FRIDAY 22TH JULY 2022

Nigeria’s Debt Service Cost Hits N1.94trn, Overwhelms Revenue by N310bn Petrol subsidy may gulp N6.72trn in 2023 Projects N17.99trn aggregate expenditure, N373.17bn oil revenue Ndubuisi Francis in Abuja The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed yesterday sounded the alarm bells as she revealed that the country’s debt service cost in the

first quarter (Q1) 2022 was N1.94 trillion, N310 billion higher than the actual revenue received during the period.

Also, Ahmed projected a total of N6.72 trillion as full-year budget for petrol subsidy payment in 2023, if

the country decides to continue with the policy that had been identified as a drain on the economy.

It also emerged yesterday that the federal government spent more to service debt in the first quarter (Q1) of 2022, than the actual revenue

it earned during the same period.

The Minister of Finance disclosed these when she unveiled the Medium Expenditure and Fiscal Strategy Paper (MTEF-FSP) in Abuja.

With debt service cost

outstripping the country’s revenue, it is a clear indication of dangers ahead and policymakers must be more than willing to implement the much-needed reforms to save the economy.

The minister explained: “The

aggregate expenditure for 2022 is estimated at N17.32 trillion, with a pro rata spending target of N5.77 trillion at the end of April.

“The actual spending as of April Continued on page 5

NACCIMA: Future of Manufacturing Bleak as Industrialists Shutdown Factories for Importation... Page 6 Friday 22 July, 2022 Vol 27. No 9964. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

N

Court Asks IG to Investigate Tinubu’s Perjury Allegation Alex Enumah in Abuja L-R: President Muhammadu Buhari; Chief of Defence Staff, Lucky Eluonye Onyenuchea Irabor; Chief of Army Staff, Lt Gen Farouk Yahaya; Chief of Naval Staff, Vice Admiral Awwal Zubairu Gambo and Chief of Air Staff Isiaka Oladayo Amao, during a Security Meeting with the President at the Presidential Villa, Abuja ... yesterday GODWIN OMOIGUI

Justice Inyang Ekwo of the Federal High Court, Abuja, yesterday, Continued on page 5

Aftermath of Osun Poll, Wike, Ortom, Makinde Agree Not to Leave PDP Benue gov confirms Atiku reached out to him to talk to Rivers counterpart Chuks Okocha, Adedayo Akinwale, Kingsley Nwezeh in Abuja and Numeh Ekeghe in Lagos Convinced that the prospects of the opposition Peoples Democratic Party (PDP), might have scaled up after it won the governorship election in Osun State, last weekend, the Benue State Governor, Samuel Ortom, has said his colleagues in Rivers and Oyo States, Nyesom Wike and Seyi Makinde, as well as himself, had agreed to remain in the party.

Some governors and chieftains of the party loyal to Wike, had been engaged in cold war with the leadership of the party, after Wike was denied the vice-presidential position in spite of committee’s recommendation, weeks after losing the presidential ticket to former Vice-President, Atiku Continued on page 5

WAR AGAINST VIOLENT EXTREMISM...

L-R: Ex. Dir. Operations NEDC, Omar Maiwada; MD/CEO, Mohammed G. Alkali; Chief of Staff, Borno State, Prof. Isa Marte Husseini; Chairman Senate Committee on Special Duties, Senator Yusuf A Yusuf; Permanent Secretary, Ministry of Humanitarian Affairs, Disaster Management and Social Development, Dr. Nasiru Sani Gwarzo, and Vice Chancellor, UNIMAID, Prof. Aliyu Shugaba, during the inauguration of the newly built Centre for the Study of Violent Extremism (CSVE) at the University of Maiduguri (UNIMAID) which was built and equipped by the North East Development Commission (NEDC)... Wednesday

Joe Biden Tests Positive for COVID-19, Shows Mild Symptoms... Page 5

2

FRIDAY JULY 22, 2022 •T H I S D AY

FRIDAY JULY 22, 2022 • T H I S D AY

3

4

FRIDAY JULY 22, 2022 •T H I S D AY

5

T H I S D AY • FRIDAY, JULY 22, 2022

PAGE FIVE

Joe Biden Tests Positive for COVID-19, Shows Mild Symptoms US president says he's doing great Oluchi Chibuzor with agency report Joe Biden, the oldest person ever to serve as president of the United States has tested positive for COVID-19.

He is experiencing mild symptoms and would continue working but in isolation, the White House disclosed yesterday.

However, Biden yesterday Twitted that he is "doing great" despite testing positive for COVID-19.

"Folks, I'm doing great. Thanks for your concern. Just called Senator Casey, Congressman Cartwright, and Mayor Cognetti (and my Scranton cousins!) to send my regrets for missing our event today," Biden tweeted on his official @ POTUS account on Twitter.

Biden, 79, has a runny nose, fatigue and an occasional dry cough, which he began to experience late Wednesday, White House physician Kevin O'Connor said in a note made public.

Biden has begun taking the

antiviral treatment Paxlovid, O'Connor said.

"He is fully vaccinated and twice boosted and experiencing very mild symptoms," Reuters quoted Press Secretary, Karine Jean-Pierre, to have said in a statement.

"Consistent with CDC guidelines, he will isolate at the White House and will continue to carry out all of his duties fully during that time," she added, referring to the Centers for Disease Control and Prevention.

The White House would provide a daily update on the president's health, Jean-Pierre said.

Biden's administration is facing major challenges including soaring inflation and Russia's land assault on Ukraine. His popularity has dropped sharply over the past year.

A Reuters/Ipsos survey completed on Tuesday showed 36 per cent of Americans approve of his job performance.

Multiple members of Biden's administration and other senior figures in Washington had tested positive for the coronavirus in recent months, including Vice President

Kamala Harris in April, House of Representatives Speaker Nancy Pelosi and Attorney General Merrick Garland.

All have since tested negative and resumed working.

U. S. stocks briefly headed lower following reports of the president's

diagnosis, with the S&P 500 (.SPX) dropping about 0.5 per cent over the following 10 minutes. The index quickly retraced that loss and by mid-morning was back to near the unchanged mark on the day.

While many Americans have moved on from the strict

precautions of the pandemic's early months, returning to offices and schools and resuming summer travel, the virus continues to spread.

Cases in the United States are up more than 25 per cent in the last month, according to CDC data, as the rapidly spreading

BA.5 sub-variant has taken hold.

Evading the immune protection afforded either by vaccination or prior infection, BA.5 has been the dominant sub-variant in the United States since at least early July and has driven a surge of new infections globally.

National Grid Collapse: Obi Knocks Buhari, APC Atiku proposes innovative solution to address power sector challenges

Emameh Gabriel

Presidential candidate of Labour Party (LP), Mr. Peter Obi yesterday berated the President Muhammadu Buhari- led administration over the collapse of the nation's national grid for the sixth time in seven months.

This was just as presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar has proposed a solution to the challenges in the country’s power sector.

Obi in his verified social media

handles described the failure in the power sector under the current administration as negative parameters that was not only benchmarks for governance failure, but a compelling catalyst for leadership change.

He wrote: "Reports that the national power grid has collapsed for the sixth time in seven months is alarming. Once again, many Nigerians have been left to grope around in darkness without electricity.

"Such negative parameters are not only benchmarks for governance

failure, but a compelling catalyst for leadership change.”

He charged the federal government to live up to its statutory responsibilities to avert socio-economic incidents that induce extreme shock and stress on the nation’s population.

"In a nation where many go the bed hungry, and national bakers going on strike is indicative of the high-stress level in both the productive realm of our economy and quality of life.

"Also, for bread, one of the basic and affordable daily sustenance of

the average Nigerian to become unavailable translates to a national crisis,” he added.

To Atiku, the innovative financing solution would involve the facilitation of a review of the financial, legal and regulatory environment to promote private investment in the sector.

In a series of Tweets on Wednesday, Atiku wrote: “I am reliably informed that there was a total National Grid Collapse at precisely 12:23pm today. This is one collapse too many. It is the 6th time this is happening this year alone.

trillion projected for 2023, which is N669.82 billion or 3.9 per cent higher than the 2022 budget of N17.32 trillion (Inclusive of Government Owned Enterprises) is based on the non-provision for ministries, departments and agencies' capital expenditure beyond multilateral/ bilateral loan- funded and projectfunded projects.

"In this scenario, given the severely constrained fiscal space, it is not feasible to make any provision for MDAs' capital expenditure in 2023 beyond multilateral/bilateral loan- funded and project-funded projects. The FGN's 2023 aggregate expenditure is estimated at N16.98 trillion, which is N337.05 billion (1.9%) lower than the 2022 budget," she said.

In the second scenario, Ahmed said: "The FGN's 2023 aggregate expenditure is estimated at N17.99 trillion, N699.82 billion (3.9%) higher than 2022 (Inclusive of GOEs). The sums of N20.29 trillion and N22.73 trillion are projected to be spent by the FGN in 2024 and 2025 respectively."

Oil price benchmark for 2023 was predicated on $70, $66 and $62 per barrel in 2023, 2024 and

2025 respectively Oil production is also based on 1.69 million, 1.83 million and 1.83 million barrels per day in 2023, 2024 and 2025 respectively.

The projected exchange rate for 2023 was pegged at N435/$ as against N410.15 in 2022.

Of the projected revenue of N6.34 trillion revenues in 2023, only N373.17 billion or 5.9 per cent is coming from oil-related sources while the balance of N5.97 trillion is to be earned from non-oil sources.

Responding to questions on subsidy, the Minister of State, Finance, Budget and National Planning, Mr. Clem Agba said the federal government subsidies PMS to the tune of between N600-N700 per litre, adding that this should not be allowed to continue.

Agba said if the trend was allowed to continue full stream till the end of next year, nothing would be left for capital expenditure.

He said: "There is still a huge subsidy because the cost of production of PMS is in the neighborhood of about 600 to 700 naira per litre. Right now, Nigeria is the only country in the world that is selling at about N165 or N200.

NIGERIA’S DEBT SERVICE COST HITS N1.94TRN, OVERWHELMS REVENUE BY N310BN 30th was N4.72 trillion. Of this amount, N1.94 trillion was for debt service, and N1.26 trillion was for personnel costs, including pensions.

“As at April, N773.63 billion had been spent on capital expenditure.

As of April 2022, FGN’s retained revenue was only N1.63 trillion, 49 per cent of the pro rata target of N3.32 trillion.”

She affirmed that the federal government’s share of oil revenue was N285.38 billion, representing 39 per cent performance while non-oil tax revenues totalled N632.56 billion — a performance of 84 per cent.

Ahmed also projected that should subsidy end in June 2023, based on the federal government’s earlier timeline, the sum of N3.36 trillion would be required to meet the financial obligations associated with subsidising the product.

The government explained that the Nigerian National Petroleum Company (NNPC) Limited, which on Tuesday officially transitioned into a fully commercial entity, would bear the cost of subsidy on petrol for the first six months of the year.

Ahmed noted the government was projecting fiscal outcomes in the medium term under two scenarios based on the underlying budget parameters/assumptions.

Ahmed explained that under the first scenario, which she described

as, "business as usual" assumes that the subsidy on premium motor spirit (PMS) estimated at N6.72 trillion for the full year 2023 would remain and be fully provided for.

According to her, the second scenario was that, “petrol subsidy will remain up to mid-2023 based on the 18-month extension announced early 2021, in which case only N3.36 trillion will be provided for.”

The minister stated that both scenarios have implications for net accretion to the Federation Account and projected deficit levels.

On the import of NNPC's transition to a limited liability company, she explained that the company would no longer be contributing to the monthly Federation Account, but would take care of subsidy for the first six months of 2023.

She said: "The new arrangement has indicated that NNPC will not be contributing monthly to the Federation Account as they used to in the past. But NNPC will be paying royalties, dividends and taxes. So, while the revenue might not be monthly, we will work on an arrangement on how this will be paid. And it is possible to work out an arrangement where the payments could be monthly or quarterly.

"NNPC has been paying for

COURT ASKS IG TO INVESTIGATE TINUBU’S PERJURY ALLEGATION granted permission to a civil group, Incorporated Trustees of Center for Reform and Public Advocacy, to apply for an order of mandamus, compelling the Inspector General of Police, Alkali Baba, to prosecute the presidential candidate of the All Progressives Congress (APC), Bola Tinubu, over alleged perjury.

The permission followed an ex-parte application argued by the group through its lawyer, Mr Ugo Nwofor.

The group had petitioned the police over alleged act of perjury by the former governor of Lagos State but, since its letter was received by the defendants some weeks back, he has yet to carry out its duty of investigating and prosecuting reported crime as in the Tinubu case.

The court, in a ruling, held that the ex-parte application was meritorious and subsequently granted it, fixing November 1, for hearing of the substantive suit.

The main suit, dated and filed on July 4 by the group, has the Nigerian Police Force and the Inspector General of Police as 1st and 2nd respondents, respectfully.

According to the NGO, the legal action against the police was necessitated by IGP’s refusal to take action on its petition against Tinubu over an offence it claimed the presidential candidate was indicted

for by the Lagos State House of Assembly in 1999.

The applicant in its petition to the IG, claimed that Tinubu lied on oath in his form CF 001 he submitted to INEC in aid of his qualification for the governorship election in Lagos State in 1999.

Applicant further claimed that, Tinubu “forged all the educational certificates he listed in his INEC Form CF 001, which he admitted he did not posses in annexure C. “For purpose of clarity, Senator Bola Ahmed Tinubu in the said INEC Form deposed to on oath that he attended Government College, Ibadan and University of Chicago, USA, when in actual fact he did not.

“On the strength of the above, we respectfully demand that you initiate the criminal proceedings of Senator Bola Ahmed Tinubu consequent upon the express findings of the Lagos State House of Assembly as captured above.”

The order to investigate Tinubu is seen as a huge blow to the APC presidential candidate, who is facing several allegations of perjury, which meant he made false declaration under oath. He has also been accused of drug dealings in the US in the 90s for which he allegedly forfeited nearly half a million dollars to the US government.

subsidy, but they are doing it on behalf of the federation, on the cost of the federation, even though they are the ones that have been paying.

"So, when they generate revenue, instead of remitting the revenue they are using part of the revenue or all of them to fund the subsidy.

That has been the arrangement and that is what will continue to be in place until we exit the first time scenario one.

"So I was just saying that a new arrangement regime, NNPC will not be contributing to FAAC (Federation Account Allocation Committee) on a monthly basis, but NNPC will still be paying taxes, royalties and dividends.

"We will be engaging the NNPC on how we expect this to come. We can negotiate how these remittances will be done on a quarterly basis for example. But let me also say that prior to the NNPC transiting, for about eight months, we have not been receiving any revenues."

However, the minister expressed hope that the emergence of new refineries would fully lay to rest the issue of subsidy.

Providing further details of the 2023-2025 MTEF-FSP, Ahmed noted

that the projections deviated from the projections in the National Development Plan (NDP) 2021-2025., adding that they have been updated based on a combination of current realities and a modified medium term outlook.

She said: "In the MTEF, real GDP growth is projected at 3.75 per cent in 2023, from a revised projection of 3.55 per cent for 2022. Growth is expected to moderate to 3.30 per cent in 2024 before picking up to 3.46 per cent in 2025.

"The inflation rate is projected to average 17.16 per cent in 2023, up from the revised average of 16.11 per cent for 2022.

"Upward pressure on prices is expected to be driven by the current and lag effect of the global price surge due to the Russia-Ukraine war, domestic insecurity, rising costs of imports, exchange rate depreciation, as well as other supply-side constraints."

Providing further insight into the MTEF-FSP, the minister disclosed that the aggregate expenditure for 2023 were predicated on two scenarios of N17.99 trillion and N16.98 trillion.

The first scenario of N17.99

AFTERMATH OF OSUN POLL, WIKE, ORTOM, MAKINDE AGREE NOT TO LEAVE PDP Abubakar.

Ortom, while featuring on the Good Morning Show on ARISE News Channel, yesterday, revealed that the trio had, decided against leaving PDP, but insisted that there was a need for the leadership of the party and Atiku to pacify Wike.

He further clarified that Wike, Makinde and himself did not attend the PDP mega rally in Osun, because they were out of the country and not because they were contemplating leaving the party.

Ortom noted that what happened in the Osun State governorship election, won by candidate of the PDP, Senator Ademola Adeleke, was what would happen in the 2023 elections.

The Benue governor, who also hinted that Atiku reached out to him speak to Wike in collective interest, stressed that Nigerians were fed up with excuses over security, economy and their social life that could have added value to humanity.

His words: "Coming to why some of us were absent, I was not around, I travelled. This was a programme that was planned over three months ago. I had to go to the United Kingdom, I had to go to the United States of America.

“I actually met with Governor Wike in London and met with my brother, the Governor of Oyo State, Makinde, and the Governor of Abia state. That provided an opportunity to brainstorm on what was happening back home in our party, the PDP especially.

"One thing I want to assure you

and Nigerians is that we are not going to defect to any political party; we’re members of PDP. Wike in particular, has been very instrumental to the growth of our party in the absence of any former president produced by our great party.

“President Olusegun Obasanjo was produced by this party, you are aware that President Goodluck Jonathan also have issues and he decided not to get involved with what is happening in the party.

"So, Wike was the anchorman.

We discussed this matter in our meeting in London and we all agreed we are not leaving the party.

But let there be due process and the need to ensure that everybody is carried along.

"You are aware that since the emergence of PDP in Nigeria, Wike has been there, even some of us, because of the injustice meted out to us in 2016, we left for APC, until when APC started dancing in the wrong direction, we left back to PDP. And who was instrumental to me coming back, it was Wike.

"Our presidential candidate, Atiku Abubakar too, at a point including our National Chairman today, we left for other parties, but Wike remained in this party. So, it is a big factor. I have always said that power belongs to God. Wike contested, some of us believed in southern presidency and Wike we thought he was the right person to get the ticket, he did not get "The issue of vice-president comes, I want to tell you that I

was one of the people that was able to convince Wike that half a loaf is better than none, you wanted to be president but, God did not make it possible. There is nothing wrong in asking to be the vice-president.

Unfortunately, this did not work.

I have explained what transpired the last time," he explained.

Ortom insisted that the leadership of the party needed to do the needful by reaching out to Wike immediately to pacify him, adding that there was a need for everybody to come together to rescue the country.

“We are still members of PDP; we are working together and we look forward that the leadership will do the needful to bring all of us together. Our presidential candidate has reached out to me to also further persuade Governor Wike that he's coming to see him.

They will sit down together and discuss. For me, that is the end of it.

"I took my time, because at a time, I was not very clear about the happenings and I went into hibernation, but I am out now.

And my decision is that, let our presidential candidate discuss with Wike and once there is an agreement on what to do to move forward, we can work on that.

“Because I don't like betraying people, Wike stood with me at my worst time in the history of my life, when my state was under siege. He did everything including financial support to help the internally displaced people, who have been suffering. Visited with a team of stakeholders from Rivers State.

"The Bible says if somebody does something to you that is good, don't reward him with evil, if you do that, evil will never depart from your house. I'm a student of the Bible; I'm a Christian and I don't want God to hold me responsible for being irresponsible," he said.

Ortom was of the opinion that working together with Wike, the main opposition party, would achieve a better result.

He said, "I believe our presidential candidate will work with Wike, once they discuss, he's pacified, I will be pacified. I may not be speaking for my other colleagues whom we are working together. But in our meeting, we agreed that our brother, Governor Wike needed to be pacified and once that is done, all of us will team up together.

"Now, we don't know where we are. We have been dropped from top to bottom. My worry is not just being at the bottom, we are going beneath the bottom. So, we need everybody to come together to see how we can rescue our country, Nigeria."

Addressing issues of salaries and pensions, he said: “When I came in, I inherited arrears of pensions and salaries of over N70 billion, but I have depleted that to 30 billion naira now from 2015 to date. On salaries, the challenge is not only with my state, more than 20 states are finding it difficult to pay salaries as it stands now, and this is as a result of poor allocation from the federation account due to non-remittance from the NNPC.”

6

T H I S D AY • FRIDAY, JULY 22, 2022

NEWS

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

NCC/ORANGE BUSINESS VISIT...

L-R: Executive, Commissioner Stakeholder Management, Nigerian Communications Commission, (NCC), Mr. Adeleke Adewolu; Mrs. Victoria Oso Adefala; Executive Vice Chairman/CEO, NCC, Prof.

Umar Garba Danbatta; Director of Regulatory Affairs, Orange Middle East Africa, Mr. Jean-Luc Challhoub, and Executive Commissioner, Technical Services, NCC, Engr. Ubale Maska, during a business visit to the Commission in Abuja…yesterday

NACCIMA: Future of Manufacturing Bleak as Industrialists Shutdown Factories for Importation Says Nigeria positioning as dumping ground under AfCFTA

Dike Onwuamaeze

costs for the private sector.

“The automotive Gas Oil (AGO), also known as diesel, and Jet A1 fuel have become prohibitively expensive forcing a lot of enterprises to shut down or scale down their productions.

“The situation puts to question the readiness of Nigeria to compete in the global economy, especially under trade agreements like AfCFTA. If urgent actions are not taken, the resulting non-competitiveness nature of Nigeria private sector will cement Nigeria as a ‘consumption-only’ economy, a dumping group for all manner of foreign goods and services.”

Commenting also on the future of the manufacturing sector, the First National Deputy President of NACCIMA, Mr. Dele Kelvin Oye disclosed that, “there are some of our members that have

closed their industries and went back to importation that is more profitable,” and warned that “a country that does not produce cannot expect itself to be independent.”

Oye urged the government to invest in security and also, “reduce the current unbearable price of diesel, which is the heart of manufacturing in Nigeria.

Everything changes once its (diesel) price goes up and that renders us uncompetitive even as we prepare for the AfCFTA. “How can we compete if our domestic environment is so hostile? Industries operating in our neighbouring countries where security challenges are absent and where power supply is stable for

CBN Clarifies Stance on Conversion of Naira to Dollar

African Export-Import Bank (Afreximbank) and the East Africa Business Council (EABC) have launched the EABC – Africa Trade and Investment Council, with the goal of creating a platform for engagement and investment between the East Africa Community (EAC) and the rest of Africa.

The initiative aims at unlocking investment opportunities, private sector development and business growth.

Launched in Rwanda, the Council would help the private sector in EAC to engage with the rest of Africa with a view towards increasing access to intra-African investment as well as trade and market information through trade fairs and investment forums, while increasing knowledge and awareness.

According to a statement, through this arrangement, Afreximbank would provide a range of its financing instruments and trade facilitation initiatives to facilitate intra-African trade and investment under the African Continental Free Trade Agreement (AfCFTA).

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) yesterday expressed concern the country’s manufacturing was faced with a bleak and despairing future that threatens its survival and competitiveness in the emerging African Continental Free Trade Area (AfCFTA) market.

NACCIMA also said the difficult business environment in Nigeria has forced many industrialists to shut down their factories and resort to importation of manufactured finished products or vote with their feet by relocating to neighbouring West African countries, especially Ghana, where there is stable power supply and suitable security environment to carry out their manufacturing

Nume Ekeghe The Central Bank of Nigeria (CBN) has clarified a statement made by its Governor, Mr. Godwin Emefiele, at Tuesday’s post-Monetary Policy Committee (MPC) meeting media briefing.

It stressed that Emefiele had during the media briefing warned bank customers against converting the naira to dollars for electioneering purposes.

CBN Director, Corporate Communications Department, Mr. Osita Nwanisobi stated this following what he described as attempts by persons to deliberately misrepresent Emefiele’s caution on electioneering spending by the political class.

At the MPC briefing, Emefiele in response to a question on the impact of election spending had said: “For election spending as far as we are concerned what we do is to monitor liquidity in the system and once we see that there is excess liquidity we will continue to use our discretionary powers

operations.

Responding to a THISDAY question on the future of Nigeria’s manufacturing sector during NACCIMA’s quarterly press briefing, the National President of the association, Mr. John Udeagbala said: “I am a manufacturer and this is speaking from the seat. The future of manufacturing in Nigeria as it stands today is very bleak because of issues we already know. We are talking about grid failures; we are talking about diesel prices, energy crisis, and scarcity of semiskilled labour as we do not have sufficient welders and electricians etc. because our vocational schools are not producing enough.

“So, the answer to the question is quite simple: The future is bleak and it is declining and it is going to cause big problem for us because it is the manufacturing

to mop up liquidity in the vaults of the banks so that they will not get involved in speculative activities with those who want to speculate with the currency.

“As for those who want to be taking naira from their account to buy dollar because of elections, I want to warn, not advise that it is illegal to do so. Whereas it sounds more convenient that you should carry dollars because you can carry a little dollar with a lot of value in your pocket, but if the security agencies hold you know the implication of that we will continue from our own side.

“We have our own apparatus through which we monitor movement of funds between customer or between banks and customers or from one bank to another. Any bank that we find in those kind of transactions that we consider to be unauthorised or that we consider to be illegal you can be guaranteed that your account will be placed on Post No Debit (PND).

“When your account is placed

base that supports the Gross Domestic Product (GDP) of every country. So, that question is very important and the answer is very simple: the future of manufacturing in Nigeria with the problems that we are faced with today is very bleak.

“I do not know whether you are aware or unaware that most of our manufacturing companies are moving to our neighbouring sister West African countries and Ghana in particular. It is as a result of these inadequacies. The future is quite bleak. Thank you.”

Udeagbala also observed that Nigeria’s power sector had always been plagued by grid collapse, resulting in instability of power generation, distribution and supply while the alternative source of energy obtained from the oil and gas represents a significant portion of production

on PND it means you will never be able to conduct banking transactions in any bank in Nigeria. It is a very injurious tool that the CBN uses. CBN has turned itself into a monster that uses an injurious tool to stop you from conducting illegal flows, whether domestic or foreign currency. So I will advise you not to get involved in unauthorised and illegal movement of money from your bank to your account or from your account to another account or in currency conversion. When you do that and you are caught in that practice your account will be placed on PND.” According to Nwanisobi, the warning by the CBN Governor was to those who sought to convert the naira from their accounts into foreign currencies for election campaign and not those who seek to exchange the currency for legitimate purposes such as payment for tuition and other personal expenses.

Reiterating the bank’s

position, the CBN spokesman also frowned at the conduct of unauthorised movement of funds within and outside the country, saying it would use tools at its disposal to check the movement of illicit funds.

While maintaining that the bank, in line with its mandate, had discretionary power to prevent persons from conducting unauthorised transactions, Nwanisobi said the CBN was within its statutory limits to mop up the excess liquidity in the vaults of the institutions its regulates, so they do not get involved in speculative activities.

He, therefore, urged bank customers not to get involved in unauthorised movement of funds for currency conversion in order not to fall foul of the extant laws of the land. Nwanisobi also admonished Nigerians to be more patriotic as it relates to the naira, noting that it was the duty of every citizen to support the CBN in preserving the value of the naira.

their operations are already ahead of their Nigerian counterparts.

These are huge challenges for us.”

NACCIMA, therefore, called on the government to take urgent steps in addressing the current trend of increasing public debt and stagnating economic growth.

“Furthermore, there is need for the federal government to quickly address the increasing insecurity challenges, poor infrastructure, irregular power supply and the increasing inflation rates which has remained a threat to businesses and investments in the country.

“It is our hope that this will help to project our dear nation as safe destination for investment,” NACCIMA said.

Afreximbank, EABC Launch Trade, Investment Council

Speaking at the launch, Afreximbank Executive Vice President, Intra-African Trade Bank, Mrs. Kanayo Awani said: “We are delighted at the launch of the EABC-Africa Trade and Investment Council as it acts upon the ambition and commitment of the East African Community to achieve the objectives of the AfCFTA and the African Union Agenda 2030 – The Africa We Want.

“I look forward to the Council members taking advantage of the increased opportunities created by the AfCFTA. Afreximbank commits to support the trade and investment agreements generated from the EABC-Africa Trade and Investment Council.’’

Also speaking, Chairperson of the EABC, Ms. Angelina Ngalula, called on African governments to improve infrastructure connectivity, build manufacturing capacity and formulate a continental local content policy that encourages African companies to provide 40 per cent of public procurement to accelerate economic growth and industrial development.

FRIDAY JULY 22, 2022 • T H I S D AY

7

8

T H I S D AY • FRIDAY, JULY 22, 2022

NEWS

DISCUSSING SECURITY OF THE NATION...

L-R: Minister of Politic Affair, Muhammadu Maigari Dingyadi; Attorney General of the Federation and Minister of Justice, Abubakar Malami and the Minister of Interior, Ogbeni Rauf Aregbesola addressing the State House correspondence shortly after the security meeting at the Presidential villa, Abuja...yesterday

FG Challenges Indigenous Oil Firms to Fill Void Created by Divesting IOCs Oil giants exiting onshore business due to hostile environment, says Sylva Avuru: Nigeria's oil industry needs $30bn annual investments for 10 years to reverse decline NUPRC: Divestment, creating opportunities for youths Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The federal government has challenged the Indigenous Petroleum Producers Group (IPPG) to take advantage of the ongoing divestments by International Oil Companies (IOCs) to significantly increase their investments in oil and gas assets in the country.

The Minister of State, Petroleum Resources, Chief Timipre Sylva, speaking as chairman and special guest at the Nigerian Association of Petroleum Explorationists (NAPE) divestment workshop in Lagos, urged the group to see the exit by IOCs as an opportunity to step in to fill the vacuum in the sector.

The event was themed: “The Big Sale: Opportunities in the Nigerian Oil and Gas Industry

from Asset Divestments.”

Also, the Chairman of AA Holdings and former Chief Executive Officer of Seplat Energy Plc, Dr. Austin Avuru, who spoke at the workshop, blamed the drop in Nigeria's oil production to just a little above one million barrels per day to the decline in capital spending in the industry from $20 billion to a paltry $6 billion per annum.

Speaking further, Sylva said: “The IPPG and other potential investors should therefore perceive the IOCs’ divestments in some of the upstream assets as opportunities, rather than a threats, to become more involved in the development of the Nigerian upstream petroleum sector.”

Sylva urged the IPPG members to strive to move their present contribution in production and

National Assembly's Rehabilitation will Gulp Additional N21bn, Says FCT Minister Sunday Aborisade, Abuja The Minister of the Federal Capital Territory (FCT), Muhammad Bello has said additional N21.029 billion would be needed to complete the rehabilitation of the National Assembly Complex.

He stated this yesterday when the Senate Committee on the FCT went on an oversight tour of some projects in the capital city.

The minister noted that the National Assembly Phase II popularly known as, "the White House" was built and completed between 1996 and 1999 by ITB Nigeria Limited.

He added that no major rehabilitation works had been carried out on the building over the years.

He said the contract which was awarded on December 30, 2021, for 16 months has a contract sum of N30, 229, 290, 830.35 while the amount paid was N 9, 200, 000, 000.

"The commencement date is April 16 and is expected to be completed on August 15, 2023.”

The Minister listed other priority projects embarked upon by the administration to include rehabilitation of Federal Secretariat complex, construction of southern

park way from Christian Center to ring road.

Others he said were the rehabilitation of expansion of Outer Southern Expressway, provision of engineering infrastructure for Wuye District, rehabilitation and expansion of Outer Southern Expressway Villa Roundabout and completion of B6, B12 and Circle Road in Central Area.

He explained that the ministry gave some projects in the city priority over others due to scarcity of funds.

He said, "What we did was because of the scarcity of funds, we prioritised key infrastructure projects to get them completed.

"And in deciding to the ones that fit into that category, we looked at the ones that will give the maximum benefit to the maximum number of people.

"All the four projects we visited, you find that they are all road projects that are meant to link one section of the Abuja city to another and that is the whole idea.

"The masterplan has been designed in such a way that they complement each other.

"So if you finish one portion and you don't do the other one, then you don't get the full utility of that particular road."

reserves to at least 50 per cent, from about 30 per cent for crude oil and 20 per cent for gas production, as well as 40 per cent andcen per cent for oil and gas reserves, respectively.

The minister who spoke virtually, stated that the federal government was desirous to create the enabling environment for indigenous producers and other interested parties to play big in the ongoing divestments in the sector.

“To facilitate this, the Ministry of Petroleum Resources, in fulfilment of its mandate to promote an enabling environment for investment in the Nigerian petroleum industry as enshrined in section 3 (e) of the Petroleum Industry Act (PIA), is setting up a one-stop oil and gas investment centre to create an enabling business environment for would-be investors,” he said.

He assured potential investors that divestments would be adequately managed to ensure that Nigeria remains a prime destination for competitive oil and gas business.

“We will continue to listen to our stakeholders to ensure the right steer for our industry,” he added.

Sylva noted that despite the worldwide clamour for transition to renewable energy sources, it was certain that anticipated economic growth and rising global population, especially in Asia and Africa, would significantly push energy demand upward to a level that renewable energy sources only cannot meet by 2050.

“As global energy consumption grows, it is apparent that oil and gas will remain significant components of future energy mix.

“Therefore, there is ample opportunity for profitable investments into the Nigerian petroleum industry, with its enormous oil and gas reserves of over 37 billion barrels and about 209 trillion cubic feet (TCF) respectively,” he stated He stressed that the passage and signing into law of the Petroleum Industry Act in 2021 (PIA) has cleared the path of every possible obstacle that would have hitherto hindered investment in the oil and gas sector.

Sylva traced divestment in Nigeria’s upstream oil and gas sector by IOCs to 2006, adding that it increased in 2010 mainly due to the hostile environment arising from the menace of crude oil theft.

In his contribution, Avuru said to reverse the trend of decline in the sector and play catch-up, the industry needs to raise the capital spending to as much as close to $30 billion annually in the next 10 years.

He declared that the Nigerian oil and gas industry was in dire need of a competent and powerful regulator to manage the current divestments challenge on the sector and the nation at large.

Dispelling the impressions by government and many industry stakeholders that the current decline in Nigeria's oil production was due to oil theft, Avuru said a combination of factors contributed to the poor production performance.

He explained that the oil production declined started around 2012 when the six big IOCs including Shell, ConocoPhillips, TotalEnergies, ExxonMobil, Chevron and Eni started contemplating of divesting from Nigeria, resulting in their withdrawal from further spending in the Nigerian oil and gas industry.

According to him, that led to a 70 per cent year-on-year drop in the capital spending, adding that it went down from the $20 billion

average spending year-on-year over a decade ago to the current $6 billion annually.

As a result of this drop in spending, Avuru said oil production correspondingly plummeted from a high of 2.6 million barrels per day in the last 20 to 30 years to now one million barrels.

He said, "Year-on-year, we recorded 70 per cent reduction in spending to a point where we have gone from an average of $20 billion a year to $6 billion a year. That corresponds to the production drop I showed you.

"And we have to reverse this $6 billion spend, and to play catch-up, we will not be doing $20 billion a year. We will be doing something closer to $30 billion a year over the next 10 years to play catch-up.

"So, I'm situating the current decline in production to the date that the big spenders in the industry almost all decided that we are going to leave and because we are planning to leave, we will no longer spend.

"And when they (IOCs) don't spend, that's what you see. So that's when it all started and that's why we are talking about these divestments.

Ogun, Lagos Sign MoU on 31Km Redline Rail Project James Sowole in Abeokuta Ogun State and Lagos State have signed memorandum of understanding (MoU) on the 32km redline rail project.

The project when completed would run from Oyingbo in Lagos to Agbado in Ogun State.

Speaking during the signing of the MoU, Secretary to the Ogun State Government, Mr. Tokunbo Talabi, said the passenger train would begin operations in the first quarter of 2023.

Talabi said the project was another significant achievement in the series of developments engendered by the Lagos/Ogun Joint Commission.

He added that the development was another achievement from the robust understanding and synergy between the governors of Lagos and Ogun States in taking

advantage of their proximity to better their economies and the lives of their citizens.

