MONDAY 28TH AUGUST 2023

At Rwanda Retreat, Nigerian Govs Declare Effective Leadership in High Demand in Africa Say Nigeria facing huge trust deficit, needs to dialogue Makinde: We’re better equipped with adaptive strategies Chuks Okocha in Abuja After a three-day retreat in

Kigali, Rwanda, for the Nigeria Governors’ Forum (NGF), facilitated by the United Nations

Development Programme (UNDP), Nigerian governors said effective leadership was in high demand

in Africa.

They acknowledged that Nigeria was battling a huge trust deficit,

saying there is need for dialogue to find a lasting solution to the problem. The governors also said

they were ready to understudy Continued on page 5

Obaseki: Our Politics Must Work for the Next Generation...See interview on pages 21-23 Monday 28 August, 2023 Vol 28. No 10365. Price: N250

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5 States Mark 32 Years, Reminisce about Journey So far EDO STATE 32ND ANNIVERSARY LUNCHEON IN BENIN...

L-R: Former Edo State Deputy Governor, Chief Mike Ogiadomhe; Speaker, Edo State House of Assembly, Rt. Hon. Blessing Agbebaku; Edo State Governor, Mr. Godwin Obaseki; his wife, Mrs. Betsy; Chief Judge of Edo State, Justice Daniel Iyobosa Okungbowa, and representative of Chief Edwin Clark, Amb. Igali Godknows, during Edo State 32 anniversary Luncheon in Benin City, on Sunday

Michael Olugbode in Damaturu, Yinka Kolawole in Osogbo, Emmanuel Addeh in Abuja, Emmanuel UgwuNwogo in Umuahia and Ibrahim Oyewale in Lokoja Five of the nine states created 32 years Continued on page 5

Tinubu: Nigeria Cannot Continue Debt Servicing with 90% of Revenue Promises world class remuneration for judicial officers Senate unfolds agenda to increase Nigeria's IGR, tackle debt profile Plans fresh legislation on solid minerals to generate $3bn annually from sector Deji Elumoye, Alex Enumah, Sunday Aborisade in Abuja and Dike Onwuamaze in Lagos President Bola Tinubu has declared that Nigeria will no longer sustain an economic philosophy that ensures the wastage of 90 per cent of its revenue on external debt service amid many development challenges facing the country. Tinubu said this yesterday in Abuja while declaring open the annual conference of the Nigerian Bar Association (NBA).

The president spoke on the same day the senate unfolded a comprehensive strategy that would enable the executive arm of government to generate the required revenue to liquidate Nigeria's debt profile and adequately fund the

annual national budget.

Speaking extempore to a gathering of about 16,190 lawyers in attendance, Tinubu asked, "Can we continue to service external debts with 90 per cent of our revenue?

According to him, "It is a path to destruction. It is not sustainable.

We must make the very difficult changes that are necessary for our country to get up from slumber and be respected among the great nations of the world."

He stressed that the prosperity Nigerians required would only occur once poverty was banished from the society with the focused cooperation of Nigeria's private sector leaders, many of whom were present at the Continued on page 5

Atiku to Tinubu: Tell Us How You Got into AKEREDOLU CONVALESCING IN GERMANY… State Governor/Nigeria Governors' Forum (NGF) Chairman AbdulRahman AbdulRazaq in a handshake with Ondo State Governor, University Without Primary School... Kwara Rotimi Akeredolu, when the NGF chairman paid a visit to Akeredolu in Germany…yesterday Pg 10

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Ag. CBN Governor, Deputy, Dragged to Court over Alleged Refusal to Declare Assets Alex Enumah in Abuja The Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi and a Deputy Governor of the CBN, Mr. Edward Adamu have been dragged before a Federal High Court in Abuja, over their alleged failure to declare their assets to the Code of Conduct Bureau (CCB).

Other defendant in the suit filed by the Network Against Corruption and Trafficking Foundation (NACAT), was the Chairman, Code of Conduct Bureau (CCB).

The applicant premised the suit on the strength of Section 1(1) and

(2) of the Freedom of Information (FOI) Act, 2011.

The Acting Governor, CCB Chairman and the Deputy Governor were 1st, 2nd and 3rd respondents in the suit marked: FHC/ABJ/ CS/1182/2023 and dated August 25, 2023.

Specifically, the group is requesting for the documents wherein Shonubi deliberately refused to declare interest in the following companies: Intameks Ltd– RC13086; Kirby's Place Resources Ltd – RC1215845; The Pekaboo Company Ltd – RC1395011; Ehlkuhile Investment Ltd– RC857442; Iscopeng Ltd – RC1431044; and Kilima Technologies Ltd – RC1218250.

Similarly, the applicant is demanding the assets and declaration forms of Adamu, wherein he failed to declare his interest in the following Companies: Pinnacle Solutions Network Ltd – RC698688; Elad Global Resources Limited - RC933366 and Global World Frontier Services Nig. Ltd - RC772500.

An affidavit in support of the originating motion ex parte deposed to by Stanley Ugagbe, the operational Manager of NACAT stated that the respondents had vehemently refused to avail them of the documents.

Ugagbe, averred that the 2nd Respondent was listed as a Director in the following Companies: Intameks

Ltd– RC13086; Kirby's Place Resources Ltd – RC1215845; The Pekaboo Company Ltd – RC1395011; Ehlkuhile Investment Ltd – RC857442; Iscopeng Ltd – RC1431044; and Kilima Technologies Ltd – RC1218250.

Also, the deponent claimed that the 3rd Respondent was listed as a Director in the following Companies: Pinnacle Solutions Network Ltd – RC698688; Elad Global Resources Limited - RC933366 and Global World Frontier Services Nig. Ltd - RC772500.

As public officers, Ugagbe stated, the 2nd and 3rd Respondents have statutory obligations to declare in their Asset Declaration Forms, the interests they have in the above-named

companies, while assuming their respective offices as acting Governor and Deputy Governor of the CBN. "That the applicant has a right under the Freedom of Information Act, 2011, to access the Assets and Liabilities Declaration Forms of the 2nd and 3rd Respondents, in the records of the 1st Respondent, with respect to declaration of the 2nd and 3rd Respondents’ interests in the said companies.

"That the applicant has made demand under the Freedom of Information Act, 2011 to the respondents, for the Respondents to produce the Assets and Liabilities Declaration Forms where the 2nd

and 3rd Respondents declared their interests in the said Companies, but the Respondents failed, refused and neglected to produce the said documents.

“The applicant submitted that it needed the intervention of the court to compel the 1st and 2nd respondents to grant the request of the Applicant, in accordance with Section 1 (3) of the Freedom of Information Act.” The applicants predicated their prayers on the ground that they had written letters dated 3rd July, 2023, and 14th August, 2023, requesting the Respondents to produce to it, the said documents but they refused.

TINUBU: NIGERIA CANNOT CONTINUE DEBT SERVICING WITH 90% OF REVENUE opening ceremony of the conference.

Speaking on the theme of the conference, "Getting it Right: Charting the Course for Nigeria's Nation-Building," Tinubu emphasised that hard decisions must be taken to set the country on a growth trajectory, despite the initial pains.

He said, "We cannot have the country we desire without the reforms we have initiated. It is painful at the beginning, in the short and medium term, but we must do what we have to do to take this nation to its great destiny.

“It is not about you and it is not about me. It is about our generations yet unborn, for whom we must bequeath a great and prosperous country."

Against the backdrop of the renowned judicial reforms he undertook as Lagos State governor between1999 and 2007, Tinubu renewed his commitment to deal conclusively with the pressing issue of remuneration for judicial officers and legal practitioners. He said true justice reform must begin with world-class salaries and benefits for legal professionals in Nigeria.

He stated, "You are learned. I want to learn. Why are we so blessed and we are still lacking? We must have a change of attitude and a change of our mind-set. We accuse our nation and its previous leaders.

“We complain a lot of the past. Is that the solution? No! Let us look forward and be determined! God has given us what we need. We must work hard with determination to make our country great and it begins with you who are seated here with me."

The president, who stated that a new Nigeria was possible with his renewed hope agenda, said the bold steps his administration was taking to find lasting solutions to the challenges confronting the country would only yield the desired results with the cooperation of all and sundry.

"I am not cynical, I am factual", he

said, adding, "The critical and bold initiatives embarked upon (requires) collaboration and cooperation of the private sector.

"We are so blessed and we are still lacking, change of mind-set is what we need. We accused our previous leaders, we complain too much about the past, it is not the solution, we must look forward, God has given us creative mind and will."

The president charged members of his cabinet present at the occasion, to hit the ground running with the NBA's theme, to demonstrate his administration's resolve to operate with a change of attitude in approaching governance.

To Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, the president said, "I want to ride on your metro-line, if I ask for free, don't give me, but deliver for the great majority.”

While calling on Nigerians to arise and build the nation, he promised to do his best to turn around the situation in the country.

Referring to the keynote address delivered by Chairman of United Bank for Africa Plc and Heirs Holdings, Mr. Tony Elumelu, who he praised for setting an agenda for economic growth and development, Tinubu bemoaned the inability of the country to eradicate poverty and tackle poor electricity supply, despite having abundance of gas.

He declared that his administration would ensure that Nigeria generated and distributed the electricity the economy required to thrive.

Tinubu stated, "Yes, it is a shame not to have adequate electricity for the majority of homes in Nigeria and to power our industries. How can we address poverty without electricity? We can take many people out of poverty with uninterrupted electricity supply. Poverty is not acceptable, and we must banish it."

Earlier in his welcome address, NBA President, Yakubu Maikyau, expressed the confidence of the

association in Tinubu’s ability to deliver good governance to Nigeria because of his pedigree and past track record of excellent performance in Lagos State, where he was governor between 1999 and 2007.

Maikyau stated, "President Tinubu got it right in Lagos, and it is our considered expectation that as

President of Nigeria, you will not only replicate your achievements in Lagos, but surpass them for our country."

In his address, Group Chairman, United Bank for Africa and Founder, Tony Elumelu Foundation, Elumelu, in a keynote address, stated that the task of, "Transforming Nigeria is a

journey that demands our collective dedication, building across political affiliations, ethnic differences, and socioeconomic differences."

While stating that building a new Nigeria was not the responsibility of government alone, Elumelu stressed that great nations started with great people and not necessarily

great leaders. He pointed out that Nigerians outside the shores of the country “are doing great but unfortunately, there is a huge challenge at home.”

According to him, "We champion the successes of Nigerians globally – Continued on page 43

5 STATES MARK 32 YEARS, REMINISCE ABOUT JOURNEY SO FAR ago by former military president Ibrahim Babangida, yesterday, marked their anniversary with reminiscences of the journey so far.

The states created on August 27, 1991 were Osun, Edo, Kogi, Abia, Yobe, Delta, Jigawa, Kebbi, and Taraba. But yesterday, only five of them held ceremonies to celebrate their anniversary.

YOBE STATE

Speaking on the 32 years of creation, Yobe State Governor, Hon. Mai Mala Buni, said the state had every reason to appreciate the Almighty God, in spite of the upheavals.

Buni, who congratulated the people of the state, said they “have every reason to appreciate Allah (SWT) for the journey in spite of the challenges, tribulations and ugly experiences that bedevilled the state.

“We appreciate the founding fathers of our dear state for their foresight and commitment in ensuring we became a state 32 years ago. The resilience, support and cooperation of our people had been quite rewarding in our journey to have travelled this far and achieved this much with more hope for prosperity.

"Although we had faced some daring challenges that threatened our existence as a state, Alhamdulillah, we have weathered the storm and moved ahead for a better and prosperous state.”

The governor thanked the people for supporting government policies and programmes on the post-Boko Haram Recovery, Rehabilitation and

Reconstruction process for a better Yobe State.

Buni also commended Yobe people in the diaspora for their contributions and interest in developments at home, saying, "We appreciate your contributions and the zeal to collectively move our state forward."

OSUN STATE

Osun State Governor, Senator Ademola Adeleke, urged citizens to work together in order to create a state that would prosper economically.

Adeleke stated this yesterday while delivering his speech to commemorate the state’s 32nd anniversary. He said the occasion was a crucial turning point in Osun’s history.

The governor stated, “I am honoured to address you today on the occasion of the 32nd anniversary of our beloved Osun State. On August 27th, 1991, our state was carved out from the old Oyo State.

“Today marks a significant milestone in the history of our great state. As we reflect upon the journey, let us acknowledge what shaped our state and chart a course for a brighter and more prosperous future.

“Our state’s creation was the outcome of the struggles of our people. The founding fathers worked hard to realise the vision. The struggle started as early as the 1950s with a series of commissions of inquiry in the old Oyo State.

“The doggedness of the founding fathers was rewarded on August 27th 1991, when General Ibrahim Badamosi Babangida created nine states, including Osun State, with

Osogbo as the capital.

“This marked the recognition of our unique cultural heritage and rich history. The creation of Osun State was a testament to our collective determination to achieve self-governance and development.”

EDO STATE

Edo State Governor, Mr. Godwin Obaseki, said the country was experiencing harrowing times, with the future looking bleak amid the current socio-economic challenges.

But Obaseki urged Nigerians not to lose hope in the country, despite the prevailing circumstances.

The governor spoke at an interdenominational thanksgiving service to mark the Midwest Referendum and 32nd anniversary of Edo State, held at the New Festival Hall, Government House, Benin City.

Obaseki stated that the glory of the new Edo nation stood on the threshold of transformation in the areas of infrastructure, development, innovation, and inclusiveness in building a state where humanity thrived.

He said, “I appreciate all those who have created time to come and worship with us at the 60th Mid-West Referendum and 32nd anniversary of Edo State.

“We are here today to praise and thank God for what He has done for us as a people. Yes, things are difficult, times are hard, and the future looks bleak, but we must thank God as it can only get better with our belief and hope in Him. This morning, I am expected to make some declarations

upon the state and the glory of the new Edo nation.”

Quoting Psalms 24: 1-2, Obaseki said, “Dear citizens of Edo State, blessed is the nation whose God is the Lord. The people He chose for his inheritance, the earth is of the Lord and everything in it, the world and all who live in it, for He founded it on the sea and established it on the waters.

The immediate past Minister of State for Budget and National Planning, Clem Agba, congratulated the people and government of Edo State on the 32nd anniversary of the state.

Agba, a chieftain of the All Progressives Congress (APC), in a statement, said Edo had come so far as a result of unity and hard work, adding, “While we are still a work in progress, I believe that we will achieve a greater Edo." The former minister commended successive administrations, both military and civilian, for contributing their quotas to the development of the state. He also commended the traditional institutions and royalties for interfacing between government and the people in achieving peace and enhancing security in their domains.

ABIA STATE

In Abia State, Governor Alex Otti said his administration had taken it as a "sacred duty" to make the state actualise its full potential.

In a state-wide broadcast yesterday to mark the 32nd anniversary of Abia Continued on page 43

AT RWANDA RETREAT, NIGERIAN GOVS DECLARE EFFECTIVE LEADERSHIP IN HIGH DEMAND IN AFRICA Rwanda’s post-war development programmes as a critical takeaway.

Kaduna State Governor Uba Sani, a first timer, who spoke on the imperatives of the programme, noted that Rwandan President Paul Kagame’s tips on how to manage diversity in an increasingly complex and fractious world were useful.

Similarly, Oyo State Governor Seyi Makinde, a second term governor, said discussions at the retreat had equipped them with adaptive leadership and development strategies.

The communique from the retreat, signed by NGF Director of Media, Abdulrazaque-Bello Barkindo, Christabel ChandaGinsberg, and Michelle Mendi Muita, both of UNDP, identified Nigeria’s challenges as a complex web.

It stated, "Nigeria faces a complex web of interconnected development challenges stemming from a huge trust deficit, an economy highly dependent

on oil exports, a job crisis and growing youth population, rising insecurity and separatist agitations, and a growing number of multidimensionally poor."

Director General of NGF, Asishana Okauru, in the same statement, explained, "As a nonpartisan organisation and policy arm, the Nigeria Governors' Forum organised this gathering with the objective of fostering transformative leadership and facilitating honest, frank and open dialogue to shape the discourse on these cross-cutting themes."

The three-day retreat, with the theme, “Re-imagining leadership in a fast-changing world,” was attended by 19 governors. They engaged in sessions that explored Rwanda's successful investment destination, transformation in digital technology, urban planning, and socio-economic transformation, capping off with a private dialogue with Kagame.

UNDP Resident Representative

in Nigeria, Mohamed Yahya, stated that the retreat "offers an opportunity to reimagine Nigeria’s leadership to achieve transformation and nationwide sustainable development".

The communiqué stated, "In Africa, effective leadership is in high demand, with recent political challenges and socio-economic crises continuing to adversely impact qualitative advancements toward the attainment of the Sustainable Development Goals (SDGs) and the realisation of the African Union's Agenda 2063, which aspires toward a peaceful, stable and prosperous Africa.”

Quoting the opening remarks of Director of the UNDP Regional Service Centre for Africa, Matthias Z. Naab, the communique said, "Adaptability in leadership has never been so urgent, globally and in Africa.

"Adaptive leaders possess the unique ability to not only acknowledge the challenges that

come their way, but to also harness them as opportunities for growth and innovation."

Quoting Norrsken House, the Rwanda Development Board and the Mayor of the City of Kigali, the communiqué stated that the retreat also focused on learning through dialogue – with sessions on rethinking leadership, leading systems, leading self and leading to deliver, as well as learning through observation. It was an interactive programme exploring Rwanda's emergence as an investment destination through visits and exchanges with the innovation hub.

In addition, the communique noted that the NGF had become a major link between government, development partners, and private organisations as they sought to reach all the 36 states in Nigeria.

