WEDNESDAY 2ND AUGUST 2023

At Ministerial Screening, Wale Edun Says Naira FairValue is N700/$1 Hints on measures to boost economic recovery Says office of accountant general of FG should be created Justifies plan to distribute $800m cash to vulnerable Nigerians El-Rufai: N1.6tn subsidy on electricity not sustainable, wants Discos taken away from banks’ mgt Sunday Aborisade in Abuja Mr. Wale Edun, who is President Bola

Tinubu’s Special Adviser in charge of Monetary Policies and one of his ministerial nominees, yesterday, said

the fair value of the naira should be about N700/$, arguing that the over N860/$ it currently sells at the

parallel market was not backed up by market fundamentals.

Edun, stated this while answering

questions from Senators, when he appeared for screening as a ministerial nominee before the Senate.

Some others that appeared before Continued on page 9

Trump Charged with Efforts to Overturn His 2020 Presidential Election Loss... Page 6 Wednesday 02 August, 2023 Vol 28. No 10339. Price: N250

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Burkina Faso, Mali Declare Support for Niger Military Junta, Say Invasion Tantamount to Declaration of War... Page 44

Tribunal Reserves Judgement in Atiku, Obi's Petitions against Tinubu Atiku, Obi, Datti, Adichie, others storm court at final address proceedings Alex Enumah in Abuja The Presidential Election Petitions Court (PREPEC), yesterday, reserved judgement in two separate petitions

filed by the presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, and that of Labour Party (LP), Peter Obi, challenging the declaration of Senator Bola Tinubu

as President.

The five-member panel, led by Justice Haruna Tsammani, said the date for judgement in the two petitions would be communicated

to parties, shortly after all parties adopted their final written addresses for and against the petitions.

Last month, the tribunal had also reserved ruling in the petition

by the Allied People's Movement (APM) seeking the disqualification of Tinubu from the February 25 presidential election on account of alleged unlawful nomination of the

vice presidential candidate, Senator Kashim Shettima.

However, at yesterday's proceedContinued on page 12

NLC, TUC Adamant, Reject Tinubu's Palliatives, Say No Reason to Call off Protests Declare president silent on wage award, fixing of refineries Hundreds protest in Kano over fuel price hike, others No room for violent protest, IGP warns NLC Orders tight security nationwide Deji Elumoye, Onyebuchi Ezigbo, Kingsley Nwezeh in Abuja, Igbawase Ukumba in Lafia, and Ahmad Sorondinki in Kano All is set for the commencement, today, of a planned nationwide protest by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to compel the federal government to implement measures to cushion the hardship forced on Nigerians by the removal of petrol subsidy.

President of NLC, Joe Ajaero, who disclosed this to journalists last night in Abuja, said reports flying around that the congress had suspended the mass action were the handiwork of mischief-makers working against the interest of Nigerians.

TUC also directed all its state councils in the 36 states of the federation and the Federal Capital Territory (FCT), Abuja, to mobilise for the protest today.

But Acting Inspector-General of Police (IGP), Kayode Egbetokun, yesterday, warned that the police Continued on page 9

ATIKU AT THE TRIBUNAL...

R-L: Acting National Chairman of the Peoples Democratic Party, Alhaji Umar Damagum, presidential candidate of the Peoples Democratic Party (PDP) in the February 25, 2023 presidential election and former Vice President of Nigeria, 1999-2007, Atiku Abubakar, PDP chieftain, Sen. Ben Obi and National Publicity Secretary of the PDP, Mr Debo Ologunagba at the adoption of Atiku/PDP final written addresses at the PEPT, Court of Appeal in Abuja...yesterday

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

NEWS

BENIN 63RD INDEPENDENCE ANNIVERSARY...

President Bola Ahmed Tinubu (L) and President of Republic Benin, Partrice Guillaume Athanase Talon during The Celebration of 63 years Independence Anniversary of the Republic of Benin at Cotonou.... yesterday

MAN, LCCI Hail Tinubu on N75bn Loan to Manufacturers

Association recommends BoI to distribute intervention fund Chamber commends presidential initiatives to kickstart economic growth, improved productivity Expresses concern that plans to improve security was unmentioned

Dike Onwuamaeze The Manufacturers Association of Nigeria (MAN) has described President Bola Ahmed Tinubu’s pledge to provide N75 billion to 75 manufacturing concerns at nine per cent interest rate and N125 billion to Small and Medium Industries (SMIs) as a good start in addressing the scarcity of loanable funds for businesses in the face of rising Monetary Policy Rate (MPR) of the Central Bank of Nigeria (CBN).

Similarly, the Lagos Chamber of Commerce and Industry (LCCI) commended Tinubu’s efforts to kick-start sustainable economic growth and improved productivity.

They stated these in separate statements made available to THISDAY, in reaction to the president’s national broadcast.

According to MAN, the assurances contained in Tinubu’s national broadcast on Monday, represented part of the follow-up measures it

had asked for, which demonstrated that the president was listening to, and addressing, the complaints of Nigerian manufacturers.

The views were expressed by the Director General of MAN, Mr. Segun Ajayi-Kadir, in the reaction to the president’s national broadcast, who identified the Bank of Industry (BoI) as a suitable vehicle for channeling the funds to the large manufacturers and the SMIs. Tinubu, in his broadcast, had said in order to strengthen the manufacturing sector and increase its capacity to expand and create good paying jobs, “we are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity.

“Each of the 75 manufacturing enterprises will be able to access N1billion credit at 9.0 per cent per

annum with maximum of 60 months repayment for long term loans and 12 months for working capital.

“Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth.

We are going to energise this very important sector with N125 billion.”

Reacting to the president’s broadcast, Ajayi-Kadir said it was, “quite interesting that the president’s promised that N75 billion will be spent within the next eight months to fund productivity, enhance sustainable growth and accelerate transformation in the manufacturing sector.

“The promise that 75 manufacturing enterprises will access N1billion credit at 9.0 per cent interest rate per annum and working capital is commendable. It is a good start to begin to address the dearth of loanable funds in the face of rising lending rate occasioned by the continued increase in the MPR by the CBN.” He also noted that the small and

medium scale enterprises were the most affected by the prevailing economic downturn as access to credit is a major challenge for the SMI. “So the allocation of N125 billion to energise the segment (SMIs) will give fillip to their businesses and help overcome the paucity of funds occasioned by low capacity utilisation and unprecedented low sales in recent times,” he added.

He, however, advised federal government to carefully select the vehicles for the delivery of these loans.

“It is, however, very important and critical that the vehicles for the delivery of these loans should be carefully selected and the implementation diligently monitored.

The Bank of Industry has shown excellent performance as an appropriate transaction structure for such facilities,” Ajayi-Kadir said.

The MAN also pointed out to the government that it was equally important to ensure that the promised 3000 units of 20-seater buses should be

Access Holdings Receives Karlsruhe Award on Business Sustainability for Eighth Consecutive Time Access Holdings Plc has been honoured with the prestigious Karlsruhe Award for ‘Outstanding Business Sustainability Achievement’ for the eighth consecutive time.

This was disclosed in a statement obtained yesterday.

Presented at the Global Sustainable Finance Conference (GSFC) organised by the European Organisation for Sustainable Development (EOSD) in partnership with the city of Karlsruhe, Germany, the award underscored the sustainability commitment demonstrated in the way Access Holdings conducts its business operations and activities.

Delivering the opening remarks at the awards event, the Lord Mayor of Karlsruhe, Dr. Frank Mentrup, was quoted to have lauded the unwavering commitment of the organisations present and urged all stakeholders to collaborate to achieve the global sustainability vision.

“In today’s globalised world, the responsibility of each one of us does not end at our borders. We need to work together to make our world more just, more peaceful, and more sustainable. This requires a high level of commitment and allocation of resources – including finance and

investments,” Mentrup said.

Reiterating Access Holdings’ commitment to driving the achievement of the SDGs, the institution’s Head, Group Sustainability, Omobolanle Victor-Laniyan said, “We are pleased to receive the Karlsruhe Award for Outstanding Business Sustainability Achievement for the eighth consecutive time.

“At Access Holdings, we believe that businesses must play a significant role in addressing sustainability challenges and driving positive impact.

In line with this, our approach to sustainability reflects our dedication to creating long-term value for our stakeholders in Africa and beyond.”

The two-day Global Sustainable Finance Conference and Awards also had in attendance other notable stakeholders such as Arshad Rab, Chairman, International Council of Sustainability Standards and CEO, European Organisation for Sustainable Development; Dr. Jesimen Chipika, Deputy Governor, Reserve Bank of Zimbabwe; Amaechi Okobi, Group Head, Corporate Communications, Access Holdings Plc; Rolando Victoria, President and CEO, Aski Group, Philippines; Romani de Silva, Deputy Chairman and CEO, Alliance Finance, Sri Lanka; Mr. Krishnan

Vimalanandavally Shaji, Chairman, National Bank for Agriculture and Rural Development, India; Mrs. Sylvi J. Gani, Director, PT. Sarana Multi Infrastruktur (Persero), Indonesia; Dr. Kao Thach, The Delegate of the Royal Government of Cambodia; Jide Akintunde, Director, Nigeria

Development and Finance Forum (NDFF) and Nigeria Country Representative, European Organization for Sustainable Development (EOSD), and Tom Hoyem, Former Cabinet Minister of the Kingdom of Denmark and Member, City Council of Karlsruhe, Germany.

procured from indigenous automobile industries.

It said: “This is a golden opportunity for the federal government to demonstrate unfailing commitment to the implementation of the subsisting Executive Order 003, which prioritises the patronage of made in Nigeria products.

“Additionally, we expect that other attendant challenges, including the calculation of the import duty for production inputs at the floated rate and the continued denomination of the gas price in dollars should be discontinued.

“This will help to bring down rising costs of production and ameliorate the lackluster performance of the manufacturing sector. It will help avert an unprecedented upward swing in the price of domestic products and an escalation of the pervading low consumer apathy.”

MAN also said the speech by the president demonstrated his appreciation of the downside of his recent economic policy measures of his new administration.

“So, the assurances contained in the speech of Mr. President represent part of the follow-up measures we asked for.

“We had indicated that the best palliative is to remove the binding constraints that have bedeviled the productive sector so that jobs can be created and guaranteed, salaries can be paid and production capacity boosted, with the attendant lower prices and improved availability. This is far more beneficial than palliatives that would only give nominal relief,” MAN said.

On its part, the President of the

LCCI, Dr. Michael Olawale-Cole, also commended Tinubu on the content of his broadcast.

Olawale-Cole described the plan to spend the N500 billion ($652 million) package to boost the economy by easing transportation costs, boosting manufacturing, and enhancing food supply and the provision of conditional grants to at least a million small businesses as a clear demonstration that the president has listening ears.

He, however, pointed out that 75 companies would be too small to make significant impact on the economy and expressed concern that nothing was said in the broadcast about the large scale insecurity prevailing in the country.

He said: “These plans demonstrate that Mr. President is listening to Nigerians. The Chamber supports the move to invest in the manufacturing sector. However, it would be pertinent to consider more enterprises as 75 enterprises would not significantly impact the economy.

“However, we commend the effort to kick-start sustainable economic growth and improve productivity. We believe that if this plan is rigorously pursued, economic growth through the real sector of the economy would be achieved and could revive Nigeria’s sluggish industrialisation and expand the GDP.” He, however, advised the government to closely monitor the banking sector in the provision of these loan facilities so that the eventual cost of funds would not be above 9.0 per cent from other banking fees and charges.

Continues online

Sanwo-Olu Visits Site as Aircraft Crashes in Lagos No casualty recorded NSIB commences investigation Chinedu Eze in Lagos and Kasim Sumaina in Abuja Lagos State Governor, Mr. Babajide Sanwo-Olu yesterday evening visited the site of the helicopter crash in the state and commended the efforts of all the first responders as well as residents who joined in the rescue mission.

Also, the Nigerian Safety Investigation Bureau (NSIB) has commenced investigation into the accident involving a Jabiru J430, a light single airplane with nationality and Registration Marks 5N-CCQ operated by Air First Hospitality and Tours.

The single engine fixed wing Jabiru aircraft with two passengers on board crash-landed into an old communication pole inward Ikeja Bus Stop on Oba Akran Avenue, Ikeja Lagos at about 4 pm.

The two occupants of the helicopter were rescued and are being attended to at the hospital.

Speaking to journalists after assessing the site of the private helicopter crash, Sanwo-Olu, who stopped at the site on his way from the airport after joining President Bola Tinubu on a trip to Benin Republic, said no lives were lost in the unfortunate incident.

Sanwo-Olu thanked God that the

incident did not result in any fatality, saying the extensive investigation into the incident would be carried out by the Nigerian Safety Investigation Bureau (NSIB).

The governor commended the Lagos State Emergency Management services, which cleared the road of debris from the helicopter. He also praised residents of the neighborhood and two individuals - Oluwafemi and Opeyemi - who participated in putting out the fire from the aircraft after it crash-landed.

He said: “There was an unfortunate helicopter crash on the road of Oba Akran right in the middle of the road. It was a single-engine

helicopter that had two passengers on board. The two passengers on board have been rescued. They are currently at a hospital and are receiving treatment as we speak.

“We do not know the cause of the helicopter crash. That would be done by experts at the NSIB, which is an investigative bureau.

But we are thankful that we got a very quick response both from Lagos State Emergency Service (LASEMA) and all the residents of the neighborhood, especially two very gallant citizens; Oluwafemi and Opeyemi.

Continues online

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NEWS

CAPACITY BUILDING INITIATIVE...

L-R: Managing Director/CEO Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Lawan Kuru; Nigerian High Commissioner to the United Kingdom (UK),Amb. Sarafa Tunji Isola; Chief Judge of the Federal High Court, Hon. Justice John T. Tsoho, and Director and Chief Executive Officer, Nigerian Financial Intelligence Unit-Mr. Modibbo R. Hamman Tukur, at opening of the training at Holiday Inn Hotel, Kensington, West London...recently

Kuru: AMCON Has Recovered N1.6tn for Nigeria Corporation, NIFU indispensable in revival of Nigeria’s financial system, says Justice Tsoho The Managing Director, Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has said the corporation has made recoveries of about N1.6 trillion, which include recoveries in cash and in sale of assets.

Kuru, said this in London, United Kingdom, in the company of Federal High Court Judges from Nigeria attending the annual training for the class of top judicial officers.

The training was declared open on Monday, by Sarafa Tunji Isola, Nigeria’s High Commissioner in the United Kingdom.

Accoding to a statement, Kuru, in his submission described the opportunity extended to AMCON as a participant as golden because it gives the corporation the platform to once again present its case, refresh memories, highlight the institution’s challenges, emphasis the nature of its national assignment and the challenges of its sunset date.

Most importantly, “Kuru stated that AMCON though forums such as this helps the corporation to get feedbacks that helps AMCON to perform better.

“My Lords, distinguished ladies, and gentlemen, with the help of the Judiciary AMCON has been able to make notable progress especially in enforcement. Granting of Exparte Orders as well as Orders to attach traced assets have compelled most recalcitrant obligors of AMCON to come to the negotiation table. To date the corporation has made recoveries of about N1.6 trillion, which include recoveries in cash and in sale of assets.

“As Nigeria struggles with huge debt burden, so is AMCON struggling with very recalcitrant obligors who have mastered the act of clinging to the technicalities, rather than settle their established obligations.

“We have noticed from experience however that some recalcitrant obligors have found new tricks of colluding with a third party who would present himself as the owner of the traced assets and file for the Order of Court to be set aside. We urge Your Lordships to kindly be wary of these characters.

“We cannot over flog the important role the Judiciary play in National Development and as such Your Lordships remain vital to the success of AMCON. We still have many cases pending with the various divisions of the Courts. “These matters are very vital to the success of the Corporation and particularly as we know that if we are unable to resolve them, it becomes a burden on our country’s debt profile and taxpayer’s money.

“Despite the achievements made, with the tremendous support of Your Lordships, we are still strongly battling with our debt recovery activities.

It is very difficult, particularly given our peculiar situation.”

In continuation Kuru added, “Out of total of N4.664 trillion we have so far recovered about N1.6 trillion in the more than 10 years of our existence. We still have a long way to go! About 350 obligors account for N3.957 trillion, which is above 84 per cent of total outstanding amount.

“Our debt is in the balance sheet of the Central Bank of Nigeria (CBN), and therefore a threat to the economy. After recovery and disposal, funds are paid directly into our CBN account.

“Recovery and disposal of assets have so far contributed about N1.6 trillion towards settling our obligation. Accordingly, we would not get tired of appealing to Your Lordships for more understanding and collaboration towards the achievement of this National assignment,” Kuru

submitted.”

A statement signed by Mr Jude Nwauzor, Head of Corporate Communications Department at AMCON said the Group Head, Enforcement of AMCON, Mr Joshua Ikioda, as well as AMCON Consultant, Mr. Muyiwa Balogun of Olaniwun Ajayi Legal Practitioners in two separate presentations brought to the fore the need for continuous collaboration between AMCON, the judiciary and indeed all sister agencies of the federal government at this time of Nigeria’s history.

Also, Hon. Justice John T. Tsoho, the Chief Judge of the Federal High

Court, said the corporation and the Nigerian Financial Intelligence Unit (NFIU) have again been described as some of the two most important and indispensable agencies of the federal government of Nigeria especially as it relates to the stability of the financial system and the economy pursuant to the catalytic role they play.

He said, while AMCON had offloaded toxic assets of banks, the NFIU, led by Mr. Modibbo R. Hamman Tukur on the other hand has continued to ensure that all funds and assets as well as securities circulating within our

system are clean.

Justice Tsoho in his welcome address added: “An effective judicial system is the bedrock of any civilised society. Thus, it is necessary to equip ourselves with the inherent skills for effectual macro and micro economic adjudication in the virtual era. Increased online transactions with accompanying economic value will trigger diverse legal issues.

“Therefore, the court must be prepared for this nascent technology.

I am committed to the sustenance of trainings that will make the Judges of the Federal High Court withstand this contemporary legal challenge.

Trump Charged with Efforts to Overturn His 2020 Presidential Election Loss Donald Trump was yesterday, charged in a Justice Department investigation into his efforts to overturn the results of the 2020 presidential election in the run-up to the violent riot by his supporters at the U.S. Capitol.

The charges included conspiracy to defraud the United States government and witness tampering.

According to the Associated Press, the indictment, the third criminal case brought against the former president as he seeks to reclaim the White House in 2024, followed a long-running federal investigation into schemes by Trump and his allies to subvert the peaceful transfer of power and keep him in office despite a decisive loss to Joe Biden.

Even in a year of rapid-succession legal reckonings for Trump, yesterday’s criminal case was especially stunning in its allegations

that a former president assaulted the underpinnings of democracy in a frantic and ultimately failed effort to cling to power.

Federal prosecutors said Donald Trump was “determined to remain in power” in conspiracies that targeted a “bedrock function of the United States federal government: the nation’s process of collecting, counting and certifying the results of the presidential election.”

Trump is due in court on Thursday before U.S. District Judge Tanya Chutkan.

The criminal case comes while Trump leads the field of Republicans vying to capture their party’s presidential nomination. It is sure to be dismissed by the former president and his supporters — and even some of his rivals — as just another politically motivated prosecution. Yet the charges stem from one of the

most serious threats to American democracy in modern history.

They focus on the turbulent two months after the November 2020 election in which Trump refused to accept his loss and spread lies that victory was stolen from him. The turmoil resulted in the U.S. Capitol riot on Jan. 6, 2021, when Trump loyalists violently broke into the building, attacked police officers and disrupted the congressional counting of electoral votes.

In between the election and the riot, Trump urged local election officials to undo voting results in their states, pressured former Vice President Mike Pence to halt the certification of electoral votes and falsely claimed that the election had been stolen — a notion repeatedly rejected by judges.

The indictment had been expected since Trump said in mid-July that

Nigerian-British Chamber of Commerce Warns against Disruption of Economic Activities Dike Onwuamaeze At a time organised labour unions in Nigeria are mobilising for a deadly industrial action, the newly elected President and Chairman of Council of Nigerian-British Chamber of Commerce (NBCC), Mr. Ray C. Atelly, has described the economy as the last hope of the common citizen and warned that the daily flow of economic activities should not be disrupted.

Atelly, said this recently in Lagos, in his acceptance speech as the president of the NBCC, in which he advised private businesses in the country to join trade

associations, especially the NBCC, without waiting to be compelled by unfavourable government policies.

He said: “I dare say that the economy is now the last hope of the common citizen. Let nothing disrupt the daily flow of economic activities, so that the quality of life in Nigeria is not further diminished.

He added: “For those who are busy fulfilling their corporate mandates with no time to spare or volunteer, I urge you to reconsider. The harvest is plenty but the laborers are few. If you join us today, in any way you can, we shall become more formidable and our impact shall reverberate

“This training must be considered as an integral component of our judicial duties. The Executive must ensure that the welfare of judges, which includes training, is paramount in its policies, while notwithstanding the autonomy of the Judiciary as an Arm of Government. In our 2019 International Training in Dubai and the United States of America, our Court accommodated AMCON and the FCCPC. In 2021, we integrated AMCON to our Programme in Cairo.

This year, we extended a window of participation to AMCON and the Nigerian Financial Intelligence Unit (‘NFIU’).

beyond this country.

“Do not wait until obnoxious policies start crippling your sector before you come running. Now is the time to join, make ready and defend your turf with the collective strength that defies intimidation.”

According to him, the NBCC would dialogue regularly and work together to better the lot of private sector players in Nigeria and Britain.

“But partners do not dialogue on the pages of newspapers and the absence of public confrontation does not mean acquiescence. We shall engage respectfully but won’t forget that livelihoods may be jeopardised

and breadwinners thrown out of work if we fail to be as persuasive as situations demand.”

Atelly, stated that his call for businesses to join chamber movements was informed by his personal experience that, “to influence government policy or get the behemoth called government to listen to the shrill voice of business; you need a trade association to interchange ideas and form an alliance of well-orchestrated voices that will regularly advocate for the private sector players, as a collective.”

He also highlighted that the NBCC was not a political party,

but a pressure group with an economic agenda to protect the business interests of its members.

He said: “We are not pro or anti any party. So, when a government takes the right steps that improve the operating environment for business, we recognise and applaud. But where the reverse, in our collective opinion, is the case, we must kick and push with facts and figures, until the anomaly is set aside.”

Atelly added that, “we shall be partners in progress with the Nigerian and British governments.

We shall equally dialogue with other chambers and business interests in the United Kingdom.

the Justice Department informed him he was a target of its long-running Jan. 6 investigation. A bipartisan House committee that spent months investigating the run-up to the Capitol riot also recommended prosecuting Trump on charges, including aiding an insurrection and obstructing an official proceeding.

The mounting criminal cases against Trump — not to mention multiple civil cases — are unfolding in the heat of the 2024 race.

A conviction in this case, or any other, would not prevent Trump from pursuing the White House or serving as president.

In New York, state prosecutors have charged Trump with falsifying business records about a hush money payoff to a porn actor before the 2016 election. The trial begins in late March.

In Florida, the Justice Department has brought more than three dozen felony counts against Trump accusing him of illegally possessing classified documents after leaving the White House and concealing them from the government. The trial begins in late May. The latest federal indictment against Trump focuses heavily on actions taken in Washington, and the trial will be held there, in a courthouse located between the White House he once occupied and the Capitol his supporters once stormed. No trial date has been set.

Prosecutors in Georgia are investigating efforts by Trump and his allies to reverse his election loss to Biden there in 2020. The district attorney of Fulton County is expected to announce a decision on whether to indict the former president in early August.

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NEWS

NIS 60TH ANNIVERSARY...

L-R: Assistant Corps Marshal (ACM), Federal Road Safety Corp (FRSC), Stella Uchegbu; Ag. Deputy Comptroller General, DCG Migration, National Immigration Service, Kemi Nandap; DCG, NIS, Finance, Dora Amahian, Acting PHOTO: AYO AJAYI Comptroller General, NIS, Caroline Wura - Ola Adepoju; Ag. DCG, NIS, Usman Babangida and Ag. DCG, NIS, Sadat Hassan at the 60th anniversary of National Immigration Service in Abuja... yesterday

Power Sector Players Plan Summit, Say FG Spent N7tn Without Results Emmanuel Addeh in Abuja Operators in the power supply sector yesterday disclosed plans to hold a stakeholders’ summit to review, among others, why the N7 trillion federal government ‘s direct intervention since the privatisation of the sector had failed to generate

positive outcomes.

Despite massive investment by the government and foreign donors, Nigeria’s over 200 million population still generate power mostly by the deployment of generators as the national grid continually faces challenges.

The stakeholders’ meeting which

is scheduled for October is coming 10 years after the partial privatisation of the sector by the federal government.

Chairman of the Nigerian Electricity Supply Industry (NESI) market participants and stakeholders roundtable planning committee, Prof Stephen Ogaji, said during a briefing in Abuja, that the meeting

will seek to chart the way forward for the sector.

Ogaji said the roundtable will bring together the various experts, operators, vendors, and other stakeholders, necessary for the progress of the sector.

He added that the event will be themed: “NESI privatisation and its

Court Grants Emefiele's Request to Serve Bail Order on DSS Wale Igbintade

Justice Nicholas Oweibo of the Federal High in Lagos, yesterday, granted the suspended Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, leave to serve the Director General, Department of State Services(DSS), Mr. Yusuf Magaji Bichi, by substituted means, the order of court admitting him to bail and directing his remand in the custody of the Nigerian Correctional Service(NCoS).

Justice Oweibo granted the order following an ex-parte application moved by Emefiele's counsel, Mrs. Ogonnaya Sonuga.

The court had on July 25, 2023, granted Emefiele N20 million bail and had ordered that he should be remanded at the NCoS after he was arraigned on a 2-count charge of illegal possession of firearms and ammunition.

The charges bordered on alleged possession of a single barrel shot gun, as well as possession of 123 rounds of live ammunition without licences.

He pleaded not guilty to the charge.

However, the DSS rearrested Emefiele within the court premises, shortly after he was granted bail.

But in an ex-parte application dated July 28, 2023, Emefiele had asked the court for “An order of this Honourable Court granting leave to the Defendant/Applicant to serve the Complainant through and on the office and person of the Director General Department of State Services Mr. Yusuf Magaji Bichi with the Ruling/Order of Court obtained on the 25 day of July, 2023, “admitting the defendant/Applicant to bail and directing his remand in the custody of the Nigerian Correctional Service by substituted means to wit: by

publishing same in three National Daily Newspapers Circulating within the Jurisdiction of this Honourable Court and which said service will be deemed as good and proper service on the Prosecutor/ Complainant herein"- Daily Trust Newspaper. - Punch Newspaper.

-Thisday Newspaper.

"And for such orders and further orders as this Honourable Court may deem fit to make in the circumstances of this case".

Consequently, Justice Oweibo granted the prayers.

In a 15-paragraph Affidavit in support of the application deposed to by Adeogun Ayodele Samuel from the law firm of Victor Opara, SAN, he stated that the court had on July 25, ordered that the defendant be remanded at the NCoS pending the perfection of the defendant's bail.

The deponent stated that despite the order granting bail to the defendant on the 25th of July 2023 the DSS re-arrested and whisked the defendant/applicant away from the premises of this honourable court.

He stated further that by the action exhibited by the DSS on July 25, 2023, “it would be practically impossible to serve the DSS personally.”

Granting Emefiele bail, the court stated that the charges against the defendant were brought under Sections 4 and 8 of the Firearms Act 2004 and punishable under Section 21(1) and (ii) thereof.

The court held "The offences by the provisions of Section 27 (16) carry a penalty of imprisonment for not more than five (5) years. The offences therefore come under the provisions of Section 162 Administration of Criminal Justice Act. "That section directed that the court shall release the defendant on bail on his application except

any of the circumstances set out in paragraphs (a) - (f) is established.

“A prosecutor cannot oppose bail merely as a routine procedure. There must be a valid cause or reason for opposing bail. In fact, the onus is on the respondent to show that the applicants are not entitled to bail and has to provide the court with antecedents or probabilities or even the tendency of an applicant escaping from being tried.

"I want to add that it is the prosecution’s duty to provide evidence in support of any of the circumstances set out in Section 162 Administration of Criminal Justice Act. The prosecution has not furnished the Court with such evidence.

“The learned deputy director has laid some fears about the defendant not coming for his trial

if released and also influencing his ‘subordinates who the State may call as witnesses.

