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AfreximBank Moves to Domesticate Intra-African Payments System Emmanuel Addeh in Abuja The President of the African ImportExport Bank, Prof Benedict Oramah, yesterday said that the bank was set to domesticate Intra-African payments through the commercial launch of the Pan-African Payment and Settlement System (PAPSS).

Oramah who spoke exclusively with Arise Television, THISDAY’s broadcast arm, noted that Africa was losing as much as $5 billion yearly

because such a payment system does not currently exist, making intra-African trade very difficult.

He noted that as at today, Africa has about 42 currencies and roughly the same number of fragmented payment systems, stressing that transacting businesses under such conditions means the movement from one currency to the other.

“This has been costing the continent an estimated $5 billion a year for intra-regional payments. That had

meant that payments sometimes took up to 14 days if they (ever) arrive. “ In an age where foreign currency has increasingly become scarce, it will also cause a diversion of trade because to be able to buy something from your neighbour, you have to go and change it to another currency from somewhere else to be able to get the currency to pay for it.

“And we say this is not necessary.

Continued on page 10

Oramah

Wednesday 5 July, 2023 Vol 28. No 10311. Price: N250

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Makinde: We'll Unite Fasoranti, Adebanjo in Yoruba's Interest... Page 34

Yakubu: 2023 Elections Outcome Fair Reflection of Multi-party Democracy Says INEC refrained from joining issues with observers, parties, others over elections outcome Closes defence in Obi's petition after calling one witness Tinubu, APC open defence today Court admits president's Chicago University records, US Visa, other documents in proof against Atiku's petition Alex Enumah and Adedayo Akinwale in Abuja

The Independent National Electoral Commission (INEC) yesterday, said despite divergent opinions about the

outcome of the 2023 general election, the overall outlook suggested that it was a fair reflection of a complex

multi-party democracy.

The Chairman of the commission, Prof. Mahmood Yakubu, stated this at

a meeting with the Resident Electoral Commissioners (RECs) in Abuja.

The Commission boss said this on

same day INEC closed its defence Continued on page 10

10th Senate: Bamidele is New Senate Leader, Mwadkwon Leads Minority Ndume, Umahi, others emerge principal officers PDPalone can’t determine minority leaders, says new leader Kebbi senator declares process of emergence not transparent APC NWC has no hand in choices, Adamu explains Chuks Okocha, Adedayo Akinwale and Sunday Aborisade in Abuja President of the Senate, Godswill Akpabio, yesterday, named Senator Opeyemi Bamidele, an All Progressives Congress (APC) member representing Ekiti Central, as Senate Leader for the 10th National Assembly.

Akpabio announced the Peoples Democratic Party (PDP) senator for Plateau North Senatorial District, Senator Simon Davou Mwadkwon, as Minority Leader.

Other principal officers of the senate proclaimed by Akpabio included Senator Dave Umahi (APC, Ebonyi South), Deputy Majority Leader; Senator Ali Ndume (APC, Borno South), Chief Whip; and Senator Lola Ashiru (APC, Kwara South), Deputy Whip.

Continued on page 10

NEW SENATE LEADER...

L-R, The Deputy President of the Senate. Senator Jubril Barau and the new Leader of the Senate Senator Opeyemi Bamidele after Bamidele emerged as the Leader of PHOTO: JULIUS ATOI. the Senate yesterday in Abuja.

IG Orders Deployment of 35 CPs to State Commands, Formations... Page 37

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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322, 0807 401 0580

NEWS

BANK OF AMERICA VISIT TINUBU...

L-R: Special Adviser on Communications, Strategy Dele Alake; Head of Sub-Saharan Africa of the Bank of America, Mrs. Yvonne Ike Fasinro; President International of Sub Saharan Africa of the Bank of America, Mr. Bernard Mensah, President Bola Ahmed Tinubu; Chief of staff to the President, Femi Gbajabiamila; Acting Central Bank Governor, Folashodun Shonubi, and Special Adviser Monetary Policies, PHOTO: GODWIN OMOIGUI Wale Edun, during the courtesy visit of the Representative of the Bank of America to the Presidential Villa, Abuja … yesterday

House to Investigate Alleged Abuse of N2.3tn Tertiary Education Trust Fund Juliet Akoje in Abuja The House of Representatives yesterday set up an Ad-hoc Committee to investigate the alleged abuse of N2.3 trillion generated

from the Tertiary Education Trust Fund from 2011 to 2013, and report back within four weeks for further legislative action.

The resolution followed the adoption of a motion on the need

to ‘Investigate the Alleged Abuse of N2.3 trillion Generated from Tertiary Education Tax by the Tertiary Education Trust Fund from 2011 to 2013,’ moved by Hon. Olusola Fatoba, Hon. David Fouh,

Hon. Zakari Nyanpa during the resumed plenary session.

Fatoba, while presenting the motion, noted that the Tertiary Education Tax was introduced as a special corporate tax to provide

ICAN President: We Don’t Need to Be Economist to See Dangers in Pilling Up Public Debts Says Nigerian accountants need massive mindset change Dike Onwuamaeze The President of the Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Okwuosa, has warned against Nigeria’s propensity to accumulate public debts, even as he urged the federal government to unlock the vast resources of country’s economy in order to generate revenue.

Okwuosa gave this warning yesterday in Lagos, during his interactive session with select group of journalists where he said: “I do not think that we need to be economists to see the dangers in pilling up debts for the citizens.

“Speaking in my personal capacity, I believe that some of the loans taken by the government are not necessary. Those funds could have been sourced internally by opening up other aspects of the economy.

“We have vast and untapped resources. Why will the government not exploit the vast mass resources that we have in this country, rather than taking the easy approach of taking loans? Can we not engage our scientists and engineers to go to work?”

He said, “something must be done to create an enabling environment that will unleash the human capital that we have in this country. I think this is what we need to do rather than borrowing and increasing our debt.

Let us unleash the human capital that we have in this country and there will be no need to borrow.”

Okwuosa also stated that his presidential year at ICAN would usher in series of reforms that would equip Nigerian chartered accountants to adapt to emerging technological trends reshaping the practice of accounting profession.

According to him, “the state of the profession is such that chartered

accountants are expected to operate in a digital world. We have been talking about accountants getting technologically involved in what they do and using technology to enhance their practice.

“But there are no concrete actions as regards how these will be done.

The enabling environment that this required is not there. We intend to bring reforms that would practically equip our members to be able to employ technology to operate.

“Secondly, accounting has changed in terms of what the business community and the world expects accountants to do. The traditional accountant is trained to operate with the mindset that profit maximisation is the goal of corporations. They work by cutting costs to increase profit.

“But we have gotten to a point where we are now talking about people, planet and profit. We factor in people, the planet and the environment into business operations and do not talk profit in isolation but within the context of people and the planet.

“This leads to a wider issue of sustainability that is now pervading the accounting profession. Today we are talking about climate change and energy transition and accountants have to be at the fore front of this. Accountants need to acquire sustainability skills.

“The Nigerian accountant will have to be repositioned for a whole massive mindset change will have to take place for the accountant to take on the new role. This is about the little reforms and the innovation that we are going to bring in in this presidential year.”

He also identified the proliferation of professional bodies in the country as one of the major challenges diminishing the practice of accounting profession in Nigeria.

He said: “The challenge of accounting profession in Nigeria is traceable to the proliferation of the accounting profession, which opens doors for quacks to come in. And when quacks come into the profession they will accept anything.”

Okwuosa emphasised that ICAN members have been practicing accounting in all its ramifications since its inception in 1965.

“There were no limits on what the chartered accountant can do in terms of practice, which included taxation, forensic, etc. But what that has happened now is that you see individuals coming up with one branch of accounting and turning it into a professional body. “This is not peculiar to the Nigerian environment. But what is wrong with this proliferation is a clause usually inserted by these new bodies that criminalises those that are already into this practice by saying that you can no longer do that,” he added.

According to him, “if we are placed in a situation where we practice less than our peers in other countries then our profession is being diminished.

“And that is what this country must avoid. Because we have contemporaries internationally and if they get to know that we are practicing less, then we will be diminishing accounting profession in Nigeria. And I am sure that is not the intention of the National Assembly.”

Okwuosa also said steps so far taken by President Bola Ahmed Tinubu’s administration, especially the unification of the foreign exchange market, were in the right direction.

He said: “The issue of foreign exchange cannot be viewed in isolation. But we will say that

government is in the right direction on that because the gap between the official and unofficial rates is a distortion within the economy that every responsible government must work to close.

“To that extent we support the policy of the government in that direction. But there is a need for palliatives that will make the poor income earners not to suffer from such effects.”

specialised funding for tertiary education in Nigeria, including capital projects, research and development, amongst others.

The tax was introduced based on the repealed Education Tax Act, which established the Education Trust Fund to impose Education Tax on Nigerian companies at the rate of 2.5 per cent of the assessable profit for annual assessment.

The lawmaker recalled that in 2011, the Education Tax Act was repealed and Enacted Tertiary Education Trust Fund Establishment Act in 2021, the Finance Act 2021, increased the applicable Tertiary Education Tax rate from two per cent to 2.5 per cent.

"Since the establishment of the Tertiary Education Trust Fund in 2011, the Fund has earned trillions of naira as revenue generated, however, the Fund is reputed for numerous financial abuses in its operations, award of contracts and execution of projects.

"The Standard Operating

Procedure within the Fund is porous and does not create a platform for proper supervision of projects domiciled with Tertiary Institutions, with disbursements of funds happening without tracking and payments being made despite the failure of Contractors to achieve milestones required for such payments," he added.

Fatoba, further alleged that the abuses, actions, inactions and infractions resulted in the misappropriation of the funds to about N2.3 trillion.

"If urgent steps are not taken to investigate the allegations, the decay of the Tertiary Education System will continue to increase, thus, resulting in strike actions, substandard institutions, lack of faith in the system, migration of talented youths and total collapse of the Education System arising from gross abuse of a laudable special intervention Programmes and aspiration of the President to provide opportunities to young people through quality tertiary education," he added.

Nigeria Can't Afford to Fail Africa, Tinubu Declares Says his govt on right track to success

Deji Elumoye in Abuja President Bola Tinubu has declared that Nigeria could not afford to fail the African continent.

Speaking yesterday while receiving visiting Bank of America officials at the State House, Abuja, the president stressed that the nation, had no reason to fail the rest of Africa.

Tinubu, according to a release issued by his Special Adviser on Special Duties, Communications and Strategy, Mr Dele Alake, expressed confidence that his administration was on the pathway to success in spite of the challenges facing the country.

The President said his government was committed to instituting reforms that would engender the sustainable growth and development of the country.

"We believe we are on the right

track so far. We believe we need all the help we can get," the president said, asking the bank's management for support and partnership that would advance mutual benefits for Nigeria and the financial institution.

Tinubu said governance and development challenges facing the country could not be addressed without fiscal and institutional reforms.

According to him, "21st Century actions on climate change, finance and innovation are intertwined.

Having a good platform and believing in innovation will help in undertaking reforms and tackling the issues. This is the largest economy and democracy in Africa and if we cannot do it, nobody will do it for us."

Affirming that no one could do it alone, the president made a case for the bank and other willing financing institutions to help the

country, for instance in partnering to ensure Nigerian gas compete favourably in the global market, as a viable source of alternative revenue.

Earlier, leader of the delegation and President of International for Bank of America, Mr. Bernard Mensah, expressed excitement about the initial steps taken by the new administration, which, he said, was taking Nigeria back to its rightful place on the global stage.

He said the bank was willing to assist the country address its immediate and longer term challenges not only in the area of financing but also contributing with ideas.

Mensah was accompanied on the visit by Head of Sub-Saharan Africa of the bank, Mrs. Yvonne Ike Fasinro, and Head of Investment Banking Sub-Saharan Africa, Mr. Chuba Ezenwa.

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BRAINSTORMING ON WAY FORWARD...

Chairman of Nigerian Governors' Forum/ Kwara State Governor, AbdulRahman AbdulRazak (L) with the Chairman of Progressive Governors' Forum cum Governor of Imo State, Sen Hope Uzodimma at the meeting of APC National Working Committee with their Governors in Abuja... yesterday

Analysts: CBN Reforms Strengthening Investors' Confidence in Economy James Emejo in Abuja Analysts yesterday said reforms currently introduced by the Central Bank of Nigeria (CBN) have continued to bolster investors’ confidence in the economy.

They specifically hailed the floating of the foreign exchange believing that issues concerning the supply side would be addressed in due course.

In separate interviews with THISDAY, the analysts believed that though some of the current initiatives may not produce immediate gratification as expected, they hold much promise in the long run.

Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, expressed confidence that the anticipated foreign exchange liquidity following the FX convergence would be achieved.

But he pointed out that investors were only awaiting the outcomes of a number of key policy directives on monetary and fiscal policy.

He also noted that rates would eventually stabilise and lead to greater FDI He said, “I think the move to unify the FX rate was a no-brainer.

The markets have reacted positively and it is a sign of things to come.

The stock market has rallied to a 15-year high and the valuation of banking stocks is set to improve as well.

Also, the initial spike in rate is to be expected due to a backlog of demand and Hajj demand as well.

Rates will eventually stabilise and lead to greater FDI.” Also, Managing Director/Chief

Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, described the reforms as welcome developments, adding that their outcome may not yield the immediate desired results in the short run.

He said, “In the long run, however, these reforms are expected to derive positive outcomes. Currently, we are experiencing traction in the investor confidence already manifesting in the capital market and other markets.

“We, however, need to take insecurity very seriously in order to get optimum investment benefits from these reforms.”

Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, said the reforms have begun to yield positive results already.

He said, "We have started seeing positive signs in the economy especially the Capital market where investors’ confidence has been rekindled.

"The I & E window has also recorded significant FX transactions since the new FX policy started. The Importers & Exporters window exchange rate is also gradually converging with the black market rate which is also a very positive sign."

He added that "Economic experts have also asserted that the CBN is going in the right direction as regards its recent policies.

"We will wait for the outcome of the next MPC meeting as regards what the new position on interest rates."

The acting CBN Governor, Mr.

Folashodun Shonubi, had recently abolished the segmentation in the foreign exchange (FX) market and collapsed all rates into the Investors and Exporters (I&E) window – to the excitement of investors and analysts.

Among other immediate reforms, the CBN under Shonubi, also announced the cessation of the RT200 Rebate and Naira4Dollar Remittance Schemes, with effect from June 30.

Both initiatives, introduced by the suspended CBN Governor, Mr. Godwin Emefiele, were launched to boost non-oil exports and diaspora

remittances to encourage foreign exchange inflows into the economy.

These initiatives had been highly commended and welcomed by analysts with early positive results since they were launched.

The initiatives in the FX market also led to the devaluation of the naira as the local currency became weaker against the US dollar.

The apex bank had explained that the policy changes introduced in the country's foreign exchange market were meant to promote transparency, liquidity and price discovery in the

FX market in order to improve supply, discourage speculation, enhance customer confidence as well as ensure overall stability in the FX market.

The CBN also announced that going forward domiciliary account holders are permitted to utilise cash deposits not exceeding $10,000 per day or its equivalent via telegraphic transfer. CBN Director, Corporate Communications, Department, Dr. Isa Abdulmumin, in a statement issued after an extraordinary Bankers' Committee meeting also said all

MSF Raises the Alarm over Escalating Malnutrition Crisis in Northwest Michael Olugbode in Abuja

The Médecins Sans Frontières (MSF) also known as Doctors Without Borders (MSF) has warned of potential catastrophe due to escalating humanitarian needs in northwestern Nigeria in the coming months.

The MSF in a statement yesterday, explained: “A malnutrition crisis is escalating in northwest Nigeria, prompting international medical organisation Médecins Sans Frontières/ Doctors Without Borders (MSF) to reinforce its activities while warning that the current humanitarian response is insufficient to avert a potential catastrophe in the coming months.”

According to the statement, MSF has opened three new outpatient therapeutic feeding centres, in addition to the 10 inpatient centres and 32 outpatient centres that it already manages across Kano, Katsina, Kebbi, Sokoto and Zamfara states.

The statement added: “Between January and May this year, MSF teams in northwest Nigeria provided inpatient care to 10,200 severely malnourished children with medical complications and admitted 51,000 children to its outpatient feeding programmes.

“Inpatient admissions were 26 per cent higher than in the same period in 2022 – numbers which were already unprecedently high.

“This year, admissions are expected to continue rising. The ‘lean season’ – the period between harvests when stocks of food run low, which runs from May to August in Nigeria – only began recently, but bed occupancy is already at 100 per cent in several MSF treatment centres.”

MSF Medical Coordinator Htet Aung Kyi, was quoted in the statement to have said: “The numbers of malnourished children that we are receiving in our facilities are a strong indicator that the further we get into the lean season, the more cases we’ll receive,” The statement recalled that Northwest Nigeria has some of the worst health indicators in the

Sterling One Foundation Partners United Nations on Africa Social Impact Summit Sterling One Foundation has announced its partnership with the United Nations to host the Africa Social Impact Summit (ASIS) 2023 in August.

The event which will hold from August 10th to 11th at the Eko Convention Center, Lagos, would bring together key stakeholders in the African development space, including corporate executives, impact investors and development experts from various United Nations (UN) bodies and donor agencies, according to the CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe.

A statement yesterday, noted that other stakeholders expected at the event were leaders of nongovernmental organisations (NGOs),

heads of government parastatals, international investors, private equity firms, as well as members of the general public who have deeply invested in the growth and progress of Africans.

Ibekwe explained, "The Africa Social Impact Summit, is Sterling One Foundation's flagship platform that collaboratively brings together all players in the African development space to share ideas, learnings, and plans to ensure the holistic achievement of the Sustainable Development Goals (SDGs 2030 and Agenda 2063)."

She explained that ASIS was focused on giving various social impact players the right setting to discuss practical solutions to the continent's challenges across climate

visible and invisible transactions including medicals, school fees, BTA/ PTA, airline and other remittances are eligible for the Investors' and Exporters' (I & E) window.

As a result, he said Deposit Money Banks (DMBs) shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window.

The central bank director pointed out that the meeting had discussed the policy implementation and implications for the banking public.

action, circular economy, health, education, youth empowerment, renewable energy, and other sectors.

According to her, this year's summit aims to structure agreedon solutions into a comprehensive approach with the potential for long-term impact on the continent by providing more opportunities for more people and equitable access for everyone.

Speaking on the partnership, the Resident and Humanitarian Coordinator for the United Nations in Nigeria, Mr. Matthias Schmale, expressed delight over the partnership, noting that convening the Africa Social Impact Summit was timely and highly relevant.

He said that against the backdrop

of the pandemic, the Ukraine war and the negative socio-economic impact these and other crises have had on the global 2030 Development Agenda, it is more urgent than ever to rescue the SDGs and to accelerate their achievement in Nigeria and across the continent.

He added that the Africa Social Impact Summit provides an excellent platform for key development stakeholders in the country and on the continent to explore how to move forward together and find common solutions across borders.

Besides panel discussions, the Summit would also feature a deal room, which would allow innovative entrepreneurs pitch to a curated set of impact investors in a bid to access

new investments for their businesses to help deepen their impact and scale their sustainable solutions.

The Sterling One Foundation is a vehicle for positive social impact across critical sectors of the economy. Driven by the unique challenges facing Africa and the need for progressive change, it is committed to being the benchmark of positive social impact in Nigeria by creating sustainable solutions for youth empowerment and job creation via impactful sectors.

The United Nations is an international organisation founded in 1945.

Currently made up of 193 Member States, the UN and its work are guided by the purposes and principles contained in its founding Charter.

country, including escalating levels of violence in recent years which have contributed to turning an alarming malnutrition situation into a full-blown crisis; armed groups which regularly raid towns, loot property and kidnap local people for ransom that have left many residents fleeing their homes for safer areas.

“Others have stayed but are unable to access their farms or places of work due to the worsening insecurity.

People in need of medical care face challenges reaching health centres and hospitals because of the risks of travelling on unsafe roads,” it added.

MSF teams lamented, “that children who recover from malnutrition and are discharged home often need to be readmitted later as their families struggle to find enough food to keep them healthy. This keeps children stuck in a spiral of malnutrition from which it is difficult to escape.

“We eat when we have food, but there are days when we go hungry, and sometimes the children have to beg for food,” Sadiya, whose child was treated for malnutrition at MSF’s therapeutic feeding centre in Katsina, said.

According to the Nigerian Bureau of Statistics, an estimated 78 per cent of people in northwest Nigeria live below the poverty line. Healthcare is often unaffordable or hard to access, and many children have never been vaccinated against common childhood diseases. A very limited amount of international aid reaches the region. All these factors have contributed to the growing numbers of malnourished children in urgent need of treatment.

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FOSTERING AND STRENGTHENING DIASPORA COLLABORATION...

L-R: Chief of Mission at International Organizations for Migration (IOM), Mr Laurent de Boeck; Chairman/CEO, Nigeria in Diaspora Commission, Hon. Dr Abike Dabiri-Erewa, OON; Founder, Networking Institute, Mr Kingsley Aikins and the Irish Ambassador to Nigeria, Amb Peter Riyan, at a Meeting to Foster and Strengthen Diaspora Collaboration, at International Organisation for Migration (IOM) Headquarters, in Abuja...on Monday

FG Urges Youth to Embrace Technical Education, 154,000 Candidates write NABTEB

Kuni Tyessi in Abuja

The federal government has reiterated that the world has moved beyond days of white-collar jobs as it urged parents and guardians to encourage their children and wards to embrace technical education.

Permanent Secretary, Federal Ministry of Education, David Adejo said this yesterday, after monitoring the ongoing National Business and Technical Examinations Board (NABTEB), in Abuja, in

which 154,301candidates enrolled for year 2023.

Adejo, who expressed satisfaction with the general conduct of the examination which began last week, across the country, said some registered students in some states were not allowed to write as the state government which registered them failed to release money for the examination.

He regretted that some state governments were owing the examination body so much that

a decision had to be taken to recoup the sum.

Adejo, however refused to mention the states involved and the amount being owed the examination body.

Noting that there was improvement in the 2023 examination, he said: “But I keep telling people that as Nigerians, we need to really embrace technical education. We really need to let our children know that the world has moved beyond the days of white-collar jobs. What

you get today is what you can do with your hands. And at the pre-tertiary education level, the NABTEB provides that opportunity for training you to be business minded and technologically focused. That is the examination that assesses you to get to that place.

“Now, when you look at what is happening in our university system and our tertiary institutions, they are also diverting to doing innovation and entrepreneurship,

that is what makes the difference.

“A number of states were not allowed to write this examination because the states did not pay, and NABTEB has to take that decision because previously, they have been allowing them but the debt is growing. These examination papers were made with money, the monitoring is money, the marking is money and the release of results is money."

Speaking also, the Registrar of the Board, Prof. Ifeoma Isiugo-

NDLEA, NCA-UK Recommit to Taking Battle against Drug to Cartels Michael Olugbode in Abuja The National Drug Law Enforcement Agency (NDLEA) and the National Crime Agency of the United Kingdom (UK) have both recommitted to taking the battle against drug to the doorsteps of drug cartels as part of efforts to stamp out organised crimes in Nigeria and the UK. The fresh commitment was the highlight of remarks by the Chairman/Chief Executive Officer of NDLEA, Brig.

Gen. Buba Marwa (Retd) and the Regional Manager, West Africa, NCA, David Cater, at the signing of a renewed Memorandum of Understanding, MoU between the two agencies at the NDLEA headquarters in Abuja, yesterday.

According to Marwa, “this

renewed MoU will definitely and inevitably propel High Intelligence Driven Operational Tentacles that will seek out the most complex organised criminal networks, no matter their hiding place to face the wrath of the Law.” He expressed great expectations in the NCA’s upcoming project with the agency’s rebranded Criminal Intelligence Task Force (CITF), stating that, “I look forward, with great optimism, to the requisite specialist capabilities this project will provide to the CITF officials to target and disrupt drug trafficking cartels in our country, the West Africa sub-region and beyond.

“Our overwhelming gratitude goes to the Government of the United Kingdom for its

continued technical support to the agency. Also worthy of appreciation is the commendable efforts of the dedicated UK NCA personnel which no doubt, has inspired the Agency’s CITF officials with deepened enthusiasm to tackle Serious Organised Crimes frontally.”

Marwa, while acknowledging that organised crime was a dynamic and complex phenomenon that does not recognise borders, thereby posing grave threat to lives and properties in both countries, said “It is therefore imperative to aggressively seek proactive ways of managing intelligence and enhancing capabilities for disrupting transnational organised crime syndicates, thereby justifying the need to sustain the renewal of this

Abiodun Mourns Ibiyemi, NewsDirect Publisher James Sowole in Abeokuta Ogun State Governor, Mr. Dapo Abiodun, yesterday, described as shocking the death of Dr. Samuel Ibiyemi, the publisher of NewsDirect.

Ibiyemi reportedly died yesterday afternoon, at the Babcock University Teaching Hospital, Ilishan Remo, of pulmonary embolism.

In a condolence message to his family and media colleagues,

Abiodun described Ibiyemi, as a brilliant and versatile journalist, who deployed his wealth of experience in the profession to better the society.

He said the late publisher was a stickler for the truth, noting that through his medium, he contributed his own quota to the economic and political development of Nigeria.

“He was quick to realise the business aspect of journalism, hence, his foray into publishing. Through

NewsDirect, a refreshing newspaper, Ibiyemi brought to bear his professionalism and business acumen.

“His death is a huge loss to his family and the journalism profession. His legacies are immense and indelible.

“We in Ogun State will miss this quintessential and courageous journalist of no mean repute. It is my prayer that God grant him eternal rest,” the governor said.

memorandum of understanding which is another significant milestone in our collaborative efforts to combat organised criminal groups.”

In his remarks at the brief ceremony, David Cater said renewing the MoU comes with great satisfaction and significant to the good work of both NDLEA and NCA. He

said the renewed MoU would, “enable us to take the battle to the enemies, that is, the cartels.”

He expressed appreciation to the leadership of NDLEA for the support and confidence reposed in the partnership, while assuring that the ongoing project will continue to support the Agency to succeed in its assignments.

Abanihe, explained that registered candidates in some states were not allowed to write the examination because their state governors who registered them did not fulfill their payments.

She explained that, "Some states are owing us and this time, we refused credit so that action reduced the number of candidates writing the examination down.

Nevertheless, what we have this year is 154,301. That is the exact number of candidates that enrolled this year.

“As you can see, this is a far cry and that’s to show you that we need to do more, we need to encourage technical education the more. We need more candidates because that is where you get the skills.”

Explaining that the examination started last week across the country, she said: "So, we are one week now into the examination. This week is for our compulsory, general education subjects. As you can see, today is for English Language and tomorrow will be Mathematics followed by Economics on Thursday.”

Court Reverses Order against Africa Plus Partners, Bastanchury Power Solutions Dismisses motion for interlocutory order of mareva injunction brought by plaintiffs The Federal High Court in Lagos has issued a ruling reverting its earlier decision and reversing the order that froze the bank accounts of Africa Plus Partners and Bastanchury Power Solutions.

The court's decision, delivered on June 6, 2023, dismissed the plaintiffs' motion for an interlocutory order of mareva injunction, shedding light on the meritless nature of the claims brought against the defendants.

The plaintiffs, comprising Fenchurch Energy Nigeria Limited, Mr. Funso Adeyemi, and Mr. Femi Bakare, had sought to obtain an injunction against Africa Plus Partners,

Bastanchury Power Solutions, and the Africa Infra Plus Fund.

However, the court's ruling effectively vindicated the defendants, highlighting their consistent adherence to high ethical standards and unwavering commitment to transparency and integrity in all business dealings.

Further revelations emerged during the defense proceedings, exposing the plaintiffs' history of filing two similar actions, identified as FHC/L/CS/185/2020 and FHC/L/ PET/644/2020, which aimed to disrupt the defendants' operations through injunctive measures.

These attempts proved unsuccess-

ful and were ultimately abandoned.

Additionally, the defendants revealed the plaintiffs' misleading tactics, wherein they presented outdated Corporate Affairs Commission filings from 2015 instead of the certified 2020 filings executed by the plaintiffs.

“The plaintiffs' repeated lawsuits and false allegations regarding their shareholding in Bastanchury Power Solutions have raised questions about their motivations and tactics.

“The court's reversal of the order signifies the recognition of these questionable practices and affirms the defendants' position of innocence and integrity,” a statement explained.

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Okonjo-Iweala Urges G-20 to Show Restraint in Implementing Trade-restrictive Measures Ndubuisi Francis in Abuja The Director General of the World Trade Organisation (WTO), Dr. Okonjo-Iweala, has urged G20 economies to continue to show restraint in implementing traderestrictive measures and exercise leadership in supporting open and mutually-beneficial trade.

The WTO Director-General observed that their initiative and leadership would be crucial for delivering results between now and the upcoming 13th WTO Ministerial Conference (MC13) in February 2024.

She was commenting on the WTO Report on G20 Trade Measures (mid-October 2022 to mid-May 2023), which was released yesterday.

The G20 members are Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany,

India, Indonesia and Italy.

Others are Japan, Republic of Korea, Mexico, Russian Federation, Kingdom of Saudi Arabia, South Africa, Turkey, United Kingdom; and the United States.

The report showed that many G20 export restrictions remained in place, including those on food and fertilisers.

However, G20 members have introduced substantially more trade-facilitating than trade-restrictive measures on goods between midOctober 2022 and mid-May 2023.

But, several export restrictions on food, feed and fertilisers have remained in place, compromising the predictable flow of food through international markets and contributing to price volatility at a time when food affordability remains a major global concern.