It said in previous years, the level of cooperation had increased significantly as regards relations between the states and the federal government, particularly,

on collaborative pathways to overcoming commonly shared development challenges.

Sani, in his comments, stated, “After a deeply insightful and engaging retreat, we were hosted to a closing dinner by the Rwandan President, His Excellency, Paul Kagame.

“The closing dinner afforded us the opportunity of sharing ideas with His Excellency on a wide range of issues and concerns on Africa, our developmental and security challenges, and the pathway to a prosperous future for our continent. We thank President Kagame for giving us tips on how to manage diversity in an increasingly complex and fractious world.

Sani further said of the retreat, “I used the retreat to showcase and market Kaduna State to Africa and the world. I held meetings with investors and got commitments from them to prioritise Kaduna State in their investment decisions.”

The communique also quoted one of the governors, the deputy chairman of NGF, Makinde, as saying, "It has been an engaging retreat. I am glad a significant number of governors are here to be part of it so that, together, we can use the knowledge acquired."

Makinde further said, “Our discussions have equipped us with adaptive leadership strategies and pathways to effective governance and nationwide sustainable development."

The three-day Executive Leadership Retreat was on the invitation of Kagame. The retreat was dedicated to fostering dialogue on reimagining leadership and leveraging innovative technology, drawing inspiration from Rwanda's transformative journey.

Building on the Rwandan success story, the executive leadership retreat aimed to provide the incoming governors with new strategies for tackling development challenges within their states.

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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580

MINISTERIAL BRIEFING BY THE NCC MANAGEMENT...

L-R: Hon. Minister, Federal Ministry of Communications, Innovation and Digital Economy, Dr. Bosun Tijani and Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission, Prof. Umar Danbatta, during a ministerial briefing by the NCC Management in Abuja... recently

NCDMB, BOI Sign Amendment of MoU on $50m Manufacturing Fund Angola, Namibia to replicate Nigeria’s funding model

Emmanuel Addeh in Abuja The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank

of Industry (BoI) have signed an amendment to the Memorandum of Understanding (MoU) on the $50 million Nigerian Oil and Gas Parks Scheme (NOGaPS)

Tunji-Ojo Highlights Plan to Reform Immigration, Fire, Correctional Services Michael Olugbode in Abuja The Minister of Interior, Hon. Olubunmi Tunji-Ojo, has laid out his vision for reforming key sectors under the nation’s Ministry of Interior.

The Minister, in a video broadcast at the weekend, reaffirmed his commitment to executing the "Renewed Hope Agenda," of the present administration.

He said he would be embracing a transformative plan aimed at revamping immigration services, correctional service centres, and other crucial areas within the ministry.

Tunji-Ojo while acknowledging the leadership of President Bola Ahmed Tinubu, expressed gratitude for the opportunity to serve and vowed not to betray the responsibilities entrusted to him.

He revealed that his focus would be on ensuring that the government's promises translate into meaningful action, making a positive impact on the lives of Nigerians.

He said he would do his best not to disappoint the president.

He said he was determined to enhance the experience of Nigerians seeking to register and obtain passports for various purposes.

Tunji-Ojo said: “I assure Nigerians of our desire to proceed with reforms in our immigration service, such that Nigerians can be treated with respect, and that we get to unbuckle all bottlenecks of passport collections —and see other issues associated with immigration services in general, are under control.”

Speaking on how he would reform the Correctional Service, he noted that his administration would see towards alleviating congestion in custodial centres as well as providing inmates with the opportunity for rehabilitation and

reintegration into society.

“I also would like to give assurance that under the leadership of President Bola Ahmed Tinubu, we would do everything humanly possible to reform our custodial centres, such as the decongestion of those centres —of course, with beaming life, and hope we’d groom inmates and help inmates to ensure proper re-integration into the society.”

Also, commenting on proposed reforms for the fire service, TunjiOjo emphasised the urgency of enhancing response times to emergencies.

“We would do everything within our power as a ministry to ensure that there are key reforms in our fire service centers, turn around the response time of our fire service to under fifteen minutes,” he added.

The commitment further reflects the administration's recognition of the critical role played by the fire service in safeguarding citizens and infrastructure.

On prioritising the protection of national assets and facilities, the minister pledged to ensure the effective protection of national infrastructure by the Nigerian Civil Defense.

He noted that his commitment to improving immigration services, correctional facilities, emergency response, and infrastructure protection reflects the administration's vision for a more secure, efficient, and prosperous Nigeria.

He said: “We will ensure that in terms of protection of national infrastructures —beautiful national infrastructure, the Nigerian civil defense should please respond to ensuring that our beautiful national infrastructures are well protected.

manufacturing fund.

The fund was created by the NCDMB and domiciled with BoI to attract oil and gas equipment manufacturers to NOGaPS facilities established by the NCDMB, and increase access to affordable finance by the manufacturing entities.

According to a statement from the NCDMB, the signing of the amended MoU took place in Lagos at the weekend at the 2023 second quarter review meeting of the Nigerian Content Intervention Fund (NCIFund).

In his remarks, the Executive Secretary, NCDMB, Simbi Wabote, underlined the tremendous success of the NCIFund in catalysing capacity development and investments in the Nigerian oil and gas industry.

He hinted that the fund serves as a model for local content practice across the African continent and inspired the creation of the African Energy Bank by the African Petroleum Producers Organisation (APPO),

in partnership with the African Export Bank (Afreximbank).

He added that countries like Angola and Namibia are currently engaging the board, with a view to understand the workings of the NCI Fund, so as to replicate same in their jurisdictions.

“Today, Angola is thinking of establishing a similar credit line for their oil and gas companies.

I think the parliament recently approved some sum of money for them to manage in that respect.

Namibia is planning to do the same with the potential enactment of a Local Content Act,” he stated.

Wabote further commended the BoI for the successes being recorded in the management of the NCI Fund, assuring that the board will continue to look for other opportunities to increase its partnership with BoI. He said: “Considering the effectiveness and success recorded

by BoI, NCDMB may consider inviting BoI to send a nominee that will act as independent director to the board of directors

of some of the companies that we have invested equity in.

This will help them overcome some of the prevailing issues around governance, liquidity and technical optimisation.”

On his part, the Managing Director of BoI, Mr Olukayode Pitan, expressed confidence in the future performance of the board’s funds domiciled in the bank while noting that the quarterly review meetings will impact on sustaining the effective disbursements and recovery of the funds.

According to him, the NCI fund is performing excellently with 194 applications equalling $1 billion /N80.6 billion with 69 disbursements totalling $324 million /N38.4 billion as at the day of reporting.

The board established the NCI Fund in 2018 with the purpose of financing oil and gas companies to increase capacity and grow Nigerian content in the industry.

Presently, the NCI Fund has five product lines which are

being managed by the Bank of Industry. They include – Manufacturing Finance, $10 million; Asset Acquisition Finance, $10m; Contract Finance, $5m; Loan Refinance , $10m and Community Contractor Finance, N20 million.

The $50 million NOGaPS Fund was launched as a separate product in March 2023 to Incentivise companies that will be domiciled and manufacture oil and gas equipment components within the NCDMB oil and gas parks being established at different locations across the country, with the sites in Bayelsa and Cross River States open for occupation.

The board also has a $30 million working capital fund for oil and gas service companies and $20 million fund for women in oil and gas intervention fund.

The last two facilities are administered by the Nigerian Export-Import Bank and the agreements were signed in mid 2021.

Presidency Sources: Due Process Followed in NNPC’s $3bn AfreximBank Loan Emmanuel Addeh in Abuja Due process was followed by the federal government in securing the recent $3 billion AfreximBank loan through the Nigerian National Petroleum Company Limited (NNPC), presidency sources have maintained.

The $3 billion deal, which was signed in Cairo a fortnight ago, was to enable the NNPC support the government in its ongoing fiscal and monetary policy reforms aimed at stabilising the foreign exchange market.

Sources in the presidency that were close to the agreement disclosed that the president’s economic team were part of the team that structured the terms agreement for the $3 billion loan, including the top echelon at the finance ministry and the Central

Bank of Nigeria (CBN).

One of the sources who spoke on the condition of anonymity, yesterday, said there was no way that a continental loan of such magnitude would be negotiated without due process.

“I can confidently tell you that the minister of finance and the president were aware of the details of the loan because they actually initiated it. So there’s no cause for alarm,” the source said.

Stressing that the loan was subjected to critical analysis before the decision was taken, the source said that the full extent of the expected impact on Nigeria was already known.

“Those who structured the loan know the implications for the country. So everything was done to ensure that the future of Nigeria was not mortgaged.

There is no cause for alarm and

those who are expressing fear and pessimism have no reason to do so.

“We understand their fears but we want to assure them that the loan is for the good of Nigeria and that there are no reasons to be pessimistic about the loan,” the presidency source added.

Continuing, the source said all that the president and his team of advisers did with the NNPC’s $3 billion loan was for the good of Nigeria.

“The president is ready to welcome any other sound economic idea from any wellmeaning Nigerian that will breathe life into the country’s struggling economy. Those criticising the loan should come up with superior suggestions and if they are good, the president is ready to apply

them,” the source noted.

In recent times, the nation has battled foreign exchange illiquidity, leading to the steep fall in the naira since the unification of the foreign exchange windows by the CBN in June.

The crash in the value of the naira has affected the economy, triggering price hikes of imported raw materials by industry operators, with the impact exemplified in the July inflation which peaked at 24.08 per cent.

At the signing of the loan earlier in the month were the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, who signed for the national oil company, while George Elimbi, Executive Vice President, Afreximbank, signed for the bank.

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LECTURE ON RESHAPING ELITE...

L-R: British High Commissioner to Nigeria, Richard Montgomery; Professor of Economic Policy, Blavatnik School of Government (BSG) and the Economics Department, University of Oxford, Professor Stefan Decorn; Executive Vice-Chair, Aig-Imoukhuede Foundation, Ofovwe Aig-Imoukhuede; Chairman, Aig-Imoukhuede Foundation, Aigboje Aig-Imoukhuede CON; Development Director, Foreign Office, Nigeria, Chris Pycroft; at the lecture on "Reshaping Elite Bargains and Gambling on Development," held at the British High Commission residence, Abuja…Friday

NCAA Deploys National Aviation Safety Reporting System for Flight Operations Chinedu Eze The Nigeria Civil Aviation Authority (NCAA) has deployed national aviation safety reporting system for those involved in

flight operations in the country.

The Aviation Safety Reporting System (ASRS) receives, processes and analyses voluntarily submitted incident reports from pilots, air traffic controllers,

NAMA, ASECNA Sign MoU to Improve Air Traffic in West Africa Chinedu Eze The Nigerian Airspace Management Agency (NAMA) has signed Letters of Agreement (MoU) with the Agency for Aerial Navigation and Safety in Africa and Madagascar (ASECNA) to improve air traffic in Flight Information Regions in West and Central Africa.

ASECNA is the agency for air navigation safety in all French speaking Africa and Madagascar, it is an international public organization composed of 18 member states; 17 African states and France, including Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Congo, Ivory Coast, Equatorial Guinea, France, Gabon, Guinea-Bissau, Madagascar, Mali, Mauritania, Niger, Senegal, and Togo.

The agreement was signed in Lagos, at the end of a fiveday coordination meeting with ASECNA officials from Lome and Cotonou and its objective was to enhance air traffic coordination between the Lagos Area Control Centre (ACC) and Lome Area Control Centre as well as between Lagos ACC and Cotonou Approach Unit.

Specified in the Letters of Agreement were procedures for separation of aircraft between the two ACCs in terms of radio frequencies, the point at which aircraft are transferred and altitudes for transfer of aircraft across the common boundaries.

Also in the agreement stated modalities for the coordination of air traffic along the newly created routes (UL255 and UN247) within Lome airspace terminating at POLTO, which is a reporting point.

The ASECNA officials were assured that issues

with coordination and data interchange equipment like Automatic Identification and Data Capture (AIDC) and Air Traffic Services Message Handling Services (AMHS) would soon be surmounted with the ongoing deployment of the new VISAT 10.02 network.

The concept of Free Route Airspace (FRA) already in operation within Kano Flight Information Region (Nigeria) as well as its derivatives like increased airspace capacity; shorter travel time; reduced carbon emission, reduced operational costs to the operators and reduced workload for controllers and pilots was presented to the visitors for possible adoption and implementation.

The visiting ASECNA team also inspected navigational facilities at the Murtala Mohammed International Airport, Lagos, like the Total Radar Coverage of Nigeria (TRACON) site, control tower, mobile control tower at CENTREX (telephone exchange services), CAT III equipment as well as the newly installed Surface Movement Radar.

The Managing Director of NAMA, Tayib Odunowo, has expressed confidence that regional collaborations and synergy between adjacent FIRs were critical to the safety of the African sky.

Odunowo, who was represented at the signing of the Letters of Agreement with ASECNA by the General Manager, Air Traffic Control Operations, Mr. John Tayo, said such collaborations would guarantee seamlessness of air traffic management as well as interoperability of Communication, Navigation and Surveillance / Air Traffic Management (CNS/ ATM) systems among states on the African continent.

dispatchers, cabin crew, maintenance technicians crew and others who are expected to report occurrences in the course of their duties.

In other words, the authority has given access to those involved in airline operation to file reports to it in easy and convenient manner.

The deployment was announced in All Operators Letter (AOL) referenced NCAA/ DG/AIR/11/16/341 dated 25th August, 2025, addressed to all aviation stakeholders and the general public, signed by the Director General of Civil Aviation, Captain Musa Nuhu.

This was a follow up to NCAA’s establishment of a robust Safety Data Collection and Reporting System (SDCPS) called SMS Pro (www.ncaasms. com) that would bring Nigeria to full compliance with International Civil Aviation Organisation (ICAO) Standards and Recommended Practices

(SARPs).

The NCAA explained that the SMS Pro system was a web-based software which is user-friendly and mirrors the SSP & SMS (State Safety Programme and Safety Management System) ICAO-recommended framework comprising safety policy, Safety Risk Management Safety Assurance and Safety Promotion.

“It allows for full integration of the whole aviation industry such that each service provider has customized handles issued by the authority, to submit reports into the system,” the statement said.

NCAA further explained that Annex 19 to the Chicago Convention on International Civil Aviation and the Civil Aviation Act 2022 mandate the implementation of Aviation State Safety Programme.

“Specifically, Annex 19 SARPs (Standards and Recommended Practices) mandates as follows: "5.1.1 States shall establish Safety

Data Collection and Processing Systems (SDCPS) to capture, store, aggregate and enable the analysis of safety data and safety information. 5.1.2 States shall establish a mandatory safety reporting system that includes the reporting of incidents. 5.1.3 States shall establish a voluntary safety reporting system to collect safety data and safety information not captured by mandatory safety reporting systems.

“5.1.4 Recommendation— State authorities responsible for the implementation of the SSP should have access to the SDCPS as referenced in 5.1.1 to support their safety responsibilities, in accordance with the principles in Appendix 3.

“In addition, Section 62(1) of Civil Aviation Act 2022 states that: The Authority shall establish a State Safety Programme (SSP) in order to achieve an acceptable level of safety in civil aviation," and Section 46(5) mandates

the Authority to implement mandatory and voluntary nonpunitive incident and accident reporting system.”

The NCAA stated that in view of the above, it was required that all service providers certificated by the NCAA provide details (email and phone numbers) of their respective focal points for submission of mandatory reports to the authority.

“It is pertinent to note that both the NCAA and the NSIB (Nigerian Safety Investigation Bureau) have access to all submitted reports and are enabled to receive prompt email alerts as soon as any report is submitted into the system, including direct reports by the enabled public.

“And upon receipt of safety reports, both will do a preliminary risk assessment of each report to decide on which of the two agencies will handle the report,” the statement also said.

Think Outside the Box for Solutions to Housing Challenges, Dangiwa Charges Heads of Housing, Urban Development The Minister for Housing and Urban Development, Mr. Ahmed Musa Dangiwa, has directed the Heads of Departments within the Ministry to think outside the box and come up with innovative measures and ideas that would help the ministry achieve its mandate of providing affordable housing, increasing access to land, and ensuring the sustainable development of urban and rural areas and communities nationwide.

According a statement signed by Mark Chieshe, the Special Adviser Media to the Minister for Housing and Urban Development, Dangiwa issued the directive on the first day of receiving detailed briefings from the Principal Officers of the Ministry. This was part of a broad range of reform actions that he plans to take to ensure that the Ministry properly re-aligned along the path of enhanced efficiency to enable

perform its functions optimally towards delivering greater impact as stated in its mandate, the statement explained.

“This includes ensuring that the Ministry, which is mostly staffed by professional Architects and Town Planners, take the lead in researching and developing housing designs that are, in reality, actually affordable, acceptable, and accessible to Nigerians, particularly low and medium-income earners, who constitute over 80 per cent of the Nigerian population,” it added.

He emphasised that all professionals within the Ministry, must take their roles seriously and contribute their quota towards achieving this objective.

“As a Ministry staffed mostly with professional architects, we must use our knowledge and expertise to produce innovative housing designs that are affordable and livable.

“We must prioritise the 80

per cent of Nigerians that are within the low to medium income segment. They too are Nigerians and deserve to live in decent, safe, and quality homes” he stated.

To achieve this, the Minister immediately set up a Committee on Affordable Housing Design and tasked its members to develop a minimum of three different housing concepts that an average Nigerian can afford.

He directed that the conceptual designs should be organic.

“This means a family can start with a one bedroom and as their incomes increase expand that same house to a two bedroom or three bedrooms over time on the same parcel of land by attaching one or two walls as the case may be,” it added.

