MONDAY 10TH JULY 2023

Obaseki Scales 75-year Hurdle as Preferred Bidder, Mota Engil Africa, Emerges for Benin Port Project Financing underway as construction set to kick-off Peter Uzoho After 75 years of stalling amid various obstacles, the Benin Port Project is finally kicking off with the

emergence of a preferred bidder for the most ambitious legacy project of the Edo State Governor, Mr. Godwin Obaseki.

Chairman of the Benin Port

Project, Dr. Greg Ogbeifun, confirmed at the weekend that the preferred bidder, Mota Engil Africa, emerged after a one-week evaluation exercise conducted on the bids received in

response to the Request for Proposals, from the three pre-qualified bidders, namely China Harbour Engineering Company (China), Mota-Engil Africa (Portugal), and Yilport Holding Inc

(Turkey).

Mota Engil Africa, which is also handling the Kano-Maradi rail project Continued on page 5

Obaseki

Capital Importation Rose to $1.13bn in First Quarter... Page 6 Monday 10 July, 2023 Vol 28. No 10316. Price: N250

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Otudeko-led Honeywell Says Investment in FirstBank to Create Value for Shareholders FBN Holdings share price surges Obinna Chima

POWER DISCOURSE… L-R: President of African Development Bank Group, Akinwumi Adesina, Lagos State Governor, Babajide Sanwo-Olu and Chairman, Gegeru Power Plc, Femi Otedola, following their discussion on developing Lagos State’s Public-Private Partnership power transmission project, the first in Nigeria at Lagos House Marina ... recently

The Managing Director of the Honeywell Group, Mr. Obafemi Otudeko, in a letter yesterday, reiterated that Honeywell Group Limited (HGL) and its latest strategic investment in FBN Holdings through its affiliate company, Barbican Capital Limited, was to create value for them.

Otudeko, in the letter addressed to Continued on page 42

Tinubu Elected ECOWAS Chairman 41 Days after Swearing in as President Moves against coups, terrorism, says threat to regional peace at alarming proportions Seeks private sector-led economic growth in sub-region Buhari, NACCIMA greet president as new chair of union ȱ ¢ȱ ȱ ȱť

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Nigeria’s Current 4,000mw of Electricity Not Enough for Lagos Alone, Say Energy Economists Komolafe to headline NAEE's 16th international conference Emmanuel Addeh in Abuja The current 4,000mw of electricity generated and distributed to Nigerians daily remain one of the least in the world and can even barely power Lagos alone, the Nigerian Association for Energy Economics (NAEE), has said.

Speaking at a pre-conference briefing in Abuja to herald its 16th NAEE/IAEE Annual International Conference, the President of the association, Prof. Yinka Omorogbe (SAN), noted that Nigeria still treats power like an elite product.

The conference themed: ‘‘Energy Evolution, Transition and Reform: Prospects for African Economies’’, will be chaired by the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe and will be opened

by Prof. Jean-Michael Glachant, the President of the International Association for Energy Economics (IAEE).

Also billed to speak during the event scheduled for 9-11 July, will be the Secretary General, African Petroleum Producers Organisation (APPO), Dr Omar Ibrahim, the Executive Secretary, Petroleum Technology Development Fund (PTDF), Dr. Bello Gusau, among several others.

Omorogbe, who was accompanied to the event by a Vice President of the group, Priscilla Ekpe; Secretary, Ere Yalla; Treasurer, Dr Margaret Hilili and others, explained that the power situation is even worse now than it was in the past.

“The electricity sector in Nigeria is nothing to write home about and it’s one of the worst in the world.

The truth of the matter is that we have generally not done things in a holistic fashion. “ If you are talking about electricity within any country, you have to be talking about electricity for everybody and every type of industry. We don’t.

When we're talking about electricity,

we are almost treating it like an elite product and thinking of electricity as what we give to the urban people.

“Everybody has to have it. It's not like right now in Nigeria where what everybody has is a generator. That should not be so. In other countries, for instance in England, they will apologise to you. If for any reason the light goes off for a time, they will bring you a generator and that generator will be utilised in your

area,” she stressed.

She argued that Nigeria must improve its grid system, work on establishing mini-grids and other stand-alone isolated renewable solutions to avoid the frequency of erratic power supply in the country.

“Blackouts are supposed to be timed. But where you're talking about an abysmally small amount of electricity, it’s difficult. I mean, you're talking about 4,000 megawatts,

which is not enough for Lagos, let alone talking about the whole Nigeria.

“If you're talking about a country that says it will increase electricity and they say we will have 20,000 mw in a few years time, that's ridiculous.

We're talking about the country that needs multiples more than that.

“We're talking about a country that needs electricity to power its industries. There is no industry that is functioning in Nigeria without its

own generators.

“So in the first place, we've never even got it right about how much electricity we need. And then we've never even planned to be able to have enough electricity for everybody.

Arguably, we can actually say it's probably worse now than it was before,” she maintained.

On the recent fuel subsidy removal, she noted that while it was the right decision to take, the impact will have

to be cushioned to reduce the pains felt by Nigerians.

“The subsidy was just a huge avenue for a lot of terrible practices.

And we were giving products to the whole of West Africa. We can be a supplier for the region, but let us be supplying in the real sense, not at our own expense there. There were too many loopholes. There was a lot of fraud. So it's really a step in the right direction,” Omorogbe pointed out.

TINUBU ELECTED ECOWAS CHAIRMAN 41 DAYS AFTER SWEARING IN AS PRESIDENT Deji Elumoye in Abuja President Bola Tinubu, yesterday, emerged the new chairman of the Economic Community of West African States (ECOWAS), exactly 41 days after his inauguration as President of Nigeria.

Tinubu, also warned that the threat to peace in the West African sub-region had reached alarming proportions, with terrorism and an emerging pattern of military takeover as major contributors. The president said this at the 63rd Ordinary Session of the Authority of Heads of State and Government of ECOWAS held in Bissau, Guinea-Bissau.

Tinubu, following his emergence as the new chairman of ECOWAS, said the situation demanded urgent and concerted action.

The Nigerian leader maintained that insecurity and creeping terrorism were stunting the progress and development of the sub-region. He sought private sector-led economic growth, and called for collective action from member-states, pledging that under his leadership, frameworks would be harmonised to actualise the dream of ECOWAS. Former President Muhammadu Buhari and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) congratulated Tinubu on his emergence as ECOWAS chairman.

Addressing the West African leaders,

Tinubu said, “On peace and security, the threat has reached an alarming level, and needs urgent actions in addressing the challenges. Indeed, without a peaceful environment, progress and development in the region will continue to remain elusive.

“In this regard, we must remain committed to the utilisation of all regional frameworks at our disposal to address the menace of insecurity.”

He noted that ECOWAS had developed a security architecture, which he noted, “covers a wide range of areas that involved kinetic and non-kinetic operations, including preventive diplomacy. There is also the Regional Plan of Action on Fight against Terrorism 2020-2024 as well as the operationalisation of the ECOWAS Standby Force on Fight Against Terrorism.

"I will ensure that we immediately harmonise these plans and mobilise resources as well as the political will towards the actualisation of the initiatives. As terrorists do not respect boundaries, we must work collectively to have an effective regional counterterrorism measure.”

On his emergence as ECOWAS Chairman in his first participation at the summit, Tinubu stated that he was humbled and honoured by the trust to assume the leadership of the regional body, and pledged his commitment to serve the interest of the community.

The president said, "Indeed, I’m

humbled and honoured by this trust, and want to assure you of my unalloyed commitment to provide the necessary leadership with dedication to serve the interest of the community."

To underscore his commitment towards regional integration, the Nigerian president declared that he would prioritise political stability, peace and security, regional economic integration and strengthening of the ECOWAS institutions, declaring that democracy and good governance remain the abiding cornerstone of peace and sustainable development.

While decrying the emerging pattern of coup d'etat in West Africa, where soldiers toppled the popular mandate of the people through the barrel of the gun, Tinubu charged ECOWAS to stand firm in defence of democracy.

He stated, "We must stand firm on democracy. There is no governance, freedom and rule of law without democracy. We will not accept coup after coup in West Africa again. Democracy is very difficult to manage but it is the best form of government.

“There is no one here among us who did not campaign to be a leader.

We didn't give our soldiers resources, we didn't invest in them, in their boots, in their training to violate the freedom of the people.

“To turn their guns against civil authorities is a violation of the principles upon which they were hired,

which is to defend the sovereignty of their nations. We must not sit in ECOWAS as toothless bulldogs."

The president added, "You will all agree with me that democracy and good governance are the cornerstones of peace and sustainable development of every society. I’m fully committed to deepening democracy and good governance in the region.

"We must strengthen our democratic institutions and ensure the respect for human rights and the rule of law. I will enhance engagements with the countries in transition to ensure their quick return to democratic rule.”

The new ECOWAS chairman called for improved private sector participation in the effort towards the economic development of member states as well as their social integration.

He stated, “We would work collectively to pursue an inclusive economic integration, which will be significantly private sector driven, in order to unlock the vast economic potentials of our region. We would actively promote trade, investment, and business cooperation among member states by addressing the barriers impeding intra-regional trade, as well as creating a conducive business environment.

“We must encourage economic partnerships to raise the level of trade and investments in our region, hence facilitating employment creation and sustainable development and prosperity for our citizens.

"To this end, we must look inward and work with our regional economic facilitation platforms, such as the Federation of West Africa Chambers of Commerce and Industry (FEWACCI) as well as ECOWAS Trade Organisation Network to attain our desired goals.”

Tinubu assured the regional leaders of the immediate implementation of his vision for the body, declaring, “In furtherance of my vision for our region’s economic recovery and growth, Nigeria intends to convene an ECOWAS Extra Ordinary Summit on Trade and Investment in October 2023.

"The event will provide opportunity for Member States to showcase their potentials and encourage match-making, in order to evolve business cooperation among the various organised private sector within the region."

He called for strengthening of the ECOWAS institutions, stressing, "In the area of strengthening our organisation’s institutions and ensuring effective performance, we underscore the need for the conclusion of the on-going institutional reforms of the organisation.

"Given that community levy remained the biggest source of generating funds to run our organisation, we must ensure that our citizens being taxed must be positively impacted by the programmes and Continued on page 11

OBASEKI SCALES 75-YEAR HURDLE AS PREFERRED BIDDER, MOTA ENGIL AFRICA, EMERGES FOR BENIN PORT PROJECT of the federal government, recently took delivery of $200 million worth of equipment, showcasing its capacity to deliver on big-ticket projects.

Efforts to construct the port had persisted unsuccessfully for over 75 years after it was first proposed, as regulatory, funding and institutional setbacks halted various moves to embark on the project.

Governor Obaseki had promised to build the port during his campaigns in 2016 and has ever since pursued the actualisation of the project, navigating an extremely complex maze of regulatory and institutional challenges.

The governor had in his New Year address in 2017, announced the set-up of a seven-man committee chaired by Engr. Greg Ero, to lead the development of the port project.

This Committee was eventually

succeeded by the Dr. Ogbeifun-led Benin Port project team, which is currently handling the project.

Responding to the development, Obaseki said it was delightful that the project has finally kicked off in earnest to serve as a launchpad for the expansion of Edo’s $11.8 billion economy, noting that it would catalyse the growth of the agriculture, real estate, manufacturing, food processing, automotive, power, retail and extractive sectors.

“We are now set for the commencement of this landmark project, which will open a new vista of opportunities for Edo people and Nigerians in general,” he noted.

Detailing the process leading to the emergence of the preferred bidder, the Project Director, Benin Port, Dr. Joe Aigboduwa, said: “Request for

Proposal (RFP) documents had been issued to the prequalified bidders on 18th April 2023. A Pre-Bid conference was held with the bidders on 26th April 2023, followed by visits to the project site from 13th June to 14th June 2023. Bids were eventually submitted in Abuja on the due date of Friday 30th June 2023.

“The very rigorous and transparent evaluation exercise was conducted by the Project Delivery Team (PDT) and coordinated by the Transaction Adviser (CPCS Transcom) in compliance with international best practices.

“The Technical Proposals were first opened and evaluated from Monday 3rd July to Thursday 6th July 2023.

The exercise culminated in the public opening of the compliant Financial Proposals on Friday 7th July, 2023 in the presence of the bidders.”

L-R: Transaction Adviser, CPCS Transcom Canada, Ms. Emem Etuk; Project Director, Benin Port, Dr. Joe Aigboduwa; Chairman, Benin Port Project, Dr. Greg Ogbeifun, and Chairman, Nigerian Ports Authority (NPA) Project Delivery Team (PDT), Ahmed Wanka, during the opening of bids for the Benin Port Project, in Abuja

The 300,000 Twenty-foot Equivalent Unit (TEU) Benin Port would reactivate pre-colonial trade routes through the Benin and Osse Rivers, which was where the Portuguese first had contact with the Benin Kingdom in 1472 AD. The Godwin Obaseki-led government has rolled out an expansive plan for the Benin Port, which is designed to be a unique agro-based Port in Nigeria that encompasses a complete smart Port Community Complex for industrial processing and export of agricultural produce and other goods, with independent, clean and renewable energy installations.

The container and multipurpose terminals of the port would also have RoRo facilities to enable direct importation of vehicles for the thriving automobile industry in

Edo State, among other commercial activities that would spring from the port operations.

Chairman of Benin Port Project, Ogbeifun expressed appreciation to members of the evaluation team for their dedication, professionalism and transparency exhibited throughout the exercise, and looked forward to further cooperation in continuation of the Concession award process.

The immediate past Minister of Transportation had earlier set up the Project Steering Committee (PSC) and Project Delivery Team (PDT) to ensure realisation of the Benin Port Project under a Public-Private Partnership (PPP) arrangement, as already approved by the federal government of Nigeria through the Infrastructure Concession Regulatory Commission (ICRC).

The PSC and PDT comprise

representatives from the Federal Ministry of Transportation (FMOT), Nigerian Ports Authority (NPA), Federal Ministry of Justice (FMOJ), Federal Ministry of Finance (FMOF), Bureau of Public Enterprise (BPE), Infrastructure Concession Regulatory Commission (ICRC), Edo State Government (EDSG), and the Transaction Adviser (CPCS Transcom, Canada).

The Edo State government is also completing the dualisation of Ekehuan Road, which is the major access road to the port location from Benin City, the state capital.

Governor Obaseki assured all stakeholders and partners of the government’s full support to ensure that the project is completed in good time and deliver value to Nigerians and port users from different parts of the world.

L-R: Project Director, Benin Port, Dr. Joe Aigboduwa; Chairman, Benin Port Project, Dr. Greg Ogbeifun; Chairman, Nigerian Ports Authority (NPA) Project Delivery Team (PDT), Barr. Ahmed Wanka, and an official of the NPA, Engr.

Silas Itodo, during evaluation of bids for the Benin Port Project, in Abuja.

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NEWS

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

MTN GROUP'S COURTESY VISIT TO NCC… L-R: Chairman, MTN Nigeria, Dr. Ernest Ndukwe; Group Chief Executive Officer/President, MTN, Ralph Mupita; Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC), Prof. Umar Danbatta; Group Chairman, MTN, Jonas Mcebisi, and Chief Executive Officer, MTN Nigeria, Karl Toriola, during a courtesy visit by MTN delegation to the Commission's Head Office in Abuja… weekend

Capital Importation Rose to $1.13bn in First Quarter Portfolio investment accounted for $649.28m inflows Lagos, Abuja are preferred destinations James Emejo and Aisha Kabiru in Abuja Total capital importation into the country rose by 6.78 per cent to $1.13 billion in the first quarter of the year (Q1 2023), compared

to $1.06 billion in the preceding quarter, the National Bureau of Statistics (NBS) stated yesterday.

This, however, represented a 28 per cent decline when compared to the $1.57 billion recorded in Q1 2022.

AXA Mansard Appoints Kola Adesina Chairman, Names New Board Members AXA Mansard Insurance Plc has announced the appointment of a new Chairman, Mr. Kola Adesina and some other board members.

This insurer disclosed this in a statement to the Nigeria Exchange Limited (NGX), that was signed by the Company Secretary.

Adesina is a consummate entrepreneur with experience in academia, insurance, finance, energy, trade, and diplomacy. He started his career in the insurance industry, selling insurance to businesses across different sectors in Nigeria.

After working in the insurance industry, he joined Sahara Group where his selling skills and exceptional project and relationship management acumen enhanced the growth of the energy conglomerate.

Adesina also served as a member of the Presidential Committee on the Accelerated Expansion of the Electricity Infrastructure in Nigeria, which culminated in the unbundling of PHCN successor companies.

He sits on the Board of Sahara Group Ltd, Ikeja Electric, Egbin Power Plc, First Independent Power Ltd (FIPL) and Port Harcourt Electricity Distribution Company (PHEDC).

He was awarded Member of the Order of the Federal Republic (MFR) by President Muhammadu Buhari and is also a Fellow of the Nigerian Society of Engineers.

He is the proposed Chairman, Non-Executive Director of AXA Mansard Insurance plc.

It also confirmed the resignation of the current Chairman of the Board, Mr. Olusola Adeeyo.

This decision to resign was made at the Annual General Meeting of

the Company held on July 14, 2022.

His resignation became effective from the 16th of February 2023.

The Board at AXA Mansard announced the appointment of a new Chairman and members of the Board, in line with Section 274 of the Companies and Allied Matters Act 2020.

The appointments have been approved by the National Insurance Commission.

Apart from Adesina who is the new Chairman, other appointments announced by the insurer included Mr. Gbola Akinola – Non-Executive Director; Mr. Mariano Caballerro – Non-Executive Director, and Ms. Melina Cotlar – Non-Executive Director.

Akinola is an experienced arbitrator and practising lawyer with considerable experience in corporate and commercial law and a highly skilled advocate with extensive commercial legal advisory experience.

He was called to the Nigerian Bar in 1987 and admitted to practice as a solicitor and barrister of the Supreme Court of Nigeria. He is an experienced arbitrator and practising lawyer with considerable experience in corporate and commercial law and a highly skilled advocate with extensive commercial legal advisory experience.

Caballero, has over two decades of experience with a background in strategy and finance in the insurance industry. He is currently the Strategic Development Officer for AXA Africa.

Before this, he worked with Ernst & Young and Mazars providing assurance and advisory services for the life insurance industry in Spain and UK.

According to the Nigeria Capital Importation (2023) report which was posted on the website of the statistical agency, the largest capital importation during the period was received from portfolio investment, which accounted for $649.28 million, representing 57.32 per cent of total capital imported.

This was followed by Other Investment which accounted for $435.76 million or 38.31 per cent of total inflows as well as Foreign Direct Investment (FDI) which contributed $47.60 million or 4.20 per cent to capital importation.

The banking sector recorded

the highest inflow of $304.56 million, representing 26.89 per cent of total capital imported during the period.

This was followed by capital imported into the production sector, which was valued at $256.12 million or 22.61 per cent as well as IT Services which attracted inflows worth $216.06 million or 19.08 per cent.

Capital importation by country of origin further revealed that the United Kingdom ranked top with $673.64 million, accounting for 59.47 per cent of total inflows.

This was followed by the

United Arab Emirates and the United States which accounted for $108.28 million or 9.56 per cent and $95.36 million or 8.42 per cent respectively.

Meanwhile, Lagos State remained the top destination for investors, accounting for $704.87 million or 62.23 per cent of total capital investment in the country.

This was followed by Abuja (FCT), valued at $410.27 million or 36.22 per cent).

Anambra, Akwa Ibom, and Adamawa had the lowest capital inflows of $4 million, $5.21 million, and $4.50 million respectively.

Capital Importation by banks showed that Citibank Nigeria Limited ranked top with $424.13 million or 37.45 per cent followed

by Standard Chartered Bank Nigeria Limited with $360.33 million or 31.81 per cent and Stanbic IBTC Bank with $151.85 or 13.41 per cent.

In addition, shares accounted for $88.51 per cent or 7.81 per cent of total inflows while agriculture attracted $4.84 per cent or 0.43 per cent as well as transport which accounted for $12.94 million or 1.14 per cent of inflows during the period.

CPPE to FG: Don’t Use FIRS to Collect VAT from Informal Sector

Dike Onwuamaeze

The Founder and Chief Executive Officer of the Centre for Promotion of Private Enterprise (CPPE), Mr. Muda Yusuf, has advised the federal government against using the Federal Inland Revenue Service (FIRS) to collect value added tax (VAT) from business owners operating in the informal sector because the cost of the exercise would be much more than the amount that could be collected.

Yusuf, gave the advice in a statement yesterday.

He stated: “We advise against the decision of the FIRS to undertake

VAT collection in the informal sector for the following reasons: The economics of collection does not support the move. The cost of collection would be much more than the amount that could be collected.

“Over 98 per cent of the informal sector traders are microenterprises who do not fall within the threshold of entities that are liable for VAT payment.

“The informal sector associations are highly fragmented. It would be impractical to develop a partnership framework with the market associations for the collection as contemplated by the FIRS.” According to the statement, most

informal sector operators were yet to recover from the shocks of the fuel subsidy removal and the associated inflationary impact.

“Most informal sector operators have no records which could be used for purposes of assessment.

So, there is therefore a high risk of arbitrary assessment,” he added.

He also pointed out that the literacy level of the operators in the informal sector was very low and would create communication issues.

Moreover, he pointed out that the political cost to the government would be very high since, “most operators in the informal sectors are already paying all manner

of levies to local governments, and several non-state actors. The government need not burden them with additional taxes.”

He, therefore, tasked the FIRS to, “think of more creative ways of taxing the informal sector players in ways that will be more cost effective, less disruptive and with minimal political cost.

“More importantly, the FIRS should adopt the Pareto Principle of focusing on the few players and individuals that could give the highest revenue yield. This is a model appropriate for an economy with high level of inequality like ours.”

Experts: Ineffective Govt Regulation, Inexperienced Staff, Hindering Early Childcare Development Oluchi Chibuzor Experts have highlighted ineffective government regulation and inexperienced staff, amongst others as factors hindering the development of the early childcare sector in Nigeria.

Equally, they stressed that since it was during the formative years that children build the foundation for

their lifelong learning, the country must come up with policies to better protect them.

Speaking at the second edition of the Early Years Childcare Conference in Lagos, recently, the CEO, Alpha Global and Alpha Childcare Limited, Caroline Popoola, said with the pace of development the country needs a clear policy that emphatically

recognises the rights of early age groups.

The theme of the event was.

‘Redefining early childhood education of the 21st century child.'

Popoola, noted that the conference serves as a platform to explore innovative approaches, exchange best practices, and redefine the standards for nurturing and educating our

youngest leaders of tomorrow.

She explained that the goal for the event was to inspire and empower stakeholders to embrace new methodologies, leverage cutting-edge technologies and foster a holistic approach to early childhood education.

Continued online

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SHETTIMA VISITS AWUJALE OF IJEBULAND… L-R: Special Adviser to the President on Monetary Policies. Mr Wale Edun; Ogun State Governor, Dapo Abiodun; Vice President Kashim Shettima; President, Dangote Group, Alhaji Aliko Dangpte, Lagos State Governor, Babajide Sanwo-Olu and Chairman, Geregu Power Plc, Mr Femi Otedola, during the Vice President’s visit to the Awujale of Ijebuland, Oba Sikiru Adetona

Report: African Countries Generated €1.7bn in Additional Revenues from Tackling Tax Evasion, Illicit Financial Flows The 2023 Tax Transparency in Africa progress report unveiled at the 13th Meeting of the Africa Initiative in Cape Town at the weekend, African countries have realised additional revenues totalling €1.69 billion thanks to voluntary disclosures, the implementation of information exchange mechanisms, and rigorous offshore investigations.

The report pointed out

that from 2009 through 2022, the measures have effectively boosted tax revenue, interest, and penalties, underscoring a substantial progress in tax transparency across the continent.

The report—co-produced by the Global Forum on Transparency and Exchange of Information for Tax Purposes, the African Union Commission and the African Tax Administration

Forum, with support from the African Development Bank (AfDB), presented the progress of 38 African countries in tackling tax evasion and other illicit financial flows (IFFs) through transparency and exchange of information. Five non-member countries participated in the study.

The release of the report comes as African governments continue

to step up efforts to bolster domestic resource mobilisation in the face of economic headwinds that include global inflation and mounting debt levels.

The Organisation for Economic Co-operation and Development (OECD) estimates that Africa loses as much as $60 billion each year in illicit financial flows.

South Africa’s Minister of Finance Enoch Godongwana

After Three Years of Consistent Shortfall, FG Fixes November to Meet OPEC Oil Production Says 1.74m bpd barrels output achievable May renegotiate 1.38m bpd 2024 baseline Emmanuel Addeh in Abuja After three years of consistent inability to meet its Organisation of Petroleum Exporting Countries (OPEC) crude oil quota, the federal government at the weekend fixed November this year to hit the current 1.74 million barrels per day allocated to it by the international oil cartel.

Speaking in a visual interview with Energy Intelligence on the margins of the just-concluded OPEC seminar in Vienna, the Permanent Secretary of the Ministry of Petroleum, Mr Gabriel Aduda, who currently doubles as the highest ranking official in the ministry, also explained that the 1.38 million bpd baseline recently set for Nigeria by OPEC will be renegotiated.

Since the events following the Covid-19 pandemic in 2020, Nigeria has consistently failed to produce to its quota in the OPEC+ agreement. The country has blamed the combination of pipeline vandalism and oil theft as well as a lack of investment in capacity for the problem.

The failure to ramp up production has made Nigeria the biggest laggard in crude oil production in the OPEC+ alliance as oil majors operating in the country frequently declare force majeure at key crude oil export terminals due to incessant vandalism.

Nigeria’s quota was 1.742 million bpd earlier this year, but due to its underproduction of more than 400,000 bpd, the output cap for Nigeria was lowered to 1.38 million bpd at the OPEC+ meeting in early June.

Also the government has cited a lack of investments, a shortage

of funding sources because of the energy transition, and insecurity among the factors driving the situation.

“It's every country's dream to be able to cap and max out on production. And that is what Nigeria is doing at the moment.

As we speak, we're capping at about 1.2 million barrels and that is because of the challenges we're having, especially with security challenges in the Niger Delta and what have you.

“But of course, that doesn't mean that we are stopping at that because we're working hard to ramp up production. As you're aware, we have this year about 1.7 million bpd. “ So we still have a lot to be able to put together to do that and trust me, we're putting in place every machinery that we can to ensure that we max out on production. We're looking at between now and November to be able to do that” Aduda stated.

The permanent secretary also assured that Nigeria will get a higher baseline for next year, stressing that in the coming months drilling will improve.

“Definitely, we're going to get a higher quota, that much we know, because we're working deliberately towards that. And so we will see in the next few months, you're going to see a huge ramp-up in production because we're deliberately working to ensure that that happens,” he added.

Aduda further noted that Nigeria has decided that gas remains the best source of fuel for the ongoing energy transition, maintaining that with its abundant volumes, Nigeria was set to deploy the commodity both for export

and local consumption.

“The beauty of what we're doing is that coming here to this OPEC seminar, one thing is already agreed upon: That natural gas is the transition fuel and now with natural gas, Nigeria has a deposit of natural gas. In fact, much more than we have crude.

As we speak, we have 260 TCF confirmed, with a potential for 600 TCF, and that is a lot.

“And of course, we're discovering natural gas every other day. As you know, Total Energies in Nigeria has just discovered a huge cache of natural gas, so a lot is coming up in that area and we are paying a lot of attention to natural gas as our transition fuel and that means expanding infrastructure, expanding production and accessibility.

“And then of course, we are ramping up on domestic use in terms of Compressed Natural Gas (CNG) and Liquefied Petroleum Product (LPG). We 're working with what we have. If it goes higher better for us, but we can make do with what we have and we're doing very well,” Aduda stated.

He further explained there was hope that the investment that was drying out initially in the oil industry in Nigeria had begun to come into the country gradually.

“I think in this very past week, just before I left Nigeria to come in here, one of the last meetings I had was with one of the International Oil Companies (IOCs) which is coming in and they are bringing in a new multi-billion dollar investment in the sector,” he said.

commended the Africa Initiative in his opening remarks. “During the past eight years, the Africa Initiative has changed the tax transparency landscape in Africa and aided the mobilisation of more than €300 million in domestic resources,” he said.

Stressing the importance of political will in efforts to increase tax transparency, Godongwana said, however, that more could be done. He called for the Africa Initiative to strengthen African countries’ capacity to leverage exchange of information standards and protocols.

Head of the Global Forum Secretariat, Zayda Manatta, presented the report to participants.

The report showed that: “For the first time, one African country reported collecting additional taxes—worth €10.6 million— through the use of common reporting standard data.

“The Republic of the Congo, Angola, Zimbabwe and Sierra Leone have joined the Global Forum as 165th, 166th, 167th and 168th members since June 2022. In all, 23 African countries are now parties to the multilateral Convention on Mutual Administrative Assistance in Tax Matters, the most comprehensive instrument for all forms of co-operation to tackle tax evasion, thus substantially expanding their Exchange of information networks.

“Ten African countries have committed to automatic exchange of financial account

information (AEOI) by a specific date and more are expected to do so in the near future, with the assistance of the Global Forum and its partners,” it added.

In her presentation, Manatta cited a World Bank study that projected that participation in exchange of information mechanisms could increase African countries’ tax revenues from five per cent to 19 per cent of GDP. “The more familiar countries are with this tool, the more they exploit this tool, the more revenue should be collected. And if you manage to monitor this link between revenue collection and exchange of information, we would be able to further demonstrate the benefits countries are getting from this tool,” she said.

Commissioner of the South African Revenue Service (SARS) and co-chair of the Africa Initiative Edward Kieswetter said collaboration was essential to serve our shared ambition for effective resource mobilisation.

“A tax risk anywhere, is a tax risk everywhere. Tax administrations are called to serve a transformative and higher purpose in the interest of society, Kieswetter said.

Representatives of the two new African members of the Global Forum, Zimbabwe and Angola, attended the meeting.

The event also featured the publication of a new toolkit to help tax administrations set up and benefit from initiatives like the Global Forum.

LOTUS Bank Celebrates Two Years of Ethical Banking, Financial Inclusion in Nigeria LOTUS Bank, a non-interest financial institution in Nigeria is celebrating its second anniversary.

In a statement at the weekend, the non-interest bank announced that over the past two years, it has been involved in the transformation of the financial landscape in Nigeria, offering innovative solutions and customer-centric services.

“Since its inception, LOTUS Bank has prioritised providing a banking experience that goes beyond traditional norms, focusing on ethical practices and financial inclusion for all.

"Our journey over the past two years has been incredible, and

we owe our accomplishments to our customers who have placed their trust in us," Managing Director of LOTUS Bank, Mrs. Kafilat Araoye said.

The statement pointed out that in just two years of operations, LOTUS Bank had been commended for its ethical banking practices, commitment to financial inclusion, and significant contributions to the country's economic growth.

“In 2022, the bank received the LEADERSHIP Bank of the Year award in recognition of its efforts towards economic growth and pursuit of ethical banking.

“Beyond its financial

achievements, LOTUS Bank also maintains a strong culture of promoting environmental sustainability and creating value for society.

“The bank is deeply involved in supporting businesses and educational institutions, fostering job opportunities, and actively championing environmental conservation initiatives,” the statement added.

According to the Founder and Chairperson of LOTUS Bank, Hajara Adeola, "Our two-year journey has been marked by remarkable achievements and recognition, but more importantly, it has been a journey of making

a positive impact on society.

