WEDNESDAY 23TH AUGUST 2023

To Mitigate Risk, Preserve Liquidity, CBN Tells Banks to Stop Granting FX Secured Naira Overdrafts Naira depreciates to N910/$1 on parallel market, N770/$1 on I& E window Obinna Chima, Nume Ekeghe and Kayode Tokede As part of efforts to guide against

foreign currency (FCY) risk as well preserve the scarce liquidity in the foreign exchange (FX) market, the Central Bank of Nigeria (CBN) has

directed financial institutions under its regulation to with immediate effect, stop granting FCY secured naira overdrafts.

NGX mulls dollar-dominated bond listings

In a letter to the Managing Director of one of the commercial banks (name withheld), dated August 17, 2023, a copy of which was obtained

by THISDAY, the central bank also gave the financial institution two weeks to replace the FCY collateral on its existing overdrafts with other

acceptable asset types, warning that failing to do so, the facilities should Continued on page 12

Edun Calls for Discipline in Money Supply as FG, States, LGs Share N966.11bn in July... Page 6 Wednesday 23 August, 2023 Vol 28. No 10360. Price: N250

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UK Charges Ex-Petroleum Minister, Diezani Allison-Madueke, with Bribery Offences British anti-crime agency provides evidence to US Dept. of Justice enabling recovery of $53.1m assets linked to her Says former minister allegedly benefited from at least £100,000 in cash, chauffeur-driven cars, flights on private jets, luxury holidays for her family, use of multiple London properties Alex Enumah and Kingsley Nwezeh in Abuja with agency report

Former Minister of Petroleum, Mrs. Diezani Alison-Madueke, is to stand trial on a fresh bribery

allegation in the United Kingdom.

The alleged offence, according to the Agence France-Presse (AFP),

was said to have been committed during her tenure as Minister of Petroleum.

Alison-Madueke fled Nigeria shortly after former President Muhammadu Buhari assumed

office. The Buhari administration Continued on page 12

African Union Suspends Niger, May Activate Standby Force Warns non-African states, Wagner group against involvement Abubakar meets Tinubu, confident crisis won’t deteriorate beyond diplomatic option JAF condemns economic sanctions Deji Elumoye, Kingsley Nwezeh and Onyebuchi Ezigbo in Abuja with agency reports African Union (AU), yesterday, suspended Niger and barred it from all the activities of the organisation following last month's military coup in the country, which ousted President Mohamed Bazoum. AU directed member states to avoid any action that might legitimise the junta.

The continental body said it was considering activating its standby force and sending troops to Niger.

But it warned against interference in Niger by non-African countries and entities, including private military companies, like the Russian Wagner Group. The AU warning followed a video by Wagner Chief, Yevgeny Prigozhin, who claimed to be in Africa.

However, Nigeria’s former military Head of State and leader of the Special Envoy of the Economic Community of West African States (ECOWAS) to Niger Republic, Continued on page 12

TÊTE-À-TÊTE AT THE INAUGURATION OF MINISTERS...

L-R: Lagos State Governor Babajide Sanwo-Olu; Ogun State Governor Dapo Abiodun; Nigeria Governors' Forum Chairman and Kwara State Governor AbdulRahman AbdulRazaq; Chairman of Progressives Governor Forum/Imo State Governor Hope Uzodinma; and Acting Governor of Ondo State Lucky Aiyedatiwa at the inauguration of Ministers/members of the Federal Executive Council (FEC) in Abuja...on Monday.

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

ECOWAS ENVOY, ABDULSALAMI, VISITS TINUBU...

General Abdulsalami Abubakar, (Retd) (left) with ECOWAS President, Omar Alieu Touray addressing State House correspondents shortly after meeting with Chairman of ECOWAS, President Bola PHOTO: GODWIN OMOIGUI Ahmed Tinubu over Niger crisis at the Presidential Villa , Abuja …yesterday

Dangiwa: We‘ll Prioritise N500bn FMBN Recapitalisation, Reform FHA, Others Emmanuel Addeh in Abuja The new Minister of Housing and Urban Development, Mr. Ahmed Dangiwa, yesterday, pledged to work towards increasing the capital base of the Federal Mortgage Bank of Nigeria (FMBN) to N500 billion, as well as reform the Federal Housing Authority (FHA) and other agencies under his ministry.

Dangiwa, a former Managing

Director of FMBN, who was addressing top ministry officials and heads of agencies in Abuja, just like his predecessor, Babatunde Fashola, also disagreed with Nigeria’s housing deficit data, promising to get consultants to carry out an accurate study soon.

The minister, who was flanked

by Minister of State, Abdullahi Gwarzo, said he would work closely with the National As-

sembly to review relevant laws to streamline land and housing administration and create a conducive environment for investment in the housing sector.

Other prominent persons at the event were Managing Director of FHA, Senator Gbenga Ashafa; Managing Director of FMBN, Hamman Madu; and Surveyor General of the Federation, Adeyemi Adebomehin.

Dangiwa stated that his goal was to ensure that the strategic agencies were more effective and efficient in delivering on a massive scale, decent and quality housing to Nigerians nationwide.

According to him, doing so would also help towards unlocking the massive power of the construction industry to create jobs and contribute its quota towards achieving the government’s

First Lady Urges Nigerians to Look Beyond Nation's Current Precarious Condition Says there's light at end of tunnel

Deji Elumoye in Abuja Nigeria's First Lady, Senator Oluremi Tinubu, has urged Nigerians to look beyond the current precarious situation in the country and see the bigger picture which according to her, has light at the end of the tunnel.

Mrs. Tinubu spoke yesterday, while receiving Wives of Service Chiefs and the Inspector general of Police led by wife of the Chief of Defence Staff and President, Defence and Police wives Association, Mrs. Oghogho Musa, in her office at the State House, Abuja.

The First Lady assured that the administration was doing everything possible to cushion the effects of the fuel subsidy removal until the gains of the policy begins to materialise.

She said her pet project, the Renewed Hope Initiative (RHI), was also supporting the government, hence she solicited the support of the wives of the Service Chiefs to extend hands of fellowship to the programme.

According to her: “We will need your various Associations from time to time, at least to be able to reach out to women in your various barracks, to reassure them that we mean well for this country,

and that they should be patient and that whatever we can do to ameliorate what the subsidy has meted to us, we believe there is always light at the end of the tunnel.

“It is a greater Nigeria we are looking out for and it is a legacy that our children and generations yet unborn, we would leave a Nigeria we can relate better as Nigerians and also look for the good of this nation

and the wealth of this country can be greater enhanced.”

Mrs. Tinubu also promised that the RHI would soon be reaching out to vulnerable widows of fallen officers in the military.

Earlier, leader of the delegation, Mrs. Musa, assured that the various Associations under Defence and Police Officers wives were poised to partner with the RHI in all areas

of its scope of coverage namely agriculture, education, health, economic empowerment and social investment, adding that, "these are all areas of interest to all the associations."

The First lady was later decorated as the Grand Matron of the Defence and Police Officers Wives Association, as enshrined in the constitution of the two associations.

plan to grow the economy, boost inclusive growth and lift 100 million Nigerians out of poverty.

Dangiwa said, “We will prioritise the N500 billion recapitalisation of the FMBN to give it leverage and enhance its ability to provide more affordable mortgage loans to Nigerians.

“We will reform the FMBN, FHA and other housing agencies so they can have the necessary capacity, and the technological edge to deliver world class services to Nigerians.”

He stated that the ministry would embrace innovative housing construction financing solutions while working with relevant institutions to unlock the funding required to deliver affordable housing nationwide.

“In the next couple of days, we shall be unveiling our strategic housing and urban development blueprint, which will contain details of our priorities, initiatives, reforms, and plans,” he stressed.

Acknowledging the challenges arising from rapid population growth and increasing housing demands, Dangiwa pledged to seize the challenges as opportunities

for growth and progress.

In his remarks, the minister of state, Gwarzo, stated that the housing and urban development sector played a vital role in the socio-economic development of any nation, providing decent and affordable housing for citizens, creating jobs, stimulating economic growth, and enhancing the overall quality of life.

He said, “It is no secret that we currently face numerous challenges in this sector. Lack of affordable housing, rapid urbanisation, inadequate infrastructure, and limited access to basic services and amenities are just a few of the issues that require our immediate attention and concerted efforts.

“I assure you all that under the leadership of the Honourable Minister and my humble self, this ministry will work tirelessly to address these challenges head-on.

“Importantly, transparency, accountability, and good governance will be the guiding principles of this ministry under our watch. We will ensure that all our activities are carried out in a transparent manner, with integrity and fairness.”

N/Assembly Will Step Up Tinubu Directs NIMC DG, Aziz, to MDAs’ Oversight, Says Barau

Proceed on 90-day Pre-retirement Leave Names Coker-Odusote acting DG Okays appointment of Yakub as CEO of Technical Aid Corps Deji Elumoye in Abuja President Bola Tinubu has directed the Director-General/CEO of the National Identity Management Commission (NIMC), Engr. Aliyu Abubakar Aziz, to proceed on the mandatory 90-day pre-retirement leave.

This directive, according to a statement released yesterday, by presidential spokesperson, Ajuri

Ngelale, takes effect from Thursday, August 24, 2023, and would lead to his eventual retirement from service on November 24, 2023.

The president therefore approved the appointment of Engr. Bisoye Coker-Odusote, to serve as the Acting Director-General/CEO of the NIMC for a 90-day period, with effect from August 24, 2023, after which, a full term of four years as substantive NIMC Director-

General/CEO, would begin on November 24, 2023.

Tinubu also approved the appointment of Hon. Yusuf Buba Yakub, as the Director/CEO of the Directorate of Technical Aid Corps (DTAC).

Yakub's appointment, which takes immediate effect, was sequel to the recent expiration of tenure of the former DTAC Director/CEO, Dr. Pius Osunyikanmi.

Sunday Aborisade in Abuja The Deputy Senate President, Senator Jibrin Barau, has assured Nigerians that the National Assembly would through its relevant committees, be more diligent in carrying out its oversight of federal Ministries, Departments and Agencies (MDAs).

Barau stated this yesterday, at a workshop on, 'Assessment of the National Monitoring and Evaluation Policy of Nigeria and the role of the Legislature,' organised by the Policy and Programmes Analysis Department of the National Assembly in Abuja.

Represented by his Special Adviser on Special Duties, Idris

Abiola Ajimobi, the Deputy Senate President reiterated the readiness of the Senate to partner with relevant organisations to come up with necessary legislation that will fast-track the development of the country.

He said, "As you are aware, oversight is a constitutional instrument of the National Assembly for monitoring projects, policies and programmes of government.

"The National Assembly will be more diligent in carrying out oversight of government projects and policies.

"The National Assembly is ready to partner with all to review existing laws and come up with new legislations to fast track the development of our country,’’ he said.

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RETREAT FOR RETIRED INSPECTORS GENERAL OF POLICE...

L-R: Retired Inspectors General of Police, Solomon Arase: Sunday Ehindero; Aliyu Attah; Mike Okiro; Ogbonna Onovo and Hafiz Ringim, during the retreat for Committee of Retired Inspectors General of Police, hosted by Oyo State Government, held at IITA, Ibadan.... yesterday

Edun Calls for Discipline in Money Supply as FG, States, LGs Share N966.11bn in July NECA tasks new ministers on need to change Nigeria’s economic narrative Advises Edun to deepen support for naira, stabilise the FX market Ndubuisi Francis in Abuja and Dike Onwuamaeze in Lagos The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday called for discipline in money supply to control inflation, as the Federation Account Allocation Committee (FAAC) shared a total sum of N 966.110 billion to the federal, state and local government councils for the month of July.

This was just as the Nigeria Employers’ Consultative Association (NECA) has enjoined the new ministers, including Edun, “to ensure focused and urgent action to change the economic narratives of the country.”

Edun, who gave the admonition for discipline in money supply to control inflation in Abuja, while presiding over the monthly FAAC meeting, explained the need for government to mobilise resources to deliver on its mandate to boost employment and reduce poverty.

He advised that there should be discipline in money supply to control inflation in the nation's economy.

Different statements issued from the Ministry of Finance and the Office of the Accountant General of the Federation disclosed that FAAC shared a total sum of N 966.110 billion Federation Account Revenue among the federal, state and local governments for the month of July.

This signified a N59.056 billion increase over the N907.054 billion distributed in the preceding month of June.

Quoting a communiqué issued

at the end of the FAAC meeting in Abuja, which was presided over

by Edun, the Director (Press and Public Relations), Mr. Stephen Kilebi, disclosed that the N966.110 billion shared was from a total gross revenue of N1, 746.491 trillion.

The statement added that from the total distributable revenue of N966.110 billion, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference, the federal government received N374.485 billion, states received N310.670 billion while the local government councils got N229.409 billion.

A total sum of N51.545 billion was shared to the relevant states as 13 per cent derivation revenue.

Gross revenue available from VAT for the month of July was N298.789 billion, indicating a N5.378 billion increase over the N293.411billion distributed in the preceding month of June.

Gross statutory revenue of N1150.424 billion was received for the month of July 2023.

This indicates a decrease of N2.497 billion over the sum of N1152.921 billion received in the month of June.

From the N397.419 billion distributable statutory revenue, the federal government received N190.489 billion, states received N96.619 billion while the local government councils received N74.489 billion.

The sum of N35.822 billion was shared to the relevant States as 13 per cent derivation revenue.

For the month of July, the gross

revenue available from the Value Added Tax (VAT) was N298.789 billion. This was higher than the N293.411 billion available in the month of June 2023 by N5.378 billion.

The federal government received N40.792 billion, state governments got N135.974 billion and the local

governments received N95.181 billion from the N271.947 billion distributable Value Added Tax (VAT) revenue.

The N12.840 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the federal government received N1.926 billion;

The Federal Ministry of Industry, Trade and Investment in collaboration with the British High Commission have hosted a one-day workshop on the UK’s new trading scheme.

The UK officially launched the Developing Countries Trading Scheme (DCTS) in June 2023, which offers fast growing economies one of the most generous sets of trading preferences of any country in the world and demonstrates the UK’s commitment to building a long term, mutually beneficial relationship with Nigeria.

The DCTS means that a wide

variety of products that weren’t widely produced in the UK, including food items – olive oil and tomatoes now benefit from lower or zero tariffs.

The scheme sees tariff reductions on over 3000 products, thereby boosting non-oil exports in line with the federal government of Nigeria’s Zero Oil Plan.

Speaking during the workshop in Abuja, yesterday, British Deputy High Commissioner to Nigeria, Gill Atkinson said: “As an independent trading nation, the UK is one of the foremost champions of free, fair and inclusive trade.

“The UK’s Developing Countries Trading Scheme harnesses the power

received N55.245 billion and the sum of N15.723 billion was shared to the relevant States as 13 per cent mineral revenue.

According to the communiqué, in the month of July 2023, Import and Continued on page 36

Falana Drags CBN to Court over Alleged Dollarisation of Economy Alex Enumah in Abuja and Wale Igbintade in Lagos Human rights activist and senior lawyer, Mr. Femi Falana, has dragged the Central Bank of Nigeria (CBN) to court over what he described as the dollarisation of the Nigerian economy.

The Senior Advocate of Nigeria (SAN), in the suit marked: FHC/L/ CS/476/23, is asking the Federal High Court in Lagos, to determine amongst others "Whether by virtue of Section 16 of the Central Bank Act the exchange rate of the naira shall be determined, from time to time, by a suitable mechanism devised by the Bank for that purpose?

Falana claimed that, "the seeming non-performance of the defendant’s statutory obligations culminated in dollarisation of the country’s economy which has in turn affected the country’s economy negatively contrary to the objectives of the defendant as

enshrine in Section 2 of CBN Act.’ While Falana is the plaintiff in the suit dated March 16, the CBN is the sole defendant.

In a 10 paragraph affidavit in support of the Originating Summons deposed to by one Mr. Ayodele Aribisala, the plaintiff averred that the defendant had allowed many landlords in Lagos, Abuja, Port Harcourt and other cities in the country for which the defendant was established to serve to collect rents in dollars. He added that: “The Defendant has refused to stop the collection of school fees and rents in dollars in Nigeria.”

According to Falana, the dollarisation of the Nigerian economy and the failure to address the multiple exchange rates further pushed the naira to its current fluctuating state.

While recalling that in 2015, one dollar was exchanged for N178, but in 2022 it exchanged for N750, Falana

FG, British High Commission Host Workshop on UK’s New Trading Scheme Michael Olugbode in Abuja

states, N6.420 billion and the local government, N4.494 billion.

From the N283.904 billion Exchange Difference revenue, the federal government received N141.278 billion, the state governments received N71.658 billion, the Local Government Councils

of trade to help Nigeria and other emerging economies grow and will boost Nigeria’s non-oil exports in line with the federal government of Nigeria’s wider trade policy priorities and Zero Oil Plan.

“As the UK government, we’re keen to maximise uptake of the DCTS. In this respect, I’m happy to see so many Ministries, agencies and departments gathered here today, so that we can explore underlying export challenges in more detail in order to improve the economic and social wellbeing of both our nations.”

The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Dr. Evelyn Ngige

on her part noted that, “Nigeria and UK enjoy excellent bilateral relations that translate into befitting and robust programmes such as the Nigeria- UK EDF Framework, Nigeria – UK Business Dialogue and the Proposed Enhanced Trade and Investment Partnership that would strengthen the existing bilateral relations between the two countries.

“I wish to put on record our appreciation of the support of the Government of the United Kingdom and the commitment to improve bilateral relations between the two countries and for approving the new Developing Countries Trading Scheme (DCTS).”

claimed that the multiple exchange rate regime led to the emergence of different exchange rates in the three major segments of the foreign exchange market namely: the official market, the Investors and Exporters window (also known as NAFEX) and the parallel market.

"That the failure of the defendant to perform its statutory duties has resulted in the constant devaluation, depreciation and unending plunge of the naira.

"That the resultant effect of the abdication of defendant’s statutory duties has also affected the country’s economy and many businesses adversely," he averred.

In the written address in support of the suit filed on behalf of the plaintiff by Mrs. Funmi Falana, the plaintiff submitted that by allowing the unabated use of dollars in Nigeria to the detriment of the naira, the defendant has failed in its statutory duties to ensure that naira remains the only recognised means of legal tender in Nigeria.

The plaintiff claimed that the Minister of Finance had on August 17, 2021, publicly admitted that the multiple exchange rates system has compounded the problem in the Nigeria capital market and further stated that the defendant’s latest policy was directed towards a unified exchange rate.

"The defendant, having realised that its policies on dual exchange rate system have caused more harm than good, declared the parallel market illegal and a bad determinant for the naira.

“The defendant further intimated its plan to eliminate the multiple exchange rate regime and unify the exchange rates and manage the rate in a sustainable manner over a period of 12 months but has failed to do so.

"The apparent remiss of the defendant which has impoverished and pauperised many Nigerians must not be further condoned and same ought to be expeditiously addressed in order to save the jittery value of our currency that was once ranked as one of the strongest currencies in the world.

"To this end, we humbly submit that by employing unsuitable mechanisms and creating multiple exchange rates in contravention of section 16 of the CBN Act, the defendant has categorically failed to carry out its principal objects which inter alia, are to ensure monetary and price stability…, and promote a sound financial system in Nigeria and we urge your lordship to so hold.

"Consequently, we urge your lordship to compel the defendant to put an end to the use of dollar as legal tender by enforcing policies and sanctions that will stop the illegal use of dollars as legal tender in Nigeria," he added.

Among the reliefs the plaintiff sought from the court were, "A declaration that by virtue of section 16 of the Central Bank Act the legal tender in Nigeria is naira and kobo.

"A declaration that by the combined effect of sections 15 and 20(1) of the Central Bank Act, the currency notes issued by the defendant shall be the legal tender in Nigeria.

"A declaration that by virtue of section 16 of the Central Bank Act the exchange rate of the Naira shall be determined, from time to time, by a suitable mechanism devised by the defendant for that purpose.

"A declaration that by virtue of section 16 of the Central Bank Act the defendant is not competent to allow multiple exchange rates of the naira vis-a-vis the dollars and other foreign currencies.

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DINNER IN HONOUR OF THE NEW AVIATION MINISTER...

L-R: Spokesman of Airline Operators of Nigeria (AON) and chairman of United Nigeria Airlines, Prof. Obiora Okonkwo, Minister of Aviation, Festus Keyamo and Vice President of AON and Chairman of AirPeace, Barr. Allen Onyema in a tete-a-tete at a dinner in honour of the new Aviation Minister in Abuja... on Monday

Power Minister, Adelabu, Lists Implementing 2023 Electricity Act, Achieving Universal Metering, Others as Top Priority Pledges to leverage ICT, predecessors' policies, stakeholder collaboration to solve Nigeria's power challenge Peter Uzoho Nigeria's new Minister of Power, Chief Adebayo Adelabu, assumed office on Monday to take on the country's troubled sector, outlining key focus areas of the ministry under his watch including implementation of the 2023 Electricity Act, achieving universal metering of consumers amongst other top priorities.

The minister, who spoke at

an event in his office in Abuja, immediately after the inauguration by President Bola Tinubu, pledged to leverage Information and Communications Technology (ICT), existing policies and programmes of his predecessors as well as stakeholder collaboration to solve Nigeria's power challenge.

In his inaugural address entitled, "Powering Nigeria's Future Together," Adelabu said the purpose

of his team as the custodians of the Ministry of Power was to provide optimal solutions for Nigeria's power diligently needed across the nation.

He noted that the task before them was not merely a requirement but an expectation from the president and the Nigerian populace, who had endured years of power challenges.

The minister pointed out that his responsibility weighed heavily

upon them and that it was, "with conviction, divine guidance and the support of President Tinubu, the National Assembly, government agencies and every Nigerian citizen that I pledge my commitment to achieving success in Nigeria's power sector.

"My vision for the Ministry of Power is rooted in leveraging the Nigerian Electricity Act of 2023, which has opened new avenues

Wike Issues Performance Ultimatum to FCTA, FCDA Management Olawale Ajimotokan in Abuja FCT Minister Nyesom Wike, has issued an ultimatum to the management staff of the Federal Capital Territory Administration (FCTA) and Federal Capital Development Authority (FCDA) to improve their performance or face being made to leave.

He delivered the shape up or ship out admonition yesterday, while receiving hand over notes from FCT Permanent Secretary, Olusade Adesola.

He urged workers who felt they lacked the capacity to deliver on their current tasks to seek redeployment to areas of their strength, adding that he would not take any excuse for failure.

He said his mission was to transform Abuja into a befitting federal capital city, noting that, that would not be achieved without the support of the workers.

“Everyone who has responsibilities must show commitment in doing the right things. The important thing we must do is to ensure that Abuja is back to what it ought to be. I moved around Abuja and found out there is total darkness in most of the places. What we need do is to ensure light comes back as soon as possible.

“Our environment must be kept clean you must be on your toes.

If you do not have the capacity, please leave. It is a privilege for us to be serving in this capacity and I will not allow anyone to drag me back. If you are in charge of sanitation, I will call you at any time of the day.

“What I expect is results.

However, if I provide the needed resources, you must deliver or return the funds. If you cannot meet up my standard say it now so that we can change you. Yes, I have soft spot for women, you have to take a decision, we must be firm and things must work.

“Things are tough, I agree, but that does not make us to be lawless.

Street trading is prohibited, people selling corn, will drop their wastes indiscriminately. People sitting under umbrellas at road sides are causing insecurity because they come to buy

and use the opportunity to spy and give information to criminals. It is imperative we clear street hawkers.

“Development Control is a serious crisis area; we have to stop.

Why are there illegal structures and shanties everywhere? We will demolish any illegal structures, no matter how highly placed, the structure will come down," he threatened.

He added appointments into various FCTA secretariats would be made after due consultations with relevant stakeholders.

Earlier, the Minister of State for

the Federal Capital Territory (FCT), Dr. Mariya Mahmud, expressed firm belief that together, and with the support of FCTA workers, they would replicate in the Area Councils and the Satellite Towns what Wike achieved as Governor of Rivers State.

“It is also instructive to state that maximum commitment, cooperation and loyalty is expected from all the staff, because it will not be business as usual. We will run with the vision of Mr. President, which we will be unveiling as we hit the ground running", Mahmud said.

for power provision and encourages collaboration between the public and private sectors."

Promising that the ministry under his watch would build upon the foundation laid by their predecessors and diligently work to fulfill the aspirations of fellow citizens, Adelabu added that their aim was to empower Nigeria through reliable and accessible power, and ensuring that every home, industry, school, and business benefits from the ministry and the administration's efforts.

According to him, key to their success would be an unwavering dedication to efficiency and collaboration, adding that they would foster robust partnerships between the private and public sectors, and working collectively to enhance the nation's economic and social well-being.

He maintained that the focus of his ministry would extend to aspects of life that truly matter households, small businesses, educational institutions and massive industrial productions, and beyond.

The minister stated, "A significant goal is the universal metering of households and addressing the challenges our national power grid faces. We will equally pay critical attention to the options of renewable and alternative energies.

“The world is indeed going

towards this direction, and Nigeria must not be left behind.

"As much as possible, we would leverage the power of technology and the bursting energies of our talented youths to achieve or desired objectives. This would be pursued by ensuring robust handshakes between the Ministry's ICT apparatus and the emerging technological ideas of young Nigerians to accelerate the envisaged transformation.

Through this, we are convinced we will deliver services that would match the speed and values that the 21st-century economy demands.

"As we march toward our objectives, I extend my gratitude to the dedicated individuals who have served and continue to serve the Ministry. To past Honourable Ministers, Permanent Secretaries, Directors, and the entire civil and public service, I commend your efforts. However, there remains much to accomplish, and I implore each of you, my fellow citizens, to stand by my side as we journey toward tangible progress in Nigeria's power sector.

"Nigeria's success is a collective endeavor. Let us move from political discussions to action, each of us contributing our talents and energies toward a brighter future.

With sincerity and Divine guidance, we shall thrive under President Tinubu's administration."

Umahi Begins Road Inspections, Urges Contractors to Return Unused Funds Pledges non-discriminatory policy Emmanuel Addeh in Abuja The Minister of Works, Mr. David Umahi, yesterday told federal government contractors still holding on to unused funds for various reasons, even with pending jobs, to return the monies.

The former Ebonyi State governor who spoke while addressing scores of contractors in Abuja, also said although “powerful people” may have recommended them, he only deferred to President Bola Tinubu and God. Insisting that there was no time to waste, Umahi who also responded to concerns on well-meaning ministers being frustrated by civil servants in the past, stated that he would only

be won over by superior arguments and not mischief by any worker.

“I am already seeing the end of my tenure. I want to make changes that Nigerians will appreciate. Let your minds be flexible. I am sure you will support me for the changes we want,” he said.

Umahi, an engineer, told the contractors that if for any reason they are unable to move to site for now, but they are still with government money, when the situation improves, the monies would be returned to them.

“But let all the contractors that got money but could not move to site due to security problems or other problems, be ready to return the monies and when the security

Says no civil servant can frustrate him

improves, we will give you back the money. If you have been paid and you have not worked up to the money you were paid, please do,” he warned.

The minister who immediately went on an inspection tour of the Abuja-Lokoja Highway, stated that the contractors handling the road must get to work because it's the gateway to the federal capital. He, however stressed that he was willing to substitute inactive contractors.

“Some of you were introduced by very powerful people, but God almighty and Mr. President are more powerful than those people. Mine is to let you make your profit, but you must do the work for Nigerians.

Nigerians are yearning for change,”

he added.

He told the contractors that when they take government money and don't work, leading to loss of lives and kidnapping on the highways, they will draw the wrath of the almighty.

"I have been told that some people took money, but they didn't go to site once and they were even paid double. I am going to see it. And I can tell you that my godfathers are the president and God almighty. These are my godfathers," he reiterated.

Responding to local contractors who complained of being discriminated against compared to their foreign counterparts, Umahi assured that it won't happen under his watch.

On the issue of compensation

for landowners which delays work, Umahi stated that many governors were not being carried along in the process. He noted that as Governor of Ebonyi state, most information he got on the matter was from third parties.

He also stated that it didn't work in the past because the federal government tended to do the arithmetic in Abuja, whereas states were expected to pay from their budgets.

Describing it as unacceptable to many governors, Umahi said after the ministry has done the needful and some states were still not cooperating, they would be skipped for roads in less problematic states.

Continues online

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NSIA Commits $500m to Infrastructure Devt Says it enabled over $1bn third party investments

The Managing Director & Chief Executive Officer, Nigeria Sovereign Investment Authority (NSIA), Mr. Aminu Umar-Sadiq, has disclosed that the Authority has committed $500 million to domestic infrastructure, whilst also enabling third party investments of over $1 billion.

He said this at an investigative hearing held yesterday, at the Ad hoc committee constituted by the House of Representatives to investigate the activities of the NSIA since inception.

He explained that the NSIA belongs to the three tiers of government consisting the federal government, state government, local government,

including the FCT and its Area Councils.

He further reiterated that the NSIA has a robust infrastructure investment portfolio covering several critical sectors such as agriculture, healthcare, financial infrastructure, technology, innovation, and power.

Additionally, he disclosed that the Authority has also developed institutions and platforms to improve the financial market ecosystem within the country.

He said the Authority developed a 10 MW solar power project which was expected to facilitate the creation of over 500 direct and indirect jobs. Furthermore, through

its participation within the housing sector, over 13,000 affordable housing units were under construction in different states of the Federation.

Within the agricultural sector, the NSIA has supported over 236,000 farmers in different Agric projects. Under the Presidential Fertiliser Initiative (‘PFI’) the Authority has facilitated the production of 3.8 million Metric Tons of fertiliser to farmers nationwide, with 72 blending plants currently in operation across Nigeria, he added.

Umar- Sadiq also stated that the net assets of the Authority grew from N156 billion in 2013, to N1. 017 trillion at the end of 2022, and has

remained profitable over the last 10 years of operation, with yearly audits performed by Independent Auditors.

He also mentioned that the net contribution has grown from the initial $1 billion to the current Net asset value of $2.27 billion as at December 2022.

Also speaking, Lateef Shittu, the representative of the Director General, of the Nigeria Governors Forum (NGF), said that local governments were notable stakeholders who were accounted for together with the State Government and represented a significant holding of the fund.

Shittu affirmed the collaboration of the Governors

Forum with the NSIA, saying they were satisfied with the level of interactions and were clear about the objectives of the Authority in relation to its projects and impact on the nation.

He disclosed that in 2022, the governors requested a presentation on the operations of the NSIA from the management, adding that "we are satisfied with the presentation and what was being done”.

He reiterated that, "every single project executed by the NSIA is located within a local government, so they are beneficiaries of the NSIA projects."

The Chairman of the

Committee, Hon. Ademorin Kuye, said the objective of the investigation was to ensure that the statutory provisions of the law establishing the Authority was adhered to.

He stated that the House wants to be able to have answers to questions from Nigerians on how the funds of the agency were being managed, adding that if the need arises, the committee would visit sites of projects being handled by the Authority to ensure value for money.

