WEDNESDAY 26TH JULY 2023

CBN Directs Banks to Lift Restrictions on 440 Accounts Apex bank resumes enforcement of LDR policy, urges banks to comply With subsidy gone, FX Unified, MPC raises MPR to 18.75% to curb inflation Shonubi insists rate hike helping to moderate prices Says FX volatility driven by pent-up demand, low supply James Emejo in Abuja and Nume Ekeghe in Lagos The Central Bank of Nigeria (CBN), yesterday ordered banks to vacate a Post-No-Debit (PND) restriction earlier imposed on bank accounts

of 440 individuals and companies.

This was just as the CBN yesterday communicated to banks that it would resume the enforcement of the Loan-to-Deposit Ratio (LDR) policy effective July 31, 2023.

However, citing key policy reviews

particularly the recent deregulation of petrol price and transition to a unified and market-determined exchange rate - with the attendant inflationary concerns, the CBN’s Monetary Policy Committee (MPC), yesterday resolved to increase the

Monetary Policy Rate (MPR), also known as the benchmark interest rate by 25 basis points to 18.75 per cent from 18.5 per cent.

A PND refers to all debit transactions, including ATMs and cheques, on the accounts, have been blocked

but can receive inflows.

It is one instrument through which the CBN gives powers to stop customers from operating their bank accounts, with the permission of the courts.

The central bank conveyed the

vacation of restriction in circular, dated July 25, 2023 which was signed by A.M. Barau, on behalf of the CBN Director, Banking Supervision Department, and addressed to all banks.

Continued on page 10

Wednesday 26 July, 2023 Vol 28. No 10332. Price: N250

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Resident Doctors Commence Indefinite Strike Nationwide... Page 8

After Ousting Them, Tinubu Meets Adamu, Omisore at State House US embassy, anti-graft group urge president to unveil masterplan for corruption

Deji Elumoye and Emameh Gabriel in Abuja President Bola Tinubu, yesterday, met with the ousted former Na-

tional Chairman of All Progressives Congress (APC), Senator Abdullahi Adamu, and erstwhile National Secretary, Senator Iyiola Omisore, at State House, Abuja.

The purpose of the meeting, which ended about 1.30pm remained unclear, coming about a week after their forced resignations, announced during the National Working Com-

mittee (NWC) meeting of the party on July17.

In another development, the United States Embassy in Nigeria, together with a leading anti-craft

civil society organisation (CSO), African Network for Environmental and Economic Justice (ANEEJ), called on the president to launch a holistic anti-corruption architecture

for Nigeria.

Tinubu, who is the national leader of the ruling APC, boasts Continued on page 10

DSS Disobeys Court Order, Beats up Correctional Officers, Re-arrests Emefiele

Suspended CBN governor pleads not guilty, granted N20m bail Ezekwesili, HURIWA blast DSS over former apex bank governor’s arraignment

Story on page 10

CORRECTIONAL OFFICER BEING MANHANDLED BY DSS...

DSS officials assaulting Mr. Tunde Kuye, Officer in Charge (OC) of Ikoyi Prisons, following a heated altercation between the Service and Nigeria Correctional Service (NCoS) operatives at the Federal High Court in Lagos regarding who should take custody of the suspended Central Bank of Nigeria Governor, Godwin Emefiele … yesterday

Atiku to Tribunal: Don't Encourage Violation of Our Constitution... Page 12

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

SHETTIMA MEETS ITALIAN PRIME MINISTER...

Vice President Kashim Shettima meets with the Italian Prime Minister Giorgia Meloni during the UN Food Systems Summit in Rome ,Italy ... yesterday.

IMF Retains Nigeria’s 2023 Growth Projection at 3.2% Predicts 3% for 2024, forecasts Africa’s growth to decline to 3.5% Ndubuisi Francis in Abuja and Nume Ekeghe in Lagos The International Monetary Fund (IMF) has maintained its 2023 growth forecast for Nigeria at 3.2 per cent and three per cent for 2024, same figures it had projected for the country in April 2023.

The Washington-based institution made the projections in its latest World Economic Outlook (WEO) released yesterday.

In the report titled, ‘Near-Term Resilience Persistent Challenges’ it also predicted that Sub-Saharan Africa (SSA) would experience a decrease in growth, projected at

3.5 per cent in 2023, followed by a recovery to 4.1 per cent in 2024.

Similarly, it estimated that Nigeria's growth prospects for 2023 and 2024 were anticipated to gradually decline, aligning with the projections made in April, primarily due to security concerns in the oil sector.

It states: “In sub-Saharan Africa,

growth is projected to decline to 3.5 per cent in 2023 before picking up to 4.1 per cent in 2024. Growth in Nigeria in 2023 and 2024 is projected to gradually decline, in line with April projections, reflecting security issues in the oil sector.

“In South Africa, growth is expected to decline to 0.3 per cent

FG: Workers’ Pay to Be Based on Performance from 2025 Says 69,845 verified individuals on payroll Olawale Ajimotokan in Abuja The federal government has said it plan to implement performancerelated pay system in the federal civil service from 2025.

The Head of Civil Service of the Federation, Dr. Folasade Yemi-Esan, disclosed this yesterday, while briefing journalists on activities of the 2023 Civil Service Week.

She also stated that Permanent Secretaries have been informed that promotion in the civil service would be based on workers’ performance, adding the Office of the Head of Civil Service of the Federation also plans to professionalise human resource management in the federal service by 2024.

The HoS stated that the office has successfully attended to all training requests from MDAs, while progress report on the year 2022 approved training programmes indicated that over 16,000 officers were trained at core MDA level.

Yemi-Esan, also disclosed that the service detected 1,618 fake/illegal employment letters while it had continued to suspend several errant officers from IPPIS platform for not uploading their records.

She said following the initiatives in accelerating the roll-out of the HR Module of the IPPIS, 69,854 officers across the core MDAs in FCT and the six geo-political zones were verified and enrolled into the payroll.

The HoS also disclosed that 205,411 non-core civil servants affiliated to government agencies and

parastatals have also been verified.

The next stage, according to her, was to transfer those workers to the IPPIS. She said by the end of 2024 the process will be completed.

She also added that 3,657 officers were investigated by ICPC for not being present for verification audit while the verification exercise for 3,465 officers recruited from 20172019 and those absorbed into the mainstream had been completed.

She added that the educational certificates, birth certificate/ declaration of age record of workers are to be uploaded to ensure that only duly employed workers are uploaded into IPPIS. Yemi- Esan stressed that under Structured Mandatory Assessmentbased Training Programme (SMAT-P) and following the successful conduct of Training Needs Assessment (TNA) and development of Standard modules across the three levels of basic, intermediate and advanced, the office had trained 6,007 officers on Salary Grade Levels 07-17.

On digitilisation the head of service said open government across MDAs and minimum of 50 per cent of functional official email addresses was created in the Service by 2025 while minimum of 40 per cent automation of ministries’ work processes, minimum of 60 per cent access to government’s services online and provision of clean, reliable, affordable and sustainable power supply to guarantee the optimisation of the digitalisation policy is attained.

“By the grace of God, it is our

pledge as a Service to remain focused and committed to formulating and driving the policies of government for sustainable development of our beloved country. Hence, the Office will continue to forge stronger alliances and continue to re-engineer the service to be able to attain this aspiration,” Yemi-Esan said.

She also expressed government sensitivity to the plight of workers who are finding it difficult to commute daily to work in the light of the high transport fares caused by the removal of fuel subsidy.

She said a committee is working

at recommending minimum wage for workers, providing buses for workers as well as looking at a stop gap in on the amount of money they have to pay as transport for workers.

“It is a working committee that has not finished its work. It will look at amount of money to pay for six months. It is even looking at the conversion of vehicles for workers instead of buying PMS with their cars. I am sure in a week or two, the committee finish its work and we hope the workers will smile home,” she said.

in 2023, with the decline reflecting power shortages, although the forecast has been revised upward by 0.2 percentage point since the April 2023 WEO, on account of resilience in services activity in the first quarter.”

Responding to the impact of climate change in Sub-Saharan Africa as well as its growth prospects for SSA during a briefing yesterday, the Chief Economist and Director Research Department IMF, PierreOlivier Gourinchas said: “For the whole region, we have growth that is slowing a bit from 2022 to 2023 from 3.9 per cent to 3.5 per cent. That's a very mild downward revision for 2023 about 0.1 percentage points.

“So, this is a gross number that is kind of on the low side. I was talking earlier about the fact that this is not an environment that has very strong robust growth. And this is certainly one of the regions where we see that it's very different from emerging Asia, for instance.”

On climate change, he added: “It's certainly the case that we're seeing more extreme climate events.

And some of these can have strong macroeconomic consequences we've seen and talked about the drought in Argentina, we can think about the floods in Pakistan, and we can think

about the impact of temperatures rising on agricultural yields in general and agricultural production.

“So, this is certainly something that is very important, especially for countries that have very little fiscal space, very small buffers with which they can address some of that volatility in food prices. And that's causing in many of these countries situations of food insecurity that were particularly acute last year.

“They are a little bit less acute now because food prices have been coming down, but that remains an important risk going forward.

And climate change is certainly something that is aggravating that phenomenon.”

It also stated that global inflation was projected to decline from 8.7 per cent in 2022, to 6.8 per cent this year, indicating a 0.2 percentage point decline, and 5.2 per cent in 2024.

According to the IMF, the global economy was on track but not yet out of the woods, adding that economic growth showed near-term resilience amid persistent challenges.

The IMF said the global economy continues to gradually recover from the pandemic and Russia’s invasion of Ukraine, stressing that in the near term, the signs of progress are undeniable.

Women, Girls Becoming More Exposed to Gender-based Violence, Group Insists Laleye Dipo in Minna As the World marks this year's World Population Day, it has been asserted that women and girls are becoming more exposed to gender based violence as a result of climate change.

Other groups more vulnerable to negative effects of climate change include the physically challenged, people living with disabilities and youths.

Speaking at an event to mark the World Population Day in Minna, Niger State, with the theme, "Safeguard the Health and Rights of Women and Girls Now," the Executive

Director of Esteemedhub Foundation, a Non-Governmental Organisation (NGO), Doosugh Agbadu, noted that the category of people were also vulnerable to conflict-related sexual violence, human trafficking, child marriage, and other forms of abuse.

Agbadu, added that Niger State has also experienced climate changerelated challenges including flooding, which she said had resulted in the loss of lives, farmlands, property, and livelihoods.

She, therefore asked the state and local governments to take urgent steps to address the challenge, especially now that the rains have peaked in several parts of the state by providing

lasting solutions to flooding in the state, and better conditions for IDPs. "No person (especially women, the youth and the vulnerable) should be made to bear the uneven burden of the environmental hazards resulting from climate change while others remain protected and even unaware that anything is happening,” she added.

As an activist for climate justice, Agbadu recommended that a deliberate effort should be made to ameliorate the challenge in order to protect those who suffer unnecessary negative effect of climate change.

She stressed that, "women in agriculture are working hard to

put in place measures to sustain their livelihood and provide income and resources for their families and should therefore not be made to suffer the negative effects of climate change.”

She lamented that, "For years, Niger State has experienced climate change-related challenges such as flooding, which has resulted in the loss of lives, farmlands, property, and livelihoods," saying efforts should be made to check the trend.

The United Nation set aside July 11, every year to be observed as the World Population Day, to reaffirm the human right to plan for a family among others.

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THISDAY MD’S DAUGHTER BAGS FIRST CLASS IN CHEMICAL ENGINEERING...

THIS DAY Managing Director Eniola Bello with his daughter Bukola, after she was awarded First Class in Chemical Engineering, Aston University, Birmingham, United Kingdom... yesterday

NDPHC: $1.2bn Spent on Power Distribution Assets, 374 Projects Executed to Boost Supply Emmanuel Addeh in Abuja The Niger Delta Power Holding Company Limited (NDPHC) has said about $1.2 billion has been spent so far to boost its distribution network in the power sector.

Speaking at the 8th Nigeria Energy Forum in Lagos, NDPHC Executive Director, Networks, Ifeoluwa Oyedele, noted that over 374 projects in the power distribution space of the Nigerian Electricity Supply Industry (NESI) had been executed.

Ifeoluwa, who spoke on the theme: 'Maximising National Integrated Power Projects', noted that the benefiting electricity Distribution Companies (Discos) were expected to refund the NDPHC, stressing that the projects had been handed over to the utilities.

On transmission, the executive director disclosed that the company had also undertaken over 121 transmission lines and substation projects, while expansion works were carried out in 34 Transmission Company if Nigeria (TCN) substations across the country.

"These accomplishments led to a complete transformation of the hitherto radial Nigerian grid into what it is today: a substantially looped grid that provides substantial redundancy to power flow around the grid. This was completely unavailable prior to NIPP," he said.

The National Integrated Power Projects (NIPP) was initiated in 2005 in response to the deplorable state of the power infrastructure in Nigeria

and the inappropriate framework for private sector investment.

It mainly gets its funding from the Excess Crude Savings Account, with capital funding to the tune of $8.46 billion since inception.

On power generation, the NDPHC stated that total planned capacity remains at approximately 5,000 MW, with an estimated 4,000mw already completed.

According to Oyedele, seven gas pipelines and metering stations projects had been concluded and were waiting to be transferred to the Nigerian Gas Company (NGC).

He disclosed that 20,000 Solar Homes Systems (SHS) were deployed in the first phase of its renewable energy programme explaining that in the phase two, 100, 000 SHS would be distributed to 12,000 off-grid rural communities.

“NDPHC has installed capacity of about 4000MW which are mostly available, except for maintenance outage, but is dispatched at about 700MW on average by the System Operator(SO) for reasons ascribed to load rejection by Discos,” the NDPHC added.

On key lessons learnt in the sustainability of national energy infrastructure projects, he listed way leave issues and right of way acquisition for transmission lines and project management structure and use of project and design consultants as some of them.

In addition Oyedele mentioned the adequacy of financial oversight of offshore project funds drawdown

by EPC contractors and overconcen-

tration of too many projects with an EPC contractor as some of the things that needed improvement He disclosed that inadequate dispatch grossly affects NDPHCs revenue generation capacity as well as irregular dispatch (Disco load rejection), System Operator’s frequent start up and shut down instructions of the units for reasons

also ascribed to load rejection issues, causing increased maintenance cost of the units.

Besides, he stated that three power plants on the eastern axis of the Niger Delta have full gas but constrained by dispatch challenges.

“Five power plants on the Western axis of the Niger Delta have major insufficient gas supply.

As at today, gas requirement is 560 mmscf/day while 60 mmscf/day is available,” he noted.

Furthermore, Oyedele said that low revenue generation due to poor dispatch, low remittance from the market and high maintenance cost due to frequent shut down and start up instructions by the system operator remain some of

Tinubu Promises to Involve Nigerians in Diaspora in Policies’ Formulation Michael Olugbode in Abuja President Bola Tinubu has promised to involve Nigerians in the Diaspora in the designing, implementation and review of public policies as well as plans and programmes.

Tinubu, disclosed this yesterday, while giving his remark at the 2023 Diaspora Day celebration in Abuja, with the theme, "“Consolidating Diaspora engagement for national development."

The president, who was represented at the event by his Chief of Staff, Hon. Femi Gbajabiamila, said the government was not unmindful of the contribution of the Nigerians in Diaspora to the economy.

He said: "It is a great delight to address our over seventeen million Nigerians in the Diaspora as the President and Commander in Chief of the Armed Forces of Nigeria for

the very first time on this auspicious occasion of the celebration of our National Diaspora Day 2023. The National Diaspora Policy 2021 prescribes July 25th annually as a day to celebrate Nigerians in the Diaspora by recognising their contributions to National Development and networking them to Ministries, Departments and Agencies (MDAs) of government, State Diaspora Focal Point Officers (SDFPOs) and Civil Society Organisations (CSOs) in Nigeria.

"The theme for this year’s celebration, ‘Consolidating Diaspora Engagement for National Development,’ is apt giving the fact that it births the new dawn in our political journey with the aim of strengthening our development in policies and programmes with our Diaspora Community across the globe for national development.

"Let me reiterate that government has held our Diaspora in high esteem and has worked hard in uplifting our engagements with them.”

He added that: " It is worthy of note that this year’s Diaspora Day celebration is a special one owing to the new initiatives by the Nigerians in Diaspora Commission (NiDCOM) to further celebrate the amazing contributions of our Diaspora Champions with the introduction of the maiden edition of National Diaspora Merit Awards.

“This initiative will not only serve as a morale booster for the Diaspora community but will also encourage Diaspora engagement and participation for national development.

"Let me commend NiDCOM for its dynamic engagements with the Diaspora community especially in coming up with laudable pro-

Commissioner Accuses FCC Chairman of Dodging House Committee Job Racketeering Probe Committee summons Chairman, 36 commissioners Juliet Akoje in Abuja The House of Representatives investigating personnel recruitment, employment racketeering and gross mismanagement of the Integrated Payroll and Personnel Information System took another turn yesterday, as a Commissioner of the Federal Character Commission (FCC), Moses Anaughe, accused his boss, the Chairman of the Commission, Muheeba Dankaka, of lying to a House Committee to avoid being probed.

Anaughe, who represents Delta

State, during the Ad-hoc Committee’s investigative session, accused his boss of lying to the Committee that she was sick to avoid the investigation, adding that at the time of the investigative hearing, the Chairman was in her office.

Dankaka, had sent a team of Commissioners led by Armaya'u Abubakar, the Taraba State Commissioner, to represent her at the probe with the excuse that she was indisposed and had an appointment with her doctors.

Anaughe, who came in after the proceedings commenced, raised his

the issues being dealt with by the NDPHC. He also listed shortage of spares due to paucity of funds to stock spares, inability to execute gas contract with Take or Pay (ToP)/ security and constraints in the execution of transmission and distribution projects as some of the challenges the NDPHC faces.

hand to be identified and when he was acknowledged, bluntly told the committee that the Chairman's representatives were lying and that she was in her office.

He further accused the Chairman of always giving excuses whenever she was called for a probe, but that, "If she wants to collect 10 per cent of employment from MDAs, the Chief Executive will go, so why is she not here?"

Anaughe questioned.

Subsequently, one of the Commissioners who came in with Abubakar, said they never said she was in

the hospital, but that she had a doctor's appointment as she was ill.

However, the Chairman of the Committee, Yusuf Gagdi, demanded that the Chairman should appear today, following day, Wednesday, with all 36 Commissioners for the probe.

Consequently, the Commissioners were put under oath by the Committee before proceeding continued.

Abubakar, after the oath appealed that the committee give them till next Monday, for the Chairman to appear in person.

But Gagdi insisted they must appear on Wednesday, and accused Abubakar of being a liar.

The Accountant General of the Federation, Oluwatoyin Madein, disclosed to members of the Committee that they did not have the nominal roll of staff on the IPPIS in the Ministries, Departments and Agencies (MDAs).

The Accountant General, who was represented by the Director, IPPIS, Mr. Emma Deko, at the investigative hearing, said they only had the nominal roll of staff of the IPPIS.

grammes for Nigerians in Diaspora to invest at home. I believe in the years to come, these programmes will impact tremendously on our economy by catalysing our developmental efforts. May I therefore encourage you to key into these programmes for our mutual benefits.

"May I also let you know that this new democratically elected government is a Diaspora friendly one, which will provide an enabling platform for effective policies for the Diaspora with the view to galvanising support for the new administration and concretizing our democracy, setting a good example for other African countries to emulate.

"Let me also let you know that we will look at the Challenges NiDCOM has enumerated with a view to ameliorating the same so that we will maximise the benefits of our engagements with our Diaspora for national development."

The Secretary to the Government of the Federation, Senator George Akume, on his part, advised all Nigerians to key into the federal government development agenda.

He stressed that all Nigerians, "both at home and Diaspora should key into our development agenda as only Nigerians can develop Nigeria.

This includes both those at home and those in the Diaspora."

In her welcome remark, the Chairman/CEO, NiDCOM, Abike Dabiri-Erewa, called for the review of the Act setting up the Nigerians in Diaspora Commission.

She noted there is the need to review the Act setting up NiDCOM to streamline its activities by setting up a smart board and a sustaining funding mechanism for its activities.

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MPC MEETING AT CBN HEADQUARTERS...

L-R: Central Bank of Nigeria (CBN) Deputy Governor, Financial System Stability, Aishah N. Ahmed; Acting Governor, Folashodun A. Shonubi; Deputy Governor, Corporate Services, Edward Adamu, and Deputy Governor, Economic Policy, Dr. Kingsley Obiora, during a press conference on the outcome of the MPC meeting, at the CBN headquarters in Abuja ... yesterday PHOTO: KINGSLEY ADEBOYE

Construction of Ondo Oil, Gas Park to Begin Soon, NCDMB Assures Govt, Investors

Olusegun Samuel in Yenagoa

Construction of a low-cost manufacturing hub for equipment components and spare parts used in the oil and gas industry was set to begin in Ondo State soonest, according to the Nigerian Content Development and Monitoring Board (NCDMB).

Located at Ilaje, Ilaje Local Government Area of the State, the facility is one of six being built in different parts of the country under NCDMB’s Nigerian Oil and Gas Park Scheme (NOGAPS) in furtherance of its corporate mandate to develop in-country capacity in the oil and gas industry.

A statement signed by Esueme Dan Kikile, Manager, Corporate Communications, made available to THISDAY, in Yenagoa, said NOGAPS, at Odukpani, Cross River State, and at Emeyal 1, Bayelsa State, are at 99 per cent completion.

NCDMB’s Director, Monitoring and Evaluation, Mr. Akintunde Adelana,

told a gathering of top government functionaries, including Ondo State Acting Governor, Mr. Lucky Aiyedatiwa, industrialists and investors as well as representatives of the United Nations Development Programme (UNDP) and the European Union (EU), that the agency was conceived to provide, “a springboard to galvanise different sectors of the Nigerian economy.”

He remarked that the oil and gas industrial parks, developed by the Board in conjunction with Shell Petroleum Development Company, ExxonMobil and Nigerian Agip Oil Company (with particular reference to NOGAPS, Emeyal 1 and NOGAPS, Odukpani) consist of manufacturing shop floors and factories, warehouses, training centres, mini estates, fire stations, truck parking and holding spaces, hostels and administrative blocks.

They were intended to eliminate importation of equipment components and spares required in oil industry

operations.

Speaking on Day 1 of the ongoing, “Develop Ondo 2.0 Investment Summit,” in Akure, Adelana stated that in line with the core mandate of the Board, which revolves around, “domesticating and domiciling value-adding activities in the oil and gas industry,” regulations on utilisation of home-grown resources, that is, local manpower, technical services of indigenous firms, goods manufactured locally as well as raw materials available in the country, have been rigorously enforced.

With specific reference to Ondo State, he emphasised that NCDMB wants, “to align with the State Government, support the State to ensure that her dreams and aspirations come to reality.”

He said Information and Communication Technology (ICT) Centres have been built in parts of the State to facilitate digital education and thus equip the youth with appropriate skills for gainful employment and

self-development.

On the Board’s role in facilitating access to energy, Adelana, who represented the Board’s Executive Secretary, Engr. Simbi Kesiye Wabote, said an effective way of doing it was by building capacities, which NCDMB has done consistently since its creation in

Onyebuchi Ezigbo in Abuja Resident Doctors under the aegis of the National Association of Resident Doctors (NARD) have declared an indefinite strike over dispute with the federal government on salary and welfare matters.

A former president of NARD, Dr. Godiya Ishaya confirmed the development to THISDAY, last night, in a telephone message.

Governor celebrates business magnate, Uanseru at 65 to accelerate and sustain the gains recorded in the State’s education ecosystem.

According to the governor, “Edo State has become a reference on how a sub-national can undertake massive transformation and significantly improve learning outcomes in the public school system.”

He further noted, “We have over the past six years deployed significant resources to improve teaching and learning outcomes, focusing on the basic education sector with over 380,000 students from various public schools across the State currently benefiting from the State’s Basic Education Sector Transformation (EdoBEST) Programme. With the success recorded in the basic sector, we are expanding the programme to capture secondary schools and tertiary institutions in the State.

“As a government, we understand the need for quality manpower in the overall development of our State and are investing aggressively in this regard, building the capacity of our people and ensuring a massive transformation throughout the entire educational system, from basic education to senior school, technical colleges and tertiary institutions, to guarantee highly-skilled graduates that can compete in the global workforce.”

Meanwhile, Obaseki, has felicitated

business mogul and President/Chief Executive Officer of GCA Energy Limited, Mr. Greg Uanseru, on his 65th birthday celebration, hailing his contribution to the growth and development of the country.

In a statement, the governor lauded Uanseru for his tenacity and entrepreneurial excellence, noting that his exploits which have elevated

and sundry initiatives.

Earlier in a welcome address, the Acting Governor, Mr. Lucky Aiyedatiwa, expressed appreciation to the organisers and assured industrialists and prospective investors that Ondo remains resource-rich and investment-friendly.

Resident Doctors Commence Indefinite Strike Nationwide

Edo Only Sub-national at Africa Heads of State Summit, Obaseki Shares Education Reforms’ Success Story Reforms to transform Edo’s education sector and tackle learning poverty in the State took centre stage at the Africa Heads of State Human Capital Summit (HCS), as the Edo State Governor, Mr. Godwin Obaseki, was said to have impressed African leaders and policymakers at the confab, sharing his government’s achievements in the State’s basic education system as well as the entire education ecosystem over the past six years.

According to a statement yesterday, Edo was the only sub-national invited as a state to the Africa Heads of State Summit and continued to stand out as a sub-national demonstrating strong political will and action to accelerate investments in learning and human capacity development.

The Summit, taking place in Tanzania's port city of Dar es Salaam between July 25-26, has in attendance over 1200 delegates, including African leaders, policymakers, and other development stakeholders from over 30 African countries.

Obaseki, who is a panelist at the Summit spoke on the theme, “From Strategy to Implementation in Education,” sharing insights on how the government’s bold and strong institutional reforms have translated to improved learning outcomes, identifying ongoing efforts

2010 through trainings for manpower development, equity participation in companies like Waltersmith Modular Refineries, blending plants and cylinder manufacturing companies, as well as strategic interventions in funding to indigenous companies through the Nigeria Content Development Fund,

the nation’s business landscape to enviable heights are a testament to the indefatigable spirit of hard work and resilience common with Nigerians.

Obaseki said, “I heartily felicitate with the President and Chief Executive Officer (CEO) of GCA Energy Limited, Mr. Greg Uanseru, on his 65th birthday celebration.

"It's true NARD has declared a total and indefinite strike action," he said.

The association is insisting that the government should address all its six point demands, failing which it would no longer guarantee industrial harmony in the health sector nationwide.

In the communique issued at the end of its recent National Executive Council (NEC) meeting, the doctors had resolved, "to further extend her already expired ultimatum issued to the government by two weeks with effect from Wednesday July 5, 2023."

The two weeks elapsed on July 17.

Among the demands of the doctors were the immediate payment of the 2023 MRTF as contained in the approved 2023 budget in line with various agreements reached with the government.

The agreement was that the government should without further delay, pay all outstanding arrears owed members including the hazard allowance and the skipping arrears of 2014-2016, and the arrears of consequential adjustment of minimum wage, arguing that there was no justifiable reason to keep owing the arrears and allowances.

NARD is also demanding

the immediate release and the implementation of the guidelines on one-for-one replacement of clinical staff to cushion the effect of the massive manpower shortage in various hospitals nationwide.

Additionally, the resident doctors are asking the Medical and Dental Council of Nigeria to discontinue the downgrading of the membership certificate issued by the West African Postgraduate Medical and Surgical colleges.

NARD further demanded the immediate payment of all Salary Arrears, implementation of the CONMESS salary structure and new Hazard Allowance and domestication of the Medical Residency Training Act and payment of the Medical Residency Training Fund to our members in the State Tertiary Health Institutions nationwide.

The NEC of NARD insisted on the immediate implementation of minimum of 200 percent increment in the CONMESS salary structure and upward review of the associated allowances as requested in her previous letters on the subject matter, adding that the current economic realities in the country cannot justify the continued payment of CONMESS as it is at the moment.

Nigeria, South Africa Forge Ties to Enhance Fight against Drug Michael Olugbode in Abuja Nigerian and South African antinarcotics agencies have met to forge stronger operational ties that would enhance the war on drug syndicates operating between the two countries.

A signed press statement yesterday, by the spokesman of the Nigerian anti-narcotics agency, Femi Babafemi, noted that as part of efforts to combat illicit drug trafficking between Nigeria and South Africa, senior officials of the National Drug Law Enforcement Agency (NDLEA) held a two-day meeting with their South African counterparts in the Directorate of Priority Crime Investigation popularly known as HAWKS, to forge stronger operational ties that would herald tough times for drug syndicates operating between the two countries.

Speaking during the start of the meeting at the NDLEA national headquarters in Abuja, recently, Chairman/ Chief Executive Officer, Brig. Gen. Buba Marwa (Retd), who was represented by the agency’s Secretary, Mr. Shadrach Haruna, said the deliberation which was a follow up to a virtual one held in April 2022, would, “bridge the gap and rekindle our efforts by deepening collaboration in line with the principle of common and shared responsibility in tackling the global drug problem.”

According to him: “Among other expected outcomes of this visit is the need to have a collaborative Memorandum of Understanding to combat drug trafficking and related crimes between the NDLEA of Nigeria and the Directorate for Priority Crime Investigation (DPCI) HAWKS, of South Africa.

“This will provide a framework for enhanced information exchange, and Joint Operations/Joint Airport Interdiction; all promising dividends that will benefit our two organisations and countries greatly.”

Marwa, while emphasising the increasing sophistication of drug trafficking cartels, particularly the proliferation of methamphetamine laboratories and the emergence of fentanyl production facilities, which pose grave threats to the safety and well-being of citizens in both countries, said this demands swift action through the seamless exchange of intelligence and technical expertise.

He added that: “This will not only help to halt the spread of illicit production of these deadly illicit drugs but also prevent locally produced ones from being smuggled between both

countries.