“We are honoured by the privilege to contribute to the well-being of the environment and the communities we serve."

It noted that with the rapid advancements in innovative products and customer-centric services, the bank was actively embracing digital solutions to ensure utmost convenience for its valued customers.

The financial institution also expressed dedication to expanding its reach beyond its current strength of 40 branches across the country to provide financial access to underserved populations.

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63RD ORDINARY SESSION OF AUTHORITY OF ECOWAS HEADS OF STATE… President Bola Ahmed Tinubu (second left) joins other heads of Government for the 63rd ordinary session of Authority of ECOWAS heads of state and government in the capital city of Bissau, Republic of Guinea Bissau... yesterday

Afreximbank, Others Launch $1.5bn Initiative to Boost Food Security

The Executive Committee of the Arab-Africa Trade Bridges (AATB) Program, a multi-donor, inter-regional program have launched a $1.5 billion Food Security Program to address the issues of food insecurity in the Arab and African regions amidst the ongoing global food security crisis.

The AATB Program is a

multi-donor, multi-country, and multi-organisations program supported by the African Export-Import Bank (Afreximbank), Arab Bank for Economic Development in Africa (BADEA), Islamic Development Bank, The International Islamic Trade Finance Corporation (ITFC) The Islamic Corporation for the Insurance of Investment and

Sanwo-Olu Charges Civil Servants to Recommit to Efficient Service Delivery Governor of Lagos State, Mr. Babajide Sanwo-Olu, yesterday, charged all workers in the employment of the state government to recommit themselves to efficient and effective service delivery for the benefit of all Lagos residents.

Sanwo-Olu, gave the charge at the annual interdenominational thanksgiving service for the Year 2023 Lagos State Public Service Week held at Chapel of Christ the Light, Alausa, Ikeja with the theme: "A Transformed Life for a Greater Service " According to a statement yesterday, Sanwo-Olu was represented by his Chief of Staff, Mr. Tayo Ayinde, at the thanksgiving service, which was part of the activities lined up to commemorate the Public Service Week.

The service was also attended by the First Lady, Dr. Ibijoke Sanwo-Olu, represented by Mrs. Bukola Akosile; Secretary to the Lagos State Government, Mrs. Abimbola Salu-Hundeyin; Head of Service, Mr. Hakeem Muri-Okunola, Permanent Secretaries, and hundreds of civil servants.

Speaking during the service, Sanwo-Olu commended Lagos State civil servants for their support, saying their contributions to the success of his administration could not be over-emphasised.

Sanwo-Olu, who restated his government commitment to staff welfare, promised that his administration would not relent in improving the welfare of civil servants by providing a conducive environment and rewarding hard work.

Lagos State First Lady, who was represented by Mrs. Bukola Akosile, the wife of the Chief Press Secretary to the Governor, Mr. Gboyega Akosile, read the Bible Passage taken from Romans 12: 1-8.

In his goodwill message, the Head of Service, Mr. Hakeem Muri-Okunola, commended all workers for their diligence to deliver dividends of democracy to all Lagos residents and prayed for the repose of workers who died last year.

Muri-Okunola, who disclosed that the essence of the event was to continually thank God, urged civil servants to continue to render quality service selflessly as they pray and support Governor SanwoOlu's THEMES+ Agenda.

In his sermon, the Guest Minister, Prof. Samuel Daramola, a Provincial Pastor of the Redeemed Christian Church of God, Lagos Province 69 Ogudu, said Lagos State has every reason to celebrate God for what He has done in the lives of civil servants and the state.

He said public servants are the engine of development who could bring forth economic growth and therefore urged them to be upright and Godly in all their dealings.

The cleric also urged Lagos State Government to declare a Thanksgiving Day to praise God. During the service, prayers were offered by clerics for Lagos State, Nigeria, SanwoOlu, his deputy, Dr. Obafemi Hamzat, the Speaker of the Lagos House of Assembly, Rt. Hon. Mudashiru Obasa, the legislature, judiciary, and all public servants in Lagos State.

Export Credit (ICIEC), The Islamic Corporation for The Development of The Private Sector (ICD), and The OPEC Fund for International Development.

Threats of food insecurity is a critical challenge facing the world today and continues to be a top priority on the international development agenda.

The hybrid launch event, which took place at the headquarters of the African Export-Import Bank (Afreximbank) in Cairo, was attended by the various partners of the AATB program as well as top-tier regional and local media.

Members of the Executive Committee addressed the gathering and highlighted the relevance of the Food Security Program to their member countries.

By emphasising its special interest in the food sector, AATB aims to leverage its expertise, resources, and partnerships to

implement targeted engagements that address the specific challenges faced by member countries.

The Food Security Program was developed around the four pillars of the AATB Program, namely trade, investment, insurance and infrastructure.

In addition, the program incorporates a fifth element, which is capacity development and technical assistance, serving as a cross-cutting theme and an enabling factor.

As part of the program, funded and unfunded financial transactions related to food security would be provided, alongside capacity development and technical assistance services.

The primary aim of the program in the short term is to address the immediate food security requirements of member countries, with a specific focus on ensuring the resources for a consistent and reliable supply

of essential food commodities.

The objective also recognises the urgency of meeting the immediate needs of populations facing food insecurity.

Additionally, by attracting investments, upgrading infrastructure, optimising value chains, and fostering cooperation, the program aims at building resilient and sustainable food systems that ensure the availability, accessibility, and affordability of nutritious food for all.

The measures would contribute to long-term food security and support the overall socioeconomic development of the region.

The Food Security Program is a key focus of AATB, reflecting its commitment to addressing the evolving priorities of member countries in crucial sectors such as health and food security for sustainable development.

By prioritising the food

sector, AATB recognises its importance for human well-being, economic growth, environmental sustainability, and interconnected development.

Through this Program and associated initiatives, AATB aims to contribute to achieving the SDGs and promoting inclusive economic development among member countries.

The Program aims to promote and increase trade and investment flows between African and Arab OIC Member Countries; provide and support trade finance and export credit insurance and enhance existing capacity-building tools relating to trade. The Program specifically focuses on supporting the key sectors of agriculture and related industries including textiles; the health industry including pharmaceuticals; infrastructure and transport; and petrochemicals, construction material, and technology.

MTN Reaffirms Commitment to Nigeria’s Telecoms Sector Emma Okonji The MTN Group has reaffirmed its commitment to Nigeria’s telecoms and technology sector, while promising to deepen its operations and diversify digital services across the country through partnerships.

The Group President and CEO of MTN, Ralph Mupita, alongside board members, leadership of MTN Group and MTN Nigeria, reiterated the commitment when they met with President Bola Ahmed Tinubu, during a recent courtesy visit in Abuja.

The team extended their congratulations to Tinubu on his election victory and reiterated MTN’s commitment to Nigeria.

In addition, they outlined the company’s strategy for expanding connectivity across the country, diversifying digital services available to Nigerians and supporting the rapid growth of Nigeria’s digital economy.

Speaking on the importance of partnerships and the need for Nigeria to partner MTN on technological advancements, was quoted to have Tinubu said: "You can do a lot for the Nigerian economy by partnering with us.

We believe no one can succeed alone. The structural adjustments we are making are to ensure we face the right direction and arrive at a destination that caters for our people.

“We have a responsibility to revolutionise the economy so

that our youths can share in the prosperity of the nation, otherwise, we are only waiting for the dreams to be charted.”

Thanking the President and his team for their hospitality, MTN Group President and CEO, Ralph Mupita said: “We appreciate the warm reception from President Tinubu and his team for their warm welcome and for their enthusiasm for the role that the telecoms and technology sector can play in driving the growth of Nigeria’s digital economy.

“Our visit served as an opportunity to reinforce our long-term commitment to Nigeria and our belief in the immense potential of the emerging digital economy.

“We are convinced that telecoms and technology can play vital roles in developing Nigerian economy, and we are convinced of broad participation in this new economic era.

“The principle of shared value is a fundamental pillar of our Ambition 2025 strategy, which we are actively implementing in Nigeria. Whether through expanding local ownership via retail participation in our domestic listing, our renewed focus on local content, promoting access to connectivity and financial services in rural areas, or deploying innovative technology platforms, we are continuously innovating to ensure a more inclusive digital landscape.”

APC Postpones Caucus, NEC Meetings Adedayo Akinwale in Abuja The All Progressives Congress (APC) has announced the postponement of its caucus and National Executive Committee (NEC) meetings earlier slated for Monday and Tuesday respectively.

THISDAY recalled that the ruling party had scheduled the national caucus meeting

to hold at the Banquet Hall, Presidential Villa Abuja while the NEC meeting was scheduled to hold at the Transcorp Hotel Abuja.

The National Secretary of the party, Senator Iyiola Omisore, in a statement issued Sunday said the postponement was necessitated by the regional and sub-regional schedules and engagements of President Bola

Tinubu, as the new Chairman of the Economic Community of West African States (ECOWAS).

He noted that the meeting will now hold on the 18th and 19th of July, 2023, respectively.

He said: “Members of the National Caucus and National Executive Committee (NEC) of the All Progressives Congress (APC) are hereby informed that our meetings of 10th and

11th of July, 2023, have been postponed to the 18th and 19th of July, 2023, respectively.

“The postponement is necessitated by the regional and sub-regional schedules and engagements of President Bola Ahmed Tinubu, GCFR, as the new Chairman of the Economic Community of West African States (ECOWAS).

Inconveniences regretted.”

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FUNERAL SERVICE FOR SUBOMI BALOGUN… L-R: Lagos state Governor, Babajide Sanwo-Olu, ; Presidential Adviser on Monetary Policy, Mr. Wale Edun; son of late Otunba Subomi Balogun, Founder of FCMB Group, Mr. Bolaji Balogun; widow of late Otunba Balogun, Olori Abimbola Balogun and Mr. Jide Balogun, during the Funeral Service for late Otunba Subomi Balogun held at Cathedral Church of Our Saviour, Ijebu-Ode in Ogun State at the weekend

2023 Polls: Government’s Reaction to EU Report Panicky, Says Group Atiku’s aide warns against disrupting tribunal proceedings Chuks Okocha in Abuja United Action Front of Civil Society, an umbrella platform for civil society organisations dedicated to governance and democracy, has decried the combative reaction of the President Bola Tinubu government to the recently released report of European Union-Election Observation Mission (EU-EOM), describing it as panicky self-indictment.

The remark came as Special Assistant on Public Communication to Atiku

Abubakar, Phrank Shaibu, warned supporters of the governing All Progressives Congress (APC) and President Bola Tinubu against disrupting proceedings at the Presidential Election Petition Tribunal.

In a statement by Head, National Coordinating Centre, United Action Front of Civil Society, Olawale Okunniyi, the group stated that the frenzy, undiplomatic attack, and sponsored protest against the European Union for making known its impartial observation of the flaws and criminality that

Soludo Orders Anambra Commissioner to Take Mmesoma to Psychologist over Forged JAMB Result David-Chyddy Eleke in Awka Anambra State Governor, Prof.

Chukwuma Soludo, has directed that Miss Mmesomma Ejikeme, a student of Anglican Girls Secondary School, Nnewi, who recently confessed to have forged her JAMB score be handed over to the State Guidance Counselor.

In a letter to the Principal of Anglican Girls Secondary School Nnewi, Soludo directed the immediate commencement of psychological counseling and therapy session for Mmesomma.

The student had on Thursday 6th July 2023 admitted that she manipulated her JAMB results to arrive at 362, which was the highest in the country.

Owing to this, in the letter signed by the Commissioner for Education, Prof. Ngozi ChumaUdeh, Soludo directed the handing over of Mmesomma to a Professor of Clinical Psychology.

Chuma-Udeh said: "The directive is in line with one of the recommendations of the Committee set up by Anambra State Government to investigate the matter, following the parading of the fake results which elicited interests and generated controversy and misgivings."

Miss Ejikeme had claimed to have scored 362 against her authentic score of 249, prompting JAMB to issue a statement

disclaiming the result.

Despite JAMB’s position, the 19-year-old went on social media to display the result, and had insisted that she never tampered with her result. This forced the Anambra State Government to set up a panel to probe the development.

But while appearing before the panel, Ejikeme, according to the panel’s report made available to journalists, had admitted falsifying the result without the knowledge and assistance of anybody.

In an eight-page report, the panel had said it discovered that the candidate changed her Unified Tertiary Matriculation Examination (UTME) result after she openly confessed to doing so.

According to the panel, Mmesoma admitted in the presence of her principal, and the Education Secretary that the narration by JAMB officials was the true description of what transpired.

The report said she also admitted to having manipulated the result by herself unaided, using her Airtel phone number.

In its recommendations, the panel asked her to write an apology to JAMB; her school, Anglican Girls’ Secondary School, Uruagu Nnewi; and the Anambra State Government.

It had also recommended that Mmesoma should undergo psychological counseling and therapy.

characterised the February 25 presidential election was a clear demonstration of bad faith.

"It is, indeed, obvious that the Tinubu-led regime is palpably troubled by the burden of the flawed mandate it currently presides over," the group noted.

The group condemned the combative posturing of the administration, whose handlers were regrettably unmindful of the responsibility and decency required of the presidency of the Federal Republic of Nigeria.

It stated, "It reeks of barefaced hypocrisy for the Tinubu administration to accuse the EU of attempting to ridicule the Nigerian electoral system and the Independent National

Electoral Commission (INEC), when in actual fact the Election Observers Report of the EU only partly captures the widespread flaws majorly orchestrated by the ruling All Progressives Congress during the February 25 presidential elections as well as the rescheduled governorship polls held March 18, 2023."

The group commended EUEOM for the courage to state the facts, even though, it said, it was evident that the atrocities and grand robbery that characterised the 2023 elections in some parts of the country were either not captured or under-reported.

Shaibu, in his own statement, said the warning against disrupting the work of the

presidential election tribunal became imperative following the sponsored protest that Tinubu’s supporters staged at the European Union head office in Abuja after the release of the EU Observer Mission report, which revealed how the election failed the credibility test.

The statement said, “We seize this opportunity to send a warning to the Tinubu government and its minions against disrupting the proceedings of the election tribunal as they have shown a clear disdain for the truth by picketing the EU office.

“Recall that in 1999, when the late legendary lawyer, Chief Gani Fawehinmi, sued Tinubu

for school certificate forgery, thugs were sponsored to cause protests outside the court house.

Similarly, when Tinubu was facing charges before the Code of Conduct Tribunal, thugs were similarly sponsored to protest at the trial, all in a bid to intimidate the judiciary.

“We find it curious that the same security agencies, which have been issuing statements barring protests, were curiously available to provide cover for sponsored pro-government protesters to picket the EU office.

We sound a note of warning to the security agencies to be on the alert as the tribunal proceedings wind down. The world is watching.”

Court Orders Obasanjo, Yar’Adua, Jonathan, Buhari Govts to Account for $5bn Abacha Loot Alex Enumah in Abuja Justice James Omotosho of a Federal High Court Abuja, has ordered the federal government to account for the sum of about $5 billion looted by former military Head of State, late General Sanni Abacha.

Specifically, the order for accountability affects the tenure of former presidents Olusegun Obasanjo, Umaru Musa Yar'Adua, Goodluck Jonathan and Muhammadu Buhari.”

Justice Omotosho gave the order, while delivering judgment in a Freedom of Information suit marked: FHC/ABJ/CS/407/2020; filed by the Socio-Economic Rights and Accountability Project (SERAP).

According to the judgment, the new administration of President Bola Tinubu would disclose the exact amount of money stolen by Abacha from Nigeria, as well as the total amount recovered and all agreements signed on same by the governments of former presidents Obasanjo, Yar'Adua, Jonathan and Buhari.

“In the final analysis, the application by SERAP is meritorious and the Federal Government through the Ministry of Finance is hereby

ordered to furnish SERAP with the full spending details of about $5 billion Abacha loot within seven days of this judgment”, the judge held.

Besides, the is government to, “disclose details of the projects executed with the Abacha loot, locations of any such projects and the names of companies and contractors that carried or carrying out the projects since the return of democracy in 1999 till date.”

Justice Omotosho also ordered the government to “disclose details of specific roles played by the World Bank and other partners in the execution of any projects funded with Abacha loot under the governments of former presidents Obasanjo, Yar'Adua, Jonathan and Buhari.”

In the judgment dated July 3, 2023, the court held that “The failure of the Minister of Finance to write to SERAP informing it of where the said information exists or to transfer the request to public office who has custody of such information is fatal to their case under section 5 of the Freedom of Information Act. “The Ministry cannot use a blanket statement that it was not in possession of the said records of about $5bn Abacha

loot sought by SERAP. The government failed to provide details of the projects executed with the money.

“It also failed to provide locations of the projects and the names of the companies and contractors that carried out or are carrying out the projects funded with the money.

Meanwhile, in a letter dated July 8, 2023, sent to Tinubu on the judgment, and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said, “We urge you to demonstrate your expressed commitment to the rule of law by immediately obeying and respecting the judgment of the Court.”

SERAP's letter, read in part: “We urge you to direct the Ministry of Finance and the office of the Attorney General of the Federation to immediately compile and release the spending details of recovered Abacha loot as ordered by the court.

“The immediate enforcement and implementation of the judgment by your government will be a victory for the rule of law, transparency and accountability in the governance processes and management of public resources including the $5 billion Abacha loot.

“By immediately complying with the judgment, your government will be demonstrating to Nigerians that it is different from the Buhari government, which persistently and brazenly defied the country's judiciary, and sending a powerful message to politicians and others that there will be no impunity for grand corruption.”

“Immediately implementing the judgment will restore trust and confidence in the independence of Nigeria's judiciary. SERAP urges you to make a clean break with the past and take clear and decisive steps that demonstrate your commitment to the rule of law, transparency and accountability in the governance processes.

“SERAP trusts that you will see compliance with this judgment as a central aspect of the rule of law; an essential stepping stone to constructing a basic institutional framework for legality and constitutionality. We therefore look forward to your positive response and action on the judgment.”

Joined as defendants in the suit are the Minister of Finance and the Attorney General of the Federation and Minister of Justice.

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RECOGNITION OF EXCELLENCE...

COURTESY VISIT...

Chairman/Chief Executive Officer, National Drug Law Enforcement Agency, NDLEA, Brig. General BUBA Marwa, Rtd, (L) presenting an award to Zonal Commander, Sule Momodu, as the co winner in drug demand reduction activities in Abuja …. recently

Deputy Governor, Financial System Stability, CBN, Mrs. Aishah N, Ahmad (left) and Founder, TEXEM, UK, Dr Alim Abubakre, during a courtesy visit

DSS Denies Snooping on Tribunal Judges, Carting Away Files from ICPC, CCB Says alleged arrest of Yari over refusal to pick president's call false The Department of State Security (DSS), has denied reports that it snooped on judges at the Presidential Election Tribunal, carted away files allegedly implicating President Bola Tinubu and some of his aides from the Independent Corrupt and Other Related Offences Commission (ICPC) and the Code of Conduct Bureau (CCB).

It also denied reports that it arrested former Governor of Zamfara State, Senator Abdulazeez Yari, following his refusal to pick the president's call even as it debunked the alleged existence of a rumble

in the DSS over nepotism.

A statement yesterday by spokesman of DSS, Peter Afunanya, said the allegations were unfounded.

"The service ordinarily would not have responded to these inaccuracies but for the fickle-minded and vulnerable persons as well as the unsuspecting public that may take the lies for facts.

"To set the records straight, the DSS did not execute operations of any kind at the ICPC and CCB or remove files from their offices.

Instructively, the two agencies have, on their own, refuted the news in

widely circulated press statements.

"It is petty, if not laughable, to report that Yari was invited for refusing to pick the president’s call. This is the height of junk journalism. Yari knows why he was invited," he said.

The DSS "denies all the allegations as they lacked any factual basis or credibility. They are only figments of the creators' imaginations. This is more so that the publishers in question have been noted in and outside the country for their notoriety for peddling fake news, sensational and gutter journalism.

"Without a modicum of proper and civilised behaviour, they indulge in character assassinations and sundry blackmail as business," it said, adding that the reports were hatchet jobs designed to smear the agency.

"It is not in doubt that their reports under reference are hatchet jobs designed to smear or impeach the integrity of the service and its leadership. Notably, the service proactively alerted the public about this development earlier in June, 2023.

"While it is aware of the sponsors

Mutfwang Re-imposes 24-Hour Curfew on Mangu as Gunmen Kill Another 12

Seriki Adinoyi in Jos

Plateau State Governor, Caleb Mutfwang, has again imposed a 24-hour curfew on Mangu Local Government Area (LGA), following fresh attacks on Farinkasa-Kerana and Sabon gari communities in the Local Government Area that led to the killing of no fewer than 12 persons.

Although a 24-hour curfew had earlier been imposed on the council by the Interim Management Committee Chairman, Mr. Markus Artu following earlier attacks and killings, the attacks had however continued unabated as several lives and properties are continually lost to

the attackers with the recent being the killings in Farinkasa-Kerana and Sabon-gari.

The gunmen, alleged to be Fulani militias, in the recent attacks had invaded Farinkasa-Kerana and Sabon-gari on Saturday night killing at least 12 persons, with several others fatally injured, and houses burnt.

Worried by the development, the governor, in consultation with the State Security Council, decided to re-impose the curfew on the Local Government possibly to give force to the earlier one imposed by the Interim Management Committee Chairman on the council.

Consequently, movements within

the Local Government have been totally banned until further notice except for security personnel and persons on essential duties, with security agencies directed to ensure total enforcement.

Meanwhile, the Mwaghavul Development Association, (MDA), a pressure group in Mangu has alleged that at least 53 communities have been attacked in the past two months, with over 207 persons killed.

Addressing the press in Jos, the group blamed the attacks on Fulani militias whom they described as terrorists, adding that several persons are currently missing in the communities after the attacks.

The group, led by its National

President, Chief Joseph Gwankat, lamented that the villages and farms deserted by victims of the attacks have become grazing fields for the Fulani herders.

Calling on government to rise up to the occasion, Gwankat, urged the government to take full responsibility for educating children below the age of ten who have lost both parents to the serial attacks.

He has also urged government to make special arrangements for the final year students of Secondary Schools in the communities whose ongoing West African School Certificate (WASC) examinations have been disrupted as a result of the attacks.

TINUBU ELECTED ECOWAS CHAIRMAN 41 DAYS AFTER SWEARING IN AS PRESIDENT projects of ECOWAS. This is in line with the shift of ECOWAS slogan from ‘ECOWAS of State’ to ‘ECOWAS of People.’”

Tinubu appreciated the Authority of Heads of State and Government and citizens of the Community for trusting him to lead the West African body.

He said, "Your Excellencies, let me conclude by once again deeply appreciating the Authority of Heads of State and the citizens of the Community for your trust in me. Together, we can shape a brighter future of shared values of peace, democracy, and economic prosperity of our region."

In his welcome address, the outgone ECOWAS chairman and President of Republic of GuineaBissau, Umaro Mokhtar Sissoco Embalo, saluted his fellow leaders for sustaining the vision of the

organisation despite the global economic headwinds and trouble spots within the region.

Embalo cited Mali, Burkina Faso, and Republic of Guinea as countries, where the constitutional order had been distorted. He congratulated Nigeria and Sierra Leone for sustaining constitutional order through democratic process with the recent successful elections.

Buhari, NACCIMA Felicitate Tinubu as New ECOWAS Chair Ex-President Muhammadu Buhari congratulated President Bola Tinubu on his emergence as Chairman of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS).

In a statement issued by his erstwhile spokesperson, Mallam Garba Shehu, Buhari said he was elated to hear that Tinubu was elected ECOWAS chairman at the 63rd Ordinary Session of the regional bloc held on Sunday in Bissau, capital of Guinea-Bissau.

The former president stated, “West Africans have entrusted our new leader with an enormous responsibility, and it will be our task as citizens to support him to not let them down.

“I pray the Almighty will make his tenure as Chairman of the Authority of Heads of State and Government see to the restoration of ECOWAS as the bastion of democracy, good governance and a leader in fighting terrorism and climate change on the continent.”

On his part, NACCIMA, in a statement by its president, Dele

Kelvin Oye, said regarding Tinubu’s new position, “Your appointment is coming at a time when ECOWAS region is positioning its Member States ready to be well integrated into African Continental Free Trade Area (AfCFTA).

“Nigeria is expected to play a vital role in the region (ECOWAS) as well as in the continent, being the largest economy in Africa. The country's leadership role in both economic integrations is very vital.

A lot is expected from Nigeria now more than ever in the history of the country among its peers in Africa.

“We are aware of your credentials as a seasoned politician and astute administrator, with an enviable track record in governance and leadership.

We are fully confident that you will bring your wealth of experience and expertise to bear on the challenges currently facing the region.”

of these campaigns of calumny, it will simply allow them to exhaust themselves knowing too well that they would someday be brought to justice. Many days, it is said, are sure for the thief but there will be that one day for the owner of the house.

"It is clear that the writers and their sponsors are oblivious of the accolades the service has continued to receive from majority of stakeholders for excellent performance and its professional demeanour in handling many critical issues of national importance.

Rather, they have chosen to use their platforms to subvert the agency and undermine its capabilities," it stated.

Restating its respect for the rule of law, independence and autonomy of other agencies including the judiciary and legislature, DSS maintained that it wouldnot shirk its responsibilities or allow some detractors to prevent it from undertaking its statutory duties or carrying out lawful orders by constituted authorities.

"If Yari or anyone else is to be invited or taken into custody, the service will not hesitate to do so as far as that is procedurally done within the confines of the law. The service will remain focused, resilient, patriotic and professional in the conduct of its affairs," it said.

The agency, therefore, enjoined the public not to be mislead by such narratives.

"Members of the public are enjoined to disregard the misleading stories which are aimed at causing disaffection in the country and disparaging the service' leadership.

"The service will continue to work with relevant stakeholders to address security challenges in the country in line with its mandate and the directives of the President.

It does not matter how many times naysayers and hostile agents will plan to distract it," it said.

Meanwhile, Senator representing Kano South, Sumaila Kawu (NNPP, Kano South), has confirmed the release of Yari via his verified Facebook page.

Ogun Agro-cargo Airport is Game Changer, Says NIPSS Team Leader James Sowole in Abeokuta The Agro Cargo Airport in Ilishan Remo, Ogun State has been described as a game changer and a project that would further enhance the industrialisation of the state.

This was disclosed by the team leader of a delegation of the National Institute for Policy and Strategic Studies (NIPSS), Group 1, Senior Executive Course 45, 2023, Kuru, Jos, Prof. Oluwafunmilayo Para-Mallam, when they were led to the site of the project by the Special Adviser for Works & Infrastructure, Mr Ade Akinsanya.

Para-Mallam described the project as a Class E Airport, noting that its completion would also help the state to achieve its potential as an agricentrepreneurial state.

The team leader noted that the agro cargo airport would further open up business opportunities for both local and foreign investors, thereby solidifying the status of Ogun State as the industrial capital of the country.

Commending the state government for coming up with such a noble idea, Para-Mallam acknowledged that Ogun was among the first states in the country

to own an agro-cargo airport.

She said the airport has the potential to create more job opportunities when fully operational.

Para-Mallam noted that the current administration under the leadership of Governor Dapo Abiodun has put the state ahead of others by making it the industrial hub of the nation, stressing that the huge infrastructural amenities put in place by the government would serve as an impetus in attracting more investments.

While calling on stakeholders in the country to utilise the existing opportunities in the state to grow their businesses, Para-Mallam promised that the institute would partner with the government for a symbiotic relationship.

Akinsanya had earlier told the delegation that the airport, when completed before the end of this year, would attract more investments into the state.

He said the four-kilometer runway has attained about 95 per cent completion and would be completed before the end of this month, noting that the strategic location of the airport as its unique selling point, would drive its status as an aerotropolis.

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NEWS

ASSESSMENT OF THE BASIC EDUCATION SECTOR REFORM… L-R: Bayelsa State Deputy Governor, Senator Lawrence Ewhrudjakpo; Executive Governor, Bayelsa State, Senator Douye Diri; Permanent Secretary, Bayelsa State Ministry of Education, Mr. Christopher Ewhrudjakpo; and Executive Secretary, Bayelsa State Universal Basic Education Board (BayelsaSUBEB), Mr. Victor Okubonanabo, during an assessment of the basic education sector reform held in Bayelsa State…recently

Ohanaeze: Simon Ekpa Paid to Destabilise Igboland, Uses Biafra, Kanu to Enrich Self Accuses Finland govt of complicity Enugu Government to petition ICC The apex Igbo socio-cultural organisation, Ohanaeze Ndigbo, has accused the self-styled separatist, Simon Ekpa, of playing the script of enemies of Igboland, having allegedly collected huge sums of money to destabilise the region and undermine its progress.

Ohanaeze accused Finland-based Ekpa of using the pro-Biafra struggle and Mazi Nnamdi Kanu’s name to enrich himself at the expense of the lives, property, and wellbeing of Ndigbo.

It wondered why Finland has continued to harbour and allow Ekpa to use the European nation as

a launchpad for what it described as deadly sit-at-home campaigns and destructive incitements.

These were contained in a statement issued by the National President of Ohanaeze Ndigbo Youth Council Worldwide, Okwu Nnabuike, in Enugu yesterday.

The group described Ekpa’s sit-at-home orders as part of a deal to destroy the economy and social life of the South East.

“We want to make it abundantly clear to Ndigbo, Nigerians, and the international community that Simon Ekpa is not fighting the cause of Biafra or the leader of the

Tension over Gas Leakage in Delta Community

Sylvester Idowu in Warri

Palpable tension has enveloped Odidi community in Burutu local government area of Delta State over the discovery of a gas leakage allegedly from a facility belonging to Agip Oil Company in the area.

The leakage, it was learnt, was discovered about three months ago and the attentions of Agip Oil Company and National Oil Spill Detection and Response Agency (NOSDRA) were drawn to it, but nothing has been done to tackle the spill.

In a statement at the weekend, the Environmental Rights Action/ Friends of the Earth Nigeria (ERA/ FoEN), noted that there was an urgent need for the federal and Delta State governments as well as Agip Oil Company to immediately clamp the gas leakage from the Bemobebe-aka Gas Well located in Odimodi community.

ERA/FoEN , in the statement signed by the communication officer, Elvirah Jordan, stated that it received a SaveOur-Soul (SOS) from the community on July 5th this year, lamenting the gas leakage.

"The Bemobebe-aka gas well is located at the outskirts of Odimodi Community, a route that is usually used by fishermen to carry out their fishing activities, and farmers to access their farm lands.”

The environment around the gas leakage, the group said, was very toxic and highly polluted, lamenting that the people of Odimodi are currently at risk of facing severe health implications from inhaling the gas that has circulated around the air space, coupled with the dangers of a fire outbreak.

"A fisherman, Brakemi Ndoro who first spotted and reported the leakage

to the leadership of the community said the leakage was discovered about three months ago and suspected to be as a result of a broken valve from the gas plant.

"The Chairman of Odimodi Community, Solomon Gbegha revealed to ERA/FoEN that the leakage was reported to the National Oil Spill Detection and Response Agency (NOSDRA), followed by a joint inspection of the leakage by the community representatives and NOSDRA on the 26th of June 2023.

"According to the chairman, no other efforts have been made to shutdown the leakage after the inspection adding that the people of Odimodi are now living in fear, as the people have been instructed to stay clear of the gas leakage area until it has been turned off", the group said.

Executive Director of ERA/FoEN, Chima Williams added: ”The people of Odimodi are currently in distress.

