in the APC to work hard to see that the people of the southeast don’t suffer the kind marginalisation they suffered in the last seven years in the current administration.

The former national chairman of the PDP also spoke about the chances of the south-east realising their presidential ambition through the Labour Party candidate, Peter Obi, saying it would be wonderful.

"And for my brothers who are supporting Peter Obi, I wish them well, believing that if they win, that will be wonderful.

It will mean that my message and the message of my brother, former Governor Ezeife has finally come to fruition," he said.

Okwesilieze described Onu as humble and one of the most detribalised leaders from the

south-east.

"He is so much endowed positively that he cannot leave a position without leaving better than he found it," he said.

While speaking at the occasion, Onu said he was confident that Nigeria could become great when it starts producing so many products that could be exported to other countries to earn more resources.

Onu who ran for the APC presidential ticket said:" Nigeria can only become a source of pride to the black race when it starts producing so many things that we now import. When we start having so many inventions, lots and lots of achievements and then the whole world will take note of it.

"So wherever the black man is, he will be so proud about Nigeria is doing."

Onu said it was this hope of a great Nigeria that has been the driving force of his political aspiration all these years.

Barkindo: OPEC Has Continued to Grow Despite Doomsday Predictions UN High-level Climate Action Champion Emmanuel Addeh in Abuja Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) , Dr Sanusi Barkindo, at the weekend stated that the oil producers' group has continued to grow strong in spite of the many predictions of its extinction.

Speaking at a book launch: “OPEC 60 Years and Beyond: A Story of Courage, Cooperation and Commitment, ’’to mark the organisation’s diamond jubilee, in Baghdad, Iraq , the Nigerian-born OPEC leader noted that rather than die, the cartel has evolved over the years.

For years, some countries have accused OPEC of manipulating oil supply to ensure high prices for oil producers, an allegation the organisation has said is unfounded, insisting that it’s more interested in market stability.

In fact, the “No Oil Producing and Exporting Cartels Act,” or “NOPEC” in America which would empower the Department of Justice to file antitrust lawsuit

against OPEC for trying to control oil production or to affect crude prices, has been before lawmakers for years.

At the event, Barkindo paid glowing tributes to the five founding fathers of OPEC, Juan Pablo Pérez Alfonzo of Venezuela; Abdullah al-Tariki of Saudi Arabia; Dr Tala’at al-Shaibani of Iraq; Dr Fuad Rouhani of Iran; and Ahmed Sayed Omar of Kuwait.

“That history now spans more than six decades, despite some sceptics suggesting that it would last little more than a few years. As an organisation, we have come a long way, we have witnessed many ups and downs, we have seen seven major market cycles, including the latest in the wake of the COVID-19 pandemic.

“We have evolved as an integral part of the international energy community, and we have seen reams of column inches written about OPEC. It is important to stress that in terms of OPEC’s history, the Organization is far more than

just an appendage to the history of oil,” he argued.

The event to document the first 60 years of OPEC was earlier scheduled for September 2020, but was deferred due to the Covid-19 pandemic.

According to him, the book which highlights the history of OPEC underscores the adversities the organisation has faced, the challenges overcome, the achievements made, and the value placed on dialogue and cooperation with other industry stakeholders, including both producers and consumers.

Barkindo said that surviving 60 years remains a monumental achievement for such an organisation, but especially so for one representing one of the most volatile commodities – oil.

In his comments, the Minister of Oil and Head of Delegation, Iraq, Ihsan Abdul Jabbar Ismaael, congratulated the staff members from the OPEC Secretariat, led

by Barkindo and wished the outgoing Secretary General success in the next chapter of his life.

Rallies Support for Green Energy Transition Oluchi Chibuzor The United Nations High Level Champion for COP26, Nigel Topping, has emphasised the importance of enhanced resilience to climate change, even as he rallied support for green energy transition during his two-day official visit to Nigeria.

Topping who visited Nigeria last week, engaged with the government on the implementation of national climate change plans, including the Nationally Determined Contributions, Energy Transition Plan and Climate Change Act and ramp up ambition towards meeting Nigeria’s net-zero by 2060 goal.

He was appointed by the UK Government High Level Climate Champion for COP 26 in January 2020, to help drive action from businesses, investors, organisations, cities, and regions on climate change and coordinate this work with

governments and parties to the United Nations Framework Convention on Climate Change (UNFCCC).

Speaking during the visit, Topping said: “I congratulate Nigeria on its ambitious NDC, the Energy Transition Plan presented at COP26 last November and the subsequent passing of the Climate Change Act. Implementation of these policies are now key.

“The mobilisation of both state and non-state actors - including businesses, academia and civil society - is essential to improve the investment climate of Nigeria so that the country can in turn attract the right investments that will accelerate the transition into a low-carbon and resilient economy.”

British Deputy High Commissioner in Lagos, Ben Llewellyn-Jones, said: “With the UK as the current Presidency of COP and following the historic COP26 event held in Glasgow last November, and ahead of

COP27 in Egypt later this year, it was important for us to have Nigel Topping here in Nigeria.

“His visit is a timely reminder for all of us about how hard the UK is continuing to work around the world with our partners, like Nigeria, to ensure that every effort is made to deliver on and bring in to effect the commitments made by us, by Nigeria and buy the rest of the world to tackle Climate Change.”

A statement from the Press and Public Affairs officer, British Deputy High Commission, Ndidiamaka Ezde, revealed that during his visit, he met with top government officials, leading private and financial sector leaders, civil society organisations and climate change activists across Abuja and Lagos, and discussed the opportunities of a green transition, understand the challenges and how to overcome them, as well as advance the UK government’s overall effort to boost climate action in Nigeria.

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AMOSUN'S RALLY FOR TINUBU...

Former Ogun State Governor, Senator Ibikunle Amosun, addressing a crowd of supporters at a welcome back rally in Ake, Abeokuta, organised in his honour, after his presidential adventure. Amosun also used the occasion to rally support for the presidential candidate of his party, the All Progressives Congress (APC), Senator Bola Ahmed Tinubu.

Nigeria Can Increase Power Generation to 20,000 Mega Watts in Five Years, Says Peter Obi Emma Okonji The presidential standard bearer of Labour Party and former governor of Anambra State, Mr. Peter Obi, who just returned from a threeday trip to Egypt, has said he went to Egypt to understudy the country’s power and educational system in order to implement same in Nigeria, if voted into power in 2023.

