WEDNESDAY 3RD AUGUST 2022

Govs Write FG over Alleged $418m Paris Funds Debt, Say Renewed Deduction Plan Unlawful Allege Malami, Ahmed’s allegiance now to contractors, not to Nigeria Emmanuel Addeh in Abuja The 36 state governors in the

country under the Nigeria Governors’ Forum (NGF) have again resisted fresh moves to commence

the deduction of $418 million Paris Club refund allegedly owed four contractors from the federation

account.

In a letter to the federal government through the Secretary to the

Government of the Federation (SGF), Mr. Boss Mustapha, dated August 1, the governors

maintained that any renewed Continued on page 41

Naira Gains Momentum, Appreciates to N660/$1 in Parallel Market... Page 8 Wednesday 3 August, 2022 Vol 27. No 9976. Price: N250

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Crude Oil Theft Hurting Nigeria’s Economy, Shell Laments Says Nigeria lost $1bn Q1 revenue to incident Blessing Ibunge in Port Harcourt Shell Petroleum Development

Company (SPDC) of Nigeria has expressed concern that crude oil theft remains a major challenge affecting the Nigerian economy.

The Head, Corporate Relations, Nigeria and Director SPDC of Nigeria Limited, Mr. Igo Weli, said this yesterday in Port

Harcourt, during an engagement with journalists on ‘Crude Theft, Pipeline Vandalism and Illegal Refineries.’

Weli, who noted how Nigeria had deteriorated to the level it was, which he stated included the degraded Niger Delta environ-

ment, described crude oil theft as an organised crime fully funded Continued on page 41

Shettima: We'll Be Equitable, Just, Inclusive If Elected Etta: it'll be disastrous if Tinubu loses presidential poll Says Peter Obi will get South-east, South-south votes Accuses CAN of being PDP religious wing Adedayo Akinwale and Udora Orizu in Abuja The vice presidential candidate of the All Progressives Congress (APC), Senator Kashim Shettima, has assured Nigerians that if elected, the Bola Tinubu administration would be inclusive, just, and fair to all Nigerians, irrespective of tribal, religious, or political affiliation.

Shettima said this yesterday during the one-year memorial service for Dr. Emmanuel Abiodun, father of the governor of Ogun State, Dapo Abiodun, held at St. James Anglican Church, Iperu-Remo, Ikenne Local Government Area, Ogun State.

That was as former APC National Vice Chairman, Southsouth, Hillard Etta, yesterday Continued on page 41

MEMORIAL SERVICE OF EMMANUEL ABIODUN...

L-R: Wife of Ogun State Governor, Bamidele Abiodun; Governor Dapo Abiodun; his mother, Victoria Abiodun; former President of Nigeria, Chief Olusegun Obasanjo; All Progressives Congress Vice Presidential candidate, Kashim Shettima, and former Governor of Ogun State, Olusegun Osoba, at the one-year memorial service of Governor Abiodun’s late father at St. James Anglican Church, Iperu-Remo, in Ikenne Local Government Area of the state...yesterday

Obasanjo: I May Soon Go Bankrupt Because of Rising Diesel Price... Page 43

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

NEWS

OWNING A HOUSE DREAM COMES THROUGH...

L-R: Managing Director/CEO, Lagos State Development and Property Corporation (LSDPC), Mr. Ayodeji Joseph; Oniru of Iruland Kingdom, Oba Omogbolahan Lawal, Abisogun II; Lagos State Governor, Mr. Babajide Sanwo-Olu; Committee Chairman on Housing, Lagos House of Assembly, Hon. Rasheed Makinde and CEO, Brook Assets Resources Limited, Ms. Lanre Sholam, during the inauguration of two blocks of 38 units of two and three bedroom flats at Sinari Daranijo Street, Victoria Island, Lagos...yesterday

Buhari: No Single Nation Can Solve Security Challenges Alone Says Nigeria working with other ECOWAS member-states, regional blocs to deal with terrorism, trans-border crimes Orders military to smoke out terrorists, criminals FG: Abuja-Kaduna train service remains shut till abducted passengers are released Terrorists free five more victims Deji Elumoye, Kasim Sumaina in Abuja and John Shiklam in Kaduna As Nigerians continue to lament the rising insecurity in the country and growing attacks by terrorist groups, President Muhammadu Buhari has said no nation can unilaterally tackle its security problems. Buhari made

the remark yesterday at the Council Chambers, State House, Abuja, while receiving Letters of Credence of Canadian High Commissioner to Nigeria, Ambassador James Kingston Christoff, and Ambassador of Mexico to Nigeria, Juan Alfred Miranda Oritz.

The president’s comments came

as the federal government yesterday announced that the Abuja-Kaduna rail line, which was attacked four months ago by terrorists, would not resume services till the remaining abducted passengers were released and reunited with their families.

Five of the remaining 39 passengers of the attacked train were

released last night.

Buhari, who painted a gloomy picture of the security challenges facing Nigeria, advocated more collaborative efforts among nations with a view to addressing the menaces of terrorism, banditry, and insurgency across the globe.

Speaking while receiving the

NDIC Insists Investment with Illegal Fund Managers at Owners’ Risk James Emejo in Abuja The Nigeria Deposit Insurance Corporation (NDIC) yesterday warned the public about the high risk associated with investing funds with illegal fund managers.

The caution came against the backdrop of the recent increase in investment channels arising from innovative products.

The corporation noted that there had been an increase in illegal fund managers who have been using different platforms to woo members of the public to invest their funds with them, and promising excessive returns on such investments.

However, the NDIC in a statement issued by its Director, Communication and Public Affairs Department, Mr. Bashir Nuhu, explained that as the deposit insurer, the corporation would like to inform members of the public that contrary to claims by some of these funds managers, the corporation does not insure investments with them.

He said the corporation insures only deposits of financial institutions licenced by the Central Bank of Nigeria (CBN) to accept deposits from the public.

He also urged the public to verify whether a financial institution is covered by the deposit insurance scheme of the NDIC by visiting its website for a complete list of organisations it covers.

The statement further urged the public to address any other inquiry to the corporation as well as report any entity suspected to be involved in illegal deposit mobilisation to the law enforcement agencies.

It is not the first time the NDIC and CBN have warned against patronage of illegal fund managers also known as wonder banks in the country.

The apex bank had in May 2019, warned Nigerians to desist from patronising ponzi schemes popularly referred to as wonder banks as they only exist to defraud unsuspecting customers through mouth-watering incentives.

The CBN had said: “We have made it clear that the public should not patronise any institution that is not approved by the CBN and NDIC. Before MMM came, we warned them and we will continue to say that."

The NDIC had also said anyone who patronises ponzi schemes does that at his or her own risk as the corporation does not recognise

any institution not registered by the CBN. In the past, both regulatory institutions had reason to issue joint circular on ponzi schemes, warning they are not covered.

They stated, “Anybody who put their money in MMM and all those things, does that at his own risk. NDIC does not insure any financial institution that is not licensed by the Central Bank of

Nigeria.

"And so the first question to ask yourself is that is that financial institution licensed by the CBN? No. NDIC has no business with any financial institution that is not licensed by the CBN." Both had continued to insist that Nigerians should not patronise financial institutions or their products if they are not certified by both the CBN and the NDIC.

letters of credence of the new envoys, Buhari declared, “I believe that matters of security have become the business of all nations, as these challenges go beyond the abilities of any single country to effectively contain."

He commended the collective efforts of nations towards tackling security challenges across the globe and within Nigeria, urging more collaboration to check extremism.

"The world must, therefore, work closely together and Nigeria counts on your support in cementing the relations between our countries at both bilateral and multilateral levels to surmount these global threats to civilisation," the president said.

He told the diplomats that successes in efforts to tame insecurity had been recorded through collaboration across borders, and more could be achieved.

According to Buhari, “The devastating effect of global insecurity, climate change and the post-COVID-19 era has devastated global economies. Nations continue to struggle to recover from these

multiple global challenges.

“The ongoing war between Russia and Ukraine has undermined the progress countries have achieved in tackling food security in the last decade. While, the political instability in Libya continues to fuel terrorism in the Sahel, as well as scuttle democratic sustenance in both West and Central African regions.

“Nigeria is not left out of the equation, as we are fighting to rid our country of banditry, kidnapping, herder/farmer crisis and insurgency. We are, however, making meaningful progress with the support of friendly countries like yours to sustain these fights until we overcome these challenges.”

At the regional level, Buhari said Nigeria had been working with other member-states of ECOWAS and other regional blocs to deal with terrorism, trans-border crimes, and maritime crimes, such as piracy and illegal fishing on our waters, illicit drug, and human trafficking, banditry as well as unconstitutional Continued on page 44

Obaseki: We Have Built Structures to Sustain Gains of $500m Investment in Edo Oil Palm Sector The Edo State Governor, Mr. Godwin Obaseki, has said that the state government has built a formidable structure to sustain the gains of the $500m investment in the state’s oil palm sector.

The governor, in a chat with Africa Report, a magazine, said the investment would drive Nigeria’s diversification targets as the plantations developed through the state’s Edo State Oil Palm Programme (ESOPP) would provide feedstock for manufacturing companies in the country.

According to him, “We decided

to be strategic in the development of oil palm, rubber and cassava value chains in Edo State. We developed plans and went to the Federal Government for support.

This is why we got financing from the Central Bank of Nigeria (CBN).

“ESOPP benefits from CBN financing as we sat down to determine the type of financing was required to built a sustainable sector.

We also keyed into the government’s mechanization programme. We have since attracted $500m in investment into the state’s oil palm sector.”

The governor noted that the state

government prioritized the task of ensuring that there was a market for the produce from the plantations, stating that the government approaches agriculture as a business and got partners that believe in the same principles.

“There has to be a market.

Agriculture is a business. We located companies and partnered with them. We looked at what they needed and asked them to come to Edo to invest in the raw materials they needed to run their factories and plants.

“One of the criteria we considered

is the fact that they must have a market for their product and require a steady source of raw materials.

We asked them to walk back through the production value chain and come and site in Edo as the source of their raw materials. With this arrangement, the investment is sustainable.”

He added that the government has since built frameworks, systems, institutions and local capacity to ensure the sustainability of the investment so that the people are well integrated into the production activity by the investors.

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BUHARI RECEIVING LETTERS OF CREDENCE...

President Muhammadu Buhari (right) receiving the new Canadian High Commissioner to Nigeria, H.E James Kingstion Christoff, during the Presentation of Letters of Credence from the Diplomat at the PHOTO: SUNDAY AGHAEZE. State House Abuja…yesterday

In Response to Critics, NNPC Says It’s Not in Business of Grabbing Assets Wabote: No legislation yet on solar in Nigeria Peter Uzoho In what seemed to be a pushback to critics insinuating its grabbing and nationalisation of oil and gas assets in the country, the Nigerian National Petroleum Company (NNPC) Limited yesterday clarified that it was, "not in the business of grabbing assets."

The NNPC also disclosed that it was considering off-setting some of its assets that it no longer wants to companies that would manage them better as it was not interested in managing them.

The Group General Manager, National Petroleum Investments Management Services (NAPIMS), an investment arm of NNPC, Mr. Bala Wunti, made the disclosure in Lagos, yesterday, while speaking during a panel session at the ongoing 45th Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) 2022.

The theme of the conference was, "Global Transition to Renewable and Sustainable Energy and the Future of Oil and Gas in Africa," while the topic of the panel session was: "Sustainable Energy Transition Strategy in Africa: The Role of Legislative Frameworks and Investment Programmes."

Wunti said the NNPC has responsibility to select the high performing assets to manage them and deliver value to the 200 million Nigerians, who are the shareholders of the company.

The NNPC recently blocked the attempt by Seplat Energy to

acquire oil assets belonging to Mobil Producing Nigeria Unlimited (MPNU) in a Sale and Purchase Agreement for $1.283 billion, in addition to about $300 million contingent consideration.

The transaction had encompassed the acquisition of the entire offshore shallow water business of ExxonMobil in Nigeria and was supposed to create one of the largest independent energy companies on both the Nigerian and London Stock Exchanges.

Also, a Director at Conoil Plc, Dr. Ebi Omatsola, recently tackled NNPC Limited and its Group Chief Executive Officer (GCEO), Mallam Mele Kyari, for allegedly doing illegal things in the oil sector around assets divestments and acquisitions and had accused the NNPC of denying Conoil Producing, the right to acquire Oil Mining Lease (OML) 86 and 88 from Chevron, after the company had emerged the preferred bidder and had done all the due diligence.

But speaking yesterday, Wunti said NNPC was not in the business of grabbing assets, explaining that the company was ranking its portfolio and assets and that the national oil company was not interested in keeping assets.

He said just like many organisations in the world are rationalising and reshaping their portfolios and assets, NNPC was doing same to create and deliver value to the shareholders.

Wunti said, "And so, the key point is that, as a commercial company, we will do what we were not able to do before. We are ranking our

portfolio; we're ranking our assets.

And there are some assets that will clearly come to be discovered that they are better managed by other companies. We will let them go.

"We're not interested in keeping assets. We want to give high value assets so that Nigerians would be proud of it. Just like everybody is doing across the world. They are looking at their portfolio and they are reshaping it. We are looking at our portfolio and we are reshaping it.

"We wouldn't have been able to do that some weeks back, but now, like I said earlier, we will do everything and anything that is legitimate to create value and to give comfort to our people.

"We are not in the business of grabbing assets, at all, far from it. But we have responsibility to select the high performing assets and keep them and create value and deliver that value to the 200 million Nigerians."

Talking about the position of indigenous companies, the NAPIMS

to encourage reporting of illegal actions or financial crimes, through the appropriate channel, with a view to correcting the violations or non-compliance.

According to the LIRS boss, “In line with the LIRS core values of integrity and accountability and our commitment to uphold the highest standards of openness, probity and accountability in our dealings with stakeholders, the platform is anonymous and confidential and it is independently managed by Deloitte, a globally

"Nobody wants to do that anymore. Secondly is that, the finance has become very discriminatory. Of course, in my own view, imprudently, basically driven by what has been said about the narrative painted by the activists (of energy transition).

"The so-called activist investors have penetrated into our boardrooms. When I say ours, into particularly, our partners' boardroom, and they're making them to take a decision that cannot be rationalised.

People who don't know anything about energy are now in the middle of making decision on oil and gas industries.

"And that decision is impacting a lot of the profound positions being taken by our partners especially. So what are we going to do? What we are going to do basically is, we need to be able to be in a position to attract capital from all and sundry.

"And that capital means we need to bring money from you! Why can't you do crowdsourcing? Why

can't you do crowdfunding? Why can't we do all kinds of creativity?

And I think that is where the boys will be separated from the men," he stated.

Also speaking at the panel, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, said there was no specific legislation yet on making solar part of Nigeria's energy mix.

"I don't know of any, specifically.

But I believe that is all part of the mix. In terms of how do we go forward and in terms of the discussion we are having today in regards to legislative framework, so it's not going to just be a standalone legislation, because that's not where we are transiting to," Wabote stated in response to a question from the audience.

He said gas remains Nigeria's transition fuel, advocating that the narrative and legislative framework for Nigeria's energy transition has to be driven by local industry players.

OPEC+ Set to Meet Today as Oil Prices Pick after Volatile Start BP boosts dividend on 14-year high profits Emmanuel Addeh in Abuja with agency report Oil prices recovered after a turbulent session as traders counted down to the Organisation of Petroleum Exporting Countries and allies (OPEC+) meeting which is set to hold today over September supply.

LIRS Set to Launch Whistle-blower Initiative August 5 The Lagos State Internal Revenue Service (LIRS) is set to launch its Whistle-blower initiative this Friday.

The initiative is a state-wide project introduced to provide a platform for employees, stakeholders and the general public to report any observed violation, misconduct, or unethical behaviour across the state.

A public notice signed by the LIRS Executive Chairman, Ayodele Subair, explained that the whistle-blower initiative is a public policy of the state government

boss said NNPC today prides itself as the largest indigenous company in Nigeria.

According to him, "There's nobody more local than us. There's nobody more national than us.

There's nobody more domestic than us. 200 million of Nigerians have shareholding? I don't know how many of us have shareholding in Shell and Exxon and Seplat and whatever."

On the issue of energy transition and how it impacts oil and gas investments, Wunti said the whole financial landscape had changed, adding that all investors now want to invest today and get their benefit tomorrow.

This, he said had led to capital for investments becoming very impatient, arguing that the era where lenders deploy their money to oil companies and allow it to go through the rudiments of exploration to exploitation of oil before getting the money back in five to 10 years has gone.

accredited company.

“The objective of the whistleblower initiative is to guarantee transparency, accountability, and confidentiality to all taxpayers and stakeholders in general.

“The policy is designed to protect whistle-blowers from victimisation and to encourage them to freely report without fear.”

The launch of the WhistleBlower initiative is scheduled to take place at the Protea Select Hotel, Assibifi Road, Alausa-Ikeja, Lagos.

West Texas Intermediate futures climbed more than two per cent, having lost almost five per cent on Monday, as broader markets steadied, Bloomberg reported.

By yesterday afternoon, WTI had reclaimed a price above $95 per barrel, gaining 2.15 per cent on the day to reach $95.91 per barrel while Brent crude rose $2 to hit $102.00 per barrel.

Both benchmarks were trading down earlier in the week on disappointing data from China that suggested the demand for crude was easing.

But oil-watchers were skeptical that OPEC+ would answer President Joe Biden’s call for more oil supplies when it meets, expecting the coalition to preserve its remaining capacity for another time.

Oil opened August on a weak footing after declining the prior two months on demand concerns. The drop has wiped out almost all of the gains seen since Moscow’s invasion of Ukraine in late February.

The OPEC+ meeting came after

US President Joe Biden urged Saudi Arabia to pump more oil on a visit to the kingdom last month. The alliance has already agreed to return all the supplies it took offline following the outbreak of the pandemic, although some members like Nigeria have been unable to meet quotas in full.

In the meantime, BP's second quarter profit soared to $8.45 billion, its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production.

The strong performance capped a blowout quarter for the top Western oil and gas companies on the back of soaring energy prices.

"The company is running well and it continues to strengthen. We have real strategic momentum," Chief Executive Officer Bernard Looney told Reuters.

Looney, who took office in 2020 with a vow to rapidly shift BP away from fossil fuels to renewables, said that the company will increase its

spending on new oil and gas by $500 million in response to the global supply crunch.

"We will direct more investment towards hydrocarbons to help with energy security in the near term," Looney said. "We'll probably direct about a half a billion dollars for hydrocarbons," he added.

BP plans to maintain its overall capital expenditure this year in a range of $14 billion to $15 billion.

The surge in revenue also allowed BP to sharply reduce its debt to $22.8 billion from $27.5 billion at the end of March.

The company brings the second quarter profit tally for the top Western oil and gas companies to $59 billion after rivals including Exxon Mobil and Shell reported record earnings last week.

Its underlying replacement cost profit, its definition of net earnings, reached $8.45 billion in the second quarter, the highest since 2008 and far exceeding analysts' expectations of $6.8 billion.

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9TH INTERNATIONAL CLIMATE CHANGE SUMMIT OPENING CEREMONY...

L-R: Permanent Secretary Office of Drainage Services and Water Resources, Engr. Lekan Shodeinde; his counterpart in Office of Environmental Services, Omobola Gaji; former Deputy Governor of Lagos State, Prince Abiodun Ogunleye; First Lady, Mrs. Ibijoke Sanwo-Olu; representative of Lagos State Governor/Deputy Governor, Dr. Obafemi Hamzat; Commissioner for Environment and Water Resources, Tunji Bello; Chairman, APC, Lagos State, Cornelius Ojelabi; Special Adviser on Drainage and Water Resources, Joe Igbokwe, and Vice Chancellor, Lagos State University, Prof. Ibiyemi Olatunji-Bello, at the Lagos State, 9th International Climate Change Summit opening ceremony held at Lagos Continental Hotel, Victoria Island, Lagos…yesterday

Lagos Climate Summit Resolutions Saved Victoria Island, Says Sanwo-Olu Segun James Lagos State Governor, Mr. Babajide Sanwo-Olu yesterday said were it not for some resolutions that emanated from the state’s annual Climate Change Summit, some the 555 hectares of land at the popular Victoria Island would have disappeared under the Atlantic Ocean since 2010.

He disclosed this at the 9th Lagos International Climate Change Summit held at Victoria Island.

Sanwo-Olu who made the

disclosure while declaring open the summit with the theme “Integrating Climate Actions in Lagos State Development: investment Opportunities and Trade-offs, said, "as has been noted by many, climate change is not a future problem. It is with us here and now, affecting every community in every country, on every continent.

“We are seeing the impact in everything from wildfires to rising sea levels and flooding, to intensifying heatwaves in places where such phenomena used to

be unknown. Here in Lagos, our status as a littoral state puts us at the mercy of rising sea levels. It cannot be over-emphasised that we are witnessing the increasing interdependencies of systems.

With each passing year, the risks of unabated climate change mount.”

The Governor who was represented by his Deputy, Dr. Obafemi Hamzat added, "People ask what's Lagos doing? Victoria Island, 555 hectares, would have disappeared by 2010, but as a result of this summit."

Sanwo-Olu buttresses further, "Last year, Lagos State took a giant leap by launching the Lagos Climate Action Plan: Our second Five-year Plan covering 2020 – 2025. This plan highlights evidence-based and inclusive climate action that will help create a more resilient Lagos for all.

"In just a year, I can say with great confidence that the Lagos Climate Action Plan has started to deliver great and impactful rewards, including attracting the attention of critical supporters

and partners. For example, there is the recently awarded grant by the UK Government (Future Cities Nigeria) to the Lagos State Waterways Authority to improve the ferry services across the State, which will further support our efforts to provide a truly multimodal transport network for Lagos, with the consequent reduction in greenhouse gas emissions associated with road transportation.

"We have recognised that inaction in the face of the devastating impact of Climate Change is not an option.

Naira Gains Momentum, Appreciates to N660/$1 in Parallel Market The naira yesterday continued its recovery on the parallel market, appreciating to N660 per dollar a few days after security operatives raided Bureaux De Change (BDC) hub in Abuja.

The nation’s currency had depreciated to about N715 to a dollar on the parallel market last week.

On the official market side, the

naira appreciated by 0.03 percent to close at N428.88 to a dollar on Monday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.

Last week, operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4, Federal Capital Territory, Abuja, over allegations that some

FG to End Out-of-Pocket Payment for Healthcare Onyebuchi Ezigbo The federal government says it is working to end out-of-pocket payments for health care services by demanding evidence of registration on the national health insurance scheme as a prerequisite for student enrollment, access to hospital services and other privileges.

Prof Mohammed Nasir Sambo, Nigeria Health Insurance Authority's director-general, stated this at a one-day interactive workshop with journalists in Abuja on Tuesday.

According to him, Nigeria is among the countries with the highest out-of-pocket expenditure on healthcare services.

Sambo added that with the new National Health Insurance Authority Act, the government commenced the implementation to ensure that the scheme covers every Nigerian.

"From the moment Mr President put pen to paper, health insurance became mandatory. The NHIA Act empowers the Authority to see

to it that all Nigerian and legal residents have health insurance.

This is a complete departure from the previous law that made health insurance optional," he said.

Sambo spoke on some of the implications of the new act, which came into effect on May 19.

Apart from changing the agency's name from National Health Insurance Scheme to National Health Insurance Authority, the act provides alternative financing mechanisms such as a tax on telephone calls.

Sambo said it was erroneous to describe the initiative as an imposition of telecoms tax, explaining that the law provides that NHIA will promote the establishment of the Vulnerable Group Fund (VGF) as well as sources of funding for it.

Concerning the operations of the Group, Individual and Family Social Health Insurance Programme (GIFSHIP), he said, "Our ultimate aim is to allow the states to own up the operations of GIFSHIP as long as they can manage it efficiently."

Bureaux De Change (BDC) operators are mopping up foreign currencies.

“The raid by EFCC in Abuja BDCs last week dampened demand,” a source told TheCable.

“There were large buyers last week that many had to queue up!

“The current situation tells you that if you allow the market to work, it will find its level. We were blaming aboki fx before.”

President of the Association of Bureaux De Change, Aminu Gwadabe said, the “market surveillance” was done in collaboration with the association.

“We have a cordial relationship with the security agencies and ongoing collaboration with the agencies on the exchange rate issues,” he said.

The Central Bank of Nigeria

(CBN) regularly intervenes in the official foreign exchange market to maintain stability.

Last week, Osita Nwasinobi, spokesperson of the CBN, said the apex bank would continue to make deliberate efforts in the forex sector to avoid further downward slides in the value of the naira.

He further advised forex buyers not to succumb to speculative activities of some players in the FX market to save the naira from further decline.

While the pressure on the naira has both local and global perspectives, there has been unabating demand for forex for both goods and services, thereby creating a demand challenge. The deteriorating security situation in the country had also battered investor confidence

and affected forex inflows into Nigeria, just as the rising petrol subsidy cost and oil theft were hurting the economy.

However, despite the significant reduction in FX inflows, the CBN has attempted to address the challenge through policies such as the RT200 FX Programme; 100 for 100 Policy on Production and Productivity; Naira4Dollar Scheme; the Anchor Borrowers’ Programme (ABP); Export Development Facility (EDF); and the Non-Oil Export Stimulation Facility (NESF).

These initiatives of the CBN had been aimed at diversifying the economy; stimulating production; enhancing FX inflows; maintaining the stability of the naira against other currencies; and reducing FX demand pressure.

No one will be left untouched. Even worse is the impact on the most vulnerable among us: Women, Children Persons living with Disabilities, and the poor. These categories of people are bound to disproportionately bear the brunt of extreme weather events.

"The Lagos State government under my watch, is in constant discussion with the private sector, development partners and donor organisations to find solutions and ways to better adapt to climate impact, with special emphasis on protecting women, children and people with disabilities. This conference is one of the many manifestations of our keenness to engage and collaborate.

"Lagos State has also embarked on the journey of updating our Development Plan, incorporating climate adaptation and mitigation components in each sector. We also have the Lagos Climate Action Plan, which requires adopting and mainstreaming into all that we do: our policy-making, in the public sector, and your business and investment strategies in the private sector.”

In his welcome address, the Commissioner for the Environment and Water Resources, Mr. Tunji Bello stated: "We recognise the impact of the organised private sector on economic growth in Lagos and the commitment of the state government to mainstream climate action in the next phase of the developmental agenda of Lagos State.”

Lawyers Criticise NBA President's Letter to Olanipekun Wale Igbintade Prominent lawyers have faulted the President of the Nigerian Bar Association, Olumide Akpata, over his handling of the issue involving a past president of the NBA and chairman of the Body of Benchers, Chief Wole Olanipekun (SAN), over the infraction of a partner in his chamber.

A partner in Olanipekun’s firm, Ms Adekunbi Ogunde, had solicited a brief from SAIPEM Contracting Nigeria Ltd, which had already engaged the law firm of Henry Ajumogobia (SAN).

The NBA deemed her action a violation of the rule of practice

and dragged Ogunde before the Legal Practitioners Disciplinary Committee (LPDC).

The association also demanded that Olanipekun should step down from his current position as the chair of the benchers and requested the LPDC to determine his possible culpability and that of other partners of the law firm.

The firm had distanced itself from Ogunde’s conduct.

Commenting on the NBA’s letter to Olanipekun and handling of the matter, Chief Mike Ahamba (SAN), Chief Bennbella Anachebe (SAN), and Chief Samuel Okutepa (SAN) said Akpata could have exhibited better judgment.

"You don’t ask anybody to take steps on an issue he is ignorant of. I believe that the president of the Bar should have contacted Chief Olanipekun even though the subject matter of the crisis is worrisome to some of us," said Ahamba.

Okutepa said the letter was not in the best tradition of "how things are done irrespective of what anybody feels about it."

He explained that Olanipekun was a past NBA president and a superior member of the Bar. "If I were to be in the position of the president of the Nigerian Bar Association, I won’t write such a letter. I would go to meet with

Chief Wole Olanipekun or involve senior members of the Bar, elders, past presidents, and then meet with him and have a discussion because whether anybody likes it or not, he is the leader of the Bar." According to Anichebe, the letter was "not supposed to have been written."

“I have it on good authority that Chief Olanipekun has not sighted a copy of the letter, and the same has been released to the press. The fact that a junior in the Chamber of Chief Olanipekun wrote a letter and the content was considered to have violated the rules of practice does not justify asking Chief Olanipekun to resign," Anichebe noted.

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T H I S D AY ˾ WEDNESDAY AUGUST 3, 2022

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MIDWEEKPOLITICS

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

08033025611 SMS ONLY

PDP’s Search for Peace with Wike Blessing Ibunge writes that peace may finally reign in People’s Democratic Party, as Governor Nyesom Wike of Rivers state, recently met with some governors and critical stakeholders as part of ongoing reconciliation moves within the main opposition party

Ayu

D

espite animosity trailing the aftermath of the People’s Democratic Party (PDP) primaries held in May, it seems peace may finally reign as one of its aggrieved aspirants and Governor of Rivers State, Nyesom Wike, recently met with some governors and stakeholders of the party as part of the ongoing reconciliation efforts within the PDP. Over two months after the special convention of PDP in Abuja, which elected the former Vice President Atiku Abubakar as its presidential candidate for the 2023 elections, the first runner up of the primary and Governor of Rivers State, Nyesom Wike, is yet to make up with Atiku for the onward victory of party next year.

Atiku had polled 371 votes to defeat Wike, who scored 237 votes. While former President of the Senate, Dr Bukola Saraki came third with 70 votes, the Governor of Akwa Ibom State, Mr Udom Emmanuel and his Bauchi State counterpart, Senator Bala Mohammed,scored 38 and 20 votes, respectively.

The result of the primary election was announced by the Chief Returning Officer and former President of the Senate, Senator David Mark, though the process was live on some of the major national televisions in the country.

The governor of Rivers State had showed so much commitment to the party, believing that with it he would some day become the president of Nigeria through the support of his supposed trusted friends in the party and votes from Nigerians. But in May this year, things did not workout as expected. Wike, a first timer tested his popularity as he blew his trumpet. He was cleared in screening and contested the PDP presidential primary and was not given the flag.

The shocking part was the feeling of being betrayed by his Sokoto State counterpart and friend, Aminu Tambuwal, whom he strongly supported against Atiku in 2019. This time, in the 2022 convention, Tambuwal rather than considering the sacrifice made by his friend (Wike) for him years ago, stepped down and asked his delegates to vote for Atiku, which added to the votes that gave him the presidential ticket.

Again, the party, recognising Wike as a political bulldozer opted for him as a better choice for Vice presidential candidate to support Atiku to return the party back to presidency.

Atiku, it was believed, told the party to choose a running mate for him, which led to the national chairman of the party, Senator Iyorchia Ayu, setting up a committee for that purpose. Now the committee made recommendations and favoured Wike with 14 votes, but he was rejected by the candidate. Atiku rejected the result given to him by the party and went ahead to choose Dr Ifeanyi Okowa as his running mate.

A Dashed Presidential Dream Wike, a former two-time chairman of Obio/ Akpor Local Government Area of the state and former National President of the Association of Local Governments of Nigeria, who later became the former Governor Chibuike Rotimi Amaechi’s Chief of Staff during his first ten-

Atiku

ure as governor, was very influential in Amaechi’s administration, as many were insinuating that he was the commander of the then Government House.

He later became the Minister of State for Education under President Goodluck Jonathan. With Jonathan’s support, he became the governor of the state in 2015, succeeding Amaechi.

In March 2022, Wike made a public declaration of his intention to contest for the President of Nigeria in 2023. He made bold to say that he was the only aspirant of the Peoples Democratic Party (PDP) who can salvage the country from bad governance.

Between the period of his declaration and campaign for the party’s presidential primary, he was optimistic that he would become the flag bearer of PDP in 2023 general elections, although the expectation was dashed with Atiku clinching the ticket.

The Rivers Governor may have expressed displeasure over the disappointment of not flying the party’s presidential flag. He had also accused some PDP Governors of betrayal, especially the southerners for not fully supporting his ambition to represent the zone at the primary.

Not quite long after the shock following the outcome of the presidential primary, there would have been another opportunity for Governor Wike to continue with the race but Atiku was not ready to work with him ostensibly due to Wike’s political influence.

Wike had during a reception organised for him by the people of the state in Port Harcourt after his return after Abuja the primary, stated that he was not a second class citizen.

Again, Wike’s hope to become the running mate of the PDP’s presidential candidate, Atiku, was dashed on June 16 when the latter picked Delta State Governor, Ifeanyi Okowa, against the recommendation of the party’s advisory council on the running mate selection.

Atiku had also constituted a reconciliation committee to reach out to Wike to pacify him and to solicit his support for the party to wrestle power from the All

Wike

Progressives Congress at the general elections.

Soon after the presidential primary and other activities surrounding who becomes Atiku’s running mate, Wike had remained silent until recently.

PDP and other political party members visit Wike Opposition parties saw an avenue to woo a man regarded as a political bulldozer in the present political dispensation in Nigeria. The several visits by parties leaders and two presidential candidates, may be an opportunity to convince Wike to join them in their race for electoral victory in 2023 polls.