After surviving series of spills recorded in 2018 and 2022, they are suffering from yet another damage to their environment, in form of a gas leakage caused by Agip.

“Despite housing multinational companies, Odimodi has been neglected by these companies, hence the slow response to oil spills and gas leakages. The government needs to implement stringent policies that will regulate and manage the activities of oil multinationals in Odimodi and other host communities", he said.

ERA/FoEN therefore called on Agip Oil Company to stop the leakage and also urged the National Oil Spill Detection and Response Agency (NOSDRA) to conduct an assessment of the level of air pollution in the area for immediate clean up.

Indigenous People of Biafra (IPOB), Mazi Nnamdi Kanu.

“In the contrary, he had since sold all of us to our enemies, who are bent on destroying us economically, politically, and socially.

"He is also actively working against Kanu’s release in order to continue making money. He knows that the Federal Government will likely continue to detain Kanu so long as Igboland is restive.”

Okwu added: “In the same vein, because South East's loss is the gain of other parts of the country in a federal arrangement, it is obvious

that Ekpa is being sponsored and encouraged by forces within and without to destroy and hold the region down.

"We are already witnessing a high loss of investments and the migration of existing businesses to other parts of Nigeria.”

Ohanaeze also called out the government of Finland for alleged complicity in the bloodletting and havoc in the South East region.

“We put it to the Government of Finland that it cannot count itself innocent of all the atrocities and the killings by enforcers of Ekpa’s

insane sit-at-homes in our otherwise peaceful region.

“We cannot stop wondering why such a European society renowned for its value for human life continues to harbour Ekpa and also allow him to freely incite disaster and direct wanton destruction of lives and property in Igboland from their nation. Will Finland also treat him with kid gloves should his utterance or action lead to the death of a single Finnish?” Okwu queried.

The apex body commended Governor Peter Mbah of Enugu State for the ban on Monday sit-at-home,

which it said had already been abolished by all genuine pro-Biafra groups.

It also threw its weight behind the Enugu State Government's decision to explore the International Criminal Court option in ensuring that the crimes against humanity in the South East paid for their sins.

“We stand with the Government’s position that nobody should be allowed to enjoy life and educate his children in another nation while causing deaths and destruction in another part of the world,” Okwu concluded.

Attach Portfolio to Ministerial List, Lawmaker Urges Tinubu Sunday Aborisade in Abuja A National Assembly member representing Abi/Yakurr Federal Constituency of Cross River State, Dr. Alex Egbona, has urged President Bola Tinubu to attach Portfolio to the ministerial list before sending it to the Senate for screening.

He made the appeal in an interview with journalists in Abuja at the weekend during the graduation ceremony of the advanced leadership programme of the GOTNI National Leadership Centre.

The programme, according to the Chief Executive Officer of the

Centre was a five-day training on leadership, with 21 participants made of top government functionaries and captains of industry.

Egbona, who also participated in the training, said attaching portfolios to ministerial list would enable senators to ask the appropriate questions that are relevant to the ministry that the nominees are proposed to handle.

He however defended the ‘bow and go’ screening policy of the Senate which shields ministerial nominees from rigorous questioning, saying it the culture was intended to strengthen comradeship with nominees with

legislative experience.

He appealed to leadership and members of the 10th National Assembly to take the issue of oversight function very seriously.

"To some extent, it is wrong to send ministers' name without portfolio. Though it is the Senate arm of the National Assembly that screens ministers but we believe very soon, the president, in the next two to three weeks will send the names of ministers and may even attach them portfolio.

"Most times, what the Senate does was to ask general questions but if it comes with portfolio and they say

for instance, Mr AYZ, you are the proposed minister of agriculture, all the questions will be towards agric.

So, if the President attaches ministry to the names, it will be very good.

"On oversight, in the 9th National Assembly, I have had the opportunity to attend some oversight but was not too encouraged with what we did.

If you go to a ministry or parastatal, scrutinize what they are doing and if they are not doing well, bring a report saying they are not doing well. There should not be hide and seek business in oversight. That is what the 10th agenda is saying," Egbona said.

ITF Seeks to Institutionalise Innovation, Creativity Mulls advanced skills training for employment Says education loan will boost school enrollment for indigent

James Emejo and Aisha Kabiru in Abuja The Director General/Chief Executive, Industrial Training Fund (ITF), Mr. Joseph Ari, has said the fund is currently working to ensure that innovation and creativity are institutionalised and entrenched in the system.

The ITF boss also disclosed that the fund has made a formal submission to the federal government for the establishment of Centres for Advanced Skills Training for Employment (CASTE) in the six geo-political zones.

Speaking at the opening of the 3rd Annual Forum for Innovation in African Universities (FIAU) in Abuja over the weekend, Ari, said the proposed CASTE could be used for graduate upskilling

and reskilling and the overall capacity development of Nigerians in technical and vocational education.

He said the forum was particularly timely for Nigeria as resolutions that will emerge from the meeting would greatly assist the administration of President Bola Tinubu which had already shown a commendable willingness to reform tertiary education in Nigeria by signing into law the Access to Higher Education Act, 2023 otherwise known as the Student Loan Act. The ITF boss pointed out that the Act, which had been canvassed for by actors in the tertiary education sector for years and was an integral element of the campaign promises of the president - will no doubt open up access to loans that will help

students to fund their higher education, thereby boosting school enrolment even for the less privileged members of the society, who were previously denied such opportunities on account of lack of finance.

He said by signing this Act as his first executive action in office, Tinubu had indicated in bold terms that he was committed to breathing life into the ailing tertiary education system.

He said, “We pray that he continues on this path as he seeks to rebuild all facets of our dear country, Nigeria.”

However, for the President’s vision to become a reality, he said it was pertinent, “for us as regulators, government agencies, employers of labour and multilateral institutions to

continue to brainstorm and generate implementable ideas that will further shape his plans and actions, especially concerning policies on tertiary education in Nigeria.”

He said the forum provides a veritable platform and opportunity to not only address the issues at hand but also work towards coming up with workable solutions that will greatly assist the president in this regard.

He said to further enhance creativity and innovation, the ITF had commenced efforts to convert its existing Skills Training Centres (STC) located in Lagos, Kano, Kogi, Abuja and Plateau and the vocational wings which are attached to area offices into hubs for innovation and entrepreneurship (e-Hubs).

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POLITICS

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

M O N D AY D I S C O U R S E Tinubu Moves to Harmonise Nation’s Tax Regimes Deji Elumoye writes that the move last week by President Bola Tinubu to constitue a panel of experts on tax reforms is aimed at harmonising tax regimes in the country.

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resident Bola Tinubu did not waste any time before hitting the ground running upon his inauguration on May 29, 2023 as he pronounced the end of age-long fuel subsidy in the

country.

Few days after, he also announced the harmonisation of the foreign exchange system through a rate that has now merged both the official and black market rates into one unified forex.

By last week, the Tinubu administration again took another step towards addressing issue of multiple taxes being paid by individuals and corporate bodies.

This was in consonance with the President’s pledge during the campaigns which saw to his being elected during the February 25, 2023 presidential poll. Tinubu had in his campaign document promised to reform tax in the Nation’s economic system.

According to the campaign promise, Tinubu had under the Tax Reform subheading declared that “during times of economic weakness, increasing taxation is counterproductive. Higher taxes drain an already weakened private sector, inviting possible economic contraction and higher unemployment We shall review the corporate tax system. This will be enhanced by the use of technology and effective policies”.

President Tinubu last Wednesday, therefore, began the process towards reforming the tax system as he signed four Executive Orders deferring and suspending the commencement of certain taxes paid by individuals and companies in the country.

This move by the President was aimed at reducing tax burdens on Nigerians and their businesses, and addressing concerns raised by manufacturers and other stakeholders, regarding recent tax changes.

Tinubu

Special Adviser to the President on Special Duties, Communications and Strategy, Mr Dele Alake, made this known last Thursday while speaking with newsmen in the company of Special Adviser to the President on Revenue, Mr Zacc Adedeji; a member of the Presidential Advisory Council on Finance and other Related Matters, Ms Doris Aniettie; and Adenike Laoye, from the Office of the Chief of Staff to the President.

According to the team, the move became necessary as a response to the need for clarity and adequate notice for tax adjustments, as specified in the 2017 National Tax Policy.

Shedding more light on the latest economic move by the President, Alake said the first executive order is The Finance Act (Effective Date Variation) Order, 2023, which has now deferred the commencement date of

the changes contained in the Act from May 23, 2023 to September 1, 2023 to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.The second order, he stated, is the Customs, Excise Tariff (Variation) Amendment Order, 2023 which has also shifted the commencement date of the tax changes from March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy.

Thirdly, Alake said the President had given an Order suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.Fourthly, he stressed that the President has ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.

He added that the President also ordered the suspension of Import Tax Adjustment levy on certain vehicles.According to him, President Tinubu’s intention is to listen to the concerns of the Nigerian people and alleviate the negative impacts of the tax adjustments, rather than exacerbate the challenges faced by citizens.

Alake said: “The President wishes to reiterate his commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions. The federal government sees business owners, local and foreign investors as critical engines in its focus on achieving higher GDP growth and appreciable reduction in unemployment rate through job creation.

“The government will, therefore, continue to give requisite stimulus by way of friendly policies to allow businesses to flourish in the country. President Bola Tinubu wishes to assure Nigerians by whose mandate he is in power that there will not be further tax raise without robust and wide consultations undertaken

within the context of a coherent fiscal policy framework,” he added.

According to him, some of the problems identified with the tax changes include the 2017 National Tax Policy approved by the President Muhammadu Buhari administration, prescribing a minimum of 90 days notice from government to tax-payers before any tax changes can take effect.

“This global practice is done with a view to giving taxpayers and businesses reasonable time to adjust to the new tax regime. However, both the Finance Act 2023 and the Customs, Excise Tariff Order 2023 did not give the required minimum notice period, thus putting businesses in violation of the new tax regime even before the changes were gazetted.

“As a result of this, many of the affected businesses are already contending with the rising costs, falling margins and capacity underutilization due to the various macroeconomic headwinds as well as the impact of the Naira redesign policy”.

Alake also noted the Excise Tax increases on tobacco products and alcoholic beverages from 2022 to 2024, which had already been approved, are also being implemented.

The Special Adviser maintained that a further escalation of the approved rates by the current administration presents an image of policy inconsistency and creates an atmosphere of uncertainty for businesses operating in Nigeria.

His words: “The Excise Tax of 5% on telecommunication services has generated heated controversy. There is also a lack of clarity regarding the status of this tax, just as players in the sector also complain about the imposition of multiple taxes on their operations.

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

Politics of Soludo’s Call for Investment Relocation to Anambra David-Chyddy Eleke writes on the recent call by Governor Chukwuma Soludo to Anambra people resident in Lagos State, to relocate part of their investment home to develop the state, and the controversies it has generated.

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he Anambra social media space was recently dominated by arguments, over a call by Anambra State governor, Prof Chukwuma Soludo to indigenes of the state who are resident in Lagos State, to relocate their investments home.

Soludo had in a townhall meeting told them that Anambra State was ready for business and investments, urging them to move part of their investments home to help develop the state.

Stating his administration’s quest for development, Soludo said: “This is the same question I ask myself everyday. And we have a responsibility to leave Anambra State better than we met it. Your host (Lagos) will never respect you if you don’t have a livable and prosperous homeland”. The Governor went further to state some of the achievements of his young administration, and his plans to develop the state, and how all hands must be on deck for that to be achieved. He enjoined them to reflect deeply on it and do everything possible to contribute to the growth of the state.

Soludo’s call however generated heated argument in the state when some people disagreed with him, stating that he had not demonstrated that Anambra was hungry for investments.

One of those who made the claim included a Radio personality, Mr Ifeanyi Orakwue, also known as Huge Man. Orakwue in a live video he made on Facebook, said Soludo’s inability to tackle insecurity in the state was one of the reasons his call for Anambra people in Lagos should not be heeded. He said a government that cannot ensure the security of people and businesses had no right to call for investments. He went further to narrate

Soludo that night life was totally dead in Anambra State, because of insecurity.

Mentioning streets in Onitsha where he lives, Orakwue said he recently had need to rush his daughter to hospital one evening at about 6pm, but he was surprised that after he left the hospital and drove home, all the streets were already totally empty, while shops had closed.

He said even in his estate at 3-3, Nkwelle Ezunaka where soldiers were in charge of security, he got back at about 7pm to find that the gate had been shut.

Orakwue said his enquiry showed that the decision was because of the level of insecurity in the town. He said as early as 6pm, businesses in

the commercial city of Onitsha had closed, and queried if that was the kind of place Soludo wanted Anambra indigenes who are enjoying the beautiful atmosphere that Lagos offered, to leave and return home.

Another indigene of the state, a comedian, I Go Tuk, who is also known as Ogbuefi Main Market also in a video berated Soludo for the bad roads in the state, saying that if Soludo must think of advising Anambra people in Lagos to return home, he must first fix the bad roads in the state, as investors will need roads to come into the state, and also move their wares about.

He mentioned many parts of Nnewi and Onitsha which have remained impassable, because of bad roads. He added that Anambra people who were still in the state were stuck, and that it was unwise to ask people who were in a comfortable environment to come home, when various amenities that could make life better had not been fixed.

Unlike Orakwue and I Go Tuk, there are people who believed that Soludo’s call was right and was a way to develop the state and also make jobs available, as well as boost the revenue of the state. To such individuals, what the duo and many others who were against the call did, amounted to de-marketing Anambra State.

Many people joined the argument to support the state governor, and praise his effort in scouting for investments. National Publicity Secretary of All Progressives Grand Alliance (APGA), Mr Ejimofor Opara, was one of such people. Opara who took to Facebook to make a live video, said there is no society that is entirely devoid of crime, that even Lagos has its fair share of it, yet Anambra indigenes have

continued to invest in the state.

Opara said he was recently in Lagos, and took out time to visit many areas where Igbo indigenes were living in squalid areas that didn’t have roads and were mostly flooded, yet they managed. He wondered why anyone would de-market Anambra on grounds of roads.

Also, the Chief Press Secretary to the Governor, Mr Chris Aburime, came down hard on both Orakwue and Ogbuefi, claiming that Soludo’s visit to Lagos was serious business, that should not be reduced to the level of comedy.

He said: “This wasn’t a jamboree, but serious business. The mission was simple and unambiguous. He came to Lagos to seek partners in progress in the quest to building a prosperous, livable and secured Anambra State that all can be proud of.

“At least, if it is true that heavens help those who first help themselves, Anambra’s own sons and daughters must be sought out first as investors to join hands with the governor in the task of state building.

“Beyond political pandering, Governor Soludo is a leader in a hurry to transform Anambra State for good and leave it better than he met it. He has no luxury of time to waste. So, he would stop at nothing to enlist support wherever it could be found.”

On the other hand, there are some indigenes of the state, who saw nothing wrong in the what Orakwue and Ogbuefi said, claiming that the level of insecurity in the state was high and needed to be attended to, despite Soludo’s claims of having whittled it drastically.

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

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This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Adeye m o : H ow SmartParcel Locker Is Revolutionising Logistics Space in Nigeria In this interview, the Chief Executive Officer of SmartParcel Locker, Benjamin Adeyemo, talks about how he is transforming logistics with Automated SmartLockers and advanced technology. Nosa Alekhuogie presents the excerpts: What motivated you to develop the Smart Parcel Locker Solution? major motivation for us is the issue of acknowledgement. Several multi-tenanted offices and gated estates have one or two receptionists who receive letters and packages for different recipients. Often, these receptionists genuinely forget to pass it on; other times, people are ‘funny’ as persons have received packages marked ‘urgent’ months later. Others have lost packages because someone ‘helped’ them collect from the courier company. Deliveries of parcels to homes and customer locations have raised many privacy and security issues across Nigeria and even globally. We innocently give our phone numbers and house address to unknown delivery agents.

We also acknowledge that time is precious; people often have to wait for long hours for pick up of sensitive packages like passports, debit cards, etc.

The issues of mail fraud are also germane. It is criminal in developed countries to open packages meant for other people. Furthermore, the issues of the poor addressing system come to mind as people often use gate and roof colours to describe their address. Lastly, the timing of deliveries has become an issue. As much as we complain about dispatch riders placing several phone calls and not showing up at agreed times, customers are sometimes guilty of delaying these riders, who often have other deliveries to make.

Should delivery agents, parcel originators, or recipients suffer all from the challenges above and continue to have altercations? How best should these challenges of the logistics space be mitigated and reduced? SmartParcel innovated a solution that secures senders, agents, and recipients. The invention includes deploying multiple compartments and PIN/ QR Code-enabled digital SmartLockers for drop-off and pick-up of packages. These SmartLockers are deployed at strategic locations, easily accessible, and easy to use. The maximum time spent per transaction is 25 seconds. Our robust solution helps you find the nearest digital locker to your current or selected location without physical contact with anyone, hence making contactless delivery possible, making cash-less logistics a reality, replacing the traditional addressing system, preserving our environment, and reducing carbon footprints from return trips of dispatch riders.

ministries, departments, and agencies, and export the technology and infrastructure to other African countries. We are also partnering with the Lagos state government under the Frandis Forum to enable individuals and corporate entities to acquire SmartLockers as an investment.

One of our key private sector partners is Sterling Bank. We collaborate with Sterling Bank on two major deliverables: providing real estate for our SmartLockers as ‘Location Partners’ to ensure accessibility for customers and financing thirdparty investors interested in SmartLockers as an investment. Furthermore, we maintain an ongoing relationship with NASD OTC, which manages the franchise investor process, and work with logistics firms on our platform.

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How does your smart parcel locker system differ from others?

We have built and deployed our digital lockers while taking a cue from existing digital lockers accessed by mini keys. Anyone with the right keys can access the digital lockers, and this is a major security breach.

Additionally, no software infrastructural support exists to manage existing traditional locker boxes; they have always been manually operated using papers, security guards, and keys. Our SmartLockers are technology-driven; hence access to the locker is digital. Also, our technology is one hundred per cent indigenously built for Nigeria and Africa by Nigerians.

Every process is automated for one hundred per cent usability, confidentiality, and security while each deployed locker is protected through smart sensors while giving every consumer flexible delivery options, including locker and locker-less. Our SmartLocker also provides digital acknowledgement to both sender and recipient instantaneously each time a transaction is completed. Lastly, our SmartLockers are equipped with panoramic cameras that enhance physical safety aside from the basic layer of safety that our location partners provide.

Interestingly, our SmartLockers are open to franchise as the success of the process depends on the ubiquity of the SmartLockers. Hence, it is open to investors to ‘own’ progress, and returns are monitored via a digital dashboard. Thus, it is possible to consistently utilise a ‘SmartLocker’ owned by an individual or organisation while we manage the technology platform. All our networks of SmartLockers are interconnected through our robust backend, and challenges are easily resolved from our command and control centre.

Can you provide an overview of the technology behind your automated pick-up and delivery system?

The technology behind our automated pickup and delivery system is designed to meet the demands of the modern logistics business. We have integrated various elements such as pricing algorithms, dataset management, transaction logging,

Ad eye m o e-payment systems, and electronic notification services, including emails, SMS, and voice calls.

Additionally, advanced plugins like Artificial Intelligence and Decision Support Systems (DSS) have been incorporated to enhance the overall logistics experience. Our customer-friendly and digitalised SmartParcel Solution operates on a Service-Oriented Architecture and consists of four layers of technology.

The first layer is the Locker App, which allows users to easily access lockers, schedule self-storage or pick-up by a third party later.

This feature serves our business-to-consumer (B2C) customers efficiently.

The second layer is our mobile app, available as ‘smartparcelng’ on iOS and Android. With this app, customers can view all available SmartLockers, select the most suitable one for their needs, schedule self-storage or pick-up, and even drop off items for delivery to recipients or pre-scheduled SmartLockers.

The third layer is our web portal, app. smartparcel.ng, which offers the same features as the mobile app and provides a convenient interface for users who prefer web-based access.

Lastly, we have our chatbot, affectionately known as ‘Smith’. Sith grants users access to our network of SmartLockers and enables verified individuals to join our network of courier agents.

Overall, our technology infrastructure ensures seamless interaction between customers and our SmartLockers, simplifying the pick-up and delivery process.

How does your company ensure the security and privacy of packages during the pick-up and delivery process?

We have implemented several measures to ensure the security and privacy of packages throughout the pick-up and delivery process.

Firstly, all our SmartLockers are insured against fire and theft. Secondly, our ecosystem includes “Location Partners” such as malls, banks, gated estates, hospitals, and airports. These partners provide secure, well-lit spaces that are easily accessible to the public. In return, they earn a percentage of revenue from transactions originating at their locations. Thirdly, our

SmartLockers can only be accessed digitally through a randomly generated one-time password from our secure backend infrastructure. These passwords are alphanumeric and offer a 99.9 per cent level of security. We have also invested in cloud-based infrastructure, hosting our solution on Amazon, ensuring a 99.99 per cent uptime for service delivery.

To protect customer information from malicious purposes, we have a robust data protection policy in place. Additionally, our courier agents undergo comprehensive training and certification, ensuring the confidentiality and professionalism of every package handled. Each digital locker is equipped with built-in sensors and notifiers to detect theft, and we have alarm systems and location trackers enabled and responsive. As a customer, you can monitor your parcel in real time until it is delivered to you or a selected or nearest digital locker.

How have you integrated your machine with existing logistics networks and systems?

As the premier SmartLocker service provider in Nigeria, we have actively pursued partnerships with various organisations to integrate our machine with existing logistics networks and systems. We have made our APIs publicly available on a sandbox, allowing courier companies, e-commerce platforms, and social commerce platforms to seamlessly integrate and provide delivery options for their users.

Through collaborations with these partners, we have connected our network of SmartLockers, making them easily accessible to individuals and corporate entities.

Additionally, we have established partnerships with organisations in both the public and private sectors. The Nigeria Office for Developing Indigenous Telecoms Sector (NODITS) of the Nigerian Communications Commission has been supportive of SmartParcel as a technology startup revolutionising the logistics space with our 5G-enabled SmartLockers. Furthermore, we have initiated a relationship with the National Information Technology Development Agency (NITDA) to endorse our indigenously built technology, promote adoption among government

Are there any specific industries or sectors where your automated pick-up and delivery system is particularly well-suited?

Our automated pick-up and delivery system is particularly well-suited for e-commerce and social commerce platforms. E-commerce platforms, which are well-structured, can easily integrate our SmartLockers through API integration, providing their customers convenient access to our network of SmartLockers.

The social commerce sector, consisting of young, industrious Nigerians selling on platforms like WhatsApp, Instagram, Twitter, and TikTok without physical stores, can benefit from our SmartLockers.

Our solution enables a meeting point for e-commerce and social commerce, offering an efficient, cashless, and contactless delivery system that provides digital proof of delivery. In addition to e-commerce and social commerce, our SmartLocker solution is also ideal for decongesting banking halls. Debit cards and other documents can be delivered to customers without the need to join long queues in banking halls. The phenomenal growth of fintechs in Nigeria, many of which have limited office spaces due to regulations, presents a need for distributed delivery of debit cards and other documents to customers, which our SmartLocker solution addresses effectively.

It is important to note that by aggregating packages into different compartments of our SmartLockers, we create efficiency for courier companies, reducing the need for multiple trips to the same location for pick-up (first mile). Additionally, our SmartLockers allow consolidated deliveries to various recipients at one location (last mile), reducing return trips.

How have you approached the challenge of scalability to accommodate a large volume of packages and users?

To address the challenge of scalability, our SmartLockers are designed with up to fifty compartments. These compartments come in four varied sizes, catering to a wide range of package dimensions. The small compartment measures 10cm x 35cm and can accommodate items such as laptops, phones, a box of pizza, and envelopes. The medium compartment, measuring 20cm x 35cm, is suitable for clothes, shoes, and a pack of 60cl Nestle Water (20pcs). The large compartment, measuring 30cm x 35cm, can fit items like a carton of noodles and electric kettles. Lastly, the extra-large compartment, measuring 55cm x 55cm, can accommodate larger items such as printers, scanners, and microwaves.

To ensure efficient scalability, we have a growth equation that determines the number of digital lockers for production and deployment per geographical location. Additionally, our franchise model allows for rapid scaling as we do not intend to own all 25,000 digital lockers that will be spread across Nigeria.

How do you plan to adapt and evolve your technology to keep pace with changing customer needs and expectations?

At SmartParcel, we are committed to adapting and evolving our technology to meet changing customer needs and expectations. We actively listen to our customers and engage with them to understand pain points, update existing solutions, and expand our capacity. Our team includes a robust research and development think tank comprising business advisors who stay abreast of evolving and emerging technologies, including business growth models. We are a team of technology enthusiasts and lifelong learners, ensuring we are constantly up-to-date through journals, webinars, and conferences. This enables us to provide Nigeria and Nigerians with much-needed change and new models that seamlessly support the dynamics of customer behaviours.

T H I S D AY • MONDAY, JULY 10, 2023

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THE MONDAY INTERVIEW

Rahul Gandhi:

Modi Undermining India’s Democratic Ideas, Minorities’ Freedom A progenitor of India’s three past prime ministers (son of Rajiv Gandhi, grandson of Indira Gandhi, and great-grandson of Jawaharlal Nehru), Rahul Gandhi, is a former president of the Indian National Congress (Congress Party). In this encounter with THISDAY, he discusses the current political colouration in India, including his defamation conviction by the Gujarat Court. Beyond his potential ban from the parliament for six years), Gandhi appears to put the interests of millions of unheard Indians above any personal political ambition he might have. Unfortunately, a day after this interview was held, the 53-year-old politician lost his appeal but could still make his case right to the end: the Supreme Court.

Gandhi joined politics in 2004 and was elected to the Lok Sabha and reelected in 2009. He was named the Congress Party’s vice-president in 2013, becoming its president in late 2017 after his mother, Sonia Gandhi, stepped aside as the party’s leader. Gandhi looks forward to an India free from the stranglehold of Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP). He describes his recent 4000-kilometre walk across India as a means to “connect with people and also as a person’s journey of understanding.” He talks more about the human essence, the intersection of politics, power, poverty and the people. Excerpts: Let’s start with your 4000-km march on foot. Mahatma Gandhi did march as well. What’s the significance of this?

Were you taking people down memory lane or was there some other motive to the walk?

There were a number of motives and ideas behind the walk. The walk in India, across the country, is a tradition in my country. It has been done by many great leaders. All the way from people like Buddha, Guru Nanak — a large number of people — have used the walk to create an imagination, connect with people and also as a person’s journey of understanding.

So the idea, on the one hand, were the

21st-century issues like the media, fake news, and money playing a huge role in what people get to hear and see through the media. The idea was therefore, to go straight to the people and have a direct conversation and listen to them more than speak.

Normally, political people speak more and listen very little. Maybe 90 per cent speaking and only 10 per cent listening. But during the walk, it was a lot of listening, connecting with people through what they wanted to say. This gives you a real sense of what’s happening on the ground, and it creates a bridge with large masses of people. There were times when

hundreds of thousands of people were walking with us.

It’s a way of connecting with people and building a new imagination for our country. The other one is a more personal aspect - introspection, suffering a little bit during these many months of the walk, understanding pain, more humility.

These things come out of perseverance and long action. Overall, it was a very useful and powerful thing. It created an alternative imagination in our country.

Personally, what was the experience like?

was surprising to me how different the narrative in the media was to the narrative on the ground. It was just completely different! So what people on the ground were asking for, commenting on and agitated about was not being reflected in the media at all, and this came as a huge surprise to me because I felt that the media was supposed to reflect what the people feel, but there is a complete disconnect.

So the biggest points raised by the people were anxiety by the level of anger and hatred being created between communities, price rises and massive unemployment.

A couple of things actually. One, it

Continued on page 22

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THE MONDAY INTERVIEW

Indian Govt Becoming Less Tolerant, Concentrating Huge Wealth in Few Hands the march was to launch your campaign to challenge the PM (Narendra Modi) in the next elections. Is there any truth to that?

And these were universal, from young people, middle-aged people, to women.

They said, ‘Listen, we don’t like the anger, the hatred that is being spread around us. We are not able to find a job, and prices of everything are skyrocketing.

Wealth is being concentrated in a few hands.’ And this was what the people were saying across the country, and the media was completely disconnected from this. This disconnect, I also see it as an opportunity to connect directly with people.

No. The idea behind the walk was that it was open for anybody to come and walk with us, and one of the things that we insisted on was that it would be non-political in nature. So, the architecture of the walk was such that it was not just the congress party. It was open to anybody. And if we had made the walk about politics or about the PM, then the walk wouldn’t have been powerful. The walk was about India and not about politics.

The second thing was about the power of listening. When we were walking, the numbers became so big that it wasn’t really possible to hold proper conversations. A sort of silence descended upon us. We were talking (about) a minimum amount. I was just listening to the people. And this was a very powerful exercise because a lot of the messages that came out of the walk were not our messages.

They were people’s messages that we were transmitting. And the final thing for me personally was that nothing is impossible. When we started, we didn’t know whether we would be able to finish the walk or not. But I would tell you that at the end of 4000km, it wasn’t a difficult thing to do. There was so much energy, so much enthusiasm. So it wasn’t difficult.

Those were the insights I gained. I think what would be relevant for the people of Nigeria is the disconnect between what the people are saying or feeling and the narrative that’s being created.

And I think it’s a very powerful tool to listen to people directly. The language in the walk was one of love and affection.

Anybody could come and walk with us.

Even our opponents could come.

They could say things we liked or didn’t like. It was an open space, and my endeavour was to make sure that everyone who came into this space while we were walking was feeling comfortable, happy and going away knowing that we heard them.

Earlier, you said you were silenced in the parliament. But a court also convicted you. How did that go with you?

I think the entire problem was triggered because of our walk. Let me tell you something, one of the problems we were facing was that we couldn’t get our message across to the people through the normal channels like media and social media. And when we did the walk, we suddenly found an instrument of communication, and it was a much more effective and powerful instrument than we imagined. It became a symbol of this power and captured the imagination of the people.

That’s when the government decided that I had to be silenced, so the first attempt was to stop the walk, but they physically couldn’t do it because it had too much energy. So right after the walk, I had a speech in the parliament on the corruption of the PM and the day I gave that speech, all the cases were expedited, and I would like to tell you that I’m the first person in the history of India to get the maximum punishment for criminal defamation.

So nobody has ever got the type of punishment that I got. So the government came under tremendous pressure because of the walk and the issues that I was raising in parliament.

Do you have faith in India’s legal system, and do you think India is becoming less and less tolerant?

Why do you think there is a disconnect between what the media report and the reality on the ground in India?

There are two things in India: complete control of the media by the government and a huge concentration of wealth in a few hands. So people who control the wealth control the media, and they are not interested in the narrative of the people. These two factors play a big role— pressure from the government., silencing journalists. So, there were many journalists who came to us and said, ‘Look, we want to write about this, but we are not allowed. We are stopped, threatened.’

India shares a lot of similarities with Nigeria. Do you think there can be a common solution to addressing such similarities, such as poverty, injustice, inequalities, and media independence?

I think opening direct channels for communication with people is a very powerful thing. So, the government tried to do everything they could to stop the conversation we were having in our walk. It was impossible for them to stop us. They have disqualified me.

They have muted my microphone in the parliament. They don’t allow me to speak in parliament.

They can do that much, but they can’t silence me when I’m talking directly to people. It’s impossible. How do you do that? So one solution in this 21st century, you can go directly to the people, and there are tools that make it easier in some ways. Social media, even though controlled, can be used as an effective tool.