Obi who granted a radio interview in Nigeria, shortly after he returned to the country, said he was pleased with the development in the power and education sectors in Egypt, insisting that from what he learnt in Egypt, he was convinced that if implemented in Nigeria, the county would be able to increase its power generation, distribution and transmission from the current state to over 20,000 megawatts within a space of five years.

According to Obi, “Past leaders are always blaming their

predecessors for their inability to perform creditably. A truly elected leader is not supposed to complain, but to take charge to solve challenges.

“A leader must learn new things in order to have fresh ideas that will help him deliver on his promises to the people, and that was the reason I went to Egypt to understudy their educational and power generation and distribution system. The world over, Egypt, Vietnam and China are leading in power generation and distribution.”

Obi further said: “Egypt, within a space of five years moved their power from about 20,000 megawatts to 58,000 megawatts as of today.

“In the 60s, Nigeria was generating over 1,000 megawatts and 50 years down the line, Nigeria cannot generate more than 4,000 megawatts of electricity, which is a challenge for Nigeria.

So we need to learn from Egypt

Diplomat Tasks Nigerian Schools on Art of Public Speaking Udora Orizu and Folalumi Alaran in Abuja A retired Diplomat, Ambassador Joe Keshi has urged secondary schools in Nigeria to teach the art of public speaking and inculcate confidence in their students so that they would become qualified and quality leaders in future.

Keshi who has served in many countries, including Togo, Ethiopia, Belgium, Netherlands, Namibia and others made the call as the guest of honour during a programme at Anglican Girls Grammar School in Abuja.

At the programme which was organised by the Africa Vision 525 initiative, with focus on Violence Against Women, Food Insecurity and Drug Addiction, Keshi expressed dismay over the level of public speaking by many Nigerian students.

He said "It's actually very disturbing when you see sometimes university students are protesting and you see them on television and how badly they do speak as the leaders of student union, and yet these are supposed to be the leaders of tomorrow."

He, however, encouraged the trainee speakers to focus on their studies, saying there was no guarantee that when they finish school after university, it would be a must for them to

work in Nigeria.

"As you go through your education, bear one thing in mind also, and I'll end on that, there is no guarantee your generation and the global world that you live in is completely different from the one I went through.

“You might just find that the best paying job where your expertise and knowledge is needed is in Japan, and you will have to go to Japan. So keep in mind about these things that you are completely living in a different word from the word of your parents.

“And that the sky You can actually aspire to the sky. You can actually aspire to the moon if you want to but all that depends on how seriously you take the things you do in school as it's a very interesting place. The friendships that you form today in your school last forever,'' he added One of the trainees, Ms. Oyekwuluje Adaobi, said the group's mindsets was that all the visions and dreams of Africa was to wake Africa, “and make it a place that we all dream of.”

"I have also learnt that there are lots of problems been faced in Africa. But then if we work together as one Africa, then we will be able to achieves what ever we want and build the whole continent," she said

how they have been able to manage and grow their electricity generation and distribution, and that was one of the reasons I visited Egypt.

“When I got to Egypt, I was taken round its power facilities and I met the companies handling their electricity project, those in the power sector and those who financed the electricity project in Egypt. From what I saw I am convinced that Nigeria can also increase power generation, distribution and transmission from the current stage to over 20,000 megawatts in a space of five years.”

Nigerian leaders must always learn because leadership and learning and inseparable, Obi said, and further explained that while he was campaigning for governor in Anambra State, he travelled

to Bangladesh to study how to move a state out of poverty and that when he eventually became governor of Anambra State, I used what he learnt to build rural roads and bridges that connected the rural areas of Anambra to able the people have access to agricultural goods and services.

“I was able to bring the people of Anambra State out of poverty.

So my visit to Egypt will also help me to use what I learnt from Egypt to boost power generation to 20,000 megawatts in five years,” Obi said.

He explained that he was already talking to a lot of partners that would enable him to build a coalition of people that would revive Nigeria again.

“Millions of Nigerians are living in poverty and the number is increasing. So we need coalition

that will re-build Nigeria,” Obi said.

Speaking about his plan when he becomes president of Nigeria, Obi said: “My plan is to ensure that Nigeria is re-built and that every borrowed fund must be invested. There will be transparency in my government.

We have challenges in our educational system and we will fix it, just the way I did when I was governor of Anambra State.

“We have challenge of poverty and we will bring out Nigeria out of poverty. Subsidy is fraud and should be discouraged and we will deal with it when we come into power. To remove subsidy, there must be something to replace it, and that is the reason why leaders must always learn.”

In the area of insecurity, Obi said: “I have condemned

insecurity across the country and it is an accumulation of leadership failures over the years. If the past governments were serious about security, insecurity that has degenerated into kidnapping and killings would have long stopped.

“We need to increase the number of police in the country and each state will be able to control its police force, thereby creating state police to address insecurity in the country. The more government pull people out of poverty, the more government will reduce insecurity and I will pull Nigerians out of poverty when I become president of Nigeria.

“I will transform Nigeria from consuming nation to a production nation. I will achieve it by supporting small business and provide steady electricity to businesses.”

Lagos Island Hoodlums Attack Press Crew on Tinubu’s Convoy Segun James The All Progressives Congress (APC) presidential candidate, Asiwaju Bola Tinubu, yesterday, narrowly escaped death, when his convoy was attacked by hoodlums on Lagos Island.

The hoodlums attacked the convoy shortly after Tinubu had conferred with the Oba of Lagos and was on his way back to his house on Bourdillon, Ikoyi, when the hoodlums struck.

The bus conveying the press crew covering Lagos State Governor's Office, was heavily attacked by hoodlums between Ebute-EroAdeniji-Iga-Iduganran axis on Lagos Island, leaving several journalists wounded from broken glass.

The bus conveying the press crew, which was on the convoy of APC presidential candidate, was attacked by the thugs, who threw stones repeatedly as it joined other vehicles conveying dignitaries, including Governor Babajide Sanwo-Olu of Lagos State; Kano State Governor, Abdullahi Ganduje; and others, who had just left the palace of the Oba of Lagos, Oba Rilwanu Akiolu.

Tinubu, who arrived the Lagos Airport at around 3:40 pm to the waiting hands of an enthusiastic crowd of party loyalists and supporters, had immediately headed for the palace of Oba Akiolu on a courtesy call.

The press crew bus was heavily attacked by the hoodlums, as it drove with high speed to escape

while journalists had to lie low to escape being injured.

Correspondent of the Western Post newspaper Ms. Adeola Ogunrinde, sustained injuries to the eye and was later rushed to the hospital while Mr. Omatseye Atsenuwa of Smooth 98.1FM sustained injuries to his head, while Ms. Adedoja Salam of TVC went into shock due to heavy bombardment of stones and bricks thrown at the press bus.