“The need for collaboration became urgent given the volume of trade and social interactions between the two countries leading to a corresponding trade in illicit drugs. Another expected outcome of this visit is the expectation of an agreed mechanism that would lead to the dislodgement and disruption of major drug trafficking syndicates operating between the two jurisdictions.”

In his response, leader of the South African delegation, Lt. Gen. Senaba Mosipi stressed that the collaboration between the two countries was necessary because criminals operating in the drug trade recognise no borders, or geographical boundaries, noting that to effectively combat their criminality, proactive measures within the arm of the law are imperative.

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Senate to FG: Halt Planned Electricity Tariff Hike, Don't Increase Nigerians' Hardship Sunday Aborisade in Abuja Senators yesterday, asked the federal government to halt the planned increment of the electricity tariff in order to lessen the burden of the poor masses.

The lawmakers stated this as part of their resolution after a motion sponsored by Sen. Akintunde Yunus Abiodun (Oyo Central), and co-sponsorsed by Sen Asuquo Ekpenyong (Cross River South) and

Sen Abbas, Aminu Iya (Adamatoa Central).

The motion was titled, "Need to Halt the Proposed Increase in Electricity Tariff by Eleven Successor Electricity Distribution Companies (Discos)."

The Senate, in a unanimous decision insisted that Nigerians were now going through hard times as a result of the removal of fuel subsidy.

The red chamber maintained that the price of gas, which was

the major item being used electricity companies to generate power, had not been increased.

It therefore resolved that henceforth, town halls on electricity should be held at the headquarters of the companies.

It added that communities that bought transformers or any electrical appliances should be compensated.

Part of the resolution read, "Senate accordingly resolves to call on the federal government of Nigeria to

intervene and halt the proposed increase in electricity tariff by the Distribution Companies (Discos).

"We urge Nigerian Electricity Regulatory Commission (NERC) to decentralise proposed engagement with stakeholders scheduled for Abuja to the six geopolitical zones of the Federation for effective participation by all.

"We also urge NERC to thoroughly look into the rate review applications filed by the Discos, taking

into consideration the interests of citizens, affordability, and the need for improved service delivery "We further urge NERC to explore alternative measures to address the financial challenges faced by the Discos, such as improving operational efficiency, reducing technical and commercial losses, and enhancing revenue collection mechanisms.

"We equally urge Discos to henceforth discontinue estimated billing and make available to all

electricity consumers prepaid meters at affordable prices.

"The Committee on Power (when constituted) is hereby mandated to engage with the Federal Ministry of Power, NERC, and other stakeholders to find lasting solutions to the challenges facing the Nigerian electricity sector.

"It should include the need for comprehensive sector reforms. The Senate also resolved that the executive should allow the poor to breath."

DSS DISOBEYS COURT ORDER, BEATS UP CORRECTIONAL OFFICERS, RE-ARRESTS EMEFIELE Chuks Okocha in Abuja and Wale Igbintade in Lagos Operatives of the Department of State Services (DSS) yesterday rearrested the suspended Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, in the premises of the Federal High Court, Lagos, few hours after he was granted bail

by Justice Nicholas Oweibo.

The re-arrest attempt turned riotous when Emefiele came out of the courtroom, led by a squadron commander from the Nigerian Correctional Service (NCoS), but was intercepted by DSS operatives, which caused Emefiele to retreat back into the courtroom.

While Emefiele’s lawyers were busy perfecting his bail conditions, DSS sent for reinforcement. The mood in the court immediately changed, as DSS personnel engaged in fisticuffs over who should take custody of the former CBN governor.

It became a free-for-all, as the DSS officers beat up the NCoS squadron commander, when he tried to resist their attempt to take Emefiele from him. They thoroughly manhandled the correctional officer in whose custody the judge had ruled Emefiele should be, pending perfection of his bail.

The situation became so messy that both the DSS personnel and the NCoS officers corked their guns and were ready to shoot, as court workers and journalists scampered for safety.

However, few hours after the face-off between the two federal agencies, Emefiele reappeared from the court and was led into a waiting DSS vehicle, which took him away about 3:02pm.

One of the operatives of the cor-

rectional service told THISDAY that they decided to withdraw following the directive from the Controller General of the NCoS in Abuja.

Following the directive from Abuja, the correctional officials brought a form for the DSS to sign, effectively handing Emefiele's custody to DSS. But the DSS initially refused to sign, it but eventually signed after some back and forth that lasted about another 30 minutes.

Earlier, the trial judge had granted Emefiele bail in the sum of N20 million for alleged illegal possession of firearms.

Emefiele is standing trial on a two-count charge bordering on possession of a single barrel shot gun, as well as possession of 123 rounds of live ammunition without licence. He pleaded not guilty to the charges. Following his plea, defence counsel, a former President of the Nigerian Bar Association (NBA), Joseph Daudu, informed the court of a bail application filed on behalf of the defendant.

Daudu, who led four other Senior Advocates of Nigeria (SANs), told the court that the bail application had been served on the prosecution, adding that there was a stamp of the office of the Attorney General as proof.

But the prosecutor, a Deputy Director of Public Prosecution (DDPP), Nkiru Jones-Nebo, objected to the bail application on the grounds that she had not been served a copy of the application. Jones-Nebo informed the court that her office had been on the lookout for a possible bail application of the defendant but did not see any.

Alleging that she had just been aware of the application in court, Jones-Nebo requested for time to

respond by way of affidavit, since facts had been deposed.

Besides, Jones-Nebo noted that since there was no sitting Attorney General of the Federation (AGF) at the moment, the defence could not have effectively served same.

But defence counsel told the court that the prosecutor had no excuse not to proceed today in response to the bail application, as same had been duly served on the prosecution's office.

Daudu argued that the office of the AGF was a creation of statute, and so cannot exist in a vacuum.

In his ruling, the judge agreed with the submission of the defence counsel, and urged him to move the defendant's bail application.

Moving the application, Daudu urged the court to admit the defendant to bail as he was not a flight risk, being a reputable former governor of CBN. He told the court that the defendant had been kept in custody for long and had lost so much weight and so required medical attention.

The defence counsel also informed the court that the defendant would be available to stand trial, adding that assuming the prosecutor had produced a witness, the defence would have been ready to proceed.

Daudu urged the court to grant the defendant bail.

In response, the prosecutor informed the court that they were opposed to the bail application of the defendant and alleged that he was a flight risk Jones-Nebo told the court that the defendant had refused to submit his international passport, which indicated flight risk.

Besides, she argued that Emefiele, being a very influential citizen of

Nigeria, could also interfere with the case and evidences intended to be led by prosecution. She urged the court to refuse bail.

In his ruling, Oweibo agreed with the submission of the defence counsel on the grounds that the offence for which the defendant was charged was bailable.

The court held that bail could only be denied where any of the circumstances set out in section 162 of the Administration of Criminal Justice Act was established. The court held that the prosecution did not furnish such circumstances before the court.

The court consequently granted bail to the defendant in the sum of N20 million with one surety in like sum. The court held that the surety must depose to an affidavit of means and have a landed property.

Oweibo urged that the defendant be remanded in custody of the correctional service, pending perfection of his bail, and the correctional service personnel left with Emefiele.

The court had earlier adjourned the case until November 14 for trial.

In the charge, the prosecutor told the court that the defendant who resides at No. 8 Colorado Street in Maitama, Abuja, committed the offence on June 15, at No. 3b Iru close, Ikoyi Lagos.

Emefiele was alleged to have in his possession a single barrel shot (Jojeff Magnum 8371) without licence.

The defendant was also alleged to have in his possession 123 rounds of live ammunition cartridges, without licence. The offence contravenes the provisions of sections 4 and 8 of the Firearms Act, Cap F28, Laws of the Federation, 2004.

Meanwhile, Emefiele's lead counsel, Daudu, accused the DSS

CBN DIRECTS BANKS TO LIFT RESTRICTIONS ON 440 ACCOUNTS The correspondence read, “You are hereby directed to vacate the Post-No-Debit restriction placed on the accounts of the underlisted bank customers at our instance."

The apex bank further mandated the banks to inform the concerned customers of the vacation accordingly.

Some of the affected accounts included Fortune-K Resources and Investment Nigeria Limited, Voomos Limited, BoxII Limited, OP Amber, KIIPay Limited, Blake Excellence Resort, and Vanu Nigeria Limited. Others were Bakori Mega Services, Ashambrakh General Enterprise, Namuduka Ventures Limited, Crosslinks Capital and Investment Limited, IGP Global Synergy Limited, Davedan Mille Investment Limited and Urban Laundry, Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, Wudatage Global Resources, Whales Oil and Gas, Mosinox Oil and Gas and A.A. Gwad Ventures.

Those also listed included Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru, FirmCoin Resources and SIBT Acuracy, CrossLinks Energy Limited, among several others.

With Subsidy Gone, FX Unified, CBN Raises MPR to 18.75% to Curb Inflation

The MPC also adjusted the asymmetric corridor around the MPR to +100/-300 from +100/-700, and retained the Cash Reserve Require-

ment (CRR) at 32.5 per cent as well as Liquidity Ratio at 30 per cent.

Addressing journalists after the two-day meeting of Monetary Policy Committee (MPC) meeting in Abuja, the CBN acting Governor, Mr. Folashodun Shonubi, said the modest increase in the benchmark interest rate was targeted at curtailing potential uptick in inflationary pressures resulting from the policy changes.

Shonubi, also clarified that the current volatility witnessed in the foreign exchange market was driven by the fact that the market needs to find its level, adding that there's a pent-up demand which current supply may not be sufficient to satisfy.

He said the floating of the naira and removal of petrol subsidy were likely to sustain upward pressure on domestic prices in the short to medium term especially considering the negative impact the proposed palliatives would have on liquidity.

The acting CBN governor also insisted that previous hike in MPR had continued to make quite a lot of difference by moderating the rate of increase in the prices of goods and commodities.

According to him, without the tightening stance, the headline would have spiraled out of control.

He said the continued uptick in inflationary pressure to 22.79 per cent in June 2023 from 22.41 per cent in the previous month was driven by the moderate increases to both the food and core components.

According to him, legacy headwinds, including security challenges in major food-producing areas; high cost of transportation driven by the rising cost of energy, and inadequacies

in public infrastructure continued to drive the rise in food and core inflation.

Shonubi, who read the committee’s communique, noted that unfolding dynamics in the monetary policy environment and the resultant passthrough to domestic prices would require greater collaboration between the CBN and the fiscal authority to ensure that macroeconomic stability is achieved.

The MPC’s considerations focused on the persisting rise in inflation and its potential adverse effect on output growth and household income, adding that the continued uptick in inflation (month on month) driven by increase in both the food and core components remained a key challenge.

The committee also expressed concerns that the recent policy decisions around subsidy removal, exchange rate liberalisation and disbursement of palliatives would have pass-through effects to inflation.

The MPC therefore, called for decisive measures by the bank to address the likely liquidity surfeit from these developments, including using appropriate monetary policy instruments.

The committee further prevailed on the monetary and fiscal authorities to sustain collaboration towards addressing the inflationary pressure and incentivise domestic investment to reduce unemployment and boost output growth.

It further enjoined the federal government to continue to explore policies to improve investor confidence in the Nigerian economy and pave the way for foreign and domestic investments.

The acting CBN governor also stressed the need to attract investment, particularly to auto manufacturing, aviation, and rail industries to boost non-oil revenues.

He said key policy mechanisms to shield the Nigerian economy from persisting global shocks and other emerging domestic shocks were urgently required for the economy to continue to post positive growth.

The MPC also commended the several measures put in place by the central bank to boost foreign currency liquidity.

Shonubi said, “Particularly, members were of the view that the recent policy on exchange rate unification would increase market transparency and encourage more foreign capital inflows. It, therefore, urged the bank to leverage on effective policies to attract remittances from diaspora to help moderate exchange rate pressure.

“The committee also commended the CBN’s role in the effective oversight of the banking system, evidenced by the relative stability in key financial soundness indicators and resilience of the sector, despite tight global and domestic financial conditions.”

The MPC, however, noted the likely impact of the recent policy reforms on the valuation of commercial bank assets and called on the central bank to act proactively to ringfence the banking system from any possible second-round effects, as well as sustain its micro-prudential surveillance over the banking system.

Shonubi, pointed out that staff projections showed that output growth recovery in 2023 would Continued on page 37

of affront and disobedience of court order. Daudu stressed that the DSS could not be in disobedience of court order and at the same time use the machinery of the court to torment people.

Daudu stated, "We were in court and the court grated Emefiele bail.

We further applied that pending when he will perfect the conditions of his bail, he should be moved from the custody of the DSS to the NCoS. “The court, in its discretion, granted that he should be in correctional centre until he completes the terms of his bail.

"No sooner that was done, we noticed movements from the men of the DSS to take him back into their custody, despite the pending court order. We then drew the attention of the court to this, and the court was magnanimous to hear us.

"We told the court that in the interest of the rule of law, and democratic process in this country, the court should intervene. So, the judge sent for the officer in charge of DSS who was armed to the teeth.

The court asked me to repeat what I told him, and I did. However, his (DSS operative) response was that he was under instructions to secure the suspect, in other words he was under the instructions of his boss, the Director General, to bring him.

"He has been brought to court, and has been granted bail. You can see the vehicles of the DSS and that of the Correctional Service. I must tell you that because of the delay in perfecting the bail conditions, the officials of the Ikoyi Prison have legal obligations to take him to Ikoyi Prison.

"Ikoyi Prison is not far from the court and it's a federal institution, why they want him into their custody is what beats my imagination. But what is more devastating is the fact that the DSS came to court with two-count charge, and the court in its discretion granted him bail, but you still want to arrest the person,

because the court said take him to correctional centre.”

The SAN added, "He will soon come out; we cannot allow this type of stalemate to continue. You cannot have a warrant when you have come to court with a charge. The only warrant is the one issued by the court to take him to correctional service.

“So, if the DSS takes him into custody by force, then it tells a lot about the new administration. No court will leave you in the hands of your tormentor. It will take you away and put you in the hands of another government institution.

What is the big deal with the DSS if not ego? What is the big deal in insisting in keeping him in their custody?”

On whether there was another pending case in Abuja against Emefiele, Daudu said, "In that case a reproduction order will be issued.

He is no longer in the hands of the DSS, you cannot be in disobedience of court order and at the same time use the machinery of the court to torment people. The case will never move."

Former Minister of Education, Oby Ezekwesili, yesterday, condemned the arraignment of the suspended CBN governor over alleged possession of a firearm and ammunition.

Reacting to what took place between DSS and NCoS, Ezekwesili, in a post shared on her Twitter handle, slammed the secret security agency over its treatment of Emefiele.

She wrote, “The DG of @OfficialDSSNG who without decorum publicly advertises that he is a close friend of @officialABAT, obviously thinks the average IQ of sensible Nigerians is as low as that of the politicians he has reduced that agency of @NigeriaGov to serve.

“Stop embarrassing yourselves and tell us the truth of the Emefiele matter jooo. Be guided Continues online

AFTER OUSTING THEM, TINUBU MEETS ADAMU, OMISORE AT STATE HOUSE huge influence in the party and is expected to have a say in who emerges new party leaders.

Although neither Adamu nor Omisore had openly announced their resignation since it became news, the acting national chairman of APC, who was Deputy National Chairman (North), Abubakar Kyari, told journalists after a meeting of the party's NWC in Abuja that both leaders had resigned.

But yesterday in Abuja at a one-day national dialogue on anti-corruption with the theme, “Enhancing Anti-corruption and Social Inclusive Policy Reform Initiatives in Nigeria Project”, organised

by ANEEJ and sponsored by USAID and Palladium, representative of the U.S. Embassy, Deputy INL Director, Walter Quintanilla, pointed out the need for a holistic step to combat corruption in Nigeria.

Quintanilla said, "Transparency and accountability were key to win the war against corruption in Nigeria.”

The U.S. Embassy charged CSOs in Nigeria to join the fight against corruption, while appreciating the effort put in by these bodies in the fight to expose corruption in Nigeria.

Speaking on the side-lines of the event, Executive Director of ANEEJ, Rev. David Ugolor, said the anticorruption architecture would bring about appreciable results.

Ugolor pointed that there was also need to strengthen the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC), adding that it has become imperative for Tinubu to appoint a substantive Chairman of EFCC to allow room for efficiency.

On the essence of the dialogue, Ugolor explained that one of the reasons was to launch the assessment report tagged, “Report of Assessment of the Implementation of Nigeria's International Anti-corruption Asset Recovery Commitments”, which he said, "ANEEJ has just produced on the London anti-corruption commitment that Nigeria made, and then the Global Forum on Asset Recovery that was held in Washington in 2017, and the report focuses on where Nigeria is on anti- corruption fight."

The Chief of Party, SCALEPalladium, Lydia Odeh, said it was understandable that the "issues of corruption had to be addressed in collaboration with stakeholders, whether from government, civil society, development partners and the media”.

In a goodwill message, former Executive Secretary, Presidential Advisory Committee Against Corruption (PACAC), Professor Sadiq Radda, said the searchlight on anti-graft war should be beamed on states and local governments.

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SIGNS OF RAPPROACHMENT?...

L-R: Former National Chairman, All Progressives Congress, (APC) Sen. Abdullahi Adamu; Former APC National Secretary, Sen. Iyiola Omisore, and Special Adviser to the President on Monetary Policies, Mr Wale Edun, during their Visit to President Bola Ahmed Tinubu, at the Presidential Villa Abuja...... yesterday

Atiku to Tribunal: Don't EncourageViolation of Our Constitution Insists Tinubu not qualified on account of $460,000 forfeiture, dual citizenship, alleged forged certificate APC urges DSS, police to investigate PDP's alleged foiled attack on ex-VP Adedayo Akinwale and Alex Enumah in Abuja Presidential candidate of Peoples Democratic Party (PDP) in the February 25 election, Atiku Abubakar, has challenged the Presidential Election Petitions Court (PREPEC) to not condone or encourage the violation of the country's constitution.

Atiku argued that by the provisions of the 1999 Constitution, President Bola Tinubu was unqualified to participate in the election, having forfeited $460,000 drug-related money, acquired citizenship of a country other than Nigeria, and presented a forged certificate to the Independent National Electoral Commission (INEC).

But All Progressives Congress (APC) called on the police and the Department of State Services (DSS) to investigate PDP’s allegation about Boko Haram members arrested by the police following their foiled attack on the residence of the former vice president.

However, urging the presidential election tribunal to be bold and take the lead in righting the wrongs in the society, Atiku recalled some of the previous positions of the Supreme Court.

He stated, “This court must take the lead, in righting the wrongs in our society, if and when the opportunity presents itself, as in this appeal. Allowing criminality and certificate forgery to continue to percolate into the streams, waters and oceans of our national polity would only mean our waters are,

and will remain, dangerously contaminated.

"The purification efforts must start now, and be sustained as we seek, as a nation, to now ‘change’ from our old culture of reckless impunity.”

Atiku, in his final written address, appealed to the tribunal to apply the above commendable approach of the courts with equal force to cases of brazen violation of the constitution, as shown in the instant petition.

He said, "The Petitioners in paragraph 16 of their petition, made the non-qualification of the Second Respondent a ground of challenge to the Second Respondent’s return.

This complaint on the settled state of judicial authorities remains purely a matter of law, circumscribed around the provisions of section 137 (i) (a)

(d) and (j) of 1999 Constitution (as amended).

"The relevant section provides: 137(i) A person shall not be qualified for election to the office of the president if, ‘a. subject to the provisions of section 28 of this Constitution he has voluntarily acquired the citizenship of a country other than Nigeria or, except in such cases as may be prescribed by the National Assembly, he has made a declaration of allegiance to such other country. “d he is under a sentence of death imposed by any competent court of law or tribunal in Nigeria OR a sentence of imprisonment OR fine for any offence involving any other dishonesty OR fraud (by whatever name called) OR any for other offence, imposed on him by any

court or tribunal OR substituted by a competent authority for any other sentence imposed on him by such a court or tribunal. j. he has presented forged certificate to the Independent National Electoral Commission.”

Atiku's lead counsel, Chief Chris Uche, SAN, who filed the final address, noted that the above provision was self-executory, being matters that the courts are enjoined to take judicial notice of.

Atiku maintained that Tinubu, having personally admitted and also confirmed by his witness that he forfeited $460,000 to the American government over offence of narcotics trafficking and money laundering, had no basis to contest and be declared winner of

the presidential poll.

Uche stated, "The forfeiture of $460,000 by the Second Respondent to the United States Government, (a competent authority in the instant case), is neither contested nor disputed by any of the Respondents. The feeble response of the Respondents is that there was no arraignment or criminal conviction.

"The verified complaint for forfeiture and the entire records of the United States District Court, Northern District of Illinois, eastern Division dated September 15, 1993, was clearly indicated that the Second Respondent’s funds totalling $460,000, were seized as the funds which constitute proceeds of narcotics trafficking and money laundering.

Access Bank Plc yesterday inaugurated a four-office building it donated to the Vehicle Inspection Service (VIS) Zonal Office located in the Ojodu area of Lagos State, following the destruction of the service’s old building during the 2020 #EndSARS protest Speaking at the official inauguration and handover event held at the VIS Office, Ojodu, Lagos, the bank’s Executive Director, Iyabo Ojo-Okusanya, said the project was a part of the 'Employee Volunteering Scheme' of the bank.

According to her, “Outside our corporate social responsibility as an organisation, we also encourage our employees to be responsible in the communities that we are operating.

“Therefore, we encouraged them that they must contribute to society.

So, this building you are seeing here today is not built by Access Bank,

Continues online

Subsidy Removal: Ogun to Reactivate Bulk Purchase Programme James Sowole on Abeokuta The Ogun State Governor, Dapo Abiodun, has disclosed plans by his administration to reactivate the state owned 'Bulk Purchase Program' under its Gateway Trading.

Abiodun, who made this known during an interview in Abeokuta, Ogun State, noted that his administration would also introduce an agric and food palliative which according to him would help, "at supporting our farmers so that we can boost food production."

Abiodun noted that the Bulk Purchase Program, would allow

the state government to purchase food items at pre-deregulation prices.

He said, "In terms of food palliatives, we are now going to reactivate our Bulk Purchase Program under the Gateway Trading and through different channels and warehouses in different parts of the state. We will be selling food items like grains and rice that we will be purchasing from the Central Bank of Nigeria at pre-deregulation prices."

The governor also said the introduction of an Energy Transition Plan, which was conceived some months back by his administration would allow the state to migrate

from depending on Premium Motor Spirit (PMS) or diesel to power public transportation to using Compressed Natural Gas (CNG).

Abiodun, noted that the plan of his administration was to convert mini buses owned by individuals in the state at the expense of the state government because of the financial requirements, adding that the first set of vehicles with CNG would be unveiled during the week.

"The Energy Transition Plan is something that we conceived six to eight months ago, and we have begun work in earnest on that.

"The Energy Transition Plan is

a plan that allows us to migrate from depending on PMS or diesel to power public transportation and begin to migrate to using Compressed Natural Gas (CNG).

"I am proud to say that sometime this week, we will be unveiling the first set of vehicles that will be converted from using diesel to using Compressed Natural Gas. That process started some months back.

"The first set of vehicles that we will be unveiling are the state-owned mass transit buses, staff buses, and then we will be converting our mini buses that are owned by different individuals in the state.

Access Bank Donates Office Building to Lagos’Vehicle Inspection Service Sunday Ehigiator

"The Second Respondent’s sole witness, Senator Bamidele Opeyemi, admitted under cross examination when shown the American court judgement that the proceedings affected the Second Respondent, as his name was reflected in the records of the court.

"It is pertinent to observe that the Second Respondent evaded denying the forfeiture of the said sum of $460,000 U.S Dollars to the United States Government for narcotic trafficking and money laundering activities, but engaged in semantic distinction between civil and criminal forfeiture, as well as the defence that the offence was committed over 10 years."

but by members of the Corporate operations group of Access Bank Plc, out of their private earnings, and it cost them millions of naira.

“It is a fully furnished project, and it would also be brought to a level that we expect public servants to be comfortable in. It is not all the time that private or individuals give due respect to public servants, and the work that they do is already difficult enough. Sometimes, we, the public, make it a lot more difficult.

“We hope that the donation of this building will support the process of making their lives a bit easier so they can serve the community they operate better.”

Appraising the project, Permanent Secretary, Lagos State Ministry of Transportation, Engr. Abdulhafiz Toriola, expressed delight over the completion of the project.

According to him, “You may recall that sometime, in October

2020 an #EndSars protest erupted in our state and part of the resultant effect is the loss of over N3.9 billion investments and the destruction of this building as a result of the arson that accompanied the protest.

“It is, however, a joyful moment for us as a government to witness the birth of this building as part of the recovery process. As a worthy partner, Access Bank Plc took this project very closely to heart and delivered this state-of-the-heart facility to the state government.

“On behalf of the state government and the good people of the state, I'd like to express my heartfelt appreciation to Access Bank plc for their benevolence and unwavering commitment to the present administration THEME agenda and our institutions.

“The commitment and dedication exhibited by Access Bank Plc towards rebuilding the VIS annexe office

complex as part of its employee volunteering scheme are exemplary for the essence of corporate social responsibility.

“Hence, this partnership has not only brought about the restoration of a crucial government asset but has also rekindled the hope in the hearts of Lagosians. It is common knowledge that the VIS is saddled with the primary responsibility to ensure road safety on our roads, especially as it concerns safer vehicles and safer road users.

“Hence, the facility will further enhance the productivity and efficiency of the directorate, and the state government will put it into judicious use by taking full ownership by providing it with the necessary maintenance and protection it deserves.”

She added: “Beyond the bricks and metal, Access Bank Plc's partnership with the Lagos State government

is a shining example of how the government and corporate entities can synergise to holistically address societal challenges and please a positive impact.

“It underscores the notion that we create enduring positive changes when we work together. We appreciate Access Bank Plc once again for this laudable project.”

Also speaking, Director, VIS Lagos State, Engr. Akin-George Fashola, noted that since the building was destroyed during the #EndSARS protest, the zonal office has been having a difficult time executing its mandate.

“Currently, we are sharing with other facilities to engage the public in carrying out our mandate. Access Bank came to us and opted to reconstruct this building for us so that the efficiency of the VIS, especially the Ojodu Zonal office, can be more effective.

"Our plan is to convert these buses at our expense because of the financial requirements that may make it difficult for owners of public mass transit buses to do that conversion.

So the state will convert those buses at our expense, and that itself is part of our intervention plan," he said.

Abiodun, also disclosed that an infrastructure initiative would be introduced by his administration that would allow community leaders, market women and religious bodies to identify three roads in their area for immediate intervention such as reconstruction, repair or maintenance.

"We have what we call the Infrastructure Initiative. I have asked that each local government in unison with leaders in that locality, community leaders, market women, religious bodies identify three roads in each local government for us to immediately begin to either reconstruct, repair or maintain," he said.

The governor further noted that the N10,000 allowance for civil servants and pensioners was to cushion the effect of the increased cost of transporting themselves to work, adding that hazard allowance, peculiar allowances and promotion allowances would also be paid.

Abiodun, also disclosed that civil servants have been asked to maintain about 80 per cent presence in their various offices so that not everybody has to come to work every day.

He noted that his administration would be launching its E-mobility program, which he said would allow his administration to retrieve every petrol dependent motorcycle or tricycle and replace them with electricity operated motorcycles and tricycles.

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POLITICS

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

Will Tinubu Negotiate with Agitators?

In this piece, Emameh Gabriel asks if President Bola Tinubu will negotiate with agitators, including the outlawed Indigenous People of Biafra, as he had promised during the campaigns that led to his victory at the February 25, 2023 poll.

Tinubu

S

upposed negotiation with all genuine agitators, including IPOB as a way of dousing violence in the South East and other parts of the country was on the front burner of the presidential poll debate as key contenders pledged to utilize negotiation as a means to find solution to the crisis.

President Bola Tinubu, then the flag bearer of the All Progressives Congress (APC) even went further promising to make the South East a new hub of prosperity in the country.

Today, Tinubu is President amid great expectations especially in the area of insecurity as violent non state actors and centrifugal forces continue to mount deadly assault against the natives, public infrastructures and security formations across the country, especially in the South East which has rapidly become the new theater of instability in the country and the resurgence of compulsory sit-at-home.

Insecurity has always been a fundamental factor determining Nigeria’s electorate’s decision when it comes to choosing the occupant of the office of the President, particularly since the deadly Boko Haram phenomenon reared its ugly head on the nation’s political scene.

The insecurity factor has of recent time been exacerbated by the amplification of the farmers - herders crisis in the North Central, the emergence of banditry in the North West and especially the IPOB secessionist agitations in the South East.

While the Northern region as a whole is not new to instability and violent eruptions every now and then, the South East was relatively peaceful and stable hitherto, even when violent agitations of resource control was rocking its sister region of the SouthSouth culminating in the famous Presidential Amnesty Programme (PAP) in August 2009.

While the mayhem in the North have largely been regarded as undefined and indeterminate with no clear legitimate agenda, the agitation in the South East like its counterpart in the South-South hadvsought to wrap itself around international and universal principles and norms in a bid to give it legitimacy.

The emergence of IPOB can be traced to 2015, as a successor to MASSOB, which was until then the vehicle that championed the legacy of the Igbo quest for the realisation of a sovereign state which they were unable to achieve during the 1967 - 1970 civil war that tested the bonds of Nigeria’s federal republic.

Negotiation With IPOB as Election Plank?

Insecurity was a key talking point for all the presidential candidates of the major political parties during 2022 presidential campaigns, debates and town hall meetings.

Tinubu, the then presidential candidate of the ruling All Progressive Congress (APC) during his campaign and engagement with South East leaders promised that he would engage Biafran agitators and negotiate with them if elected president.

Speaking in Abakaliki, Ebonyi state capital, on November 21, 2022, Tinubu said there was the need to come to table with all agitators,

Uzodinma which he described as the best way to end insecurity in the South East region.

He said: “We want peace, we will talk to all the agitators, this thing is not done by conflicts. You can’t get your wishes by conflict but by sitting round the table to complain.