Dangiwa, further clarified that an affordable house reasonable priced and within the financial means of individuals and

families with lower incomes.

He said such a house should not cost more than 30 per cent of a household's income. This includes rent or mortgage payments, as well as utilities and maintenance costs.

“This puts the preferred cost of a house that an average Nigerian can afford at within the range of N4 to N7 million,” the statement added.

The Minister also assigned the Urban and Regional Planning Directorate the task of collaborating with the National Assembly to formulate an actionable framework for initiating the review of the Land Use Act of 1978 as it is crucial for facilitating affordable housing delivery.

Furthermore, the Minister noted that the Land Use Act contains outdated provisions and no longer fully serves its original purpose due to the passage of time.

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NEWS

FENCING WORKSHOP AND VISIT TO THE AMERICAN GUESTS QUARTER...

L-R: Consul General of Italy, Mr. Ugo Boni; US-based ranked Saber Fencer and Founder, Fencing Diaspora Foundation (FDF), Inkosi Brou; his mentor, One-time Olympic Silver Medalist and World Championship Silver Medalist, Daryl Homer; President, Nigerian Fencing Federation (NFF), Mr. Adeyinka Samuel; and Secretary General, Nigeria Olympic Committee, Mr. Tunde Popoola; shortly after fencing workshop and visit to the American Guests Quarter (AGQ) in Ikoyi, Lagos on Inkosi's and Homer's 4-days working visit to Nigeria ... recently

Atiku to Tinubu: Tell Us How You Got into University Without Primary School Chuks Okocha in Abuja The echoes of President Bola Tinubu’s certificate saga continued yesterday, as the presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, queried how the president obtained his primary and secondary education, before securing admission into the Chicago State University.

Atiku raised the issue on his verified X (formerly twitter) handle, saying, "In 1999, Tinubu claimed to have attended St. John’s Primary School in Aroloya, Lagos State, before proceeding to Children’s Home School in Ibadan, the Oyo State capital.”

According to the former vice

president, Tinubu claimed to have attended Government College, Ibadan, and Richard Daley College after which he proceeded to Chicago State University in the United States.

Atiku stated, “I woke up this morning wondering how we got to this cul de sac. In 1999, Tinubu claimed he attended St. John’s Primary School, Aroloya, Lagos, before proceeding to Children’s Home School in Ibadan.

“According to him, his next port of call in his educational journey was Government College Ibadan and, Richard Daley College and Chicago State University in the United States.”

He called on well-meaning Nigerians to interrogate Tinubu’s declaration of no

FG Promises to Stem Disaster-driven Poverty Michael Olugbode in Abuja The federal government has promised to take necessary steps to stem disaster driven poverty in the country.

The government equally promised to put in place legal framework to reward and punish citizens for environmental use.

Addressing members of Ogun State Chapter of the Nigerian Institute of Public Relations (NIPR) who paid him courtesy visit at the weekend in Abuja, the Minister of State for Environment, Dr. Iziaq Salako, said Nigeria is currently facing a lot of environmental challenges from desertification, desert encroachment, land degradation, gully erosion, among others and that some something need to be done to address the decline.

He said: “I read it in the paper that if we do not take right actions in the country, in the next seven years or so, Nigeria would become one of the top ten nations in disaster driven poverty.”

He said to prevent this, not just the government but all Nigerians need to put in

efforts at ensuring this never happened.

He said the NIPR has a duty to play in sensitising the people on waste disposal and the need to pay for disposal of waste.

He added: “People do not believe you pay for waste disposal. We need to sensitise our people that if you do not pay for proper disposal of waste, it would eventually become a burden on the society.

“We also believe there is aspect of sustainable environment that must become obligatory civic duty just like you pay tax which is obligatory, sustainable environment and the way you use environment must become obligatory civic duty.

“It is not as if you would go to jail but you can be fined if you don’t do the right thing.

You can also be rewarded if you put the environment to good use.”

Earlier, the chairperson of the Ogun State Chapter of the NIPR, Mrs. Oluwaseun Boye had promised to use the tools at the disposal of the association ti project the activities of the Ministry of Environment

primary and secondary education certificates, yet had a university degree.

According to Atiku, “I am scratching my head. How is that possible? Methinks that all well-meaning Nigerians should be as confused as I am with Tinubu’s declaration that he had no primary and secondary education, yet he has a university degree.

“You may wish to #AskTinubu how he attained this feat so that we can learn from his ingenuity.”

Atiku had recently filed a separate case No. 23-5099 (N. D. III.) at the US District Court for the Northern District of Illinois against Tinubu in the United States. This was different from the suit requesting the academic records of Tinubu, which read that he held a Bachelor of Science degree in Business Administration from the Chicago State University.

Meanwhile, following a recent admission by lawyers representing Tinubu that documents of his academic

records submitted to the Independent National Electoral Commission (INEC) were fraught with errors and inconsistencies, there have been a close scrutiny of his documents by Atiku’s lawyers.

Tinubu’s lawyers had last Wednesday, in response to the petition by Atiku at a federal court in Chicago, Illinois, for the discovery of Tinubu’s documents at the Chicago State University (CSU), agreed that there were errors in the academic certificate presented

to INEC by the president. They blamed the errors on the clerk of the university.

Both Atiku and the Labour Party (LP) candidate, Peter Obi, had asked for disqualification of Tinubu in the February 25 presidential election on account of forgery allegation made against him before the Presidential Election Petition Court.

Court documents submitted

by Atiku’s lawyers both in the United States and Nigeria contained discrepancies.

Lawan Hands Over Technical College to Yobe Govt Donates health facility, Gashua Varsity hostel, community centre to constituency Sunday Aborisade in Abuja President of the 9th Senate and lawmaker representing Yobe North Senatorial District, Senator Ahmad Lawan, at the weekend, handed over the Federal Science and Technical College, Gashua, to the Yobe State Government.

Lawan facilitated the establishment and construction of the college while in office as Senate President between 2019 and 2023.

The Yobe State Government was in turn expected to hand over the institution to the federal government through the Federal Ministry of Education.

This was contained in a statement by his media aide, Ezrel Tabiowo, made available to journalists in Abuja, yesterday.

The statement explained

that the Federal Science and Technical College, Gashua, has several ultra-modern facilities to provide students, teachers and administrative staff with the required learning and work environment.

Among the facilities provided it added, were an Administrative block, staff offices, two blocks of offices, a library, 500-capacity auditorium, laboratory complex, a clinic, five blocks of female hostels, five blocks of male hostels, sports complex with offices, three twin-blocks of classes, one block of classes, workshop complex, ICT centre, seven solar-powered boreholes, gate house and perimeter fencing.

The handover ceremony was attended by the Deputy Speaker of the Yobe State

House of Assembly, Rt. Hon. Yau Usman Dachia, some members of the Yobe State Assembly, and the Permanent Secretary of the Ministry for Basic and Primary Education, Hamisu Alhaji, among others.

Lawan, in his remarks, said the Federal Science and Technical College, Gashua, remains a landmark institution that would provide limitless opportunities in the coming years for youths across the country.

He disclosed that the FSTC was among the 16 technical colleges approved by the Federal Ministry of Education last year.

Lawan said, “For today’s event, we are witnessing a landmark development in this part of Nigeria.

“We are gathered here for the official handing over of

the newly constructed and established Federal Science and Technical College, Gashua.

“It was constructed by various institutions of the Federal Government and the North East Development Commission (NEDC).

“We consider this as a very important development for us because it is going to provide limitless opportunities for our youths who will be educated here for many years to come.”

Meanwhile, Lawan, has expressed satisfaction over the ongoing projects he facilitated in the Yobe North Senatorial District.

The projects, included the construction of a Community Centre; 2000 capacity hostel and a health centre for the use of the students of the Federal University Gashua.

Nigeria Did Not Apply to Join BRICS, Says Shettima Vice President Kashim Shettima has said Nigeria did not apply for membership of BRICS (Brazil, Russia, India, China, and South Africa).

Shettima spoke hours after the economic bloc said it was admitting six new members – Argentina, Egypt, Ethiopia,

Iran, Saudi Arabia, and the UAE. While many wondered why Nigeria did not join the group, Shettima at the weekend, explained that the country never applied for BRICS membership.

“So far, we have not applied

for the membership of BRICS. And it is majorly informed by the fact that my principal President Bola Ahmed Tinubu is a true democrat that believes in consensus building,” he told Channels Television.

“There are so many variables that need to be taken into

cognisance. We have to evaluate so many tendencies and issues that require engagements with the economic advisory council, the Federal Executive Council, and even the National Assembly before an informed decision towards joining the BRICS would be taken.”

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NEWS

MEDICAL OUTREACH AT WUSE GENERAL HOSPITAL.…

L-R; Dr. Lucy Balami; Daughter, Amina Abbas Tajudeen; wife of Speaker House of Representatives, Hajia. Hussaina Abbas Tajudeen; Founder of Yakolo Indimi foundation, Ambassador. Yakolo Indimi; during the Medical outreach at wuse General hospital in Abuja.. weekend KINGSLEY ADEBOYE

Diri: I’d Spill No Blood to Return to Office in November Provides relief materials for displaced Bassambiri indigenes

Olusegun Samuel in Yenagoa Bayelsa State Governor, Senator Douye Diri, has

vowed never to spill anyone’s blood to return to office in the November 11 governorship election in the state.

THISDAY Reporter, Ebere Nwoji, Wins Insurance Award James Emejo in Abuja For two consecutive years, THISDAY's Insurance Sector Correspondent, Ebere Nwoji, has emerged winners of the Print Media Reporter of 2023 award instituted by the National Insurance Commission (NAICOM) in 2022.

NAICOM, which is the apex regulator of insurance sector in the country instituted the award to annually recognise journalists who have distinguished themselves in terms of knowledge of the sector and bringing to bear their wealth of efficiency and understanding to not only report the sector, but also analyse trends, issues and developments in the sector, thereby contributing to promoting, creating understanding of the sector by diverse publics and boosting appreciation of its relevance in the economy.

Nwoji in 2022 won the maiden edition of the award out of over 100 journalists focusing on Insurance beat.

The award was conferred on her as the winner this year, for the second time in a series at the just concluded retreat for insurance journalists with the theme: “Improving Stakeholders Perception, 2023 and Beyond,” The retreat was organised

by NAICOM and was declared open by the Commissioner for Insurance

and NAICOM’s Chief Executive Officer Mr. Sunday Thomas, in Uyo, Akwa Ibom State.

While announcing Nwoji, Assistant Director / Head, Corporate Affairs of NAICOM Rasaq Salami, noted that having scanned through the print media - newspapers, magazines and cartoons, NAICOM found it worthy to award the 2023 Insurance Reporter to Nwoji.

“We monitored news reports, articles, cartoons and we monitored everything that has to do with insurance in newspapers and magazines and we found it worthy to award the 2023 Insurance Reporter to Mrs. Ebere Nwoji.”

The award drew ovations and applause as friends and colleagues attested to her skill and knowledge of the sector which was earlier affirmed by NAICOM Assistant Director (Compliance Bureau life), Mrs. Augustina Onojake, who had while presenting a paper on “Re-awakening the Nigeria Insurance industry through Claims Settlement” cited one of Nwoji’s definitions to buttress her points.

Also presenting the award to Nwoji, the Deputy Commissioner for Insurance (Technical) Mallam Abubakar Sabiu congratulated her saying, “We will like to appreciate you for your outstanding performance. congratulations”

Diri made the vow at Ogbolomabiri after assessing the security situation in neighbouring Bassambiri in Nembe Local Government Area of the state on Saturday.

Men of the police Strategic Weapons and Tactical (SWAT) team and some other security personnel in military camouflage on August 12 invaded Bassambiri community, allegedly on the orders of the Acting Inspector General of Police.

Some persons suffered gunshot injuries as a result of the invasion while many others were displaced.

Addressing the displaced Bassambiri indigenes at the King Koko Square at

Ogbolomabiri, the governor said anyone, who sacrifices the lives of the people in order to gain political power does not deserve to lead the state.

In a statement issued by his Chief Press Secretary, Mr. Daniel Alabrah, yesterday, Diri expressed concern over the health and welfare of the displaced people, noting that every life in Bassambiri or Ogbolomabiri was important to him.

He reassured them that his administration would do everything humanly possible to restore peace and order in the Nembe communities, urging the leadership of the NembeSe Congress to do more in uniting the people,

because every Nembe man or woman was one and the same irrespective of linage.

He noted that the absence of peace was a recipe for underdevelopment and encouraged the people to live peaceably with one another.

“I will not spill one life to retain my office because every life is important to me. Anyone who wants to be governor should not sacrifice any of you to become governor.

“Bassambiri issues are either political, chieftaincy or economic. Anybody who wants oil company benefits should not sacrifice others to get payment.

“You cannot kill yourselves whether you

are from Bassambiri, Ogbolomabiri, Brass, or Odioma. You are all Nembe people. You are all Ijaw people. So, I call on the Nembe-Se Congress to do more in uniting the people of Nembe.

“As a government, we will continue to do what we are doing to unite the people and to develop the area. That is why your government started the very big Nembe-Brass road project, which is a federal government road,” he said.

Diri, however, directed the State Emergency Management Agency (SEMA) to immediately provide more relief materials for the displaced Bassambiri people.

Out-of-School Children: UBEC to Partner UNICEF in Conducting Regional Engagements Kuni Tyessi in Abuja As part of efforts to address the challenge of out-of-school children (OOSC) in the country, the Universal Basic Education Commission (UBEC) has disclosed its plans to partner with the United Nations Children's Fund (UNICEF) in conducting regional engagements.

The Executive Secretary, Dr. Hamid Bobboyi, who disclosed this in Abuja, said the partnership has become expedient as states would have the opportunity to share the key features of their out-of-school interventions in order to make room for better consultations with a broad range of stakeholders.

He said the Commission’s insistence on addressing

the challenge through broad based partnership prompted the partnership and participation of State Ministries of Education (SMoE), State Agency for Mass Education (SAME) and other critical stakeholders apart from SUBEBs in making implementable inputs and also being physically present at this regional engagement.

He noted that the meeting organised by UBEC in collaboration with the United Nations Children's Fund (UNICEF) was part of the collective effort towards ensuring timely commencement of the implementation of OOSC intervention activities across the states and also ensuring that states take full ownership of the

implementation processes.

"We are all aware that the high number of OOSC in Nigeria has continued to hinder our educational growth and has also given a negative reference on our nation’s educational development strides and aspirations in the global scene.

"Despite our conviction that government at all levels are making reasonable provision for basic education sector annually, there are still unacceptable number of children in this category.

"In this regard, UBEC is collaborating with relevant partners particularly, the UNICEF to achieve its mandate by doubling its efforts to create public awareness on the danger of having large number

of children out of school and also providing platform, structure and interventions through which the stakeholders at the state and grassroots levels will leverage on in tackling the challenge in their respective domain," he said.

He charged stakeholders to go back to the drawing boards and proffer solution that would ensure drastic reduction of the number of children that are out of school, or eradicate the phenomenon completely.

The stakeholders' sensitisation meeting was earlier held in some other regional centres as follows: Kano centre was held from 12th 15 July, 2023; Lagos centre 26th to 29 July and Port Harcourt centre, 3rd to 5th August.

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

M O N D AY D I S C O U R S E As Obasa Squares Up with Sanwo-Olu in Lagos...

Segun James traces the history of the face-off between Lagos state Governor, Babajide Sanwo-Olu and Speaker of the State House of Assembly, Hon Mudasiru Obasa, which culminated in the recent rejection of 17 Commissioner-nominees by the Assembly.

Sanwo-Olu

I

f it was a delibrate move to embarrass Lagos state Governor Babajide Sanwo-Olu, it was spectacularly effective and devastating. The Governor was left red-faced as he felt the first challenge to his authority since he took office in 2019. The Lagos State House of Assembly in a surprise move had rejected 17 nominees that Governor Sanwo-Olu submitted to the Assembly.

Of the 39 nominees screened, only 22 scaled the hurdle while the others, mainly returning former commissioners were rejected.

This had never happened in the history of Lagos especially since the All Progressives Congress (APC) controls both the executive and the legislature.

To most people, the action of the House showed that there is a political war between the governor and the Assembly. But what could have led to this?

Before the face-off, there have been no love lost between the Governor and the Speaker of the Assembly, Hon Mudasiru Obasa. Following the decision of President Bola Tinubu to hand over the political control of the state of excellence to SanwoOlu, the Governor saw it as an opportunity to exert his authority on the polity, and especially the House of Assembly and its Speaker who saw himself as the alternate governor. So obvious was the aloofness of Obasa that he never attended any function with the Governor. He would rather delegate other Assembly members to represent him on such occasions.

Sanwo-Olu saw his new position as political leader as an opportunity to cut the Speaker to size. In the build up to the selection and election of the House of Assembly leadership, the governor propped up Hon Abiodun Tobun to challenge Obasa for the Speakership of the House.

The political move created so much tension in Lagos that President Tinubu was forced to invite both gladiators to State House, Abuja during which he brokered peace among them.

The President was said to have persuaded the Governor not to humiliate the Speaker but let Obasa retain his position as Speaker even as he specifically drummed it to the hearing of all those present at the peace meeting that the Governor remains the political leader of the state and party in Lagos. While the President’s decision is seen as a mediation, Obasa sees it as a move to consolidate his hold on the Assembly.

Obasa Immediately he was re-elected Speaker, he ensured his loyalists in the House were put in leadership positions just as he alienated the opposition. He also went ahead to start challenging the Governor ’s leadership.

The House accused the government of being soft on every issues, and more especially on security.

They ordered him to address the House more than once. A move that had never happened in the history of the state.