The WTO Trade Monitoring

Report on G20 trade measures showed that the war in Ukraine, COVID-19 after-effects, extreme weather and high food and energy prices have continued to cause uncertainty in global trade.

“The trade disruptions caused by the shocks of the past three years have pushed economic security to the forefront of policy discussions.

"Yet what we have seen over this period is that open global trade, anchored in the multilateral trading system, is a powerful force for economic security, enabling WTO members to better produce and access food, medical supplies, and other essentials.

“It is welcome that G20 economies have been taking more steps to facilitate imports, underscoring how trade is a tool to push back against inflationary pressures.

"I call on them to show leader-

ship by continuing to reduce the number and trade coverage of export restrictions, particularly on food, feed and fertilizers, to help dampen the price volatility that makes life harder for people around the world,” Okonjo-Iweala said.

The report made reference to the upcoming 13th WTO Ministerial Conference (MC13) in February 2024, a key opportunity for WTO members to reinforce the multilateral trading system and the predictability it provides to the global economy.

The report was released amid the pronounced weakening of merchandise trade, which slumped during the fourth quarter of 2022 and appeared to have remained below trend in the first quarter of 2023.

World merchandise trade volume growth was expected to slow from 2.7 per cent in 2022, to 1.7 per cent

in 2023, before picking up to 3.2 per cent in 2024.

The report pointed out the increase since 2020, in the implementation of new export restrictions by WTO members, first in the context of the pandemic and subsequently with the war in Ukraine and the food security crisis.

These developments were first described in the November 2022 G20 Trade Monitoring Report.

As of mid-May 2023, WTO members still had 63 export restrictions in place on food, feed and fertilizers — down from the total of 101 that had been introduced since the beginning of the war in Ukraine.

In addition, 21 COVID-19-related export restrictions have remained in force. Of these, G20 economies were maintaining 19 of the export restrictions on food, feed and fertil-

izers and 12 of the pandemic-related export restrictions.

A similar pattern had been observed for the trajectory of trade restrictions introduced in the wake of both crises. Initial and often comprehensive export bans were subsequently replaced with other restrictions, such as quotas and licencing requirements and many were later notified to the WTO. The report noted that from a transparency point of view, this was important as, “it provides clear information to markets and reflects commitment to requirements set out in multilateral trade rules.”

“During the review period, G20 economies introduced 77 new tradefacilitating and 41 trade-restrictive measures on goods. Most of them were import measures.

for BVAS accreditation stood at 98 per cent, compared to the Smart Card Reader’s 29.2 per cent during the 2019 general election.

He added: "Above all, despite the divergent opinions about the outcome of the election, the overall outlook suggests that it is a fair reflection of a complex multi-party democracy."

Yakubu said while the Commission acknowledged that there were also some challenges, which were structural, infrastructural and human in nature, the electoral body was determined to address the challenges as it prepares for future elections.

He stated: "We are presently looking at all the evidence of infractions during the election, including the prosecution of offenders. We are looking at the activities of all actors involved in the election, including some of our high-ranking officials.

"I can confirm that the Nigeria Police concluded its investigation of

the conduct of our Resident Electoral Commissioner in Adamawa State and submitted the case file to us.

Appropriate action will be taken in a matter of days and Nigerians will be fully informed.

"I can also confirm that we have received 215 case files from the Nigeria Police following their arrest and the conclusion of investigation into electoral offences arising from the 2023 general election.

"We are working with the Nigerian Bar Association (NBA) to prosecute the alleged offenders. Already, the NBA has submitted a list of 427 lawyers across the country who have volunteered to render pro bono services to the Commission. They are not charging legal fees but by mutual agreement the Commission will provide a token amount to cover for filing fees/expenses.

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YAKUBU: 2023 ELECTIONS OUTCOME FAIR REFLECTION OF MULTI-PARTY DEMOCRACY in the petition by Peter Obi of the Labour Party (LP), after calling just one witness in defense of the February 25 presidential election that produced Senator Bola Tinubu as president.

Also, the Presidential Election Petition Court (PREPEC) yesterday, admitted in evidence, bundles of Tinubu’s educational records from the Chicago State University, United States of America, in proof of his qualification for the 2023 presidential election.

Speaking further during the meeting with RECs, Yakubu said the purpose of the meeting was to reflect on the 2023 general election, following the conclusion of the exercise, saying the time had come for introspection, stocktaking, review and evaluation.

The chairman said since the conclusion of the election, diverse opinions have been expressed by political parties, candidates, observers, analysts and the general public on aspects of the elections that took place in February and March.

According to him, such diverse opinions should normally be expected, adding that the Commission

welcomed all of them in so far as their purpose was to improve the future conduct of elections and to consolidate our democracy.

Yakubu stressed that the commission has consciously not joined in the commentaries in the immediate aftermath of the election for several reasons.

His words: "First, our preference is to listen more and draw lessons rather than join in the heated and often emotive public discussion on the election. Second, since we plan to conduct our own review of the election, we see no need to pre-empt the process.

"Third, the Commission would not want to be seen as defensive or justificatory in joining the ongoing discussions. Finally, and perhaps most importantly, several issues around the election are sub-judice and it is not the intention of the Commission to either undermine or promote the chances of litigants in the various election petition courts beyond what is required of us by the legal process.

"Indeed, practically anything coming from the Commission could be cited by litigants as either justifying

A F R E X I M B A N K M OV E S TO D O M E ST I C AT E I N T R A - A F R I C A N PAY M E N T S SYST E M We want to domesticate all intraAfrican payments. We do not yet have a single currency, but we can domesticate the payment by using a multilateral debt settlement system to reduce the foreign currency content of the trade and make it easier for people to buy goods across borders and retain trade that is diverted just because of currency issues. “ It will reduce significantly the cost of making payment across Africa.

Payment is what will drive intraregional trade because it’s through payments that you do a transfer of value. So, it it’s not just the issue of currency use.

“It’s also to integrate the infrastructure of all the payment systems that makes it easier for the farmer in Zambia to pay for Nollywood movies and stream Nigerian movies paying in Zambian Kwacha,” he pointed out.

He stated that for instance it will make it easy for Ghana to contract an Egyptian contractor to build roads and bridges and pay in Ghanaian Cedi.

“We are going to see a reduction in Sovereign Debts of many countries because of foreign currency because we will now start paying for services and infrastructure projects which we spend about $60 billion on the continent in African currencies.

“We complain today that we have difficulties in airlines flying all over Africa, but why will they fly when money is stuck in some countries because these countries do not have foreign currencies to pay? “ If as we hope will happen very shortly, it is possible now for those airlines to get paid in the national currencies of their origin. That will reduce significantly these problems and then make it possible for them to open more routes to other African countries,” he added.

He stated one of the key takeaways

from the recent Afreximbank annual meetings and its 30th anniversary celebration in Accra, Ghana, was that the event experienced a record number of attendees of over 5,000 persons from 90 countries , but noted that more would have come if not for logistics difficulties.

Oramah stated that the anniversary event also enabled Afreximbank to launch the Afreximbank group, consisting of the Afreximbank fund for export development in Africa, multilateral fund based in Kigali, Rwanda, the Afreximbank insurance management entity which enables the bank provide insurance services and other ‘ring-fence’ initiatives like the Pan African Payment and Settlement System towards the implementation of the African Continental Free Trade Area (AfCFTA).

He added that the PAPSS will enable the payment of intra-Africa trade in African currencies, noting that the Afreximbank due diligence repository platform was also launched, including other units like the African medical centre of excellence, among others.

Oramah also said it was also the first gathering of global Africans, with the Caribbean countries ably represented and that they came along with a broad spectrum of businesses and government agencies from the Caribbean.

The president said it also allowed Afreximbank showcase its financial performance, including a 36 per cent growth in gross revenue to about $1.5 billion and 18 per cent growth in net income growth of about $450 million, thanks to the strong support of the shareholders.

The Nigerian-born Afreximbank president added that the shareholders funds further increased to just under $6 billion, explaining that when combined with the capital, got close to about $10 billion.

their claims or an indication of bias against them."

Yakubu, stressed that in spite of the foregoing notwithstanding, it was appropriate at this point to make a few broad remarks about the 2023 general election as INEC commences its review.

The chairman maintained that compared to some previous elections, the 2023 general election was one of the most meticulously prepared for in recent times.

He said learning from previous experiences, the Commission started preparations immediately after the 2019 general election, carefully ticking the necessary boxes over a four-year period.

Yakubu said it was the need to learn from both the positives and the shortcomings that made the stocktaking the Commission was embarking on essential.

He explained that among the

positive stories was that the security challenge which threatened to derail the elections did not materialise; while concerns that the polls would be disrupted by the perennial insecurity across the country fizzled out on election day, maintaining that the elections were largely peaceful.

The INEC chairman noted that despite the naira and fuel scarcity as well as widespread attacks on its personnel and facilities nationwide, the Commission proceeded with the election as scheduled.

He emphasised that the first set of elections, the Presidential and National Assembly, held as planned for the first time in the last four general election conducted in the country, while accreditation of voters using the Bimodal Voter Accreditation System (BVAS) was generally scored very high by voters.

Yakubu said the Commission's records showed that the success rate

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1 0 T H S E N AT E : B A M I D E L E I S N E W S E N AT E L E A D E R , M WA D KW O N L E A D S M I N O R I T Y Bamidele clarified that no single political party had the sole right to determine the minority leadership positions in the 10th Senate because apart from the ruling APC, six other parties had elected members.

But the PDP senator for Kebbi South Senatorial District, Garuba Musa Maidoki, said he was not part of the process that led to the emergence of the senate minority officers, and dismissed it as nebulous.

Relatedly, some PDP senators explained why they moved against former Vice President Atiku Abubakar and former governor of Rivers State, Nyesom Wike during the election of the principal officers, saying it is in the over all interest of the party.

Yesterday, also, National Chairman of APC, Senator Abdulahi Adamu, revealed that the National Working Committee (NWC) of the party had no hand in the emergence of the principal officers announced by the senate president, Senator Godswill Akpabio, and Speaker of the House Representatives, Hon. Tajudeen Abbas.

Addressing journalists in Abuja after an NWC meeting that lasted more than three hours, Chairman of Progressive Governors’ Forum (PGF), Senator Hope Uzondinma, said the leadership of the party enjoyed the support of the APC governors.

Akpabio announced the principal officers after reading two official communications from both the majority and minority caucuses of the red chamber. He explained that the announcement of the principal officers was made based on the consensus and unanimous position of the seven political parties in the 10th senate.

The political parties include APC, PDP, Labour Party (LP), New Nigeria Peoples Party (NNPP), Social Democratic Party (SDP), Young People's Party (YPP), and All Progressives Grand Alliance

(APGA).

The senate dissolved into a closed session after Akpabio read out the names of the principal officers for the majority caucus.

At the resumption of plenary, Akpabio said, "The majority of members of the Senate Minority Caucus of the Senate made up of seven political parties have come up with their leadership.

"They are Senator Simon Davou Mwadkwon as the Minority Leader; Senator Lere Oyewumi (PDP, Osun West) Deputy Minority Leader; Senator Darlington Nwokocha (LP, Abia Central) as the Minority Whip; Senator Rufai Hanga (NNPP, Kano Central), as the Deputy Minority Whip.”

‘PDP Alone Cannot Determine Minority Leaders’

New Senate Leader Opeyemi Bamidele said no single political party could solely determine the minority leadership positions in the 10th Senate because six of them had elected members.

Bamidele said the emergence of the principal officers was not rancorous. He maintained that stakeholders came together to fill the minority leadership positions.

The senate leader said, "The minority caucus leadership positions was not entirely a decision that one single political party could determine because more than one political party is involved in the 10th Senate.

"Thirty-eight out of the 50 minority caucus members approved the appointment of the minority principal officers after due consultations with relevant stakeholders.

"The minority caucus also had a matured discussion at an executive plenary session, where they jointly agreed on the principal officers positions and approved the announcement by the senate president."

Bamidele dismissed insinuations that both the majority and minority

leadership positions were sent from the presidency.

Maidoki: Minority Leadership Choice Not Transparent

Senator Garuba Musa Maidoki (PDP, Kebbi South) said he was not involved in the process that led to the emergence of the senate minority principal officers.

Maidoki told journalists after the announcement of the principal officers that the selection process was not transparent.

He stated, "I cannot imagine, as a senator of the Federal Republic of Nigeria on a minority party, and a minority leader has emerged without even sending me a message that I am seeking your vote or concurrence, support to be a minority leader, what type of party are we having in PDP? "We have 36 out of the 50 senators that are in the PDP caucus and then we cannot even come together and agree who the should lead us. I have nothing against those, who emerged. If 38 senators out of 50 have signed, as it is said and I believe they did, I just believed from an outsider, not a politician, that this is not a system that must be encouraged.

"This is because if we must lead this country, we must be transparent to each other. I might not vote for you but I should be able to have the knowledge that you're vying for something and you should be able to know that even if I oppose, you will win.

But to come at the senate and just hear that some people have sat down and they have agreed that the six senators have nominated minority leadership.

"I am not against now that they have emerged, we are willing to join forces because there is no time to fight now. I never knew they were signing, nobody called me, nobody informed me even an SMS. We have a minority caucus where we have been meeting regularly,

the issue was never brought."

‘We Moved Against Atiku, Wike in Collective Interest’

Some PDP senators explained why they moved against the interests of Atiku and Wike during the election of principal officers, saying it is in the over all interest of the party.

Two senators, who confided in THISDAY, said, already, the issue of the minority leadership of the senate was polarising the party into camps. They said the PDP senators that attended Monday’s meeting at the PDP national secretariat in Abuja said they acted, when the meeting became deadlocked.

A southern senator, who did not want to be named, said, "We chose Senator Simon Davou Mwadkwon (PDP, Plateau) as Minority Leader because he was less controversial and not aligned to any of the camps in the party.

"We see him as gentle and easy going. So after our Monday meeting, we went to another meeting where it was agreed that before the letter from the party leadership, we would have presented our non-controversial person as Senate Minority Leader.

"We acted in the best interest of PDP because we believed that it was the Atiku and Wike crisis that eventually led to PDP losing the presidential election in February.

PDP and the G5 caused a lot of damage to the party and we are not ready to allow it to happen again.”

APC NWC Has No Hand in Choice of Principal Officers, Says Adamu

National Chairman of APC, Senator Abdulahi Adamu, said the National Working Committee (NWC) of the party had no hand in the emergence of the principal officers announced yesterday Continued on page 36

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T H I S D AY ˾ WEDNESDAY JULY 5, 2023

POLITICS

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

Much Ado About Reported Move to Oust Akpabio Kayode Odunaro writes that it’s too early in the day for Senators to move against their President, Senator Godswill Akpabio, who was elected about three weeks ago.

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here is no doubt that Senator Godswill Obot Akpabio and Senator Jibril Barau fought an intense democratic fight to emerge victorious as the President and the Deputy Senate President of the 10th Senate respectively on June 13, 2023.

Members of their Stability Group led by Senator Dave Umahi as Chairman of the Akpabio-Barau Campaign Organisation with Senator Ali Ndume and Senator Opeyemi Bamidele as Director General and Deputy Director General respectively spent endless nights and days in consultations and lobbying of not only the majority of APC Senators but also other Senators from opposition political parties including PDP, LP, SDP, NNPP, APGA and YPP. Their strenuous efforts were in spite of the ruling APC endorsement through a zoning arrangement and the proclaimed support of President Bola Tinubu for the candidacy of Akpabio and Barau in the Senate and that of Hon. Tajudeen Abbass for Speaker of House of Representatives with Hon. Benjamin Kalu as the Deputy Speaker.

For many cursory and objective observers, the Akpabio-Barau was almost a done deal towards the June 13, 2023 election of principal officers of the 10th Senate following their early success in getting some key opposition senators and governors to openly endorse their candidacies.

At various points in the race the Stability Group boast of between 65 and 70 signed up members but the major spanner in the works perpetually making the group to watch over their shoulder was the so-called Democratic Group of Senators under the leadership of Senator Abdul Azis Yari of Zamfara State.

The Democratic Group that was opposed to the APC’s zoning arrangements and President Tinubu’s preference has Senator Jimoh Ibrahim from Ondo State as Chairman with Senator Ishaku Elisha Abbo of Adamawa as its Director General.

Their major selling points was to preach a North-South divide, canvassing of further compounding the Muslim- Muslim situation with a mantra that it would not matter if both the leadership of the two chambers of National Assembly are Muslims like the President and Vice President, the nebulous right of the senators under the constitution, not minding the constitutional provisions that grant the parliament right to order its affairs with its rules which ab initio

Akpabio

ruled out Senator Yari for presiding officers position as a first time senator and more importantly, the recourse to massive financial inducement of some distinguished senators which was pointedly stated

by Senator Ndume.

And there was the bogey of a fifth columnist in form of PDP presidential candidate, Atiku Abubakar and PDP rooting and supporting Senator Yari as yet another way of continuing struggle for political relevance.

June 13 came a day after the nation’s Democracy Day 2023 celebration and in a truly democratic exercise, Senator Akpabio was duly elected as the 10th Senate President with a total votes of 63 against Senator Yari’s 46. Senator Barau was returned unoppose, thus proving bookmakers right on the Stability Group projections of victory.

The 10th Senate has since commenced the toddler steps of establishing a stable structure for legislative backing of the Renewed Hope Agenda. In the only sitting it had before its departure for a two-week recess that coincided with the Eid-el- Kabir holiday, it set up a Welfare Committee headed by Senator Jibril Isah (Kogi East) to allocate offices and seats in chamber as well as other welfare issues for members.

It was then surprising that after what amounts to a good start, some on the losing side in a democratic exercise have started plotting and fanning embers of discord for some purely selfish advantage to upstage the Akpabio Presidency of the 10th Senate.

This came in form of a sponsored and syndicated stories in the media to the effect that out of the blues 22 unnamed APC senators are set to defect to PDP in a preliminary step towards removal of Akpabio with a majority of senators.

While the brains behind this desperate move to rock the boat did not see the outlandish nature of their plot beats ones imagination.

Were it to be true, this plot will be the fastest in the history of our parliament for a move to change the presiding officers.

The Akpabio presidency of the Senate is yet to take off in terms of announcing principal officers, announcing its committees, both of which are usually the beginning of possible schism in the parliament from our history of such. Or were the authors of such destabilizing plot dreaming of tying the hands of the leadership of the 10th Senate even before it is fully formed and consummated?

An election has been won and lost in the most democratic manner. The best any patriotic parliamentarian can do is to allow the leadership to perform its mettle based on its agenda and the agenda of the ruling APC before any plot to upstage a leadership based on its performance or lack thereof.

To begin any such destabilizing tantrums by any parliamentarian at this point is not only selfish but flies in the face of making efforts to resolve the various challenges facing the nation which the Tinubu Presidency seems focused on tackling with its incipient policy moves and thrust.

It is even comically ludicrous that such a plot was hinged on the alleged possible defection of a whopping 22 APC senators just to satisfy the whims and caprices of individuals with bloated ego unable to accept a democratic loss.

I am sure no APC senator will contemplate defecting for whatever reasons at this point as such a move is fraught with not only possibility of loss of seat but also potential backlash from constituents back home who may not be privy to the dealings of their newly elected representatives to jump ship even before the sailing commences.

It will certainly be an unforgivable betrayer of the mandates entrusted to the alleged 22 parliamentarians.

Much the same can be said about another brewing plot of possible legal challenge of the victory of Akpabio- Barau. Indeed, the brains behind these kinds of shenanigans and waste of time appear cerebrally challenged not to realize the futility of their brain wave.

Maybe they should go ahead to read the Legislative (Power and Privileges) Act 2017, the 1999 Constitution of the Federal Republic (As Amended), and relevant sections of the Senate Rules. Such composite reading and understanding will educate them that the election of Akpabio and Barau cannot be successfully litigated upon on the basis of the powers, privileges and immunity of such in the chambers of the parliament, not to talk of the issue of locus standi of such litigators.

Thankfully, a major ‘opposition’ figure to the Akpabio- Barau ticket, in the person of Senator Orji Kalu, erstwhile Chief Whip of the Senate and indeed a frontline senate presidential candidate has come out in a viral video post to acclaim and acknowledge the democratic victory of Akpabio and Barau while pledging his support for the new leadership of the 10th Senate.

Others like Senator Yari are encouraged to follow suit to affirm the sportsmanship he displayed on the day of election by accepting the victory of Akpabio and publicly distancing himself from any untimely and ill-advised plots against the duly elected presiding officers of the 10th Senate.

The new administration at the executive and legislative arms of government have their jobs cut out for it in the months and years ahead in addressing the parlous state of our nation’s socio-economic circumstances.

This is not the time to play hopscotch political game and the ongoing plots should end at the stage of storm in a tea cup in the interest of the nation in dire need of moving away from the precipice.

As we say in our local parlance “let the Akpabio Presidency breath” its uncommon agenda first before any hullabaloo is contemplated.

The nation awaits an uncommon 10th Senate for a Renewed Hope Agenda.

-Odunaro writes from Abuja.

Ebonyi Election Petition Tribunal and Justice Okpani Omeroko submits that justice must be seen to have been served as Ebonyi Election Petition Tribunal considers myriad of electoral petitions before it.

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hat Nigeria’s democracy is currently under threat is an understatement.

It is apparent from the excessive machinations of some political actors who have exhibited the penchant for greed and avarice, particularly in the way and manner they appropriate every available gains and dividends of democracy to themselves.

These persons who desire exclusivity do not bother about the well-being of other citizens within the political space. And, in spite of efforts by many patriotic Nigerians to encourage those who felt cheated at the recent controversial 2023 general elections to seek redress in the tribunals and law courts, some mischief makers have resorted to all kinds of manoeuvers to undermine the legal process.

They have invaded various Tribunals set up for the judicial interrogation and resolution of the disputed polls.

This piece is therefore intended to draw attention of Nigerians to some recent ugly developments in Ebonyi State.

It should be noted that former Ebonyi state governor Dave Umahi has been making statements concerning the conduct of the Ebonyi State Governorship and National/ State Assembly Tribunal currently sitting in Abuja. Ebonyi State was no exception to the electoral fiasco, which characterized the last general elections.

In the run-up to the elections, Umahi issued

Ariwoola an “Executive Order,” which barred opposition political parties from the use of public schools for their campaigns in the state.

The parties were compelled to resort to the use of make-shift open spaces for their campaigns in order to escape Umahi’s policy.

Several people were killed during the elections, just as the electoral umpire, INEC, allegedly facilitated

the manipulation of the elections, ranging from the National Assembly to the Governorship and the State Assembly elections.

Piqued by the ugly development, candidates who were robbed of deserving victory decided to approach the Tribunals in search of justice and rederess while expecting fair-hearing.

That the Ebonyi State Election Petition Tribunal were re-located from Abakaliki to Abuja, was ostensibly to guarantee the safety of the Jurists based on reports that there were open threats to put the lives of the judges and witnesses in danger.

Recall that on 14th February, 2023, after the Federal High Court sitting in Abakaliki disbanded the Ebubeagu Militia following a case of abduction and torture brought against the Ebonyi State Government and Ebubeagu by a former Commissioner for Information in the state, Mr. Abia Onyike.

Umahi had boasted almost one month ago that he would use his contacts in high places to ensure that the Ebonyi State Tribunal is relocated back to Abakaliki, the state capital.

Umahi had every reason to be agitated about the on-going trials at the Elections Petitions Tribunal. The results of the two federal constituencies making up the Ebonyi South Senatorial zone serve as a ready clue to the political realities on ground. Umahi and his APC lost the two federal constituencies to the Labour Party and the PDP.

Rumours were rife some weeks ago that many of the cases at the Ebonyi Tribunal would soon be struck out based on technicalities.

True to predication, on Friday, 9th June, 2023, the Ebonyi State National and State House of Assembly Petition Tribunal went ahead to dismiss the petition filed by Dr. Ezeh Emmanuel Ezeh, the Labour Party (LP) candidate for Abakaliki/Izzi Federal Constituency against the election of Emmanuel Uguru of the All Progressives Congress(APC). The Tribunal Justices, A.D.Odokwu and S.S. Ogunsanya, decided to strike out the very meritorious petition by relying on “time of filing as against time of service” as reason for their verdict.

However, some legal experts have argued that even the consideration by the Tribunal was out of tune with Paragraph 18(1) of the First Schedule to the 2022 Electoral Act. Already, many civil society organizations have raised alarm over the activities of the Ebonyi State Elections Petition Tribunal.

The groups include Oganihu Ebonyi Movement, Ebonyi Peoples Vanguard, Eastern Renaissance Movement and Worried Nigerians Citizens.

-Omeroko writes from Abakaliki.

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

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FEATURES

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

Tackling the Growing Menace of Child Prostitution in Anambra Child prostitution is a problem in Anambra State as many communities have brothels where underage girls dish out sex for money. However, the state government and security agencies are working to stem the tide, reports David-Chyddy Eleke

Teenage prostitutes rescued from Happiness Guest House, Amawbia, by police operatives

Teenage prostitutes rescued and dispersed from a brothel in Oba, by Oba youths

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our phones and other personal effects were seized while we were forced to put on bikinis and handed over to a woman named Ezenwanyi, who told us that we will only regain our freedom if we paid the sum of N150,000 or we will serve her for one year, by making daily returns.

"We were mandated to remit the sum of N10,000 to N15,000 per night and on Sundays, they ask us to remit N40,000. Sometimes, we sleep with three or four men a night, and they only pay N1,000 and above, and we use to have problem with Ezenwanyi because the amount we collect is not enough to pay the money she wants."

Speaking on how she was rescued, the girl said: "I collected a phone from a boy who came to the place and used it to call my parents, and told them where I was, and that before they can save us from here, they must come with police because they are many touts there that hinder us from leaving. I also told the boy that if my parents call back, he should help us direct them to the place."

The owner of the brothel, Barrister ECG Okechukwu, a former Chairman of the Nigerian Bar Association (NBA), Awka Branch, in Anambra State was last week arraigned before an Awka Magistrate Court for running a brothel using underage girls. He is being prosecuted on count charges bordering on sexual related offences. He was arrested after a raid on Happiness Guest House, where the girls were rescued. He was also accused of molesting the minors and also offering them to customers who patronize his brothel.

Happiness Guest House is not the only joint that uses underage girls to sell sex to patrons in Anambra.

According to enquiries by THISDAY, several others abound in many interior villages, including in Umunze, Orumba South Local Government Area, parts of Nnewi, Onitsha, Oba and other towns.

Another of such brothels in Oba, Idemili North Local Government Area of Anambra State has also been busted.

The brothel was busted by Oba youths, after a resolve to rid their community of evil. The youths who organized themselves and stormed the brothel, paraded about eight girls within the

lub Road is a popular street in Awka, and a redlight district of the state capital.

It is more popularly known as Abakiliki Street, and one thing that comes to mind upon its mention is illicit sex, drug and other lascivious lifestyle.

The place is not devoid of teenagers, who pace the street, winking at men as they solicit patronage, but former Anambra State governor, Chief Willie Obiano, after the installation of streetlights on the stretch of road, cut the menace by half.

Governor Soludo further dealt a blow on the business of sex hawkers by destroying shanties where adult and underage prostitutes offered quick sex to their patrons. Though sex hawkers have not disappeared in the area, they rather depend on men who can take them home, but many have relocated to brothels within the surrounding communities, and in most cases, teenage girls can be seen among them.

Happiness Guest House, located in Amawbia, a community within the state capital territory is one of those, where underage girls offer sex.

The facility said to be owned by a former chairman of Awka branch of Nigeria Bar Association (NBA), Barr ECG Okechukwu, is just one among many others within communities in the state.

THISDAY investigation revealed that while most of the teenage girls are brought into the business by more established and older prostitutes, some other innocent young girls are lured into the business through promises of job offers.

Mr CY (not real name), a resident of Awka who confessed to previously be a habitual patron of prostitutes while speaking on why underage prostitution is thriving said: “The new trend of having brothel that have underage girls is because many men now prefer them, while classifying the older prostitutes as being 'over used', hence the belief that the younger girls are better. " Some men prefer young girls.

They believe that such young girls provide greater sexual satisfaction, and since they are not yet as wild as the established prostitutes, they charge less, and constitute less problems to men, unlike the older prostitutes, who may want to embarrass you or put you in trouble.

“The older prostitutes also know that their patrons prefer them young, so some of those old prostitutes bring in young ones to serve them and make returns to them for a stated period of time, before they begin to work for

themselves. But sometimes, the owners of the facilities source the girls from interior villages, lure them to town with the offer of job and end up forcing them into prostitution. The younger the girls in your joint, the more likely that patrons will visit you, and that is how you will also be selling drinks.

"On another hand, there is what I have heard people say, I don't know if it has spiritual connotation, but some men believe that by sleeping with younger girls, you are renewing your blood, and it makes you fresh. But one thing you must know is that the kind of men who patronise such places are touts, criminals and some old drunks. Go to Amansea (Awka North LGA), you will see a lot of them. Their patrons are mostly Fulani and Hausa boys who tend cattle at the cattle market and conductors of lorries and their drivers.”

The recent raid by operatives of Anambra State Police Command, working in collaboration with Ministry of Women Affairs and Social Welfare on Happiness Guest House revealed a lot too. During the raid, nine girls between the ages of 15 and 23 were rescued from the facility. Three of the girls, who were rescued from the brothel, who were only one week old on the job, narrated their ordeal, including how they were brought into the state.