Almost all the windscreens of the bus were shattered and broken.

Meanwhile, Tinubu, who arrived Lagos to mammoth supporters, barely 10 days after winning the party’s ticket, who wore white Agbada with a red cap, and was accompanied by a former

national chairman of the party, Adams Oshiomhole, ex-Borno State Governor, Kasim Shettima, and the Imo State Governor, Hope Uzodima, amongst others.

On ground to welcome him was Sanwo-Olu, his Deputy, Obafemi Hamzat; Speaker of the State House of Assembly, Rt. Hon. Mudashiru; senatorial candidate for Lagos-West senatorial district, Dr. Idiat Adebule; Chairman, Senate Committee on Finance, Solomon Olamilekan, as well as members of the Governor Advisory Council (GAC), among others.

Tinubu's daughter and IyalojaGeneral for the state, Folashade Tinubu-Ojo, also came with dozens of market men and women to the airport.

UBA Foundation Celebrates International Day of the African Child In commemoration of the 2022 International Day of the African Child, the UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Group recently joined the rest of the world to celebrate African children by holding reading sessions for school children across the African continent and donating thousands of books in a special ‘Read Africa’ initiative.

UBA Foundation’s Read Africa initiative was birthed almost two decades ago with a purpose of ensuring that African school children continue to read as they further their education.

Read Africa also supports

African authors in different languages(English, French, Portuguese, Swahili) through the selection and purchase of books

by African authors from different countries on the continent.

In celebration of the African child, the UBA Foundation visited schools and orphanages across Africa donating thousands of books, school bags, food and other gifts as they stressed the importance of education and the expansion of knowledge.

According to a statement, at one of the reading sessions which was held at the Joef Dynamic College, Obalende, Lagos, the Foundation, led by its Managing Director/CEO,

Bola Atta talked to the school children about topics ranging from financial literacy and the importance of imbibing a good reading culture to developing business acumen and following through passionately.

During her interaction with the school children, Atta emphasised that every child deserves the right to learn.

She told them, “The pursuit of knowledge should be a lifelong activity that starts at a very young age. You should cultivate an interest in reading not just academic text books but different types of books that will allow you to explore cultures and worlds outside your immediate environment so that you

can expand your knowledge and your mind.”

Whilst answering questions from the students, the Foundation’s CEO highlighted that one of the main objectives of the UBA Foundation was uplifting lives and communities on the African continent by creating dynamic educational platforms for future generations and future leaders.

June 16 every year has been set aside by the United Nations as the International Day of the African Child to celebrate children in Africa and to recognise the courage of students who marched for their right to better education in Soweto, South Africa.

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NEWS

Military Warns against Business Dealings with Boko Haram, ISWAP Says trade with terrorists prolonging the insurgency war, a litre of fuel sold at N10,000

Kingsley Nwezeh in Abuja The military high command has issued a stern warning to individuals or groups, who conduct business with terror groups, Boko Haram and the Islamic State for West African Province (ISWAP), saying those who engage in such acts risk being killed by insurgents.

It warned that Nigerians, especially Borno residents, who conduct business transactions with the insurgents were prolonging the 13-year insurgency war and warned them to cease all such business dealings.

There were reports that the business of fuel supplies to the insurgents had become a lucrative one where a litre of fuel is sold for N10,000.

It also stated that the killing of 63 scrap metal scavengers in the Borno State in the last four weeks was occasioned by their secret collaboration with terrorists.

Giving an update on counterterrorism operations in Maiduguri, Commander, Joint Task Force Operation Hadin Kai, Maj Gen Christopher Musa,

warned that those who engaged in business transactions with the terror groups risk death even as he affirmed that the situation

was prolonging the war against terrorism.

“One of the things we realise that is prolonging this

issue is that we have some individuals that sell food and fuel to them. For example, at their own area, a litre of fuel

goes for about 10,000 naira there. So, if you take 10 litres that’s N100,000. So, people are dragging things, taking

the risk to go there and sell fuel to make money. We have people that go to market to buy food stuff to give them.

PROMOTING MUSIC IN LAGOS…

L-R: Head, Partnerships and Collaboration, Make Music Lagos (MML), Mr. Kenneth Akinfolurim; Organising Partner, MML Ms. Suzan Adinoyi; Team Lead, Make Music Nigeria, Mrs. Adeola Akinyomi; Organising Partner,MML, Mr. Femi Ojo, and Director, Chord 5 House of Music and Art, Mrs. Moginoluwa Nwevo, at the press conference on MML 2022 in Lagos…recently ETOP UKUTT

2023: Ex- Saraki’s Chief of Staff, INEC Urged to Guide against Parties’ Illegal Makanjuola, Emerges PDP Substitution of Candidates’ Names Deputy Gov Candidate in Kwara Deji Elumoye in Abuja

A two terms member of House of Representatives representing Irepodun/Isin/ Oke-Ero/ Ekiti Federal Constituency in Kwara State at the National Assembly and immediate past Chief of Staff to former Senate President, Dr. Bukola Saraki, Hon. Gbenga Makanjuola, has emerged as the deputy governorship candidate of the Peoples Democratic Party(PDP) in the state for 2023 polls.

Makanjuola, who is also a legal practitioner and administrator was unanimously picked by the leadership of the party for the position

of the deputy governorship candidate for the next year general elections.

He was also the deputy governorship candidate of the party during the 2019 general elections in the state.

Performing the unveiling of the PDP Deputy Governorship candidate, Hon. Makanjuola in Ilorin,. the PDP governorship canddiate, Alhaji Shuaib Yahman Abdullahi said that, the PDP was poised to remove the hardship and economic woes brought by the ruling All Progressives Congress(APC) to the people of the country.

Niger PDP Guber Candidate Picks Christian as Running Mate

Laleye Dipo inMinna

The People’s Democractic Party PDP has now jettisoned its long time Muslim -Muslim ticket for the governorship of Niger state.

Save for the administration of late Governor Abdullahi Abdulkhadir Kure, who picked a Christian in Dr Shem Zagbayi Nuhu as his deputy, subsequent governors had opted for Muslims as their deputies. The policy had never gone down well with the Christian community in the state which cried of deliberate marginalisation in the

running of the state and in other key appointments.

However, the Governorship candidate of the party for the 2023 election Alhaji Isah Liman Kantigi, yesterday picked a former local government council Chairman Mr. Samuel Gwamna as his running mate.