Talabi noted that significant achievements had been made by the two states through the Lagos/Ogun Joint Commission in the areas of waterways and security, saying, "this is yet another testament of more initiatives to be undertaken by the joint commission."

The SSG said, "the two states have the understanding that what benefits one, benefits the other and what brings convenience to one will mean the same for the other due to their close proximity. Integration of the transport system between the two states is highly probable for the benefits of both states.”

While pointing out that the transport system of any nation or state was critical to

its civilisation, Talabi affirmed that Ogun State was committed to taking advantage of the sector to improve the livelihood of commuters and citizens alike in Ogun and Lagos.

Speaking with newsmen after the signing of the MoU, the Commissioner for Transportation, Lagos State, Dr. Frederick Oladeinde, explained that the redline rail project is 31km, the first phase of 25km stretch from Oyingbo to Agbado. It is expected to be completed by the end of 2022 while passenger operations would commence first quarter of 2023.

Oladeinde added that a train station and depot was being built in Ogun State, noting that the project would create employment opportunities and huge investment within the corridor for the states.

Also, the Ogun State Commissioner for Transportation, Mr. Gbenga Dairo, hinted that the Ogun state government intends to latch on to the initiative to extend train services beyond Agbado to other parts of the state such as Ijoko, Kajola among others.

Dairo acknowledged the Lagos State government’s initiative in investing massively in rail infrastructure saying, "the two states are already taking advantage of the significant investment of the Federal Government through the Nigeria Railway Corporation (NRC) along the Lagos/Ibadan standard guage railway infrastructure to ensure transportation is effective and efficient to serve the economic needs of Lagos and Ogun as the commercial nerve and industrial hub of the nation respectively."

FRIDAY JULY 22, 2022 • T H I S D AY

9

10

FRIDAY JULY 22, 2022 •T H I S D AY

FRIDAY JULY 22, 2022 • T H I S D AY

11

12

FRIDAY JULY 22, 2022 •T H I S D AY

FRIDAY JULY 22, 2022 • T H I S D AY

13

14

FRIDAY JULY 22, 2022 •T H I S D AY

FRIDAY JULY 22, 2022 • T H I S D AY

15

16

FRIDAY JULY 22, 2022 •T H I S D AY

FRIDAY JULY 22, 2022 • T H I S D AY

17

T H I S D AY ˾ FRIDAY JULY 22, 2022

18

POLITICS

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

Cross River North: Is Ayade Coming to Serve Us? Agba Jalingo raises salient issues about the 2023 senatorial ambition of Governor Ben Ayade of Cross River State

T

here is deliberate attention I have decided to give to the Cross River North 2023 Senatorial race.

First and foremost, that is my senatorial district and I am rightly entitled to consider myself a stakeholder in the district. I don’t need to wait for anyone to avail me that entitlement. I was born with it. Secondly, the choices before the people of the district demands every right thinking person from that space to take a position and not sit on the fence. It doesn’t matter which side you pitch your tent, but just take a position and cement it for posterity.

After denying vehemently that he didn’t participate in the just concluded presidential primary and having failed in his presidential bid, Governor Ben Ayade reverted to his initial plan B. He arm twisted his erstwhile Chief of Staff, Martin Orim, who had won and was earlier declared winner, to voluntarily withdraw from the race and hand him the APC senatorial ticket for Cross River North, a position Ayade had occupied from 2011 to 2015 from where he contested and won the governorship contest. And Orim did. Last week, Ayade was returned in the rerun primary and will now be facing incumbent, Senator Jarigbe Agom in the general election.

Cross River North with the unofficial zonal headquarters in Ogoja, has suffered backwardness and lack of infrastructure for as long as the zone has existed. The assumption of the office of Governor of our State by a son of Northern Cross River in 2015, arrived with huge heart warming expectations. But with only 317 days left, out of the 2,922 days he started with, Ayade is yet to complete and activate any developmental project in Northern Cross River in particular and Cross River State in general. This may sound like a joke or sarcasm but it is the verifiable truth. Even in the spirit of charity beginning from home, he has no functional project in Cross River North.

Let me begin with the Obudu-Ogoja highway project which is still under construction. It is supposed to criss cross the five northern LGAs. It was certainly one of the projects our people necessarily expected Governor Ayade to undertake being that the existing road which was constructed by SGEN Construction Company, over three decades ago had become impassable. The project is still ongoing after several years and has not being completed or commissioned.

Yet, what is intriguing about the road project is that, despite lasting over three decades before the old road by SGEN began failing, Ayade’s new road is so poorly done that even while still under construction, repair works have already began on several portions that were purportedly completed.

The whole stretch of the 148km road is so terribly asphalted that it would wash off before the governor leaves office in 2023.

Now let’s go LGA by LGA. In Yala LGA, the governor designated a space in Ochorn for a cotton farm to feed the garment factory. It’s over five years and nothing is on that land which was seized from the local people. There were also the roofing tiles factory in Yala and the noise about the construction of the Ukelle road. The road wasn’t constructed and the factory is abandoned. I personally visited the roofing sheet factory and only one phoney looking ‘security’ woman was in the premises.

In Ogoja, the governor says his ultra modern rice mill is 90 percent completed. We have been hearing that for more than two years, but till date, the mill is not functional.

Or let me say more appropriately that, the rice mill has no product in the market.

Governor Ayade commenced the construction of two small groundnut mills in Bekwarra LGA. One in Gakem and another in Nya-Nya Olim, both in Bekwarra. I visited the two. Typically, groundnut mills aren’t a big deal to set up. Even private individuals set these up within few months.

But several years after the machines were installed, the two mills are still not working till date. Go and verify.

In the governor’s home LGA, Obudu, there is the Obudu International Cargo Airport, the German Hospital and the Canadian University. Despite claiming the airport will be functional by year end, the

terminal building just collapsed and all five contractors handling the project have since left the site because of accumulated debts. The so called German hospital has a gigantic building well painted from outside without anything going on inside till date.

While the so called Canadian University can’t move forward beyond the few physi-

cal structures because UBEB says SUBEB money can’t be used for tertiary education projects. All the three are not working as I write.

In Obanliku, Ayade in May 2021 flagged off the construction of a N8.2 billion hydro electricity project situated at the Ranch Resort. N45 million was also paid as compensation for the land the Ayade government acquired to build a ” World Class Resort And Tourism Consort” in Obanlikwu LGA. Busafong Community forfeited 44,000 hectares of land for compensation of N20 million while Amunga forfeited 77,000 hectares for a compensation of N25 million.

There was also the 1000 social housing scheme in Obanliku.

All three projects have been abandoned by Governor Ayade. Out of the 1000 Socialite B, housing units, only eight buildings have been roofed without windows or occupants.

There were recent reports that thieves raided the unsecured social housing sites and carted away building materials.

That’s is the appraisal of Governor Ayade’s stewardship to Cross River North during his governorship and now, this same man wants to depart Government House in Calabar and return to the Senate? To replace a workaholic Jarigbe Agom who even as a legislator, has his footprints in every LGA in the Cross River North?

Simply put, for fear of post governorship loneliness and depression, Ayade is fear struck about returning home. He is looking for a retirement job and we can’t afford to make Cross River North’s chair in the red chambers his retirement abode. Remember he has refused to even visit home since he became governor. Make him senator again and he will remain in Mississippi street in Maitama and may never come to Cross River too. He is simply not going there to serve us. We must show him the way home.

A Call to Service for Hon Pam Bot-Mang Matthew Chong writes that Plateau APC Deputy Governorship candidate, Hon Pam Botmang, has passion to serve the state

A

t first glance, the Plateau State All Progressives’ Congress (APC) deputy gubernatorial candidate, Hon Pam Bot-Mang, is the quintessential public servant and current Commissioner for Works, overseeing several infrastructural projects for this administration. Unknown to many is that this easy-going administrator-cum-politician is thorough and private sector driven in his work approach, bringing to his potential role over 20 years of practical working knowledge with diverse and cross-cultural teams, experience as a proficient shipping and logistics expert.

As a businessman, Hon Bot-Mang, affectionately known as PBM, assured the feasibility of multimillion-dollar long-term shipping portfolio transactions.

Before entering politics, which he considers a patriotic and privileged call to serve his people, and at the behest of Hon. Simon Bako Lalong, Governor of Plateau state and Chairman Northern Governors’ Forum, PBM owned and managed many businesses in maritime, construction, and agriculture, providing shipping services, logistics services, and best practises for SMEs, multinationals, and global businesses. PBM also consulted with multinational company executives. He was a pivotal contributor to the Nigerian shipping’s global best practises.

In the private sector, he was the ideal boardroom maestro respected within his domestic and international networks. PBM has the canny ability to turn unhealthy portfolios into thriving ones by ensuring that all objectives are met for the greater good. He has instilled these traits in his colleagues at the Ministry of Works, which has

created lasting effects for the government and people of Plateau state despite the ministry’s meagre funding, earning him the moniker Bulldozer. He’s been praised for revitalising the Ministry’s structured work culture.

Aside his role as the Commissioner for Works, Hon. Pam has served selflessly in key policy committees of this administration, including: Member, PLSG Committee on State Policies, Programs & Projects April - May 2019, Policies, Programs & Projects Review (May 2015 - May 2019),Preparation & Submission of State Government Blueprint (May 2019 - May 2023); Member, PLSG Sub-Committee on State Projects review April - May 2019, Projects Review (May 2015 - May 2019), Preparation & Submission of State Govt Blueprint (May 2019 - May 2023).

Hon. PBM’s sojourn in the private sector started when he cut his teeth from 1998-2002 as a Commercial Officer, then Commercial Manager and finally hard work got him promoted to General Manager at Hamstang Limited Lagos, Nigeria.

A shipping and logistics service provider,

ship owners’ representative, maritime broker, vessel management, provision of supplies and bunkers to vessels and crew management.

Our APC deputy gubernatorial candidate has an enviable academic background.

He attended the renowned Fatima Private School in Jos for his first school leaving certificate in 1984, after which he proceeded to the prestigious Boys’ Secondary School (BSS) in Gindiri, Plateau state, where he passed his WAEC/SSCE with distinction in 1990. With one of the best SSCE scores in Plateau state at the time, he gained admission to (the once highly regarded) Nigerian College of Aviation Technology, Zaria, where he studied to become a licenced Aircraft Maintenance Engineer, but this was after completing diploma in banking and finance at the University of Jos in 1992.

However, destiny beckoned him to the Shipping industry instead.

As a lifelong learner, he desired more.

So, he received a B.Sc. in Management and Law from the University of London, United Kingdom and a 2nd class Upper LLB Law degree from the University of Buckingham, United Kingdom. He also got professional certifications. In 2009, he completed the Developing Leadership Competencies Program at one of the most prestigious institutions in Europe, Cranfield University-United Kingdom, and that same year became an alumnus of Lagos Business School, Nigeria.

-Chong wrote from Jos, Plateau State NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

19

T H I S D AY ˾ FRIDAY JULY 22, 2022

POLITICS

EPISTLES of ANTHONY KILA

Day U.S President was ‘Asking Let us Firewall Partisan Politics Anthony Kila writes that more citizens including for Civil War’

professionals and students should gear up and get Chido Nwangwu writes that ex-US President actively involved in nation’s political game Donald Trump is liable in the January 6, 2021 ear Readers attack on The Capitol in Washington DC There is a prevailing and

F

ormer “President Trump is a 76-year-old man; he is not an impressionable child,” came as the stinging words from the special January 6 Congressional committee Vice Chair Rep. Liz Cheney, Republican of Wyoming.

“Just like everyone else in our country, he is responsible for his own actions and his own choices.”

The influential daughter of the former Vice President of the United States, Dick Cheney, drew a line that the committee will not hesitate to hold Mr. Trump responsible for his actions regarding the planned actions of the political mob and troublemakers who invaded the U.S Capitol January 6, last year.

She insists that Mr. Trump had access to the most comprehensive and factual information regarding the outcome of the elections but decided to inflame and incite mayhem at the legislative building across the White House.

“No rational or sane man in his position could disregard that information and reach the opposite conclusion” Ms. Cheney noted.

Cheney and the committee reported three days ago that Trump attempted to call a witness in the Jan. 6 investigation following the explosive hearing on June 28 with former White House aide Cassidy Hutchinson.

The committee passed along the information to the Justice Department.

She warned “We will take any effort to influence witness testimony very seriously”.

Stripped ofall the legalese, Trump is potentially going to be charged with witness tampering!

As if the actual offenses and emerging problems for the former President Trump were not enough, a revealing text message from his former campaign manager Brad Parscale as his analysis and response to Trump’s incendiary speech at the rally preceding the Jan. 6 insurrection is jaw-dropping: “This is about Trump pushing for uncertainty in our country, a sitting president asking for civil war”, Parscale wrote to Trump’s former campaign adviser, liar and distorter extraordinaire Katrina Pierson.

The texts were shown at the hearing Tuesday.

He said he felt guilty for helping Trump.

It was not over. No! Rep. Stephanie Murphy (Democrat

Florida) said Trump’s lies in the speech were inflammatory lies for his supporters.

“He lied to his supporters that the election was stolen. He stoked their anger…. He called for them to fight for him. He directed them to the U.S. Capitol. He told them he would join them, and his supporters believed him….. And many headed towards the Capitol. As a result, people died, people were injured. Many of his supporters’ lives will never be the same.”

In fact, America has not been the same ever since!

I remember that On January 6, 2021, alone, four Americans died — from conflict and commotion following his noon-time marching orders, specifically: “If you don’t fight like hell, you’re not going to have a country anymore.

Let the weak ones get out…. This is a time for strength.”

Before that event, there’s this incitement from the early morning hours of December 19, 2020. Mr. Trump put out a tweet inviting his supporters to come to Washington DC in about three weeks: “Big protest in D.C. on January 6th,” Mr. Trump tweeted. “Be there, will be wild!”

And, it became very wild. It all seemed like a gathering of nativists, some retired members of the armed forces, nationalists, xenophobes, neoNazis, skinheads, and certified racists such as the so-called ‘Proud Boys.’

Through this special committee the United States Congress has exposed some of the hidden and behind the scenes manipulations and lies by the Trump presidency.

We’ve all seen that Mr. Trump started his embattled presidency with an overdose of racially polarizing agenda. Trump and his enablers decided from the beginning that they will force-feed Americans and the world a sweetened but toxic porridge of bold and bald lies as daily requirements and operational instruments for governance. It has been almost Orwellian — where bronze is gold, bad is good and lie is truth.

Consequently, history will, again, denote him as the only man who had the rare privilege of serving as the president of the United States but chose, willfully and giddily, to pursue violent and unlawful assault at the System of responsible governance and democracy. The Trumpians and the Trump presidency ended with terrible, nightmarish acts of brazen violence and killings of law abiding Americans.

Threats and intimidation of local election officials…

The key question remains: will Mr. Trump face the legal implications of his actions especially instigations leading up to and on the day of January 6, 2021?

Who else will be held responsible for the deaths of several police officers and public servants on that Trump day of infamy and Trumpian brigandage!

-Dr Nwangwu is Founder & Publisher of the first African-owned, U.S-based newspaper on the internet, USAfricaonline.com. Follow him @ Chido247

D

even popular idea and a call in the country among people of good will that more citizens, especially the teeming youth and the many productive professionals should leave their comfort zone and be ready to get more involved in politics and even participate in running for political offices.

The language of this idea is generally common-sensical and the crux of the message is that if you don’t like those leading the affairs of the country or the way they are doing it then you should do something about it and that something includes joining politicians in a bid to replace them.

On the surface, this prevailing and popular idea seems to be unassailable and many are willing but unable to heed the call to join; most of those not able to heed the call to join tend to be restrained by shackles of finance or fear of violence. Only few citizens can spend money the way politicians tend to do in this republic and even fewer can risk or promise the real or imagined ferocity annexed by politics in our times. That is however on the surface as we were saying, a closer look will show that in reality what we really need is to curtail the influence and even presence of politics in our lives.

Today’s epistle is aimed at proposing the idea of firewalling partisan politics rather than enabling it. Let us pause here to quickly make some clarifications here to avoid genuine misunderstanding and mischievous misconstruing. Am I asking for people not register or not to take part in the voting process? Absolutely not, rather I strongly believe that voting is a civic and even a moral duty that any qualified person should strive to absolve; the debate if any, should be around who should be considered qualified to vote and why are voters voting.

Am I saying politics is not important?

Absolutely not, rather, I point out that health and medicine are also important in fact more important than politics but we don’t because of that all rush to become medical doctors, nurses nor do we spend our days following the foibles and whims of medical doctors and nurses. Why then do have to tend to or have to follow and indulge the flaws and caprices politicians? I argue that we do that because politics and politicians have become too central in our lives, it appears to me that we have allowed them to pervade our lives in an intrusive in an oppressive manner.

Just on principle and at an ontological level, there are enough reasons to advocate for the limiting of partisan politics in our lives. When we observe partisan politics in practice firewalling partisan politics becomes a fundamental need for general progress and collective mental sanity.

At a very basic level, more than other things, the two features that define and distinguish human beings are the biogeographic elements of race, ethnicity, gender and physical appearance on one side and religion on the other side. Class is beyond the very basic level.

In most of human endeavours where the trend is to surpass the very basic level of humanity, advancement is measured by the ability to muffle biogeographic differences and talent and skills in arts, science, thoughts, trade and crafts are deployed to create, engage and serve the universal human being regardless of gender, race, ethnicity and religion, all in the pursuit of peace, progress and prosperity in this scenario, partisan politics stands out like a sore thumb. Notwithstanding all the grandstanding of politicians, partisan politics is by name, in practice and even in nature divisive. It is only by dividing

the people into those for and those against him or her that a politician can get into power. In Nigeria, failure and fall is abysmal, politicians have not and cannot unite people: they vie for political posts in the name and quota of ethnic and religious divisions and differences and once they get their ticket or position they recklessly and disingenuously justify self-interest and nepotism in the name of merit. A word that should rarely be used in a trade and process wherein the requirement to practice is the lowest of all possible requirements is merit.

There is something mentally, morally and sometimes even physically excruciating in watching or reading trained minds, who on paper can afford to be independent and classifiable as mature people resort to sophistry in a bid to defend the undefendable and justify the absurd all in the name of partisan allegiance, not even ideological affiliation or conviction.

It is equally painful and saddening to watch average citizens turn political discourse to stadium like support based on insults and cheering. Thanks mainly to politics, religion, that by its every essence is expected to be celestial in outlook and universal in outreach because it seeks to touch the soul, albeit to control the flesh, is even losing its celestial outlook and is being forced to wrangle over political positions and representations.

Due to the process of recruitment, progression of personnel and administration of financial and other resources managed by politics, the judiciary, conceived to administer justice and to be the major check on political excesses, has lost its gravitas and defining independence.

Given that in Nigerian political history, it is difficult to find a national political party or personality that has lived up to promises made or expectation fuelled, it is therefore save to conclude that politicians have failed and that the sacrifice of yielding our sociopolitical supremacy to politics has been a wasted or at least unprofitable sacrifice.

By contrast, most Nigerians are surviving and a few are even thriving within and beyond the country notwithstanding the obstructing presence of government not thanks to it. The rational step to take from such observation is to reclaim our space from partisan politics. We need to start identifying ourselves as free independent citizens that are mainly, students, workers and traders whose time is precious and whose hope is dependent solely on what they know and they can produce. We have to develop the courage to treat politics with its deserved suspicion if not disdain and the ability to firewall our lives and activities against partisan politics that has shown it cannot improve our lot.

Join me if you can @anthonykila to continue these conversations. . .-Prof Kila is Centre Director at CIAPS Lagos. www.ciaps.org.

20

FRIDAY JULY 22, 2022 •T H I S D AY

121

T H I S D AY FRIDAY JULY 2022 Friday22, July 22, 2022 Vol 27. No 9964 TR

See page 22 THE GROWING OBIDIENT TYRANTS Many of the online supporters of Mr Peter Obi are not helping him, argues CYRUS ADEMOLA

See page 22 RESERVATIONS ABOUT THE NEW NNPC There is nothing to cheer in the ‘transformation’ of the NNPC, writes ETIM ETIM

See page 23 THE POLITICAL ECONOMY OF 2023 The coming presidential election will be crucial for the national economy FELIX OLADEJI writes See page 23 EDITORIAL SHORTCHANGING BANK CUSTOMERS

See page 24

& RE A S O

N

opinion@thisdaylive.com

www.thisdaylive.com

BEFORE ANOTHER UDOJI (ASUU) AWARDS JOSEPH ATOBISI contends that the federal government should be careful in negotiating pay rise with ASUU

UT H

The loss of Gboyega Oyetola, governor of Osun State, in the recent gubernatorial contest despite his relatively good performance, disincentivizes good governance, writes BOLAJI ADEBIYI

THE TRIUMPH OF POLITICS Asked for his reaction to the loss of his party, at the just concluded gubernatorial contest in Osun State, Abdullahi Adamu, the national chairman of the All Progressives Congress, feigned ignorance of the result of an election WKDW KDG EHHQ R΀FLDOO\ DQQRXQFHG E\ the Independent National Electoral Commission in the wee hours of the day.

“INEC is yet to inform me of the result,” he told the ARISE NEWS Channel anchors who laboured in vain to wake him from his contrived slumber.

It was not that Adamu was not aware of the result of the contest, it was obvious that he was perplexed by its unpalatable outcome and was still grappling to understand how his party failed to breast the tape.

A few weeks earlier, he had told the national campaign committee headed by Babajide Sanwo-Olu, governor of Lagos State, to go win the contest by all means possible, warning it that he would not accept any excuses for failure. “Just go and win,” he said, adding, “Let the losers go to the tribunal to complain.” Not a few observers, including opposition politicians, thought this was a bit too FRQÀGHQW DQG SHUKDSV DUURJDQW suggesting that he needed to be more circumspect.

The outcome of the election, though close, has proved the observers right as it is Adamu and his APC that will now have to approach the tribunal with their complaints having been trounced by the opposing Peoples Democratic Party whose candidate, Ademola Adeleke, an immediate past senator, polled 403, 371 votes to the APC’s Gboyega Oyetola’s 375,027.

The 28,344 margin of victory garnered across 17 of the state’s 30 local councils, ZDV VX΀FLHQW IRU ,1(& WR PDNH D declaration that the contest, in which one Kehinde Atanda of an innocuous Action Democratic Party came a distant third with 10, 104 votes, had been decided against the incumbent party.

From Adamu’s mien on ARISE TV that Sunday morning it was obvious that the result confounded him and that he was searching for the reasons for the defeat.

Like Adamu, hours after the announcement of the result, the APC camp was quiet and when a day or so later it found its voice, the resolve came from Osogbo, the state capital, that 50 lawyers would be assembled to take the party’s complaints to the tribunal.

Some critics have, however, said this is more of a political strategy by the party to control possible haemorrhaging by keeping hope alive. For, as they put it, the leadership ought to have known that its failure to resolve its pre- and post-

did not realise was that in a contest that was bound to be that close everyone retained the minimum capacity to do damage. That point was well made by the internal opposition in APC and LW UHVRQDWHG LQ WKH ÀQDO UHVXOWV ZLWK WKH HͿHFW WKDW WKH LQWHUQDO RSSRQHQWV titled the outcome in favour of the PDP in otherwise strongholds of the ruling party, including the high-voting councils of Osogbo, Olorunda, Egbedore and Ejigbo. The swing occurred at a time the opposition kept intact its own strongholds of Ede North and Ede South where it got the over 28,000 votes WKDW PDGH WKH GLͿHUHQFH The internal squabbles apart, Oyetola also struggled with the liabilities he inherited from Aregbesola who left a SULPDU\ FRQÁLFWV ZRXOG RQO\ KDYH DQ GHELOLWDWLQJ GHEW SURÀOH ODUJH SHQVLRQ and gratuity as well salary areas of unsavoury consequence like this.

In fairness to the national chairman, he civil servants. Despite the fact that the warned the warring parties to reconcile JRYHUQRU RͿVHW WKH RXWVWDQGLQJ SHQVLRQ before the election but his intervention and gratuity, paid part of the salary fell on deaf ears. Shortly after the arrears even as he was regular with the narrow victory of the APC in 2018, a payment of the minimum wage from quarrel developed over the distribution 2018 and reduced substantially the of political patronages as Oyetola was VWDWH·V GHEW KH VWLOO GLG QRW ÀQG IDYRXU accused of marginalising the associates with the civil service that insisted that of Rauf Aregbesola, the former governor he ought to have cleared the backlog of who had become a minister in Abuja. the half-salaries left by Aregbesola.

As it turned out, it did not matter that The other source of the crisis was the disagreements over policies as the new Oyetola cleared many of the outstanding governor found it necessary to review liabilities as well as delivered on and reverse some of the policies he some infrastructure projects without borrowing. What mattered was his inherited.

Several reconciliation initiatives inability to manage the politics of his spearheaded by national leaders of party and the insatiable appetite of the the party associated with the political civil service for self-aggrandisement.

The outcome of the gubernatorial establishment in the state, including Bola Tinubu, the party’s national contest in Osun State has once leader, now presidential candidate, again queried the belief that a good and Bisi Akande, a former governor of SHUIRUPDQFH LQ R΀FH ZRXOG DLG D the state who was also a transitional successful electoral outcome. Had national chairman, failed as there was a performance been the substantive issue hardening of positions on both sides of in that contest, Oyetola would perhaps have coasted home to victory. But the the divide.

This was the state of play when the substantive issue was politics and his state congress for the gubernatorial mismanagement of it.

This is the central theme of most of the primary was held with the Oyetola camp routing the Aregbesola camp. Worsted, post-mortems of the contest with many the minister returned to Abuja to lick his analysts contemplating the consequence wound. While some of his associates left of the development, particularly with the party in anger, many more stayed UHVSHFW WR WKH SXEOLF LPDJH DQG SURÀOH back, badly wounded and brooding. of the eventual winner who is thought Had Oyetola not been politically naïve, to be playful and not known to be a he would have known that having rigorous interrogator of public policy.

It is against this background that such a large number of disgruntled politicians in his corner in a contest with there is serious worry about the future an opponent, who had a strong political of the state. But don’t people get the root and formidable political machinery leadership they deserve and live with on the ground, was a disaster waiting to the consequence? happen.

In some ways, Oyetola’s resounding Adebiyi, trouncing of Aregbesola at the primary the managing editor of THISDAY emboldened him to tell his foe to more Newspapers, writes from bolaji.adebiyi@ or less go to hell. What he obviously thisdaylive.com

2 22

T H I S D AY

FRIDAY JULY 22, 2022

JOSEPH ATOBISI contends that the federal government should be careful in negotiating pay rise with ASUU

Many of the online supporters of Mr Peter Obi are not helping him, argues CYRUS ADEMOLA

BEFORE ANOTHER UDOJI (ASUU) AWARDS

THE GROWING OBIDIENT TYRANTS

7KH VWULNH E\ WKH $FDGHPLF 6WDͿ 8QLRQ RI 8QLYHUVLWLHV $688 KDV HQWHUHG LWV sixth month. The protracted industrial action, no doubt, is taking its toll on students, parents, the university workers themselves and the educational system in Nigeria as a whole. If the strike drags till September, it means that a whole academic session has been lost. Like all well-meaning Nigerians, I am deeply concerned about this unwholesome situation in our university system, being fully aware of the role of education in national development. %HVLGHV QRW DOO 1LJHULDQ SDUHQWV FDQ DͿRUG to send their children to study abroad, like the privileged few.

I am not against the lecturers and the other university workers demanding for better conditions of service. I have heard the Minister of Labour and Employment, Senator Chris Ngige, the chief conciliator of the industrial dispute, express sadness

Contrary to the claim of ASUU that there is an agreement awaiting the President’s endorsement, Ngige insisted that the report of the Briggs committee is a mere proposal like that of its predecessor that university professors in Nigeria earn less than half a million Naira monthly.

To me, this is disproportionate to the services they render in our ivory towers and a far cry from what their counterparts in neighbouring African countries are earning.

One, however, expects any agitation E\ $688 IRU EHWWHU ZHOIDUH WR WDNH LQWR consideration the wellbeing of the students and the prevailing economic realities in the country today. The contrary appears to be the case, even when facts in the public domain show that the federal government KDV IXOO\ LPSOHPHQWHG ÀYH RXW RI DOO WKH seven issues listed in the Memorandum of $FWLRQ 02$ VLJQHG E\ WKH JRYHUQPHQW DQG $688 For now, the two outstanding demands, which appear intractable, are the contentious payment platform and the renegotiation of the conditions of service of the university workers. The payment SODWIRUP GHYHORSHG E\ $688 WKH 8QLYHUVLW\ 7UDQVSDUHQF\ $FFRXQWDELOLW\ 6ROXWLRQ 87$6 LV EHLQJ WHVWHG E\ the National Information Technology 'HYHORSPHQW $JHQF\ 1,7'$ DORQJVLGH the government platform, the Integrated Personnel Payroll Information System ,33,6 DQG WKH 8QLYHUVLW\ 3HFXOLDU 3D\UROO 3D\PHQW 6\VWHP 8 36 GHYHORSHG E\ 66$18 DQG 1$68 0HDQZKLOH WKH RWKHU university-based unions are insisting WKDW HYHQ LI $688·V 87$6 LV SHUFHQW perfect, they won’t be part of it. With the uncompromising stance of the two nonteaching unions, the government has found itself between the devil and the deep blue sea.

The renegotiation of conditions of

service of the university workers is another WKRUQ\ LVVXH 7KH SURFHVV VWDUWHG LQ ZKHQ WKH )HGHUDO *RYHUQPHQW inaugurated a committee headed by Wale %DODNLQ 6$1 IRU WKH H[HUFLVH %DEDODNLQ was at that time the Pro-Chancellor of 8QLYHUVLW\ RI /DJRV )ROORZLQJ SURWHVW E\ $688 WKH )HGHUDO *RYHUQPHQW UHSODFHG Babalakin with Professor Jubril Munzali whose committee eventually proposed SHUFHQW ULVH LQ HPROXPHQWV RI WKH university workers The government rejected the Munzali SURSRVDO RZLQJ WR WKH ÀQDQFLDO implications. The National Salaries, Incomes and Wages Commission 16,:& LQ SDUWLFXODU VDLG WKH GRFXPHQW failed to comply with its template for wage increase. At this point, Ngige was approached, and he saw nothing with a renegotiation on the grounds that even a &ROOHFWLYH %DUJDLQLQJ $JUHHPHQW &%$ could be renegotiated. This was the situation when the Munzali committee elapsed. A new committee headed by Professor Nimi Briggs was put in place by the Federal Ministry of Education.

The Briggs committee has concluded LWV DVVLJQPHQW SURSRVLQJ SHUFHQW ZDJH LQFUHDVH IRU $688 PHPEHUV DQG SHUFHQW IRU PHPEHUV RI WKH RWKHU university-based unions.

The said outcome of the Briggs committee is now a subject of accusations DQG FRXQWHU DFFXVDWLRQV EHWZHHQ $688 and the Federal Government. Contrary WR WKH FODLP RI $688 WKDW WKHUH LV DQ agreement awaiting the President’s endorsement, Ngige insisted that the report of the Briggs committee is a mere proposal like that of its predecessor, Prof.

Jubril Munzali. The Minister accused $688 RI WU\LQJ WR FLUFXPYHQW WKH UHOHYDQW JRYHUQPHQW DXWKRULWLHV LQ FKDUJH RI À[LQJ wages in order to get the government to sign the proposal.

For now, it remains to be seen whether the Federal Government will at the end of the day, agree to the Briggs proposal, considering the poor state of the economy.

7UXWK EH WROG WKH FRXQWU\·V ÀVFDO SRVLWLRQ is deteriorating, resulting in higher debts and shrinking investment in infrastructure and human capital. Just last month, the then Acting Accountant General of the Federation, Anamekwe Nwabuoku disclosed that “government income is challenged, and the country borrows to pay salaries.” Also, the World Bank projects that an additional one million Nigerians would be pushed into poverty E\ WKH HQG RI Most younger generation Nigerians, HVSHFLDOO\ WKRVH ERUQ DIWHU WKH V PD\ not have heard about the controversial 8GRML $ZDUG $IWHU WKH EORRG\ 1LJHULD %LDIUD FLYLO ZDU LQ WKH Federal Government under General Yakubu Gowon as the Military Head of State, set up the Public Service Review Commission headed by Chief Jerome 8GRML WR UHIRUP WKH SXEOLF VHUYLFH with the aim of ensuring development and optimum utilisation of manpower IRU H΀FLHQF\ DQG HͿHFWLYHQHVV LQ WKH service.

Atobisi, a labour activist wrote from Abuja

I have always believed that democracy is about robust and in-depth discussion; a discussion that fosters dissent and gives opposition the ample space to thrive. A discussion that promotes opposing views, even controversial ones. I’ve always believed that without such freedom—freedom of speech, freedom to express oneself without fear or favour—is the beauty of democracy.

This belief is so general, so presumptive, so speculative that it needs no analysis. It needs

QR OLWKLXP WHVW ,W QHHGV QR VFLHQWLÀF LQTXLU\ It’s the great speculation of the ages. It’s the reason why men waged war against tyranny.

It’s the reason for every revolution against dictatorship. It’s an inalienable right that brave men have died for, and some have experienced the most vile, brutal and painful treatment of injustice from the evil powers of the world.

In this part of the world, this belief, this axiom, this unprovable proof is the reality that underscored the resilient spirits of men like Chief Obafemi Awolowo, Nnamdi Azikiwe, Chief Tony Enahoro, Sir Ahmadu Bello and other great men of yore who fought tooth and nail to put an end to colonial rule and its suppressive imperial structure. After the fall of WKH ÀUVW DQG VHFRQG UHSXEOLF LW·V WKLV XQG\LQJ speculation of faith in democracy that led men like Pa. Okutokun, Sani Shehu, Prof. Wole Soyinka and many others into exile under the dark age of Abacha’s era. Many whose name have been written in the sand of history and many who have been forgotten because no one is there to write their story and tell of their trial and triumph in the war against tyranny and dictatorship are part of those who have been lured by this great speculation—the belief that every man has the right to pursue life, liberty and his own happiness. Every man has the right to speak his mind.

My own uncle, Mr. Dare Babarinsa, veteran journalist and now columnist, embodied the living truth of this great speculation. He was one of those who fought tooth and nail against the preponderance of the Abacha’s administration. He was one of the founders of 7(// PDJD]LQH 7KH PDJD]LQH ZKLFK TXLFNO\ became the darling of many Nigerians after the heyday of Dele Giwa’s Newswatch. His writings and publications became foreboding menace towards those who are enemy of truth.

If the immortal words of George Orwell are true that “In the time of universal deceit, truth telling becomes a revolutionary act”, then my uncle and his coterie were revolutionists in their days.

Because this great speculation, this belief in the ability to hold a dissenting view is so ingrained in the soul and breast of every KXPDQ LW EHFRPHV VXSHUÁXRXV WR WU\ WR prove it to anyone. It seems that anyone who

disagrees with this line of thinking is a tyrant or tyrant in making. That’s why it comes as a surprise to me when I saw the online trend of Peter Obi supporters, particularly on Facebook and Twitter.

Their intolerant, vicious, vitriolic and vile approach to any dissenting view is at best alarming and at worst repulsive. It’s even more shocking that their candidate, a southeast politician who was once the governor of Anambra state, appears to be a democrat and a peaceful man.

Even glancing at a distance, no one will mistake Peter Obi as someone who is vile or a stereotypical troublemaking politician.

His charisma, calm smile and robust brilliant mind reveal him to be a gentleman who espouses the principles of civility and democracy. But such can’t be said about his followers. His online supporters are condescending, vitriolic and sharptongued. They see any criticism against the man’s policy as a personal vendetta. They view every dissent as an attack on their candidate. They want to ride the horse of tyranny to make their candidate the president.