The girls who were of Ebonyi State origin were taken from their various homes in Izza and brought to Awka by two ladies named Chika and Ifeoma with a promise to secure jobs for them, but were forced into prostitution.

One of the girls (name withheld) said: "The women must have used charms on us. We yielded to all their requests by traveling with them all the way from Ebonyi State to Awka.

Upon arrival at the brothel,

The new trend of having brothel that have underage girls is because many men now prefer them, while classifying the older prostitutes as being 'over used', hence the belief that the younger girls are better

ages of 13 and 20, who were kept in a squalid environment, and made to offer sex to patrons. Three of the girls said they were 13 years each.

While the girls were rescued from the brothel and set free, the owner of the brothel, a nursing mothers of not more than 40 years of age was also apprehended and mandated to stop using teenagers for sex business, or risk being banished. In a video which circulated on social media, the woman was seen clutching her one year old daughter closely, while the underage girls narrated how they were lured from villages around Anambra State by agents of the proprietor of the brothel.

The commissioner for Women Affairs and Social Welfare, Mrs Ify Obinabo on hearing of the development, mobilised security men to the brothel to arrest the owner, and take the girls for rehabilitation, but her media aide, Chidinma Ikeanyionwu revealed that upon arrival, they met a totally empty compound, while the proprietor had escaped.

Some respondents who spoke to THISDAY attributed the rampancy of teenage prostitution in the society to the level of hardship in the country.

“Many families cannot feed their children, so, they lack the right to caution their female children. These young girls begin to see men who give them money just to fiddle with them. Some later grow to enjoy what they do, because they see it as free money, while also enjoying themselves, and before long, it becomes easy to convince them to move into brothels and become full time prostitutes,” a respondent, Mr Ejike Eze said.

Meanwhile, the Police Command has called on parents to make sure they take adequate care of their girl children. The Public Relations Officer of the command, DSP Tochukwu Ikenga called on members of the society to reveal such other places to it, to ensure prompt arrests, saying that experience has shown that criminal elements usually take refuge in such brothels too.

While treating a similar case involving a teenage girl who recently delivered a baby, abandoned it and disappeared, Mrs Ify Obinabo also enjoined parents to give their girl child special attention.

Obinabo who received the newborn from a medical doctor where it was abandoned, sought out the mother of the teenager and united them, while calling on parents not to totally abandon their children when they notice they are pregnant, but to treat them with care.

T H I S D AY

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WEDNESDAY JULY 5, 2023

Musk navigates unknown waters to carve a new image for Twitter, writes SONNY ARAGBA-AKPORE

ELON MUSK AND THE NEW TWITTER TEMPLATE

Despite a lingering struggle to attract advertisers to the new Twitter, Elon Musk appears unruffled. The exit of Head of Safety, Ella Irwin and the appointment of new Chief Executive, Linda Yaccacino with an impressive resume may have only compounded the crisis at the blogging platform.

Musk, believed to be the richest man in the world, has had his hands on too many pies and the Twitter pie appears one bitter pill to swallow.

Early last week, Musk limited daily tweets for subscribers and shortly after began to mock same subscribers, a situation seen by many as ‘crude and unedifying’. But does Musk really care, more so as he wears the toga of a “ruthless capitalist.”

Early in May he named the former head of advertising at NBCUniversal, Yaccarino, as the new Chief Executive Officer of the microblogging platform.

While explaining that Yaccarino would

oversee business operations at the site, which has been struggling to make money, he added that she would start in six weeks. But she resumed earlier than announced. Musk however remained involved as executive chairman and chief technology officer.

He said, “Looking forward to working with Linda to transform this platform into X, the everything app,” the billionaire, on Friday, May 12, wrote on Twitter confirming the decision a day after he had stoked speculation by writing that he had found a new boss without revealing the name. Until her appointment, Yaccarino was head of advertising at NBCUniversal.

At NBCUniversal, Yaccarino oversaw roughly 2,000 people, and was involved with the launch of its streaming service.

She joined the company in 2011, after 15 years at Turner Entertainment and has been credited with bringing the network’s ad sales operation into the digital future. Her departure had appeared to take NBCUniversal by surprise.

Yaccarino was believed to have brought to Twitter a rich background in advertising, which the social media company relies on to make money and which has dropped sharply since Musk’s takeover.

But that is where the excitement stops as Musk navigates unknown waters to carve a new image for Twitter.

When he limited the daily number of tweets users can read on the microblogging site last week, Musk announced this as thousands of Twitter users reported problems attempting to access the social media site.

The Tesla and SpaceX CEO said verified accounts are limited to reading 6,000 posts a day, adding that the limitation was applied to address “extreme levels” of data scraping and system manipulation. According to his tweets: “To address extreme levels of data scraping and system manipulation, we’ve applied the following temporary limits:

“Verified accounts are limited to reading 6000 posts/day.

“Unverified accounts to 600 posts/day.

“New unverified accounts to 300/day.”

Worried users, who tried to access or post content on Twitter’s website or mobile app, were met with a “Rate limit exceeded” or “Cannot retrieve tweets” error message at the weekend. In February, users were unable to post on the site for about 90 minutes after receiving a message that read: “You are over the daily limit for sending Tweets.” In March, users were temporarily unable to click on links or load images.

Other outages coincided with reports of a data centre closure and massive layoffs at Twitter, which Musk, who bought the social media platform in 2022 for $44 billion, claimed were necessary for the financial health of the company.

Strangely, Musk, at the weekend joked about the microblogging site’s temporary daily reading limits after users vented their fury over the site’s new limitations.

“Oh the irony of hitting view limits due to complaining about view limits,” the billionaire tweeted on Sunday.

He had earlier said Twitter applied the limits to address “extreme levels” of data scraping and system manipulation.

Musk said verified Twitter users were temporarily limited to reading 6,000 posts a day – which was later increased to 8,000 then 10,000.

Meanwhile, unverified accounts – those without a blue tick – were initially limited to reading 600 posts a day, while new unverified accounts were limited to 300 posts a day. The figures were later increased to 800 and 400 respectively and then again to 1,000 and 500.

“You awake from a deep trance, step away from the phone to see your friends and family,” Musk further joked.

In another post, Musk said: “Rate limited due to reading all the posts about rate limits.”

The announcement led to RIP Twitter and #Twitterdown trending on the social media site. The chief executive of Tesla and SpaceX boss has not said how long the temporary limits will last.

People started reporting problems shortly after noon on Sunday according to problem and outage monitoring site Downdetector. By 6 p.m., the website had received thousands of reports.

Co-founder and former CEO, Jack Dorsey, tweeted: “Running Twitter is hard. I don’t wish that stress upon anyone. I trust that the team is doing their best under the constraints they have, which are immense.”

“It’s easy to critique the decisions from afar…which I’m guilty of…but I know the goal is to see Twitter thrive. It will.”

It comes after people trying to access Twitter on Friday were told they would have to be logged into an account to view tweets, in what Musk called a “temporary emergency measure”.

The February outage meant many users were not able to tweet, follow accounts or access their direct messages as the platform was plagued by widespread technical problems.

The billionaire completed a $44 billion (£35 billion) takeover of the social media site in October 2022, and in April introduced a payment system for “blue ticks”, or verified accounts.

Aragba-Akpore is a member of THISDAY Editorial Board

PHILIP AGBESE urges support for Tajudeen Abbas to succeed

MAKING LEGISLATION A SERIOUS BUSINESS The dawn of a dispensation signifies a new meaning to the way of life.

Undoubtedly, Nigeria has experienced the best and worst of leaders. While some of these leaders were intentional in their actions, others were ignorant.

Unfortunately, Nigerians have always borne the brunt of these actions, either positive or negative. This indeed brings to the fore the role of leadership in the survival of any nation. Some may argue that leaders are born and not made.

Others believe that leadership is about intentions.

In my considered opinion, however, there is an intersection between divinity and intentions. Leaders with a purpose of making a meaningful impact and leaders with motives that serve selfaggrandizement. The intents aspect is deliberate and a result of certain inherent traits manifesting in human intellectual activities.

One such leader with genuine and innate intention is Rt. Hon Tajudeen

Abbas, the Honorable Speaker of the Federal House of Representatives.

His emergence came with a load of expectations. Some have alluded that Rt. Hon Abbas carries on with such seriousness in all his endeavors. Some of them included the quality of his contributions to legislative matters in times past.

There have been arguments concerning his suitability for leadership of the Green Chambers. Few critics claim he is a stooge of the Executive. But for me, I see a man on a mission to make legislation a serious business.

The parlance where preparation meets opportunity and success aptly describes Rt Hon Tajudeen Abbas. As a highranking member of the House and chair of several important committees, he was indeed prepared for the task ahead.

Some might ask what he is bringing to the table.

No doubt, loads of ideas and deliberate intentions are crucial to translate the act

of legislature into serious business.

As such, the 10th Assembly would experience purposeful leadership.

Rt. Hon. Tajudeen Abbas is a consummate parliamentarian and an intellectual whose grasps of issues around governance are on another level. Of course, he boasts of an intimidating resume that spans decades of brilliance and a penchant for proffering solutions to societal issues. He is reputed as a problem solver. The speaker is also seen as a critical thinker that matches words with actions. You could ascribe these attributes to his successful intellectual career.

His tenure as Speaker of the Federal House of Representatives would be robust and encompassing. Nigerians would be impressed with the quality of the legislative business from the Green Chamber. A team player, his disposition to issues resonates with national interest. And he doesn’t pretend about it and sometimes goes overboard. That is a plus because the business of governance must be taken seriously, considering the challenges confronting the country.

There are sacrifices to be made, and one of them is total devotion to putting issues in proper perspective.

This is the trademark of Rt. Hon Tajudeen Abass. You can hate him for all he cares, but it doesn’t take away the burden that is before all of us.

We have toyed with governance for several years, and now the country deserves leaders with intentions and purpose.

The emergence of Abass as speaker is the best decision in the interest of the nation. His leadership of the Green Chamber would usher in a new way of life. It would redefine the art of legislation. It would also bring about tangible reforms in our laws toward addressing those issues that have held us down over the years.

The interesting part of the unfolding scenario is that members of the House of Representatives have seen the light and have also keyed into the vision of making legislation a serious business. Exciting times are ahead, and it behooves all to imbibe the attribute of selflessness in the task ahead of us in putting the country on a sound footing.

The Tajudeen Abass era will be the game-changer. Legislation is a serious business, and the Parliament plays a very vital role in the development of any society. That is the philosophy of Rt. Hon Tajudeen Abass. I identify with his passion and commitment to providing purposeful leadership when it matters most.

This piece is a clarion call for all progressive-minded Nigerians to rally support for him to succeed. The necessity of now requires that all hands are on deck.

Agbese, a member of the 10th Assembly, writes from Abuja

21 4

T H I S D AY

WEDNESDAY JULY 5, 2023

EDITORIAL

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

A DEMAND FOR SHARED SACRIFICE Leaders should lead by showing good examples. We are yet to see these

T

he long convoy of vehicles that ushered in President Bola Ahmed Tinubu to Lagos from Ogun State last weekend has continued to generate debate about the cost of governance in Nigeria. While democracy is expensive everywhere, it is scandalously more so in our country due largely to the personal aggrandisement of the average political R΀FH KROGHU %XW JLYHQ WKH GLUH HFRQRPLF VLWXDWLRQ that has in turn forced the federal government to remove fuel subsidy with the attendant implications IRU PDMRULW\ RI 1LJHULDQV VKRXOG SXEOLF R΀FLDOV at the state and federal levels still retain all their undue privileges? That question agitates the minds of many Nigerians and should concern those in authority at all levels.

In more than 25 states of the country today, salary arrears are mounting and so are pensions obligations.

And with unrestrained R΀FLDO SURÁLJDF\ PDQ\ of the states and local governments are already almost bankrupt while the federal government LV ÀQGLQJ LW GL΀FXOW VWD\LQJ DÁRDW <HW HYHQ DW D WLPH OLNH WKLV SXEOLF R΀FHUV LQ WKH H[HFXWLYH arm of government still allocate to themselves jumbo travelling allowances or estacodes while our legislators remain among the highest paid in the world. Besides, after collecting allowances for vehicles, which are already monetised, federal legislators almost always place orders for the purchase of exotic cars. Former governors allocate jumbo pensions to themselves at public expense while incumbents go about in expensive bulletproof vehicles.

Does democracy have to sack the treasury to serve the cause of freedom? Can a democratic polity led by an unproductive elite promote development? Where the laws and rules for the appropriation of public funds are made by the same people responsible for the high cost of government, who will bring the

system to order? At a period that Nigerians are WROG WR VDFULÀFH PRUH ZLWK SROLFLHV WKDW PDNH WKHLU OLYHV PRUH GL΀FXOW WKDQ HYHU VKRXOG JRYHUQPHQW R΀FLDOV QRW EH VHQVLWLYH WR WKHLU SOLJKW" %XW PXFK more importantly, how long can the nation continue WR VXVWDLQ WKLV JUXHOOLQJ ULS RͿ DW WKH H[SHQVH RI WKH poverty-stricken people of Nigeria?

Up till now, no tier of government in the country has taken steps to reduce the expensive costs of running the public service. No government has reviewed projects that constitute a drain on public treasury. Over 70 per cent of the budget still goes for servicing our parasitic bureaucracy. To worsen matters, across the country, there is no sign that we are going through tough times. Governors travel so regularly to Abuja and other places in private jets paid for from the treasury.

Many of them still move around in long convoys while retaining hundreds of idle aides.

Some ministers, senators and other public R΀FHUV HDUQ GRXEOH or triple salaries while no state has reduced the scandalous pension package for ex-governors in terms of salaries for life, houses in the state capitals plus Abuja, medical, vehicle and other allowances. $W WKH IHGHUDO OHYHO VRPH R΀FHUV VHUYH IRU IRXU RU ÀYH \HDUV DQG UHWLUH DW OHVV WKDQ \HDUV RI DJH LQ some agencies only to be paid an exit package of between N200 million and N500 million.

We believe there can be no better time than now to review the structure of government in Nigeria. If WKH RUGLQDU\ SHRSOH RQ WKH VWUHHW PXVW VDFULÀFH WR NHHS WKH FRXQWU\ DÁRDW WKRVH HOHFWHG RU DSSRLQWHG to serve them cannot continue to live in obscene opulence. President Tinubu must understand why many Nigerians are angry by his long convoy. He has promised that it would be ‘business unusual’ under his administration. The only way to demonstrate that is to lead by example. The same is demanded RI WKH JRYHUQRUV DQG RWKHU SXEOLF R΀FLDOV DW DOO OHYHOV :KDW WKH WLPH FDOOV IRU LV VKDUHG VDFULÀFH

At a period that Nigerians are told to sacrifice more with policies that make their lives more difficult than ever, should government officials not be sensitive to their plight?

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 THE OMBUDSMAN KAYODE KOMOLAFE

T H I S D AY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

Letters to the Editor 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 OFFICIAL CORRUPTION IN NIGERIA’S JUDICIARY

Prior to his elevation as the justice of the Supreme Court of Nigeria in 2012, Niki Tobi, JSC (rtd.), an erudite jurist, perfectly encapsulated the professional ethics and personal traits a judge must jealously guide and consciously exhibit respectively at every material time in the 1999 Court of Appeal case presided by him alongside John Afolabi Fabiyi JCA and Musa Dattijo Muhammad JCA on the electoral matter between Dr. Nnamdi Eriobuna & ORS v. Ikechukwu Obiorah.

Niki Tobi posited that “a Judge by the nature of his position and professional calling, is expected to be straight forward, upright, diligent, consistent and open in whatever he does in court and in other places of human endeavour that he happens WR ÀQG KLPVHOI 7KLV LV EHFDXVH KLV FKDUDFWHU DV D -XGJH LV SXElic property. He is the cynosure of the entire adjudication in the court, and like Caesar’s wife of Ancient Rome, he is expected to live above board and above suspicion, if the judicial process VKRXOG QRW H[SHULHQFH DQ\ UHYHUVH RU VXͿHU GHWULPHQW $ -XGJH should know that by the nature of his judicial functions, he is persistently and consistently on trial for any improper conduct immediately before, during and immediately after the trial of a case.”

The Obiter dictum/judicial comment made by Niki Tobi has

long been adopted by various heads of Nigeria’s judiciary as caputs of their inauguration speeches for the newly appointed judges and the elevated Benchers (judges). In a practical sense, the prescribed legal and ethical standards have turned into PHUH FLWDWLRQV ZKLFK KDYH OLWWOH RU QR UHÁHFWLRQ RQ WKH R΀FLDO discharge and day-to-day activities of Nigeria’s judges. The blatant appearance of legal impropriety and ethical misconduct in the discharge of judicial functions has become an eyesore to the virtue and integrity of the revered judicial institution.

The gross corruption in Nigeria’s judiciary undoubtedly reÁHFWHG LQ WKH PDMRULW\ MXGJHPHQW WKDW D΀UPHG $KPDG /DZDQ DV WKH DXWKHQWLF FDQGLGDWH RI WKH $3& IRU <REH 1RUWK 6HQDWRULDO District despite his non-participation in the primary election.

7KH LQFHVVDQW FRQÁLFWLQJ H[ SDUWH RUGHUV RI WKH FRXUWV RI FRRUdinate jurisdiction particularly on similar political matters has exposed the cankerworm that has eaten deep into the judicial fabric. The administration of justice has outrightly turned into quid pro quo agreements. The highest political bidders are recklessly granted favorable orders.

The judicial anomaly has reached where the court has become a shield and constantly come to the rescue of some selected political elite that have criminal and corruption cases hanging on

their neck. The court now tactically restrains the security operatives and anti-corruption agency from performing their statutory duties on politicians alleged of criminal and fraudulent activities. Many former governors, lawmakers, heads of various government parastatals have successfully obtained court injunction from being arrested and investigated by the security operatives and anti-corruption agency.

The current state of Nigeria’s judiciary has been inapposite to the Sec 17 (2) (e) of the 1999 constitution, as amended, which provides for the independence, impartiality and integrity of judges in handling cases. The Code of Conduct for judicial R΀FHUV ZKLFK KDV EHHQ UHYLVHG IRU WKH XPSWHHQWK WLPHV KDV remained a paper tiger. In 2016, the National Judicial Council (NJC) launched the National Judiciary Policy (NJP) as part of its anti-corruption crusade. The NJP initiative seems to have become a relic of history.

Obviously, all the extant laws and administrative initiatives to curb racketeering and guarantee incorruptible judicial instiWXWLRQ KDYH EHHQ LQHͿHFWLYH &RUUXSWLRQ LWVHOI KDV EHHQ LQVWLWXtionalized within Nigeria’s judiciary.

Binzak Azeez, Newworth LLP (Legal Practitioners), Onikan, Lagos

22

WEDNESDAY JULY 5, 2023 •T H I S D AY

T H I S D AY ˾ WEDNESDAY, JULY 5, 2023

23

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

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

08056356325

J U L Y

S & P INDEX

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S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N462.50/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT LAST FRIDAY

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Despite Liquidity Crunch, Banks’ Deposit with CBN Increased to N579.27bn in June

Kayode Tokede Despite the liquidity crunch in the financial sector, deposit money banks and merchant banks’ deposit with the Central Bank of Nigeria (CBN) increased to N579.27 billion in June 2023, representing an increase of 25.4 per cent when compared to N461.85 billion in May 2023.

The reported N579.27 billion deposit with CBN is 118.34 per cent Year-on-Year increase when compared to N265.31 billion banks and merchant banks deposit in June 2022.

In a total, banks and merchant banks have deposited N2.99 trillion in half year of 2023, representing

an increase of 32.5 per cent from N2.26 trillion in first half of 2022.

DMBs and merchant banks through the Standing Deposit Facility (SDF) on daily basis deposit excess funds with the apex bank at an applicable interest rate of 4.5 per cent at an asymmetric corridor of +100/-700 basis points around the 18.5 per cent Monetary Policy Rate (MPR).

SDF is a monetary policy operation used by CBN’s around the world to absorb deposits from banks, without involving the use of government securities as collateral in return.

In the last six months of 2023, the trend revealed that banks’ deposit with CBN increased with less

borrowing, despite the demand to meet the 65 per cent Loan-to-Deposit (LDR) requirement of the CBN. Analysts attributed the decline in SLF to cash scarcity, stressing that banks and merchant banks were no longer enjoying the usual cash deposits that normally come from businesses and individuals that generate significant amount of cash for them to deposit with CBN. Commenting, the Chief Executive officer, Wyoming Capital and Partners, Mr. Tajudeen Olayinka stated, “Economy has suffered so much from the problem created by CBN’s mismanagement of currency redesign program and deliberate cash scarcity. A program that was

expected to be positive suddenly turned negative because CBN did not understand the dynamics of deliberate cash scarcity as an unusual monetary management tool.”

According to Olayinka, “The most significant factor is the increasing level of threat in the environment of business in Nigeria, arising from: insecurity, supply chain problems, rising inflation, and poor purchasing power, low level of productivity, rising unemployment, liquidity overhang and paucity of risk-free financial instruments.”

He added that, “As a result, most banks prefer to be debited by CBN for running short of LDR limit, as against extending credit to businesses

that are finding it difficult to survive.

It is all about managing risk.

“When CBN mop-up liquidity, DMBs will first resort to the intervention before they build capacity again. With the increasing inflation rate, the CRR debit is a means to reduce banks ability to extend access cash into the system and control the volume of money in circulation.”

Also, the Vice President, Highcap securities Limited, Mr. David Adnori explained that banks and merchant banks are sceptical about the new government economy directions, stressing that lending to key sectors call for caution.

The CBN had in July 2019

directed that banks’ daily deposits placement through its SDF should not exceed N2 billion, stressing that any daily deposits above the stipulated amount will not attract interest payments.

The CBN had noted in its 2019 guidelines that the N2billion deposit represents 73 per cent reduction from the previous limit of N7.5 billion introduced way back in 2014.

In November 2014, the CBN said it observed that banks and discount houses preferred to keeping their idle balances in the SDF with the CBN. The story continues online on www.thisdaylive.com

Report Rebukes States for Hoarding Critical Budget Information from Public Scrutiny James Emejo and Aisha Kabiru A new report has berated some state governments over their inconsistency in fiscal transparency.

According to the 2022 Nigerian States Budget Transparency Survey (SNBTS) which was launched by the Civil Resource Development and Documentation Centre (CIRDDOC), although there had been marked improvement in the publication of budget documents by

states in recent times, a new data showed “inconsistency as some states stopped publishing some documents that had previously been published.”

The report also gave a low mark to the sub-national governments over their individual performance in the oversight of the 2022 budget.

The SNBTS disclosed that only eight states including Jigawa, Edo, Adamawa, Kano, Ondo, Akwa Ibom, Kogi and Yobe – could

be considered as “adequately transparent” by disclosing enough budget information, adding that “No state provided extensive information” in the period under review.

CIRDDOC lamented that, “This is a far cry from the 2020 survey where Jigawa, Ondo, and Kano provided extensive information, scoring above 80 per cent. The average transparency score in 2022 was lower than that recorded in

all prior surveys which implies that the progress gained in budget openness since 2015 regressed in 2022.

“This indicates that although these states still scored above the 60 per cent threshold, their scores declined from their 2020 scores.

Expectedly, the data shows a lack of consistency as many states stopped publishing some documents that they had published in the previous year. The performance of the state

in terms of progress is mixed.”

The study also revealed that most states did not provide significant space for the public in the budget process as the average score on the public participation index for all states was 28.42 per cent in 2022, representing a three per cent improvement from 2020.

According to the report, in the budget oversight assessment, only eight states namely, Ondo, Jigawa, Kaduna, Yobe, Delta, Bayelsa, Ogun

and Anambra scored above 60 per cent, indicating that the states had adequate or strong oversight.

Also, 10 states including Kano, Edo, Benue, Osun, Ekiti, Kogi, Akwa Ibom, Adamawa, Taraba, and Imo scored between 41 per cent and 60 per cent – showing limited strength in budget oversight.

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT T U E S D AY, J U LY 4 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) June 26, ^13.53 23103.25 11.39 -0.01 2023 MAR-2025 ^12.50 22June 26, 102.45 11.37 0.00 2023 JAN-2026 June 26, ^16.2884 114.51 11.38 -0.01 2023 17-MAR-27 ^13.98 23June 26, 101.91 13.40 0.00 2023 FEB-2028 ^14.55 26103.69 13.60 -0.13 June 26, APR-2029 2023

BILLS MATURITY

Discount Yield

Change (%) Updated Time

MATURITY

NTB 24-Aug23 NTB 7-Sep23 NTB 26-Oct23 NTB 9-Nov23

6.03

June 26, -0.01 2023

NTB 7-Dec23

ZEDC CP I 17-NOV-23 NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23 NSDL CP IIB 23-NOV-23 VAAG CP XVII 24-NOV-23

6.08

6.03

6.10

5.09

5.18

5.27

5.38

5.64

5.79

OTC F X F U T U R E S

CPS

June 26, 0.00 2023 June 26, 0.00 2023 June 26, 0.00 2023 June 26, 0.00 2023

Discount Yield

Change (%) Updated Time

15.89 16.95

June 26, 0.00 2023

19.95 21.72

June 26, 0.00 2023

12.81 13.52

June 26, 0.00 2023

19.95 21.73

June 26, 0.00 2023

17.64 19.03

June 26, 0.00 2023

CONTRACT Current Updated Time TENOR Contract Rate ($/₦) (MONTH) June 13, NGUS JUN 1 473.90 28 2023 2023 June 13, NGUS JUL 2 476.31 26 2023 2023 June 13, NGUS AUG 3 478.72 30 2023 2023 June 13, NGUS SEP 4 481.13 27 2023 2023 June 13, NGUS OCT 5 483.53 25 2023 2023

24

WEDNESDAY, JULY 5, 2023 ˾ T H I S D AY

BUSINESSWORLD

PERSPECTIVE

Bashir Jamoh: The Man Who Broke CVFF Jinx Pius Mordi He was not there in 1985 when one-time Minister of Transport, late Major General Ibrahim Gumel, decided to liquidate the Nigerian National Shipping Line (NNSL). With that singular decision, the country’s classification as a ship owning nation, a status that had been sustained since 1959, disappeared overnight.

Nigeria’s ownership of a national carrier that at a time had about 21 sea-going vessels evaporated over night.

Today, he is pioneering and assiduously driving the building of another indigenous fleet of vessels.

But he is avoiding the missteps of the past. Unlike in the past when NNSL got the lion share of the Ship Acquisition and Ship Building Fund (SASBF) administered by then National Maritime Authority as Nigerian Maritime Administration and Safety Agency (NIMASA) was then known, he has decided to empower the private sector.

Welcome to the world of Dr. Bashir Jamoh, Director General of the apex regulatory agency in Nigeria’s maritime industry, NIMASA. He believes that unlike the misadventure where the federal government set up another government-owned carrier, the Nigeria Unity Line (NUL), which ended up being an embarrassment to the country and was in the news more for its sole container carrier being detained in various countries than for lifting cargoes, Jamoh was walking a different trajectory.

The lessons from the demise of the SASBF, NNSL and ultimately the short-lived NUL were not lost on him while official nod was being awaited from the Federal Government for the disbursement of the Cabotage Vessel Finance Fund (CVFF). Jamoh decided that the country cannot walk the old and failed path of setting up another publicly owned shipping company.

Another lesson Jamoh learnt that the bid to get a slice of shipping for indigenous operators cannot be begin in transnational movement of goods. It had to start from the home front - coastal shipping. That path was smoothened for him by the coming of the Coastal and Inland Shipping (Cabotage) Act 2003.

Though designed to restrict foreign participation in Nigeria’s domestic coastal trade, the series of waivers embedded in the Act made its implementation almost ineffectual as foreign shipping companies continued to dominate the transport of cargoes, especially wet cargoes on Nigeria’s coast.

Ja moh The CVFF had provided for the levying of two per cent of the value of all contracts on cargoes lifted under the Cabotage regime to be paid by ship owners into the fund. The major objective was to restrict the use of foreign vessels in domestic coastal trade, promote the development of indigenous tonnage and establish a viable CVFF. Jamoh’s task had an element of good fortune.

He had as Minister of Transport, Muazu Jaji Sambo who shared in his vision that only an empowered private sector with requisite support can guarantee the building of an enduring indigenous tonnage. More importantly, Jamoh wanted to wean the initiative from the negative impact of the direct control of the public service that made the death knell of the SASBF inevitable.

He evolved guidelines and strategies that

subjected the Fund to rigorous evaluation usually associated with private financial institutions.

The introduction of the Treasury Single Account (TSA) came with an unintended road block on the dream of disbursing funds from the CVFF. Sambo it was who on realising how the TSA had become a stumbling block to CVFF sought and obtained the approval of former President Muhammadu Buhari for the levy to be exempted from the TSA. The former minister also secured approval from Buhari for the appointment of some deposit money banks as primary lending institutions for the CVFF as encapsulated in the 50-15-35 formula.

Under the arrangement, NIMASA will contribute 50 per cent of the funds required for vessel acquisition, 35 per cent will come from designated lending institutions where a single digit interest rate had already been agreed.

The banks are Polaris Bank, UBA, Union Bank, Zenith Bank, Jaiz Bank. The balance 15 per cent represent the contribution of the beneficiaries of the facility. The remarkable difference in the arrangement is that NIMASA is now seemingly indemnified from failure of repayment as its 50 per cent contribution can only be disbursed when the banks undertake due diligence on applications and certify that all regulatory requirements have been fulfilled.