On the Nigerian-Indian similarities, yes, there are many, many commonalities

“There are two things in India: complete control of the media by the government and a huge concentration of wealth in a few hands.

So people who control the wealth control the media, and they are not interested in the narrative of the people. These two factors play a big role” which you will understand, and we will understand, that the people in the West may not understand. Reality is that they have not dealt with the type of things we have dealt with for many years. The powerful thing about India is the scale of what we do.

So, whatever happens in India happens on a very big scale, and there are many different models of doing what we do.

That can be interesting for Nigerian people to come and see the different ways in which we are tackling problems in each one of our states. I think a conversation between the people of Nigeria and India, exchange between students — because I know broadly what you are facing, even though I don’t know in detail.

You know broadly what we are facing, but you also don’t know in detail. So there are many things which can be learnt

and exchanged. For example, we have come out with a guaranteed employment scheme. It’s a very powerful idea. We have come out with five guarantees in the state of Karnataka (where the Congress party has recently won elections).

In Rajasthan, we have cutting-edge public policy work in healthcare, probably amongst the finest in the world. We also have a new law which we are bringing into place for GIG workers - you know, people who drive Ubers, or deliver food, etc. — we are thinking of social security and pensions for them, so there’s a lot of cutting-edge work that we are doing, and I’m sure there’s similar work that you are doing.

It’s relatable when you talk about poverty because it’s prevalent in Nigeria too. Some people believe

I wouldn’t say that India is becoming less tolerant. I would say that the government of India is becoming less and less tolerant — the people of India are naturally tolerant by nature, but the conversation in India is being stifled by the government. Frankly, my journey is one of understanding, supporting, protecting democracy in India, so it doesn’t really matter to me whether I am disqualified or not. My work remains the same. I will continue to do my work.

If the higher courts uphold the disqualification, what options would you have? How confident are you to get justice?

The case is a sub-judice matter, so it won’t be proper for me to comment on the court, but I would wait and see the ruling of the court.

Talking about the present Prime Minister, what would another term of his leadership mean for India?

I think it is going to be very difficult for the PM to win another term. There is large-scale anger against the government among the Indian people, and that anger is building. You’ve already seen how the BJP has been decimated in Karnataka, and we have another three or four elections (that) are coming in the next two or three months, and you will see that they will suffer the same fate in those elections because there’s an undercurrent that’s building up.

Of course, they have control of (the) institutional framework and the agencies and structures of the government, and they Continued on page 23

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THE MONDAY INTERVIEW

My Journey One of Understanding, Supporting, Protecting India’s Democracy use those against the opposition. That’s a fact. So we are not fighting just a political party. We are fighting instruments of the Indian state which are being misused by one political party in power. The thing that Mr. Modi is doing, which is very dangerous, is curbing the conversation between the people of India. India is a union of states.

It’s a conversation between its people, and curbing that conversation, destroying and attacking the democratic framework, is very dangerous for India itself, so that’s the risk that we are facing. That the conversation between the states is not destroyed. And that conversation takes place through the institutional framework, so if you destroy this framework, then you destroy the conversation. And you can see that it’s being destroyed as we speak.

Some weeks ago, you were in the US, where you said, ‘Modern India cannot exist without our constitution and our democracy.’ Does this mean that the current government is undermining democracy — and you just mentioned that it’s a dangerous trend? Is that a correct interpretation?

Absolutely! India is a union of states, a conversation between millions of people. If you disturb the conversation, if you destroy the architecture of that conversation which is the constitution (and) our institutions, then you are creating a vulnerability for India as a whole.

PM Modi has been accused of not protecting the rights of minorities and their religious freedom, especially Muslims. What is your view and that of your party regarding such freedom?

I think my view is that all communities, religions, languages, all their rights should be protected. We feel everyone in India should have a space to express themselves and the space to build a future for themselves. That’s our position. It’s true that the PM and his party are attacking the minority community, but it is also true that they are attacking the so-called lower castes, the tribes, (and) different languages.

They are attacking multiple ideas in India. They want to impose one idea on top of India, and what we are saying is that India is actually (a nation with) many different languages, religions, communities, and castes. There should be space for all these flowers in the bouquet of India.

Will you say that the Manipur crisis is a metaphor for the conundrum that India is currently grappling with?

Absolutely! It is a metaphor for the consequences of the politics of the PM, which is that instead of listening, supporting the conversation, you silence the conversation. India has many languages, cultures, perspectives, (and) religions. It’s very important that all of them are able to express themselves.

Do you think the legacy of Mahatma Gandhi is ancient, or can it still connect with the people?

Mahatma Gandhi’s ideas have a very old foundation in India. His ideas come from

a very ancient tradition in India. People like Buddha, Mahavir, Guru Nanak, Narayana guru, (and) Basavanna — all said things — to Mahatma Gandhi, and the essence of what they all said was that you have to work from a foundation of truth, non-violence, love and affection.

These are critical ideas in the 21st century because if we don’t use these ideas, there are levels of unimaginable violence that can happen. So these are not ancient ideas. These are very, very powerful and relevant ideas for the present and future. And these ideas are ingrained much deeper in the Indian psyche than being simply the ideas of one person. Mahatma Gandhi was an expression of these ideas. Our freedom movement was an expression of the same ideas.

President Mandela too used these principles in South Africa. In fact, a lot of the freedom movements in Africa used these principles, and these are not even just Indian principles. They are human

“On the Nigerian-Indian similarities, yes, there are many, many commonalities which you will understand, and we will understand, that the people in the West may not understand. Reality is that they have not dealt with the type of things we have dealt with for many years.The powerful thing about India is the scale of what we do”

principles. I’m sure, in your culture and tradition, you also have a tradition of truth, non-violence and compassion.

Every culture has it.

The current British PM is of Indian descent. What do you think this adds to India?

This is an interesting question. I think he would have certain Indian values and traditions that would be helpful in England. It also reflects on our community in England and what they have been able to achieve in the UK. It’s a symbol of the way the Indian community has behaved and evolved in the UK. Of course, it is, in a sense, a positive thing for India — a bridge between the UK and India.

What do you think is the connection between PM Modi and India’s most powerful business players?

There’s a very good connection. Very close connection. PM Modi is essentially concentrating wealth in India in the hands of very few people at the cost of a vast majority of people, so the relationship is very good, and he has full support from three-quarters of the largest crony capitalists who control the media.

It’s a model of government - huge concentration of wealth, control of the information systems, control of the institutional framework, frightening and pressurising the opposition, essentially extracting wealth from a large mass of the Indian people. It is something which has been done in other countries before and is still being done in some countries.

Now, you’ve done the march across the country. You’ve been meeting

people. What’s your message for the Indian people ahead of the elections next year?

Number one: we have to defend the democratic system of our country.

We have to restart the conversation among our people. Number two: we have to come out with a solution to the manufacturing issue. We have to start producing more and more, and we have to compete with China on production and manufacturing.

Number three: we have to make sure that wealth is distributed better and is not concentrated in one or two hands. Distributing wealth and having a clear-cut strategy on manufacturing and production are the only two ways out of the unemployment crisis that India is facing, and finally: we have to have a support system that protects our people in terms of education, healthcare and a basic minimum income. These are the things we believe in.

India is a country that has had conflicts with Pakistan and perhaps China. What would you propose as solutions?

With regards to Pakistan, their support for terrorism in India historically has been a huge problem. And will remain a problem until they stop doing this. With regards to China, we are in competition with them. We have a democratic vision.

They have a less democratic, and a more autocratic vision.

So there are tensions and pressures.

But we don’t believe there should be a conflict. We believe there should be peaceful competition between China and India. China has, of course, occupied our territory and is currently sitting on Indian territory, which is not acceptable to us at all.

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SELF EMPLOYMENT: THE PATH TO FREEDOM Small businesses are crucial to job creation, economic diversification and poverty reduction, writes TIMI OLUBIYI

See page 25 CONVERSATION ON THE SOUTH EAST FREDRICK NWABUFO argues that the leaders should reassess their priorities

See page 25 EDITORIAL

JAMB, EJIKEME AND MATTERS ARISING

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Monday July 10, 2023 Vol 27. No 10316

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opinion@thisdaylive.com

TONY ADEMILUYI urges President Tinubu to strike a balance between technocrats and politicians who aided his victory at the poll

TINUBU’S MINISTERIAL LIST: GO FOR THE BEST Thomson Reuters described President Bola Ahmed Tinubu as ‘Baba Go Fast’ in stark contrast with his predecessor who was aptly nicknamed ‘Baba Go Slow.’

Since his famous ‘Emilokan’ speech in Ogun State which literarily means ‘It is my turn,’ as he made it known to the world that becoming Nigeria’s President was his lifelong ambition for ZKLFK KH KDG PDGH VR PDQ\ VDFULÀFHV he hit the ground running from day one. +H \DQNHG RͿ VXEVLG\ IURP SHWUROHXP products, signed the students’ loan into law, appointed some key aides LPSDFW RQ WKH HFRQRP\ OLNH ÀQDQFH ZKR GR QRW QHHG VHQDWH FRQÀUPDWLRQ SRZHU SHWUROHXP IRUHLJQ DͿDLUV and left nobody in doubt of his rugged works, housing, education, health, and determination to clean the Augean justice. More ministers of state should stables. be used as political compensation The current political temperature of while the aforementioned ministries the country is very high because of his should be manned by technocrats. constitutional requirement to appoint )RU ÀQDQFH , KXPEO\ UHFRPPHQG his ministers who are the members of the a thoroughbred economist, political Federal Executive Council – the highest HFRQRPLVW ÀQDQFH H[SHUW RU HFRQRPLF decision-making body in the country. historian. The last recommendation /REE\LVWV PDGH KLP ÁHH KLV IDPRXV PD\ XQGHUVWDQGDEO\ DWWUDFW VRPH ÁDN Bourdillon residence where he is fondly from a largely ignorant populace. The referred to as the Lion to an undisclosed best Chancellor of the Exchequer or the location as there was no respite for him HTXLYDOHQW RI WKH ÀQDQFH PLQLVWHU LQ since he came back to his political base. the UK in the 20th century was Gordon Sections 144 and 147 of the 1999 Brown whose 10-year tenure under Constitution (as amended) make it Tony Blair is still a sturdy reference mandatory for the President of Nigeria point with his economic models to appoint his cabinet. The constitution being critically studied in the world’s also takes adequate care of minorities leading educational institutions by surreptitiously inserting a diversity and think tanks. He studied history and inclusiveness clause better known from undergraduate to doctorate in local parlance as Federal Character level at the Russell Group University which mandates him to appoint one of Edinburgh. It is high time that minister in every state.

Nigeria stopped the asinine neglect Politics is just about the most lucrative of historians, especially the economic enterprise in Nigeria and so it is no historians, and integrate them into brainer that the stakes are extremely economic policymaking for the overall high which accounts for the high-wire good of the nation. Critics of my politicking and behind-the-scenes horse postulation may cite Kwasi Kwarteng trading for the ministerial positions, – the UK’s shortest-ever Chancellor of juicy or not, given the propensity for the the Exchequer who held that position political elite to squeeze juice out of the for a mere 38 days because of his hitherto ‘barren’ ministries. disastrous economic policy. However, He needs to appoint round pegs in that case is too few and far between round holes and deftly strike a balance to dismiss an entire generation of between appointing technocrats and economic historians. How have compensating politicians who stood HFRQRPLVWV IDUHG LQ 1LJHULD·V ÀQDQFH EHKLQG KLP LQ WKH PRVW ÀHUFHO\ IRXJKW ministry? Have they fared any better elections in Nigeria’s electoral history to be brutally honest? The obviously where a whopping 22 states were lost by compromised Nigerian media went the ruling All Progressives Congress. to town with the news of the debt The only minister mentioned in the cancellation secured for Nigeria from constitution is the Attorney-General the Paris Club and the London Club of and Minister of Justice which is given a Creditors by the then Finance Minister, prominent mention in Section 150. The Dr. Ngozi Okonjo-Iweala. What they rest are solely at the discretion of the failed to point out was that the so-called President. debt buyback came at a gargantuan We need technocrats in key and cost. She handed over a whopping $12 strategic ministries that have a direct billion to our creditors – funds that

could have been used to massively stimulate the fragile economy and put XV LQ ÀHUFH FRPSHWLWLRQ ZLWK WKH $VLDQ Tigers. Voices of reason like that of the radical journalist and trade unionist, Owei Lakemfa railed against the huge windfall that our creditors got in the name of a debt buyback! Of course, his voice was shouted down by the cacophony of decibels of the liberal and imperialist economists and socalled experts in expensive suits as well DV WX[HGRV :LWK RXU GHEW SURÀOH VR KLJK ZH FDQQRW DͿRUG DQRWKHU %UHWWRQ Woods Institution ‘Economic Expert’ that will not only sabotage the local economy by insisting on being paid in USD but also act against national interest simply to serve those of their paymasters in Washington DC. We need economic experts that can look at the World Bank and IMF straight into their faces at damn them and their poisoned chalices called prescriptions which are anti-people.

Power is critical for any economy to leapfrog from bad to great and so the power minister must be an egghead preferably an engineer who has worked in the power sector or a lawyer who is familiar with legal drafting and agreements with regard to that sector.

The works and housing ministry should be manned by a civil engineer or an architect who has a track record of excellence in that sector either in the private or public sector as an employee or as an entrepreneur. The Attorney-General should preferably be a distinguished lawyer who has a human rights and anti-corruption background so as to avoid the previous twin disasters of Michael Kaase Aondaaka and Abubakar Malami.

The health ministry mustn’t necessarily be headed by a doctor as most of the doctors who have headed it have been monumental disasters making me question the administrative FRPSHWHQFH RI PRVW GRFWRUV LQ WKH ÀUVW place. This explains why in the West, non-medical doctors are the CEOs of hospitals and they are called hospital administrators. We certainly cannot DͿRUG DQRWKHU ÁRS 2QH RI 1LJHULD·V best health ministers was a lawyer in the person of late Chief Ayo Rosiji.

Anyone with the right vision for our KHDOWK VHFWRU ZLOO VX΀FH WKHUH Ademiluyi is the CEO of Buzz Times Media and can be reached at anthonyademiluyi@ yahoo.com

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MONDAY JULY 10, 2023

Small businesses are crucial to job creation, economic diversification and poverty reduction, writes TIMI OLUBIYI

SELF EMPLOYMENT: THE PATH TO FREEDOM The number of small businesses in the formal and informal sectors of the Nigerian economy continues to increase due to the vital role that small businesses play as a driving force of any economy and the pillar of major developed economies worldwide.

Despite Nigeria’s reliance on oil and revenues derived from it, the country’s economy is primarily supported by small businesses, including nano, kiosk, micro, and small businesses in particular. A visible reference within this space includes the vulcanizers, corner shop owners, single retail marketers, repairers, painters, business centre operators, restaurants, market women, and men in the various open markets, among others and WKH IRUPDO RSHUDWLRQV VXFK DV ODZ ÀUPV DFFRXQWLQJ ÀUPV FRQVXOWLQJ ÀQWHFK DQG real estate companies, and so on in the country.

The small business economic activities in

This form of business structure in most cases provides direct services. What do I mean? Hairdressers, fashion designers, drycleaners, artisans, kiosk operators, and event planners to mention a few, provide services directly to customers, and with that, they enjoy quick patronage and easy payments.

The administration of small business services is not cumbersome; the problem of coordination and communication which is a PDMRU VHWEDFN WR WKH RSHUDWLRQV RI ODUJH ÀUPV is therefore easily solved in small businesses.

They conveniently give keen interest and personal attention to the particular requirements of their customers who in some cases willing to pay something extra for the special and urgent services rendered. Some customers are tied to these small businesses because of the existing long relationship and personal attention they enjoy in the business.

Further to this is the decision-making and taking process, because most owners of the small businesses are the operators or managers, there is hardly any problem in the decision process. Unlike the large enterprise approval processes, decision processes and dealing with customers can take a lot of time but with small businesses, the structure is simple with less bureaucracy.

The vivid truth is those small businesses HQMR\ DJLOLW\ DQG ÁH[LELOLW\ EHFDXVH RI the ease with which the businesses can transmute and transfer capital to other sectors or industries, just in case the Nigeria play an unrecognized but important business operators need to react quickly to role all across the country and can equally opportunities. In short small businesses can contribute largely to the growth of the non- dramatically change their business model to oil sector, employment generation, and the align with new opportunities, which is the creation of more sustainable entrepreneurship prime driver of innovation and creativity.

The survey also led to the conviction if well harnessed. For instance, the popular computer village in Ikeja, Aba’s Ariaria that focus is another important advantage market in Abia State, Kano Kurmi Market in of running a small business, the focus of Kano State, and Onitsha market in Anambra the operators is relatively narrow, and State all consist of clusters of mostly nano, this appears to be a good trait. While large micro, and small businesses with huge enterprises have to search far and wide economic engagements, however without for opportunities, small businesses tend to know exactly where they have the most much involvement by the government.

As it stands and relying on the National competitive advantage.

Therefore, with all these attributes a wellBureau of Statistics (NBC) report shows that the total number of enterprises in Nigeria was functioning small business sector would estimated at 41.5 million, spread out across add more value to the economic fortunes of the 36 states in the country. The breakdown the country, sustain livelihoods, and reduce further shows that microenterprises poverty by creating more job opportunities constitute a high 99.8% (41.4 million) of total in the economy than any other sector.

SMEs. The country enjoys a high presence of Furthermore, these attributes can also give small businesses and this form of business small businesses a competitive edge over predominates any other form of business in large corporate entities and can help shape the country. Why is that? The simple reason their success.

In conclusion, the government should get that comes to mind is largely due to the many advantages of being self-employed more involved in the growth, development, or having a small business. From a survey and sustainability of small businesses conducted amongst small business owners, within the country to reduce the high case independence is the key driver and this of mortality and non-performance. The gives the advantage to entrepreneurs to be Nigerian government needs to realize and their own bosses and be self-reliant. This recognize that small businesses are crucial VLQJXODU DWWULEXWH PDNHV WKH WRWDO ÀQDQFLDO WR MRE FUHDWLRQ HFRQRPLF GLYHUVLÀFDWLRQ gain (100%) to be that of the entrepreneur innovation, poverty reduction, wealth or the business owner. Small business gives creation, and income redistribution in their the operator total business control without policy-making activities. If this sector is well any form of dilution from external investors, harnessed in Nigeria it can be a huge catalyst which is a form of prestige for the operators in transforming the country economically according to the views gathered from the and reduce the high number of unemployed JUDGXDWHV 2Q D ÀQDO QRWH VPDOO EXVLQHVVHV survey conducted.

Without a doubt, this form of business is can be a great tool to reduce the increasing easy to set up and enjoys low or no serious unemployment rate in the country. regulatory requirements, unlike large Dr Olubiyi enterprises. In fact, it is usually made up is an Entrepreneurship and Business of one to three people, with even less than Management expert N50,000 initial capital outlay to operate.

FREDRICK NWABUFO argues that the leaders should reassess their priorities

CONVERSATION ON THE SOUTH EAST We must tread with circumspection. We the south-east. What are the guarantees? must follow reason. Why are we inclined The security agencies had succeeded to misadventures? Why are we not having in decimating IPOB. At the close of 2022, conversations on how the south-east can work security agencies had succeeded in with the federal government to improve the degrading the capacity of the insurgents infrastructural standing of the zone, and how to launch attacks, pulverising their camps, we can take advantage of the decentralisation and arresting their leaders. The insurgents of electricity; revive industries and inland were becoming but whispers in a noisy ports? Why are we lost in a jive of the mundane, concourse. Peace was returning at last.

ODPHQWDWLRQV ÀQJHU SRLQWLQJ EODPH VKLIWLQJ However, a wraith of fear hovered around and denial? the region – residents still observed the It is concerning that a section of the south- abominable sit-at-home every Monday. east is not, in the immediate, prioritising What some governors of the zone failed needed public ingredients and development to do at the time – on the success of the convenience for the zone. The dominating security interventions -- was to seize the interest appears to be securing the freedom PRPHQW DQG EXLOG UHVLGHQWV· FRQÀGHQFH LQ of Nnamdi Kanu, leader of the outlawed the capacity of the government to protect Indigenous People of Biafra (IPOB). A cluster of them. I recall Chukwuma Soludo, governor the region’s citizens seems to have abandoned of Anambra state, took initiative, seized elemental conversations of development the moment, and launched a campaign to critical to the growth of the zone for this lone UHWDNH FLWL]HQV· WUXVW DQG FRQÀGHQFH , VHH vocation in their entreaties to the government. this is what Peter Mbah, governor of Enugu It appears the priority item the south-east State, is doing now – with his public ban seeks is securing the freedom of Nnamdi on the ludicrous sit-at-home oppression.

Kanu. This is while other zones are having This is also what Ifeanyi Ubah, senator representing Anambra south, seems to be doing in Nnewi at the moment, with the campaign against the sit-at-home criminality.

The IPOB-hostage situation in the southeast will need, principally, the residents’ commitment, sincerity, and courage to break. A gang of routed insurgents cannot keep a people in its thrall in perpetuity.

When the people are willing to rise and break free; the troublers of the nation will retreat into the void.

Today, the insurgents are re-emerging from oblivion and defeat. On Monday, they reportedly attacked a public place in Ebonyi; on the same day, they were reported to have attacked a school in Enugu, where seminal conversations on how to mushroom they assaulted some pupils. What could be development. responsible for this resurgence?

At a time other zones are tabling critical The trenchant cry for the release of interest and matters pivotal to their Nnamdi Kanu could be emboldening his development, the south-east’s appears to be insurgents to seize the zeitgeist and press pursuing the solitary cause of securing the for the same demand in the language of freedom of a man whose industry led to the violence. To them, it is now a bounden brutal murder of many Nigerians, including duty; a righteous cause since prominent that of the husband of the late Dora Akunyili, citizens are demanding the same of the former minister of information, in the crimson JRYHUQPHQW 7KH\ IHHO MXVWLÀHG LQ WKHLU streets of Nkpor in Anambra. actions. It is a tightrope to walk.

Conversations on the south-east in the It is disturbing that the leader of IPOB past eight years have not changed. It is a new whose hands are darkened by guiltless administration, but the same conversations blood is being framed as a victim who is have been reacquainted and sounded as unjustly held by the government.

WKH FRPPDQGLQJ DQG GHÀQLQJ PRWLI RI WKH It is important for us as a people to renext four years. When are we going to start assess our priorities. If the overarching discussing the fundamentals of development priority of the south-east is to secure the as they relate to the zone? freedom of Nnamdi Kanu; then so be it. I Some say the release of Nnamdi Kanu will am only but a voice calling for reason, tact, bring peace to the south-east. How could this DQG GHHS UHÁHFWLRQ RQ RXU FKRLFHV be? Is this the only option for peace? Seeking There are items I believe should be of peace on bended knee? But we forget that Kanu top priority at this time for the zone – was released at a time with guarantees from particularly infrastructure. Again, how do prominent Nigerians from the south-east and we take advantage of the decentralisation traditional rulers from the zone, but he reneged of electricity? How do we bring back the on all pledges after his release and unleashed a industries – as over 60 percent of them have monstrosity of evil belched from the bowels of shut down in the zone? The railways? The hell on the people. inland ports? How do we work with the It is important to pursue peace, but it is federal government to improve the general more important to pursue it from the bearings infrastructure of the south-east? of strength. It is injustice to those killed, and My advice is that we must tread with those still being killed to seek the release of the circumspection on this matter. progenitor of the barbarism while their blood still colours the ground red. Really, I doubt that Nwabufo the release of Nnamdi Kanu will bring peace to is a media executive

26 4

T H I S D AY

MONDAY JULY 10, 2023

EDITORIAL

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

JAMB, EJIKEME AND MATTERS ARISING Examination malpractice erodes the quality of our human capital

I

n the midst of the controversy surrounding -R\ 1PHVRPD (MLNHPH·V 8QLÀHG Tertiary Matriculation Examination (UTME) result, former Aviation Minister, Osita Chidoka had called on Ejikeme to “come clean and explain how she got that result and who led her down that path,” The panel of enquiry established by Governor Chukwuma Soludo last week agreed with him. Ejikeme, according to the panel, manipulated her score to read 362 instead of 249 thus vindicating the Joint Admissions and Matriculation Board (JAMB) on the issue.

The Anambra panel has recommended that Ejikeme should undergo psychological counselling and therapy considering the stout defence she put up for what she knew to be a fraud. In a society where high SXEOLF RI ÀFLDOV FODLP laurels they have not earned, there should be no surprise with what we are confronted with. But, as Chidoka also suggested, there is need to dig deeper to ascertain if there are other actors who may have aided the young girl on the ignominious path. Regrettably, while forgery should have no place in a nation’s education sector, that is what obtains today, especially in many of our schools. What should therefore not be lost in this controversy is that there is a sense in which a nation is as good as the quality and integrity of its institutions.

We must commend JAMB for their position on this issue which started by challenging the result paraded by Ejikeme. Claiming it stopped using the print-out currently being paraded by the candidate in 2021, JAMB announced the withdrawal of Ejikeme’s result and barred her from sitting for the examination for three years.

It also stands to reason that she has now forfeited WKH 1 PLOOLRQ VFKRODUVKLS RͿHUHG E\ ,QQRVVRQ

Motors.

Without prejudice to whatever action the authorities may want to take on this criminal matter, especially to deter others, one major proof of the downward slide in the country is the growing cases of examination malpractices. Recent media reports have shown that the vexatious issue, rather than abate, has been on a steady increase.

Today, rather than read their books and prepare adequately for exams, many students at various levels look for every opportunity to cheat. It is even more disheartening to know that some parents connive with their children and school authorities to perpetrate this social malady.

Examination malpractice portends great danger to the quality of our human capital and by extension, our workforce.

To curtail this malaise at practically all levels of our education, there is a need for a thorough overhaul, including in tertiary institutions. The incessant strikes by the lecturers, the paucity of research materials and well-stocked libraries appear to pre-dispose many students to cheating to pass their examinations.

The over-reliance and dependence on paper TXDOLÀFDWLRQV VKRXOG DOVR EH GH HPSKDVLVHG while vocational and entrepreneurial training should be encouraged.

The case of a candidate forging JAMB score has only highlighted how deep-rooted the challenge is. We recommend re-orientation through sustained enlightenment programmes to bring about a paradigm shift in the consciousness of Nigerians and to precipitate the return to the days when academic excellence and hard work were rewarded just as sloth and mediocrity were punished. But in the main, we must recognise that the malaise of examination malpractices is a national shame that requires the involvement of all stakeholders to eradicate.

We must recognise that the malaise of examination malpractices is a national shame that requires the involvement of all stakeholders to eradicate 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 SURVIVING THE HARD TIMES IN NIGERIA

With a poignant and timely alarm raised by the Emir of Zazzau as part of his Sallah message, in August 2019, one would have thought that Nigerians would be smiling by now. But are we? The answer is obvious. On 12th December, 2021, Dr. Zainab Sulaiman, a young Nigerian medical doctor and counselor had this to say: “Nigeria has been faced with ruinous problems of late, but what posits as the height of it all is the unbearable hike in prices of food commodities. The unbearable cost of IRRG SULFHV KDV QRZ PXWDWHG LQWR D PDMRU WKUHDW WR WKH HͿRUWV of the government in ameliorating humanitarian crisis”. $V DW 1LJHULD·V LQÁDWLRQ VRDUHG WR D IRXU \HDU KLJK RI more than 18%. That was according to the National Bureau of Statistics (NBS). The World Bank Report as of April 2021, stated WKDW ´WKH LQÁDWLRQ UDWH ZDV WKH KLJKHVW LQ IRXU \HDUVµ KLJKlighting the issue of food prices, which accounted for over 60 SHU FHQW RI WKH WRWDO LQFUHDVH LQ LQÁDWLRQ Succinctly put, Nigeria’s economic growth as at 2021 was ´EHLQJ KLQGHUHG E\ IRRG LQÁDWLRQ KHLJKWHQHG LQVHFXULW\ XQemployment and stalled reforms”. And the World Poverty Clock reported then that at the latest count, Nigeria had 43 percent of its population, or about 90 million people living below the poverty line of less than $1.90 per day.

Let us fast forward to 2022. According to the World Bank report, with the title: “A Better Future for All Nigerians: Nigeria Poverty Assessment (2022)” the factors responsible for this include sluggish economic growth, low human capital and laERXU PDUNHW ZHDNQHVVHV $QRWKHU VLJQLÀFDQW IDFWRU KLJKOLJKWed as arresting Nigeria’s poverty reduction back is the exposure to shocks.

With regard to the report, as many as four in 10 Nigerians lived below the national poverty line. That was in March 22, 2022. But over a year later, in June 2023, the situation has been worsened by the recent removal of fuel subsidy without apSURSULDWH EXͿHUV DV FXVKLRQLQJ SDOOLDWLYHV IRU WKH RUGLQDU\ 1Lgerians. The pump price of fuel has skyrocketed from N189 per litre to N500 per litre!

This has snowballed into soaring costs of transportation, food items and other consumables. As at December 2022, the LQÁDWLRQ UDWH ZDV SHUFHQW EXW E\ -DQXDU\ LW URVH WR 21.82 percent. It jumped again to 22.22 per cent in March, 2023 and 22.04 as at April, 2023.

Not left out of the poverty conundrum is the proposed introduction of tuition fee for federal-government-owned tertiary institutions, including universities, polytechnics, and colleges

of education. Despite the President Tinubu-led administration coming up with the Student Loan initiative, many families across the country are still not smiling.

One is seriously pained that the type of democracy we currently run has put many more millions of Nigerians deep into what one calls preventable poverty. It would be recalled that in 2021 the then President Muhammadu Buhari during his speech on Democracy Day claimed that “In the last two years we lifted 10.5 million people out of poverty – farmers, smallscale traders, artisans, market women and the like”. But the World Bank refuted his statement with empirical evidences, barely three days after he made the speech. The important message this brings to the fore is that you can no longer deceive the world in a globalized economy.

Making matters worse is that a rise in joblessness has left a third of Nigeria’s workforce unemployed at the end of 2020, according to the NBS. Even those on paid employment are not smiling. For instance, the cost of food items such as rice, beans, banana, yam, cassava have risen astronomically.

Ayo Oyoze Baje, Lagos

T H I S D AY ˾ MONDAY, JULY 10, 2023

27

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

J U L Y

S & P INDEX

7 , 2 0 2 3

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%

Banks Make Provisions as Customers’ Claim Via Litigations Hit N4.1tn

Kayode Tokede As customers intensified settling their disputes with Nigerian banks in courts at home and abroad, a total of nine banks in 2022 were exposed to various lawsuits worth over N4.1trillion as against N3.61 trillion in 2021.

According to the banks’ audited result and accounts for year ended December 31, 2022, the litigations are related to alleged errors, omissions, and breaches of agreement.

The 10 banks are Guaranty Trust Bank Holding Company Plc (GTCO), Zenith Bank Plc, United Bank for Africa (UBA) Plc, Union

Bank of Nigeria Plc, and Fidelity Bank Plc. Others are Sterling Bank Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc and Wema Bank Plc. However, the banks insist that the actions are being contested stressing that they are of the opinion that none of the aforementioned cases is likely to have a material adverse effect on them.

Despite insisting that the litigations instituted by their customers will not have any impact on their financial positions, the banks are making provisions.

THISDAY analysis of the banks’ 2022 audited result and accounts revealed that Union

Bank of Nigeria has the highest litigations among the mentioned banks, while Fidelity Bank has the lowest amount instituted by its customers against the lender.