The Committee commended management and staff for the detailed responses that were provided which alludes to its high level of governance and transparency.

had delivered the terms of the Niger military leadership to ECOWAS. The former Nigerian head of state said correspondence had opened between the West African regional bloc and the military in Niger, noting that the line of contact opened by ECOWAS through his appointment as envoy had been very fruitful. He expressed hope that something concrete would soon come out of the process.

Abdulsalami told reporters, “As you are aware, the ECOWAS Heads of State and Government have made me an envoy to Niger Republic and we were there over the weekend to see the military people and discussed to find a way out of the lacuna we find ourselves.

“So, that's why I'm here this afternoon, together with the President of the ECOWAS Commission, to give a report back to Mr. President on our discussions in Niger. I must say that our visit to Niger has been very fruitful and that it has opened an avenue to

start talking and, hopefully, we'll get somewhere.”

On the divergence of opinions between the regional bloc and the junta on the quick return to democratic rule, Abdulsalami said, “Well, like I said, we’ve started talking, they have made their own points and then I made my report to the chairman of the ECOWAS Heads of State and President. He will now consult with his colleagues and then the ding-dong starts and we'll get somewhere, hopefully.”

Those present at Tuesday’s meeting with Tinubu included President of the ECOWAS Commission, Dr Omar Touray, and National Security Adviser (NSA) to the Nigerian president, Mallam Nuhu Ribadu.

Nonetheless, El-Rufai cautioned ECOWAS against military intervention in Niger. He posted on X, formerly known as Twitter, “As ECOWAS beats the drums of war, I recall the 1970s rock classic by Dire Straits – ‘Brothers in Arms’, because a war within our sub-region is a war between brothers.

“Indeed, the people of Niger Republic are one and the same with those living in Northern Nigeria. Let us bend, therefore, over backwards to avoid this civil war between brothers."

AFRICAN UNION SUSPENDS NIGER, MAY ACTIVATE STANDBY FORCE General Abdulsalami Abubakar, yesterday, expressed optimism that the crisis in that country was not likely to deteriorate beyond the diplomatic option being currently employed. Abdulsalami spoke after a meeting with President Bola Tinubu in Abuja.

At the same time, Joint Action Front (JAF) condemned plans by ECOWAS to launch military intervention in Niger Republic and impose economic sanctions on the country. JAF described the cutting of electricity supply to Niger Republic by Nigeria and the closures of its borders with that country, as recently ordered by the Tinubu government, as callous.

Former governor of Kaduna State, Nasir El-Rufai, also cautioned ECOWAS against military intervention in Niger Republic.

ECOWAS had sustained negotiations with the Niger junta, but expressed its readiness to send troops to the country to restore constitutional order if diplomatic

efforts failed.

The AU Peace and Security Council said in a communique on Tuesday that it had noted ECOWAS' decision to activate a standby force, and asked the AU Commission to assess the economic, social, and security implications of deploying such a force.

AU also said it had asked the AU Commission to compile a list of members of the junta and their supporters for targeted sanctions and "the application of individual punitive measures".

The continental body said the resolutions in yesterday's statement were adopted at a council meeting held on August 14.

Abdulsalami: Crisis Won’t Deteriorate Beyond Diplomacy

Abdulsalami said he was optimistic the Niger coup crisis won’t escalate beyond the current diplomatic options. He gave the

assurance after meeting Tinubu, who is Chairman of the Authority of Heads of State and Government of ECOWAS. The former head of state said a channel of communication had been opened between the ECOWAS envoy and the Niger junta for resolution of the crisis.

Abdulsalami described his recent meeting with the junta as successful, and said part of the reasons he came to Tinubu was to deliver the terms of the Niger military authorities.

Asked if there was any possibility of avoiding a military action in Niger, Abdulsalami said, “Hopefully, diplomacy will see the better of this. Nobody wants to go war, it doesn't pay anybody. But then, again, our leaders have said if all fails and I don't think all will fail, we'll get somewhere; we'll get out of this mess.”

Abdulsalami had held a meeting last weekend with Bazoum and the leader of the junta in the country, Abdouramane Tchiani, and said he

TO MITIGATE RISK, PRESERVE LIQUIDITY, CBN TELLS BANKS TO STOP GRANTING FX SECURED NAIRA OVERDRAFTS be unwound without delay.

This emerged just as volatility resumed in the FX market as the naira yesterday, depreciated to N910 to a dollar on the parallel market in Lagos, compared to the N850 to a dollar it went for on Monday.

On the other hand, on the official Investors and Exporters’ (I&E) FX window, the naira closed lower at N770/$1, as against the N761 to a dollar it closed on Monday.

Total volume of transactions on the I & E window yesterday was $64.93 million.

Also, yesterday, the Nigerian Exchange Limited (NGX), disclosed that it was proposing listing dollardominated bonds with the aim of easing difficulty in accessing FX, Continuing, the central bank stressed that the practice of granting FCY secured naira overdrafts was not only fraught with the risk of currency mismatch, but was also capable of limiting FX liquidity in the market, thereby creating scarcity and exerting pressure on the exchange rate.

The letter signed by the Director, of Banking Supervision, CBN, was titled: “Granting Naira Overdraft Facilities Secured by Foreign Currency Deposits.”

It stated: “Following our supervisory review on the above subject, we noted that your bank granted Naira overdraft facilities secured by FCY deposits.

“This practice is not only fraught with the risk of currency mismatch, but is capable of limiting FX liquidity in the market, thereby creating scarcity and exerting pressure on the exchange rate.

“It is also contrary to the spirit of our circular referenced BSD/ DIR/GEN/LAB/08/013 dated 17th April, 2015, and titled "Currency Substitution and Dollarisation of the Nigerian Economy."

“Consequently, your bank is hereby directed to cease granting FCY secured naira overdrafts forthwith and immediately replace the

FCY collateral on existing overdrafts with other acceptable asset types within two weeks, failing which the facilities should be unwound without delay.

“Evidence of compliance with this directive should reach the Director, Banking Supervision Department, CB not later than September 7, 2023.

Please be guided accordingly.”

The CBN has been battling to shore up FX liquidity in the country following the unification of FX rates.

In line with this, the Nigerian National Petroleum Company Limited (NNPC) recently secured a $3 billion emergency loan from the African Export-Import Bank.

Naira Depreciates to N910/$1 on Parallel Market

Meanwhile, the naira depreciated yesterday, to N910 to a dollar on the parallel market and N770 to a dollar on the I & E FX window.

With this depreciation at both the official I&E window and parallel markets, the gap between both rates has widened to N140 to a dollar.

Speaking in a telephone chat with THISDAY, the President, Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, alleged that the fintechs and some other unlicensed mobile money operators were contributing to the pressure in the FX market.

“The fintechs and unlicensed firms are contributing to pressure in the market. These fintechs are now operating across different jurisdictions and different legislatures.

Imagine Binance has millions of Nigerians on its platform, how is Nigeria benefiting from that?” he wondered.

According to the currency dealer, about 50 per cent of remittances do not come in through the official FX market, which he argues adds to the scarcity in the market.

“The truth of the matter is that a lot of people use their platforms, some of them even use US dollar platforms, with no track record so

they can know what is happening.

“We are only seeing 50 per cent of diaspora remittances come in, and the other 50 per cent is not coming.

“Most of the funds are left abroad, and some of the IMTOs and fintechs have admitted that.

So, part of that is also adding to the pressure to the market,” he added.

On his part, the Chief Executive Officer, Sonora Capital, who is also a BDC operator, Kunle Alonge said: “The major problem of the market is the scarcity of dollars. Anything that will provide liquidity, anything that will stimulate liquidity would actually be better for the market.

The only reason why the rate is going up endlessly is because there is scarcity of dollars and there is a lot of demand out there. Part of the speculative demand but it is also part of normal human behavior.”

NGX Mulls Dollar-Dominated Bonds Listings In the meantime, the NGX

yesterday said it was proposing listing dollar-dominated bonds with the aim of easing their difficulty in accessing foreign exchange.

Speaking with Bloomberg, the Chief Executive Officer, NGX, Mr. Temi Popoola stated that the initiative was targeted at companies operating from the country’s special economic free trade zones and those earning foreign currency.

Popoola had said the Exchange plans to work with the federal government on the introduction of fiscal category incentives as well as advocacy for listed companies on their challenges.

He attributed the staggering growth of the Nigerian capital market recently to increased focus, emphasis on regulation and the return of investors’ confidence in the market due to the policies implemented by President Bola Tinubu.

He further explained that the ability to raise capital for smaller corporates would drive the growth

of the nation’s economy, while adding that to unlock capital, there is a need to tap into retail investment.

According to Popoola, NGX was strategically working with the government on attracting more listings to its platform among other objectives.

“It is very clear that the government needs as much support as it can get. So, we are working with all stakeholders: the SEC, other exchanges, just across the market to address key challenges around wealth creation and revenue generation.

“Currently, we are working through a plan tagged ‘fiscal-type incentives for listed corporates’ as Nigeria is one of the few geographies where a listed company can barely point at any tangible fiscal thing that they enjoy by being listed.

“We will also be engaging corporates to further identify their pain-points and amplify that with the government,” he added.

JAF Condemns Economic Sanctions against Niger

Joint Action Front (JAF) condemned plans by ECOWAS to launch military intervention in Niger Republic and impose economic sanctions on the country.

It also said the cutting of power supply to Niger by Nigeria and closure of the border with Niger were callous.

In a statement jointly signed by Chairperson of JAF, Dipo Fashina, and Secretary, Comrade Abiodun Aremu, the group said rather than waste money in prosecuting war against Niger, the federal government should restore subsidy and reverse petrol price to the old rate of N195 per litre.

The statement said, "We call on trade unions, working people and the youth in Nigeria and West Africa to reject the planned war and the economic sanctions with a series of mass actions.

"The working masses and youth should demand, instead of wasting Nigeria’s resources on war against Niger, the Tinubu government should restore subsidy and reverse the petrol price to the old rate of N195 per litre.

"We also demand the adequate funding of public education and reversal of the current hike in school fees. We also demand the payment of decent minimum wage that matches the rate of inflation."

JAF said while it unequivocally condemned the opportunistic coup in Niger, which had nothing to do with the genuine interests of ordinary Nigeriens, "We strongly hold that it is the responsibility of the people of Niger to determine their own government, not an external force.

"Therefore, we support any prodemocracy movement in Niger that calls and fights for the rights of the masses of Niger to democratically choose their leaders.”

UK CHARGES EX-PETROLEUM MINISTER, DIEZANI ALLISON-MADUEKE, WITH BRIBERY OFFENCES had accused the former petroleum minister of corruption and filed various charges against her, including the permission from courts of competent jurisdiction to seize properties linked to her on grounds that they are proceeds of crime.

Besides, the former administration also sought for orders to extradite her to Nigeria to come and face charges against her.

She was first arrested in London in October 2015, but was granted bail.

However, eight years after, the 63-year-old mother is billed to appear in court in the British capital on October 2.

The fresh charge filed by the UK National Crime Agency (NCA) accused Alison-Madueke of collecting bribe from contractors

before awarding them projects, AFP reported.

A statement by the head of the NCA, International Corruption Unit, Andy Kelly, stated, "We suspect Diezani Alison-Madueke abused her power in Nigeria and accepted financial rewards for awarding multi-million pound contracts."

According to the NCA, AlisonMadueke allegedly benefited from at least £100,000 ($127,000) in cash, chauffeur-driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties.

The charges also detailed financial rewards, including furniture, renovation work, and staff for the properties, payment of private school fees, and gifts from top designer shops, such

as Cartier jewellery and Louis Vuitton goods.

"Bribery is a pervasive form of corruption, which enables serious criminality and can have devastating consequences for developing countries," Kelly said.

"These charges are a milestone in what has been a thorough and complex international investigation," he added.

AFP also reported that AlisonMadueke had been living in the Upmarket St John's Wood area of North London since she was first arrested, and undergone chemotherapy for breast cancer, according to her family.

At the time of her arrest, the NCA said it had detained five people in London on suspicion of international corruption, without naming those held.

The NCA said assets worth millions of pounds in relation to the case had been frozen as part of the investigation.

In March, the agency, which targets international and organised crime, provided evidence to the US Department of Justice allowing them to recover assets totalling $53.1 million linked to AlisonMadueke's alleged corruption.

Alison-Madueke, in office from 2010 to 2015, was the first woman to be oil minister in Nigeria and the first female president of the global oil cartel, OPEC. Soon after her arrest, her family's lawyer told AFP she would strongly contest corruption allegations that had dogged her during and after her time in former President Goodluck Jonathan's government.

WEDNESDAY AUGUST 23, 2023 • T H I S D AY

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WEDNESDAY AUGUST 23, 2023 •T H I S D AY

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T H I S D AY ˾ WEDNESDAY AUGUST 23, 2023

POLITICS

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

Kalu: Changing the Leadership Narrative in the Green Chamber Udora Orizu writes that with less than three months in office, Deputy Speaker of the 10th House of Representatives, Hon. Benjamin Okezie Kalu, has proven to be a leader beyond party affiliations.

A

uthor of the book, Leadership is an Art, Max De Pree, once wrote, “the first responsibility of a leader is to define reality. The last is to say thank you. In between, the leader

is a servant.”

The above quote resonates with the Deputy Speaker of the 10th House of Representatives, Hon. Benjamin Okezie Kalu, who has proven that to be an effective leader, you must capture the essence of truth, display sincerity, reliability, integrity and candour.

On June 13, 2023, a month after the National Working Committee of the ruling All Progressives Congress (APC) endorsed him and Hon. Tajudeen Abbas as Deputy Speaker, Speaker respectively, the duo emerged victorious.

Since then, the second term lawmaker, representing Bende federal constituency in Abia State assumed office, with the determination to deliver quality service and common good to the Nigerian people.

With recent interventions in the area of security and peace negotiations, the Deputy Speaker has shown true leadership by attempting to move the nation away from disputes, and pushing them towards peace path for the growth and prosperity of the society.

An instance was seen at the “All Markets Conference 2023 in Lagos,” themed: Catalysing Partnership with Traders through Innovation, Technology, Analytics & Sustainability.

Delivering a keynote address, the Deputy Speaker lamented that about N4 trillion has been lost to the stay-at-home problem in the south east region within the last two years.

Kalu said the situation observed every Monday in the region with the five States of Abia, Anambra, Enugu, Ebonyi and Imo has crippled businesses and also stifled opportunities for economic growth.

He noted that violence was alien to the region and therefore called for a collective efforts by all Igbo sons and daughters to end the menace.

According to him: “The existential threat to Igbo entrepreneurship and businesses now is the insecurity and sit-at-home problem in the Southeast. The mutation of this problem is largely unfathomable. It is becoming a cankerworm that is eating deep into our collective fortune as a people. We have to rise up to nip the problem in the bud. The first wave of the migration of Igbo businesses post-civil war was in the late 1980s and the 1990s, when, due to incessant kidnappings, thievery and a rise in occultism, Igbo businesses domiciled in Igbo land moved en masse to other parts of Nigeria and the west & central African region to thrive.

“We are currently witnessing the second wave of such migration of the Igbo businesses, this time around, due to the insecurity and the sit-at-home problem in our beloved region. Umunnem, this is not us. We are not known for these. If I do not tell you these truths as your son, then it will be difficult for anyone in governance from Ala-Igbo to tell you. I am pained by what our dear land has become. We have to be honest and sincere with ourselves.

“I make a heartfelt plea to each and every one of you. We cannot afford to retreat from our business endeavors. The stay-at-home order on Mondays has resulted in staggering losses of N4 trillion in the last two years in the Southeast alone according to statistical data by analysts. This is also affecting the businesses of our brothers across Nigeria especially in the supply-chain. We must find lasting solutions to the security challenges in Igbo land, addressing them collectively with innovative strategies. My brothers and my sisters.

We must think and think again!

“In this spirit, let us remember the longstanding harmonious relationship between the Yoruba and the Igbo, especially in Lagos and other parts of the Southwest. We have come a long way together, both economically and politically. We can draw inspiration from past collaborations, such as Sir Louis Odumegwu Ojukwu’s role as the founding president of The Nigerian Stock Exchange in Lagos, and the partnership between Nnamdi Azikiwe and Sir Herbert Badmus Macaulay during the glory days of the then National Council of Nigeria and the Cameroons (NCNC).

Umunem na Umunnam, Igbo bu Igbo, let me

Kalu assure you that my colleagues and I from the South East are committed to this task in the next four years of the current administration. With me as the Deputy Speaker, we will work together towards an inclusive and prosperous Nigeria.”

Again, on August 2, the Deputy Speaker urged members of the APC and Igbo leaders in the South-east to unite as one and pursue their common destiny against all odds.

Kalu who made the appeal when the leaders of the ruling party in Abia State paid him a courtesy call, also underscored the need to defeat insecurity in the South-east region.

He said, “I’m most delighted to have you here. The realization that we are all in this together, whether it’s in success or failure. There’s an igbo adage which

says “Onye ahala nwanne ya”. We can’t achieve any major milestone as a people without being together. Our nemesis has always come when we believe we could be lone rangers. It doesn’t work, you will agree with me that it has never worked. The difference between our leadership and that of people from other jurisdictions, we find it difficult to stick together for a longtime.

“That’s what differentiates us from others who are playing politics in other jurisdictions.

I’m sure you’re not in doubt, if you are in doubt, check President Tinubu’s team yesterday and today and tell me who has changed. Is it Femi Gbajabiamila, Fashola, I can go on and on, they know what it means to stay together for a long period. Does it mean that all of them are scents in politics? Does it mean that nobody is offended in the course of politicking? The answer is no. The wisdom that has guided them to achieve what they are achieving today is the same wisdom that made them understand that a house that’s

divided itself cannot stand and that progress is found in unity.

“We must therefore continue to push and together we shall overcome. Please push for more unity. I like the way you spoke, go into reconciliation, open the windows and doors, let’s embrace people, that’s the spirit of togetherness, spirit of democracy. With this mindset, I guarantee you, we will achieve a lot soon.”

The Deputy Speaker has also intervened in the areas of perceived marginalisation of the Igbos, appealing to President Bola Tinubu to give more slots to the zone. He pressed further his appeal, when he visited the National Chairman of the ruling party, Dr Abdullahi Ganduje.

The events of the past two months, have proven that the House Deputy Speaker is a born leader.

It’s no surprise when former Minister of Labour and Productivity, Chief Emeka Nwogu recently said God has prepared Hon Kalu for leadership.

His words, “You didn’t ask for leadership but we are bestowing leadership upon you. Take the first. Today marks a political watershed in the history of APC in Abia. You came at the right time when we have difficulties. You are a unifier. In a state where you do not have a serving governor, the highest political office holder becomes the leader. You have traits of leadership. You are a man born to be a leader. God prepared you.”

Just last Saturday, the House Deputy Speaker was amongs guests at the wedding of the son of the former Deputy President of the Senate, Senator Ike Ekweremadu, Lloyd and his wife, Tiffany, without minding that it was more or less, a Peoples Democratic Party (PDP) dominated event.

Kalu was joined other dignitaries including three former Senate Presidents – Anyim Pius Anyim, David Mark and Bukola Saraki, Governor Francis Nwifuru of Ebonyi State, and Minister-designate, Senator David Umahi. Such interactions provided launch pad for national cohesion and connection for the stability and progress of the country.

The events of the past two months have proven that the House Deputy Speaker is a born leader. It’s no surprise when former Minister of Labour and Productivity, Chief Emeka Nwogu recently said God has prepared Hon Kalu for leadership. His words: You didn’t ask for leadership but we are bestowing leadership upon you.

Take the first. Today marks a political watershed in the history of APC in Abia. You came at the right time when we have difficulties. You are a unifier. In a state where you do not have a serving governor, the highest political office holder becomes the leader. You have traits of leadership. You are a man born to be a leader.

-Orizu is Media Assistant to the Deputy God prepared you.

Speaker of the House of Representatives.

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ISSUE IN THE NEWS

As Tribunal Reserves Judgment in Enugu With the Enugu State Governorship Election Petitions Tribunal reserving for judgment the petition filed by the Labour Party governorship candidate, Chijioke Edeoga, against Governor Peter Mbah, many feel that the testimonies of the Department of State Services and the Independent National Election Commission will play a major role in deciding the case, writes Wale Igbintade

T

he Enugu State Governorship Election Petitions Tribunal last week reserved judgment on the petition challenging the election of Governor Peter Mbah in the 18 March 18 governorship election in the state. The Labour Party (LP) candidate in the election, Chijioke Edeoga, is challenging the victory of Mbah of the Peoples Democratic Party (PDP).

The two parties in the matter adopted their final written addresses during last Wednesday’s hearing.

The Chairperson of the panel, Justice Kudirat Akano, said the date for the final judgment on the petition would be communicated to the parties.

The LP candidate’s lawyer, Adegboyega Awomolo, SAN, asked the tribunal to grant the reliefs sought by the client to remove Mbah as governor. He argued that granting the relief to unseat the governor was necessary because it had been proved beyond reasonable doubt that Mbah was at the time of the election not constitutionally qualified to contest having allegedly presented the forged certificate of National Youth Service Corps (NYSC) to the Independent National Electoral Commission (INEC).

The lawyer faulted the submissions made by Mbah’s witnesses, including those of Isa Mohammed, said to be an official of the Department of State Services (DSS), who had claimed that the service conducted an investigation into the matter and found the allegation of NYSC certificate forgery against the governor as false.

“All evidence proved that the second respondent (Mbah) did not collect his certificate. There is incontrovertible evidence that on 3 July 3, 2003, the second respondent (Mbah) became the Chief of Staff of Enugu State to (former governor) Chimaroke Nnamani. The third defence witness (Udeh), who claimed that he gave letters to him, said he did not know if he got his certificate,” Awomolo said.

“The evidence of the third defence witness (SSS) showed that there is nowhere it is proven that SSS investigated the process. Exhibit 63 showed that he did not come from the SSS authority; it also showed that the second respondent procured his NYSC certificate illegally,” he added.

But counsel to Mbah, Chief Wole Olanikpekun, SAN and his INEC counterpart, Abdul Mohammed, while separately adopting their addresses, opposed the request by the LP’s lawyer, insisting that Mbah did not forge his NYSC certificate. They asked the tribunal to dismiss Edeoga’s petitions for lacking in merit.

Meanwhile, there was a mild drama when the LP candidate applied for correction of an error in his final address where he had mistakenly asked the tribunal to sack Mbah as the “governor of Rivers State”, rather than Enugu State.

However, the three respondents in the petition – Mbah, INEC and PDP – opposed the application,

Enugu State Governor, Peter Mbah stressing that the correction was an amendment to add further address.

Chief S.T Hon, SAN another counsel to the petitioner, urged the tribunal to overrule the three respondents’ submission. He argued that the Supreme Court had addressed the issue in the case of INEC vs Yusuf, 2020 of the Nigeria Weekly Law Report Part 1714 page 374 to 399.

But, the Chairperson of the panel, Justice Akano, said that the ruling on the argument of the application for the correction of the petitioner’s final written address would come alongside the judgment.

There have been doubt and disquiet in LP’s camp since INEC, DSS cleared Mbah of NYSC certificate forgery allegations which is the major flank of their petition against the governor.

Mbah's NYSC discharge certificate has been a subject of controversy between the governor and the NYSC, with the Director General of NYSC, Brigadier General Y. D. Ahmed, categorically claiming that the certificate with number A808297 Mbah is parading

was forged and that it was not issued by them.

But in a written statement on oath adopted by its representative, Mr. Yahaya Isa Mohammed, DSS debunked claims that Mbah forged his NYSC discharge certificate.

Giving evidence, the subpoenaed DSS Deputy Director, Operations and Strategic Department, said the security agency commenced an investigation into the discharge certificate controversy, following a petition to it by Mbah dated February 8, 2023. The service said the certificates in a series that included Mbah’s, were found to have been issued to corps members in Lagos, contrary to the NYSC’s claim.

It frowned on the NYSC’s misplacement of the governor’s original file and opened a temporary one for him, noting that the corps was also unable to trace to whom or which state or states of the federation 12 of its certificates, A808297 to A808308, were issued.

The secret police said: “The failure of the NYSC to maintain a proper record-keeping system was the cause of its inability to trace Mbah’s initial certificate”, adding “It would be wrong for the NYSC to blame Peter Ndubuisi Mbah for its own failure in record keeping.”

Mohammed said the investigation revealed: “That there were exchanges of correspondences between Mbah and the NYSC at every stage of their interactions. Mbah did not take any action without the NYSC’s approval.

According to him, “from the documents presented

by NYSC regarding certificate numbers, about 12 certificate numbers (A808297-A808308) which include that of Mbah, remained unaccounted for in the eight series by the NYSC.” The DSS said it came to its conclusion relying, among others, on the verified documents submitted

by Mbah and the NYSC, most of which it said were “one and the same”.

Documents tendered by Mbah, according to the agency, include the correspondence between Mbah and the NYSC at every stage of their interactions: Mbah’s call-up letter with Serial Number: 0134613, Reference Number: NYSC/FRN/2001/800351 and deployment state – (Lagos); and Mbah’s posting letter with reference number LA/01/1532 to Udeh & Associates for his primary assignment.

The documents also include Mbah’s signed monthly clearance letter for 11 months from Udeh & Associates law firm, Lagos; signed final clearance letter from Udeh & Associates law firm, Lagos dated September 2003; Mbah’s application for deferment of his service year; NYSC’s approval of his application for deferment; and Mbah’s application for reinstatement to complete his service.

Others are NYSC’s approval of his applica-

tion for reinstatement (with Reference Number: LA/01/1532/T): letter from Udeh & Associates law firm in Lagos, confirming that Mbah served with the firm and ensuing clearances including the final clearance were issued to him; and Mbah’s NYSC Certificate of National Service with number A808297.

The lead counsel to Labour Party and the petitioner against Mbah in the matter, Chief Awomolo Adogoke, SAN, had during the cross-examination, sought to know from the DSS representative if his coming was official and authorised by the Director General of the agency, which the witness responded in the affirmation. He addec he was in court following the subpoena by the tribunal.

Continuing, the DSS said it further found that the failure of the NYSC to maintain a proper record keeping system was the cause of its inability to trace Mbah’s initial certificate”, adding that “it would be wrong for the NYSC to blame Peter Ndubuisi Mbah for its own failure in record keeping”.

The testimony of the DSS agent followed that of the subpoenaed witness from INEC, Mr. Dimas Friday Emmanuel, who was called by Edeoga. He told the tribunal the discharge certificate submitted to the commission by Mbah was certified by the NYSC. Emmanuel, while under cross-examination by Olanipekun, averred that the governor’s NYSC discharge certificate was forwarded to the NYSC for authentication, stressing that the NYSC certifies only a document emanating from it.

Chief Olanipekun had said to the INEC witness, "Have a look at Exhibit EPT01/A, B, and C, particularly the NYSC certificate there, that certificate which you said Mbah forged was certified by the NYSC", to which he replied in the affirmative.

"Am I correct to say that NYSC can only certify a document in its possession and a document emanating from the institution?" Again, he said "yes".

Upon further cross-examination by the counsel to the PDP, Dr Alex Iziyon (SAN), the witness, who is a legal practitioner, also admitted that Mbah's NYSC certificate carried a stamp of the NYSC, certifying the document.

"Look at Exhibit 08A and B, there is an NYSC Certificate, it carries a stamp of NYSC, certifying that document", Iziyon had asked, to which the witness answered "Yes".

Emmanuel further confirmed that the name on the said certificate was Mbah Peter Ndubuisi, that it was dated January 6, 2003 and that the certificate number was also A808297.

For now, there is absolute disquiet in Edeoga's camp over the testimonies of the representatives of the DSS and INEC. For now, what was seen as a case by supporters of LP and Edeoga has been rubbished by the two witnesses.

Fuel Subsidy Removal: Oborevwori Rolls Out Palliatives for Delta Workers Workers to receive additional N10,000 monthly To acquire electric vehicles for public transportation As part of measures to cushion the impact of fuel subsidy removal, Governor Sheriff Oborevwori of Delta State, Tuesday, rolled out palliatives for workers in the state with each set to receive N10,000 monthly as support from the government.

The governor also announced that the state's 50,196 workforce will now work in shifts and from home. Oborevwori disclosed this in Asaba shortly after he swore-in 26 commissioners as members of the State Executive Council.

He said the payment to support the workers would commence in

August and last for three months.

He explained that workers on grade level 1-14 will run two shifts with one set reporting to the office Mondays to Wednesdays, and another set working from Thursdays to Fridays.

Working days for workers on grade levels 15 and above are to be worked out by the various MDAs as suitable to them, he stated.

The Governor explained that he has set up a Committee to plan for the provision of palliatives for people living with disabilities, widows, poor and vulnerable households and the aged in the society.

Oborevwori said: "We are keeping faith with the electorate to make life richer and more fulfilling for them as contained in the M.O.R.E Agenda.

"I am pleased to report that this administration has taken decisive steps to improve the welfare of our workers, which is an integral part of the MORE agenda.

"To cushion the hardship our people are facing as a result of the removal of fuel subsidy and the downward spiral of the naira against the dollar, I have approved the payment of Ten Thousand (N10, 000.00) naira to the fifty thousand,

one hundred and ninety-six workers (50,196) in the state public service for the next three months starting from August.

"The staff figure includes employees of the ten higher institutions in the state.

"Furthermore, I have approved that workers from salary grade Levels 1-14 should run shifts as follows: First Batch: Monday – Wednesday; Second Batch: Thursday – Friday.

"This schedule will be implemented on a rotational basis. Those who work from Monday-Wednesday in one week will work Thursday to Friday the following week to

Shettima: Tinubu Passionate about Empowering MSMEs for Economic Growth Deji Elumoye in Abuja Vice President Kashim Shettima has disclosed that President Bola Tinubu is very passionate about empowering micro, small and medium enterprises (MSMEs) for the development of the economy.

Speaking with newsmen yesterday, in Johannesburg, South Africa, after his tour of exhibition stands at the BRICS Trade Fair, Shettima said, “it is a known fact that the empowerment of the MSMEs is key to empowering our youth and women towards contributing to the

nation’s economic development.”

Commenting further about the commitment of Tinubu towards empowering the MSMEs, he said “ the president is a very compassionate leader and in the coming months, there will be changes in the fortunes of Nigeria.”

Explaining the economic impact of the growth of MSMEs on the economy, the vice president said, “this will have positive impacts which will enable them to support their families and add value to the nation.”

Shettima, who commended the

organiser of the trade fair which had about 180 exhibitors from various sectors of the economy, stressed that the exhibitions will in the long run serve the purpose of galvanising investment and trade in the continent.

Shettima, who took time to inspect Nigeria’s exhibitions lauded the investments of Nigerians in South Africa saying, “I am quite impressed by the investment Nigerians are making in South Africa. This is the harbinger of greater things to come. I can say that Nigerians are active in digital economy, they are

active in fashion, they are equally active in mining, “I am quite glad that quite a number of our country men are doing well and are willing to partner with the home nation for the greater glory of the African continent.”