This is unlike the SASBF regime where funds were released to beneficiaries in manners not informed by due diligence and dispassionate evaluation of applications but on extraneous factors. Virtually all the private companies were unable to repay while some did not bother to acquire any vessel but ventured into outright trading.

When the National Assembly had to take a decision on approving the disbursement of the CVFF, it was a fait accompli. “The Committee requested the Nigerian Maritime Administration and Safety Agency and the Ministry of Transportation to provide detailed information on the total amount accrued to the Fund and disbursements since inception”, chairman of the House of Representatives Committee on Nigerian Content Development and Monitoring, Hon. Legor Idagbo, told the press on June 1, 2023 on its findings and verdict.

“The Committee met with the Minister of

Transportation and the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) on Thursday, 11 May, 2023 to find out about the details concerning the matter. After a thorough analysis of the various submissions on the matter coupled with the explanations given by the Ministry and NIMASA, the Committee discovered that due process was followed in the planned disbursement of the Cabotage Vessel Finance Fund, “he said.

With the committee’s verdict, the House duly approved the disbursement of the Fund which was determined to be about $360 million. For the first time since the Cabotage Act was enacted in 2003, a major energizer for its enforcement was finally seeing the light of day.

The significance of the milestone achieved by Jamoh was not lost on the indigenous shipping community.

The Nigerian Chamber of Shipping and Shipowners Association of Nigeria were among stakeholders who commended Jamoh for raising the bar at NIMASA. President of the Nigeria Chambers of Shipping, Alhaji Aminu Umar, said Jamoh’s feats are unprecedented in the history of NIMASA. “Here is a man who came, saw and conquered, “he enthused.

However, Jamoh’s inventiveness goes beyond the promotional strategies he introduced to boost the fortunes of the local shipping community. Before his appointment to head NIMASA, Nigeria’s territorial water was rated as one of the most hazardous for ships globally. The record was so appalling that only Somalia, a failed state, and others at war were worse than Nigeria’s rate of attacks on ships by pirates. He initiated the deep blue assets, which was launched by President Muhammadu Buhari in June 2021. From being the axis most prone to piracy in the Gulf of Guinea, Nigeria has been removed from the list of countries designated as risk maritime nations by the International Bargaining Forum, (IBF). The Forum is a body that brings together the International Transport Federation (ITF) and the international maritime employers that make up the Joint Negotiating Group (JNG) listed five designated risk areas and applicable benefits in the event of attacks leading to deaths and disability, mentioning the Gulf of Guinea as second extended war risk zone covering Liberia/Cote D’Ivoire to the Angola/Namibia border.

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Concerns over Inflation, Economic Growth Nume Ekeghe highlights the issues raised by members of the Monetary Policy Committee and recommendations on the way forward The Monetary Policy Committee (MPC) of the Central Bank (CBN) of Nigeria rose from its last meeting in May, 2023 raising benchmark interest rate to record high, as part of measures to curb the rising inflation in the country.

Anticipatory of the impact of the removal of subsidy on the already galloping inflation, the MPC raised the monetary policy rate to 18.5 per cent. Whilst this had not halted the rising inflation, industry experts posited that the rate of increase had slowed down over time According to Deputy Governor, Financial System Stability, CBN, Aisha Ahmad, previous rate hikes are already yielding some results, albeit slowly.

In her personal statement at the meeting, Ahmad noted that month-on-month inflation numbers depict a decline in the rate of inflation acceleration as rate of month-on-month increase in headline inflation declined from 8.6 per cent in February to 2.9 per cent in March 2023.

“This position is also buttressed by counterfactual evidence presented by staff research reports which indicated that inflation could have risen to 30.48 per cent in April 2023 without the aggressive rate hikes by the MPC, “She said.

Members of the MPC had raised concerns of the impact of the rising inflation on the economic growth of the country, just as it noted that although the contractionary stance, which it had maintained in its past meetings, was slowing growth.

ECONOMIC ACTIVITY

On his part, the CBN Deputy Governor, Adamu Lamtek, in his statement noted that the country’s economic activity expanded in Q1 2023 by 2. 31 per cent.

He said, “although much lower compared with 3.52 per cent recorded in the preceding quarter, the decline needs to be viewed against the backdrop of seasonality, the cash crunch in February/March and tighter monetary conditions. In-house staff projections suggest a lift in subsequent quarters.

“Other indicators of economic activity like the purchasing managers’ indexes (PMIs) lend credence to the optimism around growth in the coming quarters.

Though the volume of new credit is slowing on account of the prevailing monetary policy direction, the stock of credit up to May 2023 remained considerably high.

In essence, the outlook for economic activity continues

to be positive, offering room for monetary policy tightening to contain inflation pressures.”

Another member of the MPC, Festus Adenikinju noted that overall annual growth for 2022 was 3.10 per cent, down slightly from 3.4 per cent recorded in 2021.

“Non-oil sectors of services and agriculture expanded by 6.66 per cent and 1.88per cent, respectively, while industry contracted by -4.62 per cent. However, quarter on quarter, real gdp (Q-o-Q) grew by 10.99 per cent in Q4 2022; showed that the non-oil sector grew by 12.55 per cent, while the oil sector contracted by -14.93 per cent. Information and Communications contributed 1.57 per cent to the real GDP growth in Q4, 2022, followed

by Trade 0.71 per cent and Crop Production 0.59 per cent. Mining and Quarrying contributed -0.6 per cent. Oil production decreased to 1.00mbd in April 2023 from 1.27mbd in March 2023 due to pipeline vandalization and technical issues. Oil price also declined in the world market, further compounding the woes in the petroleum sector.

“The external account recorded an overall balance of payments deficit position of $1.11 billion in Q4, 2022. The goods account recorded a surplus of $2.8 billion in Q4, 2022. The services sector deficit narrowed by 22.7per cent to $3.13 billion. Service payments for the transport, insurance & pensions and telecommunication sector fell in the review period. The primary income deficit narrowed by 34per cent to $2.26 billion due to a fall in repatriation of dividends. As of May 17, 2023, the gross external reserves stood at $35.19 billion.”

He added, “The gross external reserves position at end-April 2023 could provide 6.46 months cover of import of goods and services or 8.88 months cover of import of goods. With regard to the fiscal sector, both the government revenue and expenditure underperformed in January and February 2023.

FG retained revenue stood at N1,133.53 billion, lower than the pro-rata target of N1,840.85 billion.

“This was due to the underperformance of FAAC receipts, gross independent revenue. In the same vein, total FGN expenditure as of February 2023, was N2,225.01 billion, 40.63per cent lower than the budget estimate of N3,637.86 billion. The shortfall came mainly from allocation for debt service

and capital expenditure. Overall budget deficit reduced by -39.26per cent in the first two months of 2023. The underperformance of the budget is especially felt in the capital expenditures, thus impacting negatively on economic development.

“The soft fiscal situation of the FGN drives up public debt which rose by 16.92per cent between December 2021 and December 2022. This further worsened debt service payments and increased the rise of debt sustainability. The high debt service/ revenue ratio is a threat to macroeconomic stability and the growth of the economy.”

MONEY SUPPLY

On money supply, Lamtek noted that growth in money supply was yet to be adequately curtailed, at least to the benchmarks for the year. According to him, in addition to tightening the stance of monetary policy to slow credit creation, a fiscal orientation tailored towards reducing public sector borrowing requirements would be immensely helpful.

Adenikinju revealed that all domestic components of monetary aggregate rose between March 2023 and April 2023. Monetary Base increased from N15.975 trillion to N17.543 trillion due to increase in currency-in-circulation and reserve requirements.

Broad Money (M3) rose by annualized 22.11per cent above the 2023 benchmark, between March 2023 and April 2023.

He added that domestic claims rose by an annualized 50.28 per cent, above the 2023 benchmark of 15.78 per cent. Claims on Central Government (net) rose by the annualised value of 112.05per cent compared with the 2023 benchmark of 19.64 per cent. However, Net Foreign Assets declined by an annualized value of -77.13 per cent, lower than the 2023 benchmark of 38.82 per cent. Major sources of net liquidity to the economy in April 2023 are Net OMO Maturity (N47 billion), FAAC N322 billion, Net Financing (N443 billion) and Net FGN Operations N813 billion.

INTEREST RATE

On interest rate, Adenikinju said the spread for month-on-month narrowed to 23.02 per cent in April 2023.

“On average, prime lending, maximum lending, and average savings rose between March and April 2023. The average OBB rate month-on-month rose from 14.07 per cent in March 2023, to 17.05 per cent in April 2023. In May 2023, relative to April 2023, Nigerian Treasury Bonds (NTB) rates declined, and there was lower recourse to Standing Lending Facility (SLF) and a decrease in Open Buy Back (OBB) transactions. The Nigerian Exchange Limited (NGX) recorded a bearish performance between February 28, 2023, and May 19, 2023. All Share Index (ASI) decreased by 6.48 per cent. from 55,806.26 on February 28, 2023, to 52,187.93 on May 19, 2023.

“With a higher benchmark interest rate, Ahmad noted that further rate hikes are expected to drive inflation down over the medium term, however, concerted effort is required to confront the host of headwinds impacting on food supply chain, which also have a pervasive influence on domestic prices.

Lastly, a rate hike is an important counterbalancing signal to curtail the development of negative inflation expectations, ensuring that the monetary authority is proactively positioned to curb rising prices, “he said.

FINANCIAL STABILITY

Adenikinju noted that financial soundness indicators remain positive and showed that the banking system remains strong, sound, and resilient.

“The capital adequacy ratio (CAR) stood at 12.8per cent in April 2023, still within the prudential requirement of between 10per cent – 15 per cent. Non-performing loans (NPLs) ratio declined from 4.5 per cent in March 2023 to 4.4 per cent in April 2023. Liquidity ratio (LR) rose to 45.3 per cent in April 2023, from 43.8 per cent in March 2023. This is above the minimum 30 per cent recommended by the prudential requirement.

“Both the Return on Equity (ROE) and Returns on Asset (ROA) increased between March 2023 and April 2023. ROE rose from 21.6 per cent to 22.6 per cent; while ROA increased from 1.6per cent to 1.7 per cent between March 2023 and April 2023, respectively.

Interest margins to total operating income declined from 58.1 per cent in March 2023 to 50.5 per cent in April 2023.

NOTE: The story continue online on www.thisdaylive.com

27 T H I S D AY ˾ WEDNESDAY, JULY 5, 2023

25

BUSINESSWORLD

INTERVIEW

Adeosun: Unified Exchange Rate Policy Will Make Markets More Competitive The President and Chairman of Council, Chartered Institute of Stockbrokers, Mr Oluwole Adeosun is a thoroughbred multi-dimensional professional with over three-decade experience in the Nigerian financial market. In this interview, he x-rays the state of the Nigerian capital narket and offers suggestions on how the federal government can make the market competitive through constructive engagement with the regulators and operators, excerpts Can you comment on the historic rally on NGX after the swearing -in of President Bola Tinubu? he Stock Market has been a barometer to measure developments in any economy, and the conclusion of the electoral process in Nigeria encapsulated in the inauguration of a new government is a major milestone that will excite any securities market. It is therefore not unusual for our market to spontaneously react to the positive development by way of the spike in the prices of the securities. The policy pronouncements, on the day of the inauguration, were also seen as a silver bullet that raised the consciousness of the stakeholders to the opportunities in the securities market.

Capitalization in the Nigerian stock market was just a little fraction of the country’s GDP, but that is a paradox, because the market has actually shown over time, that with adequate institutional support, it can significantly contribute to the economic transformation of the country. The capital market was used to transform the Nigerian banking system into the multi trillion industry that it is today, and to provide critical liquidity for governments in the country. The market is effective at pooling long term capital in the economy. Listing on the stock exchanges also enable large multinationals and MSMEs alike to raise massive capital with long term payback and very low cost. The commodity ecosystem is another revenue centre that the Federal Government can exploit. This is why the government should engage the operators in the ecosystem to know that is required for them to operate optimally.

T

In his inaugural Speech, President Bola Tinubu said there would be unified exchange rate. How will this impact the activities in the capital market?

That is one of the urgent policy corrections that the Nigerian Capital Market has been canvassing for in recent years. The wide gap between the official and parallel market rates is an anomaly which creates room for so many market malpractices. By creating a more efficient and transparent foreign exchange management system, the unified rate policy will make the market more competitive, make the currencies more easilyaccessible to manufacturers and other end users, and improve the bottom line for our quoted companies.

The transparency that will evolve from determining the rate will boost the integrity of the exercise which is expected to excite foreign investors to make a return to our securities market. There cannot be a perfect unified rate.

But if the margin between the official rate and other windows is within 3 per cent range, it is normal. But the supply side of the forex has to be addressed as a basis to ensure that forex scarcity will not hamper the success of

Adeosun exchange rate unification in the medium and long run.

How can the Federal Government deploy the market to achieve the 6 % projected growth of the Nigerian Gross Domestic Product (GDP)?

That question will be thoroughly discussed and answered at the forthcoming CIS National Workshop coming up in Abuja on July 27, 2023. Suffice to state, for now, that the capital market is a very effective tool for actualizing a broad based Public Private Partnership strategy which we recommend for President Bola Tinubu and the various State Governors.

As at May 29, 2023 the Market

Are there policy measures that the government should put in place to encourage both foreign and domestic investors to participate more in the capital markets ?

The role of government in businesses worldwide is to provide an enabling environment that will allow productive enterprises to flourish. By enabling environment, we mean rule of law, provision of adequate infrastructure etc.

The government must create a savings friendly economic environment, and then, continuously work towards improving the Ease of Doing Business ranking of the country, to make it a competitive investment destination.

Tax policies should be reviewed, to encourageinvestments and not the other way round. For example, the

recently introduced Capital Gains Tax will discourage high volume investments, and should be removed for now, particularly in view of the fragile nature of our economy and capital market. We need to encourage more investments.

The government should listen to us more; have more consultations with the Capital market in policy formulation. Steps should be taken to extend trading liquidity to the stock market, as is done in the advanced countries. Our pension funds should, as a matter of national interest, invest a higher proportion of their funds in the equity market to provide a stable foundation that motivates other high net worths to invest over the long term; and the Central Bank of Nigeria should pay more attention to the stock market, allow bank stocks to be included in margin lending portfolios being the most active and liquid stocks and encourage banks to partner more with Stockbroking firms. We cannot still be living in the past and be looking forward to a better future.

Is there a deliberate plan by the Institute to attract youths into the financial market ?

The youths represent our topmost priority area. Tertiary institutions and schools generally represent the first point of our annual capital market literacy drive. We also have the InterSchool Capital Market Quiz competition and recently, Essay Competition. We undertake Career Talk programs in so many institutions every year. As a matter of fact, we have gone to the extent of awarding the CIS Diploma scholarship to quite a number of young, indigent Nigerian citizens and many of them have responded positively.

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

Transcorp Hotels: Improved Fundamentals Propel Stock Price Kayode Tokede

T

he stock price of Transcorp Hotels Plc gathered momentum in the first half (H1) of 2023 following the company’s growing fundamentals that have continued to attract domestic and foreign investors’ interest.

The hospitality business segment of Transcorp Corporation in H1 2023 saw its stock price increase to N23.40 per share, an increase of 274.4 per cent from N6.25 per share it closed in 2022 despite a difficult operating environment in the first quarter (Q1) ended March 31, 2023.

At N23.40 per share, the stock price of Transcorp reached 52-week high as of June 27, 2023, attributable to investors increasing buy-interest.

The market capitalisation of Transcorp Hotels has risen to N239.68billion as of June 27, 2023 from N64.02billion it closed for trading in 2022.

However, in Q1 2023, Transcorp Hotels reported N8.25billion revenue, an increase of 17.17 per cent from N7.04 billion reported in Q1 2022 while cost of sales closed Q1 2023 at N2.45 billion, a growth of 28 per cent from N1.92 billion reported in Q1 2022.

Consequently, gross profit closed Q1 2023 at N5.8billion, a growth of 13.2 per cent from N5.13billion reported in Q1 2022.

Amid a difficult operating environment, Transcorp Hotels reported N4.13billion operating expenses in Q1 2023, an increase of 30 per cent from N3.18billion reported in Q1 2022.

OPERATING EXPENSES

The interplay between cost of sales and operating expenses impacted on profits in Q1 2023 under review.

As profit before tax dropped to N841.6million in Q1 2023 from N1.07billion in Q1 2022, profit after tax declined by nearly 50 per cent to NN462million in Q1 2023 from N853.68million reported in Q1 2022.

Meanwhile, the company in 2022 financial year ended December 31, 2022 declared a resounding performance, driven by the management’s effective management and innovations.

Transcorp Hotels reported N31.44billion Revenue in 2022 financial year, an increase of nearly 47 per cent from N21.42billion in 2021, driven by 61 per cent or N19.15billion contribution from Transcorp Hotels room revenue in 2022.

The top hospitality company’s growth in revenue is on the backdrop of the management expansion in key business segments such as its Rooms service in Transcorp Hilton Abuja and Transcorp Hilton Calabar as both remain the first-choice destination for high-profile

guests, and catering to guests from all over the world for any travel need including business and leisure.

The group’s cost of sales hits N9.05billion in 2022, an increase of 64 per cent from N5.51billion reported in 2021.

Transcorp Hotels N3.37 billion spent maintaining room and N4.85billion food and beverages were the overall drivers of cost of sales in 2022.

This brings the group’s gross profit to N22.39 billion in 2022, an increase of 41 per cent from N15.9billion reported in 2021.

As operating expenses stood at N14.63billion in 2022, an increase of 31.8per cent from N11.1billion in 2021, operating profit grew by 51.1 per cent to N8.66billion in 2022 from N5.73billion in 2021.

The group’s operating expenses was driven by N2.33billion energy cost in 2022 from N1.68billion in 2021 and N2.2billion Employee costs in 2022, an increase of 31.2 per cent from N1.67billion reported in 2021.

Out of total borrowing of N23.96 billion in 2022 from N23.70 billion in 2021, the group paid N4.14billion interest on debts and borrowings in 2022 from Nbillion reported in 2021.

The group’s bottom-line performance showed a resilient result and accounts with N4.53billion profit before tax in 2022, an increase of 172 per cent from N1.66billion inn 2021.

With about N1.91billion tax expenses, Transcorp Hotels closed 2022 financial year with N2.62billion

profit after tax as against N1.12billion reported in 2021.

Amid impressive 2022 performance, the management paid shareholders a dividend of 13 kobo per share, amounting to N1.33billion as against N716.98million paid to shareholders in 2021 financial year.

STRONG BALANCE SHEET

As of December 31, 2022, Transcorp Hotels reported N120.5billion total assets from N115.9billion reported in full year ended December 31, 2021.

The group’s current assets stood at N10.08billion in 2022, an increase of 4.5 per cent from N9.64billion reported in 2021FY, while total long-term assets closed 2022 at N110.41 billion, representing a growth of 3.9 per cent from N106.25billion reported in 2021 FY. The balance sheet structure showed stronger retained earnings of about N45.21billion in 2022 from N44.58billion in 2021 financial year to close total equity at N62.8 billion as of 2022 from N62.22billion reported in 2021 financial year.

In addition to balance sheet structure, total liabilities closed 2022 at N57.7billion from N53.67billion in 2021, to bring the proportion of total liabilities/ total assets at 47.9 per cent from 46.3 per cent reported in 2021 FY. As current liabilities increased to 14.3 per cent from N25.633billion in 2021 to N29.3billion in 2022, long-term liabilities also gained 28 per cent

to N28.39billion in 2022 from N28.04billion in 2021 FY.

CEO’S VIEW

The Managing Director/ CEO of Transcorp Hotels, Dupe Olusola in a statement, said the Group’s properties in Abuja and Calabar remain the first-choice destination for high-profile guests, catering to guests from all over the world for any travel need including business and leisure.

According to her, “We have delivered an excellent performance in the first half of the year. We are constantly innovating and tailoring our services to the needs of our guests. We are particularly proud of the spectacular performance in our domestic tourism and leisure segment despite the recovery in our International Business Traveller (IBT) and Group Business Segments.

“Our IBT and Group business segments have continued to recover and contribute significantly to our growth.

This is a testament to our commitment to continually create value for our customers and stakeholders in line with our corporate mission.”

She added that, “The hospitality brand is investing in some major projects to expand its operations and further enhance value. These projects include improvements at its hotels, especially Transcorp Hotels Calabar where rooms and facilities are being upgraded.

“Transcorp Hotels is also working on extending the rooming at Transcorp Hilton Abuja to cater to the frequent overflow, as the hotel remains first choice for guests in Abuja. Other projects are billed for Lagos and Port Harcourt.”

26

BUSINESSWORLD

WEDNESDAY, JULY 5, 2023 ˾ T H I S D AY

BANKING

Sterling Bank as Top Destination for Talents Oluchi Chibuzor examines Sterling Bank’s committment to creating a workplace that empowers talents to do their best work and become the best version of themselves

O

ver the years, human capital has been recognised as one of the most important resources for the success of organizations. According to American business magnate and philanthropist, Bill Gates, “In the long run, your human capital is your main base of competition.”

Similarly, Arianna Huffington, a Greek-American author, who has been named on the Time Magazine list of the world’s most influential people and Forbes Most Powerful Women list says, “The most important thing that we entrepreneurs have is our human capital.”

David Bookbinder, a psychotherapist and life coach says, “The value of a business is a function of how well the financial capital and the intellectual capital are managed by the human capital. You better get the human capital part right.”

The emphasis on people by these eminent entrepreneurs lends credence to Sterling Bank’s approach to the development of its human capital, and the remarkable successes it has achieved in recent years. Today, Sterling is seen as an employer of choice in the Nigerian economy; especially with the introduction of the flexible work models into its work culture, among other digitization innovations implemented in the wake of the COVID-19 pandemic.

Speaking on the bank’s impressive human capital management feats, Sterling’s Chief Human Resource Officer, Temi Dalley, remarks that, “Sterling is an employer of choice for Talents because it is committed to creating a workplace that empowers talents to do their best work and become the best version of themselves. We have achieved and continue to maintain this because we decided to focus on creating human experiences, supporting quality of life and providing growth opportunities, while putting the needs of Sterling humans at the center of our initiatives.”

According to the CHRO, there has been a whole lot of transformation that has earned the bank accolades such as the Overall Best Place To Work In Nigeria for three consecutive years and a certified great place to work for five consecutive years from Great Place To Work Institute.

She lists some of the changes to include introduction of initiatives like paternity leave, flexible working hours, mental health breaks, bespoke training plans, diversity, equity, and inclusion programs as well as other initiatives that have endeared diverse talents, especially millennials, to the organization. This is proven by back-to-back conferment of the Victor Ligbagbo Award for the Best Workplace For Millennials

by Great Place to Work Institute.

While optimizing for organizational performance, the bank has also balanced its efforts by focusing on the needs of the individual – indexing heavily for personal growth and gender inclusivity. This commitment has been rewarded by HR People Magazine with the award of Sterling with the Best Work-Life Balance award for 2022; LinkedIn with the naming of the bank as one of the top 25 places to work in Nigeria for two consecutive years – 2022 and 2023, and by BabyMigo as one of the top 30 workplaces for mothers in Nigeria.

Dalley says the bank’s employee value proposition seeks to retain top talents, continue to attract the best, and drive the growth of highly upwardly mobile individuals by harnessing their unique skills to ensure Sterling competes with top firms across the globe. This is captured in our employee value proposition mantra which says Live your best life, do your best work.”

She further explained that Sterling has designed its talent management practices to deliver a human-centred experience; delivered through a mix of empathy, innovation and cutting- edge technology, while also developing the next generation of leaders for the organization as the transformation to a financial holdings company progresses.

According to Dalley, “Our vision is to be the financial institution of choice. To achieve this, Sterling Bank strives to build an organisation that motivates and inspires its employees to achieve their full potential by adopting the human-centered approach at the centre of its vision and strategy, with a clear focus on creating a work environment and building

MD, Sterling Bank Plc, Abubakar Suleiman

a culture that embraces the new way of work through investments in new technologies. All of these present new and exciting opportunities for our talents as they see an opportunity to rise to the top of their careers while doing some of the best work of their lives.”

The CHRO says the bank’s Future Of Work campaign is aimed at sensitising all its employees on how to build future-forward skills and remain relevant in an increasingly digital world, noting that about 96 percent of its employees are already aware of athat, “Sterling’s management has a clear vision of where the organisation is going and how to get there” while 89 percent of them say, “management has shown sincere interest in me as a person, not just as an employee.” The Bank’s internal learning program, iLearn, has created a pathway for the upskilling of employees in preparation for an agile and digital-focused future, making the required talent readily available to drive the achievement of the organization’s lofty growth ambitions.

In a bid to further position its workforce for the emerging future, Sterling Bank has partnered with Nexford University, a United States based next generation university in a program designed to create a global emerging markets’ talent pipeline known as “Fund Your Future” as part of Nexford’s wider ‘Learn to Earn’ program for emerging markets.

The programme is designed to solve three major challenges of enabling employers to find qualified entry level talent, helping students with affordable access to university education, and giving students the skills they need to actually get desirable jobs.

The benefits of the partnership for Sterling Bank are multiple as students are given an education specifically tailored to the bank’s corporate needs, accelerating their fit into the workplace as well as their development, with the added advantage of possessing real-world skills.

The students also benefit more as Sterling Bank will be playing two roles of helping the students to underwrite loans to fund their tuition fees with Nexford; a development which will protect them against fluctuations in foreign exchange,and put them in control of their finances. Under the arrangement, Sterling Bank also provides students with partial scholarships and internships during their studies, in addition to post-graduation job opportunities.

These efforts have crystallized into major successes with HR Optimization awards for Talent Development, Adoption of Technology, and Organization Development attained by the lender from the Chartered Institute of Personnel Management (CIPM).

Dalley says the bank’s adoption of agile way of work – beyond being a bold move – has yielded amazing results for the organization. Adding that, “As an employer, we have attained inspiring heights and our workforce is positioned to run at the pace that our strategy requires.”

WEDNESDAY JULY 5, 2023 • T H I S D AY

27

28

T H I S D AY ˾ AY, JULY 5, 2023

BUSINESS/MONEYGUIDE

SMEDAN: MSMEs Accessed N3.75bn Grant to Boost Liquidity, Formalise Operations James Emejo ËØÎ Aisha Kabiru The Director General/Chief Executive, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Olawale Fasanya, has disclosed that the sum of N50,000 was disbursed to 75,000 Micro Small and Medium Enterprises (MSMEs) under the Conditional Grant Scheme (CGS) which was launched in 2017 as part of efforts to ameliorate their liquidity constraints and to enable them formalise their operations.

Speaking at a media briefing to commemorate the World MSME Day in Abuja, the SMEDAN DG said that though faced with funding challenges, the agency remained ever committed to facilitating all resources required for

the sustainable growth and development of the MSMEs in the country.

He called on both the public and private sector players to support in upscaling some of the interventions being implemented in their respective states, adding that “It is time for us all to understand that we can develop faster and better when we come together”.

The funding intervention from the CGS came amid ongoing efforts by the government to migrate small businesses from the informal to the formal sector of the economy, in view of their significance to the economy.

He, however, pointed out that part of the conditions for accessing the N50,000 grant is the willingness of the informal nano and micro enterprises to become formal in operations.

According to Fasanya, other conditions involved capacity building, registration of the micro-enterprises with the Corporate Affairs Commission (CAC), and provision of microinsurance as well as the opening of bank accounts.

He noted that small businesses contribute about 48 per cent to GDP and 84 per cent to employment in the country, adding that they remained the backbone of the society, supporting livelihoods, especially for the working poor, women, youth and vulnerable groups.

He stressed that if adequately supported, MSMEs effectively contribute to the structural transformation of economies and drive inclusive, sustained, and equitable economic growth and jobs as well as critical components of the overall economy.

L-R: CEO, GTEXT Homes, Mr. Faruk; former IG of Police, Chief Mike Okiro; Founder/Chairman, GTEXT Holdings, Dr. Stephen Akintayo and former Polish Lawmaker, Dr. John Godson, at the groundbreaking unveiling of the site office of a wholly Eco City at Lugbe, Abuja...recently

Zylus Homes & Property Ltd Gets“BBB”Rating DataPro, the technologydriven credit rating agency has assigned Zylus Homes and Property Limited a long-term rating of “BBB” with a Positive Outlook for the year 2023/2024.

In a statement issued on Monday, the company’s Client Service Manager, Mr. Kehinde Rasheed explained that considerations for the rating assigned include the company’s financial performance, profitability, capital structure, asset quality,

liquidity, corporate governance and risk management as well as its risk factors.

“Zylus demonstrated sustained growth in earnings with a compound annual growth rate of 22.6%.

“During the year 2022, revenue rose by 12% to N11.5bn.

Equity provided 44% funding for the company’s assets in the year 2021 and 2022. Its liquidity profile also improved from 202% (Yr.21) to 204% (Yr. 22),” the

statement said.

It explained further that the positive rating assigned reflects DataPro’s opinion of Zylus’s good revenue, profitability and liquidity profile.

According to the statement, “BBB” indicates slight risk. It shows fair financial strength, operating performance and business profile when compared to the standard established by DataPro.

Indomie Supports Sickle Cell Foundation Nigeria Indomie Instant Noodles, recently joined forces with the Sickle Cell Foundation Nigeria to raise awareness about sickle cell through a remarkable event tagged: “Red Umbrella Walk.”

The walk which took place in Surulere, Lagos, witnessed an outpouring of support from Nigerians who donned Indomie-branded red t-shirts, caps, and umbrellas.