Last week, the former Secretary to the Government of the Federation (SGF), Babachir Lawal and the former Speaker, House of Representatives, Hon Yakubu Dogara, had a close door meeting with Wike in his private residence in Rumueprikom, Obio-Akpor Local Government Area of the State. Dogara had explained that their visit was on the quest and search to build an all inclusive Nigeria.

He said: “Everyone agrees with us that Governor Wike is one of those indispensable political leaders. For us, it is a search to build an all inclusive Nigeria. So we feel that as part of the agenda setting we should meet with him and that is the reason why we are here. And for the rest, whatever it is, maybe in the future we can discuss that.”

Lawal also explained that their mission was a brotherly visit to the governor of Rivers State.

“We came to visit our brother. He (Wike) is our brother. So, every now and then, the Bible enjoins you to visit one another.

That is what we just did.”

Few weeks ago, three governors led by the Chairman of the Nigerian Governors Forum and Ekiti State Governor, Dr Kayode Fayemi, who came alongside APC Governors Babajide Sanwo-Olu (Lagos) and Rotimi Akeredolu (Ondo) visited Wike. Although details of their meeting were not disclosed but everything pointed at the direction of the 2023 general elections.

Wike had also cleared the air that he

As part of the ongoing reconciliation within the PDP, Wike, Sunday, met with some governors and stakeholders of the party. The meeting, which started about 4.30pm was held at the Rivers state governor’s lodge in Port Harcourt. The agenda of the meeting was unclear but it may not be unconnected with the festering postpresidential primary crisis, which has polarised the party divided into two major camps

was not leaving PDP and there wouldn’t be need for that as he single handedly chose a candidate in Rivers (Siminialayi Fubara) to succeed him.

Presidential Candidate of the New Nigeria Peoples Party (NNPP), Senator Rabiu Kwankwaso and his Labour Party counterpart, Mr Peter Obi, also visited the Rivers governor in Port Harcourt last month.

Obi had stated that his visit to Wike was to discuss vital issues of national interest with him.

Wike’s anger fueled by Atiku’s refusal to visit him Rivers State governor, while speaking to journalists last week, at the Port Harcourt International Airport, Omagwa, in Ikwerre Local Government Area, shortly after his arrival from Spain, maintained that the right thing Atiku and PDP national chairman, Senator Iyorchia Ayu, ought to have done after the party’s presidential primary would have been to reach out to him, but they have not.

The Governor had said he will react to all the comments alleged against him by Atiku and some of his supporters.

Wike who insisted on disclosing to the public what transpired during the party’s special convention. He described as unfortunate the public comments credited to respectable party members against him after the conduct of the Peoples Democratic Party (PDP) presidential primaries held between May 29 and 30, this year.

He also stated that Atiku used the occasion of the unveiling of PDP vice presidential candidate, Governor Ifeanyi Okowa of Delta State, and his appearance on a national television to lie against him.

According to him: “But there comes a time that people will understand and know the true facts. So, obviously, whether I will speak is not in doubt, to let Nigerians know the actual truth.

Having known the truth, whatever they decide to do with it is left for Nigerians. Because, you can imagine, the presidential candidate of the PDP, Alhaji Atiku Abubakar, when he unveiled vice presidential candidate, no right thinking lover of this party would say that the speech he made on that day was fair. Forget about the favour seekers. Forget about the scavengers.

But I never reacted to it. That is because this party belongs to all of us.

“Thereafter, he appeared on Arise Television, see the statement he made. So many lies were told and you said I should not react to some of those issues. That would not be fair. Look at it, a presidential candidate who believes that he wants to win election, and somebody who contested fiercely with him that has never raised any issue. I just kept quiet, just minded my business, to see how my state can move forward. But everyday, his people come up to attack me, to say one thing or the other. That’s quite unfair and so I should let Nigerians know at the appropriate time, that will be after the inauguration of projects that we have lined up”.

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

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T H I S D AY ˾ WEDNESDAY AUGUST 3, 2022

POLITICS

Abdullahi’s Antecedents Prepare Him for Senate Seat Hammed Shittu writes that PDP Kwara Central senatorial candidate and former minister of Youths and Sports, Bolaji Abdullahi, has set out agenda that would assist him to make unprecedented representation at the National Assembly if elected

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he desire of the people of Kwara Central senatorial district to repeat the feats of both 7th and 8th National Assembly come 2023 has commenced in earnest.

In achieving this, the former minister of Youth and Sports Development and now the senatorial district candidate of the opposition party, Peoples Democratic Party (PDP), Mallam Abdulganiyu Bolaji Abdullahi, has been positioned to fulfil the desire so as to add more values to the socio-economic and political development of the senatorial zone come 2023.

No wonder, among inscriptions on his campaign boards that have been positioned in strategic places and erected along major roads in the senatorial district include “It is the time for Big Ideas”, “ A Man of Virtue” (Omoluabi), A Man of Integrity”, It is a New Dawn”, The feat under review was once achieved during the days of former governor of the State, Senator Bukola Saraki when he represented the senatorial district at the 7th and 8th National Assembly.

Saraki’s leadership capacity and political sagacity earned him the senate president of the 8th National Assembly and his achievements during the period have remained unbeaten.

Political pundits in the state observed that, people of the senatorial district have not feel so good under the current representation despite all the intrigues that manifested the “enough is enough” movement that greeted the 2019 general elections in the state.

It is on this premise that the opposition PDP resolved during the just concluded primaries of the party to elect credible and acceptable candidate for Kwara Central senatorial in person of the home boy and former minister of Youth and Sports, Mallam Abdullahi to fly the ticket of the party so as to repeat the unprecedented feats that the people of the senatorial had enjoyed during the period of Senator Saraki so as to bring more dividends

Abdullahi

of democracy to the doorsteps of the senatorial district come 2023.

Abdulahi who is fondly called by his admirers and supporters in the state as “Omoluabi” remains a candidate to beat in view of his experiences, educational qualifications and administrative intelligence that he had gathered since his debut in both private and public engagements.

The PDP candidate who hails from Ubadanwaki ward of Ilorin west local government council of the state has shown more capacity and capability to provide an enviable leadership, knowingfully that he has provided good representation and leadership zeal in every positions he has found himself. It is a service to the people that based on integrity, humility and transparency..

In a chat with THISDAY in Ilorin recently, Abdullahi, a former editor

with THISDAY said “Since I started my career as a public servant in 2003, I have utilized every opportunity that I have been given to serve to the best of my ability.

“In my personal capacity, I have also dedicated the resources that it has pleased the Almighty Allah to give me to serve those who are less privileged around me.

“I never forgot that I was once like them. I am also especially proud that in a career spanning almost two decades and several positions at both the state and national level, I have never been found wanting. I have served with integrity.

“And I have tried to leave each place better than I met it. And based on my records of service to Kwara State, to Nigeria, to my community, to my people, and especially to the youth. It is my hope that you would give me another opportunity to serve, so that together, we can do even more”.

Abdullahi added that, “ I have intimidating creditentials and experience to defeat candidate of the ruling All Progressives Congress(APC) in the 2023 general elections.

He also said the Kwara PDP has learnt its lesson in 2019 elections and is therefore set to retrieve power from the ruling APC in the state in the 2023 general elections.

According to him, “what happened in 2019 in Kwara state was an aberration, it happened because we compromised certain things we used to do to stay in power.

“We have learnt our lesson and we are coming back in 2023. I can tell you for sure that the people of Kwara have realised that they have ended up with a government they don’t need and that has greatly provided a leverage for our return to power in 2023 elections.”

Speaking on his capacity for the job, Abdullahi said as a journalist and author, his primary assignment is asking questions, and he has learnt a lot on the job.

He also said, “I worked very hard and performed excellently during my tenure as Special Assistant, Special Adviser to the Governor, commissioner, Federal Minister and a complete

party man as the former National Spokesman of APC, nobody among candidates of other political parties can beat my experience and the people of Kwara know that. So,I’m the best man for the job.

“This time around, I’m going to work harder and make the unprecedented difference we never had before in Kwara Central because what we are having currently is zero, compare to what I am bringing to the table”.

He noted that, “I will be actively involved in making laws that will make Nigeria a better place for everyone to live. Our youth would be actively engaged and we will create opportunities for everyone to live a better life.”

Abdullahi also expressed concern over the extreme monetisation of politics and political process in the country. The former Minister expressed concern over the extreme monetisation of politics and political process in the country.

He, however, said such ugly situation posed a threat to the nation’s democracy.

Abdullahi said politicians had nearly turned political process into a business transaction.

Abdullahi noted that the development had brought out all manner of people canvassing for elective offices, adding that it was capable of making electorate poorer and miserable in the long run.

“When politicians pay people to vote for them, the act has taken away capability of the people to decide who govern them. And I think it is the same as soldiers using gun to be in power and politicians using power of dollars to be in power”, he stressed.

As a lover of education per excellence, the former commissioner said that, his legacy towards the growth of education is unprecedented saying such development will be brought into bear if elected so as to improve the quality of education of the people of the senatorial.

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

As Austin Umahi Continues to Sacrifice for His Governor Brother...

Benjamin Nworie writes that apart from his influence in the present administration of his elder brother, Austin Umahi, seems to be facing some political upheavals in Ebonyi State

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rAustin Umahi was the former National Vice Chairman of the Peoples Democratic Party in the South zone. He was not a regular name in Ebonyi politics before 2014. However, his appearance in politics started in 2014 during the struggle to actualize the governorship ambition of his elder brother, Mr David Umahi.

After the emergence of his brother as the governor of the state in 2015, Austin became one of the most influential politicians in Ebonyi state. Many still see him as running the affairs of the State.

In 2016, against all odds and protest, Austin emerged the National Vice chairman of PDP. His ambition generated bad blood even amongst Governor Umahi’s allies who felt that the choice of his younger brother was parochial and sentimental. Many political bigwigs from the State opposed the choice of Austin but Umahi saw the agitation as an affront to him and his office.

Like Austin, it seemed to be a norm that in every administration in the state, certain individuals use to wield powerful influence, that usually compete with that of the Chief Executive.

In the administration of the first civilian Governor of Ebonyi State, Senator Sam Egwu, his Personal Assistant, Mr Collins Agbo, was then addressed as defacto governor.

In the time of Governor Martin Elechi, the likes of Commissioner for Grant Donors, Mr Fred Udeogu; the commissioner for Local government and Chieftaincy Matters, Cele Nwali and the National President of Ebonyi Youth Assembly, Comrade Chinedu Ogah,acted as Defacto Governors.

Umahi

Austin

These “defacto governors” were very powerful and wielded too much influence in the administration. First, they manned any favourite ministry where they were in charge of people and funds.

In the administration of David Umahi, Austin is at the heart of the government. In some quarters, people still believe that Austin’s influence and activities have diminished the relevance of the office of the Deputy Governor. This influence has grown to a level that he receives the credit and blame of good and bad policies and

decisions of Umahi’s government.

Maybe he should also be responsible for the blame game against some allies of the governor who felt abandoned or those who are aggrieved that they have been benched, but the truth being told is that if you are not in a good book of Austin, nothing for you in Umahi’s government.

No matter how one looks at it, with the closeness to his brother’s government, many felt that Austin supposed to have played a “unity role” in making sure that the core- political associates who dared all odds to ensure that Umahi emerged in 2015 are sustained in the good books of the administration.

Majority of top government functionaries were recruited after the struggles of the two

governorship elections that produced Umahi.

Some of these associates were either denied tickets, denied commensurate appointments and or abandoned totally. This may not be far from the sudden fallen aside of one of the closest ally to the governor, who is now the National chairman of the PDP in the South East, Chief Ali Odefa.

The sudden parting of ways between Odefa and Umahi is still shocking to many.

This ugly development punctured Umahi’s administration because of the “flavour” which Odefa provided when he was with Umahi.

Among all his brothers, Governor Umahi seems to have loved Austin than others. Eventually when Umahi joined the All Progressives Congress, Austin lost his position and quickly followed his brother to the new party.

It appeared like a compensation when Austin declared for Ebonyi South Senatorial position. Though, it was rumoured that Governor Umahi planted him on the position which he would relinquish if the governor’s Presidential ambition couldn’t materialize.

Before the presidential politicking, Umahi had strongly denied the speculation that he also had senatorial ambition.

It was however surprising to onlookers when it was heard that Austin had withdrawn from the race to face his “business” to pave way for governor Umahi to replace him. To this end, an overnight rescheduled primary was conducted where Governor Umahi emerged the Senatorial candidate for Ebonyi South.

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

T H I S D AY ˾ ͱ˜ 2022

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FEATURES

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

Inculcating Savings Culture for Kids, Teens In a bid to teach the power of savings and reveal the beauty of the financial world to kids and teen, the United Bank for Africa Plc recently launched a Keens and Teens Draw. At the draw last week, 20 lucky kids were rewarded with N4million. Uzoma Mba reports that the overarching object is to put them on a strong footing for independence and ultimately actualising their dreams

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or United Bank for Africa (UBA) Plc, its quest to always think outside the box has seen the foremost bank conceptualise and execute some of the most daring projects, with the satisfaction of the customer the key focus.

Known as a leading Pan-African financial institution, the bank offers banking services to more than 25 million customers, across 1,000 business offices and customer touch points in 20 African countries.

With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Recently, that innovation came in form of savings promo for kids, tagged Keens and Teens draw, which was targeted to go a long way in supporting parents at this turbulent economic period.

Securing their Future The draw is an innovative first of its kind initiative conceptualised by UBA with special intention to inculcate a Savings culture that set kids and teens up for a secure future as well as put them on a strong footing for independence and ultimately actualising their dreams.

The Draw So to ensure transparency, a draw was held at the UBA house in Lagos where all those who fit the criteria of the terms were put to a fair and square draw.

The winners had qualified to win in this year's first draw because their parents/ guardians had maintained standing instructions of N10,000 to their child/ ward's UBA Kiddies or Teens Accounts for a six-month period.

The virtual draw, witnessed by representatives of the National Lottery Regulatory Commission (NLRC) and the Consumer Protection Council (CPC), saw winners emerge from across all the regions of the country.

Winners To kick it off, the global bank rewarded a total of 20 kids with N200,000 each as scholarship grants in its just concluded Kiddies and Teens Draw which held in Lagos last Thursday.

The 20 kids and teenagers who won N200,000 educational grants were Anderson Andikan Nathan, Salihu Yakubu Mahamud, Simeon Thankgod Ofomona, Nwaeze Annabel Chiziterem, Eva Favour Emmanuga Makuachukwu, Ifechukwudi Divine Ugbeh, Jeremiah Unekwuojo Isyaku, Iyare Francesca Owa and Okoye Gerald Munachi.

Others are Charles-Agwanyokha Salvation Ilamosi; Ngbede Godswill Ishor; Molokwu Ezidinma Kosisochukwu; Nancy Esohe Aigboduwa; Alika Anwuli Erika; Funebi j Tapre; Ebubechukwu Goodluck Ephraim; Uchegbu Benedicta Chidera; Ireoluwa David Aderinola; Njoku Chinecherem Judith and Mariam Odunayo Oyewole.

One of the winners, Okoye Gerald, whose father was contacted over the phone following his winning was very excited and expressed his heartfelt gratitude to the management of UBA for the opportunity; ‘Thank you UBA, thank you”.

“This is very thoughtful coming from the bank. It goes a long way in showing that UBA is indeed passionate and dedicated to the growth of its customers and their children. A bank that grooms the young is indeed a wise bank, he said”.

Mandate of Financial Inclusion UBA’s Head, Personal Banking, Ogechi Altraide, who congratulated all the winners

UBA GMD, Oliver Alawuba

after the draw said that apart from the monthly and quarterly rewards that the bank gives to its loyal customers in the UBA Bumper and savings promo, the bank had gone a step further to encourage parents to instil the savings culture on their kids and teenagers.

She said, “I will like to let you know that this is another first from UBA, and of course, we are very excited at this because it again goes to show that we take very seriously the mandate of ensuring financial inclusion and this time, we are catching them young and ensuring that as they grow they increasingly become financially discipline and can fuel their dreams to a happy end, which exactly what we are passionate about as a bank.

Continuing, she said, “We know that the kids today are the future of tomorrow, and we are trying to

groom them to imbibe the habit of savings, so that they can achieve their dreams as well as secure their future while putting away something for the future.”

Also speaking during the event, Head of Marketing, Diana Ubah, pointed out that, “our bank, UBA, has continued to show and prove that, we are passionate about the overall growth and success of every customer and that is why we go ahead of others to innovate and come out with initiatives that are unique and can transform the lives of our customers for good.

“In a tap-and-go society where money is rarely physically exchanged and quicker to spend, it is important to educate young people about the value of money.

"By including your kids so that they see how you spend money, it will help develop a basic understand-

We know that the kids today are the future of tomorrow, and we are trying to groom them to imbibe the habit of savings, so that they can achieve their dreams as well as secure their future while putting away something for the future

ing of transactions in the real world, as they grow up in an increasingly digital economy”., Ubah noted.

Perks of the UBA Kiddies Aside being likely recipients of the draw, the UBA Kiddies is an account designed for children between the ages of 0-12 years while UBA Teens Accounts is between the range of 13-17 years.

Other benefits of the account include a 13th-month cash reward and special invitation to the bank's children focused events.

Beneficiaries of this account stand to earn 13 months reward of 10 per cent of the monthly savings plan for over 12 consecutive months having maintained a standing instruction of a minimum of N5,000.

They also have a chance to partake in a scholarship scheme through a raffle draw having maintained a standing instruction of saving a minimum of N10,000 for six months. The account has an annual interest of 1.15 per cent payable monthly.

To qualify, parents must have maintained a standing instruction of N10,000 for 6 months in their UBA Kiddies or Teens Accounts.

Altraide advised parents who had yet to open accounts for their kids to do so as soon as possible, to be eligible to participate in the next UBA Kiddies and Teens draw which will be held soon.

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T H I S D AY ˾ ͱ˜ 2022

ENTREPRENEUR

Akinjide: Driving Financial Inclusion for All through Literacy with NowNow Founded in 2018, NowNow is one of the leading African digital banking platforms with a mission to deliver best-in-class financial services in Nigeria and Africa. The company has built an ecosystem that digitises payments and creates access to financial services for agents, consumers, and businesses. Recently, NowNow partnered the Lagos Business School’s (LBS) Sustainable Inclusive Digital Financial Services, SIDFS to initiate a financial education and literacy program aimed at driving Nigeria’s financial inclusion growth. In this interview with NowNow’s Partnership Director, Lekan Akinjide, he express the reasoning behind the partnership and its end-goal of driving financial inclusion for SMEs and Nigeria’s rural and urban communities through financial education. Precious Ugwuzor brings excerpts:

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or those who may be unfamiliar with NowNow, despite being a leading African B2B and B2C Fintech company, can you briefly explain what NowNow is and its offerings?

NowNow was established five years ago in 2018, regulated by the Central Bank of Nigeria. As everyone is aware, opening a bank account in Nigeria is difficult due to several conditions which must be met. As such, NowNow was conceptualised to allow unbanked Nigerians and individuals excluded from accessing financial services such as basic account features like savings, and so on, the opportunity to be included.

NowNow is not just consumer centric, we also cater to Business-to-Business (B2Bs) and Small & Medium Enterprise (SME) entities. NowNow has spent a lot of resources to improve its technological elements which has enabled us to integrate with local and international financial organizations. For example, we collaborated with Mastercard as a key partner, the only one in Nigeria to do so which illustrates both our current achievements and long-term goals.

Today, NowNow has grown exponentially and has a large ecosystem that is still growing. It comprises an amazing team of about 300 people with offices in Lagos as our main hub, as well as Dubai and India. Through our journey, we have been able to drive not only financial inclusion, but also corporate social responsibility which is where our partnership with Lagos Business School comes in and has brought great value. We believe that NowNow is not just a commercial entity but has the responsibility to uplift those who have been excluded.

Why is the partnership with the LBS’s Sustainable Inclusive Digital Financial Services (SIDFS) to initiate the financial education and literacy program a very important initiative for NowNow? As an organisation, exposure is a key goal we are aiming for. During our internal research process to understand the needs of our consumers, we examined the layers specifically in terms of saving. We looked at how people save money, the understanding behind it, and the processes they follow. Our findings indicated that although there was limited information available for the lowest income earners, they still practicing certain savings cultures albeit unrefined and without proper processes.

During the initial phase of this partnership where we engaged in more thorough research in collaboration with SIDFS, we observed several market sectors to see which demographics to target.

Through this, we identified women, students, and other underrepresented groups as potential candidates. Women, despite being the most financial excluded group in Nigeria, are the segment which understand financial prudence and management best.

To NowNow, this partnership is an important initiative because we can give back to Nigerians by empowering women, a vast majority of whom do

Akinjide

not have access to financial services despite their natural skillset. When you look at financial statistics, the highest demographic for loan repayments are women.

As mentioned, statistics show that women form a greater percentage of those excluded from the formal financial sector.

In what way will this partnership seek to address that issue and drive financial inclusion in women and other isolated groups?

The key to achieving our goal is not just educating women but understanding their strengths.

Historically, women have played an important role often multitasking — raising children, providing for the family, and managing finances.

By enabling these individuals to save money in a secure financial institution, such as NowNow, the

goal is to advance that skill and avoid unforeseen catastrophes.

In addition, it will have a wider economic effect as their financial participation stimulates the economy.

This partnership will provide marginalized groups and SMEs access to financial instruments, loan schemes, and more. It will improve profit elevation and increase the social-economic standing of disadvantaged groups.

The initiative between NowNow and LBS was announced as a long-term partnership, kindly expand on the future direction, and plans in the works to broaden the scope of the partnership.

This focus on women is just the first phase of the initiative.

Going forward, we will evaluate the original strategy to enhance

NowNow, this partnership is an important initiative because we can give back to Nigerians by empowering women, a vast majority of whom do not have access to financial services despite their natural skillset

future phases and guide on which population segment to target next.

This assessment will also be used to refine and improve our offerings in terms of financial education to women.

This is a marathon and not a sprint to NowNow. Lagos Business School has gone over and beyond in terms of opening its doors, proving access to information and their network, as well as sharing past experiences with social inclusion programs.

NowNow has frequently showcased its unique commitment to deepening financial inclusion and providing financial empowerment to Africans.

Apart from this partnership, in what other ways is NowNow achieving its goal in the Nigerian sector?

NowNow was the first FinTech company in Nigeria to launch the NFC Touch & Pay in collaboration with Mastercard. We are growing a very robust ecosystem which focuses not just on consumers, but also consists of B2B offerings where we sell our own solutions to third parties. The Nigerian market is relatively unpenetrated in terms of FinTechs and as such we focus on providing solutions to different segments by ensuring we offer a variety of products to satisfy the needs of the market — now and in the future.

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WEDNESDAY AUGUST 3, 2022 • T H I S D AY

T H I S D AY ˾ WEDNESDAY, AUGUST 3, 2022

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BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

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

08056356325

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A U G U S T

S & P INDEX

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OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

Dangote, BUA, Lafarge Report N1.18trn Revenue, N270.9bn Profit in H1 2022

Kayode Tokede Following growing demand driven by expansion in infrastructures in Africa, a total of three cement manufacturing companies on the Nigerian Exchange Limited (NGX) have announced N1.18 trillion in revenue, translating into N270.9 billion total profit growth in the half year (H1) ended June 30, 2022.

THISDAY analysis of the three companies’ H1 unaudited results for the period under review showed that revenue grew by

23.3 per cent to N1.18 trillion from N959.84billion reported in Half year ended June 30, 2021.

With about 14,206,000 tonnes sales volume in H1 2022 from 15,277,000 tonnes reported in H1 2021, Dangote Cement maintained lead in revenue generation, followed by BUA Cement and Lafarge Africa Plc. Dangote Cement reported N808.04 billion revenue in H1 2022, representing an increase of 17 per cent from N690.5 billion earned in H1 2021. On its part, BUA Cement

recorded a revenue of N188.56 billion in H1 2022, representing an increase of 51.7 per cent over N124.3 billion reported in H1 2021.

Also, Lafarge Africa announced N186.6 billion revenue in H1 2022 from N146.02 billion recorded in H1 2021, representing an increase of 29 per cent.

In terms of capacity, Dangote Cement is Africa’s leading cement producer with nearly 51.6 million metric tonnes/pa capacity across Africa, followed by BUA Cement, the largest producer of cement

in North-West, South South and South-East regions; with a combined installed capacity of 11million metric tonnes/pa and with plans underway to increase existing capacity to 20 million metric tonnes/pa, through the commissioning of three new lines.

Lafarge Africa has a current installed cement production capacity of 10.5 metric tonnes/ pa and its cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State),

South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt.

Analysts explained that a marginal increase in prices of Cement this year impacted positively on revenue that eventually boosts profit.

The retail price of 50kg bag of Dangote cement was sold between N3,900-N4,200, while BUA Cement and Elephant Cement produced

by Lafarge Cement are sold for N3,800- N4,000 respectively.

As gathered by THISDAY, the mounting cost of production due to inflationary pressure, among others reduced profit, leading to a decline in profit declared by Dangote Cement.

Specifically, Dangote Cement reported 16.8 per cent increase in cost of sales to N322.46 billion in H1 2022 from N276.12 billion in H1 2021, driven primarily by 31.3 per cent hike in fuel & power consumed that closed H1 2022 at Continued on page 27

H1 2022: Eight Banks Raked in N176.11bn Profit Despite Macroeconomic Challenges Nume Ekeghe Amid global and domestic macroeconomic challenges, eight Nigerian banks generated a whopping sum of N176.11billion as profit in the half-year ended June 30, 2022, an increase of 34.66 per cent over N130.78 billion profit earned in the corresponding period

of 2021.

The banks are: FCMB Group Plc, Union Bank of Nigeria Plc, Jaiz Bank Plc, Wema Bank Plc, FBN Holdings Plc, Sterling Bank Plc, Ecobank Transnational Incorporated (ETI), and Unity Bank Plc. The banks in the period under review contended with double

digit-inflation and a hike in operating expenses that reduced profit.

The breakdown by percentage growth revealed that FCMB Group reported 80.7 per cent increase in profit to N13.66 billion in H1 2022 from N7.56 billion reported in H1 2021, while FBN Holdings declared N56.54 billion profit in H1

2022, representing an increase of 48.6 per cent from N38.05 billion in H1 2021.

Wema Bank reported 42 per cent increase in profit to N5.28 billion in H1 2022 from N3.72 billion in H1 2021, while Sterling Bank announced N8.01billion in H1 2022, an increase of 40.8 per cent from N5.69billion in H1 2021.

Also, Jaiz Bank reported N2.54billion profit in H1 2022, representing an increase of 26.8 per cent from N1.99billion in H1 2021 while ETI announced N77.3billion profit in H1 2022 from N62.55billion in H1 2021, representing an increase of 23.6 per cent.

In addition, Unity Bank

announced 22.8 per cent increase in profit to N1.69 billion in H1 2022 from N1.38 billion in H1 2021, while Union Bank declared N11.07 billion profit in H1 2022, a growth of 12.6 per cent from N9.84 billion reported in H1 2021.

Commenting, the Group Continued on page 27

M A R K E T D ATA A S AT T U E S D AY, A U G U S T 2 , 2 0 2 2 BILLS

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

104.87

Yield 10.83

104.68

11.42

102.37

11.65

115.87 110.43

11.74 11.39

Change Updated (%) Time 29, -0.01 July 2022 29, 0.00 July 2022 29, 0.00 July 2022 29, 0.00 July 2022 29, 0.00 July 2022

MATURITY

Discount

Yield

OTC F X F U T U R E S

CPS

Change Updated Time (%)

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

14.50

14.58

0.41 July 29, 2022

9.75

9.86

0.00 July 29, 2022

9.00

9.17

0.00 July 29, 2022

3.90

3.94

0.00 July 29, 2022

NTB 26-Jan23

7.50

7.79

0.00 July 29, 2022

MATURITY FSDH CP VI 1-AUG-22 NENL CP I 24-OCT-22 FSDH CP VII 27-OCT-22 SIBP CP III 27-OCT-22 DLMG CP IV 11-NOV-22

Discount Yield

Change Updated Time (%)

15.12 15.14

-0.03 July 29, 2022

17.24 17.98

0.06 July 29, 2022

11.25 11.57

0.06 July 29, 2022

10.44 10.71

0.06 July 29, 2022

13.63 14.19

0.00 July 29, 2022

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS AUG 31 433.54 1 2022 NGUS SEP 28 2 435.39 2022 NGUS OCT 26 437.24 3 2022 NGUS NOV 30 4 439.09 2022 NGUS DEC 28 5 440.94 2022

Updated Time

July 29, 2022 July 29, 2022 July 29, 2022 July 29, 2022 July 29, 2022

24 T H I S D AY WEDNESDAY AUGUST 3, 2022 TR

UT H

& RE A S O

Wednesday August 3, 2022 Vol 27. No 9975

N

opinion@thisdaylive.com

www.thisdaylive.com

SAVING PENSION REFORMS FROM REVERSAL OF FORTUNE GRACE ABAYOMI GRACE ABAYOMI argues that the contributory pension scheme is an incredible initiative. Nothing should be done to kill it

See page 25 ECONOMIC COST OF STRIKES IN NIGERIA’S PUBLIC UNIVERSITIES Incessant strikes negatively affect the rating of the country’s universities, contends OBI IWUAGWU

See page 25 EDITORIAL RITUAL KILLINGS AND ‘INSTANT WEALTH’

See page 26

1

The proposed five per cent excise duty will bring extra burden on subscribers, argues SONNY ARAGBA-AKPORE

OVERBURDENING TELECOM SUBSCRIBERS If the federal government goes ahead with the implementation of the proposed 5% excise duty on telecom services, subscribers are likely to pay 12.5% extra for services enjoyed on the various telecom platforms.

This is because in March this year, the federal government had announced the implementation of the proposed excise duty in spite of the 7.5% Value Added Tax (VAT) paid by all on such services.

This additional cost on the subscribers according to the Finance, Budget, and National Planning Minister, Mrs. Zainab Ahmed is part of the government’s moves to diversify its source of revenue to the non-oil sector. “Payment is to be made on monthly basis, on or before the 21st of every month. The duty rate was not captured in the Act because it is the responsibility RI WKH SUHVLGHQW WR À[ WKH UDWH RQ H[FLVH GXWLHV DQG KH KDV À[HG ÀYH SHUFHQW IRU telecommunication services which include GSM. It is public knowledge that our UHYHQXH FDQQRW UXQ RXU ÀQDQFLDO REOLJDWLRQV so we are to shift our attention to non-oil revenue. The responsibility of generating revenue to run government lies with us all,” the Minister said at the stakeholders meeting hosted by the industry regulator, the Nigerian Communications Commission (NCC) in Abuja.

But the Association of Licensed Telecom Operators of Nigeria (ALTON) said it may not be able to subsidize the subscribers further in light of the cost of providing services which they put at 35% for operation alone. ALTON Chairman, Mr.Gbenga Adebayo told the stakeholders that its members including MTN, Globacom, Airtel, and 9mobile, among others are already in dire straits given the cost of operation. Then this 5% excise duty which they may not be able to absorb as the economy stands. Although there is no takeRͿ GDWH \HW DV VWDNHKROGHUV DUH VWLOO LQ WDONV to prevail on the government for a rethink, the onus resides with the minister to advise the government on the implications.

Stakeholders agree with the World Bank position that Nigeria is one of the countries in the world with poor tax regimes thereby necessitating a very wide ÀQDQFLQJ JDS IRU QDWLRQDO GHYHORSPHQW While canvassing for adequate tax policies to cushion development, they reasoned that extra burden on subscribers may not augur well for everybody. Telecom operators are currently bugged down with 39 multiple taxes including VAT and the 2.5% Annual Operating Levy (AOL) of their yearly incomes which have dipped dangerously into their operating costs and so may shift the 5% excise duty burden to subscribers.

Telecom operators had proposed a 40% hike in the cost of calls, SMS, and data a few months ago, blaming the unfavourable operating environment for their actions. But the NCC countered by arguing that further

price hikes could frustrate subscribers’ expenditure for existing and envisaged services. Whether this was a populist position or in tandem with economic realities has left everyone guessing.

Although the NCC has not said anything wrong about the excise duty because it is a government policy as enshrined in the Finance Act of 2020, its Chief Executive, Prof Umar Danbatta recently told stakeholders that the new policy came out of the Finance Act of 2020. Quoting section 37 of the Finance Act 2020, Danbatta said the government amended section 21 of WKH &XVWRPV ([FLVH 7DULͿ E\ LQVHUWLQJ subsection 2, which provides as follows: “Telecommunications services provided in Nigeria shall be charged with duties of H[FLVH DW WKH UDWHV VSHFLÀHG XQGHU WKH GXW\ column in the Schedule as the President may by Order prescribe pursuant to Section 13 of the Act”.

On the basis of that intervention, the NCC appears to be seen as following government position. But operators are worried that despite all the burden they already carry, this excise duty is clearly an extra burden.

For instance, the operators have asked a few pertinent questions. They would want to know if the 5% excise duty will be deducted on sales, which agency of government is collecting: Nigeria Customs Service (NCS) or the Federal Inland Revenue Service (FIRS). They also want to know the mode RI FROOHFWLRQ %\ WKHLU DUJXPHQW LI WKH WDULͿ increase is only going to be on the 5% excise duty, there is no need for the administrative fee charged by the commission henceforth otherwise “we may be unable to address it all by ourselves,” according to Adebayo.