While praising Rose Bank, a Nigerian investment outfit in South Africa for the funding of a cassava project worth N40 billion, the Vice President affirmed that, “it is a game changer with the cassava value chain with its huge economic benefits.

We hope that it will be reflected in other parts of the country.”

Staggers working days Swears in Commissioners ensure fairness and equity.

"The schedule for officers from salary grade Levels 15 and above is to be worked out by the various MDAs as it is suitable for them.

However, staff on essential services must be on duty while working remotely is also encouraged. The other arms of government - the judiciary and legislature - are to work out their modalities as they deem fit."

Furthermore, the Governor said he has given approval for the payment of outstanding promotion arrears to twenty-three thousand, eight hundred and eighty-seven (23,887) workers in the state public service.

"The total amount payable is five billion, five hundred and twenty-two million, six hundred and thirty-seven thousand, eight hundred and forty-eight naira, and five kobo (N5, 522,637, 848.05).

The payment commences from this month of August and will be made in four tranches as follows: Ministries - August; Judiciary, Parastatals, and Hospitals Management Board - September; Higher Institutions - October; Post Primary Education Board - November."

The Governor said he has consulted with the leadership of ALGON to roll out their own palliatives to its workforce.

He said: "As you are aware,

local government workers are not under the administration of the state. However, we have held consultations with the leadership of ALGON and it is our earnest expectation that ALGON will implement the same palliative measures for its workers".

He reiterated his call on elected officials and political appointees to be their brother’s keeper given the prevailing economic hardship in the country.

"Our people are going through very difficult times. Therefore, those of us that have the privilege of public office must do everything within our power to bring relief to the poor and the less privileged. Please, be available to the people.

"This is very important because our people need to see that we care.

There is a saying that people do not care how much you know until they see how much you care," Oborevwori added.

The Governor said: "Consistent with my pledge to be Governor for all, I have constituted a committee headed by the SSG and other stakeholders including labour to work out palliatives that will cover the following segments of the population, namely; People Living with Disabilities (PwDs); Widows; Poor and vulnerable households that do not belong to the above categories; and the aged.

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

Spreading West African Culinary Rich Cultural Heritage Rebecca Ejifoma reports that the Knott Jollof Fest is spreading West African culinary with its rich cultural heritage

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he second edition of the Knorr Jollof Fest wasn't only a new dawn for food lovers but also the most memorable for Jollof enthusiasts from across Africa.

One of the celebration's highlights was where a variety of mouthwatering jollof rice gave participants pleasant memories of its sumptuous tastes, fun-filled activities, and exciting recipes.

The love for Jollof rice has sparked friendly banter and rivalry among Africans, particularly Nigerians, Ghanaians, Sierra Leoneans, and Liberians. Each country claims to have the best version with unique twists. This playful rivalry was part of the aim of Knorr Jollof Fest when it set out the contest.

Indeed, the just concluded Knorr Jollof Fest, a celebration of the various mouthwatering iterations of jollof rice, ended on 23 July at the Muri Okunola Park in Lagos, Nigeria, and was a fusion of fun and excitement.

It was a vibrant celebration of Nigerian food culture, specifically focused on the beloved dish Africans call Jollof rice. The festival brought together Jollof lovers, jollof rice specialists, culinary experts, and food admirers from all walks of life for a day of merriment, memories, and magical culinary exploration.

"We are thrilled with the overwhelming response and success of the Knorr Good Jollof Fest," said Bolanle Kehinde-Lawal, the Marketing Director, Nutrition, Unilever West Africa. "It was truly a celebration of the vibrant culinary culture surrounding jollof rice.”

According to Kehinde-Lawal, the festival aimed to promote its ‘Eat For Good’ campaign, incorporating healthy, nutritious, and tasty recipes into meals and promoting sustainable eating amongst Nigerians.

A compendium of fun and creativity Described as a meal with intentionality infused right from inception, many Africans relish Jollof rice at homes, parties, and more, courtesy of its versatility and adaptability. The Knorr Jollof Fest left participants and attendees with unforgettable memories of sumptuous jollof dishes, fun-filled activities, and learning

The Knorr Jollof experience exciting jollof recipes.

Indeed, the Knorr Jollof Fest promised and delivered a compendium of fun and excitement. Attendees were treated to various activities and experiences that showcased the rich flavours and traditions of Nigerian cuisine. From cooking competitions and food stalls offering a wide array of Jollof rice variations to live music performances and cultural displays, the festival was a feast for the senses Uniting Jollof Lovers The Knorr Jollof Fest brought together Jollof lovers from all over Nigeria and beyond. It was a melting pot of cultures and flavours, showcasing the diversity and unity that Jollof rice represents.

Attendees had the chance to connect with like-minded individuals, share their love for Jollof, and celebrate the cultural significance of this iconic dish Chefs Express Jollof Skills Renowned chefs and culinary experts

took to the stage, sharing their expertise and demonstrating their Jollof cooking prowess.

From classic recipes to innovative twists, the event was a true celebration of the rich culinary heritage of jollof rice.

Participants had the opportunity to learn from the best as they showcased their culinary skills and shared secret tips and techniques for achieving the perfect jollof rice.

The atmosphere was filled with excitement and anticipation as attendees eagerly absorbed the culinary knowledge imparted by these culinary maestros.

Among the chefs are Chef Cupid, Chef Fregz, Chef Derin, and Chef Roux, with Tobi Bakre and Kaylah Oniwo as hosts. While these chefs allowed the jollof rice to come through, allowing the dish to shine, attendees had the opportunity to learn from the best and expand their culinary horizons.

They learned how to make healthy and nutritious jollof rice – through a master class and a detailed step-by-step guide to help them replicate it at homes, occasions, festivities, and more.

In addition to the culinary delights, the

Knorr Jollof Fest offered a range of engaging activities and entertainment. Attendees enjoyed live music performances, cultural showcases, and interactive games that spiced the ambience.

The festival also provided a platform for local vendors and artisans to display their crafts, allowing attendees to explore and patronise the local community.

“We are grateful to all the participants, attendees, chefs, and vendors who made this event a memorable one," says KehindeLawal, as the chefs bonded effortlessly with the audience.

The Knorr Jollof Fest was not only about indulging in delicious food and entertainment; it also had a deeper purpose. As part of its commitment to sustainability, the festival incorporated eco-friendly practices, such as recycling stations and biodegradable materials, to minimise its environmental impact. This aligns with Knorr's mission to promote responsible and sustainable food practices.

There was also a showcase of varieties of cooking herbs for nutritious and healthy meals in the Eat For Good garden.

Captivating Hearts and Taste Buds The festival successfully captivated the hearts and taste buds of attendees. Jollof rice, with its aromatic spices and rich flavours, took centre stage, delighting the palates of all who attended.

The event was a true celebration of Nigeria's beloved dish, showcasing its versatility and ability to bring people together Interestingly, Africans love Jollof rice because of its cultural significance, delicious taste, versatility, friendly banter, and nostalgic memories it brings. It is a dish that brings people together, celebrates their heritage, and adds a flavorful touch to special occasions and everyday meals. And Knorr Jollof Fest gave participants that swell time.

The Knorr Jollof Fest left a lasting impression on all those who attended. From tantalising jollof rice variations to engaging activities and a vibrant atmosphere, the festival delivered an exceptional culinary experience that celebrated the spirit of good food, fun, and cultural diversity.

NGO Unveils Shelter to Rehabilitate Drug Addicts in Lagos Precious Ugwuzor

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arents and anti-narcotics agents have been called upon to pay more attention to food served at ceremonies in villages, as food meant for youths is deliberately laced with drugs, especially Indian Hemp.

This call was made known during the unveiling of the Beauty for Ashes rehabilitation center for victims of drug abuse in the Ijegun area of Lagos by a non-governmental organisation known as the Center for Correction and Human Development (CCHD).

CCHD is a non-governmental organisation dedicated to the promotion and enhancement of quality of life and the re-establishment and development of human personality through counseling, mentoring, rehabilitation, education, and empowerment of young people in Nigeria. The Beauty for Ashes Center is one of its latest projects.

The chairman of the occasion, Barrister Godwin James, who made this revelation, lamented that the desperation to widen the drug market is alarming, and lacing food meant for the youth is one effective method they have devised.

"The painful part of it is that traditional rulers who are aware of these now encourage it by insisting that meals meant for the youth should be prepared separately.

"These happen during big events in villages, like traditional weddings and burial ceremonies. Through food laced with Indian hemp, they get them addicted, and by so doing, they create a lucrative hard drug market in the villages.

The community knows about it, and they accept it."

He further stated that the judiciary has no hand in failing to get proper convictions in

Obioma Agoziem most cases. "When these drug barons are arrested, all these so-called antinarcotic agencies will detain them and extort as much money from them as possible.

"This is when you hear things like plea bargain, and most importantly, these drugs are sold to the highest bidder, who ends up selling them in Nigeria. The buyers are known to these security agents, and they are always on standby to buy them off.

"The only way out is for the family

system to do much more to help the children stay away from drugs. The government should, on their part, start sanitizing the system from the top, where easy access into the country is permitted or tolerated."

On who is allowed to check into the center, the Executive Director of CCHD, Mrs. Obioma Agoziem, stated that the intending patient is expected to contact CCHD through its various communication channels on its website, www. cchdnigeria.org.

"The center was created to help reduce the pressure on state facilities, which are over-

burdened by the high rise in the number of cases reported in Lagos State.

"The individual will undergo a process of screening that includes counseling and laboratory tests. It is then that we can determine if he or she is fit to be sent to our rehabilitation center.

"At the center, we have a psychiatric consultant, therapists, and Nurses. We also have a skill acquisition center, which the patient is expected to enroll in during the duration of their stay."

She further called on the Federal Government to declare a state of emergency due to the spate of spread of the use of hard drugs in the country. "In 2018, there was a surge in the number of cases that we had. People kept calling, asking for help and a private rehabilitation center. The state government has its own facility, but it is not enough to effectively attend to the psychological needs of these patients. This center was designed to bridge the gap.

"In as much as we are doing our part to help victims, the government needs to do much more to save our youth."

Meanwhile, during his welcome address, Martin Akpaka, Founding President of CCHD, further explained that the center was established to provide in-house care and dedicated attention for victims of drug abuse with a view to weaning them systematically out of that condition and getting them back to a reasonable level of sanity.

He said: "The rehabilitation center is a temporary site for use pending the completion of our main comprehensive center.

A report by the United Nations Office on Drugs and Crime (UNODC) puts the 2023 statistics on drug abuse in Nigeria at around 40% of the youth population, with the highest prevalence in Lagos, Gombe, and Oyo states."

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The Fusion of Sport, Music and Opportunities for Economic Benefits in Africa Jocelyne Muhutu-Remy

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here aren’t many things in this world that hold as important a place in so many people’s hearts - that captivates, inspires, and brings people together in community and celebration - like both sports and music does.

More than just a sound, music connects us to one another, to our culture, our heritage and tells our stories. It allows us to share how we’re feeling, gives us an outlet to express ourselves, and makes our lives more vibrant. And more than just a game, sports can bind people from different backgrounds, cultures, and beliefs in support of their favourite club or team. Through sport we form bonds with one another by watching our team overcome all odds, achieve something new, grab victory from the jaws of defeat or fall short of the win. It helps us feel like we are a part of something bigger than ourselves.

Most importantly, both sports and music are simply just fun.

Music has always resonated with sports. From as far back as the 1992 Olympics when the song, Barcelona by Freddie Mercury and Montserrat Caballé was featured as the theme song, to the 2006 Germany World Cup, The Time of Our Lives theme song by Il Divo and Toni Braxton, music has always acted as a catalyst that enables sports stick. In Africa, songs like Jerusalema by Master KG and Nomcebo Zikode, Wavin’ Flag

by K’NAAN, Waka Waka by Shakira and Issa Goal by Naira Marley, Lil Kesh and Olamide have also been associated with soccer. African soccer legends like Drogba, Eto’o and Okocha have also been known to be quoted in the lyrics of songs. Recently, Burna Boy’s performance at the Champions league final this year also reinforces the obvious bond between music and sports.

Very much two sides of the same coin, it’s no surprise then that when we bring sports and music together, it can have a powerful impact.

Together, they can strengthen communities, fuel political processes, and drive socio-cultural and economic change. This is especially true

Muhutu-Remy in Africa which boasts the youngest population in the world, at more than 400 million individuals aged between 15 and 35. Spotify data shows that listeners aged between 18-24 created the most playlists with the word ‘sport’ in them, followed by 25-29 year olds, a clear indication that Africa’s youth is on the pulse of the synergy between music and sports.

This young population continues to grow rapidly while African talent across both spheres of music and sports is booming in abundance.

This is demonstrated by the rise in popularity and proliferation of African genres like Amapiano and Afrobeats internationally; Spotify data shows that African music’s Year on Year growth in international markets rivals that of KPOP. Its leading artists such as Burna Boy, Davido, Tiwa Savage, Rema, DJ Maphorisa, Uncle Waffles and Black Coffee are taking over global stages.

Meanwhile, many African athletes are key players for international

clubs across sports such as basketball, football and rugby.

With Africa’s music market expected to show an annual growth rate of 11.32% between now and 2027, resulting in a projected market volume of US$47 million by 2027 and total revenue in the sports market on the continent expected to grow at an annual rate of 9.02% between now and 2027, resulting in a projected market volume of $8 million by 2027, it’s clear then that the fusion of sport and music offers substantial potential to help drive economic growth and development.

We can already see this impact realised through partnerships such as the collaboration between Spotify and European football club F.C. Barcelona. Under the first-of-its-kind partnership, the two worked together to bring the worlds of music and football together by giving a global stage to players and artists and building new opportunities to connect with fans at the home of Barcelona’s fans, Spotify Camp Nou. Some of the African artists who have been featured in the 99,000 seat stadium’s advertising board include Firebody DML, CKay, Omah Lay and DJ Spinall. This is in line with Spotify’s aim to leverage F.C. Barcelona’s global fan base to fuel discovery and engagement with artists in turn creating more opportunities for those artists to live off of their art.

The US National Basketball Association (NBA) also took advantage of the collaborative power of sport and music during its All-Star Weekend this year by bringing artists like Burna Boy, Tems, and Rema together as performers for its halftime show.

Spotify has also partnered with youth basketball non-profit organisation Giants of Africa, for the inaugural Giants of Africa Festival between 12 - 19 August in Kigali, Rwanda. Since 2003, Giants of Africa has positively impacted over 40,000 African youth across 17 countries providing access to basketball courts, camps and clinics.

By joining forces, the two will bring together the best of African youth, basketball, music, culture, and entertainment on the continent and beyond to showcase a shared vision for Africa’s future. Playlists with the word ‘basketball’ on

Spotify have increased by over 1,300% since 2020, so this partnership is happening at the opportune moment.

The Giants of Africa festival will culminate in a closing ceremony, presented by Spotify, where some of the biggest African artists like Davido, Tiwa Savage, Tyla and Bruce Melodie will perform. These artists' core listeners on Spotify are aged between 18-29, further underlining Giants of Africa and Spotify’s shared commitment to investing in African youths.

With such a vast pool of particularly young sport and musical talent to be found on the African continent, it’s clear that investment in their development to compete on an international level will drive socio-economic and cultural impact across communities on the continent.

By leveraging the connective power of both sport and music together, we can not only create a platform for this young talent but also attract much-needed investment into our local sports and music industries which would help us to discover, nurture and develop the artists and athletes of the future About Spotify Spotify transformed music listening forever when we launched in 2008. Our mission is to unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators. Everything we do is driven by our love for music and podcasts. Discover, manage, and share over 100 million tracks, including more than 5 million podcast titles, for free, or upgrade to Spotify Premium to access exclusive features for music including improved sound quality and an on-demand, offline, and ad-free music listening experience. Today, we are the world’s most popular audio streaming subscription service with a community of 551 million users, including 220 million Spotify Premium subscribers, in over 180 markets.

-Jocelyne Muhutu-Remy, Spotify Sub-Saharan Africa Managing Director

Resilience in a Changing World: Adapting to Market Shifts and Evolving Energy Landscapes Bayo Adebiyi

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he global energy sector has witnessed tremendous shifts, resulting in a growing focus on energy sustainability and reduced reliance on fossil fuels for energy generation. As the world experiences this shift to cleaner energy sources, energy companies are faced with the responsibility of meeting these needs by recognising both the challenges and the opportunities.

Levene Energy Holdings, a leading integrated energy conglomerate with operations in the upstream, downstream, midstream, and renewable energy sub-sectors in the oil and gas industry, stands at the forefront of this transformation of the energy landscape in the Nigerian context.

Since the late 1960s, the Nigerian economy has been primarily driven by the oil and gas sector. This is following the great oil price increase between 1973 and 1974, a period when oil and gas contribution to the Gross Domestic Product (GDP) skyrocketed from 2.79% to 27% (by World Bank estimates). Despite fluctuations in gas prices in recent years that have shaped economic inflation patterns, a 2022 report by the National Bureau of Statistics reveals Nigeria amassed about 80% of its revenue from oil and gas exports.

Despite having such an impact on the nation's economy, the sector yet faces a set of unique challenges, which include skills and capacity gaps, environmental impact, infrastructure deficiencies, fluctuating oil prices, lack of diversification, and security of supply chains. Additionally, a recent publication in the International Energy Agency (IEA) projects that demand for petroleum products will start to decline from 2028. Hence, adopting renewable energy sources to power and fuel the economy is a no-brainer.

“The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade, as electric vehicles, energy efficiency, and other technologies

Adebiyi advance. Oil producers need to pay careful attention to the gathering pace of change and calibrate their investment decisions to ensure an orderly transition," said IEA Executive Director, Fatih Birol.

A 2021 WorldData report estimates that Nigeria's energy mix comprises 79.9% of fossil fuels, with hydropower as its largest clean energy source accounting for 21.7%. To be sure, Nigeria is steadily inching toward adopting renewable energy and reducing its reliance on fossil fuels while simultaneously reducing its carbon emissions through various initiatives.

Certainly, the path to renewables isn't a linear one, especially in the face of a dearth of infrastructure that mitigates seamless transitioning. Levene Energy Holdings understands the dynamics behind attaining such feats. It operates across all stages of the oil and gas value chain, from exploration and production to distribution and end-user delivery, relying

on global best practices that prioritise sustainability and facilitate transitioning to renewables.

For numerous countries undergoing the transition to renewable energy sources, a pivotal measure towards attaining net zero emissions lies in the adoption of low-carbon fuels, such as natural gas. This approach allows for a gradual shift while affording time to establish the requisite infrastructure. Notably, Nigeria has embarked on this transition journey following the signing of a significant strategic partnership deal (and Unincorporated Joint Venture Agreement of UJVA) earlier this year between Levene Energy Holdings and the Nigerian National Petroleum Corporation (NNPC) Limited. The core objective of this collaboration is to build and manage a comprehensive gas pipeline network spanning various locations in the country.

As an indigenous energy company with a global outlook, Levene Energy Holdings has continued to maintain its status as a significant player in the oil and gas space by aligning with global energy trends and fostering collaborations with other leading energy outfits from across the globe, thus enabling it to navigate the ever-changing energy landscape, facilitate technology transfer and expertise exchange, enabling the company to expand its reach beyond its domestic borders to maximise its impact globally.

In response to the pressing need to reduce carbon emissions and combat climate change, Levene Energy Holdings has taken a proactive approach by embracing renewable energy projects that tap into Nigeria's abundant natural resources.

By implementing these sustainable solutions, the company aims to make a substantial contribution to improving the country's energy mix.

So far, the energy conglomerate has hit the ground running with several renewable energy projects that target all socioeconomic strata, ranging from providing cost-effective energy solutions for companies and meeting the basic energy needs of underserved communities that are not connected

to the centralised national energy grid.

Levene Energy Holdings places a strong emphasis on innovation and technological advancements.

By leveraging cutting-edge technologies, data analytics, and smart grid solutions, it optimises its operations for greater efficiency while minimising environmental impact, a core trait of any energy company seeking to solidify its stance and expand beyond its local operations.

Despite being a global player, Levene Energy Holdings maintains strong ties with the local communities. This admirable trait has seen the company establish a robust relationship with key stakeholders in the Nigerian oil and gas industry, leading organic growth by expanding its assets to boost oil production from 30,000 bbls to 45,000 bbls.

Following a similar approach, Levene Energy Holdings has obtained bitumen exploration licences in Southwest Nigeria (Ogun State) and further expanded its presence by acquiring four oil blocks in Equatorial Guinea. The company is also actively exploring opportunities in other countries across northern and western Africa.

Bitumen, a hydrocarbon with diverse use, is essential in many industrial processes, such as road construction, production of roofing materials, waterproofing and more. In 2022, the Minister of Mines and Steel Development, Olamilekan Adegbite, stated that Nigeria has a 70% road infrastructure deficit, which he attributes to the expensive importation of raw materials like bitumen. He emphasised that by locally producing bitumen, construction costs would decrease, leading to improved purchasing power and increased investment in road infrastructure.

-Adebiyi is the Executive Director, Upstream and Engineering Services, Levene Energy Holdings.

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

T H I S D AY

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WEDNESDAY AUGUST 23, 2023

Nigeria is not in any position to wage a war, argues TOLA ADENIYI

POLITICAL SUICIDE IN THE SAHEL I really should not bother myself with thoughts about the undisguised self-serving, self-promoting ulterior motives of some of the most vociferous heads of Economic Community of West African States or their equally undisguised sponsors and backers who are hell-bent on waging war on the serially abused, exploited and impoverished Niger Republic under the pretext of defending a façade called Democracy in Africa.

A lot has been said, discussed, exposed and written about all that.

My concern is about the needlessness of the canvassed ruinous engagement which, if not nipped in the bud, is certain to drag West Africa, indeed the whole Africa back to the Stone Age and

reduce the hapless owners of the continent to dregs and pauperised savages.

What is Economic Community of West African States? Let us engage any search engine to explain it in the simplest term in a way it can be understood by the man in the street.

The 15 members of the Economic Community of West African States (ECOWAS) are Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. The main goal of ECOWAS is to promote economic cooperation among member states in order to raise living standards and promote economic development. ECOWAS has also worked to address some security issues by developing a peacekeeping force for conflicts in the region.

ECOWAS established its free trade area in 1990 and adopted a common external tariff in January 2015.

About 10 out of the 15 members were ex-colonies of France. And these 10 share historic affinity with Libya, Algeria, Sudan, Chad and Cameroon.

Most of them have large Hausa populations who harbour and share very strong ethnic and religious sentiments as well as commanding powerful and unapologetic presence in the military of the constituent countries. Of a major and critical point is the fact that one single member out of the 15 has a population larger than the remaining 14 members combined!

For close to 150 years, those of them while under French imperialism and domination suffered unspeakable human degradation, massive exploitation, massive extortion and systemic cruelty and brutality. Massive exploitation continued, even after the so-called paper independence, up till this day. Any leader who dared to challenge their French overlords were either overthrown through coups or assassinated while stooges were placed on the throne in their stead.

For decades, citizens of these Francophone countries just had to submit to unmitigated disaster foisted on them by their permanent colonial masters, aided and abetted by stooges from within.

No African of my generation would ever forget the Eyademas, the Kerekus, the Houphouet-Boignys, or the clown in nearby Congo who needed to

add the sound of Gbedu drum to his zany name; Mobutu Sese Seko Kuku Ngbendu WaZa Banga!

Mobutu was kept alive to die ‘on the throne’ just like an embarrassment next door who has been in power over 40 years and is more dead than alive!

Fired by nationalism and patriotism, young men who took their cue from immortal fiery Thomas Sankara, and others like Major Isaac Adaka Boro felt there was no other way to get rid of these stooges being used by Africa’s oppressors than to shove them off the stage. These young radical nationalists are disturbed by the gory pictures and images of fellow young Africans dying daily in most undignifying manner while trying to escape the enslavement in their fatherland to seek greener pastures in the land of those who made living in their own land hellish.

Nobody likes violent overthrow of governments.

But how do you free yourself from the yoke of dictators, tyrants, rogues, vagabonds who hide under the nebulous mirage called democracy?

Everybody knows, and all the crooks who occupy political offices know that there is no democracy in Africa in the true sense of the concept. What we have is government of the rich imposed on the people through thuggery and judicial harlotry. And of course as engineered and endorsed by unseen masters behind the mask abroad.

The young men and women at the helm of affairs in Guinea, Mali, Burkina Faso, and Niger have two motives and assignments, one, get rid of all those from within who had enriched themselves to put Africa in poverty and two to stand-up to imperialists, be it French, British or American who, over the years and up till now, had given Africa a status worse than pig’s.

In their quest to remove the chains, they don’t seem to care if Devil is the only one available to assist them.

Heads of State of West African countries should not allow themselves to be used by France or America or the double-faced Britain to fight fellow Africans in order for them to continue the unrelenting exploitation of African resources and wealth.

Secondly, and most importantly, Africa should not be used as the battleground for the unholy rivalry between the so-called West and the so-called East. And as lamented by renowned American Blogger Shahid Bolsen, France would not like to be seen fighting in Niger but “black monkeys may tear themselves to shreds”. West African countries whose citizens are almost in the throes of death cannot afford Iraq, Libya, Afghanistan or Sudan to befall them. Common-sense should tell all those clamouring for war that all the weapons to be used are manufactured outside Africa to be purchased with our meagre resources.

Thirdly, we should never embark on a journey with no end in view.

Fourthly, there would be huge amount of sabotage, serious sabotage from within, so much so that some of the so-called promoters of this needless war may lose their seats in ECOWAS, if by a miracle, ECOWAS as a body survives this selfserving misadventure.

Coming nearer home as a Nigerian writer, our President should realise that the Chairmanship of ECOWAS, like any other regional body such as AU Chairman, EU President, and President of UN Security Council, is a non-executive position. It is rotational and more or else honorary. Nigeria as it is today is not in any position to wage a war; not even against mosquitoes!

High Chief Adeniyi, Jagun Oodua Adimula ll of Yorubaland, is former Editor-in-Chief of Daily Times

SONNY ARAGBA-AKPORE reckons that the appointment of Bosun Tijani is one well-made

ICT SECTOR AND THE NEW COMMUNICATIONS MINISTER Before he became a ministerial nominee, can progress.” And “this ministry is critical Bosun Tijani was a quiet, unassuming to unlocking opportunities for our people technology whizkid running the race on his regardless of where they are.” chosen lane. Yes, those in the Information and Tijani is not only young and well Communications Technology (ICT) industry educated, he is also reasonably endowed had knowledge of him as a young man with and patriotic, and these are the virtues he guts and clinically daring. Some even saw him brings to the job that should ultimately add as a competitor. And with a number of physical value to the country. achievements especially through the CoAnd as he goes to work to revive an Creation Hub (CcHub) which he co-founded industry that was heading for the precipice, and the modern technology cluster they built Nigerians are optimistic that he will do well. in Yaba, which is believed to be the largest in As a private sector, he witnessed some Africa, and many others, Tijani had scored of those policies in the immediate past PDQ\ ÀUVWV LQ 1LJHULD DQG HOVHZKHUH LQ $IULFD administration that gave nightmares to including Kenya, Rwanda and Namibia. investors and having been a proven industry He has invested his time, expertise and money player himself, he is expected to provide in projects that have transformed not only lives leadership by leading from the front. but systems in Nigeria and the African nations.

Unlike the immediate past minister who On his invitation, three major global never invested a pin anywhere, Tijani has WHFKQRORJ\ F]DUV YLVLWHG 1LJHULD DW GLͿHUHQW been an investor many times over and he times to witness the amazing things Tijani and feels the pains of what bad government his team were doing especially to empower policies could do to investors and their millions of young people in Nigeria, Kenya, investments. He witnessed some of those policies in the immediate past administration of the telecommunications sector and so he should be guided accordingly.

Nigerians have hopes especially about WKH PXOWLSOLHU HͿHFW RI DQ LQGXVWU\ WKDW ZDV seen as one of the government’s cash cows after oil and gas. And with this appointment, bad policies that led to industry somersault when operators and customers were at sea and not sure of the direction of things will be reversed.

The industry experienced some form of KDHPRUKDJH IRU D EHWWHU SDUW RI ÀYH \HDUV but all that is likely to change with Tijani’s appointment.

Rwanda and Namibia with technology.

But he should not be carried away with Mark Zuckerberg, Meta boss and owners of applause as Nigerians are not likely to look Facebook, Instagram, WhatsApp and lately, the other way if things go bad again. He Threads visited Nigeria in 2016, while Twitter should be wary too of fair-weather friends. co- founder, Jack Dorsey came in 2019 and Bill In this connection and in what looked Gates was here in 2023, all on the invitation of like a shopping list, Association of 7LMDQL EHFDXVH RI WKH FRQÀGHQFH WKH\ KDG LQ Telecommunications Companies of Nigeria him.

(ATCON) sent an informal agenda to the As a minister, he is expected to do more by Minister welcoming his appointment. The attracting many of such big global players who Association feels encouraged that President will not only bring in their money but also Bola Ahmed Tinubu appointed a person their expertise to grow the ICT sector to the with an ICT background to the post and the advantage of Nigerians. fact that he is relatively young shows that a Such visits were expected to be at the instance dynamic approach to the industry is being of government but no, Tijani pulled these targeted. They are happy for the addition through by his own prowess as a private player of “Innovation” to the Ministry saying this in the technology space. is gratifying and a further pointer to the And so when the President, Bola Ahmed direction the current government intends Tinubu named him Communications, to take in the communications industry Innovation and Digital Economy Minister, and “in consideration of the promises of industry players in the ICT sector and a million digital jobs, a lot of innovation is knowledgeable Nigerians home and abroad truly required to achieve this.” described him as truly a round peg with an The minister is aware that there appropriate size. are fundamental challenges that have And because of his pedigree, so much is continued to plague the industry especially expected of him and like he said last week at the physical layer - infrastructure, which shortly after he was named, he is ready to work if unresolved will not allow success in the ZLWK DOO VWDNHKROGHUV WR PDNH D GLͿHUHQFH LQ WKH application layers where most of the digital assignment given to him by the President. jobs reside. “There is great need to develop, He said this again on Monday when he held secure and enable further expansion his maiden meeting with agencies under his of communication infrastructure in the Ministry. “We are going to be partnering with country and with a solid Infrastructure Base, the best organisations and institutions in the Innovative Digital Services which can take world,” he said. He was not blind to the realities advantage of the growing Digital Economy on ground as he said he was to ask questions can be further developed and expanded about what has been done and take things up to all areas of the country especially the from there. unserved and underserved areas.”