The “Red Umbrella Walk” is an annual solidarity and awareness walk aimed at spotlighting sickle cell disease in Nigeria.

During the event, Group Corporate Communications and Events Manager, Dufil Prima Foods Plc, Temitope Ashiwaju expressed Indomie’s commitment to supporting the

sickle cell community.

According to him, “Indomie is here to hold hands and show support for everyone living with sickle cell anaemia, a genetic disorder that affects people from birth. While we are here to support the Sickle Cell Foundation Nigeria, Indomie is using this opportunity to share some love with the entire Sickle Cell Community, and we are saying loudly, everyone with sickle cell is a hero.”

Chairperson, Coalition of Sickle Cell NGOs, Toyin Adesola noted that “Sickle cell disease poses a significant public health concern in Nigeria. The country bears one of the highest burdens of sickle cell disease worldwide, with a substantial portion of

the population carrying the sickle cell trait. Each year, it is estimated that over 150,000 children are born with sickle cell disease in Nigeria representing the highest number of newborns affected by the condition in any country.”

Adesola further emphasized the vision and mission of the Coalition of Sickle Cell NGOs in Nigeria (CSCNN), stating, “As a coalition, we aim to be an umbrella body of advocacy and awareness in Nigeria, reducing the health burden associated with sickle cell disorder. Our mission is to amplify and raise strong voices within the sickle cell community thereby driving societal and policy changes in Nigeria.”

‘Jasper Hillview Estate is Nigeria’s First Wholly Eco City’ Bennett Oghifo

GTEXT Homes, a subsidiary of GTEXT Holdings, is developing a wholly Eco City in Lugbe, Abuja, the first of its kind in Nigeria.

Its energy needs will be totally off the national grid, coming from renewable sources- solar, wind, biogas, says Dr Stephen Akintayo, the founder and Chairman of GTEXT Holdings..

Jasper Hillview Estate is an all-inclusive property that is located in a choice location in Lugbe, Abuja, about 20 minutes’ drive from the Nnamdi Azikiwe International Airport.

“This particular land has a lot of potential,” said Dr Stephen Akintayo, the founder and chairman of GTEXT Holding, at the unveiling of

the site office recently. “We looked at the fact the layout is well-structured, and at the back, there is a river which can take all the drainage, which is very important in building and housing that you have to be conscious about because sometimes it is either that people are building without having proper drainage or the drainages are blocked, or sometimes it does not have where it will empty itself.”

A major selling point of GTEXT Holdings, Akintayo said, is the provision of high-quality homes that fit the prestigious lifestyles of residents. And they have very big plans for the future.

He added, “Our vision is simple, we are going for 25,000 green and smart homes from now till 2035. We are

working on 200 estates, and we currently have over 30 in Lagos, Port Harcourt, Asaba, Abeokuta and Oyo and here in Abuja.”

The company plans to launch its third housing project, and its vision is to really build a green and smart home and have estates that will give the right lifestyle.

“A major thing that we are doing is that all our estates are going to be powered by solar and wind, all renewable, and we are not connecting to the national grid, and we are happy with the new electricity act that was passed that allows the private sector to be able to generate their power and also we are going to be looking at those opportunities depending on where we are,” Akintayo explained.

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) MARCH 2023 Money Supply (M3)

54,634,063.50

-- CBN Bills Held by Money Holding Sectors

442,402.18

Money Supply (M2)

54,191,661.32

-- Quasi Money

32,839,133.46

-- Narrow Money (M1)

21,352,527.87

---- Currency Outside Banks

1,445,439.42

---- Demand Deposits

119,907,088.45

Net Foreign Assets (NFA)

5,992,904.55

Net Domestic Assets(NDA)

48,641,158.95

-- Net Domestic Credit (NDC)

70,596,115.20

---- Credit to Government (Net)

27,529,720.19

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

43,066,395.01

--Other Assets Net

11,123,812.79

Reserve Money (Base Money

15,975,739.59

--Currency in Circulation

1,683,498.35

--Banks Reserves --Special Intervention Reserves

14,292,241.24 419,889.49

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

April 2023

Inter-Bank Call Rate

15.80

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

18.00

Treasury Bill Rate

5.73

Savings Deposit Rate

4.59

1 Month Deposit Rate

7.32

3 Months Deposit Rate

7.92

6 Months Deposit Rate

9.84

12 Months Deposit Rate

8.18

Prime Lending rate

14.05

Maximum Lending Rate

28.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 16 JUNE, 2023

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), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ AY, JULY 5, 2023

29

MARKET NEWS

Adefulu: NBA-SBL Collaborating with NGX, IoD to Improve Companies’ Corporate Governance Kayode Tokede The Chairman, Nigerian Bar Association’s Section on Business Law (NBA SBL), Dr. Adeoye Adefulu, yesterday said it is collaborating with the Nigerian Exchange Limited (NGX), and the Institute of Directors (IoD) to improve on listed/unlisted companies’ corporate governance in Nigeria.

Adefulu, who was speaking with journalists after the closing

gong ceremony in commemoration of the 2023 NBA-SBL Annual Conference in Lagos, said “NBA SBL, NGX and IoD are part of what we call corporate governance triangle. The corporate governance triangle is focused on improving corporate governance of not just listed but also potential companies that are looking towards listing as well.

“We work to improve on the environment and education around corporate governance.

P R I C E S MAIN BOARD

F O R

DEALS

We want companies that are small to grow bigger for them to work with the principle of good corporate governance. It is expected to help improve their acceptance into the Exchange.

We also work with SEC on regulatory issues.”

The 2023 conference is with a theme: “Nigeria Business Landscape: Priorities for Law, Policy, and Regulation.”

He noted that the 2023 NBASBL Annual Conference is setting

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

agenda for the President Bola Tinubu in critical areas of law policies and regulations needed urgently to enhance economic growth and create jobs.

He said areas such as Startups, Artificial Intelligence (AI), agriculture, and Energy Transactions, among other areas, are pivotal to the new administration reforms, stressing on government prioritizing laws and regulations needed to sharpen its policies.

T R A D E D MAIN BOARD

He noted that the NBA-SBL past conferences have been impacting as key issues such as the Companies and Allied Matters Act (CAMA), and Petroleum Industry Act (PIA), among others were discussed and its numerous reforms from the conference have aided the government in decision-making.

He expressed further that “Beyond the conference, our work is to ensure the regulatory works best for investors. We

A S O F

work with different regulatory institutions on a regular basis, helping them sharpen the laws those regulations are based upon,” he said.

He expressed that the 9th Assemble was focused on a lot of reforms but as the world is dynamic, the legal environment, policy, and regulations needed to be dynamic as well, stating that Nigeria with a growing young population needed to be engaged in economic growth.

J U LY / 0 4 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

30

˜ ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

Wednesday, July 5, 2023

dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ĚŝƉƐ Ϯ͘Ϭй

dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞdž ĚĞĐůŝŶĞĚ ďLJ Ϯ͘Ϭй ƚŽ ĐůŽƐĞ

THISDAY AFRINVEST 40 INDEX

Ăƚ Ϯ͕ϳϳϳ͘Ϭϯ ŝŶĚĞdž ƉŽŝŶƚƐ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƐĞůů ƉƌĞƐƐƵƌĞ ŽŶ DdEE ;Ͳϭ͘ϴйͿ͕ 'd K ;Ͳϯ͘ϴйͿ͕ ĂŶĚ E/d, ;Ͳϯ͘ϴйͿ͘

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƵŵƵůĂƟǀĞůLJ͕ ƚŚĞƐĞ ƐƚŽĐŬƐ ĂĐĐŽƵŶƚ ĨŽƌ Ϯϱ͘ϱй ŽĨ ƚŚĞ ŝŶĚĞdž͘

Profit-taking Weighs on market Performance...

ASI down 2.0%

zĞƐƚĞƌĚĂLJ͕ ƚŚĞ E'yͲ ^/ ĚŝƉƉĞĚ Ϯ͘Ϭй ƚŽ ϲϬ͕ϳϭϱ͘Ϭϰ

Ticker

Current Price

THISDAY AFRINVEST 40

Previous Price Change

Price Current Price Change Change Weighting YTD Index to Date

ROE

ROA

P/E

P/BV

Divindend Earnings Yield Yield

2777.03

-2.03%

49.7%

177.7%

23.2%

5.4%

6.6x

1.2x

6.1%

13.0%

1

BUA Foods PLC

135.75

0.0%

18.8%

108.8%

0.0%

45.4%

17.7%

21.8x

9.0x

3.3%

4.6%

2

MTN Nigeria Communications PLC

273.00

-1.8%

10.4%

27.0%

-0.1%

91.7%

13.2%

15.3x

12.8x

5.8%

6.5%

3

Airtel Africa PLC

1,319.90

0.0%

10.1%

-19.3%

0.0%

18.6%

6.2%

ot Applicable

2.8%

4

Guaranty Trust Holding Co PLC

35.10

-3.8%

7.9%

52.6%

0.3%

19.7%

3.0%

5.4x

1.1x

8.9%

18.5%

5

Zenith Bank PLC

33.90

-3.8%

7.2%

41.3%

-1.0%

16.7%

2.0%

4.6x

0.7x

9.4%

21.8%

6

23.7%

FBN Holdings Plc

17.90

-2.5%

4.7%

64.2%

5.0%

16.1%

1.5%

4.2x

0.7x

2.7%

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7

Dangote Cement PLC

285.00

0.0%

4.4%

9.2%

0.0%

34.8%

14.7%

12.7x

4.2x

7.0%

7.9%

8

Lafarge Africa PLC

29.00

-2.2%

3.6%

20.8%

-1.7%

12.3%

9.1%

9.2x

1.1x

6.9%

10.9%

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9 United Bank for Africa PLC 10 SEPLAT Energy PLC

12.75

-5.2%

3.1%

67.8%

4.1%

20.4%

1.7%

2.5x

0.5x

8.5%

40.5%

1,399.80

0.0%

2.6%

32.5%

0.0%

5.7%

2.8%

10.4x

0.6x

3.4%

9.6%

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11 Nestle Nigeria PLC

1,200.00

-4.0%

2.5%

9.1%

-4.0%

110.1%

12.8%

20.2x

20.5x

5.1%

5.0%

12 Access Holdings PLC 13 Stanbic IBTC Holdings PLC

17.15

-6.0%

ŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ĚĞĐƌĞĂƐĞĚ ďLJ ʬϲϳϮ͘ϬďŶ ƚŽ ʬϯϯ͘ϭƚŶ͘

4.5%

101.8%

84.4%

13.9%

1.2%

3.4x

0.4x

15.2%

29.0%

57.00

-3.4%

2.4%

70.4%

5.6%

22.4%

2.9%

7.4x

1.7x

6.1%

13.4%

14 Ecobank Transnational Inc 15 Okomu Oil Palm PLC

15.80

-3.4%

>ŝŬĞǁŝƐĞ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ĨĂůƚĞƌĞĚ ĂƐ ďŽƚŚ ǀŽůƵŵĞ ĂŶĚ

2.2%

49.1%

3.9%

19.1%

1.0%

1.8x

0.4x

3.2%

55.8%

235.00

0.0%

1.7%

42.4%

0.0%

47.7%

23.5%

13.8x

6.6x

5.1%

7.2%

16 Nigerian Brew eries PLC

44.75

-0.6%

1.6%

9.1%

-0.6%

-6.3%

-1.9%

2.2x

3.0%

-3.0%

17 Fidelity Bank PLC 18 Flour Mills of Nigeria PLC

7.70

0.0%

1.7%

77.0%

10.0%

16.7%

1.4%

4.2x

0.7x

5.4%

34.00

-0.4%

1.1%

19.7%

-0.3%

11.4%

2.5%

6.6x

0.7x

19 Transnational Corp of Nigeria

3.48

-9.8%

1.1%

208.0%

-0.9%

6.4%

1.5%

21.0x

20 International Brew eries PLC

5.00

-2.9%

1.0%

6.4%

-3.8%

-19.2%

-5.2%

21 AXA Mansard Insurance PLC 22 FCMB Group Plc

3.94

-4.6%

0.9%

97.0%

-0.3%

13.3%

3.4%

7.2x

1.2x

7.6%

13.9%

5.63

4.3%

0.8%

46.2%

10.4%

12.7%

1.3%

3.2x

0.4x

4.7%

31.4%

23 PZ Cussons Nigeria PLC

20.70

-10.0%

0.6%

82.4%

-5.9%

29.0%

8.7%

7.0x

2.0x

4.9%

14.4%

24 Guinness Nigeria PLC

80.00

0.0%

0.7%

15.4%

0.0%

7.3%

2.9%

28.1x

2.2x

9.3%

3.6%

25 Dangote Sugar Refinery PLC

25.05

-2.7%

0.6%

56.1%

0.2%

36.5%

12.3%

5.2x

1.8x

6.0%

19.3%

26 Presco PLC

181.00

1.7%

0.6%

31.6%

1.7%

53.4%

13.5%

9.3x

4.2x

1.1%

10.7%

27 United Capital PLC

15.70

-7.9%

0.5%

12.1%

-0.3%

38.7%

1.6%

9.6x

3.5x

9.4%

10.4%

28 BUA Cement Plc 29 NASCON Allied Industries PLC

83.15

-9.9%

0.4%

-14.9%

-9.9%

25.0%

12.6%

27.9x

6.8x

19.10

-4.3%

0.4%

72.1%

2.1%

37.7%

13.0%

7.5x

2.4x

5.1%

13.3%

30 TotalEnergies Marketing Nigeri

ǀĂůƵĞ ƚƌĂĚĞĚ ĚŝƉƉĞĚ ϴ͘ϭй ĂŶĚ ϭϯ͘Ϭй ƚŽ ϭ͘ϭďŶ ƵŶŝƚƐ ĂŶĚ ʬϭϮ͘ϮďŶ ĂĐĐŽƌĚŝŶŐůLJ͘

EĞŐĂƟǀĞ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ĐŽǀĞƌĂŐĞ ǁĂƐ ŶĞŐĂƟǀĞ ĂƐ ϱ ŝŶĚŝĐĞƐ ůŽƐƚ ĂŶĚ ϭ ŐĂŝŶĞĚ͘ ƚ ƚŚĞ ĨŽƌĞ ĨƌŽŶƚ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ĂŶĚ ĂŶŬŝŶŐ ŝŶĚŝĐĞƐ ĚĞͲ ĐůŝŶĞĚ ďLJ ϰ͘ϯй ĂŶĚ ϯ͘ϵй ƌĞƐƉĞĐƟǀĞůLJ ĨŽůůŽǁŝŶŐ ƐĞůůŽīƐ ŝŶ h D Ed ;Ͳϵ͘ϵйͿ͕ W ;ͲϭϬ͘ϬйͿ͕ E/d, ;Ͳϯ͘ϴйͿ͕ ĂŶĚ h ;Ͳϱ͘ϮйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ĂŶĚ &ZͲ/ d ŝŶĚŝĐĞƐ ĚĞĐƌĞĂƐĞĚ ďLJ ϭ͘ϯй ĂŶĚ Ϭ͘ϵй ĂĐĐŽƌĚͲ ŝŶŐůLJ ŽǁŝŶŐ ƚŽ ƉƌŝĐĞ ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ E ^d> ;Ͳϰ͘ϬйͿ͕ E'^h' Z ;ͲϮ͘ϳйͿ͕ ĂŶĚ DdEE ;Ͳϭ͘ϴйͿ͘ >ŝŬĞǁŝƐĞ͕

ǁŚŝůĞ͕ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ dKd > ;нϱ͘ϳйͿ ĂŶĚ d ZE ;нϭϬ͘ϬйͿ ĐĂƵƐĞĚ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ďLJ ϭ͘ϵй͘ KƵƚůŽŽŬ /ŶǀĞƐƚŽƌ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ

ĐůŽƐĞĚ ŇĂƚ͘ dŽĚĂLJ͕ ǁĞ ĞdžƉĞĐƚ ƚŚĞ ďĞĂƌŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ƚŽ ďĞ ƐƵƐƚĂŝŶĞĚ ĂƐ ŝŶǀĞƐƚŽƌƐ ĐŽŶƟŶƵĞ ƚŽ Ŭ ƉƌŽĮƚ͘

ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ

1.2%

4.8% -18.4%

3.6%

370.00

5.7%

0.4%

91.7%

5.7%

34.8%

5.8%

7.7x

2.7x

6.7%

12.9%

5.23

-10.0%

0.3%

34.1%

-1.1%

17.2%

1.0%

4.0x

0.8x

5.7%

25.0%

32 Jaiz Bank PLC 33 Geregu Pow er PLC

1.80

-1.1%

0.3%

95.7%

7.8%

27.5%

2.0%

8.4x

2.1x

27.8%

12.0%

300.00

0.0%

0.3%

101.3%

0.0%

22.9x

2.8%

34 Union Bank of Nigeria PLC 35 Julius Berger Nigeria PLC

7.50

0.0%

0.2%

17.2%

2.0%

15.8%

1.6%

6.1x

0.7x

30.00

0.0%

0.2%

22.4%

-3.2%

11.2%

1.3%

7.5x

0.8x

8.3%

13.4%

36 Unilever Nigeria PLC

17.50

0.0%

0.2%

50.9%

7.4%

7.8%

4.2%

18.9x

1.4x

1.4%

5.3%

37 Sterling Financial Holdings Co

3.75

1.6%

0.1%

#VALUE!

38 Conoil PLC

88.00

0.0%

0.1%

232.1%

6.0%

34.4%

13.1%

7.0x

2.2x

2.8%

14.2%

39 Transcorp Hotels Plc

25.70

9.8%

0.1%

311.2%

9.8%

3.5%

1.9%

116.1x

4.2x

0.5%

40 Notore Chemical Industries Ltd

62.50

0.0%

0.0%

0.0%

0.0%

-27.3%

-6.4%

16.4%

#N/A N/A

1.5x

T ic k er

P ric e

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

C H IP LC

0.99

10.0%

FCM B

180.8

4.3%

ET ER N A

25.40

10.0%

ST ER LIN GN G

107.5

1.6%

105.9

-9.8%

CHA M S

0.89

9.9%

T R A N SC OR P

ET R A N Z A C T

7.79

9.9%

UB A

87.3

-5.2%

SKYA VN

12.25

9.9%

A C C ESSC OR P

77.8

-6.0%

GOLD B R EW

2.01

9.8%

Z EN IT H B A N K

52.7

-3.8%

T R A N SC OH OT

25.70

9.8%

J A P A ULGOLD

44.3

9.1%

R T B R ISC OE

0.68

9.7%

GT C O

43.8

-3.8%

UN IT YB N K

1.41

9.3%

UN IT YB N K

37.4

9.3%

H ON YF LOUR

3.70

9.1%

F ID ELIT YB K

28.1

0.0%

T o p 10 T r a d e s b y V a l u e

T o p 10 L o s e r s T ic k er

P ric e

P ric e C hg %

T ic k er

Value

LA SA C O

2.30

-13.9%

Z EN IT H B A N K

1796.9

-3.8%

PZ

20.70

-10.0%

GT C O

1543.6

-3.8%

P ric e C hg %

WEM A B A N K

5.23

-10.0%

A C C ESSC OR P

1343.9

-6.0%

B UA C EM EN T

83.15

-9.9%

UB A

1115.8

-5.2%

T R A N SC OR P

3.48

-9.8%

FCM B

981.5

4.3%

UP L

2.48

-9.8%

N EST LE

678.8

-4.0% 0.0%

IKEJ A H OT EL

3.95

-9.8%

D A N GC EM

645.6

T R IP P LEG

3.05

-9.8%

ST ER LIN GN G

411.1

1.6%

381.0

-9.8%

373.1

-1.8%

LEA R N A F R C A

2.91

-9.3%

T R A N SC OR P

A F R OM ED IA

0.20

-9.1%

M TNN

0.9% -16.5%

T o p 10 T r a d e s b y V o l u m e

T o p 10 G a i n e r s

ďƌĞĂĚƚŚ͕ ĚĞĐƌĞĂƐĞĚ ƚŽ ͲϬ͘Ϯϯdž ĨƌŽŵ ϭ͘Ϯϵdž ŝŶ ƚŚĞ ƉƌŝŽƌ ƐĞƐƐŝŽŶ ĂƐ ϯϯ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ͕ ϰϰ ĚĞĐůŝŶĞĚ ǁŚŝůĞ ϰϳ

1.3x 1.2x

31 Wema Bank PLC

ƐĞůů ƉƌĞƐƐƵƌĞ ŝŶ D E^ Z ;Ͳϰ͘ϲйͿ ĂŶĚ t W/ ;Ͳϯ͘ϲйͿ ĚƌĂŐŐĞĚ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ůŽǁĞƌ ďLJ Ϭ͘ϱй͘ DĞĂŶͲ

23.8% 15.1%

ƌŽŬĞƌĂŐĞ

ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ

/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ

ĚĞĚŽLJŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ZŽďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ďŝŽĚƵŶ <ĞƌŝƉĞ ͮ <ĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ĂŵŝůĂƌĞ ƐŝŵŝLJƵ ͮ ĚĂƐŝŵŝLJƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

31

WEDNESDAY, JULY 5, 2023 • 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 03July-2023, 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 7.52% Anchoria Equity Fund 185.84 187.66 28.22% Anchoria Fixed Income Fund 1.36 1.36 10.44% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.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 27.56 28.39 25.57% ARM Discovery Balanced Fund 609.03 627.40 16.85% ARM Ethical Fund 48.31 49.76 7.08% ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund 1.14 1.14 2.48% ARM Money Market Fund 1.00 1.00 9.37% ARM Short Term Bond Fund 1.03 1.03 -0.33% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 98.3 98.3 8.29% AVA GAM Fixed Income Naira Fund 1,107.31 1,107.31 3.46% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 164.21 165.36 21.74% AXA Mansard Money Market Fund 1.00 1.00 9.01% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.21 2.21 11.57% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.73 2.80 55.65% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 12.07% Paramount Equity Fund 24.08 24.29 38.69% Women's Investment Fund 184.00 185.65 24.39% CHD Nigeria Bond Fund 103.72 103.72 12.45% CHD Nigeria Dollar Income Fund 1.02 1.02 11.07% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.29% Cordros Milestone Fund 154.09 155.25 20.39% Cordros Fixed Income Fund 106.48 106.48 10.35% Cordros Halal Fixed Income Fund 103.94 103.94 5.85% Cordros Dollar Fund ($) 111.93 111.93 7.42% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 9.46% Coronation Money Market Fund 1.41 1.42 23.72% Coronation Balanced Fund 1.47 1.47 8.01% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A 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 12.64% Emerging Africa Bond Fund 1.06 1.06 11.21% Emerging Africa Balanced Diversity Fund 1.22 1.22 39.12% Emerging Africa Eurobond Fund 104.08 104.08 5.20% 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 N/A N/A N/A FBN Balanced Fund N/A N/A N/A FBN Halal Fund N/A N/A N/A FBN Money Market Fund N/A N/A N/A FBN Dollar Fund N/A N/A N/A FBN Smart Beta Equity Fund N/A N/A N/A FBN Specialized Dollar Fund N/A N/A N/A 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 8.98% Legacy Debt Fund 3.51 3.51 -1.77% Legacy Equity Fund 2.53 2.59 26.72% Legacy USD Bond Fund 1.29 1.29 2.84% 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 5,068.96 5,103.59 40.59% Coral Income Fund 3,855.41 3,855.41 7.66% Coral Money Market Fund 100.00 100.00 10.38% FSDH Dollar Fund 1.16 1.16 5.55%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; 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 N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 15.42 15.50 13.18% Meristem Money Market Fund 10.00 10.00 11.32% 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) 103.75 103.75 10.05% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.58% Norrenberger Dollar Fund (NDF) ($) 102.90 102.90 10.79% 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 1.97 2.03 25.81% PACAM Fixed Income Fund 11.64 11.97 5.53% PACAM Money Market Fund 10.00 10.00 11.05% PACAM Equity Fund 1.93 1.96 36.29% PACAM EuroBond Fund 126.25 129.94 13.63% SCM CAPITAL ASSET MANAGEMENT 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 The Frontier Fund 157.77 160.73 25.50% 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 1.05 1.05 11.04% 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 4,412.18 4,447.91 30.16% Stanbic IBTC Bond Fund 251.34 251.34 6.69% Stanbic IBTC Ethical Fund 1.82 1.85 45.63% Stanbic IBTC Guaranteed Investment Fund 342.29 342.29 9.31% Stanbic IBTC Iman Fund 321.36 325.29 37.60% Stanbic IBTC Money Market Fund 1.00 1.00 10.49% Stanbic IBTC Nigerian Equity Fund 15,851.88 16,052.95 45.23% Stanbic IBTC Dollar Fund (USD) 1.41 1.41 9.37% Stanbic IBTC Shariah Fixed Income Fund 124.65 124.65 6.62% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 120.22 120.22 13.01% Stanbic IBTC Absolute Fund 4,771.10 4,771.10 12.15% Stanbic IBTC Aggressive Fund 4,610.93 4,670.45 65.88% Stanbic IBTC Conservative Fund 4,863.63 4,885.89 27.81% 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 1.19 1.20 31.04% United Capital Balanced Fund 1.64 1.65 27.13% United Capital Wealth for Women Fund 1.27 1.28 18.55% United Capital Sukuk Fund 1.12 1.12 12.90% United Capital Fixed Income Fund 1.89 1.89 7.20% United Capital Eurobond Fund 121.07 121.07 5.86% United Capital Global Fixed Income Fund 1.04 1.04 8.76% United Capital Money Market Fund 1.00 1.00 10.58% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund N/A N/A N/A Zenith ESG Impact Fund N/A N/A N/A Zenith Income Fund N/A N/A N/A Zenith Money Market Fund N/A N/A N/A 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 6.84 6.94 69.72% Vetiva Consumer Goods Exchange Traded Fund 8.94 9.04 52.63% Vetiva Griffin 30 Exchange Traded Fund 22.60 22.80 27.68% Vetiva Money Market Fund 1.00 1.00 10.70% Vetiva Industrial Goods Exchange Traded Fund 24.82 25.02 24.10% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 143.50 145.50 -8.98%

REITS NAV Per Share

Yield / T-Rtn

119.40 54.58 101.72 10.08

4.92% 2.94% -11.82%

Bid Price

Offer Price

Yield / T-Rtn

19.96 192.04 130.62 17.40 16.40

20.06 195.26 132.83 17.50 16.50

28.88% 50.44% 30.61% 29.96% 49.79%

NAV Per Share

Yield / T-Rtn

107.58

0.00%

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC 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

I N F R AST R U CT U R E F U N D 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.

32

T H I S D AY ˾ WEDNESDAY JULY 5, 2023

EDUCATION Building Capacity Towards Ensuring Sustainable Environment A two-day International Sustainable Development Dialogue, organised by the Global Affairs and Sustainable Development Institute, Osun State University, in conjunction with the African Network of Environmental Humanities, and Rachel Carson Centre for Environment and Society, a research centre of Ludwig Maximillian University, Germany, was aimed at attracting and engaging the attention of policymakers towards promoting locally-driven responses to issues of the human factor in the environment, as well as proposing policyoriented solutions towards solving issues of environmental management. Funmi Ogundare reports

T

he Global Affairs and Sustainable Development Institute (GASDI), Osun State University, Osogbo, recently held its third International Sustainable Development Dialogue in conjunction with the African Network of Environmental Humanities (ANEH) and Rachel Carson Centre for Environment and Society, a research centre of Ludwig Maximillian University, Germany.

Themed ‘Making and Unmaking Africa: Global Developments and Environmental Humanities’, the conference was aimed at proffering solutions to the range of interconnected environmental crises that threaten human health, well-being, and overall development.

For two days, scholars, traditionalists, practitioners, students and activists from across the humanities, social sciences, and natural sciences converged on the Olagunsoye Oyinlola Auditorium of the university to foster a rich and productive dialogue that enlightens the understanding of the complex relationships between humans and other-than-humans as a critical first step to devising innovative and effective strategies to addressing environmental challenges.

In his remarks, the Vice-Chancellor, Prof.

Odunayo Adebooye, explained that environmental humanities (also known as ecological humanities) remain an interdisciplinary area of research that draws on the various environmental sub-disciplines, stating, “It is geared towards employing humanistic questions about language, culture, values, ethics and responsibilities to address the globally pressing environmental challenges.”

In the last two to three decades, Adebooye, represented by the Deputy Vice-Chancellor (Academic, Research, Innovations and Partnerships), Prof. Anthony Kola-Olusanya, noted that there had been growing concerns about the human and natural disruptions of the ecosystems. He explained that the concerted efforts of scholars globally have led to identifying key issues that have each constituted a body of knowledge, with growing scholarly interest, efforts and output arising from each.

“These issues include but are not limited to pollution, global warming, overpopulation, ocean acidification, deforestation, ozone layer depletion, among others. It is the contextualisation of these issues to Africa, and the exploration of the effect of these from Africa on the global environment that I am sure this dialogue is hoped to address,” he stressed.

Director of the institute, Prof John Agbonifo, expressed concern about the environmental crisis threatening the planet and Africa as a whole, saying that the crises are human-induced, and demand urgent attention and action. He stated that the conference was designed to enable participants to understand the tools and insights various disciplines could use to address the crisis.

“We have neglected our culture, ideas and values that we can bring to bear to address these issues. What are the insights that we can get from environmental humanities?

A cross-section of international speakers and management of Osun State University, at a two-day International Sustainable Development Dialogue, organised by the Global Affairs and Sustainable Development Institute, in Osogbo... recently Importantly, the dangers of the time we live in require us to think beyond conventional disciplinary boundaries and silos,” he said.