In a world where you can’t have a contrarian view, where every dissent is clampdown on with tyrannical disdain, little wonder it’s being said that democracy indeed dies in darkness. This is the world of Obi mob supporters. It’s heart-wreching to watch.

A good example is their recent rampage DJDLQVW VRFLDO PHGLD LQÁXHQFHU DQG H[ Jonathan aide, Reno Omokri. Needless to say, Omokri has been a vehement, open and unashamed supporter of the People Democratic Party’s candidate, Alhaji Atiku

For people who claim that they want to save Nigeria from the verge of tranny, it’s ironic and pathetic that they have become tyrants themselves. They’ve built around them an impenetrable bubble that doesn’t permit anyone else in Abubakar. According to Omokri, the APC has failed the country in leadership, governance and security. Also, he doesn’t see Peter Obi winning the popular vote based on his political calculation and permutations. Hence, he’s pitching his tent with PDP. Now, for Peter Obi’s supporters, Omokri has committed the unpardonable sin.

Obi’s supporters have tagged themselves #Obedient. And anyone who has decided not to be obedient to the cause of their SROLWLFDO PDVFRW LV WKHUHIRUH DQ LQÀGHO +H doesn’t deserve any human dignity. He doesn’t deserve to be seen as a Nigerian.

He’s “an enemy of Nigerians.” He’s a pariah.

Ademola is a freelance journalist from Lagos, cyrusademola@gmail.com or Twitter: CyrusAdemola

323

T H I S D AY FRIDAY JULY 22, 2022

The coming presidential election will be crucial for the national economy. FELIX OLADEJI writes

There is nothing to cheer in the ‘transformation’ of the NNPC, writes ETIM ETIM

RESERVATIONS ABOUT THE NEW NNPC In a typical Nigerian manner, the NNPC threw a big party in Abuja last Tuesday to announce its transformation from a state-owned enterprise to state-owned commercial enterprise, changing from Nigerian National Petroleum Corporation (NNPC) to NNPC Limited. To many Nigerians, it is just a mere name change; just like P&T changed to NET and later to NITEL, and ECN changed to NEPA and later NEP PLC, both without making any meaningful impact in the lives of the citizens. Nigerians have witnessed too many of these unimpactful christening and re christening ceremonies to be impressed.

But to President Buhari and the executives in the oil company, NNPC Limited would focus on becoming “a new dynamic global energy company of choice to deliver energy for the future”.

In other words, NNPC Limited would now be run like the international oil companies that are state-owned, like Saudi Aramco, owned partly by the Kingdom of Saudi Arabia and American oil investors (ARAMCO actually stands for ArabAmerican Oil Company) and PETRONAS Global, owned by Malaysia (Yes. That same Malaysia that reportedly borrowed palm fruits from Nigeria in the 1960s and are now the world’s largest producer of palm oil).

President Buhari was there at the Tuesday event, and he noted the striking coincidence that had played out. FortyÀYH \HDUV DJR KH DV 3HWUROHXP 0LQLVWHU had facilitated the establishment of NNPC under the military régime of General Obasanjo. Now, here he was, an elected President, witnessing its conversion to ‘’a commercially-driven and independent national oil company that will operate without relying on government funding and free from institutional regulation…’’

The ceremony was typically replete with pomp and glee. There were dances, singing and good speeches. A typical government function, full of promise and expectations.

But I have my reservations about the new NNPC, and I do not, in all sincerity, believe that it would achieve much; not close to its well-run international peers, unless there is a radical departure from the usual.

For as long as the Board, management and employees of NNPC Limited are the same as those that have been managing NNPC, the organizational culture would remain unchanged, and so, this so-called WUDQVIRUPDWLRQ ZRXOG EHFRPH DQ HͿRUW LQ futility. There are so many deeply rooted and entrenched interests in every section of NNPC; and they have been there for so many years that they have become DV RVVLÀHG DV =XPD 5RFN 7KH FXOWXUH LV anti-business, or at best civil service like, ZLWK QR RULHQWDWLRQ IRU SURÀWDELOLW\ DV the organizational or individual goals.

Any surprise that none of NNPC’s four UHÀQHULHV KDV EHHQ ZRUNLQJ LQ WKH ODVW WZR decades? Yet, their workers are earning salaries every month and getting promoted every year.

0RVW RI WKH PDQDJHPHQW VWDͿ RI NNPC are from a particular section of the country and they owe their positions WR WKHLU UHOLJLRXV DQG HWKQLF D΀OLDWLRQV $ good number of the employees got their appointments, not through a competitive recruitment process, but because they

were recommended by emirs, senators, JRYHUQRUV RU RWKHU LQÁXHQWLDO PLOLWDU\ DQG JRYHUQPHQW R΀FLDOV 0HPEHUV RI WKH %RDUG of Directors are mostly senior politicians who represent either a geopolitical zone or a political interest. An appointment into NNPC Board is a reward for your role in the political process. With all due respect to Senator (Mrs) Marjorie Okadigbo, she is the Chairman of the place today because her husband was Buhari’s running mate in the 2003 election! President Buhari does not forget a favour. I do not begrudge this EHQHIDFWLRQ EXW VX΀FH LW WR VD\ WKDW QHLWKHU Aramco nor PETRONAS would be so JHQHURXV LQ ÀOOLQJ WKHLU %RDUG SRVLWLRQV So, what should the company do

GLͿHUHQWO\ WKLV WLPH" )LUVW OHW PH commend Mr Mele Kyari, the CEO of NNPC, for dreaming big and aiming high, by spearheading this change. It is rare IRU ORQJ VHUYLQJ VWDͿHUV OLNH 0HOH WR EH transformational in outlook. But right from KLV ÀUVW GD\ RQ WKH MRE WKUHH \HDUV DJR KH·V EHHQ WU\LQJ WR PDNH D GLͿHUHQFH , WKHUHIRUH recommend that for NNPC Limited to succeed, Mele Kyari and his management team should serve as interim management of the company for the next two years during which a comprehensive overhaul of the place, to be led by an international FRQVXOWLQJ ÀUP VKRXOG EH XQGHUWDNHQ $OO RI WKH VHQLRU DQG MXQLRU PDQDJHPHQW VWDͿ should be replaced in the next two years with Nigerians headhunted and recruited from international oil companies like Shell, Chevron, Saudi Aramco (Yes. Many Nigerians are working there); Agip and the rest. Of course, the federal character of the nation should be maintained as much as possible, but without compromising competence, quality and standards.

One of the reasons the IOCs thrive is because of their high-quality business ethics, principles, practices and processes.

Take NLNG for example. Shell is the operator of NLNG, owned 51% by the federal government through NNPC. Although Shell is a minority shareholder, it provides the chief executive and most of WKH PDQDJHPHQW VWDͿ ,QLWLDOO\ WKH &(2V were foreigners, but in the last 10 years or so, Nigerians, seconded from Shell, have been running the place. Hence, Shell’s business principles and practices prevail there. It is the reason NLNG is so successful that it earnes over $100 billion in revenue paid about $20 billion to the government as dividend and $9 billion tax last year.

Etim is a Journalist

THE POLITICAL ECONOMY OF 2023 Nigeria is a country of immense diversity.

Its physical terrain ranges from the mangrove swamp and rain forest in the southern most part of the country to the grassland and semiarid terrain of the extreme northern reaches of the country. This vegetation structure has imparted a variety of agricultural and economic activities across the length and breadth whose complementarities underlined well developed economic exchanges that predated the colonial processes that created DQG XQLÀHG WKH FRXQWU\ ,W DOVR HQFRPSDVVHV ecological and environmental peculiarities that are not only the sources of economic and social exchanges, but also tensions and FRQÁLFWV ZLWKLQ DQG EHWZHHQ YDULRXV VRFLDO groups.

The huge expanse of land of these historic complementary exchanges is inhabited E\ SHRSOH RI GLͿHULQJ HWKQLFLWLHV WKH number of which ranges between 250 and 450. Interspersed with this is a religious diversity that is essentially expressed in two major imports, both of Abrahamic origins (Christianity and Islam), and the indigenous African Traditional Religion. While usually advanced as of monolithic character, the latter aligns closely with its peculiar ethnic and cultural origins, giving it a plural character that may in fact rival the multiplicity of ethnic groups in Nigeria.

Ecological, environmental and primordial pluralism are accentuated by social class divisions which are especially mirrored in income levels and access to political power. Gender and generational issues are equally well pronounced and are especially exacerbated by growing economic inequalities. The Nigerian state has perennially tried to grapple with the management of this complex pluralist make-up.

However, presidential elections are considered as the most powerful political events and the bedrock of any economy; hence LWV LQÁXHQFH RQ PDFURHFRQRPLF SHUIRUPDQFH occupies and attracts considerable empirical concerns. Against this backdrop, the impact of presidential elections on broad economic variables and economic performance is a wide economic event study that is currently attracting empirical attention. As a country ruled by successive military governments for more than half of its 56 years as a nation, SROLWLFDO LQVWDELOLW\ KDYH KDG HͿHFWV RQ WKH economic performance. Sound presidential elections rooted in democratic structures and the rule of law are therefore indispensable for improved economic performance.

It is observed that the incredibility in the presidential election has been observed to hinder growth in the country over time. This is why the onus is on improving the credibility of presidential elections since it is the largest and most important political event in any country. The macroeconomic performance of Nigeria during the period of 1999 to 2014 was impressive, until recently when economic growth rate and other macroeconomic performances variables took a downward dimension on account of the fall in crude oil price which Nigeria mono-culturally depends on. The growth rate increased on account of the increased oil income that was realized during the period Nigeria’s macroeconomic performance over the last decade has been strong.

Growth averaged 7 percent per year during 2005-2014 which, together with a sharp increase in revenue collection and

increased donor funding, provided room for a substantial expansion in public spending.

For the period 2013, 2014 and 2015, the growth rates were 6.2%, 6.5% and 6.9% respectively.

Despite the impressive economic growth rates witnessed during these periods, the general economic performance and standard of living did not improve, depicting the growth-poverty paradox or poverty in the midst plenty in which a resource endowed nations remains perpetually poor. Today, WKH HFRQRP\ LV FKDUDFWHUL]HG E\ KXJH ÀVFDO GHÀFLWV ULVLQJ XQHPSOR\PHQW FRH[LVWLQJ VLGH E\ VLGH ZLWK DFFHOHUDWLQJ LQÁDWLRQ destabilizing exchange rate instability, escalating interest and lending rates, decrepit infrastructures and epileptic power supply which militates against industrialization and growth, and a disgracing and disappointing general growth deceleration and economic

It is generally believed that announcement of presidential election has a gearing effects on aggregate demand reflected in consumption, and investment, with a consequent impact on economic growth performance. Against this backdrop, the :RUOG %DQN FODVVLÀHG 1LJHULD DV RQH RI WKH poorest nation in the world.

Moreover, evidence from developed democratic societies such as the United States, Germany, Canada, Australia, among others, has shown that presidential election announcement have impacts on economic performance usually measured in terms of broad economic aggregates such as GDP, FRQVXPSWLRQ LQYHVWPHQW LQÁDWLRQ DQG exchange rate. For instance, it is generally believed that announcement of presidential HOHFWLRQ KDV D JHDULQJ HͿHFWV RQ DJJUHJDWH GHPDQG UHÁHFWHG LQ FRQVXPSWLRQ DQG investment, with a consequent impact on economic growth. This is because the news or announcement of presidential election will generate increased spending on the part of intending presidential aspirants, the ruling party and all other stakeholders using same as political merchandising to sway the public and electorate to voting them. The increased spending and the consequent increase in private and public consumption and investment increases economic growth rate. $SDUW IURP WKHVH HͿHFWV SUHVLGHQWLDO election announcement (news) is believed WR DͿHFW NH\ HFRQRPLF DQG SHUIRUPDQFH variables such as exchange rate and LQÁDWLRQ )RU LQVWDQFH RQ WKH QHZV RI WKH announcement of presidential election, prices of goods generally rises since the increased demand for goods and items on account of the election will consequently LQFUHDVH WKHUHE\ QHFHVVLWDWLQJ LQÁDWLRQ Felix Oladeji, Lagos Nigeria

24 4

T H I S D AY

FRIDAY JULY 22, 2022

EDITORIAL

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

SHORTCHANGING BANK CUSTOMERS The growing cases of ethical issues should worry financial institutions in the country

H

FRQQLYH ZLWK RWKHUV WR WDPSHU ZLWK GLVNHWWHV DQG Á DVK ardly a day passes without stories drives which then enable them to access unauthorised of malpractices within the banking domains. With that, they credit accounts for which funds industry, especially in the social media are not intended. as customers render accounts of how :KLOH WKH DIRUHPHQWLRQHG DUH VSHFLÀ F LQVWDQFHV RI they were being short-changed by their insiders’ abuse within the system, we maintain that banks. While the existence of fraud and the commercial banks are also culpable of deliberately all manner of sharp practices in the banks is neither promoting corporate unethical behaviour and shady uncommon nor unexpected, its prevalence is negatively business practices. Indeed, the frightening scale of these impacting the sector and threatening to undermine public malpractices is an indictment on many of the commercial faith in the industry. We call on the authorities to see this banks for failing to tighten their internal control system malaise as a challenge and respond with measures that and for not adopting code of ethics to govern their will safeguard the banking sector.

EHKDYLRXU SDUWLFXODUO\ RQ FRQÁ LFW RI LQWHUHVW DQG WKH In 2017, Automated Teller Machine (ATM) fraud, KDQGOLQJ RI FRQÀ GHQWLDO according to reports, information. Unfortunately, accounted for the highest the Central Bank of Nigeria rate of fraud with an actual While the existence of fraud and all manner of sharp practices in (CBN) is not doing enough loss of N497.64 million to curb these malpractices. the banks is neither uncommon nor unexpected, its prevalence and a fraud volume of Money laundering, 9,823. In the same manner, is negatively impacting the sector and threatening to undermine investment fraud, toxic the Nigerian Inter-Bank loans, banking laws violation Settlement System (NIBSS) public faith in the industry are some of the broader revealed last year that corporate unethical practices the banking industry lost perpetrated by the commercial banks. The banks are also T H I S D AY N12.30 billion to various fraudulent practices between fond of arbitrary deductions from customers’ accounts EDITOR SHAKA MOMODU 2014 and 2017. Also recently, the Chartered Institute of DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA under the guise of SMS charges, card maintenance fees Bankers of Nigeria (CIBN) disclosed that no fewer than MANAGING DIRECTOR ENIOLA BELLO and ATM charges, among others. As a result of these 2,122 bank customers lodged complaints against their DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU indiscriminate charges, many customers have resorted banks to the sub-committee on ethics and professionalism CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI WR FORVLQJ WKHLU VDYLQJ DFFRXQWV UHVXOWLQJ LQ WKH À QDQFLDO between 2001 and 2018. The committee was responsible EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN exclusion of many of our citizens. To worsen maters, MANAGING EDITOR BOLAJI ADEBIYI for resolution of disputes relating to unethical practices THE OMBUDSMAN KAYODE KOMOLAFE GHVSLWH WKH KXJH WXUQ RYHUV DQG DIWHU WD[ SURÀ WV PDQ\ between or among banks as well as between banks and of them declare yearly, they discourage small businesses their customers.

IURP WKULYLQJ E\ LPSRVLQJ GL΀ FXOW ORDQ FRQGLWLRQV Though ATM fraud is a common form of infraction, If there is any lesson to learn from the recent failure of bank customers also complain about sundry other sharp T H I S D AY N E W S PA P E R S L I M I T E D one of the nation’s commercial banks, Skye Bank Plc, it is EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA practices. These range from credit card scam, to stealing GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, the need to improve on the corporate governance culture of money from customer’s account. It is also alleged ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI RI RXU À QDQFLDO LQVWLWXWLRQV LQ 1LJHULD ,W LV FRPPRQ WKDW VRPH IUDXGXOHQW EDQN VWDͿ KDELWXDOO\ DFFHVV DQG DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, knowledge that bank failures don’t happen overnight.

PDQLSXODWH FOLHQWV· DFFRXQWV RSHUDWH À FWLWLRXV DFFRXQWV ANTHONY OGEDENGBE The build-up is usually over a reasonable period, and DQG À GGOH ZLWK WKRVH KHOG E\ GHFHDVHG FXVWRPHUV ZKRVH DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI results from poor management, insider abuses and other SNR. ASSOCIATE DIRECTOR ERIC OJEH signatures are usually forged with the intention to illegally unwholesome practices that have to be dealt with by ASSOCIATE DIRECTOR PATRICK EIMIUHI withdrawing money from their accounts. Aside the foregoing cases, bank employees also commit computer CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI the relevant authorities. They must work to ensure that DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO integrity is restored to the Nigerian banking hall. fraud. By logging into the computer system through TO SEND EMAIL: first name.surname@thisdaylive.com UHPRWH VHQVRUV VRPH XQVFUXSXORXV EDQN VWDͿ DOVR

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

ADENUGA, OJUDE OBA FESTIVAL AND THE SOFT POWER BENEFITS It is like a carnival, but one more sublime -- with a deep cultural and spiritual tenor. The king sits on high in majestic splendour as the regberegbe (age grades) attired in distinct but beautifully coruscating regalia and costumes saunters through paying homage; there is a freewheeling display of cultural sophistication – art, music, poetry, mock war, ornamented horses and other thrills. This is the Ojude Oba Festival. A cultural fesWLYDO WKDW KDV Á RXULVKHG LQ QDWLRQDO LQÁ XHQFH VLJQLÀ FDQFH DQG appeal over the years.

The Ojude Oba Festival is an aesthetic fete of the Ijebu people of Ogun state. It is held annually – on the third day of Eid el Kabir. The festival is believed to have been held for over 100 years. It has become one of Nigeria’s cultural exports like the Osun-Osogbo festival which attracts a global audience and annual participants of over 100,000 people. In Brazil, a country with a rich cultural heritage like Nigeria, festivals are one of the YLDEOH UHYHQXH HDUQHUV DQG D PHDQV RI LQÁ XHQFLQJ RU H[HUWLQJ cultural identity on the global consciousness – a soft power. According to Statista, Brazil’s Lollapalooza Festival was the third highest grossing festival globally in 2019.

Ojude Oba Festival is well on its way to becoming a global

cultural staple with the support of sons of the land like Dr Mike Adenuga (Jnr). But the festival is just one of many such creDWLYH HͿ RUWV ZKLFK $GHQXJD WKH 2WXQED $SHVLQ RI ,MHEX ODQG sponsors. Through his company, Globacom, which is one of Nigeria’s largest telecom operators, Adenuga has immensely supported and promoted art, artistes, sports, music and the whole artistry chain in Nigeria and Africa. He is, perhaps, the biggest votary of Nigeria’s Nollywood and music festivals.

Unassuming and modest, Adenuga continues to support the arts in Nigeria without seeking personal recognition or credit. +H LV LQ WKH EDFNJURXQG JLYLQJ À OOLS WR WKH FUHDWLYH LQGXVWU\ LQ Nigeria without calling a marching band. The Ojude Oba Festival for 2022 was held on Monday -- the festival was not held for two years owing to the COVID-19 pandemic. It was a cynosure of cultural, spiritual and social intercourse as sons and daughters of Ijebu land from across the country and the world converged to celebrate their heritage. Globacom was a prime sponsor of the festival. The company has supported the festival for over 15 years, and continues in this virtuous pursuit.

Oba Sikiru Adetona, the Awujale of Ijebu land, hailed Globacom for the feat. The Oba was said to have described Globacom

‘’as an unrelenting supporter which takes pride in the Nigerian culture and prayed for its continued success and prosperity’’.

In his goodwill message to the festival, Adenuga said “the brand’s continued collaboration with the Ojude Oba Festival Committee is rooted in its passionate commitment to celebrate the best of Nigeria’s cultures and traditions with a view to conserving them for posterity. We believe in supporting platforms for our diverse peoples across the country to fully express their cultures and traditions. This has become all the more expedient with the advent of globalisation. Our cultures are a major part of our history which should be preserved,” he said.

Truly, our cultures are a major part of our history and should be preserved. They are a means through which our imprints in time remain unfading. Festivals like Ojude Oba keep the social and cultural umbilicus alive and can be harnessed as soft power to promote indigenous values and interests as well as national ethos and interests. Other eminent Nigerians should learn from Adenuga and become votaries and patrons of our culture.

Fredrick Nwabufo, a writer and journalist.

T H I S D AY ˾ FRIDAY, JULY 22, 2022

25

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

2 1 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

Planned Airports’ Concession Halt Construction Work at Lagos Airport Terminal

Chinedu Eze The plan by the federal government to concession the terminals of major airports in Nigeria has forced Chinese contractors to suspend work on the new terminal at the Murtala Muhammed Airport, Lagos, despite the celebrated unveiling in March this year.

THISDAY investigation revealed that many critical facilities were yet to be put in place, but the Chinese contractors had since suspended work on the facility because the federal government was not categorical on its concession plans, as the four terminals at the four major airports in the country were built

by loan from China EXIM bank, which has not been repaid.

The initial cost of the terminals located at Kano, Port Harcourt, Abuja and Lagos airports was $600 million, which include $500 million loan from China and $100 million counterpart funding by the federal government.

Informed source told THISDAY that government has not even paid its counterpart fund and is yet to service the loan, adding that during the period the projects were under construction, there were variations because some critical facilities were not included in the initial plan and due to the location of the terminals at Abuja and Lagos airports, very

important adjustments have to be made for the terminals to function effectively.

A source at the Federal Airports Authority of Nigeria (FAAN) told THISDAY that if there would be concession of the facilities, dubbed Chinese terminals, the companies that built them, which are known to manage airports in other parts of the world, should be given the first right of refusal, but indications have shown that government has no plan to discuss with them on its concession plan, as THISDAY reliably gathered that government is already in discussion with a Turkish company on the concession of the airport terminals.

The FAAN official said: “The reason why airlines have not moved to the new terminal in Lagos is because there are some important facilities that are yet to be installed.

The contractors packed their things and left. They suspended the work because the federal government has not paid the counterpart funds and is yet to service the loans but it is talking about concession of the terminals.

“How can you borrow money and build such structure and you want to concession them without involving those who built it who are known to manage airports in different parts of the world? They should be given the first right of

refusal if you want to concession them. After borrowing money, which you have not paid; how do you pay them after you have concessioned the terminal to another company?”

The terminal was built by China Civil Engineering Construction Corporation (CCECC) Nigeria Limited but despite the inauguration of the terminals in Lagos and Abuja, there was need to remedy structural deficiencies and to expand the facilities, which cost China additional $150 million, while the federal government was yet to pay its own additional counterpart funding to speed the work and complete the projects.

It was learnt that the additional

funding would be incurred because many buildings around the project in Lagos and Abuja would be destroyed to make the terminals fully functional.

It was learnt that the additional $150 million incurred by China in the project was to connect the new terminal in Lagos and Abuja to the old one in order to have seamless passenger movement, as the train station, which is located at the new terminal in Abuja would have to process passengers from both the local and international terminals.

In Lagos, the terminal is yet to be installed with check in systems and because of this foreign airlines are Continued on page 27

BCG Tips Nigerian Market for High Returns on Private Capital Investments Dike Onwuamaeze The Partner and Managing Director of Boston Consulting Group (BCG) Nigeria, Mr. Stefano Niavas, has advised private capital investors who are seeking huge returns to focus their attention on Nigerian markets.

Niavas gave this advice while

commenting on the report of the 20th edition of BCG’s annual study of the assets industry titled, “Global Asset Management 2022: From Tailwinds to Turbulence.”

He said: “Africa’s economy continues to be attractive to private capital investors who are seeking huge returns and Nigeria tops the list of countries that had remarkable

private capital inflow in 2021. A larger share of these funds was invested into venture capital assets followed by infrastructure and then private equity. About 145 Venture Capital deals were reported in Nigeria in 2021, with a total value of $1.1 billion, according to African Private Equity & Venture Capital Association (AVCA).

“This is a wake-up call to assets fund managers to take advantage of this trend and position themselves for an early win in this dynamic asset management industry as alternative products promise better performance.”

The BCG’s report said that emerging trends that are expected to shape the future would include

an increasing shift of portfolios into alternative assets in the pursuit of higher returns compared to publicly-traded markets.

The BCG report stated that “revenue from alternative assets such as private equity, hedge funds, and real estate assets would grow to more than half of the global revenue in the next five years.

“Alternative products represented more than 40 per cent of total asset management revenue in 2021, despite comprising less than 20 per cent of global AuM. This trend is expected to continue over the next five years, with revenue from alternatives forecast to grow to more Continued on page 27

M A R K E T D ATA A S AT T H U R S D AY, J U LY 2 1 , 2 0 2 2 BILLS

BONDS DESCRIPTION Price 14.20 14MAR-2024 13.53 23MAR-2025 12.50 22JAN-2026 16.2884 17MAR-2027 13.98 23FEB-2028

10.780,00

Yield

Change (%)

903,00

-0.54

10.807,00 1.130,00

0.00

10.340,00 1.130,00

0.24

12.008,00 1.070,00

0.00

11.043,00 1.140,00

0.53

Updated Time July 15, 2022 July 15, 2022 July 15, 2022 July 15, 2022 July 15, 2022

MATURITY

Discount

Yield

OTC F X F U T U R E S

CPS

Change Updated Time (%)

NTB 11Aug-22 NTB 8-Sep22 NTB 13-Oct22 NTB 10Nov-22

11.10

11.19

-0.01 July 15, 2022

9.75

9.90

0.00 July 15, 2022

9.00

9.20

-0.01 July 15, 2022

3.90

3.95

0.00 July 15, 2022

NTB 26-Jan23

7.50

7.81

0.00 July 15, 2022

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

Discount Yield

Change Updated Time (%)

20.39 20.52

0.00 July 15, 2022

16.64 16.77

-0.01 July 15, 2022

19.61 20.73

0.00 July 15, 2022

13.85 14.41

0.00 July 15, 2022

13.05 13.55

0.00 July 15, 2022

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS JUL 27 1 429.51 2022 NGUS AUG 31 431.36 2 2022 NGUS SEP 28 3 433.21 2022 NGUS OCT 26 4 435.06 2022 NGUS NOV 30 5 436.92 2022

Updated Time

July 15, 2022 July 15, 2022 July 15, 2022 July 15, 2022 July 15, 2022

26

FRIDAY, JULY 22, 2022 ˾ T H I S D AY

BUSINESSWORLD

AIR WATCH

Lagos Aviation Academy Awards Scholarships A I R Chinedu Eze Lagos Aviation Academy (LAA), one of Nigeria’s leading aviation training institutions, is celebrating its 5th year anniversary by launching a contest to allow five aspiring aviation players to win scholarships at its training facility.

Founded in 2017, LAA’s vision is to improve the Nigerian aviation industry by making quality aviation training available and accessible to people who aspire to work within the industry.

According to the General Manager, Lagos Aviation Academy, Chinasa Mbene, offering these scholarships is a big step toward making that vision a reality.

She said: “One of our goals at Lagos Aviation Academy has been to raise seasoned aviation professionals in the Nigerian aviation industry. For us, it is much more than giving out

scholarships or training students, it is about being in a position to make a meaningful difference in the lives of people who aspire to be players in the aviation industry.”

Mbene added: “In celebration of our 5th year anniversary, we will be giving out five scholarships to people who are passionate about working in this sector. To be able to choose the best persons for these slots, we have decided to throw it open by asking as many as possible to register. Once they have registered, they will be shortlisted via certain criteria that we have set and the winners will be announced in August.”

The courses available for the Lagos Aviation Academy Anniversary Contest include the Cabin Crew AbInitio Course; the IATA Foundation In Travel and Tourism Course; Basic Ticketing and Reservation Course; the Amadeus Practical Course and

the Customer Service Course. The contest, which started on Tuesday July 19, will run till Monday, August 29, after which the winners of the various categories will be announced.

The Academy Director at Lagos Aviation Academy and Chairman of the Association of Aviation Training Organizations in Nigeria (AATON), Bankole Bernard, noted that quality training remained key driver for excellent results within the aviation space.

He said: “Quality training for aviation professionals is a bedrock for excellence in this industry. As an aviation training school, we have taken it upon ourselves to ensure that we produce seasoned professionals who will make a quality impact in the industry. We, therefore, use this opportunity to call on other training schools and regulators to ensure that the standard remains at its best.”

WATCH As Air Peace Expands International Operations to China

Emirates Flight Catering Opens World’s Largest Vertical Farm in Dubai Bustanica has opened the doors to the largest hydroponic farm on the planet, backed by an investment of over $40 million.

The facility is the first vertical farm for Emirates Crop One, the joint venture between Emirates Flight Catering (EKFC), one of the world’s largest catering operations serving more than 100 airlines, and Crop One, an industry leader in technology-driven indoor vertical farming.

Located near Al Maktoum International Airport at Dubai World Central, the 330,000 square feet facility is geared to produce more than 1,000,000 kilograms of high-quality leafy greens annually, while requiring 95 per cent less water than conventional agriculture. At any point in time, the facility grows in excess of one million cultivars (plants), which will provide an output of 3,000 kgs per day.

Bustanica is driven by powerful technology – machine learning,

artificial intelligence and advanced methods – and a highly specialised in-house team that includes agronomy experts, engineers, horticulturists and plant scientists.

A continuous production cycle ensures the produce is super fresh and clean, and grown without pesticides, herbicides, or chemicals.

Passengers on Emirates and other airlines can look forward to forking these delicious leafy greens, including lettuces, arugula, mixed salad greens, and spinach, onboard their flights from July. Bustanica is not just revolutionising salads in the sky – UAE consumers will soon be able to add these greens to their shopping carts at the nearest supermarkets. Bustanica also plans to expand into the production and sale of fruits and vegetables.

Chairman and Chief Executive, Emirates Airline and Group, HH Sheikh Ahmed bin Saeed Al Maktoum, said: “Long-term food security and self-sufficiency are

vital to the economic growth of any country, and the UAE is no exception. We’ve specific challenges in our region, given the limitations around arable land and climate.

Bustanica ushers in a new era of innovation and investments, which are important steps for sustainable growth and align with our country’s well-defined food and water security strategies.

“Emirates Flight Catering constantly invests in the latest technologies to delight customers, optimise operations, and minimise our environmental footprint.

Bustanica helps secure our supply chain, and ensures our customers can enjoy locally sourced, nutritious produce. By bringing production closer to consumption, we’re reducing the food journey from farm to fork. Congratulations to the Bustanica team for their remarkable achievements so far and for setting global standards and benchmarks in agronomy.”

Mojec Deepens Meter Supply Capacity Across DisCOs Nationwide Mojec International Limited, the meter manufacturer in sub-Saharan Africa has successfully delivered on its meter allocation across the distribution companies in Nigeria.

This feat was achieved under the Federal Government initiated National Mass Metering Programme. The National Mass Metering Programme (NMMP), was introduced by the Federal Government to provide prepaid meters for customers and ease the financial burden associated with meter acquisition.

Under the NMMP programme, the federal government would provide financing support to the

Distribution Companies (DisCos) for the procurement of meters to their customers and also to the local meter manufacturers to help facilitate the manufacturing and assembling of meters to meet the demand.

In order to deliver on this programme, the federal government engaged various manufacturers to engage in the production and supply of meters to the various distribution companies across Nigeria. Mojec International Ltd. Was able to secure partnerships with eight of the eleven distribution companies (DisCOs) across the different regions of the country.

Speaking on the success attained under the NMMP programme, Head of Installations, Mojec Meter Asset Management Company, Monday Ubogu, stated that Mojec was able to successfully deliver on the allocations given to it by all its partner DisCOs. He said: “our success rate in meeting our allocation target has been over 100%. For the Ikeja Electricity Distribution Company (IEDC), our allocation was to deliver 60,000 + meters and we were able to deliver over 62,000 + meters due to our desire to ensure all customers are free from the burden of estimated billings.”

TERAWORK Launches Mobile App for Top Talents Recruitment Emma Okonji TERAWORK, a company creating economic opportunities through sustainable talent supply, has launched its iOS and Android mobile app to help employers and entrepreneurs hire, manage and communicate with vetted talent in real-time.

The app, which is being made available for wider download, ties into the growing pivot among large and small businesses to utilise a global talent base to execute tasks on quick, short or temporary bases.

Announcing the launch of the

app, the Chief Executive Officer of TERAWORK, Femi Taiwo, said the app would be a ‘game changer’, especially for businesses who now face more difficulties getting manpower with the right skillsets to guarantee growth.

According to him, “TERAWORK prioritises the growth and sustainability of large and small businesses. About 90 per cent of African companies fail within five years of their existence, contrary to their Western counterparts, who have unlimited access to skilled talent given their adoption of on-demand hiring.”

He further said: “More importantly, we are cognisant of the fact that small and medium enterprises (SMEs) play an important role in the job creation process since they account for more than 70 per cent of employment worldwide. As businesses thrive, more jobs will be created, extending economic opportunities to every segment of the economy. The TERAWORK Pay-As-You-Go hiring solution mobile app, therefore, is extending the window of opportunities for all entrepreneurs to utilise the expansive global and local talent pool to execute business tasks.”

Chinedu Eze What is peculiar about air transport in Nigeria is that it has one of the most lucrative international routes in Africa but these routes are dominated by mega carriers of the world, leaving less that five per cent to indigenous airlines.

This lopsided situation has lasted for decades and industry observers said there were many factors that have made this possible, which include government policy, aero politics, lack of capacity by indigenous carriers and their failure to meet global operational safety certification until recently.

In terms of government policy over the years, government has allowed multi-designation of foreign airlines, which operate from different airports in the country, thus discouraging possible code-share partnership with ingenious carriers.

The Nigerian airlines, in the last few years, have met safety certification of the International Air Transport Association Operational Safety Audit (IOSA), which could enable them to operate to international destinations and partner with other international carriers.

It is under this reality that Nigerians appreciate the milestone achieved by the Nigerian airline, Air Peace, which started flight operation in 2014 and has been able to operate international destinations, including Johannesburg, Dubai and recently China.

Industry analysts observe that Nigerian carriers should be given government support in terms of backing their quest for international operations and adopting the policy of reciprocity so that when they are denied approvals to operate to some destinations, Nigeria would also reciprocate by stopping the countries’ airlines from operating on Nigerian routes.

The Nigerian Minister of Aviation, Senator Hadi Sirika has received commendations for adopting this policy to protect Nigerian carriers.

On July 12, 2022, the Nigeria’s biggest carrier, Air Peace recorded its inaugural flight to Guangzhou China from the nation’s gateway, the Murtala Muhammed International Airport, Lagos.

In her inaugural speech, the Chief Operating Officer (COO) of Air Peace, Mrs. Oluwatoyin Olajide said: “When we set out for the Air Peace trajectory in 2014, we envisaged an airline that would predominantly do two things: create massive employment for Nigerians and reduce the burden of air travel for Nigerians, and by extension, Africans, through the provision of affordable and peaceful connectivity across cities and continents.

“Now, we can confidently assert that Air Peace has kept to this vision of providing seamless connections and expanding existing network to accommodate the evolving air travel needs of the flying public. Today, we’re officially adding the continent of Asia to our network of continents, with the commencement of initial one-weekly flight to Guangzhou-China.

“If you have been following the growth of Air Peace, you will be familiar with the fact that the Chinese airspace is not new to us, as we’ve successfully operated several evacuation/special

flights to the country at different times in the past, especially in 2020, during the COVID-19 lockdown. So, we’re going into China, not as newcomers, but as an airline that is technically and operationally acclimatised with the Chinese terrain.”

Olajide also said that the flying public, especially those that fly the Guangzhou route, should expect best-in-class flight experience, which is characteristic of the Air Peace brand.

“We are not stopping with Guangzhou, as India is next and Israel is in the works. Also planned for subsequent launch are Malabo in Equatorial Guinea and Kinshasa in the Democratic Republic of Congo. We will continue to grow our network as well as modernise our fleet strategically. Air Peace currently boasts of a network of twenty domestic routes, seven regional routes and two international destinations, including Dubai and Johannesburg,” she said.