"On the proof of evidence filed along with the charge, the witnesses listed are officers of the DSS, not the Defendant’s subordinates. I agree with learned senior counsel that they are not facts before the court.

“The defendant is entitled to bail, and the prosecution has failed to show or establish any of the circumstances set out in Section 162 Administration of Criminal Justice Act. Accordingly, the application is granted in the following the defendant is granted bail in the sum of N20 million with one Surety in like sum.

“Surety to be the owner of landed property Within jurisdiction or to be a public or civil servant not below the rank of deputy director.

10-year milestone: The Journey So Far, Opportunities and Prospects”.

According to him, the three-day event would provide a platform for a robust and comprehensive discussion of the issues and prospects associated with the power supply industry.

Ogaji noted that the event will hold a special significance as players come together not only to deliberate on the challenges and opportunities that lie ahead, but to also to acknowledge the journey of the industry in the last 10 years.

Since November 1, 2013, when the final leg of the privatisation of the Nigeria power sector was completed, and the assets successfully handed over to private investors by the federal government, Ogaji explained that the journey had been filled with challenges, even though some successes had been recorded.

“While it has been a decade of ups and downs, the resilience, dedication, and collective effort from all stakeholders have all brought us to where we stand today, not quite where we ought to be, but making incremental progress towards the final objective of consistent and sufficient power supply,” he stated.

In his comments on how the sector has performed in the 10 years of privatisation, the Market Operator (MO), Edmund Eje, said the industry had so far failed to meet the expectations of consumers.

“The conference will have people who are passionate about the power industry. People who are

disenchanted about not recording successes since the privatisation.

“You and I were enthusiastic about privatisation when it was touted that ‘the government has no business doing business’. That NEPA had failed and all of us were witnesses.

Everybody was enthusiastic to have a different thing and that this will usher us into a new power paradise.

It never came.

“This conference is to evaluate what the issues are. The federal government has spent about N7 trillion on direct interventions and I am not talking about monies from donors, and we are still asking for more,” he said.

Eje observed that despite the investments made by the operators in generation, transmission and distribution infrastructures, nothing seemed to have worked.

“I can tell you that since 2005, we have never invoiced anything more than 4,000MW. It is on record.

This is no holds barred and it is coming at the right time,” the market operator said.

In his remarks, Executive Director, Research and Advocacy, Association of Nigerian Electricity Distributors (ANED), Mr Sunday Oduntan said a lot of collaborations and partnerships were needed to ensure that the sector makes progress.

Oduntan said that the conference will afford the industry players the opportunity for self-assessment, with a view to finding out what went wrong and how to right them.

Job Racketeering: House C'ttee Summons Security, Intelligence Chiefs, Others Juliet Akoje in Abuja The Ad-hoc Committee of the House of Representatives investigating employment racketeering and mismanagement of the Integrated Payroll and Personnel Information System (IPPIS) by agencies of the government has summoned the Nigerian Army, Navy, Airforce and the Police as well the intelligence agencies, among others, to appear before it today.

Chairman of the Committee, Hon. Yusuf Gagdi, at the hearing of the Committee, yesterday, expressed displeasure over their absence even though they were duly invited.

Gadji, while lamenting the absence of those previously invited said, "Let me say this to all agencies we have invited, I think we need to read their names clearly here. They

are the Nigerian Communications Satellite Limited, Nigerian Broadcasting Commission, the Nigerian Communication Commission, the Nigerian Post Services, the Nigerian frequency management Council, Galaxy backbone, National Identity management Commission; “Nigerian Correctional Service, Nigeria Immigration Service, Fire Service, Nigerian Police Force, Defence Intelligence Agency, State Security Service, national Intelligence Agency, Nigerian Financial Intelligence Unit, Nigerian Army, Nigerian Airforce, Nigerian Navy must appear tomorrow since they have failed to appear today. This is the ruling of the committee."

The Accountant General of the Federation during the investigative hearing said her office was working hard to fish out ghost workers,

who existed in the system before the introduction of the Integrated Payroll and Personnel Information System (IPPIS).

Denying allegations that her office was engaged in the enrolment of ghost workers for personal gains, she said her office was working hard to address problems with the IPPIS. She further revealed that, “Having realised that this is a system that needs to be reviewed, on my assumption of duty, I met a series of issues around IPPIS and that made me organise stakeholders with all the service providers around the IPPIS, where the service providers came and made presentations, questions were asked.

"The stockholders meeting ran for two weeks where all the service providers were scheduled for each day and came with their technical

hands while the technical team of the OAGF were also on the ground where we were discussing a series of issues about the system."

The Director of IPPIS, Emma Deko, alleged that some universities were sending more names than required to be captured on the system.

“We are all aware of the issue of ASUU. We were told to enrol them and the enrolment did not pass through the normal process because it was an ad hoc thing. It was an emergency. They refused to come on board.

“But when the government persuaded them to come on. We were asked to enroll them without going through the process. So I want to place on record that some of them were given numbers to enroll. To enroll people who were on their payroll prior to that time."

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DEVELOPING YOUNG ATHLETES TO BECOME WORLD RECORD HOLDERS...

L-R: Olympian, Charlton Ehizuelen; Edo State Governor, Mr. Godwin Obaseki; Olympians, Dr. Godwin Obasogie, and Dr. Bruce T. Ijirigho, during a courtesy visit by former Nigerian athletes and Olympians, at the Government House, in Benin City... yesterday

NLC, TUC ADAMANT, REJECT TINUBU'S PALLIATIVES, SAY NO REASON TO CALL OFF PROTESTS will not allow any violent protest or act that could threaten the peace and well-being of the country.

The warning came on a day over 100 members of the Joint Action Front (JAF) took to the streets in Kano to protest against the increase in petrol pump price, electricity tariff, and education tuition fees.

Mobilisation for the nationwide protest by NLC followed the congress’ rejection of the policy measures unveiled by President Bola Tinubu in his national broadcast on Monday.

Ajaero said the meeting with the representatives of the federal government did not change anything.

He directed the state councils of the congress to mobilise for the mass action.

Ajaero said, in a statement yesterday, "We have neither reconsidered nor suspended the nationwide mass protest. We want to inform all Nigerians that we have just risen from a meeting with the federal government, where we sought to get them to listen to the demands of

the people and workers of Nigeria.

"The outcome of this meeting earlier today has, however, not changed anything or the course, which we have set for ourselves tomorrow as custodians of the interests and desires of Nigerian workers and people.

"Nigerians are advised to ignore the work of fifth columnists, who are working hard against the wishes of the people. We urge everyone to gather in our respective states and wherever we may be across the nation to give vent to this collective resolve.

Once again, the Nationwide Mass Protest will start tomorrow." NLC listed its demands as immediate implementation of resolutions reached with the congress, jointly signed with the government and TUC, as well as "immediate reversal of all anti-poor policies of the government, such as hike in school fees of tertiary institutions and fuel price".

Other demands include fixing of local refineries in Port Harcourt, Warri, and Kaduna; release of eight

months withheld salaries of university lecturers and workers; appropriate recognition and support to the presidential steering committee and the work of its sub-committees; and cessation of inhumane actions and policies of government.

Apart from failing to address the workers' demand for a wage award to cushion hardship brought by the abrupt fuel subsidy removal, NLC said the president's speech did not name those behind the government’s allegation of fuel subsidy scam, and it was silent on the issue of repair of the refineries.

Earlier yesterday, Head of Information and Publicity at NLC, Mr. Benson Upah, said clear directives had been given to all the branches of the congress to ensure full mobilisation of workers for the protest.

Upah told THISDAY that preparation had been concluded for the nationwide protest. He said baring any last minute intervention by government, Nigerian workers would march in protest simultane-

ously across the country against the anti-poor policies.

Although Upah did not disclose the details of the routes for the protest march, he said, “Wednesday's protest will begin from the Unity Fountain in Abuja by 7am before proceeding to other places. The protest is going to commence simultaneously in the 36 states capitals and the FCT." As at yesterday, all the affiliates of NLC, including the Academic Staff Union of Universities (ASUU) and other university workers, had indicated their readiness to join the protest as directed by the labour centre.

ASUU president, Professor Emmanuel Osodeke, was quoted as telling journalists yesterday that the union will join the protest.

Osodeke said, "We are still consulting with our members, but we are members of NLC, so it is definite. If NLC says there will be a demonstration, we are members with them so we will definitely join.”

NLC rejected the policy measures

unveiled by Tinubu in his national broadcast, saying they fall short of the expectations of Nigerian workers.

It said until workers saw real commitment by government to do the needful to improve the lot of Nigerians and ameliorate the sufferings workers and ordinary Nigerians were going through, the union will continue with the struggle.

In a statement titled, "President Bola Ahmed Tinubu's Speech - Not the Silver Bullet that Nigerians Expected," NLC said the government’s proposed measures failed to meet the expectations of the Nigerian masses.

It stated regarding Monday’s presidential broadcast, "Our review of today's broadcast by President Bola Ahmed Tinubu leaves us with the impression that the promises and assurances made by President Tinubu is not the silver bullet that Nigerians expected. The speech, indeed, appears to be out of touch with reality and anomalous with the hardship and suffering that most Nigerians are going through now.”

AT MINISTERIAL SCREENING, WALE EDUN SAYS NAIRA FAIR VALUE IS N700/$1 the Senate yesterday, were former Governor of Kaduna State, Nasir El-Rufai; Senator David Umahi, former Governor of Ebonyi State; Ahmed Musa Dangiwa from Katsina; Adebayo Adelabu; Stella Erhuvwuoghene Okotete from Delta State; Enugu State nominee - Chief Uche Geoffrey Nnaji; Hannatu Musawa from Katsina State, among others.

Edun, a former Lagos State Commissioner for Finance during the administration of Tinubu as governor of Lagos State, also stressed the need to create the office of the Accountant General of the Federal Government, different from that of the Office of the Accountant General of the Federation (OAGF).

Responding to a question on the exchange rate, Edun said: “This is clearly uppermost in the minds of the monitoring authorities. For a country that has a revenue flows from oil revenue, from remittances, and from other exports and financing of over N100 billion a year, there is no reason that there should be no stable exchange rate, all other things been equal and provided that inflation is kept under control.

"The N860 to $1 we are seeing is not backed up by any fundamentals.

The fact that these are as a result of the foreign exchange practice of the past with the inefficiency and the corruption involved, these are putting pressure on the exchange rate.

"Night and day, the monitoring authorities and the monitoring team of the president are trying to resolve the situation by raising revenue, other sources of investment funding and by attracting the investment funds, equity funds from those around the world that are interested in the Nigerian economy.

"Take for instance, Turkey has attracted $50 billion in investment funding from the United Arab Emirates. It is in such direction that the

solution to the shortage of liquidity in the foreign exchange market is being sought including increased in oil production as a result of better security.

“It is difficult to predict because the capital markets take all the liquidity of their own. I want to say that the fundamental value of the naira should be somewhere around N700/$1.”

Furthermore, the nominee while answering questions posed to him

by Senators, called for the split of the OAGF in order to create the OAGFG, which would be handling strictly the accounting records of the federal government.

He said, "I Support the idea that there should be a separation of power from the Office of the Accountant General of the Federation and the Accountant General of the Federal Government.

"This would reduce the frequent friction between the federal government and the government at the sub-national levels in terms of revenues sharing formula" Edun, also recommended digital capturing of all beneficiaries of the cash transfer, ahead of the plan to share the $800 million World Bank loan to vulnerable Nigerians.

He said, "Statements have been made on derogatory terms. It is not good to throw the baby away with the bath water.

"The provisions and conditions surrounding the $800 million World Bank financing is that every beneficiary must have a biometric verification, otherwise they will not be eligible for the N8,000 cash.

"Clearly there is a register that have the biometric of Nigerians to some extent, but we need to do more to reach people outside the formal financial system and that is the goal of the government.

"On the N500 billion Supplementary Budget, I think that is an appropriated sum and it is part of

the current budget.”

Edun maintained that Nigeria was blessed with human and natural resources and expressed optimism that the nation would come out of its current economic quagmire with Tinubu as president.

He said, "Lagos success story was as a result of heavy commitment and investment in technology which was used to generate resources.

"We relied on the private sector investments to generate resources.

Lagos economy was well positioned to an enviable position where it could source for funds domestically to meet the basic needs of its residents."

He lamented that the nation's economy was being challenged by insecurity and inflation because no deliberate efforts were made to harness the contributions of the private and the informal sectors.

He expressed the hope that there would be an improvement in the nation's economy if enough revenue could be generated to carry out government obligation and service debts.

He said the end of subsidy regime and multiple exchange rate window has positioned the country for the economic growth.

He urged Nigerians, especially those in the private sector to embrace the policies and programmes of the Tinubu's administration because the government cannot do it alone.

Edun also said Nigerians would soon be experiencing an improvement in electricity supply.

During his screening, El-Rufai, spoke on how the federal government could ensure constant electricity supply to the citizenry.

El-Rufai said, "On power, 80 per cent of the power generation is by gas while 20 per cent is hydro. Power and gas should go together.

"Transmission infrastructure can only carry 6000 out of the 13,000 megawatts the nation is producing.

We need to look at it.

"The distribution companies were designed to involve private individuals and major investors, but it is not the case.

"At the moment three out of 11 Discos are doing well, while the banks own six of them.”

"Subsidising electricity consumption with N1.6 trillion despite privatisation is unsustainable. It is unacceptable."

He stressed the need for fresh capital and fresh investments in the sector.

He said, " It is possible because six of them are under receivership."

El-Rufai also said there was need to attract resources to the sector, adding that every house should have metre even as he said power should not be free.

However, there was a mild drama when the lawmaker representing Kogi West, Senator Sunday Karimi, stood up and told the chamber that he had a petition written against the former governor over the issue of insecurity in Southern Kaduna.

Raising a brown envelope, Karimi said, “Mr. President, I have a petition written against the nominee over the issue of insecurity in Southern Kaduna when he was governor.

“If I am permitted, I will like to read the petition.”

But Senator Sani Musa and two other senators asked the former Kaduna Governor to take a bow and go since he had appeared before the Senate, some 20 years ago.

There was another interesting scene when Umahi took a bow after he gave a brief introduction of himself.

The Senate President caused a stir when he asked Umahi to resume his seat after his appearance.

During his appearance, Dangiwa, who is a former Managing Director of the Federal Mortgage Bank of Nigeria, stressed the need to involved

operators in the informal sector in mortgage financing.

“Informal sector has left behind but should be brought along. The federal government should ensure access to mortgage, cooperatives should be encouraged to access mortgage depending on the financial strength of their members.

"Affordable houses should be explored. We should review the laws of Federal Mortgage Bank of Nigeria and the National Housing Authority. The Federal Housing Authority should collaborate with the FMBN to build house for non-civil servants.

"The N1 trillion to N5 trillion cash reserves in the CBN should be accessed under single digit interest loan.

"Government institution that could give single digit loans should also be encouraged to do so. We will collaborate with stakeholders to liberalise land use.

However, a female nominee from Delta State, Okotete, was asked to take a bow and go after her introductory remarks, giving details of her performance at Nexim Bank where she's currently serving as executive director.

Nnaji, was also asked to take a bow after introducing himself and saying that he has special interest in agriculture.

A female nominee, Musawa from Katsina State, went emotional when she appeared for screening.

She said, " I came from a poor family. My father sells goro (kolanut) to send me to school. My greatest regret is that my father is not here to witness her daughter's screening for a ministerial position" Nominees who would be screened today are Mr. Muhammad Idris (Niger); Prof. Ali Pate (Bauchi) Doris Anite Uzoka (Imo); Lateef Fagbemi (Kwara); Hon. Ekperikpe Ekpo (Akwa Ibom).

The statement signed by the NLC president said though the opening speech by Tinubu conveyed a commitment to a better and productive economy, it was expected that the next thing would be how the government planned to resuscitate the comatose public refineries.

It said the entire speech by Tinubu was silent on the repair of the refineries.

NLC also said workers were concerned that Tinubu failed to unmask those behind the looting of Nigeria's commonwealth under the guise of petrol subsidy.

It stated, "It is unacceptable for the President and Commander-in-Chief to lament like ordinary Nigerians about a group that Mr. President routinely referred to in his speech as the ‘elites of the elites’ who have stolen so much from Nigeria that they have become so powerful as to constitute a threat to democratic governance.

"What Nigerians expected from Mr. President is a firm commitment to bring these economic saboteurs to justice and recover what they have stolen.

"Third, Mr. President's statement on working with organised labour to review the national minimum wage is out of sync with what has played out since President Tinubu removed the so-called petrol subsidy."

The labour movement deplored the treatment they were subjected to in all the meetings scheduled by the government. It said labour was forced to negotiate with empty chairs on the federal government's side.

It said the sub-committee on wage award had neither been inaugurated nor met.

NLC expressed dismay that while Tinubu in his speech lavishly praised the private sector for quickly dispensing wage award to their employees, the federal government failed to do the same for public sector workers.

It stated, "This is a clear case of failing woefully to live up to the standards it has set for others to meet.

It is open knowledge that the review of the national minimum wage is a matter of the law which is expected to happen in 2024.

"How would Nigerian workers cope with the current reality of hyperinflation and suffering unleashed by the hasty removal of the so-called petrol subsidy till 2024, when the national minimum wage would be reviewed? This is incredible.

"Fourth, the claims of interventions by the federal government through palliatives, loans and conditional grants to poor Nigerians, big manufacturing concerns and small businesses, and provision of CNG buses remain what they are - promises! Nigerians are used to such promises, which have never produced any verifiable and meaningful changes in the lives of citizens.

"Fifth, for many Nigerians, it is incomprehensible that the principal actors in the current government, including Mr. President himself, were Continued on page 43

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NEWS

INAUGURATION OF THE NESG...

L-R: Chief Executive Officer-Designate, Nigerian Economic Summit Group (NESG), Dr Tayo Aduloju; Outgoing Chief Executive Officer, NESG, Mr. ‘Laoye Jaiyeola; Permanent Secretary, Federal Ministry of Budget and National Planning, Mr.. NebeoIisa Anako; Co-Chair, Private Sector, 29th Nigerian Economic Summit (NES 29) Joint Planning Committee (JPC), Ijeoma Taylaur; and Co-Chair, Public Sector, NES 29 JPC, Mr. Felix Okonkwo, at the inauguration of the NESG, Federal Ministry of Budget and National Planning JPC for NES 29 in Abuja … yesterday

Fuel Subsidy: Zulum Targets 1.8m Persons in New Phase of Palliatives Shares 400 resettlement houses in Molai AbdulRazaq approves payment of N10,000 to students in Kwara Gombe governor announces further subsidy on fertilizer, takes other measures to alleviate hardship in state

Hammed Shittu in Ilorin and Segun Awofadeji in Gombe Borno State Governor, Babagana Umara Zulum, has flagged off a fresh phase of palliatives which is targeting about 300,000 households with about six persons per household to reach one million and eight hundred thousand persons in need.

This comes just as in Kwara, the State Governor and Chairman Nigeria Governors’ Forum, Alhaji AbdulRahman AbdulRazaq, yesterday, directed the payment of N10,000 each to students of Kwara origin in public-owned tertiary institutions.

In Gombe, Governor Inuwa Yahaya has further subsidised the price of fertiliser to N15, 000 per bag against the initial price of N19,000, as part of efforts to alleviate the biting effects of the removal of fuel subsidy on farmers in the state.

Zulum launched the distribution of the palliatives yesterday, at Muna IDPs camp in Jere Local Government Area.

The governor explained that Borno started the initial distribution of palliative about one month ago while scaling up the exercise to key into presidential food emergency declaration.

“President Bola Ahmed Tinubu has recently declared an emergency on food security across the country.

In compliance with the declaration and to complement federal government’s efforts to alleviate the suffering caused by fuel subsidy removal, we have since rolled out a palliative distribution initiative targeting

300,000 households,” Zulum said.

He also noted that the initial distribution of palliative was conducted in Gwoza and three communities in Kukawa local government, which includes Baga, Cross Kauwa and Doron Baga.

The governor added that the initiative was aimed at reducing the hardship occasioned by the fuel subsidy removal for an average of 300,000 vulnerable families.

Under the initiative, each eligible beneficiary receives N5,000 cash, a bag of rice, a bag of beans and one wrapper (for women).

Zulum, emphasised that his administration would prioritise the welfare of the people and ensure that all measures were put in place to alleviate the hardship faced by citizens.

The governor urged citizens to give maximum support to the administration of President Bola Ahmed Tinubu, stating that the hardship resulting from the fuel subsidy removal was temporary.

“I want to urge the people of Borno State to support the administration of President Bola Ahmed Tinubu. I want you to understand that subsidy is not sustainable, we understand that people will feel the impact adversely at the initial stage, but in the long run, it will be beneficial to all of us,” Zulum said.

Also, Zulum, yesterday distributed 400 houses to vulnerable IDPs from five communities displaced by Boko Haram insurgents. The communities were Maibukarti, Jibrinti, Mainari Shuwa, Mainari Kanuri and Tilori.

World Bank President Set to Visit Nigeria from Tomorrow Emmanuel Addeh in Abuja World Bank President, Ajay Banga, will begin a three-day visit to Nigeria on August 3, 2023, a statement from the institution said yesterday.

According to the bank, the visit is the next step of a global tour that is at the centre of a mission to write a new playbook for the 78-year-old institution.

"Banga will focus his time in Nigeria on identifying opportunities to create jobs for young people and women, addressing energy needs and renewable energy, and further exploring the potential for digitisation.

"As part of these efforts, he will visit a World Bank financed

mini-grid power plant that is providing solar energy to an entire community, and a woman-owned business that has generated more than 1,500 service-sector jobs for young Nigerians," the release stated.

While in Nigeria, Banga is also expected to meet with President Bola Ahmed Tinubu and Vice President Kashim Shettima.

In addition, the World Bank will convene discussions with representatives from the private sector and civil society.

"Banga is arriving after a two-day visit to Ethiopia and will be joined by his wife Ritu Banga. The African visit follows earlier tour stops in Peru, Jamaica, and India," the World Bank stated.

The 400 houses are sited at a resettlement estate constructed by Borno State Ministry of Reconstruction, Rehabilitation and Resettlement.

During a brief ceremony, Zulum also shared resettlement packages to the 400 households allotted the houses.

Each household got rice, maize grain, mats, wrapper and cash support.

Borno State has been at the centre of insurgency for more than a decade, but with recent victories by the Nigerian Military, Borno State Government was able to return more than one million displaced persons to the newly built resettlement houses and reconstructed communities.

AbdulRazaq Approves Payment of N10,000 Support for Students in Kwara

In a related development, Kwara

State Governor, AbdulRazaq, yesterday, directed the payment of N10,000 each to students of Kwara origin in public-owned tertiary institutions.

The governor also approved a stipend of N10,000 each for some categories of security agents defined as the first line of defence, which would be disbursed through the Kwara State Social Investment Programme (KWASSIP) office.

A statement issued in Ilorin by the governor’s Chief Press Secretary, Mr. Rafiu Ajakaye stated that, "The approval for students' support, described as one-off in its scope, is a departure from the previous bursary award, which covered only final year students of tertiary schools.

"The governor had raised bursary award from the age-long N5,000 to N10,000 for final year students.

"The special support will be coordinated by a government

committee to be headed by Prof.

Shehu Raheem Adaramaja, Chairman of the Kwara State Universal Basic Education Board (KWSUBEB).”

The statement added, "He (Adaramaja) will be supported by officials from the Ministry of Tertiary Institution, bursary department, Ministry of Finance, and a representative each from the National Association of Kwara State Students (NAKSS) and National Association of Nigerian Students (NANS) in Kwara State.

"The committee will publish a web link through which all students eligible for state bursary would apply for the support within dates to be announced, filling required information and documents".

Gombe Governor Announces Further Subsidy on Fertilizer

Gombe State governor has further

subsidised the price of fertiliser that was being sold to farmers at N15, 000 per bag, as against the N19,000 it was previously.

He said the development was in line with the advisory from the National Economic Council (NEC), which had urged states to design independent responses to the subsidy removal and also come up with strategies to help boost food production in their respective state.

The Secretary to the State Government (SSG), Prof. Ibrahim Abubakar Njodi, who announced the new measure on behalf of Yahaya, said all state-owned fertilizer selling points/ agents across the 11 local government areas are to immediately comply with the directive, adding that the sales and distribution committee should strictly sell to farmers only as a palliative.

Workers' Protest: NUPRC Insists Most Demands Met, Says N1.5bn Upfront Cooperative Deductions Paid Insists protest based on inadequate staff welfare a façade Commission discloses it’s facing harassment on efforts to curb oil theft, losses Emmanuel Addeh in Abuja The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday reacted to the demonstration embarked upon by its workers on Tuesday morning, expressing shock that despite meeting almost all the demands by the workers, they still went ahead with the action.

In a statement signed by the Chief Executive of the commission, Gbenga Komolafe, the NUPRC disclosed that among others, about N1.5 billion upfront deductions had been offset.

Some members of the local branch of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had barricaded the entrance of the head office of the agency, protesting what they termed the ‘escalating critical concerns affecting staff welfare in the commission.’

In the letter, the union raised issues relating to pension non-remittance, non-conducive work environment, insufficient working tools, staff medicals, outstanding payments of 2023 upfront allowances, unpaid staff claims, unpaid staff on-call-allowance, and non-payment of outsource personnel.

However, the NUPRC expressed surprise that the development was coming less than 24 hours after the management of the commission in a response to PENGASSAN’s letter it delivered a day earlier, clearly addressed all the issues raised therein concerning staff welfare.

It stated that it had immediately responded to the letter by the union, signed by its chairman and secretary, Mr. Okechukwu Anya and Dr M. Malah respectively, explaining that obligations relating to claims made by the union had been fulfilled.

In addition, the NUPRC noted that efforts were already in place to achieve closure on the pending items, listing the stages at which all the stated issues had been addressed to date.

Contrary to the claims that pension deductions from staff emoluments had not been remitted to the various Pension Fund Administrators (PFAs) in line with the Pension Reform Act 2014, the commission said it had fully settled all pension deductions with evidence attached for verification.

On the non-conducive work environment, management explained that an additional working space

had been secured in Abuja, while relevant steps had been taken to fit the necessary facilities in the Port Harcourt and Lagos offices.

However, it reminded the union that the properties were inherited from subsidiaries of the defunct Nigeria National Petroleum Corporation (NNPC) in the locations when the commission was created about two years ago through the Petroleum Industry Act (PIA).

The union, the commission noted, was fully aware that as a matter of policy computers and other working tools were procured only from accredited agents of Original Equipment Manufacturers (OEMs) and must follow due process under the Procurement Act 2007.

“As a result, all staff laptops are ordered under the Service Level Agreement with OEMs. In 2023 management successfully procured two batches of laptops for staff; and these have been and are still being allocated based on the priority list.

On medicals, management drew attention to all the processes taken in compliance with the official gazette of the National Health Insurance Authority Act (NHIA) 2022 as well

as the financial implications.

The NUPRC explained that the existing arrangement in the commission affords all staff and their wards access to accredited hospitals and that bills are settled subsequently.

It further pointed that full and comprehensive medical care inclusive of approved overseas treatment, where required, are provided for all staff. “All medical expenses are scheduled for payment and are undergoing processing,” it said.

In its response to the issue of outstanding upfront allowances, the Komolafe-led management also explained that following the mop-up of unspent balances of funds in December 2022 by the Central Bank as required by law, the commission started the 2023 fiscal year with a funding deficit against a zero allocation.

“With an analysis of inflow and outflow of funds from January to June 2023 management explained that since the funds available could not cover all outstanding liabilities, a decision was taken to pay staff entitlement in batches net of deductions.

Continues online

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NAVY PAYS COURTESY VISIT TO ABIODUN...

L-R: Commodore Omobamidele Akinbami, ICT officer of the Western Naval Command, governor Dapo Abiodun and the Flag Officer Commanding Western Naval Command Rear Admiral Mohammed Abdulahi, the FOC paid a courtesy call on the governor in his office at Oke-Mosan Abeokuta this Monday.

PDP: Tinubu's Speech Empty, Dashes Hope of Nigerians Queries why it fails to address fixing or stimulating refineries It’s unrealistically, far from realities, HURIWA declares Chuks Okocha in Abuja The Peoples Democratic Party (PDP), yesterday, reacted to Monday’s nationwide broadcast by President Bola Tinubu over the planned industrialist action by the Nigeria Labour Congress (NLC), and dismissed it as. Empty, subsequently dashing the hopes of Nigerians Addressing newsmen, National Publicity Secretary of the party, Hon. Debo Ologunagba, said even more disturbing was the fact that the speech did not address fixing or stimulating the refineries.