The operators’ list of taxes/payments include but not limited to the following: Increase in energy costs, especially Diesel which has risen from N225/liter in January 2022 to over N700 per litre as of today since Diesel constitutes about 35% of ALTON’s members operating expenses to power RSHUDWRUV· 7RZHUV %DVH 6WDWLRQV DQG 2΀FHV There is additional burden of multiple taxes and levies currently borne by members across the states in the federation especially for Right of Way. Recent increases/ LQWURGXFWLRQV RI QHZ ÀQDQFLDO REOLJDWLRQV by the commission also constitute a burden for the operators.

In the last two years, the commission has reviewed the annual numbering fees by VHWWLQJ D 1 ÁDW IHH SHU OLQH LQWURGXFHG N350,000 and N250,000 administrative fee IRU WDULͿ PRGLÀFDWLRQV DQG UHYDOLGDWLRQV respectively as well as a fee of 1% of the LQYRLFHG DPRXQW DV D &RQÀUPDWLRQ RI Reasonableness of Services (CRS) processing fee introduced in September 2021.

ALTON has also expressed its worries over the proposed amended Guidelines on Promotional Advertisements released this July 2022 also introduced separate

payment heads for promotions that have lottery and lottery with Gaming Services. It has increased the fees for new and renewal of promotions. Even the current draft amended Frequency Spectrum Pricing Regulations proposes an over 300% increase in the unit price per MHz for some licensing regions. For example, the draft regulations propose a 303.3% increase in the unit price per MHz in the Lagos licensing region (i.e., from N3,000,000/unit to N12,100,200).

In general terms, the cost of doing business in Nigeria for members according to ALTON is on an upward trajectory adding that the Nigerian currency the Naira is on a IUHHIDOO WKHUHE\ DͿHFWLQJ WKH IRUH[ QHHGHG for equipment and parts importation, hard WR VRXUFH IURP R΀FLDO FKDQQHOV DW WKH &%1 rate and decreased purchasing power for Nigeria due to erosion of the Naira’s value.

“This lends credence to recent research which posits that the general cost of doing business in Nigeria has risen by 40% which ZLOO KHLJKWHQ WKH VSLUDOLQJ LQÁDWLRQ LQ WKH country; timing of the implementation of the Excise Duty is not conducive due to the impact it will have on operators’ services,” Adebayo submitted.

But Communications & Digital Economy Minister, Dr. Isa Pantami frowns at the new 5% excise duty saying neither him nor his Ministry was consulted before government came up with that position. He spoke early in the week in Lagos at a local content FRQIHUHQFH +H VSHFLÀFDOO\ VDLG KH ZDV going to resist it since he has the president’s mandate to challenge any policy that could spell negative outcome for the government.

Industry reports say subscribers spent about N2 trillion on calls and data in the ÀUVW VL[ PRQWKV RI ,Q LW ZDV N1.77 trillion. Data for Q1 and Q2, 2022 show that subscribers have spent over N1.25 trillion on telephony services so far.

The Excise Duty on telecom services was introduced through Finance Act 2020. The 5% excise duty is to be administered by Nigerian Customs Service (NCS) according to the Fifth Schedule of Common External 7DULͿ &(7 ([FLVH GXW\ UDWH ZLOO EH charged on all services regulated by the Customs and Excise Management Act Cap C45 LFN 2004 (CEMA). Section 117 (2) states that “the date of payment shall be on or not later than the 21st day of the month following that in which the Excise duty became due”.

With the extra burden on subscribers, it is not clear how ordinary folks will cope especially with spiraling costs of every aspect of an economy, but the onus is on government to have a rethink this common denominator which provides the nexus for people to reach each other even if all else fails.

ARAGBA-AKPORE is a member of THISDAY Editorial Board

325

T H I S D AY WEDNESDAY AUGUST 3, 2022

GRACE ABAYOMI argues that the contributory pension scheme is an incredible initiative. Nothing should be done to kill it

Incessant strikes negatively affect the rating of the country’s universities, contends OBI IWUAGWU

SAVING PENSION REFORMS FROM REVERSAL OF FORTUNE

ECONOMIC COST OF STRIKES IN NIGERIA’S PUBLIC UNIVERSITIES

In 2004, Nigeria embarked on one of the most successful reforms in its history with the enactment of the Pension Reform Act (PRA 2004). Before then, employers used to have riotous schemes that did not LQVSLUH FRQÀGHQFH LQ WKH HPSOR\HHV ,Q the private sector, there were schemes that ZHUH OHVV WKDQ EHQHÀFLDO DQG ZHUH RIWHQ implemented in ways that gave too much room for discretion and short-changed ZRXOG EH EHQHÀFLDULHV 7KH SXEOLF VHUYLFH RSHUDWHG WKH 'HÀQHG %HQHÀW 6FKHPH %'6 under which retirees were entitled to life pension based on years of service and hierarchy. However, economic challenges

DQG ÀVFDO FULVHV FDXVHG DUUHDUV RI SHQVLRQ payments to government retirees to pile up. Pensions were budgeted for annually but were only paid if there was funding and this was usually the least on the priority list. Pensioners were dying in penury and frustration while waiting for their entitlements. This was the situation when the President Olusegun Obasanjo administration introduced the pension reform in 2004.

With the reform came the Contributory Pension Scheme (CPS), which has been regarded by most Nigerians as an outstanding success story in Nigeria.

Under CPS, it is mandatory for employers in public service and private sector with a certain number of employees to make a minimum contribution towards the UHWLUHPHQW EHQHÀWV RI WKHVH HPSOR\HHV There is also the contribution by the employees themselves, which is akin to compulsory savings towards retirement.

The funds are invested by the Pension Fund Administrators (PFAs) and kept in custody

by Pension Fund Custodians (PFCs). As a result, value is added to the savings over the years through returns on investment. These fundamental changes have created a new economy. From a negative position of huge unfunded pension liability, pension assets in Nigeria had grown to N13.88 trillion as at the end of March 2022. The total number of pension contributors is close to 10 million and still growing.

Unfortunately, it is not everybody that is excited by the success story if we have to judge by developments in recent years. For instance, the Nigeria Police Force (NPF) has EHHQ PDNLQJ HͿRUWV WR H[LW &36 $W ÀUVW the NPF compared itself to the military which was granted an exemption by law.

Although this comparison is unnecessary since the armed forces are generally treated as separate from civil forces, the legal

aspect is that excising the police is against the Pension Reform Act (as amended).

The police are part and parcel of the CPS as provided for by the law. When police agitation reached its height under former President Goodluck Jonathan in 2013, the police were allowed to set up their own PFA as a compromise, supposedly to take care of their peculiarities.

Still, the police are not content. They want to exit the scheme completely and UXQ D WRWDOO\ GLͿHUHQW SHQVLRQ VFKHPH IRU whatever reason, without an amendment to the law or presidential approval. According to unrefuted reports, the determination of the police to exit has gone to the illegal extent that the Deputy Inspectors General of Police (DIGs) and Assistant Inspectors General of Police (AIG) have been enrolled on the Integrated Payroll and Personnel Information System (IPPIS) to collect full VDODULHV IRU OLIH XQGHU D GHÀQHG VFKHPH that was not intended for them. This they did without any permission of anyone, not the president, not the regulatory authority and certainly not in conformity with the Pensions Reform Act. To make matters worse, some are still collecting pension from the police PFA. That is a classic case of double payment. They are enjoying pension both from contributory scheme DQG WKH GHÀQHG EHQHÀW ZKLFK LV XQODZIXO and unconstitutional.

Some of the statistics should be of concern to us. Of the N577 billion budgeted for pensions in 2022 by the Federal Government of Nigeria (FGN), military pensions and gratuities account for N237 billion. That is close to half of the entire pensions budget. Police pensions and gratuities for certain exempted groups amount to N8 billion of the FGN budget for pensions for the year under discussion.

However, if the police authorities succeed in pulling the NPF out of the contributory pension scheme altogether, that alone would have consumed the entire FGN budget for pensions in 2022. The military is just about 25 percent of the size of the police, so FGN is going to be saddled with pensions and gratuities budget that ZLOO SDVV 1 WULOOLRQ :LWK LWV FXUUHQW ÀVFDO challenges, the FGN will have no other option than to owe pensions. Meanwhile, the contribution of police funds to the pensions sector will shrink and this will no GRXEW DͿHFW WKH JURZWK DQG SURVSHFWV RI the pension industry in particular and the Nigerian economy in general.

7KHUH ZLOO DOZD\V EH FRQVHTXHQFHV of exiting the police personnel from the contributory pension scheme. If it were to happen, then more government agencies DQG R΀FLDOV ZRXOG ERUURZ D OHDI IURP WKH police and continue to seek exemption from the contributory pension scheme. Recently, WKH 2΀FH RI WKH +HDG RI 6HUYLFH DQG Permanent Secretaries secured presidential approval to exit the scheme and be placed on full salaries for life via IPPIS. There are reports that the accountants-general and auditors-general are also agitating to join the exempted groups. Gradually, the success of CPS will be undermined and the scheme decimated.

Mrs Abayomi, an economist, writes from Akure, Ondo State

Millions of youths especially in Nigeria’s public universities early this year, precisely on 14 February, received a rare Valentine’s gift IURP WKH $FDGHPLF 6WDͿ 8QLRQ RI 8QLYHUVLWLHV (ASUU), who following their lingering disagreement with the federal government over the renegotiation of their 2009 agreement, declared a two-week warning strike, leading to the closure of the universities. Unfortunately, what started as a two-week warning strike had since been rolled over twice, thus ensuring that these public universities remained closed.

Pleas from the students and several other

stakeholders, for the harmonious resolution of the problem has not yet materialized as the government’s manifest unwillingness to negotiate with the striking lecturers has only worsened the matter.

For the average Nigerian, strikes may have become an aspect of the nation’s economy and indeed national life considering that there is hardly anytime one industrial union or the other is not on strike to the point that many now wonder whether the Federal Ministry of Labour and Employment actually does any other thing, apart from engaging in the resolution of strikes. However, what is worrisome is the economic cost of these strikes on its stakeholders. I argue here that it is because we never take such costs into consideration that the attitude of the country’s leadership towards either nipping these VWULNHV LQ WKH EXG RU HYHQ TXLFNO\ UHVROYLQJ them is always lackadaisical. I will use the SUHVHQW VWULNH E\ WKH GLͿHUHQW XQLRQV LQ WKH country’s public universities to demonstrate what each of the major stakeholders actually losses and why government must do HYHU\WKLQJ KXPDQO\ SRVVLEOH WR TXLFNO\ resolve the problem and henceforth never allow anything similar to occur. In this case, the primary stakeholders are the students, lecturers, proprietors of campus businesses, and the country in general.

The ultimate losers are the students. To start with, several of them lose their lives in avoidable circumstances and in particular through accidents during these strikes. )XQQLO\ TXLWH D QXPEHU RI WKH IHPDOH VWXGHQWV either get married or pregnant and end up withdrawing from school during these strikes.

Some would-be students are also not able to take up their admissions either due to loss of interest or inability to meet the stipulated deadlines. Moreover, given that majority of the universities are non-residential, many of the students are forced to forfeit monies paid to their landlords for accommodation prior to the strikes. Majority of them are also made to spend additional years in school than is necessary, as a result of which they may no longer be found worthy for employment (due to the 26 years’ age limit, which several

employers prefer) or even to join the National Youth Service Corps (NYSC) due to the 30 years’ age limit. But that is QRW DOO 3URVSHFWLYH ÀQDO \HDU VWXGHQWV DUH made to forfeit the opportunity of joining their batch in the compulsory one-year national service (NYSC), while graduates IURP WKH GLͿHUHQW ODZ IDFXOWLHV DUH HTXDOO\ not able to join their set for the mandatory training at the Nigeria Law School.

Similarly, Medical Students are denied the opportunity to join their colleagues for the mandatory one-year practical training as +RXVH 2΀FHUV Although this may sound funny, but truth of the matter is that several of the VWXGHQWV ÀQG WKHPVHOYHV GRLQJ DOO VRUWV of odd jobs during these strikes to survive.

Of course, it is self-evident that most of the students pay their way through school.

For such students, these periods of strike only worsen their plight. Even those of WKHP RQ R΀FLDO VWXG\ OHDYH DOVR ORVH given that they end up staying more than WKHLU R΀FLDOO\ DSSURYHG SHULRGV GXH WR these strikes and are therefore forced to lose such study leaves. Perhaps, worse of all is the fact that several of these students resort to crime including cultism, ritual killing, 419 and ‘yahoo-yahoo’ during these strikes. These, they end up bringing into the university, when the strike eventually ends.

Yet another group that is severely hit by the incessant strikes are the Lecturers.

Of course, many of them abandon their jobs and relocate abroad for greener pastures, resulting in brain drain. Have you wondered why we no longer have foreign lecturers in our universities as it used to be in the 1980s and 1990s? The JUHDWHVW EHQHÀFLDULHV IURP WKLV PHVV are the universities in the neighbouring countries. Because Nigeria’s universities DUH XQVWDEOH KDUGO\ RSHUDWH DQ\ GHÀQHG academic calendar, and do not pay well, lecturers from outside our climes are usually not attracted to work in our universities even as most of them prefer to go to the neighbouring countries.

Furthermore, many lecturers are forced to forfeit their annual vacation due to these strikes given that the ongoing session had not been concluded, and this negatively impacts on their state of health. Moreover, families of some of these lecturers are forced to go through severe hardship considering that the salaries of their benefactors have been withheld due to the strike. There is also the inability of WKHVH OHFWXUHUV WR DͿRUG SURSHU PHGLFDO attention either for himself/herself or for the immediate family given that their salaries have been withheld. This, in some cases, also results in the demise of these lecturers. Even more worrisome is the fact that some of them are forced to engage in very demeaning jobs during these strikes in a bid to survive, while several others accumulate debts that they hope to settle at the end of the strike, when their salary is restored.

Periods of strike in our public Universities are also not the best of times for proprietors of the several businesses on campus. Majority of these businesses are forced to close down owing to lack of patronage.

Iwuagwu writes from Lagos

26 4

T H I S D AY

WEDNESDAY AUGUST 3, 2022

EDITORIAL

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

RITUAL KILLINGS AND ‘INSTANT WEALTH’ The impunity will persist unless proven cases of criminality are severely punished

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been reported. In August 2018, the Lagos police arrested hile there may be no reliable a suspected cult member, for allegedly attempting to statistics, the menace of ritual kill his mother for money rituals. killings across the country has But perhaps one of the most celebrated cases was that become so pronounced. Hardly RI WKH 3RUW +DUFRXUW VHULDO NLOOHU *UDFLRXV 'DYLG :HVW a day passes without one gory ZKR UHSRUWHGO\ OXUHG VHYHQ \RXQJ ODGLHV ZLWK KLJK ULVN report of how some people were OLIHVW\OH DFURVV /DJRV ,PR DQG 5LYHUV 6WDWH WR KRWHOV dismembered by unscrupulous men and women. and murdered them, allegedly for rituals. Similarly, This rising incidence of ritual killings in Nigeria, Ms Iniobong Umoren, a young graduate who was DFFRUGLQJ WR D UHSRUW LQ WKH $PHULFDQ ¶)RUHLJQ $ͿDLUV· raped and murdered while searching for a job in Uyo PDJD]LQH ´UHÁHFWV D ZHDNHQLQJ VWDWH FRQWURO DQG HQYLURQV $NZD ,ERP 6WDWH QRW ORQJ DJR ZDV DOOHJHGO\ 1LJHULDQV· GHVSHUDWH DWWHPSWV WR DFKLHYH HFRQRPLF used for ritual purposes. But the gruesome murder of stability,” through diabolical means. To check these D /HYHO XQGHUJUDGXDWH killings and restore peace RI 'HOWD 6WDWH 8QLYHUVLW\ to the country, there is an Abraka, Elozino Ogege by urgent need for a state a gang of four yahoo boys that subscribes to a higher To check these killings and restore peace to the country, there was horrifying. One of the YDOXH RQ OLIH DQG KXPDQ criminals told the police that is an urgent need for a state that subscribes to a higher value dignity. The authorities they took the young lady to must also do more to on life and human dignity a bush where they plucked restore law and order to out one of her eyes while the country.

VKH ZDV VWLOO DOLYH ´6KH ZDV Earlier this year in OgbeHYHQ FU\LQJ DQG EHJJLQJ XV WR IRUJLYH KHU DQG OHW KHU T H I S D AY Ani, Ubulu-Uku community, Aniocha South Local EDITOR SHAKA MOMODU JR EXW ZH SOXFNHG WKH RWKHU H\H UHPRYHG KHU EUHDVW *RYHUQPHQW $UHD RI 'HOWD 6WDWH WKHUH ZDV D WUDJLF DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA and heart before she died,” he said. drama during the burial of a woman whose remains MANAGING DIRECTOR ENIOLA BELLO 3HUWLQHQW TXHVWLRQV LQHYLWDEO\ DULVH +RZ FRXOG were brought by her husband. “As they laid our sister DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU DQ\ERG\ EHOLHYH WKDW PRQH\ JURZV IURP KXPDQ SDUWV" CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI on a bench in the canopy and family members and EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN Since the menace can be attributed to the growing sense RWKHU SHRSOH ZHUH JRLQJ WR VHH KHU ZH ÀUVW GLVFRYHUHG MANAGING EDITOR BOLAJI ADEBIYI of desperation to acquire wealth without work, how can that cotton wool was put on her eyes,” said a family THE OMBUDSMAN KAYODE KOMOLAFE the society respond to a problem posed by ignorance PHPEHU ´7KH KXVEDQG·V IDPLO\ PHPEHUV ZKR EURXJKW DQG JUHHG" +RZ FDQ WKH DXWKRULWLHV SXW DQ HQG WR WKHVH WKH FRUSVH UDQ DZD\ EHFDXVH ZH ZHUH DQJU\ RYHU WKH JULP DFWV RI YLROHQFH DJDLQVW IHOORZ KXPDQ EHLQJV DQG GHYHORSPHQW /DWHU ZH IRXQG RXW WKDW HYHQ KHU WRQJXH T H I S D AY N E W S PA P E R S L I M I T E D LQGHHG WKH VRFLHW\" ZDV DOVR UHPRYHG µ EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA ,Q WKH PLGVW RI WKH SUHYDLOLQJ SRYHUW\ DQG MREOHVVQHVV 7KLV RI FRXUVH LV QRW D QHZ GHYHORSPHQW $ IHZ \HDUV GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, LQ WKH ODQG PDQ\ KDYH UHVRUWHG WR GRLQJ DQ\WKLQJ ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI ago, the nation was thrown into confusion when a DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, QR PDWWHU KRZ ZHLUG :KLOH WKHUH LV QR SURYHQ OLQN NLGQDSSHUV· GHQ ZDV GLVFRYHUHG LQ 6RND FRPPXQLW\ ANTHONY OGEDENGBE between the costly rituals and the instant wealth Ibadan, Oyo State. After the crime was busted by some DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI promised through magical potions by herbalists and commercial motorcyclists who were searching for two SNR. ASSOCIATE DIRECTOR ERIC OJEH YRRGRR SUDFWLWLRQHUV WKH VRFLHW\ LV UDYDJHG E\ LW %XW ASSOCIATE DIRECTOR PATRICK EIMIUHI of their missing colleagues, human skulls, dried human SDUWV DORQJVLGH PDOQRXULVKHG YLFWLPV UHSRUWHGO\ CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI this surge in impunity will persist unless the society DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO SXQLVKHV VWL΁\ DQG SURPSWO\ DOO SURYHQ IRUPV RI UHVHUYHG IRU ULWXDO SXUSRVHV ZHUH GLVFRYHUHG 6LQFH TO SEND EMAIL: first name.surname@thisdaylive.com criminality.

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

LETTERS

ALIKA OGORCHUKWU: WHAT’S THE WORTH OF A NIGERIAN? $V WKH VWDUWOLQJ LQH΀FLHQFLHV DQG LQHTXDOLWLHV LQ 1LJHULD FRQWLQXH WR FDXVH DYDLODEOH VSDFH WR VKULQN PDQ\ 1LJHULDQV FRQWLQXH WR MXPS VKLS VHHNLQJ VXFFRU LQ FRXQWULHV QHDU DQG IDU HYHQ LI WKH conditions in some of them are far worse than what obtains at home. $V 1LJHULDQV FRQWLQXH WR OHDYH WKH FRXQWU\ LQ GURYHV KRUULÀF VWRULHV KDYH FRQWLQXHG WR WULFNOH KRPH IURP VRPH RI WKH FRXQtries they go to, putting the lie to the fact that pastures are always greener elsewhere.

2YHU WKH \HDUV WKH LQWHUQDWLRQDO FRPPXQLW\ KDV FRPH WR make peace with the fact that since enough is not being done to SUHFOXGH FRQÁLFWV WHUURULVP FOLPDWH FKDQJH SRYHUW\ DQG RWKHU IDFWRUV WKDW GLVSODFH SHRSOH DQG FDXVH WKHP WR PRYH PDVV PLJUDWLRQ LV WKH QHZ UHDOLW\ 3HRSOH ZLOO FRQWLQXH WR PRYH DQG PHDVXUHV WR PDNH WKH PRYHPHQW RI SHRSOH DV VHDPOHVV DQG DV humanitarian as it can be within the bounds of international law KDYH WR EH WDNHQ The reception migrants get from their host countries many of whom are reluctant to take in migrants has also come under increasing scrutiny.

A key feature of these measures has been demanding that

FRXQWULHV ZKR KDYH ODUJH SRROV RI PLJUDQWV DW DQ\ SRLQW LQ WLPH GR DOO WKH\ FDQ WR VHFXUH WKH OLYHV DQG GLJQLW\ RI WKRVH PLJUDQWV for as long as they are in those countries.

The fact that this has not always been easy has been compounded by unscrupulous politicians in some of those countries, ZKR WDNH OHDYH RI VHULRXV LVVXHV RQ WKH FDPSDLJQ WUDLO DQG LQstead whip up anti-immigrant sentiments among their citizens as D ZD\ WR FRUUDO YRWHV On Friday, July 29, 2022, Italians as well Nigerians were collecWLYHO\ KRUULÀHG E\ WKH EUXWDO EHDWLQJ WR GHDWK RI $OLND 2JRUFKXNZX LQ &LYLWDQRYD 0DUFKH D EHDFK WRZQ RQ WKH $GULDWLF 6HD LQ Italy.

According to the Italian Police, the deceased, a 39-year-old Nigerian was selling goods on the main street of the beach town on the Adriatic Sea, when his attacker grabbed his crutch and struck him down before beating him to death. The heinous crime was captured on camera as well as by some onlookers who stood by and did nothing.

5DWKHU PDQ\ VWRRG E\ RQORRNHUV ZDWFKHG DQG ÀOPHG LQ D VWDJJHULQJ GLVSOD\ RI LQLTXLWRXV LQGLͿHUHQFH WKDW VKRZV D VHFWLRQ of the Italian society that has lost its humanity.

3ROLFH KDYH DUUHVWHG WKH VXVSHFW %XW DW WKLV SRLQW QRWKLQJ ZLOO bring back to life the father of two who worked as a labourer until he resorted to selling goods after he was struck down by a car and lost the use of his legs.

For Nigeria, Mr. Alika`s death opens up a sea of sobering quesWLRQV ,W ZDV QRW WKH ÀUVW WLPH D 1LJHULDQ ZDV NLOOHG RU EUXWDOO\ DWWDFNHG LQ DQRWKHU FRXQWU\ ,W ZDV QRW HYHQ WKH WKRXVDQGWK WLPH For how long will the citizens of the Giant of Africa remain soft WDUJHWV RI WKH PDQ\ EORRGWKLUVW\ ZROYHV ZKR SURZO WKH VWUHHWV RI PDQ\ IRUHLJQ FRXQWULHV ORRNLQJ IRU ZKRP WR GHYRXU" :KDW LV WKH ZRUWK 1LJHULD DWWDFKHV WR WKH OLYHV RI LWV FLWL]HQV IRUFHG WR ÁHH WKH FRXQWU\ DQG OLYH LQ FRXQWULHV WKDW DUH RUGLQDULO\ EDFNZDWHU FRXQWULHV" Perhaps, what happens to Nigerians outside Nigeria is only EXW D UHÁHFWLRQ RI ZKDW KDSSHQV KHUH DW KRPH $ FRXQWU\ ZKLFK GRHV QRW SODFH SUHPLXP RQ WKH OLYHV RI LWV FLWL]HQV DQG ZKLFK KDV FRQVHTXHQWO\ VHHQ WKRVH OLYHV FKHDSHQHG E\ LQVHFXULW\ 1LJHULD KDV ORVW WKH PRUDO ÀEUH WR GHPDQG WKDW WKH ULJKWV RI LWV FLWL]HQV anywhere in the world be fully and forcefully respected.

Kene Oabiezu, keneobiezu@gmail.com

WEDNESDAY, AUGUST 3, 2022 ˾ T H I S D AY

27

BUSINESSWORLD

NEWS

Foreign Investment Outflows on NGX Increase to N122.97bn Kayode Tokede As uncertainty continued to mount over general elections and global economic unrest, foreign investment outflow on the Nigerian Exchange Limited (NGX) increased to N122.97billion in first half (H1) of 2022, representing an increase of 5.4 per cent from N116.72billion reported in the first half of 2021.

According to capital market analysts, foreign portfolio investors have largely exited Nigeria due to issues with foreign exchange liquidity, which has led to a backlog of delayed external payments.

They expressed that foreign investors have continued to flee from Nigeria on account of the unfriendly investment climate in Africa’s biggest economy.

They added that there is no better reflection of this than in the record of FDI flows to Nigeria which dropped from over $4 billion in 2015 to a mere $600 million in 2021.

In report titled, “Nigeria: 2022 mid-year outlook: same challenges, new shocks,” Cardinalstone Limited, noted that since Russia invaded Ukraine, emerging market (EM) debts and equities have suffered a net outflow of $18.7 billion from foreign portfolio investors.

Cardinalstone explained that investors were largely risk-averse due to, “global hawkish rendition; decline in global liquidity, and erosion of the stock of negative-

yielding debt across developed markets from $11.3 trillion at the start of the year to the current value of $2.7 trillion.”

The report explained, “Akin to the trend witnessed in emerging and frontier markets, Nigeria was also mostly unappealing to foreign capital providers in H1 2022. This risk-off sentiment was fanned by geopolitical uncertainties and hawkish rendition from global central banks. In addition to these global factors, the lack of market reflective FX rates, illiquidity and a backlog of uncleared foreign exchange demand dampened investors’ sentiments.

“Even though it is yet to have any noticeable impact on the market, the recent MSCI proposal to reclassify Nigeria to a stand-alone status was inspired by similar FX concerns. In the first quarter of the year, the combined impact of the mentioned drivers (ex MSCI proposal) cascaded to a 17.5 per cent YoY decline in foreign inflows.

“Specifically, the “other investments” component of capital importation nosedived by 43.3 per cent YoY, while FPI contracted by 1.7per cent YoY. In our view, the imminent intensification of preelection activities will likely keep foreign investors at bay and throw up more financial account-related concerns.”

Despite the increasing outflow, the latest domestic and foreign

investment report by NGX in H1 2022 revealed that foreign investment inflow moved to N120.51billion in H1 2022, an increase of 114.5 per cent from N105.24billion reported H1 2021.

According to NGX report, both foreign and domestic investors have transacted N1.66trillion in the stock market this year, a significant increase of 60.7 per cent from N1.03trillion in H1 2021.

THISDAY had reported that the stock market added N5.64trillion in market capitalisation in H1 2022, attributable to impressive performance by listed fundamental companies.

The market capitalisation in H1 2022 appreciated by N5.64 trillion or 25.3 per cent to close on June 30, 2022 at N27.935trillion from N22.297 trillion at which it opened for trading activities on January 4, 2021.

However, extract from the report by the bourse revealed that foreign investors transaction moved to N243.48billion in H1 2022 from N221.96billion in H1 2021, while domestic investors participation in the stock market increased significantly to N1.42trillion, representing an increase of 74.6 per cent from N812.46billion in H1 2021.

It implies that domestic institutional investors remain the most dominant players in the stock market of the NGX. Domestic investors have contributed 85.35 per cent in H1

Year-to-date (YtD) performance from 78.54 per cent YtD H1 2021, while foreign investors contribution dropped to 14.65 per cent YtD H1 2022 from 21.46 per cent YtD reported in H1 2021.

Historically, the performance of the stock market over 15 years period revealed that domestic transactions

dropped by 58.8 per cent from N3.56trillion in 2007 to N1.47trillion in 2021, whilst foreign transactions also decreased by 29.38 per cent from N616billion to N435billion over the same period.

According to the report, “total domestic transactions accounted for about 77 per cent of the total

transactions carried out in 2021, whilst foreign transactions accounted for about 23 per cent of the total transactions in the same period.

The transaction data for 2022 shows that total domestic transactions are circa N1.42trillion, whilst total foreign transactions are circa N243.48billion.”

DANGOTE, BUA, LAFARGE REPORT N1.18TRN REVENUE, N270.9BN PROFIT IN H1 2022 N129.96 billion from N98.98 billion in H1 2021.

The leading cement company also suffered N40.66billion foreign exchange loss in H1 2022 from N4.94billion reported in H1 2021, attributable to dwindling Naira at the foreign exchange market.

For BUA Cement, its production cost rose by 47.4 per cent to N97.5 billion in H1 2022 from N66.16 billion in H1 2021, while Lafarge Africa announced N90.52billion in production cost of sales in H1 2022, representing an increase of 25 per cent from N72.54billion reported in H1 2021.

The Chief Executive Officer of Dangote Cement, Michel Puchercos, in a statement explained that significant increase in energy and Automotive Gas Oil (Diesel), are impacting negatively on production and supply of cement products.

He stated that the volatile international context is strengthening efforts to ramp up the usage of alternative fuels and execution of export-to-import strategy.

The company according to him is reducing dependence on imported inputs and making the local markets self-sufficient.

As a result of increase in production cost and finance

expenses, Dangote Cement closed H1 2022 with profit of N172.1billion, representing a decline of 10.2 per cent from N191.63billion in H1 2021.

Contrarily, BUA Cement’s grew its profit by 41.4 per cent to N61.36billion in H1 2022 from N43.4 billion in H1 2021, while Lafarge Africa announced N37.4 billion profit in H1 2022 from N28.32 billion reported in H1 2021.

An Economist & Private Sector Advocate, Dr Muda Yusuf told THISDAY that marginal increase in price of cement impacted on these companies profit declaration in the period under review.

He stressed that these companies might surpasses 2022 performance, given demands by government and domestic use of their products.

According to him: “The demand in the construction sector has contributed to these companies revenue which eventually impacted on profit in the H1 2022. Since there is improvement in government spending as a result of hike in global oil prices and non-oil revenue, we have seen government spending more in infrastructure and it is expected to grow cement sales.

“I know also that some of these companies export to neighbouring countries and it also contributed to their price. Mind you, we have seen hike in prices of cement which is responsible for an impressive

profit.”

Reacting on BUA Cement H1 2022 performance, analyst at Coronation Research, Adebayo Adebanjo, explained that, “We continue to see potential growth opportunities in the domestic cement market, of which BUA Cement is the second largest producer in Nigeria. Nigerian infrastructure growth and cement consumption per capita are among the lowest globally, considering its population, demographics, and urbanisation rate.

“Coupled with the rising retail price of cement, management highlights that excess production could be exported, taking advantage of the African Continental Free Trade Agreement (AfCFTA). Such an outcome could present an upside risk to our volume and revenue growth expectations.”

Cardinalstone in report titled, “Nigeria: 2022 mid-year outlook: same challenges, new shocks,” stated that the valuation of cement stocks has vastly improved from the pandemic lows, underscored by higher cement prices and inelastic demand.

According to the report, the research team at Cardinalstone said, “We believe this demand - primarily from private sector real estate – would remain strong enough to keep prices elevated over the next six months, despite the

touted consumer wallet shrinkage due to spiralling inflation.

“While time will tell when the real estate boom suffers some stagnancy, we do not see construction/real estate-related spending slowing down in 2022.

With our >20per cent YoY FY 2022 earnings growth & ROE expectation, we could see further positive rerating of cement valuation in the second half of the year.”

Analysts at Vetiva research in a report titled, “Nigeria H2’22 Outlook: A strange labyrinth,” explained that over the past six months, overall cement demand has increased, owing to the significant rise in real estate activities from private sector housing constructions as well as ongoing infrastructure construction by the Federal Government.

According to the report, “This was reflected in the sector’s contribution to GDP which improved 4.08ppts q/q to 9.57per cent in Q1’22. Another factor underpinning this growth is investors’ renewed interest in alternative investment outlets, due to the lowered yields in the Fixed Income market. Consequently, cement producers recorded doubledigit revenue growth in Q1’22. For context, backed by increased real estate activities by the private sector, Julius Berger’s building

works increased by 85per cent.