She commended the Nigerian Civil Aviation Authority, Federal Airports Authority of Nigeria, the Ministry of Aviation, the Chinese government, the airline’s partners, and other stakeholders for making this possible.

“We promise to work harmoniously with all relevant aviation actors to ensure this new route is maximized,” she added.

Elated by this development, the Chairman, House of Representatives Committee on Aviation, Hon. Nnolim Nnaji, applauded the management of Air Peace on the commencement of direct flight between Nigeria and China.

He noted that the commencement of direct flight to China by Air Peace would bring a huge relief to Nigerians and citizens of other African countries who travel regularly on business trips to China and stressed that Nigeria and indeed Africa shared huge business and cultural ties adding that the direct air link will further strengthen such relationships.

He also commended Air Peace “for mustering the courage to begin the long haul flight at the time the entire airlines globally were just struggling to overcome the enormous negative impact of COVID-19 on the aviation sector.”

Olajide also noted that the airline’s inaugural flight was historical because it left Nigeria with almost full load but noted that China is still observing restrictions due to COVID-19 and expressed optimism that as the restriction eases, more people would travel with the airline.

“What we have seen so far is encouraging. As China opens up, there will be more passengers,” she said.

Industry stakeholders said that if more Nigerian airlines operate international destinations they would be able to access forex, remarking that one of the major challenges of Nigerian carriers is that they sell their tickets in Naira while cost of aircraft maintenance, spares, training and other services are denominated in foreign currency.

They also commended Air Peace and urged the airline to do everything possible to sustain the operation of its international routes so that Nigeria would at least benefit from the lucrative Nigerian operations and also put a stop to the huge money taken out of the country by foreign carriers.

T H I S D AY ˾ FRIDAY, JULY 22, 2022

27

BUSINESSWORLD

AVIATION

Ogun Cargo Airport: Facilitating Agro-processing, Export The Ogun State international cargo airport is an ambitious project, which when completed will become important gateway to the many industries located in the state and adjoining states. They will find it a relieving alternative for the movement of cargo and passengers. Chinedu Eze, who was part of the contingent that recently inspected on-going work at the facility, writes

T

he Ogun State government has shown commitment for diversifying its revenue resources by building international cargo airport with agricultural produce processing facility. The airport, which is tailored towards the export and import of cargoes, will also have passenger movement facility when completed by the end of this year.

Aviation industry stakeholders said that the Ogun State government would fill a yawning gap in air cargo infrastructure when the airport is completed.

Travel expert, Ikechi Uko said there was an initial gap in air cargo in Nigeria. He told THISDAY in a telephone interview on Tuesday about the paucity of cargo airports in Nigeria, adding that it is good if one is being built, especially near Lagos. So in order to boost export by air, Nigeria needs more cargo airports and he also canvassed for national policy to drive air cargo movement, noting that there is so much to export from Nigeria but getting an airport is the first step.

Uko who is the organiser of the annual CHINET Avia Cargo Conference said Nigeria imports so much and that it also has the potential to export as much if the country looks inwards because there are so much that can be produced in Nigeria that are demanded by the international community and that having a cargo airport and export processing facility, will make it easier for air cargo export.

“I commend the Ogun State government for building cargo airport. We don’t have enough cargo airports Ogun State Airport Project in Nigeria; so this is a good step. Air cargo is very important because if we develop strong cargo export Odusile said the state is actually building an Nigerian will boost its foreign exchange. So this year airport city, an aerotropolis, where economic at CHINET AviaCargo Conference, which will hold activities that are export related and passenger in Lagos in September, we are looking at aviation movement, would revolve around the airport. insurance and cargo export, as well as the enterprise He said investors have indicated interest in plan for cargo export. This is where the Ogun State locating businesses in the airport environment, airport comes in. The hundreds of companies located especially those businesses inclined to export in Ogun State and environs will need the airport of agro produce, finished goods for export and to move their goods and import raw materials in other related services and products. addition to perishables that will be exported from “We are not just building an airport, we Nigeria through the airport,” Ukosaid. are building an aerotropolis. We are bringing different people to do business in the airport FOREIGN EXCHANGE environment. This is a specialised airport as it Experts in cargo freighting like the Chief Executive will be an agro-cargo airport. Though, there is Officer of ABX World, Capt. John Okakpu, says Nigeria another facility for passenger operations, already, has the capacity to rake in $250 billion annually in some agencies of the government are scrambling agro export commodities alone and that the first step to be here and I can tell you for a fact that the to realise this is to build the right airport infrastructure Nigeria Air Force is already looking forward to and processing facilities. be here, as well as the Nigeria Customs Service Commissioner for Information and Strategy in and so many other private investors. This will Ogun State, Abdulwaheed Odusile, reinforced the be the only truly agro-cargo airport in Nigeria. fact that every state in Nigeria has something to “There will be an international testing centre export. He spoke about the plan to complete the here where all agro-produce that go out of Nigeria airport in recorded time. will come here and be certified as complying with “By the Grace of God, before the end of this year, international standards. So, once that is done, aircraft will takeoff and land at this airport. That will goods from here can be exported to anywhere be the first of its kind in the country. This airport will in the world. All parcels coming into Nigeria become the fastest built airport in Nigeria. We started would be flown to our airport here before they the construction of this airport from the scratch and are now redistributed to any part of Nigeria. we started in April 2021. This airport would be an “You can also see the location of the airport, international airport in all ramifications. where we are now is about the centre of Ogun “The four-kilometer runway is almost ready, the State. The airport on the western side, you will construction of the fire station is on, the control tower see the Lagos-Ibadan Expressway, on the southern and the administrative building is there and those are side, you have the Sagamu–Benin Expressway. the essential components of an airport. Every other So, whichever way you want to approach the thing as you know is luxury and comfort. Even at airport, the logistics of that is easy to Lagos, that, you will marvel at the architectural design of which is the fifth largest economy in Africa and the terminal building,” he said.

Nigeria’s largest economy. To the hinterland, you have easy access, if you want to go to the east, AEROTROPOLIS

governor. We don’t promise we are going to do everything, but we are going to do everything that we promised. That is the mantra of this administration.

No matter who started this, we will surely complete it. This project was abandoned by the previous administration and we are continuing it,” Odusile said.

Explaining the expanse and level of the project already done, the OgunbState Commissioner of Works and Infrastructure, Ade Akinsanya, explained that the Murtala Muhammed International Airport (MMIA) in Lagos had remained one of the most difficult airports to get in to before the expanded access road and noted that for the Ogun State airport under construction it can be accessed through six locations: Lagos-Sagamu, Lagos-Ibadan and Lagos-Epe expressway.

“I don’t think any airport can rival this airport anywhere within this country and the facility is unique. The design was done by one of the famous consulting firms in the world. They have done more airport designs probably than anyone else. So, that credibility is there. The standards we are meeting are world class. Everything you will be seeing today is something that complies with Nigerian and international standards,” he said.

FACILITIES

north and other part of the western it is easy. So many businesses associated with aviation would be here and we are ready to accept everyone,” Odusile said.

He also explained that goods coming in and out of the neighbouring states would be exported from the airport and this would decongest Lagos and spread development across the country, adding that the governor of Ogun State, Dapo Abioudun, is desirous of industrialising the state.

“We want to make Ogun State the industrial capital of Nigeria. We want to use this airport to complement that. This airport is also an important component of our transportation master plan, which will bring together rail, road and water transportation. This airport is not just a stand-alone airport; it is also being supported by other transportation facilities that we are building in Ogun State. This is part of our Five Pillars of Development in Ogun State called ISEYA, which is an acronym for Infrastructure, Social Welfare and Wellbeing, Education, Youth Empowerment and Job creation and Agriculture and Food Security.

With these five pillars, we have been able to touch the lives of our people in different ways. This airport is also an infrastructural development, economic development and it is also providing jobs,” Odusile said.

He assured that the government of Ogun State would complete the project as projected and what was discernible during the facility tour of the project was the quality of work being done and how the construction is aligning with given international standards and recommended practices for airport construction in terms of safety, capacity and regulation.

“This is one of the promises made by the

He said that overall, the total width of the runway is 60: 45 plus 7.5 and another 7.5 shoulders, referring to the thickness of the runway for the landing of a fully loaded freighter, the weight of Boeing B777. He said that perimeter fencing had already been done at the airport from the beginning, unlike some of the airports that are already in operation in Nigeria without security and perimeter fencing.

“In front of the perimeter fencing, you will also have security road on both sides for patrol. We don’t want intruders coming into the airport,” he said.

Akinsanya explained that the terminal being built is a kind of a hybrid of one of the major airport terminal facilities in Morocco and a bit of that of Charles de Gaul in Paris in France, describing it as a work of art. The same thing also with the control tower, noting that it is something unique.

“We have two separate terminal buildings for the airport; cargo and passenger. At anytime, the apron can accommodate four aircraft of Boeing 777 aircraft.

It can take two wide-body and two single isle Boeing 737 model. The only testing site approved in Africa by the AfDB(African Development Bank) will be located at a site not too far from here - Sagamu. That is one of the challenges people exporting goods out of Nigeria face because most of those goods don’t meet the international standard. So, before anything goes out, it will be tested before you can export it and it is just nearby.

“The total land mass of the airport is about 5,000 hectares of land. However, we are still in the phase one of the project, there is room for expansion in the future. The runway has about four layers with different classes of MM. The layer is about 65mm of asphalt, the second layer is about 50mm of asphalt and the next is about 100mm of asphalt. In the area of warehousing facilities, the state is not in the business of doing all those things by itself. We are going to have private investors to invest in the airport project.

Already, there are lots of enquiries. Even, the federal government is interested. The state government will provide private investors with the facilities to grow their businesses.

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

BCG TIPS NIGERIAN MARKET FOR HIGH RETURNS ON PRIVATE CAPITAL INVESTMENTS than half of all global revenues in the industry by 2026.

“Over the next five years, we expect the revenue from alternatives to grow to more than half of all global revenues, thanks in large part to the fees that alternative assets command.”

The report added that with $100 trillion to $150 trillion in capital

deployment required to reach net-zero goals by 2050, demand for sustainable investments represents an opportunity that would dominate the sector in both the short and long term.

“Roughly $20 trillion to $30 trillion is expected in bond and equity allocations for asset managers, much of it frontloaded

over the next few years as more investments flow into climatetransition projects,” the report said.

The BCG noted that asset management industry continued its unprecedented growth trajectory in 2021, with global assets under management (AuM) rising by 12 per cent to $112 trillion, significantly above the 20-year growth average

of 7.0 per cent.

It identified strong performance in equity markets as the key driver, representing 90 per cent of revenue growth between 2005 and 2021.

It also said that despite rising costs, operating profit margin rose to a healthy 38 per cent in 2021, up from 36 per cent a year earlier, as average AuM growth outpaced

the increase in costs.

The BCG Managing Director and Partner, Mr. Chris McIntyre, said: “The incredible market run that has fuelled the performance of the asset management industry over the past 15-plus years has been a double-edged sword. On the one hand, it has provided strong tailwinds for the sector,

but it has also challenged innovation, allowing the market to be dominated by legacy products that benefit from the compounding effect of returns on underlying assets. There are signs that these trends are beginning to shift, and the ensuing turbulence is an opportunity as well as a challenge for industry players.”

PLANNED AIRPORTS’ CONCESSION HALT CONSTRUCTION WORK AT LAGOS AIRPORT TERMINAL yet to move to the new facility; it is only the Nigerian airline, Air Peace that has been operating from there.

THISDAY spoke with the country manager of one of the international carriers who craved anonymity and he disclosed that the new terminal has no check in system.

“The facility has no check in system, so you either do manual or you carry your own system to

that place. Foreign airlines are not going there because the terminal is not ready for operations. So let them finish the work first,” the country manager said.

It has been earlier reported that the ramp of the new terminal is not big enough for maneuverability of aircraft, which has prompted the federal government to direct the Accident Investigation Bureau

(AIB), two private terminals, Evergreen and Domino to vacate their buildings located close to the new terminal so that they would be destroyed to expand the ramp for the facility.

While AIB building has been destroyed, its was learnt that the terminals were yet to adhere to the directive; although FAAN said that it had secured alternative places

where they could build new structures, but it was not clear whether FAAN, in addition to providing new locations would also compensate them with funds to build their facilities.

THISDAY also gathered that FAAN has also increased tariff at the new terminal because it is a new terminal with state-of-the-art facilities and that might be the

reason why the foreign carriers chose to stay away, but the country manager of the international airline said that although this has not been conveyed to the airlines; it was not the major reason why they shun the terminal, recalling that Qatar Airways had earlier announced that it would go to the new terminal, adding that the Middle East carrier had not moved to the new place

because it is not ready.

However, travel expert, Ambassador Ikechi Uko said the increased tariff at the new terminal by FAAN was justified because it remained a new property with modern facilities, noting that airlines ought to give passengers the best comfort possible by moving to the new terminal when it is ready.

28

FRIDAY, JULY 22, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Teesas Empowers Ophanage Children with Education Tabs Nosa Alekhuogie

L-R: The Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello Koko, Former Executive Secretary/ CEO, Nigeria Export Promotion Council (NEPC), Segun Awolowo, Chairman Dangote Group, Alhaji Aliko Dangote during the 2022 Zenith Bank International Trade Seminar held in Lagos… recently

Access Holdings Leads Tier-1 Banks with Largest Customer Base Nume Ekeghe Following its expansion to over 14 African countries, Access Holdings Plc as at December 31, 2021, leads other Tier-1 banks in customer base with over 45 million customers.

The acquisition of Diamond Bank Plc with a customer base at 19 million, including 10 million mobile users in 2019, helped Access Holdings expand its customer base, improve branch network and staff strength.

The banking subsidiary of Access Bank in 2017 had 9 million customer base and in 2018, it increased to over 10 million. The bank reported over 36 million customers with 41 million account holders in 2019 and in 2020 and has now grown it to 45 million unique customers.

The Group Executive Officer, Access Holding, Mr. Herbert

Wigwe in a presentation to investors/analysts noted: “With respect to our global network, customer base and digital capacity, as at December 2021 we had well over 45 million unique customers which is a testament to our increasing coverage and the great scale of our franchise.

“Additional footprint is strong and emergent with over 2,921 ATMs spread across strategic locations and 74,000 point of sale terminals.

We have a wide spread of branches in major cities and financial inclusion centres with 735 branches and about 95,000 agent locations.

“This reflects the sheer scale of our digital and physical presence in a bid to remain closer and accessible to our customers. Our presence spans across the ten African countries, the UK and UAE with three representative

offices in China, India and Lebanon.”

Following Access Holdings is FBN Holdings with over 35 million customer base, while Guaranty Trust Holdings Plc (GTCO) and United Bank for Africa (UBA) Plc have 25.7 million and 25 million customer base in 2021, respectively.

Also, Zenith Bank Plc, another strong Tier-1 bank reported over 18.7million customer base as of 2021.

As observed by THISDAY, Zenith Bank in 2021 leads other Tier-1 to drive its digital channels to enhance easy transactions. The bank as of 2021 had 163,398 active Point on Sales (PoS) terminals, an increase of 82 per cent from 89,636 active PoS reported in 2020.

Despite increased PoS, the bank only added 42 Automated Teller Machines

(ATMs) to 2,086 in 2021 from 2,044 with only one branch in 2021 to bring total branches to 441 from 440 reported in 2020.

With increasing digital banking channels, Zenith Bank closed 2021 financial year with N85.01 trillion value of electronic product transactions, an increase of 73 per cent from N49.18 trillion in 2020, while the number of transactions rose significantly by 69 per cent to 1.95 billion in 2021 from 1.16billion reported in 2020.

Coming close to Zenith Bank with the number of PoS was UBA with 119,303 active PoS as of 2021.

UBA in 2021 served a 25 million customer base with diverse channels of over 1 000 business offices and customer touch points of about 2,697 ATMs, robust online banking and mobile banking.

FG Urged to Strengthen Health Security with Universal Coverage To strengthen health security and a decentralized health system in Nigeria with regards to epidemic preparedness, the federal government of Nigeria has been encouraged to not only pay keen attention to strengthening human resources for health security but also set data and accountability structure at the national and sub-national levels.

Leading the charge at a health security policy dialogue organized by the Nigeria Health Watch in Abuja, country representative, UNICEF, Peter Hawkins, spoke passionately about Nigeria’s response to COVID-19 and its preparedness for possible future epidemics.

He said: “We can affirm that Nigeria did a remarkable job to contain the COVID-19 pandemic. The Nigeria Centre for Disease Control

(NCDC) for instance stretched and brought on its a-game despite the challenges in the sector. Also, many initiatives like the Coalition Against COVID-19 (CACOVID) were timely interventions by the Federal Government and private institutions.

He added, “whilst we got several things right, much more could have been done. Knowing that the pandemic is not over, and we might be at the beginning of many other, there is a need to tighten efficiency within the sector. One of the key areas to focus on is sealing the big black hole in managing human resources as Nigeria is losing its key health personnel to other nations.”

The policy dialogue, themed, “Decentralising Health Security, Lessons from COVID-19,” featured two panel sessions joined by a plethora of leading voices in the

health sector. It dissected issues around Nigeria’s current response structures to epidemics as well as the role of private sectors in strengthening the health security structures at the national and sub-national levels.

Speaking specifically about strengthening Nigeria’s health security and the sub-national level structure with regards to pandemic preparedness, Country Director, AFENET, Dr. Patrick Nguku said, “We cannot achieve health security across the national and subnational levels if we do not achieve a universal health coverage (UCH) and have a robust primary health care.

Also speaking on the same topic, Director General, NCDC, Dr. Ifedayo Adetifa, advocated for multi-level collaboration amongst key stakeholders within the states and specific bodies. He

said, “part of our Key focus at NCDC is to give keen attention to sub-national support activities.

We have seen how collaborations with key bodies like the Red cross have spurred improvements in the sector, especially at the local levels.

We will continue to drive initiatives to ensure Nigerian health security is strengthened” Addressing how public-private partnerships can be strengthened, National Laboratory Manager, ClinaLancet Laboratories, Dr. Aliu Isreal, said “We cannot over emphasis the role of public and private partnership.

For players like us in the private sector, solving customers’ challenges sits at the heart of what we do. And as we continue to place priority on meeting the customers’ needs, we are propelled to improve our system or mode of operation. This by extension improves the health sector.”

DMO Raises N8.8bn from Savings Bond Nume Ekeghe The Debt Management Office (DMO) has stated that it raised N1.367 billion from the Federal Government Savings Bond auction held this month bringing the total value of the amount raised in the year to N8.824 billion.

Investors had put in N451.037 million in the two-year Savings Bond which was raised at 8.075 per cent and N915.865 million in the three year paper raised at an interest rate of 9.075 per cent per

annum.

The FGN Savings Bond, which was introduced by the DMO is specifically designed for retail investors, and to encourage financial inclusion with investors being able to invest from N5, 000.

Last month, the DMO had raised N1.874 billion from the Savings bond.

In June, 701 retail investors had put N769.92 million in the two year Savings bond, which was raised at 8.205 per cent while 621 investors had put N1.104 billion in the 3

year bond which was raised at 9.205 per cent.

A total of N1.106 billion had been raised in May this year with investors putting N748.45 million and N358.01 million in the three and two year bonds raised at 8.934 per cent and 7.934 per cent respectively.

The DMO had raised N4.47 billion through the FGN Savings Bond between January and April this year compared to N3.33 billion which it raised in the comparable period of 2021. Last year, the total

amount raised from the Savings Bond stood at N8.39 billion which is a significant increase compared to N3.63 billion raised in 2020. The Savings Bond auction did not hold for three months in 2020 due to the Covid-19 lockdown.

This year, the highest amount raised at the Savings Bond auction was in March when N2.15 billion had been raised. In April, investors’ interest had waned as N1.13 billion had been raised through the bond designed specifically for retail investors.

EdTech start-up Teesas has empowered the children of Little Saint’s Orphanage (Abule Egba Home) in Lagos with education tablets.

The empowerment initiative is in line with Teesas’ Donate Programme, which was launched to support underprivileged and out-ofschool children in attaining academic excellence.

Speaking at the event where it donated tablets per-loaded with educational app to children of the orphanage home, the Founder and Chief Executive Officer atTeesas, Osayi Izedonmwen, said: “The Teesas Donate Programme is a corporate social responsibility (CSR) initiative that aligns with the company’s mission to liberalise access to education in Africa.”

According to him, the tablets donated to the kids between ages 3 to 11, contains educational apps that would enhance their learning. In addition to the tabs, he said Teesas would also provide internet access for the kids for one year, while officials of the company would be visiting the orphange home every month to put the kids through usage and help them in the maintenance of the devices.

A recent Voice of America report, Rahama Farah, the head of the UNICEF office in Kano, said that in Nigeria, there are 18.5 million out-ofschool children, 60 per cent of whom are girls. This represents a significant increase in the number of out-of-school

children when compared to the 10.5 million estimated by UNICEF in 2021.

Izedonmwen believes that Teesas can help bridge this educational gap in collaboration with the public, like-minded impact-driven organisations and other stakeholders such as the government.

“We believe that our educational app is Africa’s learning gateway because it opens up opportunities for learning by children anywhere.

For instance, children impacted by insurgency who cannot go to school can continue learning with these refurbished tablets that come pre-installed with the Teesas app,” he said.

Responding to the gesture, Founder of Little Saints Orphanage, Rev. Mrs. George stated that the Teesas Donate Program was appropriately timed as the orphanage home had just equipped its library with computers to facilitate digital learning among the children.

The Teesas Donate Programme encourages the public to donate old or faulty tablets towards the initiative.

Firstly, donors signify interest by filling out a form on the company’s website after which they drop off the devices at any of the nine Imose Technologies service centres nationwide or the Teesas team will pick up the smart devices from the donors. Imose Technologies, a sister company of Teesas, refurbishes the tablets and installs the Teesas Education App that contains curriculum-aligned educational videos and e-books.

Revenue Leakages: Bill to Establish National InspectorGeneral for Tax Crime Passes Second Reading Udora Orizu in Abuja The House of Representatives has passed through second reading a Bill which seeks to address leakages emanating from non-payment and underpayment of taxes; irregularities in the assessment, reporting and remittances of taxes; to prevent and combat tax-related crimes.

The proposed legislation, tilted, “A Bill for an Act to Establish National InspectorGeneral for Tax Crime Commission and for related matters,” was sponsored by House Spokesman, Hon. Benjamin Kalu.

Leading the debate on its general principles, Kalu said leakages occur where unscrupulous staff and agents of tax authorities collude with citizens to under assess the tax-payer thereby resulting in under payment.

He explained that small business owners bear the twin burden of either over assessment or multiple taxation, and it stifles the business environment as it does not allow small businesses that are ordinarily the engine of growth to survive.

He said when the proposed

legislation becomes law it will plug all leakages in the tax administration system to ensure the protection of tax payers’ rights.

He assured that the Tax Crimes Commission will not function as a law court, and will not duplicate the functions of the Tax Appeal Tribunals established in accordance with section 59(1) of the Federal Inland Revenue Service (Establishment) Act, 2007.

Kalu said, “While it is one thing to fix the amount of taxes to be paid, it is another for tax collection authorities and assessors to determine the right amount of taxes to be paid in accordance with the provisions of extant tax laws.

Leakages also occur in the form of tax evasion, especially such that is encouraged and condoned by the tax collector and more especially among multinational companies operating within the country.

Leakages also occur where there are non-remittances of collected taxes, that is to say where government does not have access to the total amount of taxes collected because of revenue diversion by fraudulent staff of tax authorities.”

FRIDAY JULY 22, 2022 • T H I S D AY

29

30

FRIDAY, JULY 22, 2022 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 20July-2022, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 196.27 197.42 17.57% Afrinvest Plutus Fund 100.00 100.00 4.97% Nigeria International Debt Fund 308.04 308.04 6.16% Afrinvest Dollar Fund 106.21 107.36 7.63% 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 100.00 100.00 8.15% AIICO Balanced Fund 3.74 3.81 9.97% 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 4.75% Anchoria Equity Fund 145.26 146.88 4.31% Anchoria Fixed Income Fund 1.20 1.20 4.97% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 22.37 23.05 10.31% ARM Discovery Balanced Fund 523.11 538.88 15.95% ARM Ethical Fund 43.75 45.07 12.30% ARM Eurobond Fund ($) 1.08 1.09 0.40% ARM Fixed Income Fund 1.05 1.05 3.31% ARM Money Market Fund 1.00 1.00 7.30% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 88.46 88.46 -8.39% AVA GAM Fixed Income Dollar Naira 1,094.32 1,094.32 9.43% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.09 2.09 3.58% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.39 2.45 17.61% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalfif@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund 1,008.25 1,008.25 5.49% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.05 1.05 4.67% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 7.85% Paramount Equity Fund 20.21 20.59 15.91% Women's Investment Fund 151.56 153.46 6.74% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 6.76% Cordros Milestone Fund 135.75 136.71 8.89% Cordros Dollar Fund ($) 110.32 110.32 5.02% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 6.00% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 7.19% EDC Nigeria Fixed Income Fund 1,116.20 1,131.78 0.26% 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 N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A 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 1478.02 1478.02 10.71% FBN Balanced Fund 195.29 196.59 11.43% FBN Halal Fund 121.55 121.55 10.17% FBN Money Market Fund 100.00 100.00 7.81% FBN Dollar Fund (Retail) 124.79 124.79 6.26% FBN Nigeria Smart Beta Equity Fund 163.46 165.66 7.78% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 4.91% Legacy Debt Fund 3.84 3.84 -4.04% Legacy Equity Fund 1.95 1.99 12.34% Legacy USD Bond Fund 1.23 1.23 2.25% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Coral Balanced Fund Coral Income Fund Coral Money Market Fund

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

FSDH Dollar Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.61 1.64 13.72% Lotus Halal Fixed Income Fund 1,154.07 1,154.07 5.18% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.13 101.13 1.75% Norrenberger Money Market Fund (NMMF) 100.00 100.00 7.72% 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 1.67 1.70 5.78% PACAM Fixed Income Fund 11.79 11.81 5.48% PACAM Money Market Fund 10.00 10.00 6.96% PACAM Equity Fund 1.50 1.51 5.20% PACAM EuroBond Fund 117.39 120.22 3.07% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 126.44 128.61 5.19% 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 8.33% 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 N/A N/A N/A Stanbic IBTC Bond Fund N/A N/A N/A Stanbic IBTC Ethical Fund N/A N/A N/A Stanbic IBTC Guaranteed Investment Fund N/A N/A N/A Stanbic IBTC Iman Fund N/A N/A N/A Stanbic IBTC Money Market Fund N/A N/A N/A Stanbic IBTC Nigerian Equity Fund N/A N/A N/A Stanbic IBTC Dollar Fund (USD) N/A N/A N/A Stanbic IBTC Shariah Fixed Income Fund N/A N/A N/A Stanbic IBTC Enhanced Short-Term Fixed Income Fund N/A N/A N/A 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 1.00 1.03 13.15% United Capital Balanced Fund 1.36 1.38 4.00% United Capital Wealth for Women Fund 1.17 1.19 12.88% United Capital Sukuk Fund 1.07 1.07 3.99% United Capital Fixed Income Fund 1.90 1.90 3.54% United Capital Eurobond Fund 122.04 122.04 3.03% United Capital Money Market Fund 1.00 1.00 8.07% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.94 14.07 5.71% Zenith ESG Impact Fund 16.14 16.32 10.50% Zenith Income Fund 22.87 22.87 4.16% Zenith Money Market Fund 1.00 1.00 6.27% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.87 3.97 -3.47% Vetiva Consumer Goods Exchange Traded Fund 5.97 6.07 2.22% Vetiva Griffin 30 Exchange Traded Fund 19.18 19.38 8.42% Vetiva Money Market Fund 1.00 1.00 5.38% Vetiva Industrial Goods Exchange Traded Fund 20.71 20.91 3.62% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 153.22 155.22 -2.87%

REITS NAV Per Share

Yield / T-Rtn

117.74 51.82

3.98% 1.90%

Bid Price

Offer Price

Yield / T-Rtn

15.16 143.56 113.19 17.10 16.40

15.26 147.03 115.61 17.20 16.50

8.37% 10.37% 10.39% 21.93% 3.99%

NAV Per Share

Yield / T-Rtn

107.55

12.10%

Fund Name SFS REIT Union Homes REIT

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund MERGROWTH ETF MERVALUE ETF

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

This

Weekend

FRIDAY, JULY 22, 2022

TR

UTH

& R E ASO

N

WEEKLY MAGAZINE

NEWS Women in Tech Nigeria, VBank Upskill 1,000 Women to Bridge Gender Skills Gap See page 33

ETRENDS It’s Big Brother Naija Season 7 Premiere Weekend See page 33

ART WEEKEND Ojude Oba 2022: Ijebus’ Show of Resilience, Cultural Integrity See page 35

POLSCOPE Osun Election: The Take Away Lessons See page 36

Chiamaka Ugoo: Group Features Editor: CHIEMELIE EZEOBI chiemelie.ezeobi@thisdaylive.com

07010510430

Tackling Sex for Role, My Motivation for Filmmaking

32

T H I S D AY ˾ ͰͰ˜ ͰͮͰͰ

COVER

Chiamaka Ugoo: Tackling Sex for Role, My Motivation for Filmmaking ÙÖÖãáÙÙÎ ʨÖ××ËÕÏÜ ÒÓË×ËÕË ÑÙÙ˪Ý ÜÏÍÏØÞ ×ÏÞË×ÙÜÚÒÙÝÓÝ ÝÚËÜÕÏÎ ÍßÜÓÙÝÓÞã ËÌÙßÞ ÞÒÏ ×ÙÞÓàËÞÓÙØ ÞÒËÞ ÚÜÙ×ÚÞÏÎ ÒÏÜ ÞÙ àÏØÞßÜÏ ÓØÞÙ ÞÒÏ ËÜÞ ÙÐ ʨÖ××ËÕÓØј ÒËàÓØÑ ÒÓÞÒÏÜÞÙ ×ËÎÏ ÒÏÜ ØË×Ï ËÝ ËØ ËßÞÒÙܘ ÜËÎÓÙ ÒÙÝÞ˜ ËØÎ áÙ×ÏØ ËÎàÙÍËÞÏ˛ Ø ÞÒÓÝ ÓØÞÏÜàÓÏá áÓÞÒ˿MARY NNAH˜ ÝÒÏ ßØàÏÓÖÝ ÞÒÏ ÌËÍÕÎÜÙÚ ÞÙ ÒÏÜ ØÏá àÓÝÞË ÙÐ ʨÖ××ËÕÓØј áÒÓÍÒ ÓÝ ÎÏÝÍÜÓÌÏÎ ËÝ Ë ÜÓÍÒ ÞËÚÏÝÞÜã ÙÐ ÚÏÜÝÙØËÖ ×ÙÞÓàËÞÓÙØ ËØÎ ÚÜÙÐÏÝÝÓÙØËÖ ËÍÞÓàÓÝ× ÐÙÜ ÝÙÍÓËÖ ÏÛßÓÞã ÓØ ÝßÚÚÙÜÞ ÙÐ ÞÒÏ ÐÏ×ËÖÏ ÑÏØÎÏÜ It is not every day you meet an author that becomes a filmmaker. Tell us about what motivated you to become a filmmaker. ilmmaking is something I have always wanted to do for a long time. I wanted to be an actress.

I was 18 years old the first time I went to a movie location. Even before and after then, someone would stop me and say, “I am a movie producer or I am a modeling agent, you have everything it takes to be a star.” At the end of the day, the person will start looking for another thing. That is when they would start demanding sex to give you roles in moves. And then they would tell you: “Oh, I have to sleep with you to make you a movie star so I know that you are my own.”

They would start brainwashing you, telling you all sorts of rubbish. I see so many young girls these predators turned into a plaything. They messed them up.

So I said, what I would do is whenever I have the time and the resources, I would help many young girls. A lot of young girls want to be movie stars but some randy men in the industry take advantage of them. So my major motivation for taking this path is to help the average young girl out there that has everything it takes to be a movie star.

As long as I am here, those randy men will not have the opportunity to mess with any girl again. On the other hand, I want to make a name in the movie industry as one of the top producers in Nigeria and Africa.

F

What inspired your new movie and how does it fit into your advocacy for women?

The movie is titled, “Before I do”, and it is a love story with glamour. As I said, I have always wanted to be a movie producer. So how does this fit into advocacy for young women? You have many young girls who want to be movie stars and there are some men taking advantage of them deceiving them with false promises of making them movie stars. At the end of the day, some of these male predators destroy the young girls’ lives. I want to put a stop to that.

That is a sort of advocacy too. As long as any young girl is opportune to come around me, and if she is talented, I will hand her a role. I will feature her in my movie, without stress. Not all the men in the industry are bad; there are good ones and there are bad eggs among them just as you would find in any other industry. I want to stop some of these men feel they can mess with young women anyhow.

How long did you plan this production and what were the pains?

I could have started this three years back but I was being careful. There are many bad elements, many biases, and many deceitful people; knowing who to trust is so hard and no one is an island.

You cannot, from the outside, jump into what you don’t know. You need someone in that field, someone that knows it well, to guide you through. Getting that person that knows it all was one of the toughest things for me. With so many deceitful people parading themselves in the industry, you might meet someone who would just waste your money, and before you even know it, millions would have gone down the drain.

Film production, no doubt, is a new vista for you. What has been your learning curve so far?

I am still new in this field. And as they say, Rome was not built in a day. I must find people to learn from or people to guide me and put me through. It is after a few productions that one can boast of knowing something about everything, including how to get your cast.

Presently, I am learning from the people that have been there way before me. Sometimes, I would feel frustrated, but I recognised that it is still too early to do things by myself. I need to learn very well, I need people to put me through, which is what I am doing.

Going forward, how do you hope to use this medium in your future endeavours?

Being a filmmaker will give me leverage. It will enable me to reach a larger number of women. It will make my advocacy easier.

How are you going to ensure that this film gets to the target audience?

I believe I came up with a movie people will be interested in. I should, therefore, be creating a captivating movie trailer, because trailers are a good part of movie marketing. A very good trailer will captivate the audience and push them to watch the full movie. After identifying your target audience, you still need to hold them firmly with a captivating trailer. Part of my lesson from more experienced and legendary filmmakers is knowing what works for them and learning one or two things from them, such as how to get the movie screened and submit it to local film festivals to make my production great, too.

Kindly share with us your long-term objectives as a filmmaker One is to create blockbuster movies that will activate the audience. Two, to give talented young women the opportunity of being movie superstars; I am giving them that opportunity so that no man will ask them to come to the hotel room and have sex with them before giving them movie roles. Three, to be a renowned filmmaker, one of the top filmmakers around.

Now that you are a filmmaker, how are you going to manage your time and focus on your

other interests?

I will, first of all, want to be known as a filmmaker and then an advocate of young women’s causes. Hence, filmmaking is number one for me and I don’t think it will, in any way, affect my advocacy. Both are interwoven.

What are the biggest issues facing womenfolk in Nigeria?

Number one should be gender-based violence. A lot of Nigerian women have, at a point in their lives, suffered physical or sexual violence. Young women are being raped and the perpetrators get

away with it because most of the victims do not speak out because of shame and the stigma that comes with it in society.

Another big issue facing young women in Nigeria is access to basic things in life.

When I started my outreach programme, going to schools, I found out that most of these young girls, and their parents couldn’t afford something as basic as sanitary pads. A lot of the girls call me to say “Please, aunty I cannot afford sanitary pads.” Their parents can’t afford them, either. Some of them even said they have been using rags, from old clothes in their houses. It hurts me to know that things like sanitary pads are still an issue in this age. And indeed, sanitary pads keep getting more expensive. The government should do something about this because it is a major problem for these young women especially those in the villages, or schooling in rural areas.