At the same time, Human Rights Writers Association of Nigeria, (HURIWA), described the speech as academic, highfalutin and totally detached from the realities of the

Nigerian masses, who were further mired in poverty and lack since Tinubu assumed office.

According to the PDP, "Yesterday evening, Senator Bola Ahmed Tinubu of the All Progressives Congress (APC) dashed the hope of Nigerians, and especially his now disillusioned supporters with his staged address in feeble defence of his badly planned and hurriedly-executed polices that have worsened economic hardship and uncertainty across the country in the last two months.”

The PDP berated the recourse to such vacuous, illusory and showy mal-administration, which further revealed lack of leadership ingenuity and focus in the management of the affairs of the nation.

"The PDP is appalled that the

address is another litany of false promises hurriedly put together by his handlers in the desperate bid to hoodwink and beguile Nigerians, blackmail Labour Fronts and divert public attention from the life-discounting experiences imposed by the APC government.

"Such antics and play on the psychology of Nigerians with propaganda and empty promises are consistent with the deceptive trajectory of the APC since its emergence in 2014," the PDP said.

Insisting the speech was a horrifying reminder of APC’s bogus promises under Tinubu as National Leader in 2015, the party said, "Three million jobs per year; Making Naira equal in value to the US Dollar; Provision of Small Business Loan Guarantee

Scheme to create at least 5 million new jobs by 2019; and Provision of allowances to discharged but unemployed Youth Corps members for twelve (12) months,” were part of the counterfeit promises.

He listed others to include: “Creation of a Social Welfare Programme of at least N5,000 for 25 million poorest and most vulnerable citizens; Establishment of N300 billion Regional Growth Fund (average of N50bn in each Geo-Political region); Imaginary improvement in our agricultural produce with phantom pyramid of rice which turned out to be ‘pyramid of lies.

"Nigerians are aware that the APC, with Senator Tinubu as National Leader, never fulfilled any of these promises, but rather

TRIBUNAL RESERVES JUDGEMENT IN ATIKU, OBI'S PETITIONS AGAINST TINUBU ings, the respondents, who adopted their final addresses, first urged the court to dismiss the two petitions for lacking in merit, adding that the petitioners failed to prove allegations contained in their separate petitions.

The proceedings were watched by the two petitioners, party loyalists, friends, supporters, as well as well-wishers.

Atiku, who was accompanied by PDP’s Acting National Chairman, Umar Damagum, his retinue of aids, and others, entered the courtroom a few minutes before 9am, sporting a sky blue kaftan.

Obi, who had witnessed almost all the proceedings in his petition, was accompanied by one of Nigeria's famous writers, Chimamanda Adichie.

Adopting his final address as its brief of argument against the petition, the Independent National Electoral Commission (INEC), which conducted the disputed February 25 presidential election, observed that the case of the petitioners was based on the misconception that the Electoral Act, 2022, provided for electronic collation of results.

INEC's lawyer, Mr Abubakar Mahmoud, SAN, maintained that collation of results remained manual, adding that the introduction of INEC's Results Viewing (IReV) Portals was to enhance the credibility of the election but that "collation remained manual throughout the election."

The senior lawyer specifically told the panel, "IReV is simply for public view not part of the collation system."

Similarly, the electoral umpire argued that the 18,088 blurred results sheets tendered by Obi and LP to

prove corrupt practices amounted to nothing because the blurred results did not in any way suggest that the original copies were also blurred "and we do not know why they are blurred.”

Mahmoud noted that while parties agreed that a glitch occurred during the transmission of the results using the Bi-modal Verification Accreditation System (BVAS) to the IReV, they disagreed with the petitioners that the glitch was deliberate and aimed at manipulating the process in favour of the second respondent.

Likewise adopting his final address, Tinubu, through his lead counsel, Chief Wole Olanipekun, SAN, argued along the submission of INEC that the IReV was never a part of the collation process. He submitted that the petitioners did not show how the failure to transmit results real time with the IReV affected the results accrued to the parties.

Like INEC, Tinubu insisted that his failure to score 25 per cent of votes in the Federal Capital Territory (FCT) could not invalidate his election. He said even if the court thought otherwise and ordered a rerun, such a rerun could only be between him and Atiku, as the law already barred Obi, on the grounds that he did not come second in the poll.

APC, represented by Lateef Fagbemi, SAN, urged the court to discountenance the evidence of petitioners' witnesses on the grounds that pleadings were not linked with evidence, and that the petitioners merely dumped documents on the court without anyone speaking to them.

Fagbemi submitted that there was no part of the petition that had not received judicial pronouncement or resolution by the courts, and on the issue of mandatory requirement for the uploading of results through the IReV, he claimed that the Supreme Court, in a judgement, had settled the matter in the case of Oyetola and Adeleke.

Fagbemi further cited other judgements of courts to argue that INEC had discretion to adopt any mode of transmission/transfer of election results.

Speaking to Tinubu's forfeiture of the sum of $460,000 to the United States of America on account of narcotics trafficking and money laundering, the APC counsel pointed out that the issue was not a ground for disqualification, because the incident occurred over 30 years ago, adding that the country's constitution provided that in such event the person would be forgiven after 10 years of the alleged offence.

But both Atiku and Obi disagreed with the submissions of the respondents in their separate final addresses.

Atiku, through his lead lawyer, Chief Chris Uche, SAN, urged the panel to keep to its promise to deliver "substantial justice and not technical justice" in their petition, adding that they had fully established allegations raised in their petition through the testimonies of witnesses called as well as the plethora of documents tendered.

Atiku challenged the panel to break the jinx that presidential election had never been nullified or could never be nullified by using the case at hand to set a precedent.

Uche claimed that through

documentary evidence and testimonies of witnesses, it was proven that the Electoral Act, 2022, was aimed at uprooting the issue of manipulation that usually occurred during collation. He said the petitioners agreed that the IReV technology was deployed, when they admitted that there was a glitch in the transmission of the presidential election results.

"The substantiality of the noncompliance was nationwide," he said, arguing that the said glitch was as a result of human interference.

While urging the court to consider the report of the European Union Observer Mission on the general election, Uche noted that if the court must do justice in the petition, it should not dwell on technicalities but keep to its promise towards substantial justice.

Thus, calling for the nullification of Tinubu's election, Uche submitted that the fact that precedent had not been created did not mean it could not be done, saying, “Let that precedent be created in this case."

Similarly, Obi, through his lead counsel, Dr Livy Uzoukwu, SAN, observed that the respondents only laboured in vain by trying to degrade the importance of IReV, when the Supreme Court had already settled the fact that IREV was part of the electoral process.

Uzoukwu stated that Tinubu's sole witness, Senator Opeyemi Bamidele, attested to the importance of IReV in the electoral process.

Besides, he claimed that INEC manipulated the election results, which was why it could not produce in court the original of the blurred copies of results sheets it certified for the petitioners.

remained unaccountable and turned our once prosperous nation to the poverty capital of the world where over 100 million citizens cannot afford their daily meals and other basic necessities of life.

"What then is the value of Senator Tinubu’s new promises of N75 billion for new jobs in 2024; N125 billion to SMEs; N50,000 each to 1,300 nano business and cultivation of 750,000 hectares of land for food, all without concrete policy and implementation plan, and which at best are openings for corrupt patronage and siphoning of public funds?

"We invite Nigerians to note that a comprehensive review of the speech shows that it is merely aspirational, meant only to mesmerize the citizens as it is completely bereft of any concrete plans to tackle the energy crisis, production issues, monetary challenges and worsening insecurity in our country," he said.

On its part, HURIWA, in a statement by its National Coordinator, Comrade Emmanuel Onwubiko, said the president

failed to tell Nigerians his plans to resuscitate public refineries after the previous All Progressives Congress (APC) government of Muhammadu Buhari spent billions of naira renovating the four public refineries.

It dismissed most of the proposed palliative measures as empty rhetoric for as long as the government decided to punish poor Nigerians but has no strategy to catch and prosecute crude oil thieves, who according to the rights ensured that even as a broke nation, Nigeria lost $10 billion to crude oil theft in seven months.

"At current prices, the stolen oil is worth more than $10 billion, which is equivalent to N4.3 trillion (at N430 to a dollar). This financial loss is more than 50 per cent of Nigeria’s external reserves. It is also more than double Nigeria’s total revenue between January and April, a period when Nigeria’s total revenue was unable to service its debt and the country had to borrow for everything else including payment of workers.,” he said.

Yari: Tinubu’s Ministerial Nominees Are Credible People Says ‘bow and go’ a legislative tradition Deji Elumoye in Abuja A former Zamfara State governor, Senator Abdulaziz Yari, has commended the credibility and quality of the 28 ministerial nominees so far submitted to the senate by President Bola Tinubu for screening.

Yari, who spoke to newsmen yesterday after a closed-door meeting with Vice President Kashim Shettima at the State House, Abuja, said the responses of the nominees screened so far had been "satisfactory" adding that the Red Chamber would ensure that square pegs were put in square holes.

Yari, who also expressed satisfaction with the capacity of each of them, noted that, "So far, those that went through have answered questions satisfactorily and we are going to do our best to ensure that we put them on for the job.

"We are doing our best through what has been presented to us as we ask you questions according to your discipline, and what we are expecting from you. For instance, if you know of water resources,

issues of finances, education, and health, we centre our questions on what your profession is.

"It's not about having credentials, not only having experience but sometimes it's about the office you are holding. So, you have to do your own best."

On the criticisms dogging the "bow and go" tradition, Yari explained that, "Yes, take a bow and go is a tradition. Anybody you would have seen, 'take a bow and go', is the prominent citizens that serve the country for a long period or his or her track record is known to every Nigerian.

“The National Assembly has a tradition, if you served as a senator or an honourable member, it's an honour to read your CV and maybe explain yourself, which they all have the record to ask you to take a bow and go.

"But where we need to do a thorough job for Nigerians, we used to do it, and you can see.

So, we are doing our best to ensure that we thoroughly interrogate the nominees and decide their fate."

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POLITICS

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

Progressive Politicians Regroup as Senate Leader, Opeyemi Bamidele, Marks 60th Birthday Gbenga Sodeinde writes about the week-long programme put together last week in Abuja, Lagos and AdoEkiti to mark the 60th birthday of the Senate Leader, Senator Opeyemi Bamidele.

S

enate Leader, Senator Opeyemi Bamidele, celebrated his 60th birthday on July 23, 2023. The fact that he is fast emerging as a politician with potent whims in Nigeria makes the celebration so unique in many ways.

That necessitated the reason why the event radiated so much panache, pageantry, and elegance due to the impressive local and national traction the celebrant’s political exploits is currently garnering.

The groundswell of tributes that were rolled out to compliment his contributions to national growth, buttressed how towering his stature has become in national politics.

The deluge of congratulatory messages from ebullient personalities like President Bola Tinubu; President of the Senate, Senator Godswill Akpabio; Governor of his home state, Ekiti, Biodun Oyebanji; Ekiti State Deputy Governor, Chief Monisade Afuye, former Governor Kayode Fayemi, colleagues in the Senate, members of the diplomatic corps, spiritual fathers and admirers, vividly showed the power and connections Senator Bamidele wields in contemporary Nigeria.

Little wonder, the synopsis of glamorous event, which began with a book-launch in Abuja, to the Marathon Praise and Worship Service in Ekiti and thanksgiving in Lagos, attracted the high and mighty from the political, spiritual, diplomatic and musical spaces to celebrate a man, whose life’s trajectory epitomises trust, loyalty, kindness, generosity and service to God and humanity.

The celebration, according to the senator, was of premium interest to him in diverse fronts.

One, it was an opportunity to give glory to God for sparing him from the throes of death. The traumatising event of June 1, 2018, when he was hit by stray bullets during a political adventure remains indelible in his memory and heart.

It was a trepidating occurrence that nearly threw Ekiti into turmoil. Still standing energetic, strong and tall among the humans aroused that inspiration in him to give glory to God. And this he did perfectly by the array of musicians that gathered at the palatial Obafemi Awolowo Civic and Convention Centre to render unbroken 24 hours of praises and worship to God. Secondly, it was a propitious pedestal for him to give accounts of stewardship to his people in Ekiti Central Senatorial District. With the way he spoke at the event, Senator Bamidele was thankful to his constituents for electing him as a member of the Senate. He held the view that the gesture was a springboard for the assumption of his current status as the Senate Leader, a position fondly venerated as one of the lifewires of the country’s federal legislature.

Most significantly, the ranking Senator perceived the celebration as a leeway for him to keep his constituents abreast of the national politics, especially defending the administration of President Tinubu and Senator Godswill Akpabio-led Senate.

Politics: The presence of the creme-dela -creme from the political class of diferent inclinations and ideologies at the event indicated that it was a momentous occasion for the regrouping of the progressive forces. President Tinubu, represented by his Chief of Staff, Hon Femi Gbajabiamila, governors and top-rated political bigwigs, were at hand to make the event more momentous.

Members of the Senate across political divides, also shed the toga of extremism and division to rally round a man, whose tentacles had spread across Nigeria as a politician, lawyer and student activist.

Speaking at the events held at different dates in Abuja, Ado Ekiti and Lagos, the Senate Leader didn’t mince words by his open and stout defence of President Tinubu’s government over the fuel subsidy removal and the choice of ministerial nominees he had presented for screening at the Senate.

The Senator assured Nigerians that the Senate will be thorough with the screening of the ministerial nominees presented by the

Bamidele President Tinubu. Bamidele added that the Senate will scrutinise the ministers thoroughly to ascertain their competences and capabilities to serve Nigeria diligently and in such a way that will bring dividends of democracy to the populace .

In a fashion that evokes passion, the lawmaker, said Senator Akpabio-led Senate was desirous and keen about ensuring that those holding pivotal positions under Tinubu’s presidency are those with capacities to deliver.

His words: “Let me assure Nigerians that the screening won’t be only bow and go, except for those who had been members of the National Assembly before and whom we knew and appreciated that they have the wherewithal to give Nigerians qualitative leadership.

“Nigerians expected us to be thorough. They are expecting us to do a thorough screening. But take a bow and go is not an unparliamentary convention, it has become a practice all over the world and that person must be a former member of the parliament who is well known to us. Somebody we have confidence in his ability. We are going to follow the constitution to ensure that we deliver our mandate to make those who voted for us happy.

This will occur at the level of parliament, oversight functions and at the committee level.

“We will partner Asiwaju Bola Tinubu to deliver on his promises to

Nigerians. We are determined to ensure that all the three arms of government, particularly the judiciary are put on a good footing to be able to deliver justice without fear or favour.

We are determined to ensure that the right people are brought on board”.

On the hoopla around the abrupt removal of the fuel subsidy, which some Nigerians regarded as bruising, painful and agonising, Bamidele assured that the federal government will soon roll out social investment programmes to palliate the sufferings of the masses.

According to him: “The federal government will put palliatives in place to help the poorest of the poor . There is also another category of palliatives that will be rolled out for the civil servants apart from the promised salary increment that will be done across states and at the federal level.

“The removal is very significant because the FG will be able to save a lot of money to do infrastructure and make all Nigerians happy.

That was the intention of President Tinubu about the removal. He knew what Nigerians are passing through and efforts are underway to cushion the effects of this removal”.

Spiritual dimension: With this event, something spiritually strange happened in Ekiti with the staging of a programme christened: ‘24 Hours Marathon Praise and Worship Service’ beginning from 7am on Friday, July 28 to 7am of Saturday,July 29, which was the D-Day. Top-rated gospel singers that participated in the carnival-like event included Tope Alabi, Yinka Alaseyori, Aduke Gold, Esther Igbekele, BJ Sax and over 20 high-flying others.

The presence of the creme-dela -creme from the political class of diferent inclinations and ideologies at the event indicated that it was a momentous occasion for the regrouping of the progressive forces. President Tinubu, represented by his Chief of Staff, Hon Femi Gbajabiamila, governors and top-rated political bigwigs, were at hand to make the event more momentous. Members of the Senate across political divides, also shed the toga of extremism and division to rally round a man, whose tentacles had spread across Nigeria as a politician, lawyer and student activist.

Bamidele’s teeming and cult-like supporters across the state and members of the All Progressives Congress, led by Governor Oyebanji, his wife, Olayemi, the APC State Chairman, Paul Omotoso, among others, defied the regular downpour and the seemingly intolerable humid and freezy atmospheric condition of that day to participate in the programme.

The praises didn’t stop at that, another thanksgiving service was held at the Babanboni Anglican Church, Iyin Ekiti on Saturday, July 29. Bamidele in company of his wife, Yemisi, in open display of outpouring of praises appreciated God for sparing his life to celebrate 60th birthday.

He described the gesture as uncommon favour , having a retrospect of what he passed through in his tortuous and bumpy political journeys.

He recalled how God like the biblical Joseph favoured him for political positions through Tinubu’s instrumentality in Lagos despite being from Ekiti. He remembered with nostalgic feelings how he got reelected as a member of the House of Representatives and now a two term member of the Senate. He believed all these were made possible by divine providence.

In an emotion laden tone, he recalled how God rescued him from the verge of death on June 1, 2018. He succinctly described the date as his worst political experience, he explained how his stomach was rideled with bullets in the middle of the crowd during an accidental shooting within the precinct of the APC Secretariat in Ado Ekiti.

It was a time he served as the Director General spearheading the second term campign of Dr Kayode Fayemi’s gubernatorial tussle.

He said: “I thank God for my life. I saw death face to face, but God rescued me. If I had a better opportunity to thank God more than this, I will surely do. He delivered me by divine miracle.

He is a marvelous moving God”.

In his short exhortation tagged “out of your faithfulness” at the ceremony, the Vicar in charge of the All Saints’ Anglican Church, Iyin Ekiti, Ven Zaccheus Ibitoye, described Bamidele’s Marathon Praise service as the first of its kind in Ekiti. The cleric branded the politician as a robustly unique, dependable and decent politician, who loathes politics of bitterness and do- or -die.

The man of God also veered off the spiritual radar to discuss some of the policies that had been undertaken under Tinubu’s presidency.

He assured that Nigerians will render good stories in the end despite the removal of the fuel subsidy by Tinubu’s administration.

“Let us be patient and pray for our leaders.

All the presidential candidates promised that they will remove the petrol subsidy and one of them won and removed it. We should all be expecting it. Let us be patient with the federal government. We will have a good story to tell for our coming children. This stage and difficulties shall pass away”.

The Vicar added that Bamidele enjoyed tremendous favour from God because he had served humanity in the most rewarding fashion as a Commissioner and member of the National Assembly.

“We could all remember when he was shot few years back, whether through targeted or strayed bullet, but God protected him. He didn’t die because God proclaimed that it wasn’t yet time. I am happy for your life. Senator Bamidele is a special breed of politician, who will not pledge what he will not do. I want to charge you to continue to hang your faith in God. He has been protecting you. You are still going higher and higher, you are unstoppable.

“I plead with politicians to play this politics neatly. Some of you used to eliminate people because of ambition. Senator Bamidele doesn’t belong to that group. He is a decent politician.

Let us learn how to wait upon God. All of us can’t be Senators or Governors, but we can all be children of God”.

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

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BUNMI AYOADE writes it is a curious human resource hiring procedure to screen candidates for jobs without job specification

MINISTERS: NOMINATION AND APPOINTMENT The Constitution of the Federal Republic of Nigeria, 1999 (as amended) stipulates that the President should appoint ministers to head ministries and report directly to him within GD\V RI KLV LQDXJXUDWLRQ 0LQLVWHUV DUH ÀUVW grade advisers who are also advised by their RZQ DGYLVHUV ,Q D ZD\ WKHUHIRUH PLQLVWHUV are advised in the process of advising the 3UHVLGHQW EXW WKHLU DGYLVHUV DUH LQGHPQLÀHG by convention. There is therefore a policy ÀOWUDWLRQ SURFHVV EHFDXVH WKH DGYLFH WKDW ultimately lands at the President’s desk is ideally the product of the interaction between a minister and his advisers. This process speaks to the quality of the hiring process. Where the minister and his advisers are hired for reasons other than competence and experience, the TXDOLW\ RI DGYLFH LV DGYHUVHO\ DͿHFWHG Governance is the business of businesses demanding the highest expertise that the polity can provide. This is why the United States enacted the 1967 Anti-nepotism Law IRUELGGLQJ IHGHUDO R΀FLDOV IURP HPSOR\LQJ

family members to certain governmental positions and the cabinet. Apart from the fact that appointment determines system performance, it also unduly and illegitimately extends the privilege and cover of the vote WR WKH XQHOHFWHG ,W WKHUHIRUH DPRXQWV WR D political misdemeanor to willfully appoint people that are known and/or adjudged to be incompetent to such governmental positions.

This is more so the case because governance is about the citizen who is arguably the most valuable and delicate factor in the governance FKDLQ ,Q IDFW WKH FLWL]HQ LV WKH UDLVRQ G·HWUH RI government which, in turn, is an ingenious apparatus created by citizens for the ultimate peace and progress of citizens.

Democracy, which all nations claim at GLͿHUHQW OHYHOV RI SUD[LV DQG VLQFHULW\ LV D JHQUH DQG IRUP RI JRYHUQPHQW ,WV SUDFWLFH has become so elastic that the polar extremities cannot relate. The cabinet or Council of Ministers in a democracy is an extension of the democratic representative principle having been appointed by a popularly HOHFWHG H[HFXWLYH DQG FRQÀUPHG E\ DQ HOHFWHG legislature in a presidential system. The cabinet is therefore a meta-representative institution of the democratic electorate or, at worst, a bySURGXFW RI WKH UHSUHVHQWDWLRQ ,W LV FRQQHFWHG to the people as a political derivative of the GHPRFUDWLF SURFHVV ,Q HVVHQFH WKHUHIRUH it must be responsive to the people just as its principal is or must be responsive to the people. We shall return to the issue of the responsiveness of the cabinet to the people later on.

7KH MXVWLÀFDWLRQ IRU UHVSRQVLYHQHVV LV further embedded in the appointive process as enshrined, in this case, in the 1999 Constitution (as amended). The Constitution prescribes compliance with a representational template known as the federal character principle to the HͿHFW WKDW WKH DSSRLQWPHQW RI PLQLVWHUV DPRQJ RWKHU SXEOLF R΀FHUV PXVW KDYH QDWLRQDO

representative spread just as, in principle, the votes of a successful President. The political parties are also required to demonstrate such representativeness to be registrable.

The federal character clause of the 1999 &RQVWLWXWLRQ LV WKH UHÀQHG SURGXFW RI WKH QRQ exclusion principle debate at the Constituent $VVHPEO\ ,W LV WR HQVXUH LQFOXVLYLW\ SROLWLFR spatial equity, fairness, and representativeness.

However, as much as it attempted to be inclusive and equitable it falls short of its DWWDLQPHQW ,W VHHV LQFOXVLYHQHVV DQG HTXLW\ LQ only spatial terms which incidentally and only SDUWLDOO\ VDWLVÀHV HWKQLF UHDOLW\ ,W KRZHYHU fails to cover the gamut of socio-demographic parameters like gender, ideology, religion and the social generations. For example, it neither VSHFLÀFDOO\ QRU H[SOLFLWO\ DWWHQGV WR JHQGHU dichotomy not even its proportionality. This leaves women to continue to clamour or, more correctly, to beg for 35% representation.

Mrs Beatrice Eyong, the UN Country Representative to Nigeria even wanted it at 50% just like Rwanda and Ethiopia where women and men are more nearly equal in their legislatures and cabinets. Asimilar lacuna exists in confessional and ideological representation.

There is no mention of the representation of Christians, Muslims or Traditional Religions HYHQ LPSOLHGO\ ,W FDQ EH DUJXHG WKDW LW ZRXOG have been self-contradictory for a constitution that pronounces Nigeria a secular state to give recognition to religions at the same time.

The silence is however both ominous and counter-factual because religion is extremely prominent and visible in daily national political discourse. Only a few months ago, same faith ticket generated heavy political brawling and attention.

To a large extent, federal character failed in ZKDW LW DWWHPSWHG ,W LV QHLWKHU IXOO\ LQFOXVLYH QRU FRPSOHWHO\ HTXLWDEOH ,Q RQH EUHDWK federal character wrongly equates arithmetic equality with content/substance equality. The 1999 Constitution stipulates that one minister must be appointed from each state of the federation. This condition unwittingly creates DQ XQZLHOG\ FDELQHW DOWKRXJK LW VDWLVÀHV WKH federal practice of the equal representation of unequal states in the second chamber.

The equality of unequal constituent states is aimed as a counterweight to the unequal representation according to population in the Lower Chamber. The ministers therefore represent unequal/varying number of FLWL]HQV DFURVV WKH FRXQWU\ 7KLV GLͿHUHQWLDWLRQ is critical because it results in the paradoxical attempt to achieve unity by emphasising GLͿHUHQFHV 7KH VXUYLYDO RI 1LJHULD WKHUHIRUH hangs precariously on this contradiction. The HͿHFW RI WKH SULRULWLVDWLRQ RI VXE QDWLRQDO XQLWV LV WKH SURPLQHQFH RI VXE QDWLRQDO OR\DOWLHV ,W is no surprise therefore that some ministers inadvertently or deliberately see themselves as state ministers at the federal level. Harold /DVVZHOO·V GHÀQLWLRQ RI SROLWLFV DV ZKR JHWV what, when and how is therefore interpreted in consumption terms as the ‘take home’ from the national cake.

The second instance of inequity resulting from the tying of the appointment of ministers WR VWDWHV LV WKDW WKH LQWHUQDO FRQÀJXUDWLRQ of states, more or less, determines who gets nominated as minister in the states. This is because the state governors or the party leadership in the states, as the case may be, KDYH D VWURQJ VD\ LQ ZKR JHWV WKH QRG ,Q WKLV case, the minorities in the states stand very little chance of nomination.

Ayoade, Mni, an Emeritus Professor of Political Science, writes from the University of Ibadan

In spite of the hype, there is little evidence of availability of services, writes SONNY ARAGBA-AKPORE

WAITING FOR 5G SERVICES Year 2001 and 2021 are 20 years apart. Both This launch came six months after years have history separating them. While 2001 Airtel acquired a 100MHz of spectrum was the year of telecommunications revolution in the 3500MHz band and 2x5MHz of when Digital Mobile Licenses (DML) were 2600MHz spectrum from the Nigerian awarded thus changing the narrative of Communications Commission (NCC) for “telephone is not for the poor”, 2021 tried $316.7 million. to outdo 2001 principally to massage some With 60 million subscribers in Nigeria personality egos. And so Nigeria joined a race accounting for 27 per cent market shares it knew very little about and expected to win as at April, on its GSM network, Airtel big. There was excitement in government explained that it would use the purchase to FLUFOHV DERXW WKH OLIH DEXQGDQFH WKDW WKH ÀIWK improve the quality of its 4G network, and JHQHUDWLRQ WHFKQRORJ\ * ZDV OLNHO\ WR RͿHU launch 5G properly.

Nearly two years after, that race appears to be Airtel Nigeria boss, Carl Cruz, said the against the wind.

5G revolution is a quantum leap from Hypes visited the licensing process and 4G, stressing that though the latter is awards of 5G licenses in Nigeria. Then Minister, remarkable, 5G opens a new vista. We the regulator preached sermons of the value agree. and excitement that 5G will add to the country. /LIH LV GHÀQLWHO\ JRLQJ WR JHW PRUH There was so much energy deployed to the interesting and easier, he boasted. “We campaign on what to come and the beauty of can only be limited by the limit of our the technology. imagination,” Cruz told his audience at Unsuspecting Nigerians joined in the the launch. The Airtel chief said with 5G, excitement. Licences were awarded on there would be more collaboration among December 21, 2021 to MTN Nigeria and a stakeholders in the telecoms space to do new little known Mafab Communications. They WKLQJV ZLWK $UWLÀFLDO ,QWHOOLJHQFH 0DFKLQH had a roll out timeline of August 2022 but the /HDUQLQJ ,QWHUQHW RI 7KLQJV 6PDUW &LWLHV UHJXODWRU JUDQWHG DQ H[WHQVLRQ RI ÀYH PRQWKV among others. He commended the NCC for creating the opportunity for Nigeria WR MRLQ WKH ÀUVW FRXQWULHV WR UROO RXW WKH service adding, “Airtel Nigeria is proud to be an early mover with 5G technology, not just in Africa, but all over the world.