Union Bank of Nigeria as of the 2022 financial year litigations stood N1.497trillion from N1.98trillion in 2021.

UBN, one of the oldest banks in Nigeria explained that among its litigations is a case instituted by a claimant in 2012 against it, the Central Bank of Nigeria (CBN), the Minister of Finance and the Attorney General of the Federation (AGF) in which the Federal High Court (FHC) gave judgement in 2014 against the defendants jointly

and severally and ordered them to, among others return the claimant’s foreign capital amounting to £2.56billion which was allegedly deposited with the Bank through a Barclays bank cheque for this amount and of which a substantial part was allegedly transferred to the CBN. Union Bank, which was acquired

by Titan Trust Bank Limited (TTB) in its 2022FY stated that, “Out of the total face value of the Barclay’s Bank cheque, the Bank was directed to pay £396.8million with interest at 21 per cent per annum from 1994 up till the liquidation of the judgement debt. As at the reporting date, the Naira equivalent of the

total judgment debt awarded directly against the Bank was N1.495trillion.

“In 2018, the Court of Appeal dismissed the Bank’s appeal against the judgement of the FHC and a further appeal was filed to the Supreme court. While the Bank’s appeal was pending before the Supreme Court, its application for leave to amend its notice of appeal, to appeal on grounds of mixed law and fact and to extend time to apply for leave was dismissed. The Bank subsequently filed another application seeking the leave of the Supreme court to appeal the judgement of the lower court.

“On December 22, 2021, the

Supreme court unanimously granted leave to the Bank to appeal the judgement of the Court of Appeal and to file its Notice of Appeal. The bank file an appeal on the 5 May 2022, but the court is yet to fixed a date for hearing after initial adjournment. The Bank has complied with the ruling of the Supreme Court by filing its Notice of Appeal and Appellant’s Brief within the time stipulated in the ruling. Hearing of the substantive appeal is expected to be scheduled once the arguments of the parties have been filed.”

The story continues online on www.thisdaylive.com

Nigeria’s Food Import Bill Hits N7.8tn in SixYears Gilbert Ekugbe Despite being touted as the food basket of Africa, Nigeria has spent over N7.8 trillion in the past six years on food import, THISDAY findings has revealed.

The staggering sum, experts say, is a clear demonstration that the Nigerian government is yet to put the nation on the right path of eradicating hunger by 2030 as stipulated by the United Nations Sustainable Development Goals (SDGs).

According to the National Bureau of Statistics (NBS),

over N1.9 trillion worth of food imports business transactions were conducted in 2022 as against the N2 trillion expended on food importation in 2021.

In 2020, the country imported N1.2 trillion worth of agricultural products and imported over N959 billion food products in 2019.

Nigeria also imported N857.6 billion and N886.8 billion worth of food products in 2018 and 2017 respectively.

To address this challenge, the former President, Federal Republic of Nigeria, Muhammadu Buhari, launched the Anchor Borrower

Programme in 2015, with aim to empower farmers with funds and essential inputs to boost their productivity.

The beneficiaries of ABP are smallholder farmers and medium to large-scale farmers engaged in the production of agricultural commodities across the country.

Meanwhile, Nigeria’s food import bill has been on the rise in recent years. In 2022, a total of N1.9 trillion worth of food products were imported into the country. The value of food imports in the second quarter of 2022 stood at N464.45 billion, showing an increase when

compared to the value recorded in the previous quarter.

According to a report by the Central Bank of Nigeria (CBN), Nigeria’s food import bill jumped by 45 per cent to $2.71 billion (N1.12tn) in 12 months.

The rise in food prices in sub-Saharan Africa, is partly due to global factors, as the region imports most of its top staple foods.

The high food import bill is a concern for Nigeria’s economy. The country has a large agricultural sector, and there have been efforts to boost local production to

reduce the dependence on food imports. However, factors such as inadequate infrastructure, insecurity, and climate change have hindered progress in the sector.

The National president, All Farmers Association of Nigeria (AFAN), Kabir Ibrahim believe the ABP failed because it did not target the real farmers.

“You can actually see the colossal failure in terms of the scheme. I am sure they do not even have the total number of beneficiaries of the ABP. Even the rice people, the leaders were

eating up the loans, it was not as if the farmers were even getting the loans. I am not sure that up to 20 per cent of the loans have been paid back,” he said.

He added that the Commercial Agriculture Scheme (CAS) loan under the former CBN Governor, Charles Soludo, was successful in terms of payment because the participating banks had a commitment with CBN and were also responsible for the collection of the loans under the scheme.

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT F R I D AY, J U LY 7 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) July 7, ^13.53 23105.23 10.10 -0.01 2023 MAR-2025 ^12.50 22July 7, 104.14 10.59 0.00 2023 JAN-2026 ^16.2884 July 7, 112.27 12.06 0.00 2023 17-MAR-27 ^13.98 23July 7, 104.58 12.63 0.63 2023 FEB-2028 ^14.55 26July 7, 109.77 12.14 0.00 2023 APR-2029

BILLS MATURITY

Discount Yield

Change (%) Updated Time

MATURITY

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

6.03

July 7, 0.00 2023

NTB 7-Dec23

JULI CP II 25OCT-23 ZEDC CP I 17-NOV-23 NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23 NSDL CP IIB 23-NOV-23

6.07

6.03

6.09

5.09

5.17

5.27

5.37

5.64

5.78

OTC F X F U T U R E S

CPS

July 7, 0.00 2023 July 7, 0.00 2023 July 7, 0.00 2023 July 7, 0.00 2023

Discount Yield

Change (%) Updated Time

17.72 18.72

July 7, 0.57 2023

15.40 16.31

July 7, 0.42 2023

19.43 20.96

July 7, 0.39 2023

12.15 12.74

July 7, 0.39 2023

19.41 20.95

July 7, 0.39 2023

CONTRACT Current Updated Time TENOR Contract Rate ($/₦) (MONTH) July 7, NGUS JUL 1 892.95 31 2024 2023 July 7, NGUS AUG 2 905.96 28 2024 2023 July 7, NGUS SEP 3 916.80 25 2024 2023 July 7, NGUS OCT 4 927.64 30 2024 2023 July 7, NGUS NOV 5 938.48 27 2024 2023

28

MONDAY, JULY 10, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Development Bank Reaffirms Commitment to MSME Devt Gilbert Ekugbe The Development Bank of Nigeria (DBN) has restated its commitment towards supporting Micro Small and Medium Enterprises (MSMEs) in Nigeria.

The bank stated that the move is a clear demonstration to MSMEs considering its role in creating wealth and job opportunities for the nation’s teeming unemployed youths.

The Managing Director and Chief Executive Officer, DBN, Plc, Dr Tony Okpanachi, at the second edition of its Techpreneur Summit, disclosed that the Techpreneur Summit was set up as a veritable platform which further underscores DBN’s commitment and support for MSMEs and to accelerate their growth.

“The DBN Techpreneur Summit serves as a melting point of ideas and innovation to accelerate the growth of MSMEs in Nigeria, and it affirms commitment to our core mandate as a wholesome bank dedicated to the MSMEs sector. This summit also

underscores the well-established fact of our commitment to continue to advocate for MSMEs. Therefore, we must continue to forge sustainable alliances that foster business sustainability as we seek more innovative ways to support small businesses to thrive,” Okpanachi stated.

The event also featured tech innovators, entrepreneurs, financial experts, and business growth strategists with experts and stakeholders advocating for increased leverage of digital innovation, financial inclusion, and sustainable partnerships to accelerate the growth of MSMEs in Nigeria.

He said by enabling MSMEs to access funding on non-commercial terms, DBN has been at the forefront of promoting financial inclusion for small businesses as a larger number of them are excluded by the traditional financial institutions due to stringent conditions attached to accessing credit facilities.

The guest speaker in his modified

topic, “Pursuing Great Purpose, Sustainable Impact and Partnerships for Tech Businesses”, asserted that the Central Bank of Nigeria’s (CBN) Naira design and cash swap in the first quarter of the year made it more imperative for MSMEs to embrace technology and innovation for their systems, product design, marketing, and transactions.

Akanmu, who noted that the socio-economic parity index still showed a wide gap between the rich and the poor, stated that the potential for small and mid-sized businesses to play a key role in bridging the gap was very huge if the right environment was created for MSMEs to grow sustainably.

He described as unhealthy the present ecosystem of fintechs and financial institutions focusing largely on commercial businesses and concentrating on cities to the exclusion of sectors that could impact real growth such as MSMEs and the unserved populations in rural communities, urging them to widen their social impact.

Mota-Engil Targets 2025 for Completion of Kano-Maradi Rail Gilbert Ekugbe Contractors of the Kano-Maradi railway project, Mota-Engil Nigeria Limited has stated the 400 kilometres railway line would be completed by 2025.

Speaking to journalists while taking delivery of the over $200 million heavyduty equipment to be deployed for the rail project, the company’s Logistics Manager, Mr. Nuno Colaço, said construction of the rail project has commenced even as over 300 Nigerians have been employed with a projection to hit 100,000 at the peak of the project.

He reaffirmed the company’s commitment to increased investment in Nigeria, pointing out that Nigeria is one of the countries on the continent with lots of investment potentials.

“We partnered Shoreline in 2018 to start investing in the country. We have been awarded

the Kano-Maradi railway project, which is an investment of $2 billion and 400 kilometres coming from Dutse all the way to Maradi in Niger Republic. We had to buy a lot of equipment and we believe in the state-of-the-art equipment and brand new equipment,” he said.

“We have lots of projects in the pipeline and we are very excited about the future here in Nigeria. Shoreline has 51 per cent while we have 49 per cent. Our core business is in construction, but not only railway, but civil construction, we build dams, roads. We are in all the segment of construction. We have already started the Kano-Maradi railway line.

According to him, the acquisition of the equipment is a strategic investment for the present and for the future. He further stated that the project is not only a landmark for the

development of the railway infrastructure in Nigeria but also for the whole of West Africa.

Also speaking, the Customs Controller of Tin Can Island Command, Mr. Adekunle Oloyede, said there has been a decrease of cargo throughout the ports lately and expressed his delight at the sheer size of the Mota-Engil import, saying that it is evident that the Nigerian economy is on the rebound.

MOTA-ENGIL had also, last month, taken delivery of some equipment which have been dispatched to their various project sites.

Some of the latest arrivals include wheel loaders, backhoe Loaders, crawler excavators crawler excavators medium lift, crawler excavators heavy lift, truck mounted concrete pumps, concrete mixer trucks and telehandlers.

Harnessing Power of Voluntary Contributions to Achieve Stable Retirement Incomes for Workers Saving for retirement has become increasingly crucial as people lead more active lives during their retirement years. In Nigeria, the Contributory Pension Scheme (CPS) has played a vital role in enabling individuals to plan effectively for retirement. The pension reform in the country aims to establish a sustainable system that ensures a stable, predictable, and adequate source of retirement income for every Nigerian employee.

To achieve this goal, PenCom introduced the concept of Voluntary Contributions (VC), providing workers with the opportunity PENCOM DG, Aisha Dahir-Umar to increase their retirement income. those under the CPS who rejoin service VC allows employees to make additional on contract. Additionally, workers in the contributions beyond the mandatory private sector belonging to Closed Schemes contributions set by law (10 percent from or Approved Existing Schemes can also employers and 8 percent from employees). make Voluntary Contributions.

Highlighted below are some of the benefits of Voluntary Contributions: HOW TO MAKE VOLUNTARY

Experts Seek Collaboration to Make Agribusiness Sustainable ENHANCED ACCUMULATION CONTRIBUTIONS Eligible individuals should notify their Raheem Akingbolu The International Institute of Tropical Agriculture (IITA) and partners have advised stakeholders in the agro-industry to collaborate, invest and empower youths to make the sector economically viable and productive.

This was the primary submission at the agribusiness investors network organized by the Innovative Youth in Agriculture (I-Youth) held at the Ecobank Headquarters in Lagos.

In his welcome remarks, Deputy Director, General Partnership for Partnership and Delivery, IITA, Ken Dashiell, noted that it has become imperative for stakeholders to work together to empower the youth in transforming Nigeria’s Food

system. Dashiell said government and other developmental partners must begin to put the right policies and programs in place to attract the youth into agriculture.

In his keynote address, Nigeria’s former president, Olusegun Obasanjo, who is also an ambassador of IITA, said that a concerted effort must be made to ensure that the funding gap in agribusiness is bridged, adding that financial institutions, investors and entrepreneurs must collaborate.

Obasanjo noted that the sector must be attractive for the youth, saying no serious entrepreneur would be interested in seeking a double-digit loan.

Also speaking, the Managing Director and Regional Executive of Ecobank Nigeria, Mr Bolaji Lawal, explained that the bank

is committed to supporting any investment that will stimulate the growth of Nigeria’s economy and transform the opportunities in Nigeria into business and empowerment for the youth.

A beneficiary of the I-Youth project, Areo Evelyn, the Chief Executive Officer of Farm2Fill Enterprises, stated that participating in IITA’s training program greatly impacted her entrepreneurial journey as she now offers a variety of agriculture produce to local and international markets.

Executive Manager, I-Youth Project, Aline Mugisho, who spoke on ‘De-Risking Agro-Industry Investment,’ emphasized the need for stakeholders to work together to demystify the agricultural sector’s myth around profitability, sustainability, and growth.

OF PENSION SAVINGS

Voluntary Contributions enable individuals to rapidly build up their pension savings during their working years, helping them meet their retirement income goals.

Employees can determine the level of contributions required to reach their target income at retirement. Those with specific income targets can seek advice from their Pension Fund Administrators (PFAs) or utilize the “pension calculator” available on most PFAs’ websites.

FLEXIBILITY IN MAKING CONTRIBUTIONS Voluntary Contributions offer contributors the flexibility to decide the amount and frequency of their contributions. Contributions may be made monthly, quarterly, bi-annually, or annually. Contributors can start and stop their contributions at their convenience, and increase or reduce the amount as needed.

Sanlam Nigeria Promotes Financial Inclusion with New Campaign TAX INCENTIVES Emma Okonji

Sanlam Nigeria recently launched the #ProudMoments campaign to herald a fresh approach to deepening financial inclusion and aid the appreciation for insurance services across businesses and for individuals.

The campaign, with visuals shot in location in Nigeria, centres on the need to protect the things that matter through insurance. It advocates resilience and grit as critical ingredients required to

achieve success. The creative delivery highlights a clear theme around celebrating genuine success whether personal, professional or organizational while emphasizing the need to put in place adequate protection for same.

During the launch in Lagos, the Managing Director/Chief Executive Officer Sanlam Life Insurance Nigeria, Mr. Tunde Mimiko, restated the company’s commitment to promoting well-intentioned living that encourages success stories and

celebrates individuals who are constantly challenging themselves to promote a healthy, vibrant and secure future.

In his remarks, the Managing Director/Chief Executive Officer of Sanlam General Insurance, Mr. Bode Opadokun, reiterated Sanlam Nigeria’s continuous efforts at celebrating individuals’ achievements and successes, connecting its drive to creating an environment that appreciates lasting impact and legacy through insurance.

Voluntary Contributions can lower workers’ overall tax liability since they are deducted from salaries before PayAs-You-Earn (PAYE) tax. This is unlike regular savings, which are taxed afterward.

Additionally, if individuals withdraw their VC after five years, no tax will be applied to the amount withdrawn.

INCLUSIVITY Voluntary Contributions are available to workers, including retirees under the defunct Defined Benefit Scheme (DBS) and

employers in writing about their intention to make Voluntary Contributions, specifying the desired amount to be deducted. However, the amount cannot exceed 1/3 of the employee’s monthly salary, in accordance with the Labour Act of 1990. Employers are responsible for remitting the Voluntary Contributions to the employee’s Retirement Savings Account (RSA). Failure to remit the contributions after deductions will result in penalties, as outlined in Section 11 (7) of the Pension Reform Act (PRA) 2014. It’s important to note that tax will be deducted from the accrued interest or principal and interest upon withdrawal if the contributions are less than 5 years old.

All Voluntary Contributions are managed by PFAs and held in custody

by Pension Fund Custodians (PFC). The PFAs invest and manage the Voluntary Contributions in strict compliance with the regulations issued by PenCom governing pension funds and assets. Furthermore, in compliance with the Money Laundering Act (MLA) 2011 and requirements from the Nigerian Drug Law Enforcement Agency (NDLEA), any single Voluntary Contribution lodgement of N5 million and above must be reported by the PFC. Individuals interested in making Voluntary Contributions should visit the PFAs in person or their websites to obtain the requirements to initiate voluntary contributions. By harnessing the power of Voluntary Contributions, Nigerian employees can secure a stable income at retirement.

T H I S D AY ˾ MONDAY, JULY 10, 2023

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BUSINESSWORLD

NEWS

L-R: Executive Director, SWEEP Foundation, Ambassador Phillips Obuesi; Corporate Affairs and Sustainability Director, Nigerian Bottling Company (NBC) Ltd, Oluwasoromidayo George; Deputy Vice Chancellor, Management Services, University of Lagos (UNILAG), Professor Lucien Obinna Chukwu; Director, Public Affairs, Communications, and Sustainability, Coca-Cola Nigeria, Nwamaka Onyemelukwe; Packaging Recovery Manager, NBC, Idris Adetola; and Unilag Project Lead, Green Eco Hub, Dr Ganiyu Adelopo, at the unveiling of the Green Eco Hub in collaboration with NBC on sustainable plastic waste management at University of Lagos… recently

FBN Holdings Market Cap Gains N116.66bn in One Week Kayode Tokede The market capitalisation of FBN Holdings Plc, last week appreciated

by N116.66 billion following the 4,770,269,843 shares bought by a former Chairman of the bank’s board, Oba Otudeko.

The Holdings’ market capitalisation moved to N728.67billion when its stock price closed last Friday at N20.3 per share from N612 billion, when its stock price was at N17.05 per share the previous week.

The N20.3 per share price of FBN Holdings is the highest so far in 2023 and an all-time high since becoming a Holdings.

The stock price of FBN Holdings has gained 86.2 per cent as of July 7 when it opened for trading this

year at N10.90 per share.

The shares, which Otudeko bought at N19 per unit, are the largest volume of First Bank shares traded in a single day since 2012, when the stock exchange started publishing data. The acquisitions raised his shareholding to 14 per cent of the bank’s outstanding market value.

The acting company secretary, FBN Holdings, Mr. Adewale Arogundade in a signed statement on the NGX disclosed that its received notification from Honeywell Group Limited that its affiliate, Barbican Capital Limited has acquitted an aggregate of 4,770,269,843 units of shares from the company’s issued share capital of 35,895,292,792 as of July 7, 2023.

He added that, “Based on the

foregoing the equity stake of Barbican Capital Limited in the company is 13.3 per cent.”

The Central Bank of Nigeria (CBNN) in 2021 removed Oba Otudeko as chairman and sacked the board of the bank.

However, a “disclosure of

shareholding” sent to the Company Secretary, FBN Holdings and dated July 7, 2023, by the Head of Governance and Sustainability at Honeywell Group Limited, Yewande Giwa, stated: “We write on behalf of Barbican Capital Limited, an affiliate of Honeywell

Group Limited and refer to the provisions of Sections 119 and 120 of the Companies and Allied Matters Act 2020 (as amended).

“In addition to the previously disclosed interests by Honeywell Group Limited’s affiliates, kindly take this as notification that, as

of 7th July 2023, Barbican Capital Limited has acquired an aggregate of 4,770,269,843 shares in FBN Holdings Plc.” Otudeko, who was chairman of FBN Holdings until 2019, is making a swift comeback to become the single largest shareholder.

Cadbury Initiates Academy to Groom Music Creatives

Raheem Akingbolu

TomTom Candy, Nigeria’s favourite menthol brand, under Cadbury Nigeria Plc (a subsidiary of Mondelez International), has launched Breathe Academy, a learning platform for music creatives and enthusiasts.

The launch event, which took place

recently in Lagos, featured music performances from up-and-coming artistes, a live demo of the web platform, and a Q&A section.

The platform was officially launched by the Managing Director, Cadbury West Africa, Oyeyimika Adeboye. In attendance were representatives from Cadbury West

Africa, experts from the music and entertainment sector, and young music enthusiasts.

Oyeyimika Adeboye, affirmed the company’s commitment to supporting young people in making a success of their creative inclinations. “TomTom is not just a refreshing mint candy, but a brand that recognises its social

responsibility, with visible impact.

Breathe Academy is an investment

by Cadbury Nigeria Plc as our commitment to nurturing the next generation of music-industry trailblazers. We are ecstatic to provide a platform that not only imparts knowledge, but also fosters creativity, community, and success.”

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BUSINESSWORLD

INTERVIEW

Building A Nation ItuahIghodalo

THE NIGERIA PROJECT CHALLENGE he biggest challenge in Nigeria today is getting the right people in government and that has to be the focus for every one of us. Government is extremely powerful; it is widely said in Nigeria that after God it is government.

The problem with Nigeria today is that a lot of people cannot even identify what a good government looks like because they’ve never had one and they have never read stories that tell them what one should look like. So, committed thought leaders and citizens who are responsible, ethical, and accountable need to redirect citizens to what a good government and a good, responsible, ethical, and accountable leader should be.

Nigerians have accepted corruption in politics and government as a way of life. As committed

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leaders and responsible, and active citizens, we must not accept corruption in politics and government in Nigeria, and across Africa as the order of the day. The Nigeria Project, therefore, needs people who will challenge the following: 1.

The challenge of a change of our constitution and making sure that the constitution helps the restructuring of Nigeria.

2.

The challenge of having a constitutional conference where we come together as Nigerians to discuss the formation of this country and its existence.

3.

The challenge of Building Peace and Reconciliation across all ethnic divides to help prevent potential national conflict.

4.

The challenge of championing education and making sure that we have all 20 million out-of-school children back in school.

5.

The challenge of fighting

Warehouse24 Unveils eCommerce Platform for Consumers Raheem Akingbolu A digital wholesale marketplace, Warehouse24 has announced the launch of its eCommerce platform, aimed at revolutionising the way bulk buyers procure high-quality products in Nigeria.

According to a statement, the platform would address the key challenges faced by the Nigerian wholesale industry.

The statement read partly, “Traditionally, retailers

seeking to procure goods for resale at wholesale prices have encountered significant hurdles. They are required to physically visit major markets where they are at the mercy of middlemen who inflate prices. The lack of standardised bulk prices further exacerbates the problem, resulting in overpayment for goods purchased in bulk.

“Warehouse24’s eCommerce platform provides a comprehensive solution to these challenges by

offering a centralised and efficient wholesale shopping experience for Nigerian bulk buyers.”

“Key features and benefits of the platform include a Centralised Wholesale Platform which would consolidate hundreds of verified manufacturers and wholesalers onto a single, user-friendly platform.

Retailers will be able to gain access to a vast array of highquality products, eliminating the need to physically visit multiple markets.

corruption and making sure that leaders use Nigeria resources to better the life of Nigerians and not themselves.

6.

The Challenge of having a free and fair election process and ensuring that the agency saddled with the responsibility is transparent, accountable, and reflects the will of the Nigerian people.

Every responsible and active citizen and leader can check and choose their own challenge and be ready to keep working at it to the end, it is when we have citizens and leaders contributing in different ways to address these challenges that we can finally say we have a Nigeria that is very strong with active citizens united in purpose to make Nigeria a better place.

At Africa Leadership Group/Nigeria Leadership Series, we believe that addressing these challenges requires policy changes, and adopting a transparent system of government with elected leaders at every

level who are committed to citizens’ engagement and accountability. Commitment to inclusive, and equitable society including improved conflict resolution, peacebuilding, and effective diversification of resources for sustainable development. What we need are servant, and value-driven leadership; empowerment, and unleashing of our youth and women’s individual and collective energies; passion, and capabilities for nation-building.

Nigerian problems require Nigerian solutions and there are more than enough talent and resources out there that will make Nigerians available to solve Nigeria’s problems. We need to have discussions with Nigerians at home and in the Diaspora, and the private sector. We also welcome the international community interested in partnering with Nigeria without any hidden or self-service agenda. t*UVBI*HIPEBMP JT UIF 1SFTJEFOU 'PVOEFS PG "GSJDB -FBEFSTIJQ (SPVQ

NGX: We are Working With Stakeholders to Reduce Settlement Cycle Kayde Tokede Due to the current reforms and competition among exchanges in global financial markets, Nigerian Exchange Limited (NGX) has revealed that it is working assiduously with the Central Securities Clearing System (CSCS) Plc and other stakeholders to reduce the settlement cycle from T+3 to T+1 over the next few years.

This was even as the Exchange said it will continue to seek and explore the use of advanced technological tools such as Straight Through Processing (STP) of equity transactions to enhance transparency in the Nigerian capital market (NCM).

The Divisional Head, Capital Markets, NGX, Jude Chiemeka stated this during the virtual NGX Retail Workshop themed; STP of Equity Transactions, organized in collaboration with Central Securities Clearing System (CSCS) Plc and United Capital in Lagos.

Chiemeka, while commending CSCS and United Capital, explained that the equities market is constantly evolving and it is imperative that the Exchange keep up with the latest trends and technologies to ensure that as a platform provider, it provide investors the best possible service.

According to him, STP is a mechanism that automates the end-to-end processing of transactions of financial instruments and also provides a means of electronically capturing and processing transactions from the point of first deal to final settlement.

Citing examples of how well STP worked in other climes, Chiemeka said that STP which was launched in India last year with a settlement cycle of 15 days, now has a cycle of 2 days, “thus putting the India capital market in the elite group of advanced markets of the world while adding that the NGX is working assiduously with the CSCS

and other stakeholders to reduce the settlement cycle from T+3 to T+1 over the next few years.”

Giving insights on the benefits of STP, the Regional Head, Business Technology and Digital Innovation at CSCS, Tobe Nnadozie, said that the mechanism will create seamless settlement for investors and help to get real time enterprise Know-Your-Customer (KYC) integration.

On her part, Digital Channels and Partnerships lead at United Capital Securities, Martha Ehizele, the STP mechanism will help in bringing youths (especially those who are not investing) to the capital market.

The Head, Investor Service Product Management, Transactional Products and Services at Standard Bank Group, Hari Chaitanya, said the STP is quick and allows investors to have easier access to wide range of products, mitigate risks and reduces cost of operating in the market.

Heineken Rolls Out Global Campaign to Commemorate 1 5 0 t h A n n i v e r s a r y

Raheem Akingbolu

Heineken, one of the world’s most recognised beer brands, is marking its 150th anniversary with an unconventional celebration of the many ways the brand has been nicknamed, misspelled or mis-served over the years.

According to the management of Nigerian Breweries, the celebration is to showcase how good times and sparking true connections over a beer are, in the end, what matters most.

To celebrate this milestone anniversary, the brand is putting good times front and centre of its global birthday festivities.

At a press conference in Lagos to announce plans for the anniversary, Portfolio Manager – Premium, Sessionable & 0.0 Lager, Nigerian Breweries Plc, Sampson Oloche, said, “In celebration of our 150th

anniversary and our deep ties to Nigeria, we have exciting plans specifically designed for our Nigerian consumers.

“We will be organising events in key cities across the country, where our valued consumers can come together and experience the true essence of gezelligheid.

These celebrations will showcase the vibrancy of the Nigerian culture, featuring live music, entertainment, and unforgettable moments that capture the spirit of Heineken.

“But that’s not all.

We are also planning massive rewards for our loyal consumers, media partners, distributors, and retailers who have been instrumental in our journey.

We recognize and appreciate their unwavering support, and we want to celebrate them by offering exclusive experiences, exciting prizes, and special recognition for

their contribution to our success.”

Managing Director and Chief Executive Officer, Nigerian Breweries Plc, Hans Essaadi, said: “As we celebrate the 150th anniversary of the Heineken brand, we remain committed to strengthening our presence in Nigeria and continuing our journey of fostering positive change.

“We look forward to building on our legacy and creating more opportunities for growth, collaboration and shared moments of joy with Nigerians. To express our gratitude to our loyal fans and consumers in Nigeria, we will be unveiling a series of anniversary celebrations, kicking off this July 2023. These events will be a demonstration of our commitment to spreading the spirit of good times and embracing the gezelligheid lifestyle that Heineken represents!”

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T H I S D AY ˾ MONDAY, JULY 10, 2023

HOMES&DESIGN

Atlantic Edge, a Premium Property Rocks Ikoyi Atlantic Edge is a fine piece of real estate that exudes luxury in the extreme. This property is designed and rendered for classy clients who desire to live large in a huge interior, including space and facilities. Bennett Oghifo writes

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tlantic Edge, an incredible masterpiece, is located in a choice axis of Mojisola Onikoyi Estate, Ikoyi, one of the most sought-after locations in Lagos.

It is a gated community with restricted access and enhanced security. The community boasts top-ranking, highnet-worth individuals. Surrounding neighbourhoods include Banana Island, Shoreline Estate and Park View Estate.

Atlantic Edge overlooks Shoreline Estate with breathtaking views of Five Cowry Creek and IkoyiLekki Link Bridge.

Having an unconventional design, Atlantic Edge is the creation of a perfectionist with an eye for details who spared no expense in its rendition. This exquisite building is wired for a complete smart home experience.

The building stands elegantly with the full block offering eight exclusive luxury units of different forms, including a onebedroom apartment on the first floor. The second and third floors comprise four three-bedroom apartments, two on each

floor with a BQ each; two typical four-bedroom maisonettes are on the fourth and fifth floors with a guest room and a BQ; and a double volume penthouse- on two floors with two BQs, three family lounges.

There is a suspended swimming pool with a pool shower and a lounge on the first floor. Also on the first floor is a fully equipped gym, drivers’ lounge, equipped for relaxation and overnight stay if necessary, and the facility manager’s office.

All the rooms have huge windows and equally large external slide doorsthese are covered with double-glazed glass with great acoustic and thermal control effects.

There are boilers for hot water in all apartments in the building.

But the first part is the curtain to the ground floor which has a fine arrangement for parking — 18 spaces — and free movement of vehicles for all of the homeowners. Owners of three-bedroom apartments have

spaces for two cars. The maisonette has spaces for three cars, and the penthouse has three cars. These cars move unobstructedly into the parking spaces through the entry gate and exit through the out gate, at the side of which is a gatehouse.

The water treatment facility is tucked neatly at the back of the parking lot, and at another corner is the engine to pump water for the fire hydrants on all floors. Also on the ground floor is the generator house.

There are CCTV cameras in all public spaces and speakers everywhere for information and music. All rooms have air conditioners and chillers, and the engines are concealed in ventilated encasements with the exhaust water piped to an underground reservoir.

Movement from the car park to every floor is by means of an eight-passenger elevator in front and an easy-to-walk staircase at the back of the building. The staircase can function as an emergency exit and service. There is a subtle but

unmistakable access control within the building.

The penthouse is luxurious, with a large living room downstairs and three lounges upstairs. It has two BQs. It has a massive double-volume sitting room cooled with central air conditioning. There is a rare lavishness about the penthouse.

The kitchen is huge and has a regular room-size pantry. The bathroom is massive, and so is the walk-in wardrobe — a lady’s dream space. There is also a spacious, fully fitted kitchen in all the apartments.

The penthouse commands a 360-view of a good stretch of Lagos, including Banana Island, Victoria Island, the gentle movement of the Lagoon and the ever-busy Third Mainland Bridge.

The building has a dedicated electricity transformer and a distribution facility which supplies the building through an underground armoured cable- a neater arrangement. The road in front of the building will be paved with interlocking stones. Its side will be grassed and planted with beautiful flowers.