He admitted that there are challenges and one of such “challenges now is how to Aragba-Akpore connect people to opportunities so that they is a member of THISDAY Editorial Board

21 4

T H I S D AY

WEDNESDAY AUGUST 23, 2023

EDITORIAL

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

ENDING ALL FORMS OF SLAVERY All major stakeholders must do more to stem the shameful practice

O

n a day set aside by the United 1DWLRQV (GXFDWLRQDO 6FLHQWLÀF DQG Cultural Organisation (UNSECO) for the remembrance of the Slave Trade and its abolition, it is important for stakeholders in Nigeria to examine how this scourge is still being perpetrated within. According to The Slavery Convention of the League of Nations adopted in 1926, slavery refers to “the situation of exploitation that a person cannot refuse or leave because of threats, violence, coercion, deception, and/or abuse of power.” By this GHÀQLWLRQ VRPHRQH GRHV QRW KDYH WR EH LQ FKDLQV DQG ferried across the Atlantic Ocean or Sahara Desert to be a slave. They become slaves when transaction is made with them in the community they live. The reality today is that many Nigerians fall into this category.

Our country is host to the highest number of enslaved people in subSaharan Africa. The breakdown of that sum shows that majority RI WKH DͿHFWHG SHUVRQV DUH IRUFHG LQWR GRPHVWLF industrial, and commercial labour, marriages or are simply given out to relations under innocuous circumstances.

A journal paper, ‘Gender and modern-day slavery in Nigeria: A critical analysis of baby factory and terrorism’ in ‘ScienceDirect’ last year drew global attention to one of the social issues hardly discussed by the authorities in Nigeria. While the malaise of modern slavery cuts across gender, the report concludes that in Nigeria, “the disproportionate economic and power relations (such as inequalities, poverty, social exclusion, exploitations, and obnoxious cultural practices)” has engendered a situation in which women “serve as economicslaves, sex-slaves, procreation-slaves, and moneyritual-slaves.”

7KH DUWLFOH FRQÀUPV UHFHQW HVWLPDWHV E\ WKH International Labour Organisation (ILO) which placed Nigeria and Democratic Republic of Congo

high on the list of countries where modern slavery is VWLOO SUHYDOHQW 1RW VXUSULVLQJO\ WKH 1LJHULDQ SURÀOH UHÁHFWV WKH VHYHULW\ RI WKH VFRXUJH DFURVV $IULFD 9DULRXV UHOHYDQW RUJDQLVDWLRQV KDYH LGHQWLÀHG the continent as home to the largest prevalence of slavery on earth, with more than seven per cent of every 1000 people as victims, according to the 2017 ILO report. The situation has not changed.

What makes the Nigerian condition more worrisome is its ignoble recognition as one of the world’s leading culprits in three critical areas of source, transit, and destination as well as the continued abductions of women and girls by insurgents and bandits, especially in the North. For the past two decades, Europe and North Africa have FRQWLQXHG WR EHQHÀW IURP WKH JURZLQJ LQFLGHQFH of emigration among Nigerians in search of the proverbial greener pastures. But instead of actualising their dreams, many of them end up being sexually exploited - one of the most widespread forms of present-day captivity - or trapped in other ways.

Unfortunately, not even stories of the tortuous and precarious journeys through the Sahara to Libya and then, less frequently to Europe have been able to dissuade our young men and women from gambling with their lives. Consequently, many of them have caused themselves harm, brought sorrow to their relations and tarnished the international image of our country. For insurgents and bandits, their targets have always been women and girls who are usually deployed as sex slaves.

The abundant presence of these evils in Nigeria today requires bold, well-designed, and executed government interventions which could hopefully serve as catalysts for more productive involvement of the private sector in this campaign. Only concerted, FROODERUDWLYH HͿRUWV DLPHG DW HPSRZHULQJ WKH populace and restoring the dignity of the citizenry FDQ HͿHFWLYHO\ FXUE WKH FXUUHQW PDQLIHVWDWLRQV RI servitude that is akin to modern slavery.

What makes the Nigerian condition more worrisome is its ignoble recognition as one of the world’s leading culprits in three critical areas of source, transit, and destination as well as the continued abductions of women and girls by insurgents and bandits T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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

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

LETTERS IMPROVING ACCESS TO AFFORDABLE HOUSING 6KHOWHU LV RQH RI WKH EDVLF QHHGV RI PDQ DQG WKH LGHD RI DͿRUGable housing to cater to this need is both practical and viable. According to the United Nations Human Settlements Programme (UN–Habitat), 30 per cent of the world’s urban population reVLGHV LQ VOXPV ZKHUH SHRSOH VXͿHU IURP VHYHUDO GHÀFLHQFLHV including lack of access to improved water, absence of sewage facilities, living in overcrowded conditions, and in buildings that DUH VWUXFWXUDOO\ XQVRXQG 7KHUH DUH FRQÁLFWLQJ ÀJXUHV DERXW 1LJHULD·V KRXVLQJ GHÀFLW EXW H[SHUWV RIWHQ TXRWH EHWZHHQ DQG 21 million. $ͿRUGDEOH KRXVLQJ UHIHUV WR KRXVLQJ WKDW DGGUHVVHV WKH QHHGV of the low-income earners in the society. This is the section of the society whose income is below the medium household earnings, and the majority of masses of Nigeria belong to this category.

With over 170 million people, Nigeria, the most populous country in black Africa, has a population of over 70 million low-income people. Currently the minimum wage for the Nigerian worker is N30,000, while the disposable income of majority of the fresh graduates is less than N60, 000 per month. $ͿRUGDEOH KRXVLQJ KDV UHPDLQHG HOXVLYH WR WKH DYHUDJH 1Lgerian, in spite of numerous programmes to tackle housing chal-

lenges in the country. The low and middle income earners espeFLDOO\ DUH WKH PRVW DͿHFWHG E\ WKLV 'XH WR DͿRUGDELOLW\ WKH\ OLYH in densely populated or informal ‘slum’ areas. The high- income earners, one per cent of the population, occupy a small percentage of the housing stock. Therefore, the majority of newly built homes in city centres are left unoccupied. Thus, the problem of DͿRUGDEOH KRXVLQJ UHPDLQV D FULWLFDO LVVXH LQ WKH VRFLR HFRQRPic wellbeing of Nigeria. For example, in Lagos State, the price tags placed on the units of the Lagos HOMS Project cannot be FODVVLÀHG DV EHLQJ IRU ORZ LQFRPH HDUQHUV OLNH WKRVH ZKR HDUQ the minimum wage of N30,000 monthly, especially when considered from the United Nations standpoint, where an adult is not expected to spend more than 30 per cent of his/her income on housing (by international standards a house should not cost more than three times the occupiers’ annual income.)

Let us even take for example someone who is earning N150, 000 per month. When he subtracts 30 per cent of his present accommodation need, subtracts expenses on other needs, including school fees and feeding, what would be left that would serve as disposable income that he can put into a housing programme?

6R ÀUVW DQG IRUHPRVW KH FDQQRW HYHQ DͿRUG D SHU FHQW GRZQ

payment from his salary. Thus It becomes a burden and one begins to wonder how long it would take to own a house in Lagos.

In view of the above, some steps to alleviating the problems RI DͿRUGDEOH KRXVLQJ GHOLYHU\ LQFOXGH FRQFHQWUDWLQJ RQ ZD\V to provide the enabling environment for mass housing. Basic building materials should be given tax and duty relief and government could develop incentives to encourage both the public and private sectors to use indigenous building materials. Other strategies may include granting tax holidays to developers and providing them free land to reduce the cost of producing houses.

Sites and service plots could be provided to private sectors, housing cooperatives, Real Estate Developers Association of Nigeria (REDAN) and individuals. Plots could be allocated at difIHUHQW UDWHV SHU VTXDUH PHWUH IRU GLͿHUHQW XVHV 7KH ORZ LQFRPH earners should have the lowest rate with the size of each plot not more than 150 square metres. The basis of allocation should strictly be one man one plot, members of (REDAN) should be encouraged and motivated with tax incentives, subsidised building materials and discounted rate per square metre.

Daniel Ighakpe, FESTAC Town, Lagos

22

IMAGES

T H I S D AY ˾ Ͱͱ˜ ͰͮͰͱ

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R: Director of Administration, Lagos University Teaching Hospital (LUTH), Dr. Babatunde Grillo; wife of the Chief Medical Director of LUTH, Prof Titilope Adeyemo; Chief Medical Director, LUTH, Prof Wasiu Lanre Adeyemo; former Chief Medical Director, LUTH, Prof Christopher Bode; and Deputy Chairman, Medical Advisory Committee, Dr. Yewande Oshodi, at a grand reception for Prof Wasiu Adeyemo by Committee of Friends in Lagos...recently

L-R: One of the newly ordained Reverends (cleric) of the Assemblies of God Church Nigeria, Ebonyi State, Reverend Okon Joseph Akpan; his wife, Mrs. Stella Okon Akpan; and Senior Pastor and Sectional Leader of the church, Rev. G. K. Nwatu, during the ordination ceremony at the national headquarters of Assemblies of God Church, Nigeria, at Evangel Camp, Okpoto, Ebonyi State…recently

The Secretary-General, African Continental Free Trade Area (AfCFTA), H.E. Wamkele Mene (left), and Founder, NESH Foundation, Mr. Emeka Ugwu-Oju (right), during the presentation of NESH complimentary copies of its special publication, ‘NESH Gallery: A New and Better Nigeria is Possible’, to Mene in Lagos…recently

L-R: President, Osun State Chambers of Commerce, Industry, Mines and Agriculture (OSUCCIMA), Dr. Olu Olujide; Board of Trustees (BoT) Chairman, OSUCCIMA, Dr. Adebayo Jimoh; Country Manager, Segilola Resources Operating Limited (SROL), Mr. Austin Menegbo; and Vice President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Chief Kola Akosile, during the presentation of the Business Excellence Award to SROL in recognition of its outstanding contributions to the development of Osun State’s mining industry and local communities during the award ceremony and investiture of the new OSUCCIMA president in Osun State…recently

L-R: Chairman, Leadway Hotels Limited, Mr. Femi Ogunlana; Non-Executive Director, Leadway Pensure, Mrs. Ijeoma Rita Obu; Non-Executive Director, Leadway Pensure, Mrs. Zainab Aliyu; Leadway Economic Forum (LEF) Resource Person and Partner/Chief Economist, KPMG, Dr. Yemi Kale; Chairman, Leadway Holdings, Mr. Oye Hassan-Odukale; and LEF Resource Person and IMF Resident Representative for Nigeria, Mr. Ari Aisen, at the 2023 Leadway Economic Forum organised by Leadway Holdings in Lagos...recently

L-R: Chairman, Ogun State TESCOM, Joshua Olalekan Ifede; Special Adviser to the state Governor on Education, Prof. Abayomi Arigbabu; Chairman, Board of Trustees (BoT), Teach For Nigeria, Kunle Elebute; Chief Executive Officer, Teach For Nigeria, Folawe Omikunle; Chairman, ONTV Nigeria Limited, Frank Nweke (Jr); Ambassador, Teach For Nigeria, Joke Silva; and board member, Teach For Nigeria, Ayo Olajiga, at the 2023 graduating ceremony held in Lagos…recently PHOTO: ETOP UKUTT

T H I S D AY ˾ WEDNESDAY, AUGUST 23, 2023

23

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

A U G U S T

S & P INDEX

2 2 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT MONDAY, JULY 24, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Attractive Rates Drive Investors to FMDQ as Corporates Raise N869.39bn CPs in H1

Kayode Tokede Corporate giants seeking to expand their business and raise quick money for working capital are taking advantage of investors’ drive for better deal to raise funds via Commercial Papers (CP) on the FMDQ Exchange, THISDAY checks has revealed.

THISDAY findings revealed that listed a whooping N869.39illion Commercial Papers on the platform of the FMDQ Exchange in the first half of 2023.

CP is an interest-bearing promissory note exchanged for capital. It is a credit instrument or a channel to obtain loans from the securities market without approaching the bank.

The commercial paper is issued by a corporate organisation in need of funds for short-term financial

obligations, which include; working capital, and refinancing debt, amongst others.

A breakdown of data obtained from FMDQ showed a total N83.20 billion CPs was listed in January and the figure increased to N101.84 billion in February 2023.

It closed March 22023 at N354.18billion but dropped to N114.27billion in April 2023.

The total value of CPs quoted on FMDQ Exchange in June 2023 was N52.13billion, representing a Month-on-Month (MoM) decrease of 68.17 per cent (N111.64 billion) from the value of CPs quoted in May 2023.

In the period under review, Flour Mills of Nigeria Plc, Nigerian Breweries Plc and MTN Nigeria Communication Plc were some of heavy weights that have listed CPs on FMDQ Exchange while FGN

Bonds dominated listings on the Nigeria Exchange Limited (NGX).

For instance, MTN Nigeria Communication in the period under review successfully completed its series 4 & 5 CP issuance under N150 billion CP issuance Programme.

Company secretary, MTN Nigeria, Mr. Uto Ukpanah stated that it sought to raise N100 billion and the transaction was 125 per cent subscribed with a total of N125billion to enable the company to disburse the fund on short-term working capital and funding requirements.

In a statement, he said; “MTN Nigeria sought to raise N100 billion, and the transaction was 125% subscribed, with a total of A125 billion raised.

“MTN Nigeria issued 188-day commercial papers at a yield of 11.00% and 267-day commercial papers at a yield of 12.50%. The

CP Issuance was completed on 1 March 2023.

“The CP Issuance is part of MTN Nigeria‘s strategy to diversity its funding options. The proceeds will be utilised for its short-term working capital and funding requirements,” the document reads.”

Dangote Cement quoted N44.00 billion Series 4 and N46.00 billion Series 5 CP under its N150 billion CP Programme while Nigerian Breweries listed N16.49 billion Series 1, N5.03 billion Series 2, and N45.74 billion Series 3 CPs under its N100 billion CP. In addition, Flour Mills of Nigeria declared N13.33 billion Series 1 and N51.64 billion Series 2 CP under its N200.00 billion CP Issuance programme.

According to THISDAY findings, corporate entities listed on the NGX stood at N204.66billion

and was dominated by Dangote Industries Funding Plc that listed N112.42billion in March 2023.

Among the top corporate listings were; Africa Plus Partners Nigeria Limited with N21.65billion mutual fund, Africa Infra Plus 1, the first Carbon Plus naira-denominated fund to be listed on the Exchange.

Speaking with THSIDAY, the chief operating officer, InvestData Consulting Limited, Mr. Ambrose Omordion, attributed increasing CPs by corporate firms operating in Nigeria to attractive interest rate amid 18.75 per cent Monetary Policy Rate (MPR).

According to Omordion, rates at CPs are attractive and firms are utilizing that opportunity to access capital needed to expand and boost their working capital.

He explained further that

potential in Nigeria’s economy despite contractions in February and March of 2023 gives room for firms to borrow.

On his part, the Vice President, Highcap Securities Limited, Mr David Adnori said that corporate firms opted to access corporate bond and CPs over hike in inflation rate and cost of accessing capital from financial institutions.

Meanwhile, the FMDQ in its monthly report disclosed that dollar at the investors & Exports Foreign Exchange (I & E FX) appreciated against the naira, with the spot exchange rate increasing by 35.07per cent or N162.51/ dollar to close at an average of N625.90 /dollar n June 2023 from N463.39/ dollar recorded in May 2023.

The story continues online on www.thisdaylive.com

Currency in Circulation Declined by N7.51bn to N2.6tn in July Nume Ekeghe M=oney and credit data released by the Central Bank of Nigeria (CBN) for the month of July 2023 has revealed that currency outside the banks declined by N7.51 billion to N2.59 trillion.

Currency-in-circulation refers to legal tender currency that is

not stored within central bank vaults. This includes all forms of money held by the public and within Deposit Money Banks’ vaults, as explained by the highest financial authority.

Upon conducting a more in-depth analysis, THISDAY unearthed a comprehensive breakdown of the currency in circulation figures. The data for

various months in 2023 paint an interesting picture: January saw a robust N3.29 trillion, followed by February with N982 billion, March displaying N1.68 trillion, April exhibiting a notable N2.38 trillion, and May recording N2.53 trillion.

A particularly intriguing observation emerged regarding the currency outside banks for

the month of July. This value was firmly established at N2.2 trillion, a substantial sum that notably comprised 84.62 per cent of the entire currency in circulation during that period.

The statistics, serving as a reflection of the prevailing economic landscape, underscore the significant role currency outside of the banking sector

plays in shaping the overall financial scenario.

Taking a closer look at the individual months, January 2023 stands out as the one with the lowest currency outside banks, amounting to N792 billion.

February witnessed a slight increase with N843 billion, while March demonstrated a further upward trajectory

reaching N1.45 trillion.

The trend continued in April, marked by a noteworthy N2.07 trillion, and May followed suit with N2.18 trillion. June, on the other hand, maintained a steady incline, with the currency outside banks reaching N2.26 trillion, thereby showcasing a consistent progression over this span of months.

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 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) 22, ^13.53 230.00 August 104.08 10.65 2023 MAR-2025 ^12.50 2222, 99.27 12.85 0.05 August JAN-2026 2023 ^16.2884 22, 108.96 13.06 0.00 August 17-MAR-27 2023 ^13.98 2322, 102.58 13.20 0.00 August FEB-2028 2023 ^14.55 2622, 102.24 13.95 0.00 August APR-2029 2023

BILLS MATURITY

Discount Yield

NTB 7-Sep23 NTB 26-Oct23 NTB 9-Nov23 NTB 7-Dec23

6.09

NTB 25-Jan24

6.10

3.75

3.78

6.77

6.87

7.08

7.23

7.61

7.87

OTC F X F U T U R E S

CPS

Change (%) Updated Time 22, 0.00 August 2023 22, -2.92 August 2023 22, -0.01 August 2023 22, 0.00 August 2023 22, 0.00 August 2023

MATURITY

Discount Yield

ZEDC CP I 17-NOV-23 NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23 NSDL CP IIB 23-NOV-23

17.62 18.39

22, 0.00 August 2023

21.89 23.17

22, 0.00 August 2023

14.42 14.97

22, 0.00 August 2023

21.89 23.18

22, 0.00 August 2023

19.46 20.48

22, 0.00 August 2023

VAAG CP XVII 24-NOV-23

Change (%) Updated Time

CONTRACT Current Updated Time TENOR Contract Rate ($/₦) (MONTH) August 22, NGUS AUG 13 914.19 28 2024 2023 August 22, NGUS SEP 14 927.51 25 2024 2023 August 22, NGUS OCT 15 938.61 30 2024 2023 August 22, NGUS NOV 16 949.70 27 2024 2023 August 22, NGUS DEC 17 960.80 24 2024 2023

24

WEDNESDAY, AUGUST 23, 2023 ˾ T H I S D AY

BUSINESSWORLD

INSURANCE

Boosting Motor Third Party Insurance The National Insurance Commission on December 22 announced 200 per cent upward review of premium and claims payable on Motor Third Party Insurance. Ebere Nwoji in this report reviews six months performance of the new premium rate and claims.

T

he upward review early this year of both premium payable on Motor Third Party Insurance and claims emanating from it has no doubt redefined the face of motor insurance policy in

Nigeria.

Both motorists and insurers said the review has made the policy more meaningful, realistic and has positioned it as policy worth purchasing not just to pass through police check points, but to provide succor to third party road users when the unforeseen happens and save motorists from unexpected expenses.

According to them, the upward review has also pushed the need for every responsible vehicle owner in Nigeria to ensure that he or she obtains the Motor Third party insurance cover from genuine insurers, especially members of the Nigeria Insurers Association (NIA).

Insurance industry observers said the increase is justified because with the new premium rate and claims limit, both insurance sector operators and their regulator have demonstrated sense of seriousness in their business of indemnifying the insuring public when the unforeseen happens.

Insurers said between January 1, this year when the new rate took effect to date, their turnover on the policy and claims experience have gone high as motorist are now aware that there is claims attached to the policy.

For instance, Deputy General Manager Sales, Sovereign Trust Insurance Plc, Mr Segun Bankole, said the new motor insurance rate is working as motorists have been paying and that claims experience has been extraordinarily high.

According to him, more and more motorists are demanding for claims on the policy unlike in the past.

He said between January 1 and now his company has paid over N500 million as claims on Motor Third Party Insurance.

He said his company was also experiencing huge claims on a particular policy he called Enhanced Third Party Motor Insurance, which in addition to paying for damages to the third party road users also indemnifies the policy holder for damages done to his own vehicle to the maximum tune of N500,000.

MOTORISTS’ EXPERIENCE On the part of the insured, it was learnt that unlike in the past, insurance underwriters pay claims from the policy. However a motorists whose vehicle was involved in multiple accidents said his experience was that whereas the NICON Insurance, which insured the vehicle that caused the accident paid claims to the policy holder, he was unwilling to fully pay for the damages rather he chose to indemnify him in piece meal and has so far paid him two installments.

The motorist said insurance firms should insist on repairing the vehicle themselves or pay directly to the third party whose vehicle was damaged instead of paying to the policy holder. Industry observers said the new premium rate which is 200 per cent increase compared to the former rate was reasonable enough to put more money in the insurers’ vaults and enable them pay claims that emanate from the policy.

According to them, the new rate has taken care of current inflation trend in Nigeria, “therefore insurers have no excuse for repudiating claims from the policy.”

On the part of the insured, the significant difference between the new rate and the old rate has compelled both NAICOM and the insurers to embark on public enlightenment on the claims attached to Motor Third Party Policy in order to make motorists see the need to pay the new premium rate.

Industry observers said in doing this, NAICOM had successfully brought to the awareness of even the least motorist the fact that there was claim attached to the policy as such there was no more hiding place for any insurer when the unforeseen

happened to his client.

This is quite unlike before when everything concerning Motor Third Party insurance claims was shrouded in secrecy, as most motorists were totally ignorant of the fact that there is claims attached to Motor Third party Insurance policy.

As such, insurers seized the opportunity to misbehave by arbitrarily denying payment of claims from the policy. Some insurers charge ridiculous rates bearing in mind that the insured will not come for claims and even if he comes the insurance company will deny the claim.

Aside this, activities of fake certificate hawkers on the compulsory policy was unbearable to the insurers until the industry came with the Nigerian Insurance Industry Data base (NIID).

ANALYSTS, NAICOM REACTS Industry analysts said with the situation on ground, the era of claims repudiation on the policy has gone, “and it pays every wise motorist in the country to ensure that he obtained his Motor Third Party Insurance from genuine and licensed insurance company.”

On its part, NAICOM said with the new premium rate which it announced on December 22, 2022, every Motor Third Party Vehicle owner in Nigeria can now enjoy higher claim amounts in the event of accident for third party damage liabilities as well as in event of loss of vehicle following review of the premium rate for motor insurance in the country if the vehicle has comprehensive cover.

According to the commission, insurance companies under its watch in the new era of increased benefits is sure to get compensated adequately to meet their liability costs, particularly now that inflation and foreign exchange shortage have pushed up cost of living.

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

This was contained in a circular issued 22nd of December 2022 by NAICOM and sent to all insurance institutions and signed by Leonard Akah, Director, Policy and Regulation at the Commission on behalf of the Commissioner for Insurance.

The circular stated, “Pursuant to the exercise of its function of approving rates of insurance premium under section 7 of NAICOM Act 1997 and other extant laws, the commission hereby issue this circular on the new Motor Insurance Premium rates effective from 1st January 2023. For commercial trucks and general cartage, they are to pay N100,000 premium for N5 million TPPD limit; Tricycles N5,000 for N2 million TPPD limit, and Motor Cycles N3,000 for N1 million TPPD limit.

“For comprehensive motor insurance policy, premium rate shall not be less than 5 percent of the sum insured after all rebates and discount. Beyond this, the review also offers motorists plying the ECOWAS Region the benefits of third party liability protection under the ECOWAS Brown Card Scheme.

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

INSURERS’ VIEW Insurers who spoke to THISDAY said the review has become inevitable adding that it would raise insurers sense of responsibility towards paying claims on accidents, which happens on Nigerian roads on daily basis.

The insurers said, ideally, it is supposed to reduce the incidence of road side fighting and obstruction by motorists involved in accidents.

Speaking on the issue, Mr. Muyiwa Awodire, a Regional Manager at Linkage Assurance Plc, said the premium hike came after 19 years.

He said, “The last time we had an increase in premium for third party motor insurance was in 2004. Now, if you consider the rate of inflation over the past 19 years, you will realise that the increase is long overdue. But beyond the hike, let us also consider the benefits. Until December 2022, the highest claim any one could make on third party motor insurance was N1 million because that was the limit. But that has changed now.”

He said a policy holder could make claim of up to N3 million adding, “We all know how expensive vehicles have become now. So, it is in the interest of policyholders that they embrace the increase.”

Road traffic experts said driving is an unpredictable activity. “One minute a vehicle owner was cruising, enjoying the luxury of his car, and the next, a

little distraction causes him to crash into another vehicle. Depending on how serious the accident is, it could result in car damages and bodily injuries where he has to bear the cost of repair or foot the hospital bills.”

According to them, this is where having third-party insurance makes the difference.

BENEFITS OF THIRD-PARTY INSURANCE Motor Third Part Insurance, according to insurers, takes care of unplanned expenses.

Besides being on the right side of the law, Third-Party Vehicle Insurance protects the policy holder from unplanned financial exposures to legal liabilities resulting from being sued by the victims of an accident he caused.

A front line insurance underwriter, Leadway Assurance said its Third-Party Vehicle policy provides a maximum cover of up to N3 million for the victim’s damaged vehicle and costs just N15000/per year.

The company said its Motor Third Party insurance cover also provides an unlimited cover for bodily injury or death of a third party.

The company said there is rising number of vehicles with fake certificates on Nigerian roads.

“Total number of vehicles on Nigerian roads stands at 9.4 million, with only 2.72 million vehicles having valid insurance covers as of February 2021, according to NIA. Most fake insurance certificates are purchased from unauthorised agents, but Leadway Assurance is changing that by bringing insurance closer to motorists, “it stated.

The company said its motor insurance offer ranges from Third-party insurance to hybrid Auto Base Insurance, “and even a comprehensive insurance policy that provides all-around cover not only for damages to the third-party but also damage to vehicle owner and his vehicle in the event of an accident. With the advent of technology, most insurance firms sell their Motor Third Party Insurance online.”

Anchor Insurance said its Third Party Motor Insurance indemnifies the insured in the event of an accident caused by or arising out of the use of his motor car against a third party vehicle.

“The cover protects the insured against damage(s) to a vehicle other than the vehicle belonging to the insured and all sums including claimant’s costs and expenses which the insured shall become legally liable to pay. What this means is that this policy does not take care of the policyholder against damages to his own vehicle, “it said.

T H I S D AY ˾ WEDNESDAY, AUGUST 23, 2023

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BUSINESSWORLD

OIL & GAS

Transforming Nigeria’s Oil and Gas Sector via Digital Solutions Interswitch and Stratus Technologies have unveiled digital solutions that would transform Nigeria’s oil and gas sector and enhance predictable improved production, writes Dike Onwuamaeze

T

he Interswitch and Stratus Technologies are forging new pathways that will usher in the era of digital transformation of the Nigerian oil and gas sector through the introduction of cutting-edge solutions.

These solutions would address numerous challenges that have been hindering the realisation of the full potential of the country’s oil and gas sector. Some of these challenges include issues such as data/ cybersecurity concerns, unreliable data management systems that result in loss of data for decision making, situational analysis and reporting amidst others, which have plagued the industry and hindered growth, therefore, hampering Nigeria’s quest for energy sustainability in line with its Sustainable Development Goals.

To address these challenges, the Interswitch Group, Africa’s integrated payments and digital commerce company is partnering with the Stratus Technologies, a global technology solutions provider to spur a digital transformation in the energy sector through the introduction of a range of cutting-edge solutions.

These solutions were unveiled recently in Abuja at the 2023 Nigeria Oil and Gas Energy Week that was tagged “Powering Nigeria’s Sustainable Energy Future,” which brought industry leaders, experts and stakeholders together to discuss the future of the country’s energy sector.

It is expected that this partnership would signify a commitment to leverage technology in driving sustainable growth and creating a resilient energy future for Nigeria.

This collaboration would also focus on enhancing operational efficiency, reducing costs, and promoting environmentally friendly practices by harnessing digital technologies, data analytics, and automations to minimise wastage, and ensure sustainable resource management.

Stakeholders in the sector believed that the partnership between Interswitch Group and their distributor partner Stratus Technologies holds immense potential that would revolutionise the Nigeria’s energy sector. They further believed that through the combination of their strengths, both organisations would aspire to unlock new opportunities, foster innovation, and address the pressing challenges that hinder progress in this critical sector of the Nigerian economy.

The Managing Director of Digital Infrastructure and Managed Services (Interswitch Systegra), Mr. Jonah Adams: “We are thrilled to join forces with Stratus Technologies. Through this partnership, we aim to leverage cuttingedge technologies, such as real-time monitoring, predictive maintenance, and industrial automation, to enhance asset integrity, optimise production processes, and minimise downtime through the integration of cuttingedge technologies, and ultimately create a more reliable, secure, and environmentally responsible energy landscape.

“Together with Stratus Technologies, we are confident that our collaborative

efforts will drive sustainable growth, foster innovation, and pave the way for a brighter, more resilient energy future for Nigeria.”

Speaking in the same vein, the Regional Manager Sales and Business Development Africa and the Middle East, Stratus Technologies, Mr. Pieter van der Merwen, said with enthusiasm that “the collaboration with Interswitch Group has been an extraordinary experience. By integrating our faulttolerant edge computing platforms with Interswitch’s technological prowess, we are empowering organisations in the Nigerian oil and gas industry with unparalleled capabilities for real-time data processing, advanced analytics, and simulation.

“We take great pride in being a part of this transformative journey, facilitating improved efficiency, predictive maintenance, and cost optimisation within the sector.”

The Interswitch Group is renowned for its expertise in digital solutions, and will bring a wealth of experience and technological prowess to the table. Its aim in this partnership with Stratus Technologies is to digitally transform operations in a manner that would drive predictable, achieve peak performance with minimal risk, by ensuring continuous availability of business-critical applications like the zero-touch Edge Computing platforms that are simple to deploy and maintain, in a way that is protected from interruptions, threats, and autonomous within the sector by utilising its vast

network and digital infrastructure.

On the other hand, Stratus Technologies is a noted global leader in simple, protected and autonomous Edge Computing platforms. It will be contributing its expertise in optimising complex operations to complement Interswitch Group’s strengths.

These improvements that would be experienced through the introduction of these digital solutions would not only streamline operations but also contribute to enhancing Nigeria’s environmental footprint and foster a greener, more sustainable future, and bridge the gap between traditional oil and gas operations and modern digital technologies.

In the long run, these efforts are expected to transform Nigeria’s oil and gas industry into a driver of sustainable economic growth and a beacon of energy efficiency for the African continent and beyond.

Currently, Nigeria is renowned for its vast oil and gas reserves and is ranked as the 15th largest crude oil producer in the world. For decades, the Nigerian oil and gas sector has been the cornerstone of the country’s economy, fueling employment, revenues, growth, and development.