Gwamna a devoted Christian from predominant Christian Tafa Local Government Area of the state is believed to be close to all the activities of the Christian Association of Nigeria(CAN) in his Tafa and the state.

Edo PDP: Obaseki Appoints Igbinedion to Chair Peace Committee The Edo State Governor, Mr. Godwin Obaseki, has called on all members of the Edo State Chapter of the Peoples Democratic Party (PDP) to unite so as to resolve all internal wranglings within the party to ensure success in the 2023 general elections.

The governor disclosed this while meeting with over 135 PDP members drawn from the National Executive Committee, State Executive Committee, and Zonal Committee of the party, at the party Secretariat in Benin

City.

Obaseki said the meeting became necessary following the defeat of the PDP in the just concluded Ekiti State Governorship election held over the weekend, in which the All Progressives Congress (APC) won the election.

He said in order not to repeat the Ekiti episode in the presidential election come 2023, the party in the state needs to be united, settle differences among members and bring everyone together to ensure PDP wins the general election.

The Abuja School of Social and Political Thoughts has advised the Independent National Electoral Commission (INEC) to ensure that political parties do not substitute names of duly elected candidates in the just concluded primaries with people that did not participate in the process.

It also tasked the electoral body to ensure that its actions

are guided by the Electoral Act to avoid external manipulations by anti-democratic elements.

The group’s position contained in a statement issued yesterday by its Director, Dr. Sam Amadi, came on the heels of the controversy surrounding the submission of the name of the President of the Senate, Dr. Ahmad Lawan and the former Minister of Niger Delta Affairs, Senator Godswill Akpabio, which appeared on INEC

portals as senatorial candidates of the party when they were said not to have participated in the elections that produced the party’s candidates The group contended that for anyone to emerge as a candidate based on the provisions of the Electoral Act, the person must have participated in a primary election.

It said an aspirant must have purchased the expression of interest form for the senatorial

election and be swcreened, adding that by the provisions of Section 33 of the 2022 Electoral Act, a political party cannot remove or substitute a candidate that emerged from a valid primary.

Besides, the person must be on the list of contestants sent by a political party to INEC and must have participated in the senatorial election on the 27th of May when the election was conducted.

NHRC, Stakeholders Express Concern over Hate Speech Michael OlugbodeinAbuja The Executive Secretary of the National Human Rights Commission (NHRC), Chief Tony Ojukwu, has expressed worry over the frequent use of hate speech in the country, insisting that it has a devastating effect on sustainable peace, national cohesion, and development.

Speaking at the maiden edition of the International Day for

Countering Hate Speech (IDCHS) commemorated in Abuja at the weekend, Ojukwu said something should be urgently done to check against frequent use of hate speech in the country. The IDCHS followed the 2021 UN Resolution 75/309 which proclaimed 18 June as the International Day for Countering Hate Speech, to be observed annually.

Ojukwu expressed delight that the commemoration could not have

come at a better time than now when Nigeria is gearing up for the 2023 general elections.

He, however, lamented that “the run-up to the general elections in Nigeria is usually characterized by the blatant use of provocative, strong, and derogatory hate speeches by political actors and persons who are inclined to their political interests.”

According to him, “these speeches have raised strong feelings

of resentments typified by religious and ethnic/tribal negative labeling among the people.”

He warned that the menace of hate speech also occurs in places of worship where some religious leaders have joined the foray of spreading hate speeches, adding that “the uncontrolled use or misuse of the media especially the social media to spread hate messages is detrimental to the growth of any nation.”

Again, Group Urges Buhari to Halt Illegality in NDDC Now

Omon-JuliusOnabuinAsaba

Agroup of concernedAll Progressives Congress (APC) members in the oilrich Niger Delta region of Nigeria has called on President Muhammadu Buhari and the party leaders to immediately intervene to put a stop to what it termed the continuing illegality around the activities of the Niger Delta Development Commission (NDDC).

The seeming indefinite situation in the NDDC vis-a-vis the reported insurgence of apparent acts of sabotage

against smooth operations of oil and gas activities in the Niger Delta should give the federal government and the APC leaders cause for worry, the group asserted made available to THISDAY in Asaba. The group said: “It is very troubling and, therefore, do not augur well for our ruling APC in the Niger Delta as we head into the 2023 general elections to allow the alleged illegality to continue due to failure of President Buhari to duly constitute the board of the commission.” This call has

become more urgent in the wake of the emergence of Governor Ifeanyi Okowa of Delta State and Chairman, South-south Governors’ Forum, as presidential running mate to the candidate of the opposition Peoples Democratic Party (PDP), Atiku Abubakar and the reported resurgence of acts of vandalism of oil installations in the region.

TheAPC group, under the auspices of the “Committed Members of the APC from the Niger Delta Region,” said in a statement that “with the

selection of Okowa as PDP’s vicepresidential candidate, however, it further diminishes whatever chances our party, the APC ever had in the region given the ruling party’s government choice of foisting interim management and sole administrator contraption in the region’s foremost intervention agency, NDDC, in violation ofw the law, for nearly three years; and, thereby denying the nine constituent states opportunity for fair and equitable representation on the commission’s board.”

Emenike Unites Abia APC, Repositions Party for 2023 Emmanuel Ugwu-Nwogo in Umuahia Feuding groups in the Abia State chapter of the All Progressives Congress (APC) at the weekend finally resolved their differences and agreed to embrace peace and unity under the leadership of Chief Ikechi Emenike in the interest of the party and for the good of Abia State.

The factional groups and their officials in the 184 wards, 17 local governments of Abia as well as their executives at the state level were brought together at Ntalakwu Oboro in Ikwuano local government and were reconciled and “assimilated” into the main stream party leadership.

In a seven-point resolution tagged ‘Ntalakwu Resolution’ and read by the former Speaker

of Abia legislature, Rt. Hon. Martin Azubuike, the leaders, members and stakeholders declared that “Abia State APC is one united party under the chairmanship of Dr. Kinsley Ononogbu and the leadership of Chief Ikechi Emenike”.

They also agreed, recognised and acknowledged that Emenike “is the one and only governorship candidate of Abia APC for 2023” and that the party has only one

secretariat which is the one located at 40 Uyo Street, Umuahia, where Ononogbu has his office.

The resolution signed by Chief Emenike, Hon. Emeka Atuma, Hon. Nkeiruka Onyejeocha, Hon. Benjamin Kalu, Dr. Ononogbu, among others, further urged party leaders to use their positions to ensure genuine reconciliation and harmonisation from state down to the grassroots level of the party.