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MONDAY, JULY 10, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

Rewriting a Continent: Afreximbank at 30 Obi Tabansi Onyeaso

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midst our current national obsession with the musical chairs of appointments and the next policy pronouncement by President Bola Tinubu, the Nigerian media paid scant attention to a major gathering of Africa’s business leaders held in Ghana three weeks ago.

I am talking of the 30th Annual General Meetings of the African Export-Import Bank (Afreximbank), which held in Accra from June 18-21. The 4-day meeting was significant for a number of reasons. In the last ten years, Afreximbank has taken pole position in the race to rewrite the African narrative.

The choice of Ghana for this milestone anniversary celebration was not random. It was a homecoming of sorts. By virtue of its first president, Kwame Nkrumah’s fanatical advocacy for political union among newly independent African states in the 1960s, the country earned its place as the engine room of Pan Africanism.

As a movement, African pride, social resilience and global competitiveness are hardcoded into the heart of Pan Africanism.

Therefore, a well-rounded review of Afreximbank must incorporate the historical context of its emergence. First and foremost, Afreximbank is a child of necessity.

The multilateral financial institution was birthed from a realization that Africa was over-exposed to the capricious twists of global demand and supply, lacked the resources to exploit opportunities in its own backyard, and was over-dependent on a one-size-fits-all operating manual of international commerce ill-suited for its realities.

Although it saw the light of day a full three decades after the independence hurrahs of the early sixties, Afreximbank is unquestionably part and parcel of an unbroken historical chain of aspirations coherently expressed by the founding fathers of African nationalism. Inasmuch as they are as desirous of Africa’s economic emancipation as those who fought against colonialism, bankers at Afreximbank have, wisely, taken a different route.

From the get-go, the leadership of Afreximbank understood that capitalism is not a yoke to be cast off. Rather, it is a system to be evolved.

Neither the promoters of Afreximbank in the mid-eighties nor the Presidents who have held sway at its Cairo head office ever sought to overthrow the global capitalist system.

Prof. Benedict Oramah, current President of the financial institution, has deftly sidestepped ideological and geo-political entanglements to deliver pragmatic solutions to the pressing issues of intra-African trade and payments.

He balances his passion for an African renaissance with a rigorous management style that saw a fourfold increase in the Bank’s dividends between 2015 and 2021, while growing its assets to over $32 billion.

Jeune Afrique, a weekly French magazine, described him in Gaullist terms as “the custodian of a certain idea of Africa.”

Acknowledging Nkrumah’s forerunner role in his inaugural address, Oramah called him “the plank on which we stand.”

His embrace of CARICOM (Caribbean Community), of which eleven members are now signatories to a Partnership Agreement with Afreximbank, is yet another reminder that Pan-Africanism always had one leg in Africa and the other in the Diaspora.

A perusal of Oramah’s address yields a harvest of historical comparisons and continuities. Take for example, his description of the business and government leaders gathered in the hall as “torchbearers steering Africa’s economic struggle.”

By casting them in the light of freedom fighters he readily acknowledges that the new wars of liberation are not being waged with AK-47s, Kalashnikovs, and military fatigues like the Mau Mau, ZANU-PF, SWAPO, PAIGC, MPLA, and FRELIMO did decades ago.

Accra was, therefore, a fitting venue to do what the French call “rendu compte” about Afreximbank’s thirty-year parcours. The theme of the gathering, “Delivering the Vision, Building Prosperity for Africans” could not have been more apt.

Oramah Afreximbank was founded in 1993 with a vision to create a financial institution that would serve as a buffer from swings in demand and supply of global trade that reinforced the vulnerability of African countries, as well as to foster intra-African trade.

The story begins with Dr. Babacar Ndiaye, a visionary mandarin of Senegalais-Guinean birth.

Babacar joined the African Development Bank (AfDB) in 1965, part of the first cohort of African professionals recruited at the fledgling multilateral institution.

He witnessed first-hand the disappointments and disasters African countries went through beginning with the high hopes of the sixties to the farcical tragedies of the seventies.

Ambitious development projects launched during the go-go years of blooming commodity prices were abandoned as soon as global demand withered. The social instability produced by these swings reinforced the instability cycle that bedeviled Africa. By the time he was elected the 5th president of the African Development Bank (1985-95) he had a plan in hand.

With foresight, Ndiaye grasped the necessity to set up an institutional infrastructure for Africa’s economic resilience through international trade. He had seen the devastation suffered by those lumped in the category ‘Third World countries’ after the Latin American debt crisis of the early eighties.

Fading interest in Africa by Western banks had created a financing gap for export-oriented companies in the region.

Against the skeptical reception of some board members at AfDB, Ndiaye pushed hard for approval to start an Export-Import Bank with an African mandate.

Enjoying uncommon stability at its helm, Afreximbank has had only three presidents, effectively the chief executive, since its founding.

The first, Christopher C. Edordu (19932003) set up the operating structures, professional culture and values that ensured Afreximbank was built on the right foundations. One of his first hires was the current President, Oramah.

His infectious optimism about what Afreximbank would do for the continent convinced Oramah, to leave his cushy job at the Nigerian Export-Import Bank (NEXIM), to join him on a journey to the unknown.

His successor, Jean-Louis Ekra (2005-15), an Ivorien, consolidated on the achievements of Edordu. He also led the bank into a rapid growth phase, and put institutional ties with China on a stronger footing.

During his 10-year tenure, the bank’s total assets grew from $532 million to $6 billion. To place this in context, it represents a compounded annual rate of growth of more than 30 percent.

By the time Oramah took the helm in 2015, Afreximbank was ready to retool its response mechanisms for Africa’s changing needs.

Having spent eight years out of a maximum 10-year span at the helm, two initiatives will probably define his presidency. These are the African Continental Free Trade Agreement (AfCFTA) and Pan-African Payment and Settlement System (PAPSS). Wamkele Mene, and Mike Ogbalu III, trusted allies, are responsible for actualising the vision on these two fronts respectively.

Afreximbank has emerged as one of the leading, and by far, the most visible financial institution backing AfCFTA. By 2026, it expects its financing of intra-African trade to cross the $40 billion mark. In the 5 years to 2021, it stood at $20 billion.

Since trade without payments is a nonstarter, Afreximbank came up with PAPSS a seamless cross-border payment and settlement system that enables the efficient flow of

money securely across African borders, minimizing risk and contributing to financial integration across the regions.

In Accra, Oramah spoke of the relatable utility of PAPSS. “It is now possible for a Gambian to buy Nigerian urea fertilisers using Gambian Dalasi, a young Ghanaian to pay for holiday in Seychelles in Ghanaian Cedi, and for a small farmer in rural Zambia to stream her favourite Nollywood movie paying in Zambian Kwacha.”

Oramah is confident that PAPSS is on track to reduce recurrent hard currency liquidity shortages across Africa which have undermined the financing of intra-African trade.

When fully adopted, it will also cut transaction costs in intraregional trade, with potential reductions in other direct and transaction costs in excess of $5 billion annually.

On the lending front, Afreximbank has powered forward in backing transformational projects from the Cape to Cairo, and Dakar to Djibouti.

These include the Dangote Refinery in Nigeria and Rufiji Dam and Hydropower Plant in Tanzania.

When completed, the 650,000 bpd-capacity Dangote Refinery will create over 135,000 permanent jobs, contribute 12,000MW to the national grid, save $30 billion in FX requirements and provide $10 billion in export earnings per annum.

In east Africa, the 2,100MW Rufiji Dam will more than double the country’s power generation capacity.

Several other projects from food security, drug access, medical facilities, infrastructure and human capital development have received the backing of Afreximbank.

Without jettisoning its legacy prudential lending standards, Afreximbank is more confident taking on more risk. The fact is that for it to grow, the financial institution needs to deploy its balance sheet.

In total, Afreximbank has disbursed over $100 billion since it was founded in 1993.

From an extremely conservative stance during the Edordu years, it has grown more comfortable with risk in the succeeding decades.

It took Afreximbank 30 years to reach $30 billion in total assets and guarantees. Oramah has stated that Afreximbank’s goal is to double this figure to $60 billion in the next 6 years.

Of course, success without scrutiny is a tall dream. Afreximbank has received its fair share in recent years.

Not a few critics point accusing fingers at Afreximbank. They allege that it is deviating from its founding mandate. To them Oramah’s answer is simple but profound.

“When we are deciding on our initiatives, the question we ask is, ‘to what end?’ The answer to that question may even lead you away from trade but it is those things that will have the most impact.”

A second group of critics, call them “AfCFTApessimists”, dismiss the free trade area as ill-timed and misguided in its assumptions.

Ndongo Samba Sylla, a development economist, has called it “suicide for African countries” having “no economic justification at this historical juncture.”

His argument is that the promoters of AfCFTA are putting “the cart (free trade) before the horse (industrialisation, increased production capacity, transportation infrastructure).”

Sylla posits that the real beneficiaries of AfCFTA, if it does get off the ground, will be “international capital more than the African countries, which often — as in the case of the Franc Zone countries - have negligible control over their monetary and exchange rate policies.”

Views like Sylla’s hold a modicum of merit.

However, they fall short of presenting a practical alternative.

In the circumstances, the implementation of a radical idea like AfCFTA may be Africa’s best chance for the foreseeable future. The next 30 years at Afreximbank promises to be very interesting. Watch this space. t 0OZFBTP JT UIF NBOBHJOH EJSFDUPS PG $VTUPNT 4USFFU "EWJTPST B TUSBUFHJD DPNNVOJDBUJPOT DPOTVMUBODZ CBTFE JO -BHPT /JHFSJB )F DBO CF SFBDIFE BU PCJPSB POZFBTP! DVTUPNTTUSFFU DPN

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BUSINESS SPECIAL

ANALYSIS

As Seplat JV Changes Lives Through ‘Eye Can See’ CSR Programme Peter Uzoho writes on the Corporate Social Responsibility activity of Seplat JV

Some of the beneficiaries at the programme

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orporate Social Responsibility (CSR) programmes are activities undertaken by businesses to positively impact the lives of people socially and economically whilst also facilitating environmental progress and development. CSR initiatives seek to address numerous societal issues and enhance the welfare of benefitting communities.

It also entails integrating social and environmental concerns into companies’ business operations and interactions with stakeholders. It goes beyond philanthropy and involves ethical business practices, sustainable strategies, employee well-being, community engagement, and environmental stewardship.

The primary objectives of CSR initiatives are to contribute to the well-being of society, minimise negative impacts on the environment, and build sustainable and ethical business practices. By implementing CSR initiatives, companies can address societal challenges, foster stakeholder trust, enhance their reputation, and create long-term value for both the business and the community.

Seplat Energy, a leading Nigerian independent energy company listed on both the Nigerian and London stock exchanges with assets in the Niger Delta, has undertaken a number of these CSR projects. Just recently at the Oba of Benin Palace, the Seplat Energy/NNPC E&P Joint Venture (JV) launched its 2023 healthcare CSR project which focuses on the eyesight of individuals. This eye care project is dubbed the ‘Eye Can See’ initiative.

The programme, initiated by Seplat Energy Plc in partnership with NNPC E&P Limited, is a notable example of a much sort-after eye care intervention in Edo and Delta States, Nigeria.

The primary objective of the ‘Eye Can See’ programme is to provide quality healthcare to host communities and reduce cases of permanent vision loss. Through a multifaceted approach, the programme aims to deliver eye surgeries, distribute free optical treatments and reading glasses, screen patients for underlying health conditions, and provide health education to participants. By targeting all age groups and genders, the programme ensures inclusivity and addresses the specific needs of diverse communities.

The success of these intervention programmes often rely on effective implementation strategies and strategic partnerships. Seplat Energy Plc collaborates with reputable medical practitioners, like the Family Health Outreach Association and the Medical Women Association of Nigeria, to deliver high-quality eye care

services. Additionally, their partnership with NNPC E&P Limited showcases the importance of collaboration between the private sector and government entities to achieve sustainable impact.

Since its inception in 2012, the ‘Eye Can See’ programme has made significant impacts on the communities in Edo and Delta States. Over the course of 12 years, the initiative has screened over 96,000 patients, provided reading glasses to more than 45,000 individuals, and performed 4,218 successful eye surgeries. These numbers reflect the tangible benefits received by beneficiaries, including restored vision, improved employability, and enhanced economic prospects for individuals and their families.

To ensure the long-term sustainability of these initiatives, continuous evaluation and adaptation are essential. Seplat Energy demonstrates its commitment to the ‘Eye Can See’ programme by setting ambitious goals for future interventions, including serving 90 communities through 13 centres in 2023. The company also highlights the importance of technological advancements, such as laser technology, to enhance the efficiency and effectiveness of eye surgeries.

The success of Seplat Energy’s ‘Eye Can See’ initiative provides valuable insights for other organisations considering healthcare initiatives. Key lessons include the significance of community engagement, collaboration with local partners, customisation of programmes to address specific healthcare needs, and leveraging technology for improved outcomes. By adopting these best practices, companies can maximise the impact of their healthcare CSR programmes.

The Director, External Affairs and Sustainability, Chioma Afe, in her remarks at the launch of the 2023 edition of the initiative at the Oba Of Benin’s Palace, said the Seplat/ NNPC E&P ‘Eye Can See’ CSR programme aligns with the pursuit of good health and well-being which is what the UN Sustainability Development Goal (SDG) 3, which demonstrates Seplat Energy commitment to global best practices.

Afe explained that: “Since the inception of the programme in 2012, the lives of many in our host communities and other areas have been richly impacted. A total of 96,411 patients have been screened; 45,074 reading glasses have been dispensed; and 4,218 surgeries performed. And the 2023 edition, which was flagged off at

the Oba’s Palace Benin, will further boost these numbers. About 90 communities will be served using 13 centres across Edo and Delta states.”

“With this, we are able to impact communities and families. People that were hitherto blind can see now; and they can go out and do work to earn a living. This is one of the indirect impacts of the programme.”

Also commenting, the Director, New Energy, Seplat Energy, Effiong Okon, expressed gratitude to NNPC E&P Limited and other stakeholders involved in making the initiative a success. “We extend our sincere appreciation to the Oba of Benin Palace, the government of Edo and Delta states, and NNPC E&P Limited for their unwavering support. Their collaboration has been instrumental in ensuring the success of the ‘Eye Can See’ Initiative over the years,” Okon said.

He added that Seplat Energy and its partners will continue to work to boost the impacts of the programme leveraging relevant technologies and other resources whist appealing to the company’s host communities to always support its operations. “As you know, at Seplat Energy, we are purpose driven, we are here to serve and to give back to the society. And on that note, please we will like to continue to bank on your support going forward as you’ve always done. We anticipate that this intervention will continue and even outlive all of us.”

Whilst delivering his goodwill message, the Oba of Benin, Oba Ewuare II, represented by Chief Stanley Obamwonyi, the Esere of Benin Kingdom, thanked Seplat Energy and partners for the delivery of the programme, which he noted had been consistent over the years.

“We thank Seplat Energy ad its partners for the constant featuring of this Eye Can See programme, which has tremendously helped my people. We can only urge you to continue in this light,” the Oba said.

In his message, the Managing Director, NNPC E&P Limited, Ali Zarah represented by the Deputy Manager Corporate Communications, Ajakaye Emily Ladi, expressed gratitude for the support received from the host communities and extended its appreciation to Seplat Energy for the partnership in implementing the ‘Eye Can See programme for 12 years. He said the collaboration between the two entities is aimed at enhancing eye care and visual

aid services, including surgical treatments for various eye challenges within the operational communities.

The ‘Eye Can See’ programme delivers on the initial promise to provide professional health care to the communities; provides a platform for managing and referring patients living with hypertension and diabetes; provides free optical treatment at all levels to members of the communities; prevents and reduces cases of permanent loss of vision; provides free reading glasses; treat other eye related diseases; educate patients on ways to care for the eyes and how to detect Cataracts and Glaucoma; and educate patients on the lifestyle change to reduce the rates of hypertension and diabetes.

Mrs. Maria Aigbedo and Mr. William Osamuwenze, who were beneficiaries of the program expressed their gratitude to Seplat Energy for the opportunity to receive treatment and regain their vision. They lauded the company’s efforts in improving their lives and commended the “Eye Can See Initiative” for its remarkable impact.

The ‘Eye Can See’ Initiative aligns with Sustainable Development Goal 3, which is focused on driving healthy living and promoting well-being for all ages. Seplat Energy Plc and its partners remain committed to facilitating social development, fostering local entrepreneurship, and improving healthcare and education in the communities they operate in.

Seplat Energy continues to demonstrate its dedication to corporate social responsibility by leveraging its resources and expertise to positively impact the lives of community members. The company looks forward to sustaining and expanding the ‘Eye Can See’ Initiative in the coming years, with a focus on utilizing cutting-edge technology to further enhance eye care and treatment services.

Health-focused CSR programmes have the power to transform lives, promote sustainable development, and contribute to the well-being of communities. Through the case study of Seplat Energy’s ‘Eye Can See’ programme, we can see the implementation strategies and outcomes of such initiatives. By investing in health programmes, corporations can leave a lasting positive impact on individuals, families, and society as a whole, whilst ultimately contributing to a healthier and more sustainable society.

This investment in health will surely leave a lasting positive impact on individuals, families, and society as a whole, whilst ultimately contributing to a healthier and more prosperous world.

36

MONDAY JULY 10, 2023 • T H I S D AY 31

MONDAY JULY 10, 2023 • T H I S D AY

37

38

T H I S D AY ˾ AY, JULY 10, 2023

BUSINESS/MONEYGUIDE

Malize: Innovation Key to Navigating Evolving Business Landscape Oluchi Chibuzor The Managing Director/CEO, FITC, Ms. Chizor Malize, has urged organizations to maintain agility and seize growth and innovation opportunities in navigating the ever-changing business landscape.

Speaking at the Leadership Workshop for the National Executive Council of the Nigeria Computer Society (NCS) hosted

by SmartCity Plc, in Lagos, she said that adaptability is key to remarkable success in an evolving business world.

Malize, who spoke on the theme: “Leading Organizational Change and Building a Culture of Innovation,” emphasized the utmost significance of organizational change and innovation.

“In the current landscape

of disruptive technologies and ever-evolving customer expectations, businesses must wholeheartedly embrace innovation in order to not just survive, but truly flourish.

Resisting change leads to stagnation and obsolescence, while embracing innovation ensures relevance and the ability to anticipate market trends and seize new opportunities” she said.

Chairman of the Board of Directors at SmartCity Plc, Ademola Aladekomo, highlighted the transformation of SmartCity Plc into a fully technology-driven entity.

He emphasised that this achievement was due to the organisation’s persistent drive for organisational change, constant reinvention, and unwavering commitment to

remaining at the forefront of technological trends that shape today’s world.

Former president of the Nigeria Computer Society (NCS), Adesina Adediran, placed significant emphasis on the imperative for organizations to leverage emerging strategies to fuel growth. He specifically highlighted the criticality of technology adoption as a catalyst for innovative digital transformation.

Continuing, Malize highlighted the imperative for change in multiple facets of an organization, spanning structure, processes, systems, and culture, stating that a transformative mindset is pivotal in addressing inefficiencies, improving performance, meeting market demands, and fostering employee engagement.

L-R: Senior Finance Officer, CISLAC, Muhammad Murtala; HR Business Partner, PZ Wilmar, Aderonke Awonusi; Head of Manufacturing, PZ Wilmar, Femi Ojumu; Program Manager CISLAC, Lovelyn AgborGabriel; Head of Marketing, PZ Wilmar, Chioma Mbanugo and Data Analyst, E-Health, Akinyemi Victoria, during the PZ Wilmar Factory tour and Workshop in Lagos ...recently

Nigeria Fintech Week 2023 Holds in October Emma Okonji The highly anticipated Nigeria Fintech Week (NFW) returns with a renewed focus on embracing resilience, driving innovation, and fuelling diversification. Scheduled to take place from October 24 to 26, 2023, NFW23 is poised to unite over 15,000 financial and fintech executives from over 80 countries across the globe for an engaging week-long series of events.

NFW has firmly established itself as a premier event, attracting

decision makers from prominent fintech companies, banks, insurers, technology service providers, venture capitalists, media outlets, government representatives, and regulators. The event serves as a convergence, bridging traditional financial institutions with innovative fintech companies in one of Africa’s fastest-growing tech start-up hubs, Nigeria. The event also provides opportunities for stakeholders from diverse industries with technology integration to actively engage in essential discussions regard-

ing innovative solutions in the fintech sector.

The theme of this year’s event is ‘Resilience, Innovation, and Diversification’, reflecting the compelling urgency to adapt and thrive in an everevolving landscape. Attendees can expect an exceptional line-up of sessions, featuring renowned keynote speakers, interactive panel debates, thought-provoking workshops, exclusive roundtable discussions, unique product pitches, exhibition stands and ample networking opportunities.

Samsung Supports Airtel’s 5G Launch with Galaxy A14 5G Emma Okonji In partnership with Airtel Nigeria, Samsung, Nigeria’s consumer electronics brand has announced the launch of Galaxy A14 5G, designed to support Airtel’s 5G network that was recently launched across four states in Nigeria.

The latest addition to the Galaxy A series is aimed at offering a complete package of the latest Galaxy innovations at an affordable price, making technology accessible

to everyone, especially to Airtel Nigeria customers.

The device was unveiled this month in an exclusive partnership with Airtel Nigeria, during the 5G launch.

Managing Director, Samsung Nigeria, Charles Lee, said: “Samsung has been driving 5G adoption globally with its widest portfolio of 5G devices and it is ready to replicate the feat in Nigeria. With the launch of Galaxy A14 5G, Samsung will now have the

widest distribution of 5G devices in the country.”

According to the Samsung MD, the Galaxy A14 5G showcases Samsung’s premium design and this comes with industry-leading features like 16GB RAM with RAM Plus and 5000mAh battery.

“Starting at a net effective price of just N122,000, the device will be instrumental in driving Airtel’s mission of ‘re-imaging with 5G’ and accessible to everyone,” said Lee.

Tezza Academy Expands Partnerships to Bridge IT Skills Gap Nosa Alekhuogie Tezza Academy has said it is taking strategic steps to broaden its industry partnerships and enhance its Information Technology (IT) training model.

The software training academy aims to foster collaborations with key economic players across various sectors such as oil and gas, IT and telecoms, banking and insurance, healthcare and education, manufacturing, and construction.

The academy in a statement, said the partnerships were intended to facilitate discussions on incorporating trained IT skill sets and creating more opportunities for talented Nigerian youths with advanced IT skills.

Founder, Tezza Academy, Roland Omoresemi, said the academy commenced operations in November 2020, building upon the foundations of Tezza Boot Camp. “Initially admitting

20 young Nigerians, the academy provides a comprehensive curriculum that encompasses cutting-edge technologies, industry best practices, and soft skills training.

“Our agenda is to equip these young Nigerians with the necessary tools to excel in the global market and transform them into IT consultants while nurturing their roots in their homeland,” Omoresemi said.

PZ Wilmar Leads Campaign for Food Fortification PZ Wilmar, manufacturers of food brand Devon King’s and Mamador, in partnership with The Global Alliance for Improved Nutrition (GAIN), a Swiss-based foundation launched at the United Nations in 2002 to tackle the human suffering caused by malnutrition, recently hosted selected Media Editors and

Civil Society organisations on a training workshop on Food fortification at its factory in Lagos.

Speaking during the event in the PZ Wilmar factory in Lagos, the Head of Manufacturing at PZ Wilmar, Femi Ojumu, stated that the event highlights the organization’s products and processes as a proponent of

food fortification practice in Nigeria.

“This event highlights our dedication to delivering quality food products to our consumers.

It is in line with our commitment to responsible and healthy food production and consumption that puts Nigeria on the map for sustainable development in food manufacturing.” He 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 10, 2023

39

MARKET NEWS

Stock Market Sustains Positive Trend, Gains N1.13trn WoW KayodeTokede

Stock market of the Nigerian Exchange Limited (NGX) sustained its positive momentum last week, gaining N1.13 trillion Week-on-Week (WoW).

As a result, the market capitalisation rose N1.13 trillion W-o-W to close at N34.326 trillion, while NGX All-Share Index gained 3.40 per cent W-o-W to close at 63,040.41 points.

The NGX benchmark index’s

action was sustained in the bullish region for the seventh straight week to break the 62,000 strongholds to 63,040.87 points to trade above its 200-Day Simple Moving Average on the weekly chart in the face of ongoing market-focused and economic reforms.

To this, last week trading quarter kick-started on a positive track as most stocks hit new 52-week highs as well as major sectors recording positive performances on strong

P R I C E S MAIN BOARD

F O R

DEALS

buying interests among low, medium and high cap stocks, especially banking, consumer goods, telecom and others that pushed the index up.

The performance across sectors has predominantly been bullish.

The NGX Banking index exhibited an impressive weekly gain of 9.82 per cent. The NGX Oil & Gas index followed closely with a notable 7.18 per cent increase, while NGX Industrial Goods index also contributed positively

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

to the overall market performance, closed the week with a 2.22 per cent gain.

Also, the NGX Insurance index experienced a gain of 0.73 per cent, while NGX Consumer Goods index emerged as the lone laggard, witnessing a slight decline of 0.22 per cent after paring back its gains from the previous week.

The market breadth for the week was positive as 78 equities appreciated in price, 25 equities depreciated in price, while 53

T R A D E D MAIN BOARD

equities remained unchanged.

Japaul Gold & Ventures led the gainers table by 58.57 per cent to close at N1.11, per share. Consolidated Hallmark Insurance followed with a gain of 57.32 per cent to close at N1.29, while Chams Holding Company went up by 56.76 per cent to close to N1.16, per share.

On the other side, Coronation Insurance led the decliners table by 26.51 per cent to close at 61 kobo, per share. Tripple Gee

A S O F

& Company followed with a loss of 26.40 per cent to close at N2.76, while Ikeja Hotel declined by 21.05 per cent to close at N3.15, per share.

Overall, a total turnover of 9.831 billion shares worth N145.408 billion in 54,478 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.369 billion shares valued at N41.986 billion that exchanged hands previous week in 39,764 deals.

J U LY / 0 6 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

40

MONDAY, JULY 10, 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 06July-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 254.52 255.67 34.50% Afrinvest Plutus Fund 100.00 100.00 9.14% Nigeria International Debt Fund 341.07 341.07 10.14% Afrinvest Dollar Fund 109.10 110.20 3.45% 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 8.88% Anchoria Equity Fund 185.89 187.89 28.24% Anchoria Fixed Income Fund 1.35 1.35 9.49% 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 27.57 28.40 25.64% ARM Discovery Balanced Fund 609.61 627.99 16.96% ARM Ethical Fund 48.27 49.73 7.00% ARM Eurobond Fund ($) 1.14 1.14 1.48% ARM Fixed Income Fund 1.13 1.13 2.35% ARM Money Market Fund 1.00 1.00 9.18% ARM Short Term Bond Fund 1.03 1.03 -0.40% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 97.26 97.26 7.19% AVA GAM Fixed Income Naira Fund 1,108.30 1,108.30 3.55% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 162.59 163.73 20.54% AXA Mansard Money Market Fund 1.00 1.00 9.33% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.20 2.20 39.75% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.74 2.81 243.30% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 11.63% Paramount Equity Fund 24.08 24.29 38.61% Women's Investment Fund 184.00 185.65 23.98% CHD Nigeria Bond Fund 103.80 103.80 12.45% CHD Nigeria Dollar Income Fund 1.02 1.02 11.07% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.81% Cordros Milestone Fund 153.52 154.66 19.97% Cordros Fixed Income Fund 106.57 106.57 10.36% Cordros Halal Fixed Income Fund 103.97 103.97 5.82% Cordros Dollar Fund ($) 112.00 112.00 7.44% 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 9.32% Coronation Money Market Fund 1.40 1.41 22.98% Coronation Balanced Fund 1.45 1.45 6.73% 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 13.00% Emerging Africa Bond Fund 1.06 1.06 11.17% Emerging Africa Balanced Diversity Fund 1.23 1.23 41.17% Emerging Africa Eurobond Fund 104.32 104.32 5.45% 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 1560.02 1560.02 11.80% FBN Balanced Fund 245.91 248.09 23.15% FBN Halal Fund 130.55 130.55 12.76% FBN Money Market Fund 100.00 100.00 10.44% FBN Dollar Fund 124.23 124.23 7.21% FBN Smart Beta Equity Fund 236.03 239.04 42.52% FBN Specialized Dollar Fund 109.49 109.49 9.31% 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 8.21% Legacy Debt Fund 3.51 3.51 -1.69% Legacy Equity Fund 2.52 2.57 26.00% Legacy USD Bond Fund 1.30 1.30 2.88% 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 5,078.66 5,113.85 40.39% Coral Income Fund 3,858.01 3,858.01 7.67% Coral Money Market Fund 100.00 100.00 10.86% 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 1.75 1.78 9.83% Lotus Halal Fixed Income Fund 1,198.68 1,198.68 5.04% 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 N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.70 101.70 10.05% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.03% Norrenberger Dollar Fund (NDF) ($) 101.41 101.41 10.78% 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 2.02 25.55% PACAM Fixed Income Fund 11.65 11.98 5.61% PACAM Money Market Fund 10.00 10.00 10.69% PACAM Equity Fund 1.92 1.96 35.65% PACAM EuroBond Fund 125.71 129.40 13.15% 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 4,417.64 4,453.33 30.32% Stanbic IBTC Bond Fund 251.47 251.47 6.75% Stanbic IBTC Ethical Fund 1.84 1.86 46.83% Stanbic IBTC Guaranteed Investment Fund 342.47 342.47 9.37% Stanbic IBTC Iman Fund 324.46 328.37 38.91% Stanbic IBTC Money Market Fund 1.00 1.00 10.22% Stanbic IBTC Nigerian Equity Fund 16,133.62 16,338.51 47.81% Stanbic IBTC Dollar Fund (USD) 1.41 1.41 9.43% Stanbic IBTC Shariah Fixed Income Fund 124.71 124.71 6.67% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 120.32 120.32 13.11% Stanbic IBTC Absolute Fund 4,774.72 4,774.72 12.24% Stanbic IBTC Aggressive Fund 4,696.96 4,748.87 68.82% Stanbic IBTC Conservative Fund 4,919.85 4,941.59 29.27% 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 1.18 1.19 29.28% United Capital Balanced Fund 1.65 1.66 27.34% United Capital Wealth for Women Fund 1.27 1.28 18.74% United Capital Sukuk Fund 1.12 1.12 12.87% United Capital Fixed Income Fund 1.89 1.89 7.18% United Capital Eurobond Fund 121.10 121.10 5.85% United Capital Global Fixed Income Fund 1.04 1.04 8.77% United Capital Money Market Fund 1.00 1.00 9.98% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 16.34 16.52 17.92% Zenith ESG Impact Fund 18.95 19.15 19.95% Zenith Income Fund 24.44 24.44 3.75% Zenith Money Market Fund 1.00 1.00 10.15% 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 N/A N/A N/A Vetiva Consumer Goods Exchange Traded Fund N/A N/A N/A Vetiva Griffin 30 Exchange Traded Fund N/A N/A N/A Vetiva Money Market Fund N/A N/A N/A Vetiva Industrial Goods Exchange Traded Fund N/A N/A N/A Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund N/A N/A N/A

REITS NAV Per Share

Yield / T-Rtn

119.40 54.58 101.72 10.08

4.92% 2.94% -11.73%

Bid Price

Offer Price

Yield / T-Rtn

20.27 190.74 130.49 17.40 16.40

20.37 193.71 132.70 17.50 16.50

30.91% 49.34% 30.49% 36.07% 58.42%

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.