“We don’t want to go backward.

We are progressives, we will move Nigeria forward. We will do the right thing. We will make South-east the Taiwan of Africa”.

He also promised to continue the reformation of the transport system, especially the railway sector, embarked upon by the Buhari administration.

IPOB, an outlawed group, has been blamed for the restlessness in the South East, where it declared weekly sit-at-home at the expense of the economy of the region.

The region at the last count has lost an estimated N4 trillion to insecurity in the last two years and this has continued to raise concern among leaders of the region.

The attacks, often linked to the outlawed IPOB, have led to the abduction and killings of several persons, mainly government officials and officers of various security agencies.

Beyond abduction and killing, the facilities of the various security agencies and those of the Independent National Electoral Commission (INEC) have been repeatedly attacked across the region.

The activities of IPOB and its affiliate body, otherwise known as Unknown Gun Men have provoked terror in the South East that many of its elites who supported Nnamdi Kanu at the intital stage of his movement have not only become victims of his sword but have become speechless even in the face of the carnage witnessed in the region almost on daily basis.

Former Minister of State for Labour and Employment, Festus Keyamo, who partially blamed elites of the region recently on his verified Twitter handle, confirmed this when he twitted that “the

Soludo

Iwuanyanwu

simple reason the elites in the South East are finding it difficult to speak out against those killing and dehumanising their own people in the East is the fear of reprisal attacks against their own properties and family members back home by these ‘unknown gunmen’.

He said: “Their silence does not mean support for what is happening there. It is the responsibility of the federal government to restore law and order in all parts of the country and this I am absolutely certain the government of Bola Ahmed Tinubu will do.

“Besides, we cannot isolate a region and its elites in a country where we see ourselves as one. It is our collective responsibility to assist the Federal Government in restoring order nationwide.

“The only thing I ask is that these same elites must either now be silent or totally support the efforts of the federal government (be it military or otherwise) in restoring order to that region. When they initially kicked against operation ‘PYTHON DANCE’ in the East, little did they know that the situation would degenerate to this level of savagery.

Now, they know”, Keyamo had posited.

The group was responding to Asari Dokubo who had while speaking to newsmen recently after meeting with President Tinubu branded the IPOB leader as a criminal, while also advising Tinubu not to release him.

Like the Labour Party’s presidential candidate in the last general election, Peter Obi, who also promised to negotiate with genuine agitators if elected, Governor Charles Soludo of Anambra State has urged the new government to change approach as the only way to deal with the security emergency in the southeast.

Soludo said, “One critical issue that we must draw your urgent attention to is the issue of systemic insecurity in the South East.

“While our efforts with the security agencies are yielding significant results, we believe that sustainable peace and security will be enhanced through wider non-kinetic engagements with all critical stakeholders.

“In this regard, may I repeat my previous calls and hereby request our President-Elect to release Mazi Nnamdi Kanu immediately after swearing-in (that is, if he is not released before then). We need him around the table as an important stakeholder in discussions about healing and sustainable peace in the South East”.

This call for negotiation with IPOB is coming within the climate of a new call for amnesty for agitators around the country, including bandits in the northern part of the country.

A former governor for Zamfara state, Senator Sani Yerima, made the case for the groups recently when he asked President Tinubu to negotiate with terror gangs operating in Zamfara State and other parts of the North-western part of the country.

Yerima who was addressing journalists after meeting with President Tinubu in Abuja said government should negotiate with the terror gangs, locally called bandits, for a lasting peace in the North-west region.

He likened the negotiation he is advocating is similar to what the administration of former President Umar Yar’Adua did with militants in the Niger Delta, which gave birth to the amnesty programme.

According to him: “These people are Nigerians and I believe that the Nigerian military and other security agencies have the capacity to deal with them squarely if directed and are given the resources they require, support and the political will.

“But the collateral damage that will be associated with the actions they will take is what I believe should be avoided. In the past, the late President Umaru Yar’adua had a similar interaction with militants of the Niger Delta and it was successful.

“The major causes of this problem are poverty and ignorance. So, I believe that as Nigerians, if they are called upon or if the government now comes up with a rehabilitation programme, I am sure we will have a successful end to this crisis,” he said.

Renewed Call for Negotiation There are many individuals within Nigeria who see the inauguration of a new president as an opportunity for a new approach different from the high handedness and purely militaristic method of the Buhari administration which is believed to have exacerbated the situation.

With Nnamdi Kanu still being incarcerated by the federal government, observers believe releasing him could be the begining of a negotiated settlement.

Recently, the House of Representatives thinking along that direction called on President Tinubu to explore political and diplomatic means to address the issue of IPOB as a way of ending the menace of insecurity in the Southeast.

The call by the lawmakers came a day after gunmen attacked Ishieke Daily Market located in the Ebonyi Local Government Area of Ebonyi State.

The resolution of the House followed a motion by a member of the Green Chamber, Hon Eze Nwachukwu, on the need to forestall further killings in Ebonyi State.

In a similar vein, a group, Ohanaeze Ndigbo Youth Council Worldwide, last month called on President Tinubu to invite the IPOB leader, Nnamdi Kanu for a round table discussion.

There is the believe that if the high powered Ndigbo delegation eventually meets President Tinubu with their proposal for peace, which will essentially include negotiation with IPOB, among others, Nigeria can be expected to see a new order of things in the South east as a prelude to greater general stability in the country.

But will Tinubu negotiate with agitators as promised during his campaigns? Only time will tell.

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

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T H I S D AY ˾ DAY JULY 26, 2023

EDUCATION Ugwu: Why Parents Must Protect Children from Cyber Predators Noela Ugwu is a growth coach who trains employees of corporate organisations on soft skills and organises personal development programmes for children. In this interview with Funmi Ogundare, she explained why bridging the technology gap for the girl-child and for parents to protect their children from cyber predators is important. Excerpts:

W

the girls with the skills.

hat are the soft skills you teach children?

I teach them etiquette, self-leadership, time management, organisation skills, self-awareness or self-discovery, how to handle peer pressure and bullying and anything that will help children to develop as responsible people and help them navigate the complexities of life. This time around, we want to do something different; to introduce secondary school girls to the world of tech. There is this general notion that tech is for boys. Each time we talk about tech, we usually see boys at the forefront, and the girls feel it is not for them. The global statistics of male to female in tech is that women represent below 30 per cent. It is a gap that we want to fill by introducing the girls at a very young age to the world of technology and letting them understand that it is not just for their male counterparts, and they can open their minds to that. We also want to show them the opportunities available in tech so that if they decide to study such a course at the university, they already know what they will do with it.

Why do you think it is important to introduce technology to girls early?

The reason people don’t embrace tech is because they don’t understand it and how relevant it will be to what they are going to do. If they are introduced to the world of tech on time, by the time they want to choose their course of study, they are well informed about the trajectory they want to follow and know what to do with the learnings by the time they leave the university. We also want to present to them female role models in tech so that they can see the women who are already excelling in the field.

To accomplish this, we are hosting a oneday tech conference in the University of Nigeria Nsukka (UNN). We have always had our personal development programme for young people at the university. We want to touch rural areas. What I plan to teach the children in Nsukka is what I teach others in metropolitan cities, but they can’t afford our fees.

Hence the reason why we are taking it to them free of charge. We are also taking it round the country, but we need to fine-tune our strategies to touch other locations. The tech conference is aimed at introducing tech to girls, demystifying the world’s assumption of male suitability for tech and showing them the opportunity that is available globally, as well as how technology can enhance their learning so that every time they have a device in their hands, they don’t just go snooping around social media platforms. They should know that they can actually learn a lot with a phone. After the conference, we plan to choose a few girls and train them on real tech skills, such as how to design e-banners. Imagine if they can use this dur-

Ugwu ing the holidays, and it becomes their own vacation job, they can make some money. We also want to teach them blogging, creating websites and video editing. These are things that people can do from their bedrooms. They can be equipped with these skills and make money during the holidays for themselves. As they are doing that, they are honing their skills in these areas.

Why focus these skills on the girls and not the boys?

There is this gender gap when it comes to tech. The boys are in it already. Less than 30 per cent of the professions globally are held by women, so we need to close that gender gap. We want to bring girls to the level where the boys are. Guys are naturally interested in technology, but girls don’t think this thing is meant for them, and that is why we are intensifying action where they are.

UNN has given us a space for the conference, and it’s coming up on September 2. They are partnering us to train the girls

on video editing, banner designs, etc.

How soon do you intend to spread the message across underserved areas in Nigeria?

As a matter of fact, next year, we are looking at a tour of four cities, such that each quarter, we can plan a tour of one city each. We are calling on everybody that can support us to help us actualise this vision. We are also planning a hub where the girls can learn these skills. If we hold the conference without teaching them the skills, then we have not completed a cycle. So we are counting on support from corporate organisations because we need to get them devices like laptops that we are going to be using for learning.

The world is gradually shifting to Artificial Intelligence (AI). What is your view about it?

Artificial Intelligence is where the world is. One of the speakers, Eze Anesioba, is an AI expert. He has created animations using AI and tells stories using African folklore. These are some of the things that we want the girls to see. We also have other experts on tech coming for the conference. They will be speaking from the point of experience to equip

Now that schools are on holiday, what do you think the girls should be doing, and how do you think parents can keep a check on them online?

Girls should actually have the opportunity to develop themselves in things that they find interesting and exciting, and technology is one thing that children naturally are endeared to. This generation loves gadgets, and that is why we want to meet them at the point of their excitement. We are also going to create something productive for them using gadgets. When a teenager picks up her parent’s handsets, she is doing something productive. She is not just surfing from one platform to another. So when the parents see that the girls are developing these skills, enlightening and keeping them busy, they should encourage them. With that, they can stay out of trouble, which becomes a win-win for everybody. These are potential earning opportunities for these children.

However, cyber behaviours, etiquette, and security issues arise. These are some of the things I also teach in my holiday programmes. We teach children how not to behave online. We teach them who to or not to talk to. There are issues every day. Sometimes when you organise programmes like this, even for free, you don’t see parents insisting their children attend. The problem we seem to have in Africa is that we take in what the West has told us hook, line and sinker. We don’t ask ourselves if these things adapt to our situation. Parents should know when to call our authority and give your child instructions. I teach leadership.

It is not every decision that a leader democratises. In times of crisis, you don’t have time for consensus, and we live in a crisis period. Teaching your child what will protect them from cyber predators is not something you should negotiate because when the chips are down, it is a matter of life or death. You should know when to use the democratic or autocratic style of leadership. That is the real test of leadership skills. Everything is not debatable.

What is the way forward on your initiative?

We are looking for people to partner with us to actualise this vision and achieve something significant. We are looking at rural areas, especially children from public schools. Children from private schools already have access to these things; learning on tech is part of their curriculum. When I think that children who don’t have access to this knowledge are actually meant to compete with children who have access to it in this same world, will you call it an unfair advantage? That is what it is.

Life is not fair, but we can try to bridge that gap.

Oando Foundation Launches Syllabus, Lesson Plan for Environmental Studies Uchechukwu Nnaike

Oando Foundation recently concluded the third phase of its Clean Our World (COW III) with the launch of a syllabus and lesson plan to teach primary school pupils about the environment.

The COW project, executed in conjunction with Sumitomo Chemicals, was aimed at educating children about environmental issues that they might be experiencing, but are too young to understand.

The project was also to help them understand the various issues around the environment, and to equip them with practical skills to become more responsible in the way

they engage with the environment, to sustain the environment.

Speaking at the closing ceremony held at the SUBEB Hall, Lagos, the head of the foundation, Ms. Adekanla Adegoke, said the third phase was executed in 24 primary schools in Lagos State.

“What we have done over a space of three years is we learnt what works by running the pilot.

We have learnt how to train the teachers, what the teachers need to understand and what standard they need to adhere to.”

According to her, so far the

project has impacted the lives of over 26,000 stakeholders, adding that 70,000 kg of waste plastics were collected and recycled or upcycled through different providers, while over 250 master trainers and stakeholders were trained to replicate the practices across the state.

Adegoke said the syllabus and lesson plan were launched to standardise the teaching of environmental education across all primary schools in the state to equip more children with the right knowledge that will bring about a positive attitude towards the environment.

She said the future plan is to also replicate the standard across the country.

The SUBEB Board Secretary, Mr. Lamidi Akeem, commended the foundation and its partners for teaching school children how to turn waste to wealth and for complementing government’s efforts in environmental education.

He said though the state’s scheme of work has some environmental concepts, the foundation introduced some practical elements in the new syllabus.

The event also featured the presentation of prizes to the best performing schools.

Oluwaloghbon Primary School came first; Dele Ajomale Primary School came second, while Isaga Close Primary School came third.

18 T H I S D AY WEDNESDAY JULY 26, 2023 TR

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IT’S OUR CULTURE, STUPID!

See page 23

COMMUNICATION IN DISPLACED PERSONS’ CAMPS

SONNY ARAGBA-AKPORE bemoans poor communication as many are left to their devices

See page 23

EDITORIAL

THE CHALLENGE OF ILLEGAL MINING

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opinion@thisdaylive.com

www.thisdaylive.com

Our political culture condones graft, ineptitude and waste, argues ETIM ETIM

Wednesday July 26, 2023 Vol 27. No 10332

In spite of the happenings in the sociopolitical scene, the country continues to live as the powerhouse of African literature, writes TUNDE OLUSUNLE

LITERARY LANDMARKS IN A STIFLING SUMMER Events on Nigeria’s sociopolitical scene in recent weeks have tended to obfuscate developments on the literary and cultural orbit. A new government under Bola Ahmed Tinubu, a former governor of Lagos State and erstwhile national leader of the All Progressives Congress, (APC), was inaugurated Monday May 29, 2023. It replaced the better forgotten grossly un-impactful, dour and duplicitous regime of Muhammadu Buhari which violated our collective national ecology for eight dreary years. Despite the several pledges, vows and falsehoods the past administration fed the electorate ahead of its power grab in 2015, the Buhari government holds the medal of the PRVW GLVDVWURXV LQ RXU SROLWLFDO KLVWRU\ 2΀FLDO pilferage rates the regime as the most corrupt ever, throwing up scores of public servant billionaires. This was just as insecurity festered across the land spawning a novel sprouting of internally displaced persons.

The successor government continues to make false starts as it attempts to grapple with the enormity of rot and liabilities inherited from its predecessor, of the same political persuasion.

1RZ LQWR LWV HLJKWK ZHHN LQ R΀FH WKH 7LQXEX administration removed fuel subsidy on inauguration day Monday May 29, 2023, without D WHPSODWH WR DVVXDJH WKH PXOWLIDFHWHG HͿHFWV RQ WKH FLWL]HQU\ 7KH JRYHUQPHQW LV ÁDLOLQJ ÁLSSLQJ DQG ÁRSSLQJ DERXW KRZ EHVW WR FXVKLRQ the pangs of pain on Nigerians, perpetuating the disingenuous *sadaka* model pioneered by the Buhari brigade. It proposed to handout N8000 to the poorest households in the land to mitigate the hunger and anger of Nigerians.

Amidst popular condemnation of the plan, the Tinubu government has recanted and promptly ÁRDWHG DQ ´,QIUDVWUXFWXUH 6XSSRUW )XQG µ 7KH content and format of this proposal is yet to be articulated.

As with the fuel price increase, the federal administration has also hiked fees payable in federal government-owned universities record high percentages. No mention has been made about fees payable henceforth in federal polytechnics and colleges of education. We can be sure, however, that whatever is good for the goose will be applicable to the gander.

The foreign exchange market has also been GHUHJXODWHG ZLWK WKH QDLUD ÁRDWLQJ DQG IDOOLQJ DV pitched against foreign currencies. Air travellers and airport users will equally be paying more tolls even as incomes and earnings have been ÁDWWHQHG LQ WKH IDFH RI VRDULQJ LQÁDWLRQ <RX conscientiously wonder if our current caretakers actually had a policy document given the forths DQG EDFNV ZKLFK KDV W\SLÀHG WKHLU SHUIRUPDQFH evaluation report.

Stakeholders in the literary and cultural sector rarely celebrate themselves. They are like academics in many ways who study, teach and critique the works of others, and also like journalists who interrogate their subjects so as to write and report about them. Very notable bustle and activity has characterised the Nigerian literary and cultural scene in recent weeks and months, most of which received scant mention, because they are not hard or topical news. The country continues to live

true to type as the undisputable powerhouse of African literature. It’s been a season of commemorations, birthdays, writers’ residences and much more.

7HQ GD\V EHIRUH WKH DVVXPSWLRQ RI R΀FH RI the new political epoch, writers and scholars commemorated the 10th anniversary of the transition of Chinua Achebe, the iconic literary trailblazer fondly adulated as Africa’s ´PDVWHU VWRU\WHOOHU µ +LV ÀUVW QRYHO ZKLFK LV celebrated as his *magnum opus,* *Things )DOO $SDUW SXEOLVKHG LQ UHPDLQV WKH most widely read, studied, translated and commercially successful book by an African.

7KHPHG ´7KH ,PPRUWDOLW\ RI &UHDWLYLW\ µ WKH three-day commemorative event was held at the *Mamman Vatsa Writers Village,* Abuja under the auspices of the Association of Nigerian Authors, (ANA). Achebe pioneered the association in 1981, at an event in the university town of Nsukka attended by the cream of Nigerian writers, with the Kenyan literary legend Ngugi wa Thiong’o in attendance. Gacheche Wauringi a fellow Kenyan author accompanied Ngugi to the HYHQW )HPL 2VRÀVDQ (PHULWXV 3URIHVVRU DQG recipient of numerous global awards, graced the event.

Instructively, this season marks the 20th DQQLYHUVDU\ RI WKH EHUWKLQJ RI WKH ÀUVW ZRUN

by Nigeria’s prominent global ambassador for literary creativity, Chimamanda Ngozi Adichie. The multiple award-winning and recognition-earning novelist and essayist, Chimamanda’s premiere publication is titled 3XUSOH +LELVFXV 6KH KDV VLQFH ZULWWHQ other novels, short stories and extensive essays which have been published as books in their own right. Chimamanda has headlined conferences, workshops, seminars and symposia across the globe where she continues to hoist aloft the banner of her homeland. She remains a major inspiration both for young writers and indeed women across the world. A discussion with the theme ´([WUHPLVWV LQ 3RVW LQGHSHQGHQFH 1LJHULD $ Sociological Interpretation of the character of ´(XJHQHµ 3DSD LQ 3XUSOH +LELVFXV LV EHLQJ organised by the *Nigerian Literary Society, (NLS).* The programme is slated for Saturday -XO\ LQ 3RUW +DUFRXUW Committed to the resuscitation and

sustenance of the culture of devout attention to literature and creativity long atrophied by the onset of information technology, ANA, presently under the leadership of Camillus Uka, has reinvented the *Mbari Series.* The series was initiated by the venerated German scholar, Ulli Beier in 1961 and involved young writers at the time like Achebe and Wole Soyinka. Achebe is reported to have suggested the name *Mbari* which is an Igbo FRQFHSW D΀OLDWHG WR FUHDWLYLW\ &KULVWRSKHU Okigbo, John Pepper Bekederemo-Clark, Bruce Onobrakpeya, Demas Nwoko, Mabel Segun, Uche Okeke and South African writers Ezekiel Mphahlele and Arthur Nortje were some of the earliest members of the group.

Razinat Mohammed and Emeka Aniagolu, both professors and writers took centrestage at the Saturday June 24, 2023 edition of the HYHQW KHDGOLQHG ´$ 1DWLRQ LQ 'LUH 1HHG RI ,QQRYDWLRQ /LWHUDWXUH DV WKH $QVZHU µ 7KH July 2023 version of the *Mbari* converge ZDV WLWOHG ´(ͿHFWLYH 8VH RI /DQJXDJH LQ &RPPXQLFDWLRQµ DQG KRVWHG E\ 8GHQWD Udenta, respected cultural scholar and professor. Emmanuel Dandaura, a professor at WKH 1DVDUDZD 6WDWH 8QLYHUVLW\ .H΀ 168.

ZDV PRGHUDWRU DW WKH SURJUDPPH )UDQFLV Egbokhare, revered professor in linguistics and sociolinguistics, and Joy Eyisi, respected professor of English language and applied linguistics, were the discussants at the very convivial event.

Days before the July 22, 2023 *Mbari* LQ $EXMD :ROH 6R\LQND $IULFD·V ÀUVW DQG Nigeria’s sole Nobel Laureate for Literature thus far, turned 89 on July 13, 2023. There was no ceremony commemorating the landmark per se except for the typical deluge of felicitous messages. *Providus Bank* one of Nigeria’s QHZHVW ÀQDQFLDO LQVWLWXWLRQV KRZHYHU hosted the octogenarian Soyinka and another cultural colossus, the Nonagenarian Bruce Onobrakpeya on Sunday July 16, 2023. The event was at a reading session marking the publication of Soyinka’s latest poetry YROXPH WLWOHG 6HOHFWHG 3RHPV A Retrospective.* By the very title of the publication, it is an aggregation of his poetry within the last six decades.

July 19, 2023, the Nigerian and global literary commune lost one of its most popular writers and scholars, Kole Omotoso in Johannesburg, South Africa, at 80. A formidable novelist, dramatist, intellectual, theorist, newspaper columnist and more, Omotoso had nearly two dozen novels, plays and critical works WR KLV QDPH +H OLYHG WKH ODVW \HDUV RI his life outside Nigeria, predominantly in South Africa where he was a notable face on billboards and television advertisements for *Vodacom communications* which HDUQHG KLP WKH QLFNQDPH RI <HER *RJR PDQ +H HTXDOO\ IHDWXUHG LQ D 6RXWK African television drama *Mandela and de .OHUN ZKHUH KH ZDV FDVW DV ´*RYDQ 0EHNL µ Mandela’s fellow prisoner on *Robben Island.* Olusunle, PhD, poet, journalist, scholar and author is a Member of the Nigerian Guild of Editors, (NGE)

WEDNESDAY JULY 26, 2023 • T H I S D AY

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WEDNESDAY, JULY 26, 2023 ˾ T H I S D AY

PERSPECTIVE

Election Tribunal: Between Mbah, NYSC and DSS

Samson Ezea

I

have passionately and attentively followed and monitored the proceedings at the Enugu governorship election tribunal, where parties have opened and closed their cases and defences.

While the All Progressives Grand Alliance (APGA) governorship candidate, Frank Nweke Jr withdrew his case against Mbah after it ended in a cul de sac, that of Uche Nnaji of All Progressives Congress (APC) has been dismissed both at the tribunal and Appeal Court, leaving the stage for Barr. Chijioke Edeoga of the Labour Party (LP) and Barr. Peter Ndubuisi Mbah of the Peoples Democratic Party (PDP).

One incident that mostly caught my interest and attention at the tribunal is the allegation of NYSC certificate forgery against Mbah that has been the bone of contention even before the elections. I was quite conversant with the matter before it came to the tribunal. I had always followed it and privately asked myself repeatedly; of what purpose or intent did Mbah submit his NYSC certificate, when he knew it was fake and not a constitutional requirement for one to be governor?

I am aware that Mbah has dragged NYSC to court on the matter insisting on his innocence and claiming damages.

I am quite aware that the NYSC had issued disclaimers twice about the certificate and that the DG of NYSC granted a live television interview disclaiming Mbah’s certificate. I had wondered how the truth in this case would be unraveled and resolved especially in the light of the fact that the two parties (Mbah and NYSC) strongly stood their grounds. Some persons, most especially the oppositions were already dismissive of Mbah’s claim of innocence with a fixated and emotional conclusion that the issuing authority is infallible and can never be wrong, Mbah and his supporters had never been daunted by this biased conclusion. Mbah had continously maintained his innocence and remained unrelenting and unruffled in his fight to prove it beyond reasonable doubt.

I also knew that this allegation of NYSC certificate forgery was originally levelled against Mbah by some stakeholders and leaders of All Progressives Congress in Enugu and not the Labour Party governorship candidate, Barr.Edeoga and his supporters.

I can’t reconnect or remember Enugu APC publicly stating the reasons they abandoned pursuing the allegation or taking it to court, before the Labour Party usurped it and held unto it tenaciously and emotionally.

While Enugu Labour Party members and supporters were celebratory of the allegation and used it against Mbah in the election, it didn’t stop Mbah from winning the election and being sworn in as Governor.

Still basking in the utopian euphoria and standing firmly on his claim that Mbah submitted forged NYSC certificate to INEC, the Labour Party governorship candidate, Barr. Edeoga included the allegation in the petition he filed against Mbah at the tribunal. Led in evidence against Mbah on the matter at the tribunal was NYSC Director Of Certification, who is also a senior personnel of the Corps.

With this, many erroneously believed that it was over for Mbah and his supporters. The oppositions particularly the Labour Party that brought the case before the tribunal believed that the case had been fought and won with the appearance of the NYSC staff to testify against Mbah. Their premises for this has been that the issuing authority has the final say and is infallible.

The appearance of the DSS personnel, Yayaha Isa Mohammed, who was led in

Mbah

evidence at the tribunal exposed the rot in NYSC, indicted the Corps and exonerated Mbah of any certificate forgery. The DSS personnel berated NYSC for poor record keeping and lack of transparency in handling of their activities and affairs. One can confidently say that with the DSS report which has been admitted as evidence at tribunal, Governor Mbah and supporters have felt sigh of relief and vindication. To me, the little confusion in my mind before now on how best to unravel the truth in Mbah’s certificate forgery allegation and resolve it has been laid to rest by the DSS report. My phony anxiety and fears over the case has ceased.

There is no better, legal and constitutional way of unraveling and resolving it than the involvement of the security agency. It could be recalled that it was the same DSS that was invited to investigate the case of Mmesoma, the young Anambra girl that forged her JAMB result. Even when JAMB insisted that she forged the result, she kept on denying it until she was confronted with overwhelming evidence by the security agency. JAMB further provided clues on how such a result could be forged on the internet and showed evidently the difference between the fake and original JAMB result.

Since the appearance of the DSS personnel and presentation of his report to the tribunal which has

been admitted, neither the DSS has issued a public statement disowning its personnel nor has NYSC put up a rebuttal dismissing their indictment by DSS report on the matter. This is the least of what is expected of these two bodies if there is anything wrong or illegal in what happened at the tribunal.

NYSC is not known to be speaking or issuing statement by proxy. After all, they had issued two disclaimers over Mbah’s certificate and their garrulous DG had spoken unguardedly and carelessly about it before now. Nothing stops the NYSC from issuing a statement to dismiss DSS report if they are sure of their innocence and transparency in the Mbah’s certificate saga.

I read one story attributed to Emmanuel Onwubiko of the Human Rights Writers Association of Nigeria (HURIWA) claiming without attributing to any verifiable or identifiable sources in the NYSC, that NYSC is insisting on their stand that Mbah’s certificate is fake. I have as well seen and read many fabricated and peddled social media stories and articles in that direction typical of Labour Party social media urchins’ handiwork trying to dismiss or rubbish the DSS personnel’s appearance and reports. I have argued with some people on many social media platforms as it concerns the DSS personnel’s appearance and his report on the certificate forgery. I have always asked these questions, why

do some people believe NYSC’s position hook, liner and sinker and are critical and doubtful of the report of foremost security agency that has the constitutional and legal power to investigate alleged criminal case of this nature? Why doubting the true identity of the DSS personnel or casting aspersions at him when his agency has not denied him or his appearance at the tribunal? These are simple questions that have straightforward answers.

With due respect to Mr. Emma Onwubiko of HURIWA, who was my senior colleague and a known journalist before now, when did NYSC start to speak by proxy especially on a matter they have confidently issued two disclaimers and their DG has spoken on live television before now? When did HURIWA or Onwubiko become NYSC’s spokesman? There should be limit to human rights activism especially in a delicate matter like allegation of certificate forgery. Where was HURIWA for Mbah, when NYSC and the Labour Party’s social media mountebanks were smearing his hardearned reputation over this certificate forgery allegation even when no court has indicted him? If HURIWA is truly an altruistic human right advocacy group, they would have been there for Mbah instead of the NYSC. For those of them on different social media platforms exuding emotions and sentiments over the matter and doing everything possible including questioning the constitutionality of the DSS personnel’s appearance and the validity of his report to see if they can rubbish it, they are not tribunal judges, although they are entitled to their opinions, supports and beliefs. It is within their rights to support Edeoga or whoever they like, likewise me, but we all know that in law, there is no room for sentiments and emotions.

Nothing speaks volume than truth and facts. That is why truth is constantly sacred and opinions vary. I am ardent believer of truth. I bow to superior arguments or submissions laced with facts and incontrovertible evidences. I am of the strong view and belief that justice will done by the tribunal judges on the matter with the overwhelming evidences before them. The difference is clear. The truth is obvious and can always speaks for itself anytime, no matter how one tries to bury, emblish or rubbish it.

Just like before now, Mbah has used this case to prove a point, which is that an issuing authority can be challenged and proved otherwise, when one is innocent, has means and capacity. Mbah has done this with utmost dexterity, diligence and organisation. He carefully kept safe all his NYSC documents which included his call up letter, correspondences between him and NYSC and others for years as if he knew that a day like this will come. This is very wonderful and unlike many personalities.

I am quite convinced that after this case, NYSC will go back to the drawing board to rejig and upgrade her system. It is quite appalling and disgracing that in this era of technological revolution and evolution, NYSC has not digitalised its discharge certificates in a way that one can click on a computer or phone button from anywhere in the world and access them easily.

As we await tribunal judgment, until or unless NYSC or DSS publicly disowns what transpired at the tribunal as it concerns allegation of certificate forgery against Mbah, all those trying to discard, rubbish or dismiss it on social media platforms are playing to the gallery, building castle in the air and expressing their emotions and anger that have no place in law.