How would you advise teenage girls on how to avoid gender-based violence in the future?

My outreach programme includes visits to secondary schools to educate young girls. They need to, first of all, understand what gender-based violence is. So, number one, I am educating them on the dangers of gender-based violence, because the most important way to prevent it is through education and awareness. Number two, I am educating them on the need to speak out about any abuse in school, at home, in the workplace, with uncles, family members, or friends, and teaching them to speak out. Violence against women should never be tolerated. And to all these young girls who have experienced gender-based violence, my advice to them is that they shouldn’t be afraid to speak up. They shouldn’t let anyone get away with violence. They should have a mentor figure that they can always confide in when they feel a certain way. They should have people that they can always talk to.

What are you doing to mould young girls?

Talking to these girls and educating them about life’s mistakes and experiences, is my way of contributing to a better future for them. Every young woman needs to know that they deserve the opportunity to be loved and to be respected by a man. It is important to build this awareness into their brains because if you don’t and they get to a certain stage, it will be difficult to correct them. The major thing is to make them believe in themselves, and not tolerate any shabby treatment from any man or any human being at all. Once they have that self-confidence, they can do anything. They won’t let themselves be treated less than a human. In the future, they will know that “the treatment that this man is giving me is not normal.”

That way they can stand on their feet and say no “this is bad and you don’t treat this way.”

When will your new movie be in the cinema or featured at film festivals?

It is my first movie production, so I have to test the waters first. So I shot this one for TV and online platforms.

33

T H I S D AY ˾ ͰͰ˜ ͰͮͰͰ

NEWS

Women in Tech Nigeria, VBank Upskill 1,000 Women to Bridge Gender Skills Gap

L-R: Director, Incubation, The Nest Incubation Hub, Segun Maleghemi; Programs Director, Women in Tech Nigeria, Kemi Ogunkoya; Co-Founder, The Nest Incubation Hub, Joba Oloba; Country Director, Women in Tech Nigeria, Solape Akinpelu; Events Manager, Vbank, Seun Ogunmodede and Sales Manager, Vbank, Yonodu Okeugo during the event in Lagos Stories by Mary Nnah In alignment with its commitment to tackling the scourge of unemployment by bridging the gender skills gap and helping more women embrace technology, no fewer than 1,000 girls and women from 28 in Nigeria have progressed from the inaugural edition of Women In Tech Nigeria’s Makeathon sponsored by leading digital financial services platform, VBank. The 1,000 beneficiaries of the maiden edition of the Makeathon initiative took part in a four-month free, capacity building, digital literacy exercise which began in March 2022 and ended in June 2022.

They were equipped with digital, deep tech, and soft skills including Cybersecurity, Digital Marketing, Data Analytics, Product Management, and Software Programming to build their tech

competencies and enable them to contribute to the growth of Nigeria’s tech ecosystem.

The Makeathon initiative goes beyond upskilling girls and women between the ages of 18 to 45 years with requisite tech skills to seeking internship opportunities for them in leading technological organisations in Nigeria and abroad.

Thus far, more than 10 tech global firms have committed to offering some of the beneficiaries internship opportunities to put their skills to the test.

To provide intensive skills training for the beneficiaries, Women In Tech Nigeria partnered with Cybersafe Foundation, Girl Code Academy, and The Nest Incubation Hub. Speaking during the graduation event held in Lagos recently, the Country Manager, Women In Tech Nigeria, and Co-Founder, HerVest, Solape Akinpelu said; “We are delighted

to help girls and women who have a desire to get into tech roles build their tech competencies in such a short time. “ We are proud of their commitment to learning as it is a testament to their dedication and resolves. We are pleased that we are changing the narratives and have added to the growing number of women equipped with tech skills who can go on to become champions in different sectors.”

In his remarks, the Managing Director, VFD Microfinance Bank (VBank), Gbenga Omolokun said; “We are proud of the graduands and how far they have come to be here today. We are pleased to be associated with an initiative that is committed to bridging skills and economic gender gaps in society.

“It is inspiring to have women with zero skills in tech come into the space to learn and showcase

their talents. We are committed to this initiative and will continue to do this to help more women embrace tech roles.”

Also speaking during the graduation ceremony, the Founder and Chief Executive Officer of Women In Tech Global, Ayumi Moore said, “These women whom we are celebrating today have been equipped with digital skills they can deploy across sectors.

“We are proud to have contributed to helping 1,000 women gain employable skills they can use to drive the growth of the tech ecosystem.”

Expressing her fulfillment at the completion of her Cybersecurity program, Grace Emmanuel who was hacked multiple times over two years where she lost her savings said; In January 2022, I told a friend that I was going into tech, but I wasn’t sure what career path I wanted.

Kayzplace Barbershop Opens Bode Thomas Outlet Uzoma Mba All roads connected to popular Bode Thomas, Surulere, Lagos, were locked down with heavy gridlock as the founder of Kayzplace, Kufre Nnah opened his new outlet.

The famous Nigerian Barber, who cuts hairs of top celebrities, has been responsible for the clean haircuts of Davido, Burna boy, Teebillz, Tekno, Timaya, DJ Jimmyjatt, Flavour Nabania, Iyanya and other prominent artists, actors and actresses.

Kufre’s rise as a top baber in country didn’t come as a surprise. The Celebrity Barber, as he is popularly and fondly called, is very talented as shown by his perfect method and techniques executed on customer’s hairs.

Although Kufre’s dream was to study engineering, he ended up as a barber, but has nothing to regret as he has continued to grow his brand ‘Kayzplace’ where the atmosphere is nothing short of friendly, homely and entertaining with clients feeling very comfortable.

Meanwhile, he has successfully opened offices in major locations of Lagos like Lekki, Surulere, Ajah, VGC etc.

Apart from the newly commissioned kayzplace outlet, the head office is located at 25a Adimiralty way, lekki phase 1, Lagos, while others are sited at Heyden Petrol station VGC, Lekki, Lagos; 11 Ikot Ebido street, Uyo, Akwa Ibom State;

GUINNESS NIGERIA EMPOWERS FEMALE BARTENDERS Guinness Nigeria Plc recently empowered nine female bartenders in the pilot edition of the Diageo Bar Academy (DBA) programme in Lagos as part of its diversity and inclusivity strategy for empowering the underrepresented in Nigeria.

The Diageo Bar Academy is a scholarship programme that aims to provide world-class bartending training to both men and women, to increase the number of female bartenders in the business.

Viola Graham-Douglas, Chair of the Guinness Nigeria Spirited Women’s Network and Director of International Premium Spirits, Reserve & Modern Trade (IRM), said during the graduation ceremony at the Guinness Headquarters that this edition was specifically designed for women as a DBA diversity and inclusion programme to provide more females with viable career opportunities in bartending and the hospitality sector in general.

“Guinness Nigeria is committed to ensuring that our diversity and inclusion programme gives opportunities to all our stakeholders across our value chain. We want everyone to feel included, both inside and outside of our company.

“We believe that our company will be stronger if our activities reflect the diversity of our customers, communities, and individuals who are bonded by our iconic products.

“It is important to us; it is part of who we are and what we do. Everywhere we go, we create the most inclusive and diverse culture, shaping market leading policies because it is part of our purpose of celebrating life every day, everywhere.”

In selecting the beneficiaries, Graham-Douglas explained that “they went through a flexible selection process with a focus on key characteristics such as aptitude, enthusiasm for the trade, and commitment to work in the craft after completing the training programme working in hotels, restaurants, cafés, clubs, bars, or other related outlets in the industry”.

Mark Mugisha, Guinness Nigeria’s Marketing, and Innovations Director stated that the company is more concerned with the impact of its many corporate social responsibility projects on Nigerians than with generating a profit.

He urged all the beneficiaries to be diligent in using the skills they had learned to improve their work and, in the long term, their livelihood.

TOFF HOMES SET TO LAUNCH NEW ESTATE Abiodun Alabi CEO/Founder of Toff Homes, and Toff G Entertainment, an accomplished Media Entrepreneur and Talent Manager, is set to launch a set of housing estates.

His real estate company, Toff Homes, is into property development, land and house sales as well as advisory services. Speaking on the driving force behind the establishment of Toff Homes, Alabi noted that Toff Homes, a real estate company that specialises in real estate and property development, came to be as a result of his desire for knowledge and growth.

“Once I make up my mind to do something I always try all my possible best to get it done and God has been helping me. I’m a very zealous and passionate person that likes to create impacts and set goals not just setting them I will make sure they come to reality.

“My desire for knowledge and growth is my biggest driving force in my career and personal life. I crave to learn new things and love to perform research. To remain stagnant in my knowledge would be such a shame.”

He admitted that running a business in Nigeria is an uphill task and therefore was more demanding than managing more than one business.

He added however that being a diligent and professional person and having good team members that are supportive have helped him.

Speaking on the soon-to-be-launched estate, he revealed that his company has already acquired six estates but would be launching two estates for now one at Epe, named TOFF Residence, and the one at Ido which is named, Eyitayo Estate in Ibadan.

NIGERIA SILENT HEROES AWARD TO HOLD FOURTH EDITION ON JULY 24

Zenith Bank CEO with Kayzplace owner while the last is located along Lekki Epe Expressway before Sangotedo, Lagos.

Speaking during the commissioning of the new outlet, the Group Managing Director and Chief Executive Officer of Zenith Bank, Mr. Ebenezer Onyeagwu assured Kayzplace customers with zenith bank’s account of maximum incentives once they patronize any of the outlets.

According to Onyeagwu, “I had to put aside everything to come and formally declare this place open because of the faith I have in Kay, my trust in what he does and because he is a positive influence and impact

on the youth.

‘Kay is focused on what he is doing. I hope that with what Kay has done, apart from that I have also come here as an endorsement for Kay as one of the SMEs that Zenith Bank is supporting.”

Onyeagwu posited that the bank is proud of what Kay is doing. “We also use this opportunity to tell other people who are here to be focused and consistent on what they aspire to do. Zenith Bank is here to give you a helping hand.

“With the kind of incentives we have, we will equally come here to patronize Kay. If you come here to patronize Kayzplace

and you pay with your Zenith card, you get some incentives.

“Any other person who has any other interest, it mustn’t be entertainment or barbing salon, talk to Kay, he will reach us.

You have to be as real, honest and dedicated as Kay. “Kay is the standard point.

Anything less than Kay, we won’t look at you. We are ready to give up more help to promote more SMEs like this to get bigger and bigger. That is the only way we can diversify our economy. It doesn’t have to be 2,000 employees at a time. But it is his little way of making a significant contribution to the economy.

Nigeria Silent Heroes Award (NSHA), is set to hold the fourth edition of its annual award on Sunday, July 24, 2022 at Sheraton Hotel and Towers, Abuja.

To be honoured for their service to humanity are 21 individuals from the security forces to captains of industry, and even the media.

NSHA is a non governmental organisation, “which recognises humanity with an award that expresses gratitude of our society for their kindness towards fellow individuals, families, community and environment and their silent heroic service to country.

“Through this award, we look forward to inspiring more persons to become Silent Heroes.

“This year’s edition is the 4th in the series. We have recognised farmers, artisans, technocrats and uniformed people oiling our nation’s wheel of progress, as well as deliberately and silently shape our nation for our next generation”.

Some of the silent Heroes for this year’s award include the Chief of the Naval Staff, Vice Admiral Awwal Gambo; Rt Hon Ndudi Elumelu; Dr. Mabel Magbulu, CEO of Eagles Height Estates; and Comrade Ejiro Wisdom Otarigho, the heroic tanker driver, who drove a burning truck away from a densely-populated area in Delta State to avert a disaster which could have claimed many lives.

While the Chairman of the occasion is Sir Mike Ejiofor, former DSS Director, the special guest of honour is Dame Pauline Tallen, the Minister of Women Affairs.

34

T H I S D AY ˾ ͰͰ˜ ͰͮͰͰ

E-TRENDS NETFLIX SUBSCRIPTION DWINDLE IN EUROPE, MIDDLE EAST, AFRICA REGION

MUSIC SHOWBIZ

…Your weekly entertainment delight

NOLLYWOOD

It’s Big Brother Naija Season 7 Premiere Weekend Stories byVanessa Obioha

The Marked Heart on Netflix

In its latest quarterly earnings report, the streaming giant Netflix lost almost one million subscribers.

The number is less than the two million it forecasted. The departed subscribers come mainly from the United States and Canada region where it lost 1.3 million subscribers.

However, in Europe, the Middle East and Africa, the streaming platform lost less than one million subscribers.

Netflix saw an increase in the region in the fourth quarter of 2021 when it had over 74 million subscribers. The number dwindled in the first quarter of 2022 by 310,000. That number has now doubled in the second quarter.

While the exact number of subscribers in Africa cannot be estimated based on the statistics the company provided, the company may be getting stiff competition in Africa where other streaming giants are beginning to eye the continent.

Amazon is already staking its claim on the continent with the production of original content in Nigeria and South Africa. Revenue from the region also decreased.

Netflix continues its lead on nonEnglish programming with Latin America taking the spotlight in the second quarter with the Colombian series ‘Marked Heart’. According to the company in a letter addressed to its stakeholders, the series found “a global audience and ended up in the top 10 in 81 countries around the world by its second week.”

It added that “Similarly, ‘The Takedown’, a French film, was in the top 10 in 91 countries around the world by its second week, again showing the power of an authentic story and our ability to serve those stories - with subtitling, dubbing, and personalized discovery - for members to enjoy around the world.”

KENNIS MUSIC BITES TO LAUNCH WITH THE NEXT EPISODE On Wednesday, July 27, music enthusiasts, artists and stakeholders will convene at the Lagos Marriott Hotel, Ikeja for the first edition of the Kennis Music Bites. A brainchild of the Founder/Chairman of Kennis 104 FM, Kenny ‘Keke’ Ogungbe, the musical conference tagged ‘The Next Episode’, is a music engagement, brand and social gifting and payment platform that leverages music and all logic of engagement to celebrate mobile consumers, ultimately creating wealth empowerment for Nigerians and the community through entertainment.

“With The Music Bites conference, it is our belief that by the end of the day, participants would be able to fully harness the new and existing opportunities available in the music space and entertainment industry as a whole.

We also believe it would help facilitate a convergence point for networking and equip practitioners and investors with valuable insights to improve the entertainment ecosystem in the country,” said Ogungbe.

The event will be broadcast live on Kennis 104 FM.

After the 12 episodes of drama and two By tomorrow, July 23, fans of the popular reality TV show Big Brother Naija (BBNaija) will know the first set of housemates that will entertain them in the Big Brother Naija house. The show returning for its seventh season is retaining last year’s format by having a double launch. While the theme of this season is still under wraps, fans can look forward to a live audience and the return of Ninjas. For this season, the housemates will spend 72 days and the ultimate winner will be rewarded a N100 million grand prize. Each season has seen MultiChoice Nigeria, organisers of the show, top the prize.

Apart from the housemates, fans will be looking forward to the new look of the BBNaija house which always dons a spectacular look each season. Last year, the house donned a colourful look with some uplifts to the Head of House room and the Diary Room, as well as the new additions: the private Executive Lounge and an indoor Games Lounge.

Ebuka Obi-Uchendu returns as

Big Brother Naija S6 Lounge

the host of the season, as does Toke Makinwa as the host of the Showmax talk show on Big Brother Naija, ‘The

Vines Realty Makes Nancy Isime Brand Ambassador

Advisory Board Member, Mr Deji Falope; Brand Ambassador Vines Realty Property, Nancy Isime; Managing Director Vines Realty, Mr Oberaifo Udoh and Head Advisory Board Vines Realty, Nnenna Ugwu at the event

Mary Nnah One of the fastest-growing Real Estate companies in Nigeria, Vines Realty has unveiled actress and on-air TV personality, Nancy Isime as its brand ambassador.

Nancy is currently one of the most successful, fast-rising, and awardwinning presenters/actors in Nigeria.

Speaking at the signing of the endorsement deal in Lagos, Managing Director David Obaraifo Udoh said Vines Realty is a first-choice property company that loves injecting new ideas and creating a win, win business relationships with her customers, adding, “When people buy property from us they are sure of the best facilities and environment”.

Speaking on the choice of Isime as a brand ambassador, he said, “Nancy Isime fits into the kind of brand ambassador whom we want to represent our company on the national, Pan-African, and the global scale of things.”

He said further that the brand Nancy Isime stands for hardworking, genuineness, originality, perseverance, integrity, trust, and service and these also are what our brand stands for and these are some of the reasons Vines Realty as a brand key into so much with her.

“By popular demand, we were able to deduce that Nancy Isime is a role model worth emulating, and she is

highly respected and valued by our clientele who we consider our family because her values and principles align with what we at Vines Realty stand for.”

“Today, we are happy and proud to celebrate the formal partnership between Vines Realty and Nancy Isime as only the beginning of greater things for both parties to the greater benefit of our customers”, Udoh added.

Vines Realty, a subsidiary of Vines Realty Afrique Limited is a real estate company that is the first choice in the property industry.

Founded by David Obaraifo Udoh, a Business Consultant; conversant in wealth management advisory, strategy, real estate, mentorship, public speaking, and humanitarian with over 11 years of experience.

Other board members of Vine Realty include Barrister Nnenna Agwu, Ayodeji Peter Falope, and Adebayo Bose.

A member of the Real Estate DevelopersAssociation of Nigeria (REDAN) community, Vinese Realty provides services such as property marketing, property consultancy, land sale, humanitarian services, property development, and land survey.

The company’s mission is to be the number one real estate company in tropical Africa and support the government to ensure equitable housing for all through its valuedriven systems.

Buzz’.

The launch shows will air on Africa Magic Showcase, Urban and Family

as well as the 24/7 Big Brother Naija channel on DStv 198 and GOtv channel 29, and on Showmax.

OBI EMELONYE AFWL PAYS TRIBUTE REUNITES WITH TO GRACE JONES SWANKY JKA ON As a prelude to this year’s edition of Africa Fashion Week London (AFWL) ‘MONEY MISS ROAD’ and Nigeria, pioneer designers of the

Obi Emelonye

Three years after renowned director Obi Emelonye worked with Kene Achufusi, famed as Swanky JKA, for the pandemic-inspired short film ‘Heart 2 Heart’, the duo make their way back to the silver screen with the full-length feature film `Money Miss Road’ (MMR).

‘MMR’ is centred around two close friends —Josiah (Josh Alfred, aka Josh2funny) and Joseph (JKA)— who strive to make ends meet in the city.

Following a series of unfavourable events, the duo temporarily unshackles themselves from penury, but are later faced with a much more excruciating experience at the hands of a criminalkingpin,Diokpa(CharlesOputa, aka Charly Boy).

Emelonye,whodivulgedthatheoffered JKA his first acting role in 2013, clarified thatthefilm’sprincipalphotographygave leeway for creativity and for exploring the spontaneitythatcomeswitheachlocation.

“What makes Nollywood what it is, is not the ‘big’ grammar that we speak or the deep idioms that we use, it is the democratisation of storytelling,” he said.

“Even though I try to give my films nuanced titles, I felt this time the title resonatedwiththeprimarydemographic (Nigerians). The title sums up the story of the film more than any other title I have used in the past, “ he added. With two decades of work under his belt, the ‘Badamasi’ director emphasised working with professional actors only.

yearly AFWL took over the Riverside Terrace at Southbank Centre, London, for Meltdown Festival and fashion extravaganza inspired by Grace Jones’s iconic fashion.

The show started with three minicollections from the Universities of Northampton and West London.

Themes of protest such as Black Lives Matter and awareness of misogynoir — the unique discrimination faced by black women were evident in both universities’ collections.

The main show brought drama, African haute couture and elaborate accessories on display.

Premier designer and AFWL Head Stylist, Soboye, gave his evolving Lagos 54 collection, this time including a fabulous neoprene wedding dress and an experiment with Adire from the Adire Oodua Textile Hub. Sista by Eyoro represented Nigeria by showcasing Adire Oodua Textile Hubs’ different fabrics such as Adire Organza, Adire Alabere, Adire Batik and Adire Aso Oke. Mary Martin London who always brings drama to the catwalk thrilled the audience with four new designs from her latest inspiration.

It included a dress made entirely of wire, exaggerated neckpieces and headpieces.

There was also a masterclass on African haute couture by Adebayo Jones. Founded by Princess Ronke Ademiluyi, with the sole aim of promoting African creatives and fabrics on the global stage, AFWL is the longest-running festival of African fashion in the UK. This year’s Africa Fashion Week in Nigeria which is in partnership with Lagos Fashion Fair is billed to hold from September 7-9 at Eko Hotels while the Africa Fashion London edition will take place on October 7 and 8, at the Freemasons’ London.

Both fashion shows will showcase the best African and African-inspired designs with a seminar on ethically sourced authentic indigenous African textiles, using Adire as a case study.

35

T H I S D AY ˾ ͰͰ˜ ͰͮͰͰ

ART WEEKEND

…For pure art enthusiasts

Ojude Oba 2022: Ijebus’ Show of Resilience, Cultural Integrity The astonishing sight of ‘Regberegbe’- the age grades in Ijebuland-on parade, defying the downpour at the Awujale Pavilion, Ijebu Ode, Ogun state last Monday is a proof of the Ijebus’ collective resilience, social life supremacy and cultural rebirth. Yinka OIatunbosun reports

Governor of Ogun State, Dr. Dapo Abiodun; Founder, FCMB Group, Otunba Olasubomi Balogun and Governor of Lagos State, Mr. Babajide Sanwo-Olu, during the Ojude-Oba Festival

Women partipants in the age group system (Regberegbe) at the festival

A

fter a two-year hiatus due to the COVID-19 pandemic, the biggest homecoming festival of the Ijebus, Ojude Oba Festival returned to its traditional venue with the air of festivity and colour on July 11 at the Awujale Pavilion, Ijebu Ode. This year makes it the 62nd year since the Ogbagba II Awujale and Paramount Ruler of Ijebuland, Oba (Dr.) Sikiru Adetona ascended the throne and in step with the tradition, the people, according to the age grade system known as ‘Regberegbe’ paid homage to the king- the longest serving monarch in Nigeria.

A product of a respectable group of the Yorubas, the Ijebu Regberegbe system is an age-long tool for preserving the value system of exemplary mentorship, mutual respect of one another and promotion of self-esteem among the Ijebu populace. Being a cherished tradition, the age grade system of a three-year age bracket had survived colonial rule despite the huge criticisms against it by the colonisers.

Inside the pavilion sat an assortment of age groups, predominantly clad in aso-oke and lace fabrics- and the women in colourful headgears.

With the theme, “The Return of Ojude Oba,’’ the festival had as special guest of honour, the Lagos State Governor, Babajide Sanwoolu who was received by the host governor, Prince Dapo Abiodun alongside the pulsating beats from the live band stand. Musiliu Ishola, the legendary Apala singer and son of the pioneer Apala musician, Haruna Ishola entertained the audience with classics like “Opon Apala Ti Sun’’ and “Soyoyo’’ while also serving as a commentator, announcing the arrival of

dignitaries and articulating their resume in his lyrics. In sheer defiance of the relentless rain, the age groups danced without umbrellas for hours-unruffled by their soaked outfits and beautiful accessories.

Every age group is uniformly dressed, setting each apart from another.

The Ijebu Traditional Council, in a goodwill message, described the festival as “a globally acclaimed tourist attraction.’’

This sentiment was shared by the Group Chief Executive, First City Monument Bank (FCMB) Plc, Mr. Ladi Balogun, in a goodwill message that attests to the institution’s support of the Ijebuland’s rich cultural heritage.

“FCMB has been a major supporter of the Ojude Oba festival for almost two decades and it has been a mutually beneficial journey.

As a purpose beyond profit corporation, we understand that culture is an essential component of sustainable development.

It is an important factor in building social inclusion, eradicating poverty and stimulating progress.’’

The Chairman, Ojude Oba Festival Planning Committee, Otunba Wahab Osinusi in his appreciation speech to the royals, sponsors and global audience called for moderation in celebration. The road leading up to the venue was a mix of people- traders, on-lookers, photographers, DJs, dancers as well as law enforcement officers pushing back at a handful of desperate youths seeking to forcefully gain entry to the pavilion which seems to be smaller than the crowd it pulls. Away from the festival grounds, a white limousine pulled up-its distinguished occupant, Otunba Subomi Balogun, the

founder, FCMB Group, Plc clad in white alighted in front of his magnificent residence.

The white house bore resemblance to the front view of all FCMB architecture. The 88-year old businessman, who has worn strictly white clothes for almost 50 years, also rode on the festival horses as a child in Ijebu Ode. He recounted the travails of his ancestors during the colonial rule, the opposition to pagan worship and how the Oba Adesimbo Tunwase allowed Islam and Christianity to thrive in Ijebuland without stifling the culture of the people. He gave the first land to the British colonisers to build the first church in Ijebu and a land for the Muslims’ annual prayers at the Central Mosque.

“As a patriotic Ijebu, I have 200 branches of FCMB in Nigeria but made sure we had one first in Ijebu Ode,’’ “I built the first museum in honour of my progenitor, Oba Adesimbo Tunwase, the 47th Awujale of Ijebu Ode. He was the one reigning when the British came and defeated us at the Imagbon war.

I built a museum where you can have the history of the Ijebus from the reign of my ancestors. The Tunwase Museum was built when I turned 80,’’ he declared.

The FCMB logo derived the horse emblem from that cultural heritage. As an institution, FCMB is proud to support the heritage of the people. Furnished with live broadcast, Ojude Oba festival has a global reach. In a glowing tribute to Oba Adetona by the Bobagbimo of Ijebu, Dr. Fassy Adetokunboh Yusuf, the monarch was described as the “originator of modern Ijebu nation, an advocate of excellent values, religious tolerance and peaceful coexistence.’’

Portrait of a Storyteller Yinka Olatunbosun

“Stories help me better understand the world,” Temitayo Olofinlua said when asked why she writes stories. “By world, I do not mean just this present world or reality, but the many worlds in between: the seen and the unseen, the past and the future. I believe that words can help us frame the vast possibilities of our world.”

It was the power of unlocking this vast world ofpossibilitiesthatgaveherthemasteryofwords, securing several jobs. In 2008, armed with a degree in Literature in English from Obafemi Awolowo University, Olofinlua’s career started as an editorial assistant at Kachifo Limited.

That the publishing house provided her with the skills in publishing that is hard to get at a Nigerian university. Exposed to global literature, she walked her way through the slush pile for the now defunct Farafina Magazine.

Since those days as a newbie in a publishing house, she has worked with leading media houses as a freelance writer and editor. Her writing was featured in magazines including True Love WestAfrica Magazine, Next Newspapers, Mania Magazine, to mention a few. However, Temitayo seems quite interested in the futuristic world—crafting stories happening in a future timeandimaginingcharactersencounteringnew technology. She was part of theAfrican Futures Festival, a continental literary festival organised

by Goethe Institut, during which her story on futuristic Computer Village was illustrated and displayed. Capturing this advanced tech city in the thick of local elections there speaks to how ethnicity and politics would be interwoven in the future. To truly establish the future, she also pays homage to the past—a saner computer village before it exploded.

“Long before computers were sold here, long beforethisareabecameknownasComputerCity there were some shops on this street that sold medical supplies to the many hospitals around thearea,”shewritesofMedicalRoad,Computer Village as she stresses the importance of continuity between the past, present and future. This same strain was seen in her short story ‘Metal Feet’ set in a futuristic Lagos, and published in Italian as part of Futuri Uniti d’Africa, the first African anthology of Science Fiction from the continent in the language.

“Having my story in another language was a significant boost for my career because it meant that my words now find expression in another world. I am really interested in dreaming upon the future for us all. And this continues to find expression through my words.”

This writing craft has not only made a career for her but has also taken her across the world andwonherwritingawards.Someofherawards include the Paula Chinwe Okafor Prize (2019), the Peter Drucker Challenge (2014&2012), the NEPAD Essay Competition (2015) and the HeinrichBollUnityinDiversityWritingContest.

When she is not working on her own stories, she is providing editorial services to writers as she helps them birth their own works. In the course of her career, she has worked with many leading award-winning writers on the continentincludingJumokeVerissimo’sASmall Silencewhichmadetheshortlistforthe2020RSL Ondaatje Prize; and Ndidi Chiazor-Enenmor’s AHero’s Welcome on the 2019 NLNG Prizefor Nigerian Literature shortlist. Olofinlua says that all the knowledge of writing and publishing that she has she got from other people, so these days, when she is not writing or editing, she is busy impacting writers with skills that can improve their storytelling. In May 2022, she organised a workshopduringwhichshesharedherknowledge with writers.

“I understood the importance of voice to storytelling.Indeed,eventhoughreadingexposesa writer to a variety of styles, it is important for the writertocontinuetoworkonbringingtheuniqueness of their own experiences to their stories,” says Ummu, one of the workshop participants.

When asked what the future holds for her, Olofinlua paused, then spoke. “I am not done. I amworkingonamanuscript,finally.”Shesighed.

“Ireallystillwanttoworkwithwords,bywriting, editing and supporting younger writers.”

T H I S D AY ˾ ͰͰ˜ ͰͮͰͰ

36

POLSCOPE

áÓÞÒ ÎÎã ÎÓàáÜÓ ÏÎÎã˛ÙÎÓàáÜÓ̶ÞÒÓÝÎËãÖÓàÏ˛ÍÙט ͸΀͸ͽ ͻ͸; ΁ͻͽ;

Osun Election: The The Politics of Religion Takeaway Lessons Canticles….

L

ast Saturday, the Osun governorship election took place. It is no longer news that there was an upset: that the Peoples Democratic Party candidate, Senator Ademola Adeleke won the election, defeating the incumbent governor, Mr Gboyega Oyetola and 13 other candidates. It was essentially a two-horse race; with the frontrunners being the ruling All Progressives Congress (APC) and the opposition Peoples Democratic Party (PDP). The PDP candidate scored 403,371 votes to beat APC’s Oyetola, who polled 375,027 votes.

For about a week now, political pundits have been trying to rationalise how and why Gov Oyetola lost the seat. With a gap of 28,344 votes, it could not be described as a too-closeto-call victory. It was a resounding victory for Senator Adeleke, better known as a Dancing Senator.

Many have been jubilating over the defeat of Oyetola, which has been interpreted to mean the rejection of the APC and the embrace of the PDP. This may not exactly be the case. It is not that APC has been rejected and PDP has been uplifted by the Nigerian electorate.

I would rather think it is a matter of the individuals concerned.

After the Osun election, somebody wrote that the reason they voted against Oyetola is that “the guy is just too boring”, others said he lacked charm and charisma, as they would prefer to have a governor that “connects” with the people. And in Adeleke, they saw a “yuppie” “grooving” and dancing governor.

Indeed, when I watched the debate of the governorship candidates organised by Channels Television, I did not see Adeleke performing so brilliantly. He merely rabbled round many of the questions with cursory understanding and knowledge. But he is the man the Osun people have preferred. And so he gets the crown.

That does not necessarily mean that the Osun electorate prefers PDP to APC. Indeed, many have also credited the victory to the infighting within the APC. It is no longer news that the former governor of the State and now Minister of Interior, Ogbeni Rauf Aregbesola, had broken chords with his godfather, Bola Tinubu, and this has had an adverse effect on the cohesion of the party in Osun State.

It is remarkable that Aregbesola had flown out of the country on the eve of the election, especially when his faction of the APC--- The Osun Progressives (TOP) had lost the legal battle to stop Oyetola, 48 hours before the election.

Aregbesola had quaintly noted after the election that God gives power to whomever He chooses, waxing scriptural, in a guided mockery of Oyetola and his godfather, Tinubu.

The belief that Adeleke was also denied the victory in 2018, after a rerun suspected to have been manipulated in favour of Oyetola, also got the people massing up for Adeleke this time. Indeed, that, in a way, explains the huge turnout of the voters in the election last week.

One of the major lessons that should not be missed in the Osun election is that the political leaders should never take the people for granted. Nothing is cast in stone.

Loyalty and support are bound to shift from time to time depending on the prevailing political dynamics.

Somebody tweeted after the election that the Osun people voted in protest

Clergymen at the unveiling of Shettime

I

hear that the anger that followed the choice of Senator Kashim Shettima as the running mate to Bola Tinubu has subsided following the eventual support from the body of Christians, having seen the light: that religion does not really matter neither does it dictate good or bad governance.

Where did you hear this?

It’s all over the internet. Did you not hear that the presidential candidate, BolaTinubu actually held a secret meeting with the General Overseer of the Redeemed Christian Church of God, (RCCG) Pastor Enoch Adeboye? And that the latter now endorsed him and gave him the green light to go ahead with the contest on a Muslim-Muslim ticket? What else is needed to douse the tension?

Osun Governor-Elect, Ademola Adeleke

against Tinubu, whom they see as the unseen hand guiding and guarding governance in Osun State.

Tinubu had earlier been accused of raking in lots of money meant for Osun development.

The belief is that Tinubu had an overbearing effect on the governance of any state he helped to “install” its leadership. of the candidates of the other parties had made sundry insinuations about how “Osun money is moved over to Lagos” in veiled reference to Tinubu’s hand in the Osun Till.

Another lesson is that nobody should be dismissed in politics.

The belief that the breakaway faction of Aregbesola can be overruled and subjugated was erroneous. Even if they could not grab the party’s ticket, they had the capacity to play the spoiler.

As in this case, they chose to work with Senator Adeleke, as the latter had confirmed that Aregbesola’s camp worked for him. It is like the leprous man who cannot milk the cow but certainly has the capacity to spill the milk. And the milk actually got spilled.

One other lesson is that any mandate given is a task. The period the mandate lasts is like the curriculum of a classwork.

At the end of the curriculum, an examination will be written, followed by the result. The election is the examination. Whatever you do with the mandate of the people will be put to test by way of electoral validation. If the holder of the mandate does well, the verdict of the people will say so and approve the person for a second term. If the person performs poorly, he’d equally get a poor rating and will be rejected at the polls. I have read that Oyetola did not quite perform, although many people explain that he inherited huge debts and a backlog of unpaid salaries and pension from his predecessor, Aregbesola. That perhaps explains why one of

his favouritely-named achievements is the payment of salaries to workers. That a governor is able to regularly pay salaries on a monthly basis should not be such a big deal that should be listed as a special achievement.

Somebody had compared it to hailing and commending the ATM machine for paying whatever a customer demanded of it.

And that also calls to attention the duty before Senator Adeleke.

Having won the election, the time to work is now. The proclivity for dancing should be reduced. The Osun people whom he said had been poorly served should now be serviced by him. The Osun people will not take excuses for failure. The Osun people, and indeed, the Nigerian people will be looking at him, to see how well he bears the cross trusted on him.

At the end of the day, his performance will be judged based on how he has been able to improve the lives of the Osun people, how he has improved the socio-metrics of living in Osun State. If he chooses to dance away the fortune of the people, he will be given the Oyetola treatment.

In fact, the verdict on him will be swift and even harsher.

Already, over 375,000 persons in Osun did not want him to become the governor. He’d have a duty to keep proving them wrong, and not allow them the opportunity to say, “didn’t we say he is no good and won’t take us anywhere?” Rocking away in calisthenics and dancing skills will not put food on the table of Osun people, neither will it create the much-needed job opportunities for the youth.

In all, Ademola Adeleke must roll up his sleeves and hit the ground running as soon as he is sworn in. His name is at stake, so is his family name. His late elder brother, Senator Isiaka Adeleke left a worthy legacy in public governance, both as a governor and as a senator, regardless of the water scheme scandal.

All that is a Bunkum with a capital B. No such meeting ever held. The authorities in RCCG have disclaimed the report warning the organisations that peddled such false rumour of legal action if they try it again. The church noted that they have not and will not endorse any politician or candidate of any political party for the 20203 election. The church has restated its apolitical status.