Thanks to the commitment of the Nigerian government, 5G became a reality early in Nigeria, when only about 60 countries had DFFHVV ZRUOGZLGH ,Q DGGLWLRQ WR WKDW WKH frequency spectrum band allocated to 5G will make the experience more worthwhile for consumers.”

Airtel Nigeria said it wants to make 5G accessible and widespread in the country and to ensure more Nigerians have access to Mafab Communications to get ready. Thus WR WKH WHFKQRORJ\ DV WKH ÀUP RͿHUV LWV URXWHU the regulator changed the rules in between the for N30,000, in partnership with a major JDPH WKXV VHQGLQJ WKH ÀUVW VLJQDO WKDW DOO ZDV equipment vendor to deliver its services at not well. near pocket friendly prices. He said though MTN tried to weather the storm despite 5G is positioned to consume more data the challenges (even when it will not admit it because it enables more speed and latency, openly) and “launched” a semblance of 5G “the rate and prices of data will remain the services in parts of Nigeria. But that is where same.” the excitement stops. Airtel, a late arrival shows And contrary to bookmakers’ predictions, some promises as we wait.

Mafab Communications which won 5G And so, the hype built around 5G has licence alongside MTN in December 2021, left everyone including the operators and announced a soft launch of its 5G network regulators speechless as there is very little in Abuja and Lagos, late January 2023 with tangible evidence of availability of services so claims that it has also launched in four other far. We have now accepted our fate as the wait cities and assured Nigerians of super high goes on. speed internet connectivity for data service

By December 21, 2023, it will be two years as well as seamless voice service. when the noise about 5G started in Nigeria.

But strangely, six months after, not much There are so far, three supposed operators has been heard about its services in the for the services: MTN Nigeria, Mafab cities it claimed the services were available.

Communications and Airtel Nigeria but as Although Mafab Communications appears things stand today, the noise has died down as to be a Special Purpose Vehicle (SPV) Nigerians await in their various corners for the VSHFLÀFDOO\ DUUDQJHG WR ELG IRU WKH OLFHQVH much talked about 5G services. in 2021, paying the license fees was a big On June 19, 2023, the last of the three to plus for it but that appears to be where the DFTXLUH WKH * OLFHQFH $LUWHO NLFNHG RͿ LWV ÀIWK excitement ends as eager subscribers await generation network rollout in four locations, the much talked about fast speeds and clean /DJRV 2JXQ 5LYHUV DQG $EXMD DQG WKH ÀUP voice communication on its network. is targeting coverage of the entire country by 0DIDE FODLPV LW ZLOO EH RͿHULQJ YRLFH DQG WKH HQG RI WKH FXUUHQW ÀQDQFLDO \HDU data services from day one of its rollout, Airtel said for anyone to enjoy the innovative stressing that it will ride on an existing service, the subscriber must have a 5G telecom company to rollout its services to compatible device and be within coverage area. Nigerians on the 5G infrastructure and will The service provider explained that it unveiled continue to expand as the market grows. a non-standalone version, which it described as But some Nigerians are skeptical about the EHLQJ IDU EHWWHU LQ VHUYLFH GHOLYHU\ ,WV FODLP LV capacity of Mafab to rollout 5G, without a \HW WR EH YHULÀHG DV WKH RSHUDWRU SURPLVHG LWV visible telecom infrastructure. subscribers speed of up to 100 times faster than 4G, ultra-low latency and increased network Aragba-Akpore capacity. is a member of THISDAY Editorial Board

25 4

T H I S D AY

WEDNESDAY AUGUST 2, 2023

EDITORIAL

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

CBN AND SOCIAL MEDIA HANDLES The regulation breaches the fundamental right to privacy

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Where do we draw the line between the responsibility for national security and the right of individual citizens to the privacy of their personal data and communications?

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

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26

WEDNESDAY AUGUST 2, 2023 • T H I S D AY

T H I S D AY ˾ WEDNESDAY, AUGUST 2, 2023

27

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

A U G U S T

S & P INDEX

1 , 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%

NGX Oil&Gas Index Leads as Demand Pushed Operators’ Revenue to N769.07bn in H1 2023

Kayode Tokede The surge in fuel price and increasing global demand spurred five petroleum marketing companies listed on the Nigerian Exchange Limited (NGX) revenue to N769.07billion in half year (H1) ended June 30, 2023, an increase of 31.6 per cent from N584.34 billion reported in the corresponding period of 2022.

The listed petroleum marketing companies on thee NGX are Seplat Energy Plc, Conoil Oil Plc, TotalEnergies Marketing Nigeria Plc, Eterna Plc, and MRS Oil Nigeria Plc. According to the National

Bureau of Statistics (NBS), the average retail price paid by consumers for Premium Motor Spirit (Petrol) in June 2023 was N545.83, indicating an increase of 210.31 per cent relative to the N175.89 recorded in June 2022.

The bureau also disclosed that the average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) decreased by 3.56 per cent from N4,218.38 in June 2022 to N 4,068.26 June 2023.

In addition, the average retail price of Automotive Gas Oil (Diesel) paid by consumers in June 2023 was N815.83 per litre, an increase

of 11.18 per cent from N733.78 per litre recorded in the corresponding month of the previous year.

Following the significant increase in petroleum products, Conoil generates N87.14billion revenue in H1 2023, an increase of 54.9 per cent from N56.25 billlion in H1 2022, while TotalEnergies Marketing Nigeria declared N274.6 billion revenue in H1 2023, a growth of 31.4 per cent from N209.01 billion in H1 2022.

About 76.9 per cent or N211.16 billion and 23.1 per cent or N63.44 billion petroleum products and lubricants/others contributed to TotalEnergies Marketing Nigeria

revenue in the period under review.

However, MRS Nigeria declared N59.65billion revenue in H1 2023, an increase of nearly 40 per cent from N42.66 billion in H1 2022, while Seplat Petroleum reported N278.33 billion revenue in H1 2023, a growth of 27 per cent from N219.2 billion in H1 2022.

Seplat Petroleum announced N245.91 billion crude oil sales in H1 2023 from N195.16 billion as its gas sales increased to N32.43 billion in H10 2023 from N24.04 billion in H1 2022.

In addition, Eterna reported 21.2 per cent growth in revenue to N69.34 biillion in the period under

review from N57.22 billion reported in corresponding period of 2022.

However, as a result of mounting cost of sales and operating expenses, the five firms generated N61.98 billion profit before tax, a decline of 40.5 per cent compared to N104.19 billion in H1 2022.

The five firms in the last seven months of 2023 have contributed to the NGX performance, as the NGX Oil & gas Index appreciated by 101.4 per cent to 931.42 basis points as of July 31, 2023 from 462.48 basis points the stock market opened in 2023.

The index outperformed the NGX Banking Index, NGX Industrial Goods Index, NGX

Consumer Goods Index, among others on the bourse.

Among the top drivers include; Seplat Petroleum that increased to N1,693.60 per share as of July 31, 2023 from N1,100.00 per share it opened for trading in 2023.

Also, MRS Nigeria has appreciated to N109.45 per share as of July 31, 2023, a growth of 676 per cent from N14.10 per share it closed in 2022, while Conoil’s stock on the bourse moved to N110.00 per share, a significant increase of 315.09 per cent from N26.50 per share.

The story continues online on www.thisdaylive.com

Factoring: NEXIM, AFREXIM Eye $6.6bn Market to Unlock Funding to MSMEs James Emejo in Abuja Following failure by the National Assembly to pass the Factoring Bill since 2018, despite its ability to unlock over $6.6 billion in financing to small businesses in the country, the Nigerian Export-Import Bank (NEXIM) and the African ExportImport Bank (AFREXIM) have rallied stakeholders to commence the services with a regulation while awaiting the law.

The Managing Director/ Chief Executive, Nigerian Export -Import

Bank (NEXIM), Mr. Abba Bello, said factoring remained one of the financing options that will mitigate the traditional challenges of SMEs in meeting the eligibility criteria for accessing credit from traditional banking institutions.

Speaking at the opening of the factoring training workshop under the auspices of Afreximbank /AfDB FAPA grant consulting activity in Abuja, Bello said it was important to make progress with factoring services, particularly against the backdrop of the AfCFTA and the

need to promote financial inclusion and MSMEs’ development for economic growth and employment generation.

Essentially, factoring involves a business selling its accounts receivables to a third party called a factor at a discount to solve an immediate cash need and is considered a low-hanging fruit in providing a huge financing lifeline to SMEs which are often starved of the funds they need to grow and contribute meaningfully to the economy.

Reports estimated that Nigeria’s factoring market is worth over $6.6 billion due to the high informal sector and could increase to $27.1 billion with more formalisation of SMEs, a conducive policy environment among others.

MSMEs account for more than half of the market at $3.5 billion thus validating the link between factoring and financing for SMEs. However, to guarantee successful deployment in the country especially for instances of adjudication, the promoters said

there was a need to have a law backing factoring.

The Factoring Bill had been in the National Assembly for the past six years awaiting passage, thereby delaying the commencement of services in the country while other countries in Africa have progressed.

The NEXIM Bank MD also stated that the development finance institution was committed to facilitating the growth and development of the trade credit insurance market, and other key financial infrastructure that will

engender a sustainable factoring ecosystem.

He reiterated the bank’s commitment to the current advocacy and partnership framework towards the promotion of factoring services adding that the training workshop will no doubt facilitate capacity building and technical skills acquisition preparatory to the introduction of factoring services in Nigeria.

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, A U G U S T 1 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) July 27, ^13.53 23106.81 8.99 -0.01 2023 MAR-2025 ^12.50 2227, 103.19 11.00 0.00 July JAN-2026 2023 ^16.2884 27, 110.61 12.55 0.00 July 17-MAR-27 2023 ^13.98 2327, 104.49 12.65 0.00 July FEB-2028 2023 ^14.55 2627, 107.55 12.65 0.00 July APR-2029 2023

BILLS MATURITY

Discount Yield

Change (%) Updated Time

MATURITY

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

3.88

27, 1.64 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

3.89

4.13

4.15

5.00

5.06

5.25

5.33

5.75

5.87

OTC F X F U T U R E S

CPS

27, 1.73 July 2023 27, 2.04 July 2023 27, 2.13 July 2023 27, 2.32 July 2023

Discount Yield

Change (%) Updated Time

17.73 18.54

27, 2.05 July 2023

16.03 16.86

27, 2.21 July 2023

20.26 21.68

27, 2.25 July 2023

12.92 13.49

27, 2.25 July 2023

20.27 21.70

27, 2.25 July 2023

CONTRACT Current Updated Time TENOR Contract Rate ($/₦) (MONTH) July 27, NGUS AUG 13 914.19 28 2024 2023 July 27, NGUS SEP 14 927.51 25 2024 2023 July 27, NGUS OCT 15 938.61 30 2024 2023 July 27, NGUS NOV 16 949.70 27 2024 2023 July 27, NGUS DEC 17 960.80 24 2024 2023

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WEDNESDAY, AUGUST 2, 2023 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Osideko: Talent Shortage, Retention Biggest Challenges Facing HR in Nigeria The Chief Executive Officer, Eudoratech, Mr. Tunde Osideko said talent shortage and talent retention as a result of migration are biggest challenges facing HR in Nigeria. Osideko in this interview with Kayode Tokede speaks on the company’s latest software, among other key issues. thereby supporting our client to optimize the solution. We believe that businesses can improve their productivity leveraging technology and this can have cascading effect on the Nigeria’s competitiveness.

What are the challenges facing HR sector and how can the government, and key stakeholders address them? he biggest challenges facing HR in Nigeria today are the key talent shortage and talent retention due to migration and this is also why employers need to complement their staffing with AI-powered solutions.

Also, Government needs to address the root causes of migration and implement policies that will make Nigeria attractive to talent globally.

Local employers must also adjust their cultural mind-set to the reality of the 4th industrial revolution.

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How do you plan to maintain a competitive edge in the market with SmartHR, considering there may be a growing number of AI-based solutions in the HR sector?

AI- based HR solutions are growing but not necessarily in Nigeria. There is a difference between automating your processes and integrating predictive capability of AI into your processes. That is where we have an edge in the Nigerian market. The digital maturity of most HR organization is low and one of our value propositions is to support the human resources community to increase this so that they can be more strategic in partnering with their leadership.

How is the adoption of HR software in Nigeria compared to foreign software?

My view is that there is a higher probability of adoption of foreign software compared to local software due to brand power, simplicity of use, and advanced capability. However, with AI, the field is levelled especially if local firms are keeping abreast of technology advancement and integrate such insights into their products.

Can you tell us about your background and experience that led you to founding Eudoratech and especially SmartHR? I practiced human resources for about 15 years and the last 13 years, I spent with the biggest telecoms firm in Nigeria, which has some of the best HR practices in the country. I think the most influential factor that prepared me is the 15, 000 worded and distinction grade dissertation which I did in collaboration with Schneider Electric UK where I explored the challenges of attracting, hiring, retaining and managing digital talent. Cumulatively, all these prepared me for the mission we are trying to achieve with Eudoratech, which is advancing technology as a force for good for business, community and nations.

What specific challenges in HR and business did you set out to address with SmartHR? Our solutions are designed to address the challenges of productivity, employee engagement and retention and organizational effectiveness thereby elevating the strategic importance of human resources as a business enabler and value creator.

How do you envision SmartHR transforming the HR industry and impacting businesses in the near future?

Overall, AI-powered HR solutions have the potential to revolutionize how HR functions are performed, leading to a more data-driven, and efficient, and employee-focused approach.

Embracing AI in HR can give businesses a competitive advantage by attracting and retaining top talent, optimizing HR operations, and fostering a positive and inclusive work culture.

How ready do you think Nigeria is for a solution like this, seeing that Technology adoption and internet penetration are believed to still be growing in Nigeria?

There are two things we need to deal with, one is the readiness of Nigeria for Artificial Intelligence (AI) powered solution and the second is the compelling requirement for AI powered solutions. In terms of readiness, I believe if you do a SWOT or PESTEL analysis of Nigeria, she has a fairly decent digital credential even though there is room for improvement. For example in 2023, her internet penetration is 55.4%, 31.60m social media users, and 88% of the populations are mobile phone users. The import of these fact is that for businesses most of your consumers and employees are internet ready and savvy, hence your businesses and organisations must be technologically inclined in terms of digitalization of business model, organizational processes and channels for engaging customers. On the other hands, on the requirement, I believe that there are many problems in Nigeria and Africa that Artificial Intelligence can help us solve, whether it is in education, health, government and Human Capital. We need to be concerned about our global competitiveness and ranking on productivity index and AI can help leapfrog that significantly. Therefore, this requirement will compel further readiness. Overall, I believe that the level of technological advancement of Nigeria will not be a barrier to the adoption of

Osideko AI powered solution because there are many AI powered product and services around us like the recommendation capability of Netflix, Amazon, TikTok and Facebook which are common among Nigerian consumers.

To what extent has Eudoratech approached the ethical considerations surrounding AI deployment in HR, and what steps have been taken to mitigate any potential bias, data privacy and security in the system?

We take security and data privacy very seriously and we have on our team, experienced data security expert whose guidance and input are essential to our deployment. This is also reflected in our data and security policy as hosted on our website. We are also an ethical organization and we engage our client from that point of view as well especially with regards the algorithm and modelling that we use for our solutions.

Explain in details some of the features with which SmartHR seeks to create more value in the HR space We have two products in our SmartHR’ suite of products – The first is the Smart Enquiry, a multifaceted AI-powered communication tool that revolutionizes enterprise communication both internally and externally.

Externally, Smart Enquiry enables businesses to engage with their customers on a whole new level. Leveraging advanced natural language processing (NLP) algorithms and deep learning capabilities, Smart Enquiry provides real-time responses to customer inquiries, streamlining communication channels, and maximizing customer satisfaction. Internally, Smart Enquiry serves as a powerful knowledge base and search engine for employees. By utilizing its AI-driven capabilities, employees gain rapid access to relevant documentation and information, significantly reducing search time and enhancing productivity. Smart Enquiry acts as an intelligent assistant for employees, making on-the-job tasks more

efficient and empowering them with the knowledge they need to excel in their roles.

The second product is the Smart Shortlisting.

Recruitment processes have never been smoother, thanks to Smart Shortlisting.

This AI-driven marvel ushers in a new era of HR efficiency by intelligently sifting through mountains of applicant data to identify the most promising candidates.

By employing advanced algorithms and machine learning, Smart Shortlisting shortens the recruitment lifecycle, empowering HR teams to make data-driven decisions and secure top talents swiftly and effortlessly.

The result is a more agile and competitive workforce that propels enterprises toward unprecedented growth.

From the features listed on the product, SmartHR has the potential to streamline HR processes and decision-making. What’s the percentage of accuracy and how trustworthy is the result?

Unlike the ChatGPT that has error due to hallucination on the basis of the source of data it is referencing, our Smart Enquiry product, which works like ChatGPT has a higher degree of accuracy because the information it is feeding off, is the information from your organization. For the smart shortlisting, based on several test, we believe the accuracy of the algorithm is 90% and above.

What kind of support and training programs does Eudoratech offer to ensure clients can make the most out of SmartHR’s capabilities?

Our mission is not just to sell AI powered solution, it is to advance technology especially AI as a force for good, therefore we are committed to creating awareness about the importance of AI for business, community and the nation. As we deploy SmartHR, we offer support to our clients in form of training and after support and while we have off the shelf solutions, we also want to customize solutions to the clients’ needs,

SmartHR’s offerings seem exciting and capable of optimising workforce planning.

How do you envision this will affect businesses’ bottom lines and overall efficiency?

The overall mandate of all products is to improve employee productivity, organizational effectiveness and talent retention, all of which have direct impact on the organization bottomline. With our solutions, employers can save cost by automating repetitive tasks, and increase revenue by modernizing and innovating processes to elevate employee experience and increase competitiveness by predicting future outcome based on past data. There’s always a fear about workforce and technology. With SmartHR, how do you see the future of HR professionals evolving, and how will Eudoratech support them in adapting to this shift?

The future of the work will usher in a workplace that will accommodate both humans and machine through a collaborative intelligence, where humans and AI actively enhance each other’s complementary strengths.

There are things that humans can do very well, that machine can not do very well and there are things that machines can do very well than humans, therefore human resource practitioners must understand that there is a revolution going right now called the 4th industrial revolution and they must be curious to understand what it is and be humble to adapt. At Eudoratech, we have established a foundation that is focused on creating awareness about the impact of AI across industries and we will be supporting HR professionals to allay their fears about their functional existence and help buid their capabilities to shine during this revolution.

What is your long-term vision for Eudoratech, and how do you plan to leverage AI and other emerging technologies to drive innovation in the HR and business sectors?

Eudoratech envisions becoming a global leader in providing cutting-edge AI-powered solutions for the HR and business sectors.

The company’s objective is to transform traditional HR practices and enhance business operations through innovative technology solutions. Eudoratech aims to empower HR professionals and businesses with AI-driven tools that improve decision-making, optimize talent management, and foster a more engaging and inclusive work environment. By combining AI and emerging technologies, Eudoratech aims to revolutionize the HR and business sectors, creating innovative solutions that drive efficiency, effectiveness, and a thriving workforce. The company’s commitment to ethical AI implementation and continuous improvement will be the cornerstone of its success and impact in the long term.

Lastly, Eudoratech has a reputation for innovation. Are there more in the pipeline and will they be in line with HR too?

We are currently building AI powered solution for the HR professionals and though we have launched two products, there are others in the pipeline. However, because we are an AI firm that is currently building HR solutions, the implication is that we have plans to build solutions for other sectors of the economy in order to increase our national competitiveness and global productivity index as a nation. So I will say watch this space.

T H I S D AY ˾ WEDNESDAY, AUGUST 2, 2023

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BUSINESSWORLD

FINANCE

UBA’s Summer Delight for Customers Nume Ekeghe highlights the array of products by United Bank for Africa (UBA) to make the summer holiday enjoyable amidst the current economic realities

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s the summer season kicks into high gear, United Bank for Africa (UBA) Plc, has announced its much-anticipated #FunSummer campaign, aimed at providing customers with a delightful and memorable experience. The campaign comes with a host of exclusive benefits and discounts tied to UBA cards, offering a wide range of privileges and savings for customers and non-customers alike. From now until the end of August 2023, participants can look forward to a summer filled with exciting adventures and significant savings.

SUMMER EXPERIENCES WITH UBA CARDS The #FunSummer campaign reflects UBA’s commitment to understanding the needs and desires of its customers during the summer season. With the understanding that Nigerians use their UBA cards for various transactions, both domestically and internationally, the bank has meticulously crafted this value-driven campaign to cater to the diverse preferences of its cardholders.

UBA’s Group Head, Retail Products and Sales, Prince Ayewoh, unveiled the campaign at a launch event in Lagos. He expressed UBA’s excitement in introducing the Summer Campaign, which aims to provide esteemed customers with remarkable benefits through the UBA card. The campaign offers exclusive discounts on staycations and lifestyle services, as well as subscriptions, with the intention of enhancing customers’ summer experiences and contributing to their personal growth and well-being.

He said, “We are thrilled to introduce our Summer Campaign, providing our esteemed customers with remarkable benefits through the UBA card. With our exclusive discounts on staycations and lifestyle services as well as subscriptions, we aim to enhance our customers’ summer experiences and contribute to their personal growth and well-being.”

“With the UBA card, customers gain access to an array of exceptional offers. For starters, customers can now enjoy a 5 per cent discount when booking a staycation or availing other lifestyle services through the Aura by Transcorp hotel app,” he noted.

EXCLUSIVE DISCOUNTS, SAVINGS One of the highlights of the #FunSummer campaign is the exclusive 5 per cent discount offered to customers when booking a staycation or availing other lifestyle services through the Aura by Transcorp hotel app.

This discount allows customers to enjoy luxurious and relaxing getaways without breaking the bank, making their summer escapades even more enjoyable.

Additionally, UBA cardholders can avail a special 10 per cent discount on uLesson subscriptions, an innovative and interactive online learning platform. This offering comes as a boon to parents seeking to keep their children engaged and learning during the summer holidays. With uLesson’s fun and educational content, children can expand their knowledge and skills while enjoying their summer break.

Ayewoh added: “With uLesson, parents can provide their children with fun and educational content, enabling them to expand their knowledge and skills while enjoying their summer break, and so I urge all our customers and non-customers to take advantage of these offers and create lasting memories this summer,” he said.

EMPOWERING CUSTOMERS UBA’s Prepaid Cards, including the UBA Dollar and Naira Prepaid Card, and various Debit Card options such as the Naira Debit Card, Gold Debit MasterCard, Platinum Debit Mastercard, and the Visa Dual Currency Debit Card (DCDC), present a plethora of benefits during the #FunSummer campaign. These cards are accepted in over 210 countries worldwide, ensuring convenience and accessibility for UBA customers wherever they travel. Moreover, the bank’s sophisticated security technology safeguards all card transactions, providing customers with peace of mind and worry-free spending during their summer adventures.

“Additionally, UBA cardholders can avail a special 10 per cent discount on uLesson subscriptions, an innovative and interactive online learning platform.

This offering comes as a boon to parents seeking to keep their children engaged and learning during the summer holidays. With uLesson’s fun and educational content, children can expand their knowledge and skills while enjoying their summer break.”

Ayewoh

SHARING SUMMER DESIRES Adding an element of excitement to the campaign, UBA encourages customers to share their summer desires on the bank’s social media pages. By doing so, participants become eligible for a chance to win fantastic prizes, adding a touch of fun and spontaneity to their summer experience.

ENGAGING CUSTOMERS WITH TIPS, CONTENT Throughout the #FunSummer campaign, UBA will engage customers with useful travel tips and captivating content on its social media pages and campaign page.

From travel hacks to destination recommendations, customers can stay informed and inspired for their upcoming summer trips.

UBA AS LEADING FORCE United Bank for Africa is one of the largest employers in the financial sector on the African continent, with a workforce of 25,000 employees serving over 35 million customers globally. Operating in 20 African countries, as well as in the United Kingdom, the United States of America, France, and the United Arab Emirates, UBA provides retail, commercial, and institutional banking services. Driven by its commitment to financial inclusion and cuttingedge technology, UBA continues to empower its customers and communities, making a positive impact across the continent.

ADVANCING FINANCIAL INCLUSION UBA’s #FunSummer campaign aligns with the bank’s strategic vision to drive financial inclusion and leverage cutting-edge technology for the benefit of its customers. The bank’s extensive presence across multiple African countries and global financial hubs positions it as a catalyst for economic growth and development. Through various initiatives, including digital banking solutions and innovative products, UBA is at the forefront of empowering individuals and businesses to thrive in a rapidly evolving financial landscape.

NURTURING CUSTOMER RELATIONSHIPS The #FunSummer campaign underscores UBA’s commitment to nurturing strong relationships with its customers. As a customer-

centric bank, UBA continuously seeks opportunities to offer unique and personalized experiences to its customers.

By creating memorable moments and providing exclusive benefits, the bank fosters long-term loyalty and trust.

A SEASON OF OPPORTUNITIES As the #FunSummer campaign unfolds, UBA sets the stage for a season filled with unforgettable memories, rewarding

experiences, and significant savings for all its customers and non-customers alike. The bank’s commitment to enhancing customer experiences remains unwavering, cementing its position as Africa’s Global Bank and a leading force in the financial sector. So, whether you’re planning a summer vacation or simply looking for exciting opportunities, UBA’s #FunSummer campaign is your gateway to an extraordinary summer experience.

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T H I S D AY ˾ WEDNESDAY AUGUST 2, 2023

PROPERTY & ENVIRONMENT GTEXT Homes Unveils Sardius Estate in Abuja, 25,000 by 2035 The Chief Executive Officer, GTEXT, Mrs Martha Onsachi, whose company performed a groundbreaking ceremony for their latest property, Sardius Estate, has said they plan to have 25,000 luxury serviced plots across Nigeria by 2035. Bennett Oghifo and Olawale Ajimotokan write

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TEXT Homes, a developer of smart and serviced estates, has unveiled its latest project, known as Sardius Estate in Guzape 2 in Abuja.

The estate is perched atop the rolling heights of Guzape with the Orozo and Kurudu communities very much in sight. The area is fondly called Asokoro extension. The plan is to have 24/7 power supply with renewables included; state of the art security systems; well-planned roads network; and great landscaping. The all-inclusive estate will have facilities to ease livelihoods.

There will be a shopping mall and restaurants.

The unveiling, an elaborate ceremony, was graced by investors, marketers, realtors, who were given a presentation of the estate’s layout.

GTEXT declared the first phase as a commercial success as all the plots were sold out.

Its surveyor, Agada Harrison,

said the new layout, set on two hectares of land, boasts of commercial plots, recreational centre, a shopping mall, a health centre and an administrative office.

On the whole, there are 38 plots while the second phase which is to be developed on another side of the estate will be allocated once the first phase is completed. A plot of land at Sardius Estate in Guzape is valued at N80 million.

The Chief Executive Officer, GTEXT, Mrs Martha Onsachi said the aim of the company is to have 25,000 luxury serviced plots across Nigeria by 2035.

“The plan is for us to own at least 25,000 luxury serviced homes across 36 states in Nigeria.

And by doing that we go into fine locations like this to make sure we find a property that can help to achieve the vision of being the largest developers of green and smart homes come 2035. We will also make sure we carry along the poor masses. We give them a flexible payment plan for them to be able to meet

up. We are here to help people,” Onsachi said.

She said the company, which was founded 15 years ago, has helped at least about 10,000 Nigerians, including those in the Diaspora to own land, including luxury, affordable and serviced property.

The company has carried out projects in Ibadan and Lagos and has also done similar property in Kurudu, Abuja where it has 25 acres of plots that were launched two years ago, in addition to Lugbe at the international airport axis.

“We own a property in Kurudu. We own about 25 acres of plot there that we launched two years ago. The land is almost sold out. It is a serviced plot. We sell serviced plots, as I said, affordable, luxury serviced plots. We have done that in Kurudu. We have done that in Lugbe. We have sold out in Lugbe. What we are selling there right now are houses and in the last two weeks, we just commissioned our sales office in

Lugbe. It is something we have been doing. We have done that in Lagos, Ibadan and we are here in Guzape as well. This is the third location in Guzape,” Onsachi said.