Scholars at the conference presented various papers to propose policyoriented solutions towards solving issues of environmental management and; attract and engage the attention of policymakers towards promoting locally-driven responses to issues of human factors in the environment.

Speaking to journalists on what the institute intends to do to ensure that the research papers presented do not end up on the shelf, Agbonifo noted, “For a while, we have been running a radio programme on Rave FM called ‘Uniosun Solutions Forum. Every week, a faculty from a relevant department in the university goes on the radio to address at least one Sustainable Development Goal (SDG). The knowledge that has been made available will be transferred to the society through the mass media.”

The director noted that this and other issues from the conference would be documented in books and journals, adding, “We are coming out with a publication on what has been done here today and documented in journals and books. Thereafter, we now go to town to make the knowledge available through the mass media.”

In his paper, ‘Illicit Refineries and Environmental Deterioration in the Nigeria Delta: Policy Options for Sustainable Environmental Remediation’, Prof.

Samuel Aghalino of the Department of History and International Studies, University of Ilorin, expressed concern about the illicit oil-refining economy in the Niger Delta, saying that it has

contributed to the growing environmental challenge in the region.

“It is argued that while the activities of multinational oil corporations contribute significantly to oil pollution and environmental degradation of the Niger Delta, the emergence and proliferation of illicit refineries across the region has further compounded the environmental and human existential crises,” said Aghalino. “Oil pollution, worsened by the activities of illicit refining activities, is devastating the rivers, land and air of the Niger Delta, leading to not only environmental, economic and social consequences, but also significantly undermining environmental clean-up, remediation and conservation efforts in the region over the years.”

Aghalino called on the federal government to take pragmatic measures to develop and operationalise initiatives for alternative livelihood options in the Niger Delta, adding that effort should also be made towards diverting attention and moving dependency on illicit oil refineries and other oil-related crimes that impact heavily on the environment, to other productive economic and livelihood engagements.

He stressed the need for the government and oil companies operating in the region to conduct sustainable remediation to clean the environment.

“In this regard, remediation and conservation efforts must consider the practical, environmental friendliness, safe, cost-effective, efficacy and appropriateness of bioremediation technique.

It is important to emphasise that environmental remediation is purposefully more than just the removal of hydrocarbons from contaminated areas,” Aghalino explained. “It is about protecting people and the environment from the hazards of pollution.”

The scholar added, “To achieve this, going by the current global trend in the selection of environmental remediation technologies, the application of bioremediation as a natural way of restoring the environment of the Niger Delta

is imperative.”

An endowed professor of Defence and Security Studies and Dean, Faculty of Arts and Social Sciences (FASS), Nigerian Defence Academy, Kaduna, Usman Tar, in his paper, ‘Crisis of Sustainable Development in Reflection on Key Issues, Trends and Way Forward’, explained that sustainable development and environmental humanities play crucial roles in Africa’s journey towards a prosperous and environmentally conscious future.

The continent, he noted, faces numerous environmental challenges, including climate change, deforestation, land degradation, water scarcity, and loss of biodiversity, adding addressing these issues requires a multidimensional approach that combines sustainable development practices with the insights and perspectives of the environmental humanities.

“Sustainable development in Africa involves promoting economic growth, social equity, and environmental protection. It recognises the interconnectedness of economic, social, and environmental systems and seeks to find a balance that allows for progress while preserving natural resources for future generations,” he stated.

Tar explained how environmental humanities provided a valuable lens through which to understand and address environmental challenges in Africa.

“This interdisciplinary field combines insights from the humanities, social sciences, and natural sciences to explore the complex relationships between humans and the environment. By studying cultural practices, historical narratives, ethical frameworks, and artistic expressions, environmental humanities help us comprehend the ways in which humans shape and are shaped by their natural surroundings. They also encourage critical reflection, creative thinking, and engagement with diverse perspectives, fostering a deeper understanding of environmental issues and potential solutions,” the don stressed.

In a communique issued at the end of the conference, participants proposed that stories about the environment, which have been told for centuries in Africa, should be encouraged and told collaboratively by academia to present forthcoming generations as a compelling force for action towards preserving the planetary environment.

They noted that scholarship on environmental humanities in Africa should borrow from Africa’s traditional understanding of the environment.

They added that members of the local intelligentsia in Africa should be sourced and engaged in promoting environmental humanities’ aims and objectives.

“Knowledge communities should be built and developed from the relationship between academics and members of the local intelligentsia.

Capacity-building mechanisms should be put in place in African research and policy development centres while academics play important roles in developing action plans and projects,” they stated.

Simon Page College of Marketing Graduates 120 Professionals Funmi Ogundare

Simon Page College of Marketing has graduated 120 professionals, certified in Digital Marketing, Professional Marketing and Project Management for diploma and postgraduate diplomas for the 2020/2021 and 2021/2022 academic sessions.

Speaking at the graduation ceremony in Lagos weekend, the guest speaker and Co-Chief Executive Officer, Opay, Mr. Olu Akanmi, congratulated the graduands saying that for them to stay relevant, especially in the boardroom, they must learn the language of finance and the use technology.

He explained that with the rapid change in how businesses are done, marketers must

key into the digital transformation.

“Business is changing rapidly, and every business today is being impacted by technology. When we talk of digital transformation, it is not limited to any industry. Every industry must be digitally transformed,” he said. “Therefore, anyone that wants to practice marketing must connect to the digital transformation trend of the industry.”

He noted that business owners expect a return on investment, adding that practising modern marketing today involves learning technology, adding that “marketing is business,

there must be clear metrics, and marketers must ensure they speak the language of revenue and performance.”

The Chief Executive Officer of Simon Page College, Dr. Princewill Osaro Omorogiuwa, stated that in the last 15 years, the school has been supporting students in various countries and trained over 5,000 marketing professionals across different industries.

He noted that with the quality of training the graduands have gotten. They would be relevant not just in their jobs or career but also in their organisations would be impacted.

“The qualifications they have will enable them to recognise a shift with technology and adapt to it and get the best out of it. So

the true marketing people are the ones who will continue to navigate that complexity so they can get value for their organisations and customers. If you are not properly trained, you will scare, but if you are well trained, you have already anticipated the changes,” he said.

Over time, the CEO said the school was able to develop a curriculum that takes up the aspect of sustainable marketing, data and analytics, adding, “So you can expect that as the environment continues to change, we continue to adapt. That is why our students who take these courses and qualify are able to improve significantly, not just in their jobs and careers, but in their organisations.”

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PERSPECTIVE

Ugwuanyi’s Footprints, Patriotic Role in National Integration, Equity

By Louis Amoke

H

is ability to connect politics with morality while adhering strictly to the primary purpose of government, which is the security and welfare of the people, was one of the outstanding qualities of Rt. Hon. Ifeanyi Ugwuanyi during his adroit leadership as governor of Enugu.

Ugwuanyi, who transferred power to his successor, Dr Peter Ndubuisi Mbah, on May 29, 2023, must be exceedingly grateful to God for giving him the grace, wisdom and fortitude to withstand all the inherent and unforeseen challenges associated with governance and leadership that reared their ugly heads during his eight-year tenure as governor.

It is an undisputed fact that Enugu’s financial status in terms of federal allocations during Ugwuanyi’s administration, unlike the previous administration, was not buoyant enough to address the state’s numerous challenges and needs of the people.

Again, Enugu’s status as a civil service state with a humongous workforce and pensioners to be paid monthly was also a major challenge to the Ugwuanyi administration.

The nation’s economic downturns, the outbreak of the COVID-19 pandemic, the enervating EndSARS protest and other security issues largely associated with herders-farmers clashes, among others, equally posed a serious setback to Ugwuanyi’s administration.

These notwithstanding, Ugwuanyi, driven by innovations, proactive and strategic engagements with relevant stakeholders, democratic institutions, policymakers and sure-footed actions, navigated the state out of two recessions and other challenges and left indelible footprints in the sands of time.

Ugwuanyi was able to stem the tide and hold the tempo of peace and good governance in Enugu State till the end of his tenure despite the state’s lean resources and numerous other challenges his administration encountered. This includes the Obidient Movement during the last general election, infiltrated by undue interference of religious institutions in favour of Labour Party’s candidates in the state, among other strange factors.

As a peacemaker, consensus leader, man of empathy, bridge-builder, father to all and proponent of the rural development model and national integration, Ugwuanyi is resolute in his belief in peace, broad vision, good governance, brotherhood across the board, and the principles of equity, justice and fairness.

Ugwuanyi is a proud member of the G5 of the Peoples Democratic Party (PDP), who threw caution to the wind ahead of the 2023 presidential election in their patriotic demand that power should return to the Southern part of Nigeria at the end of the eight-year tenure of former President Muhammadu Buhari from northern Nigeria, in the spirit of equity, justice and fairness. The PDP had a presidential candidate from the North.

The G5 comprising Ugwuanyi, Governor Seyi Makinde of (Oyo), former Governors Nyesom Wike (Rivers), Samuel Ortom (Benue) and Okezie Ikpeazu (Abia) were undaunted, resolute, consistent and nationalistic in their demand and their struggle paid off with the emergence of Asiwaju Bola Ahmed Tinubu of the All Progressives Congress (APC) from Southern Nigeria as the President of the country.

Appreciating the patriotic role of the G5, Senate President Godswill Akpabio, during Wike’s recent thanksgiving reception at his private residence in Rivers, complimented the ex-governor and four other members of the G5 and thanked them for all their efforts to bring justice to the country by ensuring the return of power to Southern Nigeria and the emergence of Tinubu as President.

“And I want to thank the G5 Governors. We are very delighted. We are proud to have G5…,” said Akpabio.

A bridge-builder, visionary leader and ardent promoter of national integration, Ugwuanyi’s genuine interest and commitment to the peace, unity and progress of Enugu in particular and Nigeria, in general, are well established and exemplary among his contemporaries. Posterity

Ugwuanyi will always remember him for his wisdom, foresight and sacrifices, and his patriotic role alongside his G5 members and the Integrity Group towards the emergence of a president from the South.

Ugwuanyi’s acts of patriotism laced with a conscience are boundless. He is an unassuming leader who accommodates everybody irrespective of political, religious or ethnic differences. A God-fearing leader, Ugwuanyi accords utmost respect to all past state governors, other political leaders, and religious and traditional leaders, including their members.

His patriotism, conscience, compassion and firm belief in equity and justice were the driving force of his decision to concentrate massive developments more in the rural areas than in Enugu City to strike a balance and give the rural dwellers, the long-neglected and deprived, a strong sense of belonging.

Ugwuanyi’s novel rural development model, which some cynics and pessimists, including the urban dwellers, saw nothing good about, opened up the rural areas for socio-economic expansion and gave hope and instilled confidence in the larger residents of Enugu in the rural areas in participatory democracy.

Reappraising his worthy stewardship as governor, Ugwuanyi paid state workers the new

N30,000 minimum wage with its consequential adjustment and was also regular in the payment and that of retirees’ pensions among other welfare packages; covered about 850km of roads largely concentrated in the rural areas with the provision of numerous educational, health, agricultural and security facilities; maintained the existing facilities in Enugu urban and made huge efforts in evacuating refuse and cleaning up of the city through a special task force and the Enugu Clean Team Project respectively, among other interventions.

Besides, Ugwuanyi’s administration, among numerous projects, constructed the first flyover bridge by the Enugu government, the T-Junction Flyover Bridge by Nike Lake Road, Enugu; reconstructed and remodelled the ancient, historic and undulating 11km Millken Hill Road, Ngwo, Enugu; constructed network of roads in the university town of Nsukka including the 12km state-of-the-art Opi-Nsukka dual carriageway with underground drainage system, fitted with street and traffic lights up to the University of Nigeria Nsukka (UNN) gate, one of the best if not the best quality road project in the South-East zone.

His administration equally established a medical university, the State University of Medical and Applied Sciences (SUMAS), Igbo-Eno,

Enugu State, and attracted a federal polytechnic to the state; recruited over 7,030 primary and secondary school teachers and executed over 1,365 verifiable projects in various primary, secondary and tertiary schools; constructed and equipped nine units of model type 3 primary healthcare centre in the rural areas; constructed, equipped, upgraded and rehabilitated district hospitals and health centres, etc.; constructed a state-of-the-art 600-seat Banquet Hall with basement offices, meeting/conference rooms, among other facilities located within the premises of the newly remodelled Old Government Lodge, GRA, Enugu; built an ultra-modern 5,000-seat Township Stadium, a state secretariat annexe and a befitting Conference Centre in Nsukka town; and empowered the youths through various empowerment programmes.

The programmes included the Enugu Small and Medium Enterprises (SMEs) Centre’s radical transformational initiatives that ensured the state youths were equipped with 21st-century high-income skills that provide pathways to employability and entrepreneurship development.

Then there was the training of over 520 youths from the 260 wards of the state in new techniques and acquisition of skills in the agricultural value chain in CSS Global Integrated Farms, Keffi, Nasarawa, as part of the strategy to develop farmers and improve food security in the state.

There was also the award of scholarships to 680 indigent engineering students of Enugu State Polytechnic, Iwollo, Ezeagu LGA and the Institute of Management and Technology (IMT), Enugu, and others.

The Ugwuanyi administration’s massive infrastructural interventions in repositioning the state judiciary and the fire service were unprecedented. His administration equally invested huge resources in the rehabilitation of water facilities in the state, including the Ajali and Oji River Water Treatment Schemes, the 9th Mile Crash Borehole Programme powered by solar technology, and a host of other interventions.

On his successor, posterity will also remember Ugwuanyi for also standing firm in his belief in patriotism, competence, capacity, equity and justice in the emergence of a successor from Nkanuland, Mbah, despite all the abuses, blackmail, betrayals, sabotage and parochial sentiments.

Mbah, who has exhibited a deep sense of administrative ingenuity, focus and steadfastness in doing things differently in his first month in office, had appreciated his predecessor, Ugwuanyi, for his invaluable contributions towards his emergence as governor, stating that “posterity will certainly be kind to you for your deep sense of patriotism.”

The incumbent Enugu governor has hit the ground running and has consequently taken far-reaching decisions to actualise his ambitious economic plans for the state speedily.

These decisions include the cancellation of the Monday sit-at-home order, which was a clog in the wheel of progress of the state’s economic fortunes; the ongoing aggressive intervention in the water sector to ensure that water gets to the homes of Enugu residents within 180 days of his administration, as he promised; and the untiring efforts at maintaining security in the state.

Others are the prompt evacuation of refuse, and the proposed hosting of an Investment and Economic Growth Stakeholder Roundtable in September 2023, which is the precursor to the launch of the first edition of the Enugu State Diaspora and Investment Forum (ES-DIF) scheduled for April 2024 aimed at attracting at least $2 billion in investment interests, among other milestone achievements in 30 days.

In all, Ugwuanyi’s patriotic role in the national political space and his G5 colleagues have given hope for a better Nigeria shielded by peace, equity, unity, justice, inclusiveness and progress.

At the state level, it has equally reflected in Mbah’s mission to do things differently to accelerate the development of Enugu through his disruptive innovation and the infusion of the executive arm of government with technocrats and other intellectual energy needed to deliver on his mandate and fulfil his campaign promises to the people of the state. r"NPLF XSJUFT GSPN &OVHV

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NEWS

SENATE RESUMES PLENARY...

L-R: Senator Representing Delta North, Prince Ned Nwoko; with Senator representing Sokoto South, Aminu Tambuwal; during the plenary at the National Assembly in Abuja. ... yesterday

PHOTO: KINGSLEY ADEBOYE

Makinde: We'll Unite Fasoranti, Adebanjo in Yoruba's Interest Lauds army for stable security in Oyo Oyo State Governor, 'Seyi Makinde, yesterday, attended a meeting of frontline leaders of thought in Afenifere, a pan-Yoruba sociopolitical group, and proposed a reconciliation of the leaders of the group, Pa Reuben Fasoranti and Pa Ayo Adebanjo.

Makinde, who claimed to be committed to the process of ensuring peace, unity and progress of Yorubaland, however, declared that the cooperation of the Nigerian Army with the government and People of Oyo State was responsible for the stable security being enjoyed in the state.

The governor, who spoke shortly after the meeting held at the Otunba Subomi Balogun Conference Centre, University of Ibadan, Ibadan, declared that some frontline leaders in Afenifere, had decided to resolve the differences between the two leaders of the group, Pa Reuben Fasoranti and Pa Ayo Adebanjo.

He stated that with the general election out of the way, it was time to begin the process of fostering unity in Yorubaland, noting that he and the other leaders of thought in the Afenifere were assured that once the two leaders come together, Yorubaland and Nigeria would have the desired unity.

"We are all aware of the issues between our two Afenifere leaders: Pa Ayo Adebanjo and Pa Reuben Fasoranti. Basically, partisan and election issues have come and gone and we are now talking about the unity of Yoruba race. So, these frontline leaders thought it fit to come together to start the process of seeking unity in Yorubaland.

"And we know that once our two Babas come together, we will also have the deserved unity in Nigeria. If you put it in proper perspective, whenever Yorubaland is united, Nigeria is united, and whenever we have issues and challenges in Yorubaland, it usually spirals into other parts of Nigeria.

"So, my being here is to demonstrate my support for the steps I have been taking and to also let them know that I am committed to seeking peace in Yorubaland. I can tell you that it is not something that we will procrastinate. We will get to work immediately and I am sure that we will get the desired result within

the shortest possible time."

The meeting was attended by Afenifere leaders like Abagun Kole Omololu, Afenifere's Organising Secretary; Mr. Jare Ajayi, Afenifere's National Publicity Secretary; Chief Eric Oluwole (Ondo); Mr. Dare Babarinsa (Ekiti); Chief Korede Duyile; Chief Leke Mabinuori; Rt. Hon. Bakkita Olufowobi Bello and Chief Diran Adesua.

Others were Afenifere leaders in the state like Dr. Gbola Adetunji (chairman); Dr. Akin Onigbinde (SAN); Chief Babatunde Tijani and Chief Mrs. Bola Doherty, among others.

Meanwhile, the governor hailed the Army for upholding professionalism while on duties, especially during national assignments, stating that his government would continue to maintain a cordial relationship with the Army.

Makinde made this submission while receiving the new Chief of Army Staff, Major-General Taoreed Abiodun Lagbaja, who paid a

courtesy call to his office at the Secretariat, Agodi, Ibadan.

According to the governor, the level of professionalism displayed by the officers on duty during the 2019 governorship election could not be overemphasised, adding that but for the Army's unbiased stance, he would also not have

won re-election in 2023.

"I am thankful to the Nigerian Army, especially the 2nd Division in Ibadan. I couldn't have become the governor if not for the professionalism of the Nigerian Army. I also wouldn't have been reelected if they had been partial."

Congratulating the Chief of

Army Staff on his elevation as well as the troops on the occasion of the Army's 160th anniversary slated for Ibadan, he noted that Oyo State has continued to remain a stable state in terms of security due to the commitment and cooperation of the Army with the people of the state.

Group Calls for Allocation of 15% of Land to Women to Boost Agriculture Submits recommendation to ECOWAS

Kuni Tyessi in Abuja

The Network of Peasant Organisations and Producers of West Africa (ROPPA) has called on governments of West African countries to provide at least 15 per cent of land developed

by public or semi-public institutions to groups of women and young farmers for the purpose of agriculture.

Revealing membership of 22 million farmers and pastoral organisations, ROPPA stated that it had submitted to ECOWAS, its

recommendations on the securing of access to land for women and young people in Africa.

In collaboration with the Coalition for the Protection of African Genetic Heritage (COPAGEN) the group said this became necessary

NDDC Board Dissolution: Group Says Vested Interests Circumventing Tinubu's Directive Slams SGF

Emameh Gabriel in Abuja

The South-South Elders Progressive Forum (SSEPF) has expressed dismay over what it described as a deliberate and flawed communication by the Office of the Secretary to the Government of the Federation (SGF) with regards to the Niger Delta Development Commission (NDDC) on President Bola Tinubu’s directive dissolving the governing boards of all federal government parastatals, agencies, institutions and government-owned companies.

They stated this in statement issued in Abuja, yesterday, at the end of a meeting with stakeholders, where the elders said clear ambiguities in the SGF’s communication on June 19, paved the way for vested interests to circumvent the presidential directive and its implementation in the breach at the NDDC. The SSEPF expressed dismay that in announcing the presidential directive, the failure of the SGF’s office

Major-General Taoreed Lagbaja, speaking earlier, said the visit became imperative for the Nigerian Army to intimate the governor of its 160th anniversary holding in the state, and pledged to partner the state government to further ensure peace and stability in the state and beyond.

to take cognisance of the diverse statutory provisions on procedure for appointment into Boards of the various federal government agencies particularly as applicable to the NDDC, allegedly occasioned the confusion and ongoing intense lobby and manipulations by officials at the Commission affected by the directive.

The statement which was signed

by Chief Jolomi Ande and Dr. Benedict Akparanta, Chairman and Secretary General respectively of the SSEPF read in part: “We wish to remind the SGF that while the managing directors/CEOs of some agencies such as the Nigeria Ports Authority, NIMASA among several others are usually appointed individually irrespective of whether there is an existing Governing Board for these agencies or not, and therefore, may not be affected whenever their Boards are dissolved, a substantive managing director of the NDDC and the two executive directors are

appointed only when a Governing Board is constituted for the Commission, making them part and parcel of the Board.

“It is to be noted that no individual had been appointed substantive managing director of the NDDC without a Board and it is for this reason that the appointments of Engr. Emmanuel Audu-Ohwavborua in November 2022 and Mrs. Ibim Semenitari in December 2015, were all made in acting capacity by the immediate past administration pending the appointment of a substantive Board.

“In the same vein, a few others such as Prof. Kemebradikumor Pondei and Nelson Brambaifa also acted as managing directors alongside the two executive directors as an interim Board and were all removed from office jointly in both instances.

“It is also pertinent to note that contrary to the present scenario, no previous Governing Board of the

NDDC had been dissolved with either the managing director or the two executive directors left to continue in office.

“The recently dissolved Board of the Commission shouldn’t be an exception in order not to heat up the rising temperature in the Niger Delta to a boiling point. Therefore, we enjoin the SGF to keep abreast of the NDDC procedure for appointments and rectify the anomaly promptly.”

While decrying what it termed the “manipulative activities of monstrous middle-men who paraded the corridors of power” during the tenure of ex-president Muhammadu Buhari, the SSEPF urged President Bola Tinubu to take full charge of his administration as well as checkmate saboteurs and, “middle-men” towards rekindling public confidence, good governance, peace, stability and development of the nation, just as it commended the President for taking giant steps within a short period in office.

as access to land and security was a major challenge for women globally, particularly in Africa despite 63 per cent arable land.

The focal person and host for the convergence of seven countries out of 16 member states, Zainab Mohammed, disclosed that the recommendations were based on effective participation of university researchers, experts, traditional chiefs and communicators of West Africa.

She said amongst the recommendations, it was expected that ECOWAS would encourage member states to promote alternative land tenure reforms that take into account private domains to land registered in its name and the extraction of land under customary rights.

Others are: "Relaunch the process of developing regional land guidelines recognising equitable and customary land rights in line with the African unions framework and guidelines on land policies in Africa.

"Member states should give grant of at least 15 per cent of the land developed by public or semi-public institutions, as in Mali, to groups of women and young farmers who are motivated and interested in agriculture.

"Commit to decisively supporting inclusive and participatory land reforms that provide security for communities based on customs and traditions, whether they are being developed, completed, implemented and monitored, taking into account the opinions of communities without discrimination against groups under pressure, including pastoralists, fishermen, women and young people."

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NEWS

SIGNING CEREMONY...

L-R: Chief Strategy Officer to the Director General, SMEDAN, Onesi Lawani; Director General, SMEDAN, Dr. Olawale Fasanya; MD/CEO, Sterling Bank, Abubakar Sulaimon; Chief Operation Officer, Sterling Bank, Raheem Owodeyi and Company Secretary, Sterling Bank, Temiitayo Adegoke, at the signing ceremony between Sterling Bank and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in Lagos... yesterday

Alleged Fake Result: JAMB Bars Mmesoma for Three Years Insists no candidate scored 362 Oloyede: She was either duped or member of high-level syndicate engaging in fake UTME results Group calls for comprehensive, independent investigation Chuks Okocha in Abuja and Uchechukwu Nnaike in Lagos The Joint Admissions and Matriculation Board (JAMB) has barred Miss Ejikeme Mmesoma, the candidate accused of falsifying her Unified Tertiary Matriculation Examination (UTME) result from taking its exam for the next three years The examination body also withdrew the 249, which it claimed was her real score.

JAMB had earlier insisted that no candidate scored 362 in this year's UTME that it conducted in April, in reaction to the evidence presented by Mmesoma to prove that she scored 362 in the examination.

The examination body’s spokesperson, Fabian Benjamin, who announced this in a statement yesterday, said: “In the meantime, the management of the board, after considering the weighty infraction committed by Ms. Ejikeme Joy Mmesoma, and in line with its established procedures, has withdrawn her 2023 UTME result and also barred her from sitting the board’s examination for the next three years.”

He said the candidate's claim was an attempt to re-write the truth.

“Consequently, the board would like to reassure Nigerians that its system was neither tampered with nor compromised as the candidate simply falsified a copy of a result

slip of a candidate named “Asimiyu Mariam Omobolanle”, who sat the UTME in 2021 and scored 138.

“It is also instructive to note that the candidate, in her statement, has inadvertently revealed the rightful owner of the result she is parading when she pointed out that the QR code on the result slip showed the actual owner of the said result before she peddled a lie in an attempt to obfuscate the truth.

“To witness the unassailable position of the board regarding this obvious falsehood, the general public is, therefore, urged to endeavour to scan the QR code on the result slip to see its actual owner before it was mutilated.

“It is to be noted that the QR code encapsulates the UTME result of each candidate, hence, what is on the result sheet is nothing other than the interpretation of the information on this QR code."

Benjamin added: “Furthermore, the public is also to note that the board stopped issuing Notification of Result slips after the 2021 UTME for the simple reason that candidates were falsifying them. Consequently, the board has been issuing actual UTME result slips (not notification of results ) since 2022 complete with the photograph of each candidate,” he said.

On the bad publicity the controversy has generated for the board,

Kings' College Parents Lament School Management's Response towards Infections Ravaging Students Call for investigation Funmi Ogundare Some concerned parents of Kings' College, Lagos, have expressed dismay over the manner the management of the school is handling an alleged water borne infection which gave rise to fever, resulting in blisters on various parts of the skin of some students and subsequent admission of others into the hospital.

According to reports, some parents had alleged poor environmental sanitation and unavailable potable water in the college, especially the annex in Victoria Island.

They said the management should summon an emergency meeting of parents to proffer solutions to the challenge and also invite officials of the Federal Ministry of Health to mitigate the incident.

Speaking with THISDAY, the Head of Chamber at Prof. Paul Ananaba SAN &Co and a parent, Okechukwu Barrah, complained that when his son who is currently in J.S.S one, came home for the Sallah break, he complained of fever and stomach pain and was stooling.

He said parents had complained on the WhatsApp group that several students also had same complaints, as against the few mentioned by its management, adding that if the college clinic was functional, they would have noticed the trend.

"It is a situation that the school should have taken official notice of if they had been mindful of the children, it wouldn't have escalated.

This kind of issue also happened three years ago at Queen's College where a student died because the water they were using wasn't good and the case was covered up.

"If it happened to most of these children and they are using the common water, I am sure students of other classes fell victim through it.

Are we not supposed to be talking about solution?"

Asked if the management called him to ask over the welfare of his son, Barrah said,"I wanted to write the principal officially, until I saw the one sided media report trying to cover up the issue. That is the problem with us in the country.

“When they granted a one-sided interview with media houses, it was obvious that they are trying to suppress the voice of the parents who are crying out."

The Head of Chamber expressed concern that some of the college officials had threatened parents that they were free to withdraw their children if they were not satisfied with the services.

"This is a federal governmentowned school, you can't tell a parent that. They need to find solutions to the problem. Some of the students had complained about the quality of water at the college, that the colour is orange and it is not clean," he stated, adding that the management should not wait until a student dies before calling a meeting.

He however expressed concern that the PTA Chairman had become

a mouthpiece of the school rather than for the parents.

Barrah alleged that when PTA meetings are called, sometimes, only selected people who belong to their group are allowed to air their views which most times does not represent the opinions of the parents.

"You will be amazed that when parents raise their hands to say something, it is as if they have already pinpointed those that will talk, as long as you don't belong to that group, they will not allow you to talk," he alleged further.

Another parent who does not want his name in print, also expressed concern about the management's attitude saying, "when I picked him last Friday for the Sallah break, I immediately took him to a clinic in our area for treatment and medication."

In a swift reaction, the Director/ Principal of the college, Mr. Andrew Agada refuted the claim that its water was contaminated, saying only one source of drinking water served the entire college community.

"Four or five JSS 1 students have that problem and the parents attributed it to water. It's the same water that JSS 2 and 3, and the entire school use. We have not received any report from JSS 2 and 3 nor staff and their children. We have good drinking water," he explained.

Corroborating the principal, the PTA Chairman, Mr. Sunday Ameh told THISDAY in a telephone conversation that, "we don't have any water borne outbreak disease.

About four or five parents had made a complaint and the executives visited those that allowed them in."

Benjamin said it was unperturbed, saying it was not the first time such fraudulent claims have been made.