MONDAY JULY 10, 2023 • T H I S D AY

41

42

T H I S D AY • MONDAY, JULY 10, 2023

NEWS

GUITAR CONCERT HOSTED BY THE SPANISH EMBASSY… Celebrated Spanish Guitarist, Mr. Miguel Trapaga (5th from left), Spanish Ambassador to Nigeria, Mr. Juan Sell (5th from right), Spanish Consul General, Mr. Daniel Losada (4th from left), and other participants during a Guitar Concert hosted by the Spanish Embassy at the MUSON Center in Lagos… weekend

Rejected Nigerian Food Exports Not Approved by NAFDAC, Says DG Country earned N427.6bn from agric exports in 2022 Onyebuchi Ezigbo in Abuja The Director General of the National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Mojisola Adeyeye, has expressed dismay over the alarming rate of rejections of food exports from Nigeria due to non-involvement of the agency in the screening and certification of such goods.

She said that agricultural commodities that Nigeria exported within the first nine months of 2022 generated N427.6 billion ($1.02billion).

However, Adeyeye said about 82 per cent of Nigeria's agricultural products exported illegally were seized by European Union countries.

NAFDACS's concern came just as pre-shipment inspection agents pledged to henceforth collaborate with regulatory agency to eliminate the rejection of Nigerians food exports through unified exportation procedure.

In a bid to find lasting solutions to the challenge of rejecting nonoil export from the country, the NAFDAC DG said the agency decided to once again extend hands of collaboration to critical stakeholders in the nations ports.

A statement signed by the NAFDAC's Resident Media Consultant Mr. Sayo Akintola, quoted Adeyeye as having expressed worry that, "a competent authority on food safety matter with all her

acclaimed global accreditation in food safety testing could be totally blanked out in the listed requirements for issuance of Clean Certificate of Inspection (CCI) by the Pre-shipment Inspection Agents.

"No wonder there are high volumes of reject from Nigeria as the NAFDAC regulated products were not tested nor production processes validated for compliance before export."

The statement noted that Adeyeye was represented by the Director, Port Inspection Directorate (PID), who also heads the Office of Trade and International Relations (OTIR), Dr Abimbola Adegboye, at the consultative meeting with preshipment inspection agents held last Friday in Lagos.

She pointed out that the meeting was aimed at building effective collaboration with NAFDAC to complement its robust regulatory policies geared toward understanding the NAFDAC export processes, collaboration to safeguard a unified exportation procedure and zero rejects of Nigeria export products.

The NAFDAC boss noted that the agency acknowledges the importance of having broader and deeper interactions and collaborations with sister agencies such as Standards Organisation of Nigeria (SON), Nigeria Agricultural Quarantine Service (NAQS), Nigeria Export Promotion Council (NEPC), Nigeria Custom

Service (NCS), etc.

Adeyeye also emphasised the position of export as a key factor in every country’s economy, adding that the reason for regulation of the sector was to ensure that products that leave a country’s shores were of good quality, safe and meet international best practices among others.

"For Nigeria, trade is critical to the national economic makeup, adding that in 2021, Nigeria exported $57.7 billion of goods, making it the world's 52nd most exporting country," she said.

Adeyeye disclosed that cocoa beans, sesame seeds, cashew and seven other products top the list of agricultural commodities

Nigeria exported within the first nine months of 2022, generating N427.6 billion or $1.02billion.

The DG NAFDAC listed reasons for export rejection to include technical barrier issues, defective packaging and inadequate labelling, nondocumentation, unauthorised transition, illegal importation

and non-compliance to destination markets standards.

She said authorities of the European Union would always reject consignments containing food that do not comply with EU maximum residue limits (MRLs) for Vet Medicine and Pesticides, and maximum limits (MLs) for Contaminants in foods.

Abiodun Eulogies Osinbajo’s Selfless Service in Public Office James Sowole in Abeokuta

Ogun State Governor, Dapo Abiodun, yesterday, charged Nigerians to emulate the virtues of selflessness in public office as exemplified by the immediate past vice-president of Nigeria, Prof. Yemi Osinbajo, saying he distinguished himself by raising the bar of good governance.

Abiodun, gave the charge during the public thanksgiving and appreciation reception held in honour of former Vice-president by the Ikenne Development Association, at Obafemi Awolowo Square, Ikenne-Remo.

He lauded Osinbajo for being focused and loyal to his principal, saying the vice president served with dignity, integrity and utmost character.

According to him, the former vice president played a significant role in his emergence as governor, in the face of stiff opposition from

his predecessor.

Abiodun said,'' Let us emulate Professor Yemi Osinbajo by using the opportunity of where we are today to diligently serve our people, we must appreciate the fact that the same people that we left behind while going into public office will still be the same people we return to meet after our service.

"We are not only celebrating Prof Osinbajo's achievements, but we are also reflecting on the impact he had made in Ogun State in particular and Nigeria as a whole.

"On a personal note your Excellency, I want to thank you from the bottom of my heart, for the unwavering support you gave me in 2018, in the course of my journey to Oke-Mosan. One of the lessons we all have to learn from this exemplary leader is that power is transient, we all have to understand that an office is never permanent,

what is however permanent is the legacy that we leave behind and how we impact the lives of those who trusted us to lead them into a better future for their collective dreams."

Osinbajo, in his remarks reiterated his resolve to continue supporting his ancestral home of Ikenne, especially in the area of helping the young ones in the town to reach their full potential. " I want to thank the Ikenne Development Association for showing leadership and commitment in developing this town and its people, on our part, we will continue to offer support in any way we can," he added.

Speaking on behalf of the members of the Federal Executive Council that Prof. Yemi Osinbajo worked with, the former Secretary to the Government of the Federation, Boss Mustapha described the former vice president

as a detribalised Nigerian, noting that he played a significant roles in the success recorded by the immediate past administration.

Also speaking, the Governor of Bayelsa State, Douye Diri described Osinbajo as a man of character and commended him for his love for the people of Bayelsa State, even as the Governor of Edo State, Godwin Obaseki, eulogised Osinbajo's high intellectual capacity and acumen, saying he displayed high degree of work ethics while in office.

The Chairman, Ogun State Council of Obas and the paramount ruler of Remoland, Oba Babatunde Ajayi, while speaking, said the former Vice-president was the greatest export of Remo land to the seat of power in Abuja, adding that he represented the people of Remo land and the state very well as a number two citizen of Nigeria then.

OTUDEKO-LED HONEYWELL SAYS INVESTMENT IN FIRSTBANK TO CREATE VALUE FOR SHAREHOLDERS the Chairman, FBN Holdings Plc, obtained by THISDAY, outlined the value the Honeywell Group was bringing to the holdco, outlined its vision and its other investments in other sectors.

The HGL boss is the son of former Chairman of FBN Holdings, Oba Otudeko.

Honeywell Group last Thursday bought 4,770,269,843 FBN Holdings shares in a cross deal worth N87.8 billion. These shares which Otudeko bought at N19 per unit were the largest volume of First Bank shares traded in a single day since 2012, when the stock exchange started publishing data. The acquisitions take his shareholding to 14 percent of the bank’s outstanding

market value.

Honeywell had last week disclosed the transaction to the Company Secretary, FBN Holdings Plc in a letter dated July 7, 2023.

However, in another letter yesterday, the company stated: “Further to our letter dated 7th July 2023, addressed to the company secretary, wherein we notified you of the investment in FBN Holdings Plc by our affiliate company Barbican Capital Limited, I would like to take this opportunity to formally (re)introduce our company, our senior management team, and our long-term strategic investment objectives.

“Honeywell Group Limited

(HGL) is a dedicated long-term investor committed to investing in great businesses with immense growth potential. Our approach involves working closely with stakeholders with a shared vision to foster the creation and enhancement of value for all.

We understand that this requires time and patience. Our intention is to follow this approach in respect of our investment in FBN Holdings, an iconic institution which we greatly respect and with which we have a deep and long-term relationship, as customers, investors, and board members.

“HGL has a deep history of over five decades, building, scaling, and investing in some

of Nigeria’s most successful businesses. Key milestone investments include GSM telecommunications, through what is widely known today as Airtel Nigeria, Fan Milk Nigeria Plc, and Honeywell Flour Mills Plc, one of Nigeria’s leading food producing companies, feeding over four million households yearly.

“As Managing Director of HGL, I lead a diverse senior management team with over 150-years combined experience in various professional qualifications and specialties. This international and gender-balanced team comprises over 60 years of active investment banking experience with leading international firms

including Dresdner Kleinwort Wasserstein, Standard Chartered, Standard Bank and Deutsche Bank, 50 years of Honeywell Group Limited professional accounting experience (including with PricewaterhouseCoopers and Baker Tilly), and 60 years of legal experience (including with Bentley Edu & Co, Aelex, and Banwo and Ighodalo). We bring this breadth and depth of experience to bear in our investment activities.

“To reiterate, our intention is to work with all stakeholders to create value for all shareholders.

We enjoy longstanding personal relationships with the company’s other key shareholders, and we look forward to leveraging these

relationships as we collectively work towards enhancing the value of FBN Holdings Plc.” The market capitalisation of FBN Holdings Plc, last week appreciated by N116.66 billion following the 4,770,269,843 shares bought by a former Chairman of the bank’s board, Oba Otudeko.

The Holdings’ market capitalisation moved to N728.67billion when its stock price closed last Friday, at N20.3 per share from N612 billion, when its stock price was at N17.05 per share the previous week.

The N20.3 per share price of FBN Holdings was the highest so far in 2023 and an all-time high since becoming a Holdings.

43

FRIDAY, JULY 10, 2023 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Biden Arrives in Europe on Three-Nation Trip US President Joe Biden arrived in London Sunday on a five-day trip to Europe, heading first to Britain. He then travels to Lithuania for a NATO summit in Vilnius, before making a final stop in Finland to meet with Nordic leaders.

In London, Biden will have meetings with King Charles III and British Prime Minister Rishi Sunak to discuss various bilateral issues and climate financing for developing nations.

Just a month ago, in Washington, Biden and Sunak agreed to an “Atlantic Declaration” and committed to collaborating on advanced technologies, clean energy, and critical minerals.

Biden hosted Sunak at the White House.

At the NATO summit, Western leaders will discuss their latest efforts to bolster Ukraine’s fight against Russia, along with Sweden’s bid to join the West’s main military alliance. Twentynine NATO nations support the bid over the objections of members Hungary and Turkey.

Efforts by Ukraine to join the bloc will also be on the agenda.

Election Tensions in Zimbabwe As Police Ban Opposition Party Rally

Opposition party supporters in Zimbabwe chanted and sang freedom songs outside a courthouse Sunday following a decision to ban them from holding a rally six weeks before elections.

The court in Bindura upheld Friday’s police order that the opposition Citizens Coalition for Change party could not hold the rally to launch its election campaign because the venue was officially unsuitable. The CCC had appealed in court against the order.

The decision increased tensions in the southern African nation, which has a history of violent and disputed elections.

The CCC immediately criticized the move as more evidence of a push by President Emmerson Mnangagwa and his ruling ZANU-PF party to silence the opposition using the police and the courts.

Mnangagwa, 80, replaced long-ruling autocrat Robert Mugabe in a coup in 2017. He promised a new era of freedom and prosperity for Zimbabweans, who had seen their country’s economy crumble amid some of the highest inflation rates ever seen.

But Mnangagwa has turned out to be as repressive as his predecessor, say critics and the economy continues to collapse. There has been a crackdown on any kind of criticism.

The yellow-clad CCC supporters who gathered outside Bindura Magistrates Court sang, “Dictatorship remains. When will this country be free?”

Police said that the opposition party’s chosen venue for Sunday’s rally was unsuitable because it was a “bushy” area with poor access via road, raising safety concerns for those attending. The police also said there was a “high risk” of the spread of communicable diseases.

Hundreds Pay Respects to Srebrenica Massacre Victims in Sarajevo

Bongo, 64, has been president of the oilproducing nation for two seven-year terms since succeeding his father, Omar, who died in 2009 after ruling since 1967. Gabon has no constitutional term limits.

Both of Bongo’s election wins were disputed by the opposition, which said he won fraudulently. His 2016 victory triggered deadly clashes between police and protesters, during which the parliament building was gutted by fire.

Bongo’s reelection bid was thrown into doubt when he suffered a stroke in October 2018 and was flown to Morocco for medical treatment. He spent three months abroad but returned shortly after a coup attempt was thwarted in his absence.

the request of the Somali government in a remote area near Afmadow town in the Lower Juba region, approximately 105km (65 miles) north of Kismayo.

“Working with the Somali National Army, US Africa Command’s initial assessment is that the US airstrike killed 10 al-Shabaab terrorists and that no civilians were injured or killed,” the statement read.

AFRICOM said it will continue to assess the results of this operation and will provide additional information as appropriate.

“Specific details about the units involved and assets used will not be released in order to ensure operations security,” the statement said.

This brings the number of airstrikes carried out by the US in Somalia this year to 13.

Hundreds Gather to Support Thailand’s Pita Ahead of Vote for PM

Israel to Stop Palestinian Authority ‘Collapse’

Hundreds lined the Bosnian capital’s main street Sunday as a truck carrying 30 coffins passed on its way to Srebrenica, where newly identified victims of Europe’s only acknowledged genocide since World War II will be buried on the 28th anniversary of the massacre.

As the truck, covered with a huge Bosnian flag, briefly stopped in front of the country’s presidential building, members of the crowd tucked flowers into the canvas hiding the remains of victims found in mass graves and identified through DNA analysis.

“It is devastatingly sad that hundreds of victims still have not been found and that some people still deny the genocide [in Srebrenica],” said Ramiza Gandic, who came to pay her respects.

Newly identified Srebrenica massacre victims are reburied annually on July 11, the day the killing began in 1995, at a vast and ever-expanding memorial cemetery outside the eastern town.

So far, the remains of more than 6,600 people have been found and reburied there.

The Srebrenica killings were the bloody crescendo of Bosnia’s 1992-95 war, which came after the breakup of Yugoslavia unleashed nationalistic passions and territorial ambitions that set Bosnian Serbs against the country’s two other main ethnic populations — Croats and Bosniaks.

Hundreds of supporters of Thailand’s leading prime ministerial candidate Pita Limjaroenrat rallied in the capital on Sunday ahead of a parliamentary vote for a new prime minister next week.

Pita, the leader of the progressive Move Forward Party, faces an uncertain path to the premiership despite scoring a stunning victory in May’s election that saw Thais reject nearly nine years of military-backed government.

He now needs to secure support from an unelected Senate to become the premier to replace incumbent Prayuth Chan-ocha in the vote set for July 13.

His eight-party alliance together has 312 seats in parliament, but he needs at least 376 votes in a joint sitting of the bicameral legislature, which includes the 250-member upper house appointed during military rule.

Pita said talks with senators were being held and that they should not vote against the will of the people.

“We’re asking them to vote for democracy, for the majority, and to return normalcy to Thai politics, so we can finally move forward,” he told orange-clad supporters on Sunday.

Supporter Jaturong Soisri, 28, said that voting day “will decide where our future will lead. We have to unite together.”

Gabon President Bongo to Run for Reelection in August

New US Airstrikes Kill AlShabab Militants

Gabon’s President Ali Bongo will run for reelection in August, he said on Sunday, in a bid to extend his family’s 56-year grip on power in the central African country.

“Because nothing matters more than your success, I am announcing today that I am a candidate,” Bongo told a small crowd of cheering supporters.

Elections are scheduled for August 26.

The US military says it has conducted three new airstrikes against al-Shabab fighters in Somalia, killing 10 militants overnight.

The “collective self-defence” airstrikes were carried out in support of the Somali National Army who were engaged by al-Shabab, the U.S. Africa Command known as AFRICOM said in a statement.

AFRICOM said the strikes took place at

Israel’s security cabinet adopted Sunday a declaration to “prevent the collapse of the Palestinian Authority” while demanding an end to “its anti-Israel activity,” the office of Prime Minister Benjamin Netanyahu said.

The vote by Israeli ministers, which included no specific plans, came days after a major military raid on the occupied West Bank city of Jenin that killed 12 Palestinians and one Israeli soldier.

Netanyahu’s hard-right government in January announced a series of sanctions against Mahmud Abbas’s Palestinian Authority — which nominally controls parts of the West Bank — over a push to get the United Nations’ top court to issue an advisory opinion on the Israeli occupation.

Palestinian Prime Minister Mohammad Shtayyeh said at the time the Israeli sanctions were aimed at “pushing (the PA) to the brink — financially and institutionally” and part of “a new war against the Palestinian people.”

The Israeli security cabinet Sunday voted for a “draft decision submitted by Prime Minister Benjamin Netanyahu,” which says “Israel will act to prevent the collapse of the Palestinian Authority,” the premier’s office said in a statement.

The declaration also presents a series of demands for the PA to “cease its anti-Israel activity in the international legal-diplomatic arena” as well as “incitement” and “illegal construction in Area C” of the West Bank, which is under full Israeli control.

Snap Vote in Uzbekistan to Extend President Shavkat Mirziyoyev’s Rule

Voters in Uzbekistan cast their ballots Sunday in a snap presidential election that is widely expected to extend the incumbent’s rule by seven more years.

The vote followed a constitutional

referendum that extended a presidential term from five to seven years and allowed President Shavkat Mirziyoyev to run for two more terms in office.

In 2021, Mirziyoyev was elected to his second five-year term, the limit allowed by the constitution at the time. A set of constitutional amendments approved in April’s plebiscite allowed him to begin the count of terms anew and run for two more, raising the possibility that he could stay in office until 2037.

In May, the 65-year-old Mirziyoyev called for a snap election. He is set to win the vote by a landslide against three token rivals.

More than 10,700 polling stations opened in Uzbekistan at 8 a.m. local time (0300 GMT) and were scheduled to close 12 hours later. By 11 a.m., more than 33% of voters have cast their ballots, election officials reported, which is enough to deem the vote valid in accordance with Uzbek laws.

Since coming to power in 2016 after the death of longtime dictator Islam Karimov, Mirziyoyev has introduced a slew of political and economic reforms that eased some of the draconian policies of his predecessor, who made Uzbekistan into one of the region’s most repressive countries.

Egypt to Host Summit As Sudan’s Fighting Continues

Egypt said on Sunday it would host a summit of Sudan’s neighbours on July 13 to discuss ways to end a 12-week conflict between rival Sudanese military factions that has triggered a major humanitarian crisis in the region.

Diplomatic efforts to halt fighting between Sudan’s army and the Rapid Support Forces (RSF) have proved ineffective, with competing initiatives creating confusion over how the warring parties might be brought to negotiate.

Neither Egypt, seen as the Sudanese army’s most important foreign ally, nor the United Arab Emirates, which has had close ties to the RSF, have played a prominent public role.

The two countries were also not involved in talks in Jeddah led by the United States and Saudi Arabia that adjourned last month after failing to secure a lasting ceasefire.

Sudan’s two largest neighbours, Egypt and Ethiopia, have been at odds in recent years over the construction of a huge hydroelectric dam on Ethiopia’s Blue Nile, close to the border with Sudan.

The summit in Cairo on Thursday aims to “develop effective mechanisms” with neighbouring states to settle the conflict peacefully, in coordination with other regional or international efforts, Egypt’s presidency said in a statement.

MONDAY JULY 10, 2023˾ T H I S D AY

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NEWS

ANCHOR INSURANCE HOLDS ANNUAL GENERAL MEETING…

L-R: Independent Director, Anchor Insurance Company Limited, Mr. Akinola Taiwo; Managing Director/CEO, Mr. Augustine Ebose; Chairman, Dr. Elijah Akpan; Company Secretary/Legal Adviser, Mr. Ime Umoh, and Director, Imo-Abasi Jacob, during the company’s 33rd annual general meeting in Lagos… recently SUNDAY ADIGUN

CCSALW Decries Proliferation of Small Arms and Light Weapons Bassey Inyang inCalabar

The National Centre for the Control of Small Arms and Light Weapons(CCSALW) has called on the general public to be wary of pseudo-security outfits parading themselves as organisations in control of illicit small arms and light weapons in the country.

In a press release made available to journalists and signed by the

NCCSALW’s South-South Zonal Coordinator, Major General Ifiok M. Obot, the centre admonished the public to report such groups to the nearest security agencies.

According to the statement, NCCSALW remains the only agency of government established to fight the proliferation of small arms and light weapons in Nigeria.

Obot stated that the NCCSALW came into existence through

Benue Gov Condemns Killings, Calls for Investigation George Okoh in Makurdi The Governor of Benue State, Hyacinth Alia, has condemned the unprovoked attack on Ukum Local Government Area of Benue State by gunmen.

Scores of people have been reportedly killed in cold blood at Akpuuna village in Mbaterem, Ukum LGA by armed men suspected to be hoodlums.

Reacting to the development, Governor Alia in a press statement said it is disappointing and quite

disheartening to receive the news that innocent and law-abiding citizens have been attacked and killed in cold blood for a no cause.

He expressed total displeasure over what he described as a heinous crime and a grave sin against God and mankind, and directed security agents to arrest those behind the unlawful act and bring them to book.

The governor sent his words of condolence to those whose loved ones were killed in the attack and prayed God to comfort them.

Ikhine Dumps PDP for APC in Edo Adibe Emenyonu in Benin City The Director General, Edo State Peoples Democratic Party (PDP) Campaign Council for the reelection of Governor Godwin Obaseki in 2020, Mr. Gideon Ikhine, has dumped the PDP and is set to join the All Progressives Congress (APC).

In a letter addressed to the Chairman, PDP Ward 7 (Ukpenu/ Ujolen/ Emuhi) Ekpoma, Esan West Local Government Area of Edo State, and dated July 8, 2023,

Ikhine, who did not give any reason for leaving the party, said: “It has been a great honour to contribute to the growth and success of this party over the years, with the PDP recording outstanding results from my Ward all through the 24 years of working with you.

“My commitment to the people of Ward 7, Esan-West Local Government and Edo people remains firm and resolute to keep serving them in other capacity.”

the United Nations General Assembly Resolution A/ RES/55/25, recognising the spate of proliferation of small arms and light weapons in the country and

the world at large, which, he said, has increased cases of kidnapping, armed violence, banditry, terrorism and armed robbery.

The zonal coordinator cited

the United Nations Programme of Action to Prevent, Combat and Eradicate the illicit trade in SALW 2001 and Article 24 of ECOWAS Convention on SALW, their

Ammunition and other Related Materials 2006 as legal documents for the control of SALW, to which Nigeria is a signatory to, which established the NCCSALW.

FG Urged to Tackle Conflicts to Douse Insecurity Blessing Ibunge in Port Harcourt

The President Bola Tinubu’s administration has been urged to tackle the various conflicts arising from different segments of the country, as a safe way of tackling insecurity in Nigeria.

The Founder of De-Okanimee

Institute for Peacebuilding and Conflict Resolution (DPCR), Mr. Daniel Okanimee, made this call yesterday, at the Glorious Rain Revival Church (GRRC), Obio/Akpor, Rivers State, while speaking on how conflicts can be managed in the family and society.

Okanimee stressed that mismanagement of conflicts in communities, especially those agitating for rights has been the bane of insecurity, adding that government has not given those conflicts attention, rather is focusing on the outcome of the conflicts.

The conflict resolution expert, who listed Boko Haram, Niger Delta Militancy, IPOB, etc as some of the outcome of mismanagement of conflicts in the society, said that government should learn dialogue, tolerance, negotiate and stop using force for a solution to such problems.

PSC Approves Dismissal of Three Senior Police Officers, Demotes CP, Eight Others

The Police Service Commission (PSC) has approved the dismissal of three senior police officers over cases of misconduct and abuse of office.

Nine other officers including a commissioner of police were

demoted.

A statement issued yesterday, by the spokesperson of the Commission, Ikechukwu Ani, said the commission took the decisions at the continuation of its 21st Plenary

Meeting which began at its Corporate Headquarters in Jabi, Abuja, on Thursday July 6, 2023.

The meeting was presided over by Justice Clara Bata Ogunbiyi, retired Justice

of the Supreme Court and Honourable Commissioner representing the judiciary in the commission, who stood in for commission’s Chairman, Dr. Solomon Arase, retired Inspector General of Police.

Enugu Promises to Sustain FG’s Agro Processing, Productivity Project Gideon Arinze in Enugu The Enugu State Governor, Mr. Peter Mbah, has assured the people of the state that his administration would sustain the Agro Processing, Productivity Enhancement and Livelihoods Improvement

Support (APPEALS) project in the state.

Mbah gave this assurance when the National Project Coordinator of APPEALS, Mr. Mohammed Sanni, led a team from the World Bank, the Federal Ministry of Agriculture and the Ministry of Finance

on a tour of some processing facilities that were constructed under the project to ease production in Amechi and Nara communities in Enugu State.

Sanni, who was gladdened by the governor’s assurance, said: “For all donor-funded

projects, it is always important to consider the ownership sustainability element. And we are happy that we have received the assurance of the state to invest in APPEALS even after the project is concluded, which is under the second level of financing.”

Support Us to Have Successful Second Term, Makinde Tells Oyo Residents Governor of Oyo State, ‘Seyi Makinde, has enjoined residents of the state to support his administration to have a successful tenure, noting that once the governor records success, the impact will be felt by all the residents.

Governor Makinde, who lauded the people of the state for their

support for his administration in the first four years and their support during the election, said he would never take that support for granted.

“From the bottom of my heart I cannot take your support for granted. You have supported us for a second tenure and you must

support us to have a successful tenure because, if we are successful, Oyo State is successful and the impact will definitely be on all of us,” the governor said.

A statement by the Chief Press Secretary to the governor, Sulaimon Olanrewaju, indicated that Governor Makinde stated this at the

Omituntun 2.0 Victory Invitational Golf Tournament Dinner, held at the Ibadan Golf Club, Ibadan.

The governor appreciated his friends for putting the event together, noting that he would continue to strive to develop the game of Golf and ensure it is played across the state.

Video: Distance Yourself from Ganduje, Group Tells Tinubu Ex-THISDAY Chief Sub, Dollar Ganduje to use the president his cabinet from people like other relevant agencies to keep Ahmad Sorondinki in Kano sabotage investigation on Ganduje so that the international the former Kano Governor under Adewoyin, for Burial Today A Kano-based civil society and the former governor’s corruption community would not tag watch so as not escape from the The remains of former Chief Sub-editor of THISDAY Newspaper, Princess Florence Omolola Adewoyin, who died on Saturday, July 8, 2023, at the age of 57, will be laid to rest today, July 10, 2023.

According to her immediate younger sister, Mrs. Bose Adelaja, service of songs will be held at her residence, 13, Road 1, Ìbùkún Estate, Meiran Road, Meiran Bus-stop, Lagos State at 12.00 noon while interment holds immediately at same venue.

Hailed from Oke-Ijemo in Abeokuta, Ogun State, Adewoyin attended Shilloh Primary School, Agege and St. Lois College, Onikoko, Abeokuta.

She studied Mass Communication

at Ogun State Polytechnic (Moshood Abiola Polytechnic, Abeokuta) and Communication and Language at University of Ibadan.

She is survived by husband, brothers, sisters, children and grandchildren.

organisation known as Movement Against Corruption in Nigeria (MACIN) has urged President Bola Ahmed Tinubu to not allow former government of Kano State, Abdullahi Umar

charges.

Speaking during a press conference in Kano, yesterday, the coordinator of the programme, Kabiru Dakata, said Tinubu should distance

Nigeria as fantastically corrupt country.

He tasked the International Criminal Police Organisation (Interpol), the Nigerian Immigration Service, and all

country before the investigation. “ The delay tactics he is using will indicate that he is indirectly admitting the allegations that he collected $5 million bribe but does not want to be investigated.

UNICEF, SOSG Train Stakeholders on Police Standard Procedures OnuminyaInnocentinSokoto

Princess Florence Omolola Adewoyin

The United Nations International Children’s Emergency Fund (UNICEF), with support from the European Union (EU) and Sokoto State Ministry of Justice, has organised a workshop on the Nigerian Police Standard Operating

Procedures (NPSOPs) for children who came in contact with the law.

Speaking at the event, the Sokoto State Commissioner of Police, Mr. Muhammad Ali Hayattu, said that the development of the NSSOPs demonstrated the commitment of the Nigeria Police Force to ensure child friendly policing in the country.

Hayattu said that the NPSOPs would offer strategic framework and clear guidelines on procedures for providing services for children and also facilitate timely access to justice.

He added that the workshop would build capacity of police officers to enable them to appreciate

issues involving children.

The police commissioner added that the workshop would go a long way to enlighten security agencies, human rights activists, civil society organisations, Human Right Commission and the judiciary on the issues involving children in a professional manner.

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NEWS XTRA

IMPROVED RESILIENCE ON THEIR MINDS…

L-R: Director, Economic Planning, Ministry of Economic Planning and Budget (MEPB), Lagos State, Mr. Banjo Ogunsola; Assistant Director/ Public Relation Officer, Lagos State Conference of Local Government Planners, Mr. Ogunbambi Ismail Abiodun; Director, Lagos Bureau of Statistic, MEPB, Mr. Oseni Ope;Chief Resilience Officer, Lagos State Resilience Office, Dr. Folayinka Dania;Director, Planning and Head of Department, Budget, Ayobo-Ipaja Local Council Development Area, Mr. Joseph Abiodun, and Director, Planning Unit, MEPB, Mr. Adetunji Sunday, at the resilience building workshop for the heads of planning , budget, research and statistic department in the local government and local council development areas held in Ikeja, Lagos… recently ETOP UKUTT

Hoodlums Destroy Kogi SDP Secretariat, Set Tinubu/Shettima Banners Ablaze Ibrahim Oyewale in Lokoja

Suspected political hoodlums have allegedly attacked and destroyed the secretariat of the Social Democratic Party (SDP) in Lokoja, Kogi State.

The secretariat, which was formerly used for President Bola Tinubu/Shetima campaign office before it was later converted to SDP office following the defection of Murtala Ajaka, its governorship

candidate.

While speaking with journalists shortly after the incident in Lokoja yesterday morning, the deputy governorship candidate of SDP, Chief Sam Ranti Abenemi, who visited the scene, said some hoodlums had earlier visited the SDP secretariat threatening to attack the office if they refuse to pull down President Tinubu’s banner.

Abenemi stressed further that

“the armed youths came to the secretariat this morning to destroy the building, as a source close

to the office told us the armed thugs with axe and machetes stormed the facility and started

bringing down the banners “As you can see, we are here and we saw that it was true.

The glasses were shattered and all Ajaka and Tinubu pictures were burnt.”

NDLEA Seizes 4,560kg Skunk in Lagos, Adamawa, Osun

MichaelOlugbodeinAbuja

No fewer than 4,560 kilogrammes of skunk were seized in interdiction operations in Lagos, Adamawa and Osun States by operatives of the National Drug Law Enforcement Agency (NDLEA) in the last few days.

The operatives also raided a

skooches factory in Ogun State and arrested four members of a drug syndicate, including two church officials-a female staff of a courier company and another lady-involved in trafficking lethal opioid, fentanyl in Delta State.

These were parts of the clampdowns in the last one week by the anti-narcotics agency, according

to a statement issued yesterday by its spokesman, Femi Babafemi.