Similarly she stated that GTEXT, founded by Simon Akintayo, has also over the time enjoyed the trust and

confidence of the majority of its clients who are Nigerians in Diaspora.

“We have stories of people who send money to their relatives to buy property/land for them. At the end of the day the money just vanished and nothing to write home about and that is why a real estate

company like GTEXT Home is here to help people change that narrative of sending money.

Instead of sending money to your relative at least you can trust us and hold us responsible for whatever happens to your money because a family issue is going to be a family issue that you resolve.”

L-R: Sales Manager, GText Land Abuja, Blessing Ezeagu; General Manager, GText Land Abuja, Queeneth Uchendu; Former IG of Police, Mike Okiro; CEO, Gtext Land, Martha Onsachi; and Wealth Advisor, GVEST, David Hogan, at the groundbreaking of Sardius Estate in Guzape 2, Abuja

The Autograph Plus: Cruxstone’s Timeless Edifice in Victoria Island The Autograph Plus is the latest edifice by Cruxstone Development and Investment Limited that is being rendered as a timeless hospitality real estate. Bennett Oghifo writes

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he Autograph Plus is a timeless edifice promoted by Cruxstone Development and Investment Limited, a reputable,

globally trusted Real Estate developing company based in Nigeria.

Cruxstone’s mission is to consistently create blue-chip

real estate opportunities through innovative and excellent services, and its latest real estate investment project, The Autograph Plus, is situated at Adeola

L-R: General Manager (Commercial), BCL, Mr Justin Nwampere ; JV Partners, Alhaji Ibrahim Damcida, Managing Director/CEO, Cruxstone Development & Investment Ltd., Dr. Adetoro Bank-Omotoye; Director, Jite Projekts, Ejiro Ogomigo; Managing Director, APD Project Managers, Mr Andy Jibunoh

Hopewell Street, Victoria Island, Lagos. Operating as a hospitality enterprise, The Autograph Plus gives willing Investors an opportunity to own hotel apartment units managed by a reputable hospitality brand and earn a guaranteed minimum of 10 per cent per annum upon operation.

With 86-unit apartments, The Autograph Plus comprises Hotel Suites; Studio Apartments; One Bed Apt & Lofts; Two Bed Apt & Lofts; Three Bed Apts; Four Bed Maisonettes.

The Autograph Plus will have rooftop lifestyle amenities which include: a rooftop edge pool, clubhouse, outdoor garden area,

private VIP lounge, Business café and gym.

Also, some general features and amenities that this investment property offers will include: concierge services; spa and sauna; state-of-theart gym; multi-level parking; high-speed panoramic elevators; valet parking; meeting room; CCTV; 24-hour security; health station; private indoor cinema; 24hr power supply; rooftop edge swimming pool; retail spaces; rooftop lounge; restaurant and bar.

The MD/CEO of Cruxstone Development and Investment Limited, Dr. Adetoro Bank-

Omotoye, stated, “This project represents a unique opportunity for investors seeking high returns on investment, capital appreciation, hedge against inflation, financial stability, and generational wealth.”

Bank-Omotoye added, “The hospitality industry is rapidly changing, and The Autograph Plus will offer a ‘home away from home’ experience suitable for a quick-paced contemporary lifestyle. As a leading provider of high-end accommodations in the city, The Autograph Plus is a popular choice for those seeking comfortable and convenient places to live or stay.”

Adeniji Adele Elected President FIABCI Africa, Near East Region Bennett Oghifo The former president, International Real Estate Federation (FIABCI) Nigeria, Mr. Adeniji Adele has been elected as the president for the Africa and Near East Region.

Adele, renowned for his expertise and significant contributions in the real estate industry was elected at the recently concluded 73rd

FIABCI World Real Estate Congress, hosted by Miami Realtors in Miami, Florida, U.S.A. This prestigious position serves as a testament to his profound impact on the real estate sector, not only within Nigeria and Africa but also on a global scale.

Consequently, Adele has announced the appointment of Vice President, Africa and Near East Region, Mr.

Abdullahi Al Harbi; Principal Partner, Olawole Jordan and Vice President FIABCI Nigeria, Mr. Akin Opatola, Chief Executive Officer, Oreime Communications and Vice President Young Professionals FIABCI International, Ms Rei Obaigbo, as members of his board. The team will be working together to engage FIABCI members across Africa and the Near East

Region, he said.

As the newly elected President of FIABCI-Africa and Near East Region, he assumes the responsibility of representing Africa and Near East members at the FIABCI Global council, as well as spearheading transformative changes and fostering growth within the region.

FIABCI -Africa oversees the entire regions in Africa up to

Saudi Arabia, including the Sub-Saharan region, as well as North and East Africa.

Adele said FIABCI would foster a better relationship and collaborate with professionals, as well as embrace cultural diversity, erase borders of international real estate and provide the world with a team of experts ready to meet their property needs.

Adiele

Climate Action Africa Launches CMA Labs to Support Tech Startups Fadekemi Ajakaiye A group, Climate Action Africa has launched CMA Labs, an innovative hub dedicated to supporting the development of the climate-tech startup ecosystem in Africa.

They took the initiative in the face of harsh realities caused

by climate change, including severe droughts, flooding, and escalating agricultural challenges.

Climate change poses significant threats to Africa’s environment and economy, needing urgent and sustainable solutions. Through CMA Labs, we aim to pioneer a thriving climate-tech sector that harnesses

the latest scientific and technological advancements to combat greenhouse gas emissions, protect the environment and ensure Africa can feed itself and power itself sustainably. “Our mission is to pave the way for a more sustainable future for all Nigerians and other countries on the African continent.

With a strong focus on data-driven decision-making, CMA Labs is developing an innovative data aggregation platform. This tool will pull in diverse data sources, enhance predictive modeling, and enable effective data analysis to aid organizations in understanding the impact of natural disasters

across the country and empower stakeholders to make informed choices about climate-related issues.”

One of the most pressing challenges we address is the lack of environmental data for organisations. CMA Labs strives to bring transparency to such entities with vested

interests in Nigeria, helping them understand their carbon emissions, environmental impact, and the effects of their operations on the environment.

Our efforts include fostering collaboration with startups to develop innovative technologies that mitigate the worst effects of climate change.

WEDNESDAY AUGUST 2, 2023 • T H I S D AY

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WEDNESDAY, AUGUST 2, 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 31-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 253.39 254.54 33.91% Afrinvest Plutus Fund 100.00 100.00 5.89% Nigeria International Debt Fund 331.98 331.98 10.90% Afrinvest Dollar Fund 107.52 108.62 3.84% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 7.20% Anchoria Equity Fund 183.75 186.06 26.77% Anchoria Fixed Income Fund 1.33 1.33 7.68% 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 28.58 29.45 30.26% ARM Discovery Balanced Fund 628.32 647.27 20.55% ARM Ethical Fund 48.88 50.36 8.35% ARM Eurobond Fund ($) 1.15 1.15 1.87% ARM Fixed Income Fund 1.13 1.13 2.36% ARM Money Market Fund 1.00 1.00 9.40% ARM Short Term Bond Fund 1.03 1.03 -0.06% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 102.05 102.05 12.23% AVA GAM Fixed Income Naira Fund 1,140.52 1,140.52 6.41% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 172.21 173.42 27.67% AXA Mansard Money Market Fund 1.00 1.00 9.31% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.23 2.23 -3.28% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.77 2.83 -4.34% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 10.65% Paramount Equity Fund 24.15 24.67 38.78% Women's Investment Fund 192.45 195.86 26.53% CHD Nigeria Bond Fund 98.37 98.37 12.09% CHD Nigeria Dollar Income Fund 1.00 1.00 11.33% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.59% Cordros Milestone Fund 153.21 154.23 19.71% Cordros Fixed Income Fund 107.24 107.24 10.30% Cordros Halal Fixed Income Fund 104.39 104.39 5.85% Cordros Dollar Fund ($) 112.44 112.44 7.32% 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 10.11% Coronation Money Market Fund 1.42 1.43 24.69% Coronation Balanced Fund 1.41 1.41 3.44% 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 N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1572.27 1572.27 11.73% FBN Balanced Fund 246.54 248.85 23.46% FBN Halal Fund 131.67 131.67 13.32% FBN Money Market Fund 100.00 100.00 10.07% FBN Dollar Fund 124.79 124.79 7.15% FBN Smart Beta Equity Fund 232.80 235.57 40.57% FBN Specialized Dollar Fund 110.23 110.23 9.38% 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 7.31% Legacy Debt Fund 3.52 3.52 -1.57% Legacy Equity Fund 2.58 2.64 29.40% Legacy USD Bond Fund 1.30 1.30 3.19% 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 5,086.73 5,120.88 35.96% Coral Income Fund 3,877.75 3,877.75 7.68% Coral Money Market Fund 100.00 100.00 9.55% FSDH Dollar Fund 1.17 1.17 5.54%

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 Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 15.76 15.86 36.12% Meristem Money Market Fund 10.00 10.00 11.30% 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) 102.44 102.44 10.13% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.71% Norrenberger Dollar Fund (NDF) ($) 102.06 102.06 10.63% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.80 1.86 15.03% PACAM Fixed Income Fund 11.84 12.20 7.41% PACAM Money Market Fund 10.00 10.00 10.81% PACAM Equity Fund 2.07 2.10 45.86% PACAM EuroBond Fund 128.10 131.94 15.34% 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 1.07 1.07 10.29% 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 4,525.15 4,561.73 33.49% Stanbic IBTC Bond Fund 252.23 252.23 7.07% Stanbic IBTC Ethical Fund 1.89 1.92 51.19% Stanbic IBTC Guaranteed Investment Fund 343.60 343.60 9.73% Stanbic IBTC Iman Fund 330.30 333.97 41.35% Stanbic IBTC Money Market Fund 1.00 1.00 9.08% Stanbic IBTC Nigerian Equity Fund 16,118.77 16,305.70 47.59% Stanbic IBTC Dollar Fund (USD) 1.42 1.42 9.97% Stanbic IBTC Shariah Fixed Income Fund 125.12 125.12 7.02% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 121.10 121.10 13.84% Stanbic IBTC Absolute Fund 4,811.62 4,811.62 13.10% Stanbic IBTC Aggressive Fund 4,606.89 4,663.50 65.68% Stanbic IBTC Conservative Fund 4,943.42 4,965.92 29.90% 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 1.25 35.71% United Capital Balanced Fund 1.73 1.74 33.34% United Capital Wealth for Women Fund 1.34 1.35 24.97% United Capital Sukuk Fund 1.13 1.13 12.11% United Capital Fixed Income Fund 1.89 1.89 7.00% United Capital Eurobond Fund 121.57 121.57 5.77% United Capital Global Fixed Income Fund 1.05 1.05 8.74% United Capital Money Market Fund 1.00 1.00 9.02% 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 N/A N/A N/A Vetiva Consumer Goods Exchange Traded Fund N/A N/A N/A Vetiva Griffin 30 Exchange Traded Fund N/A N/A N/A Vetiva Money Market Fund N/A N/A N/A Vetiva Industrial Goods Exchange Traded Fund N/A N/A N/A Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund N/A N/A N/A

REITS NAV Per Share

Yield / T-Rtn

121.03 54.87 101.72 10.07

6.35% 3.49% -11.82%

Bid Price

Offer Price

Yield / T-Rtn

20.96 85.00 239.99 17.40 16.40

21.06 85.00 239.99 17.50 16.50

35.36% -33.97% 137.97% 42.04% 61.27%

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.

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WEDNESDAY AUGUST 2, 2023 • T H I S D AY

WEDNESDAY AUGUST 2, 2023 • T H I S D AY

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T H I S D AY WEDNESDAY, AUGUST 2, 2023

BUSINESS/MONEYGUIDE

Nigerian Banks Hike Staff Emoluments Amid Increase in Cost of Living Nume Ekeghe In a bid to cushion the effect of fuel subsidy removal by the federal government, which has contributed to increase in cost of living in the country, most Nigerian banks have increased their staff and contract staff remunerations, THISDAY checks has revealed.

President Bola Tinubu ledadministration announced reforms in fuel and foreign exchange in June, leading to hike in cost of living, most especially transportation and consumable goods across the country.

A few days after the President removed the fuel subsidy, the Nigerian National Petroleum Company Limited (NNPCL) announced a new price regime ranging from N537 to N600 per litre of petrol.

THISDAY gathered Polaris Bank, Wema Bank Plc, Zenith Bank Plc, United Bank for Africa Plc (UBA) and Guaranty Trust Bank (GTBank) and Union Bank

have officially declared salaries increase for both staff and contract staff across the country.

According to source, Fidelity Bank increased salaries of official staff and denied contract staff salaries increment. In the same vein, Polaris Bank management decisions to grant a substantial salary increase of 100 per cent to full-time employees due to inflation and rising fuel prices has triggered discontent and agitation among its contract staff. Feeling undervalued and overlooked, the contract staff are voicing their frustration over the glaring disparity in compensation and the lack of growth opportunities within the organization.

Meanwhile, Zenith Bank announced an implementation of a company-wide salary increment for all its staff to address the prevailing economic challenges resulting from the removal of petrol subsidy.

In the same vein, the management of GTBank said it increased

salaries of its junior and contract staff in line with rising inflation.

The bank said the raise took effect from July 2023.

The chief executive officer, UBA, Oliver Alawuba in statement said its board of directors have announced the implementation of a cost of living adjustment for its staff effective immediately.

UBA said although it had previously implemented cost of living adjustment for staff on October 1, 2021 and more recently on April 1, 2023, the persistent economic challenges faced by employees and the broader society as a whole informed the unanimous decision to again implement another adjustment.

Wema Bank also announced a raise in the salaries of its workers to cushion the effect of petrol subsidy removal.

The bank said the current economic realities, which had witnessed recent spikes in fuel, electricity, and other prices, required employers to prioritise the welfare of their workers.

L-R: Human Resources Officer, Ikoyi-Obalende LCDA, Mr Okusanya Oludamilola; Head, Operations, Touch and Pay Technologies Limited (TAP), Bhadmus Habeeb; Executive Chairman, Ikoyi-Obalende LCDA, Hon. Fuad Atanda-Lawal and HOD, Environmental Services, Ikoyi-Obalende LCDA, Dr. Akingbami Samuel, during the launch of Transport Intervention Project by Ikoyi-Obalende LCDA in Lagos...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA)

USAID, Winrock Partner FCAHPT on Sustainable Agriculture Seriki Adinoyi ÓØ ÙÝ The United States Agency for International Development (USAID) and Winrock, an organization known for it’s work with sustainable and equitable agriculture and rural development have partnered Federal College of Animal Health and Production Technology (FCAHPT) in Vom, Jos, Plateau state on sustainable agriculture in Nigeria.

At a one-day interactive discussion in Vom, Country Director and West Africa Regional Advisor for Winrock, Mike Bassey noted that the

forum was part of a five-year Farmer-to-Farmer program initiative, adding that it was a free technical assistance offering to farmers, Agric businesses, and educators in developing nations to improve their agricultural sectors sustainably.

Head of the Public Health and Epidemiology Department at FCAHPT, Dr. Kenneth Anueyiagu said the interactive session aimed at reviewing how the college’s students and staff have benefitted from different types of training by USAID/ Winrock group.

He said that the training included organizational struc-

ture, institutional assessment, pedagogy training, grant writing, strategic planning, and gender equity integration, adding that with the impact of the training, students could now interact more freely with lecturers.

The Deputy Provost of FCAHPT, Dr. Jabil Yerima appreciated USAID and Winrock’s assistance. He explained that the five-part training series improved both the productivity and services of the college’s lecturers. The training, according to him, also helped the college switch from traditional teaching methods to more engaging, interactive styles, boosting students’ performance.

Heirs Insurance Group Launches Multiple Digital Channels Ebere Nwoji Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), subsidiaries of Heirs Holdings, have launched multiple digital channels that make insurance transactions easier for customers and simplify access to insurance for all Nigerians.

The mobile and digital channels include a chatbot named Prince, which instantly resolves customer’s inquiries, a USSD channel *1100# for Heirs Life, and mobile apps - Simple Life

by Heirs Life Assurance and Simple Protect by Heirs General Insurance, both also available

on the web.

Speaking on the launch, Chief Marketing Officer, Heirs Insurance Group Ifesinachi Okpagu said is in line with the group’s Simple Life’ promise.

She said the products demonstrate the companies’ promise of superior value to customers, quick and accessible service, while driving financial inclusion for everyone.

“These channels directly tackle the challenge of low insurance penetration across Nigeria, opening the industry to new customers, who require protection for their assets and financial security for their loved

ones” she said.

According to her, using mobile and web apps called Simple Life and Simple Protect respectively, customers can open new policies, manage existing policies, file claims, and get instant support, right from their phones at any time of the day, without visiting an office or speaking to an agent.

“With the chatbot, Prince, customers get instant, personalised insurance service virtually, twenty-four hours a day. In today’s fast-paced world, Prince enables seamless and effortless service for existing and potential customers of Heirs General Insurance and Heirs Life”.

Sterling Bank, LASHMA Expand Healthcare In Lagos Nume Ekeghe Sterling Bank has joined forces with the Lagos State Government to expand the reach of its health care provision with the launch of the Ilera Eko Virtual Booth, designed to bring healthcare closer to the people and expand the reach of its health insurance scheme; Ilera Eko, across the state.

This announcement was made

by Divisional Head of Business Growth at Sterling Bank, Mr. Obinna Ukachukwu,during the inaugural Lagos State Insurance Summit held in Lagos recently.

He said the bank and the Lagos State Health Management Agency, LASHMA plan

to leverage technology to bring health these insurance booths to where most of the informal sector work, thus expanding the reach of healthcare services to residents of the state.

The Governor, represented by the Permanent Secretary, of Lagos State Ministry of Health, Dr. Olusegun Ogboye said, “These services include a full range of essential health services, from health promotion to prevention, treatment, rehabilitation and palliative care. This is one of the major goals of the health and environment pillar of the T.H.E.M.E.S+ agenda, with the ‘plus’ representing the incorporation of an intensified focus on

social inclusion, gender equality and youth development in these next four years.”

In her welcome address, the Permanent Secretary, LASHMA, Dr. Emmanuella Zamba, stated that the Summit will serve as a critical platform for exchanging ideas and fostering innovation towards achieving universal healthcare coverage in the state.

Chairman of LASHMA Governing Board, Dr. Adebayo Adedewe remarked that establishing the Lagos State Health Scheme is a step in the right direction and an ideal model to ensure Lagosians have access to quality and affordable healthcare services.

MARCH 2023 Money Supply (M3)

54,634,063.50

-- CBN Bills Held by Money Holding Sectors

442,402.18

Money Supply (M2)

54,191,661.32

-- Quasi Money

32,839,133.46

-- Narrow Money (M1)

21,352,527.87

---- Currency Outside Banks

1,445,439.42

---- Demand Deposits

119,907,088.45

Net Foreign Assets (NFA)

5,992,904.55

Net Domestic Assets(NDA)

48,641,158.95

-- Net Domestic Credit (NDC)

70,596,115.20

---- Credit to Government (Net)

27,529,720.19

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

43,066,395.01

--Other Assets Net

11,123,812.79

Reserve Money (Base Money

15,975,739.59

--Currency in Circulation

1,683,498.35

--Banks Reserves --Special Intervention Reserves

14,292,241.24 419,889.49

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

April 2023

Inter-Bank Call Rate

15.80

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

18.00

Treasury Bill Rate

5.73

Savings Deposit Rate

4.59

1 Month Deposit Rate

7.32

3 Months Deposit Rate

7.92

6 Months Deposit Rate

9.84

12 Months Deposit Rate

8.18

Prime Lending rate

14.05

Maximum Lending Rate

28.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 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, AUGUST 2, 2023

37

MARKET NEWS

Eterna Reports 21.2% Increase in Revenue to N69.34bn Kayode Tokede Despite challenges, Eterna Plc has reported a 21.2 per cent increase in its revenue to N69.3billion for the half year (H1) ended June 30, 2023, as against N57.22billion reported in the corresponding period of 2022.

The revenue figure was derived from the Group’s main business lines - fuels, lubricants and other product distribution (LPG).

The revenue from fuel sales in Half Year 2023 increased by 35 per cent when compared to H1 2022, while revenue from lubricants grew by 1.5

P R I C E S MAIN BOARD

F O R DEALS

per cent compared to prior period.

The group reported a gross profit of N8.57 billion in H1 2023, a triple-digit growth of 107 per cent from N4.14 billion reported in H1 2022.

From the profit & loss figures, Eterna declared N4.85 billion operating

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

income in H1 2023 from N1.98 billion in H1 2022.

Eterna posted a foreign exchange loss of N9.8 billion as against N76.15 million foreign exchange loss in the prior year, which was attributable to the Central Bank of Nigeria’s (CBN) move to unify the foreign exchange market.

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

This impacted Eterna’s bottom line, as it reported a N5.5 billion loss before tax in H1 2023 from N1.58 billion profit before tax reported in H1 2022.

Eterna had earlier reported N2.09 billion profit before tax for the 2022 financial year, from a loss of N0.9 billion

in 2021 and declared a dividend of 15 kobo per ordinary share of 50 kobo.

Analysts are closely watching to see how companies that were impacted by the CBN’s policy on the foreign exchange market will adapt in a post-unification exchange rate market.

AU G U ST / 1 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

38

T H I S D AY ˾ Ͱ˜ ͰͮͰͱ

FEATURES

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

How Olam Agri is Leveraging CSR for Sustainable National Development Olam Agri in Nigeria, an agribusiness into food, feed and fibre, through the Seeds for The Future Foundation, SFTF, its corporate social sustainability, CSS, vehicle is bent on addressing issues that are impeding national prosperity. Precious Ugwuzor reports that they are investing in socially responsible projects targeted at driving socioeconomic growth with focus on supporting farmers and farming communities, enabling wider education & skill development for young people, upskilling women, promoting health & nutrition, and reducing carbon emissions in business operations

C

orporate Social Responsibility (CSR) actions are vital tools for achieving socioeconomic growth. These actions cover investments in environmental sustainability projects, communal wellbeing, women empowerment projects, local health infrastructure and better nutrition for indigent communities. Where these actions are amply encouraged, the attainment of socioeconomic growth is easy to come by.

Private businesses are increasingly focusing on ramping up investments in socially responsible projects to create shared prosperity in the host markets. These socially responsible companies keep serving as a beacon of hope as the global economy is sporadically being plunged into crises lowering governments' capacity to meet all the needs of the citizens.

Olam Agri in Nigeria, an agribusiness into food, feed and fibre is one of the top businesses investing in socially responsible projects targeted at driving socioeconomic growth across the host market.

Through the Seeds for The Future Foundation (SFTF), its corporate social sustainability (CSS) vehicle, the business is addressing issues that are impeding national prosperity.

The CSS vehicle is focused on supporting farmers and farming communities, enabling wider education & skill development for young people, upskilling women, promoting health & nutrition, and reducing carbon emissions in business operations. A peek into the agribusiness’ CSS projects reveals a remarkable impact.

COVID-19 Response To cushion the effects of the COVID-19-induced socioeconomic crises and health scare across Nigeria, Olam Agri in Nigeria joined forces with the Federal Government and partners.

The business stepped up its social investment efforts. It donated cash and food materials to back various response programs targeted at reducing the hardship fostered by the pandemic curtailment policies on the local population, especially during the lockdown periods. It made a cash donation of N600 million to the private sector-led Coalition Against COVID-19 (CACOVID).

About N300 million worth of foodstuffs were also donated to states across the country. N100 million worth of medical supplies were delivered to the Nigerian Centre for Disease Control (NCDC), the Nigeria Institute for Medical Research (NIMR) and the Lagos State Government to strengthen medical activities against the further spread of the deadly virus. These socially responsible investment actions helped the country alleviate the ugly effects of the pandemic.

Environmental Sustainability As part of its environmental sustainability efforts Olam Agri in Nigeria entered a strategic partnership with a leading Nigerian University, Bayero University Kano (BUK) and the Kano State Government to plant trees across the city. It donated 10,000 tree saplings to Bayero University Kano, 4000 saplings to Yusuf Maitama Sule University and 5000 Saplings to Kano State Ministry of enviroment. The tree planting campaign is geared towards offsetting carbon emissions and conserving biodiversity in the Northern state.

Also, to fast-track, the achievement of reduced carbon emissions across business operations, Olam Agri in Nigeria focuses on delivering innovation capable of reducing its carbon footprint and encouraging a cleaner, greener Nigeria within its sphere of influence.

It recently developed and deployed an industry innovation to help bakers reduce operation costs and carbon being released in bakery facilities. The innovation which is called ‘the Gasifier’, is a Palm Kernel oven which utilises palm kernel waste i.e., palm kernel shells to produce heat that powers bakery ovens. This innovative biofuel provides a cleaner, greener environment, and lowers the

sustainable strategies targeted at raising the resilience level of Nigeria's food value chain. It sponsored the Singapore Business Case Competition (SBCC) X African Challenge 2023.

The competition featured 34 teams comprising 135 undergraduates from over 11 universities which made presentations on climate-smart strategies to Olam Agri with a focus on how to improve Nigeria’s agriculture sector, tackle climate threats, and address the topographic and systemic challenges impeding the achievement of food security. The winners of the contest won a $1,500 prize in addition to an all-expense paid trip to Nigeria to implement their solutions.

Ashish Pande, Country Head, Olam Agri in Nigeria number of bakers who recourse to dieselgenerating sets when operating off-grid.

Further, the business installed solar panelling at its new office in Iganmu, Lagos, to increase the share of renewable energy, promote the corporate goal of de-carbonisation as well as obtain green credits for the edifice. Solar panelling harnesses the power of the sun to generate electricity, provide clean energy and reduce operating costs.

The solar infrastructure generates an estimated 50 KW and takes care of about 15 per cent of the total energy required to power the office building. By installing the panelling infrastructure at the office to support its energy consumption rate, Olam Agri is significantly reducing the building's carbon footprint and contributing to a greener environment..

Women & Youth Empowerment Programs Olam Agri, Nigeria, launched a baking academy early in 2023 to train and deepen women’s participation in the country’s economy. The academy, which is in Kano State, is an empowerment initiative that is meant to equip women with baking skills and enhance their earnings while enabling them to contribute meaningfully to their communities and the national economy.

The launch of the Baking Academy followed the successful facilitation of baking training for over 250 International Cake Exploration Société (ICES) women in Lagos by the business under the Crown Flour Angels (CFA) initiative.

Also in 2021, the agribusiness provided farming irrigation equipment comprising high-pressure water pumping machines to some female wheat farmers in Giyamusu, Ajingi LGA of Kano state. The irrigation equipment is meant to enhance female smallholder farmers’ productivity levels.

Meanwhile, the firm is backing its women empowerment drive with invest-

ment in young people in tertiary institutions. In late 2022, while launching the Seeds for the Future Foundation, it instituted an educational grant for first-year students in public tertiary institutions.

Better Nutrition for the Population Olam Agri Nigeria, through a partnership arrangement with TechnoServe, an international nonprofit, has installed Vitamin Premix facility for food fortification across its plants. The business’ packaged food products such as Mama Gold Flour, Crown Premium Pasta, and Supreme Semolina amongst others, are fortified with micronutrients.

To support foster health and wellbeing, Olam Agri partners and supports the SOS Children's Village with fortified packaged foods (besides donation of toiletries) to enrich its wards' meal experiences. In partnership with the Lagos Food Bank, it conducts outreaches to indigent communities where it delivers some of its packaged foods. The consumption of these fortified foods has positive implications for the health and wellbeing of the segments.

Research Investment in Agriculture Value Chain Through its Seeds for the Future Foundation investment drive, Olam Agri in Nigeria has consistently weighed in with scaled levels of support for wheat farmers and local agriculture research institutes that are saddled with the responsibility of conducting scientific and environmental research activities that would increase food production levels in the country.

In 2021, the business launched its flagship N300 million wheat value chain development initiative in Nigeria. The investment is yielding impressive results. The first-year report of the investment drive showed that the initiative achieved its first-year milestone of producing 10 kg of pre-multiplication wheat seed varieties that suit the unique local topography and climate. This achievement raises hope that the host market, given sustained goodwill, can attain wheat production self-sufficiency status sooner than expected.