He cited an incident in 2021, where a candidate, John Chinedu Ifesinachi, wrote a letter to the board, threatening to sue for N2 billion damages, only for him and his counsel to tender unreserved apology when the candidate eventually confessed his crime in the face of incontrovertible facts in an open investigation observed by several national public institutions including the Public Complaints Commission, National Human Rights Commission, Federal Competition and Consumer Protection Council, Servicom and media houses.

He said the board regrets the different colouration added by some, “unwholesome” interests who are ready to lead the candidate to a destructive end, urging those doing that to desist from such move.

“Again, the board restates its readiness for genuine scrutiny as this case would not be the first time and might not even be the last of such shenanigans. At the end of the day, the truth would manifest and the board vindicated.

“In the meantime, the management of the board urges members of the public to examine critically the issue at hand and avoid fake news trafficking,” the statement read.

In his reaction, JAMB Registrar, Prof. Ishaq Oloyede, stated that investigations by the board revealed that Mmesoma was either duped or was a member of a high-level syndicate engaging in manufacturing fake UTME results.

Oloyede stated: “There are security features on our results, so I can emphasise that the girl is just trying to deceive the public. Her result is completely fake. Her claim that she printed the result from our site is a lie, totally incorrect. If we should reveal all that we know, people will be shocked. So if people are looking for shortcuts to achieve an end, that is what would happen.”

He said the matter had nothing to do with JAMB's system, insisting that nobody hacked into its system and that the result did not emanate from its system.

“The result she is holding is completely fake because we are able to track everything printed from our system,” he stressed.

The examination body disclosed that there were many syndicates engaging in the manufacturing of fake results, who have been successfully scamming unsuspecting persons.

Oloyede said some of the scammers even tried to record his voice so they could clone it to prove that he already confirmed the girl’s result as authentic. He said the board has handed the girl over to the security operatives, but she is on bail.

Meanwhile, the Human Rights Writers Association of Nigeria (HURIWA) has called on the federal government, the National Child Rights Implementation Committee, and the Anambra State Government to initiate an immediate and discreet investigation into the activities of JAMB. The civil right group called for further investigation against the Registrar of JAMB, including the allegations of partisanship and inefficiency surrounding its current head, Oloyede.

Addressing a press conference in Abuja, HURIWA's National Coordinator, Emmanuel Onwubiko said the investigation should cover the alleged Igbophobic discrimination, gross incompetence, and flagrant violation of the child rights of Miss Mmesoma.

According to Onwubiko, "We stand firm in condemning JAMB's actions and call for justice to be served.”

HURIWA stated that the recent case of Mmesoma's alleged fake JAMB score had ignited a firestorm of public outrage across national dailies and social media platforms.

Continues online

Akume Tasks Speakers on Synergy with Governors Igbawase Ukumba in Lafia Secretary to the Government of the Federation (SGF), Senator George Akume, yesterday, tasked speakers of State Houses of Assembly from the North Central zone on effective synergy with their governors for peace and speedy development.

The SGF tasked the speakers in Abuja, when they paid him a congratulatory visit over his recent

appointment by President Bola Ahmed Tinubu as the SGF, having been a leader from their region.

Akume, while congratulating them for their emergence as speakers in their various states during the recently concluded elections and subsequent inaugurations across the country, reminded them of the enormous task ahead.

He told them that Tinubu had passion for the country's economy,

security and other aspects of the society and was poised to deliver on his mandate.

Akume, therefore, informed speakers of the state Houses of Assembly from the North Central zone of the president's desire to see that a similar passion should be translated across the states of the federation.

Speaking on behalf of his colleagues, Speaker of the Nasarawa

State House of Assembly, Ibrahim Balarabe Abdullahi, told the SGF that their visit was to congratulate him on his appointment and been a leader from the region.

But he assured him of the resolve by the speakers from the North Central region to partner their governors, and by extension the judiciary, for peace, unity and speedy development to thrive in their various states.

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NEWS

NBA-SBL INTERNATIONAL LAW CONFERENCE...

L-R: Vice Chairman, Conference Planning Committee, 17th Annual Nigerian Bar Association Section on Business Law (NBA-SBL) conference and exhibition, Ose Okpeku; Chairman, Conference Planning Committee, 17th Annual NBA-SBL conference and exhibition, Ayoyinka Olajide-Awosedo; Chairman, NBA-SBL, Dr Adeoye Adefulu, and Secretary, NBA-SBL, Baba Alokolaro during the press conference to formally announce the 2023 edition of the NBA-SBL International Law conference in Lagos...recently.

Senator Gives Tinubu Conditions to Pardon Repentant Bandits Ignore Yerima's call for negotiation, group urges president John Shiklam in Kaduna and Sunday Aborisade in Abuja Plateau Central Senator, Diket Satso Plang, yesterday, gave President Bola Tinubu, conditions that could make him pardon repentant bandits as being canvassed in some quarters.

This was as the Birnin-Gwari Emirate Progressives Union (BEPU), has called on the president to disregard calls by a former governor of Zamfara State, Senator Ahmed Sani Yerima, for negotiation with bandits.

A former governor of Zamfara State, Sani Ahmad Yerima, had Monday, visited Tinubu and urged him to extend amnesty to any bandit that was ready to lay down his arms and forsake banditry.

But reacting to the development while addressing journalists in

Abuja, Plang said Tinubu should give respite to only, truly repentant bandits, saying those pretending to be repenting should be identified and massively dealt with.

"My house in the village was attacked twice. In the first instance, when I was a candidate contesting for election as a senator, kidnappers came, kidnapped my mother, stepmother, our maid and killed my younger brother, who came out to challenge the bandits.

"They went away with their victims and demanded for ransom.

They threatened to kidnap more people if I failed to pay the amount they demanded for. By the grace of God, I was able to secure the release of my mother, stepmother.

"Punishment is for correction.

Even God knows that we are not perfect hence he gave us grace to

Palestinian Govt Asks UN to Implement Laws That Protect Defenceless People Michael Olugbode in Abuja The Palestinian government has asked United Nations to implement international law to secure and save the lives of defenceless people, particularly the Palestinian people.

A statement yesterday by the Ambassador of Palestine to Nigeria, Abdallah Abu Shawesh against the backdrop of the Israeli Occupation Forces that launched an attack on Jenin refugee camp in the early hours of Monday, stated that the international community should uphold and stand firm for the implementation of international law, UN resolutions, Human Right Declaration, and the Geneva Convention.

The Ambassador alleged that the military attacks started with air strikes on many homes and other civilian properties in the densely populated Palestine refugee camp by a fully armed ground force that stormed the refugee camp.

“This aggression led to the loss of ten Palestinian souls, other tens wounded and heavy damage to properties and infrastructure,” he said.

Shawesh added that the international community should also take a clear and firm stance to oppose and enforce Israel, the

occupying Power, to stop its current aggression and attacks on civilians in the Jenin refugee camp and to fully respect its obligations under international law as the occupying power.

While further alleging that Israel’s sole and predominant choice was war, trampling international law and trifling all UN resolutions, in pursuant of a military solution, and constantly attempting to get rid of the Palestinian people from their ancient homeland by forcing them to surrender to its tyrannical messianic apartheid regime, Shawesh said, “The latest military aggression came as a result of the incitement campaign led by the current racist and far-right Israeli government.

“The clear double standards used by the international community gives the green light for Israel, the occupying Power, to commit more crimes and more killing of the Palestinian people.

“We call for real and effective legal and diplomatic measures against Israel, the occupying Power, similar to what had been taken in other parts of the world. It’s long overdue for the international community to act immediately, and to take the tangible measures to put an end to the shameful silence and constant inaction,” he added.

repent. He accepts us when we truly repent. We should be able to accept true repentance because God create room for true repentance.

"Nobody Is perfect, so if there is genuine repentance, we should accommodate it. You don't beat a child to kill him but to make him know that he has done something wrong. At times, if there is true repentance from a criminal, give him a room, he might become a

changed person.

"We should be able to give opportunity to whoever that genuinely repented to become a changed person. However, whoever that is pretending to be truly repenting with ulterior motive should not only be punished but get his punishment, doubled."

On its part, the Birnin-Gwari Emirate Progressives Union (BEPU), in a statement, maintained that those

advocating for dialogue with the bandits lacked understanding of the structural formation and divergent goals of the armed bandits.

The statement by Ishaq Kasai, Chairman of BEPU stated, "To successfully bring an end to armed banditry business in Nigeria, all bandits' camps in our various forests must be dislodged as anything short of this will not address bring lasting solution to the problem.

"Engaging in negotiations with armed bandits will never yield significant positive outcomes because past experiences have demonstrated that criminal elements such as armed bandits, often exploit negotiations as a means to buy time, regroup, and strengthen their positions.

They view negotiations as a sign of weakness of government, which emboldens them to continue their violent activities," the group said.

Court Warns against False Reportage in Mbah's Suit against NYSC Strikes out Edeoga's application for joinder Alex Enumah in Abuja Justice Inyang Ekwo of a Federal High Court, Abuja, has warned against giving false report of the proceedings of courts.

Ekwo gave the warning at the resumed hearing of the N20 billion lawsuit filed against the National Youth Service Corp (NYSC) by the Enugu State Governor, Mr Peter Mbah.

At the same time, Ekwo has struck out the application by the

candidate of the Labour Party in Enugu State in the March 18 governorship election, Hon. Chijioke Edeoga, seeking to be joined as a party Mbah's suit against the NYSC. The court struck out the application for the joinder after it was withdrawn by the applicant.

The governor had commenced legal action against the management of the NYSC over alleged misrepresentation of facts concerning his NYSC

discharge certificate.

During the proceedings, before parties began to move pending motions, Justice Ekwo interjected and warned against false reportage.

He said: "In this court, I operate an open door policy.

I have instructed my registrars to make available to the media whatever document they need.

I have always said all that I want is accurate reportage of proceedings before this court.

"It's is only in this country that some persons who called themselves journalists will report falsehood and get away with it. I am not even saying you should be objective but report the facts the way they are, that's why the registrars have been working with the media to ensure court proceedings are not misrepresented".

He therefore, warned of the consequences of misrepresentation of court proceedings.

1 0 T H S E N AT E : B A M I D E L E I S N E W S E N AT E L E A D E R , M WA D KW O N L E A D S M I N O R I T Y

by Senate President Godswill Akpabio and Speaker of the House Representatives, Hon. Tajudeen Abbas.

Adamu disclosed this during a meeting between the NWC and members of the Progressives Governors’ Forum (PGF), held at the national secretariat of the party in Abuja.

Adanu told newsmen, "You will get an update of the national election in the National Assembly, sharing of powers, particularly, the leadership of the chambers.

The election of Speaker and Deputy Speaker of the House of Representatives have been determined and announced, and their responsibilities.

"The remaining offices will be determined by the two chambers.

I had a courtesy call on Saturday from the president of the senate and his deputy. The following Sunday, I received the speaker and his deputy speaker coming

to me for Sallah's homage.

"But I am just hearing a rumour now from the online media that there have been some announcements in the Senate and House of Representatives. The national headquarters of the party has not given any such information or communicated about the choice of offices.

"And until we formally resolve and communicate with them in writing, which is the norm and practice, it is not our intention to break away from traditions. So whatever announcement is done, either by President of the Senate, Deputy Senate President, Speaker or Deputy Speaker, is not from this secretariat."

The chairman also revealed that the leadership of the party had constituted the National Advisory Council of the party.

He said, "We are going to formally inform you that we are going to have a caucus, and for

quite a time, there has been no caucus in place. The caucus has been reconstituted according to the constitution of APC. “And we will be discussing that with you as governors, you know your states more than we know. Even if we come from the same state, the leadership is in you as governors. We will hear your advice and then see how we can ensure that we comply with the provisions of the constitution of the party.

"Along with the caucus, the National Advisory Council we will give you the list that has been prepared and make sure that every state is represented. And we will give you the knowledge of it and advicese. You will also be given the benefits of all the detailed accounts from April 2022 to April 2023. The APC account has been audited and it has been submitted to the NEC by the party."

However, addressing journalists

after the meeting that lasted more than three hours, Chairman of PGF, Senator Hope Uzondinma, said the leadership of the party enjoyed the support of APC governors.

Uzondinma said, "Chairman never said that they are on their own. The National Assembly leadership belongs to our great party and they are members of our party, they are members of our party and they enjoy our support.

"If there is any way there is a communication gap anywhere, we will make it up and we have our internal mechanism of resolving such things. The National Assembly leadership enjoys the support of Progressive Governors Forum and that of our party. We don't have any problem at all."

Uzodinma argued that the meeting with members of NWC was to review, among other things, the outcome of the 2023 elections and identify areas the party had to strengthen.

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NEWS

MOU, BETWEEN NDLEA AND NCA-UK...

L-R: Assistant Director, Prosecution, National Drug Law Enforcement Agency (NDLEA), Bridget Viashiama; Director, Media and Advocacy, Femi Babafemi; Agency Secretary, Shadrach Haruna; Regional Manager, West Africa, National Crime Agency of United Kingdom, David Cater; Chairman/CEO, NDLEA, Brig. Gen. Mohamed Buba Marwa (Retd); Mark Hamilton of NCA; Coordinator, External Affairs, Kenechi Nnoruka, and Director, Intelligence, NDLEA, Sunday Zirangey, after the signing of a renewed Memorandum of Understanding between NDLEA and NCA-UK at the Agency's Headquarters Abuja ...yesterday

IG Orders Deployment of 35 CPs to State Commands, Formations Tasks newly posted officers to key into policing vision, prioritise communal, citizen safety Uncertainty in Police over plan to retire DIGs, AIGs Following the approval of his recommendation by the Police Service Commission (PSC), the Acting Inspector-General of Police, Kayode Egbetokun has ordered the deployment of 35 Commissioners of Police to various state commands and formations across the country.

A statement by Force Headquarters in Abuja yesterday said the IG assured that the postings were in line with the commitment of the police leadership to ensure effective policing, security, and the maintenance of law and order in Nigeria.

Among the newly posted Commissioners of Police are CP Adelesi E. Oluwarotimi to Kwara

State Command, CP Adebola Ayinde Hamzat to Oyo State Command, CP Augustina N. Ogbodo to Ebonyi State Command; CP Samuel Titus Musa to Kebbi State Command, CP Aderemi Olufemi Adeoye to Anambra State Command; CP Auwal Musa to Bauchi State Command and CP Alamatu Abiodun Mustapha to Ogun State Command.

Others include CP Margaret Ochalla to Police Special Fraud Unit Annex Lagos, CP Banji Ogunrinde to head the Explosive Ordnance Unit, CP Rhoda A. Olofu to Ports Authority Police Western, Lagos, CP Kareem Musa to Interpol Annex Lagos, CP Audu Dabigi to Border

Patrol Force; CP Abibo D. Reuben, to Police Mobile Force, CP Adekunle Ismaila Olusokan to Welfare FHQ Abuja, CP Omolara Ibidun Oloruntola to Special Fraud Unit FCID Abuja and CP Abaniwonda S. Olufemi to Deputy Force Secretary amongst others.

Furthermore, the IGP "charges the appointed Commissioners of Police to key into his policies, vision, and mission for the Nigerian Police Force while mandating them to prioritise the safety and well-being of the citizens they serve, ensuring adherence to the principles of fairness, professionalism, and respect for human rights".

While urging them to serve

as exemplary leaders, fostering harmonious relationships with other security agencies, community leaders, and relevant stakeholders, the Inspector-General of Police tasks them to promote intelligence-led policing, proactive crime prevention strategies, and community engagement initiatives that will enhance public trust and confidence in the Nigerian Police Force.

Meanwhile, there is uncertainty at the Police Force Headquarters following alleged plans by Egbetokun, to compulsorily retire four Deputy Inspectors-General of Police and three Assistant Inspectors-General of Police (AIGs) from service.

YAKUBU: 2023 ELECTIONS OUTCOME FAIR REFLECTION OF MULTI-PARTY DEMOCRACY "Similarly, we are working with the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) on the prosecution of cases relating to vote buying and associated violations."

Yakubu revealed that in the next few weeks, several internal debriefing meetings would be held, culminating in engagements with stakeholders.

INEC Closes Defence in Obi's Petition after Calling One Witness

Meanwhile, INEC yesterday, closed its defence in the petition by Obi after calling just one witness.

Although, INEC through its lead lawyer, Mr. Abubakar Mahmoud, at yesterday's proceedings, told the Presidential Election Petition Court (PREPEC) that the 1st respondent had scheduled three witnesses in proving that the election it conducted was free, fair and devoid of irregularities and substantial non-compliance as alleged by the petitioners, he announced that he was closing the case at the end of the cross examination of its first and only witness, Dr. Lawrence Bayode.

INEC had on Monday, closed its case against Alhaji Atiku Abubakar and the Peoples Democratic Party (PDP), after calling same witness.

However, Bayode, who is the Deputy Director of INEC's Information Technology (IT) Department at yesterday's proceedings, told the court that he and his team of IT experts worked to fixed the glitches on its system that occurred during the February 25 presidential election.

Under cross examination by other respondents in the petition, the witness stated that the foundation and authenticity of any election by INEC was rooted in forms EC8A and EC8E, adding that the blurred documents downloaded from INEC IreV would not affect the physical

results in form EC8A because the image there is not relevant.

According to the IT expert, an election process could only be said to be completed when the counted ballots at the polling units are recorded, snapped and sent through the BVAS to the INEC 's IreV. Responding to questions from the All Progressives Congress’ (APC) counsel, Lateef Fagbemi, the witness who explained that the physical results were used for computing the election final results, maintained that the glitches that occurred on the day of the election did not affect the collation of the results.

He added that if what was downloaded from the IreV was not clear the physical results could also be obtained.

Under cross examination by counsel to the petitioners, Mr. Patrick Ikwueto, the witness agreed that the e-Transmission application was tested on February 4, 2023, before it was deployed for use during the presidential election.

While denying that INEC's system was not vulnerable, the witness explained that the report of the e-Transmission application identified remediation to be undertaken to resolve the high vulnerability identified in the report.

At the end of cross examination, Mahmoud announced to the court that the 1st respondent would be closing its defense in the petition filed by Obi and his party against Tinubu’s election.

Subsequently, the five-member panel led by Justice Haruna Tsammani called on Tinubu and APC to enter into their defence.

Responding, Tinubu's lawyer, Chief Wole Olanipekun, informed the court that his client would be opening his defence today.

Obi and his party, are currently challenging the declaration of Tinubu as winner of the February 25 presidential election.

Respondents in the suit are INEC,

Tinubu, Vice President, Kashim Shettima and the APC. Specifically, Obi and LP anchored their petitions on grounds of alleged irregularities, corrupt practices, noncompliance with the electoral laws as well as non-qualification.

They are asking the court to declare them winner of the poll or order a fresh election in the event that their petition succeed.

In total, Obi and LP called 13 witnesses including experts and INEC's adhoc staff before closing their case on June 23.

Court Admits Tinubu's Chicago University Records, US Visa, Other Documents in Proof against Atiku's Petition

Relatedly, the PREPEC yesterday, admitted in evidence, bundles of Tinubu’s educational records from the Chicago State University.

The documents tendered alongside many others by his lawyer, Olanipekun, were aimed at disproving allegations of forgery and perjury made against Tinubu, who won the February 25 presidential election.

Besides allegations of irregularities, corrupt practices and substantial noncompliance with the electoral laws guiding the 2023 general elections, Atiku and PDP had amongst others sought the nullification of Tinubu's election as president, on the grounds that Tinubu was not qualified to contest the poll.

According to the petitioners, Tinubu lied in his Form EC9 submitted to INEC in aid of his qualification for the presidential poll and in proving their allegations the petitioners brought in a witness, one Mike Enahoro-Ebah, who tendered documents he said was obtained from the Chicago State University; showing discrepancies in the age, name and even gender in the academic records of Tinubu.

However, at yesterday's proceedings, when Tinubu was called upon

to open his defence against the allegations contained in Atiku's petition, he brought before the court Certified True Copies of his educational records from the institution, dated June 28, 2023, and duly signed by an Associate General Counsel, Office of the Legal Affairs.

Amongst the documents from the institution received by the court was a letter of admission offered Tinubu by the university.

Other documents Tinubu tendered and were admitted as exhibits despite opposition of the PDP included a letter from the Nigeria Police to the United States Embassy, dated February 3, 2003; letter from the United States Embassy to the Nigeria Police, dated February 4, 2003; and US Visas and immigration documents between 2011 and 2021.

The documents; six in all were duly certified by the Nigeria Immigration Service on July 3, 2023.

The documents were aimed at disproving allegations of criminality against Tinubu in the US. The petitioners had tendered a notarised judgment of a United States Court ordering the forfeiture of the sum of $460,000 against Tinubu over alleged complicity in drug related offences.

Also tendered and admitted was an originating summons of a suit instituted at the Supreme Court by the Attorneys General of Adamawa, Akwa Ibom, Bayelsa, Delta, Edo and Sokoto States challenging the educational background of Tinubu to stand for the 2023 presidential election.

Others were: copy of Reports of the Committee on the Location of the Federal Capital of Nigeria, certified by Archives and History Bureau of the FCT, with payment receipts attached dated April 13, 2023; copy of Form EC 8D for Kano State in respect of the February 25, 2023 presidential election; and copy of Form EC 8D(A) in respect of the presidential election of 25th February, 2023.

The three DIGs are DanMallam Mohammed, Hafiz Inuwa, and Adeyinka Adeleke, while Moses Jitubor was his junior.

THISDAY gathered that apart from the four DIGs, the IG was said to have been persuaded to include all his course mates, who were Assistant Inspectors-General of Police (AIG), if the DIGs who were his course mates were to be compulsorily retired.

It was gathered that three of the DIGs were Egbetokun's course mates of Course 2 (1990), while the remaining DIG was his junior of Course 4 (1994).

The AIGs, who are Egbetokun's course mates include Ali Mohammed Ari, AIG Zone 2 Lagos, former Lagos State Commissioner of Police, Sylvester Alabi, AIG Zone 12 Bauchi and Jonathan Towhuru, AIG Zone 6 Calabar.

Sources told THISDAY that there was pressure on Egbetokun, to seek approval from the presidency and the Police Service Commission (PSC) to compulsorily retire the eight DIGs and AIGs. There were, however, strong

indications that some influential lobby groups had reached out to President Bola Tinubu, to instruct the IG not to retire any police officer, who was not his senior.

Presidency sources said those who approached Tinubu advised him to avoid undue litigations, arising from hasty actions.

In the case of the compulsory retirement of police officers, the president was said to have been reminded of a current Industrial Court judgement awarding retired AIG Mbu Joseph Mbu N40 million against the PSC over his compulsory sack.

There were also indications that all the DIGs had pledged loyalty to the new IG following which the IG might have decided to retain them.

But THISDAY further gathered that the Police Service Commission was yet to receive any such communication from the IG on the matter.

"Even if the IG writes the presidency, he is also expected write the PSC. The PSC will approve such retirement. There is no such letter yet from the IG to the commission," a source said.

Military to Sustain Air, Ground Offensives against Terrorists, Bandits Air force to overhaul operations The military high command, yesterday, disclosed that it would sustain air and ground operations against insurgents, armed bandits and other non-state actors across the country.

A former governor of Zamfara State, Ahmed Yerima, had at a meeting on Monday with President Bola Tinubu in Abuja, suggested that dialogue be employed as part of the strategy to contain banditry in the North-west.

Speaking at the weekly operations briefing held at the Strategic Operations Centre, Headquarters Nigerian Air Force (NAF), Abuja, Chief of Air Staff, Air Vice Marshal Hassan Abubakar, said there was a compelling need for personnel to redouble their efforts towards ensuring that all forms of criminality were eradicated from the society.

This comes as the Nigerian Air Force said it would undertake an overhaul of its entire operations in view of the need to readapt to the dynamic nature of the current operational environment.

Abubakar stated that, "Though there was the need to employ non-kinetic means of reaching out to those aggrieved, which does not fall within the purview of the military, air and ground operations must be

sustained."

He further disclosed that the overhaul of the operational environment became expedient in order to maximise the potentials of jointness as being exhibited by members of the Armed Forces of Nigeria (AFN) and other security agencies.

He however, noted that the need for attitudinal change by all NAF personnel was imperative if the gains of an overhaul of the entire operational environment were to be maximised.

“Without the right attitude by the officers and men of the NAF, any form of overhaul undertaken by the service will be a waste of time and resources," he said.

Commending efforts of NAF personnel especially those at the various operational theatres for their commitment and dedication to ongoing counterterrorism operations, Abubakar reiterated the need for all to redouble their efforts towards ensuring that all forms of criminality were eradicated from the society.

He also stated that under his watch, an all-inclusive leadership style would be emplaced where every personnel would be carried along, while also ensuring that welfare, infrastructure development and all operational needs were given due consideration.

WEDNESDAY JULY 5, 2023 ˾ T H I S D AY

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NEWS

COURTESY VISIT TO VICE PRESIDENT…

L-R: Deputy Chief of Staff of the President, Ibrahim Hadejia; Yewande Osondu; Lolade Abiola; Vice President, Federal Republic of Nigeria, Senator Kashim Shettima; Chief Executive Officer and Special Representative to the United Nations Secretary-General on Sustainable Energy for All, Damilola Ogunbiyi, and Muntaqa Umar-Sadiq, during a visit to Shettima in Abuja…recently

Enugu to Shutdown Schools, Markets Over Observance of Sit-at-Home Gunmen burn police van, chase residents in Ebonyi

Gideon Arinze in Enugu and Benjamin Nworie in Abakaliki The Enugu State Government has threatened to shut down schools and markets that would observe the one week sit-at-home order given by self-acclaimed disciple of the

Indigenous People of Biafra, (IPOB) Mr. Simon Ekpa.

This is just suspected gunmen yesterday set ablaze a police patrol van in Ukwuagba Ngbo, Ohaukwu Local Government Area of Ebonyi State.

The gunmen were said

‘Declare State of Emergency on Edo Central Roads’ The federal government has been urged to declare a state of emergency on all roads in Edo Central Senatorial district of Edo state.

The called was made on behalf of the people of Esanland in Edo Central senatorial district by their senator representing them at the National Assembly, Senator Monday Okpebholo of the All Progressives Congress (APC).

He said in a statement that the people have suffered untold hardships because of the very deplorable conditions of roads across the land.

He said: “As a result, I hereby

use this medium to appeal to the federal government under the leadership of President Bola Ahmed Tinubu, to kindly declare state of emergency on all roads in Edo Central Senatorial district of Edo state particularly the OkeneAuchi-Ekpoma-Benin Highway and Ewu-Uromi-Agbor Highway; both of them passing through the heart of Esanland. These roads have been awarded for reconstruction and rehabilitation since 2015 but abandoned. The senatorial district is gateway to the South-east, Southsouth, South-west and the Northern part of the country.”

to have stormed a police checkpoint in the area and ordered policemen on duty

The Niger State Governor, Mr. Mohammed Umar Bago, has visited traditional rulers in the state to solicit their supports for programmes to be executed by his administration and also felicitate with them for the celebration of the just held Eid il Kabir Muslim festival.

Bago told the Emir of Agaies, HRH Yussuf Nuhu, that his programmes would initially bring pains to the people but in the long run the pains would turn to happiness and joy.

A statement by the Governor’s Chief Press Secretary, Mr. Bologi Ibrahim, said that the administration intended to construct a dual carriageway in Agaie town that would led to demolition of houses and shops, adding that “a team of experts will soon visit the emirate to carry out assessments with a view to coming up with a plan for the project.”

Ibrahim said that Bago “called for the understanding and support of the people as the implementation of his policies and programmes might come with some discomfort for some time.”

Michael OlugbodeinAbuja Borno State Governor, Prof.

Babagana Zulum, yesterday released 80 buses and pick-up vans to commune farmers free of charge from their communities to farmlands in the state.

The intervention is aimed at

Rear Admiral Baratuaipri Iyalla has assumed office as the new Flag Officer Commanding (FOC), Nigerian Navy Logistics Command, Oghara in Ethiope West Local Government Area of Delta State.

Rear Admiral Iyalla took over the mantle of leadership of the Command from the former FOC, Rear Admiral Olumuyiwa Olotu, who has since been deployed as

Commandant of National Defence College.

During the colourful handing over ceremony, Iyalla promised to deepen priority of staff welfare and Navy equipment for optimum performance.

The ceremony among others, witnessed parade and eventual lowering of the out-gone FOC’s distinguishing flag to signify the end of Olotu’s 17 months of eventful tenure as head of the command.

for the release of IPOB’s Leader, Mr. Nnamdi Kanu, from detention.

beating down the high cost of living caused by withdrawal of fuel subsidy.

According to a statement by the spokesman to the governor, Mallam Isa Gusau, the 80 means of transport will comprise 50 luxurious buses to be allocated from the fleet of the Borno Express Corporation,

a state owned transport company, while the state 30 pick-up vans will be hired and provided by the state government.

Zulum was quoted to have said in the statement that: “We are here purposely to support the farmers, you can see thousands of them have gathered and their

numbers can reach up to 100,000.

Due to the removal of fuel subsidy which although has a long-term benefit, cost of transportation has increased. Therefore, Borno State Government has decided to provide 50 buses (and 30 pick-up vans) to convey farmers to their farmlands this rainy season.”

Kano Anti-graft Commission Arrests former Commissioner, Others for N1bn Alleged Fraud

AhmadSorondinki inKano

Kano State Public Complaints and Anti-Corruption Commission has arrested a former Commissioner for Works and Infrastructure, Mr. Idris Wada Saleh, over alleged diversion of N 1 billion meant for the re-construction of 30 roads across the state.