“Cement producers have benefited from the ongoing construction of infractrucure projects, like rail and roads by the Federal Government and the demand for housing infrastructure by the private sector. During the Q1 2022 period, Real estate sector growth expanded by 2.67ppts to 4.14per cent, reflecting the surge in housing demand.

“Furthermore, raw input costs have remained elevated, driven by persistent FX challenges and rising inflationary pressures.

Also, the upward impact of the ongoing Russian-Ukraine crisis on energy prices has caused an increase in diesel and gas prices, which has emerged as a major threat to profitability. To combat these rising cost lines, cement players like Dangote Cement, through its Alternative Fuel Project, and Lafarge Africa, through its subsidiary Geocycle, are tilting towards alternative fuels like biomass for cement production in their plants.”

“Most of the components of the biomass fuel are locally sourced, reducing their dependence on imported and costly energy sources. Consequently, input cost worries moderated, thereby improving profitability margins.

Looking ahead, as the election

period draws close, we expect a sustained rise in cement demand, as the current administration aims to complete all on going infrastructure projects, which could drive revenue growth for cement manufacturers.

The report added, “Additionally, the expected projects that would be undertaken under the newly established Infrastructure Corporation of Nigeria Limited, a Public-Private Institution meant to provide funding for capital projects across the country, would boost cement demand.

However, despite the strong and rising demand for cement, prices may become stable on the back of intensified competition and increased production capacity by industry players.

“Equally, we expect cost pressures and FX liquidity issues to persist throughout the year and this may dampen the anticipated price stability as industry players may have to pass the increased cost to consumers. Also, the recent hike in interest rates by the CBN will make borrowings more expensive and may weigh on investments in the real estate sector. Although the rising interest rate may affect demand, the ongoing construction activities by the public and private sectors would support cement demand through the remainder of the year.”

H1 2022: EIGHT BANKS RAKED IN N176.11BN PROFIT DESPITE MACROECONOMIC CHALLENGES Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents Emmanuel Addeh (Energy) KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

Chief Executive, FCMB Group, Mr. Ladi Balogun, stated that, “We continue to leverage our unique group structure to enable a technology-driven ecosystem of platforms, customers, partners, talents, and capital to contribute to the sustainable and inclusive growth of the communities we serve. We believe that despite the challenging domestic and global environment, FCMB Group is well positioned to sustain its performance trend in financial and non-financial metrics.”

On his part, the Group Managing Director, FBN Holdings, Nnamdi Okonkwo in a statement said, “FBN Holding’s continues to demonstrate resilient performance despite the challenging operating environment with an impressive improvement in revenue and profitability. Furthermore, we continue to see good progress across our performance metrics,

which remain in line with our focus on driving sustainable growth.

“The Group remains committed in its transformation drive, which has resulted in stronger balance sheet and better asset quality with non-performing loans closing at 5.4per cent at H1 2022. Similarly, risk management capability remains robust across the Group supporting the drive for enhanced earnings for sustainable capital accretion.

“During the period, cost to income ratio remained flat y-o-y despite the inflationary and currency pressure, as we continue to focus on optimising overall efficiency. Our strategic intent remains unchanged in optimising opportunities that drive growth in revenue, profitability, capital accretion and overall operational efficiency that delivers sustainable value to our stakeholders.”

Also speaking, the Managing Director/Chief Executive officer of Wema Bank, Ademola Adebise attributed the remarkable performance to increased customer satisfaction the bank delivers through its investment in technology.

According to him, “Our performance has shown strong and promising results in the second quarter. Customers have continually shown trust in our proficiency, innovation, and service delivery even as the market gets more challenging.

“That said, I am confident, that despite increased volatility and uncertainty, we will continue to scale up, manoeuvre the environment, creatively manage our resources, and drive longterm, substantial returns for shareholders.”

The Ecobank Group Chief Executive Officer, Mr. Ade Ayeyemi

in a statement explained that, “Our results for the first six months of 2022 reflect not only the benefits of the firm’s diversification but also our resilience and capabilities to continue serving our clients and customers in a challenging environment and still generate adequate returns responsibly for our shareholders.

Ayeyemi added that, “We performed well because of our investments, including in technology, and Ecobankers’ continued dedication to meet customers’ financial needs, despite a challenging operating environment of high inflation, weakening African currencies, worsening government fiscal balances and lowering economic growth.”

Also, the Chief Executive Officer, Union Bank of Nigeria, Mudassir Amray, in a statement stated, “Following the successful

acquisition of majority shares of the Bank by Titan Trust Bank, we are now focused on strengthening the core business and improving operational efficiencies across board. In parallel, we are going full throttle on integrating the two banks to form a ‘stronger union’ positioned to deliver value to all stakeholders, leveraging technology and digital innovation.

The integration is expected to be completed by the end of the third quarter.

“Since taking the reins as Chief Executive Officer as at June 2nd, 2022, I am confident that the Bank has all the necessary ingredients to be a tier 1 bank. As we drive towards a seamless integration in the second half of the year, we remain committed to achieving our business objectives. We are excited about exploiting the synergies from the newly expanded franchise post integration.”

T H I S D AY ˾ WEDNESDAY, AUGUST 3, 2022

28

BUSINESSWORLD

PERSPECTIVE

RT$200bn on Track Six Months After Clement Nwoji

A

cursory look at the Central Bank of Nigeria’s (CBN) FX Policy programme- RT200 billion dollars, in the last six months, indicates that the policy is very much on track in addressing the FX gaps as well as the issuance of the rebates that have accrued to non-oil exporting companies oil production/export quota, diaspora remittances, foreign direct investments as well as the slow pace of recovery by non-oil sectors of the economy, post-COVID, the CBN has prioritised two critical areas germane to the sustainability of the scheme- consistent payment of rebates to participating non-oil exporting companies and capacity- building to address product quality gaps to improve the competitiveness of Nigerian companies in the international market. This is predicated on the expectation that if the nation’s non-oil products are competitive, the prospects of inflow of FX would be guaranteed in line with the aim of achieving the 200Billion Dollars within target timeframe.

It is against this background that the CBN Governor, Godwin Emefiele has solicited the cooperation of all stakeholders- government agencies and privately owned companies involved directly or indirectly in the business of harnessing, processing, and exporting goods and services to streamline the processes so as to enable the exporters to become more competitive and reap maximum benefits of their exports and thus, grow the nation’s economy.

According to CBN figures, by the end of the second quarter in June 2022, the foreign exchange inflows for non-oil-exporting companies stood at $2.9 billion while the rebate paid out to the exporters was well over N20 billion due to the increasing number of exports found to be eligible for the rebates. This was apart from the export proceeds inflow of $60 million from 150 exporters who jointly earned a rebate of N3.5 billion earlier in first quarter of the year.

The principle set out for rebate payments by the CBN is that qualified exporters of non-oil

Emefiele goods and services are entitled to a rebate of N65 for every $1 repatriated and sold at the Import and Export (I&E) Window for other third-party use, and N35 for every $1 repatriated and sold in the 1&E window for own use on eligible transactions only.

However, the Manufacturers Association of Nigeria (MAN) is requesting that higher rebate figures be considered by the CBN for foreign exchange repatriated and sold at the Import and Export window.

According to MAN Director General, Mr. Segun Ajayi-Kadir, the review is expedient to take care of the existing differentials between the official exchange rate and the

parallel market to serve as an incentive for exporters to repatriate their proceeds through the official window. This clarion call by MAN is worth considering in order to secure the cooperation of manufacturers desirous of participating in the scheme.

In line with implementing one of the key pillars of the policy, the Bankers Committee in conjunction with the CBN organized the maiden edition of the biannual Non-oil Export Summit in Lagos, on June 16, 2022.

The summit x-rayed the various facets of methodologies to drive non-oil exports just as it proffered recommendations to prevailing challenges that needed to be

addressed to effect the urgent diversification from oil to more of non-oil in the nearest time possible.

At the summit, the CBN Governor, Godwin Emefiele, highlighted the challenges confronting the nation, particularly in foreign exchange management as well as in export processes. According to Emefiele, “the pressure posed by the post-Covid pandemic, delays in the logistics value chain, and local security challenges have exerted undue pressure on our economy making microeconomic management very difficult, particularly, FX availability and management. These factors impacted oil production and prices, distorted trade, and export, reduced capital flows and impacted food production. They also exposed the fragility of the Nigerian economy and the need for a more diversified economy”, he stated.

The CBN Governor noted further that despite these odds, the CBN has been confronted with rising demand for foreign exchange for both goods, services, and other needs.

“Monetary policy alone cannot bear all the burden of the expected adjustment needed to manage these challenges and difficulties in our country. These problems call for urgent design and steadfast implementation of other supportive, structural and complementary policies that are broad-based, coordinated and focused for complimenting the work of the monetary authority”, he said. He observed that these were instrumental to the CBN and Bankers Committee’s “search for the more innovative programme and policies geared towards sustainable solutions.”

While we wait for the implementation of other complementary programmes such as port decongesting, addressing the bureaucratic processes in Nigeria Ports Authority, Nigeria Customs Service and facilitation of ships for carriage of exports, etc, there is a need to focus on softer issue of patriotism. Inter-agency cooperation is critical in reducing the pressures while also working out campaign to effect necessary attitudinal change from what currently obtains regarding the FX demands. t $MFNFOU /XPKJ JT B CVTJOFTT BOBMZTU BOE QVCMJD BGGBJST DPNNFOUBUPS CBTFE JO "CVKB

Olubi: Investment in Agriculture Remains Attractive The Chief Executive Officer, EFG Hermes Nigeria, Lilian Olubi in this interview with Kayode Tokede speaks on Africa’s economic outlook, why investment in agriculture amid global unrest due to the war between Russia and Ukraine remains attractive.

5P XIBU FYUFOU DBO XF TBZ UIBU . " EFBM NBLJOH JT NBLJOH B SFUVSO BGUFS CFJOH BGGFDUFE CZ UIF HMPCBM QBOEFNJD JT NFSHFS BDUJWJUZ JO "GSJDB HSPXJOH We confident about the outlook for M&A in Africa, as the opportunities from increased digitisation are significant. The limitations of our physical infrastructure mean that, Africa must champion all things digital and welcome global best practices.

&'( )FSNFT JOWFTUT JO OVNFSPVT TFDUPST SBOHJOH GSPN SFBM FTUBUF BOE NBOVGBDUVSJOH UP UIF PJM BOE HBT JOEVTUSZ BJNJOH UP HFOFSBUF TVTUBJOBCMF QPTJUJWF SFUVSOT SFHBSEMFTT PG UIF JOEVTUSZ 8IJDI TFDUPST JO /JHFSJB BSF &'( )FSNFT NPTU PQUJNJTUJD BCPVU ith global supply chains disrupted, it looks increasingly like we are at the beginning of a commodity supercycle, which must favour the mining and resources sectors.

With inflation, eating away at disposable incomes, food will become a larger share of household consumption and therefore investment in agriculture should be more attractive. Although the valuations of global digital payment companies have declined aggressively since the start of the year, we remain very optimistic about the outlook for mobile/digital payments in Africa. This is because, mobile/digital payments are the most logical solution to reducing the cost/ time of payments in Africa. Lastly, we would note that, with a young and fast-growing population, Africa’s Fast Moving Consumer Goods (FMCG) sector offers considerable scope for growth.

W

*O XIBU XBZT NJHIU UIF VQDPNJOH FMFDUJPO QSFTFOU DIBMMFOHFT PS PQQPSUVOJUJFT GPS EFWFMPQJOH /JHFSJB T DBQJUBM NBSLFUT Elections are always a test of the maturity of a country’s democracy and this will be Olubi another test for Nigeria. Having said that, we are confident that Nigeria will peacefully pass this test yet again. The opportunity in this election is change. Post this election, we hope that the new Government will build on the successes and correct the disappointments of the current one.

$BO XF FYQFDU UIF GVSUIFS JNQMFNFOUBUJPO PG UIF "G$'5" UP TVQQPSU UIJT BOE BSF UIFSF PUIFS ESJWFST UIBU NJHIU JODSFBTF PS TVCEVF UIF HSPXUI PG HFPHSBQIJD FYQBOTJPO BOE . " BDUJWJUZ JO "GSJDB Increased regional integration is key, as it makes all opportunities scalable )PX IBT VODFSUBJOUZ CFUXFFO UIF XBS CFUXFFO 3VTTJB BOE 6LSBJOF BGGFDUFE NBSLFUT BOE XIBU EPFT JU NFBO GPS "GSJDB BOE /JHFSJB The war has driven-up global energy prices, which has imported a lot of inflation to Africa and Nigeria. There are also a number of African countries that were very reliant on Ukrainian and Russian wheat and they have suffered from wheat shortages and high prices.

With presence in 13 countries including Nigeria, across four continents, EFG Hermes has grown over 38 years of success to transform from a pure-play investment bank into an impact-driven universal bank.

Merger activity in Africa is growing, notably in the tech sector. We have noted recent M&A deals such as the Nigerian B2B e-commerce player TradeDepot’s acquisition of its Ghanaian analogue Green Lion and MFS Africa, Africa’s

largest digital payments network’s purchase of Oklahoma-based Global Technology Partners. MFS Africa’s deal has been described as a rare case of an African group doing a tech deal in the US.

8IBU XPVME CF ZPVS DMPTJOH SFNBSLT BT GBS BT EPJOH CVTJOFTT JO /JHFSJB JT DPODFSOFE We are keen on having a lasting and positive impact on the Nigerian financial services sector and its customers.

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T H I S D AY ˾ WEDNESDAY, AUGUST 3, 2022

BUSINESSWORLD

INSURANCE

Strengthening Nigeria’s Insurance Sector In its on going efforts to reposition the insurance sector to meet modern demands, stronger financially, the National Insurance Commission may take decisions that might seem inimical to some stakeholders’ interest, writes Ebere Nwoji

R

ecent statements by both the Commissioner for Insurance, Mr Sunday Olorundare Thomas and the Deputy Commissioner for Insurance, Technical, Sabiu Abubakar on imminent liquidation of more insurance firms and licensing of new ones has been described by insurance sector analysts as a way of sanitising, re-invigorating and stabilising the insurance sector for optimum performance.

Thomas had at the recent Africa Insurance Organisation conference held in Nairobi, Kenya told the media that NAICOM was considering giving operating licenses to more insurance and reinsurance firms that show and have capacity to impact the underwriting sector.

He said in doing this, the commission meant to continue to encourage the development of the insurance sector by ensuring that capable players were welcomed into the sector.

The NAICOM helmsman said insurance and reinsurance firms licenced over a year ago, were granted approval due to their capacity to impact the sector.

Shortly after this, the Deputy Commissioner for Insurance Technical, Sabiu Abubakar, told the media at the 2022 Business outlook conference organised by the Chartered Insurance Institute of Nigeria (CIIN) that more insurance firms might be positioned for liquidation as part of the commission’s move to sanities the insurance industry.

REACTIONS The above two statements have generated controversial reactions, especially from workers and stakeholders of two companies whose certificates of operations were cancelled recently namely, Niger Insurance and Standard Alliance insurance.

While insurance sector operators hail NAICOM for taking action that would save the image of the industry, insisting that weak operators in the system have continued to dent the image of the industry, stakeholders in the two firms frowned at what the regulator did, faulting the idea of killing existing firms and planning to license new firms. Both employees of Niger and Standard Alliance Insurance companies said instead of withdrawing the certificates of their firms and proposing to license new firms the commission should have used its position to invite foreign investors that approach it for licenses and encourage them to invest in the firms and inject life in them.

EMBARGO ON LICENSING Before it’s licensing of four insurance and one re-insurance firms in the country two years ago, NAICOM had for over 10 years placed embargo on licensing of new insurance firms.

The then commissioner for insurance Mr Fola Daniel who placed the licensing embargo had insisted that instead of licensing new firms when there were a good number of weak firms in the system, intending operators should buy over weak firms and inject life in them.

After his assumption of duty, Thomas at the 2020 media retreat organised by NAICOM at Ijebuode, Ogun State announced that the commission had handed over operating licenses to four insurance and five reinsurance firms.

The companies are Heir General Insurance Limited, Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Assurance Company Nigeria Limited and FBS Reinsurance Limited.

This brings to a total of 62 insurance underwriting and three reinsurance firms in the country.

With the withdrawal of operating certificates of Niger and Standard Alliance insurance firms which were recently placed under receivership management appointed by NAICOM in addition to Goldlink insurance and one previous insurance firm under NAICOM’s management, if the present managers fail to revive them and they eventually go into extinction, the system will be left with 58 insurance firms .

Stakeholders of the above firms are saying it would have been better that since the commission was in position of authority to receive applications for licenses from new entrants into the market, it would have been better to direct such applicants to invest in those firms as happened in International Energy Insurance rather than licensing new firms.

ANALYSTS’ VIEW

OPERATORS’ FEELINGS But before the withdrawal of their operating licenses, cases of unpaid claims by the above companies placed the image of the industry on a danger list, prompting industry leaders like the former President of Chartered Insurance Institute of Nigeria and Managing Director Risk Analyst Insurance Brokers, Mrs. Funmi Babington Ashaye at one of the media retreats organised by the institute to raise alarm that the image of the entire insurance sector was being diminished by the presence of weak firms left to continue operation in the system.

According to her, because of huge unpaid claims hanging on their necks, image of genuine firms who pay their claims promptly were being tarnished and this affected the operations of the entire industry.

She said the time was ripe for the regulator and market association body to single such firms out and deal with them decisively to save the image of the industry.

She explained that their continued operation was dangerous because to the average Nigerian who purchased policy from them and has his claim unpaid, it was insurance people that did not pay his or her claim not that particular firm.

She said this being the case the commission should call a spade a spade and allow only the healthy firms to remain in business.

The same position was maintained by the Managing Director Consolidated Hallmark Insurance when as the chairman Nigeria Insurers Association he insisted that Nigeria insurance industry had come of age and should be sanitised to stand tall among the global committee of insurance markets.

He said days were gone when the industry had room for quacks and weaklings as such insurance firms which were weak should desist from defrauding people and rise to the challenge of discharging their claims responsibility or close shops.

NAICOM ON LOW CAPITAL BASE The immediate past commissioner for insurance, Mohammed Kari, said it was for this reason that his administration in NAICOM introduced the Risk Based capital so that each firm would concentrate only on businesses it has the financial capability to underwrite and raise the capital it has the capacity to raise.

He said this way there would be no weakling insurance firm in the system.

Kari said he was irked by the continued resistance by operators to raising new capital, a situation which he said was responsible for existence of weak firms in the system described the insurance sector as the weakest link in the Nigerian economy because of the low capital base of operators.

He noted that the sector that ought to insure critical sectors such as aviation, should not be seen to have capital base, which is even less than that of microfinance banks.

Currently capital base of life insurance firms in Nigeria is N2 billion, that of non -life is N3 billion, composite firms have N5 billion capital while reinsurers have N10 billion capital base.

Several efforts even by the present administration in NAICOM to raise the capital base of the industry were strongly resisted by the operators.

Kari stated that whereas the CBN planned to increase capital base of even Micro finance

banks, insurers were resisting capital increase; yet they want to underwrite big-ticket business.

Lamenting the poor attitude of operators towards the industry recapitalisation, Kari said, “We are the weakest link in the Nigerian economy and now we are going to be less capitalised than mortgage guarantee banks with N6 billion and less capitalised than microfinance banks with N5 billion. How can an insurance company that insures the aviation sector have capital less than that of microfinance banks? We should wake up.

“Some insurance operators argue that capital is not important. If capital has no function, how come banks bought over insurance companies that used to be owned by insurance companies?

Insurance anywhere in the world is the mobiliser of funds and provider of security. You cannot provide security if you don’t have capital. How can you approach a microfinance bank of N5 billion and tell them you want to give them protection. What is your capital?”

Industry analysts said to save the image of the entire industry, liquidation of ailing firms is the way to go if all possible efforts of saving them have proved abortive.

According to the analysis, the reason is because they have inadequate capital ratio, they do not pay claims rather they repudiate claims, they don’t pay staff salary neither do they give returns to investors.

According to the analysts, some cook up annual reports to justify their existence. They concluded that such firms were the ones that give bad impression about insurance sector.

According to the analysts, because of their continued existence, clients are dissatisfied and give blanket condemnation of the sector.

On the proposed licensing of new firms, they said NAICOM has been authorised to do; therefore, it is left for the commission to decide to license new firms or to encourage investment into the ailing ones.

The analysts however said NAICOM had no power to compel any investor to invest where he does not want to commit funds.

The new investors opting for fresh license according to the analysts, have the capital base, can hire technical knowhow, can pay claims and NAICOM would have assessed them to be competent using the yardstick and experiences of the past.

According to them, by all standards of measurement, new firms and their investors are presumed to be modern practitioners that will bring in freshness into the system.

They said Liquidated firms may be aggrieved but it does not end there, as they should have acted when they had the opportunity.

Their board members, they argued, should have lived up to expectation by performing their oversight functions of the operations of the companies before their present condition.

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WEDNESDAY, AUGUST 3, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Capital Express Assurance Grows Assets to N12.8bn in 2021 Ebere Nwoji

L-R: The Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello-Koko presenting the Authority’s plaque to the Director General, Standard Organization of Nigeria (SON), Mallam Farouk Salim during a courtesy visit to the Management of NPA at the Corporate Headquarters, Lagos

LCFE, Stakeholders to Unlock N445trn Commodities Ecosystem Nume Ekeghe Lagos Commodities and Future Exchange (LCFE), Capital Market players, and other stakeholders are set to unlock the $1trillion (N445trn) commodities ecosystem as an avenue to diversify the economy from a crude oil-dependent economy to other critical economic sectors.

This was revealed at the Commissioning Ceremony and Official Launch of Lagos Commodities & Futures Exchange,

with the theme, “New Order, Driving Nigeria’s Economy Through the Commodities Ecosystem,” in Lagos.

This, according to key stakeholders will catalyze and transform the Nigerian economy to create value, wealth restore growth and build global competitive economy.

Speaking, the MD/CEO of Heritage Bank, Ifie Sekibo, stated that as the lead settlement bank in partnership with key stakeholders that are critical to the success of this

project, he considered the launch of LCFE as a huge potential to unlock the opportunities and wealth of the four asset classes- Agriculture, Solid Minerals, Oil and Gas and Currencies.

He said: “I believe that this is the beginning of how we are going to possibly create values in areas that hitherto we have taken for granted. First thing it will bring about is sustainable commodity trading ecosystem, being a catalyst for capital formation, unlocking the long-time

financing for the solid mineral and mining space.

“The Collaboration between Heritage Bank and LCFE is designed to align the market to transparent price discovery, standardised platform for trading of commodities across defined asset classes and straight through processing to settlement.”

Sekibo added that the partnership was one of the many initiatives of the bank’s foundational objectives of wealth creation, preservation, and transfer across generation.

Capital Express Assurance Limited has announced that it increased its total assets to N12.858 billion in the year ended December 31, 2021, an increase of 1.19 per cent over the N11.95 billion recorded the previous year.

Speaking at the company’s 21st Annual General Meeting (AGM) in Lagos, the company’s Chairman, Otunba Ademola Adenuga said despite the challenges occasioned by the COVID-19 pandemic, the company remained resilient, delivering growth in total assets and profits respectively in the year 2021.

He said the company recorded a Profit after tax of N90.68 million, an increase of 33.6 over N67.88 million earned in 2020, while Total Equity rose by 16.6 percent from N5.37 billion to N6.26 billion. Claims expenses increased marginally to N2.98 billion.

The chairman said prompt settlement of claims was the company’s flagship adding that it would continue to forge ahead in this regard.

He however said the company’s Gross Written Premium (GWP) was N4.412 billion in the year under review, showing a decrease when compared with the N6.33 billion achieved in the preceding year.

Adenuga further stated that as global constraints began to ease following the COVID-19 pandemic, paving the way for gradual restoration of commodity supply chain, expansion surged with opportunities for growth unlocked.

He praised the management, staff, and all shareholders for their responsive roles across the organisation to ensure that the company continues its promise to deliver top life insurance services

in the Nigerian market, leveraging on its renewed digitalisation drive.

“The Nigerian insurance industry witnessed a 10 percent growth, compared to a negative 13 percent recorded in 2020. There is a rekindled hope that the renewed insurance awareness will improve Nigeria’s insurance penetration and growth in the coming years.”

On the company’s initiative to drive insurance through digital platforms, the company’s Managing Director Mrs. Adebola Odukale, informed the shareholders that Capital Express introduced its Mobile App and USSD channels to make it easy for the insuring public to get life insurance covers and easily process their claims.

She said, “We’ve created and launched our Mobile App for customers to be able to get different life insurance policies, make premium payments, monitor the status of their policies in the company and process their claims faster without walking into our physical branches.

“These platforms are interactive and give our policyholders the opportunity to engage us and seek clarification on things they need to know about their policies with the company.”

By using the USSD code, *347*01#, the managing director said existing customers and intending policyholders can have access to the company’s diverse products from any part of the country.

She also noted that the digital platforms allow the users to renew their policies, lodge any complaint and track all transaction records which are well detailed on the App.” The Apps, she explained, could be installed on mobile phones from both the App Store (iOS) and Play Store (Android).

FG Commences Construction Leadway Health Revolutionises Health Care of Agriculture Mechinery Insurance Services Through Launch of Telemedicine I n s t i t u t e i n N a s a r a w a Ebere Nwoji Leadway Health Limited has launched its telemedicine feature for better access to healthcare insurance services.

Speaking during the event in Lagos, the Managing Director/ Chief Executive Officer, Leadway Health Limited, Dr Tokunbo Alli said the effort is a demonstration of its forward-thinking, innovative approach to providing seamless, closer-to-home, and uninterrupted access to superior quality healthcare

insurance delivery, He said the telemedicine feature on its App was available for download on the iOS App Store and Google Play Store, providing real-time, 24/7, convenient, on-thego access and delivery of healthcare needs to Nigerians through their mobile phones.

Alli, stated that the feature fulfills the organisation’s pledge to continuously proffer disruptive solutions, bespoke products and offerings that address the challenges Nigerians face in accessing

healthcare services.

“Understanding that the exponential growth in mobile telephony and increased internet connectivity have significantly empowered millions of Nigerians to make life-changing decisions that have impacted their living conditions, we elected to leverage this game-changing technology and innovations to provide unprecedented access to healthcare across the country.

“With the advanced feature of our Telemedicine service, enrollees

would have the experience of end-to-end healthcare solutions in the comfort of their home. They are able to consult with medical professionals through video/voice call and resolve minor medical issues. The medical professionals also have access to their previous medical records to help in providing even better care. By leveraging this technology, minor health issues that otherwise would have become chronic can be promptly diagnosed and resolved virtually, at no cost to the enrollee, ”Alli stated.

Experts: Nigerian Businesses Risk Extinction if They Ignore Application Utility Era Oluchi Chibuzor Technological experts have warned that Nigerians businesses risk extinction if they ignore the emerging application utility era driven by digital and mobile internet things (IOT).

According to them, the application utility era would continue to favour companies that are constantly incorporating innovation to produce products in the world market territories and across industry sectors.

Speaking at the inauguration of the Nigerian Institute of Electrical and Electronic Engineers (NIEEE) Victoria Island (VI) Chapter and

investiture programme, in Lagos, National Chairman, NIEEE, Akan Michael, said the country must continue to enhance the capabilities of its engineers to national growth.

The event with the theme, “Technology, Infrastructure and Business in the 21st Century,” saw Michael stating they would continue to engage the government to contribute in research and development for the emerging technologies to benefit both members and the nation.

Earlier, the newly inducted NIEEE VI Chapter President, Taiwo Okharedia, maintained the chapter would continue to guide Nigerian engineers with interest

across the various specialities and disciplines both in practice for the development of public and private sectors.

Delivering his keynote speech on, “Technology of Nations-Nigeria,” Professor Ndubuisi Ekekwe, said across human history, technology has defined the wealth of nations.

“Nigeria must deepen its technological capabilities to advance economically. Indeed, Nigeria’s challenges in this 21st century is to have a translation from being an invention society to an innovation society.

“The 1990s gave us the new generation of banks. The 2000s brought voice telephony. The 2010s

ushered mobile internet. The 2020s would deliver the era of application utility across industry sectors and market territories.”

Speaking also on, “Technology in Infrastructure Development: Leveraging AI, IOT and Big data for infrastructural Transformation,” the Chief Operating Officer, MDXi Data Centre, Gbenga Adegbiji, said the big issue was how Nigeria would not miss out on the opportunity IOTs provides for economies.

According to him, the country has been witnessing massive investment inflows by big tech firms like Amazons, Facebook and Google to better position themselves in the emerging virtual economy.

Igbawase Ukumba in Lafia The federal government has commenced construction of the Agriculture Mechinery and Development Institute (AMEDI) sited in Lafia, the capital of Nasarawa State.

The Chief of Staff to president Muhammadu Buhari, Prof.

Ibrahim Gambari, performed groundbreaking for the construction of the Agriculture Mechinery and Development Institute in Lafia.

Speaking when laying foundation for the construction of the Agriculture Mechinery Institute, the Chief of Staff said the institute would determine on how technology would be utilize across the country.

He maintained that the federal government would continue to do what it could to support the National Agency for Science and Engineering Infrastructure (NASENI), as well as the Nasarawa State government for the advancement of technology in the country.

He said: “We will maintain constructive partnership with Nasarawa State throughout the life of this administration, and beyond. Whatever we can do in and out of office, our doors will continue to remain open and to make that partnership effective not only with Nasarawa State, but across the country in terms of technology.”

In his remark, The Nasarawa

State governor, Abdullahi Sule, said the establishment of AMEDI in Lafia was based on his conviction of a radical transformation of the state through knowledge transfer, skills manpower, job creation and youths empowerment.

He added that the agricultural machineries institute would as well create agriculture value chain in the state, which could only be achieved through sustained utilization of the science and engineering, as well as skills develpment.

He, therefore, expressed appreciation to President Buhari and the federal government for the choice of Nasarawa for the establishment of the laudable project for the benefit of humanity and the people.

On his part, the Eecutive Vice Chairman of the NASENI, Prof.

Mohammed Haruna, said AMEDI was part of implementation strategy of the directives of President Buhari to the agency to effectively intervene in agriculture to revolutionize farming and food processing using technology.

“NASENI has succeeded in the development of some relevant equipments and machines in the food value chain from cultivation, planting, weeding, harvesting, post harvest and food preservation.

“This institute is mandated to build on this success and serve as a final site for the implementation of agreement on agriculture between Nigeria and Czech republic as approved by President Buhari,” Haruna explained.

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T H I S D AY ˾ WEDNESDAY AUGUST 3, 2022

EDUCATION Accidental Teachers on the Prowl and Search for Lasting Solution Kuni Tyessi writes that with increasing cases of square pegged teachers in the nation’s round hole education system, UNICEF continuously reminds the government that achieving SDG-4 may be in a reverse motion

A

hmed returned home with his homework in Quantitative Reasoning. Examples of how to solve the questions were there, but he couldn’t understand them. He claims the teacher, a graduate degree holder in education, did not show the class how to solve the questions. Failure to do the assignment will attract corporal punishment.

This occurrence has been repetitive, and his parents have begun to ask questions about the teacher’s professionalism. They do not know how to get the answers, and out of frustration, they take pictures of the task before them and forward them to family members who are good at calculations. Through this, there is a reprieve, and the equations are solved.

In Amaka’s class, the teacher, during English lessons, tells the young learners that every plural word must change form and take ‘s’, ‘es’, ‘ves’, etc. She forgets to tell them that certain words remain in their original spelling, even in plural form—for example, sheep, information, etc. The reason is attached to her inability to upgrade her lesson plan and her lackadaisical attitude towards her job. She had been promised a slot in a plum federal government commission, and this was never to happen. She takes out her anger and frustration against the system on the pupils, and they are lost to what their faults are. The pupils fail some questions in the unchanging category; all are whipped and called unserious.

“But aunty, you didn’t teach us those,” one of the bold pupils reminds her while pointing at the board.

“Don’t be stupid. You’re supposed to know it. It’s all about common sense,” she replies in anger.

The pupils become afraid of her and will always say “yes, aunty” whenever she asks if what she has taught has been well understood.

President Buhari However, their exam scripts and results tell a different story about their convictions. Unfortunately, the Nigerian government does not implement laws or sanction such offenders.

Tayo is another pupil who comes home crying and reporting to his mother that the state government has sacked his teacher, Ms Anne. An enquiry from the school reveals that despite the teacher’s love and understanding towards children and a gifted ability to impart knowledge, she is not trained and qualified for the noble profession. New policies in teaching affect her, and she is shown the way out without

Minister of Education, Mallam Adamu Adamu consideration for her innate skills. Soon after, the class struggles to cope with the teaching method of the new teacher.

Stories like those above are no longer news within the Nigerian educational space. The cliche of many being called and few chosen sits well in the country’s teaching profession, where many have embraced the trade to keep bodies and souls together and not necessarily for the passion for imparting knowledge.

The Sustainable Development Goal- 4 centred on the compulsory attainment of basic education for every child, is hereby compromised in a system which seems incapable of sieving the wheat from the chaff or giving an opportunity for the gifted in the system to thrive.