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NEWSXTRA

Interim Government Solution to Nigeria’s Challenges, Says Chris Okotie Segun James As the race towards the 2023 general election gain momentum, the Founder, House of God Church, Reverend Chris Okotie has proposed interim government as solution to Nigeria’s political problems Okotie said such system of government would eliminate the legislative arm of government and empower the third tier of government.

Okotie, who tagged his proposed interim government as government of reconciliation and reconstruction, said this during Sunday service at his church in Lagos.

He explained that professional associations would be enabled constitutionally to acquire legislative powers as a replacement for the removal of the legislature from the country’s political system.

“The presidential system has failed this country and we need to do something before the country goes extinct.

“We need to do away with the legislature. It costs us billions to maintain that structure. There are 469 people in the lower and upper chambers representing the whole of Nigeria.

“This committee they are

evolving had already been done in our society. That Association in Abuja the people already have it.

“People don’t even understand the history of healthcare in our society.

“Expunge the legislature from

our constitution and empower the Unions like the NUT, ASUU, NMA others to participate in the legislative process.

“They already have the structures. When you do, there would be so elements that. They

have more knowledge and understanding that faces people.

“If we do that, we would have solved one of the problems. When we expunge the legislatures, it means we don’t need political parties. If we do not have the

encumbrance of that legislature and people take over the activities, there will be no need to spend such money.

“This justifies the tenets of democracy. Our democracy had been hijacked long time ago by

what I called the elitism, mysticism and Satanism,” he said.

The clergy also proposed the creation of a new constitution, saying it shall be authentic, democratic and remains people’s constitution.

INVESTORS’ SUMMIT…

L-R: Managing Director, Cummins West Africa Limited, Okechi Igwebuike; Founder, TechQuest STEM Academy, Charles Uche Emembolu; Co-Founder, Lagos Angels Network/ Chairman, Cadbury Nigeria Plc, Adedotun Suleiman; Managing Director, TechQuest STEM Academy, Itoro Emembolu; Convener, Startup South, Uche Aniche, at the ‘Early Stage Investors Summit’ in Lagos …recently SUNDAY ADIGUN

Obaigbena, Mahloele, Others to Catholic Faithful Protest Ban of Activities at Enugu Adoration Ministry Grace ICIR 10th Anniversary Gideon Arinze in Enugu

Blessing Ibunge in Port Harcourt

The Chairman, THISDAY Newspapers/Arise News Channel, Chief Nduka Obaigbena and the Chairperson of Arena Holdings, Tshepo Mahloele, a newspaper publisher in South Africa, among others, are the dignitaries that would grace a conference in Abuja, to mark 10th anniversary of the International Centre for Investigative Reporting (ICIR).

While Obaigbena alongside Ms. Chris Anyanwu, CEO, Hot Fm; Mallam Kabir Yusuf,

CEO, Daily Trust Newspapers; Ms. Kadaria Ahmed, CEO, RadioNow and Professor Abigail Ogwezzy – Ndisika of the University of Lagos, would act as panelists at the conference, Tshepo Mahloele would deliver a keynote speech.

In a statement made available yesterday to journalists, the Managing Editor, ICIR, Ajibola Amzat, stated that the event would hold on Wednesday, at Transcorp Hilton Hotel, Abuja, with the theme: “Sustainability Imperative for African Media.”

Monye Applauds Supporters at ADC’s Presidential Primary The Presidential candidate of the African Democratic Congress (ADC), Chukwuka Monye has commended supporters for their turnout during the party’s primary held in Abeokuta recently.

The party’s primary had thousands of delegates and party officials from across the country in attendance.

The primaries started with 12 aspirants, four withdrew leaving eight in the race for the party’s presidential candidacy.

Monye, who officially started his journey in ADC on 25th February 2022 came in third at the poll with 339 votes, after Professor Kingsley Moghalu who was second with over 500 votes and Dumebi Kachikwu who emerged the winner with 977 votes.

The delegates who voted for Monye were organic, individuals bought into his message during his nationwide engagement and consultations over the past four months.

Police Arrest Six Suspected Cultists in Ogun

James SowoleinAbeokuta

TOperatives of the Ogun State Police Command have arrested six members of a notorious cult group, who have been on the wanted list of the command for their roles in various cult clashes in Shagamu and its environs, which led to the death of not less than four persons.

The state Police Public Relations Officer (PPRO), Mr. Abimbola Oyeyemi, revealed the arrest of the

suspects in a statement. The suspects are: Rafiu Osokoya, Azeez Abiola, Ogunsanwo Waheed, Toheeb Ayodele, Kolawole Adegbenro, and Azeez Taiwo.

He said the suspects were arrested following information received by the Anti-Cultists Unit Team of the Police Command led

by Mr. Shobiyi Oluwatoshin that the hoodlums were holding a nocturnal meeting at Ayepe/Odogbolu area on how to unleash another round of terror in Shagamu area of the state.

Worshipers at Fr. Ejike Mbaka’s Adoration Ministry, Enugu, yesterday embarked on a protest against the decision by the Catholic Bishop of the State, Callistus Onaga to ban all catholic faithful and clergy in the diocese from having anything to do with

the Ministry.

Mbaka had come under fire over his political utterances against the candidate of the Labour Party in the presidential election, Peter Obi, whom he described as a ‘stingy man’ and ‘a joker,’ who could never be the President of Nigeria.

The controversial priest who made the comment

last Wednesday, during his Adoration Program, said it was better to have an old man as president than a ‘stingy young man’, referring to Obi. The the Catholic Diocese of Enugu had distanced itself from Mbaka’s comment, which according to the diocese, contravened canon 220 of the 1983 code of the Canon Law

which prohibits anyone from illegitimately harming the good name of a person.

The Diocese, which had referred to the comment as an attack on the good reputation of Obi, had charged Mbaka to refrain from such divisive utterances in order to remain united to the Body of Christ.

Edo to Benefit from $3.2bn US-Nigeria Trade, Says Group Adibe Emenyonu Emenyonu in Benin City Miami Trade Missionaries from District 2, Miami Florida at the weekend said Edo State would benefit from the United States of America and Nigeria bilateral trade relations estimated at $3.2 billion worth of investment annually.

Jean Monestime, Miami

Dade Commissioner, District 2, Miami Florida, US, made up of 40 delegation arrived Edo State on a bilateral trade relation.

He said, Abuja, Lagos and Edo states would benefit from aviation, tourism and cultural investments in affirmation of the United States and Nigeria to build on existing trade relationship as key allies.