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WEDNESDAY JULY 26, 2023

SONNY ARAGBA-AKPORE bemoans poor communication as many are left to their devices

Our political culture condones graft, ineptitude and waste, argues ETIM ETIM

IT’S OUR CULTURE, STUPID! A video of Boris Johnson riding his bicycle to a corner shop in London to buy some items have excited Nigerians a lot. Dressed in a black suite, blue shirt and red tie, with winter jacket and head warmer, the former UK prime minister is seen picking a few items himself in the store and looking relaxed. At the checkout counter, Johnson chats with the excited shop keepers and checkout clerks. Outside, he takes photographs with passersby before riding away. Someone shouts, ‘’Be safe, Boris’’, and he answers, ‘’I will’’. No convoy. No police escorts RU VHFUHW SROLFH 7KH IRUPHU 30 DSSHDUV OLNH every other person in the neighbourhood. The caption accompanying the video reads, ‘’He is Britain’s former prime minister. See how he lives a normal life, no millions of pounds missing; no buildings scattered all over the world or cars all over England…’’.

Earlier this year, I have also seen a video of the Dutch prime minister drive himself in his own private car to work. No convoy. No SUVs. 2QO\ WKH 30 GULYLQJ KLPVHOI 7KH *KDQDLDQ

lady who took the video was exclaiming that VKH ZDV FKDWWLQJ ZLWK WKH 30 RI WKH FRXQWU\ who was heard telling her, ‘’I am going to work; and you’re doing your own work’’.

Now, compare this with the lifestyles and FRQGXFWV RI RXU SROLWLFDO OHDGHUV LQ R΀FH DQG WKRVH ZKR OHIW R΀FH UHFHQWO\ RU VRPH \HDUV ago. We have read about former governors who took away government vehicles as they OHIW R΀FH ,Q DQG RXW RI R΀FH RXU SROLWLFLDQV continue to live in opulence, with a large retinue of policemen and security detail, all at the expense of the people. Their looted funds are stashed away in foreign banks, laundered through lucrative deals or are buried in pits in their compounds. While the ordinary citizens continue to wallow in rising poverty and are constantly being called upon to tighten their EHOWV DQG PDNH PRUH VDFULÀFHV SXEOLF R΀FLDOV and even former ones continue to live in luxury and illicit wealth. Last Monday, former governor Udom Emmanuel of Akwa Ibom 6WDWH ÁHZ LQWR 8\R LQ D FKDUWHUHG MHW WR DWWHQG a state function. It costs N10 million to charter D MHW MXVW IRU DQ KRXU·V ÁLJKW :KR IRRWHG WKH 1 PLOOLRQ ELOO IRU WKH UHWXUQ ÁLJKW LQ WKDW chartered jet for the former governor?

Corruption permeates every branch of JRYHUQPHQW DQG HYHU\ FDGUH RI R΀FLDOV National Assembly members reconvened last PRQWK WR GLVFRYHU WKDW ÁDW VFUHHQ 79 VHWV FRPSXWHUV DQG RWKHU R΀FH IXUQLWXUH XVHG E\ WKHLU SUHGHFHVVRUV LQ R΀FHV DW WKH 1DWLRQDO Assembly complex have been pilfered. Huge sums are being voted to replace them. What manner of people will steal TV sets from R΀FHV" The culture of a people determines the extent of their economic wellbeing. A culture that celebrates corruption, copious consumption and promotes incompetence and ethnic bigotry over excellence can never create economic development. Nigerians are impressed to see a former prime minister

of a G7 country ride his bicycle for grocery shopping himself, but the same Nigerians would celebrate a politician at home who stole billions from the treasury and is living in unexplained opulence. The same people who are admiring Boris Johnson today would deploy ethnic sentiments to defend their kinsman who is arrested for graft. You’d hear such talks like ‘’Leave him alone; he is not the only one. Is he the only one who has stolen money in this country?’’ from his kinsmen. )RUPHU 3HWUROHXP 0LQLVWHU 'LH]DQL $OLVRQ Madueke, who has been accused by the EFCC of all sorts of corrupt enrichment and has been living in exile since 2015, was recently celebrated by her fellow Ijaw citizen.

Our political culture condones graft, LQHSWLWXGH GHFDGHQFH DQG ZDVWHV 3HRSOH DUH QR ORQJHU KRUULÀHG E\ VWRULHV RI KLJK YROXPH WKHIW DEXVH RI R΀FH DQG LQHSWLWXGH There is no longer a national outrage against decadence and incompetence in the polity, as we used to have in the 1970s. A new age of moral permissiveness is upon us. Everybody is looking for every opportunity to help himself. It is as if Nigerian citizens are in competition against each, or in some kind of stampede, to dismember the country and share its resources in a free-for-all struggle.

Everywhere you turn, corruption oozes and the people applaud in a frenzy of excitement.

Yet, the same people will turn around to complain of how the country has failed them; how the leaders have failed and how they would like to migrate to where they call ‘’saner climes’’. Can’t we understand the connection between these unbridled excesses and the helpless economic situation we are in?

The other day, a young man was lynched for stealing a loaf of bread in Yenagoa. He was said to be a fresh university graduate who recently left the university with an impressive ÀUVW FODVV GHJUHH 5HSRUWV VD\ KH KDV EHHQ jobless since graduation and was living in very desperate situation. But the people VSDUHG QR HͿRUWV LQ EHDWLQJ KLP WR GHDWK IRU stealing a loaf of bread. But these same people would later in the evening troop to the homes of their political leaders who probably stole millions from the government and shout ‘’we are still loyal sir. Anything for us, sir’’. That is the way we are!

In 1992, a brilliant political strategist in the United States, James Carville, working for the Bill Clinton presidential campaign, coined the phrase, ‘’It’s the economy, stupid’’, as one of the three messages to focus on during the campaigns. His message was initially directed DW WKH 'HPRFUDWLF 3DUW\ FDPSDLJQ ZRUNHUV but was later adapted as the buzzword of the season for the Bill Clinton presidential campaign. The US economy was in a recession and Clinton’s campaign used the message to drive home the point that nothing else mattered to the American citizens than À[LQJ WKH HFRQRP\ &OLQWRQ·V SOHGJH WR À[ WKH economy and grow jobs resonated with the voters, so much so that he went on to beat his FKDOOHQJHU 3UHVLGHQW *HRUJH + : %XVK Thirty-one years later, Nigerians are confronted with rising poverty and cost of living crisis not seen in more than a generation, compounded by massive frauds and corruption that go way back. If the citizens, especially the elites, do not form a consensus and rise up against corruption, incompetence and decadence, the country will continue to go around in circles, mired by miserable economic situation. It’s the culture, stupid!

Etim is a Journalist

COMMUNICATION IN DISPLACED PERSONS’ CAMPS Access to telecommunications facilities in Nations High Commissioner for camps occupied by displaced persons globally Refugees (UNHCR,) the UN Refugee remains a nightmare. Whether via satellite, Agency, together with the International mobile or terrestrial connectivity, the result Telecommunication Union (ITU) on July remains the same.

4, 2023, launched a transformative agenda The people are left to their devices as very to connect refugees around the world. little happens to cushion their communications Together, UNHCR, ITU and GSMA - the needs. trade association for mobile operators - seek Whether in Nigeria or elsewhere in the globe, to ensure that all major refugee hosting areas WKH VWRU\ LV QRW GLͿHUHQW KDYH DYDLODEOH DQG DͿRUGDEOH FRQQHFWLYLW\ Records show that by the end of 2022, no by 2030, advancing the digital inclusion of fewer than 71.1 million people in 110 countries over 20 million forcibly displaced people were displaced. Of this number, 62.5m in 65 and local host communities.

FRXQWULHV ZHUH GLVSODFHG WKURXJK FRQÁLFW After a joint visit to Ethiopia early in July, and violence while 8.7m in 88 countries and ITU’s Secretary-General, Doreen Bogdanterritories were displaced through disasters.

Martin and UNHCR’s Deputy High 7KHVH ÀJXUHV ZHUH UHFRUGHG E\ Commissioner Kelly T. Clements witnessed calculations but sure, there is a rise no doubt as how digital connectivity is providing a a result of the war going on in Ukraine courtesy, lifeline and solutions for refugees and 9ODGLPLU 3XWLQ WKH 5XVVLDQ ZDU ORUG ZKR QRZ displaced people, helping them access wears the cap of Adolf Hitler who wanted to mobile money, online health services, rule the world and his inordinate ambitions led connected education and as an avenue to a world war and losses of millions of lives to employment in the digital economy. and millions displaced.

Worried by what they saw, they made So far, the Russian invasion of Ukraine since an urgent global call to action to increase February 24, 2022 has led to the death of several investment and establish an enabling regulatory framework for providing connectivity to forcibly displaced and stateless people and the communities that host them.

In 2021, a joint letter between the two agencies “outlined a shared vision of a connected society that leaves no one behind, in line with the Sustainable Development Goals. “ ´,Q (WKLRSLD ZH KHDUG ÀUVW KDQG IURP refugee communities how much digital technology means to them, as crucial to their self-reliance and a way to connect to key services as well as loved ones,” said UNHCR’s Clements adding, “Many FKDOOHQJHV UHPDLQ :H PXVW ÀQG DͿRUGDEOH thousands and millions displaced thus adding ways to connect the many forcibly displaced to the long list of displaced persons in the people who are still out of reach.” world.

“In Ethiopia, we’ve witnessed the Data from Internal Displacement Monitoring ingenuity of refugee communities in &HQWUH ,'0& VKRZV ,'3V ÀJXUH VWRRG DW P ÀQGLQJ ZKDWHYHU SDWK WKH\ FDQ WR VWD\ E\ HQG RI LQ 1LJHULD 7KLV ÀJXUH LV SDUW RI connected with society,” said ITU’s Bogdanthe 71.1m global record. The vulnerability of Martin, following a visit to a cybercafé these people was made worse by inadequate in Bokolmayo, in Melkadida refugee communications thus leading to questions camp. “These communities are asking being asked by IDMC. all stakeholders to do their bit to expand :K\ GRHV WKH QXPEHU RI ,'3V NHHS access to meaningful connectivity so that increasing? they can enjoy a safe, satisfying, enriching And it explains this saying “rapidly escalating and productive online experience at an FRQÁLFW DQG YLROHQFH LQ FRXQWULHV VXFK DV DͿRUGDEOH FRVW ,78·V 3DUWQHU &RQQHFW Ukraine and Democratic Republic of Congo Digital Coalition and the Global Refugee '5& DQG VLJQLÀFDQW GLVDVWHUV VXFK DV ÁRRGLQJ Forum can serve as important entry points LQ 3DNLVWDQ IRUFHG PLOOLRQV RI SHRSOH WR ÁHH LQ for interested organizations and investors 2022. They joined the tens of millions of people to pursue connectivity for all, including already living in prolonged displacement as a displaced people and their hosting UHVXOW RI SURWUDFWHG FRQÁLFW UHSHDWHG GLVDVWHUV communities.” UNHCR and ITU, together and a lack of durable solutions.” On what is with GSMA– the trade association for mobile QHHGHG WR UHGXFH WKH QXPEHU RI ,'3V ,'0& operators – have developed an ambitious WKLQNV ´6XSSRUWLQJ ,'3V WR UHWXUQ LQWHJUDWH pledge around Refugee Connectivity locally or resettle elsewhere in their countries is that seeks to mobilize investments and essential. Better data and evidence on solutions further policy commitments to include are key to informing tailored prevention and refugees into national frameworks and UHVSRQVH WKDW DOORZ XV WR HͿHFWLYHO\ PHDVXUH objectives around digital access for all WKH HQG RI GLVSODFHPHQW &RQÁLFW UHVROXWLRQ through universal connectivity. This peacebuilding, disaster risk reduction, climate includes fostering an enabling policy and resilience, food security and poverty reduction regulatory environment for both expansion must all be strengthened.” of infrastructure and lifting regulatory As Governor of Borno State, a worried barriers to individual access for displaced Kashim Shettima was tempted to close people. The three organizations will lay GRZQ ,'3 FDPSV LQ KLV VWDWH EHFDXVH RI WKHLU the foundation for advancing meaningful vulnerabilities to further violence. Shettima is connectivity as both a community need and QRZ 9LFH 3UHVLGHQW RI 1LJHULD DQG ZH EHOLHYH a cornerstone of digital transformation in KH ZLOO UHYLVLW WKH ,'3 VLWXDWLRQ QRW RQO\ LQ the humanitarian sector.

Borno State but other parts of the country where they exist.

Aragba-Akpore In terms of interventions, the United is a member of THISDAY Editorial Board

24 4

T H I S D AY

WEDNESDAY JULY 26, 2023

EDITORIAL

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

THE CHALLENGE OF ILLEGAL MINING The authorities could do more to stem the menace

I

n the last eight months, no fewer than 80 illegal miners have been arrested by the Ilorin Zonal Command of the Economic and Financial Crimes Commission (EFCC) with truckloads of assorted minerals. Acting on intelligence, some Chinese nationals were last ZHHN DUUHVWHG LQ WKH VWDWH IRU RͿHQFHV ERUGHULQJ RQ illegal mining activities. The suspects, made up of 12 males and a female, confessed to being workers of a Chinese company situated at Olayinka in Ifelodun local government area of the state. They reportedly RSHUDWH GLͿHUHQW PLQLQJ VLWHV LQ YLUWXDOO\ DOO WKH local government areas of the state without permits, and using the illegally mined crude to produce marble which they sell locally in Nigeria.

The latest arrest in Kwara State has again validated the 2018 Nigeria Extractive Industries Transparency Initiative (NEITI) solid mineral sector report which highlighted the prevalence of illegal mining activities in the country. The comprehensive audit explained that except for isolated cases of registered cooperative societies, the sector is largely challenged by illegal miners. About 80 per cent of mining in the Northwest region is said to be carried out illegally. The federal government’s ban on artisanal mining in Zamfara State which has VLJQLÀFDQW GHSRVLWV RI JROG DQG LQGHHG DFURVV WKH region since April 2019, has yielded little or no results.

To be sure, Nigeria’s solid minerals sector is private sector driven. Through a cadastre like system, the government allocates mineral titles to investors and subsequently provides oversight functions through policy direction and regulations. The country’s law LQ WKH VHFWRU DOVR VSHFLÀHV ZKR FRXOG EH LQ SRVVHVVLRQ of or purchase minerals in Nigeria and establishes Minerals Buying Centre (MBC) which according to NEITI are more than 100 across the country. But from Osun to Katsina and elsewhere, illegal mining is done in the open.

A recent report commissioned by Global Rights

blamed the federal government for the challenge in the mining sector. Lead researcher, Nana Nwachukwu listed factors promoting illegal mining activities in the country to include poverty, high cost and cumbersome criteria required for formalising operation, and the lucrative nature of the illicit business. While artisanal mining makes up about 80 per cent of all mining activities in Nigeria, that DVSHFW RI WKH VHFWRU LV QRW SURSHUO\ GHÀQHG ´7KHUH is a lot of confusion in the industry about what is illegal mining, unregulated mining, and informal mining. Those are terms that have come up overtime and it is really about what level of responsibility the government is willing to take for itself,” said Global Rights cordinator, Abiodun Baiyewu.

The spate of illegal mining activities in several states, especially in the north, besides undermining the economy, has already thrown up security challenges, with widespread cases of banditry, kidnapping and community unrest.

Indeed, the bid to exploit mineral deposits by criminal networks is fuelling community violence SDUWLFXODUO\ LQ =DPIDUD ZKHUH VRPH LQÁXHQWLDO and well-connected individuals connive with some foreign corporations to loot the commonwealth of the nation. According to the immediate past Governor of Zamfara State, Abdulaziz Yari, over $500 million was being generated annually, with no single naira going LQWR WKH VWDWH·V FRͿHUV 1R UHDVRQDEOH FRXQWU\ VKRXOG allow such brazen economic haemorrhage.

Even so, we must acknowledge some of the reforms initiated by the immediate past administration. These LQFOXGH LPSURYLQJ PRELOLW\ IRU ÀHOG R΀FHUV DQG organising artisanal miners into cooperatives. The challenge of the moment is how to improve on them WR VLJQLÀFDQWO\ UHGXFH WKH LQFLGHQFH RI LOOHJDO PLQLQJ in the country. There should also be more focus on how to properly organise the sector to attract local and foreign investors. We hope whoever President Bola Tinubu appoints as Minister for the sector will work to tackle this menace.

The spate of illegal mining activities in several states, especially in the north, besides undermining the economy, has already thrown up security challenges, with widespread cases of banditry, kidnapping and community unrest T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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

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

LETTERS GANDUJE: BETWEEN MINISTERIAL SLOT AND PARTY LEADERSHIP In the last few weeks, the media has been inundated with stories and analyses on who will eventually make the list of the much-awaited ministerial nominations into the yet-to-be formed cabinet of President Bola Ahmed Tinubu.

This has, no doubt, created widespread speculations and expectations from Nigerians. The list will be presented to the Nigerian Senate any time from now which is set to begin the screening ‘ritual’ for the president’s nominees.

Recent constitutional amendment mandates the president to VXEPLW WKH QDPHV RI KLV PLQLVWHULDO QRPLQHHV IRU 6HQDWH FRQÀUPDWLRQ ZLWKLQ GD\V RI KLV DVVXPSWLRQ RI R΀FH ,Q WKH SURcess, for obvious reasons there is bound to be time for further consultations and readjustment to accommodate critical input of various stakeholders.

The role of a minister is one of the most coveted positions in government. Most leaders believed that competence, trust and loyalty will assist the President in serving the nation with dilLJHQFH :H KDYH VHHQ KRZ PLQLVWHUV LQ GLͿHUHQW JRYHUQPHQWV fared and therefore Nigerians are anxiously waiting for the nominations by President Tinubu to see what will be the composition of his cabinet.

In this context, there are a lot of lessons to be learnt from how Tinubu assembled his cabinet when he was the governor of Lagos State from 1999-2003. During that period, he sought for the EHVW WDOHQWV OR\DOLVWV DQG WUXVWHG KDQGV WKDW KH FRXOG ÀQG KH didn’t restrict the search to the indigenes of Lagos State or rely on any ethno-religious consideration. That singular act made the state a model for the rest of the country.

Our expectations are that credible, trusted and loyalist who have ability and capacity to perform will be nominated and assigned to key portfolios where they will serve the president and the country well.

One other issue that is said to be delaying the submission of the ministerial nominees is the resignation of the National Chairman of the All Progressives Congress (APC), Senator Abdullahi Adamu, last week. A close ally of the president and former Kano State governor, Dr. Abdullahi Umar Ganduje is believed to be invited and supported by President Tinubu and other stakeholders to replace Abdullahi Adamu.

However, given this unfolding scenario, the president is left to choose between proceeding with the nomination of Ganduje as a cabinet minister or as leader of the party, making him a

FRQVHQVXV QDWLRQDO SDUW\ FKDLUPDQ , EHOLHYH 'U *DQGXMH FDQ ÀW in either of the two.

I have been working with him for over three decades now. +H LV ´D VNLOOHG SROLWLFLDQ D SDUW\ EXLOGHU DQG D PDQ ZKR ZRUNV for the success of our party,” in the words of former President Muhammadu Buhari, while congratulating him on his 70th birthday. A grassroots politician, Dr. Ganduje was Secretary, National Party of Nigeria (NPN), Dawakin Tofa local government area 1978-1979. He served as the deputy governor of Kano state from 1999 to 2003 and again from 2011 to 2015. He was elected the governor of Kano state on April 11, 2015 and 2019 to 2023.

During his two-term tenure, Dr. Ganduje transformed Kano via the gigantic infrastructure development projects that are inching the Commerce Centre to a Mega City. He built the best Cancer Treatment Centre in Nigeria and West African sub-region; completed and equipped an Ultra-Modern Specialist Hospital at Giginyu and a Paediatric Hospital as well as established key healthcare support institutions, among others.

Muhammad Garba, immediate past commissioner for Information and Internal $ͿDLUV .DQR 6WDWH

T H I S D AY ˾ WEDNESDAY, JULY 26, 2023

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BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

J U L Y

S & P INDEX

2 5 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT MONDAY, JULY 24, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Amendment Bill Recommends Multiple Funding for RMAFC as Stakeholders Await President’s Assent

L – R: Chief Operating Officer, Oando PLC, Dr. Alex Irune; Chairman & Chief Executive Officer, Green Energy, Prof. Anthony Adegbulugbe; Permanent Secretary, Federal Ministry of Petroleum Resources, Ambassador Gabriel Aduda; Executive Vice Chairman, ND Western Limited, Dr Layi Fatona; Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe; Chief Executive Officer, Waltersmith Petroman, Mr. Dapo Filani; Chief Executive Officer, Frontier Oil, Engr. Dada Thomas; Chief Executive Officer, Vertex Energy, Mr Segun Olujobi; Executive Director, AMNI International Petroleum Development Company Limited, Prof Oladapo Afolabi; Managing Partner, Banwo & Ighodalo, Mr Ken Etim; Director, Frontier Oil, Alhaji Abdullah Bukar at an exclusive Business Leadership Roundtable by the Independent Petroleum Producers Group (IPPG) during the Nigeria Oil and Gas Energy Week 2023 in Abuja… recently Raheem Akingbolu If President Bola Ahmed Tinubu assents to the bill for an Act to amend the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Act, CAP. R7 LFN 2010, the responsibility for the funding of the commission will fall on the three tiers of government –Local Government, State and Federal, a copy of the bill sighted by THISDAY has revealed.

The bill, as passed by the 9th National Assembly was initiated to grant the commission enforcement powers in the monitoring of accruals to and disbursement of revenue from the federation account and bring the

act in conformity with the provisions of the 1999 constitution (as amended); and for other matters related.

Meanwhile, the bill appears to have addressed the challenge of financial autonomy and weak regulatory framework, which is believed in some quarters to directly hinder the effective and efficient performance of its operations.

Analysts have consistently opined that annual budgetary allocations for the financing of the commission’s activities over the years has been grossly inadequate as to protect its independence and cater for its nationwide field operations which include monitoring of all revenue generating agencies, data

collection, sensitization, advocacy and consultation.

To this end, it has been recommended that the sensitive nature of the commission’s role in Nigeria’s Fiscal management requires a large measure of independence including financial autonomy.

While describing the three tiers of government as beneficiaries of the federation account, the bill stated that, “the commission shall be funded by the three tiers of government and shall establish and maintain a fund which shall consist of and into which shall be credited; a minimum of 0.75 per cent of total Non-Oil Federation Revenue as cost of monitoring which shall be appropriated by the National

Assembly for the purpose of the Capital and Recurrent Expenditure of the Commission (subject to Reviews), 10% of all revenues recovered by the Commission and remitted into the Federation Account pursuant to its oversight and monitoring functions, and all sums of money accruing to the Commission by way of grant-in-aid, gifts, endowments and contributions from any donor Agency, among others.”

The bill also plays up the importance roles being played by the commission in the nation’s political economy, through statutory allocation of revenue via an equitable revenue sharing formula to the three tiers of government, which many

experts admitted to have enormously contributed to the democratization process, thus encouraging good governance, transparency and accountability in the country.

Specifically, it alluded to Section 162(2) and Paragraph 32(b) Part 1 of Third Schedule to the 1999 Constitution (As Amended) which empowers the commission to review from time to time the Revenue Allocation Formulae and principles in operation to ensure conformity with changing realities and submit its advice to the president who shall table same before the National Assembly for consideration.

The recommendation of the bill aligns with the call by experts on

the Tinubu Administration on the need to improve the funding of the commission in view of its diverse activities.

According to those clamouring for more funding of RMAFC, it’s believed that the various review processes of the commission involve extensive and in-depth research and studies on the issues of Revenue Allocation Formula, call for memoranda, consultations, sensitization workshops, collection and collation of data and studies of other similar Federations in respect of fiscal arrangements.

The story continues online on www.thisdaylive.com

Auto Owners to Get Higher Claims on New Premium for Motor Policy Ebere Nwoji Vehicle owners in Nigeria can now enjoy higher claim amounts in the event of accident for self and third party damage liabilities, as well as in event of loss of vehicle following review of the premium rate for motor insurance in the country.

This was contained in a circular issued December 22, 2023 by the National Insurance Commission (NAICOM) signed on behalf of the Commissioner for Insurance, by the

Director, Policy and Regulation at the commission, Leonard Akah and sent to all insurance institutions.

The circular reads, “Pursuant to the exercise of its function of approving rates of insurance premium under section 7 of NAICOM Act 1997 and other extant laws, the commission hereby issues this circular on the new Motor Insurance Premium rates effective from 1st January 2023.”

The federal government, through NAICOM had in December 2022 reviewed the premium rate for

motor insurance in Nigeria effect from 1st January 2023.

In the new directive, private vehicles that were paying N5,000 premium for N1 million Third Party Property Damage (TPPD) limit, are now to pay N15,000 premium for N3 million TPPD, while owner good vehicles are to pay N20, 000 premium for N5 million claims limit, and staff busses are to pay N20,000 premium for N3 million claims limit.

For commercial trucks and general

carriage, they are to pay N100,000 premium for N5 million TPPD limit; Tricycles N5,000 for N2 million TPPD limit, and Motor Cycles N3,000 for N1 million TPPD limit.

It added that comprehensive motor insurance policy, premium rate shall not be less than 5 per cent of the sum insured after all rebates and discount.

Beyond this, the review also offers motorists plying the ECOWAS Region the benefits of third party liability protection

under the ECOWAS Brown Card Scheme.

The card provides motorist complete guarantee for a prompt, fair and immediate compensation for any accident that may occur outside his habitual residence country.

NAICOM said the ECOWAS Brown card used by motorists plying within West Africa subregion had been captured in the revised premium for third party motor insurance.

This means that a registered Nigerian vehicle with third-party motor insurance automatically purchased ECOWAS brown card and is covered when in and around any of the West African countries. While motorist from other West African countries into Nigeria will get third party compensation in event of accident with a Nigerian vehicle.

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT T U E S D AY, J U LY 2 5 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) July 21, ^13.53 23106.81 9.03 -0.19 2023 MAR-2025 ^12.50 2221, 103.19 11.01 0.16 July JAN-2026 2023 ^16.2884 21, 112.91 11.82 0.00 July 17-MAR-27 2023 ^13.98 2321, 104.79 12.57 0.14 July FEB-2028 2023 ^14.55 2621, 108.40 12.45 -0.03 July APR-2029 2023

BILLS MATURITY

Discount Yield

Change (%) Updated Time

MATURITY

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

2.25

21, 0.00 July 2023

NTB 7-Dec23

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

2.25

2.41

2.42

3.00

3.02

3.17

3.20

3.50

3.55

OTC F X F U T U R E S

CPS

21, 0.00 July 2023 21, 0.00 July 2023 21, 0.00 July 2023 21, 0.00 July 2023

Discount Yield

Change (%) Updated Time

15.81 16.49

21, 0.00 July 2023

13.99 14.66

21, 0.00 July 2023

18.23 19.44

21, 0.00 July 2023

10.82 11.24

21, 0.00 July 2023

18.24 19.45

21, 0.00 July 2023

CONTRACT Current Updated Time TENOR Contract Rate ($/₦) (MONTH) July 21, NGUS JUL 1 892.95 31 2024 2023 July 21, NGUS AUG 2 905.96 28 2024 2023 July 21, NGUS SEP 3 916.80 25 2024 2023 July 21, NGUS OCT 4 927.64 30 2024 2023 July 21, NGUS NOV 5 938.48 27 2024 2023

26

WEDNESDAY, JULY 26, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

L-R: General Manager, Vitality Health International, Mdu Nene; Chief Strategy & Commercial Officer, Jessica Chivinge; CEO, Leadway Health, Dr Tokunbo Alli; CEO, Vitality Health International, Emma Knox, and Head, Sales, Leadway Health, Toyin Ogunmoyole, at the media briefing on the partnership of Vitality Health International and Leadway Health in Lagos…recently

UBA, FBN Holdings, Others Sustain NPL Ratio Below Regulatory Thr e sh old Nume Ekeghe Despite myriad economic challenges, several leading Nigerian banks managed to maintain a NonPerforming Loan (NPL) ratio below the five per cent threshold set by the Central Bank of Nigeria (CBN) during the first quarter (Q1) of 2023.

The banks include FBN Holdings Plc, United Bank for Africa (UBA) Plc, Union Bank of Nigeria Plc, Fidelity Bank Plc, Zenith Bank Plc and Stanbic

IBTC Holdings Plc. Analysis of all financial institutions results showed that FCMB Plc was the only bank that had an NPL ratio above the CBN requirement.

Recent numbers released by the CBN disclosed that NPLs in the banking sector was sustained at 4.2 per cent and 4.4 per cent at end-February and end-April 2023, below the supervisory minimum of 5 per cent over a 12-month period.

The central bank had disclosed

that average NPL ratio in the banking sector closed 2022 at 4.2 per cent from 4.9 per cent in 2021, attributable to write-offs, restructuring of facilities, Global Standing Instruction (GSI) and sound credit risk management by banks.

With over N3.79 trillion gross loans & advances to customers as of March 31, 2023, FBN Holdings declared 4 per cent NPL ratio in Q1 2023 from 4.30 per cent in 2022, while UBA announced increase in

NPL ratio to 3.40 per cent from 3.10 per cent in Q1 2022.

Zenith Bank maintained 4.30 per cent NPL ratio in Q1 2023 as Union Bank reported 4.50 per cent NPL ratio in Q1 2023 from four per cent reported in 2022 financial year.

In the period under review, Fidelity Bank reported 3.60 per cent NPL ratio as against 2.90 per cent in 2022, as Stanbic IBTC NPL increased to 2.50 per cent in Q1 2023 from 2.40 per cent in 2022.

The CBN has however called on banks managers to take caution while lending to real sector.

The Deputy Governor, Financial System Stability, CBN, Aisha Ahmad stated that the key industry aggregates also continued year-onyear upward trajectory with total assets rising by 25.12 per cent to N77.59trillion in February 2023 from N62.01 trillion in February 2022, while total deposits rose to N49.36 trillion from N39.38 trillion

over the same period.

“Notably, this impressive increase was achieved with continued decline in NPLs ratio.

Notwithstanding the strong financial system fundamentals and satisfactory stress test results, the Bank must remain vigilant and proactively manage emerging risks to financial system stability, especially with the challenging global economic and financial environment,” she said.