Since the discovery of crude oil in the 1950s, the nation’s oil and gas industry has experienced a transformative journey, rapidly emerging as a significant player in the global oil market.

In search for cleaner and more sustainable sources of energy, Nigeria’s natural gas reserves have become increasingly vital, leading to significant investments in infrastructure and exploration.

Orji Calls for Establishment of National Insurance Inclusion Policy Initiative Ebere Nwoji The Managing Director, Chief Executive Officer, KBL Insurance Limited, Mrs. Ukachi Orji has called for the establishment of a national insurance inclusion policy initiative, that will focus on repositioning insurance as a viable tool for economic growth and development.

The Insurance Inclusion Initiative, according to the KBL Insurance boss, will be an all stakeholders’ commitment to accelerate the access of the

uninsured communities to affordable mainstream insurance subscription, particularly for the compulsory products with managed premium payment strategy.

She stated this at the company’s Quarterly Performance Review (QPR) held in Lagos.

She recalled that Central Bank of Nigeria and the National Financial Inclusion Governance Committee in the banking industry just a few years ago, had launched a policy document,

focused on accelerating financial inclusion in the country, for the industry.

She said this was already yielding rewards for banks in Nigeria.

“Such initiative, which has continued to assume increasing recognition globally, can also be adapted in the insurance industry, for which I think every stakeholder would have something to be happy about”, Orji opined.

She said despite economic challenges and difficulties

experienced after the COVID-19 pandemic, insurance companies in Nigeria had however, mustered efforts to reward investors.

“In 2022, the volume of business written by member companies of Nigeria Insurers Association (NIA) grew to about N726.2bn, which was estimated to be an increase of 33.9 per cent, over premium income of N569.1bn recorded in 2021.

KBL Insurance Limited, in its performance had grown its profit by 33 per cent” she stated.

set for the Sustainable Development Goals, there has been a call across the globe to review the work done to see what has worked and what has not, and to identify critical areas where additional measures are needed for success to be achieved.

CEO of the Sterling One Foundation, Mrs Olapeju Ibekwe, expressed hope for several partnerships and innovations to emerge from the summit in her opening remarks, noting that she was looking forward to existing social impact initiatives in various rural communities, accessing multilevel resources to be able to do more and spread their impact from community to community across the continent. She added that she was humbled by the intentionality of the private sector to own the sustainable development goals and

grateful for the partnership of the United Nations as the co-convener of the summit.

“Across the continent, the people are waiting for action.

For far too long, Africa has been tagged - the Emerging Continent, with the continent’s potential, a recurring theme of conversation; yet, poverty, hunger, climate crisis, and inequality remain visible; thus, Africa is yearning for action. I remain confident and incurably optimistic that there is the capacity for the type of action we seek in this room.

There is the capacity to build strong partnerships for sustainable solutions to move from plans to action quickly. I urge everyone to interact and collaborate because the stakes are very high,” she stated.

In his welcome remarks, Managing Director and CEO of Sterling Bank Limited

and Board Member of the Sterling One Foundation, Mr Abubakar Suleiman, explained that the true essence of the Summit was to ensure that at every level, the issues and challenges resulting in widespread poverty across Africa get tackled rightly and that everyone is moving in the right direction.

“Six months from now, when we reach out to you, we want to hear that because you came here, you met someone, and you established a relationship, you rethought your approach, therefore, are getting more value from your resources, and are better at solving problems together.

The only thing that matters is the relationships you form today and how these relationships transmit to a much better outcome than you had before you came here,” he said.

Also speaking, the Executive Director, Business Development and Technical, KBL Insurance Limited, Mr Charles Ajawuihe listed factors responsible for low insurance penetration in Nigeria.

According to him, prominent among these are lack of commitment and low budgeting for serious public

awareness initiatives and advertising by practitioners, lingering economic downturn, religious beliefs and poor policy implementation by respective regulatory drivers among others.

He called on practitioners, to review these situation and move the industry to the next level.

Universal Insurance Unveils Mobile App Stakeholders Discuss Seven-year Plan for Financial Solution for Accelerated Development in Africa to Customers Ebere Nwoji

Nume Ekeghe Last week, key players from the government, the diplomatic community, civil society, and the public and private sectors gathered in Lagos for a two-day Africa Social Impact Summit (ASIS), co-convened by Sterling One Foundation and the United Nations, Nigeria.

The gathering, which was held under the theme Global Vision, Local Action: Repositioning the African Development Ecosystem for Sustainable Outcomes, was the second edition of the Africa Social Impact Summit designed to help build partnerships and galvanise investments that will ensure that Africa makes rapid progress towards achieving the Sustainable Development Goals.

With the world halfway through the 15-year timeline

Universal Insurance Plc, said it has chosen to be at the forefront of digital innovation with the official unveiling of its Mobile App, aimed at delivering delightful and cutting edge financial solutions to its customers.

The insurer also launched Universal Insurance Network platform which gives customers the ability to get a Personal Accident Insurance Policy while earning huge incentives by sharing referral link and bringing new members to the platform to do the same.

Speaking at the unveiling of the new application, the Managing Director of the company, Dr. Benedict Ujoatuonu, said the app would significantly address the challenges associated with making claims and also responding to claims with the urgency conventionally demanded by insurance policyholders.

On Universal Insurance Networking platform, he said

the idea behind it was to drive penetration as well as financial inclusion, adding that in doing that it has created benefits and incentives for everyone.

Also speaking, Head Retail Group, of the company Mr. Anthony Uchechukwu Okafor, said that the goal was to help policyholders to get covered and earn incentives.

“You earn incentives by referring others and also earn bonuses when you refer people within their circle up to eight generations, ”he said.

He also said policyholders could reach out to claim department in the event of an accident (Bodily Injury, Permanent Disability, and Death).

The event featured over 300 agents and brokers within Lagos.

The features available on the App include: easy claims report, policyholders making claims on their insurance policy, enabling fast reporting of incidents and payment of claims.

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WEDNESDAY, AUGUST 23, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Corporate Council on Africa Name Olajide Board Chairman The Corporate Council on Africa (CCA) has announce the election of John Olajide as the new Chairman of the Board, effective January 1, 2024.

He will succeed Dr. Jeffrey L. Sturchio, who has served as CCA Chairman since April 2016 and will continue as a CCA Board member.

CCA in a statement said Olajide is an entrepreneur, investor, care at home innovator, civic leader, global community builder and philanthropist.

“He is the Founder and CEO of Axxess, a leading healthcare technology company, and Chairman of Cavista Holdings Limited, a diversified holding and investment company with interests in technology, agriculture, hospitality, fintech, energy and other sectors. Since its founding in 2007, Axxess has grown under Mr. Olajide’s leadership to have a presence in the U.S., Europe, Asia, the Middle East, and Africa.

Through Axxess and Cavista Holdings, he is helping improve access to healthcare globally and creating tens of thousands of jobs in various industries.

“Olajide has served as a Vice Chair of the CCA Board of Directors since 2022, and brings a wealth of visionary leadership experience to his new role, including serving as the youngest-ever Chair of the Dallas Regional Chamber of Commerce’s Board of Directors and Executive Committee, which has helped attract businesses to the most prosperous region in the United States. As CCA Chairman, Mr. Olajide will play a pivotal role in guiding CCA’s mission and initiatives and will undoubtedly steer CCA toward new heights in growing its membership, serving CCA member companies and other stakeholders, and enhancing trade, investment, and business partnerships between the United States and African nations.

“I am delighted to announce John Olajide as the new Chairman of the CCA Board,” said Florizelle Liser, President and CEO of CCA. “ John’s remarkable journey as a young Nigerian-American entrepreneur to a prominent, visionary leader of a rapidly growing multi-sector, global business is a testament to his dedication and innovation. His

innovative mindset, leadership acumen, and deep commitment to improving the lives of people and communities in the United States and across Africa align perfectly with CCA’s goal to build on our 30-year history as the premier U.S. business association solely focused on Africa’s economic and business relationships with the United States.”

Olajide expressed his enthusiasm as the baton of CCA Board Chair passes to him from Dr. Sturchio at the beginning of 2024.

He said, “I am honored to take on the responsibility of Chairman of the Board at Corporate Council on Africa,” Mr. Olajide said. “I look forward to continuing to collaborate with Jeff and to working with all the members of the CCA Board of Directors as well as with the remarkable team at CCA, U.S. and African government and private sector leaders, and other stakeholders to accelerate economic development, foster transformative partnerships between the U.S. and Africa, and improve the lives of people both here in the U.S. and across the continent.”

Stanbic IBTC Bank Supports SMEs Nume Ekeghe Stanbic IBTC Bank Plc has siad that it has concluded a series of highly successful market storm events with an impressive turnout of more than 5,000 individuals, including entrepreneurs and local businesses.

The bank in a statement said the participants who gathered with enthusiasm engaged with Stanbic IBTC Bank and its wide array of banking products and services.

In the statement, Chief Executive of Stanbic IBTC Bank, Wole

Adeniyi stated that the Bank recognised the immense potential of the enterprise market and has remained committed to supporting its customers, ensuring that its financial needs are met at every stage of their entrepreneurial journey.

Wole stated, “Our range of financial solutions, combined with our unparalleled expertise and tailored support, will enable these enterprises to overcome obstacles and maximise their growth potential. We expanded our digital solutions to ensure

seamless banking experiences for entrepreneurs. Our enhanced Stanbic IBTC Enterprise Online platform provides entrepreneurs access to various banking services, empowering them to manage their finances efficiently from the comfort of their shops, offices or homes.

Wole added that the Stanbic IBTC Enterprise Academy Workshop Series offered training and mentoring programmes, equipping entrepreneurs with the knowledge and tools necessary to navigate and excel in today’s market landscape.

Argentina to Freeze Fuel Prices to Curb Inflation Nume Ekeghe Stanbic IBTC Bank Plc has siad that it has concluded a series of highly successful market storm events with an impressive turnout of more than 5,000 individuals, including entrepreneurs and local businesses.

The bank in a statement said the participants who gathered with enthusiasm engaged with Stanbic IBTC Bank and its wide array of banking products and services.

In the statement, Chief Executive of Stanbic IBTC Bank, Wole Adeniyi

stated that the Bank recognised the immense potential of the enterprise market and has remained committed to supporting its customers, ensuring that its financial needs are met at every stage of their entrepreneurial journey.

Wole stated, “Our range of financial solutions, combined with our unparalleled expertise and tailored support, will enable these enterprises to overcome obstacles and maximise their growth potential. We expanded our digital solutions to ensure seamless banking experiences

for entrepreneurs. Our enhanced Stanbic IBTC Enterprise Online platform provides entrepreneurs access to various banking services, empowering them to manage their finances efficiently from the comfort of their shops, offices or homes.

Wole added that the Stanbic IBTC Enterprise Academy Workshop Series offered training and mentoring programmes, equipping entrepreneurs with the knowledge and tools necessary to navigate and excel in today’s market landscape.

Argentina to Freeze Fuel Prices to Curb Inflation Emmanuel Addeh in Abuja Argentina’s economy ministry has said that it will freeze fuel prices until October 31 after an agreement with the industry as a measure to help tamp down triple-digit inflation.

In a statement, the ministry said the government will cut taxes in exchange for the price freezes, but added that the tax benefits can be “taken away” if companies violate the agreement.

The agreement followed a meeting between economy minister Sergio

Massa and executives from oil companies such as YPF and Vista earlier, Reuters reported.

The South American nation has been battling against sky-rocketing annual inflation which topped 113.4 per cent through July, with monthly inflation set to rise again in August.

Firstbank, Eloy Foundation Empower Over1000 Women in MSMEs The ELOY Awards Foundation has said that it has in partnership with FirstBank launched the 2023 Edition of the “Eloy Business Showe,r” designed and dedicated to encouraging, promoting and empowering businesses owned by women across Nigeria.

In a statement, it said the focus and aim are to expose women in business to important business skills, networking, and the Eloy Foundation Business Toolkit, which is a collection of business survival information.

“This will further be executed through FirstBank’ FirstGem 9% Loan Scheme created for female owned MSMEs and the SMEConnect Initiative. The

Business Shower by the ELOY Awards Foundation was held in five states: Lagos, Delta, Anambra, Kano and Osun States.”

According to Founder of the ELOY Awards Foundation, Tewa Onasanya, “the ELOY Business Shower was held to support business owners to build sustainable businesses. This year at the second edition of the program, we hosted 1087 (one thousand and eighty-seven) women across the 5 states visited in Nigeria. It was an avenue for these women to gain access to entrepreneurial trainings from experienced businessmen and women, who armed them with tools and information to help them

grow their businesses successfully.

Plus, it doesn’t end here. The over 2300 women who registered for the program will also be invited to join the ELOY Foundation Network, a network that will continue to give them access to resources to help their businesses grow.”

Expressing her delight on the recently concluded ELOY Foundation Business Shower, FirstBank’s Group Head, Marketing & Corporate Communications, Folake AniMumuney, said, “we commend Eloy Foundation Awards for convening the second edition of its Eloy Business Shower which has impacted over 1000 female business entrepreneurs across the country.”

WEDNESDAY AUGUST 23, 2023 • T H I S D AY

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T H I S D AY WEDNESDAY, AUGUST 23, 2023

BUSINESS/MONEYGUIDE

LCFE Seeks Partnership with Czech Republic for Trade, Agriculture Kayode Tokede In its pursuit to play pivotal role in the global commodities market, Lagos Commodities and Futures Exchange (LCFE) is seeking partnership with Czech Republic in the areas of exchange programme, agriculture and trade amongst others for enhanced relationship with the European Union (EU).

Addressing a delegate led by Czech’s Ambassador to Nigeria, Zdenek krejci on a courtesy visit to LCFE, the Exchange’s Managing Director, Mr Akin Akeredolu -Ale explained that Nigeria and Czech Republic reinforced their relationship with technology transfer last year. According to him, the partnership between the Czech Republic and Nigeria has N9 Billion Naira direct support for twenty-five (25) Nigeria registered companies to start off in the country under the Delta-2 Programme.

Akeredolu-Ale stated that

LCFE was willing to partner with the Czech Republic for mutual benefits of both parties, saying, “The Nigerian ecosystem is rich is solid mineral resources and agricultural commodities.

Likewise, the Czech Republic trades Machinery and Transport Equipment, Electronic Equipment, Chemicals,Fuels, Iron and Steel, Oil and Mineral Fuels, Wood, Aluminium, wool, wheat,Rapeseed, Maize and many more.

“A new world order is coming. Nigeria has 44 solid mineral resources. This presents various opportunities for collaboration and partnerships. Together, we can build economic bridges, forge partnerships, and pave the way for a future where commodities and futures trading continue to play a pivotal role in shaping the global economic landscape.”

Zdenek Krecji expressed willingness for such collaboration.

He noted that Czech Republic had a lot of opportunities for

companies to grow. The Ambassador said, “We are strong in traditional mercenaries. We develop sophisticated softwares and produce worldclass equipments for companies. We need reliable partners. If a company comes from Nigeria, we are here to expand opportunities in a way that the company shall benefit from European Union (EU).”

In his welcome address, LCFE’s Chairman, Onyenwechukwu Ezeagu explained that relationship between LCFE and Czech Republic would enrich the cultural ties of both countries.

“As we look forward to strengthening the ties between the Czech Republic and our great nation, Nigeria, Lagos Commodities and Futures Exchange Limited wishes to be one of the channels through which this can be achieved. We at LCFE are excited to explore avenues of collaboration that will not only enhance trade but also enrich the cultural fabric of our nations. “Ezeagu said.

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA)

UBA to Equip SMEs withTips on Maintaining Health, Wealth As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) on the continent, United Bank for Africa (UBA) Plc, has said that it is set to organise another edition of its UBA Business Series.

In a statement, it said the UBA Business Series is a regular Workshop organised by the bank as a capacity building initiative, where leading business leaders and professionals share insights on best practices for running successful businesses, especially in the face of difficult business challenges.

It added, “Through this business series, UBA has consistently

supported businesses with essential tips to re-examine their models and strategies as well as ensure they stay afloat and remain thriving. The topic for this edition of the UBA Business Series is, “Financial fitness: Balancing Health and Wealth for Small Business Owners.

“The Group Head Medical Services, AVON HMO, Dr Adeyemi Adeyinka; Founder Kemen Fitness, Kemen Ekerette; Artist and Fitness Enthusiast, Saga Adeolu; Executive Director, Happiness Center, Ramanujam M, and Group Head, Retention and Growth, AVON HMO, Atinuke Kolade, will be on ground to share their business journeys and

give tips to business leaders on the best ways to take their business to the next level while adopting key strategies to stay fir and healthy.”

UBA’s Head, SME Banking, Babatunde Ajayi, said with the vast experience of the panelists, the series will yield the intended result of pointing small business owners in the direction that will help galvanise their brands and position it in such a way as to attract the right customers.

Ajayi, pointed out UBA’s unending commitment and deep passion to help small businesses, which according to him, remains the engine of any developing economy.

NNPC Foundation Partners NYSC, Kudimata to Boost Financial Literacy Sunday Ehigiator The Nigerian National Petroleum Corporation foundation has partnered with the National Youth Service Corps and Kudimata, an educational financial community to equip youth corpers with basic financial skills.

60,000 corpers currently in NYSC Orientation Camps across the country will receive basic financial training courtesy of the NNPC foundation, according to a statement on Sunday.

“The program is aimed at equipping Nigerian youths with requisite financial skills

for success in life, either as entrepreneurs or employees,” it said.

According to the Chief Executive Officer of Kudimata, Kathleen Erhimu, the duo have provided over 20,000 Nigerian graduates with basic financial education and entrepreneurial skills over the last few months.

“We have identified the urgent need to form valueadding alliances to support the National Youth Service Corps SAED program (Skill Acquisition and Entrepreneurial Development) through

financial education, business advisory, and empowerment initiatives,” she said.

Also speaking, the Managing Director, NNPC Foundation, Emmanuella Arukwe said once corp members are equipped with the knowledge and skills to make informed financial decisions, they are better positioned to start the next stage of their life journey.

She added that NNPC was “delighted to provide access to start-up resources and opportunities to ensure that our teeming youths achieve their dreams of self-actualization.”

LASACO Maintains Stable Performance Rating Insurance giant and leading underwriter, Lasaco Assurance PLC, has maintained the prestigious A(NG) performance rating in the latest GCR rating The company, which hit the “stable outlook” standard in the last performance assessment of the world-acclaimed rating agency, maintained the coveted feat through professional discipline, customer relations, prompt claims payment, and innovation.

This rating signifies Lasaco Assurance’s robust financial strength, competitive position, and improved financial profile.

It placed the company at the top echelon of the claim underwriting business in the country as it reflects the company’s effective management of its financial resources and competitive professional muscle.

The feat also reinforced the company’s creativity and commitment to long-term growth

and sustainability, providing reassurance to investors, stakeholders, and customers.

Lasaco Assurance Plc has effectively managed its financial resources and demonstrated a strong competitive stance that has made it a force to reckon with in the industry.

The company has also prioritized its claims settlement to customers and made significant progress in enhancing its financial performance.

MARCH 2023 Money Supply (M3)

54,634,063.50

-- CBN Bills Held by Money Holding Sectors

442,402.18

Money Supply (M2)

54,191,661.32

-- Quasi Money

32,839,133.46

-- Narrow Money (M1)

21,352,527.87

---- Currency Outside Banks

1,445,439.42

---- Demand Deposits

119,907,088.45

Net Foreign Assets (NFA)

5,992,904.55

Net Domestic Assets(NDA)

48,641,158.95

-- Net Domestic Credit (NDC)

70,596,115.20

---- Credit to Government (Net)

27,529,720.19

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

43,066,395.01

--Other Assets Net

11,123,812.79

Reserve Money (Base Money

15,975,739.59

--Currency in Circulation

1,683,498.35

--Banks Reserves --Special Intervention Reserves

14,292,241.24 419,889.49

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

April 2023

Inter-Bank Call Rate

15.80

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

18.00

Treasury Bill Rate

5.73

Savings Deposit Rate

4.59

1 Month Deposit Rate

7.32

3 Months Deposit Rate

7.92

6 Months Deposit Rate

9.84

12 Months Deposit Rate

8.18

Prime Lending rate

14.05

Maximum Lending Rate

28.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 17 JULY, 2023

The price of OPEC basket of thirteen crudes stood at $82.06 a barrel on Friday, compared with $81.53 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ AY, AUGUST 23, 2023

29

MARKET NEWS

Sustained Interest in BUA Foods Boost Market Cap by N157bn KayodeTokede The stock market yesterday extended its positive sentiments as investors sustained interest in BUA Foods Plc and 15 others drove the overall capitalization high by N157 billion.

The Nigerian Exchange Limited All-Share Index (ASI) gained 287.92 basis points or 0.44 per cent to close at 65,488.67 basis points. Also, market capitalisation

rose by N157 billion to close at N35.842 trillion.

The upturn was driven 7.91 per cent or N12.10 per share gain in BUA foods to N165 per share yesterday from N152.90 it opened for trading.

Consequently, the stock market in its Month-to-Date and Year-toDate returns increased to 1.8per cent and 27.8per cent, respectively.

Sectoral performance was mixed, as the NGX Consumer

P R I C E S MAIN BOARD

Goods added 3.8 per cent and NGX Insurance also gained 0.5 per cent, while the NGX Banking dropped by 0.9per cent and NGX Oil & Gas depreciated by 0.2 per cent. As measured by market breadth, market sentiment was negative, as 26 stocks lost relative to 16 gainers. Cornerstone Insurance emerged the highest price gainer of 9.84 per cent to close at N1.34, per share. Computer Warehouse Group followed with

F O R

S E C U R I T I E S

DEALS

MARKET PRICE

QUANTITY TRADED

a gain of 9.74 per cent to close at N4.28, while SCOA Nigeria advanced by 9.38 per cent to close at N1.40, per share.

Associated Bus Company rose by 8.33 per cent to close at 52 kobo, while BUA Foods appreciated by 7.91 per cent to close at N165.00, per share. On the other side, Chellaram, SUNU Assurance and Nigerian Breweries led others on the losers’ chart with 10 per cent each to close

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

at N3.96, 72 kobo and N38.25 respectively, per share. John Holt followed with a decline of 8.81 per cent to close at N1.45, while Mutual Benefits Assurance shed 6.82 per cent to close at 41 kobo, per share. The total volume of trade increased by 26.7 per cent to 293.46 million units, valued at N4.12 billion, and exchanged in 5,895 deals. Transactions in the shares of Transnational Corporation (Transcorp) led the activity

with 41.442 million shares worth N185.043 million. Access Holdings followed with account of 36.158 million shares valued at N616.420 million, while Fidelity Bank traded 32.105 million shares valued at N229.733 million.

Omatek Ventures traded 15.007 million shares worth N4.293 million, while Ecobank Transnational Incorporated (ETI) traded 13.201 million shares worth N208.480 million.

AU G U ST / 2 2 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

30

WEDNESDAY, AUGUST 23, 2023 • T H I S D AY

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

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

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

floor of the Nigerian Stock Exchange.

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

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

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 21-Aug-2023, unless otherwise stated.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 258.88 260.03 36.80% Afrinvest Plutus Fund 100.00 100.00 7.17% Nigeria International Debt Fund 334.00 334.00 11.53% Afrinvest Dollar Fund 107.88 108.98 4.17% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 11.72% AIICO Balanced Fund 4.40 4.48 29.62% 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 0.02% Anchoria Equity Fund 185.70 188.03 28.11% Anchoria Fixed Income Fund 1.28 1.28 3.83% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 28.91 29.78 31.75% ARM Discovery Balanced Fund 632.51 651.58 21.35% ARM Ethical Fund 49.52 51.01 9.76% ARM Eurobond Fund ($) 0.00 0.00 -100.00% ARM Fixed Income Fund 1.14 1.14 2.57% ARM Money Market Fund 1.00 1.00 9.27% ARM Short Term Bond Fund 1.04 1.04 0.36% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 97.87 97.87 7.83% AVA GAM Fixed Income Naira Fund 1,132.07 1,132.07 5.66% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 5.34% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 1068.00% Paramount Equity Fund 24.07 24.58 39.49% Women's Investment Fund 182.07 185.33 28.28% CHD Nigeria Bond Fund 98.83 98.83 12.11% CHD Nigeria Dollar Income Fund 1.00 1.00 11.41% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.22% Cordros Milestone Fund 153.14 154.37 19.73% Cordros Fixed Income Fund 107.67 107.67 10.04% Cordros Halal Fixed Income Fund 104.71 104.71 5.83% Cordros Dollar Fund ($) 112.81 112.81 7.24% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 7.26% Coronation Money Market Fund 1.42 1.43 25.16% Coronation Balanced Fund 1.39 1.39 2.02% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1582.4 1582.4 11.73% FBN Balanced Fund 254.16 256.53 27.28% FBN Halal Fund 132.64 132.64 13.16% FBN Money Market Fund 100.00 100.00 9.97% FBN Dollar Fund 125.29 125.29 7.28% FBN Smart Beta Equity Fund 235.33 238.33 42.10% FBN Specialized Dollar Fund 110.83 110.83 9.59% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 7.36% Legacy Debt Fund 3.52 3.52 -1.62% Legacy Equity Fund 2.61 2.66 30.42% Legacy USD Bond Fund 1.30 1.30 3.48% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 5,138.21 5,172.85 34.63% Coral Income Fund 3,894.05 3,894.05 7.68% Coral Money Market Fund 100.00 100.00 9.72% FSDH Dollar Fund 1.17 1.17 6.08%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund 100.00 100.00 9.35% Guaranty Trust Balanced Fund 3.64 3.72 19.27% Vantage Guaranteed Income Fund 1.00 1.00 7.30% Guaranty Trust Equity Income Fund (VEIF) 1.65 1.70 26.01% Vantage Dollar Fund (VDF) - June Year End 1.10 1.10 7.94% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 16.03 16.10 38.21% Meristem Money Market Fund 10.00 10.00 10.59% 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) 103.07 103.07 11.71% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.81% Norrenberger Dollar Fund (NDF) ($) 102.67 102.67 12.13% 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 1.99 2.05 2727.44% PACAM Fixed Income Fund 11.87 12.24 774.22% PACAM Money Market Fund 10.00 10.00 2.70% PACAM Equity Fund 1.93 1.97 3615.05% PACAM EuroBond Fund 128.20 132.16 1548.04% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund N/A N/A N/A SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.01% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,583.13 4,620.50 35.21% Stanbic IBTC Bond Fund 252.85 252.85 7.34% Stanbic IBTC Ethical Fund 1.92 1.94 53.17% Stanbic IBTC Guaranteed Investment Fund 344.85 344.85 10.13% Stanbic IBTC Iman Fund 345.62 350.05 48.03% Stanbic IBTC Money Market Fund 1.00 1.00 9.32% Stanbic IBTC Nigerian Equity Fund 16,350.70 16,541.08 49.72% Stanbic IBTC Dollar Fund (USD) 1.43 1.43 10.43% Stanbic IBTC Shariah Fixed Income Fund 125.49 125.49 7.34% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 121.85 121.85 14.54% Stanbic IBTC Absolute Fund 4,835.48 4,835.48 13.67% Stanbic IBTC Aggressive Fund 4,652.69 4,710.18 67.34% Stanbic IBTC Conservative Fund 4,985.74 5,010.38 31.04% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.24 1.26 36.31% United Capital Balanced Fund 1.70 1.71 31.43% United Capital Wealth for Women Fund 1.33 1.35 24.33% United Capital Sukuk Fund 1.13 1.13 11.58% United Capital Fixed Income Fund 1.90 1.90 6.85% United Capital Eurobond Fund 121.95 121.95 5.72% United Capital Global Fixed Income Fund 1.05 1.05 8.61% United Capital Money Market Fund 1.00 1.00 9.05% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund N/A N/A N/A Zenith ESG Impact Fund N/A N/A N/A Zenith Income Fund N/A N/A N/A Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 6.59 6.69 63.52% Vetiva Consumer Goods Exchange Traded Fund 8.94 9.04 52.56% Vetiva Griffin 30 Exchange Traded Fund 23.01 23.21 29.96% Vetiva Money Market Fund 1.00 1.00 9.80% Vetiva Industrial Goods Exchange Traded Fund 28.42 28.62 42.01% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS NAV Per Share

Yield / T-Rtn

121.76 55.05 101.29 10.08

6.99% 3.83% -11.73%

Bid Price

Offer Price

Yield / T-Rtn

N/A 102.80 220.50 17.40 16.40

N/A 102.80 220.50 17.50 16.50

N/A -20.14% 118.64% 37.14% 57.69%

NAV Per Share

Yield / T-Rtn

108.39

0.00%

Fund Name

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

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

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

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

31

WEDNESDAY, AUGUST 23, 2023 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

After 38-Year Reign, Cambodian Ruler Handpicks Son as New Prime Minister Cambodia’s parliament has overwhelmingly elected Hun Manet to succeed his father, longtime autocratic ruler Hun Sen, as the country’s prime minister.

The selection of the 45-year-old Hun Manet as Cambodia’s new leader comes just weeks after his father announced he would be stepping aside after nearly four decades in power, prompted by the landslide victory of his ruling Cambodian People’s Party in parliamentary elections.

The election was denounced by Western governments and human rights groups as a sham because the main opposition party was banned from taking part. Hun Manet won a parliamentary seat as a member of the CPP. A graduate of the U.S.-based West Point Military Academy, Hun Manet has served for years in Cambodia’s military, holding various posts, such as head of counterterrorism, deputy military commander and army chief. He also holds a master’s degree from New York University and a doctorate from Bristol University in Britain, all in economics.

The generational change of power will also be reflected in Hun Manet’s Cabinet, with several members being the children or relatives of ministers who served under Hun Sen. The new ministers will include Hun Manet’s youngest brother, Hun Many, who will serve as minister of civil service.

The 71-year-old Hun Sen is a former member of Cambodia’s notorious Khmer Rouge, which has been blamed for the deaths of nearly 2 million people from starvation, illness and executions during its brutal reign in the 1970s. He has gradually eliminated political opposition and independent press during his 38-year rule, while also moving Cambodia to greater economic and military ties with China during his reign.

He says he will continue to play an active role in Cambodian politics, including serving as president of the Senate and leader of the CPP.

China’s Health Authorities Launch Anti-corruption

China’s medical and pharmaceutical sectors are the latest focus of President Xi Jinping’s anti-corruption campaign, his hallmark effort since becoming general secretary of the Chinese Communist Party in late 2012.

China’s National Health Commission (NHC) said the campaign would focus on people who had used their position to procure kickbacks and other corruption in the pharmaceutical sector, according to the government-affiliated Global Times.

At least 176 hospital presidents and party secretaries have been targeted in 2023, more than twice the number than in 2022, according to the Global Times report. Prestigious specialists, professors and department heads of provincial and municipal hospitals are among those suspected.