“The United States and Nigeria currently trade more than $3.2

billion. I do not think this pie is big enough for Edo State to receive its fair share of trade and Commerce with Miami Dade County.

“I have learned a little about the rich Culture that you have here. So, we look forward to you bringing your delegation to Miami.

“So, you can basically share with us your thoughts about how you desire to promote this great State - Edo and how the exchanges

may continue between Miami Dade and the State of Edo. “We have amongst us different business owners. We are not here to transact ourselves, but to transact business and tell you about the values that we have that you can take advantage of which will be beneficial to the host State of yours and my immediate Country, the United States,”, he added.

Female Corps Member, Pregnant Woman, Five Others Drown in Bayelsa Ijaw Local Government area, threw search efforts ongoing at Ayama themselves with Tarpaulin and

Olusegun Samuel inYenagoa

A female corps member and a pregnant woman have been confirmed among the passengers that drown in a boat mishap on Saturday, in Bayelsa waterways.

The tragic incident which occurred between Otuan and Ayama communities of Southern

the communities into mourning.

Among the victims was a mother with her two kids and a 70-year-old Otuan Chief and father to a journalist in the State, Chief Lucky Daniels.

The boat and the corpses of the victims were still missing as at the time of this report with rescue and

Community.

Findings revealed that the boat with a capacity to carry 15 passengers, rammed into a barrier while trying to berth close to Ayama community.

It was gathered that the afternoon rain storm, which made all the passengers covered

reduce visibility may have contributed to the disaster.

Mr. Domo Timi, a journalist, whose father was one of the victims of the accident, told THISDAY on telephone that his father was involved and rescue teams have been dispatched to check the scene for possible rescue.

Sanwo-Olu, Elumelu Launch New Falomo Towers Project Dike Onwuamaeze

Lagos State Governor, Babajide Sanwo-Olu and business leader and philanthropist, Tony Elumelu, led other real estate stakeholders over the weekend in the groundbreaking ceremony

for the new Falomo Towers development in Ikoyi, Lagos.

The project is being developed by joint venture partners, Afriland Properties Plc, investee company of the Heirs Holdings Group, and the Lagos State Development and Property

Corporation (LSDPC).

The Special Guest of Honour, Sanwo-Olu, in his address, commended the joint venture (JV) partners for their commitment to the Nigerian real estate sector and their vision in redeveloping the iconic Lagos landmark.

In a statement, he praised both companies for what he believed would be an exemplary delivery of a public-private partnership.

Sanwo-Olu stated that the new Falomo Towers would become a highly sought-after destination for work, life, and play.

Group Hails Makinde over Ibadan’s Rating as Second Fastest Growing City in Africa A socio-political group in Oyo State, the Oyo Kajola Group (OKG), has described the rating of Ibadan, the Oyo State capital, as the second fastest growing city in Africa for the year 2022 as a positive development, saying it shows the hard work and good governance being provided

by Governor ‘Seyi Makinde.

The group maintained that the rating by a United Nations Human Settlements Programme (UNHabitat) research, has vindicated the Makinde administration’s commitment to urbanisation, urban renewal and building infrastructure

that target the economy. The UNHabitat had last week indicated that Ibadan is second fastest growing city in Africa, a step behind Accra Ghana and one step above Lagos, as contained in a post by Business Insider through its official Instagram handle; @businessinsiderssa.

Some of the key metrics of measure listed by UN-Habitat research were urbanisation, industrialisation, population, and job opportunities, as it added that the growth of these cities could be attributed to population boom and increased economic activities.

53

MONDAY, ͺ͸˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

WAFCON: Oshoala Looks Beyond S’Africa’s Challenge

Femi Solaja withagencyreport

Multiple African Footballer of the Year winner and Super Falcons’ forward, Asisat Oshoala, has said that the senior Nigerian side is looking beyond facing title rivals South Africa at this year’s Women’s Africa Cup of Nations (WAFCON) in Morocco.

The record nine-time African champions will open their 2022 WAFCON campaign just as they ended the last edition against 2018 runners-up Banyana Banyana, having been pitted in Group C, alongside Botswana and Burundi.

The Super Falcons have bowed twice in their last three meetings with the South African team since 2018 but the Barcelona star insists her side is underestimating no side, including Desiree Ellis’ team in their quest for another record-extending 10th continental crown.

“I don’t think the opening game is a decider of the tournament and by the way, it's not only South Africa we will be facing. It’s a tournament,” Oshoala told CAFOnline.comat the weekend.

“We are not going to be seated talking tough about just one team (South Africa). Obviously, they are a very strong team, a very competitive one as well. Maybe the mind-set of our team and theirs may not be the same, but we have the likes of Cameroon, Morocco, and other great teams in Africa to face.

“We are just basically focused on working on ourselves and we are not so bothered about playing South Africa. When we get to the phase of playing them, we will cross it.”

Despite an injury-hit season, Oshoala won Spain’s Pichichi prize with 20 goals, becoming the first African woman to do so and second African after Cameroon’s Samuel Eto’o with Barcelona.

Ahead of her fifth WAFCON appearance, the four-time African Women’s Player of the Year is upbeat about replicating her Barcelona’s goal scoring impact for Nigeria in Morocco, while

opening up on her personal and Super Falcons’ ambitions.

“I think it’s been a rollercoaster of different emotions. I have had good times and bad times, with injuries and all of that. It is just a mixed feeling for me this season,” the 2014 WAFCON best player and 2016 top scorer, continued.

“As usual, i’m in the competition mode, i’m excited, working hard for the tournament, after couple of years and after being cancelled the last time (2020), we are set for the big one again “First of all, I think we need to understand football, talking about shifting focus and replicating the same performances, I am always ready to give 100 per cent whenever I am given the opportunity to play. I am in a positive mood going into the tournament.

“For me personally, the main goal is to qualify for the 2023 Women’s World Cup, because, at the end of the day, that is all that matters and every other thing coming after or with it is just secondary. The primary aim is to qualify, of course, we want to win (WAFCO) but the main goal is to qualify for the World Cup.” The Super Falcons began final preparation in Abuja on Wednesday, June 15 and are scheduled to face South Africa in their tournament’s opening match at Prince Moulay Hassan

Nigeria’s Super Falcons on 7 July in the Match- day 2 schedule of the tournament yesterday

announced their final squad to the tournament.

Coach Gaoletlhoo Nkutlwisang

has named her final 24-woman squad as the 2 July kick of date for the tournament approaches.