It was in the middle of this tension that the Governor, in order to comply with the constitutional requirement of 60 days to submit his cabinet list forwarded a 39-man commissioner nominees list to the State Assembly. Most of those whose names were submitted included returning commissioners who were mainly technocrats brought in during Sanwo-Olu’s first term.

This was where the face-off between the Legislature and the Executive became glaring. Many of these technocrats, even though they held political positions for four years, never joined the party or relate with the politicians and members of the House. What’s more scandalous, they never registered as party members nor were they registered to vote at the election. Also, when queried, they do not know which ward they come from. They were also accused to have collected over

N50 million each to mobilize voters, but never did. This, the legislators lamented applied to the most high profiled members of the last cabinet who see themselves as untouchables.

Another contributory factor is that almost all those rejected “have no political base and no grassroots affiliation.” Most of them are friends of the governor. For instance, former Commissioner for Health, Prof.

Akin Abayomi, who was rejected, has no political base, he is not a politician. The Assembly swept them aside because of this.

For instance, if performance was the yardstick for the confirmation, there is no way Abayomi will be disqualified, there is no way Gbenga Omotoso will be rejected, there is no way Folasade Adefisayo will be rejected, there is no way Sam Egube will be turned down, yet they were all rejected because of their political naiveness.

Another factor that worked against some of the nominees not cleared is that they were never registered in Lagos and they moved up to other state to vote, yet they aspire to political positions in the Centre of Excellence. The Assembly saw this as cheating on behalf of those who were around and took part in the election.

Some of the Commissioner-nominees did not also perform well during the screening at the House of Assembly. For instance, the former Special Adviser on Works and Infrastructure, Aramide Adeyoye, was said to have performed poorly during the screening. The House embarrassed her while the screening lasted. Asides this, Adeyoye is said to be the architect of her misfortune. As the special adviser on Works and Infrastructure during the first term of Sanwo-Olu, she was supposed to report to

The political move created so much tension in Lagos that President Tinubu was forced to invite both gladiators to State House, Abuja during which he brokered peace among them.

The President was said to have persuaded the Governor not to humiliate the Speaker but let Obasa retain his position as Speaker even as he specifically drummed it to the hearing of all those present at the peace meeting that the Governor remains the political leader of the state and party in Lagos.

While the President’s decision is seen as a mediation, Obasa sees it as a move to consolidate his hold on the Assembly.

the Deputy Governor, Dr. Kadri Hamzat.

She was said to have by-passed him and report directly to the governor. She only reported to the Deputy Governor after certain decisions have been taken. This did not go down well with Hamzat, who is not happy about the development. This made her case special and there was no way she could have scaled the screening as many forces were against her.

Religious factor is another reason many nominees were dropped. About 15 of those dropped by the Assembly are Christians.

Some Muslim groups had raised dusts that of the 39 Sanwo-Olu nominees, only nine of them were Muslims. This might not be unconnected with why about 15 Christians were rejected by the Assembly.

Rebellion is in the air in Lagos; and it is threatening to derail the well-ordered system put in place by Tinubu. That the people and politicians think differently is now widely accepted. Why they do so is another matter. One possible explanation is that in the time politicians spend plotting, the people are docily expecting miracle from nowhere.

As the tension builds up, Lagos remains an exception to the rule in the political firmament of the country. There is only one Nigerian for whom Lagosians, great and small will turn up enmasse and on time, he is President Tinubu. This is because he controls the levers of politics in the only self reliant state government in the country - Lagos. In the political firmament of the state, he is the lone Iroko tree that makes a forest.

Today, Tinubu has moved up and on in the political ladders of the nation. Realizing this, he handed over the control of the political levers to Sanwo-Olu. He invested the Governor with the title of leader and head of the powerful Governance Advisory Council. A committee of old but powerful political leaders in the state.

If this did not go well with these leaders, no one can really say, but if the unfolding face-off between the Governor and Speaker of the State Assembly is anything to go by, this is the beginning of a possible protracted battle the end of which nobody can determine.

Before now, issues such as these would have been handled by Tinubu, but with him becoming the president, and now focused on nation’s governance, SanwoOlu is now on his own. How he handles it would determine a lot in the coming weeks and months.

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MONDAY DISCOURSE

Osinbajo: From Vice President to African Peace Icon Emameh Gabriel writes about former Vice President Yemi Osinbajo’s rising profile and engagements on the global stage.

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igeria’s former Vice President, Prof Yemi Osinbajo, is not new to the global stage, being a highly respected member of the Nigerian legal profession.

He had served as a member of the judicial division of the United Nations Operations in Somalia (UNISOM 11) and subsequently as a member of the United Nations Secretary General Committee of Experts on Conduct and Discipline of UN Peace Keeping personnel around the globe in 2006.

Little wonder, since he completed his eight-year tenure as Vice President, Osinbajo continues to feature in international and global circles with one assignment here, and another recognition there.

For instance, last week he was named among 100 peace icons in Africa.

Founded over a decade ago, Peace Ambassador Agency Worldwide (PAAW) seeks to address ethno-religious conflicts in Nigeria and Africa. PAAW seeks to propagate peace and foster unity.

Explaining why Osinbajo and others were being singled out for recognition, Project Director of the group, Ambassador Kingsley Amafibe, said the peace icons were being recognised due to their dedication in promoting peace and calm on the continent.

According to him : “By sharing their narratives, our intention is to amplify the ripples of their endeavors, produce a collective resolve to foster a more calm and prosperous Africa.”

Osinbajo’s selflessness and pursuit of peace, dialogue and diplomacy have never gone unnoticed, which was why his selection as one of those who foster peace in Africa and across the world didn’t come as a surprise.

As a peace advocate, Osinbajo has often sought negotiations and dialogues as means of resolving differences and when he is not on a peace mission as demonstrated in the Sierra Leone general election where he led the Commonwealth team, he is seeking to empower Nigerians irrespective of their language, culture or religion.

Who can forget how as Acting President Osinbajo gathered leaders of thought and traditional rulers together at different meetings at the State House, Abuja to rally the nation at a time of ethnic antagonisms and tension? He has indeed earned his peace laurels.

That Osinbajo reinvented the Office of the Vice President in his eight years at the helm is an understatement and when he completed his tour of duty on May 29, 2023 many analysts debated what his next moves would be but they didn’t have to wait for long. First it was the Commonwealth, and then the Global Energy Alliance for People and Planet (GEAPP) announced that it had appointed Osinbajo as its Global Advisor to guide their mission to accelerate clean energy deployment in emerging economies.

While in office as Vice President, Osinbajo was very vocal about what Africa could achieve in clean energy, greenification, and other related fossil fuel issues. He was at many continental and global fora advocating for Africa as the world pushes for a safer environment.

Several times, Osinbajo had spoken flawlessly about Nigeria’s energy transition and how the global narrative should focus on Africa’s perspective on climate change.

For example, at the 7th Annual New York-based Columbia University Global Energy Summit, he stated that Africa was committed to a net-zero future, especially given its vulnerability to the adverse effects of climate change. He added that the continent has expressed commitment to their national development contributions under the Paris Agreement.

But his main thrust had always been the fact that in the course of the transition to the net-zero emission targets, Nigeria for instance should be able to tap from its gas-rich potentials in order to improve energy access for its people and industrialise the economy.

One of his many informed ideas in climate change advocacy was in 2022 when he proposed in the US at a public lecture for a global Debt-For-Climate Swap deal to advance net-zero emission targets, facilitate energy access and development for African

Osinbajo countries.

In his proposal, Osinbajo had said, “Debt for climate swaps is a type of debt swap where bilateral or multilateral debt is forgiven by creditors in exchange for a commitment by the debtor to use the outstanding debt service payments for national climate action programs.”

He was possibly positioning African governments and others from developing countries from the global South to focus more on climate change issues, something many African countries have not paid adequate attention.

In fact, it was Osinbajo who led Nigeria to become the first African nation to develop a comprehensive energy transition plan.

The former Vice President put things in perspective when he reacted to his latest appointment

by GEAPP. “There are several conversations that have highlighted the need for a global energy transition from fossil-fueled based products to more sustainable and ecologically-friendly energy options,” he said, noting that energy transition is not efficient if it is not inclusive.

He continued: “that being said, it would be remiss of us to ignore the current inequities developing

countries face concerning energy access at different levels. Africa could lead the way in tackling climate change by leveraging its renewable energy potential, young workforce, green technologies, carbon removal and green manufacturing.

“In other words, Africa can provide jobs for millions of its young people, prosper and lead in the fight against climate change by becoming perhaps the first green or carbonfree civilisation. And we have the comparative advantage to do so. But building this climatepositive growth future in the context of a just energy future that includes energy access at all levels and drives economic growth in developing countries requires international consensus, collaboration and investment,” he said.

His advocacy is beyond energy. As Vice President, Osinbajo had demonstrated enviable and vast knowledge in climate change, economy, monetary and fiscal policies, innovation technology, education, etc.

Speaking of technology and education, Osinbajo reiterated his commitment to the Nigerian youths by partnering with UNESCO International Institute for Higher Education in Latin America and the Caribbean (IESALC) to boost education challenges facing developing countries.

Through his newly formed organisation, Future Perspectives, Osinbajo is seeking to deepen innovation in education training especially through the use of technology.

The organisation, which has a strong focus

Osinbajo’s selflessness and pursuit of peace, dialogue and diplomacy have never gone unnoticed, which was why his selection as one of those who foster peace in Africa and across the world didn’t come as a surprise.

As a peace advocate, Osinbajo has often sought negotiations and dialogues as means of resolving differences and when he is not on a peace mission as demonstrated in the Sierra Leone general election where he led the Commonwealth team, he is seeking to empower Nigerians irrespective of their language, culture or religion.

on Africa, is convinced that in order to shape the future of the world, the voices of African youth must be prominently woven into global conversations.

Their involvement and activism will not only have a significant impact on the region, but will also bring Africa’s priceless perspectives to the world stage.

“Education must respond to the dynamism, speed of development, and massive changes in society, and educators must be trained to understand the skills required to take full advantage of a world dependent on technology,” Osinbajo said on his quest to produce the best educators.

The far reaching, all encompassing initiative began with consultation process in July 2023. The upskilling training provided to Innovation to Transform Education Training (ITET) will take place in November, 2023 with 50 young people from diverse socio-cultural backgrounds and different connections to education in Nigeria.

The support for the new organisation from the UN agency actually shows Osinbajo’s wide appeal. He is without doubt one of Nigeria’s biggest exports to the world and this is the beginning of a global chapter that will leave lasting legacies at home and abroad.

Professor Chidi Odinkalu, a former Chairman of Nigeria’s National Human Rights Commission (NHRC), in an op-ed titled, Osinbajo Is an Oasis of Competence in Buhari’s Presidency said “When he emerged as Vice-President in 2015, Osinbajo arrived with an intellect and record more accomplishments than any previous occupants of the office since Dr. Alex Ekwueme in 1979. It was a record built on an ethos of empathy, clarity, relentless application, timeless values, and a stubborn belief in the better angels of human nature, all of which have been severely tested in eight years at the most rarefied levels of Nigeria’s public life and politics.

The expectations were unrealistically stratospheric and he may, in hindsight, be surprised at how quickly many in and around the government dispensed with the platform on which they were elected”.

So it seems a settled point that Nigeria’s immediate past Vice President who managed to carve a tremendously positive niche for himself under the past Buhari presidency will still go farther in the eye of the public both at home and abroad.

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INTER VIEW

Godwin Obaseki:

Our Politics Must Work for the Next Generation The Edo State Governor, Mr. Godwin Obaseki, in this interview with THISDAY, situates his strategic vision as a politician, who is future-focused. From reforms in education, public service, agriculture, economy, he notes that he is not in politics for short-term benefits but to set the foundation for the rebirth of Edo State and to place it on good footing as a leading sub-national on the continent.

Excerpts: In the last six years, Edo has recorded significant progress and it’s evident. However, in the areas of education, resetting infrastructure for growth and human capital development, what would you say has been the most difficult decision you have taken so far?

I think almost all the decisions we have had to take have been very difficult because it’s like we’re trying to get a trailer, a heavy-duty truck to accelerate its pace of movement to be able to meander through difficult terrains. Every decision we have taken has been difficult because some of them were not understood when we took the decisions earlier and there was natural resistance or scepticism about why we took those decisions.

But let’s just look at a few.

First was the issue of education and the need to retrain the teachers. If you recall, before my time, my predecessor actually attempted to deal with this issue but there was a huge backlash.

You will remember the humiliating experience of a teacher not being able to read. So, for us, any attempt to try and start reform in that space was being suspected, and dealing with the unions was a problem. I believe we were able to overcome that challenge because we were able to build trust very early and trust in the sense that whatever we committed to, we came through. How did we deal with the issue of teachers when we adopted the EDOBEST model? When we said we needed to retrain teachers, we told them that the first batch of teachers we wanted to train was voluntary, it was optional and there was no compulsion.

It was after the very successful outcome of the training for the first set of 2000 teachers that the others began to see that there was something very positive for them; that now made it possible for us to get the buy-in from the other teachers. Like I said, every decision has been very difficult. In terms of governance, you’ve got to make choices: Do I put more money into building human capacity or infrastructure? If so, what type of infrastructure

and who are those to benefit? There will be winners and losers in every policy decision you make and those who lose are not going to keep quiet; they are going to make trouble.

So, for us, on the scale, I think every decision has been difficult but one common thing is our ability to show commitment, earn the trust of our people, and this trust is built on our ability to show accountability. You know you can say anything about the Godwin Obaseki-led administration but nobody has ever accused us of stealing money; nobody has ever said we gave contracts that were inflated and took the money. In fact, on the other hand, people are always asking, ‘where and how are you getting the money to undertake these projects?’

In six and a half years, all the reforms you started are getting to a point of convergence. Are you satisfied with the results you are seeing?

I am happy; I won’t say I am satisfied. I am happy that things are finally beginning to make sense, but we are not where we should be. What we have done in six and a half years is to show that it is possible to reform and undertake meaningful transformation and gain the buy-in of the people. Reform

and transformation take time and we are in the middle of most of the reforms of Edo State now. Take education, for instance. We started the EdoBEST transformation programme in 2017 and in five years, the children we started with are just in primary 5, but the foundation has been laid.

We won’t have time to see them through junior and senior secondary schools and all the other things they need to do. We are glad and I am happy. That is why I say, I am happy that we’ve been able to lay the foundation. I am not satisfied because we are not there yet. It’s when we get there, when we begin to see these children go through universities, get world-class jobs, that I can be satisfied.

Yes, but can you say with confidence that those children show a significant difference than it was previously, before the reforms?

Definitely! In fact, there are very objective criteria to evaluate learning outcomes and these are standard criteria. By the time a child has received instructions after a certain period, for instance, a child of 8 years, who is in primary 2 or 3 must be able to read a certain number of words per minute without any assistance and these are standards. And for us in Edo, our

“So, for us, on the scale, I think every decision has been difficult but one common thing is our ability to show commitment, earn the trust of our people, and this trust is built on our ability to show accountability”

children are doing better, almost 75% more than the Nigerian average and when you benchmark them to global standards, they are slightly under what their peers are doing in Asia and Europe.

Coincidentally, this education sector is where you are getting the most accolades and comments from both within and outside the country. What is the one thing about the reform so far that gives you that joy, to say, ‘I got it right?’ Or has it gotten to that point where you can say ‘I actually got this right?’

I think we have made significant progress but I can’t say we have gotten it right completely yet.

It is still in progress. What I can say is that one is impressed when you listen to these children.

The way they speak – their diction, rationality and sense of logic, it gives you joy. I will tell you a story I have told so many times before. Two terms after we introduced EDOBEST, a parent came back to say, governor I am so glad about what you are doing in education. He said he has two children – two sons. One is 6 years old and the other 10 years old. The 6-year-old is in primary 1 and the 10-year-old is in primary 4.

The one who is 6 years who is now immersed in the EdoBEST reform comes back from school, does his homework, and is excited. He loves getting ready for school the next day. The one who is 10 years comes back from school and goes out to play ball. The one who is 6 years old wakes up early and wants to go to school because he wants his name to be on the Character Board and enjoys the other exciting things integrated into the EdoBEST programme. The parent said he could see the progress in the 6-year-old but can’t see the same in the 10-year-old because the younger one is reading better than the elder Continued on page 22

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INTERVIEW

My Successors Won’t Have It as Difficult the long-term. Is that the case here today?

Yes, that is it. It has to be about the future.

Why we are in politics is to create wealth and opportunities for the future, not for ourselves. If people like Awolowo, Enahoro and the rest acted only in self-interest, we would not have gotten the advantage that brought us to where we picked up from. You could say I am a politician who works for the next generation.

brother.

So, he asked, governor, what should I do?

Can I bring the 10-year-old to come and join the brother in one of your schools? So, we had to come up with teaching at the right level.

This was to help those who were in higher classes whose classes did not kick-off with the EdoBEST programme to adjust. Back to your question, it gives me a lot of joy to see the result when you benchmark the performance and outcome of these children with their peers.

I am personally confident that if we continue at this rate, we will not have another generation of a large number of school dropouts.

There appears to be a lot of interest in establishing processing companies in the state as seen with the ethanol and gas refinery plants. What does this mean for you?

Yet again, we are very fortunate in Edo State.

Our land, apart from being strategically located, is also diverse. We have almost everything. We have good vegetation that sustains a wide variety of crops which serve as raw materials. We have some of the largest onshore reserves for gas which is an energy source. Outside of Kaduna and Zamfara, we have the largest number of mining licences.

We already have the basics for industrialization.