Confirming the arrest to journalists in Kano yesterday, the Commission’s Chairman, Mr. Muhiyi Magaji Rimin Gado, said that Saleh the immediate past administration of ex-Governor Abdullahi Umar Ganduje.

According to him, the former commissioner who doubled as the managing director of Kano

Road Maintenance Agency (KARMA), was arrested alongside the Permanent Secretary of Public Procurement Bureau, Mr. Mustapha Madaki Huguma; director of Finance as well as director of Research and Planning.

Gdo said: “We are here in relation to an outright theft of N1 billion belonging to Kano state government

through bogus companies.

“I can’t tell you the names of the companies off head right now and for investigation sake. The money was removed a month before handing over and it was removed under the pretext that it would be used for construction or rehabilitation of about thirty roads across Kano state.

Abia Adopts Digital Tax System to Check Leakages, Enhance Revenue EmmanuelUgwu-Nwogoin Umuahia

Abia State, the state Governor, Alex Otti, has finally settled for a digital system of tax collection.

The new tax system introduced for transporters and traders, according to the governor, would help the state eliminate fraud, extortion, and intermediaries in revenue generation.

Before the new administration came on board, ‘revenue collection in the state was a bazaar for a political

settlement with collected revenue going into private pockets.’

Otti had at the outset of his administration sacked all revenue collectors and agents, and stopped all levies imposed on commercial drivers, tricycle, and motorcycle operators.

Basically, the new digital tax system is targeted at sanitising the revenue generation in the transport sector and the markets. While the ‘Permit to Operate’ tickets target those in the transport business, the ‘Innovative Traders Tax Payment’ is for traders in the markets.

Sokoto Inaugurates Taskforce on Immunisation, Vows to Ensure a Polio Free State Onuminya Innocent in Sokoto The Governor of Sokoto State, Dr. Ahmed Aliyu, has inaugurated the State Immunisation and Primary Health Care (PHC), taskforce with a renewed commitment

to ensure a polio free state.

In a statement by the governor’s Chief Press Secretary, Mr. Abubakar Bawa, said Aliyu described health care delivery as one area of great importance that would receive his administration’s attention.

The governor added that rejection of oral vaccines and inadequate routine immunisation have been a major source of concern to the state and vowed to change the narrative.

He said: “Improving effective health care services is part of

our nine-point agenda aimed at making health care not only affordable but accessible to all.

“This administration is determined to give all the necessary support and assistance towards making our state polio free.”

Let Abiodun Examine Your Documents, INEC, Tribunal Tell Adebutu James Sowole in Abeokuta

Iyalla Takes Over as FOC The Election Petition Tribunal in Abeokuta, the Ogun Logistics Command in Delta sitting State capital, on the complaints

SylvesterIdowuinWarri

Ekpa had declared a oneweek sit-at-home starting from July 3 to July 9 to demand

Palliatives: Zulum Rolls Out Buses to Ease Transportation for Farmers

Niger Gov Seeks Emirs’ his avowed determination Support for His Programmes Following to shore up the revenue profile of Laleye Dipo inMinna

to vacate the area and immediately set the police van ablaze.

emanating from March 18, 2023, governorship election yesterday asked the legal team of the

Peoples Democratic Party (PDP) and its candidate, Hon Ladipo Adebutu, to allow the legal team of the All Progressives Congress (APC) and the INEC to scrutinise documents that they want to tender to the tribunal before tendering such

to the panel.

The tribunal’s directive followed an attempt by the petitioners’ legal team to present over 8,000 documents to the panel to prosecute its case.

The Chairman of the

three-man panel, Hon Justice Hamidu Kunaza, gave the directive following objections of the respondents’ counsel to attempt by the petitioners’ team to tender the documents as evidence for the prosecution of their case.

Decentralise Parastatals for Expansion of Devt in Rivers, Fubara Told Blessing Ibunge in Port Harcourt

A real estate strategist, My-Ace China, has advised the Governor Siminalayi Fubara-led government of Rivers State to make an immediate plan to decentralise some of the parastatals in the

Port Harcourt to other local government areas, stressing that it will spread development across the state.

China popularly known as ‘Mayor of Housing’ who noted the need to decentralise some of the state government parastatals,

said it would also help people to work and live where affordable houses are located.

China, who spoke in Port Harcourt yesterday, during a parley with journalists, noted that one of the biggest policy revelations made by Governor

Fubara on the day he was sworn in was the promise to launch a social housing scheme.

According to him, the housing scheme was intended to reduce housing crisis in the state and create access to houses for lowincome people.

39

WEDNESDAY, ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

WEDNESDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Amusan, Brume's Arrivals Set Benin Agog as AFN National Trials Begin

Adibe Emenyonu in Benin City The heavy down pour in Benin City yesterday notwithstanding, athletics lovers from different parts of the city thronged the Samuel Ogbemudia Stadium to catch glimpses of the training of world champion, Tobi Amusan, silver medalist at the last World Championship in Oregon, USA,

Ese Brume, and other foreignbased athletes who arrived the country for the National Trials of the 2023 Worlds in Budapest, Hungary.

The arrival of Amusan, Brume and others, including Udodi Onwuzurike, took the number of the foreign-based athletes to 16 as at yesterday.

Amusan, who won the 100m

women’s hurdles event at the Diamond League in Stockholm

on Sunday night, arrived in Benin City at about 11am yesterday,

but the heavy rain delayed her appearance at the Ogbemudia

TRANSFER NEWS...TRANSFER NEWS...

MASON MOUNT Mason Mount has told Chelsea fans his move to Manchester United is "what's right for me at this moment in my career".

The England international addressed supporters in a social media video on Tuesday. Mount has agreed a transferto United on a five-year contract for a £55m fee, plus £5m in add-ons.

The midfielder joined Chelsea at the age of six, and he realises some Blues fans will not be pleased with his move.

"I've made the decision to leave Chelsea," the 24-year-old said.

"I feel you deserve more than a written statement so I wanted to tell you directly how grateful I have been for all of your support over the last 18 years.

"I know some of you won't be happy with my decision, but it's what's right for me at this moment in my career."

ONUACHU& BASSEY Paul Onuachu has asked his agent to get him out of England after a transfer to the Premier League ended in relegation.

Southampton will play in the English Championship in the new season and 29-year-old striker Onuachu believes he can play at a higher level.

Onuachu has already attracted interest from Germany and Turkey and even his former Belgian club Genk are also monitoring his situation.

Meanwhile, Premier League club Brighton are interested in signing Calvin Bassey from Ajax. A transfer fee of between 15 and 20 Million Pounds has already been mentioned.

Bassey made 39 appearances, scored a goal and provided five assists for Ajax this past campaign, but he has yet to justify his big-money move as Ajax will be open to his departure as they embark on a massive re-organisation after they failed to add to their 36 league championship last season.

VINICIUS JNR Vinicius Junior has reportedly signed a new contract with Real Madrid that will run until 2027.

The winger's new deal includes a release clause of €1billion (£856million), which is designed to prevent Saudi Arabian clubs from attempting to sign him, as reported by AS. It has been a lengthy process to get the Brazil international to sign a new deal, with talks having initially taken place in September last year.

However, the 22-year-old will remain at Real, where he has established himself as a hugely important player.

Since signing from Flamengo in 2018, Vinicius has played 225 times for Real and has scored 59 goals while he has provided 64 assists.

Vinicius scored the winner against Liverpool in the Champions League final in 2022, and he has won the LaLiga title twice and the Copa del Rey once. On the international stage he has been capped by Brazil 23 times and has scored thee goals.

After Karim Benzema's departure to Al-Ittihad it is likely that there will now be even more responsibility on Vinicius' shoulders at Real.

FIRMINO Roberto Firmino has joined Saudi Pro League side Al-Ahli on a free transfer after leaving Liverpool.

The Brazil forward, 31, was a free agent after his Liverpool contract expired at the end of last season. Firmino scored 111 goals in 362 games for the Reds after joining from Hoffenheim in 2015.

He is one of several big-name signings by Saudi clubs this summer and joins Senegal goalkeeper Edouard Mendyat Al-Ahli after he left Chelsea last week.

Tobi Amusan has arrived Benin City along with other top foreign-based athletes for the World Athletics Championship Trials at the Samuel Ogbemudia Stadium

Naija Super 8 Organisers Deny Plans to Move Tourney from Lagos Flykite Productions, organisers of Naija Super 8, have dismissed reports of harbouring a plan to move the tournament out of Lagos.

There were media reports on Tuesday that the competition, which is due to start on Friday and end on 16 July, could be moved over a disagreement between the organisers and Lagos State Football Association Vice Chairman, Alhaji Olawale Gafar, over the latter's alleged insistence that the association must provide security during the tournament.

In a statement issued late on Tuesday, Flykite Productions said there was no plan to move the competition away from Lagos, adding that it has enjoyed the support of the LSFA, which has given assurance that it will do everything possible to make the competition a success.

"We have had support from many football bodies, notably the Nigeria Football Federation (NFF), the national leagues, the Akwa Ibom State Football Association

and, of course, the LSFA. "The LSFA is the host association and it has offered advice on various fronts since it became aware of Naija Super 8.

"The LSFA has acted like a partner and stakeholder, which it is, and we have no reason to want to move away from where we

have been given support, including vital counselling," the statement quoted Jenkins Alumona, CEO of Flykite, as saying.

Naija Super 8 begins on Friday with an explosive encounter between Enyimba International, the newly-minted Nigeria Professional Football League champions,

philanthropic initiatives, has positively impacted the lives of many aspiring athletes. Your association with our federation will undoubtedly inspire and motivate our young athletes to achieve excellence.”

“She added: Your dedication to sports, unwavering support for young athletes, and commitment to the development of sports in Nigeria have made you an ideal candidate for this prestigious role.”

In his acceptance remarks, Idowu, who was instrumental in the transformation of the famous Maracana Stadium in Ajegunle to a world-class grassroots sports development facility, thanked NSSF for the gesture while pledging his commitment to school sports.

“I want to thank the NSSF for considering me for this and I believe that we can all work together and improve the fortunes of school sports in Nigeria. Sports is my passion and it has been my ideal to support sports at grassroots level and with this, my involvement in school sports will increase and I believe we have short, medium and long term goals to take our school sports to an enviable position in the world,” Idowu said.

He however, said as a short term goal, a national school football competition will be staged across the country with the finals taking place at the famous Maracana Stadium Ajegunle, Lagos in November later this year.

As a patron of NSSF, Joseph said Idowu is expected to be instrumental in

and runners-up, Remo Stars of Ikenne at the Mobolaji Johnson Arena, Lagos.

Organised by Flykite in partnership with MultiChoice, the competition is sponsored by MTN, Hero Lager, DStv, GOtv, SuperSport, Pepsi, Moniepoint and Custodian Assurance Limited.

SuperSport Brings Premier League Trophy to Lagos As part of the English Premier League’s 30th anniversary celebrations, SuperSport, the official broadcast rights owners of the League in Africa, is bringing the prestigious Premier League trophy to Nigeria.

The trophy will be paraded at a media event in Lagos today ahead of the official unveiling of the PL Greatest Africa 11.

PL's greatest African XI, as voted by football fans across Africa, will be unveiled at a Gala Night in Lagos, tomorrow.

The glamorous event will be hosted by 1997 African Footballer

of the Year, Victor Ikpeba and former Bafana Bafana and Leeds United Captain, Lucas Radebe.

Speaking on the trophy parade and gala night, SuperSport CEO Designate, Rendani Ramovha, said the activities are part of the 30th anniversary of the Premier League and the coveted trophy will add glamour to the event designed to honour the continental football

NSSF Decorates Yemi Idowu as its Patron

The Nigeria School Sports Federation (NSSF) has appointed foremost sports philanthropist, Chief Yemi Idowu, as its patron.

At investiture held at the National Stadium in Lagos, yesterday, NSSF President, Olabisi Idowu described Idowu as a strong supporter of school sports while his involvement in grassroots sports development endeared him to the federation to consider him as patron.

Explaining the rationale behind the appointment of Idowu as patron, Joseph said: “As a distinguished sports personality and a prominent figure in the Nigerian sporting landscape, your vast experience in the sports industry, your dedication to promoting sports at the grassroots level, coupled with your

Stadium.

The news of her arrival had spread around the city like wild fire, eliciting excitements in track & field aficionados.

At about 4pm, Amusan, Brume and some other foreign-based athletes took to the tracks of the Samuel Ogbemudia Stadium to loosen up jet lag with fans in their hundreds applauding From the stands.

Over 160 athletes, including some home-based, those from the United States and some European countries will be on parade at the Samuel Ogbemudia beginning from today for the National Trials to select Nigerian team for the 19th World Athletics Championship holding in Budapest. The National Trials will end on July 7.

Last year, the same Samuel Ogbemudia Stadium was the venue for the National Trials, where athletes for both the World Championships in Oregon, and the Commonwealth Games in Birmingham, England, were picked. Meanwhile, the Chairman of the Organising Committee of the Trials, Yusuf Alli, has assured that the government and people of Edo State would give the visiting athletes and officials the best treatment throughout the competition.

shaping the future of sports in Nigeria as well as guide dance and support in developing strategies to enhance the quality of sporting and education programmes; securing sponsorships for events, and expanding the reach of the federation.

Idowu is a patron of sports at the grassroots with more than 18 years experience in sponsorship and management of sports competitions and events. He is also a co-founder and Director of the successful Lagos Junior League and Chairman of Nath Boys Sports Club, an amateur youth sports organization that owns Nath Boys Football Club, two-time champions of the Lagos Junior Premier League and the former champions of the Lagos Metro league.

The Premier League trophy

legends.

“We are eagerly anticipating the day that the PL30 Africa XI will be unveiled and I am pleased to inform all lovers of the Premier League that the prestigious trophy will be on parade at the occasion.

“Since the inception of the Premier League, our African players have made the continent proud with their iconic performances. It is only ideal that we celebrate the great feats they achieved in the league considered the best in the world. The arrival of the trophy signifies the importance of African players to the rich history of the league, and we are glad to host it,” Rendani said.

Similarly, the Executive Head of Marketing, MultiChoice Nigeria, Tope Oshunkeye expressed excitement at hosting the Premier League in Nigeria.

“For over 20 years, SuperSport has continued to broadcast exciting Premier League in Nigeria and this has seen the league gain wide acceptance among the country’s large football community. The arrival of the Premier League trophy in Nigeria for the unveiling ceremony is most befitting for such a special occasion,” Oshunkeye said.

Between March 24 and June 30, a 30-man list was presented to football fans across Africa to vote their best African footballers to have graced the Premier League, on the SuperSport website. Players with the highest votes will be unveiled as PL Africa 11.

Wednesday, July 5, 2023

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MISSILE DICON Civilian Staff to Management “We discovered that all agencies under Ministry of Defence have been enrolled into IPPIS, only DICON Staff have not been captured. One of our members was beaten by soldiers and another was taken into custody by soldiers because we demanded for our rights.

The Management ordered the soldiers to deal with us “ --Protesting Civilian workers of Defence Industry Corporation of Nigeria (DICON), accusing the management of ordering soldiers to beat them up during a peaceful protest to demand for their rights.

ERICTENIOLA GUEST COLUMNIST

Still on the Debt Question

I

n June 2005 we were so ecstatic in celebrating the debt relief offered us, a relief of over $20 billion dollars, which was beyond the total revenue of Nigeria for one year.

So happy were we that President Olusegun Obasanjo, GCFR, had to make a broadcast to the nation on June 30, 2005. He followed the broadcast by appearing before the joint sitting of the National Assembly on July 26, 2005 to speak on the issue. In the broadcast, he declared, “How did we work to get out of this debt quagmire?

We did it by resolving and working hard to break with the past; by identifying new voices and new leaders; and by rejecting business as usual and voting for new values of accountability, transparency, fair competition, social justice, and the upliftment of the living standards of Nigerians. We revamped our institutions and put in place an economic agenda that reduced the role of the state in the economy while strengthening the place and role private investors. We mounted a vigorous global campaign to make a good case for debt relief”. He commended the economic management team and assured that Nigeria will never fall into such trap again.

“How about the future? We must learn from the past. We must all show collective responsibility to prevent a return to the past. We must all commit ourselves to protecting, rather than squandering the future of our children. We must all agree not to remove the solid blocks on which our nation stands by accumulating debts that we cannot repay. May God never let us go through this painful path again”, he declared. We were all so happy at that time. Several people commended the government for the action including Cardinal Olubunmi Okogie and General Yakubu Gowon (rtd), GCFR. Others who commended the government at that time were the Senate President, Senator Ken Nnamani, the Speaker of the House of Representatives at that time, Alhaji Aminu Bello Masari, the former Vice President, Dr, Alex Ekwueme. Others were Alhaji Mohammed Danjuma Goje, Abdullahi Adamu, Otunba Gbenga Daniel, Prince Olagunsoye Oyinlola, Alhaji Bukar Abba Ibrahim, Chief Ebere Udeagu, Mallam Nasir El-Rufai, Senator Udoma Udo Udoma, Chief Sunday Fajimi, Engr. Hamman Tukur, ambassador Agboola Isaac Aluko-Olokun, Honorables Farouk Lawan, John Agoda, Kayode Amusan, Kelechi Nwagwu, Oba Rilwanu Akiolu, Oba Omo N’Oba Erediauwa, Reverend Dr. Wilson Badejo, Mrs. Oluremi Oyo, Alhaji Mansur Ahmed, Alhaji Lateef Owoyemi, Mr. Charles Ugwu, Dr. Sonnu Folorunso Kuku, Dr. Cecilia Ibru, Comrade Adams Oshiomhole, Chief Frank Kokori, Mr. Harry Nwana, Dr. Elizabeth Solere, Brig. Gen(rtd.)

Mohammed Buba Marwa, Prince Chidi Chukwuani, Mr. Kenneth Orkuma Hembe, Comrade Zik Gbemre, Mr. Cordel Okafor, Mr. Bisi Olawunmi, Dr. Uma Eleeazu, Dr. Stanley Macebuh, Prof. Nimi Briggs, Mr. Chijama Ogbu, Mr. Joseph Omowa, Mr. Adesoji Olugbenga, Mr. Moses Olurunwa, Dr. Boniface Chizea and others.

Others outside Nigeria who commended the central government at that time were the British Prime Minister, Mr. Tony Blair, Hilary Benn, International Development Secretary UK, Mr, Idrissa Thiam, Senior Resident Representative of IMF in Nigeria, Ms Romilly Greenhill, Policy Officer, Action Aid and Mr. Marc Balston, Debt. Strategist Deutsche Bank, London.

To me the comment of General Yakubu Gowon (85),GCFR, was most meaningful. He was in power for nine uninterrupted years and throughout his tenure, 1966 to 1975, Nigeria did not borrow a kobo. He should be commended along with his Ministers of Finance who managed Nigeria’s finance during the civil war, Chief Obafemi Awolowo (6 March 1909 – 9 May 1987), GCFR, Alhaji Usman Aliyu Shehu Shagari (February 25, 1925 – December 28, 2018), GCFR and the Permanent Secretary in the Ministry of Finance at that time, Prince Abdul Aziz Attah (1920-1972), son of the late Attah of Igbirra in Kogi state.

General Gowon said at that time “Let’s hope that no government will ever again commit the future generation to such a heavy burden of debt”.

Let me say a word about Prince Attah. He was educated at Okene Elementary and Middle Schools between 1926 and 1935. In 1936 he entered the Achimota College, Ghana, and studied there until 1944 when he went to Belliol College, Oxford, England, graduating in 1947 in Politics, Philosophy and Economics. Returning to Nigeria the following year, he

President Bola Tinubu entered the government service as Cadet Administrative Officer in the then unified Nigeria Public Services. He served in Calabar, Opobo, Ikot-Ekpene and former Southern Cameroons, all then under the Eastern Region, and after the division of the Public Service continued to serve in that Region; he was District Officer in Umuahia before obtaining the important post of Private Secretary to Dr. Nnamdi Azikiwe, Premier of the Eastern Region. Then he was Secretary to the Agent-General for the Region in Britain;Training Officer in the Regional Ministry of Finance, Enugu; and Secretary for Annang Province. He moved to the Federal Public Service as Administrative Officer.

Class III, in 1958 and was promoted Permanent Secretary in 1960, and headed in turn the ministries of Defence, Communications, Industries and Finance. He occupied the vital post of the Permanent Secretary, Finance, from 1966 through the years of civil war with all its effects on the country’s finances. In December 1970 he was appointed Administrative Officer (Principal Grade), and became Secretary to the Federal Military Government and Head of the Federal Civil Service. Alhaji Attah died on June 12, 1972 at the Royal Free Hospital, London.

In July 2005, the Federal Ministry of Information celebrated the debt relief by publishing a pamphlet titled “BROKEN CHAINS” Now sixteen years after, we are back to square one.

Sixteen years after we are back to the UNBROKEN CHAINS. I do not know what will happen now, but certainly we have messed up. In terms of the management of our economy, we have missed our way. We are back to recession again. And in spite of the optimism being expressed by the Minister of Finance, Zainab Shamsuna Ahmed, we do not know how to get out of the recession and when we are going to get out of it. Between 2005 and now, we cannot point to anything substantive we have done with the money we borrowed.

According to a report by Premium Times, Nigeria’s total public debt stock increased by about N2.38 trillion, or $6.593billion, as of June 30 last year. The Premium Times quoted the Debt Management Office (DMO) that the country’s total debt portfolio grew from about N28.628 trillion, or $79.303 billion, as of March 31 to over N31.009 trillion, or $85.897 billion, in the period under review.

Details of the increment, the DMO said, showed about $3.36 billion came from Budget Support Loan from the International Monetary Fund (IMF), while the balance are new domestic borrowings to finance the revised 2020 Appropriation Act. The new domestic borrowings include a N162.557 billion Sukuk and promissory notes issued to settle claims of exporters. The data showed the new debt figure comprised the debt stock of the federal government, the 36 state governments and the Federal Capital Territory.

The total external debt stands at about N11.363 trillion, or $31.477 billion, about 35.65 per cent of the overall outlay, against total domestic debt of about N19.945 trillion, or $54.419 billion, about 63.35 per cent of the total portfolio.

Of the total external debt stock, the federal government accounted for N9.824 trillion, or $27.214 billion (about

31.6 per cent) of external debts; and N15.456 trillion, or $42.814 billion (about 49.84 per cent) of the domestic debts.

The states and the FCT owe about N1.539 trillion, or $4.263 billion (about 4.96 per cent) of the total external debt figure, and about N4.190 trillion, or $11.606 billion, (13.51 per cent) of the total domestic debt figure.

The DMO said additional promissory notes would be issued in the course of the year, along with new borrowings by state governments which would further increase the public debt stock.

Details of the debts stock, showed that the multilateral loans category consisted IMF $3.359 billion, while the World Bank Group and African Development Bank (AfDB) Group $16.36 billion. The three financial institutions accounted for about 52 per cent of the country’s total $31.477.14 billion debt stock.

The breakdown of the debt to World Bank’s affiliate institutions showed International Development Association (IDA) $10.05 billion; and the International Bank for Reconstruction and Development (IBRD) $409.51 million.

Similarly, the debt to African Development Bank stands at about $1.326 billion; Africa Growing Together Fund $0.14 million; African Development Fund $921.91 million; Arab Bank for Economic Development in Africa $5.88million; European Development Fund $52.52million; Islamic Development Bank $30.22million, and International Fund For Agricultural Development $201.68million.

On the bilateral level, Nigeria’s total debt to various institutions is about $3.949 billion, or 12.54 per cent of the total debt stock.

They consist of those to Chinese financial institutions, including a Exim Bank of China $3.241billion; French institutions (Agence Francaise Development) $403.65milion; Japanese (Japan International Cooperation Agency) $76.69million; India (Exim Bank of India) $34.87million, and Germany (Kreditanstalt Fur Wiederaufbua) $192.71 million.

Commercial debt instrument debts totaling $11.16.35 billion, which account for about 35.48 per cent of the total debt, include Eurobonds $10,868.35bilion; Diaspora Bond $300million Further details of the total N15.456 trillion Federal Government debts stock by instruments of as at the date under review showed that FGN Bonds of N11.241 trillion, or 72.75 per cent; Nigerian Treasury Bills N2.760trillion, or 17.86 per cent; Nigerian Treasury Bonds N100.988 bilion, or 0.65 per cent; FGN Savings Bond $12.984billion, or 0.08 per cent; FGN Sukuk N362.557billion, or 2.35 per cent, Green Bond N25.690billion, or 0.17 per cent, and Promissory Notes N951.740billion, or 6.16 per cent.

Details of the debts stock of the 36 states and the Federal Capital Territory stood at about N4.190 trillion, with Lagos N493.32 billion; Rivers N266.94 billion, Akwa Ibom N239.21billion and Delta N235.86 billion among the top debtors in the country.

The four states are among the richest states in the country.

I grew up in an age that insists that he who goes a-borrowing, goes a-sorrowing. It was an idiom used by the American Nationalist, Benjamin Franklin (17 January, 1706-17 April, 1790). Borrowing makes our lives unfortunate, but we are the ones who borrow, so we face problems simultaneously. To borrow means ‘to take and use something that belongs to somebody else, and return it to them at a later time. Does this action lead to unpleasurable consequences? Borrowing is a doomed cause. It ends with its beginning, like a closed circle and never lets you go away. It grabs you with its tentacles, until it completely tears you to pieces, like a fierce beast, and then leaves you to the vultures and jackals. People borrow things, and money especially, when they are in need. But this need is caused in most of the cases by person’s laziness and foolishness and mismanagement too. If the individual is ambitious and clever enough, he will never sink in the mud puddle of need. If he is smart enough to limit himself and determine his needs to his abilities. Even if you borrow with a good will in mind, an idea, what guarantees that you will be able to return what had been lent to you? Then you will have to borrow again, and again, and...except.

My late mother, Madam Juliana Adekolarin Teniola, cautioned me that I should not make borrowing a habit as I will suffer for it in the end. She also instructed me that self-discipline will help me achieve greatness and that people who tend to borrow often are usually slow

in settling debts. But as I grew older, I realized that debt is a major development issue and there can never be any growth without incurring some level of debt. One needs to borrow from commercial houses to make for progress and profit in any enterprise. When too much debt is obtained it definitely becomes a burden.

Debt has a significant effect on global poverty. For example, borrowed money accrues interest which adds to debt and can lead to impoverished lands suffering because massive interest payments drain funds that are needed for things like infrastructure investment. Compound interest over a matter of decades can soon render a serviceable debt unsustainable.

Addressing the media on December 30, 2019, my friend, the Minister of Information, Mr Lai Mohammed said Nigeria’s debt servicing to revenue ratio has been higher than desirable. The minister put the country’s current debt profile at $83.8 billion and dismissed reports that the country’s external debt was 81billion. According to him, the entire debt profile comprises 27.163billion external and 56.720billion domestic debt. He said the debt figure represented the cumulative borrowings by successive government and that the total public debt stock in 2015 was 63.80 billion, comprising 10.31 billion of external debt and 53.49 billion domestic debt.”

Presenting his budget on October 8 last year to the National Assembly, President Muhammadu Buhari, GCFR, said “we have provisioned N3.12 trillion for this in 2021, representing an increase of N445.57 billion from N2.68 trillion in 2020. A total of N2.183 trillion has been set aside to service domestic debts while N940.89 billion has been provided for foreign debt service. N220 billion is provided for transfers to the Sinking Fund to pay off maturing bonds issued to local contractors and creditors”.

Like every Nigerian, I am worried by the rising Nigeria’s debt profile because debt is the principal cause of poverty, leading to human suffering and misery and hampering economic development. This is not what we should handover to our children and grandchildren.

I have to make reference to the speech by then President Olusegun Obasanjo when he addressed the National Assembly on debt on July 26, 2005.

He said on that day that “I am very pleased at this opportunity to brief you today on issues relating to our nation’s debt relief, the contours and struggle for debt relief, the terms of the relief we were granted by the Paris Club, and the opportunities that this opens up for our dear country Nigeria. Let me start by thanking you, members of the National Assembly for your understanding, encouragement and support during the struggle for debt relief. It is the courage and vision that you exhibited in standing firm with the Executive that made it possible for us to carry out the arduous negotiations that resulted in this unprecedented relief for Nigeria. Let me say at this point that this pattern of cooperation should not end here. We have more national and international challenges before us and only cooperation, commitment, mutual respect can ensure victory for our ideas, initiatives and actions. In this brief, in respect of debt relief, I will speak on the inherited debt overhang, the impact it had on our effort to grow and develop the economy, the struggle for debt relief, the results of this struggle, the benefits to our country and people, and the future. Of course, not all Nigerians know the truth, the importance or impact of debt relief, and the opportunities that it provides for our country”.

Now we are in a dilemma over our debt profile. I am sure we are not expecting another debt relief again. The potential problems of government borrowing is that it will lead to higher debt interest payment and also lead to increase rate in taxes, thereby leading to inflationary pressures. The prediction in 2005 was that paying the debt will free up cash that will push towards capital expenditure and bring the desire economic boom. Instead what we have now is that we spend more on recurrent expenditure and limited capital expenditure. We are back in full cycle. Poverty and conflict are closely interconnected.

Now we are being told that Nigeria total debt profile will hit N33 trillion this year. The rate at which we are going, in terms of our debt profile, may lead to Nigeria being put up for sale.

Very sad indeed. *Mr. Teniola, a former Director at the Presidency writes from Lagos.

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