Super Falcons ...looking beyond South Africa’s Banyana Banyana as they aim to win their 10th continental title in Morocco

Amusan, Ekevwo Arrive for C'wealth Games, World Championships Trials AFN President congratulates Amusan on new 100m hurdles African Record Sprint hurdler Tobiloba Amusan and sprinter Raymond Ekevwo have arrived Nigeria for the 2022 Nigeria Athletics Championships scheduled to hold between June 24 and 26 in Benin City.

Former NFA Scribe, Sani Toro, Kidnapped A former General Secretary of the Nigeria Football Association (NFA), Alh. Sani Ahmed Toro and a former Assistant Coach of Super Eagles, Garba Ila, have been kidnapped.

The duo were kidnapped on their way from Abuja to Bauchi after attending the wedding ceremony of the son of former NFF President Aminu Maigari.

One of the sons of Sani Toro, Nasiru, confirmed the news of the kidnapped of the former scribe, along with two others between 7 and 8pm on Saturday evening.

According to Nasiru, Toro's phone number has remained switched off.

He also revealed that the kidnappers have not reached the family members for any ransom as at the time of filling this report.

The Bauchi State Police Command has not issued any

Stadium in Rabat on July 4.

In a related development, Botswana, who will face

The duo arrived yesterday aboard Qatar Airways and Royal Air Maroc respectively.

Amusan improved her African 100m hurdles record (12.42) by 0.02 to 12.41 on her way to winning the event at the Diamond League meeting in Paris, France on Saturday.

The 25-year-old will be bidding to successfully defend her Nigerian 100m hurdles title and pick the event's ticket to represent Nigeria at both the Commonwealth Games in Birmingham and the World Athletics Championships in Oregon, USA. Amusan will also be seeking to break the 12.63 secs Nigeria Championships record set by Angela Atede in Lagos in 1997.

Ekevwo on his part came second at the World Athletics Continental silver tour meeting, the Meeting De Madrid 2022, running 10.11 seconds in the 100m event.

The 23-year-old will be seeking for his first national 100m title and a return ticket to the World Athletics Championships after making his debut in 2019 in Doha Qatar.

He will also be keen to punch his ticket to his first Commonwealth Games.

Meanwhile, Athletics Federation of Nigeria (AFN) President, Tonobok Okowa, says sprint hurdler Tobiloba Amusan's African record setting run in the 100m

hurdles at the Diamond League meeting in Paris on Saturday night has given Nigeria hope of challenging for a first ever gold medal at the World Athletics Championships in Oregon next month.

“Congratulations to Tobi who has continued to deliver for Nigeria at the top level of track and field in the world,” began Okowa.

Nigeria's national anthem is yet to be sung at the flagship event of World Athletics, the World Championships and Tobi now looks ready to join Ese Brume, our sprinters and the relay teams in the bid to get Nigeria to the podium as world champion,” said Okowa.

Nigeria has won at least a global medal since Okowa was elected as AFN president in June last year and the trend looks set to continue in Oregon.

“Ese (Brume) won a bronze medal at the Tokyo Olympics last year. It was the first time since 2008 that Nigeria won a track and field medal at the quadrennial games. Tobi made history last year as the first Nigerian to win a Diamond League title and this year Ese got a silver in the long jump at the World Indoor championship, our first since Olusoji Fasuba won the 60m gold in Valencia, Spain in 2008,” concludes the AFN chief.

NFF Election: Gara Gombe Pleads Cautious Approach Sani Ahmed Toro...former NFA General Secretary kidnapped statement on the issue, as phone calls put on the Police Public Relations Officer, Ahmed Wakil, were not answered.

A former Chairman of the Gombe State Football Association, Alhaji Ahmed Shuaibu Gara Gombe, has appealed to interested persons eyeing the Nigeria Football Federation (NFF) presidency in the election expected to hold later in the year to exercise restraint.

About five aspirants comprising one administrator and former Nigeria internationals have so far indicated interest in the NFF top job, although Gara Gombe considers their action

as hasty.

"I think it is rather too early for such declaration to be made by any one yet. There is the issue of statute that has not been sorted while the NFF Congress would still have to seat and draw out the electoral guidelines as well as announce the election date," he said.

"Whatever any one is doing at this time with regard to the election is hasty and it cannot amount to anything tangible at least for now," the astute football

administrator also said.

Gara Gombe has at different times been two-time chairman of Gombe United Football Club, member of Gombe State Sports Council Board, Secretary General of Nigeria Football Stakeholders Forum, Special Adviser on Sports Development to former Kano State Governor, Rabiu Musa Kwankwaso, and is the youngest Match Commissioner in the history of Nigeria football after commissioning his first match aged 28 years in Ibadan.

Indications however emerged recently that Nigeria football stakeholders at home and in the diaspora who comprised politicians, civil servants, diplomats and key figures in Corporate Nigeria had encouraged him to declare interest in the NFF job having assessed that the major challenges bedeviling the country's football over the years required a credible administrator who is fearless, courageous, passionate and sincere at the helm.

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Monday, June 20, 2022

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Price: N250

MISSILE SMBLF to Gov Okowa

“Governor Ifeanyi Okowa has by his action, betrayed the trust reposed on him by his colleagues, the Southern governors, the entire good people of Southern Nigeria and all well-meaning Nigerians. He has made himself persona non grata, not only with SMBLF but all citizens who treasure our oneness and yearn for a more united and peaceful Nigeria” – SMBLF, berating the Delta State Governor, Okowa, for agreeing to be Atiku’s running mate.

MAHMUDJEGA VIEW FROM THE GALLERY

Snafus of the Powerful

T

he splash story at the weekend of US President Joe Biden falling off a bicycle allowed me to see the truth in what the philosopher of history E H Carr once wrote, that not everything that happened is a historical fact. During my primary and secondary school days, I often fell off a bicycle that I hired from Imamu Shehe’s shop near my grandfather’s house, but no newspaper ever reported that fact. Is a fall from a bicycle not a fall from a bicycle?

President Biden was attempting to dismount from his bicycle during a morning ride in Rehoboth Beach, Delaware to speak with some well-wishers near his vacation home.

Instead, his 79-year old legs got caught in the pedal and he fell over. His large Secret Service detail rushed to his aide but he stood up and said he was okay. The White House quickly borrowed a leaf from Nigerian media managers.

Instead of blaming PDP, White House press office blamed the president’s bike pedal for the mishap. The event happened in broad daylight and since White House press pool reporters and cameramen follow the US President everywhere he goes, just short of the bedroom, videos from smartphone cameras were soon streaming all over the world’s airwaves.