In the lecture titled ‘Increase funding to the education sector and investing in teacher quality’, Dr Anthony Chidiebere Ezinwa

emphasised education as the right of every Nigerian child and a dictum that every handler in the education system must be abreast with.

Speaking at a media dialogue which was organised by the United Nations Children’s Fund (UNICEF) in Kano, Ezinwa says due to the level of teacher quality in many schools, several children are not learning, hence the need to get government at all levels to focus on learning and teacher training.

Similarly, UNICEF Education Manager for Nigeria, Manar Ahmed Sharouda, in her assessment of the Nigerian child in the face of quality education, said the country, like several others in low and middle-income settings, was going through a learning crisis as 53 per cent of 10-year-olds could not read and understand a simple story.

In research released by UNICEF, in subSaharan Africa, many children are learning in poverty and do not have basic literacy even at the age of 10.

Nigeria is said to have one of the best policies in the world but suffers from poor implementation. A high classroom learner ratio of 1:65 is clearly seen in several primary schools, and there is a 37 per cent shortage in the classroom at the national level.

There is also the case of low school readiness, and at least 19 million children aged three to five are not enrolled in the Early Childhood Care and Development Education (ECCDE) services as encouraged by the Nigeria Educational Research and Development Centre (NERDC).

Only one out of three children are exposed to the mandatory one-year early child education.

With a few years to the SDGs’ expiration, Nigeria has yet to find lasting solutions that tower before it in teacher quality, particularly for basic education. However, just like in politics, where one day can change the course of events, hope remains imminent in the possibility of a better narrative.

2022 MTN ASAP Quiz: Champions Recount Experience, Warn against Drug Abuse The trio of Ramlat Salman, Foyinsola Adeyemi and Ataba Shehu of Funtaj International Schools, Abuja, shared the story of their journey towards victory at the 2022 MTN Anti-Substance Abuse Programme (ASAP) Quiz competition in a recent encounter with Yinka Olatunbosun

D

uring one of the school breaks between their third term examinations, the champions of the 2022 edition of the MTN ASAP Quiz competition for secondary students in Nigeria sat down for a 30-minute virtual chat on their recent victory at a two-day contest organised by the MTN Foundation. The competition, organised to raise awareness of the detrimental effects of substance misuse and addiction among secondary school students, was done in collaboration with the National Drug Law Enforcement Agency (NDLEA).

The programme was built to dissuade youths and adolescents, especially in secondary schools, from using substances by promoting a drug-free lifestyle. In the end, the champions went home with numerous prizes such as phone tabs and learning support materials, while the first 10 participating schools went home with learning support materials.

It was not the first time that the winning trio of Ramlat Salman, Oluwatoyinsola Adeyemi and Ataba Shehu of Funtaj International School, Asokoro, would represent their school at competitions. The Year 10 students have learnt to balance their extra-curricular activities with the demand of their academic work, and this shows in the way they have consistently excelled at both. Their only addiction is success.

Salman recalled their collective emotion on the day of the win. “It was very overwhelming.

We felt proud of our school and ourselves because we were pushed through in the competition,’’ she said.

Her co-winner, a bespectacled Ataba Shehu, described how the competition was organised in brief.

“It lasted for two days. The first day was the elimination stage, while the last day was for the finals. We were 12 schools that started the competition, but only three made it to the finals,’’ he said.

Before the competition, they had a teacher who would come periodically to educate them

L-R; Funtaj International School students, Ramlat Salman and Foyinsola Adeyemi; Chairman, National Drug Law Enforcement Agency, Brig. Gen. Mohamed Buba Marwa (Retd); Vice President, Nigeria, Prof. Yemi Osinbajo; Chairman, MTN Foundation, Prince Julius Adelusi-Adeluyi; and Funtaj International School students, Ataba Shehu, during the presentation of the ASAP Quiz Competition prizes, at the national conference held in commemoration of World Drug Day in Abuja... recently about the dangers of drug abuse and why it should be avoided.

That prepared them for the MTN ASAP Competition, even though they did not have a clue that it would culminate in a prize.

“We didn’t know there would be a competition like this,’’ the trio affirmed. Meanwhile, Adeyemi explained how they prepared for the competition. It wasn’t really difficult for us because we already knew the basics of drug abuse.

We read the book that the NDLEA provided for us and it was easy,’’ she said, leaning forward towards

the camera view.

Ramlat had cultivated a regime of practice sessions to prepare for the competition. She had access to the internet, and that was both liberating and empowering.

“Aside from the books that were given to us, we carried out further research on our own using online resources,’’ she revealed.

The MTN ASAP Quiz competition was not just an exercise in mnemonics. The fundamental truths about the danger of drug abuse had been engraved in these young minds.

Shehu shared his thoughts on the programme during the virtual chat. “I benefited a lot from the competition. I learned more things that I didn’t know before. For example, I discovered

the names of different types of some drugs that I wasn’t aware of and the risks of abuse as well as consequences,” he said.

Similarly, Salman felt her knowledge of drugs had been consolidated with this programme.

“I learnt more about drugs and the street names of drugs and of course their medical use,’’ she admitted.

Adeyemi said she had also learnt more about why people engage in substance abuse. She and Salman agreed that the most challenging part of the competition was learning about the history and origin of drugs.

Having won the competition, the trio is determined to remain foot soldiers in the fight against drug abuse in Nigerian society.

“We want to raise awareness about drug abuse. With this competition, we want to talk more about it with students and adults,’’ Adeyemi said. Contrary to the view that many parents would be apprehensive about their children’s awareness of drugs, Adeyemi maintained that their parents appreciated the beauty of such knowledge and also understood the perils of ignorance.

“Our parents weren’t worried. But they were happy that we were learning about substance abuse and how to avoid it. They wanted me to learn more because now, no matter what happens, we would never want to engage in drug abuse. I want to thank MTN for the ASAP platform and this opportunity to raise awareness of drug abuse, especially among youths. We are prone to drug abuse. We are vulnerable,’’ she added.

On her part, Salman shared the lesson she’d learnt from the programme alongside her gratitude to the MTN Foundation.

“We learnt that we should not allow peer pressure or trends to influence us to do what we shouldn’t because it could be fatal. I would like to thank MTN for including our school in this competition because we have really learnt a lot,’’ she added.

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T H I S D AY ˾ WEDNESDAY AUGUST 3, 2022

EDUCATION

Experts Advocate Inclusion of 110 Students Bag First Class As Babcock Coding in Schools’ Curriculum Graduates 2,471 Uchechukwu Nnaike

Ed-tech experts have urged policymakers in Nigeria to incorporate code learning in the school curriculum at primary and secondary levels for technological advancement and innovations.

This was part of the recommendations of the virtual roundtable for the July edition of Edtech Monday moderated by a social engineering practitioner, Joyce Daniel, which featured panellists such as the Chief Executive Officer, STEMi Africa, Amanda Obidike, founder, Robotics and Artificial Intelligence of Nigeria, Dr Olusola Ayoola and a seven-year-old pupil, Amanda Okocha.

Speaking at the roundtable with the theme ‘Coding for Learners in Africa’, Obidike said though coding was new in Nigeria, it had become imperative for coding to be included in the school curriculum because the future will be largely dictated by technology, automation and artificial intelligence.

According to her, with rising digitalization and advance in technology, there is a need for every state in Nigeria to invest in coding.

While identifying data infrastructure as a major drawback that could hinder code learning in schools, she noted that the issue around infrastructure and interest in coding would be resolved with effective collaborations with techdriven organisations and

mentorship.

“A lot needs to be done in the area of teachers’ reformation. Not only that, code learning should be made more inclusive such that young girls can easily be connected with the resources and get the confidence they need. Statistics have shown that 30.5 per cent of young women in Africa are unemployed because of the STEM-related skills gap. But with the right mentoring and resources, the narrative would be changed,” she said.

On his part, Ayoola explained that coding was key to 21st-century learning and development, stating that any country that fails to introduce it to young learners may be hurting its future.

He stressed that beyond infrastructure, funding and knowledge gap between teachers and developers constitute serious stumbling blocks to incorporating coding in schools. He even urged the government to provide access to devices and invest in ICT rooms for schools in Nigeria.

He tasked stakeholders to be intentional about bringing coding to the grassroots, particularly the underserved communities.

Also speaking, Okocha, who started code learning at the age of five, explained that the impact of coding on her education was tremendous, disclosing that the wealth of knowledge garnered so far has helped her develop a solution to solve a particular problem.

FGCKADOSA to Launch N1bn Fund, Seeks Review of Unity Schools’Admission Policy Oluchi Chibuzor

The Old Students Association of Federal Government College, Kaduna (FGCKADOSA), is set to launch an endowment fund of about N1 billion for infrastructural development and alumni welfare.

This was disclosed at the unveiling of the 50th school anniversary logo held in Lagos.

The President of the association, Mr Seyi Gambo, explained that N500 million of the endowment fund would be earmarked for the improvement of the school infrastructure.

He said the other half would be for intervention in the lives of alumni.

The chief launcher will be Alhaji Aliko Dangote.

He said the anniversary will hold in January 2023, with the theme, ‘Role of Education in Building a United and Detribalised Nation’.

The Chairman of the 50th-anniversary committee, Mr Aigboje AigImokuede, noted “that the alumni owe it a duty for

the younger generation to enjoy the dividends of the country considering they were trained with taxpayers’ money.”

Emphasising the need for the country to foster unity and strengthen its security apparatus, the Vice President General of Unity Schools Old Student Association (USOSA), Michael Magaji, called for a robust public policy in the education sector.

Asked about the current impact of insecurity on the 104 unity schools, he stated, “We know Nigeria is challenged by the issues of nation building, unity, peace and today the country is so fragmented by ethnic nationalities.”

He added, “If you look at the admission policy and the representation, it is not national anymore like it used to be in our time; so, we have to bring back those ideas and policies. Of course, there are limitations.

People are feeling insecure about sending their child to various parts of the country because of security challenges.”

Funmi Ogundare

Babcock University, IlishanRemo, Ogun State, has graduated 2,471, with 110 bagging first class.

Statistics of the graduands showed that 2,011 were undergraduates and 471 postgraduate students, which is the highest number in the University so far.

Speaking at the 20th undergraduate and 11th postgraduate convocation ceremony for the award of degrees and prizes at the weekend, the ViceChancellor, Prof Ademola Tayo, congratulated the graduands for the feat while admonishing them to face the future with the assurance of making a positive impact nationally and globally.

“I have no doubt about your capability to achieve this feat as you have been academically, spiritually and morally equipped to hit the ground running and be successful in life,” he said.

He noted that this year’s convocation came slightly behind its regular academic calendar, usually fixed for the first Sunday in June, adding, “the practice is for new students to be given their graduation date during the matriculation.”

Tayo attributed the disruption in its academic calendar to the COVID-19 pandemic and the long period of lockdown, which left behind challenges.

The VC appealed to the graduating students ( Onyx class) not to exhibit any fear

of making a difference and not to lose focus, adding that they should actively support their parents and alma mater.

In his commencement speech, the Chief Executive Officer, Axxess, Dallas, USA, a leading global care at home technology company, Mr John Olajide, admonished the graduating class to believe in themselves, live with vision and live with purpose, adding they have to respect the dignity in everyone regardless of their status or position and strive for excellence every day.

He recalled how he started his business in 2007 from a humble beginning when he met a friend in Dallas who is an alumnus of Babcock

University and was also the director of nursing for a home healthcare company. He said he had asked him if he could help with some IT work being a software engineer.

Olajide said he was moved to empower them with technology to make their lives easier and even solve the challenge for the healthcare industry and professionals.

In their remarks, the presidents of the Onyx postgraduate and undergraduate classes of 2022, Dr Olugbenga Daniel-Adebayo and Gertrude Egwuekwe, commended their colleagues.

The programme featured awards of prizes and awards to outstanding students.

THISDAY reporter, Ms Funmi Ogundare (third left), her son, Daniel Adekunle, her mother, Mrs. Rosaline Ogundare and her brother, Mr. Peter Adetunji, during Daniel’s graduation from Babcock University, Ilishan- Remo, Ogun State...recently

Achievas School Celebrates 15th anniversary, Graduation It was double celebration for AchievazBase School, Alakuko, as it clocked 15 years of offering quality education in Lagos State.

At the ceremony, which coincided with its 2021/22 graduation ceremony, the Proprietor, Mr. Omotola Ayodeji, recalled that he started the school from a humble beginning. He said things were rough at the beginning as he and his team navigated the education subsector amid stiff competition to overcome.

He noted that many pupils had passed through the school, and are making their marks in their various endeavours.

He thanked the teachers who had stayed with him over the years to build the school for their persistence and dedication. He also presented gifts and long service award certificates to them.

To the outgoing pupils, Ayodeji said they had done well by staying with the school and finishing there. He assured them of a brighter future if

they stick to the training the received, the skills they got and the extra-curricular activities they participated in.

He however said there were challenges ahead as the world outside the school is not a bed of roses.

“You still have a long way to go. As you leave the college finally today to move into the larger society, realise that you have the corporate integrity of the school to represent and protect at all times.

Each time you live with the

consciousness of whom you are, you behave responsibly. Be careful with the kind of friends you made, especially as you move into tertiary institutions for bad companions ruins good character,” he said.

A parent. Mr. Ojerinde Babatunde, also advised the outgoing pupils to be studios.

Babatunde, who was the chairman of the graduation, commended the school’s founder and teachers for sustaining the legacy of the school.

166 Students Graduate As Wesley University Honours Prelate, Others Mary Nnah

The high point of events at the recently concluded ninth and 10th convocation ceremony of Wesley University, Ondo, a faith-based institution owned by the Methodist Church of Nigeria, was the honorary awards to deserving supporters of the school.

The awardees included Sir (Dr) Asuquo Inuikim Obon, KJW, honoured with Doctor of Science, DSc, (Honoris Causa); His Eminence, Dr Samuel Chukwuemeka Uche Kanu, Methodist Prelate, honoured as Grand Fellow of Wesley University, Ondo, GFW and Dame Apenu Eucharia Torka

was honoured with Doctor of Management, DM, (Honoris Causa), among other awardees.

The event, held at High Chief Olabanji Akiingbule Lecture Theatre, at the university’s take-off site, witnessed the graduation of 166 students awarded various degrees and prizes for the 2019/2020 and 2021/2022 combined convocation ceremony.

Conferring the award to Inuikim, the university’s Chancellor, Dr Paul Enenche, Senior Pastor of Dunamis International Gospel Centre, represented by the ViceChancellor, Prof Obeka Samuel, said Inuikim was awarded Doctor of Science

in recognition of his numerous contributions to humanity and commitment to university education.

Inuikim is a visionary and gifted in humanitarian services, engineering, leadership, human organization and development, and an expert in conflict resolution.

In his remarks, the elated Inuikim thanked the authorities of Wesley University for the recognition bestowed on him, adding that he was pleased that his services and contributions to humanity were valued.

Other awards at the ceremonies included the Prestigious Peace Leadership

Award of Wesley presented to the President of the Democratic Republic of Congo, His Excellency, Felix Tshisekedi, Prestigious Wesley Heritage award, presented to Prelates Emeritus, Dr Sunday Mbang and Dr Sunday Makinde, among others.

Inuikim was joined by his wife, Lady Edak Inuikim, DC Eyo Inuikim, Deputy Comptroller of Customs, Engr. Cyril Okoro, Mr Lemmy Okon, Rev Ifiok Ekong, Mrs Iquo Inwang, members of Fortune Club International, Mr Joseph Atainyang, Ms Inemesit Ebu, Publisher, Great Achievers’ World magazine, among others.

34

WEDNESDAY, AUGUST 3, 2022 • T H I S D AY

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

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

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

floor of the Nigerian Stock Exchange.

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

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

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 01Aug-2022, unless otherwise stated.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 191.17 192.32 14.52% Afrinvest Plutus Fund 100.00 100.00 6.59% Nigeria International Debt Fund 309.06 309.06 6.79% Afrinvest Dollar Fund 104.83 105.98 6.27% 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 2.85% Anchoria Equity Fund 138.69 140.25 -0.40% Anchoria Fixed Income Fund 1.20 1.20 4.50% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 21.36 22.00 5.28% ARM Discovery Balanced Fund 509.22 524.57 12.87% ARM Ethical Fund 42.90 44.19 10.11% ARM Eurobond Fund ($) 1.07 1.08 -0.59% ARM Fixed Income Fund 1.05 1.05 3.55% ARM Money Market Fund 1.00 1.00 7.59% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 103.55 103.55 6.45% AVA GAM Fixed Income Dollar Naira 1,091.80 1,091.80 9.18% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.08 2.08 2.63% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.33 2.38 12.55% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalfif@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.01 1.01 4.94% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 7.87% Paramount Equity Fund 19.33 19.68 10.82% Women's Investment Fund 147.13 148.94 3.61% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 7.22% Cordros Milestone Fund 132.24 133.15 6.23% Cordros Dollar Fund ($) 110.46 110.46 4.95% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.19% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 8.31% EDC Nigeria Fixed Income Fund 1,116.18 1,132.60 0.30% EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 8.10% Emerging Africa Bond Fund 1.03 1.03 6.40% Emerging Africa Balanced Diversity Fund 1.04 1.04 14.48% Emerging Africa Eurobond Fund 102.91 102.91 4.84% 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 1482.85 1482.85 11.11% FBN Balanced Fund 193.46 194.72 10.39% FBN Halal Fund 121.91 121.91 10.27% FBN Money Market Fund 100.00 100.00 8.40% FBN Dollar Fund (Retail) 125.00 125.00 5.83% FBN Nigeria Smart Beta Equity Fund 158.65 160.76 4.97% 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 N/A N/A N/A Legacy Debt Fund N/A N/A N/A Legacy Equity Fund N/A N/A N/A Legacy USD Bond Fund N/A N/A N/A FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Coral Balanced Fund Coral Income Fund Coral Money Market Fund

4,052.29 3,594.28 100.00

4,107.63 3,594.28 100.00

6.87% 6.22% 10.71%

FSDH Dollar Fund 1.11 1.11 3.98% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.59 1.62 12.05% Lotus Halal Fixed Income Fund 1,156.91 1,156.91 5.43% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 12.26 12.31 12.28% Meristem Money Market Fund 10.00 10.00 9.23% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.51 101.51 2.12% Norrenberger Money Market Fund (NMMF) 100.00 100.00 7.99% 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 1.64 1.67 4.12% PACAM Fixed Income Fund 11.73 11.75 4.94% PACAM Money Market Fund 10.00 10.00 6.87% PACAM Equity Fund 1.43 1.44 0.15% PACAM EuroBond Fund 117.95 120.77 3.55% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 126.74 129.10 4.45% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.05 1.05 8.36% 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 3,607.28 3,648.67 6.59% Stanbic IBTC Bond Fund 240.29 240.29 2.00% Stanbic IBTC Ethical Fund 1.44 1.46 15.08% Stanbic IBTC Guaranteed Investment Fund 323.54 323.54 3.32% Stanbic IBTC Iman Fund 265.73 269.65 13.92% Stanbic IBTC Money Market Fund 1.00 1.00 6.46% Stanbic IBTC Nigerian Equity Fund 11,880.97 12,050.20 8.93% Stanbic IBTC Dollar Fund (USD) 1.33 1.33 2.93% Stanbic IBTC Shariah Fixed Income Fund 119.19 119.19 1.95% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 111.03 111.03 4.37% 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 0.98 1.00 10.24% United Capital Balanced Fund 1.33 1.35 2.04% United Capital Wealth for Women Fund 1.15 1.17 11.16% United Capital Sukuk Fund 1.07 1.07 4.21% United Capital Fixed Income Fund 1.90 1.90 3.73% United Capital Eurobond Fund 122.25 122.25 3.20% United Capital Money Market Fund 1.00 1.00 9.90% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.65 13.78 3.52% Zenith ESG Impact Fund 16.00 16.17 9.48% Zenith Income Fund 22.90 22.90 4.32% Zenith Money Market Fund 1.00 1.00 6.64% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.74 3.84 -6.69% Vetiva Consumer Goods Exchange Traded Fund 5.68 5.78 -2.84% Vetiva Griffin 30 Exchange Traded Fund 18.28 18.48 3.38% Vetiva Money Market Fund 1.00 1.00 6.68% Vetiva Industrial Goods Exchange Traded Fund 19.66 19.86 -1.60% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 151.31 153.31 -4.07%

REITS NAV Per Share

Yield / T-Rtn

117.96 51.82

4.06% 1.90%

Bid Price

Offer Price

Yield / T-Rtn

14.61 135.12 104.73 17.10 16.40

14.71 138.41 106.95 17.20 16.50

4.44% 6.25% 4.95% 20.56% -4.31%

NAV Per Share

Yield / T-Rtn

107.55

12.10%

Fund Name SFS REIT Union Homes REIT

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

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

WEDNESDAY AUGUST 3, 2022 • T H I S D AY

35

36

T H I S D AY ˾ ͱ˜ 2022

CITYSTRINGS

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Decade of Excellence at Parthian Partners Parthian Partners recently clocked 10 years of exponential existence. To commemorate the decade of commitment and excellence, the company recently feted captains of industry and the financial sector, just as they rewarded members of staff for outstanding work done over the past years, Uzoma Mba reports

L-R: Tunde Kilaso; Fola Adeola; Mrs Debo Adeola; Mrs. Tobi Olusoga; Mr. Oluseye Olusoga, Managing Director/CEO Parthian Partners; Mr Adedotun Sulaiman, Chairman, Parthian Partners; Mrs Aramide Labinjo; Dr Abraham Nwankwo, Non-Executive Director, Parthian Partners; Engineer Adebayo Adeola, Non-Executive Director, Parthian Partners; Dr Olusola Labinjo; and Yemi Adeola, during the 10th year anniversary Gala of Parthian Partners Limited which held in Lagos at the weekend

Mr Oluseye Olusoga, Group Managing Director, Parthian Partners and his wife Mrs Tobi Olusoga

Mr Adedotun Sulaiman, MFR, Chairman Parthian Partners and Oyindamola Ademola

Managing Director/CEO, Central Securities Clearing System, Ibrahim Jalo Waziri with Olusoga, CEO, Parthian Partners

Dr Olusola and Mrs Aramide Labinjo

L-R: Gboyega Adeola, Adebanke Ajagunna, Oluseye Olusoga and Adebola Adeola

Dr Abraham Nwankwo, Non-Executive Director, Parthian Partners and his wife, Dr (Mrs) Stella Nwankwo

Fola Adeola and Yemi Adeola

F

or a decade, Parthian Partners has kept the faith with its vision to ensure their clients get the best service to achieve their goals even when the concept of inter-dealer brokers was not known in the financial sector.

From a vision, it has blossomed into a thriving sector that has made great impact on the financial sector, translating to excellence and dedication to customer service.

Thus, to commemorate the entrance into a decade, Parthian Partners Limited, over the weekend, celebrated in an event that was as exciting as it was nostalgic. Clients, friends and well-wishers from all over, joined the company, led by Oluseye Olusoga to commemorate 10 years of outstanding achievements.

Highlights of the anniversary of the company was its maiden awards ceremony as members of staff who had excelled over the past year were rewarded in the midst of guests.

In attendance at the epic night of activities were captains of industry, political leaders, clients and friends of the investment company.

Some of the guests present were Chairman Fate Foundation, Fola Adeola, Chairman Lenox Group, Yemi Adeola; Managing Director/CEO, Central Securities Clearing System, Ibrahim Jalo Waziri; Chairman Abraham Strategies; former Director General of the Debt Management Office (DMO), Dr Abraham Nwankwo; Tunde Kilaso;

Engineer Adebayo Adeola, and Dr Olusola Labinjo The Chairman of Parthian Group, Mr Adedotun Sulaiman, MFR, while commenting on the early beginnings of the company and its achievements, said, “Today we are celebrating all those who have contributed to the success of Parthian and the industry in general. For us, success was achievable because we had a clear vision of what we wanted to achieve, and we were focused on making it work.

"Parthian Partners became an interdealer broker in Nigeria at a time when the concept was alien to the region, so we had to build from scratch.

"It was no mean feat to introduce this vision and work with regulators and develop a framework for its regulation and operations. A vision which birthed not only a successful business but also a thriving sector.”

“As we celebrate Parthian’s 10th anniversary, it is an appropriate time for us, as pioneers of this great company, to reflect on our phenomenal achievements

and to commit ourselves to build a legacy for the future generations.” Mr. Sulaiman further disclosed.

During the event which was attended by prominent industry personalities, celebrities, staff and management of the organisation and other stakeholders, the Chief Executive Officer of Parthian Partners, Mr Oluseye Olusoga said the company has greatly contributed to bridging the gap in both the wholesale and retail financial sector.

He said, “The wholesale brokerage industry is one with huge potentials though when we decided to set up the first ever interdealer brokerage business in Nigeria, there was no regulatory framework, the industry didn’t even exist. Now, there are so many other businesses in Nigeria who do what we do. .

"We are happy that we have pioneered a bourgeoning industry that improves liquidity, financial integration, transparency and efficiency in the African OTC and fixed income market.”

Mr Olusoga also expressed his ap-

As we celebrate Parthian’s 10th anniversary, it is an appropriate time for us, as pioneers of this great company, to reflect on our phenomenal achievements and to commit ourselves to build a legacy for the future generations

preciation to everyone who contributed to the growth and success of the company.

Looking back at how the company came into existence, Interdealer brokerage – a financial system where an intermediary known as interdealer broker facilitates transactions between wholesale market participants – was established in Nigeria in 2012, and as the industry marked a decade of existence in Nigeria this year, Parthian Partners also commemorated its 10 years anniversary as the pioneer of this burgeoning industry during a grand gala which took place on the 16th of July at the prestigious Civic Centre in Lagos.

The Parthian 10th Anniversary Gala featured an outstanding performance from one of Africa’s prominent artistes, Wande Coal and beautiful rendition from Esther who is the recent winner of the Voice Nigeria.

The black-tie gala also featured a black carpet which was graced by celebrities, captains of industry and other dignitaries.

Parthian Partners Limited is Nigeria’s first inter-dealer broker, serving both buy-side and sell-side wholesale market participants and providing liquidity by showing prices on all on and off-the-run FGN, State and corporate bonds, Treasury Bills, Promissory notes, and Eurobonds.

With a long history of firsts, in 2021, Parthian Partners became the first Inter-Dealer Broker in Nigeria to successfully issue and redeem a N20Billion (NGN) Commercial Paper on the FMDQ Exchange.

37

T H I S D AY ˾ ͱ˜ 2022

SECURITY

Nigerian Navy Collaborates with Brazilian Counterpart for Maritime Interdiction in GoG Waters

Group photograph of Nigerian Navy personnel and its Brazilian counterpart during the courtesy call to WNC

FOC West, Rear Admiral Yakubu Wambai with CO Brazilian Naval Ship UNIAO, Commander Sandir Uzoma Mba

T

he Nigerian Navy (NN) recently partnered the Brazilian Navy frigate “UNIAO,” in a maritime interdiction mission called “GUNEX” in the Gulf of Guinea waters.

This was part of exercises and drill earmarked for the port call made by the Brazilian Frigate to Nigeria.

Amongst other things, the visit was aimed to improve maritime security in the Gulf of Guinea and relations between Nigeria and Brazil, whilst ensuring secure passage for commercial ships.

But prior to the exercise, the Brazilian team, led by Ambassador Francisco Carlos Soares Luz, the Consul General of the Consulate of Brazil in Lagos, paid a courtesy visit to the Flag Officer Commanding (FOC), Western Naval Command (WNC), Rear Admiral Yakubu Wambai.

The crew also included Colonel Amyr DOS Santos, Brazil’s defense attaché in Nigeria; and Commander Sandir, commanding officer of the Brazilian naval ship UNIAO. Stressing that the Brazilian frigate was in Nigeria for collaborative exercises to preserve security in the Gulf of Guinea, the ambassador said: "Due to the fact that Brazil and Nigeria share the same ocean, this is quite significant for Brazil. Just on the other side of the Atlantic, as it were.

“We have a responsibility to maintain the neighborhood’s safety as neighbours. This is my second time taking part. And I hope that we continue to work together in the upcoming years and that this will become an annual event.

"The military component was initially quite strong in our cooperation, which began when we recognized Nigeria’s independence in the 1960s. Currently, there is a return of our previous mutually beneficial relationships.

“We made more of an effort to reopen our

defense attaché office in Abuja, and this is beneficial for training and taking part in joint operations. Brazilians have begun traveling to Nigeria for training sessions because of this".

Also speaking, the Task Force Commander, Captain Leta Basil, said: "We have our helicopter, frigate, and special group operation right here.

We are here to collaborate with Africans.

"Before arriving here, we visited other nations.

In order to improve our force and exercise, we have been performing workouts with the participants. We are practicing boarding procedures, maneuvers, and helicopter operations."

In his response, the FOC West regaled the visitors about the efforts of the navy in securing its maritime domain, which has paid off with the latest IMB report of no piracy in the nation's waters.

He also harped on the need for collaboration in developing the skills of the NN, adding that whatever knowledge and experience gained would enhance operations aimed at maintaining a secure marine environment.

"The Navy is the only branch of the armed forces that visits the armed forces of other nations with its equipment and is warmly welcomed.

Navies internationally, have a standard duty, which is diplomacy.

“Therefore, the tour is to Nigeria as a whole rather than just the Western Naval Command.

We are receiving them militarily as part of our ongoing mission to ensure that our seas are safe.

"Like the Consular General said, we are on opposite sides of the Atlantic Ocean; they are to the west of us. Therefore, it is something that unites us all.

“They are impacted if anything goes wrong here. They are therefore returning, just as they did the previous year. To maintain the cooperation we have had since our freedom, they have now arrived with a second ship. Everyone is involved in security."

CRIME SITUATION REPORTS

INSECURITY CHALLENGES IN NIGERIA: WAY OUT OF SEEMING DESPONDENCY (6) Gbolahan Samuel Moronfolu TRENDS IN CULTISM AND OTHER INSECURITY MENACE IN NIGERIA Insecurity apart from being the fear of every Nigerian has become the word on the lips of every Nigerian and a discussion topic where two or three Nigerians gather. Insecurity is the anxiety one experiences when one feels vulnerable and insecure. Several illegal armed groups, ethnic militia groups, religious fundamentalist and fanatics, are evidence of insecurity in Nigeria.

These have given birth to series of bombings, murder, arson, armed robbery, corruption, injustices that have become commonplace.

It is clear that these happenings are negatively affecting Nigeria and Nigerians in all ramifications.

There have been high incidences of insecurity that have resulted in deaths and psychological trauma for individuals and families in the country. This then requires the citizens to be much more security conscious considering the threat by religious extremists that has brought about greater insecurity.

Ethnic tensions, religious differences, unemployment and numerous social and political grievances are all fuelling the unrests in Nigeria and contributing to flashpoints for violence and creating insecurity in the country.

The incidence of crime tends to rise especially in times of widespread unemployment. The living conditions of the poor, particularly of those in slums, are characterized by overcrowding, lack of privacy, inadequate play space and recreational facilities, and poor sanitation. Such conditions engender feelings of deprivation and hopelessness and are conducive to crime as a means of escape.

The feeling is encouraged by the example set by those who have managed to escape through criminal means to what appears to be a better way of life. Crime rate tends to rise, as a society becomes more unsettled and its people more restless and fearful of the future.

However, cultism is undeniably one of the social vices of internal security threat affecting sustainable and socio-economic development in Nigeria. The fundamental problem of cultism is the insecure, unsafe and emotional tension that it brings about across the society including educational institutions thereby leading to poor learning and falling standards in academic achievement.

The unabated atrocities of secret cults in the Nigerian educational institutions and even in the wider Nigerian society continue to take tolls on the lives of young and old Nigerians.

Many young people, politicians, academics and industrialists have been hacked down in their prime by the cultists. It could be in the execution of a contract to assassinate and waste the life of their mentor’s real or imagined often political enemy. Acting as hirelings, the cultists get their target in his residence or office or track him down on the way.

The major causes of cultism in tertiary institutions are influence of peer group; parental background; societal decadence; erosion of education standards; militarization of the Nigerian polity; lack of recreational facilities; quest for power and protection among others.

Some of the effects of cultism include loss of lives and properties, disruption of academic activities on campuses, unsafe university environments. Cult groups in tertiary institutions are violent, maim, kill and carry out many anti-social activities on campuses.

No doubt, our learning institutions are today faced with the challenge of insecurity, much of which results from the consistent activities of rival cult groups.

This has led to the destruction of human, infrastructural and economic resources and has also posed a serious challenge to human and material resources development. In institutions where cultist activities prevail, students’ graduation is prolonged because of disruption of academic calendar.

The continuous activities of cultists in Nigeria has threatened the unity, peace and love among students in various institutions of learning, paving the way for conflicts of varying degree and magnitude.

Cultism causes breakdown of law and order

since members who may be students usually disregard their school rules and regulation as well as their teachers who may not be members.

Their activities in most cases lead to loss of lives of loved ones and other relations as rival cult groups may descend on them if they cannot find the cultists they are in search of.

All well-meaning members of the society are against all forms of cultism and their activities as they contradict generally acceptable values and impede on the learning of the Nigerian child.

The cult devotees, faithful and loyal are promised power, fame, pleasure, provisions, protection, promotion, freedom, adventure, money, girls, good grades, and good life.