“The one-year campaign covers the entire chain of production, circulation, sales, use and reimbursement in the pharmaceutical industry, as well as pharmaceutical administrative departments, industry associations, medical and health institutions, pharmaceutical production and operation enterprises, and medical insurance funds,” the Global Times reported, citing the NHC.

First Defendants Surrender in Georgia 2020 Election Interference Case

The first of the 18 co-defendants of former U.S. President Donald Trump facing 2020 election interference and racketeering charges in the southern state of Georgia are starting to turn themselves in to be arrested and booked.

John Eastman, a former Trump lawyer who pushed a plan to have then-Vice President Mike Pence attempt to block congressional certification of Democrat Joe Biden’s victory over Trump, surrendered Tuesday to Fulton County authorities in the Georgia state capital city, Atlanta. Another defendant, Scott Hall, a bail bondsman who was a Republican poll watcher in Georgia, also turned himself in.

Eastman faces nine charges that could, if he is convicted, land him in prison for years. On Monday, he reached a $100,000 bond agreement to be released pending trial.

Eastman was adamant in his intention to fight the allegations brought by Fulton County District Attorney Fani Willis.

US Enforces Visa Restrictions on Chinese Officials Over Tibet Policies

The United States is announcing new visa restrictions on current and former Chinese officials for their involvement in what U.S. and U.N. officials say is the forcible assimilation of more than one million Tibetan children in government-run boarding schools.

In a statement on Tuesday, U.S. Secretary of State Antony Blinken said these “coercive policies” seek to “eliminate Tibet’s distinct linguistic, cultural, and religious traditions among younger generations

to refrain from any action likely to grant legitimacy to the illegal regime in Niger.”

The AU commission and the West African regional bloc, ECOWAS were requested to urgently submit a list of members of the the military junta and their military and civilian supporters, including those involved in the violation of human rights of Bazoum and other detainees for targeted sanctions, it said.

People close to Bazoum say his electricity and water have been cut off and he is running out of food. Rights groups say they’ve been unable to access ministers and political elites who were detained by the junta after the coup.

ECOWAS: Niger Junta’s Three-year Transition Plan Unacceptable

of Tibetans.”

“We urge PRC (People’s Republic of China) authorities to end the coercion of Tibetan children into government-run boarding schools and to cease repressive assimilation policies, both in Tibet and throughout other parts of the PRC,” said Blinken.

Visa restrictions under the authority of Section 212(a)(3)(C) of the Immigration and Nationality Act means foreign nationals may not be granted a visa to enter the U.S. due to potentially significant adverse foreign policy consequences for the United States.

African Union Suspends Niger Until ‘the Effective Restoration of Constitutional Order’

The African Union on Tuesday suspended Niger from all of its institutions and activities “until the effective restoration of constitutional order” following last month’s coup.

The council of the 55-nation bloc made the decision after mutinous soldiers overthrew Niger’s democratically elected president last month and quickly entrenched themselves in power, rebuffing most dialogue efforts.

President Mohamed Bazoum, his wife and son have been kept under house arrest in the capital, Niamey.

This was the council’s first public communication since it met earlier this month to discuss Niger’s crisis. The Council called on all member states and the international community to reject the country’s “unconstitutional change of government and to refrain from any action likely to grant legitimacy to the illegal regime in Niger.”

UN Accuses Taliban of Killing 200 Ex-Afghan Officials, Security Personnel

The United Nations said Tuesday that it had recorded at least 218 “extrajudicial” killings in Afghanistan and hundreds of other “serious” human rights abuses since the Taliban seized power two years ago.

The victims were allegedly mostly individuals affiliated with the U.S.-backed former government in Kabul, including military, intelligence, and police personnel.

“In most instances, individuals were detained by de facto [Taliban] security forces, often briefly, before being killed,” the U.N. Assistance Mission in Afghanistan [UNAMA] said in its new report.

While some were killed in custody, others were taken to undisclosed locations before being killed, with their bodies either dumped or handed over to family members, the report said. While some were killed in custody, others were taken to undisclosed locations before being killed, with their bodies either dumped or handed over to family members, the report said.

UNAMA documented 800 incidents of extrajudicial killings, arbitrary arrest, torture and enforced disappearance, saying they took place despite a much-touted “general amnesty” by the Taliban for former Afghan officials.

Greece Forest Fires Death Toll Hits 20

Eighteen suspected migrants were found dead Tuesday in a Greek forest fire near the Turkish border as scores of firefighters battled to contain the second deadly wave of blazes to hit the country in a month.

Fire department spokesman Yiannis Artopios said the victims were found north of the city of Alexandroupoli.

As no local residents had been reported missing “the possibility that they are people who entered our country illegally is under investigation,” Artopios said in a televised address.

The area is a frequent entry point for irregular migrants.

The latest deaths pushed the overall toll from this week’s fires to 20, after another suspected migrant was found dead in the area Monday.

An elderly shepherd had also been found dead north of Athens on Monday.

US Says Deal on Iran Releasing 5 US Citizens on Track

The United States believes an understanding on Iran eventually releasing five U.S. citizens remain on track, White House national security adviser Jake Sullivan said on Tuesday but declined to offer any timeline.

Iran on Aug. 10 released four imprisoned U.S. citizens into house arrest, where they joined a fifth already under home confinement, in the first step of a deal under which $6 billion in Iranian funds in South Korea would be unfrozen and the five would eventually be allowed to leave the Islamic Republic.

“We believe that things are proceeding according to the understanding that we’ve reached

India to Land Craft on Moon’s Unexplored South Pole

Indian scientists are aiming to put a lander on the moon Wednesday, hoping that the country will become the first to touch down on the lunar surface’s south pole.

India’s attempt will be made days after Russia’s Luna-25 lander, also headed for the unexplored south pole, crashed into the moon.

The Indian Space Research Organization (ISRO) expressed optimism about its moon mission on Tuesday. “The mission is on schedule. Systems are undergoing regular checks. Smooth sailing is continuing. The Mission Operations Complex (MOX) is buzzed with energy & excitement!,” it said on X. It is India’s second attempt to reach the south pole -- four years ago, India’s lander crashed during its final approach.

African Union Suspends Niger Until ‘the Effective Restoration of Constitutional Order’

The African Union on Tuesday suspended Niger from all of its institutions and activities “until the effective restoration of constitutional order” following last month’s coup.

The council of the 55-nation bloc made the decision after mutinous soldiers overthrew Niger’s democratically elected president last month and quickly entrenched themselves in power, rebuffing most dialogue efforts.

President Mohamed Bazoum, his wife and son have been kept under house arrest in the capital, Niamey.

This was the council’s first public communication since it met earlier this month to discuss Niger’s crisis. The Council called on all member states and the international community to reject the country’s “unconstitutional change of government and

The Economic Community of West African States has rejected a plan by Niger’s coup leaders to relinquish power within three years.

The three-year transition plan proposed

by Niger’s military junta was unacceptable, ECOWAS commissioner for political affairs, peace and security, Abdel-Fatau Musah, told a Nigerian television channel Monday.

He said the regional bloc ECOWAS insists on the return of constitutional order as quickly as possible, and that the junta proposed the transition plan as a distraction to remain in power for longer.

In a televised address Saturday, Niger’s junta leader Abdourahamane Tchiani said the country would return to civilian rule within three years. He spoke soon after meeting with an ECOWAS delegation led by Nigeria’s former head of state, Abdulsalam Abubakar.

Tchiani urged political parties to submit their vision for the transition within 30 days.

Somali Government Announces Amnesty for Al-Shabab

The Somali government has offered amnesty to al-Shabab militants amid an ongoing military offensive in central parts of the country. The move is seen by some analysts as a way to remove al-Shabab fighters from the battlefield, thereby weakening the insurgent group.

The amnesty offer is part of a widening approach by the Somali government in its fight against the al-Shabab militant group.

The government has deployed the military, targeted financial networks and waged an ideological battle against the group.

The announcement by the National Counter Terrorism Center to open doors for defections follows President Hassan Sheikh Mohamud’s remarks that al-Shabab leadership was not willing to negotiate with the government.

Abdiaziz Hussein Issack, a security analyst with Hamad Bin Khalifa Civilization Center, said the amnesty offer to al-Shabab is a strategic tactic by the Somali government to further weaken the group.

If well-coordinated, the amnesty could be a plus for the government, he said. If the fighters desert their positions, the government forces will not only face little resistance but will also benefit from intelligence from the defectors.

Dubai International Airport Sees 41.6 Million Passengers in First Half of Year

Dubai International Airport, the world’s busiest for international travel, announced Tuesday it served 41.6 million passengers in the first half of this year — exceeding figures for the same period in 2019 as travelers return to the air after the lockdowns of the coronavirus pandemic.

The airport, home to the long-haul carrier Emirates in skyscraper-studded Dubai, long has served as a barometer for the aviation industry worldwide. The new figures at the airport known as DXB reflect figures offered by the International Air Transport Association that traffic worldwide is at 94% of pre-COVID-19 levels.

“As we recover with our (half-year) traffic surpassing pre-pandemic levels, we continue to remain committed to ensuring every guest who travels through our airport leaves with a smile,” Paul Griffiths, CEO of Dubai Airports, said in a statement announcing the figures.

The 41.6 million passengers is up some 50% from the 27.9 million recorded the same time last year, as airlines now have more planes and routes running again.

Passenger traffic this year largely has been driven by the airport’s standard travel destinations — India, Saudi Arabia, the United Kingdom and Pakistan. Russia as well has been a major market as Dubai remains one of the few places still open to Russians amid Moscow’s war on Ukraine.

32

T H I S D AY ˾ WEDNESDAY AUGUST 23, 2023

EDUCATION New Ministers: Fast-tracking Education through Creativity With the appointment and swearing-in of Prof Tahir Mamman and Dr. Yusuf Sununu as the Minister of Education and Minister of State for Education, respectively, experts explained why they have to bring on board their creative capabilities to succeed and accelerate progress in the education sector. Funmi Ogundare reports

Prof Tahir Mamman

O

n Monday, August 21, President Bola Tinubu swore in 45 ministers, 84 days after he assumed office, following the approval of the Senate.

Among whom are the Minister of Education, Prof. Tahir Mamman and Minister of State for Education, Dr. Yusuf Sununu.

Before his appointment, Mamman served as the vice-chancellor of Baze University, Abuja. He has played a role as an academic leader in shaping the minds of future legal professionals and the advancement of legal education as a whole.

In recognition of his exceptional contributions, the federal government bestowed on him the Officer of the Order of the Niger (OON) honour, a testament to his commitment to nation-building and the advancement of legal education.

His practice areas include Arbitration and Mediation and Corporate and Commercial Law. As an esteemed member of the Nigerian Bar Association (NBA) and the International Bar Association, Mamman remains at the forefront of legal discourse and innovations.

Sununu is an obstetrician and gynaecologist. A member representing Yauri/ Shanga/Ngaski federal constituency in Kebbi, he obtained a Bachelor of Medicine, Bachelor of Surgery (MBBS), between 1992 and 1996. He was the personal physician to a former governor of Kebbi at the Government House Clinic, Birnin Kebbi from May 2003 to April 2005. He was the medical officer at General Hospital, Argungun from January 2000 to March 2003.

He was on the management board of the Federal Medical Centre, Katsina (2013)

Dr. Yusuf Sununu

and Usmanu Danfodiyo University Teaching Hospital Sokoto (2018).

He is a member of the Nigerian Medical Association (NMA) and of the Society of Gynaecology and Obstetrics (SOGON), life member World Association of Laparoscopiic Surgeons (WALS) India, and a member of the Medical and Dental Consultant of Nigeria.

At the swearing-in ceremony held at the Conference Hall in the Presidential Villa, Abuja, and witnessed by Senate President Godswill Akpabio, Speaker of the House of Representatives, Tajudeen Abbas, Secretary to the Government of the Federation, George Akume, Chief of Staff to the President, Femi Gbajabiamila, among other dignitaries, Tinubu admonished the ministers to meet the expectations of Nigerians. He explained that the ministers were selected based on personal experiences to continue with the work of nation-building. He noted that the challenges before them could be very daunting, but that the government was hell-bent on the push to introduce renewed hope.

“It is all about a great team and I believe we have them here.The greatest number of Nigerians are highly expectant. They believe that you will serve with integrity and deliver. I will hold you to account,” said the president.

The president urged the new ministers to note that their assignment begins immediately, adding that they should also restore faith

in governance so that the governed could believe in government.

“I welcome you to the administration of ‘Renewed Hope’. We are in this boat together. This is a vehicle and I am the driver. The entire Nigerians are watching as we navigate this vehicle. We have to do the job to meet the expectations of all Nigerians,” Tinubu stressed.

Experts who have been paying keen interest to the education sector, explained that the ministers have to hit the ground running by bringing on board their creative capabilities and competence of the human capital available to them to fix the sector.

In his submission, a member of the advisory board of the Chrisland Schools Limited, Mr. Akin Fadeyi explained that a minister will excel if he or she is able to deploy competence, management aptitude, leadership capabilities, listening ear and integrity.

“As enshrined in our constitution, ministers are appointed by the president subject to approval of the senate to advise the president on policies that enable governance. What makes ministers fail are the opposites of these attributes,” he stated.

He recalled that as education ministers, the likes of Dr. Oby Ezekwesili and Prof.

Chinwe Obaji were put up for good mention in their stewardship at the education ministry, adding that Prof. Tunde Adeniran was also acclaimed to have introduced a couple of reforms to aid development of the Nigerian education sector. He noted that as a a political scientist, he stood out for his policy direction of the Universal Basic Education (UBE) scheme and the establishment of the National Open University of Nigeria (NOUN).

“Prof. Babalola Borishade was also famous for the ban on satellite campuses and promotion of the core values of NOUN. Madam Oby Ezekwesili and Prof. Chinwe Obaji have all been put up for good mention in their stewardship at the education ministry,” he explained.

“These were not professional Educators.

Anyone can therefore move any institution forward.”

The bane of efficiency and performance, Fadeyi noted, includes corruption, ineptitude and lack of political will.

“If you are a thinker who can mobilise resources and galvanise the competences of the human capital available to you from your permanent secretary to other experts within your ministry and within the stakeholder-community, you will perform superlatively,” Fadeyi said.

Fixing the nation, he noted, is the collective responsibility of all saying, “We should allow this government to settle and deliver. This nation is at a critical juncture. This government inherited a near mess. Fixing the nation is a collective responsibility of all, not ministers alone.”

An associate professor of journalism at the Lagos State University (LASU), Tunde Akanni, said he is looking forward to a good performance from the new education minister.

“I read it somewhere that the Law School he ran for sometime recorded massive development under him,” stated Akanni. “I can’t wait to see him work with Academic Staff Union of Universities (ASUU) to accelerate progress in the education sector. I will be most delighted to see them reject Integrated Payroll and Personnel Information Systems (IPPIS) together.”

University of Ghana Announces Fees Reduction for Students from ECOWAS Countries Uchechukwu Nnaike

The University of Ghana has announced a fee reduction for students from ECOWAS countries to attract more international students.

The Ghana consul general in Lagos, Ms. Samata Gifty Bukari, announced this in a chat with journalists in Lagos, as part of the students’ recruitment drive by the International Programmes Office of the university.

To make it easier for parents and students, she said there is arrangement for payment by instalment when suitable for parents.

She, however, warned that the arrangement has to be taken seriously and adhere

strictly to whatever agreement reached regarding time for payment, because the university will go by the agreement.

She also assured prospective student of adequate security in the hostels and campus, adding that applicants would be given all the needed assistance from the first day of applying for a course to their arrival in Ghana.

Highlighting the importance of studying abroad, she said it fosters cooperation and collaboration among countries, brings exposure, encourages knowledge and expertise sharing and transfer of skills.

She also assured applicants of support from the Ghana Embassy, saying that they could contact the Ghana Embassy, the Ghana consulate in Lagos and High Commission in Abuja for any form of assistance.

According to her, as the University of Ghana turns 75, it is an opportunity to acknowledge the role that Nigeria and Nigerian students, researchers and academics have played in the achievements over the 75 of delivering education and research.

The International Students Recruitment Officer, University of Ghana, Mr. Emmanuel Yaw Dankwa, stated that the recruitment exercise is focused on secondary school graduates whose

WASSCE results were recently released, urging them to take advantage of the opportunity offered to seek admission into the six colleges.

According to him, the number of international students had reduced over the past five years with COVID-19, economic hardship and other forms of disasters. He stated that Nigerians make up about 60 per cent of the number of international students at the university.

Some Nigerians already studying at the university, commended the management and staff of the institution for the quality of education being provided in a conducive environment. They described Ghanaians as wonderful people willing to help international students.

33

WEDNESDAY, ͺͻ˜ ͺ͸ͺͻ ˾ T H I S D AY

dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ƵƉ ϭ͘ϯй

dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞdž ƌŽƐĞ ϭϮϵďƉƐ ƚŽ ĐůŽƐĞ Ăƚ

THISDAY AFRINVEST 40 INDEX

Ϯ͕ϵϱϯ͘ϭϬ ŝŶĚĞdž ƉŽŝŶƚƐ ĨŽůůŽǁŝŶŐ ŐĂŝŶƐ ŝŶ h &KK ^ ;нϳ͘ϵйͿ͕ dZ E^ KZW ;нϮ͘ϯйͿ͕ ĂŶĚ 'h/EE ^^ ;нϮ͘ϴйͿ͘

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƵŵƵůĂƟǀĞůLJ͕ ƚŚĞƐĞ ƐƚŽĐŬƐ ĂĐĐŽƵŶƚ ĨŽƌ Ϯϯ͘ϯй ŽĨ ƚŚĞ ŝŶͲ Ticker

Current Price

Previous Price Change

THISDAY AFRINVEST 40

2953.10

1.29%

ĚĞdž͘

džƚĞŶĚĞĚ ĂƌŐĂŝŶ ,ƵŶƟŶŐ ŽŶ ƚŚĞ ƵƐƚŽŵƐ ^ƚƌĞĞƚ͘​͘​͘ ^/ ƵƉ Ϭ͘ϰй dŚĞ ůŽĐĂů ďŽƵƌƐĞ ĞdžƚĞŶĚƐ ŝƚƐ ďƵůůŝƐŚ ƚƌĞŶĚ ĂƐ ƉƌŝĐĞ ĂƉƉƌĞͲ ĐŝĂƟŽŶ ŝŶ h &KK ^ ;нϳ͘ϵйͿ͕ E'^h' Z ;нϯ͘ϵйͿ͕ ĂŶĚ dZ E^ KZW ;нϮ͘ϯйͿ ƉƵƐŚĞĚ ƚŚĞ E'yͲ ^/ ƵƉ ďLJ Ϭ͘ϰй ƚŽ ϲϱ͕ϰϴϴ͘ϲϳ ƉŽŝŶƚƐ͘ Ɛ Ă ƌĞƐƵůƚ͕ zd ƌĞƚƵƌŶ ƌŽƐĞ ƚŽ

Current Price Change Weighting YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divindend Earnings Yield Yield

25.0%

195.3%

21.3%

4.6%

5.2x

1.1x

6.3%

13.8%

1

BUA Foods PLC

165.00

7.9%

21.5%

153.8%

21.5%

54.0%

21.8%

19.4x

9.1x

2.7%

5.1%

2

MTN Nigeria Communications PLC

275.00

0.0%

9.9%

27.9%

0.6%

116.2%

10.8%

18.3x

21.7x

5.7%

5.5%

3

Airtel Africa PLC

1,250.00

0.0%

9.0%

-23.5%

-5.3%

10.4%

3.2%

4

Guaranty Trust Holding Co PLC

36.45

-0.1%

7.8%

58.5%

4.1%

19.7%

3.0%

5.6x

1.1x

8.6%

5

Zenith Bank PLC

33.80

-0.4%

6.8%

40.8%

-1.3%

16.7%

2.0%

4.6x

0.7x

9.5%

21.8%

6

FBN Holdings Plc

18.30

-1.1%

4.5%

67.9%

7.3%

23.6%

2.2%

2.5x

0.5x

2.7%

40.4%

2.8% 17.9%

7

Dangote Cement PLC

360.00

0.0%

5.2%

37.9%

26.3%

37.4%

14.0%

16.0x

4.8x

5.9%

6.3%

8

Lafarge Africa PLC

27.50

0.0%

3.2%

14.6%

-6.8%

12.3%

9.1%

8.6x

1.0x

7.3%

11.6%

9

United Bank for Africa PLC

13.80

-1.4%

3.2%

81.6%

12.7%

20.4%

1.7%

2.7x

0.5x

8.0%

37.4%

2.9%

58.2%

19.4%

1.5%

0.8%

46.0x

0.7x

3.6%

2.2%

5.6%

-2.3% 29.5%

10

SEPLAT Energy PLC

1,670.80

0.0%

11

Nestle Nigeria PLC

1,170.00

0.0%

2.2%

6.4%

-6.4%

12

Access Holdings PLC

16.85

-1.2%

4.1%

98.2%

81.2%

13.9%

1.2%

3.4x

0.4x

15.4%

2.5%

92.8%

19.4%

22.4%

2.9%

8.4x

1.9x

5.5%

11.9%

2.1%

49.1%

3.9%

24.4%

1.2%

1.6x

0.4x

3.2%

63.1%

15.3x

-5.3%

13

Stanbic IBTC Holdings PLC

64.50

0.0%

14

Ecobank Transnational Inc

15.80

-2.2%

15

Okomu Oil Palm PLC

250.00

0.0%

1.7%

51.5%

6.4%

47.7%

23.5%

16

Nigerian Brew eries PLC

38.25

-10.0%

1.3%

-6.7%

-15.0%

-34.4%

-8.8%

17

Fidelity Bank PLC

7.15

0.0%

1.5%

64.4%

2.1%

22.3%

1.8%

ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ƌŽƐĞ Ϯϲ͘ϳй ĂŶĚ ϯ͘ϯй ƚŽ

18

Flour Mills of Nigeria PLC

29.50

0.0%

0.9%

3.9%

-13.5%

11.4%

2.5%

19

Transnational Corp of Nigeria

4.48

2.3%

1.3%

296.5%

27.6%

11.6%

2.8%

Ϯϵϯ͘ϱŵ ƵŶŝƚƐ ĂŶĚ ʬϰ͘ϭďŶ ƌĞƐƉĞĐƟǀĞůLJ͘

20

International Brew eries PLC

4.80

0.0%

0.9%

2.1%

-7.7%

-43.9%

-9.2%

21

AXA Mansard Insurance PLC

3.90

0.0%

0.8%

95.0%

-1.3%

40.5%

11.3%

2.3x

0.8x

7.7%

22

FCMB Group Plc

5.88

-2.3%

0.8%

52.7%

15.3%

17.7%

1.7%

2.2x

0.3x

4.3%

45.2%

23

PZ Cussons Nigeria PLC

17.45

0.0%

0.5%

53.7%

-20.7%

35.2%

10.0%

4.7x

1.6x

5.8%

21.3%

24

Guinness Nigeria PLC

62.20

2.8%

0.5%

-10.2%

-22.3%

-24.8%

-7.9%

2.4x

11.5%

-13.3%

25

Dangote Sugar Refinery PLC

37.40

3.9%

0.9%

133.0%

49.6%

5.0%

1.3%

70.3x

3.6x

3.9%

1.4%

26

Presco PLC

220.00

0.0%

0.6%

60.0%

23.6%

31.7%

9.5%

15.0x

4.5x

6.5%

6.7%

27

United Capital PLC

14.30

0.0%

0.5%

2.1%

-9.2%

38.7%

1.6%

8.7x

3.2x

10.4%

11.5%

28

BUA Cement Plc

96.15

0.0%

0.4%

-1.6%

4.2%

25.0%

12.6%

32.3x

7.9x

3.1%

3.1%

0.7%

233.3%

97.9%

52.1%

16.5%

10.1x

4.4x

2.7%

9.9%

Ϯϳ͘ϴй ĨƌŽŵ Ϯϳ͘Ϯй͕ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ĂĚͲ ǀĂŶĐĞĚ ʬϭϱϲ͘ϳďŶ ƚŽ ʬϯϱ͘ϴƚŶ͘ ĐƟǀŝƚLJ ůĞǀĞů ŝŵƉƌŽǀĞĚ ĂƐ

DŝdžĞĚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ŽƵƌ ĐŽǀĞƌĂŐĞ ƐĞĐƚŽƌƐ ǁĂƐ ŵŝdžĞĚ͕ ĂůďĞŝƚ ƉŽƐŝƟǀĞůLJ ƐŬĞǁĞĚ͕ ĂƐ ϯ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ͕ Ϯ ůŽƐƚ͕ ǁŚŝůĞ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ĐůŽƐĞĚ ŇĂƚ͘ dŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ ƌŽƐĞ ϯ͘ϴй ĂŶĚ Ϭ͘ϱй ƌĞƐƉĞĐƟǀĞůLJ͕ ŽǁŝŶŐ ƚŽ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ h &KK ^ ;нϳ͘ϵйͿ͕ E'^h' Z ;нϯ͘ϵйͿ͕ KZE Z^d ;нϵ͘ϴйͿ ĂŶĚ ,/W> ;нϯ͘ϱйͿ͘ dƌĂŝůŝŶŐ͕ ƚŚĞ &ZͲ/ d ŝŶĚĞdž ƌŽƐĞ ϭďƉ ĚƵĞ ƚŽ ŐĂŝŶƐ ŝŶ t' ;нϵ͘ϳйͿ͘ ŽŶǀĞƌƐĞůLJ͕

KƵƚůŽŽŬ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ͕ ǁĞĂŬĞŶĞĚ ƚŽ ͲϬ͘ϭϰdž ;ƉƌĞǀŝŽƵƐůLJ Ϭ͘ϮϯdžͿ ĂƐ ϭϲ ƐƚŽĐŬƐ ĂĚͲ ǀĂŶĐĞĚ͕ Ϯϲ ĚĞĐůŝŶĞĚ͕ ǁŚŝůĞ ϳϭ ĐůŽƐĞĚ ŇĂƚ͘ dŽĚĂLJ͕ ǁĞ ĞdžͲ

0.6x

5.6%

35.6%

5.8x

0.6x

13.0x

1.5x

17.4% 1.1%

1.9x

7.7% -35.4% 44.4%

37.00

30

TotalEnergies Marketing Nigeri

385.00

0.0%

0.4%

99.5%

10.0%

34.1%

5.3%

8.0x

2.5x

6.9%

12.5%

31

Wema Bank PLC

5.00

0.0%

0.2%

28.2%

-5.5%

17.2%

1.0%

3.3x

0.7x

6.1%

30.3%

32

Jaiz Bank PLC

1.50

-2.6%

0.2%

63.0%

-10.2%

27.5%

2.0%

6.4x

1.7x

33.1%

15.7%

33

Geregu Pow er PLC

339.50

0.0%

0.3%

127.9%

13.2%

25.9x

2.4%

34

Union Bank of Nigeria PLC

6.70

-2.9%

0.2%

4.7%

-8.8%

15.8%

1.6%

5.4x

0.6x

0.2%

18.4%

-6.5%

12.7%

1.6%

5.4x

0.5x

8.6%

8.0%

4.0%

15.6x

1.2x

1.8%

3.2%

1.7x

35

Julius Berger Nigeria PLC

29.00

0.0%

36

Unilever Nigeria PLC

14.50

0.0%

0.1%

25.0%

-11.0%

37

Oando PLC

5.30

-2.8%

0.1%

35.2%

-7.8%

18.4%

38

Conoil PLC

110.00

0.0%

0.1%

315.1%

32.5%

38.9%

14.8%

7.2x

2.4x

2.5%

Transcorp Hotels Plc

36.70

0.0%

0.1%

487.2%

56.8%

5.3%

2.9%

107.5x

5.8x

0.4%

40

Notore Chemical Industries Ltd

62.50

0.0%

0.0%

0.0%

0.0%

T ic k er

Vo lum e

P ric e C hg %

P ric e

P ric e C hg %

C OR N ER ST

1.34

9.8%

T R A N SC OR P

41.4

2.3%

C WG

4.28

9.7%

A C C ESSC OR P

36.2

-1.2%

SC OA

1.40

9.4%

F ID ELIT YB K

32.1

0.0%

15.0

-6.7%

A B CTRA NS

0.52

8.3%

OM A T EK

B UA F OOD S

165.00

7.9%

ET I

13.2

-2.2%

R T B R ISC OE

0.47

6.8%

UB A

12.8

-1.4%

M EYER

2.80

5.3%

FB NH

9.9

-1.1%

CA P

20.95

4.8%

D A N GSUGA R

8.9

3.9%

N A SC ON

37.00

4.2%

J A IZ B A N K

8.8

-2.6%

D A N GSUGA R

37.40

3.9%

UN IVIN SUR E

8.5

0.0%

T o p 10 T r a d e s b y V a l u e

T o p 10 L o s e r s T ic k er

P ric e

P ric e C hg %

T ic k er

Value

C H ELLA R A M

3.96

-10.0%

M TNN

791.5

0.0%

NB

38.25

-10.0%

A C C ESSC OR P

616.4

-1.2%

P ric e C hg %

3.9%

SUN UA SSUR

0.72

-10.0%

D A N GSUGA R

332.8

J OH N H OLT

1.45

-8.8%

GT C O

275.9

-0.1%

M B EN EF IT

0.41

-6.8%

F ID ELIT YB K

229.7

0.0%

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0.28

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T o p 10 G a i n e r s

18.7%

57.4%

39

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34

WEDNESDAY, ͺͻ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

NEW HEALTH MINISTERS MEET MINISTRY OFFICIALS...

Coordinating Minister of Health and Social Welfare, Ali Pate (middle) flanked by the Minister of State for Health and Social Welfare, Tunji Alausa (left), and the Permanent Secretary, Federal Ministry of Health, Kachollom Daju mni (right), during the Ministers resumption of office in Abuja... yesterday

Edo Govt Announces N1.3bn Allocation to Traditional Rulers’ Council, Says All Disputes Resolved 34 years after, Obaseki settles benefits of former Edo gov, Alli Owie hails state govt for implementing Traditional Rulers, Chiefs Edict of 1979 Adibe Emenyonu in Benin City Edo State Government has announced the release of N1,316,746,764.13 to the state’s Council of Traditional Rulers as arrears of the five per cent of the local government allocations due to the royal fathers, which was warehoused by the government when there was crisis within the council.

Addressing a joint press conference in Benin, yesterday, the state Commissioner for Information and Orientation, Chris Osa Nehikhare; and his counterpart in the Ministry of Local Government and Chieftaincy Affairs, Mr. Monday Osaigbovo, said the disbursement of the funds had commenced.

Nehikhare, who spoke first, explained that prior to the coming of the Governor Godwin Obaseki’s administration, what was being released to the traditional council as its statutory five per cent allocation, was the amount due from the basic allocation to the 18 local government areas in the state, excluding other components such as the Value Added Tax (VAT) and the Excess Crude earnings.

He further explained that the arrears of the VAT and excess crude earnings from July 2022, and the amount due which the council agreed that government should warehouse when a misunderstanding arose in April 2023, were added together to arrive at the N1.3 billion being shared to the traditional rulers.