I thought by now Americans had gotten used to the fact that snafus happen even to the most powerful persons. In 1975 I think, US President Gerald Ford arrived at Tokyo airport for a visit to Japan and, while descending the stairs of Air Force One, he fell and tumbled to the ground. The Japanese Prime Minister waiting at the foot to the plane to receive him rushed forward and helped Mr. Ford to his feet, his jacket a bit rumpled.

Two or three years later in the late 1970s, Newsweek magazine published a picture of Ford’s successor, President Jimmy Carter, being chased by a large carp during a fishing trip in a Georgia creek. Carter was rowing alone in a canoe and he frantically used his paddle to chase away the open-teethed fish. I thought at the time that the Commander-in-Chief of the world’s most powerful nuclear arsenal had to defend himself with a paddle, since his Secret Service guards were sitting on the river bank.

Nor did presidential holiday snafus end with Jimmy Carter. In 1991 or so, President George Bush Senior was on a fishing trip in Kennebunkport, Maine when he swung a fishing hook to catch a fish and the hook promptly caught the president’s ear. White House medics rushed to the scene, removed the hook and gave the president an anti-tetanus shot, just in case.

It was at least his own ear that Mr. Bush caught but years later, Dick Cheney, who was Vice President to Mr. Bush’s son George Bush Jnr, was on a hunting trip in Wyoming when he shot what he thought was a quail. It turned out that he had shot a man! The victim survived because he was shot with pellets, not bullets.

I cannot remember if police pressed charges against Mr. Cheney, the standing hardliner of the Bush Jnr Administration.

Not only US Presidents, but their top aides often had snafus of their own. In 1971 when

Biden

Secretary of State Henry Kissinger went on a secret trip to Beijing to lay the ground for “playing the China card” against USSR, he was seen wearing an oversize shirt. Kissinger later explained in his memoirs that during a secret stopover in Karachi on his way to Beijing, his staffers forgot the suitcase bearing his clothes, so he had to borrow a shirt from one of them for his historic meeting with Chairman Mao. It wasn’t so much a snafu, but there was this historic 1966 photo of Chairman Mao swimming dog-style in the mighty Yangtze Kiang river, with only his head visible above the water. As we read in the captions, it was at the beginning of the Great Proletarian Cultural Revolution, when the Chinese Communist Party purged many of its top leaders.

Field Marshal Idi Amin Dada of Uganda, too, did one mighty splash in the late 1970s.

DRUM magazine published three pictures of the huge man, side by side. He was walking to the swimming pool clad only in pants.

He then stood on the plank above the pool,

and the next minute he powerfully dived in.

The three-part photo caption said, “On a hot day in Kampala... President Idi Amin Dada…

Made a brief appearance.”

Other powerful leaders’ snafus made worldwide headlines over the years. During a trip to West Germany in 1980 or so, General Secretary of the Soviet Communist Party Leonid Brezhnev could not stand up from his chair after meeting with Chancellor Helmut Schmidt. Veteran Soviet Foreign Minister Andrei Gromyko quickly grabbed Brezhnev’s arm and helped him to his feet. Apparently the Soviets did not have the rule of the Nigerian Armed Forces, that a junior officer cannot touch a senior officer without his permission, even if he is dying. Remember the story told by General Sani Abacha’s Chief Security Officer Major Hamza Al-Mustapha, that when he rushed to a guest house and found Abacha unconscious, he shouted several times, “General Abacha, can I touch you?”

When no permission was uttered, he could not touch the dying Head of State.

President Biden was attempting to dismount from his bicycle during a morning ride in Rehoboth Beach, Delaware to speak with some well-wishers near his vacation home. Instead, his 79-year old legs got caught in the pedal and he fell over . His large Secret Service detail rushed to his aide but he stood up and said he was okay

There was this famous 1978 picture of Indian Prime Minister Morarji Desai, who was over 80 years old at the time, drinking from a small cup. It was his own urine that he was drinking, the photo caption stated. Desai, a conservative Hindi gentleman, believed that human urine was a very efficacious medicine. Probably no VIP snafu, if it could be called that, exceeded the story that broke in the mid-1970s. French newspapers alleged that Elizabeth Bagaya, Princess of Toro, Foreign Minister of Uganda, was caught having sex with a Whiteman in a toilet of Orly Airport in Paris. She denied it, but Field Marshal Idi Amin sacked her.

Here in Nigeria, reporters attached to Aso Rock and Government Houses can be trusted not to report VIP snafus, which is why we don’t get to hear about them or see them on TV screens. Unless they happen out in the open. In 1974, when Head of State General Yakubu Gowon was paying a visit to a certain state, airport cargo handlers were unloading boxes from an advance plane when a box fell open and Mrs. Victoria Gowon’s wigs spilled on the tarmac. All the VIPs lined up at the airport to receive the Head of State pretended that they did not see it.

In Sokoto in 1996, it was a small scandal when a Sultan’s Palace limousine, with Sultan Muhammadu Maccido sitting inside, drove into a petrol station for a refill. The Sultan was at the airport to receive the newly posted Military Administrator of Zamfara State, Colonel Jibrin Bala Yakubu. Unexpectedly, the new Milad requested the Sultan to accompany him to Gusau in order to smoothen his takeover of half of the state. The Sultan agreed but as they made to drive out of town, the shivering driver announced that he did not have enough fuel for the sudden trip. So the Sultan said, “Let’s enter the petrol station.”

Military rulers did more than that. In 1997, the Military Administrator of a Northern state, a policeman, was about to depart Kaduna for his state when he was told to proceed to Abuja. On the way, his aides told him that the State Lodge in Abuja was not ready and they did not have money to pay for a hotel, having exhausted their funds in Kaduna. It was already dark when they got to Tafa, so the Milad stopped the motorcade, pulled off his police uniform, wore mufti and told everyone to go and find a place to sleep and reassemble at 7am. The Milad then disappeared, allegedly into a cheap roadside hotel, only to reappear in the morning and continue the journey to Abuja.

Let us close with this one. During the Second Republic years, there was the story of a Northern state governor who was on tour of his state. In those days, governors regularly went on tour of their local government areas, with long vehicle convoys on mostly dirt roads. Apparently His Excellency the Governor was pressed so his car suddenly screeched to a halt in the middle of the bush.

Aides rushed out from other vehicles to see what was wrong, only to see the Governor grab a water bottle and dash into the bush.

Everyone quickly pretended that they did not see what happened.

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