The appeal usually leads to a covenant between the giver and the taker of these mirages.

Even when these gifts come, they are illusory, and figment of imaginations.

The cultist’s academic performance deteriorates very badly as he abandons studying at night for cult heinous activities. He soon becomes a belligerent recluse, having been turned into a sadistic and psychopathic human bloodsucker during the initiation ceremony.

He soon gets disillusioned, discouraged, dejected, depressed, empty and wasted. The provisions he gets from his false master are so transitory and ephemeral that they soon fly away, leaving him much worse than when he joined the bad group.

The power he gets destroys both himself and his target. Thus, he ventured into cultism whole, but must come out of it fragmented or dismembered or even dead.

The attendant effects of cultism on the learning process cannot be exhausted as both intra and inter-cult clashes negatively affect the students in high proportions.

It sometimes leads to incarceration, rustication or expulsion of both innocent and student members. A lot of lives and properties have been destroyed through cult violence.

Young undergraduates who are supposed to be leaders in future have fallen victims of trigger happy cultists. Our youth population is being gradually decimated due to cult activities.

In states where cult violence is widespread in recent times, properties worth billions of Naira have been destroyed in communities in the area. Communities have been sacked as inhabitants flee to different places for safety.

The peace on campus is adversely affected whenever there is cult invasion, this may result in suspension of academic activities for some time.

Times without number, academic activities in such institutions have been brought to a standstill due to cult violence. Campus cultists kill, maim and rape fellow students and even lecturers.

Lecturers are threatened into awarding unmerited scores to cultist who do not attend classes and nights are no longer safe in university hostels because of frequent cult disturbances and insecurity. Some parents now prefer off campus accommodation for their children in tertiary institutions for fear of being victims of campus cultists’ rampage.

In reality, cultism seems to put some lecturers who may want to punish students unjustly on their toes, as they may not want to be the next victim of cult’s unwholesome activities.

Besides, politicians who want to get to power by force, employ the cultists as political thugs to threaten opponents, and also to manipulate the electoral process.

Due to the activities of the cultists and their sponsors who supply them with sophisticated weapons to prosecute communal clashes or to gain upper hand in power struggles, there are illegal weapons in all nooks and crannies of the tertiary institutions, some cities, towns and villages.

The cultists who are in possession of such illegal weapons sometimes used them for perpetration of crimes.

-Moronfolu is a seasoned security consultant with many years of security and policing experience. FELLOW, Fourth Estate Professional Society (FFPS), he has also partaken in peace keeping operations within and outside the country and has flair for general security education.

38

T H I S D AY ˾ WEDNESDAY, AUGUST 3, 2022

BUSINESS/MONEYGUIDE

ITF Unveils Fresh Plans to Tackle Unemployment, Poverty in Nigeria Seriki Adinoyi ÓØ ÙÝ The Industrial Training Fund (ITF) has unveiled four-year strategic positive direction to fight the upsurge of unemployment and poverty among Nigerian youths.

Disclosing this in Jos, Director General of ITF, Joseph Ari said he was glad that the previous plans have impacted positively on Nigerian economy noting that the new plan was aimed at addressing the current challenges.

He observed that the strategic policy direction is the third of such plans by the incumbent administration in ITF to turn out talented entrepreneurs who have become employers of labour.

Ari said, “You are aware that unemployment in Nigeria today is at over 33% as over 23 million Nigerians that are desirous to work cannot find jobs, mostly because of the absence of requisite skills.

Poverty is equally on the rise with some estimates placing

the number of Nigerians that are living in poverty at over 90 million.

“In the face of all these, our population has continued to soar with the World Bank estimating that Nigeria might hit 216 million by the end of this year. Equally worrisome is the spectre of the Out-of School children, which according to the United Nations Children Fund (UNICEF) is projected to be over 18.5 million.”

He explained that the strategic plan considered the need to scale up activities towards addressing the soaring unemployment and other socio-economic challenges by leveraging on expertise, expensive network, deployment of technology for wider coverage and more flexible service delivery.

He added that the policy framework, “Re-engineering skills for sustainable development has external components which entail value reorientation, industrial development, commercialization of ITF facilities,

alternative funding window, deployment and promotion and annual budget preparation.

He said, “To actualize this, the Fund will collaborate with relevant public and private stakeholders for NATS; appraise and harmonize apprenticeship programmes in line with set guidelines; conduct monitoring and evaluation and; design and develop technical and vocational skills programmes in line with the needs of the economy.

“When fully in place, our plan will ensure a pool of highly skilled indigenous apprentices, technicians and craftsmen as well as an institutionalized National Apprenticeship and Traineeship System (NATS).

The intended outcome of this strategy is to have at least a total of 27,000 skilled and employable youths (18,000 trained youths under the NATS and 9,000 youths under the NISDP and other intervention programmes) and increased SMEs and Entrepreneurs to meet the Nation’s economic needs.”

L-R: Executive Director, Corporate and Institutional Banking, Standard Chartered Bank Nigeria, Korede Adenowo; Chief Executive Officer of FMDQ Group Plc, Bola Onadele and Director-General of Debt Management Office (DMO), Pat Oniha during the Listing Ceremony on the FMDQ Exchange Limited for the Triple-Tranche $4.00 billion Eurobonds, $1.25 billion Eurobonds and the N250 Billion Sukuk in Lagos... recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

LIRS Set to Launch Whistle-Blower Initiative August 5 The Lagos State Internal Revenue Service (LIRS) has said that it is set to launch its Whistle-Blower initiative, a state-wide project, introduced to provide a platform for employees, stakeholders and the general public to report any observed violation, misconduct, or unethical behaviour across the state on Friday, August 5, 2022.

In a public notice signed by the LIRS Executive Chairman, Ayodele Subair, the WhistleBlower initiative is a public

policy of the State Government to encourage reporting of illegal actions or financial crimes, through the appropriate channel, with a view to correcting the violations or non-compliance.

According to the LIRS boss, “In line with the LIRS core values of integrity and accountability and our commitment to uphold the highest standards of openness, probity and accountability in our dealings with stakeholders, the platform

is anonymous and confidential and it is independently managed

by Deloitte, a globally accredited company.”

“The objective of the WhistleBlower initiative is to guarantee transparency, accountability, and confidentiality to all taxpayers and stakeholders in general. The policy is designed to protect whistle-blowers from victimization and to encourage them to freely report without fear,” Subair submitted.

Fidelity Bank Rewards Customers in Savings Promo Nume Ekeghe Fidelity Bank Plc has rewarded 10 customers with N1million each in the eight monthly draw of its Get Alerts in Millions season five promo (GAIM 5).

The Promo Chairman and Executive Director, Lagos and South-West, Dr Ken Opara, said at the prize presentation in Lagos recently that the promo was aimed at promoting financial inclusion.

Opara said that the GAIM was introduced by the bank to support the Central Bank of Nigeria (CBN) financial inclusion agenda across the country.

He said: “Today, we would be presenting the sum of N1million each to Victor Chimela Ohanmuo and Sampson O. Onwunali, who emerged winners in the eight

GAIM 5 monthly draw held last week. Aside from these customers, eight other winners would receive their cash prizes of N1 million at similar events at their branches across the country at this period.

“I congratulate our winners for emerging winners in our July monthly draw; a million naira is a lot of money and I urge them to put their winnings to good use. As a bank, we have taken it upon ourselves to help them make the best use of their cash prizes so that it continues to yield bountiful rewards for them.”

Opara urged the winners to visit any Fidelity Bank branch for necessary guidance from the bank’s dedicated team of Small and Medium Enterprises advisors on how best to make use of their

monies.

Opara was represented by Mr Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc. One of the winners from Fidelity Bank Trade Fair Complex, Badagry Expressway, Lagos branch, Mr. Sampson Onwunali thanked God for using the bank to bless him with a worthy prize.

“My heart is full of joy and I thank God for His mercy; when I got a call from the bank that I have won something, I didn’t believe it until I went to my branch to confirm. I didn’t even know that there was a promo going on, though I heard about it sometime ago but I had no interest in participating not to talk of even being one of the winners,” he said.

Stanbic IBTC Partners Bento Africa to Offer Value Added Services Nume Ekeghe Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, has announced a partnership with Bento Africa, to offer more value to Nigerian businesses of all sizes.

Bento Africa is a payroll and Human Resource Management (HRM) company with a mission to meet work wherever it happens expand broader access to a wider range of financial services and drive inclusion across the continent.

Speaking on the rationale behind the partnership, the Chief Executive of Stanbic IBTC Bank, Wole Adeniyi in

a statement made available to THISDAY stated that the bank was committed to delivering more digitalised value-added services to businesses and SMEs. Every business we serve pays salaries and has employees, so the provision of a world-class technology platform that enhances how they relate with our bank, drove this strategic partnership.

He said: “We are delighted to partner with Bento Africa, who currently serve over 1,000 businesses in Nigeria, Ghana, Kenya, and Rwanda, with plans to roll out to an additional 10 countries by the end of the year.

Bento Africa is modernising the

payroll and HRM market in Africa, which has traditionally relied on laborious, manual processes to handle payroll.

The start-up helps businesses of all sizes to automate the disbursement of salaries and other statutory remittances, including taxes and pensions with a single click.

“Stanbic IBTC customers can access Bento’s services through our digital platforms, including payroll and HRM services, detailed financial data analytics, and seamless payment of employees in both the formal and informal sector, while staying compliant to local laws.”

(MILLION NAIRA)

JUNE 2022 Money Supply (M3)

48,865,823.53

-- CBN Bills Held by Money Holding Sectors

167,956.2

Money Supply (M2)

48,797,867.32

-- Quasi Money

28,405,330.1

-- Narrow Money (M1)

20,392,537.22

---- Currency Outside Banks

2,722,785.91

---- Demand Deposits

17,669,751.32

Net Foreign Assets (NFA)

6,242,394.29

Net Domestic Assets(NDA)

42,623,429.24

-- Net Domestic Credit (NDC)

57,267,178.05

---- Credit to Government (Net)

17,996,690.06

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

39,270,488

--Other Assets Net

5,566,430

Reserve Money (Base Money

11,320,304

--Currency in Circulation

3,259,269.15

--Banks Reserves --Special Intervention Reserves

11,320,303.72 384,377.56

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

June 2022

Inter-Bank Call Rate

11.10

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

13.00

Treasury Bill Rate

2.45

Savings Deposit Rate

1.38

1 Month Deposit Rate

3.48

3 Months Deposit Rate

4.55

6 Months Deposit Rate

4.97

12 Months Deposit Rate

5.30

Prime Lending rate

12.29

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, MAY 7

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

39

T H I S D AY ˾ WEDNESDAY, AUGUST 3, 2022

MARKET NEWS

Flour Mills of Nigeria Announces N339.6bn Revenue in Q1 Kayode Tokede Flour Mills of Nigeria Plc, yesterday announced its unaudited financial statements for the first quarter (Q1) of 2022 with N339.6billion in revenue, an increase of 45.3 per cent from N233.7billion reported in prior first quarter of 2021.

The leading flour processing company listed on the Nigerian Exchange Limited (NGX) topline performance showed a solid

performance across all segments (Food, Agro-Allied Sugar, and Support Segments), which was supported by volume growth and a favourable mix.

In the period under review, Flour Mills of Nigeria reported a nearly one per cent increase in profit before tax to N7.33billion in Q1 2022 from N7.26billion in Q1 2021, while profit after tax closed Q1 2022 at N5.49billion, representing an increase of one per cent from N5.45billion in

P R I C E S MAIN BOARD

F O R DEALS

Q1 2021.

The company secretary / director, legal services, Flour Mills of Nigeria, Mr. Joseph Umolu in a signed statement said the company remained committed to maintaining growth and sustaining profitability by increasing local content with further backward integration investments.

According to him, “Consistently good operating performance (despite increase in input prices) in the food segment and

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

continued solid performance in the Agro-allied segment following continuous penetration into new and rural market.

“Investment in route to customer redistribution and improved customer interface engagement resulted in N7.3billion Profit Before Tax up by one per cent on an absolute basis and 15 per cent on an operational basis when excluding the transitional costs.

Our sugar segment saw a 64

T R A D E D MAIN BOARD

A S

per cent revenue with stabilized trading environments and strong demand for brown sugar which is locally produced at our farm in Sunti.

“Our animal feeds business attained 21 per cent revenue growth, driven by investments in logistics infrastructure and farmer training extension services across the country.”

The Group Managing Director, Flour Mills of Nigeria, Mr. Omoboyede Olusanya, in

O F

0 2

a statement, stated that despite the challenging socio-economic environment, the company continued to deliver strong business performance with resilience and operational excellence.

According to him, “Our increased operational efficiency with accelerated plans for our supply chain optimization, content localization, and cost optimization across our business segments has helped to cushion the sharp rise in the cost of raw materials.

/ 8 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

40

WEDNESDAY, ͻ˜ ͺ͸ͺͺ ˾ T H I S D AY

ʬ

ʬ

ʬ

7 R S 7 U D G H V E \ 9 R OX P H

7 R S * D LQ H U V T ic k er

P ric e C hg %

Z EN IT H B A N K

22.7

9.5%

F LOUR M ILL

18.9

0.0%

9.9%

UB A

15.6

5.9%

1.12

9.8%

FB NH

15.2

0.0%

21.95

9.8%

D EA P C A P

11.4

0.0% 5.0%

P ric e C hg %

UB N

5.50

10.0%

M ULT IVER SE

1.88

9.9%

UC A P

11.10

T R A N SC OR P N GXGR OUP

Vo lum e

P ric e

T ic k er

F ID ELIT YB K

3.18

9.7%

GT C O

11.0

J A P A ULGOLD

0.23

9.5%

F ID ELIT YB K

10.4

9.7%

Z EN IT H B A N K

20.70

9.5%

UA C N

8.9

8.7%

IN T B R EW

5.35

9.2%

UC A P

7.9

9.9%

UA C N

11.20

8.7%

A C C ESSC OR P

7.3

5.9%

7 R S 7 U D G H V E \ 9 D OX H

7 R S / R V H U V T ic k er

P ric e C hg %

-9.6%

F LOUR M ILL

575.1

0.0%

C A VER T ON

1.00

-9.1%

Z EN IT H B A N K

459.3

9.5%

WEM A B A N K

3.29

-8.4%

M TNN

245.3

5.3%

-7.5%

GT C O

215.3

5.0%

FB NH

164.8

0.0%

1.85

C OUR T VILLE

0.40

-7.0%

LIN KA SSUR E

0.54

-6.9%

UB A

108.1

5.9%

UA C N

94.7

8.7%

C H A M P ION

3.65

-5.2%

ET ER N A

6.20

-4.6%

N EST LE

93.4

0.0%

6.50

-4.4%

GUIN N ESS

88.3

0.0%

1.15

-4.2%

UC A P

84.6

9.9%

C UST OD IA N LIVEST OC K

Afrinvest West Africa Limited

Value

P ric e C hg %

8.50

A C A D EM Y

T ic k er

P ric e

PZ

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41

WEDNESDAY, ͻ˜ ͺ͸ͺͺ ˾ T H I S D AY

FORTY-ONE

Citibank Appoints Shamsuddeen Usman Chairman Former Minister of Finance, former Minister of National Planning, and former Deputy Governor of the Central Bank of Nigeria, Dr. Shamsuddeen Usman has been appointed the Chairman of the Board, Citibank Nigeria Limited effective July 20, 2022.

The bank disclosed this in a statement yesterday. Usman is the third Chairman of the bank in Nigeria since inception.

Usman had served on the Board of Citibank Nigeria Limited as an Independent non-Executive Director since 2017.

According to the statement, he to replaced Mr. Olayemi Cardoso who retired from the Board, after 12 years as Chairman.

It stated that as Chairman, Cardoso led with distinction and ensured the franchise maintained high standards during his tenure - a leadership style that it noted had been consistent over the course of a very distinguished career within Nigeria’s private, public, and not-for-profit sectors.

Commenting on his retirement, it quoted Cardoso to have expressed gratitude to the shareholders, board, management and staff of Citibank Nigeria for their dedication and support during his time as Chairman.

He added: “I am honoured and humbled to have served alongside an outstanding team. Citi’s footprint in my personal and professional

journey remains indelible, and I remain a dedicated alumnus of the bank.”

Cardoso also expressed pleasure over the appointment of Usman.

According to Cardoso, “Dr. Usman’s exemplary leadership both within the private and public sector is well documented. I am convinced that his dedication to the pursuit of excellence will serve the bank well as it enters a new leadership phase.”

Usman is an erudite scholar with nearly four decades of professional experience in both public and private sectors, including banking, management consulting and economics advisory.

“As Chairman, Dr. Usman,

together with the Board, will continue to provide oversight of the franchise’s leadership team and drive performance,” it added.

Speaking on his appointment, Usman was quoted to havr expressed gratitude to Cardoso for his years of service.

“Mr. Cardoso’s selfless leadership has contributed significantly to the many milestones that the bank has achieved over the past 12 years.

“I want to thank the Board and shareholders for their support, as we continue to focus on consistently delivering excellence to our key stakeholders,” he added.

Usman, during his time in public service, was responsible for a number of significant national initia-

tives, including the development of Nigeria's long-term development strategy, Nigeria Vision 2020 and Nigeria’s Monitoring and Evaluation Framework.

On retirement from public service, Usman has been involved in providing financial and management advisory services.

Among many projects handled by his firm were the design of a short-medium term strategic plan for states in north-eastern Nigeria, as well as designing and implementing a comprehensive performance monitoring and evaluation system for the Lagos State Government. He also conceptualised and inaugurated the Nigeria Electricity Market Summit Group (NEMSG) that

brings key stakeholders regularly together to discuss critical issues in the Nigerian Electricity Market.

Usman has a BSc, MSc, and PhD in Economics. He is a past President and a fellow of the Nigerian Economic Society. He is also a fellow of the Chartered Institute of Bankers of Nigeria, the Chartered Institute of Stockbrokers and the Society for Corporate Governance of Nigeria, among others.

Commenting on the appointment, the MD/CEO, Citibank Nigeria, Ireti Samuel-Ogbu said: “I would like to thank Mr. Cardoso for ensuring we maintained high standards as a franchise over the past 12 years.”

pollution in the state, Weli urged, "governments at all levels to help stop crude oil theft and pipeline vandalism."

In his presentation, Mr John Okojie, Lead, Right of Way and Encroachment, SPDC, noted that the biggest problem in oil industry was crude theft.

He said to ensure the control

of the sabotage and ensure safe environment, Shell has continued to collaborate with communities effectively through direct surveillance and GMoU surveillance.

He added that the company also proactively engages Government Security Agencies (GSAs) to prevent crude oil theft, illegal refineries and pipeline vandalism.

On his part, Usman Anibasa who spoke on, "crude oil theft and illegal, refining: Implication for Remediation and Environment," disclosed that crude oil theft increased to 108,000 bpd in Q1 2022, from 103,000 bpd in 2021.

Anibasa explained that, "$1 billion was lost in Nigeria’s Q1 revenue to crude oil theft.”

CRUDE OIL THEFT HURTING NIGERIA’S ECONOMY, SHELL LAMENTS by prominent and experienced individuals in the society.

He explained that though Shell operates in over 70 countries, the multinational has never experienced the level of sabotage it has seen on its facilities in Nigeria.

According to Weli, SPDC is not leaving Nigeria, as it still has future with the country. He regretted that if all the international oil companies (IOCs) leave Nigeria, it would affect the economy worse than it is experiencing.

Weli said, "You hear a lot of people clamouring for clean-up of Niger Delta, the point I am making is simple, that people should make the end-to-end link between their actions and the impact.

“If over 90 per cent spills are caused by people with axe, saws and even explosive weapons, then you are creating a problem that will eat up the budget you would have used for education, health, etc.

"If you break pipes and the pipes leads to spills and it is very expensive to clean up and the government had to clean up for the environment to be safe for us, then you channel resources needed for other things to that.

But it is avoidable.

"There is a mess in the environment which is robing everybody.

And as Nigerians, people who are interested in the future of this country, that should be the focus.

How do we stop that mess? That

mess has caused to our currency losing value.”

Speaking further, he said, “what we (Shell) do in Nigeria to protect our resources, we don't do anywhere else in the world. The company is in over 70 countries and we are suffering such level of attack from only one country, sometimes lined up

litigations".

Speaking on SPDC going onshore, Weli stressed that the company was pushing hard onshore to get all the community committed.

While commending effort of the Rivers State Governor, Nyesom Wike in tackling the issues of illegal refining activities and soot

GOVS WRITE FG OVER ALLEGED $418M PARIS FUNDS DEBT, SAY RENEWED DEDUCTION PLAN UNLAWFUL plan to begin the process which is being challenged in the courts and for which the Supreme Court has made pronouncement, would be unconstitutional.

In the official communication signed by the Chairman of the NGF, Dr Kayode Fayemi, who also doubles as the outgoing Governor of Ekiti State, the governors noted that it would appear that the allegiance of the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami, SAN and the Minister of Finance, Mrs Zainab Ahmed, lies with the contractors rather than the Nigerian people.

The governors described as suspicious the uncommon zeal and speed with which the two ministers were pursuing the cause of the four contractors, explaining that the latest attempt to stampede the Federal Executive Council (FEC) to approve the payment was a surreptitious way of breaching the law.

“The attention of the NGF has

been drawn to yet another attempt by the Attorney General of the Federation (AGF) and the Minister of Finance (HMF) to circumvent the law and the recent judgment of the Supreme Court by surreptitiously securing the approval of the FEC to effect payment of the sum of $418 million to four contractors who allegedly executed contracts in respect of the Paris Club refunds to the states and local governments.

“It would be recalled that an earlier approval of Mr. President under the instrumentality of the AGF and HMF to pay the said sum to the contractors through the issuance of promissory notes had met stiff resistance by the 36 state governors who approached the court for redress through their Attorneys-General. “ The matter is currently pending on appeal at the Court of Appeal in Abuja for hearing,” the governors wrote.

Significantly, the governors stressed that while the appeal is pending, one of the contractors, who

is a beneficiary of the promissory notes in the sum of $142,028,941.95, Riok Nigeria Limited, and who had lost at the Court of Appeal, further appealed to the Supreme Court, in suit no: SC 337/2018.

The forum affirmed that the Supreme Court on 3rd June, 2022 also dismissed Riok’s appeal as lacking in merit, recalling that the court had on the occasion made clear that neither the NGF nor the Association of Local Governments of Nigeria (ALGON) had power to award contracts and charge same directly to the federation account as done in the extant case.

Quoting page 43 of the judgement, the governors noted that the court had declared that funds belonging to a state or local government must be kept in an account belonging to the state or local government as the case may be, and disbursed or expended by the state strictly in the manner and for the purposes prescribed in the constitution.

In addition, they stressed that

monies can only be spent on the basis of an appropriation law or as prescribed by the House of Assembly of the State and in the manner and for purposes prescribed in the constitution, a local government law or as prescribed by the council of the local government.

According to the governors, the dismissal of RIOK’S case by the court also affected the payment of $1,219,440.45 and $215,195.36 to two private lawyers to RIOK, Nwafor Orizu and Olaitan Bello who are also beneficiaries of promissory notes by the Debt Management Office (DMO).

Besides RIOK and the two lawyers, the NGF noted that the States had also challenged either on appeal or other courts the claims by the other contractors including: Dr. Ted Isighohi Edwards ($159,000,000), Ned Nwoko ($68,658,192.83) and Panic Alert Security Systems Ltd ($47,831,920).

“These cases are pending and no steps ought to be taken to enforce the Judgment and alter the status

new tricks. We are going to deal with him politically."

Etta said the Labour Party presidential candidate, Obi, remained the paradigm APC needed to deal with.

He, however, predicted that Obi was going to eat up PDP’s votes in the South-south and South-east, leaving APC and Labour Party to contend for votes in both zones.

Etta said, "APC as a party is happy to have Obi as a candidate.

Obi is popular in the metropolitan Abuja, metropolitan Lagos, but in the rural areas of Nigeria, people in Zungeru or Zango Kataf, ask them about Obi, most of them will mistaken him for a spare parts trader. The truth is Obi is a phenomenon in the South-south, South-east, metropolitan Abuja, Lagos on Facebook, Instagram and YouTube."

On CAN’s objections to APC’s choice of a Muslim-Muslim ticket, Etta accused the Christian body of being the religious wing of the opposition PDP. He said religion had no place in politics, and citizens should be more worried about the problem of underdevelopment in the country and the right person to do the job.

He alleged, "CAN is the religious wing of the PDP, it has been so established. We have reason to say so, because the sitting vice president, a pastor of the Redeemed Christian Church of God, and CAN did not support him in 2019. Even when he was

on the ballot in 2015, they did not support him. Christians have superintended over the country more than Muslims from 1999 till date. Presidents Obasanjo and Jonathan had 16 years and by the expiration of President Buhari, Muslims would have done 10 years.

"Before the Muslim-Muslim ticket issue, leaders in the southern part agreed that the presidency should come to the region, whether APC or PDP. The PDP had their primary first and a Fulani Muslim became their candidate. Why did CAN not speak against the ticket? But it has now found its voice the moment APC selected Kashim Shetima as the party's vice president. Before Shettima, we had one Alhaji Masari on the ticket, CAN did not bother, but now, why the noise of Shetima?

With Shetima, we have locked North-east. We want to win the election and with Shettima we are winning.

"I watched the television interview of Atiku Abubakar and I share the pains of the youths.

When I watched a leader speak to issues that are very important in such a cavalier manner. A manner that you question in his leadership qualities. The youths are angry and they have the right to be so.

Unfortunately, they have been looking for a hero and they have found that in Peter Obi. It is sad that Peter Obi is the antithesis of what the youth are looking for."

SHETTIMA: WE'LL BE EQUITABLE, JUST, INCLUSIVE IF ELECTED said it would be a disaster of monumental proportion if Tinubu did not emerge the next president of Nigeria.

A statement quoted Shettima to have said, "We need to build a new nation because the hope of the black man is on Nigeria.

The onus is on us to secure the future of our children yet unborn.

"I want to assure Nigerians that we are going to be just and fair to all Nigerians. We are going to be all-inclusive because no society can strive on injustice. Ours will be all-encompassing, all-embracing government.

"We will build a country of our dreams, where people are judged by their character, irrespective of their political affiliations, religious persuasions, sectional or tribal ground."

The former Borno State governor commended the South-west geopolitical zone for being a bastion of religious tolerance and generosity, where people are judged by the content of their character, competence, and ability. He called on other parts of the country to emulate such qualities for peaceful coexistence and development.

In his remarks, Governor Abiodun called on Nigerians to continue to pray to God to see the country through these difficult and trying times.

The governor stated, "I want to ask that we continue to pray that God Almighty see us through

this time. These are really difficult times in the history of the nation called Nigeria. We are seeing things that we have never seen before.

“I don't have any doubt that in no time, God will see us through.

We are the people God has treated wonderfully and He fortified us with lots of endurance and by His grace, we will rise to the top.”

In his sermon, the Bishop of Remo Diocese, Church of Nigeria, Anglican Communion, Most Rev. Olusina Fape, called on Nigerian leaders to live impactful lives that people will remember after their demise.

Preaching on the topic, "Do this in Remembrance of Me," with his text from Luke 22:19, Fape reminded leaders that no amount of wealth would speak well of them, except the good work they did while in leadership.

"There are leaders who were in government yesterday that could have made Nigeria better today but they failed,” Fape said.

“I want them to know that we will remember them, whether they did well or not," he added.

The clergyman chided Nigerian leaders for embezzling the commonwealth of the people, even when it was not useful to them.

He called on leaders to have a change of heart, as there is always retribution at the end of the day.

Etta: It'll be Disastrous if Tinubu Loses in 2023 Etta said it would be terrible if Tinubu did not win the presidential

election next year. He spoke in Abuja during an interview with journalists.

The former APC zonal chairman accused the Christian Association of Nigeria (CAN) of being the religious wing of the opposition Peoples Democratic Party (PDP).

He expressed optimism that come May 2023, Tinubu would be sworn in as the 16th President of Nigeria.

Etta said, "We don't have any apprehension that we will not win.

We are waiting for campaign to start in September and election in February, by the grace of God. We know our work is cut out for us. We know it is not going to be a walk into the park. We know we gave new paradigm that we must deal with.

“We have new issues in Nigeria that we must deal with in order to see the emerging Nigeria, where citizens will have opportunities to call out leaders and question them and make them accountable. This is the Nigeria we have dreamt of and that Nigeria is birthing and we will all make sure the birthing of the new Nigeria becomes a reality."

On Atiku and Obi, Etta said the ruling APC had dealt with the PDP presidential candidate before and would deal with him again.

He said, "Atiku is an old customer. We have dealt with him before and we are going to deal with him again. We know his tricks; he cannot come with

quo until the matters are fully determined. A caveat issued to restrain all parties concerned and the public from dealing or honouring promissory notes issued had earlier been published,” the NGF insisted.

The purport and essence of the definitive pronouncement by the Supreme Court, the NGF argued, is that none of the contractors recommended for payment of the sum of $418 million by the AGF and HMF can be so paid because the contracts and payments relied upon were not processed as prescribed by the constitution and the law.

Subsequently, they declared that the funds cannot be accessed through the federation account as vigorously pursued by the Malami and Ahmed, pointing out that the contracts as they stand, are unconstitutional and unlawful and cannot vest any legal right on any of the contractors.

The governors maintained that it was immaterial that part of the contract sums had been paid, explaining they the payments did not validate the unlawful nature of the contracts. “The Supreme Court has spoken. It is final and must be obeyed,” the forum noted.

“The NGF therefore urges that the AGF and the HMF should not under any guise whatsoever stampede the FEC to take a decision which will not only be patently unconstitutional and illegal but also an affront to the highest court of the land.

“The rule of law is not only supreme; it is a cardinal principle canvassed by the present administration and should in this particular occasion be strictly obeyed.

“In the face of the crushing economic realities and security challenges facing the nation and competing allocation of scarce resources, the payment of contractors of the humongous sum of $418 million from pubic treasury is not and should not be the priority of FEC. “FEC may also wish to note that the undue haste in which the payment of the contractors in the Paris Club refund has been pursued and processed by the AGF and HMF has already created the impression in the discerning minds of the public that it would appear that the interest of contractors takes precedence over and above the welfare and interest of the general public whom the senior officials of government had sworn to defend and protect,” the governors said.

The NGF therefore admonished FEC to prevail on the AGF and the minister of finance to toe the line of constitutionality and allow the due process of the law to prevail.

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PRAYER SUMMIT/DINNER OF IZON...

L-R: Bayelsa State Deputy Governor, Senator Lawrence Ewhrudjakpo; Governor Douye Diri; General Overseer, House of Grace Church, David Zilly-Aggrey and Archbishop Willy Bunting, during the one-day prayer Summit/Dinner of Izon Christian Ministers held at Yenagoa...recently

Insecurity: Act Now or Resign, Situation Room Tells Buhari Seeks sack of Aregbesola, security chiefs Ask Minister of Education to resolve varsity strike or vacate his position Onyebuchi Ezigbo in Abuja The Nigerian Civil Society coalition, the Situation Room has asked President Muhammadu Buhari to urgently take decisive measures to arrest the deteriorating insecurity in the country or consider quitting his office.

The organisation demanded that the entire security architecture of the country should be rejigged by Buhari to combat the worrisome expansion of insecurity in the country, adding the the Service Chiefs should be removed, and new people appointed with a clear mandate to deliver at a particular time or be equally removed.

It said that the security situation had taken a new dimension with the threat of attacks on the high office of the president and schools in the Federal Capital Territory (FCT), Abuja.

Addressing a press conference in Abuja, yesterday, the Convener of the Situation Room, Ene Obi said it was apparent that insecurity had lingered because there had been no seriousness in tasking the security agencies to deliver and the political will do so.

"President Muhammadu Buhari should wake up to his responsibilities of steering the affairs of the nation in the areas of security and economic restoration which will rebuild the confidence of citizens by reassuring Nigerians of his ability to govern Nigeria or should honourably resign if the challenges are overwhelming," she said.

On the last jail break at Kuje Medium Security Correctional Facility, she said Nigerians expected that Buhari should order a thorough investigation into the incident and those responsible for guarding the Prison be relieved of their duties, starting from the Minister of Interior, Rauf Aregbesola.

Obi also urged the National Assembly to intensify their oversight function on the Executive beyond the threat of impeaching the president.

Obi who was flanked by other Co-conveners of the Situation Room, James Ugochukwu and Asma’u Joda said the state of insecurity in the country had, "deteriorated so much that most parts of the country are now being threatened by non-state armed men with vari-

Saraki, Fayemi, Adeniyi to Attend Omoluabi Summit in Ilorin

Hammed Shittu in Ilorin

Former Senate President, Dr. Bukola Saraki; Governor of Ekiti State, Dr. Kayode Fayemi; chairman, Editorial Board of THISDAY Newspaper, Mr. Olusegun Adeniyi and member of the House of Representatives, Hon. Shina Peller, are among the dignitaries expected at The Omoluabi Summit in Ilorin, Kwara State.