We have agriculture and raw materials for industries; we have energy from gas and we have mineral resources. So, all we need to do is train our human capacity, which is the reason for the emphasis on education. We cannot continue to buy things from around the world, that’s our dilemma today. So, for us in Edo, we see ourselves as the industrial hub. It’s a very deliberate strategy. We want to build our own industrialization based on our natural resources.

Your tenure will end in the next one year and a few months. How do you ensure that the person who will take over from you shares this same passion, vision, purpose and commitment to take it to the next level? That should be a challenge for you.

Yes, you see, that’s why we worry consistently.

At the end of the day, it’s about building institutions so that it doesn’t matter too much who comes. You know that certain things must happen. For us, we are optimistic that if we continue at this rate and deepen reforms to a certain level, no matter how bad the person who takes over is, the system will endure. For example, we believe that with what we have done today, in the next six or seven years, the teachers in our schools know that at a certain time in the month, they get their salary.

They know that there is a system that checks on the time they clock in, that there is a quality assurance team that goes round and checks them, that there is technology and you can’t run the school system without that technology that we have put in place. We hired a fresh batch of 5000 teachers who do not know another way of teaching except the EdoBEST way. So, even if we have someone who does not believe in our reforms, there is a huge audience of almost 300,000 children in the system. Just imagine their parents, then over 16,000 teachers, who are there, watching. You don’t want to hurt these people. If you are going to stay on top politically, you won’t ignore them.

Digital transformation is another part of the accolades you get. Edo is now seen as a technologically advanced state because you are trying to digitalise everything, including the C-of-O of land acquisition processes. How challenging has it been?

I think this has been one of our greatest challenges because you know the thing with technology and digitalization; it is a culture change, getting people to do things differently from how they are used to doing it. First, technology and digitalization bring a certain level of transparency and openness and therefore accountability sets in. This was not the norm in the system before we came in. There was natural resistance. The average age of civil servants when we came in was 47 years. Meanwhile, the mean age of the population of the State when we came in was about 19 years old. You can see the difference between the people running the civil service and the public.

At 47 years, it takes a bit of pain to adopt the use of technology. So, that was a real challenge and it continues to be a challenge. How have we been able to overcome it? We overcame it because fortunately for us, we saw that the civil service had not been adequately staffed.

We found out that there were huge vacancies in the service. So, we have been able to bring in an army of young people who understand the culture of technology. With that, we have been able to adapt to the digitalized system rapidly and we have moved so far. In the last few years, we have digitalized our archives, almost 9 million records. So, it’s there. We built our own data centre in Government House. We have made all the major investments including the fibre optic connections that cuts across the entire State.

Talking about data, which is important for planning, Nigeria is notoriously known for not having proper data for different aspects of planning. But you are really pushing this in your state. What do you say to your fellow governors and even the federal government to put emphasis on data because you can’t plan without accurate data?

I think it all happens for two reasons: the whole world is moving digital. Artificial Intelligence (AI) is the future, right? So, even if you are not deliberately or unwittingly collecting data, data is being obtained. By just holding your Android phone, we can just get data about your movement and all. By doing just that, your data is being gathered. The issue here is maybe we have not seen a successful model within our clime. So, what we have tried to do in Edo is real and it will then serve as an impetus to say if Edo has been able to do it, then why not any other State.

“You know you can say anything about the Godwin Obaseki-led administration but nobody has ever accused us of stealing money; nobody has ever said we gave contracts that were inflated and took the money” Then they will begin to make meaningful efforts.

It’s not about money. It is not about funding. It is about commitment. That commitment comes from the part of you seeing the benefits. We believe that with these kinds of reforms at the national level, things will change. Now that they are removing subsidies and those measures that never created or allowed competition, many States today will now see that they have no option but to do things properly so that they can attract real private sector money.

Lest I forget, what about primary healthcare; how much have you done in this area?

For us, the emphasis has been on primary healthcare. Part of our whole healthcare strategy is hinged on four key factors. The first is healthcare financing. Somebody must pay, unlike in the past where everybody relied on government expenditure which just didn’t help our healthcare system. Most people now pay out of pocket.

So, without the healthcare financing system, it will be difficult to sustain any healthcare system.

What we have done is to launch the Edo State Health Insurance Scheme. We asked ourselves, with the government’s limited finances, where should the government spend its money? Is it in secondary care or primary care?

We chose primary care. Then how should we approach primary care? We decided to approach primary care from two perspectives: primary care at the time had just buildings. We said no, it’s human capacity more than anything else that drives the healthcare system. Most of the primary healthcare workers we met were residents in the local governments, and because the local government structure was very weak and couldn’t support an efficient primary healthcare centre, it didn’t work. We had to set up a separate agency – the Primary Healthcare Development Agency.

We moved the primary healthcare workers into that agency which we now share with the local governments.

With that, we have control of them. We now changed their conditions of service and scheme of service to create more incentives for them to do the work and ensured adequate capacity building. Lastly, we adopted technology. If you go into any primary healthcare centre, we know

you have come there because the healthcare workers take your vitals, record them and the doctor can see from the backend the condition of that patient and then follows up. Our goal is to have 200 of these primary health care centres across the State with one in every ward.

Tell me why you are undertaking such an ambitious palm oil development project, when there seems to be a movement away from everything oil-related. I know palm oil is different from crude oil and gas. What’s the special interest in this particular oil?

If you think about this, palm oil is really indigenous to us here. We have seen people come here, collaborate with us, take materials from us and take it back to their country and see how they have used it to transform their economies. Countries like Malaysia and Indonesia. Today, you know what Indonesia earns from oil palm. Don’t forget that oil palm is the most prolific edible fat in the world. You get more yield than groundnuts and others. For us, that’s the reason why we’ve been very keen on using oil palm as an agricultural product to attract huge investments. It will be difficult finding somebody that will give us half a billion dollars for cassava. But with oil palm, because of its very nature, it is easy to get investments.

These investments are not only in terms of mechanisation, but skills – agronomic skills and other skills for proper farming practices.

These are needed to help you develop your agricultural industry. The reason we have been very aggressive is that if we are able to bring in investment for oil palm, then we have brought in the business and investment to develop the entire agricultural sector. It’s very strategic and deliberate and this is going to impact the economy greatly. You know, we have given out up to 70,000 hectares of new lands in addition to what has been cultivated by the two major companies already investing in oil palm in Edo. Assuming for each hectare, you need 50 people to cultivate it, at 70,000 hectares, you already have how many jobs?

You don’t seem to be in a hurry to take credit or planning for the short term, but

You recently announced preferred bidder for the Benin port, tell us about that?

We have an empire that thrived for over five centuries ago. What is the reason? We believe it was the ability to trade with the rest of the world.

So, the Benin Empire has always been global and that opportunity to trade is because of our access to the Atlantic Ocean through the Benin River.

That river is still there today. From the Atlantic, the Apapa is about 15 nautical miles. So, with the necessary investments, we will become another option. The Benin Port is the closest path to the belly of Nigeria.

If you can move your containers to Benin, you are less than two hours from the main market in the East; you can get to Kogi in another 2 to 3 hours and through Ondo, you can access the South West. It will relieve the pressure. We went through a very open process to see whether it’s viable and whether it makes economic sense. That is why it took us two years to do the study for all things we need to do and open it up to investors to come and pitch. We had three major investors and from there, one emerged. We are close. We hope and believe that all things being equal, they should start construction in another 6 months.

You said recently that without emphasis on exports, the nation is not going anywhere, because the crisis is still present. Do you think the federal is listening? Do they really appreciate and recognise how important it is to get out of this crisis, especially now that forex is a big challenge in the country?

I will not say we don’t realise it. I will say that it’s a structural problem with our economy.

Sometimes, it’s quite difficult to change the structure underlying the fundamentals. What has happened over the last 4 to 5 decades is because we found crude oil and hydrocarbons to quickly sell and make money and get foreign exchange. It has not really encouraged us to do exports unlike the situation before we found oil. Also, the culture of building competitive goods is lacking. For you to export, you have to do something competitive, your price has to be better than the other person’s price.

Why would someone come and buy things from you if he can get them cheaper somewhere else? We need to now look at the entire chain and the process of production, what do we have an advantage in, outside our crude oil? Once upon a time, we had an advantage in cash crops like cocoa, oil palm, rubber, and today, we have advantage in energy and gas. The gas can be converted into energy and that’s what we want in Edo, to generate electricity that is less than 50 % of the cost in Europe. So, today, one-kilowatt hour of power in Europe will cost you as much as 30 cents per kwh. In Edo today, I want to be able to generate not more than 11 cents per kwh.

So, from an energy perspective, I already have an advantage.

If I can have the same quality of manpower and all the other inputs, I should be able to produce competitively and then export. But that means somebody has to sit with me. That brings me to your question: do people in Abuja understand that they have to strip this whole process of all the corruption and wastes? I can’t be buying gas domestically at very high prices and yet you expect me to be competitive.

There is a problem of running a government and generating income to do infrastructure.

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INTERVIEW

With Credible Candidate, PDP’ll Retain Edo State What should Nigeria do? What does Abuja need to do to restructure and redirect Nigeria for profitability?

We have to look at the structure of the country.

The design today is too huge to be efficient.

Right, we need to first get the federal government to reduce its size significantly and just focus on those things that we can’t do for ourselves.

The few policy things that will help us bring the country together, you don’t need 52% of the revenues coming in to do that. We need to significantly reduce the size of the federal government. It is too wasteful. Then, we need to allow competition among the sub-nationals so that you don’t have one point of failure. It’s better to have 36 points of failure and you know all of it will not fail. But today, once the centre fails, we all fail.

So, the structure needs to change. We need to introduce competition. That is the way people can breathe and the country can breathe. Right now, the country is choked. If the federal government does not build its roads, I cannot move goods and services across the States and can’t move my goods from Edo to Kogi, my neighbouring State.

This is because what connects us is the federal road. You should fix your federal roads or have a collaboration between us, the States so that your roads across my State are a collaboration between us and I don’t have to wait for somebody in Abuja before I can repair it, whether it’s road or any other infrastructure.

For example, in Edo, digital infrastructure is not federally-controlled so I connected all my fibre across Edo State. So, if my neighbour is interested too, I just connect them. We don’t need anybody in Abuja to now begin to regulate us.

So, what we need to do is to ensure that first, we let the centre reduce what it controls and do the things it is supposed to do very effectively and efficiently. What are the key issues? You need security and safety for people to encourage investments.

One reason why we have been able to encourage and attract the number of investments to Edo is because of the perception of security here. There is nothing wrong with policing at the federal, state level and local government levels. Nigeria is not going to break up. So, we shouldn’t have this attitude that you want to hold everything together, no. Nigeria is maturing. What we need is to change the structure and introduce this element of competitiveness. You will see different parts of the country thriving and then there will be more cooperation- interstate or inter-regional cooperation.

In other words, you are advocating devolution of power across the state We cannot rule this country without restructuring power as it’s seen today.

But some people have also accused the state governments of choking the local governments and preventing them from functioning?

What we are saying is let there be 36 points of competition, not everybody would choke their LGAs. If you see that releasing or breathing fresh air to your local government helps your growth, maybe that’s the model you would like to adopt.

Talking about the airport project, what is happening to it?

We have made quite some progress. We have acquired the property, the land. We are finalising all the surveys and the studies. Experts are looking at all the things we need to do, all the technical things we need to make the airport safe. We are also talking to potential partners. We are not an aviation company so we don’t know how to build an airport. We need partners and we have one or two people who have indicated interest in partnering with the State. For us, just like the Benin Port, we have established viability from the initial economic studies on the route between Benin and Abuja and if we are able to build an airport in between, it will make a lot of sense. It’s an area with over 10 to 12 million population.

The state complained recently that the

federal government was neglecting its responsibility; that the federal roads were in bad shape. What are you going to do about it, because it’s in your state and the federal government can stay away and not do anything. But the people will always point fingers at you, the governor?

What are you doing? Are you engaging the federal government?

We are engaging with the federal government.

We are engaging with some of the large users of these roads. Don’t forget that Edo is at an advantage because of its location. Relatively speaking, we have a larger federal road connection than most states because every major federal truck passes through Edo State.

You know, the federal government gets 52% of the revenues and as a State, Edo gets less than 1% and I can build the roads if you give me more money. But even then, we think the companies are some of the main users of roads. We have two cement plants in our State with over 6,000,000 tonnes of cement being produced. They have tax credits. They have made the money available but the federal government is not efficient in the way they do their things. There is no transparency in the way they do business.

If you take the Benin-Auchi-Okene Road, for instance, that road has been awarded for over 20 years. It got so bad a few months ago and we got a company to fix it but they couldn’t because the road is already under contract. So, what do we do as a State? Do we take the Federal Government to court and sue them for not doing their work on their roads? What we are doing is building our own internal state roads and barricading them for the use of our people and that is the strategy we’re going to adopt until we are

“At the end of the day, it’s about building institutions so that it doesn’t matter too much who comes. You know that certain things must happen. For us, we are optimistic that if we continue at this rate and deepen reforms to a certain level, no matter how bad the person who takes over is, the system will endure”

able to raise substantial amounts of money and then look for new alignments to build new roads to connect our people.

The Museum of West African Art is taking shape. How will it impact the local art scene and how will it change the narrative of Benin bronzes?

One unique advantage of Edo is its culture.

Nobody else has it and the world recognises this. It has become even a lot more famous with all the controversies surrounding the return of the Benin artefacts. So, if the world has acknowledged and recognised these unique attributes, how do we as a State and as a people monetize it? How do we take advantage of it? How do we give it some touristic value?

If people travel across the globe to see these things, how can we tell our story differently so that more people can come here to see them? These artefacts, our forebears created long ago. Those same creative instincts that led to all of these are still here with us. It is still the same blood that flows in our veins.

So, what we’re doing is creating a similar environment that will support those creative instincts, the creative genius in our people to blossom. You can only do that when you have the supporting infrastructure to do these things. That’s where things like the pavilion we’re constructing, the museum and the display areas become important and necessary. So, it’s not just about the return of the bronzes.

The other issue is preserving them. How are we conserving them? If the work that we are asking to be returned were not preserved, will we find them today to be returned? For us, we see art as a fortune so we’re trying to create the environment including the infrastructure so as to create wealth. That is why the Museum of West African Arts (MOWAA) is important; that is why the pavilion is important, that is why we redesigned the city centre as a cultural centre where people can come in and see elements of this great kingdom. We are restoring parts of the moats so that people can come and see these moats and understand how they influenced our culture.

Your tenure is almost over as you have one year to go. It started with a dream and you have been able to achieve some of what you set out to achieve. In a nutshell, how has this journey been?

It’s been interesting but unfortunately, people remember more of the fight and ask why the fights. I mean, if we didn’t have them, we would not have been able to come this far. There were compromises that we just

couldn’t make, which led to the fights but people are emphasising the fight, but don’t see the benefit of the fight. I believe that my successors will not have it as difficult as we had because we tried the new paradigm and people can see the benefit in this new way of thinking and doing things. Well, if you ask me if I would go the same path if I have to do it all over again, I will say yes because I don’t see how else I could have done it. It’s like asking me if you want to eat Omelette again, are you going to break some eggs?

About 17 people are gunning for your seat. Some people are saying PDP cannot retain the state. How optimistic are you that your party will retain the state? This is important because with all that you have done now, if another party comes in and does not share your vision, everything might go to waste. Therefore, your successor is very key to continuing the transformation you have started. How optimistic are you that your party can retain this seat?

I think you have asked a very deep question that we need to reflect on because there are very many aspects. The first question is, have we achieved what we have achieved based on a particular party manifesto? This is because we have been in two parties. We need to look more beyond party. It is also about the person – the qualities of the person that we pick to run for the office. The second is when you come back to the parties today, which is the dominant party in the state?

We have the most members in the House of Assembly from the last elections; you can tell clearly how it happened. We’re going for another local government election in a few weeks’ time and you know every politics is local. We have been campaigning hard and I would be surprised if we lose anything, maybe one or two across the state. We have that kind of domination; don’t forget people have now accepted PDP as the party for the state, except in one federal constituency. So, we are optimistic that with what we have done, our party will produce the next governor provided we come up with a credible candidate that reflects fairness, justice and inclusion.

Have you commenced the search? You know the onus is on you, you are the party leader.

We feel that the process is still too early because it could be distractive. We want to finish well. How well we finish will determine how confident our people are for our party to continue. So, I don’t want to be distracted now.

T H I S D AY

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MONDAY AUGUST 28, 2023

It is time the blacks and brown people set up their association and make their relationship enviable to others, writes VICTOR C. ARIOLE

KAYODE SOREMEKUN urges the minister to ensure a national airline comes on stream soonest

BRICS: UNEQUALLY YOKED MEMO TO FESTUS KEYAMO MEMBERS Since antiquity, empires in their successive reigns, had come and gone; the powerful nations on their own resolved that humanity must be allowed “to breathe” after wars upon wars trying to assert supremacy over others hence ill-fated League of Nations, and the extant United Nations Organisation (UNO).

To think that Russia and China are not finding their powers combining enough to reform UN, smirks of failure of humanistic “quotient” on their part, especially as they combine in their special occupation and population over the remaining three – USA, Britain and France – they are competing with.

Humanistic quotient is combination of

all quotients, intelligence, social, affective, empathic, etc. Tolerance of diversity – either in its expression of colour, psychology, culture, strength, weakness, biology, resource or no resource endowment, etc. – is testing humans and relegating some to jungle humans and upgrading some to civilized humans. They are in all the continents and one can attest to that when one sees the face of either group of Whites, Browns, Blacks, Reds or Yellows when a strange one that is not like them appears in their group. It is expected and it tests one’s humanistic quotient. To reach full human or earn 100% humanistic quotient, interaction with any of the stated groups above, notwithstanding the strangeness of your external features, should be devoid of any complex – inferiority or superiority.