In March 2023, the business partnered with the Nanyang Technological University, a leading global research college in Singapore, to craft innovative,

The CSS vehicle is focused on supporting farmers and farming communities, enabling wider education & skill development for young people, upskilling women, promoting health & nutrition, and reducing carbon emissions in business operations

Education The business renovated a block of classrooms in Biyamusu Primary School in Ajingi Local Government Area of Kano State in 2022. The renovation work has raised the level of academic activities in the community. Pupils who previously sat in open and unkempt classrooms now have a conducive environment to aid their learning experience. The critical intervention effort has helped significantly to boost school enrollment in the area thereby taking some kids off the streets.

Similarly, the Seeds for the Future Foundation Educational Grant Initiative which was rolled out in 2022 is also targeted at raising academic excellence in tertiary institutions.

Communal Relations A commendable feat was when Olam Agri successfully brought together the Fulani and Tiv tribes, two tribes previously at loggerheads, when it launched a model school in the farming community of Jira (Zegeyo), Nasarawa State a couple of years ago. The model school, which was in fulfilment of Olam Rice Farm’s corporate social responsibility, led the historically warring tribes to commit to a peaceful co-existence for the first time in a long while, as their children started attending the same school.

Evidence of peace in the community was contained in a letter of appreciation presented to the Olam Rice team from the palace of the Okpatta, the top traditional chief of the village.

The letter eulogised the agribusiness’ deep interest in the well-being of its host community and explained how peace had returned to the community through its effort.

Speaking on its CSR focus, Ashish Pande, the Country Head for Olam Agri in Nigeria, said, “Our sense of purpose continues to drive our investment actions. In three decades of operations in Nigeria, Olam Agri has been investing in robust socially responsible projects targeted at enhancing the livelihoods, health, and general wellbeing of the people across our host communities.”

“Our CSR initiatives and investments efforts are being executed with the Federal Government socio-economic development agenda in mind.

We are committed to shared prosperity and the attainment of a thriving community, we will not rest on our oars yet,” he added.

About Olam Agri Olam Agri is a leading agribusiness, transforming food, feed and fibre with a global origination footprint, processing capabilities and deep understanding of market needs built over 33 years.

With a strong presence in high-growth emerging markets and products across grains & oilseeds, animal feed & protein, rice, edible oils, specialty grains & seeds, cotton, wood products, rubber and commodity financial services, Olam Agri is at the heart of global food and agri-trade flows with approximately 40 million MT in volume traded annually.

Focused on transforming food, feed, and fibre for a more sustainable future, it aims at creating value for customers, enable farming communities to prosper sustainably and strive for a food-secure future.

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WEDNESDAY, ͺ˜ ͺ͸ͺͻ ˾ T H I S D AY

PERSPECTIVE

Tinubu's Seven Wonders in Seven Weeks T Abdulaziz Abdulaziz

hat President Bola Ahmed Tinubu has ramped up the engine of governance in Nigeria and hit the waves immediately he was sworn in on May 29, 2023, is not news anymore.

From Abuja to Zurich, the story is the same: a new sheriff is in town and he is in a haste to give the giant of Africa a new lease of life.

In the seven weeks he has been on the saddle at the Presidential Villa, President Tinubu has made those who stuck out their necks for him proud. He has also put to shame those who wanted anyone but him. Those who sold a grotesque caricature of the man in a bid to stop him are embarrassed. Doubters and naysayers who were either skeptical or outrightly opposed to a Tinubu presidency are being converted not by propaganda but by the weight of the man's actions.

Just as I was settling down to work on this piece a cerebral friend, who I know as not generous with praises, called me to confess how he was "happily disappointed" by President Tinubu's leadership skills.

He has now been converted to be a BAT cheerleader.

For my friend and many others, there are myriad of things that President Tinubu has done or traits he has exhibited in the past seven weeks that they never thought he could do. Some of us are not entirely surprised having had the opportunity to see the President at close quarters.

In the run-off to the election, the opposition threw spanners in the works, pulling the wool over the eyes of many Nigerians. But with President Tinubu now at the centre stage, at a vantage position for all to see the stuff he is made up, most Nigerians are now wiser.

In public and in small group chitchats, the talk now is how the President has been performing wonders to the surprise of many. Here I curate a few of the talking points on the lips of many Nigerians.

1. ENERGY, SHEER ENERGY: One of the first wonders for many people who were brainwashed into believing candidate Tinubu was some walking-dead person was the energy they now see him exude effortlessly. Some of us who were in the campaign had seen the real Asíwájú on the hustings, different from the insinuations and fake news they peddled out there. In a piece just before the election, I wrote that Candidate Tinubu worked more than any other candidate. It was no exaggeration. The man visited all states, some of them more than once. He never rested. In fact, some times, he would have to be begged, cajoled or even compelled to take a rest as he worked even into the morning hours of the next day.

Nigerians began to see this energy from the inauguration day where President Tinubu stood through the long inauguration ceremony. Immediately afterwards, he moved to the State House for another long ritual of standing to receive the retinue of world leaders for pleasantries and photo opportunity. From that moment, governance began and it's no stopping. For many State House staff

President Bola Tinubu it was strange that the President would be in the office everyday of the week till late hours. Often very late. Many would have to quickly adjust to the extended schedule of the new Sheriff.

2. DECISIVENESS: In the weeks since coming on board, President Tinubu has demonstrated that important attribute of a leader: Decisiveness. It was the 26th President of the United States, Theodore Roosevelt, who said while a leader should always target the right thing in moments of decision, the worst thing to do is to do nothing.

Like all great leaders in history, President Tinubu has demonstrated that he is no fence-sitter in the business of governance. With him, there is no beating about the bush or procrastination in matters that require expeditious attention. Thus far, the President has left no one in doubt that he is fully in charge and responsible for decisions taken by his administration. No shadow president somewhere or some clearing houses outside of the precincts of the President's office.

With uncommon courage, President Tinubu has taken a number of decisions, which surprised many observers. Some of these decisions were on mattees hitherto considered too hot to handle. The gist in town is the feeling that the country is not on autopilot. One may disagree with the direction he goes but no one will accuse him of taking no decision at all. Yet, in taking these decisions President Tinubu has proven to be an inclusive leader who consults widely and falls for the wisest of counsel.

His mantra is "open door policy".

Among other many voices home and abroad, the Oba of Benin, Omon'Oba N'Edo Uku Akpolokpolo Ewuare II, expressed awe at the President's energy and decisiveness when he visited him last week.

"We've predicted that you will hit the ground running and you have done so, even faster than we thought," the monarch said, wondering where the President tremendous energy comes from.

3. KILLING THE SUBSIDY LEECHES: It was a shock to many when on May 29 President Tinubu pronounced the subsidy leech dead. It was one decision that generated a lot of positive reactions home and abroad. Yes, it comes with some pains in form of inflationary trends but it is a concensus that it is the least pain to bear compared with the crumbling effect of continuous payment of subsidy on the Premium Motor Spirit (PMS).

In later speeches, President Tinubu would liken the current situation to the pains of labour and the happiness that comes with childbirth. We are currently experiencing labour pains but in the end, Nigerians would smile, like a mother who is comforted the sight of a new baby.

The wisdom is already glaring. Two videos hit the social media since that decision. One was of a group of young people in one of the neighbouring countries lamenting the subsidy removal in Nigeria.

The latest I watched showed a large number of fuel kegs and drums at a village along the border that have been rendered fallow by the subsidy removal.

The village bristled with Nigeria's smuggled fuel until May 29.

The magic reflected in the numbers as well.

The regulator reported daily fuel consumption figures falling by a whooping 35 percent.

4. SAVING THE NAIRA FROM THE RENTSEEKERS: For years, experts and economists have warned that the hitherto way of managing our forex was unsustainable. Buoyed by permissible Central Bank management, rent-seekers had taken over, cashing out at the expense of our collective misery.

While it was increasingly difficult for ordinary Nigerian to get a few thousands of dollars to meet essential needs, a few people got huge allocations at unrealistic rates from the source. They then round trip it to the parallel market where they cash out bigly with no sweat!

Speaking at a civic reception in his honour at the Lagos House, Marina, during the Eid break, President Tinubu told the audience that the arrangement he met was tempting that he could choose to keep it and benefit from it. The multiple forex window had for a while served as an avenue of dispensing favours to family members and friends. His own family and associates could have been smiling to the banks, but "God forbid!" he said.

The decision has since restored confidence in the

Nigerian economy with the Nigerian Stocks recording all time highs, and investors betting on our market.

5. HALTING A LOOMING STRIKE: The atmosphere was charged as the organised labour charged at the government for President Tinubu's bold decision to stop the fuel subsidy hemorrhage. Typical of its default mode, organised labour saw the decision as an affront on the poor. They wanted the decision reversed and issued a notice of strike. It was President Tinubu's first leadership test.

The skillful manager of men and materials he is, the President immediately swung into action inviting the labour leaders to negotiation table. Using facts and figures, he made them see the reason for the decision.

6. GETTING NIGERIA'S MOJO BACK ON THE GLOBAL STAGE: There is no gainsaying Nigeria's respect and leadership role in the subregion and beyond are renewed. At his first outing with ECOWAS, President Tinubu was unanimously elected by his colleagues as the new chairman of the regional body. He has since gone on to demonstrate leadership at that level as well as evidenced by his inaugural speech after taking over.

"Nigeria is back" he roared. The dignifying address was reminiscent of Murtala Muhammed's January 1976 address in Addis Ababa, Ethiopia. Like General Muhammed, President Tinubu is a pan-Africanist who believes in the continent's ability to tackle its own challenges and equal treatment at the global stage.

Beyond the West Africa and the larger continent, President Tinubu is coveted by all. Recall the warmth and affectionate welcome by President Macron?

7. BRILLIANT OFF-THE-CUFF SPEECHES: President Tinubu has been regailing his audience with off-the-cuff straight-from-the-heart speeches. For a man with original ideas and clarity of vision he needed no cosmetic scripting. This has enabled the President to speak from the heart and connect more intimately with his audience. The brilliance of these speeches did not only draw applause, though claps can be for eye service, their deeper meanings also excite much after.

The speeches change opinions about the President and turn the heart and minds. They draw respect.

A Labour Party lawmaker from Abia State, Hon. Amobi Oga, is one such person mesmerized by the President's hearty address when he met lawmakers-elect on June 8, ahead of the National Assembly inauguration.

“Today is my best day. Today, I’m so happy that I’m an elected member seeing my President talking. In fact, I’ve never known that this man is so intelligent," Oga told reporters at the end of the close door session. "I never knew that this man is so prepared to serve this country. I saw the love, character, and charisma — the belief that Nigeria can be a better nation."

Indeed with the demonstrated leadership of President Tinubu "Nigeria can be better again", to borrow the phrase of Rep Oga. r"CEVMB[J[ B QSFTJEFOUJBM NFEJB BJEF XSJUFT GSPN "CVKB

Mali, Burkina Faso Military Rulers Dare ECOWAS, Back Niger Coup Makers Paul Ejime

M

ilitary rulers in Mali and Burkina Faso have thrown the proverbial wild cat among the pigeons by backing the coup makers in neighbouring Niger in defiance of ECOWAS, the regional economic bloc, and by extension, the international community.

After their extraordinary meeting in Abuja on Sunday, 30th July 2023, ECOWAS leaders imposed a series of sanctions on Niger and gave the Brig.-Gen Abdourahamane Tchiani-led coup makers a seven-day ultimatum to reinstate ousted President Mohamed Bazoum and restore constitutional order in the country or face possible “use of (military) force.”

The African Union (AU) had earlier given the Niger coupists 15 days to reinstate elected Bazoum, who was deposed in the coup of 26th July.

Niger is a strategic ally of the West and the United Nations, European Union, France, and U.S. which have military bases in Niger have also condemned the coup and suspended financial aid as well as military assistance and cooperation with Niger.

Moscow, which has been making strong political and economic inroads into Africa has also condemned the Niger putsch, but the leadership of Russia’s private military group Wagner has hailed the Niger coup as a good development.

Wagner is active in several Africa countries and the military regimes in Mali and Burkina Faso, former French colonies, have side stepped Paris and turned to Russia for military support to fight terrorist and Islamic insurgency.

In their joint statement on Monday, the Mali and Burkina Faso military governments made no reference to the African Union, but specifically denounced the position taken against Niger by ECOWAS and the West African Economic and Monetary Union, with the French acronym UEMOA. The two military governments said they would not respect the “illegal, illegitimate and inhuman sanctions” announced by ECOWAS and UEOMA against Niger.

They also warned that any military intervention against Niger would “amount to a declaration of war against Mali and Burkina Faso” and could result in both countries’ withdrawal from ECOWAS, and their “declaration of self-defence measures in support of the armed forces and people of Niger.”

The non-reference to the African Union in the joint

Ousted President Mohamed Bazoum of Niger statement is instructive given that it was the continental organization that first issued an ultimatum to the Niger junta before ECOWAS and UEMOA after their separate meetings in Abuja.

It was curious that the African Union fired the first shot in the case of Niger, contrary to established tradition of allowing Regional Economic Communities (RECs) to take the lead in regional conflict management and interventions.

Indeed, the African Union had attracted criticism of “double standard” in its treatment of coup makers in Mali, Guinea, and Burkina Faso, who have been slammed with sanctions, while Chadian current leader Gen. Mahamat Kaka Idris Derby, who also seized power after Chadian rebels assassinated his father president in 2021 is given VIP treatment by the continental body.

Ironically, the young Gen. Derby has visited Niger for talks with the coup leaders, detained Bazoum and his predecessor in office President Mahamadou Issoufou, after consultations on Sunday with Nigerian

President Ahmed Tinubu, Chair of the ECOWAS Authority of Heads of State and Government., who convened the Abuja summit on Niger.

It is believed that the AU’s precipitate 15-day ultimatum to the Niger coup makers might have forced ECOWAS to issue a shorter deadline of seven days, thereby boxing the regional bloc into a dilemma.

From experience, ECOWAS and the AU would normally impose sanctions before issuing an ultimatum, but perhaps, in order to appear tough on the incessant military incursions in the region, ECOWAS decided to announce its sanctions and the ultimatum in one go.

ECOWAS Chiefs of Defence Staff are expected to hold an emergency meeting in Abuja on Wednesday on the way forward in Niger. This is expected to be followed by a military delegation to Niger.

But the situation begs the question whether ECOWAS can make good its threat of military intervention within seven days, and what becomes of its already tented reputation in the event of its failure to follow through with the threat?

There are huge assumed and unintended implications and consequences of kinetic confrontations between Niger’s ill-equipped and poorly trained estimated 12,000 active and 5,000 reserve military and police forces, with a possible Nigeria-led external forces, which is likely to receive support from the U.S. and France, which have military bases and about 3,000 combined troops in Niger.

Such confrontations will make the ECOWAS region a war theatre, further compounding the grave insecurity and socioeconomic hardships bedevilling the community of estimated 400 million people.

In addition, landlocked Niger shares porous borders and historical ties with Nigeria and a number of politically unstable nations such as Chad, Burkina Faso, Mali, Libya and Algeria.

A war that pits ECOWAS member States among themselves, could unleash dire humanitarian consequences leaving the region more susceptible and vulnerable to infiltration by terrorists and other armed groups from the Sahel.

No doubt, there has to be a strong message to military adventurers such as Abdourahamane Tchiani of Niger, Assimi Goita of Mali, Mamady Doumbouya of Guinea, and Ibrahim Traore of Burkina Faso

that ECOWAS and the international community will stop at nothing to defend democracy and the respect for constitutional order in the region.

But as the maxim goes, he who comes to equity must also come with clean hands!

Is the raft of sanctions and external interventions about saving political allies in trouble, what about the long-suffering populations, who are already victims of bad governance in these countries?

President Bazoum was elected and should be protected, but the root causes of incessant coups and growing domestic disaffection with governments in Africa and their foreign allies demand very urgent interrogation and remedy.

The life and comfort of a government official cannot be more valuable than the lives and survival of the majority of oppressed citizens.

The international community must spare a thought for Niger’s estimated 26 million population impoverished in the midst of priced minerals such as uranium, gold, oil, cement, coal, gypsum, limestone, salt, silver, and tin, being exploited by foreign companies to enrich their nations, while Niger remains one of the poorest countries of the World.

There should not be a different set of rules for corrupt leaders who rig elections, alter national constitutions to obtain or retain political power, repress their opponents and trample on the citizens’ rights, and the coup plotters.

There must be justice and consistency in the collective defence and consolidation of democracy.

Extreme caution is required in dealing with the complex situation in Niger to avoid unnecessary bloodletting or aggravation of the country’s perilous situation.

Africa has more than its fair share of wars and instability.

The triggers and drivers of military incursions into politics in the continent must be addressed with rule of the thumb zero-tolerance for any unconstitutional change of government.

But whereby regional and continental organizations or the international community allow or conspire with the ruling class to commit economic crimes, human rights violations and ballot box coups, the restoration of constitutional order should not be at the expense of ordinary citizens who are already suffocating under the undemocratic weight of bad governance.

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T H I S D AY ˾ DAY AUGUST 2, 2023

EDUCATION AUN to the Rescue on Chibok Girls, Female Education, Women Empowerment It is no longer news that the American University of Nigeria (AUN) awarded scholarships to some rescued Chibok schoolgirls abducted nine years ago. To be reintegrated into the larger society, psychosocial support has been identified as a key instrument towards making this realisable. AUN has held the forte with outstanding results through numerous programmes to make the girls, now women, self-reliant in an unstable economy devoid of all the trauma they have been through. Kuni Tyessi spoke with the AUN president, Dr. Dewayne Frazier, who assumed office less than three months ago. Excerpt:

D

o you have an update on the Chibok girls?

So you know, through the Chibok programme, I’ve learned a lot in the last one month or so.

I’m very thankful to the Ministry of Women Affairs for working with us. They’ve been a great partner. I want to see more opportunities with the new administration of President Bola Tinubu, particularly as there’ll be a new minister as well. What I want to be able to do is find even more ways that we can help with other programmes.

The Chibok programme got a lot of national attention because it was world known, like even in America in the most rural places, we knew about what had happened there.

Many of the girls have had to battle posttraumatic stress. And so our psychology and psychiatric services have been stretched in our health services because these are women that are between 26 to 30 years old. They’re not really girls anymore. That’s why I usually don’t say it, but they’re 26 to 30 years old, and so life is hitting. What happens between 26 and 30 for young women in these rural areas is that they get married and they start having children. So it’s been a difficult programme to run, but it has been a very important programme to run because it matters so much. Those Chibok young ladies, you know, they are one of the best signs of resilience, and I applaud the government for trying to work with us and partner with us to do that because, you know, the Chibok story is one that will always touch my heart and it hurts to even know how things happened.

How much has the government contributed to their welfare, and how far has this gone?

We actually got an individual to fund, like the first 15 or 20, and they were girls that escaped that night just before they were taken to the location by Boko Haram, but it’s been a blessing. The first group we educated were not from the ministry, but with the Ministry of Women Affairs, we had to start a whole new school to teach many of them how to read in English. It was a costly programme for us. So my dream is that one day, we will get to a point that we’ll be able to go around the country, and I would love partners like the Ministry of Women Affairs and USAID to say- we’ll give full scholarships for these young persons to change the future of their lives because, for me, I’m from the poorest families you can be in, in America- from that Appalachia region.

I was the first in my family to go and finish high school, and when that happened, I get to sit here and speak with wonderful, educated people like you. I get to meet people like presidents of countries and I get to meet all these different things because education is a great equaliser.

Fraizer I wish that you know other Americans understood the story fully, and I’ll be telling the story because I want to see every village in this whole region where there are young ladies who might not have opportunities to be able to come, not just like the Chibok girls, but others that we can help for their future. So I think we’ve got a good future with the Ministry of Women Affairs. They’re a good organisation.

Females have been the bestgraduating students for the past five years, among other feats.

What does this portend for AUN and the future?

The strength of any society is truly built upon how we treat women and children. With women in a new era, even just in Nigeria- West Africa and emerging democracies around the world, women are getting more opportunities and education, and this will make countries grow. The strength of a country is based upon a middle class, and the strength of the middle class, as we all know it, is in America and everywhere around the world. Many times it’s the women that hold the homes together. They’re the glue for their families. So, when ways to get them an education are realised, as we have done at the AUN, they can have independence as well, and this allows

us to have more people that are employable in the country.

What would you say has been the motivation for such a laudable feat?

What motivates one might not motivate others. So with women, one of the things I think they really appreciate in our school is our emphasis on safety. We have given the female students a conducive environment in which they can thrive academically. We do not tolerate any type of nonsense with a professor hitting on a student like a woman or saying if you don’t do this, you don’t get your grade. I will fire them just like I would do in America. I would not think one moment, and I would fight it nonstop.

I would have no hesitation in that because female students need to be protected. They need to be taken care of, and we can say that we are the school that’s the most pro-woman institution probably in the whole state.

Do you think and believe that the future is female?

So for women, I think they are going to continue to be one of our strongest points because it is a selling point. But what we have to think about, too, are the guys that are going to school at the AUN. They might be like- wow, these women are so smart. They’re going to have great incomes; maybe I need to work harder, and then maybe I could marry one of them and have two great incomes.

So, I’m kind of joking around this, but the truth is, the women certainly raise that bar, and I don’t apologise for that one moment.

It is such a blessing for me, and once again, being the father of two little girls that are very outspoken and are very good students (they are soccer players as well), all of this just makes me proud. When I got to see what women mean to our region and areas, particularly when I got to hear about the scheme- from waste to wealth, and our IDPs, that are women who are taking recycled materials and turning them into crafts, I have no doubts in the abilities of women. By the way, the US Embassy is going to put those arts and crafts on display in the future and start selling them. I’m taking a bunch to the US to churches that I would be speaking to for purchase at a fair market value so that women are able to keep a larger amount of it.

One of the women said to me, ‘You know I don’t have a husband. He left a long time ago. It’s just me at the IDP camp with my daughter’. She said, ‘The money I make out of this allows me to pay for her to go to school’. And now, she has ended up getting her law degree because of all the money she made from there. I thought if we’re making that kind of impact in people’s lives by empowering people, empowering women, and empowering those that sometimes are the most vulnerable in society, then you know that we’re doing God’s work easily.

We are currently running, in either the last four or five years, a programme with women where some of the people come in through Zoom from around West Africa and the world. Others come in physically to the campus in Yola, and they stay on campus and take courses that they are taught. We actually had a young lady and a couple that were in the IDP camps that went through this as well. So most of what we do started with the United Nations Population Fund.

Gender-based violence is one area AUN focuses on. Can you share what your observation has been?

We have a course that we offer in the law school that one of our professors teaches.

Her name is Dr Jennifer Mike. She teaches the course, and the students really like it. It’s also on gender-based violence. By looking at the legal system, I’ve encouraged our team because we’ve got some manuals now on how to identify gender-based violence and how to really assist in this. So, I would like to see more of that built as an option in the general education liberal arts programme.

So I’ve encouraged the faculty, and I’ll be speaking more with them when they return to campus about having every discipline and opportunity to have something, either gender-based violence or gender studies, so that we can have a greater appreciation for both men and women. And you know, there’s nothing better than a man actually taking a course in order to try to learn more about women’s role in society so that they can be better citizens as well.

Abraham Lincoln American Academy Opens in Lagos In its bid to continue providing qualitative education for children, Abraham Lincoln American Academy (ALAA) will begin the 2023/2024 academic session on September 11 for pupils ranging from ages one to 10 Situated in Ologun Agbaje Street, Victoria Island, Lagos, the upper-class school, which offers an American curriculum, is run by an American board, who have employed the hands of seasoned American educational consultants and Nigerian Educators of repute to ensure its success in the Nigerian contest and its environs.

The school’s sister arm, which opened its doors to Nigerian pupils years back in the Federal Capital Territory, Abuja, decided to spread the teaching and learning experience across the globe and chose Lagos.

In a statement, the school’s principal, Casey Kean, an American and Harvard-trained educationist, said the newly established school is set to offer various subjects that will aid the learning development

of its pupils embraced the US curriculum because it is spectacular.

“It is an inclusive teaching and learning style where all groups of learners: the visual, hands-on and interactive, find it all fun and easy to learn, retain and recall knowledge.

It is super exciting and trains students to become erudite Scholars, discoverers and inventors,” said Kean.

Kean stated that the school’s locations are a haven for kids.

“The schools (both in Abuja and Lagos) are located in high-end, safe and serene

areas like Maitama, Abuja and Victoria Island, Lagos,” Kean stressed. “Teachers and staff are qualified, well-trained and exposed to substantial orientation, which enables them to perform their sensitive roles of building the total child, one student at a time.”

He added that the school “work with some security companies and the Nigerian police to complement our own internal security apparatus. We had the United States Embassy in Abuja come in for inspection, security advice and direction.”

WEDNESDAY AUGUST 2, 2023 • T H I S D AY

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IMAGES

T H I S D AY ˾ Ͱ˜ ͰͮͰͱ

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R: The Chief Executive Officer of Mezovest, Mr. Tosin Thompson; Managing Director of NIPCO, Mr. Suresh Kumar; and Co-Founder of Mezovest, Mr. Tosin Ashafa, after a strategic meeting between both companies at NIPCO office in Lagos, to foster collaborate on LPG and CNG distribution…recently

L-R: The Chairman of Cubana Group, Chief Obinna Iyiegbu (Obi Cubana), and the Remy Martin Louis XIII Ambassador, Mickael Bonnamy, during the private unveiling and tasting of Remy Martin Louis XIII cognac, hosted by Obi Cubana in Lagos…recently

L-R: Team Lead, Business Transformation and Acceleration, CMC Connect LLP, Nathaniel Ligbago; Managing Partner, CMC Connect LLP, Raheem Olabode; Head of Public Relations, Airtel Nigeria, Sam Adeoye; Team Lead, Brands and Corporate Service, CMC Connect LLP, Omobolanle Ayejuni; and Partner, Public Affair Services, Tola Odusote, at the public presentation of the 2023 BCW Age of Values Report by CMC Connect LLP, held in Lagos…recently

L-R: Chairman, Bovas Company Limited, Bamidele Olusegun Samson; Managing Director, Bovas Company Limited, Dr. Victoria Adunola Samson; Osun State Governor, Senator Ademola Adeleke; Speaker, Osun State House of Assembly, Rt. Hon Adewale Egbedun; and Chief of Staff to the Governor, Alhaji Kazeem Akinleye, during the 80th birthday anniversary celebration of the chairman of Bovas Company Limited held in Ibadan, Oyo State…recently

L-R: Plant Manager, Port-Harcourt, International Breweries Plc, Mustafa Oyaighua; Director, Pharmaceutical Services Division and representative of the Permanent Secretary, Federal Ministry of Health, Taiye Joseph Ologun; Vice-Chancellor, University of Medical Sciences, Ondo State, Prof. Adesegun Fatusi; Country Lead, Corporate Affairs, International Breweries Plc, Marian Reginald-Ukwuoma; and Chairman, Nigerian Medical Association (NMA), Rivers State, Dr. Ebbi Robinson, at the International Breweries Plc 2023 Responsible Beverage Service Launch in Port Harcourt…recently

The Director-General of National Youth Service Corps (NYSC), Brigadier-General Yushau Dogara Ahmed (centre), with corps members during his visit to the Benue State Orientation Camp in Wannune…recently

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NEWS

INVESTITURE CEREMONY...

L-R: President, Women in Energy, Oil and Gas (WEOG) Dr. Dunni Owo; Director, Lagos Chapter,WEOG, Mrs. Joan Faluyi; External Relations Director, WEOG, Nnenna Maduabum; and Managing Director/ PHOTO: ETOP UKUTT CEO, .ACME Multitech Services, Mrs. Jumoke Oyedun, at the Investiture Ceremony of Joan Faluyi as Chapter Director WEOG Lagos... yesterday.

Tinubu, UK Foreign Secretary, Cleverly, Meet Today Says respect for sovereignty, territorial integrity must prevail Commends AU, ECOWAS on stance over Niger democracy Chiemelie Ezeobi The United Kingdom Foreign Secretary, Hon James Cleverly, MP, who is scheduled to meet President Bola Tinubu today, said yesterday that respect for sovereignty, territorial integrity, self-determination and human rights must prevail alongside democracy, the rule of law, liberty and freedom.

The foreign secretary, stated this statement at a British investment meeting with stakeholders in Lagos as part of the positive vision for the

UK partnerships with Africa.

Stressing that the United Kingdom has long been a friend and partner of Nigeria – and other countries in Africa – he said as Foreign Secretary, he was proud of the UK ties to the continent.