According to him, at no time did the government withhold the allocation to the traditional rulers, stressing that what the government warehoused for the council arose as a result of the misunderstanding among the traditional rulers. He pointed out that with the resolution of the misunderstanding, all the earnings due to the traditional rulers had been disbursed to them accordingly.

According to him, of the N1.3 billion, the Council of Traditional Rulers in the seven local governments in Edo South Senatorial Districts got the sum of N639.2 million, shared, with the Benin Traditional Council (BTC) getting N319.6 million, while the other traditional rulers in the remaining local governments have N255.7 million.

Nehikhare further disclosed that while traditional rulers in the six local government areas of Edo North Senatorial District got the sum of N377.6 million, those from the five

local governments in Edo Central Senatorial District got N299.8 million.

Nehikhare, reiterated that the Omo N’Oba N’Edo, Uku Akpolokpolo, Oba Ewuare II, Oba of Benin, remained the supreme head of all traditional rulers in Edo South, who are answerable to him and remained subjects of the Benin monarch.

He noted that the Iyase of Benin, Chief Sam Igbe, who is the Prime Minister of Benin kingdom was privy to the resolution of the administrative disputes that necessitated the government warehousing the funds for the traditional rulers and agreed with the Enigies on the terms of the resolution of the issues, just as he dismissed any insinuation of dispute between the council of traditional rulers and the state government.

The commissioner expressed optimism that the new arrangement would enhance a more cohesive administration at that level of government, stressing that the state government was happy to note that the various 18 LGAs in the state had commenced the disbursement of the funds.

Nehikhare disclosed that the state government would explore the possibilities of giving additional responsibilities to traditional rulers in the state especially in the security of their domains, as the security of lives and property remained the priority of the government.

On his part, the Commissioner for Local Government and Chieftaincy Affairs, Monday Osaigbovo, while throwing more light on the five percent allocation to the traditional rulers, said that it was the Obaseki administration that insisted that all elements that make up the allocation to the 18 LGAs must be taken into account in computing the five percent due to the traditional rulers.

Osaigbovo, added that when computed as directed by Obaseki, the amount due to the council of traditional rulers increased, hence the government was justified to have said that it had increased the allocation, stressing that no other state had the same sharing formular like Edo State.

Relatedly, Obaseki, has settled the benefits and gratuity of the former governor of the State, Late Prof. Ambrose Alli. This is coming 34 years after the demise of Alli.

Alli was the first Executive Governor of the former Bendel State (Now Edo and Delta states)

between 1979 and 1983 under the then Unity Party of Nigeria (UPN). Born September 22, 1929, the renowned Medical Professor died on September 22, 1989.

Obaseki made this disclosure yesterday, in Benin City on the occasion of the celebration of the award of the ‘Most Pension Friendly Governor in Nigeria,’ bestowed on him by the Nigeria Union of Pensioners (NUP).

Speaking on his commitment to the wellbeing of pensioners in the state by ensuring that their benefits are paid regularly, including outstanding pensions and gratuity, he revealed how the unpaid benefits of the former governor were settled last week by the state government.

According to Obaseki, “Last Saturday (August 19, 2023), the widow of former Governor of Edo State, late Prof. Ambrose Ali, turned 80 years in Birmingham, United Kingdom.

He has made a lot of sacrifices for

us as a State.

“We decided to celebrate with her and I asked one of the children what he thinks is an appropriate present for her mother.

“He said just do her the honour of paying my father's benefits while in office. Then I said, you mean Prof. Ali benefits are not paid.’ He said yes. We went into the records, prepared the cheque and took it to her in England. This is to tell you where we are coming from. I’m glad we remembered him.”

The governor was represented by his wife, Mrs. Betsy Obaseki, at the 80th birthday celebration of the late governor’s widow, Chief Mrs. Rosemary Alli-Walker.

The Edo State First Lady recognised the enduring impact of Alli’s tenure as governor, noting that the policies and programmes implemented during his leadership, notably in education, urban and rural development and healthcare have continued to shape

Edo State’s progress.

She said the former governor and his wife occupy a special place in the hearts of Edo people, resonating with the attendees, who had gathered to honour Chief Mrs. Alli-Walker.

In her response to the felicitation, the celebrant expressed her gratitude to the First Lady for travelling all the way from Nigeria to join in her celebration.

This is as she pledged to support free surgeries for children with cleft lips, an initiative named ‘Operation Smile’.

Meanwhile, former Senator representing Edo South Senatorial District, Senator Roland Owie, has commended the Edo State Government for the implementation of the Traditional Rulers and Chiefs Edict of 1979, especially as relates to section 45 of the edict, which recognised the Oba of Benin’s position as the permanent head of all the traditional rulers in the State.

In a statement, Owie said the implementation of the law would allow the traditional rulers in the Benin Kingdom to support the state government's efforts in improving the lives of their subjects and communities.

Commending the Edo State Government, he said, “I just read a release issued by the Hon. Commissioner for Communication and Orientation, Chris Osa Nehikhare that Oba of Benin Remains Uncontestable Head of All Traditional Rulers and Chiefs in Edo State.

“I thank the Governor of Edo State and the Edo House of Assembly for obeying this piece of legislation that was enacted in 1979, after 44 years.”

The Senator noted, “With this, the Enigie in Benin Kingdom can now live well and support their subjects and communities. Thank You, Godwin Nogheghase Obaseki, ‘Uhunoma’ members of the Edo State House of Assembly. To God Be Glory.”

Lagos Businessman Charged with Bribing Policemen Gets N500m Bail Alex Enumah in Abuja A Lagos businessman, Dr. Akintoye Akindele charged for offering N50 million bribe to men of the Nigeria Police Force (NPF) has been admitted to bail in the sum of N500 million.

Justice Hamza Muazu of a High Court of the Federal Capital Territory (FCT) in Maitama, Abuja, admitted the defendant to bail shortly after his arraignment on a one count charge to which he pleaded not guilty.

The Inspector General of Police, had on Tuesday, arraigned Akindele, who is the Managing Director and Chief Executive Officer of Duport Midstream Company Ltd, on a one count charge bordering on alleged bribery.

However, when the charge was read against him, he pleaded not guilty and his lawyers, Henry Eni-otu and Pelumi Olajengbesi moved application for his bail, adding that the defendant was in need of urgent medical attention.

Although, the police through its counsel, Simon Lough, had requested that the defendant be kept in their custody to enable them conclude investigation, the request was not granted by the court.

Justice Muazu in his ruling on the bail application agreed with the defendants lawyer, that the offence, with which the defendant was charged, is ordinarily bailable.

He proceeded to admit the defendant to bail in the sun of N500 million, with two sureties in like sum.

Conditions attached to the bail were that the sureties must own landed property within the jurisdiction of the court and should be a resident of the Federal Capital Territory (FCT).

In addition, the defendant must deposit his travel documents and his international passport with the court.

Justice Muazu, who is sitting as the court's vacation judge, noted that it would be

impossible to conclude the case during the vacation, which will soon end.

He added that the case file would be returned to the Chief Judge of the FCT High Court for reassignment to a regular court after the vacation.

Akindele, who has been in police custody for weeks, was arraigned on Tuesday on a one-count charge, marked: CR/595/2023 filed in the name of the Inspector General of Police (IGP).

The police in the charge alleged that the defendant had offered the sum of N150 million to some police officials in order to suppress investigations in respect of a petition against him

by Summit Oil International Limited.

The charge indicated that Akindele made a part payment of N50 million to a team of investigators led by one Ibrahim Ezekiel Sini, of the Federal Investigation Bureau.

In the summit Oil petition, the defendant was alleged to

have conspired with others and diverted the sum of $5, 636, 397 and another N73, 543, 764 belonging to the company.

The charge read: "That you Akintoye Akindele, male (49 years), MD/CEO of Duport Midstream Company Limited of D2 Mambilla Close Osborne Estate, Ikoyi, Lagos between 5th and 9th August 2023 in Abuja, while being investigated by SP Ibrahim Ezekiel Sini and his team on a petition submitted to the Inspector General of Police FIB by Summit Oil International Limited on allegation of diversion of the sum of $5,636,397.01 and N73,543,763.25, you offered gratification of N150,000,000.00 and made part payment of N50,000,000.00 to SP Ibrahim Sini, a public servant in circumstance and for the purpose of allowing you to escape abroad and to write a report in your favour."

The prosecution claimed the alleged offence is punishable under Section 118 of the Penal Code Law.

35

WEDNESDAY, ͺͻ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

NEW MINISTRY OF INNOVATION, SCIENCE & TECHNOLOGY, UCHE NNAJI, ASSUMES OFFICE...

L-R: Director, Ministry of Innovation, Science and Technology (MIST), Chemical Technology, Mej Bassey; Permanent Secretary MIST, James Sule and New Minister MIST, Chief Uche Nnaji, during the PHOTO: ENOCK REUBEN Permanent Secretary official handover of the ministry to the Minister in Abuja... yesterday

Betta Edu: Tinubu to Create 10 Million Jobs Through Humanitarian Affairs Ministry Oluchi Chibuzor The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, has restated President Bola Tinubu’s commitment towards creating 10 million jobs through the Ministry of Humanitarian Affairs and Poverty Alleviation.

In a statement in Abuja, yesterday, the Minister stated that the president was passionate about the wellbeing of Nigerians and as such, determined to create over 10 million jobs through her ministry.

According to her, this would be achieved through different interventions and initiatives aimed at reducing poverty.

She added that as the ministry whose impacts would have direct bearing on the people, she was poised to always be the gauge of the pulse of the people ad to attend to their needs.

The minister who was inaugurated on Monday alongside 45 others, assured Nigerians of her determination to ensure transparency and accountability during her tenure.

“Indeed it is a 'Renewed Hope' for all Nigerians as President Tinubu came very prepared," the Minister added.

The Humanitarian Ministry seeks to ease human suffering and maintain/reestablish circumstances that honor and protect

human dignity with a mission to develop good humanitarian policies and provide effective coordination of National and International humanitarian interventions that will benefit Nigerians and remove them from poverty.

She added that the ministry would also be working on Tinubu’s action plan to pull 136 million Nigerians from poverty.

“The journey to achieving this great feat has just begun, Nigerians will get results soon especially as the Ministry is in the hands of an experienced and result driven leader with very outstanding achievements and success story.

“What is most important is

that we will keep our focus on lifting 133 million Nigerians out of poverty,” she said.

“We can do it in phases, a step at a time because with determination and strong will, nothing is impossible.

“We will also achieve the feat with the strong political backing from His Excellency, President Bola Tinubu and every member of the cabinet.

“We will play down on politics; we are here to face the real business of governance,” she said.

Edu also said all hands must be on deck to address the rate of poverty in the country.

“Different sources of data suggest that we have a population

My Ministry Will Generate Unprecedented Revenue Through Creativity, Unite Nigerians, Says Musawa Plans to assemble Nigerian musicians to produce national unity song Sunday Aborisade in Abuja The Minister of Art, Culture and the Creative Economy, Hannatu Musa Musawa, has promised to implement policies and framework that would enable Nigeria to generate unprecedented revenue from the creative industry.

Musawa, who stated this at a media briefing in Abuja, yesterday, also expressed plans by her ministry to unite Nigerians by showcasing the rich culture of all the ethnic nationalities that made up the country.

She hinted of plans to gather musicians across the country to produce a national song that would preach love, patriotism, hard work and unity in diversity.

Musawa said the song would be adopted as a national music that would be played in all public institutions and special occasions, after the national anthem.

She, therefore invited frontline musicians both within and outside Nigeria to approach her ministry for the special project.

Musawa said, "Apart from the potential of bringing unprecedented revenue to Nigeria, my Ministry will change the country's negative perceptions by the outside World.

“We will use the creative industry to recreate and nurture the unity, love and patriotism that our forefathers bequeathed to us "These great attributes had been lost among Nigerians as a results of certain events in the last few decades "We really need to know who

we are as a nation and how we could transform our rich cultural values to a wide range of opportunities that would bring honour and glory to us as a nation.”

She added: "I will strive towards making us as a nation to re-unite upon the beauty of what makes the 250 diverse cultures so unique.

"We will implement an action plan already put in place in line

with the vision of President Bola Tinubu while I also call on all Nigerians to also come forward with their own ideas to move our country forward.

"We want to come up with a national unity song that would really mean so much to every part of Nigeria because everyone would be able to identify with it.

"Music is a major unifying factor and the song would be

transported to all the nooks and crannies of the country through the internet and traditional media.

"We are therefore, inviting musicians both old and young, from all parts of the country to start thinking towards what they could do in that regard.

"The song will be a national song that would played in all public functions and institutions," she said.

of 200 million Nigerians, which I think we are more than that,” the minister said.

“Out of this population, the sources indicated that 136 million are extremely poor and that is unacceptable.

“We need to bring smiles back

to the faces of Nigerians. We must reach out to those who are under-served and renew their hope.

“While doing this, we must ensure that we will increase our efforts, be very sincere, transparent and accountable.”

Anyanwu, Ugochinyere Parley Ahead of Imo Guber Poll Adedayo Akinwale in Abuja

The Peoples Democratic Party (PDP) candidate in the November 11 governorship election in Imo State, Samuel Anyanwu, has met with the member of the House of Representatives, representing Ideato Federal Constituency, Ikenga Ugochinyere.

The meeting, it was gathered, was part of the ongoing moves by the PDP to join forces and unite its members, before the Imo gubernatorial poll.

Investigations revealed that the meeting was also part of the strategic plans by the PDP stakeholders to dislodge the All Progressives Congress (APC)-led government in the state.

THISDAY checks revealed that Anyanwu was accompanied to the meeting, held at Ugochinyere’s office, at the National Assembly, by his running mate, Jones Onyeriri.

The meeting which held behind

closed-door lasted for more than two hours.

However, Ugochinyere in a statement by his media office, said the meeting was significant owing to past political differences between him and Anyanwu.

"In a watershed moment for the 2023 Imo governorship race, Representative lkenga Imo Ugochinyere, a key player in the political landscape, welcomed Senator Samuel Anyanwu, the gubernatorial candidate of the Peoples Democratic Party (PDP), and his deputy gubernatorial candidate, Jones Onyeriri, to his office in the National Assembly.

“This unprecedented meeting signifies a significant stride towards unity, reconciliation, and the overarching interests of Imo State.

An air of anticipation and intrigue marked the encounter between the three prominent figures, as they aimed to forge a common ground despite their past differences."

China Strengthens Cultural Ties with Nigeria, Holds Film Festival in Lagos Obinna Chima The Chinese Consulate in Nigeria has organised a film festival in Nigeria as part of efforts to enhance the cultural relationship and between both countries.

The event held in Lagos on Monday, had in attendance top government agencies from both countries which among others included Consul General of the People’s Republic of China in Lagos, Ms. Yan Yuqing; Executive Deputy Head of the Publicity Department of the CPC Central Committee, the Minister of Culture and Tourism of China, Hu Heping; Executive Deputy Director General, Bureau of Films, the Department of the CPC Central Committee, Mr. Mao Yu; Director-General of the National Council for Arts and Culture, Mr. Segun Runsewe; Leader of the Delegation from Federal Ministry of Art, Culture and the Creative Economy, Ms. Hajia Zainab Ali-Biu, and Secretary to the

State Government of Lagos, Ms. Bimbola Salu-Hundeyin.

In his address, Runsewe said the festival was to communicate and interact.

“Film has become a unique tool in uniting the people and bringing people together. I do remember with nostalgia, in the 70s, we used to have Chinese films in this country and Nigerians keyed into it. Today, the Chinese are becoming our greatest ally. What the Chinese represent in Asia, is what Nigeria represents in Africa.

“Nigeria is number three in the film industry in the world. Nigeria is one of the most hospitable people in the world. For us, we are ready to collaborate with China to make a new beginning. We are planning to take 3,000 Nigerians to China, 100 per state, for skill acquisition.

We are appealing to you to build film villages in Nigeria, like you have done in some other countries,” he added.

Also, in her welcome address,

Yuqing, who is the Consul General of the People’s Republic of China in Lagos, pointed out that both China and Nigeria were ancient civilisations, with abundant historical and cultural heritage, providing fertile soil and vitality for the two countries’ artistic and literary creation, including film-making.

She said the Chinese film-making industry had its origin at the early 20th century, and “over the past century, Chinese cinema has evolved step by step from silent dramas and black-and-white films to high-tech, large-scale giant-screen movies, showing to the world a panoramic view of the Chinese people’s lifestyle, aesthetic thoughts, and sentiments of family and nation.”

Yuqing added: “And in Nigeria, with the socio-economic development in recent years, the Nigerian film-making industry, also known as the NollyWood, has risen rapidly.

Nigeria’s production of films ranks among the top in the world, not only creating a huge economic miracle,

but also providing an important window for the world to get to know and understand Nigeria.

“Nowadays, when many Nigerian friends talk about China, they come up with elements such as Kungfu, Chinese Dragon, giant panda and red lantern as seen in Chinese movies. Through Nigerian movies, many Chinese people have also learned about Nigeria’s Afrobeat, Jolloff rice, and the Nigeria national football team, Super Eagles.

The people of our two countries have crossed thousands of miles of mountains and oceans, by the light of the movies, and have become families that know and appreciate each other.

“The prosperity of civilisation and human progress will not be possible without enhancing common ground, openness and inclusiveness as well as exchange and mutual learning and reserving differences among them.”

According to her, Chinese President Xi Jinping, had pointed

out at the opening ceremony of 8th FOCAC (Forum on China-Africa Cooperation) Ministerial Conference, that China would promote cultural and people-to-people exchange program, “with which we will hold African film festivals in China and Chinese film festivals in Africa.”

“This year’s China Film Festival in Lagos, Nigeria, aims to practice the Global Civilisation Initiative, to implement the China-Africa cultural and people-to-people exchange program. This Film Festival is also to strengthen China-Nigeria cultural exchanges and film-making cooperation, so as to share Chinese harmony and perform Nigeria-China symphony, and enhance the mutual comprehension between our two countries.

“I hope that, taking the China Film Festival as an opportunity, the flowers of Chinese and Nigerian civilisation will blossom in the new era, and that the garden of world civilisations will flourish even better,” she added.

36

WEDNESDAY, ͺͻ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

DEFENCE MINISTERS RESUME AT SHIP HOUSE...

L-R: Chief of Defence Intelligence (DIA), Maj Gen Emmanuel Undiandeye, Chief of Army Staff, Lt Gen Taoreed Lagbaja, Chief of Defence Staff, Gen Christopher Musa, Permanent Secretary, Ministry of Defence, Dr Ibrahim Kana, Minister of Defence, Abubakar Badaru, Minister of State for Defence, Bello Matawalle, Chief of the Naval Staff, Vice Admiral Ikechukwu Ogalla and Chief of Air Staff, Air Marshal Hassan Abubakar after the two ministers assumed duties at the Ministry of Defence (Ship House), Abuja... yesterday.

UNICEF to Commit $270m to Emergencies, Humanitarian Response in Nigeria Olawale Ajimotokan in Abuja The United Nations Children’s Fund (UNICEF) has assured Nigeria of its willingness to commit $270 million towards the country’s humanitarian response, poverty alleviation, and emergencies.

UNICEF made the commitment yesterday after its Country Representative, Christian Mundate, and Chief of Health and HIV/AIDS, Eduardo Celades, met Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu in Abuja. It assured the federal government of its readiness to provide technical support to build capacity of the ministry’s staff as well as support the development of a Humanitarian Response Protocol for Nigeria to guide all humanitarian actors, saying this would facilitate effective coordination.

In addition, UNICEF said it will support the establishment of a National Humanitarian Situation Room or Humanitarian Emergency Operation Centre (HEOC) to monitor, mitigate and prevent humanitarian emergencies and build resilience in the system.

Responding, Edu reiterated that the Bola Tinubu administration

was committed to lifting 133 million poor Nigerians out of poverty in a phased approach, especially, the staggering 71 million extremely poor Nigerians living under one dollar ninety-

five cents a day.

The minister charged UNICEF to also draw up plans towards supporting the federal government on poverty alleviation.

Edu said, “Time is of es-

Michael Olugbode in Abuja The Minister of Interior, Hon. Olubunmi Tunji-Ojo, has reiterated the plan of the federal government to deploy technology to effectively secure Nigeria's borders.

Disclosing this yesterday in Abuja at a news conference, TunjiOjo said, "We need to secure our borders and we need to ensure that all borders, either land, air, or sea are all protected.

"We have to look into technology to complement and consolidate what we are already doing.

These are something that must be done. I have the instruction of Mr. President to make sure that there are reforms."

He also promised that the issue of visas and passport delays and bottlenecks would be looked into

in order to sanitise the system.

“Nigerians, including those in Diaspora must be treated with respect in all our passport offices.

Foreigners should be able to come to Nigeria based on merit. It can no longer be business as usual,” he said.

Acknowledged that fire was a serious disaster, he said the Federal Fire Service must optimise its processes, adding: “For the Federal Fire Service, the response time, we are going to look into that. I know you have your challenges, but I am going to work with you to tackle them.”

Tunji-Ojo, who also said he would work with critical stakeholders on the Administration of Criminal Justice Act, explained that, “We have to look at how to decongest the custodial centres and effectively

Seals four private security guards coys in Bauchi The Nigeria Security and Civil Defence Corps (NSCDC), has charged its men on the importance of protecting all critical infrastructure within the Federal Capital Territory, Abuja, saying it was in collective interest.

At the same time, the NSCDC has also sealed four private guards companies for alleged illegal operations in Bauchi State.

The new FCT Commandant of the NSCDC, Olusola Odumosu, while charging the men in his command to work to protect all critical infrastructure in the area, gave the charge while addressing all personnel, including Area Commanders and District Officers (DOs) across the Area

of the Renewed Hope agenda, the time for intense action is now.”

She also assured UNICEF of the commitment to transparency and accountability in all

the processes of the ministry, adding that engagement with international partners, like UNICEF, would continue until the federal government achieves its target.

Tunji-Ojo: We’ll Protect Our Borders Using Technology

NSCDC: It’s Important We Protect Abuja’s Critical Infrastructure Michael Olugbode in Abuja

sence and we need to run at the speed of light to roll out social programmes that will bring relief to the burdens of the poor. Nigerians are eagerly waiting for full implementation

councils in the FCT. He said his tenure under the NSCDC Commandant-General (CG), Dr Abubakar Audi, was dedicated to ensuring results while actively carrying out the mandates of the Corps.

According to him, the FCT Minister, Mr. Nyesom Wike, had tasked the corps alongside other sister agencies in the territory to provide proper security and cleanse the city of criminals and miscreants.

“It is high time we work together to put an end to these nefarious acts because these criminals are beginning to feel too comfortable in sabotaging the asset of the country,” he said, adding that the minister had asked them to treat those involved in vandalising manholes as ‘Armed robbers’.

In the same vein, the Bauchi State Commandant of NSCDC, Mr llelaboye Olajide, while briefing journalists, noted that the command operatives hadembarked on monitoring illegal private security guards companies in the state.

"Today the operatives sealed four companies because they did not fulfill the criteria required by law. The affected security companies sealed are security hunters and patrol, Danga security hunters and patrol, Baushe security hunters and patrol then Unity Security hunters and patrol.

"The operatives will intensify on monitoring and supervision of all beats manned by private guards companies to ensure that they are doing the right thing," he said.

integrate ex-convicts back into the society. Our custodial centres must become places of hope.”

The minister, who urged the staff of the Ministry and those in

the services under the ministry to put in extra shift to ensure Nigeria was safe for all Nigerians, insisted that, “Nigerians must be able to sleep and close their eyes.

“If we need to borrow an hour to make it 25 hours, we have to do that, we must work round the clock for Nigerians to sleep with both eyes closed.”

Abbas: Legislative Oversight Critical to Our Democracy Adedayo Akinwale in Abuja Speaker of the House of Representatives, Hon. Abbas Tajudeen, has said the National Assembly's oversight of holding the other arms of government accountable was critical to Nigeria's democracy.

Abbas, in a statement, yesterday, by his Special Adviser on Media and Publicity, Musa Krishi, noted that the 10th Assembly would also be accountable to the public.

The speaker made this known at a one-day workshop on ‘Assessment of the National Monitoring and Evaluation Policy of Nigeria and

the Role of Legislature’ organised by the Directorate of Planning and Legislative Budget of the National Assembly.

Represented by the Chairman of the House Committee on Legislative Budget, Hon. Mohammed Bio, he explained that the issue of monitoring and evaluation constitute a major part of the constitutional responsibility of the legislature called oversight.

He said through oversight, the legislature, as the representatives of the people, ensured that the government remained accountable to citizens on the utilisation

of public funds, as well as in the implementation of policies and laws.

Abbas stressed that these policies and laws were codifications of the wishes and aspirations of the Nigerian people, saying, “It is one function that is critical to democracy as a government of the people.

“Monitoring and evaluation as a national policy is a framework designed as a way of institutionalising standard practices and culture of good governance in public investment and accountability towards improvement of socio-economic development of the society.”

EDUN CALLS FOR DISCIPLINE IN MONEY SUPPLY AS FG, STATES, LGS SHARE N966.11BN IN JULY Excise Duties and Electronic Money Transfer Levy (EMTL) increased considerably while Value Added Tax (VAT) increased marginally.

Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas Royalties recorded significant decreases.

The balance in the Excess Crude Account (ECA) as at August 22, 2023 stood at $473,754.57.

NECA Tasks New Ministers on Urgent Need to Change Nigeria’s Economic Narrative

NECA has enjoined the new ministers “to ensure focused and urgent action to change the economic narratives of the country.”

The NECA also commended Tinubu for swearing-in of the new ministers, adding that, “we believe that with the inauguration, definitive steps will be taken to step-up

Governance at the different levels.”

It also specifically tasked Edun; Minister of Industry, Trade and Investment, Ms. Doris Anite, and the Minister of Labour and Employment, to deepen the ongoing reforms in the fiscal and monetary space, finalise the reviewed labour laws for onward passage as executive bills to the National Assembly and work in close collaboration with the organised business community in the country.

Speaking in Lagos yesterday, the Director-General of NECA, Mr. Adewale-Smatt Oyerinde, averred that the, “organised businesses expect the new minister of Finance and Coordinating Minister of the Economy to deepen the ongoing reforms in the fiscal and monetary space, while not losing sight of the need to create a hospitable environment for local and foreign investors.

“The urgent need to continue to

deepen support for the Naira and stabilise the FOREX market cannot be over-emphasised.”

Oyerinde particularly noted that the new minister of Labour and Employment was coming at a time when much has to be done.

According to him, “there is the need to urgently finalise the reviewed labour laws for onward passage as executive bills to the National Assembly,” adding that there is also “need for reform of the industrial relations system, deepening of social dialogue, strengthening institutions of labour administration and deepening engagement with social partners and urgent focus on job creation.”

He emphasised that it is important to note that the, “success of the new minister of Labour and Employment will largely depend on how he manages the complexities of the relationships between social partners.”

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NEWS

LOKPOBIRI VISITS SYLVA...

Immediate past Minister of State for Petroleum, Chief Timipre Sylva (left) with the current Minister of State for Petroleum (Oil), Senator Heneiken Lokpobiri, during a courtesy visit on Sylva, at his residence, in Abuja... yesterday

Badaru, Matawalle: We’ll Contain Insecurity in One Year Kingsley Nwezeh in Abuja Minister of Defence, Abubakar Badaru, yesterday, assured the Nigerian people that the security challenges facing the nation would be contained in the next one year.

He also demanded timelines and requirements from military service chiefs that would bring hostilities to an end in different parts of the country.

This came as Minister of Police Affairs, Senator Ibrahim Gaidam, charged officials of the ministry to embrace innovations and propose new ideas that would enable them

to adapt to the ever-changing landscape in order to ensure a safer and secure country.

Speaking on assumption of office at the Ministry of Defence (Ship House) in Abuja, Badaru, who took charge of the ministry with the Minister of State of State for Defence, Bello Matawalle, said the ministers and the service chiefs could not afford to fail the nation and President Bola Tinubu.

"We have no reason to fail him, so, I want to thank all that are here and assure them that we will do our best. We will do our best to make sure we rid the country of

security challenges.

"We owe it a duty to the president and the nation. As politicians, we cannot afford not to succeed.

We hardly fail and we are not ready to fail this time and we will not fail,” he said.

Promising to convene a monthly meeting of all security agencies in order to promote synergy to end insecurity, he said, “I adopt all the measures mentioned by the minister of state but mine is to reecho our resolve and have the promise today with all of you that within a year or so we’ll have remarkable change

in the security architecture of this country.

“I believe it is doable. I believe it is possible and I will add that we will cooperate with all the security agencies in the country, we will soon start a monthly meeting with the security agencies and their ministers to have complete coverage among ourselves on how to solve the security challenges in the country.”

In his remarks, the Chief of Defence Staff, Gen Christopher Musa, promised to restore peace across the country.

“These two individuals are

Alkali Assumes Office, Moves to Reactivate Road Transport, Mass Transit Kasim Sumaina in Abuja The Minister of Transportation, Senator Said Ahmed Alkali, yesterday, assumed office and disclosed his intention to reactivate road transportation and mass transit operations in the country.

Speaking at the ministry headquarters, Abuja, he hinted that in furtherance of sincere commitment to ensure the realisation of the “Renewed Hope” of this administration, he has resolved to ensure effective supervision, monitoring and evaluation of performance of all the departments of the ministry and its agencies to meet operational standard, judicious expenditure management and optimal productivity.

He said he would also ensure a sustainable collaboration with related ministries, agencies and corporate entities to reactivate the road transport and mass transit operations in the country.

His words: "I am delighted to be in your midst today and address you as the newly appointed Minister of Transportation. I want to use this medium to thank the Almighty God for His benevolence in making this day a reality and His Excellency, President Bola Ahmed Tinubu, GCFR, for considering me worthy to serve my country in this prestigious capacity.

"As you are aware, the Ministry of Transportation was primarily established to facilitate the provision of public transport services and effective coordination of all the agencies and institutions under the Ministry.

"The Ministry of Transportation shall strive to ensure the realisation of its mandate and the mandates of agencies under its jurisdiction. This endeavour will assist to harness the resources of the nation, promote national prosperity and dynamic selfreliant economy that will actualise the ‘Renewed Hope’ of the present administration’s developmental agenda of ensuring an efficient transport system consistent with the socio-economic objectives of the Constitution.

"In order to sustain this reality, the Ministry of Transport must assume a leading role of improving the public transportation sector to support the numerous policies that are geared towards providing democratic dividends that are accessible to ordinary Nigerians through effective provision of public transport that is secured, affordable and convenient across the country.

"It is important to state that the Federal Ministry of Transportation remains among the few Ministries that were established and, continue in existence from colonial period to date with little modification of name given its strategic place as gateway to the nation’s economy.

“This might probably explains why the Ministry is undergoing restructuring in response to emerging national economic challenges that require the services of the Ministry.