Avanti Communications Retains Leading Regency Alliance Grows Position in SSA with 33.1$ Market Share Premium to N5.57bn

Kayode Tokede

With about 33.1 per cent market share, Avanti Communications has been named the market-leading high-throughput satellite capacity partner in Sub-Saharan Africa (SSA) for the second year running.

The results, from the 20th edition of the NSR Satellite Capacity Supply & Demand Analysis reports that Avanti’s market share is now more than two times that of its nearest competitor.

Others sub-Saharan market share of leased GEO-HTS capacity for

2022 include: Eutelsat, 15.3per cent; YahSat, 13 per cent; Intelsat, 12.9per cent; ArabSat, 9.2per cent; Inmarsat, 8.4per cent; Spacecom, 6.2 per cent, and others, two per cent.

NSR’s annual report is one of the satellite industry’s most trusted and comprehensive sources for satellite capacity analysis, offering insight into key market developments and dynamics.

The Chief Executive Officer, Avanti Communications, Kyle Whitehill in a statement said: “Africa is a major focus for us and so we are delighted to be

recognised as the market leader, but we won’t stop there.

“For us, Africa’s potential is limitless and the role that we can play in unlocking this is providing connectivity solutions. Connectivity is an enabler that provides vital resources and opportunities for individuals, businesses, and communities to thrive, which is why we won’t stop until we have connected the 871 million people currently living without a basic internet connection.”

Avanti has made a significant commitment to Africa. The

company has ambitions to accelerate growth across the region through local partnerships and the rollout of connectivity solutions; connecting hard-to-reach rural communities and improving network resiliency for critical communications infrastructure is central to this strategy.

Avanti has invested over $800million in Africa and already has a growing footprint across the continent. More than a fifth of the company’s employees are based in Nigeria, Kenya, South Africa, Angola, and Benin.

NAICOM Urges Insurers to Develop Products for Oil and Gas Sector

Ebere Nwoji

The National Insurance Commission (NAICOM) has called on insurers to develop specialised products to address the needs of the oil and gas industry.

Commissioner for Insurance, Mr Olorundare Sunday Thomas while speaking on the theme, “Building Local Contents Synergy between the

Oil and Gas and the Insurance Sector in Nigeria,” at the 2023 insurance summit organised by the Oriental News online in Lagos, said there was need to intensify the ongoing drive to facilitate platforms that address the demand-supply gap in the oil and gas industry.

Thomas assured that steps were being taken to address all potential regulatory impediments,

support the development of human capacity and ensure technical capacities of insurance suppliers, ensure adequate risk pricing and comprehensive coverages and risk management.

According to him, “As the regulator, we are committed to creating an enabling environment that will consistently enhance increased capacity of the insurance

institutions both financially and technically.”

He called for the principles of reciprocity on the part of operators in the oil and gas sector, one of which is timely compliance with the requirements of the guidelines jointly issued by the insurance regulator and the Nigerian Content Development and Monitoring Board (NCDMB).

Wema Bank: Fostering Equality, Economic Lift to Employees Oluchi Chibuzor In the Nigerian banking industry, Wema Bank, Plc is widely acknowledged to be a leader in the realms of innovation and technology, and for constantly seeking to provide seamless financial services to its teeming customers, but is the financial powerhouse a champion of its employees’ best interests? Yes, the most recent testament to Wema’s commitment to establishing a

thriving workplace culture is its announcement of a groundbreaking increase in salaries for its staff.

This momentous decision not only showcases the bank’s dedication to employee welfare and well-being but should also resonate deeply with its community as ripples of elation have been set off through the organization.

Wema Bank’s move to increase the salaries of its staff, especially given the current economic rigors,

has undoubtedly struck a chord with employees. By addressing the financial needs of its workforce, Wema Bank is affirming its belief in the value of every individual’s contribution, regardless of their employment status; It is one which fosters a sense of belonging in its staff, ensuring that each member feels like an integral part of the bank’s success story.

Indeed, the impact of this salary increase bears more than mere numbers on a pay slip: employees

are experiencing a renewed sense of motivation and dedication to their roles, knowing that their hard work is genuinely recognized and rewarded. There are new levels of morale, leading to enhanced productivity, improved teamwork, and reduced turnover rates. Significantly, Wema Bank is creating a more harmonious and dynamic work environment where the creativity and innovation for which it is acclaimed, flourish the more.

Ebere Nwoji

Regency Alliance Insurance Plc said it generated a gross premium of N5.57 billion in 2022 financial period, which on year-on-year basis showed an increase of 8.15 per cent over N5.12bn generated in 2021.

The Chairman of the company, Clem Baiye, disclosed this during its 29th annual general meeting in Lagos.

He also said its claims payment rose by 39.7 per cent to N1.44 billion at the end of 2022 financial period.

Baiye said, “There was an increase of 39.7 per cent in the net claims position in 2022 when compared with that of 2021 as net claims grew from N1.03 billion to N1.44 billion. The increase occurred mainly in the aviation, marine and the oil and gas business lines due mainly to foreign currency exposure.”

The net premium performance, he said, decreased from N2.94 billion in 2021 to N2.75 billion in 2022.

He revealed that the company’s

investment income rose by 16 per cent from N364.73 million in 2021 to N423.09 million in 2022 financial period.

Its profit before tax rose by 60.65 per cent to N551.48 million in 2022 from N343.28 million as of the end of 2021, while profit after tax also increased from N320.75 million in 2021to N528.38 million in 2022.

The shareholders’ funds, he said, grew by 7.94 per cent from N6.65 billion in 2021 to N7.18 billion at the end of 2022.

“The total asset base of our group as at December 31, 2022 stood at N12.84bn, an increase of N969.92m or 8.15 per cent, when compared to with the position as at December 31, 2021. The equity attributable of the company in the group increased to N7.24 billion in 2022 from N6.7billion in 2021,”he stated.

He also revealed that the contribution of the subsidiaries to the overall profit after tax, after deducting that attributable non-controlling interests grew from N1.86 million in 2021 to N9.52 million in 2022.

Accion Microfinance Bank Bags Three Sterling 2023 Awards Nume Ekeghe Accion Microfinance Bank has bagged three 2023 prestigious awards based on its performance on exceptional service delivery and leadership in the sector.

The awards categories won by the Bank are: ‘African Leadership Microfinance Brand of the Year 2023’ by the African Business Leadership Award (ABLA); ‘Most Socially Responsible Microfinance Bank 2023’ by the Global Economics and ‘Most Customer Centric Microfinance Bank, Nigeria 2023’

by the International Finance Award 2023 respectively.

Accion Microfinance Bank said these awards are recognitions and testaments of its commitment to its mission and vision of transforming and empowering lives and businesses in the most sustainable and ethical manner in Nigeria.

Accion Microfinance Bank stated that it takes pride in itself for consistently delivering on its promises and enabling bright future for its customers while being a socially responsible institution to communities.

T H I S D AY ˾ WEDNESDAY, JULY 26, 2023

27

BUSINESSWORLD

PERSPECTIVE

Insurance Sector and IFRS 17 Challenge To push the insurance industry to a global pedestal, NAICOM recently directed players to migrate from IFRS 4 to IFRS 17. However, to actualize this goal is a huge challenge, writes Ebere Nwoji

I

nsurance industry regulator, the National Insurance Commission (NAICOM), recently inaugurated the Nigerian Actuarial Society Discount Rate Committee (NAS-DRC) charging it with the responsibility of ensuring that it fast tracked the implementation of the International Financial Reporting Standards (IFRS) migration from 4 to 17.

This is in addition to its responsibility of addressing the insurance industry challenges and promoting global accounting standards. No doubt, the committee’s inauguration was part of its efforts to ensure seemless migration from IFRS 4 to IFRS17 financial reporting model at the appointed time.

Going by NAICOM’s plan, insurance firms are to submit their 2022 report based on IFRS 17 model of reporting.

At the inauguration ceremony, Commissioner for Insurance, Mr Sunday Olorundare Thomas, had said that the NAS-DRC was established to support the determination of standardised discount rate factors for use by the insurance industry and other stakeholders in the financial services sector and to help the implementation of the International Financial Reporting Standard (IFRS 17) for underwriting companies in the insurance sector.

He emphasised the crucial role of actuaries in implementing IFRS 17 and the need for a credible, prudent, consistent, and sustainable discount rate that was not subject to manipulation by different stakeholders.

Before now, Thomas had at a forum of insurance directors in Lagos late last year emphasised that there was no going back on the implementation of IFRS 17 in insurance industry, effective from January 1, 2023.

efforts being made by NAICOM towards the migration, the level of preparedness of insurance firms themselves and other stakeholders in the new financial reporting system is much below expectation.

THISDAY findings reveal that other stakeholders in the insurance industry that are supposed to render ancillary services to the industry to ensure smooth implementation of the new finance reporting model are far from understanding the IFRS working system.

NAICOM’S ROADMAP

But the commission seems to be much more prepared compare with other stakeholder who seem to be foot dragging. Some operators have alleged that NAICOM has vague understanding of the new model of financial reporting.

The commission said in its efforts to get insurance firms ready for the new finance reporting model, it had set up sub-working groups to facilitate the migration.

Aside this, the commission had created a road map for the IFRS implementation, thus charging insurance firms to conduct awareness training and capacity building workshops,set up project groups and meeting committee, perform financial and operational impact assessment, design project implementation and covering technical, financial and operational impact assessment. They are also to put up project implementation update and project status report and send same to NAICOM. They are also to determine desired system landscape, tackle issues identified during the impact assessment as well as design actuarial and financial target operating model and execute plan implementation.The insurers are also required to perform resource allocation, submit quarterly project status report to NAICOM and educate stakeholders and conduct core training on IFRS. They are to implement new processes and system, implement new accounting policies choices and performance financial statements, etc.

SITUATION IN THE MARKET

Contrary to the commissioner for insurance’s stance, feelers from the industry revealed that the operators are not ready for IFRS implementation is this year. Also, there are doubts as to whether the industry is actually going to implement and migrate to the IFRS 17.

The doubts arose because aside the deliberate

EXPERTS’ VIEW

Meanwhile, experts said the Federal Inland Revenue Service(FIRS) has important role to play in the migration because the present tax payment system by insurance firms is not compatible with the IFRS system.

According to the experts, FIRS needs to amend its tax laws to suit the IFRS system.

The expert said with IFRS system, government cannot generate as much revenue as it used to generate from insurance industry before.

The experts also said with IFRS 17 implementation, organisations need a lot of data which they will use to run their cash flow and this as we know is one of the problems of insurance sector although stakeholders are making efforts in this regard.

The experts further said with migration to IFRS 17, organisations would pay heavily on new software developments, especially with the current high exchange rate, emphasizing that the insurance companies would rely on western market for new softwares for the new model, since Nigerian software developers are not yet conversant with the model.

INSURERS’ LEVEL OF PREPAREDNESS

When contacted, leading industry player, Leadway Assurance said it has not adopted IFRS 17 but has covered some of the road map, adding that it was already on course towards the implementation of the lFRS 17.

It said IFRS 17 (previously known as IFRS 4 Phase II) was an International Financial Reporting Standard developed by the International Accounting Standards Board (IASB) providing new standards for reporting profit emergence from insurance contracts, scheduled to take effect from January 1, 2023.

Speaking on “Navigating the New Financial Reporting Standard,” at a oneday workshop organised by Leadway Assurance for members of the Nigerian

Association of Insurance and Pension Editors (NAIPE) in Lagos, Mr. Raphael Akomolede, of Finance Department of Leadway Assurance gave insights on the position of his company regarding the implementation of the IFRS 17.

He said the company has completed solution design which takes care of Gap Analysis, Financial and Operational Impact Assessment; Designed Future State of Finance Process/Technology Gap Analysis; Development, Documentation and Review of Target Operating Model; Prepared Technical documents and Reviews and Vendor Selection for IFRS 17.

He said presently, the relevant departments of the company were working simultaneously on system testing and implementation (pre and post); review and produce 2021 and 2022 Financial positions; produce interim IFRS 17 compliant financial statements including transition disclosure.

He said the IFRS 17 replaces the IFRS 4 – an interim standard that allows insurers to use local Generally Accepted Accounting Principles (GAAP) to measure insurance contracts; He pointed out its weaknesses as no single way to account for insurance contracts; existing accounting makes it hard for investors to see which groups of contracts are profit-making and which are not.

The impact of IFRS 17, according to him, include improved comparability for the first time; relevant and updated measurement of insurance contract liabilities; a more intuitive presentation of financial performance and position; enhanced disclosure and transparency and a clear distinguishing of insurance activities from investment activities.

Also spokesman of Sovereign Trust Insurance plc, Mr Segun Bankole said his company was also on course for the migration.

He said arrangement had been made for the new software that would drive the migration.

He however lamented that insurance firms would spend a lot in purchasing the software in the face of high exchange rate.

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

Climate Change: Climate Risk Robert Mbonu

Why does climate risk matter? ts potential to create adverse consequences cannot be overlooked. Everything is impacted – lives, economic, social, investments, infrastructure, and ecosystems.

Using the boiling frog analogy, put a frog into a pot of hot water, and it would hop out again pretty sharpish. But if you put it into a pot of cold water and gently heat it, there comes a point at which the frog cannot recognise the threat and it slowly boils to death.

The frog failed to react to threat to life, because the water heated slowly, it was too complacent about those changes to risk in its environment. Are we frogs in slowly heating water with climate risk working its wonders on our ever erratic weather?

As businesses, are we simply reacting to the effects of climate risk or taking steps to ride its wave and cease the opportunities?

Government must recognise the effect of climate risk in its role of protecting lives and providing for its citizens.

Nigeria has grown in population size and is forecast to grow more. In 1950 our population was less than 40m, in 1990 it was 90m, thirty years later we are around 217m and at that rate of growth (using forecast average birth rates) we shall reach over 400m by 2050. Yet our fertile land is shrinking, the supply of water and power is erratic and with life expectancy at 64 years this is way below countries of a similar size to ours.

The facts are that we are growing our population with less land to feed them on, and less certainty of the basics for life; a roof over our heads, food with which to feed ourselves, and clean portable water.

The risk is far more complex, however, and the indicators are that we are getting fatter, wealthier and longevity is increasing more than ever before.

Ladies are having fewer children. So what is happening?

We were once stuck in the Malthusian Trap 1 named after the 18th-century English cleric and economist Thomas Malthus. The trap argues that any increase in food production or other resources that allowed the population to grow was quickly consumed by that increased population, which then led to food shortages and population decline.

That is no longer the case. With the progress

I

Mbonu of industrialisation, we have broken out of the Malthusian Trap, producing enough food to feed the mounting millions, enough scientific breakthroughs to conquer old killers like malaria, smallpox and the measles, and enough political advances to dwindle violent death and survive pandemics like Covid. More of our children survive longer because the rates of child mortality have plummeted in Nigeria, and that is driving the rate of births downwards because the old tenets of needing to have large families are reducing in influence.

Risk is complex, as I said before. Each thread of the web of risk is interconnected with a myriad of others. Break or stress one

thread and the consequences have a knock-on effect in many other areas. Imagine a map of the web of risks for Nigeria. The risk of poverty links to lack of irrigation which links to climate risk. The risk of social unrest, bandit attacks links to societal change which links to climate risk. Can you see that it is all interconnected?

Human actions have changed a complex and delicately balanced global natural ecosystem, triggering a chain of reactions. But we are not doomed. There is something amazing happening in Nigeria today. The literacy rate is increasing, more people are going to university, there is greater gender equality, our vibrant energy - the substrata of that which makes us Nigerian – is not diminished by Covid or all the challenges of past years and there is more awareness of the need to protect our environment. Maybe some of these improvements need to change faster to keep up with the new challenges and we need to tackle some big issues like governance and corruption as well as deal with those that want to hold us back.

Each organisation can do much to assess the likelihood and impact of climate risk, its effect

on the major goals of the organisation and what can be done to mitigate and adapt to its effects whilst taking action to assess the rate of change of climate risk. Too many organisations think that conducting a risk assessment of the threats to the organisation is a one-off activity. I’m sorry to say, that this is like heating the soup today and expecting it to be at edible temperature tomorrow.

Risk assessment is a continuous exercise that must measure the rate of change of risk.

The cloud on the horizon of climate risk, means that we do need to take stock and measure our ‘frog’ environment, do it now and put in continuous measurements. We have come far.

We have proven over the millennia in Nigeria that we learn from adversity and (gradually) change our behaviours. Now is the time for us to make our plan for mitigation and adaptation, difficult as it is with our feet in the first waters of the 2023 floods.

This is the second article in this series looking at Climate Change and Risk in Nigeria by Robert Mbonu. The scene is set to look next at moving towards solutions to these challenges in the next series.

28

WEDNESDAY, JULY 26, 2023 • T H I S D AY

MARKET NEWS A Mutual fund (UnitTrust) 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 InvestmentTrust) 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 24-July-2023, unless otherwise stated.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 29.19 30.07 33.02% ARM Discovery Balanced Fund 636.55 655.74 22.12% ARM Ethical Fund 49.16 50.65 8.98% ARM Eurobond Fund ($) 1.15 1.15 1.75% ARM Fixed Income Fund 1.13 1.13 2.37% ARM Money Market Fund 1.00 1.00 9.16% ARM Short Term Bond Fund 1.03 1.03 -0.21% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 99.71 99.71 9.77% AVA GAM Fixed Income Naira Fund 1,138.00 1,138.00 6.19% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.22 2.22 9.86% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.76 2.82 2.32% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 4.77% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 10.88% Paramount Equity Fund 24.12 24.65 39.89% Women's Investment Fund 191.32 194.70 27.70% CHD Nigeria Bond Fund 103.92 103.92 12.38% CHD Nigeria Dollar Income Fund 1.02 1.02 11.90% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.03% Cordros Milestone Fund 157.38 158.56 22.78% Cordros Fixed Income Fund 107.11 107.11 10.42% Cordros Halal Fixed Income Fund 104.25 104.25 5.80% Cordros Dollar Fund ($) 112.32 112.32 7.35% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 9.35% Coronation Money Market Fund 1.44 1.45 26.37% Coronation Balanced Fund 1.42 1.42 4.39% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 12.42% Emerging Africa Bond Fund 1.07 1.07 11.11% Emerging Africa Balanced Diversity Fund 1.25 1.25 40.38% Emerging Africa Eurobond Fund 104.62 104.62 5.47% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund N/A N/A N/A FBN Balanced Fund N/A N/A N/A FBN Halal Fund N/A N/A N/A FBN Money Market Fund N/A N/A N/A FBN Dollar Fund N/A N/A N/A FBN Smart Beta Equity Fund N/A N/A N/A FBN Specialized Dollar Fund N/A N/A N/A FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 7.45% Legacy Debt Fund 3.52 3.52 -1.42% Legacy Equity Fund 2.64 2.70 32.41% Legacy USD Bond Fund 1.30 1.30 3.13% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 5,176.57 5,212.89 40.99% Coral Income Fund 3,872.31 3,872.31 7.68% Coral Money Market Fund 100.00 100.00 9.80% FSDH Dollar Fund 1.17 1.17 5.57%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 102.24 102.24 10.12% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.90% Norrenberger Dollar Fund (NDF) ($) 101.90 101.90 10.71% 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 2.02 2.08 28.79% PACAM Fixed Income Fund 11.76 12.10 6.62% PACAM Money Market Fund 10.00 10.00 10.87% PACAM Equity Fund 2.16 2.20 52.35% PACAM EuroBond Fund 127.39 131.19 14.69% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 158.60 166.99 26.16% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.05 1.05 11.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,583.49 4,583.49 34.67% Stanbic IBTC Bond Fund 251.92 251.92 6.94% Stanbic IBTC Ethical Fund 1.90 1.93 51.98% Stanbic IBTC Guaranteed Investment Fund 343.18 343.18 9.60% Stanbic IBTC Iman Fund 338.28 341.93 44.74% Stanbic IBTC Money Market Fund 1.00 1.00 9.64% Stanbic IBTC Nigerian Equity Fund 16,471.94 16,666.38 50.84% Stanbic IBTC Dollar Fund (USD) 1.42 1.42 9.81% Stanbic IBTC Shariah Fixed Income Fund 124.96 124.96 6.89% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 120.89 120.89 13.64% Stanbic IBTC Absolute Fund 4,798.43 4,798.43 12.79% Stanbic IBTC Aggressive Fund 4,740.35 4,799.32 70.50% Stanbic IBTC Conservative Fund 4,972.74 4,995.84 30.68% 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 1.24 1.26 36.09% United Capital Balanced Fund 1.72 1.73 32.77% United Capital Wealth for Women Fund 1.34 1.35 24.90% United Capital Sukuk Fund 1.13 1.13 12.31% United Capital Fixed Income Fund 1.89 1.89 7.03% United Capital Eurobond Fund 121.45 121.45 5.80% United Capital Global Fixed Income Fund 1.05 1.05 8.77% United Capital Money Market Fund 1.00 1.00 9.61% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund N/A N/A N/A Zenith ESG Impact Fund N/A N/A N/A Zenith Income Fund N/A N/A N/A Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 6.92 7.02 71.77% Vetiva Consumer Goods Exchange Traded Fund 8.82 8.92 50.55% Vetiva Griffin 30 Exchange Traded Fund 24.03 24.23 35.66% Vetiva Money Market Fund 1.00 1.00 10.01% Vetiva Industrial Goods Exchange Traded Fund 28.45 28.65 42.16% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 145.10 147.10 -7.98%

REITS NAV Per Share

Yield / T-Rtn

119.40 54.58 101.72 10.08

4.92% 2.94% -11.73%

Bid Price

Offer Price

Yield / T-Rtn

20.72 85.00 245.00 17.40 16.40

20.82 85.00 245.00 17.50 16.50

33.79% -33.97% 142.94% 38.81% 61.59%

NAV Per Share

Yield / T-Rtn

108.39

0.00%

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC REIT

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

I N F R AST R U CT U R E F U N D Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

29

T H I S D AY ˾ WEDNESDAY JULY 26, 2023

PROPERTY & ENVIRONMENT WDPD: Nigerians Urged to Commit to Drowning Prevention Bennett Oghifo Nigerians have been advised to improve their knowledge of the safety measures to take

in and around water bodies to prevent avoidable incidents of drowning.

The call is coming ahead of the 2023 World Drowning

Prevention Day to be held globally today, Tuesday July 25, as declared in April 2021 by United Nations General Assembly resolution A/RES/75/273.

R-L: The Managing Director of Julius Berger Nigeria Plc, Engr. Dr. Lars Richter; and senior Company officials, Chief Sam Ngbor; and Engr. Terna Oezerkan, at the flag-off ceremony for the construction of the Port Harcourt Ring Road project in Port Harcourt, Rivers State… recently

The theme of this year’s event is: ‘Going blue for drowning prevention’. To mark the Day, cities around the world are invited to illuminate notable landmarks in blue light to draw attention to drowning as a leading cause of death.

“Every city is invited to have one of more notable landmarks illuminated in blue light during the evening of 25 July,” particularly landmarks near water.

The World Health Organisation (WHO) said, “An estimated 236,000 people drown every year, and that drowning has caused over 2.5 million deaths in the last decade.

According to statistics, Africa has the highest drowning rates in the world and Asia has the highest drowning by population. Nigeria has the highest estimated drowning rates in Africa.

The WHO data published

in 2020 Drownings Deaths in Nigeria reached 6,584 or 0.44% of total deaths. The age adjusted Death Rate is 2.17 per 100,000 of population ranks Nigeria #107 in the world.

Africa and Asia bear 90% of the world’s drowning burden.

“Drowning is among the 10 leading causes of death for children aged 5-14 years.

More than 90% of drowning deaths occur in rivers, lakes, wells, domestic water storage vessels and swimming pools in low- and middle-income countries, with children and adolescents in rural areas disproportionately affected.

The overwhelming majority of these deaths (90%) happen in low- and middle-income countries. Globally, the highest drowning rates occur among children aged 1–4 years, followed by children aged 5–9 years.

The human, social and economic toll of these losses

is intolerably high, and entirely preventable.

The implementation of evidence-based, low-cost drowning prevention interventions can drastically reduce risk of drowning. These include: installing barriers controlling access to water providing safe places away from water such as crèches for pre-school children with capable childcare teaching swimming, water safety and safe rescue skills training bystanders in safe rescue and resuscitation setting and enforcing safe boating, shipping and ferry regulations improving flood risk management “Through this global event, we remember lives lost due to drowning and aim to increase knowledge on safety in and around water,” said WHO in a statement.

The global health body said, “Drowning doesn’t have a single cause, or a single solution.

But it can be prevented.

Nigeria Experiencing Outbreak of More Diseases from Climate Change-induced Flooding, Says Okereke As the rainy season sets in fully, Professor Chukwumerije Okereke, the Director, Centre for Climate Change and Development, Alex Ekwueme Federal University, Anambra State, tells Bennett Oghifo how climate change-induced flooding is leading to outbreak of more diseases in Nigeria

O

n climate changeinduced flooding and increased outbreak of more

diseases The main way in which climate change is leading to outbreak of more diseases in Nigeria is really through the flooding, because you know that there is very limited well structured drainage system in the country and so when we have devastating flooding events as we did last year, what we see are a lot of sludges, human

and animal faeces and all manner of dirt is flushed into and associated with the flooding, even dead bodies. That is why after such flooding events there is usually an outbreak of cholera disease and other water borne diseases, so this the most important ways through which the impact of climate change is leading to a wider outbreak In the country. But there is a second way as well which is more direct, when we have long periods of intense heat waves that cause people to die out

of dehydration and this has actually increased in Nigeria in the last couple of years. And the third way in which climate change and health is related in Nigeria is through the fact that when you have unprecedented or irregular rainfall, it can cause the outbreak of diseases such as malaria because water begins to gather in places where they don’t normally gather and that forms kind of a breeding ground for mosquitoes and other malaria causing parasites.

Now, there are other sorts of

indirect ways as well which climate change affects health some of which have not been very pronounced in Nigeria.

What of monkeypox and lassa fever?

Well that area is kind of a bit gray, the impact as well as I know is not very direct, the research is a bit still gray about the relationship between the two but what we do know is that the changes in precipitation pattern, is also having impact on the ways in which pigs and

other insects and animals and their migratory patterns and sometimes this can actually also lead to the outbreak or incidence of new zoonotic diseases and the ways in which, for example even this Covid-19 whether there is a relationship between changes in whether and the mutation of certain diseases in animals which can then be transmitted to humans is something that is being widely discussed but the science of it is not really completely settled as it were.

Okereke

Entrepreneurs Present Real Estate Investment Strategies at Wealth Summit 2023 Uche Nnaike Stakeholders and entrepreneurs brainstormed on real estate investment strategies at a forum- Wealth Summit 2023, organised by Pertinence Group in Lagos, recently.

The summit, which had the theme ‘The Real Money of Lagos’, featured an impressive

lineup of speakers, including Pastor Matthew Ashimolowo, Olumide Emmanuel, Sunday Olorunsheyi, and Wisdom Ezekiel, who took turns to help attendees gain comprehensive knowledge and expertise about wealth creation, thus equipping them with the tools necessary to thrive in the dynamic financial landscape.

They exposed participants to unique real estate investment opportunities, strategies, and practical advice on how to leverage the region’s immense potential.

Ashimolowo, a distinguished spiritual leader, business mogul, investor and keynote speaker, stressed the importance of integrity, positioning, discipline,

technology, and faith in achieving financial success.

The Kingsway International Christian Centre (KICC) founder, benchmarked his session on: ‘The 9Rs of Revolutionary Wealth Creation’, and asserted that the power of land ownership remained a key secret to creating wealth without effort.

Ashimolowo, the brain

behind Makarios Luxury city, said: “Land is the basis of all wealth, the heritage of the wise, the thrifty and the prudent. It is the silent partner of many thousands of successful men and women, and it grows and increases in value through countless days. Land is the foundation of banks, a producer of food, and the basis of all

worth throughout the world.

Yet, land appears so common that thousands, unthinking and unknowing, pass it by.”

The second keynote speaker, Dr. Emmanuel, a renowned serial entrepreneur, and real estate trailblaser, captivated the audience with his expertise in building businesses from the ground up.

Ubosi Eleh Report Presents Overview of Real Estate in 2022 Bennett Oghifo Against a backdrop of daunting, multi-faceted challenges in 2022, the Ubosi Eleh 2023 Report, now in its seventh edition, posits that Nigeria’s economy, the largest in Africa, showed resilience and renewed hope while real estate in particular, recorded average performance on the scorecard.

According to the Report, with inflation rising to an all high at 21.09 percent and the country gearing up for the general elections in early 2023, real estate activities were adversely affected. The

residential sector of the real estate market experienced slower short term transactions because of rising costs despite the fact that it enjoys enormous incentives. In the commercial estate sector, owing to the difficulties in the market for commercial office space, developers chose to build for mixed use projects. However, the hospitality sub-sector of commercial real estate had a significant upturn after being negatively impacted for two years by the Covid pandemic.

One noticeable trend was the renewed emphasis on the development of one and

two-bedroom flats which is the preferred accommodation for the millennials due to their smaller size and lower budgets.

The Ubosi Eleh survey also indicated that the rental values for selected rental accommodation types and commercial real estate across the states of the federation for 2022 was either the same as in the previous year or had slightly varied increase.

The Report opined that real estate performed better than expected in many instances and that was why the expected slump did not happen.

The Report maintained that the allocation of N398.28

billion made to the Ministry of Works and Housing from the National budget of N20.71 trillion presented by former President Muhammadu Buhari was grossly inadequate, moreso, for a ministry that is intensively capital driven. Accordingly, the Ubosi Eleh Report is of the view that the low allocation implied that for the 2023 fiscal year, there would be little room for capital projects. It envisages a situation where property developers would have to spend more to provide their own infrastructure, given the deplorable state of federal roads or maintaining existing ones

which are in disrepair.

The outlook of the report for real estate in 2023, now in the seventh month is nonetheless promising, emphasized with the comment that “real estate remains the assets class of choice in Nigeria”, the various challenges notwithstanding. It indicated that economic activities generally and by extension, real estate would pick up when the new government had taken over the reins of power.