Voltaire, satirically, painted such interaction in his novel, “Candid or The Optimist”, as his characters ventured into Surinam a country between British Guyana and French Guyana that ought to be Spanish Guyana as the great powers divided it among themselves; all positioned on top of Brazil, the only Portuguese space of South America/close to the Caribbean shores.

Voltaire’s characters observed Black or Brown ladies playing around with monkeys as if they were of the same species and the same Black or Brown ladies were having children that were not monkeys but humans – Caféau-lait (mulattos). It is like a man who finds his way to impregnate a mad woman but declines to interact with the mad woman in day time. To Voltaire, that man ought to be seen as the madman and not the woman. So, ladies producing mulattos, human beings, were certainly not dating monkeys.

Indeed humans seems to be losing their humanness in all facets of their relationship among themselves across races and nations; more of unequally yoked people seem to be coming together and making their association greatly burdensome, and it calls for Africa – sub Saharan Africa – to re-think its association with the rest of the world; and

tilling the soil for the farming work in the past required yoking either horses or cows, the chariots or ploughs, and they must be of the same size and height to make the yoke equal. The expectation is that the product of their work will be efficient and profuse.

Hence to expect abundance from an unequally yoked cows is inhuman and much or less could lead to seeing the humans who coupled such unequally yoked animals as possibly jungle minded humans.

For BRICS to be economically sustainable the yoke that binds them together must not be the type of yoke China and Russia see as binding them with USA, Britain and France in the current arrangement of the world where they see UN as coupling unequally yoked permanent security members.

Brazil (B), Russia (R), India (I), China (C) and South Africa (S) are greatly unequally yoked countries and to get them to be equally yoked, like the characters of Voltaire – Five people exploiting resources, gathering riches, suffering all the hues and cries of existential threats – who finally resolved to be together and work together as equal partners to create a beautiful garden – sustainable means of livelihood, leaving aside their pride. Let us all be engaged as equal partners in the Vineyard of Nature, making it beautiful. “Cultivons notre jardin”.

Shelving political correctness and as clearly experienced in one’s travel and interactions with reasonable groups of BRICS’ citizens, Brazil is still not fair to its Black and Brown population; Russia still awards certificate to Blacks and Browns and restricts them from using it in Russia; India with its over 200 million Dalits, Black or Brown Indians feature among them; China has over 350 million religion adherents that must remain censored; and the paradoxes of it all is that South Africa with the largest number of politically disenfranchised and materially poor Blacks and Browns, still claims Black majority rule.

Even in the recent gathering in South Africa, the most cheated in the world chessboard is still South Africa representing the Blacks and Browns. In all arrangement whether trade, politics, economic, finance, the Blacks and Browns remained unequally yoked with other races and it is high time the Blacks and Browns bound themselves with the equally yoked of other continents, remained on a high rate of human quotient and make their relationship enviable by others as well as a factor in the expected new world order. It is not only trade expansion or benefit that should matter in such associations, human fulfillment should be counter-posed with trade expansion to make humanistic quotient to matter.

From the above, “café-au-lait” leads to getting equally yoked, and it is triggered by change of mindset, and it breads diversity tolerances and it tests the humanity in members coming together. Let UN reform itself to create a mindset of tolerance, hence quasi-equally yoked members, for a start to avoid multiple BRICS. Ariole is a Professor of French and Francophone Studies, University of Lagos

I am writing to congratulate you on your appointment as the Honourable Federal Minister of Aviation. As a fairly frequent traveller, I feel diminished anytime I get to the Murtala Mohammed International Airport.

What is evident is that many airlines have emptied themselves into Nigeria. On the other hand, Nigeria lacks the capacity to reciprocate.

This is indeed a clear violation of the Bilateral Air Services Agreement.

Among other things, since BASA provides those airlines with landing rights in Nigeria, their parent governments must also accord us the privilege of landing rights. Till date,

Airlines.

Consequently, and in their respective ways, Addis Ababa and Johannesburg have turned out to be hubs for the aviation industry in Africa. These airlines are not only generating revenues.

They also provide employment for their nationals. It is time for Nigeria to pick up the gauntlet in this vital area.

Luckily, in the light of our human capacity, we have the ability to even outstrip South Africa and Ethiopia. In the light of the above, Honourable Minister, this should be one of your priorities. Nigeria must have its own national

we are yet to take up even one single slot under the BASA scheme.

This is clearly a man-made problem.

On this note I remember that an entrepreneur came here from the United Kingdom. He was hoping to help us to establish a national airline.

But ultimately he was frustrated by the rentier and grasping mentality of RXU SXEOLF R΀FLDOV Yet, things were not always like this. At a point in time there was an operational and functioning airline, called Nigeria Airways. Honourable Minister, it is not impossible for us to recapture this era. On this note it is instructive to note that even within the African continent some countries have remained successfully in the aviation industry.

Needless to say, they continue to hold their own by serving as superlative brands for their respective countries. Entities that readily come to mind here are, South African Airways and Ethiopian

airline-soonest.

There are several ways of doing this. One sure way is for the Honourable Minister to have a sustained interaction with members of the Aviation Round Table. This is a body of Nigerians, veritable stakeholders who have solid ideas and experience as regards how the Aviation industry should be run.

Experienced journalists in the Aviation industry are also wellSODFHG WR RͿHU LGHDV DV UHJDUGV how the industry can assume a new momentum. If the new Minister takes this advice, chances are that his learning curve will be very short. And in the process, he will achieve a lot for Nigeria in this vital sector.

Soremekun, former Vice Chancellor, Federal University, Oye Ekiti, writes from Lagos

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MONDAY AUGUST 28, 2023

EDITORIAL

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

GOVERNORS’ FORUM: THE JAMBOREE IN KIGALI The governors’ trip to Kigali is ill-advised

U

nder the aegis of Nigeria Governors’ Forum (NGF), many of the 36 governors are currently in Kigali, Rwanda where they completed a three-day leadership retreat yesterday. According to claims by the organisers, the programme was funded by the United Nations Development Programme (UNDP). But we understand that the UNDP only paid for the venue, facilitators, and conferences costs. The governors and their retinue of aides bear the real costs for their transport, hotel, allowances, and other incidentals. Even at that, we fail to understand how an institution like UNDP which keeps telling Nigerians that they are multidimensionally poor will join in enabling our political leaders on this expensive jamboree.

If one of the aims of the programme is to nurture “skills to support deep listening and self-awareness”, then the governors PXVW DFFHSW WKDW WKH\ DUH LQGHHG GHÀFLHQW ZKHQ it comes to self-awareness. Otherwise, they would not have embarked on this exercise at this time, especially when it is being held outside Nigeria.

Under whatever guise, a three-day programme that causes many governors to desert their states to a foreign country remains inexcusable.

With everything going on in Nigeria right now, it is ill-timed, ill-advised, and insensitive. That some governors in a troubled zone jettisoned a SURJUDPPH WKH\ KDG LQLWLDWHG WR Á\ WR .LJDOL LV telling of their lack of seriousness.

We are in such dire economic circumstances that PRVW 1LJHULDQV FDQQRW DͿRUG RQH UHVSHFWDEOH PHDO a day. Besides, at a time we are seeking investors and tourists in Nigeria, our governors are ferrying themselves to another tourism destination in Africa. Would it not have had more impact on our national pride and economy if that programme

.LJDOL

had taken place in Uyo, Yankari, Ibeju Lekki, or elsewhere within?

It is unfortunate that many of our leaders have no sense of shame. Otherwise, governors would not incur huge costs at public expense to travel to Kigali for a retreat. Many of these states have better resources than whatever Rwanda has to make it a destination of choice. While Rwanda KDV VKRZQ WKH GLͿHUHQFH LQ OHDGHUVKLS WKHUH LV QR clear understanding of the objectives of this trip.

Paul Kagame and his regional prefects will not empty out into Abuja for any such programme.

At a recent meeting, the National Economic Council (NEC) comprising all the governors announced that the federal government had approved N5 billion for each state of the federation as palliatives WR FXVKLRQ WKH HͿHFW RI fuel subsidy removal.

But there has been controversy over the implementation in many of these states. It is therefore self-deception IRU RXU SXEOLF R΀FLDOV WR LPDJLQH WKH\ QHHG WR undergo some tutelage in Rwanda on “multiple complex challenges” when they cannot handle basic tasks. Clearly, these trips are not driven by altruistic motives. They are meaningless and add nothing to the quality of lives of the citizens.

They have also become a source of international embarrassment and are proof that the real issues of governance are still lost on many of our leaders.

Over the years, the NGF secretariat has turned workshops, seminars, and foreign programmes into one big racket for the governors. Yet, questions remain as to how these programmes impact the governing process in the states. If anything, the LQGLFHV RI SRYHUW\ HYHU\ZKHUH PDNH LW GL΀FXOW for us to understand the recklessness that drives this junketing. Indeed, notwithstanding the excuses, the trip to Kigali is bizarre in conception and irresponsible in terms of the funds expended on it.

Would it not have had more impact on our national pride and economy if that programme had taken place in Uyo, Yankari, Ibeju Lekki, or elsewhere within?

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 PRICE OF PETROL: OPTIONS BEFORE THE GOVERNMENT The importation of petroleum products was initially a temporary measure to tackle inadequate supply of petroleum SURGXFWV IURP 1LJHULD·V IRXU VWDWH RZQHG UHÀQHULHV +RZHYHU LQH΀FLHQF\ DQG FRUUXSWLRQ KDYH WXUQHG WKLV WHPSRUDU\ PHDsure into a permanent thing. Thus, the ‘monster’ subsidy found its way into the system.

7KH SULFHV RI UHÀQHG SHWUROHXP SURGXFWV LQ 1LJHULD DUH VROHly dependent on import factors. To mitigate the high prices of the products due to subsidy removal, there are two ways: a temporary one and a permanent one. The temporary way concerns looking at the over 10 components that make up the landing cost of petrol in Nigeria. Recent analysis showed that for every litre of petrol, Freight: Lome-Lagos is around N10.37K, Port Charges: N 7.37k, NMDPRA, 1% Levy, N 4.47K; Storage cost: N 2.58K, Marine insurance, N 0.47K; Fendering cost: N 0.36K, NMDPRA: COQ & NOA, Q&Q analysis: N 0.06K, Letter of Credit fees: N 10.78K, while total Interest stood at N 17.26K. Excluding the cost of a high exchange rate, loading depot expenses, and haulage expenses, these components make up nearly 10% of the price of imported petrol. Some of these components are under government control, while others are not.

For example, the government can control the exchange rate, port charges, NMDPRA’s 1% levy, COQ and NOA, and Q&Q analysis.

As the de facto Minister of Petroleum, President Tinubu should set up a presidential team to look at these components DQG GHYLVH IHDVLEOH ZD\V WR NQRFN WKHP RͿ WKH ODQGLQJ FRVW template. For those under the government’s control, the government should eliminate them from the template since the importation of petroleum was supposed to be a temporary thing.

For the components outside the control of the government, tax FXWV DQG RWKHU LQFHQWLYHV FDQ EH RͿHUHG WR WKH SULYDWH ÀUPV LQ charge of these components in exchange for cutting down their charges. The biggest culprit in the high price of imported petroleum products is the high exchange rate. Some petroleum PDUNHWHUV ÀQG LW GL΀FXOW WR VRXUFH IRU GROODUV IURP WKH &HQtral Bank of Nigeria I&E FX Window. President Tinubu should mandate the CBN to make a special reservation of dollars for petroleum marketers willing to import petroleum. The next thing that President Tinubu should do is critically look at the restoration of the Petroleum Bridging Equalization Fund. Since it is like a contributory fund, the source of the fund is principal-

ly the net surplus revenue recovered from oil marketing companies. The bridging claims paid to the petroleum marketers automatically equalize petroleum prices throughout Nigeria.

There is an innovative electronic business solution, Aquila, which has completely eliminated any irregularities in the distribution and claims on bridged regulated petroleum products.

The Aquila Project is an excellent electronic business solution designed to track the movement of regulated petroleum products throughout Nigeria.

7KH SHUPDQHQW VROXWLRQ OLHV LQ KRZ 1LJHULD·V IRXU ORFDO UHÀQHULHV DUH PDQDJHG 7KH UHÀQHULHV DUH FDXJKW LQ WKH FURVVÀUH RI corruption and persistent attacks on pipelines by oil thieves. As WKHLU UHKDELOLWDWLRQ LV RQJRLQJ ZKHQ WKH UHÀQHULHV FRPH RQOLQH Nigeria has three options.

7KH JRYHUQPHQW FDQ UHWDLQ RQH RI WKH UHÀQHULHV JUDQW LW IXOO autonomy to cater for itself, pay its bills, and remit dividends to the government. The government can also lease one of the UHÀQHULHV WR DQ\ RLO FRPSDQ\ RU JURXS RI LQYHVWRUV ZLWK DQ LQWHUHVW LQ SHWUROHXP SURGXFW UHÀQLQJ Zayyad I. Muhammad, Abuja

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MONDAY AUGUST 28, 2023 • T H I S D AY

T H I S D AY ˾ MONDAY, AUGUST 28, 2023

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BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

A U G U S T

S & P INDEX

2 5 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Financial Institution Sector’s Growth Down 2.76% to N846.77bn on Fuel Subsidy, FX Reform

Kayode Tokede The fallout of 2023 general elections, uncertainty surrounding domestic and foreign economics, among others weakened financial institution’s Gross Domestic Product (GDP) growth in second quarter of (Q2) 2023, dropping by 2.76 per cent to N846.77 billlion from N870.82 billion reported by National Bureau of Statistics (NBS) in first quarter of (Q1) 2023.

The N846.77 billion financial institution GDP is 29 per cent Yeaon-Year (YoY) from N655.22 billion in Q2 2022 and it is coming on the backdrop of significant increase in online lending, commercial banks expansion in loans, among others.

However, the insurance sector GDP growth stood at N86.04billion

in Q2 2023, a growth of 9.9 per cent from N78.3 billion in Q1 2023.

The NBS said Finance and Insurance, accounted for 90.78 per cent and 9.22 per cent of the industry respectively in real terms in Q2 2023.

According to NBS’s latest report, the contribution of Finance and Insurance to real GDP totalled 5.26 per cent, higher than the contribution of 4.25 per cent recorded in the Q2 2022 by 1.01percentage points, and lower than 5.35 per cent recorded in Q1 2023 by 0.08 percentage points.

Nigeria’s real GDP, according to NBS dropped to 2.51 per cent in Q2 2023 from 3.54 per cent in Q2 2022. GDP growth had opened Q1 2023 at 2.31 per cent from 2.25 per cent in Q4 2022.

NBS attributed the decline in GDP to the challenging economic conditions Nigeria currently experiencing.

The performance of the GDP in Q2 2023 was driven mainly by the Services sector, which recorded a growth of 4.42per cent and contributed 58.42per cent to the aggregate GDP S&P Global in its PMI surveys had stated that acceleration of services sector growth pushed the pace of global expansion.

All major economies reported robust service sector growth, in all cases outperforming manufacturing, which consequently remained broadly stalled on a global basis.

Nigeria business environment is currently facing double-digit inflation, associated cash shortages

that has impacted on consumer spending, aggravating foreignexchange shortages, among others.

Speaking with THISDAY, a Senior Lecturer at Lagos Business School, Dr. Adi Bongo attributed the decline in finance and insurance to fuel subsidy and foreign exchange reforms in the domestic economy.

According to him, “It is in two parts. First, we had the fuel subsidy removal and foreign exchange reforms. In the month of June, Nigeria economy was faced with both and it played a significant role in financial and insurance sectors real GDP growth.

Financial sector over the years has been resilient against emergence of economy misfortune in Nigeria for obvious reasons. But for this time, the financial and insurance

sectors were not insulated against the economy turmoil witnessed in Q2 2023.”

He predicted further decline in third quarter (Q3) of 2023, stating that the removal of fuel subsidy and foreign exchange reforms had half impact towards June 2023 ending.

“With happenings in the economy that has trigged inflation rate, the volume of business activities in Nigeria has significantly dropped. It may take a long time before the adjustment begins to happen. Nigeria is still stuck with high level of infrastructure deficit, low energy production and insecurity. These are the major indicators to drive that sectors and for now, no improvement, ”he said.

On his part, the CEO, Vice President, Highcap Securities Limited, Mr. David Adnori stated that the sectors recorded an aggressive growth rate through excessive use of online and internet banking facilities because of cash scarcity, but the reform of the new government, most especially in the foreign exchange market impacted on the financial sector GDP performance in Q2 2023.

He added that, “The implication is that other key sectors like Agriculture and Manufacturing suffered the deficiency in wrong implementation of currency redesign program and cash scarcity. The policy was badly mismanaged by CBN, and that is the result we are seeing today.”

The story continues online on www.thisdaylive.com

At 91.38% YtD, Domestic Investors Dominate Stock Market as Foreign Investors’ Stake Dwindle Kayode Tokede A report by Nigerian Exchange Limited (NGX) has revealed that domestic investors in seven months dominated the stock market with 91.38 per cent 2023 Year-till-Date (Ytd) growth from 84.51 per cent 2022 YtD. On the contrary, foreign investors’ participation in stock market dropped to 8.62 per cent 2023 YtD from 15.49 per cent

2022 YtD. The NGX report on domestic and foreign portfolio participation in equity trading revealed that retail and domestic institutional investors that comprised of Pension Fund Administrators (PFAs), and High Network Individuals still dominating transactions on the exchange despite federal government foreign exchange reforms.