"Similarly, I will under careful study of prevailing economic trends, undertake the provision, modernisation, rehabilitation, planning and development of the rail transport sector with efficient security services to support the realisation of primary

purpose of government.

"This initiative will no doubt maximise the potentials embodied in the recent constitutional alterations that moved rail transport services

from the exclusive list to the concurrent list. It will also reduce the frequent menace on our roads characterized with accidents, kidnappings and armed robbery.”

vastly experienced in the country, which is critical. They are again from the North-west, the region we all grew up to know was very peaceful. You have come here and you know what peace is and we have seen what insecurity is. We pray that our children will grow in a very peaceful environment.

“I want to assure you of our loyalty to the institution itself. This is our country and we have no other one. It is our responsibility that we ensure that there would be restored peace, tranquility, and security in Nigeria. We are happy you are going to make a lot of things happen. We assure you of our support and we would be transparent. That is how we have been working together since we took over.”

Meanwhile, Minister of Police Affairs, Senator Ibrahim Gaidam, charged officials of the ministry to embrace innovations and propose new ideas that would enable them to adapt to the ever-changing landscape in order to ensure a safer and secure environment in the country.

At a meeting with his top

management team in Abuja, the minister emphasised the importance of unity, collaboration, and cooperation to stem various challenges facing the nation in the areas of maintaining law and order, safer guarding the rights of citizens and upholding justice "We must work hand in hand and draw upon our collective expertise and experience each one of us to bring on board to the ministry and through our collective efforts we can effect positive change in the police ecosystem.

"We could make Nigeria Police to be efficient, professional, and accountable to society and thereby solicit your unwavering cooperation and support in implementing the policies and programmes for the police ecosystem," he said.

Minister of State, Hajia Imaan Suleiman-Ibrahim, pointed out that both ministers would work as a team to improve the welfare of the staff and committed to the renewed hope agenda of the president to ensure the successful implementation of improved economy and security in the country.

Aregbesola: We’re Long Distance Runners, We’ll Be Standing When Fair Weathers Leave Launches APC Omoluabi caucus, restates commitment to progressivism Yinka Kolawole in Osogbo In a somewhat cryptic message, the immediate past Minister of Interior, Ogbeni Rauf Aregbesola, yesterday, reaffirmed his place in the hierarchy of the All Progressives Congress (APC), saying, he and his people were “no sprinters, but long-distance runners and we will still be standing when all the fair-weathers have gone.”

Aregbesola, who restated his commitment to progressive ideals and the All Progressives Congress (APC) in Osun State noted that political parties were an amalgamation of different interests and tendencies.

In a statement by his spokesman Sola Fasure, Aregbesola renewed his commitment to the party during the launch of Omoluabi Caucus of the All Progressives Congress in Ilesa.

Describing the Omoluabi Caucus as one of the many caucuses in the state, the former two-term governor of Osun, noted that the

caucus was not a faction of the party, but a union of like-minds in the state.

“The Omoluabi Tendency is a caucus within the All Progressives Congress (APC); actually one of the caucuses in the state. We are not a faction. We are the genuine foundation members of the party and we have no intention of abandoning the ship of the party as it navigates the most turbulent waters. We are no sprinters, but long-distance runners and we will still be standing when all the fair-weathers have gone.

“A political party is actually an agglomeration of interests and tendencies. Reading well from the United States, where we borrowed the Presidential System, we can see that the Republican Party is made up of big businesses, nationalists, religious right and others. The Democratic Party, on the other hand, is composed of welfarists, labour unions, ethnic and sexual minorities and others.

“They are together in the party because their interests are broadly similar and they believe the party is the right vehicle for them to realise their goals. Sometimes they compete and clash, but for most part, they cooperate and form strong bond to give their party the victory in every election cycle. The party loses anytime this bond is broken,” Aregbesola stated.

According tohim, the launch of the Omoluabi Caucus was to renew their path in progressive politics as inherited from Chief Obafemi Awolowo, Chief Bola Ige, amongst other progressives, who epitomised the Omoluabi ethos, noting that the loss of the party in the state could be traced to the departure from these progressive ideals, but revealing that it would bounce back to its winning ways.

“What we have come to do here today is to renew our commitment to the path of progressive ideology and politics as inherited from our great past heroes, beginning from

Chief Obafemi Awolowo, Chief Michael Adekunle Ajasin, Chief Abraham Adesanya, Chief Bola Ige and others in the pantheon of progressive politics too numerous to mention.

“Emerging from the ashes of the near annihilation of our party in the governorship election of 2022 and the general election earlier this year, we should rise up and renew our strength and reclaim our place in the political firmament in Osun.

“We have been at this juncture before, after the 2003 election in which our party lost the stakes and was at its nadir in the state. At that point, like-minded progressives under the banner of Oranmiyan emerged to begin a movement that mobilised our members and the people of the state into a veritable electoral machine that won the 2007 governorship election which ushered an epoch-making two term administration in the state and handed over to a successor from our party,” he said.

WEDNESDAY AUGUST 23, 2023 ˾ T H I S D AY

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NEWS

COURTESY VISIT…

L-R: Executive Governor of Edo State, Mr. Godwin Obaseki, and Independent Non-Executive Chairman, Seplat Energy Plc, Mr. Basil Omiyi, during a courtesy call by some members of Seplat Energy Board and Management to Obaseki in Benin, Edo State …yesterday

Troops Arrest 39 Criminal Suspects, 307 Cows Grazing on Farms in Plateau Seriki Adinoyi in Jos Troops of Operations Hakorin Damisa recently inaugurated in Plateau state by the Chief of Army Staff, Major General Taoreed Lagbaja said they have arrested 39 criminal suspects in connection with banditry, kidnapping, and armed

robbery, and has recovered arms, ammunition, and hard drugs from the criminals.

The troops have also arrested a total of 307 cows for grazing on farmlands belonging to locals at Kubat Community and Mabel Village of Mangu and Bokkos Local Government Areas.

24-year-old Housewife Allegedly Kills Stepson in Bauchi

Segun Awofadeji in Bauchi

Operatives attached to the Bauchi State Police Command have arrested one 24 year old Mrs. Furera Abubakar of Ningi Local Government Area of Bauchi State for killing her stepson.

This was contained in a press release that was issued yesterday by the Bauchi State Police Command Public Relations Officer (PPRO), SP. Ahmed Mohammed Wakil.

According to the release, “the incident was reported

to the Ningi Divisional Police Headquarters on August 19, 2023, which revealed that the four-day-old baby was born on August 15, 2023, and was murdered by the suspect, Furera Abubakar, on August 19, 2023 before the naming ceremony.

“Preliminary investigation revealed that the suspect is a co-wife to the nursing mother (victim’s mother). The suspect entered the co-wife’s room with insecticide liquid (Gramalin) and applied it to the unhealed baby’s umbilical cord.

The Kwara State House of Assembly yesterday confirmed the names of the 18 commissionernominees submitted to the House

by Governor AbdulRahman AbdulRazaq.

AbdulRazaq had last week submitted the 18 commissionernominees to the House for screening and confirmation.

Towards this end, the members of the House sat for three days legislative sittings so as to ensure the screening and the confirmation of the affected nominees.

During the screening exercise, the commissioner- nominees appeared

adequately drilled and screened for the commissionership positions of the state.

However, at the House plenary sitting in Ilorin on yesterday, the members of the House have jointly confirmed the commissionernominees.The nominees that were confirmed by the House are, AbdulganiyAbdulazeez Kola - (Asa LGA); Aliyu Kora Sabi (Baruten LGA); Shehu Ndanusa Usman (Edu LGA); Afolashade Opeyemi Kemi (Ekiti); Dr Segun Ogunshola (Ifelodun LGA); Abdulquawiy Olododo (Ilorin East); Saadatu Modibbo Kawu (Ilorin South) and Ibrahim Suleiman (Ilorin West).

Over 60,000 Corp members currently in National Youth Service Corps (NYSC) orientation camps across the country are receiving basic financial training courtesy of the NNPC Foundation.

The programme, organised

by Kudimata, the financial education platform of Penyo Consult, is aimed at equipping Nigerian youths with requisite financial skills for success in life, either as entrepreneurs or employees.

Having provided over 20,000 Nigerian graduates with basic financial education and entrepreneurial skills over the last few months, Kudimata led by the CEO, Kathleen Erhimu, identified the urgent need to form value-adding alliances to support the NYSC Skill Acquisition and Entrepreneurial Development (SAED) programme through financial education, business advisory, and empowerment initiatives.

In a statement, its Media and Information Officer, Captain Oya James, said that the suspects were arrested at different locations, adding that two of

the suspects have been on the wanted list for involvement in several armed robberies and kidnapping activities. He said that one AK 47 rifle, one

pump-action magnum gun, one AK 47 magazine, 14 rounds of 7.62mm special, and an itel mobile phone were recovered from the suspects.

According to the statement, another suspected kidnapper and arms dealer was also captured at Kuba village in Bokkos LGA of the state.

Job Racketeering: Lack of Funds Mar Recruitment of 173 Fresh Staff in FRC, Says Chairman Juliet Akoje in Abuja

The Executive Chairman of the Fiscal Responsibility Commission (FRC), Barr. Victor Muruako, yesterday disclosed that lack of funds has prevented the recruitment of 173 fresh staff into the agency since 2022.

Muruako revealed this when

he appeared before the House of Representatives ad hoc committee on job racketeering and abuse of the IPPIS by ministries, departments and agencies of government.

The chairman said that the commission was given approval since 2022 to recruit 173 members of staff but due

to lack of funds, the exercise has not be carried out.

While responding to the seeming lopsidedness in the nominal roll of staff of the agency, he promised that the lapses would be redressed when the next recruitment is conducted.

“The last two recruitments carried out by the commission

in 2010 and 2012 were done before I assumed duty as acting chairman.”

The chairman of the ad hoc committee, Hon. Yusuf Adamu Gagdi (APC, Plateau) had earlier queried the chairman over the lack of federal character in the nominal role of staff of the commission.

Federal ExecutiveAddressing Council is over Bloated, Says Atiku’s Aide a press conference the bragging that tries to mask crass the financial and governance mess

ChuksOkochainAbuja

A Peoples Democratic Party (PDP) chieftain, Otunba Segun Showunmi and a former media aide to the former vice president, Atiku Abubakar has described the newly inaugurated Federal Executive Council (FEC) elephantine and imprudent.

at the PDP national secretariat, he said that he was speaking on behalf of the PDP and as an Atiku’s aide.

In this regard he said. “To call the ministerial lineup “dismal”, “elephantine” or “imprudent” is putting it mildly. It is clear that this government wishes to adopt the rake strategy, not as in poker but as in

ill-preparedness, flip-flopping around serious issues and deep psychopathic I-don’t-care attitude”.

According to Showunmi, “First, should the government be that large at a time when a lean cabinet seems more needful given the financial state of the country? Can a nation be in dire straits and those who created

be shoving it in our face as though we have become a captured nation with no way out of the slavery of helplessness.”

He explained further: “The flopperin-chief has started changing the portfolios even before they start their original assignments, indicative of trial and error and lack of preparation.

Arrest Cleric for Electrocution of Five in Rivers Kwara Assembly Confirms 18 Police Five young men were reportedly injuries in the incident, were But five men among the victims BlessingIbungeinPortHarcourt electrocuted while others were injured immediately rushed to the University lost their lives in the incident and Commissioner-Nominees The Rivers State Police Command trying to mount a billboard with a of Port Harcourt Teaching Hospital were confirmed dead at the hospital. before the House where they were Hammed ShittuinIlorin has arrested an assistant pastor to a new generation church in the state for the recent tragedy that claimed five lives in Port Harcourt, the state capital.

metal frame at the Obiri-Ikwerre area of Rumuosi community in Obio/ Akpor Local Government Area of the state last Monday.

The four men, who sustained

(UPTH) by passersby who intervened.

It was gathered that a team of nine men was mounting the billboard structure when the metal frame touched live high-tension cable.

THISDAY learned that the victims were private businessmen who were contracted to mount the billboard for a church along the Rumuosi axis, near the Obiri-Ikwerre flyover.

Group Warns of Plot to Highjack N5bn Subsidy Palliative from Govs David-ChyddyElekeinAwka

A group, Rural Community Development Outreach (RCDO), has warned against plot to blackmail governors of states, with the intention to highjack from the N5 billion subsidy palliative announced for states by President Bola Tinubu.

President Tinubu had announced the disbursement of funds to states to cushion the effect of the removal of subsidy from petroleum by his government.

But RCDO said it has uncovered plans by some people to highjack the funds from governors, while also cajoling them to submission

through blackmail and unfavourable media reports.

In a press statement by the signed by the group’s Nigerian Coordinator, Mr Ikenna Ellis Ezenekwe and Secretary Mr. Danjuma Othman Mohammed, the group said the move will impoverish the rural people, who

the funds are meant to pull out of poverty.

“As the nation witnesses an inspiring shift towards rural development and agricultural revitalisation, the looming threat to the equitable distribution of the recently announced N5 billion palliative has set off alarm bells.

First Lady Distributes Bags of Rice to Widows’ Association NNPC Foundation, Kudimata Promote Ekiti effects of the present economic said the state government of rice were part of the ones Gbenga Sodeinde in Ado Ekiti was concerned about widows received by the state government Financial Education for Corps Members Wife of Ekiti State Governor, situation.

Speaking while handing and other vulnerable groups for distribution as palliative Dr. Olayemi Oyebanji, has distributed bags of rice to the State Widows’ Association as part of measures to cushion the

over the bags of rice to the leadership of the widows’ body in the state in her office in Ado Ekiti yesterday Oyebanji

and would not relent to give them succour to alleviate their suffering.

She explained that the bags

materials, noting that it became expedient for widows to be captured in the exercise to give them a sense of belonging.

Olubadan Hails IG’s Resolve on Community Policing KemiOlaitaninIbadan

The Olubadan of Ibadanland, Oba Lekan Balogun, yesterday praised the acting Inspector General of Police (IG), Kayode Egbetokun, for his resolve on community policing which he described as the only sure way out

of the nation’s security challenges.

The monarch gave this commendation during the visit of the IG to him in hisAlarere residence wherefourmembersoftheOlubadan Advisory Council namely Balogun of Ibadanland, Ashipa Balogun, Ekerin Olubadan and Ekerin Balogun, Obas

Owolabi Olakulehin, Kolawole Adegbola, Hamidu Ajibade and Dada Isioye respectively and three of the Mogajis, Asimiyu Adepoju (Ariori), Isiaka Raji (Elegbaaowo) and Kayode Ogunsola (Anisere), joined him to receive the august visitor.

Speaking on behalf Oba Balogun, the

‘Baba Kekere’, Senator Kola Balogun, acknowledged the initiative of the new Nigeria Police boss to pursue the communitypolicingstrategyeffectively through deployment of technology and motivation of the officers and men of the force by way of training and attention to their welfare.

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WEDNESDAY, ͺͻ˜ ͺ͸ͺͻ ˾ T H I S D AY

WEDNESDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Tobi Amusan on Course for Final Ticket in Today’s Semis Tobi Amusan ...set for World Championships 100m hurdles semi finals today in Budapest, Hungary Duro Ikhazuagbe

Tobi Amusan cruised to the finish line in 12.48secs to win Heat 5 of the women’s 100m hurdles event of the ongoing World Athletics Championships in Budapest, Hungary on Tuesday evening.

Jamaican champion, Megan Tapper, was second in 12.51 while Australia’s Michelle Jenneke placed third in 12.71 secs .

Today, the 26-year-old Nigerian sprint hurdler will line up in Heat 2, Lane 7 of the semi final with the likes of Jamaica’s Ackera Nugent, Netherlands’ Visser and USA’s Masai Russell in the quest for the ticket to Friday’s final.

Heat 1 is equally going to be explosive with top sprint hurdlers like Netherlands Maayke Tjin A. Lim, Tapper, Charlton and Kendra Harrison also listed in that heat.

In the summary standing

WORLD ATHLETICS CHAMPIONSHIPS of all the five heats yesterday, Amusan placed third behind leader American Kendra Harrison whose 12.24 is the new World Leading time for the event this season.

Bahamas’ Devynne Charlton (12.44) is second with Amusan placing third with her 12.48.

Baring any technical hitch, Amusan should be able to overcome the semi final hurdles and make the final a repeat of the last edition in Oregon, USA when she smashed the Wold Record in the event and further lowered it in the final but was denied due to above legal headwind.

Puerto Rico’s Jasmine CamachoQuinn (12.50); Jamaica’s Tapper (12.51) and her compatriot, Danielle Williams (12.51) SB and

NPL Board, Clubs to Hold AGM, Draw in Abuja on August 29 Nigeria Premier League (NPL) Board and the 20 Nigeria Premier Football League (NPFL) clubs have scheduled the Annual General Meeting (AGM) for Tuesday , August 29 The Chief Operating Officer, Davidson Owumi, in a notice of the AGM to all the clubs explained that the date will allow for a very effective organisation of the season's activities.

The notice to the clubs also stated that the Draw Event for the 2023/24 season would still hold on the same date as the AGM in Abuja.

The clubs were reminded that players registration which commenced earlier will still continue and they were urged to use the

available window before kickoff to complete the documentation processes for their squad.

This will be the first AGM between the clubs and the new NPL Board headed by Hon Gbenga Elegbeleye after their inauguration.

The Board last week set up a Technical Committee for the selection of NPFL Team of the Month and ultimately an All-star team that would go on a tour of Spain at the instance of a top LaLiga club.

Elegbeleye, while inaugurating the nine member committee remarked that it could help the Nigeria Football Federation (NFF) have a nucleus of the next CHAN Eagles side.

American Nia Ali (12.55) are all waiting in the wing to profit from any slip from the favorites for podium placements.

The final of the women’s 100m hurdles is slated for the National Athletics Centre, Budapest on

Friday. Amusan is the defending champion and record holder in the 100m women’s hurdles.

Yesterday also, Burkina Faso’s Hugues Fabrice Zango, earned his first global title after a dramatically fluctuating men’s triple jump final that ended with two Cubans sharing the podium with him, separated by a single centimetre.

The 30-year-old France-based athlete, who already had an Olympic bronze and world silver and bronze, completed his collection with the best of all colours at the World Athletics Championships Budapest 23 after taking an early lead, losing it, and regaining it with his penultimate effort of 17.64m.

Silver went to 25-year-old Lazaro Martinez on 17.41m, with his 24-year-old teammate Cristian Napoles earning bronze with a personal best of 17.40m.

There was disappointment for Jamaica’s 18-year-old rising talent Jaydon Hibbert, who had to scratch from the competition after the first round.

Spain’s PM Insists Rubiale’s Apology Not Enough Spain's Prime Minister, Pedro Sanchez, insisted yesterday that apology offered by the country’s FA President, Luis Rubiales, for kissing Jenni Hermoso on the lips was an "unacceptable gesture" and that it is "not enough".

Spanish football federation President Rubiales kissed forward Hermoso following Spain's 1-0 win over England in Sunday's Women's World Cup final.

Rubiales apologised on Monday and said he was "completely wrong".

"What we saw was an unacceptable gesture," Prime Minister Pedro Sanchez said on Tuesday.

"Rubiales' apologies are not enough, I even think they are not adequate. He has to continue taking steps to clarify what we all saw.

"The players did everything to win but Rubiales' behaviour shows that there is still a long way to go for equality."

Spain's second Deputy Prime Minister, Yolanda Diaz, called for Rubiales' resignation.

"Their excuses are useless," she said."(The Spain squad) have shown us many things about equality, not only in sports and football.

"They have shown us that there is still a lot to do in our country, that there is still a lot to do so that men and women can

K I S S I N G S CA N DA L become equal."

Hermoso said on Instagram that she "didn't like" Rubiales' actions after the final, but a statement released later on the Spain forward's behalf defended him.

In a video released on Monday, Rubiales said: "It was without bad intention at a time with a lot of excitement. In the moment, we saw it as natural, but outside a

commotion has formed.

"I have to apologise, learn from this, and understand that when you are president you have to be more careful."

Rubiales has also been criticised by other Spanish government ministers and came under fire on social media for grabbing and kissing Hermoso.

Spain's equalities minster

Irene Montero said: "It's a form of sexual violence women suffer on a daily basis", while Sports Minister, Miquel Iceta, told Spanish public radio it was "unacceptable" for Rubiales to kiss Hermoso.

Video footage circulated online after the match also showed Rubiales, who sat in the VIP area of the stadium near FIFA President Gianni Infantino and Queen Letizia of Spain, grab his groin as he celebrated the final whistle.

Fusion Tennis Clinic/Tournament End in Lagos The fourth edition of Fusion Sports Foundation Tennis Clinic and Tournament climaxed in Lagos over the weekend with winners emerging in various categories.

The weeklong tournament which held at the Lagos Lawn Tennis Club, Onikan, saw Khadijat Mohammed and Joseph Jimoh claim the girls and boys’ open titles respectively.

To emerged champion, Mohammed defeated Sofia Agbabiaka in straight set 6-0, 6-1 while the keenly contested boy’s final went into the decider after Jimoh came back from a set down to beat Daniel Adeleye 0-6, 6-3, 10-8.

Over 200 kids took part in the initiative targeted to aid talent discovery and enhance tennis development especially at the grassroots level.

The clinic/tournament featured participants from ages 4 to 16, serving as a platform for the talented but less privileged kids to showcase their skills.

Speaking at the end of the event, Former National Junior Champion and Chief Executive Officer, Fusion Sports Foundation, Fuad Quadre, expressed satisfaction with the level of participation and performance of the players.

“I’m very happy with the turn

out and we saw some interesting matches and we were able to select some players that we will sponsor through the year.

I want to commend the Lagos Lawn Tennis Club for supporting by letting us use the facility and thanks to the kids for showing up in numbers”.

Vice President, Lagos Lawn Tennis Club, Ladi Olatunde, lauded the impact of the Fusion Tennis Clinic and Tournament while pledging further support from the club to the developmental initiative. He called other international players to emulate Quadre by giving back to the sport.

Wednesday, August 23, 2023

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Price: N250

MISSILE

ECOWAS Envoy to Accusers

“Hopefully, diplomacy will see the better of this… Nobody wants to go war, it doesn’t pay anybody, but then again, our leaders have said if all fails and I don’t think all will fail, we’ll get somewhere; we’ll get out of this mess” ––ECOWAS Envoy to Niger and former Nigerian Head of State, General Abdulsalami Abubakar, expressing optimism about the triumph of diplomacy in the Niger crisis.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Team Tinubu and the Binding Idea T he lead story of THISDAY on Monday seemed to encapsulate what could be proposed as a binding idea for the team put together by President Bola Tinubu for governance : “New Leaders Take Charge of Africa’s Largest Economy Today.”

Yes, the primary task before the Team is to improve the state of the economy. Even the formidable question of physical security cannot be definitely answered without tackling the socioeconomic issues at the root of it.

So, as the new ministers attend the first federal executive council meeting today, their common thoughts should, therefore, be on the direction in which the Tinubu administration is steering the ship of Nigeria’s political economy. Every policy steps or execution of projects in the various ministries, departments and agencies should be scrupulously guided by that idea to be defined for the ministers by the President.

This point should be stressed because of the temptation on the part of those in power to dismiss the significance of economic thoughts in shaping policies as revelling in abstraction or being unduly ideological.

As the administration takes off in earnest, Tinubu and his team should avoid the error of former American President George H.W. Bush. In the build-up to the 1988 American presidential election Bush, deputy to President Ronald Reagan, emerged the republican candidate. But he had a problem. Even supporters doubted his ability to articulate his broad ideas about governance even though he was good on details of the issues. In that regards, he was the opposite of his boss, Reagan, who was never a man of details, but he was clear about his dream of America. Reagan effectively inspired his team towards that dream. Perhaps in response to the criticisms, Bush resolved to develop an agenda as a politician. In preparing for the campaigns, Bush asked a friend to work on what should be the issues of his campaign.

In response the friend told Bush to go alone on a retreat in Camp David and reflect on the big picture of what he would like to do as the United States president. An irritated Bush dismissed the suggestion saying: “Oh, the vision thing.” Since then the phrase has been associated with a politician who despises the suggestion of formulating a grand vision for governance. The “vision thing” is a metonym from America; but different metonyms could emerge in the Nigerian context depending on the attitude of leaders at all levels of governance to the emphasis on the force of idea.

The basic idea informing governance should be shared by all members of the team regardless of divergence in perspectives. It should be the defining feature of the administration. Ministers should engage the public in policy articulation on the basis of the binding idea of the team. That would also serve the purpose of engaging the public in the course of governance as well as mobilising the creative energies of the people for the national purpose.

Ironically, policy articulation in governance was most pronounced in the military regime of President Ibrahim Babangida. The primacy of big ideas to governance was largely demonstrated in the period between 1985 and 1993. A military regime was in power; yet ideas flowed freely from the government to the public and vice visa even when Babangida still took very unpopular decisions. The foundation for this collision of ideas was laid in the political personality of the leader, Babangida, the only soldier who elected to be addressed as president in the days of military rule.

Babangida’s resolve to recast the Nigerian political

President Bola Tinubu economy in neo-liberal terms was unmistakable. At the background was the distinguished Presidential Advisory Committee (PAC) headed by eminent development economist Professor Ojetunji Aboyade.

The council comprised of scholars and experts of various ideological persuasions. Hence, elements of his administration engaged the public on the fundamentals of the policies of the administration.

For instance, Secretary to the Government of the Federation Chief Olu Falae, Finance Minister Dr. Kalu Idika Kalu and Economic Planning Minister Dr. Chu Okongwu fiercely defended the Structural Adjustment Programme (SAP) of the administration against criticisms from left, right and centre. Components of SAP include privatisation, devaluation, reduction in social spending and the ruthless application of free-market principles. Foreign Minister Professor Bolaji Akinyemi developed thoughts on the “Concert of Medium Powers” in the bid to assert the place of Nigeria in the world.

Major-General Ike Nwachukwu, who later became foreign minister, pursued the policy of “economic diplomacy.” Even the ill-fated and long-winding political transition programme was built on a solid theoretical basis with the professed centrality of ideas to the steps taken. The ideas of the transition were rigorously articulated by scholars such as Professor Sam Oyovbaire, Dr. Tunji Olagunju and Professor Adele Jinadu. Professor Jerry Gana took the nation’s social space by storm as the head of a novel mobilisation agency, MAMSER, to actualise the Babangida dream. Elevated debates dominated the public sphere in those days. The government organised a month-long public debate on the propriety of Nigeria taking a loan from the International Monetary Fund (IMF). For days, the direction of the nation’s foreign policy was debated at a national conference in Kuru, Jos. You might fundamentally disagree with the Babangida vision; but you could not deny that a coherent right-wing strategy of development was formulated

and articulated.

The intellectual climate of the public sphere of the Babangida regime could be contrasted with what has happened in the last 25 years. For instance, the power sector reform that was started by the administration of President Olusegun Obasanjo has not achieved the purpose 18 years after the making the enabling law for the policy direction. It’s clear that privatisation in the electricity sector has failed. The buyers of the public assets simply lack the capacity to be effective players in the industry.

Mr. Babatunde Fashola was minister of power in the first term of President Muhammadu Buhari.

He publicly made criticisms of the players in the sector. Their corporate governance is hardly better than what prevailed when the electricity supply was in the public sector. Similarly, Fashola also raised fundamental questions about the efficacy of Public - Private Partnerships (PPP) in the construction of roads and bridges. For instance, after many years PPP could not deliver the Second Niger Bridge and PPP made no progress on the Lagos- Ibadan Express Way. At the end of the day, the federal government had to source funds to complete these projects. No productive debate has been generated by Fashola’s critical and fundamental observations. Meanwhile, our neo-liberal experts are still waxing lyrical about the magic wand of privatisation. They talk of privatisation, deregulation and commercialisation as if they are new concepts in policy-making in Nigeria. To them, every socio-economic problem has a free-market solution.

Watching the direction of economic management by the Tinubu administration, it may not be premature to caution against neo-liberal excesses.

The symptoms are already visible in the policy pronouncements on fuel subsidy and exchange rate for the naira. With Messrs Wale Edun, Abubakar Bagudu and other convinced neo-liberals in the team, it may be a tall order to expect a radical

The anti-poverty war should be fought with the weapons of well-articulated policies executed in the genuine interest of the people.

transformation of the political economy. But is possible to achieve honest socio-economic reforms in the interest of the people and to a great extent.

That’s if the faith of policymakers in market forces is tempered as they seek to build the Nigerian variety of capitalism.

In this respect, the view of a South Korean development economist at the University of London, Ha-Joon Chang, is worth reflecting upon at this time.

A liberal, Chang is not fundamentally anti-capitalist; but he is critical of the free-market capitalism. In his book entitled “23 Things They Don’t Tell You About Capitalism,” Chang puts the matter like this: “… The market is an exceptionally effective mechanism for coordinating complex economic activities across numerous economic agents, but it is no more than that - a mechanism, a machine.

And like all machines, it needs careful regulation and steering. In the same way that a car can be used to kill people when driven by a drunken driver, or to save lives when it helps us deliver an emergency patient to hospital in time, the market can do wonderful things but also deplorable ones.

The same car can be made better by putting in improved brakes, more powerful engines or more efficient fuel, and the same market can be made to perform better through appropriate changes to the attitudes of the participants, their motives and the rules that govern it.

“There are different ways to organize capitalism.

Free-market capitalism is only one of them - and not a very good one at that.

“The last three decades have shown that, contrary to the claims of its proponents, it slows down the economy, increases inequality and insecurity, and leads to more frequent (and sometimes massive) financial crashes.

“There is no one ideal model. American capitalism is very different from Scandinavian capitalism, which in turn differs from the German or French varieties, not to speak of the Japanese form.”

At least, a binding idea that could be suggested to the Team Tinubu is to wage war against poverty and inequality in the land. Here is a proposed vision: poverty should be significantly reduced in the land if not eradicated at the end of Tinubu’s tenure. The anti-poverty war should be fought with the weapons of well-articulated policies executed in the genuine interest of the people.

The tactics necessary for accomplishing the war strategy should include prudent management of resources and should exclude making mass delivery of public goods in the policy arena a trade-off.

The barometer for gauging the success of the war would not be the verdict of rating agencies or the analysis of foreign investment banks, which are essentially working for their clients.

The proof of success should be the millions of people exiting the poverty trap. Those should be the most important numbers to focus upon in policy formulation.

In any case, the 1999 Constitution embodies what should be the vision of any government in power. According to the Chapter II Section 14 (2B) of the constitution, “the security and welfare of the people shall be the primary purpose of government.”

The challenge of Nigeria’s political economy is how to achieve this purpose that is well defined by the constitution. All the previous administrations since 1999 faced the challenge. The fact that the land is plagued by poverty and socio-economic injustice is a measure of how far this vision has been realised in the country.

Ultimately, the success of the Team Tinubu will also be measured by how far this vision compelled by the constitution is realised.

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