He noted that the bust of the fentanyl cartel operating in Warri, Delta State, is coming barely a month after two members of another syndicate, Odoh Oguejiofor and Oliver Uzoma, were arrested at Ogbogwu market, Onitsha Head Bridge, Onitsha South Local

GovernmentArea ofAnambra State following months of intelligenceled investigation of the syndicates behind the dangerous drug, “which is 100 times more potent than heroin and currently responsible for over 70 percent overdose deaths as well as a major contributor to fatal and nonfatal overdoses in the United States.”

development became imperative in view of the reported cases of influx of pregnant women and aged pilgrims to the just concluded hajji operations in Saudi Arabia were about 20 pilgrims lost their lives.

Besides, out of the seven pregnant women that were

discovered, one was delivered of a baby via caesarian session when the foetus was seven month old (the baby is now dead) and another pregnant woman had a miscarriage due to the stress of the Hajj exercise.

The NAHCON’s Commissionerin-charge of Research, Statistics,

Information and Library Services (PRSILS), Sheikh Suleman Momoh, made these disclosures in Makkah while speaking with journalists.

Momoh, however, blamed state boards and private tour operators for the participation of Nigerian pregnant women during the hajji operations.

18 Passengers, Driver, Motorboy Die in Lagos Auto Crash NAHCONVowstoAvoidParticipationofPregnant,OldPilgrims,Records20Death He said: “The driver of the Chiemelie Ezeobi It was a black Sunday in the Badagry area of Lagos State yesterday as an 18-seater commercial bus filled with party goers crashed, killing all passengers onboard, including the driver and his motor boy.

The passengers were said to have chartered the commercial bus from Yaba to attend a ceremony in the Republic of Benin.

Barely an hour after they departed the park, the freak accident happened at Age-Mowo on the Lagos-Badagry Expressway, killing all onboard.

Confirming the incident, the spokesperson for the Lagos State Traffic Management Authority (LASTMA), Taofeeq Adebayo said the Mazda commercial bus collided with a truck loaded with sand.

commercial bus lost control when he saw a truck ahead of him while trying to overtake the tipper truck loaded with sand.

“In the tragic accident, 20 people died including the 18 passengers alongside the commercial bus driver and his motor boy.”

As at press time, the spokesperson said the remains of the victims have been taken to the Badagry General Hospital morgue.

Meanwhile, to ensure free flow of traffic along that axis, the agencies involved quickly cleared the road, especially as the morning rain tried to impede rescue operations.

While commiserating with families of the deceased persons, the spokesperson said they could identify their loved ones at the Badagry morgue.

Idigbe Advocates Holistic Fight against Transnational Organised Crime Wale Igbintade

A Senior Advocate of Nigeria (SAN), Chief Anthony Idigbe, has called for a holistic approach to tackling transnational organised crimes (TOCs).

He spoke in Lagos at the Scholar and Faculty Programme of the Nigerian Higher Education Foundation, organised in collaboration with the Attorney General Alliance- Africa (AGA-Africa) on “Transnational Crime Awareness”.

Idigbe noted that as organised criminal networks have become globalised, efforts to combat them require a coordinated transnational response.

He said transnational crimes were threats to the state, its

national and regional security and the rule of law.

Left unchecked, he said they could impede a country’s political and economic development, and limit the social and cultural development of society.

The SAN noted that more strategies should be adopted to raise international awareness about transnational crimes’ threat to international security.

This, he said, would galvanise multilateral action to constrain the reach and influence of these crimes; deprive them of enabling means and infrastructure; shrink the threat these crimes pose to citizen safety, national security, and governance; and ultimately defeat the transnational criminal networks that pose the greatest threat to national security.

Hammed Shittu in Makkah

The National Hajj Commission of Nigeria (NAHCON), has announced that it would tighten its screening system to forestall the participation of unauthorised pilgrims.

The NAHCOM said that the

Policy Summersault, Setback to National Growth, Devt, Says A’Ibom Gov Okon Bassey in Uyo Akwa Ibom State Governor, Mr. Umo Eno, has blamed policy summersaults in the country for the lack of continuity by successive administrations, which he said has resulted

in a serious challenge and setback to national growth and development.

The governor made the remark while addressing participants of the Senior Executive Course 45, 2023 from the National Institute for Policy

and Strategic Studies (NIPSS), Kuru, Jos, during a courtesy call on him at the Government House in Uyo at the weekend.

According to him, policy continuity and pursuit of a national agenda were among the trump cards of prosperous

nations, challenging the Institute to consider failure by successive administrations in Nigeria to implement the policies of their predecessors as an important area of research, “as it directly affects the country’s development.”

‘Protect Wildlife to Reduce Risks of another Pandemic’ from animals. of zoonotic outbreaks, such diseases are believed to be Sunday Okobi As the world marks World Zoonoses Day, the Wild Africa Fund has called for urgent actions to curb illegal wildlife trade, deforestation and climate change to reduce the risk of future disease transmissions

The Fund said Africa faces a growing risk as it grapples with population growth, rapid urbanisation, deforestation and the commercial ‘bush meat’ trade.

There has been a 63 per cent increase in the number

as Ebola and Monkey pox diseases in the region from 2012 to 2022 compared to the previous decade (2001 to 2011), according to the World Health Organisation (WHO).

Across the globe, over 60 per cent of human infectious

spread by deadly germs found in animals. Before COVID-19, in the last two decades, zoonotic diseases had caused economic losses of more than $100 billion, according to the UN Environment Programme (UNEP).

Oyebanji Directs Security Operatives to Arrest Abductors of Ekiti APC Chairman Gbenga Sodeinde in Ado Ekiti

The Ekiti State Governor, Biodun Oyebanji, yesterday gave a marching orders to the state Police Command, the Department of State Services (DSS) and Amotekun Corps to use security means to free the abducted state Chairman of

the All Progressives Congress (APC), Hon. Paul Omotoso, and two others from captivity.

Oyebanji stated that Omotoso shouldn’t only be rescued unscathed, that the perpetrators of the dastardly act be nabbed and made to face the full weight of the laws.

The former state

Commissioner, Omotoso, and two others, were abducted by gunmen on Agbado-Imesi road last Saturday and taken to an unknown destination.

According to information from family members, Omotoso was said to have earlier attended a wedding at Ikare Akoko in Ondo State, and was returning to Ado

Ekiti when the criminals struck.

Oyebanji, who was represented by his Deputy, Chief Monisade Afuye, gave the directive yesterday when he visited Omotoso’s family at Imesi Ekiti, Ayekire Local Government Area of the state to sympathise with them on the devastating incident.

Diri Advises Social Media Aides to Exhibit Responsibility in their Reports

Olusegun Samuel in Yenagoa

Bayelsa State Governor, Douye Diri, has advised his social media aides to exhibit the highest sense of responsibility, integrity, and accountability in their job of dissemination and

propagation of information about the government programmes and policies.

Diri, who decried the high incidence of fake news, half -truths, hatred and cyber bullying on the social media, urged government media aides

to refrain from joining the band wagon to peddle fake news, but be guided by social media etiquettes.

The governor gave the advice at the unveiling of a new media campaign for promoting projects and programmes of the state

government with the theme: ‘The New Media Paradigm: A Gateway to Prosperity’, as part of programme to commemorate the 2023 World Social Media Day held at Government House Banquet Hall in Yenagoa, the state capital.

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MONDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

47 Years After, Air Peace to Honour Nigerian Athletes that Boycotted Montreal Olympics 1980 AFCON winning squad to also benefit from Allen Onyema’s large heart

Duro Ikhazuagbe Forty-seven years after Nigeria led 27 African countries to boycott the 1976 Olympic Games in Montreal, Canada with solidarity support from Iraq and Guyana, the Team Nigeria athletes who were denied lifetime opportunities to become Olympians and medalists are set to be honoured.

Also, Nigeria’s 1980 AFCON winning squad will similarly be honoured with listing in the newly created NIIA Sports Diplomacy Wall of Fame in addition to cash award from Chief Executive Officer of Air Peace, Barrister Allen Onyema.

Speaking at a media parley in Lagos yesterday to unveil plans

to honour these worthy former footballers and athletes who sacrificed their lives for the country but got little or nothing in return, the Air Peace owner, insisted that he’s moved to be involved as a way to tell them their sacrifices for the country will not be in vain.

“We are talking about Nigerians who used their prime to serve this country. They arrived Montreal, Canada and just on the eve of the opening ceremony, were asked to pack their bags and leave camp because Nigeria and the rest of Africa had resolved to boycott the Games as a result of support some countries were giving apartheid South Africa regime.

“These were athletes that had

prepared for four years . Some were on top of their events like Charlton Ehizuelen, Imadiyi, Bruce Ijirigho and our 4x400m men’s relay team that were sure gold or silver medal hopefuls. In fact, Ehizuelen had the world leading jump to the Olympics. They jettisoned their dreams because of Nigeria. Most didn’t recover and never had the opportunities to become Olympic medalists again in their lifetime.

“How many can do that today?

Those who can even venture, will Japa (elope) and not return

to Nigeria but these our heroes and heroines obeyed. These former athletes and the 1980 AFCON winning squad are those to be honoured as Air Peace Sports Diplomacy Ambassadors come July 28, 2023,” observed Onyema who was a fantastic footballer and sprinter as an undergraduate at the University of Ibadan. He played league football for NISER FC until he graduated.

Apart from listing them in the Wall of Fame, the Air Peace CEO also pledged to give some financial

incentives as well as guarantee each of those still alive, 12return tickets to local destinations and one foreign trip to any country that his airline operates on the route.

“It is not because I am rich that I am doing this. It is because I have a heart that appreciates and gives to appreciate those who serve this country, diligently. We are therefore calling on other corporate bodies to also find a way to appreciate our heroes, those who sacrificed for this country.”

Corroborating Onyema, former Green Eagles Captain, Chief Segun Odegbami, who was in the 1976 football team to the Montreal Games, recalled with nostalgia how their dreams were truncated.

“I was in that football team at the Olympic Games. We were all bubbling in camp, waiting for the opening ceremony when we were told Nigeria has led other African countries to boycott the Games.

We were given one hour to pack our backs and join the bus heading to the airport.

Gov. Uzodimma Redeems N30m Pledge to Six Falcons Players The six Super Falcons players from Imo State who participated in the 2022 Africa Women Championship in Mororoco have received N30 million largesse which Governor Hope Uzodimma promised them.

Uzodimma announced a N5 million donation for each of the six Super Falcons players from Imo State who participated in the Africa Women Championship in Morocco when they paid him a courtesy call at the Government House Owerri.

The beneficiary of the Government's largesse include: Desire

Oparanozie, Chiamaka Nnadozie, Vivian Ikechukwu, Tochukwu Oluehi, Ohale Osinachi and America-born Michelle Alozie.

The Governor said he was particularly touched by the display of football artistry exhibited by the women folk against their Morrocan competitors, noting that the six ladies not only did Nigeria proud but Imo State where they hail from.

He congratulated the Super Falcons for also qualifying for the Women’s World Cup holding in Australia and New Zealand from July 20 till August, 20, 2023.

Chief Executive Officer of Air Peace, Barrister Allen Onyema (right) and former Green Eagles Captain, Dr Segun Odegbami at the media parley on Air Peace plans to honour Team Nigeria’s athletes to the boycotted 1976 Olympic Games and 1980 AFCON winning team at Eko Hotels in Lagos ...yesterday

...Hails Choice of George Aluo as NNL Chairman Match Hero, Noble, Rescues Enyimba from Sporting Lagos

Imo State Governor, Senator Hope Uzodimma has lauded the appointment of Mr. George Aluo as the new Chairman of the Nigeria National League (NNL).

Aluo was named as the Chairman of the country's second-tier men’s football league at the weekend, with other members like Khamisu Ahmed Mailantaki as Vice Chairman.

Other members include: Yakubu Sarma, Dani Mohammed, Donald Ikpe, Joseph Uzoma Ebowusim, Dotun Sanusi and Emmanuel Attah (Chief Executive Officer).

A statement by the Chief Press Secretary/Media Adviser to the Governor, Oguwike Nwachuku, said his principal received with joy Aluo's appointment, describing it as most fitting and well deserving.

Governor Uzodimma said

he has followed Aluo's Sports Journalism career trajectory for years and believes he has a lot to contribute to football development in the country as a veteran sports journalist.

The Governor also said it is important to note that coming from Ngor Okpalla Local Government Area of Imo State, Aluo has joined the long list of Imo citizens gifted to Nigeria by the State for positive causes as regards national development and unity.

He said he has no iota of doubt in his mind that Aluo who has shown perseverance, hard work and loyalty will remain a good ambassador of Imo State as he goes about discharging the duty of taking Nigeria football to an enviable height.

Remo Stars, Katsina Utd share the spoil Femi Solaja Super Eagles’ goalkeeper, John Noble, was the hero of the night as he rescued Nigeria Premier League champions, Enyimba FC, from the jaws of defeat against newly promoted Sporting Lagos FC at the on-going Naija Super 8 tournament at the Mobolaji Johnson Arena, Lagos.

Both sides put up brilliant performances with Sporting Lagos side looking more adventurous. Twotime African champions, Enyimba had to dig deep into experience to neutralise the new entrants to the Nigerian topflight.

With the ‘end to end’ tie looking more like a goalless outing, Sporting

NAIJA SUPER 8 Lagos were rewarded with a penalty in the 82nd minute but substitute, Mohammad Zulkifilu's grounder was well calculated but the goalie to denied the fledging Lagos side the maximum points.

A loss would have eliminated the Peoples’ Elephant from the contest after their 1-2 loss to Remo Stars in the opening match on Friday.

Earlier in the day, NPL returnees, Katsina United, held league runnersup, Remo Stars of Ikenne to a 1-1 draw.

The close contest produced two first half goals, which proved decisive.

Remo Stars took the lead through

Fabian Iworie in the 21st minute while Katsina United responded with an equaliser five minutes later, after Samson Olasupo, beat the offside trap to tap home his own rebound shot.

Remo Stars goalkeeper, Tambe Charles, produced two quick-fire saves to deny Katsina United the lead late in the half, to ensure both sides were on level scores at the break.

The two teams cancelled each other out in the second half, with chances few and far between.

The Ikenne boys desperately pushed for the winner late in the game, but were denied by a resolute Katsina United defence.

Reacting to the result, Remo Stars Head Coach, Daniel Ogunmodede,

said his team played a side who had a point to prove. "Katsina United are no underdogs in this match. This is a team that just got promoted to the NPFL. They had a point to prove.

They wanted to show that their promotion is not a fluke and they did the job well."

"I'm not disappointed, we started nine fresh players. We are gradually achieving our objectives. I'm actually impressed with this performance. Our aim here is to win games. Our goal is to win the tournament. We drew today, no excuses."

The result put Remo Stars top of Group A with four points from two matches, while Katsina has one point from one game.

Runsewe Urges Golfers to Brace up for the New Order in Golf

R-L: Chairman of Keves Global Leasing, Chief Ikenna Okafor; Representative of the GOC, 6th Div. of the Nigerian Army, Brig. Gen. A. Amako; President, Nigeria Golf Federation, Otunba Segun Runsewe (OON); Executive Director of the PGA of Nigeria, Dr Tony Philmoore; Maj Gen DI Salihu; Brig. Gen. AD Yusuf, Chairman, Management Committee of the Python Golf Club, during the closing ceremony of the PGA Qualifying Examination in Port Harcourt ...recently

The President of Nigeria Golf Federation (NGF), Otunba Olusegun Runsewe, has called on golfers in the country to brace up for the new world order in the game.

The NGF President who also doubles at the Director General for the National Council for Arts and Culture gave the advice at the closing ceremony of the 14th edition of the PGA of Nigeria Qualifying School final examination which held at the Python Golf Club in Port Harcourt, Rivers State.

Runsewe who was excited by the progress made by the PGA so far, urged the body to initiate training programmes that will move golfers in the country beyond ‘playing tours’.

He insisted that Nigerian golfers need to acquire skill sets that will enable them function in other areas such as coaching, managing golf courses, or in the technical depart-

ments and other arms of the game.

“Being a professional golfer is not all about playing tournaments. The new world order in the game of golf is also about acquiring skills to enable someone function in other areas like coaching, managing golf courses, working in the technical departments and any other arms of the game,” observed the NGF President.

While commending the newly qualified professional golfers, Runsewe pledged that his federation was going to collaborate with the PGA in ensuring that Nigerian golfers are updated on the new world order.

“Golf is life and a very lucrative sport business which can drive tourism more than football for a nation that is serious about it. That is what we’re set to do with the present PGA of Nigeria,” he enthused.

He stressed that this was what he set out to achieve when on assumption of office for a second term, he had to organize the first-ever golf summit in Abuja to chart way in that direction.

The Executive Director of the PGA of Nigeria, Dr Tony Philmoore, corroborated the NGF President and noted that the training programme was a welcome development which will take off in no distant time.

The Executive Director who eulogized the NGF’s President’s efforts in golf development said: “Runsewe’s contributions in golf development cannot be overemphasized.

“The training will be a six-month programme – it’s a “Pro Staff” training and graduates will be certified.

We are also liaising with universities for the (diploma) programme to give it a high level of credibility,” concludes the PGA director.

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Monday, July 10, 2023

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MISSILE Alaba Market Traders to Lagos Govt “"The Traders of the Alaba market are going to fight for the demolition of their buildings legally. We are going to pursue it legally. I do not see how they will tell us that this place does not belong to us because it is close to the canal. At the end of the day, they demolished and handed over the place to somebody else to develop” –President of the market's electronics section, Camillus Amajuoyi, raring to seek legal redress over the demolition.

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IJEOMANWOGWUGWU BEHIND THE FIGURES

ijeoma.nwogwugwu@thisdaylive.com

The Game of Thrones at First Bank B

illionaire businessman, Femi Otedola, must be excreting bricks. In recent weeks, the often-ebullient businessman has told anyone who cares to listen that he is about to emerge Chairman of FBN Holdings Plc (FBN Holdco) – one of Africa’s largest diversified financial services groups and parent of First Bank of Nigeria Limited, the country’s oldest lender. Otedola, from all indications, was recently nominated a Non-executive Director of FBN Holdco, subject to the approval of the Central Bank of Nigeria (CBN), as is always the case with all financial institutions regulated by the banking system regulator. His hope was that after his nomination is approved by the CBN, at the next annual general meeting of FBN Holdco slated for August 15, 2023, other shareholders/directors of the group will elect him chairman. It remains uncertain how Otedola intends to be elected chairman, given that the current holdco chairman, Adamu Abdullahi, is an appointee of the central bank, albeit on an interim basis.

However, by letting more than a few people know of his heart’s desire to become the next chairman of FBN Holdco, Otedola inadvertently stirred up the hornet’s nest. Suddenly, Otedola finds himself in direct confrontation with the former Chairman of FBN Holdco and industry titan, Oba Otudeko, who two years ago was sacked from the group’s board by the now suspended Governor of the CBN, Godwin Emefiele.

The impending head-on collision was triggered last Thursday when Otudeko, in a move that left the capital market gasping at the magnitude of the transaction, acquired 4,770,269,843 shares of the company’s issued share capital of 35,895,292,791.

The record trades valued at N87.8 billion were moved from 26 nominee and trustee accounts to Barbican Capital Limited, an affiliate of the Otudeko-owned Honeywell Group, translating to 13.3% of the share capital of FBN Holdco.

If we are to add the 13.3% to the previously disclosed interests held by Honeywell Group Limited’s affiliates, amounting to about 1.5%, this will bring Otudeko’s aggregate shareholding in the financial services group to about 15%, making him the undisputed single largest shareholder of the group. It further raises the question as to if there are other shares that are held by nominee or trustee accounts that are yet to be declared by the Honeywell Group or its affiliates.

What was even more telling about the share acquisition was that the shares held by Barbican Capital may have been shielded from any claim against a company formerly owned

by Otudeko, Honeywell Flour Mills Plc and two other sister companies, which have been in a protracted dispute with EcoBank Plc over a N5.5 billion loan. On January 27, 2023, the Supreme Court upheld an earlier judgment of the Court of Appeal against Honeywell Flour and the two companies in dispute with Ecobank over the said loan. Since the Supreme Court ruling, lawyers acting on behalf of Ecobank have filed bankruptcy proceedings against Otudeko at a Federal High Court, Lagos. Barely two weeks ago, the same court granted leave to Ecobank to join Otudeko, Honeywell Group and Flour Mills of Nigeria Plc which acquired Honeywell Flour Plc in an N82 billion deal last year, as additional defendants to the counterclaim filed by the bank, seeking to recover monies based on the judgment delivered by the Supreme Court last January.

However, Barbican Capital, which was incorporated on March 9, 2023, listed two of Otudeko’s children, Foluke Oyeleye and Obafemi Adedamola Otudeko (Jr.) as having controlling interests in Barbican, rendering it difficult for Ecobank to go after the company and/or its assets. In any case, Honeywell’s lawyers may very well argue that the disputed Ecobank transaction with Honeywell Flour Mills and two other companies, is an unrelated transaction to Barbican Capital’s acquisition of FBN Holdco shares.

But let’s dial back a bit. Prior to the Supreme Court judgment against Honeywell Flour and Barbican Capital’s 13.3% acquisition of FBN Holco, not much had been heard of Otudeko, save for the sale of Honeywell Group’s 71.69% stake in Honeywell Flour Mills and First Bank’s 5.06% stake also held in Honeywell Flour Mills. As many market analysts put it, he was in hibernation for over two years. Before his stewardship at the helm of the holdco, he had sat on several other corporate boards, including that of First Bank of Nigeria Plc for 12 years and retired as its chairman in 2010. At the end of his stint, Otudeko was appointed pioneer chairman of FBN Holdco after First Bank and its subsidiaries adopted a holding company structure. He held sway at FBN Holdco until he was ousted by Emefiele in April 2021.

Emefiele was forced to remove him after Otudeko and the

Otudeko

Otedola

Chairman of First Bank at the time, Mrs Ibukun Awosika, refused to heed his directive that Mr Adesola Adeduntan be reinstated as Managing Director/CEO of First Bank. About three days before Otudeko and Awosika were sacked, FBN Holdco had held its annual general meeting in Lagos, during which Adeduntan was re-elected as a director of the holding company, a position reserved for the MD/CEO of the bank.

But barely 24 hours after his re-election at the AGM, at a board meeting of First Bank, Adeduntan, with eight months left to the end of his tenure, was retired as MD/CEO of First Bank and his deputy, Gbenga Shobo, announced as his replacement.

Awosika with the backing of Otudeko was believed to have terminated Adedutan’s appointment because of a letter she received from the CBN stating that First Bank had not complied with regulatory directives to divest of its interest in Honeywell Flour Mills, despite several reminders by the central bank. The CBN also stated in the letter that it was giving the bank 48 hours to ensure Honeywell repays its obligation to it, failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank. It further instructed the bank to divest of its holdings in Bharti Airtel Nigeria Ltd and Honeywell Flour Mills within 90 days. These unsecured insider loans to the tune of N75 billion were all related to Otudeko. It is not understood why the 48 ultimatum was issued by the CBN, as sources within First Bank later revealed that the loans were performing and had been restructured with a repayment plan till 2026.

In addition to the letter from CBN, it was later revealed that the once convivial relationship that had existed between Adeduntan and Otudeko, who was instrumental to the former’s appoint as MD/CEO five years earlier, had gotten frosty over certain disagreements between the then holdco chairman and bank MD. There were also mounting concerns among non-executive directors of the group over the liquidity backstop that First Bank had been providing since 2016 to Heritage Bank due to the latter’s liquidity constraints, impaired shareholders’ funds and high loan impairment. A liquidity backstop provides insurance, usually by way of cash, against liquidity risks and helps stabilise financial markets and institutions by mitigating runs.

Without going into further details why Heritage was in dire straits, it is understood that the backstop was sanctioned by the CBN. However, the position taken by some non-executive directors including Otudeko at the Holdco level that First Bank should reduce its credit exposure to Heritage Bank in the unlikely event of a default, did not sit down well with central bank officials. As of December 31, 2022, First Bank’s backstop to Heritage was put at N451 billion. If Heritage is unable to repay the amount, it will erode almost half of FBN Group’s reported shareholders’ funds of about N1 trillion in Q1 2023 and completely wipe out its retained earnings of N430 billion.

Yet, even as Otudeko and Awosika moved against Adeduntan, some shareholders/directors of the holding company and bank, led by Oye Hassan-Odukale, pleaded with Otudeko to rescind the retirement of the bank MD, arguing that it was not in the best interest of the bank and the financial services group. However, Otudeko was said to have remained adamant on the grounds that a company had a right to hire and fire its employee before the contracted date if it is done based on the contract terms. Otudeko, a bank source said, was also of the view that even if FBN Holdco was under forbearance, it had not been taken over by the CBN, its financial accounts,

like other banks, were still signed by the central bank and

by April 2021 was already on the mend, so its shareholders and directors still had a say on who to employ and fire.

When Emefiele heard of the sacking, nonetheless, he tried repeatedly to reach out to Otudeko and Awosika to reverse their decision. However, the CBN governor was later to explain that they made themselves unavailable. Subsequently, an angry Emefiele, with the consent of former President Muhammadu Buhari, struck. On Friday, April 30, 2021, he sacked the Boards of Directors of FBN Holdings and First Bank and announced new directors to both boards. The CBN governor also reinstated Adeduntan and reversed Shobo’s promotion to the position of MD/CEO. Effectively, in one fell swoop, Emefiele ended Otudeko’s stint as a director of First Bank and the holding company for over two decades.

Giving reasons for the decision, the CBN governor said Adeduntan’s removal was done without due consultations with the regulator, especially given the systemic importance of First Bank. Among other reasons, Emefiele added that the decision to sack both boards was premised on the fact that the bank had been under regulatory forbearance since 2016, arising from bad credit decisions, inadequate corporate governance, as well as a high non-performing loan (NPL) ratio and capital adequacy ratio that had breached acceptable prudential standards for a bank its size. Between 2016 and 2020, First Bank had recorded a total loan impairment of over N565 billion. As of financial year ending December 31, 2022, total loan impairment charges had risen to N1.2 trillion – an amount considered by market analysts as a massive erosion of wealth.

To be fair, whilst Otudeko as chairman cannot completely absolve himself of First Bank’s woes, questionable credit risk management pre-2016, and the insider loans he had taken from the bank which exceeded regulatory limits for shareholders and directors, anyone with a knowledge of the bank knows that much of the blame should be placed mainly on Bisi Onasanya, MD/CEO of First Bank between June 2009 and December 2015. At the end of Onasanya’s tenure, First Bank had been so badly mismanaged that a former executive director of the bank and later Minister of State for Finance, Remi Babalola, sent a stinker via WhatsApp to the departing chief executive and copied other directors, accusing him of mismanaging First Bank and concealing several infractions under his watch from the board. However, it must be added that a major non-performing loan of N99 billion, later sold to the Asset Management Corporation of Nigeria, was granted

by First Bank when it was led by Sanusi Lamido Sanusi who later became CBN governor and Emir of Kano. But I digress.

With Otudeko’s ouster, this paved the way for Otedola, an unapologetic corporate raider, to swoop down on the shares of FBN Holdings, increasing his stake first to 5.07%, then to 7.57%, and to about 9% as of last Friday. With his emergence as the single largest shareholder in the holdco by December 2021, Otedola was able to nominate proxies as directors to the boards of the holdco, First Bank and one or two other subsidiaries of the group to represent his interest. Now, there is no certainty when he decided to stamp his imprimatur on his interest in the holdco by emerging its chairman, but it is bemusing how Otedola, a self-styled prophet who claims he can see tomorrow and predict business and political outcomes, did not see Otudeko coming. Indeed, I may be right in thinking that Otudeko would not have come in from the cold if he did not have the tacit support of some higher

ups in government and if he was not certain that Emefiele was no longer in the picture.

But that is not to say that Otedola should ever be underestimated. By all measures, he hardly ever loses out in anything that he sets out to achieve. Unlike other business moguls of his standing, he has considerable time on his hands to plot and be very calculating in everything that he does, even when sending out something as seemingly flippant as recorded felicitations from his friends to all his WhatsApp contacts, a whole seven months after his 60th birthday. Anyone who wants to bet against Femi, should be ready to part with the shirt on his back. Nor should anyone be surprised if the share price of FBN Holdings continue to rise as he attempts to regain the bragging rights of single largest shareholder of the group. If he can help it, he’s not one to play second fiddle.

Already, with Otudeko’s disclosure indicating that he has the highest stake in FBN Holdco, Otedola has gone into overdrive to consolidate his control of the group, which he had taken for granted was just within his grasp. At the weekend, an online business news website claimed in an obviously planted story that some significant shareholders with a combined interest of 28% in the holdco, intend to join forces to block Otudeko from regaining control of the company in whatever capacity.

Furthermore, a news report in THISDAY on Sunday, quoted multiple sources as stating that some shareholders of FBN Holdco were slated to meet yesterday to decide on a quick resolution of all the issues thrown up by the slew of share acquisitions and Otudeko’s comeback bid.

But if all the parties were to set aside needless emotions and keep their egos in check, there is really no need to enter panic mode. For one, one of the reasons given by Emefiele for Otudeko’s removal from the board of the holdco has been discharged, as the former chairman’s outstanding loans of N75 billion were repaid in full shortly after the completion of the sale of Honeywell Flour Mills to Flour Mills of Nigeria.

This is a fact both First Bank and CBN are acutely aware of.

Two, it is doubtful if Otudeko, a seasoned boardroom player, is under any illusion that he can be reappointed a director of the holdco or any of its subsidiaries. However, he is within his rights to have representation on the holdco and on any of its subsidiaries and ensure that his proxies can speak for his investment in the group, just as is the case with other significant shareholders. When the CBN appointed new directors to FBN Holdco and First Bank after it sacked the previous boards in 2021, it appointed Remi Lasaki as a proxy for Mike Adenuga’s interest in the group, likewise Tunde Hassan-Odukale was appointed to represent Leadway Assurance and Leadway Pensure’s interest in the holdco. It can only be assumed that Otudeko who remained a significant shareholder at the time was not allowed representation on any of the boards, either due to his insider loans or Emefiele’s anger over the manner Adeduntan was removed as chief executive.

Three, the reason(s) for the regulatory forbearance granted FBN Holdco no longer exists, as its NPL and capital adequacy ratios have met stipulated prudential requirements, so there is no clarity on why the central bank has not recalled its interim directors that are not representing shareholders’ interests but continue to sit on the boards of the group and First Bank.

If the shareholders presently girding their loins for a high stakes game of thrones have any sense, that should be their foremost priority: how to recover FBN Holdco from the overreach of the CBN. Another priority of theirs should be for the shareholders to come together and work in the interest of the financial services group, retail and institutional investors, as well as other stakeholders, rather than tearing each other apart and eroding confidence in the company that they all have a stake in. A public spectacle right now will only reinforce speculation that the group’s significant shareholders are more interested in their pecuniary interests and how they can use the holdco as a personal piggy bank, rather than an institution that creates value for them and the society at large.

Besides, there is nothing that cannot be resolved among a group of shareholders such as Otudeko, Adenuga, Otedola, Saheed Arisekola and the Odukales whose relationships, some familial, stretch back to 30 years and longer. Right now, their collective goal should be targeted at growing FBN Holdco which in recent years has been a laggard among its Tier 1 competitors. Of uppermost consideration, the shareholders should never lose sight of the fact that their banking subsidiary alone accounted for 82% of the group’s earnings in 2022. At a time when it appears to have turned the corner, it must not be derailed from its transformation journey to become truly the First!

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