He further stated that they were underpinned by "our shared history, the diaspora communities in the UK and in African countries – as well as the countless professional connections across academia, business, defence and development.

"They are continually nourished

Lagbaja: Army to Adopt Technology, Devt Support to Enhance Nigeria's Security Francophone nationals are security threat, says immigration Hammed Shittu in Ilorin and Fidelis David in Akure The Chief of Army Staff, Lt.-Gen. Taoreed Lagbaja, has said the Nigerian Army would enhance conversations between top officers and retired generals on ways to adopt technology through research and development support to enhance the security measures of the country.

At the. Same. Time, the Nigeria Immigration Service (NIS), has said illegal immigrants mostly Francophone nationals, were behind most of the criminal activities being perpetrated in the country.

Lagbaja stated this yesterday while delivering speech at the Nigeria Army Combat Support Arms Training (COSAT) week at the International Culture and Event Centre (The Dome), Akure, themed: Leveraging Local Indigenous Technology to Produce Innovative Solutions for Combat Support Arms to Enhance NA Operation in a Joint Environment.

The Army Chief, who said the Nigerian Army remained committed to upholding the tenets of the Nigerian Constitution, stressed that the role of the army in the protection of the nascent democracy could not be over emphasised.

While noting that the army was restrategising to brainstorm on contemporary security challenges, improve capability of various support element to combat insurgency bedeviling the country, he said the gathering would enhance conversations between top officers and retired generals on the matter.

"The critical place (importance) of COSAT has consistently being on the rise since the Nigeria civil war.

We have continued to encourage professionalism and reposition the unit. Today's gathering which brings about most of our renowned brains to chart a new way forward as warfare is constantly evolving, " he said.

Furthering. discussions on the sidelines, Lagbaja said the Nigerian Army, being a professional and dynamic force was constantly exploring avenue to improve efficiency and effective delivery of security in every theatre of operation.

Meanwhile, the Kwara State Comptroller of NIS, Mr. Aminu Shamsuddin, said the country was surrounded by francophone countries, whose nationals desperately loved to stay in Nigeria.

Speaking at the 60th anniversary of the Service, he said the immigrants were desperate to enter Nigeria due to socio-economic hardship in their countries, adding that NIS had to take extra measures to scrutinise and check every immigrant before entry.

"These people think Nigeria is a paradise and truly, we are the mother of Africa. They always struggle to be part of us and are ready to spend huge sum of money to obtain Nigeria passport. They also get married to Nigerians in their bid to be Nigerians, which is why we painstakingly check every immigrant. We have undergone training and can easily ascertain if someone is a Nigerian or not," he said.

by the precious bonds of friendship.

Now – as the UK’s Foreign Secretary I’m not allowed to have a favourite continent. But if I did, it would be Africa. My mother was born here.

I am proud of my Sierra Leonean roots. I am also proud of the United Kingdom’s contribution to the history of this great continent."

Talking politics, he said, “We live through an era, when the tectonic plates of world politics are shifting

decisively and a battle of ideas is taking place once again,” noting that this time, its focus was on the nature and the future of the international order, he said the UK’s position is clear on the standard for all when it comes to politics.

"Respect for sovereignty, territorial integrity, self-determination and human rights must prevail. Alongside democracy, the rule of law, liberty and freedom. And I know that these

are your values too.

"Which is why we welcome the strong and principled stance that the African Union and the Economic Community of West African States have taken on the defence of democratic values and the constitutional order in Niger.

"These are all values that we cherish, and they are values of the UN Charter. Alongside self-determination, territorial integrity and an end to all

laws of conquest and annexation.

"Russia’s attack of Ukraine and invasion of that country, is an attack on our shared values. An attack on the UN Charter and an attack on the international order. But this month Russia has hit a new low.

"We are witnessing the grotesque spectacle of a G20 nation, deliberately burning food stocks whilst there are millions of people around the world struggling to eat."

NLC, TUC ADAMANT, REJECT TINUBU'S PALLIATIVES, SAY NO REASON TO CALL OFF PROTESTS clear in 2012 on the need to tackle the fundamental issues that brought about petrol subsidy.

"Those issues included the failure of previous governments to repair our national refineries and bring those behind the monumental subsidy sleaze to book. Today, these issues were swept under the carpet in President Tinubu's speech. Nigerians wonder ‘what has changed?’

"Finally, we wish to assure Nigerians that the Nigeria Labour Congress remains committed to matching discussions with government with the current realities of sufferings that Nigerians are going through.

Until we see real commitment by government to do the needful to improve the lot of Nigerians and ameliorate the sufferings workers and ordinary Nigerians are going through, we remain committed to continue with our struggle."

Ahead of the planned nationwide protest by NLC and TUC, the organised labour in Nasarawa State, yesterday, commenced mobilisation of workers to participate fully. The state chairman of NLC, Ismaila Oko, disclosed this at the end of an emergency meeting with leaders of all the unions that make up the organised labour in Lafia, the Nasarawa State capital.

Oko said the workers had been mobilised to come out in large numbers and gather along Lafia Shendam road, in the state capital, to proceed with the protest.

He noted that workers were committed to the protest as directed by the national body of NLC to draw the attention of government to measures towards reducing the hardship as a result of the removal of fuel subsidy.

The state chairman of the Nigeria Union of Journalists (NUJ), Salihu Alkali, pointed out that the situation was becoming unbearable. According to him, "Most workers can no longer afford three square meals since the increase in the price of petrol."

Similarly, TUC, in a statement issued last night and jointly signed

by TUC president Festus Osifo and General Secretary Nuhu Toro, directed all affiliates and state councils of congress, "To mobilise their members for action by midnight of today, 1st

August, 2023."

It said the hike in the pump price of petrol had brought untold hardship on Nigerians, with many having to trek kilometres to work and places of business.

TUC stated, "Organisations have shut down and workers laid off because of the anti-poor policy.

"The congress is not averse to the removal of subsidy; we support the fact that it has to be removed, but there must be measures in place to ameliorate its effect on Nigerians.

And such measures include: fixing of the refineries and possibly building more; functional transportation system; living wage; good medical facilities; and employment.

"The policy was not thought through, which is why its impact is excruciating on Nigerians. Sadly, when Nigerians cried out, the federal government proposed a paltry sum of N8, 000 for poor families without details on mode of payment.

"Annoyingly, also, the same government is giving a whopping sum of N70 billion to 469 lawmakers and N39 billion to the judiciary. The injustice and impunity cannot be tolerated.”

Osifo said three days ago, the organised labour (TUC/NLC) was at the villa for a meeting with the federal government to discuss further on the palliatives, but government boycotted the meeting, slowing down the negotiation process.

The statement said, "Nigerians are dying and we cannot afford to keep quiet any longer. The federal government must realise that governance goes beyond declaration of emergency on food security; it is time to swing into action to avert the starvation in the land. Government promised to attract investors when they win elections, which we have not seen.

"They should go abroad, get investors, create more decent jobs and provide an enabling environment for investment in terms of security and others. It is when more people get employed that taxes can be paid and government will have more money.

"The exchange rate is abysmally high and stifling businesses. This has affected the cost of production and inflation rate. Naira should not

be on a free fall; no country allows that. Nigeria is dollar dependent and our only major source of forex is oil and, painfully, we cannot refine our crude.

"The federal government has failed to manage it forex well and it is taking toll on the pockets of Nigerians. Government must come up with good monetary policies that will help investments and also empower the naira.”

However, Chief of Staff to the President, Hon Femi Gbajabiamila, described organised labour as a listening organisation that would not go ahead with its planned protests after listening to Tinubu’s national broadcast.

Hundreds Protest in Kano Over Increase in Fuel Price, Others

Over 100 members of the Joint Action Front (JAF), on Tuesday, took to the streets of Kano to protest against the increase in petrol pump price, electricity tariff, and education tuition fees.

Speaking on behalf of the group, shortly after the protest, its chairperson, Dr. Dipo Fashina, took a swipe at the Tinubu administration for introducing anti-people policies.

Fashina also urged Nigerians to reject International Monetary Fund (IMF) and World Bank policies of privatisation and deregulation.

He stated, "Government has a responsibility to make our refineries to work and build new ones in order to ensure availability of petroleum products (petrol, diesel, kerosene, aviation fuel) at cheaper and affordable prices to all."

JAF called for, "Total reversal of the capitalist policies of privatisation and deregulation, which have been responsible for non-functioning of the local refineries, looting by government officials and fuel marketers through fuel importation and the subsidy fraud."

According to Fashina, "Government, in obedience to Section 16 of the 1999 Constitution, on Economic Objectives, should respect the provisions, which state that: the economic system is not operated in such manner as to permit the concentration

of wealth or means of production; and exchange in the hands of few individuals or of a group."

JAF called for, "Unconditional implementation of a new national minimum living wage across board and payment of all outstanding allowances and arrears to all categories of public and private employees, and adequate funding of public education at all levels."

No Room for Violent Protest, IGP Warns

Acting Inspector-General of Police (IGP), Kayode Egbetokun, yesterday, warned that the police would not allow any violent protest or act capable of threatening the peace and well-being of the nation.

Egbetokun said any attempt by miscreants to exploit the situation for violent purposes, including vandalism, gangsterism, and extortion would be met with firm, professional and commensurate lawful approach.

A statement signed by spokesman of the Nigeria Police, Assistant Commissioner of Police (ACP) Olumuyiwa Adejobi, said the police high command was deeply concerned about recent developments regarding planned nationwide protests by NLC and TUC. The statement said while being mindful of the right to peaceful protest, as enshrined in the constitution, the IGP urged all parties involved to ensure that the planned demonstrations were conducted in a peaceful manner to prevent being hijacked by miscreants, owing to the previous ugly experiences of such protests in some parts of the country.

The police said, "The IGP, however, acknowledges the grievances raised by the labour unions and the importance of constructive dialogue, which is sine qua non in addressing these issues.

"In light of this, the IGP orders the Commissioners of Police in charge of various commands, and supervisory Assistant Inspectors-General of Police, to engage in fruitful discussions with the NLC/TUC leadership to foster understanding and reach common grounds on the planned protests.

Continues online

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NEWS

SANWO-OLU VISITS HELICOPTER CRASH SITE...

Lagos State Governor, Mr Babajide Sanwo-Olu speaking to journalists after assessing the site of the private helicopter crash at Oba Akran Avenue, Ikeja ... yesterday

Burkina Faso, Mali Declare Support for Niger Military Junta, Say Invasion Tantamount to Declaration of War Falana warns against forceful action, advocates strict sanctions Emmanuel Addeh in Abuja The Transitional Governments of Burkina Faso and Mali have thrown their support behind the new military junta in Niger Republic, warning that any military action against the country would be viewed as a declaration of war against both nations.

In a joint statement by both countries, the transitional governments expressed their fraternal solidarity with the people of Niger who they said have decided to take their destiny into their own hands and to assume the fullness of their sovereignty.

Both countries denounced the persistence of the Economic Community of West African States (ECOWAS) to impose sanctions on Niger, thereby aggravating the suffering of the populations and jeopardising the

spirit of pan-Africanism.

The governments of Mali and Burkina Faso said they would refuse to apply what they described as illegal, illegitimate and inhuman sanctions against the people and authorities of Niger. “(We) warn that any military intervention against Niger would amount to a declaration of war against Burkina Faso and Mali. “ That any military intervention against Niger would result in the withdrawal of Burkina Faso and Mali from ECOWAS, as well as the adoption of self-defence measures in support of the armed forces and the people of Niger. “(We) warn against the disastrous consequences of a military intervention in Niger which could destabilise the entire region as was the unilateral NATO intervention in Libya which was at the origin

of the expansion of terrorism in the Sahel and West Africa,” the countries stated.

Besides, both countries maintained that they were deeply indignant and surprised by the imbalance of views of political leaders in West Africa wishing to use force to restore constitutional order in a sovereign country, and their inaction in helping states and peoples who have been victims of terrorism for a long time.

“In any case, the Transitional Governments of Burkina Faso and Mali invite the living forces to be ready and mobilised, in order to lend a hand to the people of Niger, in these dark hours of Pan-Africanism,” both countries stated.

Meanwhile, human rights lawyer, Femi Falana (SAN), has called on the ECOWAS to impose more stringent sanctions on Niger and

adopt measures to make them work, instead of direct military attack.

Falana also stated that apart from suspending Niger from ECOWAS, the leaders of the sub-regional body should refrain from attending international conferences with coup plotters as was recently witnessed during the recently concluded Russia-Africa Summit held in St. Petersburg, Russia.

A statement signed by Tayo Soyemi of Falana and Falana Chambers, said the senior lawyer made the call in a paper titled: “Unconstitutional Change of Governments: the Role of Bar Associations”, delivered at a two-day conference of the West African Bar Association (WABA) in Accra, Ghana.

He recalled that ECOWAS leaders had threatened to take all measures necessary to restore constitutional order in Nigeria and that if its demands were not met, such measures may include the use of force.

Falana further said the African Union (AU) equally issued a statement by demanding that the military

return to their barracks and restore constitutional order within 15 days.

Stressing that the United States and the European Union (EU) had backed the actions of the ECOWAS, Falana noted however that the military rulers in Niger have warned against any armed intervention in the country.

Falana argued that the junta in Niger has successfully mobilised the civilian populace in Niger to stage pro-coup demonstrations, with the military regimes in Burkina Faso and Mali threatening to jointly resist any military invasion of Niger.

“While the resolve of the ECOWAS leaders to resort to force to restore President Mohamed Bazoum is understandable, the acceptance of the coup by the majority of the Nigerien people must be seriously considered.

“Having not invaded Burkina Faso, Guinea and Mali when power drunk soldiers sacked democratically elected governments, ECOWAS leaders should not play into the hands of the enemies of Africa by launching a military attack on Niger.

“The government of Niger has collaborated with Nigeria in prosecuting the counter-insurgency operations against Islamist militancy in a region beset by security crisis.

To that extent, the strategic and geopolitical interests of Nigeria must be taken into consideration,” Falana stated.

According to him, the ongoing efforts of the Chadian leader, Gen. Idriss Déby to mediate in the face-off between ECOWAS and the junta should be encouraged. “The General met President Mohamed Bazoum in custody in Niger's capital, Niamey.

He also met the coup leaders.

“After the meetings, he said that his mediation effort was aimed at finding a ‘peaceful solution to the crisis which is shaking Niger, which borders Chad.

“It should be noted that Niger is a state party to the African Charter on democracy, elections and governance. Niger ratified the charter on October 4 2011, and deposited its instrument of ratification with the African Union on 8 November 2011,” he added.

To Consolidate Market Position, Dangote Sugar, NASCON, Dangote Rice Merge to Form N553bn Company THISDAY Correspondent, Orizu Appointed Eromosele Abiodun In a bid to consolidate its market position and harness future opportunities, Dangote Sugar Refinery Plc, yesterday in Lagos announced the merger between it, NASCON Allied Industries Plc and Dangote Rice Limited.

In a statement to the Nigerian Exchange Limited yesterday, the company said the proposed merger would be an internal restructuring executed through a Scheme of Merger, under Section 711 of the Companies & Allied Matters Act, 2020 (as amended) and other applicable rules and regulations.

Dangote Sugar Refinery Plc and NASCON Allied Industries Plc with market capitalisation of N464.40 billion and N88.75 billion respectively, would together with Dangote Rice Limited, with an estimated value of over N100 billion become a N553 billion entity after the merger.

According to the statement signed by the Company Secretary/Legal Adviser, Dangote Sugar Refinery Plc, Mrs. Temitope Hassan, “Dangote Sugar Refinery Plc hereby notifies the Nigerian Exchange Limited and the investing public that the Board of

Directors of the Company at its meeting held on July 28, 2023 resolved to recommend the proposed merger between the Company, NASCON Allied Industries Plc and Dangote Rice Limited to the shareholders of the company for consideration and approval, subject to parties agreeing terms and conditions.

“The Company, NASCON & DRL hereinafter referred to as the “merging entities” are all subsidiaries of Dangote Industries Limited.

“The company will apply for the Securities and Exchange Commission’s approval of the Scheme, and other requisite approvals. The scheme is also subject to the approval of the shareholders of the merging entities at the respective Court-Ordered Meetings of the companies, as well as the sanction of the Federal High Court.”

The company added, “It is expected that the transaction will consolidate and solidify the Group’s market position and ultimately reposition the Group to harness future opportunities in the foods industry.

“Further details will be communicated to the market upon relevant approvals being obtained from shareholders and regulators.

Shareholders of the company are advised to exercise caution when dealing with the shares of the Company until a further announcement is made.”

NASCON, formerly known as National Salt Company of Nigeria, was incorporated in 1973 as a salt refinery to address the identified need for Nigeria's self-sufficiency in the production of salt.

Special Assistant, Media to Deputy Speaker Adedayo Akinwale in Abuja The Deputy Speaker of the House of Representatives, Hon. Ben Kalu has appointed THISDAY’s Correspondent, Udora Orizu, as his Special Assistant on Press Affairs.

In the letter of appointment dated July 25, Kalu said the appointment

takes immediate effect.

Orizu, who is experienced in political and parliamentary reporting was until her appointment a Correspondent with THISDAY Newspapers, covering the activities of the House of Representatives in the National Assembly from 2020 till date. Her active journalism

experience spanned over seven years during which she covered the Federal Ministry of Water Resources and Environment.

Orizu, has a Bsc and Diploma in Mass Communication and currently doing her Master's Degree Programme on Election and Party Politics at the University of Benin.

Sit-at-home: Anambra Residents Shun Ekpa, Open for Business Joint security operatives raid IPOB/ESN camp, arrest hoodlums David-Chyddy Eleke in Awka Residents of Anambra State yesterday shunned the civil disobedience order by separatist leader and Finland-based agitator, Mr. Simon Ekpa, which called for people of the south-east to sit at home.

Ekpa in several broadcasts had said the sit-at-home would last for two weeks, starting from July 31 to August 14.

The agitator had in a video on Monday, rejoiced over what he called the total shutdown of the zone, in

obedience to his order, while saying that from yesterday (Tuesday), the entire Igboland would be a ghost town.

Though he said the move was to press the federal government to release detained leader of Indigenous People of Biafra (IPOB), Mr. Nnamdi Kanu, Kanu's supporter had dismissed the claim, saying that he was not a member of the group, but rather working against it.

In Awka, Anambra State capital, schools, markets, banks and motor parks were all opened for business,

in defiance to the order.

A resident of the state, Mr. Arinze Uzor said: "He is asking us to sit at home, will he feed anyone? We stayed at home on Monday because it is almost becoming a norm to sit at home on Monday. But the remaining days, we will not listen to him.”

Meanwhile, Brigadier General Onyema Nwachukwu, Director Army Public Relations, Nigeria Army has revealed that joint security operatives have sacked hoodlums known as unknown gunmen in a camp in Anambra.

Nwachukwu in a press release said the camp, which was inside a forest in an Anambra community, Orsumoghu, Nnewi South Local Government Area, was invaded by the operatives on Monday.

He said: "The raid operation was carried out on Monday 31 July 2023, when troops were alerted to the violent activities of the irredentist group enforcing the illegal two weeks sit-at-home order in Onitsha, Nnewi and Iheme Obosi in Anambra State, as well as New Market in Enugu state.

WEDNESDAY AUGUST 2, 2023 ˾ T H I S D AY

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NEWS

CORONATION MERCHANT BANK CEO VISITS SANWO-OLU…

L-R: Managing Director/CEO, Coronation Merchant Bank, ‘Banjo Adegbohungbe, and Governor of Lagos State, Mr. Babajide Sanwo-Olu, during Adegbohungbe’s courtesy visit to the governor in Lagos…recently

Air Strikes Decimate 16 Terrorists in Zamfara, Katsina Kingsley Nwezeh in Abuja Air strikes conducted by the air component of Operation Hadarin Daji in Zamfara and Katsina States killed 16 insurgents.

THISDAY gathered that the air interdiction was conducted in various locations in Zurmi,

Tsafe, Faskari and Jibia Local Government Areas in Zamfara and Katsina States.

In Zurmi LGA of Zamfara State, the air component obliterated about 16 terrorists in enclaves believed to belong to terrorist Kingpin, Dankarami.

Security sources privy to the operations, the air strikes were

NYSC Members Advised to be Patriotic deployed to the state to remain

Onuminya Innocent inSokoto and Blessing Ibunge inPort Harcourt

The Governor of Sokoto State, Dr. Ahmed Aliyu, has tasked National Youth Service Corps (NYSC) members to sustain the spirit of patriotism, hard work and resilience, which they have imbibed during the orientation course in order to move the nation forward.

Similarly, Governor Siminalayi Fubara of Rivers State has charged the NYSC members

patriotic, focused and determined in the task of nation-building.

Aliyu gave the advice yesterday at the closing ceremony of the 2023 Batch ‘B’ Stream I Orientation Course in Wamakko permanent orientation camp in state.

The governor, who was represented by his Deputy, Muhammad Idris Gobir, said they should strive to meet the expectations of Nigerians by contributing towards the progress and development of the country.

conducted following credible intelligence of the whereabouts of terrorist kingpin, Dankarami, known for collaborating with other kingpins in the area to

carry out violent attacks on some communities in Zurmi LGA. Footages of the air strikes revealed several terrorists on

eight motorcycles as well as herds of cattle heading towards a hidden camp in the bushes which was subsequently acquired and attacked.

The aftermath of the strikes later revealed the obliteration of all the motorcycles and the decimation of at least 16 terrorists.

Police Arrest Alleged Serial Fraudster who Killed Officer in Ondo Fidelis David in Akure Police operatives at the Ondo State Police Command have arrested a 47-year-old man, Godson Tender James, for allegedly killing a police officer on Ifon-Benin road in Ose Local Government Area of the state.

However, James, who was paraded at the headquarters of the state Police Command in Akure, said he killed a “criminal” in self-defence, and not a police officer.

According to him, the officer, ASP Emmanuel Oyewole, was one of those who attacked him with a gun at Ori Ohin near

Ifon in Ose council area. In a viral video showing the corpse of the policeman on July 22, 2023, it was speculated that the officer, who was part of a team manning a checkpoint on the notorious Ifon-Benin road, was shot by one of the kidnappers operating in the area.

In a statement issued by the

state Police Public Relations Officers (PPRO), Funmilayo Odunlami-Omisanya, about 24 hours after the video went viral, the officer was killed by a hit-and-run driver who was said to have been apprehended by military men at Sobe, Edo State, about five-minute drive from Ifon.

Edo Trains 1,500 Vigilance Operatives, Hunters on Weapons, Intelligence Gathering The Edo State Government has commenced a two-week training for over 1,500 hunters and personnel of the Edo State Vigilance Security Network on weapons handling and intelligence gathering.

Addressing journalists at the Police Training College, in Benin City, the Coordinator, Edo State

Security Network, Col. Kole Oshoriamhe Omomia (rtd), said the training, in its second batch, is aimed at bolstering the government’s efforts at combating crime in the state.

The trainees, according to him, were drawn from Edo Central and Edo South Senatorial districts.

The first batch of the training

was organised for 574 other operatives and hunters from Edo North Senatorial district.

Omomia said: “This is a two-week training programme aimed at training operatives and hunters in the Edo State Security Network. The 1, 500 operatives/ hunters drawn from Edo Central and South senatorial districts, will

undergo intensive training.”

He said the Edo State Governor, Mr. Godwin Obaseki, has donated bikes for logistics to support the training, noting, “Edo is one of the best states in the country in terms of security. Governor Godwin Obaseki does not joke with it. He wants investors to come into the state to invest.”

Ahmad Sorondinki inKano

address the harmful effect of Tabbaco smoking.

Addressing newsmen in Kano yesterday, the Executive Director of CISLAC, Mr. Auwal Rafsanjani, said that Tinubu’s administration should have an agenda and policy on Tabbaco usage in the country.

According to him, the World Health Organisation (WHO), estimated that 30,000 Nigerians lose their lives yearly to illnesses caused by tobacco, which is much more than the 3,000 lives claimed

by COVID-19 during the three years of the pandemic.

At a press conference on a programme tagged “Tobacco Taxation Agenda Setting for President Bola Tinubu’s Administration,” Rafsanjani explained that the organisation has been championing effective tobacco taxation regimes in Nigeria.

Ogun NIPR to Honour Lemo, Akinmade, Others at 2023 Colloquium CISLAC Urges Tinubu to Implement Effective Tax Policy on Tobacco James Sowole inAbeokuta

The Ogun State Chapter of Nigerian Institute of Public Relations (NIPR) will tomorrow honour four distinguished Nigerians at its 2023 annual colloquium.

The event, which will hold in Abeokuta, according to a statement e-signed by NIPR Chairman, Oluwaseun Boye and Secretary, Kunle Olayeni, will have the Ogun State Governor, Prince Dapo Abiodun, as the special guest of honour.

The statement listed the personalities to be conferred with awards as former Deputy Governor of Central Bank of Nigeria (CBN), Dr Tunde Lemo; former Special Adviser to the Speaker of the House of Representatives, two-time Commissioner in Ondo State and Senior Consultant to Governor Abiodun, Hon. Kayode Akinmade; former Board Chairman, Nigeria Deposit Insurance Corporation (NDIC), Mrs Ronke Sokefun; and property magnate, Otunba Wole Ogunbayo.

Firm Sets N300m for Winner of Talent Hunt maiden edition of a talent hunt show

BeckyUbaUmenyili

Aleading Nigerian gospel record label and management company, EeZee Conceptz Global, has announced the

aimed at encouraging potential artistes to build a professional music career.

The talent show tagged, Gospel Groove Talent Quest (GGTQ) 2023, is a promotional project designed to discover and empower young and growing Gospel music artistes from the ages of 18 to 30 years, across the six geo-political zones of Nigeria.

The leader of the organising company, Mr. Ezekiel ThankGod, disclosed that the talent quest initiative would create a global platform that will produce professionally resourceful gospel music artistes, adding that the winner of the maiden edition will be rewarded with a three-year recording deal worth N300 million, which includes a car, housing, and a cash prize of N10 million.

The Civil Society Legislative Advocacy Centre (CISLAC), has appealed to President Bola Ahmed Tinubu, to implement effective tobacco tax regimes in Nigeria as part of his efforts to

‘UK ‘ll Help Strengthen Law Enforcement to Tackle Corruption in Nigeria’ state levels in Nigeria in order commission, Magdalene Lagu, is, and how it blocks national Igbawase Ukumba in Lafia

The British Deputy High Commissioner to Nigeria, Gill Atkins, yesterday said the United Kingdom would help to strengthen governance and law enforcement at the federal and

to tackle corruption.

He stated this in a good will message to mark the 5th anniversary of the ‘Step Up Nigeria’, held in Abuja yesterday.

Represented by the Head of Governance and Stability at the

Atkins said national and global efforts on anti-corruption can only be effective if accompanied by attitudinal and behavioural shifts brought through awareness raising and education on the scourge of corruption, how deep-rooted it

development.

According to him, “It is only through education and training we can shape attitudes while fostering the concepts of integrity and personal values to oppose corruption in all forms.”

IGR: Monarch Charges Sanwo-Olu to Tap $2.953b Tourism Sector Omolabake Fasogbon

The Olu Epe of Epe Kingdom, Oba Shefiu Olatunji Adewale, has advised Lagos State Government to tap into the nation’s $2.953 billion tourism

sector to grow the state’s Internal Generated Revenue (IGR).

Tourism, according to the monarch, is capable of driving the state to realise its 2023 projected IGR’s target of N1.04

trillion and likely surpass if the sector is given adequate attention and investment.

Adewale decried the poor attention paid to local tourism at a press conference to announce this year’s Kayokayo

Festival in Epe, Lagos.

The monarch described the Kayokayo Festival as a massive economic game-changer going by its ability to attract tourists and urged Lagos to explore it actively.

Investigate My Abduction by Officers from Abuja, Oil Magnate Appeals to IG PreciousUgwuzor

An oil magnate in Nigeria, Jide Alawiye, has called on the acting Inspector-General(IG) of Police, Kayode Egbetokun, to carry out thorough investigation into how he was abducted by a top police

officer from Lagos to Abuja.

He also alleged he was intimidated and harassed towards paying a suspected fraudster a huge sum of money without cause.

He lamented that the incident, which took place three years ago, led to series of actions by police

authorities in Lagos and Abuja only for the case to be abandoned at the instance of the top police officer after detailed investigation was carried out as directed by former Inspectors General of Police.