The summit which would hold on August 12, 2022, is being organised to commemorate the International Youth Day. A statement yesterday, which was signed by a Nigerian youth advocate, Seun Awogbenle, stated that Saraki was expected to chair the summit while Fayemi would deliver a keynote address on the theme titled: ‘Character as Leadership.’

Other speakers expected at the summit include Mohammed Ibrahim Ajia, Peoples Democratic Party (PDP) House of Representatives candidate for Ilorin west/Asa constituency, Aisha Ahman-Pategi,

former state commissioner for special duties and Abdulrazak Aduagba, an Islamic cleric.

Seun Okinbaloye, host of Channels TV’s Politics Today, would moderate a panel session at the summit.

Commenting on the essence of the summit, Awogbenle said it creates an opportunity for young people to celebrate the ‘Omoluabi’ values.

Omoluabi is a concept popularised by the Yoruba ethnic group.

It describes someone with good character or someone who epitomises respect, humility and diligence.

Also speaking about the summit, Bolaji Abdullahi, former Minister of Youth and Sports, said it would inspire young people to imbibe virtues of courage, integrity, humanity, and devotion to the public good, which according to him are enablers of development.

Abdullahi said the day would be an opportunity to restate the importance of character.

ous nomenclature like Bandits, Boko Haram, Islamic State's West Africa Province (ISWAP), Kidnappers and Unknown Gunmen."

"According to reports, ISWAP and Boko Haram insurgents having occupied some territories in the north-east of the country are now encroaching into Abuja and the rest of the Federal Capital Territory (FCT). Bandits continuous raid

on villages fuelled with kidnapping of helpless villagers in the north-western states of Zamfara, Sokoto and Kebbi, have continued unchallenged.

"The abduction of road users on the Abuja – Kaduna highway has been a major concern, bearing in mind that some of the March 2022 passengers of the Abuja – Kaduna bound train are still in captivity,"

she said.

The Situation Room also expressed displeasure over the long closure of public universities.

Obi said the organisation found it disappointing that despite the two weeks’ ultimatum given to the Minister of Education, Mallam Adamu Adamu by President Buhari, to resolve the prolonged strike embarked upon by the Academic

Staff Union of Universities (ASUU) and other unions in universities, the government had failed to reach a resolution.

She further assessed the Continuous Voter Registration (CVR) saying that despite the Independent National Electoral Commission’s assurances of a seamless process, it has left many willing Nigerians disenfranchised from the 2023 polls.

NDLEA Busts Lagos, Anambra ‘Mkpuru Mmiri’ Labs, Nabs Two Barons, One Chemist Michael Olugbode in Abuja The National Drug Law Enforcement Agency (NDLEA) has busted two major clandestine laboratories in Lagos and Anambra States where dangerous illicit drug, the crystal methamphetamine commonly referred to as ‘Mkpuru Mmiri’ were produced and from where they are distributed across the country and also exported outside the shores of Nigeria.

The Chairman/Chief Executive of NDLEA, Brig. Gen. Buba Marwa (Retd) disclosed this yesterday, when he addressed the media on the development.

He said following the outbreak of ‘Mkpuru Mmiri’ abuse in the last quarter of 2021, predominantly in the south-east and the cry for help from many communities in the region because of the devastating effects the distribution and abuse of the dangerous stimulant drug was having on their youths and others, the agency deployed all available assets to find the primary source of manufacturing of the drug in Nigeria and arrest the barons behind it and dismantled their rings.

Marwa said while efforts in the past seven months against the cartel behind the methamphetamine scourge had led to the arrest of four kingpins and a cook; “now, we have added two barons and another cook.”

He added: “This no doubt is a loud statement to those involved in the criminal illicit drug trade that it’s time for them to quit or risk losing it all; that is losing their freedom, investment and assets acquired through proceeds from the illegal business.”

The anti-narcotics czar, said: “I am pleased to inform the public today that after months of

painstaking intelligence gathering, diligent tracking and coordinated offensive action, we recorded a breakthrough on Saturday, July 30, 2022, when officers and men of the agency successfully busted two methamphetamine manufacturing facilities, called Meth Laboratories.

“The first one, located in Victoria Garden City (VGC) Estate of Lekki, Lagos, is owned by a baron, Chris Emeka Nzewi, while the second, in Nise Community of Awka South Local Government Area of Anambra State was owned by Paul Ozoemenam. The owners of these two illicit meth laboratories were successfully arrested alongside Sunday Ukah from Aba, Abia State, the cook or chemist that produced the drugs for them.

“The laboratory in Lagos was set up inside the Boys’ Quarter building of a four-bedroom duplex.

From there, we recovered a total of 258.74 kilogrammes of crystal methamphetamine and various precursor chemicals used for the production of the toxic drug.

“The complete paraphernalia of laboratory equipment such as gas cylinders, giant gas burners, industrial face masks, industrial gloves, tubes and flat-bottomed conical flasks, among others were also found.”

Speaking further, the NDLEA boss said he was addressing the public about the weekend busts to raise people’s awareness of the danger that meth production constitutes to public health and the modus operandi of the barons involved in the unwholesome activity.

Marwa revealed that: “The owner of the laboratory in VGC for instance, was producing this highly unstable and toxic drug in a house where he lived with

his family. This speaks volumes about his insensitivity to the consequences of exposing his family, which includes a three-month old baby, to the danger of hazardous chemicals. If that is the case, that is an indication that public health was of no concern to him.

“In this particular case, aside from the laboratory being close to the kitchen of the main house, the waste from the laboratory was channelled into the septic tank and soak-away in the compound, with a high risk of contamination of the water table of the entire neighbourhood.

“On average, the lab produced 50 kilos of methamphetamine every week with plans underway to increase the capacity of production to at least 100 kilogrammes per week. Where do these drugs end?

From our preliminary interrogation, we now know the drugs from this lab were both for export and local consumption. We also know there is a supply chain of distributors and buyers for export and the domestic market.”

He added: “When you consider the fact that the price of this dangerous drug was going for as high as $500,000 per kilo in the international market in recent time, you will understand why Nzewi cared less to put the lives of his own family at risk by producing this in the same house where they live. Hence, taking these two labs out of operation is a major feat in our continuing effort to curb the meth problem.”

The NDLEA boss said the bust of laboratory also exposed the interconnectivity among syndicates involved in meth production, adding that the cook was hired by both producers to produce for the VGC lab, as well as the lab in Anambra.

He urged members of the public

to be sensitive to their environment.

“As we step up the offensive against drug traffickers, we want the public to be more vigilant and be aware of the fact that producers of methamphetamine always choose unsuspecting environments with tight security, like the VGC estate, in this case. And the reason is not far-fetched: “They chose secured estates to prevent law enforcement agents from monitoring their activities.

They also locate meth labs in remote unsuspecting communities where residents would not be aware of their activities.

“It is very important to note that the waste from methamphetamine production is dangerous to the ecosystem. The chemicals are toxic and once they seep into the soil, they contaminate the water table from which surrounding wells and boreholes draw their water.

“And citizens who unwittingly consume the water from such sources are exposed to heart and kidney ailments and other organ diseases. Neighbours, too, who inhale gases from the lab, are also susceptible to the same risk.

What makes it worse is that the production usually takes place in the middle of the night, between 11 pm and 4 am, and therefore, unsuspecting neighbours could have been exposed to the hazards for months or even years.”

Marwa commended the professionalism of the intelligence-led special units assigned the task.

He said: “Our forensic experts and the 200-man strike force team that we deployed who were the operational arm that executed the mission of dismantling the labs, seizing the crystal meth, precursors, paraphernalia and arresting the culprits.”

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NEWS

ROTARY INTERNATIONAL CONVENTION...

L-R: Mr. Tuedogheye Egbemi, Mr Bryan Culcrit, Mrs Lizzy Omogberiale & Mr Nosa Edo-Osagie at the Rotary International Convention in Houston Texas, USA ...recently.

Obasanjo: I May Soon Go Bankrupt Because of Rising Diesel Price Former President, Chief Olusegun Obasanjo, yesterday lamented the high cost of diesel, saying it was taking a toll on his business and he may soon go bankrupt.

Obasanjo, who is a fish farmer, said he had been sweating because of the high cost of diesel.

He spoke in Abeokuta, Ogun State, during South-west fish farmers’ congress held at the Olusegun Obasanjo Presidential Library (OOPL).

The former president noted that the rise in cost of diesel as well as constant increase in prices of fish feeds might eventually run Nigerian fish farmers out of business except they come together to agree on sustainable prices that could be adopted to keep them in business.

According to him, farmers can longer be producing at the mercy of the buyers who would come around for whatever amount that suited them without taking into account the effect of the current economic effect on the production of such fishes.

He explained that with current price of diesel at 800 per litre, production of a kilogram of fish was N1,400, adding that, in order to make very marginal profit, the farmers can’t sell less than N1,500 as anything short of that amounts “outright loss.”

Obasanjo said: “The price of diesel has gone high because the management of this country is not what it should to be. And it is as simple as that. Then, what will happen is that, particularly those of us who have to use a bit of diesel in producing fish, we will completely go bankrupt, and when that happens, Nigerians will still have to eat fish.

“Fish production will be out of reach and then, people will be producing fish outside Nigeria and be dumping it here. And you will go jobless, poor and indigent. So, what do we have to do? To come together…we want to sustain fish production and we must be able to take care of those who are going to eat and those of us who are

Senate Probes Alleged N450m Contracts Scam in River Basin Agency Sunday Aborisade in Abuja The Senate Public Accounts Committee, yesterday, sustained an audit query issued against officials of the Ogun-Osun River Basin Development Authority over an alleged inflated contracts regarding the construction of water dams, and overhead tanks amounting to about N450m The locations of the overpaid projects, according to the query, were Agbado-Isoye Ogun State, Egbado South Local Government, Ajinipa, in Orire Local Government, Oyo State,Igan Alade Igua in Yewa North Local Government, Panseke in Abeokuta, Asa in Surulere Local Government Area in Oyo State and many more.

The officials of the agency, however, appeared before the Senator Matthew Urhoghide-led Senate Committee on Public Accounts but could not justify allegations of overpayment raised against the agency.

The query against the Ogun-Osun Rivers Basin Agency was contained in the 2016 Report of the Office

of the Auditor General for the Federation.

The Committee members were angry with the officials over what they described as the consistent overpayment to the contractors.

They also described as unacceptable, inability of the agency's officials to give convincing explanations on the issue of overpayment in the various contracts being handled .

For instance, in the construction of Asa Dam, the AuGF report stated that, N58m was overpaid to the contractor, which the committee ordered an immediate refund.

On the construction of mini water scheme at Ajinapa, in the Orire Local Government Area of Oyo State, N187m was overpaid to the contractor Also, on the construction of mini-water supply scheme at Ipetu–Ijesha, Osun State, a total of N37m was paid for the contingency, compensation, purchase hilux vehicles that was not cited on ground.

In addition, N110m was overpaid for the contract in Agbado-Isoye Ogun State.

producing.”

Turning to the farmers, he asked: “How many of you are using diesel in your production? Because I use diesel and I’m already sweating.

I’m already sweating.”

The President of South-West Fish Farmers Price Sustainability Group, Amo Tunbosun Amo, disclosed that the country currently consumes around 3.6 million metric tonnes of fish annually but only produce 1.12 million tonnes leaving a balance of

2.6 million tonnes to be imported.

Amo explained that one of the major challenges confronting the fish farmers is the continued increase in the prices of inputs in the production of fish and majorly the feed and the refusal of the buyers to buy the fish at commensurate price.

He said: “This is the essence of this gathering, we find out that we have to take our destiny in our hands, we can’t continue to

produce and be at the mercy of the buyers, we felt we need to come around and do something for ourselves. We are starting with Southwest and in a matter of time it will be all over the country.”

The convener of the congress, Steve Okeleji said the fish farmers decided to come together to rescue the industry.

Okeleji said: “We have to come together to see how we can rescue our industry. It’s now very obvious

to us that if we don’t do something fast, the aquaculture industry in Nigeria will be submerged.

“If everything were to be right with our economy, this congress wouldn’t have been necessary.

“So, the farmers must be heard.

We also virtually key player in the industry. In fact, we play important role across the value chain of the industry. But the major challenge we have over time is that we are not able to speak with one voice.”

FG Disburses N66bn to Beneficiaries under MSME Survival Fund Says 2,538 MSMEs benefited from guaranteed offtake scheme in south-east

James Emejo in Abuja and Gideon Arinze in Enugu The Minister of Industry, Trade and Investment, Mrs. Mariam Katagum, yesterday disclosed that a total of N66 billion had been disbursed directly to 1.26 million beneficiaries under the MSME Survival Fund and Guaranteed Off-take Scheme, including those registered by Corporate Affairs Commission (CAC).

The minister said 38 per cent of the beneficiaries were women including 2 per cent to people with special needs.

The MSME Survival Fund and Guaranteed Off-take Scheme is a programme of the federal government under the Nigeria Economic Sustainability Plan (NESP) which was launched in September 2020 to

overcome the challenges posed by the COVID-19 pandemic.

The interventions which would gulp a total of N75 billion are part of the N2.3 trillion NESP currently being implemented by the President Muhammadu Buhari-led administration to help cushion the impact of the pandemic with a view to boosting the economy by saving existing jobs and creating new job opportunities.

Speaking at the MSME Survival Fund and Guaranteed Off-take beneficiary Townhall Meeting in Abuja, Katagum said the purpose of the townhall meetings was to highlight the scheme's achievements around the country and to receive beneficiary feedback on all tracks of the scheme.

She added that the gathering meetings which were held

simultaneously in Lagos (SouthWest); Kano (North-West); Bauchi (North-East); Enugu (South-East); and, Edo (South-South), would also serve as a medium to sensitize the public on the advantages of federal government interventions.

The minister noted that the anticipated impact of the programme was to directly engage 100,000 MSMEs in the production sector alone and save at least 1.3 million jobs.

The scheme further set a special target of 45 per cent for femaleowned MSMEs, and 5 per cent for those with special needs. The target beneficiaries for the scheme were self-employed entrepreneurs, and micro and small businesses registered in Nigeria.

The minister, however, acknowledged that there were challenges encountered during the implementa-

APGA Accuses Gov. Ikpeazu of Destroying Abia Health Sector Emmanuel Ugwu-Nwogo in Umuahia The All Progressives Grand Alliance (APGA) has lamented the health sector's situation in Abia, accusing Governor Okezie Ikpeazu of insensitivity.

The APGA chairman in Abia, Rev Augustine Ehiemere, decried the state's health system while speaking at the flag-off ceremony of the annual free medical/surgical scheme sponsored by the party's governorship candidate, Prof Greg Ibe, through his Greg Ibe Foundation.

The head of the medical team, Dr

Ojum Ogwo, said over 50 medical doctors and other medical personnel from different areas of speciality were on the ground to attend to people battling various ailments.

He decried the Peoples Democratic Party-led administration of Governor Okezie Ikpeazu for "supervising the collapse of not only the health sector but other sectors in the state."

Ehiemere said, "There is no gainsaying the fact that public hospitals and health centres across Abia State are in a state of near comatose following the ongoing every Tuesday strike by doctors."

According to him, the govern-

ment's neglect of the sector caused the strike as doctors at the Abia State University Teaching Hospital (ABSUTH) are owed 25 months' salaries, and staff of the Health Management Board owed over 11 months' arrears.

Ehiemere noted that Abia was already feeling the impact of the collapsed health sector with "avoidable deaths of Abians who cannot afford medicare elsewhere."

Ibe, represented by his running mate, Hon Obinna Ichita, decried the state of hospitals, describing them as mortuaries. He accused the Abia government of displaying high insensitivity to the health sector.

tion of the programme.

She said, “Initial lack of trust by the beneficiaries as it required obtaining their details, including BVN. The above is closely related to the initial apathy by Nigerians on government intervention programmes as they assumed that you needed to know someone to benefit from the scheme.

"There was a heavy reliance on the use of Information Communication Technology, for transparency and traceability, which also, left the programme susceptible to attempts at infiltration by internet scammers.

“There were also instances of multiple applications using forged documentation, fake beneficiaries, and attempts to bribe officials to bypass the processes.

“Several enumerations exercises were carried out to get the required number of beneficiaries in some states. Under the Guaranteed Offtake Scheme, 19,928 beneficiaries failed to deliver their items after receiving the 30 per cent mobilisation fee, thereby breaching their contract with the federal government. “ She added that the implementation of the survival fund across the five tracks yielded positive results.

The minister said, “Notwithstanding the challenges faced, the project enjoyed the tremendous support of various state governments who provided warehouses and logistics to ensure a hitch-free exercise.

Meanwhile, the federal government has disclosed that no fewer than 2,538 MSMEs have so far benefitted from the federal government’s Guaranteed Offtake Scheme in the South-east region.

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WEDNESDAY, ͻ˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

NDLEA ON METH CLANDESTINE...

Director Media and Advocacy, National Drugs Law Enforcement Agency (NDLEA), Femi Babafemi; Secretary NDLEA, Shadrach Haruna; Chairman, NDLEA, Brig. Gen. Buba Marwa (rtd); Special Adviser to the Chairman, Col. Yakubu Bako; Special Adviser on NDCMP to the Chairman, Otunba Ipinmisho, during a press conference on the recent busts of Meth clandestine laboratories and the arrest of drug cartels in states PHOTO: ENOCK REUBEN

by NDLEA in Abuja...yesterday

Terror: IG Allays Fears of FCT Residents, Assures Nigerians of Improved Security Kingsley Nwezeh in Abuja Inspector-General of Police, Usman Baba, yesterday, allayed fears of further terror attacks in the Federal Capital Territory (FCT), even as he has ordered massive deployment of police operatives and operational assets within the territory and environs to solidify the security and protection of lives and property of residents.

He said the directive would cover critical national assets and vulnerable facilities as well as road users in and around the FCT. In the same vein, the Federal Capital Territory Police Command, stated in a statement last night that it revisited and revamped the security architecture of the territory in other to clamp down on the persistence and emergence of security challenges within and around Abuja.

The IG made the charge while receiving general security updates on the nation during a meeting of the force’s management team in Abuja.

He also charged the Deputy

Inspector-General of Police in charge of the Department of Operations, DIG Bala Zama Senchi, to supervise and manage the deployment to ensure maximum security in the FCT as well as surrounding states with a high risk of attacks resonating from the threats making the rounds.

He said, "the force does not and will never handle any information with kid gloves," and cautioned members of the public on the dangers of spreading false alarm, misinformation, and disinformation as they could be detrimental and counter-productive to national security.

The IG assured Nigerians in general and residents of the FCT in particular, of their safety and security while urging them to go about their lawful duties without fear of attacks.

He reiterated the firm determination of the police leadership to continue to explore avenues to enhance the security architecture in the country through intelligence gathering, operational deployments

and application of cutting-edge technology to decimate the activities of criminal elements across the country.

On its part, the FCT Police Command said, it has revisited and revamped the security architecture of the territory in other to clamp down on the persistence security

challenges within and around Abuja.

The new measures, it said, included intelligence gathering, aggressive vehicular and foot patrol, and intelligence-led stop and search.

The FCT Commissioner of Police, CP Babaji Sunday, has however urged officers and men

to go about the discharge of their duties with respect for fundamental human rights, in line with global best practices and professionalism devoid of any form of unwholesome conduct.

The statement also urged members of the public to remain calm, eschew the spread of fake

news capable of stirring panic and go about their lawful businesses without the fear of harassment or molestation of any kind and from any quarters.

The command urged residents to remain vigilant and report any suspicious or abnormal occurrence to the police.

ABCON Cautions FG against Policies that Worsen Inflation The Association of Bureaux De Change Operators of Nigeria (ABCON) has cautioned the federal government against policies that could worsen the impact of upward inflationary trend on the populace.

The association gave the warning in its Quarterly Economic Review for the second quarter (Q2) of the year, noting the severe impact of the sharp rise in commodity prices triggered by the COVID-19 pandemic and the ongoing Russian war in Ukraine.

“Nigeria needs to balance fiscal sustainability with the need to mitigate the effects of these

overlapping crises on the poorest citizens. The excruciating pressure on commodities especially oil and gas globally is not exonerating the poor in Nigeria,” ABCON stated.

“Galloping energy prices as currently being witnessed in Nigeria, with lower real incomes, increased production costs, tightened financial conditions, and constrained macroeconomic policy.

“Under these prevailing circumstances, the government must avoid all distortionary policies such as multiple taxes, subsidies, and all fiscal tightening, which could worsen

the recent increase in commodity prices”, the association added.

Against this background, ABCON called on the federal government to re-prioritise its spending with emphasis on targeted relief for vulnerable populations, to cushion the impact of higher inflation, weaker economic growth and tighter financial conditions.

Such reliefs, ABCON explained should include: “Comprehensive harmonisation of all local, states and federal government taxes which currently is imposing a heavy burden on the citizens of Nigeria; deliberate

and dynamic monetary policy to optimise interest rates to stimulate savings, investments and production; better coordination of monetary and fiscal policies to avoid conflicting effects detrimental to set objectives.”

The currency dealers also noted the sharp and persistent depreciation of the naira since the beginning of the year, warning that the trend may increase the debt service burden of the country and thus undermine the nation’s credit risk as well as impede foreign capital inflows into the country as well as increase the debt service burden on the country.

So, the technology that is going to be deployed is such that you can perceive a threat and eliminate it before you get to the location. That is being proactive."

Sambo said safeguarding the lives of Nigerians was the topmost priority of the government. He said, "This railway asset is brought to bear to improve the lives of Nigerians.

This was the project that was started under the previous administration and unlike the previous administration; we don't allow any project to be abandoned.

"So, this administration completed it and it's running it. It is really unfortunate that what happened, happened, but we must not let that deter us from providing succour to Nigerians, because the best way to travel as far as I am concerned is by train and by the grace of God, we will make sure these services resume, but not until those things I mentioned have been achieved.

"Rescue or reunion of those that have been kidnapped with their families and put in place technology that will ensure that threats to lives are eliminated."

On the Port Harcourt-Maiduguri project, the minister said, "It is ongoing. Work is in progress. We are happy with what is happening and there is no going back by the grace of God. We are maintaining the infrastructure.

“At the Idu station, the managing director introduced the coordinator, manager and everybody else run-

ning that station, so maintenance goes on. They come to work every day, the only people not working are those on the train themselves and even they, come to work just like every civil servant should."

Media consultant to Kadunabased Islamic cleric, Sheikh Ahmad Gumi, Tukur Mamu, confirmed that five of the remaining 39 passengers were release yesterday.

Mamu, who had been at the forefront of the negotiation for the release of the victims before he withdrew, said the released victims visited him in his office in Kaduna to thank him for his role in negotiations that led to the release of victims that were earlier released.

Four of the victims were released on July 25, 2022, and so far, 34 of the victims are still being held captive by the criminals, while a total of 27 had been freed.

Mamu also shared a recorded video of three of those just released on WhatsApp. Speaking in the video, one of the victims, Mustapha Imam, an associate professor of Medical Biochemistry at the Usman Danfodio University, Sokoto, urged the government to ensure the immediate release of the remaining victims.

Imam described his experience in the hands of the terrorists as terrible, saying he would never wish his enemy to be treated like that.

BUHARI: NO SINGLE NATION CAN SOLVE SECURITY CHALLENGES ALONE changes of government.

He urged the diplomats to monitor political developments in the country ahead of the 2023 general election, but said they must remain true to their professional ethics of non-interference.

Buhari noted that Nigeria was drawing close to its national elections and candidates at different levels were beginning to build consensus within their respective parties in preparation for the start of campaigns across the country soon.

“As the drums of campaign begin to rise, I urge you to be guided by diplomatic practice to ensure that your activities remain within the limits of your profession as you monitor the build-up to the elections and the conduct of the general elections,” Buhari said.

The president also advised the diplomats to focus on building on the successes of their predecessors.

He told them, “The task before you require you both to build on the successes of your predecessors and further make efforts in the expansion and advancement of the cordial bilateral relations and cooperation between Nigeria and your respective countries.

“These relations, as you all know, span across political, socio-economic and cultural spheres, that have overtime benefitted our peoples.

“I am confident that in carrying out your diplomatic responsibilities in the course of your tour of duties, you will spare time to appreciate

the uniqueness and strength in our country’s cultural diversities in terms of both human and natural resources as well as the flora and fauna across the country.”

Buhari said the cultural diversity of Nigeria “represents our pride as a nation and identity as a people.”

He urged the diplomats to also build friendship and acquaintances in the course of their stay in the country.

In his remarks, on behalf of the ambassadors, the Canadian High Commissioner thanked Buhari for accepting their Letters of Credence.

Christoff stated, "Today marks formal beginning of our engagement with the government of the Federal Republic of Nigeria. We will work closely with ministers and officials to start a progressive relationship."

Meanwhile, Buhari yesterday read the riot act to the military, with a clear directive to the security agencies to smoke out all identified terrorists and criminals across the country.

He condemned the recent terrorist attacks in Sokoto, Kaduna, and Plateau states during which lives of innocent citizens were lost.

The president, in a statement yesterday by his spokesman, Mallam Garba Shehu, stated, “We have given security forces full freedom to deal with, and bring to end this madness.”

Buhari paid his condolences to those who lost their loved ones in the recent terrorist attacks in Sokoto, Kaduna and Plateau

states. He reviewed the situation following reports on the loss of several lives in the attacks and assured the states of support from the federal government.

According to him, “I condemn these barbaric attacks on the country.

I wish to assure the states of all possible support from the government of the federation. My thoughts are with the bereaved families. May the injured recover quickly."

FG: Abuja-Kaduna Train Service Remains Shut Till Abducted Passengers Are Released

Announcing the decision of the federal government not to resume train services on the AbujaKaduna rail line until the remaining abducted passengers were released and reunited with their families, Minister of Transportation, Mu'azu Jaji Sambo, said what happened was unfortunate and the incident would not deter the federal government from providing succour to Nigerians.

Sambo, who spoke shortly after inspecting the Idu and Kubwa axis of the rail corridor in Abuja, said, "It will be highly unexpected that a member of your own family is affected in an incident and you have not gone to the family, you have not done the necessary steps to comfort them.

"It is not possible, we have done that and we are still doing and we will continue to do it until we have gotten them reunited with

their families and, by the grace of God, they will be reunited with their families."

Asked when the service was likely to resume, the minister said, "It is very important to get those Nigerians that have been kidnapped reunited with their families, otherwise, it will appear the government is not sensitive, whereas the government is not only sensitive but the government is doing everything it can to make sure that those who have been affected by this abduction are reunited with their families."

He added, "I think it is an important step to do that first and foremost. Secondly, you must put in place adequate security and infrastructural measures to protect and prevent all forms of threats that are possible and leave what you cannot do to God but everything humanly possible must be put in place to ensure that the reoccurrence of this nature is automatically eliminated forever."

Sambo further explained that technology could make it possible, saying, "We are trying to deploy the best technology available anywhere in the world that has served very well in other jurisdictions, which we believe can also serve us very well in Nigeria.

"We are in the process of procuring the sensors and that is why I said we must ensure that we put in place every infrastructure that will ensure that lives are safeguarded.

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WEDNESDAY AUGUST 3, 2022 ˾ T H I S D AY

NEWS

Again, Assailants Kill Seven, Injure Others in Imo

Amby Uneze in Owerri

Another tragedy rocked Umuafom, Orogwe Community situated along Owerri - Onitsha expressway in Owerri West local government area of Imo State as gunmen suspected to be the members of Ebubeagu security outfit early Monday killed about seven people and left others injured.

According to community sources, the gunmen who came in two vehicles and a bike rider in the wee hours of Monday morning took their victims unaware shooting them in different locations.

While four of the victims were said to have been shot and killed at a building not too far from the local hospital, the other three victims were shot at a new building in the area called Corpers’ lodge.

The source further disclosed that two others also fell victim to the gunmen while trying to flee to safety. One of the victims, a commercial motorcyclist, who was shot in the leg and

dispossessed of his bike, is said to be receiving treatment at the Federal Medical Centre,(FMC) Owerri, while the other victim sustained a deep machete cut.

There is an air of apprehension and tension all around the community following the attack by the gunmen as some of the

residents, for fear of possible reprisal, are temporarily leaving their homes.

When contacted, the State police spokesperson, Mike

Abattam, confirmed the incident, but said he could not ascertain yet the identity and status of the victims.

Abattam pleaded with the

youths and stakeholders in the community to remain calm while assuring that the police were already on the trail of the suspects.

LIFE COACHES ASSOCIATION GETS NEW EXCO…

L-R: Member, Advisory Board, Life Coaches Association of Nigeria (LCAN), Laila St Matthew-Daniel; Chairman, Board of Trustees (BoT), Dr. Lanre Olusola; newly-elected President, Omawumi Ogbe; member, BoT, Dupe Wigwe, and outgoing President, Enahoro Okhae, at the inauguration of new executives of LCAN in Lagos…recently

FCTA Assures Farmers Kaduna Activist Joins Guber Race on Labour Party Platform on Food Security John Shiklam in Kaduna

Olawale Ajimotokan in Abuja

The Federal Capital Territory (FCT) Administration has doused the fears of farmers in Abuja and urged them to go about the business of growing food for the residents as measures were being taken to ensure their safety.

The FCTA Secretary for Agriculture and Rural Development, Mallam Abubakar Ibrahim, gave the assurance after the FCTA Executive Committee meeting which was chaired by the FCT Minister, Malam Muhammad Musa Bello.

Ibrahim, who made a presentation to the Committee on the activities of the Agriculture Secretariat, said that the issue of food security was being taken seriously by the FCT Administration.

“This (food security) is something that has been bothering the Secretariat. We have discussed it at different fora, such as the FCT Security Committee and also at EXCO, on the need to safeguard our farmers so that we do not experience food insecurity in the FCT,” he said.

He assured farmers of their safety, urging them to be security conscious by reporting any

suspicious person or situations to the relevant security agencies.

He also said that farmers in the FCT were expecting a bumper harvest from the current farming season as the Secretariat had been working closely with the farmers by sensitising them on the best farming practices and techniques.

He added that the Secretariat has been collaborating with the Nigerian Meteorological Agency, (NIMET) on weather related issues and sharing the information and analyses with the farmers.

Ibrahim also called on residents to imbibe the mantra of President Muhammadu Buhari urging Nigerians to eat what they grow and grow what they eat by embracing greenhouse farming which can be established at the backyards of most homes.

He disclosed the Secretariat has trained over 600 women and youths on greenhouse farming at the Gwagwalada demonstration farm of the Secretariat and urged all who desired to embrace greenhouse farming to go there or to the Agricultural Development Programme (ADP) office also located in Gwagwalada for guidance and technical advice.

Fundall Relaunches Digital Banking Application

Ijeoma Okonji

Fundall Technology Solutions Limited (Fundall), an end-to-end full-stack digital bank, is set to relaunch its digital banking application on Friday, August 5, 2022 in Lagos. Fundall, which was acquired by Emerging Africa Group in 2021, is fueled by a commitment to promote financial inclusion and literacy by empowering Africans with financial tools to make intelligent financial decisions.

Speaking of the company’s relaunch plans, the Chief Executive Officer of Fundall, Abimbola Shopeju said: “I am super excited about the official unveiling and Relaunch of Fundall 2.0. This provides us the opportunity to showcase the myriad possibilities via our platforms. We are equipped to remain agile, scalable and efficient, to meet customer demands and ever changing needs, while

providing convenience, speed, security and great user experience.

It is expedient as a business, that we stay above the curve by being predictive with our solutions as we position Fundall to become Africa’s next Unicorn in the Fintech eco-system.”

According to her, to gain momentum and as a show of confidence in the digital banking application, Fundall is going to the market with some retail and business suites.

The President of the Southern Kaduna Peoples Union (SOKAPU), Hon. Jonathan Asake, has resigned his position to contest the governorship of Kaduna State on the platform of the Labour Party (LP).

Asake disclosed this yesterday in Kaduna at the official handover of the leadership of SOKAPU to the his vice, Awemi Maisamari.

There had been speculations about his intention to run for the governorship of Kaduna state on the platform of the LP. He said he had decided to answer the clarion call by his people and the people of Kaduna state to run for the governorship race in 2023.

Asake said if elected,he will run a just, fair and all-inclusive government in Kaduna state.

“What you have been hearing

(speculations) is confirmed today, I have answered a clarion call by my people and by the larger people of Kaduna state that I should contest the governorship election of Kaduna state in 2023.

“I answered this call having observed what went on during my period as SOKAPU President,” he said.

He lamented the security situation in the state, saying that terrorists had invaded Kaduna.

“I have seen the way insecurity has taken over the entire state.

I have seen how terrorists and other criminals freely crossed our borders and come in to kill and destroy. Our farmlands have been taken away. I think leadership can address all these problems”, the former federal lawmaker said.

He said further that, the opportunity had come for him to offer himself in the service of the people of Kaduna state.

Amotekun Arrests 45 Suspected Criminals in Ondo The Ondo State Security Network Agency codenamed Amotekun Corps, has arrested 45 suspected criminals for various offences in the state.

The News Agency of Nigeria (NAN) reported that the suspects included a kidnap syndicate, motorcycle snatching gang, cattle rustlers and a rapist.

Amotekun Corps Commander, Akogun Adetunji Adeleye, while parading the suspects in Akure yesterday, said the corps would not relent on its efforts to rid the state of criminals.