You should be able to tell when politicians are desperate and are willing to drop names of church leaders just to cover up their deficits.

What are you implying? Do you mean that the Tinubu-Shettima ticket is already in deficit?

Go and ask the Christian Association of Nigeria (CAN). Did you not see the statement from CAN detailing the qualities of candidates anybody called aChristianinNigeriashouldvotefor?The Political and Strategy Committee, an arm of CAN, had released the guidelines that shouldguideChristiansonhowtheyvote come 2023. The body said, for instance, that anybody to be voted for as President must be based on character, competence, capacityandpolicy(CCCP).Andthisisall embracing to include justice for all, respect forethnicandreligiousdiversity,respectfor the rule of law, being honest, and have the fear of God. Somebody who not only has discipline,butmustbeonewhomaintains “clean and credible lifestyle” TheyaddedthatwhoevertheChristian body must support will be free from being a cultist, a drug addict or baron and must be free from even witchcraft. The person must be in good health, sound mind and physical fitness for the job…

They must equitably share all the offices of the land and then… (cuts in)… Enough of playing God! Is CAN God? Why all these rules? Are you telling me for instance that Senator RemiTinubu, a pastor even in RCCG, will not vote for her husband and his running mate, even if they do not tick the boxes designed

by CAN? And let me ask you, if a Christian ignores these canonical rules and votes as he/she wishes, what will happen? Will that be a criterion to go to heaven or hell?

Look, let me tell you, even a bad clock is twice right in a day.There is no fixation in these matters. Let

the church face the altar and preach the gospel and leave the politicians in the arena to play their politics.

After all, didn’t you see dozens of Clergymen, priests, Bishops, Ecclesiastical chieftains, attend the ceremony where Kashim Shettima was unveiled as the running mate last Wednesday?

Does that not tell you that even some Christians are in support of the Muslim-Muslim ticket?

My friend, hold your peace. Those are Absalomic priests. Didn’t you see how languid they looked? Is there any known face or name among them? It was complete discomfiture. Didn’t they look like hirelings? Couldn’t you notice, as Shakespeare would say, that the garments looked like a giant’s robe upon a dwarfish thief, on them? You can see the desperation on the part of Tinubu and Shettima: how do you go and gather mechanics, and carpenters and Maiguards and sew Bishops’ robes for them so it would look like the top echelon of Christian leaders witnessedtheunveilingandthusendorsed it?Whatelseisfraud?Doesthatnottellyou what they are capable of doing if they get into office? The body of Christ in Nigeria does not know them, nor want to know them.Howcanyoucobbletogetherpeople who do not even know theLord’s Prayer and parade them as Bishops? Politicians?

Fear them!

Didn’t you also notice that they were press shy? They did everything to cover their faces and hide their knaves’ identity.

Nobody is playing God. The CAN and PFN are saying while the politicians have the right to play their politics of whatever hue and style, discerning and informed Nigerian Christians also have the right to choose who to vote for.

That is an inalienable right. We don’t care about their desperation. The degree of desperation they have shown should also tell you they do not mean well for the country. We will stand our ground to say this is who we shall vote for and this is who we shall not vote for. It is as simple as that!

Let me tell you, it is all politics.

Religion is just an emotional thing.

How many Pauls are in jail, just as we have many Sharafadeens in jail? A good governor or President will not be good because he or she is a Christian or Muslim, It is all politics of religion and religion of politics, my brother.

Agreed, but did you hear the governor of Kano State, Alhaji Abdullahi Ganduje who had said there is nothing wrong with Muslim-Muslim ticket, telling Osun voters last week, to vote for Gov Oyetola because he is the only Muslim governor in the South West?

So my brother, don’t deceive yourself that religion is not a factor. It is a strong factor, and the body of Christ will not sit back and allow Jihadists turn Nigeria into Turkey. No, it would not happen.

Or what explains the incessant and sustained attack on Christians and Catholic priests especially in Kaduna and Edo States? I say No, it will not continue. Away with religious bigots!

I think it is time to get General Gowon to organise Nigerians to pray again. Nigeria must be salvaged from every force of subjugation and coercion.

Now you are talking. The scale is falling off your eyes!

FRIDAY JULY 22, 2022 • T H I S D AY

37

38

T H I S D AY ˾ ˜ JULY 22, 2022

BUSINESS/MONEYGUIDE

Abbey Mortgage Bank Grow Gross Earnings by 142% Nume Ekeghe Abbey Mortgage Bank has announced a gross earnings of N3.68billion for the year ended on December 31, 2021, an increase of 142 per cent over N1.52billion recorded the previous year.

The Chairman Abbey Mortgage Bank, Mr. Emmanuel Kanu disclosed this at the 30th Annual General Meeting of the bank in Lagos.

Kanu noted that the bank ramped up its recovery effort and that the profit at the end of the year stood at N661million compared to -N4.2billion the previous year.

He said: “Two years ago, the Management of Abbey with the support of the board made some strategic decisions towards

addressing legacy delinquent assets. I am extremely proud of the progress we made in the last twelve months and the outcome that continues to validate our strategic direction.”

“Gross Earnings grew by 142 per cent reflecting Management’s optimisation of expenses while achieving improved staff welfare, increase in manpower, and business expansion activities.

“We ramped up recovery effort which led to a net write-back off N180 million against a net credit loss of N3.8billion in 2020. while Pre-Tax Profit at the end of the year stood at N661million compared to -N4.2billion in 2020.

He added that their loans and advances grew by 28 percent to N6.2billion from N4.7billion in 2020 while customer deposits grew by 45.4

per cent to N21.2billion from N14.6billion in the previous year which was driven by growth in the institutional and wholesale business segments.

On his part, the Managing Director, Chief Executive Officer, Mr. Madu Hamman said: “In what was termed as a year of recovery, our financial performance validated our strategic direction as we set new records on multiple parameters. In 2020, we had made deliberate efforts to resolve the industry-wide legacy issues of delinquent assets and its impact on profitability are highlighted in our current performance with Loans and Advances to customer growing by 28.7 percent from N4.7bn in 2020 to N6.2bn and a write back of N180m as against credit losses of N3.8bn in 2020.”

Agusto & Co. Assigns “BBB” Credit Rating with a Stable Outlook to Greenwich Merchant Bank Greenwich Merchant Bank Limited has been rated “BBB” with a Stable Outlook by Agusto & Co.’’ According to Agusto & Co, “this rating reflects Greenwich Merchant Bank’s adequate capitalization, good liquidity profile, satisfactory asset quality rating, experienced management team and strong shareholder support.

The Bank’s Capital Adequacy Ratio computed in line with Basel II and Basel III principles remained elevated at 131.68% and are considered good for current levels of business risk.”

Commenting on the rating, the Managing Director, Mr Bayo Rotimi stated that, “the rating validates our business approach which entails leveraging people, technology and processes to sustainably deliver value to our stakeholders in spite of headwinds in the operating environment.”

He added, “deploying a strong risk management framework and proactive response to our clients remain pivotal to our business.

Greenwich Trust Limited – the precursor to Greenwich Merchant Bank – commenced

operations in June 1994 as a pure play Investment Bank. By September 2020, GTL obtained a Merchant Banking license and subsequently commenced Merchant Banking operations

by October 2020. The Bank currently has two wholly owned subsidiaries; Greenwich Asset Management Limited and Greenwich Securities Limited. In 2021, Greenwich Merchant Bank was assigned a BBB- {(NG, Long Term and A3 (NG) Short Term with a stable outlook} rating by Global Credit Rating (GCR).”

Providus Bank Retains “A-” Rating with Outlook Stable Providus Bank Plc has been assigned a long-term rating of “A-“ with a stable outlook for the year 2021/2022 by DataPro, a technology-driven credit agency in its latest report.

According to a statement signed by the Client Services Manager of the rating agency, Mr. Kehinde Rasheed, the “A-” indicates low risk and it shows a very good financial strength, operating performance, and business profile when compared to the standard established by DataPro. “Providus Bank Plc, in our opinion, has a strong ability to meet its ongoing obligations,” the statement explained.

It stated further that DataPro Rating Committee approved the rating after an assessment of the

bank’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance, and risk management as well as risk factors of its current healthy profile in the medium to long-term period.

“The bank’s gross earnings grew by 70 per cent from N23.3b (Yr. 20) to N39.7b (Yr. 21). The growth was supported by the increase recorded in both interest and non-interest earnings.

The interest-based income represented 74 per cent of the bank’s total earnings during the year. This grew by 63 per cent from N18.02b (Yr. 20) to N29.39b (Yr. 21),” the statement clarified. It added that the rating of Providus Bank Plc

is also supported by its strong brand presence and market share of its subsidiaries, experienced management team, and good liquidity position.

According to the rating agency, Providus Bank Plc had a Short-Term Rating of “A1” which indicates Good Credit Quality and satisfactory capacity for timely payment of financial commitments.

DataPro, which explained that the rating is meant for reference purposes only, however, noted that the rating carries a maximum shelf life of 12 calendar months, in line with international best practice and that the exercise is not an offer to trade in securities nor a substitute for the user’s judgment.

Phase3Telecom PartnersYahClick to Provide Broadband Services to Nigerians Sunday Okobi Phase3 Telecom, one of Africa’s leading independent aerial fibre optic network infrastructure and telecommunications service providers, has partnered YahClick (powered by Hughes) to offer world-class high-speed, lowlatency satellite broadband services to underserved Nigerians.

The firm stated that as a result of this partnership, satellite broadband services would be available throughout the country, focusing on the unserved and underserved communities. According to Vice President, Digital Transformation and Innovation of P3Tech, a division of Phase3 Telecom,

Muhammed Bashir, “Our satellite broadband services will provide tangible benefits in accessibility, service, cost and socio-economic development to the unserved and underserved homes and businesses in these areas, unlocking all the opportunities that reliable, cost-effective satellite broadband products afford.”

Bashir in a statement made available to THISDAY yesterday said the partnership between Phase3 and YahClick, “the market leader in satellite broadband connectivity across Africa,” represented a strategic collaboration to make internet accessibility available to residential and business users throughout

Nigeria, “bypassing the infrastructure deployment challenges and reaching even the most remote regions.”

Also, Phase3’s Executive Chairman, Stanley Jegede, noted that: “By providing a truly extensive satellite coverage service with a range of product and service options, P3Tech will provide all unserved and underserved communities in Nigeria with the opportunity to connect and take part in the global digital economy, further transform the Nigerian telecommunications space, accelerate national growth and positively contribute to the federal government broadband access target.”

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, MAY 7

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

39

T H I S D AY ˾ ˜ ͰͰ˜ ͰͮͰͰ

NGX Urged to Leverage Technology to Enhance Retail Investors’ Participation in Stock Market Kayode Tokede Capital market stakeholders have called on Nigerian Exchange Limited (NGX) and market regulator to leverage technology to enhance retail investor participation and drive listings.

This disclosure was made at the recently concluded NGX CEO Roundtable themed “Creating the Enabling Ecosystem for Accessing

Capital from the Nigerian Capital Market”.

The Chief Executive Officer, NGX, Mr. Temi Popoola noted that financial literacy and inclusion remain at the front burner for stakeholders in the capital market and the Exchange makes it a priority to contribute its quota towards the achievement of key targets of Nigeria’s National Financial Inclusion Strategy through initiatives

P R I C E S MAIN BOARD

F O R

DEALS

that encourage the wider investing public to develop investment habits.

“To drive listings, we are taking a closer look at our rules to see areas of amendments to ensure companies raise capital more efficiently whilst protecting the investing public. NGX is also working with several stakeholders to ensure that the time to market and the costs for listing are optimized”, he said.

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

Speaking on the importance of raising awareness about the capital market, CEO, MTN Communications Nigeria Plc, Mr. Karl Toriola revealed that MTN had implemented activities in driving capital market awareness and participation across 8 locations in Nigeria. “In the world of digital information, leveraging on the digital ecosystem to really educate people on the benefits of the capital

T R A D E D MAIN BOARD

A S

market is very critical and the capillarity that has been created by stakeholders has deepened confidence. Using the digital system to optimize the immediate distribution of shares boosts more confidence in the capital market. We need to include the capital market in the curriculum of educational institutions”, he added.

CEO, BUA Foods Plc, Engr Ayodele Abioye further

O F

2 1

highlighted the need to drive capital market participation among youths and attract retail investors using technology. In his words, “Technology is key as we are in an industry 4.0 era where everything is smart. The younger generation wants things as quickly as possible; they want a quicker way to get their investments back and so we must think of products that can address this.

/ 7 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

40

T H I S D AY • FRIDAY, JULY 22, 2022

Friday, July 22, 2022

Thisday Afrinvest loses Thisday Afrinvest 40Index Index fell by 0.2% 14bps The dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞdž ĨĞůů Ϭ͘Ϯй ƚŽ Ϯ͕ϱϴϮ͘ϬϮ The dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž ĚĞĐůŝŶĞĚ ďLJ ϭϰďƉƐ ƚŽ ƐĞƩůĞ

THISDAY AFRINVEST 40 INDEX

at 1,674.89 points to sell-pressure ZENITH (-0.6%), index points due due to losses in GTCO on (-Ϭ͘ϮйͿ͕ WAPCO WAPCO (-1.3%), and UBA (-0.7%). These stocks cumula(-ϭ͘ϵйͿ͕ ĂŶĚ & E, ;-0.9%). ƵŵƵůĂƟǀĞůLJ͕ ƚŚĞƐĞ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϭϯ͘Ϯй͘

stocks account for 9.4% of the index.

Ticker

The Bears Hold Sway͙ ASI down ASI up 11bps as DANGCEM Gains 3.3%0.1% zĞƐƚĞƌĚĂLJ͕ ƚŚĞ ĚŽŵĞƐƟĐ ŵĂƌŬĞƚ ƐƵƐƚĂŝŶĞĚ ŝƚƐ ďĞĂƌͲ WƌĞǀŝŽƵƐ

ĚĂLJ͕

ƉƌŝĐĞ

ƵƉƟĐŬ

ŝŶ

,KEz&>KhZ

ŝƐŚ ƌƵŶ ĂƐ ƚŚĞ E'y- ^/ ĚŝƉƉĞĚ Ϭ͘ϭй ƚŽ ϱϮ͕ϭϮϮ

(+9.8%), E' D ;нϯ͘ϯйͿ͕ ĂŶĚ & E, (+0.7%) bol-

ƉŽŝŶƚƐ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ƉƌŽĮƚ-taking in bourse INTBREW (- Allstered ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ the local as the ϵ͘ϮйͿ͕ WAPCO (-1.9%), (-0.9%). Accord-by Share index and FBNHrose 11bps to 39,550.36 points. ŽŶƐĞƋƵĞŶƚůLJ͕ zd ůŽƐƐ ŝŵͲ ŝŶŐůLJ͕ zd ƌĞƚƵƌŶ ŵŽĚĞƌĂƚĞĚ ƚŽ ϮϮ͘Ϭй ;ƉƌĞǀŝŽƵƐůLJ͗ proved to -1.8% while ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƌŽƐĞ ďLJ

ϮϮ͘ϮйͿ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƐŚĞĚ ʬ34.8bn to

േϮϯ͘ϰďŶ ƚŽ േϮϬ͘ϲƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚLJ ǁĂƐ ŵŝdžĞĚ ĂƐ ǀŽůƵŵĞ

ʬϮϴ͘ϭƚŶ͘ ^ŝŵŝůĂƌůLJ͕ ƚƌĂĚŝŶŐ ĂĐƟǀŝƚLJ ĚĂŵƉĞŶĞĚ ĂƐ

Price Previous Price Current Change Price Change Weighting Index to Change YTD Date

Current Price

THISDAY AFRINVEST 40

2528.02

1 Airtel Africa PLC 2 MTN Nigeria Communications PLC 3 BUA Cement Plc 4 Guaranty Trust Holding Co PLC

-0.20%

ROE

36.3% 152.8%

ROA

P/E

20.1%

4.1%

1,905.40

0.0%

48.2%

99.5%

10.0%

18.2%

6.2%

229.00

0.0%

7.6%

16.2%

-0.4%

105.6%

13.9%

14.5x

17.9x

5.8%

69.30

0.0%

5.6%

3.4%

-3.6%

23.3%

12.1%

26.1x

5.9x

4.2%

3.8%

20.85

-0.2%

4.1%

-19.8%

1.7%

19.8%

3.2%

3.4x

0.7x

14.4%

29.1% 36.2%

4.1%

-12.7%

1.2%

20.6%

2.6%

2.8x

0.5x

14.2%

3.6%

3.1%

-3.6%

37.7%

16.4%

12.0x

4.4x

7.6%

8.3%

26.00

-1.9%

2.8%

8.6%

-1.5%

15.5%

11.1%

7.0x

1.1x

7.7%

14.2%

8 FBN Holdings Plc 9 Nestle Nigeria PLC 10 SEPLAT Energy PLC

11.15

-0.9%

2.5%

-2.2%

-3.9%

20.1%

1.9%

2.4x

0.4x

3.1%

41.5%

1,400.00

0.0%

2.5%

-10.1%

0.0%

112.8%

16.1%

24.3x

28.3x

3.8%

4.1%

1,430.50

0.0%

2.7%

120.1%

10.0%

7.5%

3.6%

14.4x

1.1x

2.9%

6.9%

9.10

0.6%

2.1%

-2.2%

-2.2%

17.9%

1.6%

2.0x

0.3x

7.7%

50.3%

11 Access Holdings PLC 12 United Bank for Africa PLC

7.35

-0.7%

1.6%

-8.7%

-1.3%

15.6%

1.4%

2.1x

0.3x

13.6%

47.5%

49.75

0.0%

1.2%

-0.5%

-15.4%

10.5%

3.9%

21.4x

2.2x

3.2%

4.7%

216.90

0.0%

1.4%

52.7%

0.0%

43.6%

25.5%

11.3x

4.8x

4.1%

8.8%

0.0%

1.3%

21.8%

0.0%

18.4%

1.0%

2.2x

0.4x

6.3%

44.8%

6.7x

1.1x

9.5%

31.55

0.0%

1.1%

-12.4%

-6.0%

15.6%

2.1%

17 International Brew eries PLC 18 Flour Mills of Nigeria PLC

4.95

-9.2%

0.9%

0.0%

-21.4%

-9.9%

-3.4%

Bearish Sector Performance

gained, while the AFR-ICT ŝŶĚĞdž ĐůŽƐĞĚ ŇĂƚ͘ dŚĞ Across sectors under our coverage, performance was Consumer Goods and ĂŶŬŝŶŐ indices led decliners, bearish as 4 indices lost, 1 index gained ǁŚŝůĞ ƚŚĞ &Z-/ d

ĚŽǁŶ Ϭ͘ϰй ĂƉŝĞĐĞ ĚƵĞ ƚŽ ƉƌŝĐĞ ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ

ŝŶĚĞdž ƌĞŵĂŝŶĞĚ ŇĂƚ͘ dŽƉƉŝŶŐ ƚŚĞ ůĂŐŐĂƌĚƐ ĂƌĞ ƚŚĞ ŽŶƐƵŵͲ

/Ed Z t ;-ϵ͘ϮйͿ͕ ,KEz&>KhZ ;-Ϯ͘ϰйͿ͕ h E ;-

er 'ŽŽĚƐ ĂŶĚ Insurance indices, down 4.6% and

Ϭ͘ϳйͿ͕ ĂŶĚ : / E< ;-ϲ͘ϲйͿ͘ dƌĂŝůŝŶŐ͕ ƉƌŽĮƚ-taking ϭ͘Ϯй ƌĞƐƉĞĐƟǀĞůLJ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŽĮƚ-ƚĂŬŝŶŐ ŝŶ E ^d> (ŝŶ t W K ;-1.9%) Industrial Goods 9.1%), hE/> s Z dragged (-3.5%),the >/E< ^^hZ (-6.4%), and D E^ Z (-Ϯ͘ϮйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ ĂŶŬͲ ŝŶĚĞdž ůŽǁĞƌ ďLJ Ϭ͘ϭй͘ KŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ƚŚĞ Insuring indices fell& byGas Ϭ͘Ϯй ĂŶĚ ϮďƉƐ ƌĞƐƉĞĐƟǀĞůLJ ĚƵĞ ƚŽ ƐĞůůance and Oil indices advanced 0.8% and 0.1% ŽīƐ ŝŶ K E K (-0.8%), E/d, (-Ϭ͘ϮйͿ͕ ĂŶĚ 'd K ;-Ϭ͘ϮйͿ͘

ƐĞƋƵĞŶƟĂůůLJ ŽŶ ĚƵĞ ƚŽ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ // K

19 Fidelity Bank PLC 20 Guinness Nigeria PLC 21 Presco PLC 22 Wema Bank PLC 23 FCMB Group Plc 24 AXA Mansard Insurance PLC 25 United Capital PLC 26 Dangote Sugar Refinery PLC 27 Transnational Corp of Nigeria 28 PZ Cussons Nigeria PLC 29 Cadbury Nigeria PLC 30 UAC of Nigeria PLC 31 TotalEnergies Marketing Nigeri 32 Julius Berger Nigeria PLC 33 Custodian and Allied Insurance 34 Unilever Nigeria PLC 35 Jaiz Bank PLC 36 Oando PLC 37 Union Bank of Nigeria PLC 38 Sterling Bank PLC 39 Notore Chemical Industries Ltd 40 Transcorp Hotels Plc

ŽŶǀĞƌƐĞůLJ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ǁĂƐ ƚŚĞ ůŽŶĞ ŐĂŝŶͲ up

1.8%

driven

by

price

apprecia-

ƟŽŶ in E' D (+3.3%).

Outlook /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ /ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ breadth, to -0.13x fromďƌĞĂĚƚŚ -0.15x /ŶǀĞƐƚŽƌƐ improved ƐĞŶƟŵĞŶƚ͕ marginally ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ƐĞƐƐŝŽŶ ĂƐ ϭϯ ƐƚŽĐŬƐ ŐĂŝŶĞĚ͕ ϮϮ ůŽƐƚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ƐƚƌĞŶŐƚŚĞŶĞĚ͕ ƐĞƩůŝŶŐ Ăƚ 1.6x ĨƌŽŵ ϭ͘ϯdž ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ůĂƐƚ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ĂƐ Ϯϰ stocks ǁŚŝůĞ ϳϬ ĐůŽƐĞĚ ŇĂƚ͘ /Ŷ ƚŚĞ ĮŶĂů ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ĨŽƌ

0.9x

0.0%

0.9%

19.9%

4.6%

15.9%

4.5%

5.2x

0.8x

6.4%

19.2%

3.09

-0.3%

0.6%

21.2%

-9.6%

13.3%

1.2%

2.3x

0.3x

11.3%

42.6%

90.50

0.0%

0.7%

132.1%

0.0%

17.8%

8.1%

13.5x

2.2x

0.6%

7.4%

158.40

0.0%

0.4%

80.4%

-4.0%

7.3x

4.4x

4.4%

13.8%

2.1x

6.0%

6.8%

0.2x

6.6%

3.99

0.0%

0.5%

454.2%

25.1%

15.7%

0.9%

3.02

-1.6%

0.4%

1.0%

-12.7%

10.7%

1.1%

1.96

-0.5%

0.4%

-15.5%

-2.0%

2.9%

0.9%

12.70

-0.8%

0.4%

28.3%

-0.4%

16.00

0.0%

0.4%

-8.0%

-1.8%

1.20

-1.6%

0.3%

25.0%

-2.4%

10.40

0.0%

0.3%

70.5%

8.3%

7.9x

1.2x

2.7%

12.6%

17.10

0.0%

0.2%

94.3%

-0.9%

12.1%

4.1%

18.3x

2.1x

3.1%

5.5%

11.20

0.9%

0.2%

17.9%

0.9%

5.2%

2.3%

12.6x

0.7x

5.8%

7.9%

234.50

0.0%

0.2%

5.7%

0.0%

1.7x

8.3%

16.7%

14.7x

18.7x

0.6x

12.8%

5.3%

6.1x

2.9x

11.9%

16.5%

8.6x

1.4x

6.3%

11.6%

0.5x

1.7%

6.6%

27.10

0.0%

0.2%

21.3%

2.3%

18.1%

2.3%

6.0x

0.8x

9.2%

16.6%

7.30

0.0%

0.2%

-7.6%

4.3%

19.5%

5.5%

4.3x

0.8x

6.8%

23.3%

15.00

0.0%

0.1%

3.4%

1.4%

7.2%

4.3%

46.7x

1.3x

3.4%

2.1%

0.85

-6.6%

0.1%

51.8%

-6.6%

17.4%

1.3%

6.6x

1.2x

4.7%

15.2%

5.18

0.6%

0.1%

17.2%

-8.6%

5.10

-1.9%

0.1%

-13.6%

-17.1%

6.1%

0.7%

8.0x

0.6x

1.50

-2.6%

0.1%

-0.7%

-1.3%

10.3%

1.0%

3.0x

0.3x

-17.7%

-4.1%

62.50

0.0%

0.0%

0.0%

0.0%

6.25

0.0%

0.0%

16.2%

0.0%

-21.5%

-173.6% 12.4% 6.7%

1.8x 1.1%

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

P ric e C hg %

T ic k er

Vo lum e

M ULT IVER SE

1.95

9.6%

GT C O

33.8

-0.2%

C OR N ER ST

0.72

9.1%

UB A

14.2

-0.7%

R EGA LIN S

0.27

8.0%

UA C N

12.5

0.9%

A IIC O

0.64

4.9%

A C C ESSC OR P

10.4

0.6%

LEA R N A F R C A

2.60

4.0%

Z EN IT H B A N K

9.5

0.0%

A C A D EM Y

2.10

2.9%

F ID ELIT YB K

9.2

-0.3%

C WG

0.91

2.2%

IN T B R EW

8.2

-9.2%

C H IP LC

0.67

1.5%

T R A N SC OR P

6.3

-1.6%

0.9%

WA P C O

3.5

-1.9%

0.9%

ST ER LN B A N K

3.3

-2.6%

UA C N C UT IX

advanced while 15 stocks declined. MRS (+9.9%), MAYthe week, we expect bargain-ŚƵŶƟŶŐ ĂĐƟǀŝƟĞƐ ƚŽ

11.20 2.27

33.7% -9.5%

1.0x

P ric e

T ic k er

15.0% -10.8%

34.00

T o p 10 G a i n e r s

;нϬ͘ϲйͿ͕ KZE Z^d ;нϵ͘ϭйͿ͕ ĂŶĚ K E K ;нϬ͘ϲйͿ͘ er,

6.9%

0.0%

10.60

ŵŝdžĞĚ ĂůďĞŝƚ ǁŝƚŚ ďĞĂƌŝƐŚ Ɵůƚ ĂƐ ϯ ŝŶĚŝĐĞƐ ůŽƐƚ͕ Ϯ

10.9%

1.1%

0.0%

15 Ecobank Transnational Inc 16 Stanbic IBTC Holdings PLC

Bearish Sector Performance E' D ;േϭϰϱ͘ϬŵͿ͕ ĂŶĚ 'd K ;േϭϯϰ͘ϴŵͿ ůĞĚ ďLJ ǀĂůƵĞ͘ Across our coverage sectors, performance was

6.4%

21.95

ƚƌĂĚĞĚ ƌŽƐĞ ďLJ ϴϴ͘ϱй ƚŽ േϯ͘ϭďŶ͘ The most traded stocks

ƵŶŝƚƐͿ͕ ĂŶĚ K E K ;ϳ͘ϯŵ ƵŶŝƚƐͿ ǁŚŝůĞ E ^d> ;േϮ͘ϮďŶͿ͕

0.8x

265.00

ƚƌĂĚĞĚ ĚĞĐůŝŶĞĚ ďLJ Ϯϭ͘ϲй ƚŽ ϭϭϬ͘ϴŵ ƵŶŝƚƐ ǁŚŝůĞ value

ƐƉĞĐƟǀĞůLJ ƚŽ ϭϱϭ͘ϵŵ ƵŶŝƚƐ ĂŶĚ ʬϮ͘ϮďŶ͘ by volume were dZ E^ KZW ;ϭϭ͘ϵŵ ƵŶŝƚƐͿ͕ & E, (11.1m

5.6x

5 Zenith Bank PLC 6 Dangote Cement PLC 7 Lafarge Africa PLC

13 Nigerian Brew eries PLC 14 Okomu Oil Palm PLC

ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ĚĞĐůŝŶĞĚ ϯϲ͘Ϯй ĂŶĚ ϯϱ͘ϯй ƌĞͲ

Divindend Earnings Yield Yield

P/BV

P ric e C hg %

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

T o p 10 L o s e r s

BAKER (+9.8%), and HONYFLOUR (+9.8%) led gainers

ĚƌŝǀĞ ďƵůůŝƐŚ ƐĞŶƟŵĞŶƚ

while ABCTRANS (-8.3%), LASACO (-6.7%), and LIVESTOCK (-4.8%) led losers. Previous day, we expect the

ŵĂƌŬĞƚ ƐĞŶƟŵĞŶƚ ƚŽ ƌĞŵĂŝŶ ŵŝdžĞĚ͕ ĂƐ earnings season gradually winds up.

Afrinvest West Africa Limited

T ic k er IN T B R EW C A VER T ON

P ric e

P ric e C hg %

T ic k er

Value

P ric e C hg %

4.95

-9.2%

GT C O

707.7

-0.2%

1.14

-8.8%

Z EN IT H B A N K

207.9

0.0%

176.5

0.0%

R T B R ISC OE

0.44

-8.3%

M TNN

CHA M S

0.25

-7.4%

A IR T ELA F R I

148.5

0.0%

1.01

-7.3%

NB

141.4

0.0%

N EM

3.17

-6.8%

UA C N

139.3

0.9%

J A IZ B A N K

0.85

-6.6%

UB A

105.4

-0.7% 0.6%

LA SA C O

UN IT YB N K

0.42

-4.5%

A C C ESSC OR P

94.1

SOVR EN IN S

0.27

-3.6%

WA P C O

91.6

-1.9%

GLA XOSM IT H

6.45

-3.0%

N EST LE

44.6

0.0%

Brokerage

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Abiodun Keripe | AKeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com

Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

41

T H I S D AY • FRIDAY, JULY 22, 2022

NEWS

IRI/NDI OBSERVATION MISSION TO NIGERIA...

All Progressives Congress Presidential Candidate, Bola Ahmed Tinubu (right) with the Secretary of State of Ohio, United States of America, and Leader of Delegation, Mr. Frank LaRose, when members of the IRI/NDI Observation Mission to Nigeria visited Tinubu in Abuja...yesterday

HoSF: 3,657 Federal Civil Servants Facing Prosecution over IPPIS Says govt saves N2bn yearly through pay system Deji Elumoye in Abuja No fewer than 3,657 federal civil servants have been dragged before the Independent and Corrupt Practices and related offences Commission (ICPC) for prosecution for failing to get verified on the Integrated Personnel Payroll Information System (IPPIS).

The implementation of IPPIS has also resulted in federal government saving N2 billion annually.

The Head of Service of the Federation (HoSF), Mrs. Folashade Yemi-Esan, disclosed this yesterday while appearing on the weekly ministerial press

briefing at the State House, Abuja.

She also revealed that a total of 61,446 civil servants in the core Ministries, Departments and Agencies (MDAs) have now been verified.

According to her, another 1,618 applicants were found to have used illegal or fake letters while 874 officers have been suspended from IPPIS platform.

Yemi-Esan noted that about N180 million was being saved on a monthly basis and about N2 billion annually from the implementation of the IPPIS. The HoSF also assured that IPPIS could accommodate the salaries of university lecturers who have since rejected it

Alleged N13bn Debt: Lawyer Asks Judge to Disqualify Self for Lack of Confidence Wale Igbintade A legal practitioner, Temilolu Adamolekun, has asked Justice Abimbola Awogboro of the Federal High Court in Lagos to disqualify himself from continuing hearing on an alleged N13 billion debt recovery suit.

In his application, Adamolekun prayed the judge to hands off the matter, adding that he no longer has confidence in the court, presided over by Justice Awogboro.

Referring to loss of confidence in the judge, Adamolekun urged the court to return the case file to the administrative judge for re-assignment to another judge.

The suit, marked FHC/L/ CS/2147/19 was filed by the plaintiffs/applicants, Guaranty Trust Bank Plc and Gbenga Akinde-Peters Receiver/Manager of Stallion Nigeria Limited (In Receivership).

Five other firms, THP Limited, The Honda Place Limited, Connoiseur Investment Limited, Premium Seafoods Limited and Onward Fisheries Nigeria Limited are the defendants/respondents.

The plaintiffs, through their lawyer instituted the suit against T.H.P Limited and four others in 2019 over the alleged N13 billion debt owed by Stallion Nigeria Limited.

They are praying the court for,

"An order that the Hon. Justice Awogboro do recuse/disqualify himself from further adjudicating over this matter, the applicant having lost confidence on the impartiality of His Lordship to determine this case.

"A consequential order that the case file relating to the matter be returned to the Administrative Judge of the Federal High Court Lagos Division for reassignment to another Judge of the Court for continuation of the matter."

The grounds upon which the application was brought were that on July 20, 2022, the matter came up for Hearing of pending Applications.

The counsel to the plaintiffs informed the court of the pendency of an Application for Stay of proceedings filed by the Plaintiffs and the need for the said Application to be heard before any other Application filed by any other party in the matter, and that the decision of the lower court on all processes filed before the court would eventually abide by the decision of the Court of Appeal.

The applicant stated that: "The Court attempted to take the Defendant's Application dated 29 June, 2022, but counsel to the Plaintiffs pointed out to the Court that it would amount to refusing the Application for Stay of Proceedings even without hearing same.

in preference for University Transparency and Accountability Solution (UTAS) which was yet to pass relevant integrity tests.

On why the government and the striking Academic Staff Union of Nigerian Universities (ASUU) could not agree on the use of the IPPIS for their payments, Yemi-Esan said the platform could be suitably adapted to accommodate them if both parties agree to work at it.

Asked why Permanent Secretaries were prone to corruption going by the number of those recently prosecuted and jailed, she explained that most

of them get jailed for offences they did not directly commit.

The HoSF described the position of a permanent secretary as precarious, urging those promoted into the office to celebrate less and be cautious in carrying out their duties.

According to her: “This is because even when somebody else has committed a crime, it is the Permanent Secretary that will be held liable for that. That is what the Procurement Act has done to permanent secretaries “We had a procurement retreat, where jailed permanent secretaries were talked about in

very great details.

"I think it is called vicarious liability. When somebody else commits a crime, it is the Permanent Secretary that will be held responsible and that is what the Procurement Act says today."

She disclosed that her office has been having sensitisation workshops/retreats for appointed permanent secretaries on their need to observe due processes in their duty in order to avoid falling victims of the Public Procurement Act. According to her, newly appointed Permanent Secretaries

were learning from the experience of their predecessors, especially those who had fallen victims, on the need to be more careful in the course of their duties so as not to breach the law.

Her words: “So we are learning lessons from all those things as a body of permanent secretaries.

And the good thing is that the permanent secretaries we have now are not transactional permanent secretaries anymore.

They’re transformative, permanent secretaries. And I’m sure that we will not have any of these problems with any of the permanent secretaries today".

Lawmakers Receive Copies of Water Bill, to Begin Debate on Legislation after Annual Vacation We'll always defend our peoples' interest, says Abiante House orders BPE to halt privatisation of five power assets Udora Orizu in Abuja Copies of the controversial Water Resources Bill would be distributed to members of the House of Representatives ahead of the debate when it's presented for second reading.

Last month, concerned lawmakers had again kicked against the reintroduction of the controversial bill when it was presented for first reading.

A member Hon. Mark Gbillah (PDP, Benue) at the plenary had raised a point of order, reminding the Speaker Hon. Femi Gbajabiamila that the bill generated lots of controversies and shouldn't be brought back.