The report observed that Lagos and Abuja had benefitted most in terms of real estate investment driven by

the high level of insecurity in the country and that this trend would continue. Amongst its projections are that the demand for medium sized retail space for shopping complexes, shopping centres, corner and neigbourhood shops would be positive and high. The report expects rental demand to move upwards by as much as 10 percent especially for flats with the demand increasing as the year wears on. In summary, the Report maintained that the market would remain slow all year with a chance of rebound in 2024 depending on the state of the economy.

30

T H I S D AY ˾ Ͱʹ˜ ͰͮͰͱ

FEATURES

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

Seeking Defence Headquarters' Intervention to Tackle Bandits Fleeing into Nasarawa Igbawase Ukumba writes that Governor Abdullahi Sule of Nasarawa State was at the Defence Headquarters, Abuja, seeking for quick intervention to salvage the state from bandits fleeing Plateau State to Nasarawa

P

erhaps, the influx of bandits fleeing from crisis spots in the Mangu Local Government Area of Plateau State to Nasarawa has compelled Governor Abdullahi Sule to meet with the Chief of Defence Staff, Maj. Gen. Christopher Musa. The influx of those bandits and the proliferation of illegal production of small arms and ammunition in the state has reached an alarming crescendo.

Speaking to journalists at the Defence Headquarters, Abuja, shortly after a closeddoor meeting with the Chief of Defense Staff, the governor said his visit was to inform the Defence Chief of the need to act fast to salvage the situation in Nasarawa State. He said the action became imperative because of the state’s proximity to Abuja, the country’s seat of power.

Sule said: “Nasarawa State has the largest proximity to the Federal Capital Territory (FCT) among other States. So security in Nasarawa State is always very critical to the North and Nigeria. As usual, I am a very regular visitor to this office of the CDS. I discussed a few issues about security challenges. Moreover, as the head of security agencies, I believe he is in a better position to handle them than anyone else.

“I’m not a security man. I don’t know much about Nasarawa’s security challenges, but I believe he will handle them. Nasarawa is surrounded by several states with security challenges or another. It started with Benue where anti-open grazing laws existed. We have some challenges there. There was an influx of Fulanis who didn’t want to stay in Benue into Nasarawa State. We have an issue on the Plateau today because of the Mangu crisis. We always have some people that are always running for their interests in Nasarawa."

Nevertheless, sometimes Nasarawa had some challenges in the southern part of Kaduna, and some people also ran into Nasarawa.

Even in the Federal Capital Territory (FCT), if they had problems, they turned to Nasarawa.

For that reason, Governor Sule maintained that Nasarawa had become a base for some criminals and they transit through that place.

“Of course, you have some of these challenges to discuss in other areas. They are helpful for me to share with CDS who is in a better position to look at them and handle them," Sule concluded.

For the Chief of Defence Staff, the military had already mapped out strategies to address the threat, as it was imperative to keep the state secured due to its closeness to the FCT. Musa said: “You have just heard from him about the security challenges facing the state.

You know how strategic Nasarawa State is to Nigeria, FCT particularly. What we tried to do, what we have exchanged is to look at it generally. We have the importance and necessity to maintain peace within Nasarawa State.

“So, all the security challenges confronting the state are being addressed, and we are being proactive about them. We don’t wait until it gets terrible before acting. We are on it now, before anything happens. I can assure you that Nasarawa will remain peaceful,

Gov Sule (r) and the CDS, Maj. Gen Musa during the governor's visit at the Defence Headquarters in Abuja and Abuja will remain peaceful.”

Prior to Governor Sule's visit to the Defence Headquarters for security intervention, the governor had convened an expanded security meeting with a view to addressing some emerging security threats that were capable of disrupting the relative peace in the state if left unchecked.

The expanded security meeting, which had in attendance security chiefs, selected Local Government chairmen and traditional rulers, was held in the Government House, Lafia.

Reviewing the agenda for the meeting, Sule raised the alarm over the proliferation of illegal production of small arms and ammunition in the state. He also raised the alarm over the influx of bandits fleeing from crisis spots in Mangu Local Government Area of Plateau State, with intelligence report identifying some of these bandits around Mangar and Ambaka areas, in Wamba Local Government Area, as well as in Lafia East Development Area.

"The security crisis recently around Mangu Local Government Area in Plateau State while it's still ongoing, it has led to a lot of migration of people with some of those bandits crossing into our state mostly from Mangu and Bokkos area," Sule said.

Part of the agenda of the security meeting, as the governor continued, included reviewing the movement of Fulani herders for grazing in areas bordering the neighboring Benue State, which poses potential threat

to security.

"Recently, there have been movement of herders, especially Fulani herders. This may not pose a big security challenge because they are moving to grazing areas. But unfortunately, those areas are also problematic because they are at the border between Keana and Guma Local Government Area in Benue State. It will be a recipe for problems down the line and around Tunga area which is our major concern," the governor pointed out.

Meanwhile, suspected bandits had on July 22, 2023 attempted frustrating Governor Sule's efforts at confronting the growing wave of insecurity in Nasarawa State. The bandits had on that fateful day invaded the residential home of former Minister of information, Labaran Maku, and left three security guards on duty fatally injured.

The bandits in a sporadic shooting forced their way into Maku's Ola residential home in Akwanga Local Government Area of Nasarawa State at about 7:50pm.

According to one of the security guards that was brutally injured, "the attackers came speaking in Hausa, banging the entrance gate to the residential home of Maku and started shooting when they were refused entry. They came in mob and ordered me to open the entrance gate. When I resisted because I did not know who they are, they started shooting and jumped the fences into the compound."

When contacted, Mr. Labaran Maku said it was the third time in one month that his residence would be attacked by suspected Fulani bandits.

"You will remember they invaded my father's compound at Wakama and kidnapped three of my siblings about a month ago. The other

time they killed two of my elder brother's children right at the residential house. What happened today showed clearly that our state is under siege by suspected bandits. It took the intervention of the Army and the police deployed to Akwanga who immediately rushed to my residence. On sighting the army, they fled into the bush", Maku narrated.

In s swift reaction, Governor Abdullahi Sule condemned the invasion of the Ola residence of the former Minister of Information, Labaran Maku, by persons suspected to be bandits. Speaking in a statement issued by his Senior Special Assistant (SSA) on Public Affairs, Peter Ahemba, the governor described the incident as unfortunate and directed the Police and other security agencies in the state to ensure that the criminals were brought to book.

Sule hereby reassures that, "as a responsible government, the security of lives and property as well as the general well-being of the citizens will continue to top priority by my administration. The state government is already partnering the top Military Command, the Police and other Para-military agencies to ensure that bandits fleeing from other parts of the country as a result of military offensives do not have a hiding place in Nassrawa State."

The governor also warned criminal elements operating under whatever guise to leave or desist from their evil ways as the State has no hiding place for criminals.

Sule, on behalf of the government and people of Nassrawa State, extended his deepest sympathy to the former Minister of Information over the unfortunate incident and to the injured security personnel, who were on duty at the time of the invasion.

AOC Logistics Command Resumes Duty in Lagos Precious Ugwuzor

S

equel to the recent redeployment of senior officers in the Nigerian Air Force (NAF), the newly appointed Air Officer Commanding Logistics Command NAF, Air Vice Marshal Abubakar Yaro Abdullahi has formally resumed duty.

The handing and taking over ceremony was earlier conducted on July 3, 2023, between the new Air Officer Commanding, though represented by Chief of Staff of the Command,

Air Commodore Felix Chukwuemeka Uwakara and the immediate past Air Officer Commanding Logistics Command, Air Vice Marshal Emmanuel Olanrewaju Shobande at the Command Headquarters in Ikeja, Lagos.

In a release made available to THISDAY, the Command Public Relations Officer, Group Captain Chris Erondu, said the helmsman of the command was commissioned into the NAF on 17th September, 1994 as a member of 41st Regular

Combatant Course of the Premier Military University in Africa, the Nigerian Defence Academy.

An accomplished Transport Pilot of the NAF, Air Vice Marshal Abdullahi has to his credit several awards, military and other professional qualifications. Some of these include: Distinguished Service Star, Meritorious Service Star, Forces Service Star, Pass Staff Course, Masters in Management Studies and Officer of the Order of the Federal Republic.

In the course of his chosen military career, the senior officer has served the nation in

several capacities. Some of which include: Staff Officer Grade 1 Operations and Training respectively at 301 Flying Training School, Kaduna, Headquarters Air Training Command, Kaduna and Headquarters Nigerian Air Force.

Others include Deputy Director Peace Keeping Operations at Headquarters Nigerian Air Force; Commander at 301 Heavy Airlift Group, Ikeja-Lagos; Commander at 011 Presidential Air Fleet, Abuja and Chief of Staff Logistics Command NAF, an appointment he held briefly before his elevation as the 47th Air Officer Commanding Logistics Command.

31

T H I S D AY ˾ Ͱʹ˜ ͰͮͰͱ

ENTREPRENEUR

Ezekiel Adamu: Revolutionising the Event Management Industry Ezekiel Adamu, Chief Executive Officer Of Balmoral Group, a major event company in West Africa, is a serial entrepreneur, investor and visionary whose professional profile embodies excellence, vision, and an unfaltering commitment to exceptional service delivery. His true passion and entrepreneurial spirit inspired him to build the Balmoral brand, through which he displays his commitment to using technology for streamlined operations, seamless experiences, and wider audience engagement while shaping the event management industry. In this interview, Mary Nnah, the Balmoral boss, revealed how in the last 16 years, he has nurtured Balmoral into a successful brand that now encompasses over five prestigious event venues in Lagos

B

we are your go-to people. We have done events for ECOWAS, African Union; we have moved around and have even done events outside of the country. So, yes, we are versed when it comes to events.

almoral Group started 16 years ago. What has the journey been like?

16 years journey means that we have had a lot of ups and down like any other business. However, it has been a worthwhile journey, I wouldn’t have asked for another path.

How affordable are you?

We have a network of venues; we have venues that cater to the lower end and we also have venues that cater to the premium and the highest class. So we verse when it comes to providing to the needs of our customers. We have the largest network of venues in the whole of West Africa as a single company, so we are looking to cater to everyone.

You didn’t start with the hospitality industry but you immersed yourself into it at a point in your life. What was the driving force?

I have always been involved in events even from my childhood, especially during my university days when we organise and attend parties and all that. So, event has always been something I was fascinated by. However, I only worked with a company called Schlumberger Nigeria and it was just for a year. That was after my University and immediately delved into events which I love. And I feel fortunate that I am being paid for something I love and enjoy doing.

What was your first outing like?

The first venue we ever had was the Balmoral Hall, Oregun, which started about 16 years ago but like I said earlier, nothing ever comes easy. It took us a whole year to even get our first-ever customer. And at that time we started 16 years ago, people were not conversant with using venues in this part of the world. It was either they used school premises or they used their streets for parties and all of that until Governor Fashola came band people from holding parties on the streets and main roads and that was when everybody started considering events venues. Even at a time when people would rather use their homes for parties, they found that when they use their homes for parties, sometimes it took them months to fix their homes back to normal. They would later prefer going to event venues doing whatever they needed to do and going back home peacefully.

It’s been a journey for the past 16 years and every time something is changing and things are evolving as we go along.

And what keeps us afloat is our innovation as well. We believe in innovation.

The definition of insanity, for us, is to be doing the same thing over and over again and expect different results.

So every time, we change things. I also enjoy travelling a lot and that means that I learn international best practices and come and apply them to what I do.

So, it is a continuous journey, we are not yet there but we will keep pushing.

Looking back at the past 15 years, what would you say that you have done differently from when you started?

I have never done the same thing every year. It has always been changed every year. And due to this, people say I get bored so easily but it is not because I get bored, but it is just because you have to disrupt yourself all the time. I enjoy travelling a lot and I learn what they are doing in the developed world and then come home to apply the things I learn.

Adamu

we have a track record. For us, we grow entrepreneurs. And I can tell you that a lot of people that have worked with us over the years have also gone ahead to start their businesses and are all successful in that line of business. I feel that we are building leaders in this field. They learn how to become entrepreneurs and eventually become entrepreneurs.

We are also looking at Balmoral School of Event, where we take people in. They work with us for a while and we train them while we also get professionals to train them and eventually they grow and start their businesses as well.

We are also partnering with major cooperation as well so that people who get their certificates from us can also go and work with this cooperation and can also go to the banks and get loans based on the fact that they have certification from us so that they can get startups to their businesses.

Aside from Balmoral Group, what else are you involved in?

Balmora is a group of companies and we have a network of venues. I think we have the largest network of venues in West Africa.

We also have live at Balmoral, which creates events and one of the events we created last year was Wonderland Lagos.

As I mentioned earlier, we are also into hospitality and in hospitality, we have a place called Villa Valhalla. Villa Valhalla is a hospitality business that we started a year ago. We are also delving into the Technology sector. We are bringing in Technology to bring solutions. Event is about bringing solutions and now we are working on Technology to bring that solution to events where it drives out the cost and also opens other businesses to a larger network of customers.

Can you share some of the challenges you have faced in the past 16 years?

One of the biggest challenges, for me, will be the people side of things - I mean getting the right people. Events are passion, until recently that schools get into it. Hence the reason why we feel like coming up with the right qualifications and that is why we are looking at going into the Balmoral School of Event, where it automatically becomes the solution for not just our own business but also other businesses too.

For the Balmoral event and the rest, do you have a target audience?

Our target is individuals, corporate bodies, governments, NGOs and many more. Anybody that wants to do any event,

I have never done the same thing every year. It has always been changed every year. And due to this, Over the years, you have proved yourself to be an accomplished serial people say I get bored so easily but it is not because entrepreneur with a remarkable track record of success in event manage- I get bored, but it is just because you have to disrupt ment. So, now, what are you doing yourself all the time. I enjoy travelling a lot and I learn to groom young people who intend to toe your path? what they are doing in the developed world and then Like in every business, you would always have people that work with you. And come home to apply the things I learnt

When in past years will you describe as your most memorable moment?

When I think about the moment that strike me the most is actually when one of our venues caught fire. That was our Balmoral Oregun event centre and by then we had only one venue. So if I were to think back, I will think that era was actually like a turning point for us when it comes to events because when it happened, we had to rebuild the venue and after rebuilding, we never looked back. From there, having just one venue that caught fire and moving to where we now have a network of about five venues and we are still growing. One of our newest venues coming up soon is Balmoral Convention Centre, Sheraton.

So, we have been growing and growing ever since we had that incident.

What other further plans do you have for your numerous clients in Africa and the world over?

They should expect innovations, intentional practices; something new and refreshing at all times. If you had an event with us last year and you come back to us this year, we would always come up with new trends. We would be following international trends. You can trust that definitely, we are one company that will not rest on our oars but will keep renovating and keep improving.

Can we talk a bit about your growing up and childhood fantasies?

I grew up in a family where the father was into sporting events and with such, you know we would travel a lot. So, I was fortunate enough to go around the whole world with my father to see how things are done out there. And I think that is where my love for events started at a very young age. I had the opportunity to go to different kinds of events in countries with different cultures. And for me, I feel fortunate that I am doing something that I love doing and when people are paying you for something you enjoy doing, it doesn’t feel like work. For me, work could be unwinding.

So, from childhood, you had this fascination for creating things. One would have thought that you would go to school and study a course that is related to hospitality. But you didn’t.

Rather, you went far apart.

Yes, I went into something completely different. I studied Computer Science at the University of Luton (now called Bedfordshire). So, for that one, it was satisfying my parents. However, as I said, I am a graduate of Computer Science and now we are sort of coming back to the technology age and at Balmoral, we are trying to see how we can infuse technology into events, especially.

32

T H I S D AY WEDNESDAY, JULY 26, 2023

BUSINESS/MONEYGUIDE

Kayode Pitan Advocates Creative Ideas to Overcome Financing Gaps of DFIs Gilbert Ekwugbe The chairman of the Association of Nigerian Development Finance Institutions (ANDFI), Mr Olukayode Pitan, has advocated for the use of creative ideas and collaboration by DFIs to overcome the financing gaps in addressing the economic transformation Nigeria needs.

He spoke at the third Association of Nigerian Development Finance Institutions’ Annual General Assembly in Abuja.

Pitan, who is the Managing Director of Bank of Industry, said as the country strives to achieve sustainable development goals and address global challenges, the traditional financing models become inadequate. But by utilizing specialized funding arrangements complemented by non-financial services, DFIs are able to act as growth catalysts to the development of the Nigerian economy.

In doing so, he noted that challenges like specific market failures and institutional barriers prevent private investment from flowing to developing countries because of asset deterioration, weak corporate governance and risk management frameworks, and so on.

Highlighting the importance of international cooperation and solidarity in advancing innovative financing for developmental impacts, Pitan noted that developed countries can support developing countries by providing resources, technology transfer, and capacity building and it is for multilateral institutions therefore, have a critical role to play in coordinating efforts, mobilizing resources and ensuring the effective implementation of innovative financing mechanisms.

“Therefore, we must continuously work together, leveraging on our expertise,

resources, and networks to unlock transformative projects by working in synergy with the organized private sector and our respective Governments,” he stressed.

He recalled that over the years, the bank has successfully raised funds from the international capital market, which has allowed it to not only fill critical gaps and provide the necessary funding for transformative projects, but also exposed it to global best practices and innovative solutions that promote institutional development, and improve the effectiveness of developmental initiatives.

He said, “Since the Bank of Industry commenced its innovative financing mechanism, the total assets have grown significantly by 381% between 2017 and 2023 (H1), reaching N2.38 trillion by the end of year 2022 and closing at N3.29 trillion as at June 2023.

UBA Foundation Promotes Sustainability, Restates Commitment to Environment UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, has once again taken a remarkable step towards promoting sustainability and fostering Africa’s green revolution.

Following the footsteps of the Chairman of UBA Plc, the foundation has reaffirmed its commitment to environmental preservation in line with global efforts to mitigate climate change and advance ecological conservation.

As part of activities to ensure the safety of the environment and in line with its environmental mandate, the

Foundation has flagged off its 2023 Tree Planting Campaign in partnership with the Lagos State Parks and Garden Agency (LASPARK), at the UBA Foundation Garden, Marina Lagos and the International Airport Setback Garden, Ikeja Lagos; and across all its locations in the 20 African countries with the theme: Shades of Hope: One Tree at a Time.

UBA’s Group Managing Director, Oliver Alawuba, who flagged off the campaign with a symbolic tree planting at the UBA Foundation Garden, Marina Lagos, said that the bank, through its Foundation

actively engages in environmental conservation to safeguard the natural ecosystems that Africa depends on.

He explained that by partnering with stakeholders and government agencies, UBA Foundation supports programs that enhance biodiversity and ecosystem health and also serves as an inspiration for sustainable practices.

Alawuba said, “With the ongoing heatwave that has been reported across the United States, United Kingdom and China, we know that the issue of climate change has to be taken seriously now more than ever.

R-L: Group Managing Director/CEO, United Bank for Africa (UBA). Mr. Oliver Alawuba and General Manager, Lagos State Parks and Gardens, Adetoun Popoola, at the flag-off of UBA Foundation’s Tree Planting Initiative, held at the UBA Foundation Garden in Marina, Lagos... recently

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

54,634,063.50

-- CBN Bills Held by Money Holding Sectors

442,402.18

Money Supply (M2)

54,191,661.32

-- Quasi Money

32,839,133.46

-- Narrow Money (M1)

21,352,527.87

---- Currency Outside Banks

1,445,439.42

---- Demand Deposits

119,907,088.45

Net Foreign Assets (NFA)

5,992,904.55

Net Domestic Assets(NDA)

48,641,158.95

-- Net Domestic Credit (NDC)

70,596,115.20

---- Credit to Government (Net)

27,529,720.19

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

43,066,395.01

BEDC Launches New Electric Payment Platform, i-Recharge

--Other Assets Net

11,123,812.79

Reserve Money (Base Money

15,975,739.59

Kemi Olaitan ÓØ ÌËÎËØ

--Currency in Circulation

1,683,498.35

--Banks Reserves --Special Intervention Reserves

14,292,241.24 419,889.49

Towards improving services rendered to its customers, the Ibadan Electricity Distribution Company (IBEDC), has launched a new electric payment platform.

The electric payment platform codenamed, i-Recharge, was launched at the company’s corporate headquarters in Ibadan, the Oyo State capital.

Present at the ceremony included the Managing Director of IBEDC, Mr. Kingsley Achife; i-Recharge MD, Mr. Tomi Araromi, other management staff of the distribution company, representatives of various communities and other stakeholders.

Achife, while addressing the gathering, explained that the

IBEDC and i-Recharge teams have worked tirelessly to ensure that the platform is not only user-friendly but also secure and reliable, maintaining that the company is committed to constantly improving the experience of its customers across the covered area.

He added that the innovative platform is to simplify electricity bill payments, make them safe, convenient and accessible for all customers.

According to him, “With i-Recharge, our customers can pay their bills with just one simple bank transfer, because every meter has a permanent bank account number. This platform offers a seamless and user-friendly experience, allowing customers to recharge their accounts,

pay bills, and manage their electricity consumption with just a few taps on their mobile devices.

“It brings the power of technology to their fingertips, empowering them to take control of their energy usage and expenditures. The IBEDC and I-recharge teams have worked tirelessly to ensure that i-Recharge is not only user-friendly but also secure and reliable.

“We understand the importance of safeguarding our customers’ information and transactions. Therefore, we have implemented robust security measures to protect their data and privacy, providing them with peace of mind as they engage with the platform.”

GTCO Raises Stake in CSR, Hinges Autism Advocacy on Conference Raheem Akingbolu

Spectrum.

Guaranty Trust Holding Company Plc (GTCO) has raised the bar in its support for Autism with the 2023 GTCO Autism Conference and follow-up consultations.

This year’s conference is themed “Empowering Voices for Autism” to promote inclusivity and self-advocacy for persons on the Autism

An offshoot of the Orange Ribbon Initiative, the GTCO Autism Conference has grown to become a reference point for autism advocacy and intervention in Africa, providing support and empowerment to thousands of people with neuro developmental disorders.

For Nigeria, the conference will hold on the 24th and 25th

of July at the Muson Centre, Lagos, whilst the free one-onone clinic will open from July 26th to 29th, at the Chapel of Light, Alausa, Ikeja. For Ghana, the activities will begin with a workshop on the 1st of August at the University of Professional Studies, Accra, Ghana, and consultations will last from August 2nd to 5th at the same venue.

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

April 2023

Inter-Bank Call Rate

15.80

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

18.00

Treasury Bill Rate

5.73

Savings Deposit Rate

4.59

1 Month Deposit Rate

7.32

3 Months Deposit Rate

7.92

6 Months Deposit Rate

9.84

12 Months Deposit Rate

8.18

Prime Lending rate

14.05

Maximum Lending Rate

28.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 17 JULY, 2023

The price of OPEC basket of thirteen crudes stood at $82.06 a barrel on Friday, compared with $81.53 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ AY, JULY 26, 2023

33

MARKET NEWS

H1 2023: Unilever Nigeria Declares 24% Increase in Turnover to N54.2bn Ka yo d e To ke d e Unilever Nigeria Plc released its unaudited interim report for the half year ended 30th June 2023, declaring N54.2billion in revenue, an increase of 24 per cent from N43.8billion recorded in the corresponding period in 2022.

The company recorded a gross profit of N13.1 billion for the period ended June 30, 2023 which is eight per cent drop versus N14.2 b i l l i o n re p o r t e d f o r same period last y e a r.

T h e re s u l t s h o w e d a profit for the year from continuing

P R I C E S MAIN BOARD

F O R

DEALS

operations of N2.8 billion for the period ended June 30th, 2 0 2 3 c o m p a re d t o a p ro f i t f o r t h e c o r re sponding period in 2022 of N1.9 billion which is 45 per cent up versus 2022.

Speaking on the re s u l t s , t h e M a n a g ing Director, Unilever Nigeria, Tim Kleine-

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

benne, in a statement said, “Unilever Niger i a re m a i n s f o c u s e d on the delivery of its 4G growth model of competitive, consistent, profitable, and re s p o n s i b l e g ro w t h .

“Unilever is pleased with its performance progress riding on the pillars of operational efficiency, cost opti-

T R A D E D MAIN BOARD

mization, purposeful brands and increasing m a r k e t s h a re a c ro s s key categories,” “Unilever Nigeria will continue t o s t re n g t h e n i t s operations in the country to meet citizen’s needs in health and hygiene t h ro u g h o u r b r a n d s a n d p ro d u c t s , ” h e

A S O F

added.

As a centenary old company and the longest serving manufacturing company in Nigeria, Unilever Nigeria is committed to ensuring continuous socioeconomic impact and investment in Nigeria t h ro u g h i t s b r a n d s and operations.

J U LY / 2 5 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

34

˜ ͺ;˜ ͺ͸ͺͻ ˾ T H I S D AY

dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž /ŶĐƌĞĂƐĞĚ ďLJ ϳϭďƉƐ

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THISDAY AFRINVEST 40 INDEX

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Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

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Current Price

Previous Price Change

THISDAY AFRINVEST 40

2935.49

0.71%

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Current Price Change Weighting YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divindend Earnings Yield Yield

24.3%

193.5%

23.6%

5.4%

6.2x

1.2x

5.8%

13.9%

1

BUA Foods PLC

135.75

0.0%

17.8%

108.8%

0.0%

45.4%

17.7%

21.8x

9.0x

3.5%

4.6%

2

MTN Nigeria Communications PLC

284.90

5.5%

10.3%

32.5%

4.2%

91.7%

13.2%

16.0x

13.4x

5.7%

6.3%

3

Airtel Africa PLC

1,319.90

0.0%

9.5%

-19.3%

0.0%

18.6%

6.2%

4

Guaranty Trust Holding Co PLC

38.70

0.5%

8.3%

68.3%

10.6%

19.7%

3.0%

5.9x

1.2x

8.3%

16.8%

5

Zenith Bank PLC

35.00

0.9%

7.0%

45.8%

2.2%

16.7%

2.0%

4.7x

0.8x

9.1%

21.1%

6

FBN Holdings Plc

21.55

-1.1%

5.3%

97.7%

26.4%

23.6%

2.2%

2.9x

0.6x

2.3%

34.3%

7

Dangote Cement PLC

352.00

0.0%

5.1%

34.9%

23.5%

34.8%

14.7%

15.6x

5.2x

6.1%

6.4%

8

Lafarge Africa PLC

28.00

-2.6%

3.3%

16.7%

-5.1%

12.3%

9.1%

8.9x

1.0x

7.1%

11.3%

9

United Bank for Africa PLC

14.90

0.7%

3.4%

96.1%

21.6%

20.4%

1.7%

2.9x

0.5x

7.5%

34.7%

2.7%

45.8%

10.0%

5.7%

2.8%

11.0x

0.6x

3.1%

9.1%

2.3%

6.8%

-6.0%

110.1%

12.8%

19.7x

20.1x

5.4%

5.1%

2.7%

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10

SEPLAT Energy PLC

1,539.70

10.0%

11

Nestle Nigeria PLC

1,175.00

0.0%

ƚĂůŝƐĂƟŽŶ ĂƉƉƌĞĐŝĂƚĞĚ ďLJ േϯϵϮ͘ϯďŶ ƚŽ േϯϱ͘ϵƚŶ͘ ĐƟǀŝƚLJ

12

Access Holdings PLC

18.00

0.3%

4.4%

111.8%

93.5%

13.9%

1.2%

3.6x

0.5x

14.4%

27.6%

13

Stanbic IBTC Holdings PLC

67.50

-2.1%

2.6%

101.8%

25.0%

22.4%

2.9%

8.8x

2.0x

5.2%

11.4%

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14

Ecobank Transnational Inc

16.50

0.0%

2.2%

55.7%

8.6%

19.1%

1.0%

1.8x

0.4x

3.1%

55.8%

15

Okomu Oil Palm PLC

265.00

0.0%

1.8%

60.6%

12.8%

47.7%

23.5%

15.6x

7.4x

4.5%

6.4%

16

Nigerian Brew eries PLC

42.00

-3.8%

1.4%

2.4%

-6.7%

-6.3%

-1.9%

2.1x

3.2%

-3.2%

5.0%

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ŵŝdžĞĚ͕ ĂƐ ϯ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ ǁŚŝůĞ ƚŚĞ ŽƚŚĞƌ ϯ ůŽƐƚ͘ >ĞĂĚͲ ŝŶŐ ƚŚĞ ŐĂŝŶĞƌƐ͕ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ &ZͲ/ d ŝŶĚŝĐĞƐ ƌŽƐĞ ϯ͘ϯй ĂŶĚ Ϯ͘ϵй ĚƌŝǀĞŶ ďLJ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ^ W> d ;нϵ͘ϵйͿ͕

: W h>'K>

;нϵ͘ϴйͿ

ĂŶĚ

DdEE

;нϱ͘ϱйͿ͘ &ŽůůŽǁŝŶŐ ĐůŽƐĞůLJ͕ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ŐĂŝŶĞĚ ϰϱďƉƐ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ƵƉƟĐŬ ŝŶ E/d, ;нϬ͘ϵйͿ ĂŶĚ &/Ͳ >/dz;нϭ͘ϴйͿ͘