Adeleye implored residents to join hands with security agencies to rid the state of criminals, saying the current

slogan is “when you see something, say something.”

He stated that efforts were on to apprehend the gunmen that attacked a construction company in Owo last week.

“A couple of weeks ago, we got to an enclave where some miscreants have encircled an area around Akoko; we busted them and arrested them.

“Those occupying our forests illegally will be flushed out.

Those who are in the forests for genuine business should get registered; we will flush others out.

“This is sending signals to criminals that we remain resolute despite the pressure and zero tolerance to crimes in Ondo State.

Police Arrest Woman for Defrauding Ebonyi N50m

Benjamin NworieinAbakaliki

Ebonyi State Police Command yesterday said that the Chief Executive Officer (CEO) of Andrew Bishopton Limited, Jackie Ikeotuonye, has been arrested by police for allegedly defrauding Ebonyi State Government N50 million.

In a statement, the Police Public Relations Officer (PPRO) SP Chris

Anyanwu, said that the suspect committed the offence while pretending to be a consultant on recovery of funds contrary to section 1 of the Advance Fee Fraud cap A6 laws of the Federation of Nigeria 2006.

Anyanwu maintained that a warrant of arrest was duly issued by the High Court of Ebonyi State, which was used to apprehend the suspect over alledged fraud against

the state government.

The statement reads: “The attention of Ebonyi State Police Command has been drawn to a publication on social media and other fora in which a certain Jackie Ikeotuonye, the CEO Andrew Bishopton LTD lamented that Gov Umahi initiated her arrest using the police after she purportedly won a case against the Governor in Court.”

“It has therefore, become pertinent to state with respect to the campaign of calumny which is meant to carry unnecessary empathy in a favour of the said suspect”.

Anyanwu maintained that the case before the State Police Command against Jackie Ikeotuonye is a pure case of criminal case devoid of any civil litigation.

2023: Over 5,000 Tinubu Support Groups Set to Merge Adedayo Akinwale in Abuja

Over 5,000 Support Tinubu Groups have resolved to merge into an organisation named Tinubu/Shettima Independent Campaign Group (TSICG).

This was contained in a statement issued yesterday by Hon. James Faleke on behalf of Tinubu Support Group.

He said the merger was part

of activities aimed at boosting the campaign efforts of the Presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu and his running mate, Senator Kashim Shettima.

He stressed that the groups have resolved to set up coordinating committees in the various geo-political zones to facilitate the merger, adding

that the committees are to review membership of all Support Groups for strategic purposes.

He said: “As part of activities aimed at boosting the campaign efforts of the Presidential candidate of APC, Asiwaju Bola Ahmed Tinubu and his running mate, Senator Kashim Shettima, over 5,000 support groups have resolved to merge into an organisation named TSICG.”

Faleke noted that the launching of TSICG scheduled to take place within the next few days was being fine-tuned.

He added that TSICG’s main target is grassroots mobilization and coordination with structures aimed at strengthening the campaign support base from the States through Local Governments, Wards and Polling units.

Labour Party Unveils 24-man Caretaker Committee in Lagos

Shopeju

The Labour Party (LP) has unveiled its newly constituted 24-member Caretaker Executive Committee for Lagos State, to run the affairs of the party ahead of the 2023 general elections.

The new executive committee led by Mr. Olukayode Salako, was unveiled at a news conference in Ikeja yesterday.

Salako, who presented a letter

of appointment of the committee signed by the National Chairman and Secretary of the party, Mr. Julius Abure and Alhaji Umar Ibrahim respectively, said that the committee had the mandate to reposition the party for winning elections.

He said the committee became imperative following the expiration of the tenure of

the outgone appointed state executives, as well as the recent expansion in the party nationwide ahead of 2023.

“This is the brand new LP executive committee in Lagos state. It is constitutionally, legally and lawfully constituted by the national executive body. ”I have here a letter to that effect duly signed by the national

chairman and secretary of our party.

“They signed the letter which brought about the constitution of this state executive administration, to run the affairs of the party henceforth in Lagos state.

“There is no faction of LP in Lagos state. It doesn’t exist and it has never existed and it will never exist,” he said.

WEDNESDAY AUGUST 3, 2022 ˾ T H I S D AY

46

NEWSXTRA

Parents, Guardians Berate FG, ASUU over Strike Extension Ibrahim Oyewale in Lokoja Piqued by the Academic Staff Union of University’s (ASUU) extension of its six month-old industrial action by another four weeks, parents and guardians have berated the action of the universities’ lecturers and the federal government.

Some parents described ASUU’s extension by four weeks as a deliberate attempt to destroy higher education in Nigeria stressing that their action from the beginning had been repugnant to natural justice.

According to them, ASUU failed to consider the plight of Nigerian students who had been staying at home in last six months.

While speaking in a chat with THISDAY in Lokoja yesterday , Mr. Mohammed Abubakar lamented that the ASUU strike had been turned to another thing entirely.

Abubakar also decried what he termed the seek and hide game by the ASUU anytime the opportunity arises to meet government officials on critical matters affecting the generality

of Nigerian students.

According him, “I have three children in universities and the irony of it is that the last born who chose a state university has graduated and serving now, while

those in federal universities have been caught up with unnecessary strike actions and lockdown occasioned by the Covid-19 pandemic.”

Another parent, Mr. Johnson

Ameh stated that the students have over stayed at home, pointing out that majority of the students have been frustrated because they never knew when they would return to classrooms based on

systematic extension of the strike actín by the ASUU. Ameh disclosed that the continuous extension of the strike was gradually killing the educational system in which

ASUU claimed to be fighting to address, stressing that if the ASUU was sincere, it ought to have resolved the critical aspects of their demands in the past six months.

FUNDQUEST CELEBRATES 10TH ANNIVERSARY…

L-R: Executive Director and Chief Operating Officer, FundQuest Financial Services Limited, Mr. Bisi Oni; Managing Director/CEO, Mr. Abiodun Akinjayeju;Head, Brand Communication and Customer Experience, Ms. Joan Oghosa Ediagbonya, and Head, Operations and Management Services, Mr. Kunle Adelabu, at the 10th anniversary media parley of FundQuest Financial Services Ltd in Lagos… recently ETOPUKUTT

Group Restates Bond Commercial Drivers Protest Colour Code, Ticket Hike in Edo with Ugwuanyi of Enugu Adibe Emenyonu inBeninCity

One of the major support groups of Governor Ifeanyi Ugwuanyi of Enugu State, Door-to-Door for Gburugburu, has reiterated its unflinching support for the governor and his political decisions ahead of the 2023 general elections.

The group, comprising women, men and youths across the 17 local government areas of Enugu State, expressed their confidence in Gov. Ugwuanyi and his uncommon leadership style anchored on peace and good governance.

They reassured the governor that they are solidly behind him, stressing that where he stands is where they stand in respect of the 2023 general elections.

Speaking when members of Door-to-Door for Gburugburu

paid a solidarity visit to Gov. Ugwuanyi at the Government House, Enugu, the Coordinator, Chief Mrs. Amaka Anajemba, told the governor that “we believe in you as our mentor.”

Anajemba pointed out that the visit was to celebrate the governor’s success story in spite of numerous challenges confronting the country, adding that “we are here to remind you that it is the same Door-to-Door for Gburugburu since 2014 that is still in existence today”.

The group’s coordinator asked Ugwuanyi to always count on their unalloyed support and solidarity, disclosing that the governor’s exemplary leadership style spurred most of them to join politics.

Eleven Students Record Highest Marks in the World in Cambridge Exams Ugo Aliogo and Ijeoma Okonji The British Council in Nigeria in collaboration with the Cambridge University Press and Assessment has recognised the outstanding achievements of 110 students from 45 schools across Nigeria.

A statement made available to THISDAY said the students received 157 Outstanding Cambridge Learner Awards following their outstanding performance in the June and November 2021 Cambridge examination series.

The statement noted that the prestigious awards covered various subjects taken in Cambridge IGCSEs, Cambridge O Levels and Cambridge

International AS and A Levels.

The statement also noted that the award winners include 11 students from eight schools who obtained the highest marks in the world in subjects including Sociology, Information and Communication Technology and Business Studies to receive the ‘Top in the World’ honour.

The statement said: “Cambridge International also granted 81‘Top in Nigeria’ awards to learners who achieved the highest standard mark in their country for a single subject, 57 ‘High Achievement’ awards and eight ‘Best Across’ awards to students who attained the highest cumulative total standard marks over a set number of subjects.”

Police Arrest 23 Night Thugs in Gombe Segun Awofadeji in Gombe Police in Gombe State have arrested 23 suspected thugs notoriously called ‘Kalare’, who often terrorise people in the night and steal valuables.

The spokesperson of the state Police Command, Mahid Mu’azu Abubakar, who disclosed this yesterday while addressing journalists on the operations carried out by the Command in recent time.

Abubakar said the suspects were apprehended in the early hours of yesterday at about 1 a.m. by the police tactical

teams from Gombe Divisional Headquarters.

According to him, “The police succeeded in nabbing the suspected thugs during its anti-thuggery patrol tagged: ‘Patrol 999’, where they raided criminal hideouts within MalanInna quarters in the state capital.

“Some dangerous weapons recovered from them and registered as exhibits include 15 machetes, two long daggers, one axe and five sticks. The suspects confessed to the crime, and investigation is still on-going, as the case will soon be charged to court for prosecution.”

Commercial drivers yesterday staged a protest, blocking major roads in Edo State capital, Benin City, to protest the enforcement of colour code by the state government.

The state government had recently reviewed the daily ticket for commercial bus operators from N600 to N1,800 except for Sunday

when they pay N800.

In protest, the drivers in their numbers, blocked the busy Sapele Road, Ring Road, Ugbowo Road, Aduwawa, First East Circular Road and Akpapava to show their grievances.

One of the driver, Samuel Omoriege said the state government should consider the present economic situation before giving them the short notice.

He urged the government to give them six months before the enforcement.

“We are not saying we will not pay, but the notice is too short.

Government is not sensitive to our condition. Some of us are graduates without job.

“For instance, I am a graduate of Auchi Polytechnic. It is unemployment that drove me into this job. So, we need time

to raise money for the code and painting,” he said.

Another driver, James Akpotarie said the recent policies of the government to drive revenue in the state were too unfavorable to transport workers.

Akpotarie said the government had recently reviewed the daily ticket fee from N600 to N1800 except for Sunday when they pay N800.

Country’s Unity Should Be Chosen over Ethnicity, Says Rwandan Ambassador Michael Olugbode in Abuja The Rwandan Ambassador to Nigeria, Stanislas Kamanzi has said it is important to place harmony and unity of a country over ethnic considerations.

The envoy while speaking on the 28th Rwanda Liberation Day and the commemoration of the 60th Independence anniversary celebration of the country in Abuja,

yesterday, said Rwandans chose harmony and unity over ethnicity for even development in Rwanda.

Kamanzi said the Rwandan liberation pave way for a new springboard for the harmony unity and paradigm shift in the governance of Rwanda.

He said: “Rwanda Liberation on July 4, 1994, represents the springboard of the renaissance of Rwanda. A new paradigm was

conceived around three major and single-handed choices, which President Paul Kagame pointed out in his April 7, 2014 speech – ‘We chose to stay together, we chose to be accountable to one another, and We chose to think big.’

Speaking further he said, “Rwanda recovered her Independence on July 1, 1962.

Recovery of self-determination

did not, however, translate into national harmony and cohesion as all post-independence governments chose to found their rule on ethnicity, divisionism, and exclusion.

“Their choice inspired from the colonial master, crystalised in a genocide ideology that built up to the planning and the perpetration of the Genocide Against the Tutsi in 1994.

Muslim-Muslim Ticket Means Persecuting Christians, Says Anglican Archbishop activities marking his 60th birthday. said the decision amounted to ourselves, we must not play with David-Chyddy Eleke inAwka The Archbishop, Province of the Niger and Bishop of Awka Diocese of the Anglican Communion, Most Reverend Alexander Ibezim has decried the Muslim-Muslim ticket of the All Progressives Congress (APC) as plan to alienate Christians from the affairs of Nigeria.

Ibezim spoke to journalists in Awka yesterday, during a press conference to mark the beginning of

He referred to the recent unveiling of Kashim Shettima, a Muslim, by the ruling APC as its Vice Presidential candidate.

The APC had also elected a Muslim, Bola Tinubu as its presidential candidate, making the party’s ticket an all-Muslim affair.

But reacting to the development, Ibezim said it was unacceptable to run an all-Muslim ticket in a secular state like Nigeria. He

persecuting Christians in Nigeria.

“Whether you like it or not, no one must play with Christians.

It is for the interest of Nigeria if Christianity succeeds.

“We have undergone a lot of persecution and they want persecute us again in present day Nigeria.

“We are not second class citizens in Nigeria. For us to be holistic, for us to be truthful to

Christianity. Muslim-Muslim ticket is unacceptable, and that is how I see it,” Ibezim said.

Speaking about the controversy surrounding the attendance of some unidentified bishops to the unveiling of the APC vice presidential candidate, Ibezim said the proliferation in churches made it easy for people to establish their own churches and crown themselves bishops.

Prioritise Digital Skills Not Certificates, Minister Urges NCS Emma Okonji The Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, yesterday urged the Nigeria Computer Society (NCS), the umbrella body for all computer professionals and practitioners in the country to prioritise digital skills and not certificates.

This, he said would help to identify technology savvy individuals that have skills to drive digital transformation across the country.

Pantami who spoke during a breakfast meeting at the ongoing NCS International Conference in Abeokuta, Ogun State, said Nigeria lost out in the first, second, and third industrial

revolutions and must ensure that the country participates fully in the fourth industrial revolution that is tilted towards soft skills.

According to him, soft skills were required for the fourth industrial revolution, saying the NCS must begin to accept people with digital skills as their potential members, without

laying so much emphasis on certificates.

“NCS must expand its scope of membership to include persons with digital skills who may not necessarily have certificates from tertiary institutions of learning.

Certification is good but certificates only validate the skills acquired.

Nigeria is Drifting, NULGE President Cries Out Ibrahim Oyewale in Lokoja

The National President of the Nigeria Union of Local Government Employees (NULGE), Ambali Akeem Olatunji has expressed concern over the state of the country.

Olatunji said this while speaking at the seventh State Quadrennial Inauguration of

the newly elected Executives to run the affairs of NULGE in Kogi State yesterday, lamenting that the country was on the brink of collapse.

He added that Nigeria was drifting owing to bad leadership, pointing out that the last four years under the present administration had allegedly shown that the country has no

one in charge.

He lamented that the country was going through the worst of insecurity situation, noting that the Federal Capital Territory was now vulnerable to insurgents.

The national president of NULGE lamented the exchange rate depreciation.

He urged local government workers to vote only leaders who

are in support of local government autonomy, commending the Kogi State Government and the State Assembly over the passage of the LG autonomy bill.

He said only leaders who are ready to fix local government administration, which he described as the foundation upon which nationhood revolves, should be elected in 2023.

47

WEDNESDAY, ͻ˜ ͺ͸ͺͺ ˾ T H I S D AY

WEDNESDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Onyekwere Wins Discus Gold on Opening Day of Track & Field Team Nigeria adds gold, silver and bronze to climb to 10th spot Duro Ikhazuagbe Chioma Onyekwere capped opening day of the track & field events of the 22nd Commonwealth Games in Birmingham for Team Nigeria by winning the gold medal of the women’s Discus with a 61.70m throw.

It is the first discus throw gold medal to be won by any Nigerian lady in the history of the Commonwealth Games. Adewale Olukoju is the only male to have ever won the gold at Auckland 1990 Games.

Her compatriot, Obiageri Amaechi won the bronze with 56.99m.

Onyekwere who is the reigning African champion in the event got on the podium to lead the field with her very last fourth throw that went over 60m distance to take the gold. Her previous 55.82 and 56.42 were no where near the podium and fouled her third throw. England’s Jade Lally took the silver.

Onyekwere was filled with joy, running into the arms of Team Nigeria officials like Gabriel Opuana and Maria Wophil who joined her to celebrate the first gold medal of the opening day of the track & field events of Birmingham 2022.

What would have been Team Nigeria’s third medal of the track ended in disappointment as Suwaibidu Galadima got disqualified for beating the gun in the final of the men’s T45-47 100m event.

Ironically, England’s Emmanuel Temitayo Oyinbo-Coker with Nigerian ancestry won the Paraathletics event. Another athlete with Nigerian blood in his vein, Ola Abidogun won the Bronze medal also for England. Jaydon Page of Australia won the silver.

Earlier in the day, Laidi Taiwo,

C O M M O N W E A LT H G A M E S won Nigeria’s fifth medal, a silver in the Women’s 76Kg weightlifting event. She lifted a total of 216kg in the Snatch, Clean & Jerk category.

Also yesterday, Mary Taiwo Osijo won a bronze in the women’s 87kg of the weightlifting event with a total lift of 225kg.

The 25-year-old weightlifter was beaten to the gold and silver

by Australian Eileen Cikamatana and Kristel Ngarlem of Canada respectively.

Meanwhile, double Olympic sprint champion, Elaine Thompson-Herah’s presence in the 2022 Commonwealth Games women’s 100m race has made the battle for the gold medal one-way traffic as the Nigerian trio of Grace Nwokocha, Rosemary Chukwuma and Joy Udo-Gabriel qualified for the semifinal of the blue ribband event.

Nwokocha ran her second sub 11 seconds in the 100m (10.99s) to win her heat and qualify for this evening’s semifinal.

G Australia

S

President Muhammadu Buhari has lauded a 16-year-old Nigerian girl, Iyeneobong Essien, for finishing second at the Champion of Champions World Golf Championship Invitational in Northern Ireland.

The President, in a release issued Tuesday by his Media Adviser, Femi Adesina, praised the achievements of the youngster,

Thompson-Herah to become the third Nigerian after Mary Onyali (1994) and Blessing Okagbare (2014) to be crowned the Commonwealth Games fastest woman.

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England

31

34 21

N’Zealand

13

Canada

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S’Africa

6

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India

5

5

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8 15

Wales

3

2

8

Malaysia

3

2

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champion.

The South African unseated favourite Yohan Blake on the Gold Coast four years ago.

"Yohan Blake was my biggest hero, my idol for a long time," Kenyan Omanyala, 26, told BBC Sport Africa.

"We have the same running style and almost everything about us is the same.

"Simbine showed us the way as Africans, so I have deep respect for him. It is nice to have had him come ahead of me and we have a great relationship - he is like a brother to me."

Buhari Lauds 16-year-old Nigerian Golfer's Success At World Championship Deji Elumoye in Abuja

a new personal season’s best time of 11.43 seconds to come third in heat five to also book her place in the semis.

Any of the Nigerian trio will be dreaming of upstaging

MEDAL STANDINGS

Omanyala, Simbine Take ‘Brotherly’ Rivalry to 100m Final Today Africa's fastest man Kenyan Ferdinand Omanyala credits rival Akani Simbine of South Africa for inspiring him to beat the world's best.

The pair have pushed each other to lower the African 100m record to 9.77secs, and were separated by just three thousandths of a second at the continental championships in June.

A rematch is eagerly anticipated in today’s Commonwealth Games final after they were second and fourth fastest in Tuesday's heats.

Simbine, 28, is the reigning

The 21-year-old’s time is the joint fastest in the field in the first round heats with that of

the Jamaican, Thompson-Herah with both winning their respective heats.

Chukwuma also won her heat after effortlessly running 11.02 seconds while Udo-Gabriel ran

who currently tops the junior player cadre in Nigeria, and has been credited with over 20 medals since she won her first medal at the age of five.

President Buhari joined all Nigerians in celebrating this great teenager who is doing so much for the country by demonstrating that hardwork and determination pays, wishing the golfer more spectacular success in her career.

Chioma Onyekwere (left) and Obiageri Amaechi celebrating winning gold and bronze respectively on the opening day of the track & field events of the 22nd Commonwealth Games in Birmingham...last night

6th Adron Games Scheduled for Nov 10 to Feature 100m Hurdles in Honour of Amusan The sixth edition of the annual Adron Games has been scheduled to begin on November 10 in Lagos with the women’s 100m hurdles event popularised by Tobi Amusan one of the new events included to compete for prizes.

Amusan fortnight ago at the World Athletics Championships in Oregon, USA set a 12.12secs new world record and ran a wind aided 12.06 to win the gold medal for Nigeria for the first time.

Speaking yesterday at the unveiling of programmes for the 2022 edition which incidentally is the 10th anniversary of Adron Homes and Properties, the foremost real estate company, its DirectorGeneral, Business Strategy,Ayodeji Ojo-Omoniyi, promised that this sixth edition was going to be bigger and better in terms of organization and quality of competition.

“In this year’s edition, we will include hurdles, we want to discover more talents like Tobi Amusan at the Games scheduled to hold between November 10 and 12 at the Sports Complex of Yaba College of Technology in Lagos.

It is going to be bigger and better with more sports events added,” stressed the DG. Ojo-Omoniyi stressed that the Games with the theme: “The Fit Are The Best,” coincided with the brand’s 10th anniversary.

“At Adron Homes and Properties, we are committed toward showcasing grassroots talents in the tertiary institutions.

This competition will further promote friendship and bonding

amongst our staff and clients.”

Group Company Secretary, Jesuyemisi Odeyemi, in her contribution hinted that a category for sports journalists to participate and win prizes has been added to the 2022 edition of the game while there would be raffle draw at the grand finale for fans to win exciting prizes.

“We want to make this year’s edition all encompassing so we’re extending our invitation to our friends in the media with lots of prizes to be won.

“Also, there will be a raffle draw, and winners will emerge

and win mouth watering prizes.

Last year, the top prize was an iPhone Pro Max.” She also revealed an elaborate plan to partner both LUTH and LASUTH to handle health of athletes and officials. “Health wise, we have put in place necessary measures to ensure that people are taken care of in case of injury.”

Mrs Odeyemi ruled out the possibility of any of the branches of the company fielding mercenaries to cut corners to the overall top prize money.

“We will verify participants with staff identification card,

while students will be registered based on the data of the tertiary institutions,” she further stated.

Consultant to the Games and CEO of Match International Ltd, Waidi Akanni, commended the Group Managing Director of Adron Homes, Are Ademola EmmanuelKing for being consistent with this grassroots sports initiative in spite of the economic challenges of the country.

The former Super Eagles player hinted that both Daniel Amokachi and Joseph Yobo will be unveiled as Games Ambassadors before the commencement of the games.

L-R Director, Sales & Marketing, Adron Homes, Michael Oyadele; Group Company Secretary, Jesuyemisi Odeyemi; Director General, Business Strategy, Ayodeji Omoniyi; Former Super Super Eagles player and Consultant to the Games, Waidi Akanni; Director, Sales & Marketing, Sumbo Oguntola; and Director, Brand & Business Development, Tola Alonge at the unveiling of programmes for the 2022 Adron Games in Lagos...yesterday

Wednesday, August 3, 2022

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Price: N250

MISSILE Senator Musa to Monguno “What proactive action has the NSA taken? If I were the NSA, I will resign because I have failed. When terrorists are creating cells, you do not wait until when you are attacked before acting. The intelligence that is being shared is a pre-information given to you at a stage where these culprits have not concluded their plans and you neutralize them” --- APC Senator, Sani Musa, asking the NSA, Babagana Monguno to resign over worsening insecurity.

SAMAMADI GUEST COLUMNIST

Legislating Against Corruption T

he general belief in development circles is that but for the disastrous effects of corruption, a country like Nigeria would have had stronger economic growth and a more widespread and sustained economic and social transformation. By some account, pervasive and grand corruption is one reason the country and similar countries in Africa are facing existential crises of political instability and economic bankruptcy. Corruption has robbed these countries of state effectiveness required for economic development. Corruption has made the prospect for such development in the near future bleak. In the case of Nigeria, corruption has resulted in billions of dollars of public revenue that would have been used to build critical infrastructure, like the type we see in Dubai and other less corrupt countries like Singapore and South Korea, disappear into private pockets. So, corruption is a heavy drag on development. Corruption corrupts politics and leads to political instability and violent conflicts in fragile societies. Therefore, drastically reducing the incidences and pervasiveness of corruption should be the first order of business for a serious campaign to develop a country as fragile as Nigeria.

But commitment against corruption faces a challenge.

Some people think the damage that corruption causes to the prospects of economic development in Nigeria as in the rest of Africa is exaggerated. There is a cynical debate in the literature of development that corruption is being exaggerated as a cause of Africa’s underdevelopment. This argument builds on the notion that western scholarship exaggerates the role of corruption in Africa’s economic and political crises to obscure the roots of these crises are in the colonial experience and the violence it unleashed.

These scholars point to the presence of pervasive corruption in East Asia while they were economically developing. So, if corrupt Asia developed in spite of corruption, then corruption is not the big deal that western scholars make it out.

This argument rests on some incontrovertible facts.

First, is that there was a high level of corruption in Asia. And that in spite of corruption, Asia developed.

But corruption is hailed as hinderance to economic development in Africa. Therefore, are we not exaggerating the impacts of corruption? Is corruption truly the main cause of our underdevelopment? This argument may sound persuasive, but it is fallacious.

The assumption that all forms of corruptions matter the same is not true. No. The deleterious effects of corruption depend on the nature of corruption. There are different kinds of corruption. Receiving a kickback from a contractor who still goes ahead to build a durable road is corruption. But it differs greatly from stealing the entire money for road construction and never constructing the road. It is also different from creaming off half of the budget for a public health facility and building a health center without drugs and medical personnel. The sort of corruption in Asia in its development period was mostly benign, while those in Nigeria are malignant. Corruption in Asia was largely petty corruption, whereas in Nigeria it is mainly grand corruption.

Robert Wade, renowned political economist, shows the difference between corruption in Asia and Africa in a tellingly passage in his classic on Asian economic miracle, titled ‘Governing the Market Economic Theory and the Role of Government in East Asian Industrialization’. In a footnote to a comment to the neoliberal Washington Consensus recipe for economic development, Wade observes that “The emphasis on ‘anticorruption’ in the good governance agenda of the international development community obscures the difference between modalities, some of which are more developmentally damaging than others. As a stylized fact, Indian civil works corruption takes the form of correct pricing of substandard structures which wash out in the next monsoon. Korean civil

Buhari work corruption takes the form of inflated prices for properly built structures, which endure.” This statement underlines the importance of paying attention to the character of corruption in a society to determine the degree of its deleterious impacts and the pathways to tackle it. All societies are arguable corrupt. But not all societies are corruption in the same manner and degree.

Corruption is a moral problem everywhere. But it is an existential crisis in Nigeria. Today, Nigeria is almost overrun by terrorists. Abuja is in the grips of palpable fear and anxiety. The municipal government has asked all primary and secondary schools to shut down. Night life is almost completely shut down.

Government is mulling a ban on the use of moto bikes in the city. Soon, it will probably ask workers to stop coming to work. All for fear of Boko Haram.

But many people think that terrorism in Nigeria is merely a military, technical challenge. That is not true. It is also a political, administrative challenge. At the heart of administrative challenge is corruption.

Yesterday, the Daily Gazette reported that one of those recently released from ISWA captivity narrated how Nigerian soldiers sent to curb insecurity shared

N100m of the ransom money. Nigeria’s military icon, General Danjuma, a few years ago warned that the Nigerian military has become so de-professionalized to become an ethnic fighting force. We have heard anecdotes of retired military office about how their commanders frustrated the killing of Boko Haram fighters because of religious or ethnic affiliations and sentiments.

All these are dimensions of corruption that are extremely dangerous because they can lead to complete collapse of the state. So, while the public official in Korea inflates the price of building a solid structure that endues (and in the process makes a couple of million dollars), his Nigerian counterpart allows dangerous terrorists to infiltrate military fortresses and overthrows the state. Corruption amongst the top brass of the military and civil administrators in Nigeria has so emboldened Boko Haram and ISWA terrorists that they are now confident of capturing Nigerian president and one of the strongest state governors in Nigeria. This is the dimension that corruption did not manifest in the successful East Asian countries. Those countries had what political economists call ‘state effectiveness’. These states were effective states because they had strong normative foundations. They were not transaction states that exist to allow elites extract revenue and promote narrow ethnoreligious interest.

The elites of those successful East Asian countries may be brutal, and even corrupt, but they had a strong mission and unalloyed commitment to the survival and development of their country, not of their religion and ethnicity.

These ramifications of corruption point to one thing: that we need to understand the scope and character of corruption in a country to understand how much of a threat it poses to the survival of the country and the cocktail of interventions required to move such country from dire to moderate pathological condition.

Corruption in Nigeria is widespread; it is endemic and interred in the foundational institutions of public administration. Such a situation requires a more mixed cocktail than what is conventionally advised.

How Important is Law to Anticorruption?

It is assumed that law provides an answer to every social problem. This is what some scholars refer to as legalism. Legalism is a belief or mindset that perceives law and legislation as the answer to every social problem. The Harvard political theorist, Judith Skhlar, defines legalism as “the ethical attitude that

holds moral conduct to be a matter of rule following, and moral relationships to consist of duties and rights determined by rules”. Legalism emphasizes that “the court of law and trial according to law are the social paradigms, the perfection, the very epitome of legalistic morality”. Legalism has various manifestations in the anticorruption campaign. It first manifests as a misunderstanding of corruption as an absence of strong deterrence and the weakness of stiff penalties for corrupt practices. Again, it manifests as a commitment to enact more laws with stiffer penalties, without paying sufficient attention to the socioeconomics and the moral environment of the administration of justice.

Legalism is a common error. It is actually an intuitive response to a problem. When we conceive of government as the entity that enjoys the monopoly of violence and that exerts such violence to order social behaviors, we will also resort to demand for law as the panacea of all social problems. No doubt, laws are important for solving social problems. But laws are not everything, especially when they are not embedded in important social dialectics and relationships that determine their effectiveness.

The answer to the question about the importance of law to the fight against corruption is that law is very important. The role of law in the development process is now well entrenched to the point that the World Bank and other international financial institutions consider legal reform as a core component of economic development strategies for country struggling to exit underdevelopment. This is why the law and development discourse has become one of the most important and established discourses of development.

The assumption behind the law and development discourse is that law matters for development because of its capacity to constrain and enable different behaviors as well as directs the distribution of resources and incentives in the political economy. To put it in the language of New Institutional Economics, we can say that law is at the center of institution that condition growth and transformation in a society. If, as the apostle of institutional approach to economic development, Douglas North, puts it, institutions are humanly devised constraints and enablers for human actions and interaction, then law is one of the most important institutions of development.

Continued online

Compaore and the Verdict of History

By Femi Falana

O

nce in a while providence provides us the privilege of convergence when the Christian season of reconciliation and the the Ramadan overlap. This year it comes as the country write.

On April 6, 2022, a former President of Burkina Faso, Mr. Blaise Compaore, was convicted and sentenced in absentia to life imprisonment for complicity in the 1987 brutal murder of his predecessor, Thomas Sankara, by a military court which sat in Ouagadougou.

Mr. Compaore was found guilty of the serious criminal offences of an attack on state security, complicity in the murder and concealment of the corpse of Thomas Sankara.

Two of Mr. Compaore’s former close associates, Messrs Hyacinthe Kafando and Gilbert Diendere, were equally convicted and sentenced to life imprisonment by the court for their involvement in the cold murder of Thomas Sankara.

While Mr. Campaore was in power, his regime was dragged before the United Nations Human Rights Committee and the African Court on Human and

Peoples Rights over the illegal killing of Thomas Sankara and many other citizens including journalists on account of political differences with him.

In all the cases, the regime had no defence to the allegations of wanton violations of the human rights of the Burkinabe people. Hence, the regime was indicted by both the United Nations Human Rights Committee and the African Court for violating the human rights of Thomas Sankara and other citizens in contravention of several provisions of the United Nations Covenant on Civil and Political Rights as well as the African Charter on Human and Peoples Rights.

Mr. Campaore, who had fled to Ivory Coast after the popular uprising which terminated his 27-year regime in 2014, recently returned to Burkina Faso to take part in a summit of former presidents hosted by the ruling military junta. Upon his return, Mr. Campaore addressed a letter to the people of Burkina Faso wherein he apologised “for all the acts I may have committed during my tenure, most particularly to the family of my brother and friend Thomas Isidore Noel Sankara.”

Since the conviction and sentence passed on Mr. Campaore by the military court have not been set

aside by a higher court the traumatised family of Thomas Sankara and the people of Burkina Faso have promptly rejected the hypocritical apology of the former dictator.

However, the public apology of Mr. Campaore is a clear admission of guilt and acceptance of his conviction and sentence by the military court for the reckless assassination of Thomas Sankara. In view of the official cover up of the killing of Thomas Sankara for 27 years by Mr. Campaore, his apology is not sufficient to achieve justice, deterrence and reparation.

As there is the need to deter others from committing such horrendous human rights crimes in the future, Mr. Campaore’s belated allocotus has been rightly rejected by the family of Thomas Sankara and the people of Burkina Faso. Therefore, justice demands that the convict be committed to prison for life in Ouagadougou in accordance with the judgment of the military court.

It is after justice has been served that the apology of the convict may be considered by the victims of the egregious human rights abuse that characterised his murderous regime of the former dictator.

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