However, at the plenary

Thursday, the sponsor of the newly reintroduced bill, Chairman Committee on Water Resources, Hon. Sada Soli (APC, Katsina) directed the House Clerk to ensure every lawmaker gets a copy.

Soli who said consideration of the Bill won't be rushed, appealed to his colleagues to take their time during the period of two months annual vacation to study the 154 clauses and also subject it to a third party opinion.

Soli added: "I just want to inform the members now that the bill has been re-gazetted. Now I’m calling on the clerk to please ensure that bill goes to every member because of the importance of the bill and I call on my colleagues to please kindly

take time and read that bill, subject that bill to it to a third party. You have time now to subject that bill back home during our holidays.”

In a related development, a member of the House of Representatives from Andoni/ Opobo/Nkoro Federal Constituency of Rivers State on the platform of the Peoples Democratic Party (PDP), Hon. Awaji Inombek Abiante has assured Ijaw leader of determination of lawmakers from the region to always fight for their interest on any matters of national importance.

Abiante who stated this on Wednesday, in his office while addressing members of the Ijaw National Congress (INC) who paid him a courtesy visit in Abuja,

also called on the Ijaw nation to build synergies with other ethnic nationalities with a view to forming a formidable team that can always champion a common objective for the benefit of Nigerians.

The group was in his office to communicate the position of the Ijaw nation to him for onward transmission to other lawmakers of Ijaw extraction in the National Assembly on the reintroduced National Water Resources Bill.

"On this bill, we're all aware that this not the first time this bill is coming up. It has been introduced, and we have always stood in defense of the interest of our people. And we pray, and we can even pledge that this time, will not be different.

Buhari to Receive Tinubu, Shettima, Others in Abuja Today Deji Elumoye in Abuja President Muhammadu Buhari may play host to the presidential standard bearer of the ruling All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu and his running mate, Senator Kashim Shettima, at the State House, Abuja, today.

A reliable source told THISDAY last night that Tinubu would use the opportunity of the visit

scheduled for 11am at the Council Chambers to formally present his running mate to President Buhari.

Tinubu, had on Wednesday, at a ceremony at the Shehu Musa Yar’Adua Centre, Abuja, unveilled the former governor of Borno State as the vice-presidential candidate of the party.

Also, today, the president is expected to receive in audience, a delegation of Borno indigenes and leaders of thought led by

the governor, Professor Babagana Zulum.

The delegation, which is billed to include Emirs, Senators and House of Representativesmembers, would be at the State House to thank Buhari for the emergence of one of their sons and former governor of the state, Shettima, as the APC vice-presidential candidate.

Shettima had on Wednesday, in company with Zulum, visited Aso Rock in the course of which

President Buhari expressed optimism that the APC MuslimMuslim ticket wouldemerge victorious in the February, 2023 presidential election.

The president, while responding to Shettima's speech, said he had strong conviction that the APC would win the presidential poll next year, adding: “I will respond to your speech when I am handing over to you and your boss. God willing, you are going to win.”

42

T H I S D AY • FRIDAY, JULY 22, 2022

NEWS

INDUSTRY-WIDE COMMITTEE INAUGURATION...

L-R: GM Projects & Operations NCDMB, Engr Paul Zuhumben; GM Capacity Development NCDMB, Dr Ama Ikuru; GM Business Development & Corporate Affairs, Nigeria Machine Tools Ltd, Obehi Ojeaga; Executive Secretary NCDMB, Engr Simbi Wabote; DGM Nigerian Content, TotalEnergies, Cyprian Ojum; during the inauguration of the industry-wide committee for in-country manufacturing of pumps, valves, gaskets, flanges, bolts and nuts at the NCDMB office in Abuja…recently

Wike Vows to Prosecute Amaechi, Cole over Alleged Looting of State’s Assets Blessing Ibunge in Port Harcourt Rivers State Governor, Nyesom Wike has vowed that a former governor of the state and the immediate past Minister of Transportation, Chibuike Amaechi as well as the All Progressives Congress (APC) governorship candidate for the state, Tonye Cole must face court trial over alleged looting of state’s assets.

The governor who said Rivers people had resolved to resist individuals who had looted assets of the state from presiding over them as governor, insisted on prosecuting any individual or organisation identified as taking part in looting the treasury of the state.

Wike said this yesterday, shortly after signing the contract for the construction of the 11th and 12th flyover bridges and the dualisation of Azikiwe Street- Illoabuchi Road in Port Harcourt. The contract was signed between the State government and Julius Berger Nigeria Plc at Port Harcourt.

Wike said he was determined to safeguard the state from those who are only interested in looting the commonwealth of Rivers people.

"They can run helter-skelter to stop their arraignment, but they must be arraigned and tried. What Rivers people will hear, Rivers people will be shocked to know what the former governor of the State and Minister did in this state with his partner, Tonye Cole.

“If they (Ameachi and Cole) like, let them bring 500 Senior Advocates of Nigeria, they will face the trial. So that Nigerians will hear, Rivers people will see how this state was looted "Anybody can be governor, but not those we have identified that have looted the state treasure. If we can do 12 flyovers from 2019 to now with the little amount of money we are getting, imagine what the previous administration would have done.

"If the previous administration that had a lot of money had done them, we would have concentrated on other things. But we are still

working within the city to change its landscape."

The Rivers State governor said alleged looters were desperate to cover their track, maintaining that Rivers people would not allow such persons who do not have the interest of the state to take over its affairs.

Wike explained that genuine lovers of the state should be the ones presenting themselves to serve the state as governor not looters.

He said his style of politics and governance was clearly different from other politicians who take the people for granted and hardly fulfil promises they make.

Wike maintained that the good of Rivers people and the state remained the priority of his administration, “which is why more projects are still awarded as we prepare to leave office on 29th May 2023.”

"So, we are very proud that this administration has kept all the promises made to the people.

So, it gives us joy. Some people would have said why not go with the money.

"But I asked, how much money can you make? What can you amass as against the interest of the people? So for us, we are very happy and anybody who is working with this administration

Onyebuchi Ezigbo in Abuja Federal government has pleaded with the Nigeria Labour Congress (NLC) to cancel its planned protest over the prolonged strike by the Academic Staff Union of

Universities (ASUU) and other university-based unions scheduled for Tuesday and Wednesday next week.

It also urged the organised labour not to mobilise support for Labour Party as it would

Promises best hospitality as state set to host cultural, tourism fairs Barely 24 hours after he unveiled the smart registration for Lagos resident, the State Governor, Mr. Babajide Sanwo-Olu yesterday revealed that less than 250,000 residents were registered for the state free healthcare delivery progrmme.

The Governor who was represented by his Deputy, Dr. Kadri Hamzat, disclosed this during the commencement of the fourth edition of BOSKOH Free Medical Outreach tagged: “Jigi-Bola Relaunch Phase II," held at Ikeja.

The programme targets to reach over 250,000 Lagosians in eight Local Government Areas.

There are not less than 961 volunteers who would be providing medical services across the outreach.

BOSKOH is an acronym for Babajide Olusola Sanwo-Olu and Kadri Obafemi Hamzat Health Mission International, an initiative that commenced in 2019.

The Jigi-Bola Initiative started

under the administration of Mr. Bola Ahmed Tinubu as Governor of Lagos State. Its relaunch came this year to save lives from preventable blindness and restored beneficiaries back to their livelihood.

Speaking at the event, the deputy governor said, "Through the BOSKHO Health Mission International, this administration has continued to lead the frontiers in delivering good healthcare as we took the bull by the horn, adding diagnosis for hearing-impairments and the provision of hearing-aids.

"Considering the status of Lagos as a megacity and our ever increasing population, the BOSKOH Health Mission Initiative targeted and identified 250,000 residents in need of visual and hearing aids at the third edition of the Jigi-Bola Re-launch and BOSKOH Health Mission Initiative held last year.”

Hamzat explained that the World Health Organisation (WHO) asserted that, "over two billion people have a near or distant visual impairment

Plc, that excuses would not be tolerated from them because 80 per cent of the contract sum had been released to the company with the monthly N2 billion irrevocable standing order of payment.

The governor also commended leaders of the state for the immerse support that they had given to his administration to succeed.

In his speech, Managing Director of Julius Berger, Dr. Lars Richter, said the contract they signed with the Rivers State government was for two new flyover bridges that would be completed in 10 months and the dualisation of Azikiwe Streetllloabuchi Road in six months.

FG Urges NLC to Shelve Protest, Discontinue Support for Labour Party

Only 250,000 Lagos Residents Registered for State Healthcare Programme, Says Sanwo-Olu Segun James

can carry his shoulder high that we have made a difference as far as governance is concerned."

Speaking further, governor Wike said payment for some of the ongoing projects had almost been completed.

"We have finished paying for the first phase of the TransKalabari Road; we have finished paying for the dualisation of Bori to Kono Road; we have finished paying for the Ada George- Rumuepirikom flyover; we have almost finished paying for the first phase of Ahoada Road."

Wike told the construction company, Julius Berger Nigeria

and at least over one billion or almost half of these cases could have been preventable.

"In Nigeria, according to International Centre for Eye Health, it is estimated that over 2.7 million adults aged between 40 years and above have moderate visual impairment, and additional 400,000 adults are severely, visually impaired."

He therefore stated that, "This Free Sight and hearing Aid Programme taking place again today is aimed at improving and strengthening the state’s capacity for efficient eye and ear care delivery at the grassroots, and to ensure that Lagosians do not lose their vision and hearing organs when these could have been prevented."

Similarly, the wife of the Governor, Dr. Ibijoke Sanwo-Olu said, "The programme, since it was launched in 2001, contributed a great deal in achieving unparalleled impact in preventing blindness and correcting visual dysfunction, which is estimated to be a major health risk to residents.”

Sanwo-Olu Promises Best Hospitality as Lagos Hosts Cultural Tourism Fairs

Meanwhile, Lagos State in November, would literally become the global epicentre for culture and tourism exhibitions as Nigeria hosts the maiden United Nations World Tourism Organisation (UNWTO) Global Conference on Tourism, Culture and the Creative Industries.

Sanwo-Olu has promised that the state would be extending its warmest hospitality to visitors that would be attending the event across the world while giving assurance of Lagos’ readiness to collaborate with the federal government to use the event to create lasting positive impression for the country.

The governor made the pledge yesterday, when he received the Minister of Information and Culture, Alhaji Lai Mohammed, on a courtesy visit at the State House in Marina.

amount to a violation of the Trade Union Act. The Minister of Labour and Employment, Senator Chris Ngige made the appeal yesterday, during a meeting with the leadership of NLC in his office.

The Minister said he incorporated NLC into the tripartite conciliation going on in his Ministry, adding that being very much aware of efforts of the government to resolve the impasse, they cannot embark on any rally or protest.

A statement issued by the Head, Press and Public Relations, Federal Ministry of Labour and Employment, Olajide Oshundun, quoted Ngige as having told the labour leaders that the Federal Executive Council (FEC) mandated him to notify them of the serious security implications of the planned protest.

According to Ngige, a security report also sent to his office by the Department of State Services (DSS), had strongly warned against holding the protest, slated for July 26 and 27.

He urged the NLC’s National Executive Council (NEC) to reconsider the planned rally, saying hoodlums might take advantage of it to cause breach of security.

Ngige also expressed the concern of the government that politicians might hijack the rally to wreak havoc in the country.

Furthermore, Ngige told NLC not go ahead with plans to campaign for the Labour Party in the 2023 General election.

"I heard when you said you are

mobilising for Labour Party. But, a trade union is not a political party.

Look at the Trade Union Act. It does not allow trade unions to use their contributions to support any political party," he said The minister further said that, "the masses might wrongly interpret the rally as a ploy by the NLC to enhance the chances of the Labour Party (LP) Presidential candidate, a situation which could spur the supporters of the other political parties into violence.

"Section 40 of the constitution is clear on Freedom of Association. One of the provisions is that people of like minds can organise themselves and form a political party. There is also a provision that people in work or employment can organise themselves into unions. They are two parallels. Parallels don't meet.”

However, the NLC rejected the plea by the federal government, insisting that the two-day national protest would go ahead as planned.

Both the Deputy President of NLC, Mr. Najeem Usman and General Secretary, Mr. Emmanuel Ugboajah who led the NLC team to the meeting, however assured the government of a peaceful protest by the Congress, saying, "infiltrators would not be allowed to participate in the protest."

Ugboajah said the NLC appreciates all the efforts of Ngige towards the resolution of the industrial actions in the university system and urged him not to hands off the conciliation.

43

T H I S D AY • FRIDAY, JULY 22, 2022

NEWS

RE-LAUNCH OF LASRRA...

L-R: Deputy Governor, Femi Hamzat; Governor of Lagos State, Babajide Sanwo-Olu; Managing Director, Sterling Bank, Abubakar Suleiman; Consultant, LASRRA, Akinwunmi Kehinde; General Manager, LASRRA, Ibilola Kasunmu; SA Innovation & Technology, Tunbosun Alake, and Chief Executive Officer Verve, Vincent Ogbunude at the re-launch of the Lagos State Residents Registration Agency (LASRRA) identity card as a Smart card powered by Verve in Lagos... recently

Kuje: Buhari Gets Preliminary Report as FG Mulls Banning Motorcycles, Mining Nationwide Says lack of will to act on intelligence cause of Kuje prison break Lawmakers to probe incidence Terrorists attack Katsina Village, kill five policemen, three civilians Deji Elumoye, Juliet Akoje in Abuja and and Francis Sardauna in Katsina President Muhammadu Buhari has received a preliminary report on the recent attack on the Kuje Correctional Centre, Abuja, even as the federal government has begun to mull options on banning motorcycles and mining nationwide.

The federal government however said lack of will by officials to act on intelligence report caused the attack on the Kuje facility.

This, nonetheless, five policemen and three civilians had been killed, while many others were injured by gunmen suspected to be terrorists in a fresh attack on Gatigawa village in Kankara Local Government Area of Katsina State.

Former Minister, Renowned Administrator, Oluwasanmi Passes On Exemplary Administrator, technocrat the course of his career. He retired and former Minister of State for voluntarily in January 1987, after Power and Steel in Nigeria, Chief years of meritorious service to Oyekunle Oluwasanmi has passed the country and subsequently on to glory. co-founded the law firm of Ibironke, This was announced in a Oluwasanmi & Co. along with his statement by his family yesterday. friend, late Mr Adejuyigbe Ibironke.

The statement revealed that The late Oluwasanmi was Oluwasanmi died on Thursday, from Ipetu Ijesha in Oriade Local July 14, 2022 at the age of 85 years. Government Area of Osun State, Oluwasanmi was appointed as where he was actively engaged in the Chairman of the Board of the community-building initiatives till News Agency of Nigeria (NAN) in the very end. His brother, the late 1992. He was also a Board Member Professor Hezekiah Oluwasanmi, of several companies including was a former Vice-Chancellor of Kinley Securities Limited and Wise the University of Ife (now Obafemi Health Services Limited.

Awolowo University), Ile-Ife, Osun The statement added: “In 1995, State, from 1966 to 1975. in recognition of his sterling The late Oluwasanmi attended St’ administrative skills, he was Paul’s Primary School, Ipetu-Ijesha, appointed by the Federal Military and later Ilesa Grammar School Government as a member of the for his secondary education. Chief Committee for States and Local Oluwasanmi worked briefly with Governments creation. the Ministry of Health as a clerk in “He was part of a committee the old Western Region and then that advocated for the creation of proceeded to study law at Obafemi Ekiti, Ebonyi, Nassarawa, Gombe, Awolowo University Ile - Ife in 1963 Zamfara and Bayelsa states in 1996. and subsequently at the Nigerian “In recognition of his solid Law school Lagos. After his call administrative prowess, he was to the bar, he joined the Nigeria appointed Minister of State for Customs Service, where he had Power and Steel in 1997. Under an excellent and productive career. his watch, several reforms which The late Oluwasanmi is survived positively impacted the nation’s by his wife, Mrs. Grace Fehintola Power and Steel sector were Oluwasanmi - (Nee Ayeni), children introduced. and grandchildren.

“A community leader worthy of emulation, the late Chief Oyekunle Oluwasanmi was the Customs & Excise Area Administrator for Tin Can Island Ports and subsequently at Calabar Ports. While in the Customs Service, Chief Oluwasanmi attended various training programs abroad and represented Nigeria at roundtable discussions on Customs operations in Finland, Austria, Belgium, Bulgaria, Peru, Kenya and Australia.”

He bagged several awards in Late Oluwasanmi

Briefing newsmen yesterday at the end of the National Security Council meeting presided over by the president, the Attorney General of the Federation and Minister of Justice, Abubakar Malami, said the ban proposed was one of the resolutions arrived at during the security meeting.

According to him, one of the measures being considered to impede terrorist activities included a nationwide ban on motocycles and mining to cut off their sources of funds.

Flanked by his Interior and Police Affairs counterparts, Rauf Aregbesola and Mohammed Dingyadi, Malami said the ban was targeted at the logistics used by the terrorists.

The minister said these included motorcycles used for movement and mining, which provided them the money to fund their arms’ supply, adding that, the federal government was now looking at ways to inhibit their actions by blocking the sources already identified.

Malami stressed that terrorists had moved from the conventional ways of funding their activities to mining and ransom taking, making it necessary for the government to act fast.

"The issues deliberated border on one, the logistics being used by the terrorists, Boko Haram and bandits among others in the act of executing their unfortunate act of terrorism and terrorising the country.

"It was extensively deliberated upon as to what needs to be done for the purpose of ensuring that their means of logistics are

indeed adequately considered and necessary steps are taken in degrading their capacity to move around.

"So, discussions were carried out, deliberations made and sizeable resolutions in that direction, were equally developed. The government would look into that possibility with particular regard to restriction on use and distribution of motorcycles, which is the most conventional logistical means being deployed by terrorists.

"Again, issues of funding of the terrorism and the terrorism acts were discussed and deliberated upon and considered. As you rightly know, recently the government under the leadership of President Buhari, had indeed, passed, assented to certain bills inclusive of the money laundering, prevention and prohibition act among others.

"With the passage of that law, and assented to, the conventional means of terrorists funding and financing was substantially and drastically addressed and that led to forensic analysis of and identification of certain personalities that were in one way or the other connected with terrorism funding and financing.

"But then, new innovations were brought into it, into the terrorists’ funding and financing, inclusive of the use of mineral resources – the mining for example among others. And indeed, ransom, which conventionally has been taken by the terrorists, and then, the need arises to now look into those frontiers that are being considered

by the terrorists for the purpose of addressing them accordingly.

"A resolution was equally developed on the need to address frontally, attack and ensure at the end of the day, that other considerations being put in place by terrorists in terms of funding their activities are equally addressed.

"And with that in mind, the government is looking at what measures to take in terms of addressing, bridging and blocking associated sources of funding, including payment for ransom and indeed, the mining activities and the possibility or otherwise of suspending for the time being, mining activities are being considered as well, by the government.

"Again other than logistics and funding, mining, other considerations were equally put in place on table for consideration by council with particular regard to the unfortunate incident of the (Kuje) Correctional Service attack and equally, there were anticipated resolutions arising from the consequences associated with dereliction of duty.

"Issues associated with logistics of terrorists and bandits; issues associated with blockage of the source of funding; issues associated with the likely possible suspension of mining activities if indeed, it is a nexus and connection is indeed established and the issues associated with consequences for dereliction of duty if indeed, it is established arising from the report expected and anticipated relating to the Kuje correctional incident," he stated.

On his part, Aregbesola disclosed that substantial efforts went into gathering of intelligence before the recent attack on Kuje Correctional Center but regretted that there was the absence of will to act on it.

The minister, who said the preliminary investigation on the attack, had been submitted to the president, assured the people that all those found wanting in their responsibilities at the end of the ongoing investigation, would be punished.

He said, "We are on to find all those whose action or inaction led to that unfortunate incidents and by then, those who have shirked their responsibilities will have to face the consequences of their actions.

"On intelligence, of course, we have different levels of intelligence.

There is internal intelligence service, there is external intelligence service.

Sufficient effort, I must say this with all sense of responsibility, sufficient effort and intelligence were made but unfortunately, for those of you that accompanied me when I visited the place, you heard that I said it very clearly that we had some problem with the will."

He expressed concern that despite the presence of security agencies during the attack on the facility, they did not fully do what was expected, saying: "I have to say that we noticed they were not fully conformed.

“So, incapacity in terms of will, that's what we mean by whoever was responsible for the failure of defence and security and the breach of that institution's facility will face the consequence."

N109bn Scam: EFCC to Arraign Former Accountant General, Idris, Others Today Kingsley Nwezeh in Abuja The Economic and Financial Crimes Commission (EFCC) would today arraign a former Accountant General of the Federation, Ahmed Idris before Justice A.O. Adeyemi Ajayi of the Federal Capital Territory High Court, Abuja.

A statement by the EFCC yesterday, stated that Idris would be docked alongside three others: Godfrey Olusegun Akindele, Mohammed Kudu Usman and Gezawa Commodity Market and Exchange Limited, on a 14-count charge of stealing and criminal breach of trust to the tune of N109,

485,572,691.9.

Count one of the charges read: “That you, Ahmed Idris between February and December, 2021 at Abuja in the Abuja Judicial Division of the High Court of the Federal Capital Territory, being a public servant by virtue of your position as the Accountant General of the Federation accepted from Olusegun Akindele, a gratification in the aggregate sum of N15,136,221,921.46 which sum was converted to the United States Dollars by the said Olusegun Akindele and which sum did not form part of your lawful remuneration but

as a motive for accelerating the payment of 13 per cent derivation to the nine oil producing states in the federation, through the office of the Accountant General of the Federation, and you thereby committed an offence contrary to Section 155 of the Penal Code Act Cap 532 Laws of the Federation of Nigeria 1990 and punishable under the same section.”

Count eight read: “That you, Ahmed Idris while being the Accountant General of the Federation and Godfrey Olusegun Akindele while being the Technical Assistant to the Accountant General of the Federation between February

and November, 2021, at Abuja in the Abuja Judicial Division of the High Court of the Federal Capital Territory, in such capacity, entrusted with certain property, to wit: N84,390,000,000 committed criminal breach of trust in respect of the said property, when you dishonestly received the said sum from the Federal Government of Nigeria through Godfrey Olusegun Akindele trading under the name and style of Olusegun Akindele & Co., and you thereby committed an offence punishable under Section 315 of the Penal Code Act Cap 532 Laws of the Federation of Nigeria 1990”

44

T H I S D AY • FRIDAY, JULY 22, 2022

NEWSXTRA

LAI AT MARINA HOUSE...

Minister for Information and Culture, Alhaji Lai Mohammed (left) and Lagos State Governor, Mr. Babajide Sanwo-Olu, during a meeting at Lagos House, Marina...yesterday

INEC to Nigerians: Scrutinise Candidates’ Particulars, Seek Judicial Remedy in Cases of Violations To publish details of guber, states assembly standard bearers today Says 334 pre-election cases filed so far Maintains parties’ internal democracy remains sore point in nation’s electoral process Chuks Okocha in Abuja The Independent National Electoral Commission (INEC), yesterday, encouraged Nigerians to scrutinise particulars of candidates running for elections next year, which it is publishing today and seek judicial remedy, wherever they noticed violations.

INEC also said it had received 334 election petitions filed by politicians against the nomination of candidates for elective offices.

This development was disclosed by the chairman of INEC, Prof Mahmood Yakubu, when he swore in a Resident

Electoral Commissioner, Dr. Hale Gabriel Longpet, from Plateau State.

"As we continue to prepare for the 2023 general election in earnest, the Commission will tomorrow Friday, 22nd July 2022, publish the personal particulars of candidates nominated by their political parties for governorship and state assembly elections in all the constituencies nationwide as required by law.

"I appeal to all Nigerians (citizens and aspirants) to seize the opportunity to scrutinise the particulars of the candidates and to seek judicial remedy for any

Enugu Not Landlocked, will Become Oil Producing State, Says PDP Guber Candidate Segun James The Peoples Democratic Party (PDP) governorship candidate for Enugu State, Dr. Peter Mbah has said contrary to insinuation, Enugu State is not landlocked, even as he expressed optimism that it would soon join the league of oil producing states in the country Mbah who said this while addressing party members at Umulokpa, the headquarters of Uzo Uwani Local Government Area, disclosed that Enugu had been identified as an oil bearing state.

The governorship candidate also paid visit to Igbo Etiti Local Government Area where he expressed gratitude to the people for their unalloyed support to him during the recent PDP governorship primary election in the state.

He assured them that he would reciprocate their gesture with good governance if elected as governor of the state in 2023. While explaining that his visits had nothing to do with electioneering campaign, he said it was morally and politically right for him and his team to go back to the people who had entrusted their future in his capacity to move the state forward.

Addressing the party’s stakeholders at Uzo Uwani local government headquarters, the business mogul reiterated his commitment to harness the potential in the local government area such as agriculture, coastal bodies and mineral deposits to drive development and create

jobs for the teeming youths in the council area.

According to him, his team had earlier studied the untapped assets in the council area and came up with the design and workable template on how to create an urban centre in the area, adding that he intends to industrialise the state through leveraging on the abundant resources nature had blessed the state with.

“We came here today with one primary objective, and that is to appreciate all of you for your unswerving support which you showed to me on the 25th day of May, 2022 by giving me 100 per cent votes at the PDP governorship primary.

“We’ve come to express our profound gratitude and say, thank you. Since this visit is not intended to be used for campaign because it is not yet time, we shall come back once the ban is lifted for electioneering activities and tell you our programmes for this wonderful local government area.

“We came to tell you that you have not made any mistake for voting for us. You made the right choice and we are grateful. We are, therefore, determined to exploit the assets in Uzo Uwani. I’m aware that Enugu State is not a landlocked state because of the coastal bodies found in Uzo Uwani.

“We are going to utilise it for the people of Uzo Uwani. Enugu State is blessed with huge oil deposit and gas reserve because of Uzo Uwani.

Through harnessing these resource endorsements, we are going to make Enugu State an oil producing state.

observed violation of the law as provided in Sec. 29 of the Electoral Act 2022," he charged Nigerians.

Yakubu explained that, already, the commission had been inundated with numerous pre-election cases arising from the conduct of congresses and primaries by political parties for the 2023 elections.

"So far, 334 pre-election cases have been filed in various divisions of the Federal High Court across the country by aspirants challenging the nomination of candidates or their exclusion from the list submitted to the Commission.

"Although these are purely intra-party issues, the Commission has been joined in all these cases.

With the publication tomorrow

of the personal particulars of candidates for Governorship, Deputy Governorship and State Assembly elections, we expect the number of cases to rise even higher.

"Sadly, the issue of internal democracy in political parties remains a sore point in our electoral process in Nigeria.

The commission will continue to engage with political parties while standing firm against any transgression by strictly enforcing the provisions of the law and extant regulations and guidelines," he stated.

He however, congratulated Dr. Hale Gabriel Longpet on his nomination, confirmation and appointment as Resident Electoral Commissioner.

He said Longpet studied first in Nigeria and then the United Kingdom, where he obtained a doctoral degree with specialisation in social work and policy analysis in 2001.

According to him, the new resident commissioner represents Plateau State, following the occurrence of vacancy for the state a few months ago, even as he noted that in line with the commission’s current policy, Resident Electoral Commissioners were deployed to states within their geo-political zones.

However, he explained that no Resident Electoral Commissioner would serve in his/her state of origin throughout their tenure.

Accordingly, Longpet was deployed to Kogi State as the new

Resident Electoral Commissioner.

The INEC chairman charged the resident commissioner to assume duties, saying, "let me remind you that you are responsible for the management of human and materials resources in your State of posting.

"You must immediately interact with your staff, pay attention to their welfare, visit the Local Government offices and assess the various facilities in readiness for the 2023 general election. The Commission has set the bar for credible elections very high.

"I urge you to join us in raising the bar even higher. I wish to assure you that the Commission will always support you to deliver on our commitment to credible elections.”

Outcome of Osun Poll: Buhari’s Commitment to Build on Democratic Tenets No Longer in Doubt, Says Clark Congratulates president, INEC, IGP, others over poll’s success Adeleke cautions Oyetola, allies against looting, diverting state assets Chuks Okocha in Abuja and Emameh Gabriel Leader of Pan Niger Delta Elders Forum (PANDEF), Chief Edwin Clark, has said for allowing a free and fair election in Osun State, President Muhammadu Buhari’s commitment to building on the democratic tenets of the country was no longer in doubt.

He, therefore, commended the president, National Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu and the Inspector-General of Police, Alkali Usman Baba, and other security agencies for discharging their responsibilities professionally during the election.

This is as the Osun State Governor-elect, Senator Ademola Adeleke, has warned outgoing Governor Adegboyega Oyetola and his allies against diverting and looting public properties and assets of the state.

In a statement, the former federal commissioner, who berated the National Chairman of the ruling All Progressives Congress (APC), Abdullahi Adamu and the Kano State Governor, Abdullahi Ganduje, over comments on the outcome of

the election, urged the president to continue in his new found spirit of conducting credible elections.

The statement read: "I wish to commend Mr. President, His Excellency, Muhammadu Buhari, GCFR, on the peaceful conduct of the Osun State election. As leader of a governing party, he was magnanimous enough to congratulate the winner in an election in which his own candidate was defeated.

"I also wish to commend him for his excellent statesman position.

President Buhari ‘described the outcome of the elections as an expression of the will of the people through ballot, which must matter and be respected.’

"The President reassured the nation that his ‘government’s commitment towards having credible elections remained unshaken.’ This is indeed a legacy, which must be protected by the APC desperados, who must endeavour to maintain and keep this legacy.

"My commendation also goes to Prof. Mahmood Yakubu, the Chairman of the Independent National Electoral Commission (INEC). He is man of integrity, conviction and courage. He has no

doubt improved on his work over the years, and more importantly, over his predecessor in office, Prof.

Attahiru Jega. Nigeria is proudly looking forward to a more brilliant performance in the 2023 general election. I pray the Almighty God will definitely reward him justly for this service.

"I must not at this juncture, fail to mention the brilliant performance of the Inspector General of Police (IGP) Usman Alkali Baba, who ensured that his officers and men deplored to Osun State conducted themselves professionally. Same commendation also goes to other security agencies.”

Clark, who congratulated the winner of the election, Senator Adeleke, and the people of Osun State "by defying the ambitious and inordinate charge of the leadership of the ruling party, expressed disappoinment over what he described as ‘crass statement’ credited to the National Chairman of the APC, Senator Abdullahi Adamu, when he inaugurated the 86-member of the party’s National Campaign Council for the Osun State Governorship election.

Adamu was quoted in the statement saying: "We must be prepared to face him eyeball to

eyeball. There is no sparing for any reason whatsoever, no sparing his party the PDP….No apologies to anybody, we are the party of government. We are the party ruling the country today. no apologies to anybody….”

The former PDP scribe said such statement was enough to justify how ruthless a politician Adamu was, citing how hostile he was to Buhari in their CPC days.

His words: "Senator Abdullahi Adamu’s unguarded statement did not come to me as a surprise, because I have known him since 1979. I was the National Coordinator for the Minorities of the South and the Middle Belt, so on several occasions, I had cause to interact with him. He is a very ruthless and an aggressively ambitious politician.

“At the time, late Ibrahim Mantu, wanted to contest for the Chairmanship of the Plateau State chapter of the National Party of Nigeria (NPN). Abdullahi Adamu wanted to crush Ibrahim Mantu, but we resisted. It was also during this period that he (Abdullahi Adamu) was able to push himself to become the Chairman of the NPN in Plateau State.

FRIDAY JULY 22, 2022˾ T H I S D AY

45

NEWS

Oil & Gas: House to Probe JV Operations, Contracts Sharing Juliet Akoje inAbuja The House of representatives has set up an Ad-hoc Committee to investigate all Joint Venture (JV) operations and Production Sharing Contracts (PSCs) in the Oil & Gas sector since 1990 with a view to ascertaining whether or not the capital expenditure, operations, financials and related frameworks are within the ambit of law and report back to the House within eight weeks for further legislative action.

This resolution followed the adoption of a motion on the ‘Need to Investigate the Structure and Accountability of the Joint Venture (JV) Businesses and Production Sharing Contracts (PSC) of the Nigerian National Petroleum Corporation from 1990’ moved by Hon. Sergius Ose Ogun, Hon. Benjamin O. Kalu, Hon. Sada Soli Jibiya Hon. Ado Sani Kiri Hon. Isiaka Ibrahim Oyekunle and Hon. Mark Gbillah at plenary on thursday.

Hon. Sergius Ose Ogun while presenting the motion noted that section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999 empowers the National Assembly to conduct investigations into the

activities of any authority executing or administering laws made by the National Assembly.

Ogun noted that Escravos Gas-to-Liquid (EGTL) Project is a Joint Venture (JV) undertaking by the Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited for the

construction of a 34,000 Barrels Per Day (BPD) of Gas-to-Liquids (GTL) Plant at Escravos, Delta State.

“The total of $1.294 billion was earmarked for the EGTL project in 2001 and by the time the contract was awarded in 2005, the final approved cost rose to

$2.941 billion, which was further increased to $8.6 billion as at 31st December 2011, and upon completion in 2014, the total project cost was over $10 billion” “The ETGL and its JV projects are executed at such huge costs when similar projects in other jurisdictions like Qatar, which have

the same capacity, technology, Engineering Procurement and Construction (EPC) Contractors and even operators cost less than $1.5 billion” Furthermore, he raised concern that although EGTL projects are basically governed by the Heads of Agreement (HOA),

Carry Agreement (CA) and the Venture Agreement (VA) in line with various legal regimes such as Companies and Allied Matters Act (CAMA), Petroleum Profit Tax Act (PPTA), Companies Income Tax Act (CITA) in principle, there is a breach of the principles involved.

COURTESY VISIT……

L-R: Divisional Head, Capital Markets, Nigerian Exchange Limited (NGX), Jude Chiemeka; Chief Executive Officer, KONIKU, Osh Agabi; Chief Executive Officer, Nigerian Exchange Limited (NGX), Temi Popoola; Head, Global Startups Lead Healthcare and AI, NVIDIA, Renee Yao; Marlon Nicholos of MaCVenture Capital; Ismail AlHarty of Oman Tech Fund, and Chief Digital Officer, NGX, Olufemi Oyenuga, during a courtesy visit by Africa Walk to Nigerian Exchange Limited in Lagos…yesterday

Ekiti CJ Pardons 34 Tinubu: Shettima’s Unveiling an Open Event, Clergymen Not Fake Awaiting Trial Inmates Adedayo Akinwale in Abuja

VictorOgunjeinAdoEkiti As part of the efforts to decongest the Correctional facility and promote non-custodial sentencing, the Chief Judge(CJ) of Ekiti State, Justice John Adeyeye, has released 34 inmates from the Correctional Centre in Ado Ekiti.

Justice Adeyeye said he took the action after reviewing cases of 508 awaiting trial inmates at the Correctional Centre.

The CJ, who visited the Reformation Centre yesterday , also inspected the facility and commended the Ekiti Correctional officials for keeping the environment clean.

Justice Adeyeye said: “After painstakingly reviewed the cases of 508 awaiting trial inmates in custody,

I found 34 inmates worthy of being pardoned.

“They have been granted pardon and released accordingly”, the CJ stated.

The Assistant Controller of Corrections at the facility, Atinaro Titus, appreciated the Ekiti State Chief Judge for his kind gesture.

Atinaro said the pardon will go a long way to stabilize the emotions of the inmates who are yet to regain their freedom and as well rekindle their hope.

“We appeal to the Judges to make use of the non -custodial sentencing to reduce the congestion of the custodial facility. We also advise the inmates, who had regained freedom to be law abiding and continue to be good citizens.”