The report for the month of July

2023 revealed that both domestic and foreign investors have traded N2.15 trillion in seven months.

The breakdown revealed that domestic investors traded N1.97 trillion in seven months of 2023 from N1.49 trillion in seven months of 2022, while foreign investors traded N185.62 billion in seven months of 2023 from N273.16 billion reported in seven month of 2022.

It revealed that domestic retail

investors’ participation in stock market increased to N640.44 billion in seven months of 2023 from N482.79 billion in seven months of 2022, while domestic institutional participation grew to N1.33 trillion in seven months of 2023 from N1.01 trillion in seven months of 2022.

Foreign inflow dropped to N81.47billion in seven months of 2023 from N134.19billion in seven months of 2022 and outflow also

dropped to N104.15 billion in seven months of 2023 from N138.97 billion reported in seven months of 2022.

In their recent note titled, “Will foreign portfolio investors return?”, analysts at Coronation hinted that it is unlikely that foreign portfolio investors will come back remarkably.

“Our view is that, following many disappointments in the equity market and a significant rearrangement of US and Nigerian

market interest rates over the past two years, it is unlikely that foreign portfolio investors will come back in a meaningful way, at least not for the rest of this year,” they noted.

While explaining their views, they noted, “Foreign participation in the Nigerian equity markets used to run at high levels, sometimes accounting for 50per cent of turnover.

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT F R I D AY, A U G U S T 2 5 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) August 25, ^13.53 230.00 2023 104.08 10.64 MAR-2025 ^12.50 22August 25, 99.27 12.85 0.00 2023 JAN-2026 ^16.2884 108.96 13.05 -0.01 August 25, 17-MAR-27 2023 ^13.98 23August 25, 101.22 13.61 0.00 FEB-2028 2023 ^14.55 26August 25, 101.47 14.15 0.00 2023 APR-2029

BILLS MATURITY

Discount Yield

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

6.09

NTB 25-Jan24

6.10

3.70

3.72

6.77

6.87

7.08

7.22

6.00

6.15

OTC F X F U T U R E S

CPS

Change (%) Updated Time August 25, 0.00 2023 August 25, 0.00 2023 August 25, 0.00 2023 August 25, -0.01 2023 August 25, -1.72 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

17.64 18.39

August 25, 0.00 2023

21.93 23.16

August 25, 0.00 2023

14.43 14.97

August 25, 0.00 2023

21.93 23.18

August 25, 0.00 2023

19.49 20.48

August 25, 0.00 2023

VAAG CP XVII 24-N OV-23

Change (%) Updated Time

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

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BUSINESSWORLD

NEWS

Experts Task MSMEs on Credit Information for Easier Regulation, Financing Options Oluchi Chibuzor With subsidy removal biting harder on businesses across the country, financial experts have urged Micro, Small and Medium Enterprises (MSMEs) to seize the opportunity to improve their credit information infrastructure for easier regulation and financing options.

Speaking at Fourth Annual MSMEs and Start-up submit 2023 of the Economic Forum Series, held in Lagos, the MD/CEO, Bank of Industry, Mr. Olukayode Pitan, said there was a need for MSMEs to improve on data collection about their businesses.

According to Pitan, who was represented by the Divisional Head, SME-South 2, BOI, Obaro Osah, many MSMEs in Nigeria run informal business structures based on physical infrastructure and cash payment systems.

He said, “Improving the credit

information infrastructure and bureau coverage to address information asymmetries and increase transparency in the markets. This will reduce the perceived risk by investors and financing costs which are typically higher for SMEs than for large firms.”

Speaking on the theme, “The Role of Alternative Financing and Digital Payment Adoption For MSMEs Sustainability and Competitiveness,” he acknowledged that there are a lot of benefits to be enjoyed by these businesses, and the economy at large if they can digitize core aspects of their operations.”

Giving his remarks, the CEO, The Economic Forum Series, Jude Ndu, said that, “We believe change is inevitable, but how can you make sense of change and drive innovation? EFS believes that central to change is being at the forefront of thought leadership,

innovation and change.

“It is time for MSMEs to begin to look at embracing other alternative financing options suitable for them to continue running their business.

Importantly they must begin to keep data about their business to aid regulations and financing options available to them.”

On his part, the CEO Momo PSB Limited, Mr. Eli Hini, said increasing competition in the Fintech space presents an opportunity for the MSMEs in the country.

He said, “Education is key and people must understand how the solutions are designed and how they can use it. We are trying to bring the services to them through the agents association and also leveraging other service providers who are within those communities who can serve as a point of interaction for the average person.

FBN Holdings Employee Buys N28.86m Shares Kayode Tokede An employee of FBN Holdings Plc, Mr. Tolu Oluwole has purchased N28.86 million worth of the Holdings shares on the Nigerian Exchange Limited (NGX).

The Company Secretary, FBN Holdings, Mr. Adewale Arogundade in a signed statement disclosed that Oluwole purchased 1,600,000 units of shares were bought at an average price of N18.04 per share.

The stock price of FBN Holdings closed August 25, 2023 at N16.55 per share, a drop of N2.25 per share from N18.80 per share it opened for trading.

In Year-till-Date performance, the stock price of FBN Holdings has gained 51.8 per cent or N per share when it opened for trading at N10.90 per share Capital market analysts stated that billionaire investor, Mr. Femi Otedola and Oba Otudeko interest in the Holdings

impacted on the oldest bank in Nigeria’s stock price, adding that its fundamentals, another contributing factor.

The board and management of FBN Holdings had announced on the Exchange the appointment of Otedola as its Non-executive Director.

FBN Holdings had confirmed that Barbican Capital, an affiliate of Otudeko’s Honeywell Group Limited, acquired about 4.77 billion ordinary shares in the holding group, representing 13.3 per cent of the group’s 35.9 billion issued shares.

Barbican Capital, incorporated in March 2023, has Otudeko’s children – Oyeleye Foluke and Otudeko Obafemi Adedamola as main owners.

Also, in its unaudited financial statement for half year (H1) ended June 30, 2023, FBN Holdings declared N206.3billion profit before tax in H1 2023, to become a new record high of the oldest financial institution in Nigeria.

This is about 213.8per cent high when compared to N65.7 billion declared in H1 2022.

FBN Holdings in 2022 full year result and accounts declared N157.7billion PBT and in 2021, it announced N166.7billion PBT. Key factors that contributed to FBN Holdings outstanding increase in profit before tax and profit after tax include: N656.5billion gross earnings reported in H1 2023, an increase of 83 per cent from N359.2billion reported in H1 2022, and N257.9billion non-interest income in H1 2023, a growth of about 113.8 per cent from N120.6billion in H1 2022.

The group’s balance sheet position improved significantly, as total assets crossed the N14trillion mark as of June 30, 2023.

The shareholders of FBN Holdings at the 11th Annual General Meeting (AGM) approved the holding company to raise N150 billion in additional capital for future expansion.

NGO Launches Platform to Help Girls Build Confidence, Self Discovery With the overarching goal of helping girls to build identity and purpose, an NGO, The Revival School, in collaboration with Unclesele and Nitche Entertainment, has launched a platform, Little Miss Rainbow, in pursuit of this noble goal.

After a keenly contested exercise, Ms Vanessa Edet emerged as the Little Miss Rainbow 2023, to the applause of attendees at the well-attended event, which had as Judges Mr. Ben Aguoye, a business tycoon; Winfrey Agbelese, host of Wake Up Nigeria on TVC; and Izehi Anuge, a Values Coach and

founder of Shape-A-Child NGO. The event, themed ‘Embracing the Essence of Womanhood,’ aims at redressing the stereotyping of women in which they are gradually losing their identity.

“Little Miss Rainbow is a pageant that would help solidify your daughter’s identity by giving her a platform to safely express herself, build confidence and give her an opportunity to be a voice for her generation,” said Preere Opuofoni, Convener of Little Miss Rainbow at the launch of the platform in Lagos on Friday, August 25, 2023.

“Changing this narrative, in a colourful and convincing manner, is something to be imbued in women from childhood. This underlines the launch of the Little Miss Rainbow platform,” Opuofoni added.

Like a famous epistle depicted: “A woman personifies ageless beauty, selfless love, purity, grace and dignity. She symbolizes virtue, great inner strength, tremendous patience, resilience and fortitude.

“She is the pillar of strength not only to her family but also to the society and the country as a whole. women are the backbone of a nation’s economy.”

Nigerian Breweries Expresses Satisfaction over Jamodu’s Years as Board Chairman Raheem Akingbolu For serving meritoriously, Nigerian Breweries Plc, has organised a reception in honour of Chief Kola Jamodu, who retired recently as the company’s chairman.

Top government functionaries, captains of industries, notable personalities, as well as families and friends, attended the event.

Jamodu, a former Minister of Industry, Trade and Investment, served Nigerian Breweries Plc

for 17 years, spending 15 years as board chairman, retiring on April 30, 2023.

Dignitaries in attendance gave commendations aside paying glowing tributes to Jamodu for his significant contribution to the company’s growth and business performance over the years.

His dynamic leadership and footprints in the company’s history of winning with Nigeria was further narrated in a documentary introduced by Mrs. Sade Morgan, the company’s

Corporate Affairs Director.

A significant highlight of the event was the ceremonial passing of the baton of leadership from Jamodu to the new chairman, Mr. Asue Ighodalo, marking the beginning of a new era for Nigerian Breweries Plc. The MD/CEO, Mr. Hans Essaadi, expressed the company’s unreserved confidence that Ighodalo will continue to build on the legacy of Jamodu and take the company to even greater heights.

How CPS Delivers Financial Security Amidst Job Loss Challenges N20.35bn paid to unwaged RSA holders in 6 months In a sustained stride towards ensuring the financial security of workers under the Contributory Pension Scheme (CPS), the National Pension Commission (PenCom) approved the disbursement of N20.35 billion to 21,549 Retirement Savings Account (RSA) holders who were disengaged from work in the first half of 2023. The action demonstrates PenCom’s dedication to upholding the rights of Retirement Savings Account (RSA) holders in the event of a temporary job loss, as stated in the Pension Reform Act of 2014 (PRA 2014).

The PRA 2014, a visionary piece PENCOM DG, Aisha Dahir-Umar of legislation, introduced a vital provision allowing approved N208.86 billion in respect pension contributors under 50 years to of 475,235 requests from individuals access 25 percent of their RSA balance in seeking to access 25 percent of their case of temporary job loss. This provision RSA balances due to temporary loss aims to provide a financial cushion to of employment. The approvals were individuals who face the unfortunate granted to PFAs after the Commission circumstance of job loss. Temporary job authenticated that the RSA holders who loss, as stipulated by the PRA 2014, is lost jobs were under 50 and could not recognised when an employee remains secure another job four months after unemployed for four months after their disengagement. A breakdown of disengagement. the approvals in the first half of 2023 Crucially, Section 7 (2) of the PRA showed that during the first quarter, 2014 states that “where an employee PenCom approved PFAs to pay N12.72 voluntarily retires, disengages, or billion to 13,126 RSA holders who were is disengaged from employment as disengaged from employment. In the provided for under Section 16 (2) and second quarter of 2023, PFAs paid N7.63 (5) of the PRA 2014, the employee may, billion to 8,423 RSA holders regarding with the approval of the Commission, job losses. withdraw an amount of money not Furthermore, the PRA 2014 provides exceeding 25% of the total amount that where an employee has accessed credited to his RSA, provided that the 25 percent for temporary loss of such withdrawals shall only be made job, such employee shall subsequently after four months of such retirement access the balances in the retirement or cessation of employment and the savings account only at the time of employee does not secure another retirement. employment.”

Notwithstanding the provision of Section The above provision of the PRA 2014 is 7(2) of the PRA 2014, it is pertinent for one of the novel changes made by the CPS. RSA holders to understand that the CPS Unlike the old Defined Benefits Scheme is designed to cater for life in retirement.

(DBS), which left many employees who Therefore, the RSA is unlike a regular lost their jobs without retirement benefits, savings account with a commercial bank, Section 7(2) of the PRA 2014 guarantees where a customer deposits and withdraws financial security to employees under funds at any time. Consequently, all the CPS as they have their RSA balances withdrawals from an employee’s RSA to fall back on in case of temporary job are based on conditions allowed under loss. It is pertinent to note that RSAs are the PRA 2014, including the 25 percent individualised; therefore, account holders access for temporary job loss. can change employers without fear of In conclusion, PenCom’s swift and losing their retirement benefits. impactful response to the financial needs The recent disbursement of N20.35 billion of unwaged RSA holders underscores is a testament to the forward-thinking the importance of a progressive and nature of the PRA 2014 and PenCom’s adaptable regulatory environment. With proactive approach to safeguarding the its commitment to empowering workers, financial well-being of disengaged workers. PenCom continues to pave the way for This move not only addresses immediate a more secure and promising future for financial concerns but also reflects the all RSA holders. Notably, an employee overarching goal of fostering financial who accessed 25 percent of his RSA security for those who are unemployed balance due to job loss is expected to resume pension contributions once he but unretired.

From the inception of the CPS to secures another job by providing his new the end of June 2023, PenCom has employer with his RSA details.

T H I S D AY ˾ MONDAY, AUGUST 28, 2023

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BUSINESSWORLD

STATUS REPORT

BUA Cement’s Profit Wilts on OPEX, Interest Expenses Kayode Tokede

W

ith a significant increase in operating expenses and interest on loans, BUA Cement Plc’s profit before tax slowdown in half year (H1) ended June 30, 2023 unaudited result and

accounts.

The cement maker grew its revenue but the doubledight inflation rate and unstable foreign exchange that has trigged cost of production impacted on its profit before tax in the period under review.

BUA Cement reported N221.07 billion revenue in H1 2023, a 17.2 per cent increase from N188.56 billion in H1 2022, driven by sales of cement.

Revenue per ton stood at N67,192/ton, an increase of 19 per cent from N56,454/ton, as of H1’2022, as a result of price adjustments.

Cost of sales stood at N114.94billion in H1 2023, a growth of 18 per cent from N97.5 billion, primarily driven by 38.09 per cent increase in cost of materials to N39.42billion in H1 2023 from N28.54billion in H1 2022 and 26 per cent increase in operations, maintenance and technical fees that stood at N10.71billion in H1 2023 from N8.49billion reported in H1 2022.

Cost of sales per ton rose by 19.7per cent to N34,936/ton from N29,192/ton, as of H1 2022. This was due to increases in raw materials costs, energy product costs, depreciation charges and repair & maintenance costs.

ENERGY COST

Energy cost per ton closed H1 2023 at N14,561/ ton, an increase of 11.6 per cent from N13,048/ton during the corresponding quarter ended H1’2022, which resulted from a combination of energy price increases and fuel mix during the quarter.

The interplay between revenue and cost of sales brings gross profit to N106.12 billion in H1 2023 from N91.06billion reported in H1 2022 as gross profit margin dropped to 48 per cent in H1 2023 from 48.29 per cent in H1 2022.

One of the key financial parameters of BUA Cement’s result and accounts for half year under review was total operating expenses (OPEX), which stood at N20.17 billion in H1 2023, an increase of 49per cent from N13.5 billion reported in H1 2022.

The breakdown showed selling and distribution Costs to N14.03 billion in H1 2023, 74per cent growth

from N8.06 billion in H1 2022, while administrative cost closed H1 2023 at N6.13billion, an increase of 12.3 per cent from N5.46billion in H1 2022.

Major factors attributable for the increase were: distribution costs resulting from an increased fleet size, depreciation charges and other administrative expenses.

Selling, distribution & administration cost (net) per ton increased by 46.2per cent to N5,830/ ton from N3,988/ton H1 2022.

This brings operating profit to N86.94billion in H1 2023, an increase of 11.8 per cent from N77.7billion in H1 2022.

Another key financial parameter of BUA Cement was N10.52billion net finance cost in H1 2023 from N2.8billion in H1 2022.

The company declared N10.59billion interest expenses on loans in H1 2023 from N3.22billion in H1 2022, while foreign exchange gain stood at N2.14billion in H1 2023 from N1.05billion reported in H1 2022.

As the company witnessed significant increase in finance cost and OPEX, its profit before tax closed N1 2023 at N76.42 billion, an increase of 2.75per cent from N74.37 billion reported in H1 2022.

The management of BUA Cement announced N12.81 billion income and deferred taxes in H1 2023, a decline of 1.58per cent from N13.01billion in H1 2022.

NCAA Deploys National Aviation Safety Reporting System for Flight Operations Chinedu Eze The Nigeria Civil Aviation Authority (NCAA) has deployed national aviation safety reporting system for both mandatory and voluntary reports by those involved in flight operations in the country.

The Aviation Safety Reporting System (ASRS) receives, processes and analyzes voluntarily submitted incident reports from pilots, air traffic controllers, dispatchers, cabin crew, maintenance technicians crew and others who are expected to report occurrences in the course of their duties.

In other words, the authority has given access to those involved in airline operation to file reports to it in easy and convenient manner.

The deployment was announced in All Operators Letter (AOL) referenced NCAA/DG/AIR/11/16/341 dated 25th August, 2025 and addressed to all aviation stakeholders and the

general public and signed by the Director General of Civil Aviation, Captain Musa Nuhu.

This is a follow up to NCAA’s establishment of a robust Safety Data Collection and Reporting System (SDCPS) called SMS Pro (www.ncaasms.com) that would bring Nigeria to full compliance with International Civil Aviation Organization (ICAO) Standards and Recommended Practices (SARPs).

NCAA explained that the SMS Pro system is web-based software which is user-friendly and mirrors the SSP & SMS (State Safety Programme and Safety Management System) ICAO-recommended framework comprising safety policy, Safety Risk Management Safety Assurance and Safety Promotion.