ŽŶǀĞƌƐĞůLJ͕

ƉƌŝĐĞ

ĚĞƉƌĞĐŝĂƟŽŶ

ŝŶ KZE Z^d ;Ͳϴ͘ϯйͿ͕ >/E< ^^hZ ;ͲϮ͘ϵйͿ͕ &>KhZD/>>

17

Fidelity Bank PLC

8.45

1.8%

1.8%

94.3%

20.7%

16.7%

1.4%

4.6x

0.7x

18

Flour Mills of Nigeria PLC

31.15

-0.5%

0.9%

9.7%

-8.7%

11.4%

2.5%

6.1x

0.7x

22.7x

19

Transnational Corp of Nigeria

3.76

-1.1%

1.1%

232.7%

7.1%

6.4%

1.5%

20

International Brew eries PLC

4.85

0.0%

0.9%

3.2%

-6.7%

-19.2%

-5.2%

21

AXA Mansard Insurance PLC

3.74

1.1%

0.8%

87.0%

-5.3%

13.3%

3.4%

6.9x

1.1x

8.0%

14.6%

22

FCMB Group Plc

6.80

0.0%

0.9%

76.6%

33.3%

12.7%

1.3%

3.8x

0.4x

3.7%

26.0%

23

PZ Cussons Nigeria PLC

18.90

0.0%

0.5%

66.5%

-14.1%

35.2%

10.0%

5.1x

1.7x

5.3%

19.7%

24

Guinness Nigeria PLC

73.00

0.0%

0.6%

5.3%

-8.8%

7.3%

2.9%

25.7x

2.0x

9.6%

3.9%

25

Dangote Sugar Refinery PLC

30.40

2.2%

0.7%

89.4%

21.6%

36.5%

12.3%

6.3x

2.2x

4.9%

15.9%

26

Presco PLC

220.00

0.0%

0.6%

60.0%

23.6%

53.4%

13.5%

11.4x

5.2x

0.9%

8.8%

27

United Capital PLC

14.90

-0.3%

0.5%

6.4%

-5.4%

38.7%

1.6%

9.0x

3.3x

10.1%

11.1%

28

BUA Cement Plc

98.95

0.0%

0.4%

1.2%

7.3%

25.0%

12.6%

33.2x

8.2x

3.0%

3.0%

0.6%

187.4%

70.6%

37.7%

13.0%

12.6x

4.1x

3.1%

8.0%

0.3%

91.7%

5.7%

34.8%

5.8%

7.7x

2.7x

6.8%

12.9%

29

NASCON Allied Industries PLC

31.90

0.0%

30

TotalEnergies Marketing Nigeri

370.00

0.0%

31

Wema Bank PLC

'ŽŽĚƐ ŝŶĚŝĐĞƐ ďLJ ϲďƉƐ͕ ϮďƉƐ ĂŶĚ ϭϰďƉƐ ƌĞƐƉĞĐƟǀĞůLJ͘

KƵƚůŽŽŬ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ͕ ŝŵƉƌŽǀĞĚ ƚŽ Ϭ͘ϬϮdž ĨƌŽŵ Ϭ͘ϬϬdž ŝŶ ƚŚĞ ƉƌŝŽƌ ƐĞƐƐŝŽŶ ĂƐ ϯϭ

ƚĂŝŶĞĚ ŝŶ ƚŚĞ ŵĂƌŬĞƚ ĂŵŝĚ ŝŵƉƌŽǀĞĚ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͘

4.50

0.0%

0.2%

15.4%

-14.9%

17.2%

1.0%

3.4x

0.7x

6.7%

29.0%

1.86

-2.1%

0.3%

102.2%

11.4%

27.5%

2.0%

8.6x

2.2x

26.9%

11.6%

26.3x

2.4%

Geregu Pow er PLC

345.00

3.6%

0.3%

131.5%

15.0%

34

Union Bank of Nigeria PLC

7.00

0.0%

0.2%

9.4%

-4.8%

15.8%

1.6%

5.7x

0.7x

35

Julius Berger Nigeria PLC

28.65

0.0%

0.2%

16.9%

-7.6%

11.2%

1.3%

7.1x

0.8x

8.7%

36

Unilever Nigeria PLC

17.50

9.7%

0.2%

50.9%

7.4%

8.0%

4.0%

18.9x

1.5x

1.4%

37

Oando PLC

5.12

0.4%

0.1%

30.6%

-11.0%

3.2%

1.7x

38

Conoil PLC

101.25

-10.0%

0.1%

282.1%

22.0%

34.4%

13.1%

8.1x

2.5x

2.5%

39

Transcorp Hotels Plc

37.95

0.0%

0.2%

507.2%

62.2%

3.5%

1.9%

171.5x

6.1x

0.4%

40

Notore Chemical Industries Ltd

62.50

0.0%

0.0%

0.0%

0.0%

-27.3%

-6.4%

17.6%

T ic k er

1.5x

P ric e

P ric e C hg %

Vo lum e

P ric e C hg %

F T N C OC OA

2.42

10.0%

J A P A ULGOLD

72.5

9.8%

IKEJ A H OT EL

2.97

10.0%

GT C O

45.1

0.5%

43.2

0.7%

36.3

0.9%

SEP LA T

1539.70

10.0%

SKYA VN

19.55

9.8%

Z EN IT H B A N K

J A P A ULGOLD

1.01

9.8%

WA P IC

32.2

3.6%

UN ILEVER

17.50

9.7%

FCM B

30.3

0.0%

N GXGR OUP

27.95

9.6%

F ID ELIT YB K

27.6

1.8%

LA SA C O

1.90

8.0%

ST ER LIN GN G

27.1

-3.4%

VER IT A SKA P

0.29

7.4%

T R A N SC OR P

26.6

-1.1%

M C N IC H OLS

0.75

7.1%

CHA M S

20.6

-7.9%

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

5.3%

12.3% 0.6% -16.5%

T ic k er

UB A

14.0%

59.4%

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

T o p 10 G a i n e r s

T ic k er

P ric e

P ric e C hg %

T ic k er

Value

LEA R N A F R C A

3.69

-10.0%

GT C O

1696.6

0.5%

C ON OIL

101.25

-10.0%

Z EN IT H B A N K

1269.0

0.9%

J OH N H OLT

2.44

-10.0%

M TNN

712.9

5.5%

M ULT IVER SE

3.01

-9.9%

UB A

639.8

0.7%

P ric e C hg %

T H OM A SWY

1.30

-8.5%

FB NH

387.5

-1.1%

C OR N ER ST

0.88

-8.3%

A C C ESSC OR P

354.3

0.3%

CHA M S

1.05

-7.9%

F ID ELIT YB K

229.2

1.8%

C OUR T VILLE

0.60

-6.2%

WA P C O

222.5

-2.6%

C UST OD IA N

7.15

-4.7%

FCM B

205.7

0.0%

-4.0%

SEP LA T

170.3

10.0%

2.67

4.4% -19.0%

33

C UT IX

ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ

1.3%

Jaiz Bank PLC

ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ͕ ϯϬ ĚĞĐůŝŶĞĚ͕ ǁŚŝůĞ ϱϰ ĐůŽƐĞĚ ŇĂƚ͘ dŽͲ ŵŽƌƌŽǁ͕ ǁĞ ĞdžƉĞĐƚ ƚŚĞ ƉŽƐŝƟǀĞ ŵŽŵĞŶƚƵŵ ƚŽ ďĞ ƐƵƐͲ

1.4x 1.1x

32

;ͲϬ͘ϱйͿ͕ ,KEz&>Kh ;Ͳϭ͘ϮйͿ ĂŶĚ t W K ;ͲϮ͘ϲйͿ ǁĞŝŐŚĞĚ ŽŶ ƚŚĞ /ŶƐƵƌĂŶĐĞ͕ ŽŶƐƵŵĞƌ ĂŶĚ /ŶĚƵƐƚƌŝĂů

21.7% 16.5%

ƌŽŬĞƌĂŐĞ

ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ

/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ

ĚĞĚŽLJŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ZŽďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ďŝŽĚƵŶ <ĞƌŝƉĞ ͮ <ĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ĂŵŝůĂƌĞ ƐŝŵŝLJƵ ͮ ĚĂƐŝŵŝLJƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

35

WEDNESDAY, ͺ;˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

MEDIA BRIEFING...

L-R: Team Lead, Client Service, Novo Health Africa, Okonkwo Onyekachi; Service Coordinator, Kudowo Shukrat; Legal Manager, Nnenna Nwahiri, and Head of Operations, Temidayo Kaffo, during a media briefing on the launch of Novo Apoyo, a new product by the firm in Lagos…yesterday

World Bank: FG Yet to Implement Tax on Sugar-sweetened Beverages Tinubu to earmark 10% appropriation to health, says aide James Emejo and Aisha Kabiru in Abuja It emerged yesterday that the federal government was yet to commence implementation of the N10 per liter excise tax imposed on all non-alcoholic, carbonated and sweetened beverages in the 2021 Finance Act. This was disclosed by the World Bank Health Specialist, Dr. Olumide Okunola, who said the taxation of the Sugar-Sweetened Beverages (SSB) had been deferred till September.

This came as the Special Adviser to the President on Health, Dr. Salma Ibrahim Anas, said the Tinubu administration had committed to allocate 10 per cent of the annual budget to health financing from the current five per cent.

Both spoke at the Gatefield

Health Summit in Abuja, where stakeholders had converged to discuss the need for the federal government to commit the taxes generated from the tax to investment in the health sector as well as raise the rate to 20 per cent.

However, participants were shocked to learn that the implementation had not even started let alone determine its utilization.

Ironically, on June 28, 2022, the Nigeria Customs Service (NCS) during a policy breakfast meeting on the SSB, confirmed to stakeholders that implementation and enforcement of the tax actually commenced since June 1, last year.

The meeting was attended by high-level officials and representatives from the Federal Ministry of Health, Federal Ministry of Finance, Budget and National Planning,

National Assembly, Nigeria Customs Service, World Bank and a coalition under the National Action on Sugar Reduction (NASR).

Chief Superintendent of Customs (CSC), Dennis Ituma and CSC, Opeyemi Itulua, confirmed that enforcement of the regulation had commenced in earnest, pointing out that companies are expected to start remitting the first set of appropriate taxes to the government on/or before July 21.

Ituma, also said the customs had been meeting with the finance ministry over the sugar tax adding that the former had gone far with its implementation, adding that the law required companies to remit the taxes from carbonated drinks on a monthly basis as the revenues would then be transferred into the federation account.

However, the disclosure by the World Bank specialist that the implementation had further been deferred by President Bola Tinubu has already rattled the summit, hosted by the bank and NASR, a coalition which canvassed the inclusion of the SSB in the Finance Act. Also, there were fears that the postponement of its implementation could eventually lead to its cancellation if steps were not taken to monitor its trajectory.

Health experts believed that the SSB was crucial towards treatment of obesity and diabetes which millions of Nigerians are currently suffering from as a direct outcome of their unregulated consumption of sugary drinks, leading to noncommunicable diseases (NCDs) responsible for 29 per cent of

After Nine Years, Appeal Court Discharges Sule Lamido, Son of Money Laundering Charges Chuks Okocha in Abuja The Court of Appeal yesterday, delivered judgement on an appeal of no case submission by former governor of Jigawa State, Sule Lamido, discharging him and his son Mustapha Sule Lamido, of all count charges by the Economic and Financial Crimes Commission (EFCC).

THISDAY had reported that the case had lingered for about nine years.

According to the lead judgment of Justice Adamu Waziri, the appeal was resolved against the respondent and in favour of the appellant.

“Having resolved them,” he said, “the ruling of the Federal High Court is thereby set aside, struck out, apparently discharged,” the judge ruled.

He said the Federal High Court Abuja, was not within the territorial jurisdiction where the offence was committed and so it does not have jurisdiction to hear it.

The EFCC had accused Lamido alongside two of his sons – Aminu Sule Lamido and Mustapha Sule Lamido – and others of money laundering involving N712,008,035.

The Federal High Court in

Abuja had dismissed the no-case submission filed by Lamido to challenge the 37 counts of money laundering filed against him and his co-defendants.

The Court in Abuja had ruled that, Sule Lamido, and his codefendants had a case to answer

with regard to the N712 million money laundering charges filed against them.

The rest were four companies – Bamaina Company Nigeria Limited, Bamaina Aluminium Limited, Speeds International Limited – and Batholomew

Darlignton Agoha.

Ijeoma Ojukwu, the trial judge, made the pronouncement in a ruling dismissing the no-case submission filed by Lamido.

However, Lamido appealed against the Federal High Court ruling.

deaths in Nigeria in 2018.

They argued that treatment of these diseases was quite expensive to be left to patients alone. The tax would also help to provide infrastructure in the health sector

among other things.

Anas, nonetheless, said health financing remained a critical part of Tinubu’s health policy as well as increasing local production of health equipment.

Moody’s Maintains Afreximbank’s Credit Rating at Baa1 The African Export-Import Bank (Afreximbank), Africa’s foremost multilateral trade finance institution has announced that the global credit ratings agency, Moody’s has maintained its rating at Baa1 in its annual credit analysis, with the outlook categorised as stable.

The agency determines its rating for supranationals based on three criteria: capital adequacy, liquidity, and funding and strength of member support.

Moody’s noted that Afreximbank’s credit profile was “supported by its critical role under the African Union umbrella that garners it recurrent capital infusions…alongside the implementation of the African Continental Free Trade Agreement.”

Moreover, the ongoing provision of new capital by the Bank’s member states was cited, because it, “gives Afreximbank increased

flexibility over its balance sheet to navigate the challenging operating environment amid the economic and financial repercussions of higher inflation and tighter monetary conditions globally”.

Moody’s cited Afreximbank’s credit strengths as being a specialised African trade finance institution with a niche, supporting asset performance as well as having sound profitability and market access at favorable rates.

Commenting on the rating, President of Afreximbank, Prof. Benedict Oramah, said: “Afreximbank is delighted to maintain its positive credit rating from Moody’s, which reflects the Bank’s disciplined approach to its balance sheet and financial health, as well as its capacity to deliver its mandate even in periods of macroeconomic uncertainty and instability.

Novo Health Africa Unveils Solution to Improve Access to Healthcare Novo Health Africa, one of the leading national Health Maintenance Organisations (HMOs) in the country has launched Novo Apoyo, a ground-breaking solution to enhance enrollees' healthcare experience.

This support-service initiative is accessible through its Ijele platform and is expected to drastically reduce challenges in accessing care, particularly wait time by up to 90 per cent, amongst other benefits.

Furthermore, the solution is expected to create a seamless avenue for interaction between clients and HR partners. Through Novo Apoyo, customers are given real-time, practical end-to-end support at the point of access. This minimizes uncertainty and guarantees hitch-free hospital visits.

Speaking during the launch of

Novo Apoyo, Managing Director/ Chief Executive Officer, Novo Health Africa, Dr. Dorothy Jeff-Nnamani, highlighted the major challenges users experience when accessing healthcare and explained the reasons behind the intervention.

Jeff-Nnamani, who was represented by the company’s Legal Manager, Nnenna Nwahiri, said: “We acknowledge the challenges of delay in accessing care in the healthcare sector, impacting patient satisfaction and timely care. That is why Novo Apoyo has been optimised to reduce wait times, eliminate the inconvenience of unforeseen out-of-pocket payments, ensure patients receive needed prescriptions, address the risk of errors in hospital records and most of all empower the enrollee for better

health outcomes.

“In addition, our partner providers are relieved of administrative service bottlenecks ensuring that they concentrate on their primary role of diagnosing and treatment.

“The real-time self-check-in is a breakthrough transformation and the first of its kind in our industry. Its introduction signifies our commitment to transforming healthcare standards and driving positive change within the industry, thus showcasing our dedication to improving healthcare accessibility for Nigerians.”

Speaking further, she said the company decided to launch the solution because of some challenges most of the company’s challenges were facing in trying to access care from its providers.

“She added: “As one of the pioneers in the HMO space, Novo has in the time past introduced different applications that try to help their enrolees at the point of accessing care.

“One of our core values is to ensure that most of the time when we receive complaints from our enrolees we try to find solution to those challenges. Most of those challenges have to do with the time they get to wait at the hospital trying to get verification from providers at the point of accessing care.

“We therefore introduced a solution towards addressing this challenge, which led to the introduction of Novo Health Apoyo.

Introducing this product takes the power from the provider and gives it to the enrolees because if they

are able to do this themselves, it helps to reduce the time they wait at the hospital.”

In his contribution, the company’s Head of Operations, Temidayo Kaffo, said,” we are very passionate about getting feedback from our clients and one of the outstanding feedbacks we got from our survey was delay in access to service.

“Another thing is feedback on irregularity. On our application we have a section where enrolees can send us feedback. Now, one of the feedback was that they were seeing strange verifications on their profile.

We conducted investigation around this and we launched Novo Apoyo to address that.”

He said enrolees do not require additional cost to benefit from the solution.

36

WEDNESDAY, ͺ;˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

LAGOS PLATFORM FOR DEVELOPMENT (LAPD)/WORLD BANK GROUP STAKEHOLDERS ENGAGEMENT...

L-R: Country Director for Nigeria, World Bank Group, Mr Shubham Chaudhuri; Lagos State Governor, Mr Babajide Sanwo-Olu and Team Leader, World Bank Group, Mr Fuad Malkawi during the Lagos Platform for Development (LAPD)/World Bank Group stakeholders engagement workshop, at the Lagos Continental Hotel, Victoria Island, Lagos .... yesterday

Governorship Polls: Rein in Your Supporters, INEC Urges Political Parties Adedayo Akinwale in Abuja The Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, has called on political parties to rein

in their supporters ahead of the November 11 governorship elections in Bayesla, Kogi and Imo states.

He made the call yesterday in Abuja at the meeting with political parties on the review of

2023 elections, where he said the Commission's engagement with stakeholders in the last three weeks was part of the effort to review the conduct of the election.

The INEC boss noted that the

Commission was convinced that engaging with stakeholders was one of the best ways to learn lessons and continue to improve elections and the electoral process in Nigeria.

Yakubu stressed that for the

House Decries Extortive Practice of Estimated Billings By Discos Urges FG to provide first responder services to road accidents victims on highways Adedayo Akinwale in Abuja The House of Representatives has called on the Nigerian Electricity Regulatory Commission (NERC) to compel electricity distribution companies (Discos) to discontinue the extortive practice of estimated or arbitrary billing of customers with immediate effect.

It also directed the Discos to put in place an effective metering plan, which assures consumers of fair billing.

The House also directed NERC to invoke relevant provisions of the law and other extant agreements to penalise Discos from exploiting and abusing the rights of consumers.

The resolution of the House followed the adoption of a motion moved at the plenary yesterday, by Hon. Afuapi Moruf.

Moving the motion, the lawmaker said the Electricity Act, 2023, prescribes a comprehensive and institutional framework to guide the operation of a privatised, contract, and rule-based electricity market, within the ambit

of which every participant in the Nigerian Electricity Supply Industry (NESI) must operate; He said NERC as the Nigerian Electricity Supply Industry (NESI) regulator, has among other obligations to ensure adequate supply of electricity to consumers, ensure that prices charged are fair to consumers, though sufficient to allow the finances of Disco's activities, as well as enable them to make a reasonable profit for efficient operation; Moruf, explained that the Discos were entities established by the Electric Power Sector Reform Act, 2005, to supply electricity to power consumers with obligations to the respective "Operational Areas"; He noted that the DisCos have the statutory duties to provide for power transmission facilities and other ancillary services to ensure reliability and support the transmission of electricity from generation sites to consumers; The lawmaker added: "Concerned that the Distribution Companies raked in a whooping N247.33 billion in

the first quarter of 2023 as against N232.32 billion generated in fourth quarter of 2022, representing a rise by 20.81 per cent compared to N204.74 billion generated first Quarter of 2022 (year-on-year consideration), whereas, electricity supply declined from 5,956 (Gwh) in first Quarter of 2022 to 5,852 (Gwh) first Quarter of 2023 (yearon-year consideration), despite the increase in earnings."

Moruf lamented that the Discos have demonstrated unfaithfulness towards the social contract with Nigerians, as enshrined and enhanced by the transitional effect of the Electric Power Reform Act, 2005 to the Electricity Act, 2023, having been inefficient in their services, with condemnable attitudes towards expected investments.

Continues online

The Ijaw Youth Council (IYC) has said it would no longer tolerate incessant gas flaring and lackadaisical practices of local and international oil companies (IOCs) in the Niger Delta region.

The House of Representatives had during an investigative hearing on Monday, vowed to recover the sum of over $9 billion gas flaring fines imposed by the federal government on erring local and foreign oil and gas companies.

The lawmakers had also vowed to investigate, perhaps, one of the most harmful practices in the oil and gas industry which has cripple the country's economy.

But, President of the IYC, Alaye Theophilus, in his acceptance speech after taking over from the immediate past president of the council, Peter Igbifa, said gas flaring and venting had been significant environmental, economic, health and social concern for the people of the region for many years.

Alaye in a statement yesterday, stated: "We are in an era where policies of the government are anti-Ijaw and undermines our collective contribution to national sustainable development.

"As president of the council, I will agitate for resource control beyond oil and gas. We have been undermined for too long."

Alaye noted that his mandate

looking at some of the lessons learnt from the general election to improve our performance in the forthcoming elections."

The Chairman said the commission was focusing among other issues, on election technology, recruitment and training of ad hoc staff, the conduct of some regular and ad hoc officials, security issues, logistics and relationship with other service providers in general.

Earlier, Chairman of Inter Party Advisory Council (IPAC), Yabagi Sani, said there was no doubt that the 2023 general election might have come and gone, but the echoes had continued to reverberate and appeared not in a hurry to fizzle out.

He said IPAC was of the opinion that INEC deserved commendation for incremental use of technology in its operations.

Late Esogban of Benin: Stakeholders’ Meeting, Inputs Will Shape His Burial Plan, Says Family Adibe Emenyonu in Benin City The family of the late Esogban of Benin, Chief David Edebiri, yesterday said the outcome of a stakeholders’ meeting and analysis would shape his burial plan.

Collins Edebiri, eldest son of the late Odionwere, disclosed this to

newsmen in Benin City, while announcing officially, the death of their patriarch.

He explained that the stakeholders’ meeting would afford all segments to make inputs and participate in the burial arrangement.

He said, "The burial date is yet to be announced by the family but it

IYC: We'll No Longer Condone Gas Flaring from Oil Companies in Niger Delta Adedayo Akinwale in Abuja

2023 general election, political parties played a lead role in the election and the electoral process, saying, “collectively, they sponsored 36 presidential candidates and their running mates; 837 governorship candidates and their running mates; 1,100 senatorial candidates; 3,127 candidates for House of Representatives and 10,231 candidates for The chairman pointed out that the Commission was aware that while there were many positive developments from the 2023 general election, there were challenges encountered which must be addressed.

"As we review the general election, we also need to focus our attention on the forthcoming by-elections and the three off-cycle governorship elections in Bayelsa, Imo and Kogi States.

"For the Commission, we are

as the 9th president of the Ijaw nation was to promote, defend and demand justice for his people.

He added: "It is abysmal when our rich water bodies are abandoned, and we see ship berths in Lagos, when we have the best seaport in West Africa.

What we keep hearing is that our environment is not safe enough, this must stop under my watch as president of council as we demand activation of our seaport.

"I must state it clearly that we will no longer condone incessant gas flaring and lackadaisical practices of the IOCs that has cost us a lot as a people.

"We shall strive to maintain the stability in the council and the Ijaw

nation under my leadership," he added.

The President, therefore, urged the government to explore areas where the region has comparative advantage in order to ameliorate the suffering of the people.

He said, "In my government, political players in the Niger Delta region must up their game in the discharge of their political duties to project the concerns of the region as we shall be asking questions of stewardship and contributions to the development of the region."

Earlier, the immediate President, Igbifa, urged Alaye to be steadfast and avoid unnecessary distraction in his commitment to set the Council on the right path.

will not exceed three months from the date of his death."

Edebiri, disclosed that because of the status of the late Esogban in the traditional setting of Benin Kingdom, the announcement of his death in the media created a little problem for the family.

"I want to put it on record that my dad died on Thursday, 20th July, 2023. Like you all know, he lived a good life. It was the first time ever in his life that he went to hospital. He died peacefully on his bed.

"But we are satisfied that the legacy he left behind will speak for him. The family is satisfied with the calls from the low and high and the

tributes that have been pouring in since his demise," he added.

The junior Edebiri also revealed that the Esogban, like his own father who was the Esama of Benin, died at the age 93, adding that he would have been 94 by September 2nd 2023.

"His father was the Esama of Benin who also died at 93. We were praying for my father to make it 94 but he went like his father went.

He died exactly like his father", Rev. Edebiri said.

He stated that one of the things the late Esogban was proud of was the culture and tradition of Benin Kingdom, adding that his toughest challenge is meeting his father's achievements and surpassing them.

CORRIGENDUM In a congratulatory message from the governor of Edo State, His Excellency, Mr. Godwin Obaseki, to the President and CEO of GCA Energy Limited, Mr. Greg Uanseru, published Tuesday, July 24, 2023, on page XI in Thisday Newspaper, the Edo State Government production team used an incorrect image of the celebrant on the artwork.

The error is regretted. We apologize to Mr. Uanseru for the unintended inconveniences caused by this error.

–Editor

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NEWS

HOUSING SHOW IN ABUJA...

L-R: Member House of Representatives, Ibrahim Mohammed, Representatives of the Senate President, Senator Asuquo Ekpenyong, Permanent Secretary, FCTA, Olusola Olusade, Deputy Minority leader, House PHOTO: KINGSLEY ADEBOYE of Reps, George Ozodinobi and Chief Executive officer, Africa International Housing show, Festus Adebayo, during the 17th Housing show in Abuja ... on Monday

Telecoms: NCC Begins Review of Operating Standards to Boost Service Quality Oghenevwede Ohwovoriole in Abuja The Nigeria Communications Commission (NCC) yesterday, began a review of the regulatory instruments in the telecommunications sector with a view to improving the quality of service (QoS) standards in the sector.

To achieve this, the NCC is putting forward six regulatory instruments for amendments. These includes the Quality of Service (QoS) Regulations, 2013; the Commercial Satellite Guidelines and the introduction of Corporate Governance Guidelines for the Communications Industry.

Others include the amendment of the Competition Practice Regulations, 2007; Numbering Plan Regulations as well as the introduction of Data Protection Regulations for the communications industry.

The NCC Executive Vice Chairman (EVC), Prof. Umar Danbatta, while addressing stakeholders in Abuja, said the regulatory instruments being considered for review, were critical to improving the communications sector, which would

enable it meet the demands of the ever-evolving digital age.

According to the him, the laudable advancements in the sector confers greater responsibility on the part of the government to ensure that there exists an enabling environment for the industry to thrive, through the introduction and amendment of key regulatory instruments.

According to the EVC: “The communications sector is at the fore-front of innovation and advancements in technology geared towards driving economic growth and societal development.”

Danbatta stressed that the public inquiry afforded an opportunity to critically examine and provide valuable insights on the draft instruments.

He urged all the participants to engage in meaningful and constructive discussions and elicit issues that would explore the potential strengths and weaknesses of the draft regulatory instruments, identify areas for improvement and propose innovative solutions to address the challenges ahead.

Also speaking, the NCC Director,

Legal and Regulatory Services, Miss.

Helen Obi, said the amendment of the Quality of Service (QoS) Regulations, 2013, was vital to maintaining and enhancing the standards of service that consumers receive.

Obi also said the proposed amendment to the QoS Regulations were meant to introduce stricter performance standards, more robust monitoring mechanisms and more transparent reporting systems that will improve the overall customer experience.

“More importantly, these changes will also drive operators to enhance their networks and services through efficient deployment and network optimisation processes. Clearly, these expectations will ultimately foster a culture of continual improvement which is essential for the competitiveness and vitality of our industry,” Obi said.

She added that the amendment of the Commercial Satellite Guidelines would provide clearer procedures for licensing and operation of satellite communications services, promote the use of satellite technology for

deepening broadband penetration for national development and ensure compliance with international obligations.

“In addition, we are introducing Corporate Governance Guidelines for the Communications Industry.

These Guidelines will set a clear framework for operators, ensuring that their operations are transparent, accountable, and adhere to international standards of corporate governance,” she explained.

The NCC, she stated, was

also introducing Data Protection Regulations for the Communications Industry. In order to establish a robust framework for data privacy, ensuring that operators respect the rights of individuals while also leveraging on data for innovation and growth.

“Subsequently, we look to the amendment of the Competition Practice Regulations, 2007. This instrument has been at the heart of ensuring a level playing field for all operators in our industry.

After Meeting with Obasanjo, Abiodun Says Nation Must Endure Subsidy Removal Pain James Sowole in Abeokuta Ogun State Governor, Dapo Abiodun, yesterday, after a closed door meeting with former President Olusegun Obasanjo at his resident in Abeokuta, the state capital, said the nation must endure the pains of fuel subsidy removal.

Abiodun arrived the private

residence of Obasanjo, located within the Olusegun Obasanjo Presidential Library (OOPL) at 11.58am and went straight into a private meeting with him.

Emerging from the meeting, which lasted about an hour, Abiodun declined to reveal details of his meeting to journalists, describing it as private.

CBN DIRECTS BANKS TO LIFT RESTRICTIONS ON 440 ACCOUNTS remain positive as economic agents adjust to the recent policies on zero subsidy on the price of Premium Motor Spirit (PMS) and unification of the exchange rate.

On the global outlook, the MPC reviewed developments impeding the smooth recovery of the global economy, notably the continued hostility between Russia and Ukraine, as Russia reneged from further renewal of the Black Sea Agreement until all conditions are met.

The CBN acting governor said the development would likely push commodity prices much higher than current levels, adding that China's slow recovery, post-Zero-COVID Policy, was dampening global trade, while the increasing polarisation of the global economy with several economies seeking macroeconomic alliances with the group of BRICS countries are increasing uncertainty in the direction of trade flows.

Shonubi said, “On hiking rate, the first thing I'd like to highlight is that it has made quite a lot of difference. And I believe in previous MPC as we had indicated and shown

that everytime we have had a rate increase, it has actually moderated the rates of inflation. But that's not all that we've been doing.

“And during this MPC, we had quite a lot of time talking about inflation, talking about the various tools and mechanisms that we could use to manage inflation. We agreed that one of the key challenges now was liquidity overhang and we needed to look at the various tools we had.

“As a matter of fact, in the communique, you would have noticed that we made a reference to that same fact. So, in addition to interest rate hikes, we've also come up with various ways to tighten liquidity because we believe that if liquidity surfeit actually runs across not just inflation, but also has some impact on the exchange rates and other parts of the economy.

“So, I can confirm that it is not only rates change, that we're looking at to moderate inflation, we're looking at every tool in the box that would help us reduce liquidity and that should have a positive impact on reining in inflation.”