Tinubu Campaign Organisation (TCO), has said the unveiling of the All Progressives Congress (APC) Vice-Presidential Candidate, Senator Kashim Shettima, was an open event,which allowed members of the public to attend, including the clergymen.

TCO through its Director of Media and Communication, Mr. Bayo Onanuga, in a statement yesterday described as unwarranted distractions, the viral pictures and videos of some Christian clergymen and women at the unveiling.

The ruling APC had on Wednesday formally presented Shettima to the public as the running mate to the party’s

presidential standard bearer, Asiwaju Bola Tinubu in Abuja.

TCO, however, said, “The event was an open affair, which allowed members of the public to attend, including the clergymen and some others now being derided by hirelings of the opposition.

“We want to say that those clergymen were not fake, not mechanics or yam sellers as

the purveyors of hatred have made Nigerians to believe in the social media. They are not big names in Christendom yet, they are gradually building up their missions.

“They are church leaders, who genuinely believe that Nigerians must eschew politics of hatred and religious bigotry and rather embrace politics of peace and nation building.

Petition: Oni’s Lawyers Accuse Buni, Oyebanji of Evading Service Victor Ogunje in Ado Ekiti Lawyers to the Social Democratic Party (SDP)’s governorship candidate in in the June 18 election in Ekiti State, Segun Oni, have accused the Governor-elect, Hon. Biodun Oyebanji of evading service to begin his petition before the Election Petition Tribunal against his victory.

Counsel to the petitioner, also alleged that the Yobe State Governor and former National Caretaker Chairman of the All Progressives Congress, Mai Mala Buni and Oyebanji’s deputy, Monisade Afuye, had been difficult to serve on account of lack of fixed addresses.

Alleging that such antic was geared towards stalling the

petition, Oni’s counsels averred that they had on July 20, 2022, at the Election Petition Tribunal, filed an application for substituted service for speedy service and prompt trial of the case.

Oni had on July 7, 2022 filed his petition before the Tribunal in Ado Ekiti, calling for the reversal of the declaration of Oyebanji as the winner of the election.

Oni also urged the court to declare him the winner of the poll, claiming that he scored the highest number of lawful votes in the poll.

The petitioner further urged the Tribunal to, in the alternative, nullify the election and order a rerun in view of alleged widespread manipulations that characterised the poll.

The Benue Police command has arrested a man who claimed to have escaped from the Kuje prison during the attack on the prisons recently by bandits.

According to the police PRO, SP. Sewuese Anene, the

Anene said in a statement on Thursday that “On 19/7/2022 at about 3pm, information was received about one Ebube Igwe Jude; a fugitive who had arrived Makurdi as a result of Kuje jail break but detectives

Akume Way, wurukum, Makurdi,” She said during investigation that the escapee confessed to have escaped from Kuje correctional center during the jail break.

He stated further that he

culpable homicide involving his girlfriend.

She also revealed that the command has begun processes to handover the escapee to the Nigeria Correctional Service for necessary actions.

NAPTIP, Expertise France, Others Partner States to Combat Human Another Kuje Jail Breaker Arrested in Benue Trafficking in Nigeria police made the arrest after deployed to investigate the is an awaiting trial inmate, George Okoh in Makurdi a tip off. case arrested him at George standing trial in a case of Sunday Okobi

As part of activities to commemorate the World Day against Human Trafficking, the United Nations Office on Drugs and Crime (UNODC), International Organisation on Migration (IOM), Expertise France, International and Ibero-American Foundation for Administration and Public Policies (FIIAPP), and Office of the United Nations High Commissioner for Human Rights (OHCHR) have partnered the Nigerian

Government to host a ‘boot camp’ for state task forces on human trafficking and the Network of Civil Society Organisations against Child Trafficking, Abuse and Labour (NACTAL).

Funded by the governments of the Netherlands, Switzerland and the United States as well as the European Union, the boot camp is organised under various projects being implemented by international development partners in cooperation with NAPTIP.

Adron Homes Launches Free Health Festival Adron Homes and Properties, a leading player in real estate is to present the Adron Health Festiva in commemoration of its 10th anniversary. The company said it decided to embark on giving back to the general public in retrospect of the goodwill the company has continued to enjoy over the years.

The Director-General of Sales and Marketing, of the company, Mrs. Folashade Oloruntoba, said in a statement said: “Adron Homes and Properties is poised at

extending her hands of gratitude to the general public for the support we have continued to enjoy over the years, and the confidence the public has bestowed in us as their first choice in housing solution”.

“Adron Homes thought it wise to extend health care to the nooks and crannies of the country, understanding the importance of health, because as the great wise saying goes, Health is wealth. We have decided to host a mega health outreach tagged Adron Health Festival ’’ scheduled for tomorrow.

Railway Vandalism: Court Begins Trial of APC Assembly Candidate Igbawase Ukumba in Lafia A Federal High Court in Lafia, Nasarawa State yesterday commenced the trial of the All Progressives Congress (APC) standard-bearer for the Nassarawa-Eggon West state constituency in the 2023 election, Mr. Yusuf Mada, for allegedly vandalising railway

installations in the state.

Mada, until his nomination as the state Assembly candidate of the APC, was a Special Adviser to the state Governor, Abdullahi Sule, and is being arraigned alongside 29 others for alleged vandalism of railway slippers in Nasarawa State since June 2021.

However, the APC Assembly

candidate and the 27 others pleaded not guilty to the allegations against them, while two of the defenders pleaded guilty.

In her ruling, the trial Judge, Justice Afolabi Nehizena, adjourned the case to November 15, 16, and 17, 2022, for presentation of witnesses by the prosecuting counsel.

In an interview with journalists after the adjournment, Obafemi Tijjani, prosecuting counsel, assured them that the police were even ready to prosecute the matter to ensure that justice is served.

The prosecuting counsel said all their witnesses are available for presentation to prove their case in the next adjourned dates.

Former Presidential Aide Explains Defection from APC to ADC in Kwara HammedShittuinIlorin A former Special Adviser on National Assembly Matters to former President Goodluck Jonathan and former Chieftain of All Progressives Congress (APC), Senator Suleiman Makanjuola Ajadi, has explained that he defected from the ruling APC in the state to the African Democratic Congress

(ADC) over an alleged failure of the present administration in the Kwara State to rise to the needs of those that voted it into power in 2019 general elections.

Ajadi, who is now the Kwara South Senatorial Candidate of the ADC for the 2023 election, stated that the just concluded primaries of the APC in the state were marred with irregularities and lack of transparency.

He lamented while speaking with journalists yesterday in Ilorin that he could not work with an administration that has failed to address the yearnings of the people as it promised the electorates under the “O To Ge” movement that brought the present administration into power in 2019.

Ajadi said: “Go to every part of the state, there is no tangible

infrastructural development but just propaganda.

“I tried as much as possible to visit various ministries and even spoke with the Governor of Kwara State, Mr. AbdulRahman AbdulRazaq, about the dilapidated infrastructures especially in the Kwara South Senatorial District and the need to address it but to no avail.

46

FRIDAY JULY 22, 2022 ˾ T H I S D AY

NEWSXTRA

CAN: We’re Shocked at Desperation of Those Who Impersonated Priests Onyebuchi Ezigbo TThe Christian Association of Nigeria (CAN), has deplored the alleged impersonation of priests by some politicians in Abuja at the unveiling of the All Progressives Congress (APC) unveiling of its Vice-Presidential candidate, Senator Kashim Shettima, saying it was shocked and disappointed at such desperation.

In a statement by its General Secretary, Rev. Joseph Bade Daramola, the umbrella association of Christian churches in Nigeria, CAN, which described development as reprehensible, unprecedented and ungodly, however, dissociated itself from it, saying those who were presented as church leaders were ‘unknown clerics’.

“We are shocked, disappointed and worried about the desperation of some politicians who once claimed Christians do not matter in governance and politics who went to hire some unknown ‘bishops, pastors and priests’ to impersonate the leadership of CAN in their

political meeting.

“This is totally unacceptable, reprehensible, unprecedented and ungodly. If they are saying

Christians have no electoral values why impersonating them in their meetings? We are throwing their principals and sponsors into the

court of conscience. These actions of theirs have shown who they are to the public and what they are capable of doing to us all,”

he said.

CAN said it was urging political parties not to ignore religious sensibilities and

sensibilities of the people especially, in today’s Nigeria when Christians were daily becoming endangered species.

CSR IN ACTION…

L-R: National Coordinator, Organised Private Sector in Water Sanitation and Hygiene (OPS-WASH),Dr. Nicholas Igwe; Representative of the Lagos State Commissioner for Women Affairs and Poverty Alleviation, Mrs. Funmi Raji; Corporate Affairs and Sustainability Director, Nigerian Bottling Company (NBC) Limited, Mr. Ekuma Eze; Managing Director, NBC, Mr. Matthieu Seguin; Executive Director, Karis and Eleos Hand of Hope Foundation, Mrs. Busola Bamiduro, and Head of Finance, West African Vocational Education (WAVE), Mr.Jande Tarfa, at the official memorandum of understanding signing ceremony for the implementationofthe1millioneurodonationbyNBC’sparentcompany,Coca-ColaHellenicBottlingCompany(CCHBC),towardscommunitydevelopmentinitiativesinNigeriainLagos…yesterday ETOPUKUTT

Foundation Trains 70 House Probes Lingering Issue of Passport Shortage Niger Delta Farmers on New Practices UdoraOrizuinAbuja

Ugo Aliogo

The Foundation for Partnership Initiatives in the Niger Delta (PIND) has trained 70 agroservice providers across the nine Niger Delta States to equip service providers with new business skills, practices, and processes to improve their service delivery to Niger Delta farmers and enterprises.

The two workshops, which took place in Warri, Delta State, and Uyo, Akwa-Ibom

CHANGE OF NAME I, formerly known and addressed as EKEDUM OBIORA ECHEZONACHUKWU, wish to be known and addressed as FREDRICK OBIORA ECHEZONACHUKWU. All former documents remain valid. General public please take note.

I, formerly known and addressed as MISS CHINAATU MGBEODICHINMA IROEGBU, wish to be known and addressed as MRS CHINAATU MGBEODICHINMA UCHEBUAKOR. All former documents remain valid. General public please take note.

I, formerly known and addressed as MISS KUDEHINBU RUTH OLUBUNMI, wish to be known and addressed as MRS ALAO RUTH OLUBUNMI. All former documents remain valid.

General public please take note.

I, formerly known and addressed as MISS DUMME JOY OFUOBI, wish to be known and addressed as MRS OLADIPO JOY OFUOBI. All former documents remain valid. General public please take note.

I, formerly known and addressed as MISS OGHENEVWARHE NANCY IREVWOYERI, wish to be known and addressed as MRS OGHENEVWARHE NANCY NWANKWO. All former documents remain valid. General public please take note.

I formerly known and addressed as ADELAKUN ADEDUNNI BILIKISU. now wish to be known and addressed as OLAYINKA ADEDUNNI BILIKISU. All former documents remain valid.

General public should take note.

State under PIND’s Market System Development (MSD) project provided the service providers the opportunities to network and share peer-to-peer knowledge.

PIND’s Programme Director, Dr. Effiong Essien, said the end goal of the workshops is to “Improve the lives and livelihood of the small-holder farmers (SHFs), micro-small-andmedium-enterprises (MSMEs), and service providers through skill-building and skill-sharing.”

The workshops provided training on business development and management, business sustainability, capacity building, customer relationships, marketing/sales support services, and strategy development, among other skills.

The House of Representatives at plenary yesterday resolved to set up an ad hoc committee to investigate the reasons for the shortage of the passport booklets and alleged sharp practices by personnel of Nigerian Immigration Service (NIS) with the aim of finding a lasting solution

I, formerly known and addressed as FATIMIRO HEPHZIBAH OLAMIDE now wish to be known and addressed as OLUWATIMIRO HEPHZIBAH OLAMIDE. All former documents remains Valid. General public should take note.

I, formerly known and addressed as DORATHY ITA, now wish to be known and addressed as DOROTHY ARCHIBONG. All former documents remain valid. The general public please take note.

I, formerly known and addressed as GODSWILL OKON OBOT, wish to be known and addressed as NDIANAOBONG OKON OBOT. All former documents remain valid. General public please take note.

I,formerly known and addressed as MISS HELEN AWOLAYEOFORI PETERSIDE, now wish to be known and addressed as MRS HELEN OKOCHI. All documents remain valid. The general public should please take note

Moving the motion, Agbedi said the House was aware that in recent times the process of applying for Nigerian passport had become so frustrating as the process is bedeviled with delays occasioned by the shortage of passport booklets.

According to him, these had brought about sharp practices to the detriment of people within and

outside the country.

He said, “Aware that the duties of Nigerian Immigration Service include the control of persons entering or leaving the country.

The issuance of travel documents including Nigerian passports and the issuance of resident permits to foreigners in Nigeria and border surveillance.

Ondo PDP Slams Akeredolu over Alleged Plans to Acquire Idanre Forest Reserve Fidelis David in Akure The Peoples Democratic Party (PDP) in Ondo State yesterday warned the state Governor, Oluwarotimi Akeredolu (SAN), to rescind his alleged plans of selling 50,000 hectares of land at Ofosu forest reserve to a private companies at the detriment of the farmers

in Idanre Local Government Area of the state.

A statement issued by the state party’s Director of Media and Publicity, Leye Igbabo, alleged that the planned sale of the land was meant to benefit the family of the governor. The statement said: “It has become necessary to alert the world about the dangerous attempt by the

Akeredolu-led APC government in Ondo State to violently seize 50,000 hectares of farmland from Idanre people in Idanre LGA and cede it to private companies at the detriment of the agrarian community. The implications are indeed very grievous!

“From the available records, we verily believe that the said

area was constituted as a forest reserve for the joint use and benefit of the government and the communities which own the land, and therefore hold that if there was any step or move to be taken by the government on how the said area is to be put to use, it must duly carry along the community.

FG to Deal with Institutions Not Complying with Admission Process

CHANGE OF NAME Kuni Tyessi in Abuja I, formerly known and addressed as MOLADE MUSLIMOT OLANREWAJU now wish to be known and addressed as AJIKAWO MUSLIMOT OLANREWAJU. All former documents remain Valid. Lagos State Teaching Service Commission and Lagos State Education District 6 Oshodi and general public should take note.

to the issue.

The House while urging the NIS to halt their policy for biometrics capture, also urged them to immediately purchase more machines to aid the process.

The resolutions followed the adoption of a motion of urgent public importance sponsored by Hon. Fred Agbedi.

The federal government has announced that it will deal with heads of institutions that have failed to comply with the Central Admissions Processing System (CAPS) in its admission process.

This is as the Joint Admissions and Matriculation Board, (JAMB)

and heads of tertiary education institutions in the country have pegged the minimum cut-off mark for admissions in the 2022/2023 academic session.

Adamu who stated this on Thursday in Abuja, during the unveiling of the cut-off marks for admissions into tertiary institutions, said after the 2021 and 2022 exercises,violators will

be punished whether in or out of office.

He said in the last policy meeting, he had approved that all illegitimate admissions from 2017 to 2020 be condoned provided such candidates met the minimum entry qualifications in their various courses of study and this was however abused.

“In 2017, we introduced the

Central Admissions Processing System (CAPS) to eradicate the primeval activities around admission procedures towards nuzzling transparencies and accountabilities on admissions.

“It was on this note that it was mandated that all admissions to tertiary institutions in Nigeria must be carried out on the CAPS.”

Police Kill Student, Injure Others in Ogun

James Sowole in Abeokuta

Shots fired by security operatives attached to the Ogun State’s Special outfit, OP MESA yesterday afternoon, killed a Senior Secondary School Two student of Unity High, Ago Ika, Abeokuta, the Ogun State capital while four others were injured.

The SS 2 student, simply

identified as Sadiat was gunned down by the bullets of one of the OP MESA operatives. The direct shot missed target and hit the 17-year- old girl walking out of the school premises after finishing her examination for the day.

It was gathered that the OP MESA operatives were on a hot chase of one of the internet

fraudsters popularly referred to as”Yahoo-Yahoo boys”, who ran into the area in an attempt to escape arrest.

It was said that the security operatives allegedly shot directly at the young man without taking into cognisance, the presence of the students trooping out of the school premises, as well as other passersby.

Sadiat, who was hit by the bullet and said to be the only daughter of her mother, was pronounced dead at the Federal Medical Center (FMC), Idi Aba, Abeokuta, where she was rushed for treatment. Three other students and a commercial motorcyclist were also hit by the stray bullets fired by the operatives.

Okowa’s Youth Development Efforts Phenomenal, Says Commissioner Omon-Julius Onabu in Asaba

Delta State Governor, Dr. Ifeanyi Okowa’s youth development efforts have been described as unprecedented and phenomenal and the best safeguard against explosion in youth unemployment.

The state Commissioner for Youth Development, Ifeanyi

Egwuyenga, made the assertion at the closure of the boot camp of the state-owned Tertiary Institutions Entrepreneurship Programme (TEP) at the Delta State NYSC orientation camp, Issele-Uku, Aniocha North Local Government Area of the state.

A total of 143 beneficiaries drawn from Delta State-

owned universities, colleges of education and polytechnics, successfully completed the TEP training in line with the youth entrepreneurial and empowerment initiatives of the Okowa’s administration.

He noted that the TEP was a product of “a clear-cut agenda to revamp the cause of youths in the state,” which

culminated in November 2019 upgrade of the Directorate of Youth Development to a new, full-fledged Ministry of Youth Development (MYD) charged with “meaningfully engaging our teeming youths through Entrepreneurship/ Skill Development and Mindset/Value Reorientation programmes.

47

FRIDAY, JU ͺͺ˜ ͺ͸ͺͺ ˾ T H I S D AY

FRIDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Super Falcons to Play Zambia’s Copper Queens Like Final

Nigeria and Leicester City Defender Ashleigh Plumptre, has made it known that Super Falcons won’t leave any stone unturned as they look on to face the Shepolopolo of Zambia in the third place match this evening.

Africa’s most successful women's national team, the Super

WA F C O N T H I R D P L AC E Falcons lost to the Moroccan Atlas Lionesses 5-4 on penalties on Monday, after a 1-1 draw in regulation time with nine women in most part of the game, following red cards received by

Halimatu Ayinde and Rasheedat Ajibade.

Plumptre who gave out an amazing performance in the semifinal encounter against the Atlas Lionesses has promised that they

won’t relent in their last game of the tournament and would rather give their all, because every game is like a final to them.

“We showed alot of character in our last game against Morocco and never expected to play in the third place game, but the final,” She said.

“It showed how much solidarity we had, working for each other and making sure we got things done, even when we were two women down in most part of the game.

“We are a high achieving team, and we play every game as if it is the final and tomorrow won’t

be any different. We are confident of getting something positive out of the game.” She concluded.

Plumptre has represented England at the Under-15, Under17, Under-19 and U-23 level, including at two tournaments, the 2014 and 2015 UEFA Women’s U-17 Championship.

Nigeria Vs Zambia Third Place Play-off Live On DStv, GOtv The Super Falcons of Nigeria will take on the Copper Queens of Zambia for the bronze medal at the third place play-off match of the 2022 Total Energies CAF Women’s Africa Cup of Nations (WAFCON) showing on DStv and GOtv. The tie which is set to take place at the Stade Mohammed V, Casablanca will be showing on SuperSport Football Plus & SuperSport variety 4 (DStv channel 202 & 209) and SuperSport Select 2 (GOtv channel 34) at 9pm.

The Nigerian team will be hoping to bounce back from the disappointment of failing to make a tenth final appearance after they lost the semi-final match against Morocco by a 5-4 penalty shootout scoreline.

Meanwhile, history will be made on Saturday night when

the winner of the final contest between Morocco and South Africa will be crowned the champions of the female continental tournament for the first time.

Both teams remain unbeaten in this tournament and they will be keen to outplay each other for the coveted prize when the final kicks-off.

While the Bayana Bayana have the experience needed to seal a win, having been the runner-up at the 2018 edition, the Lionesses of Atlas will be banking on their home advantage.

The final set to take place at the Prince Moulay Abdellah Stadium on Saturday will be showing on SuperSport Football Plus & SuperSport variety 4 (DStv channel 202 & 209) and SuperSport Select 2 (GOtv channel 34) at 9pm.

Omo-Agege Elected African Boxing Director The Vice-president of the Nigeria Boxing Federation (NBF), Hon. Azania Omo-Agege, has emerged as Director of the African Boxing Confederation (AfBC).

His election took place at the just concluded AfBC elective Congress held in Algiers, Algeria at the weekend, July 16, 2022 to be precised.

He was elected alongside eight others as Directors of the AfBC to give adequate support to the President, Mr. Bertrand Mendouga

Azania Omo-Agege...elected director of African boxing confederation

from Cameroon.

Full list of the elected Directors include; Hon. Azania Omo-Agege (Nigeria), Irene Ntelamo (BOT), Eric Ndayishimiye (Bur), Alpha Amadou Balde (Gui), Zoubida Wissam (Mor), Issoufo Abdou Mallam (Niger), Siyabulela Cecil Nkwalo (RSA), Anta Gueye (Sen) and Lukelo Anderson Willilo from Tanzania.

Present at Congress was the president of the International Boxing Association (IBA), Umar Kremlev, who instantly issued a certificate donating 100 packs of boxing equipment to the NBF Vice President, Hon Azania Omo-Agege.

Meanwhile, often refered to as 'reformer' of Nigeria boxing, OmoAgege promised to use his African position to bring more developments to Nigeria boxing by ensuring that the country’s referee-judges and coaches attend international courses outside the country.

He however added that gone were the days Nigeria boxing was left behind as he out to correct the ills of the past for better rèsults.

He thanked the IBA for the donated equipment which he said will be put to judicious use.

NAPHER-SD Commends Lagos State Govt The leadership of the Lagos State chapter of the Nigeria Association For Physical, Health Education, Recreation, Sports and Dance(NAPHER-SD), has commended the Lagos State Government for donating sports equipment to 644 public secondary schools in the state.

Chairman of Lagos NAPHERSD, Prince Hakeem Gbolade Olukunga, who made the commendation, said by this donation, Lagos State has again demonstrated her leadership role in sports development especially at the grassroots level.

Prince Olukunga also gave kudos to the Executive Chairman of the Lagos State Sports Commission, Mr Sola Aiyepeku, for ensuring that school sports develop beyond

it's present position in the state and charged the beneficiaries to make judicious use of the items donated.

The items which were handed to the six education districts for the schools by the Deputy Governor of Lagos State, Obafemi Hamzat, who was represented by the Permanent Secretary in the office of the Deputy Governor, Mrs Mojisola Daba, at the presentation ceremony include balls, Jerseys, Spikes, Table Tennis, Scrabble equipment, Chess boards, Volleyball, relay batons and first aid boxes among others.

The Deputy Governor who spoke through the permanent secretary, said the gesture was aimed at restoring the glory of Lagos State as the leading state in sports administration.

Asisat Oshoala (right) shortly after receiving her award from CAF President, Patrice Motshepe in Morocco...yesterday

...Oshoala Wins Record Fifth African Title, Mane Retains men’s Title Nigeria and Barcelona forward, Asisat Oshoala retained the African women’s Footballer of the Year title yesterday .

The 27-year-old picked the award ahead of Ajara Nchout Njoya (Cameroon and Inter Milan) and Zambia international Grace Chanda (Zambia and BIIK Kazygurt).

With this, she becomes the first African to win this prestigious title for a record five times, overtaking Perpetua Nkwocha who claimed the accolade on four occasions.

The awards returned for the first time in three years after being suspended by the coronavirus pandemic, with Oshoala also retaining the award she won in 2019.

“It’s a record-breaking night for me and I want to thank everyone that has been in one way or the other involved in my career.

“My teammates at FC Barcelona and more importantly, the Super Falcons who had showed the whole world that they are still the best on the continent going by the performance they put up against the host, Morocco in the semi-final of WAFCON,” she said after she received the award.

In the men’s category, Senegal's Sadio Mane was crowned the African Footballer of the Year for the second time running at a Confederation of African Football (CAF) awards ceremony in the Moroccan capital Rabat.

Mane scored the winning penalty as Senegal beat Egypt in a shootout in this year's Africa Cup of Nations final to lift the trophy for the first time.

"I am very, very happy to receive the trophy this year," Mane, 30, said as he collected his prize.

Mane beat compatriot and Chelsea goalkeeper Edouard Mendy as well as former Liverpool team-mate Salah, whose Egypt side lost February's final.

"I thank the Senegalese people - and dedicate this trophy to the youth of my country," Mane added.

Mane's prize was one of five picked up by Senegal in a total of seven men's categories after a night to remember for the West African nation.

Long-standing Senegalese boss Aliou Cisse won coach of the year, with his side named men's team of the year, while Pape Sarr was named young player of the year

and another Senegalese, Pape Ousmane Sakho, won best goal for his overhead kick for Tanzanian side Simba.

"We waited a long time for this Nations Cup," said Augustin Senghor, the president of Senegal's football federation. "We are a good example to all those teams who have not yet won (the tournament)."

Sarr, who appeared just once during Senegal's historic Nations Cup triumph, won an award previously lifted by Salah himself after his season on loan with French side Metz, so edging out Red Bull Salzburg's Ivorian Karim Konate and Manchester United's Tunisian

Hannibal Mejbri.

A host of African football legends such as Daniel Amokachi, Lucas Radebe, Austin Jay-Jay Okocha, Geremi Njitap and Senegalese duo El Hadji Diouf and Khalilou Fadiga - who celebrated on stage with Mane - were in attendance for the awards at the Mohamed VI complex.

African and Moroccan champions Wydad Casablanca took the club of the year prize for the second time in a row, while Egypt goalkeeper Mohamed El Shenawy, whose Nations Cup ended early because of injury, was named the Interclub Player of the year.

AS REWARD FOR WINNING 2021/22 NPFL SEASON

Wike Gifts Rivers Utd FC Players $20,000 Each, Free Trip Abroad Blessing Ibunge inPortHarcourt Rivers State Governor, Nyesom Ezenwo Wike, has rewarded each player of Rivers United Football Club with $20, 000 and two weeks visit to Madrid, Spain following their victory in the 2021/2022 Nigeria Professional Football League (NPFL).

The governor also conferred members of the Rivers United Football Club, their coach and management with the state’s prestigious ‘Governor Service Award’.

During a colourful reception held at the Government House, Port Harcourt on Thursday, Governor Wike, who acknowledged the team’s

sacrifice, determination and hard work throughout the 2021/2022 league season.

“Each of you will go home with $20,000 (about 12.9million). For me, you deserve more than that, but because of the economy. If not you deserve more than this. You have done well, and let me tell you if you qualify in the group stage of this CAF (Confederation of African Football) competition, we will double it for you.”

Governor Wike, however, directed the state’s Commissioner for Sports, Chris Green, to arrange for a two weeks training session for Rivers United team in Madrid, Spain.

The governor explained that the government and people of

Rivers State are delighted that Rivers United won the coveted NPFL trophy.

“I am not surprised because I saw your dedication and commitment and I knew that he who works hard, God will always give him the support to emerge victorious.”

Governor Wike urged Rivers United players to strive to be physically and psychologically prepared in order to excel during the CAF Champions League next season.

Speaking at the occasion, the Rivers State Commissioner for Sports, Chris Green, explained that Rivers United did not only win league season in style, they broke all the records.

Friday July 22, 2022

TR

UT H

& RE A SO

N

Price: N250

MISSILE Labour Party to Ageing Kleptocrats “The current crop of leaders driving the country’s economy is a pragmatic shift from the post-colonial era where the nationalists who agitated and achieved independence from Britain were in their youth, but today, the reverse is the case.

With the coming of Peter Obi and array of youths by LP for the 2023 general elections, we are going to shame the gerontocracy…”–LP National Publicity Secretary, Abayomi Arabambi, promises to support youth for elective positions.

AKINOSUNTOKUN Tinubu: Running Against Osun and Buhari DIALOGUE WITH NIGERIA

T

he July 16th 2022 governorship election in Osun state is a return match of the 2018 governorship election fielding the same protagonists, the incumbent governor Gboyega Oyetola of the All Progressives Congress, APC and Senator Demola Adeleke of the Peoples Democratic Party, PDP. The major takeaway from the 2018 precedent is that it was a close election in which Adeleke prevailed but was rigged out of victory by the brazen manipulations of third parties. The outcome of the rematch is a reaffirmation of this denied victory. Lacking finesse and quite the happy go lucky black sheep of the family, Adeleke is the imperfect medium through which Yoruba political sophistication was channelled in the instant. And he is a child of destiny to boot.

At the intervention of providence and upon the death of his senior brother, Senator Isiaka Adeleke, he was drafted to pick up the senatorial seat once occupied by the elder brother. And twice, he was handed the baton of the uncompleted relay race to the government house initiated by the same deceased mentor. This time around he was second time lucky and there was no stopping him breasting the tape. All the stars aligned in his favour including an intramural conspiracy boost from the camp of the enemy.

Oyetola is the unimpressive political greenhorn and personal protege of Tinubu who practically imposed him as successor to the outgoing governor, Rauf Aregbesola, in 2018. As it is commonly known, the two term Osun state governor, was himself a long standing political mentee of Tinubu.The rule of governorship succession in the fourth republic is that outgoing governors almost always get to hand-pick their successors. Aregbesola aspired to no less. He was denied this privilege and a cold war thereby ensued between the two culminating in a loud and clamouross protest by the former Osun state governor months ago. A house divided against itself cannot stand and so it became with the consequential factionallisation of the APC in Osun state .

Speaking before his supporters on the 14th of February 2022, Aregbesola let loose the salvo “we followed the leading of our leader that we thought was a noble and reliable fellow. We followed him dutifully with all sense of loyalty,” We dealt with him without treachery but we never knew he planned evil for us*.“We exalted him beyond his status and he turned himself to a god over us and we had sworn to ridicule anyone who compares himself to God. God has no competitor; He is enough to be God”.

The consequent loss of Aregbesola became the gain of the PDP as it was alleged that the former governor and his faction stayed only in the APC in order to play the Brutus.

If Tinubu ends up losing the 2023 presidential election, the outcome of this governorship election will be reckoned as the first marker. There is poetic justice

Tinubu here. If his godfather status was cemented by the controversial intervention of the judiciary to secure the governorship of Ekiti and Osun states for his proxies in 2010, Tinubu’s viability as a presidential candidate has been put to question by the 2022 loss of the Osun state governorship election by another proxy. After becoming the APC presidential candidate the contest he could not afford to lose was the Ekiti and Osun states off season elections.

The coincidence that his political prowess (in a presupposed South West stronghold) would be measured in terms of how APC fares in those two elections is what is called the X factor in the affairs of man (an unanticipated intervention).

Why do these elections had to happen immediately after his emergence as the winner of the APC ticket? Given that so much was at stake for his candidature and reputation as Mr Mister fix it, the logical projection was that Tinubu would handily contrive a favourable outcome in these indicative elections. Alas, providence dictated otherwise and punctured the inflated balloon of his political ego.

The theory of the power politics behind the loss of Osun state is that it is a surface manifestation of a behind the scenes high stakes intra party intrigue. His delicate health notwithstanding, President Umaru Musa Yar’adua was there for his party at the rerun of the Ekiti governorship election in 2010. And so was President Goodluck Jonathan at the 2014 governorship election in the same state. On the contrary, not only did President Muhammadu Buhari kept his distance from the Ekiti and Osun states elections, his acknowledgement of the unfavorable outcome of the election fell short of the obligatory consolation of his defeated party. He is, after all, not only the president of the country, he is also the leader of the party.

Days before the election, the APC presidential standard bearer appropriately

akinosuntokun@thisdaylive.com

sought the good offices of Buhari to nominate his running mate-as demonstration of his vested interest in the ticket. Instructively, the president declined the solicitation assuring Tinubu of his total support for whomever he picked as running mate. This cannot be a good omen for the candidate especially against the background that the president equally alienated himself from the primaries that produced Tinubu. At the palace of the Emir of Katsina on July 15th 2022, Buhari commended himself on this alienation.

“I told each of the aspirants to go and do their best. One particular governor, in his wisdom, came to meet me and asked who they should vote for at the party convention, checking if I had a preferred candidate. There was no need for interference in the process of choosing our candidates for the 2023 elections, knowing the competence of all the aspirants. They went and elected Asiwaju Bola Ahmed Tinubu, and he picked his running mate, Sen. Kashim Ibrahim. I am praying that we will have a peaceful and successful elections,’’ said Buhari Yet, contrary to this democracy loving posturing, the president, on May 31st 2022, specifically requested for personal discretion to determine who becomes the party candidate. He rambled at length but here are the relevant excerpts: “The Party has successfully established internal policies that promote continuity and smooth succession plans even at the state and local government levels. For example, first term Governors who have served credibly well have been encouraged to stand for re-election.. Similarly, second term governors have been accorded the privilege of promoting successors that are capable of driving their visions as well as the ideals of the party”.

“As we approach the convention, I appeal to all of you to allow our interests to converge. In keeping with the established internal policies of the Party and as we approach the convention in a few days, therefore, I wish to solicit the reciprocity and support of the governors and other stakeholders in picking my successor, who would fly the flag of our party for election into the office of the President of the Federal Republic of Nigeria in 2023” Where the cookie begins to crumble was the sticky point of the presidential rotation of power to the South.

The president had determined to anoint a presidential candidate from the Muslim North constituency as consensus candidate. Were this not to be the case, he would have had no reason to spurn the prerogative given him (by the caucus of the of the northern APC governors) to pick his preference from the exclusive pool of the five aspirants from southern Nigeria. In their resolve on the concession of power to the South, the governors became the nemesis of Buhari.

How do we reconcile the President’s specific request to be given a free hand in choosing the party candidate with his latter day pretention to democratic neutrality? It is an open secret that it was

after the botched attempt to foist senate president Ahmed Lawan as consensus candidate that Buhari suddenly became a born again democrat. If you know of any president other than Buhari who pretends to be disinterested in the choice of the ticket that may produce his successor, please let me know.

Even though Buhari is virtually and strategically reproduced in the Tinubu ticket, there appears to be no personal rapport between the two. There is consistency and continuity in the feigned religious bigotry implicated in the Muslim Muslim presidential ticket.

The controversial choice of former Borno state governor, Kashim Shettima as running mate only added fuel to the fire on account of the credible speculation of a covert relationship with the Boko Haram insurgents The gaffe prone Nigerian political leadership has this peculiar habit of blaming the victims. In their imagination, it is those criticising the ticket as patently subversive of national unity and integration that are wrong not those instrumentalising the cynical deployment of religious identity politics for political gain. Given the acute cleavage ridden context of contemporary Nigeria there is no logic to the argument that a same faith ticket does not portend clear and present danger for the political stability of Nigeria.

And I have the distasteful obligation of a left handed salute to the honesty and effrontery of the probity challenged governor of kano state Alhaji Abdullahi Ganduje for stating this ulterior motive in black and white. He said “I have come to this mosque to talk to the Muslims here. Please, the person you should vote for is Oyetola. Do you know why? This is because he is a Muslim like you. We are guiding you on the path (to follow).”

Late president Mohaman Ghadafi of Libya once openly canvassed the split of Nigeria along religious lines. This, precisely, is the kind of attention Nigeria is courting with the advertisement of the Muslim Muslim ticket. It is a classic instance of inviting outsiders to fish in Nigeria’s troubled waters

Still On The Muslim Muslim Presidential Ticket “No sir. The clamour is about representation; not religion. And representation matters a lot in a democracy.

Tinubu has made his choice.

And it was clearly driven by religious considerations; i.e. that he could only win if he chose a northern Muslim VP. It is dishonest to say otherwise. I am also for REPRESENTATION & DIVERSITY. In a country where we often argue that our diversity is our strength, we should be seen to be bending over backwards to reflect that strength through diversity in all key decisions. Competence is great.

Representation matters and can go hand in hand with competence”.

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja .

All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com