Giving details of his abduction, Alawiye said: “Triber Energy Limited

chartered a ship from Finneke Shipping Ltd (ship managers) in 2018.

The payments as agreed with the bank and Finneke were to be credited to the account of Zirconia Marine and Energy International Ltd (owners of the vessel) who were indebted heavily to Union Bank UK Plc.

46

˜ ͺ˜ ͺ͸ͺͻ ˾ T H I S D AY

BACK PAGE CONTINUATION O F T E C H N O C R AT S A N D G O V E R N A N C E So, the Tinubu administration would require a good combination of political wisdom and technocratic capacity to weather the storms that would be generated in the Nigerian political economy by the removal of fuel subsidy. It would certainly require more than technocratic arguments to wean off consumers from the consumption of subsidised fuel in a regime of poor revenues available to government. For instance, as the President rightly said in the broadcast, occasions could arise that government might have to intervene in the pricing of energy. No socially responsible government can afford to be indifferent unduly to the burden of energy costs on consumers in extreme situations. In United States foreign relations with the Middle East, the cost of energy to American consumers is one of the cornerstones of policy. Since the breakout of the Russo-Ukraine war, the British government has assisted households in energy cost. But in the specific case of Nigeria, the subsidy regime in the last quarter of a century has become unsustainable.

It is not benefitting the majority of the people. It is counter-productive to the political economy and, therefore, indefensible. Since there is no proof that the government could manage the subsidy regime more productively in the nearest future, a national consensus should be forged with all sectors and interests in the economy to accept a definite end to fuel subsidy while the savings from it are channelled to verifiable public goods.

This, of course, would be hinged on the hope that local refineries would be in operation soon and the national shame of fuel importation would also end.

Labour should , therefore, be receptive to the engagement by government on the immediate measures to alleviate the pains. More important, labour and the general public should be vigilant about how the three tiers of government spend the savings accruing from the stoppage of fuel subsidy. The real oversight on the use of these funds should be done by the people and their organisations and not only the legislatures at all levels.

This is a more realistic thing to do than for labour to nurse the illusion of a return to the old subsidy regime.

In fact, what Tinubu did on May 29 ought to have been done eight years earlier given the developments with the subsidy regime. This was the position taken by this reporter on this page on May 9, 2015, that was 20 days to the inauguration of President Muhammadu Buhari.

In a piece entitled “Fuel Subsidy as Buhari’s First Baptism of Fire” this reporter made an attempt to argue in favour of an end to fuel subsidy inter alia: “This is not a policy step that could wait for

By the way, the May 9, 2015 column was partly inspired by President Buhari. During his campaigns, the former President said as a petroleum minister in the late 1970s he was sure that the idea of a subsidy as it was put on display in 2015 was a “fraud.”

Now, back to the false distinction between a technocrat and a politician. It has almost become a ritual to counsel a newly elected president or governor to go for technocrats instead of politicians in making appointments into his cabinet. The advice to the President or a governor, which often comes immediately after elections, usually goes like this: if you want to succeed in the implementation of your programmes, you should appoint technocrats to the job of governance while you find something else for the politicians to do. The proposition is often made as if politicians and technocrats come different planets. And it is often made in such a derogatory manner to the politicians. By this unfair logic, politicians are only good for breaking their limbs for the President or governor to win

elections while another species from a different planet called technocrats are the ones to govern.

The politician who went to the constituencies on behalf of the President or governor is no more fit to be in government by this logic. Yet, this theory of governance-by-technocrats is not justified by the facts of Nigeria’s recent political history.

To be sure, what distinguishes a technocrat from other persons in the public space is the specialised skill which could make him or her wield some power in government or industry. By their backgrounds, the technocrats are experts in their field of training as lawyers, doctors, soldiers , policemen, intelligence operatives, engineers, journalists, accountants, architects, businessmen, administrators, economists, teachers, bankers etc.

Meanwhile, if you check the list of the presidents and governors elected since 1999, they are mostly politicians with backgrounds in the same professions mentioned in the foregoing.

As an aside, some of those technocrats who got to elective or appointive political positions in the last 24 years have become rugged, if not ruthless, politicians!

In any case, this false distinction between politicians and technocrats arises because Nigeria is practising the presidential system. No one makes a suggestion of a government of technocrats in a parliamentary democracy. In a parliamentary system, a technocrat who is interested in being in power would have to first win an election to the parliament from his constituency. When the leader of his party becomes prime minister, he could then appoint him a minister so as to put his technocratic skill into use in an assigned portfolio. In fact, instead of the presidential broadcasts in the Nigerian system, the president would be answering questions in parliament on his policies and programmes daily. The ministers would also be part of the daily debate in the parliament to articulate their party policies and defend their programmes.

As indicated in the introduction of this column today, the process of the confirmation of the ladies and gentlemen nominated by the President to be ministers should also compel a reflection on the artificial line drawn between technocrats and politicians. Virtually all the nominees are, by the textbook definition, technocrats. It was great that the nominees also displayed their backgrounds not only in private business or public service, but also in the stormy waters of politics. If they are confirmed as ministers, they would need a combination of both political wisdom and technocratic capacity.

In the condition of Nigeria today, a super technocrat without adequate political literacy would be unable to function in a government that aims to deliver public goods.

Guns have become deeply ingrained in American society and its politics. The Second Amendment to the U.S. Constitution gives Americans the right to bear arms, and a considerable number of Americans own and carry guns which they use at will to kill their fellow citizens. Due to the rampancy of guns being used by terrorists, racists, criminals and mentally deranged people to cause havoc in the American society, many proposed new restrictions are being bandied by politicians as the escalation of gun violence assumes unprecedented levels in the country. Although America is widely divided over the issues of gun ownership, the partisan differences on the subject, is further tearing the country apart, as the exacerbation of the killings continue unabated.

The last time I checked the statistical data on gun violence in America, I was frightened by what I found. Ponder this: every day more than 100 Americans die by gun violence, including 64 who die by firearm suicide, 39 Americans die by firearm homicide, and 3 are killed by other forms of gun violence. In addition, every day 200 Americans visit the emergency department for nonfatal firearm injuries. What is more frightening about this data, is that we may be experiencing higher numbers in Nigeria. Just because we do not have a reliable data recording entity to report the levels of gun violence and killings in our country, does not make our circumstances any better, if not worse than that of America.

Retracing the genesis of political violence and killings in our country is important, but what is more important today, is examining and determining its prevalence and sustenance through decades. What has happened to our political process that has bolstered these distortions and killings, is that our political elites have commandeered and used the electoral system to entrench their legitimacy, and in so doing, divide their opponents by the use of armed and killer groups that intimidate their rivals.

Our political leaders have been incentivised to use conflict and ethnicity to cause division

and mayhem amongst the people. The result becomes the inevitable increase in the per capita killing rate equalling that of any other constituencies around the world.

It is a familiar observation that it is not only our evil leaders who instigate these killings, but the people as well. Through all the reasons that promote these killings including sinister personal motives, none can provide diametrically opposed genuine belief about the rightness and the justice in the wastage of human life.

There are many advantages of a change from this festering carnage to a requisite form of a more responsible life and the preservation of the sanctity of our existence as human beings created by God. Killings have become a global epidemic, and have metastasized into belligerent contraptions in our home land. It appears that we have become immuned to these killings, to the point that the fetid breath of the once dreadful death, means nothing to us now. Day by day, these killings are becoming more amorphous, and deeply fragmented, while defying solutions.

As our country faces a very bleak future with scary and palpable feeling of foreboding that these dangerous killers have overwhelmed and subdued the entire country, one can only hope that we find some kind of multi-faceted consensus building approach to resolving this nightmare. This can be through comprehensive strategic legislative, religious and socialization processes, or through moral rearmament means to end these killings.

In many respects, I am gravely perturbed as should be others, that these long-lingering persistent killings have been largely ignored by those whose duty it is to contain and stop them, and that the deadly longevity of these killings mars the mythology most Nigerians use to explain away our evil and ugly past while embroidering our checkered present.

We must all bow our heads in grieve, and be ashamed of these killings and recoil from its cruelty and devastation. r%S 0LFZ "OVFZJBHV XSJUFT GSPN *LPZJ -BHPT

President Tinubu eternity. To start with, Buhari will urgently need to free the huge funds trapped in the subsidy regime to finance his proposed social sector and infrastructural programmes to bring about the promised change. With greater illumination, the leakages could be reduced before eventually blocking it. At least, Buhari should aspire to be the President to block the fuel subsidy leakage.

To achieve this, the fuel subsidy debate will have to be reframed with a greater honesty of purpose.

Labour, employers and other economic players should come up with workable ideas on how to solve the fuel subsidy question, which is central to the economy. It is no more enough to kick against subsidy removal. It is also important to prevent leakages associated with the management of subsidy through a wholesale policy review.

The question of the moment is not if the opaque subsidy regime should be stopped; the point at issue is when and how the failed policy should end. This is one of the great challenges before Buhari.… “

K I L L I N G S A N D K I L L I N G S E V E RY W H E R E maimed and killed, and millions displaced and made homeless, have been impossible for security forces to quell. It is believed that the reason for government’s inability to stop these killings is because insecurity has become a lucrative business for both the killers and for those who are supposed to protect those being killed. It has become a racket, and the insouciance of the protectors can only be seen in the many scandals that have followed our security agencies’ actions in the performance of their duties to the citizenry.

Prior to these recent killings in Nigeria, the worst of the bloodshed took place between 1966 and 1970 when millions of our citizens were brutally murdered during the military coups of 1966, the civilian pogrom that followed, and the genocidal war called the Biafra war. And so to reach the headwaters of the essence of this essay, we must leap back to the heinous stories of our sordid past. Despite the silence of our collective voices on these past terrors, I have found some space and time to immerse myself in the history of the horrors that have been hidden in our land. My stories about the magnitude of our past horrors can be found in my book; Biafra, The Horrors of War, The Story of a Child. Soldier. My intention in telling these stories, was to explore ways and means of rehashing these ugly pasts to the point that we decolonize our minds, souls, and bodies for redemption and for motivation to live and coexist better without more bloodletting. To be clear, I do not think that we are anywhere near achieving this dream.

As we bemoan and accept the fact that much of world history consists of peoples conquering, colonizing and killing each other in the most ruthless manners, the apparent support given to these rapacious criminals is what should bother us. I am gravely troubled by the arrant animosity indignantly displayed in our country as we kill each other. There is an acknowledgement of the effects of the cycle of the killings, the malevolence of the violence, and the obliteration of anything that is decent

in our society.

Is there any kind of killing that is justified? Are there any laws that permit us to raise arms and weapons to kill? I recall in my undergraduate Political Philosophy class to have studied the Roman philosopher Marcus Cicero who argued that the laws that govern our behaviour in ordinary situations are different to those that should apply in circumstances of war and conflict. Cicero justified killings in wars as self-defense if a country is attacked. As the self-defense doctrine was propagated in justifying killings, it equally cautioned that the response should be appropriate and conducted in the proper way: civilians should not be targeted, prisoners of war treated humanely, hostilities must come as a last resort, and killings must be avoided at all cost. Unfortunately, none of these appropriate measures have ever been applied in the wars and crisis that have ravaged our country. From the moment our country was founded, we have wantonly killed ourselves as if killing was about to go out of style.

A few weeks ago, I sent a telephonic message to an old friend about our politics, and what I received back from this friend was so shocking that my phone dropped to the floor. My friend wrote: “Okey, my Son is dead”. I quickly picked up some courage and rang my friend who tearfully told me that his 24 year old son was shot and killed as he attended his friend’s graduation celebration party in the suburbs of Atlanta in the USA. His son who had just graduated from one of the most prominent universities, was a bundle of life and success.

A few days after, my wife and I attended the funeral service for this young boy. It was a standing room only, as the venue was packed to the brim with mostly Nigerian-American sympathizers. Many eulogies were given, but the bone-chilling moment was when the mother of this boy spoke about her Son and the brightness and brilliance of his life that was tragically and unnecessarily taken away by senseless gun violence which has prevalently consumed America and the world.

47

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

Sadio Mane Leaves Bayern, Joins Ronaldo at Al-Nassr

Former Liverpool forward Sadio Mane has left Bayern Munich to join Cristiano Ronaldo at Saudi Arabian club Al-Nassr.

The 31-year-old scored 12 goals in 38 games for Bayern in an underwhelming season despite initially impressing.

The Senegal player was also involved in a physical altercation with Leroy Sane in the Manchester City dressing room after losing a

TRANSFER NEWS Champions League game.

Reports suggest the German champions have recouped most of the £35m they paid Liverpoolfor Mane a year ago.

Bayern CEO Jan-Christian Dreesen said the former Southampton player - who has signed a four-year deal with Al-Nassr - had

not had an "easy year" since moving from Anfield.

"He was not able to contribute as much as we all and he himself had hoped," said Dreesen.

Earlier on Tuesday Bayern

manager Thomas Tuchel said he and Mane agreed "it was the best solution to untie the knot".

"We had a long, big hug and we both agreed we don't like what's happening now, but we think it's for the best in this situation," said the Bayern coach.

"Sometimes things don't work

out as everybody wants. I have always had a very good relationship with him and this will stay.

"I can totally understand he feels hurt and I also wouldn't feel happy if things like this happened.

"Obviously it's something that we didn't bring into the full potential, which is my responsibility, but in

this particular situation it was the best solution to untie the knot."

Al-Nassr signed five-time Ballon d'Or winner Ronaldo in December and have followed that up this summer by adding Croatia midfielder Marcelo Brozovic, Brazil full-back Alex Telles and Ivory Coast midfielder Seko Fofana.

Saudi’s Al Hilal Table $154.5m for Osimhen Saudi Arabian side Al Hilal have been reported to have table an astonishing $154.5million offer to Napoli to lure Nigerian sensation, Victor Osimhen, to the Middle East.

The Saudi Pro League side are continuing in their pursuit to bring the world’s biggest talents to the Middle East and have submitted the huge bid to the Serie A champions for Osimhen.

The proposal highlights Saudi Arabia’s commitment to attracting top talents and comes days after Kylian Mbappe rejected a move to

the club worth a potential $899.4 m-a-year.

According to Sky Sports, in addition to the triple-digit offer, Al Hilal have also tried to tempt Osimhen into agreeing personal terms with a £1million-per-week wage.

As at press time, there was no official statement from the Italian league champions who had earlier fend off top European teams from their prized Nigerian forward who was largely responsible for their winning the Scudetto 33 years after their last title with Diego Maradona.

New Chelsea Player, Ugochukwu, May Go on Loan to Strasbourg Manager Mauricio Pochettino has said that new signing, Lesley Ugochukwu, may go on loan after the midfielder joined Chelsea for 27m euros (£23.2m) from Rennes.

Ugochukwu has signed a sevenyear deal but Pochettino has not yet decided the Frenchman's immediate future.

The 19-year-old has made 47 Ligue 1 appearances for Rennes and has also featured in the Europa League.

"We need to assess him when he starts training today and then in London after the tour," said Pochettino.

"He's a young, talented player. Now is the time to assess him until the end of the transfer window and see if he is going to be with us or maybe it can be a possibility to loan him."

Ugochukwu, whose deal has the option of another year, is yet to make his senior debut for France but has played for Les Bleus at under-17, under-18 and under-19 levels.

He could return to Ligue 1 for next season because the Blues' ownership group purchased a majority stake in Alsace club Strasbourg in June.

Chelsea have been pursuing Brighton midfielder Moises Caicedo throughout the transfer window - with a £80m bid rejected last week - and Pochettino has been calling for more experienced players to add to his squad.

Chelsea have a strategy of signing young talent with the potential to be future stars while clearing out their bloated squad following a £600m spend in the past two transfer windows.

Kai Havertz, Mateo Kovacic and Mason Mount have all departed this summer for Arsenal, Manchester City and Manchester United respectively, while N'Golo Kante, Kalidou Koulibaly and Edouard Mendy have moved to the Saudi Pro League.

England Crush China to Set up Last 16 Clash with Super Falcons England’s Lauren James produced a sensational individual performance as the Three Lions entertained to sweep aside China 6-1 to set up a Last 16 clash with Nigeria on Monday at the ongoing Women's World Cup in Adelaide, Australia.

The victory confirmed England as winners of Group D to play the runner up team of Group B which happens to be the Super Falcons.

England’s display was worthy of their status as European champions and James once again lit the stage alight in Adelaide with two sensational goals and three assists.

The 13,497 in attendance were treated to a masterclass from Chelsea's James, who announced her arrival at the World Cup with the match-winner against Denmark on Friday.

She helped England get off to the perfect start when she teed up Alessia Russo for the opener, and later slipped the ball through to Lauren Hemp to coolly place it

WORLD CUP into the bottom corner.

It was largely one-way traffic as England dominated and overwhelmed, James striking it first time into the corner from the edge of the box to make it 3-0 before another stunning finish was ruled out by video assistant referee (VAR) for offside in the build-up.

China knew they were heading out of the tournament unless they responded, so they came out with more aggression in the second half, unnerving England slightly when Shuang Wang scored from the penalty spot after VAR picked up a handball by defender Lucy Bronze. But three more goals condemned the Asians to return home empty handed.

Denmark defeated Haiti 2-0 to finish as Group D runners up and are to play Australia for a place in the quarter final on Monday.

HI FIVE FOR SUPER FALCONS...

General Secretary of FIFA, Madame Fatma Samoura (right), giving hi-five salute to Nigeria’s Super Falcons in the dressing room shortly after playing out a goalless draw with Republic of Ireland to qualify for the Last 16 of the ongoing Women’s World Cup in Brisbane, Australia last Monday. Her remarks that the world body ‘ring-fenced’ money meant for players away from the reach of NFF and other federation officials created a buzz on Twitter all Tuesday afternoon.

Nigeria’s Montreal ‘76 Heroes Commend Obaseki’s Investment in Sports Infrastructure Duro Ikhazuagbe Legends of the Samuel Ogbemudia sports revolution in old Midwest/ Bendel, have commended the Governor of Edo State, Mr Godwin Obaseki, for rehabilitating sports facilities in the state to world-class standard.

Godwin Obasogie, Charlton Ehizuelen and Bruce T. Ijirigho (all Ph.D holders) who visited the governor shortly after they were inducted into Sports Diplomacy Wall of Fame at the Nigeria Institute of International Affairs in Lagos at the weekend were at the Government House in Benin City on a courtesy call.

The trio were household names in the country’s track & field scene, rising to become world leaders in their respective events in the 1970s.

Obasogie hailed Obaseki for

turning the Samuel Ogbemudia Stadium to a world-class facility “The Samuel Ogbemudia Stadium is world-class and has standard facilities that can be compared to any other anywhere in the world.

The facilities are excellent,” observed Obasogie who won the All-American 110m hurdles event at the University of Missouri in 1975. He was on the verge of winning an Olympic gold medal in the barrier sprint event when Nigeria led other 26 African countries to boycott the Montreal Games in Canada.

Ehizuelen had the world leading long jump record leading to Montreal ‘76 Games and was sure-bet to win the gold but was denied the opportunity like Obasogie. Ijirigho was a quarter miler of world-class also in his peak that year.

All trio were products of the robust sports programme of the

old Bendel State put in place by Ogbemudia.

Speaking earlier, Governor Obaseki reaffirmed his government’s commitment to developing young athletes to become world record holders.

He disclosed that the focus of his administration is the discovering of young athletes through the school sports programme, which will create opportunities for them to nurture their talents to stardom.

Obaseki commended the three Olympians for their exploits during their sporting days, stressing that the state government was honoured to have them in the state and would be glad to leverage on their heroics to promote its sports development programme.

“We are growing a new generation of young athletes who will be like you, as our policy is based

on catching them young and we would like to use the opportunity of having you in our State to let the new generation know what you have achieved in the past so that you let your own stories inspire and motivate our young generation.

“We need to create alternative voices and for people to know that you have done it in the past and that you are our heroes,” stressed the Edo State governor.

Obaseki also said that they would be made patrons of some of the sports associations in the state.

The governor endorsed the proposal of having the ‘Class of 1971’ athletes reunion in December this year and the inaugural edition of the Edo/Delta State Annual Competition for secondary schools to be staged next year on a rotational basis between the two state governments as presented by the trio.

Legend FC Lift Inaugural Benjamins-Laniyi FCT Unity Cup Olawale Ajimotokan in Abuja Legend FC of AMAC defeated Maracana FC of Kwali 2-1 to lift the maiden Adedayo Benjamins-Laniyi FCT Unity Football Championship football in Abuja.

The grand finale was played over the weekend at the Moshood Abiola National Stadium, Abuja.

It signaled the end of a monthlong competition among teams from the six area councils of the FCT.

Kelechi Francis of Legend FC opened scoring in the 38th minute before Sheriff Idris of Maracana FC restored parity for the Kwali boys on resumption of the second half in the 47th minute.

Francis, however, sealed victory for the Legend boys with a clean finish in the 52nd minute, to ensure a 2-1 victory for Legend FC. Earlier in the third place match, Kickers FC defeated N-Youth FC 5-4 on penalties, after regulation

time ended 2-2.

The organiser of the tournament, Mrs Adedayo Benjamins-Laniyi, said the competition was organised to foster unity and discover grassroots talent scattered across the FCT. She said sports could serve as a veritable tool for empowering Nigerian youth and promoting unity in the country.

“This inaugural competition is meant to engage our youth and promote unity in the country,

starting with FCT. “If there is no unity, there cannot be a nation. So, we are trying to use sports to bring about positive change, get our youths off the streets, and build a great nation,” she said.

Ex-internationals such as Kanu Nwankwo and Femi Ajilore were selected as ambassadors of the competition to give inspiration and mentorship to young talents discovered at the competition.

TR

Wednesday, August 02, 2023

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Price: N250

MISSILE NGOs to FG “After a careful review of the establishment Act, it is abundantly clear that the procedure for dissolving the board when it becomes absolutely necessary, will be in accordance with the provision of Section 3(8) and 3 (10) of the ICPC Act 2000 which states that the chairman or any member of the commission may be removed from office by the president, acting on an address supported by a two-thirds (2/3) majority in the Senate, in the case of inability to discharge their functions due to infirmity of mind or body, any other cause, or misconduct” --Non-governmental campaigning against the dissolution of board of Independent Corrupt Practices Commission (ICPC).

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Of Technocrats and Governance

T

wo current events seem to bring to the fore the false dichotomy between the roles of politicians and technocrats in governance.

The first is the largely well-received broadcast of President Bola Tinubu to the nation on Monday amidst the plans of labour and its allies to protest the socio-economic hardship in the land.

The second is the screening of ministerial nominees as the President gears up to put a government in place. The combined import of the two events is that while those in power need a lot of technocratic skills, they should be politically literate enough to drive policies in the public interest. In other words, both technical capacity and political dexterity are compulsory for governance.

The President spoke directly to the grave situation on ground in clear terms. He spoke as a politician with a technocratic background, who was on the hustings only a few months to seek the mandate of the people. Those who are enamoured of narrow technocratic language might not be impressed with the statement. It was, however, appropriate that the President admittedly avoided crunching of figures and espousing abstract models as our experts are wont to do in the face of a growing humanitarian situation on the streets.

Yet, a lot of technocratic input is unmistakeable in the statement. Tinubu said things were hard especially for the poor and also sketched the

President Bola Ahmed Tinubu preliminary steps being taken to alleviate their condition. He said the pains would be temporary while the gains would later justify the sacrifice being made at the present. Such a verbal balm on the pains of the people are useful because the stoppage of fuel subsidy has aggravated the socio-economic crisis inherited by the Tinubu administration.

This spirit of engagement with the Nigerian people in general should continue to inform the negotiations with the labour centres - the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) - in their legitimate demands on behalf of their members. In fact, this constant engagement in a sober tone and tenor should be the golden rule of the Tinubu Team in terms of policy articulation. Those in power should display sufficient humility while giving account of the actions they have taken in the name of the people. After all, it is now little remembered that in this civil dispensation a President once accused a labour leader in a national broadcast of treason. Without giving any iota of evidence, the President alleged that the labour leader was planning “an alternative government.” The occasion was a national convulsion triggered by the mass protests led by the NLC against increase in fuel price. Arrests and tear-gassing of labour activists were among the high-handed responses of the Nigerian state at the time.

A new approach that is socially and politically responsive should be the order of the day on issues directly affecting the people. As it is, the government team should demonstrate sincerity of purpose about the provision stopgaps for the people’s welfare. Beyond that, it is important to articulate policies that would be executed with the savings from the subsidy removal on a long-

term and concrete basis. The real problem is that the people have not seen concrete evidence of what impact previous removals of subsidy had on financing education, healthcare, infrastructure, mass transit, social housing, boosting agriculture etc. This lack of transparency on the part of successive administrations has engendered widespread cynicism on the part of the public.

Any talk of “palliative” or the long- term investment of the savings in the social sector is often taken a joke. As a matter of fact, since the regime of the maximum ruler, General Sanni Abacha, created the Petroleum Trust Fund (PTF) in 1994, no other administration has shown to the public in concrete and coherent terms what happened to the savings from the intermittent removals of subsidy. Today, despite the valid criticisms and some unproved allegations against the Fund, at least some pieces of evidence abound of what the PTF did with the money that accrued from the subsidy removal of the Abacha years. Given the odious imagery that comes to mind whenever Abacha’s name is mentioned, this might sound unpleasant to many people. But that is a fact of the nation’s economic history.

The point at issue, therefore, is how to convince the public in words and action about the economic wisdom of the action already taken by Tinubu.

Continued on page 46

OKEY ANUEYIAGU Killings And Killings Everywhere GUEST COLUMNIST

E

very second that we watch, read, or listen to the news, all that confronts us is the disastrous impact of the killings in our communities and around the world. The harm that these killings has caused us, is incalculable and extremely consequential. Decades of evidence and damning revelations have exposed this phenomenon, and its devastating effect on Individuals, families, communities and humanity, as utterly disdainful.

Today, it is crucial to acknowledge our individual and collective roles in catalyzing the millions, upon millions of lives, mostly of innocent people, that have been willfully taken by the wickedness of their fellow humans. One must be forced to question the motivations that have created these far-reaching consequential disruptions to human lives and existence – are they actions motivated by political expediency, religious bigotry, ethnic and tribal hate, or racist motives? Perhaps these rampant killings are as a result of economic or monetary considerations, or by some other mundane reasons.

Every day that I wake up, I keep contemplating what is in the human DNA that promotes the obnoxious perpetuation of this harmful cycle

National Security Adviser, Nuhu Ribadu of the orgies of killings and killings in our society? In light of these historical wrongs and the current animalistic behaviour of humans toward humans, it is time we addressed the resounding failure of the world to curb these

killings on all scales and spheres.

On a more broader sense, there are far more questions than answers about these senseless killings. In many ways, the lack of certainty to these questions will somewhat give heart to those who in perpetrating these acts, hope to use violence to change their circumstances. It may also convince the weak and feeble amongst us, that they are strong when they exhibit these vile behaviours that continue to haunt us and devastate the world today.

There are many faces of killings around the world. Predominantly, the killings in Africa, and specifically those in Nigeria, have been aimed at political and ethnic conflicts. Those who take up arms and kill, are more likely to do so as a means of bargaining over resources. Some have even enjoyed the instigation and support of government officials as a means of using non-state actors to settle scores and prolong their hegemony on power and influence as a mode of governance. In the case of Nigeria, we have manufactured a band of bandits and senseless killers whose reputations for depravity often in symbiotic relationships with government and their agencies, have shocked the system beyond reproach. The violence and killings that

have emanated from these killers, have become systemic, and transcend common sense and reasoning.

We must recognize the origins of these killings in our land, and acknowledge that practically, most of them are spill-overs, and, what one may refer to as repeat crisis playing out of the ruins of our evil pasts and the grievances associated with those unforgettable episodes of pain, sorrow and agony. It has become obvious that we have collectively invested in conflicts that have made armed mobilization and killings practical and accepted sources and means of conducting our politics and securing our primodial dominance.

In this term, killings have become an occupation, and a means of livelihood.

Our country Nigeria today, exemplifies what many refer to as the new normal in killings around the world. We are beset by violent Islamist attacks in the North, rampant banditry with conflicts between nomadic and pastoralists and farmers in the Middle Belt, militia criminal activity in the Niger Delta, and secessionist agitations in the East. These conflicts resulting in hundred of thousands being Continued on page 46

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