Also addressing issues around the floating of the local currency, he said, “We're not trying to unify the rates. We believe that we need to encourage the markets to be more efficient and to be more effective and that takes a bit of time.

“Some of the volatility you've seen over the period has been driven by that same fact that the market needs to find its level and also the reality that there's pent-up demand which current supply may not be sufficient and as we ease and satisfy the pent-up on demand, we'll begin to see a more efficient market that runs but you also need to understand that the dynamics of pricing in the market and we feel we should actually stop calling it the I&E because it is now much more than the I&E. “For us, it's a market where everybody and anybody through licensed institutions can participate.

So, we expect that over time, sooner rather than later. The volatility assumed would normalise.”

He said, “The role of the central bank is to intervene and keep the market at a fairly stable level. We

Yet, as the industry changes, so must our Regulations. The proposed amendments aim to strengthen our anti-competitive behavior checks, enhance consumer welfare and encourage innovation among operators.

“Finally, we look to the amendment of the Numbering Plan Regulations. These Regulations will ensure the orderly assignment and use of numbers that are central to the operation of any communications system.

have our views as to what that level is and as the market continues to oscillate around that level, if there's a need for us to intervene either by buying or selling, that's the role of the central bank.

“We have started intervening, and we have been doing it for a while and we will continue to intervene to bring the markets to the levels that we believe they should be. Right now, and in the short term, these volatile times are expected but we expect them to moderate sooner rather than later.”

CBN Resumes Enforcement of LDR Policy, Urges Banks to Comply

Meanwhile, the CBN yesterday said it would resume the enforcement of LDR policy effective July 31, 2023.

The central bank said the move followed the January 7, 2020, directive which required banks to maintain a minimum LDR of 65 per cent.

The apex bank, in a letter addressed to the banks and signed by Abu Shebe, on behalf of the CBN

Director, Banking Supervision, further explained that the resumption of enforcement was in line with the objective of the policy and the need to moderate industry excess liquidity.

Consequently, the CBN warned that DMBs with LDR below the minimum requirement as of the date, and monthly thereafter, would be liable to a Cash Reserve Requirement (CRR) surcharge of up to 50 per cent of the lending shortfall implied by the target LDR. The bank added that the DMBs would be duly notified of their respective LDR position and basis of surcharges if any.

On July on July 3, 2019, the central bank, in an effort to stimulate the economy, mandated banks to keep a minimum LDR - defined as loan to funding ratio - of 60.0 per cent which was later reviewed upward to 65.0 per cent on September 30, 2019, to encourage banks to increase consumer, mortgage, and corporate credits thereby stimulating aggregate demand, output growth, and employment.

Continues online

"It is a private meeting. A son does not have to have any particular reason to come and see his father, so, I have come to see our baba and it is a private meeting," Abiodun said.

However, speaking on fuel subsidy removal, he lamented that, Nigeria lost N4trillion annually to the subsidy regime, insisting that there was no better time to remove the subsidy than now, assuring Nigerians that, the government would put the money into better use to revamp the economy of the country.

"We all know that the President Bola Ahmed Tinubu's administration started with a bang. On 29th of May, he reeled off a few initiatives, one of the most laudable of those initiatives was his decision to remove subsidy on petroleum products.

"As controversial as that initiative has been, no one can deny the fact that it was a very welcome initiative.

That was a subsidy that Nigeria could no longer afford, it was a subsidy that was not in the budget beyond June 2023.

"More importantly, it was costing Nigeria about N4trillion per annum, N4trillion that Nigeria did not have, that we have had to borrow, that could be better expended to other uses that the common man can feel, so it was a very right decision.

"Of course, it was a decision that also came with a bit of pain, but like they say, there is no gain without some pain," Abiodun said, and urged Nigerians to endure the hardship of increasing fuel price, saying the benefits of the subsidy removal outweighed the pain.

WEDNESDAY JULY 26, 2023 ˾ T H I S D AY

38

NEWS

NOLLYWOOD ACTRESS VISITS WEMA BANK…

L-R: Head, Brands and Marketing Communication, Wema Bank, Mabel Adeteye; Executive Director, Lagos Directorate, Wema Bank, Mr. Oluwole Ajimisinmi; Nollywood actress, Bimbo Ademoye, and Executive Director, Retail and Digital Business, Wema Bank, Mr.Tunde Mabawonku, during a courtesy visit of the actress to the bank in Lagos… yesterday ETOP UKUTT

EndSARS Mass Burial: ‘Lagos Lied, Families Turned up for Corpses but Were Denied Access’ Omolabake Fasogbon

The Lagos State government while reacting to a leaked memo pointing to a planned mass burial for victims of 2020 EndSARS protest, defended its action on refusal of relatives to claim their corpses.

However, THISDAY investi-

gations prior and after the reaction by Lagos, through its Permanent Secretary, Ministry of Health, Dr. Olusegun Ogboye, proved otherwise.

A leaked memo from Lagos State Public Procurement Agency, dated July 19, 2023, addressed to the Ministry of Health and signed by the Director-General

of the agency, Mr. Onafowote Idowu showed the approval of the sum of N61,285,000 for the mass burial.

Earlier in March, THISDAY had reported how Lagos State government deceived victims’ relatives and collected

their samples in LASUTH for a DNA test, further raising the hopes of the bereaved.see link (https://www.thisdaylive.

com/index.php/2023/03/27/ endsars-how-lagos-governmentgambles-with-corpses-of-victimsdenies-them-peaceful-rest).

Court Frees Two #EndSARS Prisoners in Ondo Fidelis David in Akure

An Ondo State High Court sitting in Akure the state capital yesterday struck out the charges against Kemisola Ogunniyi and

Bukunmi Ayodele, accused of joining Nigerians to demand a dissolution of the defunct Special Anti-Robbery Squad (SARS) via protest in 2020.

Kemisola and Bukunmi who wallowed in Olokuta

correctional facility, for nine months were facing five-count charge bothering on conspiracy to commit felony and arson, riotous assembly, stealing, and malicious damage.

On the June 16, 2021, Kemisola gave birth in prison, a child named Okiki, who is now two years and one month and after concerted efforts and public outcry.

Government Area of the state.

The Public Relations Officer of the Command, Sadiq Mutari said yesterday, the arrest and seizure was the result of a coordinated surveillance operation by their men.

According to him, the officers, who pinned down on

the case for two months, were able to track and intercept the drugs, which were loaded from Lokoja en route Jigawa State.

“The bust, which took place at Garindau near the bridge of Wudil in the Wudil Local Government Area of Kano State, resulted in the seizure

of a whopping 116 bags of cannabis, weighing in an astonishing 1,553.1 kg.”

“The stash included 50 bags of compressed cannabis, with each bag containing 25 blocks summing up to 1,250 blocks, in addition to 66 bags of loose quantities of the drug,” he said.

NGX Group Declares 25 Kobo Interim Dividend NDLEA Arrests Two Suspects with 116 Bags of Marijuana in Kano

Kayode Tokede

Following the emergency meeting of the Board of Directors, Nigerian Exchange Group Plc (NGX Group) yesterday announced an interim dividend of 25 kobo per ordinary share of 50 kobo each, distributable to shareholders for the first half of financial year 2023.

This dividend, which is the first since the demutualisation of the Nigerian Stock Exchange will be paid to shareholders whose names appear in the Shareholders’ Register as of the close of business Monday, July 31, 2023.

Payment will be remitted

electronically to qualified shareholders on Thursday, August 31, 2023. The dividend announcement comes as a resolution of the Board following the request from shareholders at the recently held Annual General Meeting (AGM) on July 14, 2023.

Commenting on the dividend announcement, the Chairman, NGX Group, Alhaji (Dr) Umaru Kwairanga in a statement said, “The announcement of the dividend will send a signal to our shareholders that the Company has a listening and responsive Board following the request at the last annual general meeting.

Ahmad Sorondinki in Kano

The National Drug Law Enforcement Agency (NDLEA) in Kano has intercepted 116 bags of Cannabis Sativa, weighing 1,553.1 kg, after bursting a major drug syndicate at Garindau, Wudil Local

Police Kill Two Kidnappers, Rescue Victim in Kogi Ibrahim Oyewale in Lokoja and Hammed Shittu in Ilorin Operatives of Kogi State Police Command, in collaboration with local vigilance Group, has killed two kidnappers, rescued one victim and recovered one

AK 49 Rifle with 14 Rounds of live ammunition.

This is just as Kwara State Police Command yesterday paraded six suspected kidnappers that have been terrorising the people of Kwara South senatorial district of the

state.

The killing of the two kidnappers was disclosed in a press statement signed yesterday by the Police Public Relation Officer, CSP. William Ayah, in Lokoja.

The statement reads: “In

compliance with the directives of the Commissioner of Police, Kogi State Police Command, CP. Onuoha Bethrand, to sustain the tempo on the ongoing onslaughts against criminal elements and to deny them safe haven in the state.

the death.

Awuda was said to have been attacked by clubbers for picking money being sprayed on a celebrant at a hotel. Her body was alleged to have been dumped in an abandoned pool.

Family of the deceased, led by

her father, Mr. Patrick Awuda, who was represented by Rigota Chambers, alleged that there was plan to cover up the death of his daughter by the celebrant, the hotel and some police officers.

Part of the petition sent to the commissioner of Police stated that

the investigating police officer of ‘B’ Division, where the matter was being investigated has been trying to coax the family into accepting amicable settlement, without accepting that their daughter was gruesomely murdered and dumped in the abandoned pool.

SEC to Facilitate Financing Platform in Commodities Sector Family of Slain Lady Clubber Petitions Police, Calls for thorough Investigation

The Securities and Exchange Commission (SEC) is set to provide a platform for selected players in the commodities trading ecosystem, the capital market and other relevant industry members to engage with mining companies to discuss opportunities for accessing long-term funding in the Nigerian capital market via a workshop.

This, according to the commission, is part of the implementation of the capital market master plan and part of the strategies to foster a thriving

commodity-trading ecosystem, over the next few years.

The master plan designates commodities exchanges as critical for enabling investment diversification, risk management, price discovery and transactional efficiency.

According to the SEC, the workshop which is titled “Financing the Solid Minerals Sector through the Capital Market and the critical role of the Commodities Exchanges” is scheduled to hold this week in Lagos.

NDE Pledges Skill Devt, Empowerment Programmes in Osun

Yinka Kolawole in Osogbo

The Director General of the National Directorate of Employment (NDE), Mr. Abubakar Nuhu Fikpo, yesterday assured the people of Boluwaduro/Ifedayo/Ila Federal Constituency of proper and adequate development of entrepreneurial skills for

socioeconomic development of the area.

Fikpo made the pledge when the member of House of Representatives representing Boluwaduro/Ifedayo/Ila Federal Constituency, Hon. Clement Ademola Akanni, held a meeting with him in his office in an efforts to foster sustainable development and progress in the constituency.

David-Chyddy Eleke inAwka Family of Miss Chinyere Awuda, the lady clubber who was allegedly beaten to death in a club house in Awka, Anambra State, has petitioned CP Aderemi Adeoye to thoroughly investigate

Rida Obtains Licence to Officially Operate in Lagos Rida, the set-your-price ride-hailing service has received its official licence to operate in the city of Lagos.

The company said in a statement that in what is set to change the transportation

landscape in Lagos, the Nigerian ride-hailing firm has displayed its adherence to high standards of operation, commitment to excellent service, and rigorous compliance with regulatory guidelines to achieve this significant milestone.

According to the company, attaining the official authorisation is a testament to the company’s adherence to high operational standards, commitment to providing excellent service, and robust compliance with regulatory

guidelines.“The platform satisfies all the criteria required by the Lagos state government in terms of safety, security, and reliability, making Rida one of a few legallygrounded digital transport services in the city.”

Jaye Lo Video: You Owe Muslims No Apology, Soyinka Tells Davido Nobel Laureate, Prof. Wole Soyinka yesterday, told Afrobeat musician, David Adeleke, popularly known as Davido, not to apologise to some Muslims who are demanding an apology from him following an alleged offensive video clip.

The musician, who owns

DMW Record label, had posted a 45-second long video clip of his signee, Logos Olori’s new song, ‘Jaye Lo,’ on Friday, July 21, with the aim of promoting the song ahead of the official release.

In the video men dressed as mallams, were dancing in front of a mosque.

However, some Muslims, who claimed to be offended by the video clip, which Davido posted on his social media page are insisting that he should pull it down and apologise to them.

Although Davido has deleted the video has not offered any apologies.

Commenting on the development, Soyinka said asking Davido to apologise was mere distraction.

Though he said he has not seen the video, he, nevertheless, asserted that dance is an integral part of worship in most religions, including Islam.

39

WEDNESDAY, ͺ;˜ ͺ͸ͺͻ ˾ T H I S D AY

WEDNESDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Enyimba, Remo Stars Get Tough Champions League Opponents Nigeria’s representatives in the next CAF Champions League, Enyimba International FC of Aba and Remo Stars of Ikenne have been handed tough opponents in the first round of the competition.

At the Draw ceremony conducted by CAF yesterday, the Nigeria Premier Football League champions Enyimba were paired with Libya’s Ahli Benghazi.

Enyimba who are two-time

champions of the tournament will play the first leg away and return to Aba for the reverse fixture a week later.

The winner of the two-legged encounter will meet either Cameroon’s Coton Sport Garoua

or Cote d’Ivoire’s ASEC Mimosa in the next round.

Nigeria’s other representatives in the competition, Remo Stars will take on Ghanaian Premier League champions, Medeama.

Medeama will host the first

leg in the weekend of 18-19 August.

The NPFL runners up will host the second leg in Ikenne on either 25 or 26 August.

The winner will be up against Horoya FC of Guinea for a place

in the money spinning group stage.

The Ghanaian champions Medeama Sporting Club, founded in January 2011, were formerly known as Kessben FC and based in Western Region.

Super Falcons Wants All Three Points Against Australia Onome Ebi: “Only the three points will be good enough for Nigeria” Super Falcons Captain, Onome Ebi, has insisted that Nigeria will go all out to hunt for the three points at stake when they take on co-host Australia on Thursday night in Brisbane.

She stressed that anything less may spell doom for their ambition to reach the knock out stage of the Women’s World Cup in Australia and New Zealand.

“We will go in there and play to win. There are no two ways about it. Only three points will be good enough for us,” observed Onome to thenff.com yesterday.

With the maximum three points from their opening match against Republic of Ireland in Sydney on 20 July, Australia’s Matildas know they have a fight on their hands against nine-time African champions, Super Falcons, who refused to bow to Olympic

WOMEN’S WORLD CUP champions Canada in Melbourne the following day.

Falcons know only a win will be good enough to stand them in good stead for a place in the Round of 16, as only the two top-placed teams in each of the eight groups will make progress in a tournament that has welcomed 32 teams for the first time ever.

The Super Falcons Captain is however flaunting their five-match unbeaten streak as one of the callipers that will keep the girls going strong on a turf much more familiar to their opponents and in front of dozens of thousands of a partisan crowd at the Lang Park.

“Of course, it is the World Cup. You have to accept the fact that you are going to play the best

teams in the world and you have to be alive to that responsibility and face it with your full chest.”

Before the draw with Canada, the Super Falcons had pipped Costa Rica 1-0, edged Haiti 2-1, trounced New Zealand 3-0 and

slayed Lions Women’s Football Club 8-1 before the World Cup. Nigeria is one of only seven countries (the others being USA, Brazil, Germany, Sweden, Japan and Norway) to have featured in every single edition of the FIFA Women’s World Cup finals since the competition was launched in 1991 in China.

Australia missed the inaugural edition in China, but have been at every other final tournament since then.

Goalkeeper Chiamaka Nnadozie has returned to training after being excused for one day following the MVP-winning performance against Canada in Melbourne, and consistency is expected in the selec-

tion of the rearguard, with Michelle Alozie and Ashley Plumptre on the wings, and veteran Osinachi Ohale and youthful Oluwatosin Demehin at central.

The co-hosts will have to do without their talismanic captain Sam Kerr, who has been the face on most advertisements pertaining to the tournament here.

....Egbe Tips Nigeria for Victory Against Australia Chief Executive Officer of Monimichelle Group, Ebi Egbe, has tipped Super Falcons to win their crucial group game against Australia on Thursday.

Egbe who was full of praises for the Nigerian girls for holding highly rated Canada in their opening game said the Nigerian girls are no doubt fired up.

"The draw against Canada was good for our girls. Having secured that valuable point, I see them getting outright victory against

Australia.

“The Aussies would definitely be under pressure in front of their fans. And in Falcons we have got several experienced and quality players who can't be intimidated by fans,” observed the stadium facility expert.

Australia, it would be noted secured a win in their first game against Ireland. They lead the very difficult group by three points while Nigeria and Canada have one point each.

Super Falcons ...going for all three points against cohosts Australia on Thursday

Liverpool Legend, Patrik Berger, Kids, Coaches Excited at Excited by Football Talents in Nigeria RernCo Squash Tourney Describes Okocha as “magical, best entertainer ever” As Tuesday was observed as rest day, no fewer than 50 kids are expected to return for coaching lessons today as the 1st RernCo Squash Tournament gathers momentum at Ikoyi Club.

The Professional Squash Association tournament which will see champions in the men and women’s categories get $1,000 each, is also featuring a clinic for kids who could not hide their joy of getting some tips that would enhance their performance in the sport in the future.

Honour Ogbonna, 8, is one of the participants and he was full of excitement at being part of the programme which is sponsored by Zenith Bank in partnership with Ikoyi Club 1938.

“I’m very happy to be here because I love squash so much.

This is my first time of taking part in a clinic and I learnt how to serve, bounce the ball, as well as other things.

“I will like to play for Nigeria when I grow up,” the primary four pupil of God is Good Schools, Lagos, enthused.

Kisi Anibaba, is one of the seven girls that featured in the junior class of the clinic on the opening day and she is full of optimism that she will

be one of the country’s top players in the future.

“Some of the things that we were thought will make me better in the game. I started playing squash this year and this is my second time of attending a squash clinic,” she said.

Coach Adedeji Sanya and Michael Charles are part of the coaching crew for the programme and they are of the view that the future of the sport is very bright.

Duro Ikhazuagbe Former Liverpool midfielder, Patrik Berger, who was in Lagos at the weekend courtesy Standard Chartered Bank, is enthused by the talent displayed by young Nigerian footballers he worked with.

Berger who played seven seasons at Anfield winning five trophies before moving to other teams in the English Premier League, was in the

country along with two Liverpool coaches to have training seasons with some selected kids on the Lagos Island.

The former Czech international who will forever be remembered for his feat at Euro ‘96 in England when along with Pavel Nedved, Karel Poborsky and Vladimir Smicer, led the Eastern European nation to the final before bowing to Germany, said Nigeria remain

Aluo Hails Kano Gov Yusuf Over NNL Relegation Playoffs The board of Nigeria National League (NNL) has commended Kano State Governor, Engr. Abba Yusuf, for accepting to host the 2023 NNL playoffs scheduled to hold between August 6 and 10 at the Sani Abacha Stadium in Kano.

Chairman of the NNL, George Aluo, in a statement made available to the media on Tuesday, described the Kano State governor's gesture as a huge boost for the development of the nation’s second tier league which remains the main foundation

of Nigerian club football.

According to the NNL boss, the governor by his gesture has demonstrated his passion for the growth of Nigerian football and sports in general.

"We, the board of the NNL want to thank the governor and good people of Kano State for accepting to host the 2023 NNL playoff in Kano. We are delighted to receive the huge support of the Kano State government in moving Nigerian football forward and we appreciate

your support," he said.

Eight clubs will be involved in the relegation playoffs which will determine the four teams that will remain in the NNL and the four teams that will be relegated to the Nationwide League.

"We're happy that the 2023 NNL relegation playoffs will hold in Kano State with eight clubs participating to determine which of the four clubs will be relegated to the lower league," NNL boss noted.

full of football talents.

“I saw great talents in some of the kids who were between 7 and 17 years. They were enthusiastic about all that the coaches were offering.

Even when it started to drizzle, they refused to leave the pitch. I really would love to see one or two of them play for Nigeria’s senior team and Liverpool very soon,” observed Berger fondly called ‘the Bomb’ by English media at the dinner party thrown by Standard Chartered to round up the event.

Although his trip to Lagos is Berger’s first visit to Africa, he displayed good knowledge of players from the continent that have made their marks in the Premier League. He however described Yakubu Aiyegbeni whom he played with at Portsmouth as his favorite Nigerian player.

“I played with Yakubu (Aiyegbeni) at Portsmouth and I must say he is one of the greatest African players I ever met. He is so strong, played with passion and he usually cracks jokes with us on our way to training,” recalled Berger.

Despite his love for Aiyegbeni, Berger described Austin Jay Jay Okocha as the best entertainer football has ever seen.

“Jay Jay Okocha was magical. He

Patrik Berger...excited with football talents in Nigeria was doing things with the ball that you begin to wonder where such skills come from. He was the best entertainer in football,” he noted with excitement in his tone.

Before arriving England for Euro ‘96 and ultimately switching to Liverpool, Berger started his career in his own country with Slavia Prague. He spent a season in Germany playing for Borussia Dortmund where he shone ahead of the European Championship.

After Liverpool, he played at Portsmouth, Stoke and Aston Villa before hanging his boots.

Wednesday, July 26, 2023

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Price: N250

MISSILE Obasanjo to Leaders We are carried along by ego and emotion of self, selfishness and selfcenteredness, ethnic and religious jingoism, with total lack of understanding of the world we live in and gross misunderstanding of what development entails and how to move fast and continuously on the trajectory of development.”

- For President Olusegun Obasanjo berating leaders for failing the people.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Which Ideas Will Carry the Day? T

he power of ideas in governance came into focus again on Monday when former President Olusegun Obasanjo berated Nigerian leaders as lacking in thoughts for development. He warned that that with more people pushed into poverty the country was sitting on a keg of gun powder.

Obasanjo spoke virtually to the launching of a book in Abuja by former Minister of Trade Olusegun Aganga. The book is intriguingly entitled “Reclaiming the Jewel of Africa” in reference the nation’s development debacle.

The former president was unsparing of those in leadership positions.

Among other things in his most uncharitable statement he said: “You will weep for our nation over their level of emptiness as far as development issues are concerned…If you ask why they want to be in the position they are craving for, you will weep for your nation over their level of emptiness as far as development issues are concerned. What do they understand for peace, security, stability, predictability, development, growth and progress to be actualised? I believe that peace, security, democracy and prosperity must be taken together.”

Now to be charitable, both Obasanjo (in his statement) and Aganga (in the book) are only revelling in the benefits of hindsight in their positions, having had the opportunities to make a difference by putting their own ideas of development into practice . This luxury will be exposed for what it is not in a country when a culture of accountability prevails. It is a clever way of evading responsibility for monumental governance failures. Instead of the after-thoughts and pontification, Obasanjo should be telling the public what ideas of development he put into practice in his eight years in power to reduce poverty with of a mix of policies.

The former president should also state which of his workable ideas that informed policy-making have been jettisoned by his successors. He should be relating the ideas behind policy-making in his administration with the effects on the nation’s development.

Doubtless, the administration of Obasanjo recorded some undeniable achievements. So while critics of Obasanjo should not be uncharitable like him by dismissing his administration as “empty” in development thoughts, the serious governance deficits of his era are also too glaring to deny. A few of these policy gaps and failures would suffice for the purpose of this discussion. To start with, Obasanjo had no articulated strategy of development until after four years in office when the National Economic Empowerment and Development Strategy (NEEDS) was put together.

This happened after his second election. Ironically, among the “groups” to which the document was sold was his political party at the time, the People’s Democratic Party (PDP). In a proper setting, the party ought to be mobilising the people on the basis of the enunciated policies. But a lot of things about governance were upended under Obasanjo’s leadership. Obasanjo was too busy fighting endless political wars to embark on rigorous strategy of development.

This wrong-headed approach to governance, of which he now accuses others, was to have consequences in policy terms in his years in office. The pivotal energy sector provides an ample illustration. When Obasanjo came to power in 1999, Nigeria was importing fuel because refineries were not working to provide products for domestic consumption. By the time he left power in 2007, Nigeria continued to import fuel. The national shame of a crude oil-exporting country that is importing fuel remains with Nigeria till today. For eight years, the administration dished out only slogans about the reforms of the downstream sector of the petroleum industry. The resultant crisis of fuel price plagued the administration. Meanwhile, it should be recalled that within three years, the Obasanjo military administration built three refineries in the 1970s. In the other segment

President Bola Tinubu of the energy sector, electricity supply in Nigeria in 1999 was under 10, 000 megawatts. In the eight years of Obasanjo the supply was never raised to 10, 000 megawatts for a country branded as the “largest economy in Africa.” The social sector was not any way better under Obasanjo. Poverty and inequality worsened in the land. In 1999, Nigeria was in the 146th position out of 191 in the Human Development Index and by 2007 the country had slid down to the 158th position. Tertiary public education, a responsibility of the federal government , virtually collapsed during those eight years. A similar situation prevailed in the tertiary health sector. The administration could not boast of any significant infrastructural revamp. In fact, Obasanjo himself in one of his rarely humble moments in 2002, reportedly said that he was “ashamed” of the deplorable state of Nigerian roads. By the end of the administration in 2007, major highways remained unpassable in many parts of the country.

Well, the ultimate verdict of history is awaited on the Obasanjo era. Future economic historians may have to examine the ideas underlying policy-making or lack of policies in the Obasanjo’s administration in order to make a fair assessment of the governance in the period between 1999 and 2007. While he was a military Head of State from 1976 to 1979, Obasanjo was enamoured with some elements of economic nationalism and the idea of a developmental state.

Some development scholars and technocrats had some influence on the policies made by the military government. As elected president, however, Obasanjo fully embraced the components of the povertyinducing Washington Consensus - privatisation,

“Attention should be paid to the source of the ideas driving policies and their consequences on the lives of the people”.

liberalisation, deregulation, trade liberalisation, fiscal adjustment, financial reforms etc. Obasanjo sold everything that could be sold in the campaign for a “private sector- led economy.” Some of the privatised organisations have been run down. Instead of the promised in-flow of capital, technology and efficient management, asset-stripping is what is evident in some cases. The underlying philosophy of Obasanjo administration was that every socio-economic problem had a market solution and government’s intervention in the economy was an economic sin. He was under the strict guidance of the World Bank and the International Monetary Fund.

In contrast to Obasanjo’s Nigeria, China under successive leaders in that last 45 years has shown that market can be used as a tool of economic management without surrendering to its so-called invisible forces at the peril of the society. Today China is an economic giant!

What does the foregoing say about the path to be taken by the administration of President Bola Tinubu and the governments of the 36 state governors? The luxury of the benefits of hindsight is, of course, not available to those in power at various levels today.

And they should never hope for a day they would luxuriate in after-thoughts as Obasanjo is cynically doing at present.

However, a lot of lessons in economic management could, therefore, be learnt from the economic history of Nigeria in the last 24 years including the eight years of Obasanjo. The Obasanjo years were used as a sample for this reflection because the former president now sits in judgment over others without any sense of self-criticism. The first lesson is that ideas are hardly separable from economic management because certain ideas inform policy choices even if imperceptible. A highly influential economist of the last century, John Maynard Keynes, made this point in his book, “General Theory of Employment, Interest and Money “ as follows: “The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence,

are usually the slaves of some defunct economist.

Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.”

Years after Keynes made the foregoing observation, history has, in fact, recorded instances when ideas of well-known economists influenced policies. Hence, Milton Friedman and his colleagues of the Chicago School of Economics influenced the controversial reforms of the government of th maximum ruler, President Agustino Pinochet, in Chile. In the United Kingdom, the policies of Prime Minister Margaret Thatcher was influenced by Friedrich von Hayek and other right-wing economists. Even former Chairman of the Federal Reserve Bank in the United States Alan Greenspan admits in his memoirs the great influence of the conservative philosopher and writer, Ayn Rand. Greenspan says her works shaped his views about policies and the society.

Here in Nigeria, when the Structural Adjustment (SAP) was introduced in 1986 by the military government of President Ibrahim Babangida, economists in the administration trenchantly articulated policies thereby generating robust debates in the public sphere.

Those who did the articulation of SAP included Dr. Kalu Idika Kalu, Chief Olu Falae and the late Dr. Chu Okongwu. The Babangida administration, of course, later took decisions policy decisions it deemed fit. But the ideas propelling the government’s action were known to policy enthusiasts. They were not denied.

Rather than downplay the place of ideas, thoughts should be generated on economic management. By the way, these thoughts could flow from professional economists and non-economists alike. Some of those who managed the economies of countries of southeast Asia in years of the “miracles” were lawyers and engineers.

Policy-makers glibly talk of non-ideological economic management while the consequences of their action shows that they are not in any way value-free technicians in making policy choices. Ideas are so powerful that they actually drive policy-making even when those taking decisions deny the reality. Attention should be paid to the source of the ideas driving policies and their consequences on the lives of the people. The underlying philosophy behind a policy is as important as the practical components of it when making analysis. Policies are not mechanical games played by some ideologically-neutral technocrats.

Hence, there is the need for vigilance against destructive ideas. The ideas urgently needed in Nigeria are anti-poverty ideas. Nobel Prize Winners in Economics, Abhiji Banrjee and Ester Dufflo explain those ideas in the book, “Good Economic for Hard Times.”

The second lesson derives from the first. Policies should be effectively articulated by those in government. It is hoped that when a cabinet is put in place those responsible for different areas of policy in the Tinubu Team would see articulation of policies as part of their duty. It should be done in the spirit of accountability and responsibility and the public would be mobilised in the process.

The third lesson is that the government should be open to multiplicity of perspectives so as to have a balanced view of things before taking economic steps with profound impacts on the lives of the poor. This would enrich the decision-making process.

For instance, when economic adjustments are made the enormous social costs should be kept in view.

How to underwrite the social costs should be in the policy package.

All told, whatever ideas that will carry the day in policy-making should be informed by the spirit and letters of the constitution of Nigeria which stipulates that the “security and welfare” of the people shall be the primary purpose of government.

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