“It allows for full integration of the whole aviation industry such that each service provider has

customized handles issued by the authority, to submit reports into the system,” the statement said.

NCAA further explained that Annex 19 to the Chicago Convention on International Civil Aviation and the Civil Aviation Act 2022 mandate the implementation of Aviation State Safety Programme.

It added, “Specifically, Annex 19 SARPs (Standards and Recommended Practices) mandates as follows: “5.1.1 States shall establish Safety Data Collection and Processing Systems (SDCPS) to capture, store, aggregate and enable the analysis of safety data and safety information. 5.1.2 States shall establish a mandatory safety reporting system that includes the reporting of incidents. 5.1.3 States shall establish a voluntary safety reporting system to collect safety data and safety information not captured by mandatory safety reporting systems.”

STOAN Pledges Support for Oyetola’s Effort to Harness Blue Economy The Seaport Terminal Operators Association of Nigeria (STOAN) has promised to support the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, to harness the potentials of the maritime sector.

In a statement, Chairman of STOAN, Vicky Haastrup, congratulated the former Osun State Governor on his appointment and swearing-in as Nigeria’s pioneer Minister of Marine and Blue Economy.

She said Oyetola’s pedigree in the private sector and in public service stand him in good stead

to lead the efforts of harnessing Nigeria’s blue economy.

“We are particularly happy with the appointment of His Excellency Mr. Adegboyega Oyetola as the Minister of Marine and Blue Economy. Given his rich pedigree in governance and public service, hard work and unflinching commitment to excellence, we are confident that he will reposition the Nigerian maritime industry for optimum performance, ”Haastrup said.

She said the maritime industry has the potential of earning more than a trillion dollars annually for the country, as well as support the

Federal Government’s economic diversification agenda and create thousands of jobs for Nigerians.

“Marine activities include navigation, nautical, naval and maritime services while Blue Economy refers to all the economic activities related to oceans, seas, and other bodies of water.

“The new Ministry of Marine and Blue Economy has come on stream to take charge of the overall contribution of the seas, oceans and inland waterways to the Nigerian economy; regulating the environmental and ecological sustainability of the oceans.

With nearly two per cent drop in income and deferred taxes, BUA Cement reported N63.62billion profit after tax in H1 2022 from N61.35billion in H1 2022.

Earning Per Share, however, stood at N1.88 per share as of June 30, 2023 from N1.81 per share reported in corresponding June 30, 2022.

LOANS, CASH & SHORT-TERM DEPOSITS

The growth in BUA Cement’s finance cost can be attributable to its significant increase in long term and short-term borrowings as the company in the period reported N232.34 billion in total borrowings as of June 30, 2023 from N125.44billion reported in 2022 financial year.

Long-term borrowings stood at N197.95billion as of June 30, 2023, an increase of 342 per cent from N44.74billion in 2022, while short-term borrowings closed June 30, 2023 at N34.39billion a decline of 57.4per cent from N80.7 billion reported in 2022.

BUA Cement had secured loans from First Bank of Nigeria - Term Loans and overdraft, Union Bank of Nigeria Plc, Fidelity Bank Plc, Series 1 Bond and International Finance Corporation (IFC).

The company secured a $500million loan from IFC approved in September 2022. The tenure of the loan is 10 years, 2.5 years grace period, interest: 6 months SOFR + 5.5per cent and the first tranche of $300million was disbursed in April 2023.

The Company issued a N115 billion semi-annual coupon bond at the rate of 7.5% per annum. The effective date of the bond is December 30, 2020. The Bond proceeds were used to reimburse the shareholder loan and for working capital finance.

However, the company declared N1.04 trillion in total assets as of June 30, 2023, an increase of 18.7per cent from N874.01 billion in 2022.

BUA Cement’s total non-current assets stood at N707.75billion as of June 30, 2023, an increase of 4.66 per cent from N676.2billion reported in 2022. Total current assets nearly doubled, closing June 30, 2023 at N330.08billion, a 67 per cent growth from N197.77billion in 2022 financial year.

Cash and short-term deposits contributed 65.85per cent to overall short-term assets as of June 30, 2023 from 24.29per cent in 2022.

BUA Cement in the total short-term assets declared cash and short-term deposits stood at N217.35billion as of June 30, 2023, an increase of 352 per cent from N48.05billion in 2022.

TOTAL LIABILITIES

Aside assets, BUA Cement declared N563.09 billion total liabilities as of June 30, 2023, a growth of 21.6 per cent from N462.9billion in 2022.

The company declared total non-current liabilities of about N365.5billion as of June 30, 2023, a growth of 78 per cent from N205.34billion in 2022, while total current liabilities dropped to N197.61billion as of June 30, 2023 from N257.56billion reported in 2022 financial year.

At N563.09 billion total liabilities, BUA Cement’s total liabilities/total assets increased to 54.3 per cent as of June 30, 2023 from 52.96 per cent reported in 2022.

Its total equity closed June 30, 2023 at N474.73 billion from N411.11billion in 2022, representing an increase of 15.5 per cent.

The MD/CEO, BUA Cement, Mr. Yusuf Binji recently said cement producer aimed at driving continued revenue and cost synergies across revenue and margin lines; harmonization of sales and marketing strategy across the two plants and construction of lines 3 & 5 at Obu and Sokoto plants, respectively.

On sustainability strategic priorities, he said BUA Cement is transiting from Heavy Fuel Oil (HFO) to Liquefied Natural Gas (LNG) in Sokoto, commencing work on the 70MW gas power plant at Obu and 70MW gas power plant at Sokoto.

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BUSINESSWORLD

NEWS

Anambra Govt Drops Right of Way Charges for Telecoms, Plans Free WiFi in MDAs Emma Okonji Anambra State has joined other states in the implementation of zero charge policy for Right of Way (RoW) for the telecoms sector.

RoW charges have been an issue that has delayed deployment of telecoms infrastructure by telecoms operators, as some states charge between N500 and N5, 000 per linear metre, as against the recommended N145 per linear metre charge for RoW. Professor Charles Soludo led government in Anambra State, last week, said it has commenced the implementation of zero charge policy on RoW. Anambra State becomes the first state in South-east region to begin implementation of zero charge for Right of Way. Although the National Economic Council in 2020, recommended N145 per linear metre as the official rate for the cost of RoW across all states, but most states have continued to charge higher and some have even threatened to shut down the operations of telecoms’ operators that delay to comply with their rates.

In a chat with ICT Journalists in Lagos last week, the Managing Director/Chief Executive Officer of the Anambra State ICT Agency, Chukwuemeka Fred Agbata, said the move was in line with the ‘Everything Technology and Technology Everywhere’ vision of the governor.

According to him, the ICT Agency working in partnership with GICL, has deployed about 200 kilometers of fibre optic cables under the

first phase of Anambra, targeted at Ministries, Departments and Agencies of government (MDAs), schools and other clusters.

Agbata said the governor showed huge interest in deploying modern strategies to eliminate bottlenecks to digital access, by reversing infrastructure decline in the state.

He said it would boost free WiFi Hotspot rollout to government offices, schools and communities in order to diversify the economy, leveraging digital services for eGovernment, commerce, education and innovation.

The ICT Agency boss added that the implementation of the zero charge policy for Right of Way by the state government, would be the first step to a digital economy that would encourage key investors, innovators, and businesses to the state.

“His Excellency, Governor Charles Chukwuma Soludo has always demonstrated determination to turn Anambra State into a digitally driven economy. The broadband drive is one of the many ways to do it and at the same time it connects to other plans.

Without connectivity, eGovernment programmes will become a mirage.

“Africa’s digital landscape is changing at a rapid rate and Anambra State is no different. The governor approved the implementation of the zero charge policy on Right of Way because he understands the benefits are enormous. We are partnering with GICL that is giving us a lot of connectivity capacity that will help leapfrog the state’s digital economy agenda. This will power the governor’s lodge and by extension, a local government and a university, as pilot,” Agbata said.

L-R: Chief Human Capital Officer/Head, Management Services, Humphrey Ozegbe; Company Secretary, Moses Omorogbe; Head, ERM/Compliance, Modupeade Adepoju; Chief Financial Officer, Emmanuel Otitolaiye; Executive Director, Technical, Okanlawon Adelagun; Managing Director/Chief Executive Officer, Daniel Braie; Chief Strategy & Product Development Officer, Imo O. Imo; Head, Human Capital, Ohi Alufohai and Head, Retail Marketing, Temitope Solomon, all of Linkage Assurance Plc during the unveiling of the Company’s Motor Third Party Plus Variant at its corporate head office in Lagos

Expert Harps on Initial Fund Raising, Management among Startups Emma Okonji The Chief Operating Officer (COO) of Kora, a financial technology company, Mr. Ayodeji Osisami has stressed the need for technology startups to effectively manage their initial funds in order to remain competitive in business.

Osisami, who spoke at the GenZ Techies conference held at the University of Lagos at the weekend,

said the raising and management of initial capital for technology startups had always been a herculean task, especially for the younger generation known as GenZs who are beginners in the startups space.

He encouraged the GenZs to begin their journey with their personal fund or raise money from family members and friends.

The GenZ Techies platform is a community of young tech developers,

founders, designers, and technicians across Africa that connect, learn and discover life changing opportunities.

Speaking on the theme: ‘Getting and Managing Your First Fundraise,’ Osisami said: “There are three ways to raise funds. The first is a personal fund. Try and start a profitable business, then you can work and save some money and not to start your journey in debt.

“The second is about using family

and friends to raise funds. Those are the timeless ways of doing this while the third way of course, is incubators, joining the likes of Techstars, Ycombinators among others.”

He also advised them on ways to manage their first funds when it eventually comes. Osisami urged them to stick to the purpose of the business, maintain discipline and also constitute their boards on time.

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MONDAY, AUGUST 28, 2023 • T H I S D AY

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

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

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

floor of the Nigerian Stock Exchange.

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

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

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 24Aug-2023, unless otherwise stated.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 11.71% AIICO Balanced Fund 4.41 4.50 30.17% 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 184.50 186.81 27.29% Anchoria Fixed Income Fund 1.27 1.27 3.18% 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 N/A N/A N/A ARM Discovery Balanced Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund N/A N/A N/A ARM Money Market Fund N/A N/A N.A ARM Short Term Bond Fund N/A N/A N/A AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 98.96 98.96 8.98% AVA GAM Fixed Income Naira Fund 1,113.84 1,113.84 4.04% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.24 2.24 9.78% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.78 2.85 117.92% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 1086.00% Paramount Equity Fund 23.71 24.22 37.69% Women's Investment Fund 179.68 182.88 27.59% CHD Nigeria Bond Fund 99.03 99.03 12.01% CHD Nigeria Dollar Income Fund 1.01 1.01 11.28% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.48% Cordros Milestone Fund 151.21 152.39 18.32% Cordros Fixed Income Fund 107.76 107.76 10.05% Cordros Halal Fixed Income Fund 104.76 104.76 5.83% Cordros Dollar Fund ($) 112.87 112.87 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 8.37% Coronation Money Market Fund 1.43 1.44 25.25% Coronation Balanced Fund 1.39 1.39 1.90% 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 1583.82 1583.82 11.70% FBN Balanced Fund 255.93 258.33 28.16% FBN Halal Fund 132.78 132.78 13.16% FBN Money Market Fund 100.00 100.00 10.05% FBN Dollar Fund 0.00 0.00 7.23% FBN Smart Beta Equity Fund 236.76 239.76 42.97% FBN Specialized Dollar Fund 110.92 110.92 9.49% 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 7.41% Legacy Debt Fund 3.52 3.52 -1.58% Legacy Equity Fund 2.58 2.64 29.34% Legacy USD Bond Fund 1.30 1.30 3.52% 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 5,142.75 5,177.45 34.50% Coral Income Fund 3,896.25 3,896.25 7.67% Coral Money Market Fund 100.00 100.00 9.92% FSDH Dollar Fund 1.18 1.18 6.07%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.78 1.82 11.74% Lotus Halal Fixed Income Fund 1,193.74 1,193.74 6.77% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 103.16 103.16 11.71% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.96% Norrenberger Dollar Fund (NDF) ($) 102.75 102.75 12.11% 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 1.95 2.01 2464.51% PACAM Fixed Income Fund 11.64 12.02 567.87% PACAM Money Market Fund 10.00 10.00 2.70% PACAM Equity Fund 1.90 1.94 3446.51% PACAM EuroBond Fund 127.27 131.26 1466.78% 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 10.05% 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 4,599.55 4,637.08 35.69% Stanbic IBTC Bond Fund 252.99 252.99 7.39% Stanbic IBTC Ethical Fund 1.91 1.94 52.78% Stanbic IBTC Guaranteed Investment Fund 345.03 345.03 10.19% Stanbic IBTC Iman Fund 357.39 361.96 53.07% Stanbic IBTC Money Market Fund 1.00 1.00 9.30% Stanbic IBTC Nigerian Equity Fund 16,367.00 16,557.43 49.87% Stanbic IBTC Dollar Fund (USD) 1.43 1.43 10.50% Stanbic IBTC Shariah Fixed Income Fund 125.56 125.56 7.40% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 121.94 121.94 14.63% Stanbic IBTC Absolute Fund 4,838.75 4,838.75 13.74% Stanbic IBTC Aggressive Fund 4,643.57 4,700.84 67.01% Stanbic IBTC Conservative Fund 4,992.51 5,017.18 31.22% 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 1.23 1.24 35.94% United Capital Balanced Fund 1.69 1.70 30.52% United Capital Wealth for Women Fund 1.32 1.34 23.42% United Capital Sukuk Fund 1.14 1.14 11.51% United Capital Fixed Income Fund 1.90 1.90 6.83% United Capital Eurobond Fund 122.00 122.00 5.72% United Capital Global Fixed Income Fund 1.05 1.05 8.59% United Capital Money Market Fund 1.00 1.00 9.08% 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 6.46 6.56 60.32% Vetiva Consumer Goods Exchange Traded Fund 9.78 9.88 66.81% Vetiva Griffin 30 Exchange Traded Fund 23.40 23.60 32.15% Vetiva Money Market Fund 1.00 1.00 9.77% Vetiva Industrial Goods Exchange Traded Fund 28.43 28.63 42.06% 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 10.07

6.99% 3.83% -11.82%

Bid Price

Offer Price

Yield / T-Rtn

21.06 102.80 220.00 17.40 16.40

21.16 102.80 220.00 17.50 16.50

35.97% -20.14% 118.15% 36.72% 57.58%

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.

32

T H I S D AY MONDAY, AUGUST 28, 2023

BUSINESS/MONEYGUIDE

NAICOM Bemoans Impact of Inflation, FX on Insurance, Says Sector Grew by 15% in 8 Years Ebere Nwoji ËØÎ James Emejo The National Insurance Commission (NAICOM), has said that the prevailing foreign exchange crisis and inflationary trend have negatively impacted on insurance sector with life insurance segment being the worst hit.

NAICOM however said the insurance sector had in the past eight years witnessed 15 per cent annual growth from N282.9billion in 2015 to N726billion in 2022.

Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Sunday Olorundare Thomas, disclosed these at the 2023 retreat for Insurance Journalists held in Uyo, Akwa Ibom State.

While explaining how the aforementioned negative eco-

nomic factors affected insurance business, he said the current level of exchange rate and inflation makes assets replacement an issue.

This, he stated, is because with inflation and high exchange rate of dollar to Naira, insurance assets that were foreign exchange dependent would be affected as people would not be ready to revalue their assets as such in replacing a damaged property, “insurance firms would be under no obligation to pay anything more than the cost of the property and the sum assured.”

This according to him discourages people from insuring.

Under the present circumstance, Thomas said those who were wise, needed to adjust the value of their assets in order to derive maximum benefits, “because when

the value was increased, it means more premium would be paid for claims payment to be higher when the unforeseen occurs.”

According to him: “When we have this less level of exchange rate, assets replacement becomes an issue, and when you get to the position where assets that were acquired at a particular amount, especially assets that are foreign exchange dependent, people are not quick to revalue their assets.”

Delivering a paper at the seminar titled: “The Insurance Sector and the Nigerian economy: Impact, Challenges and the New Frontiers,” Assistant Director, Corporate Strategy, NAICOM, Dr Usman Jankara said insurance sector performance could be measured in terms of assets, claims ratio, capitalisation and retention ratio.

CIBN President Calls for Enhanced Technology Adoption in Banking Sector Nume Ekeghe The President/Chairman of Council, the Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, has urged banking professionals to adapt to the rapid changes shaping the financial services sector.

He added that with statistics suggesting that 40 per cent of core skills required for existing roles are expected to shift by 2025, he emphasised the need to align skills with emerging industry demands.

He said this over the

weekend at the 2023 Graduates induction and prize awards day in Lagos were CIBN inducted a total of 1,212 graduates, comprising 27 from the CBMBA route, 29 from the MSc/ACIB route, 354 with the ACIB designation, and 804 as Microfinance Certified Bankers.

He said: “The theme for this occasion, “The Dynamics of Work and Current Realities: The Way Forward for Financial Service Professionals,” resonates deeply with the rapid changes that has continued

to shape the landscape in the financial services sector.

“Statistics from the same report underline the urgency of embracing change: approximately 40 per cent of the core skills required to perform existing roles in financial services sector are expected to change by 2025.

This underscores the importance of aligning our skill sets with the emerging demands of the industry, enabling us to navigate the disruptions and seize the opportunities that lie ahead, ”he said.

Abbey Mortgage Bank Moves to Empowers Women Entrepreneurs Nume Ekeghe Abbey Mortgage Bank has launched an innovative product for women called WIRE: (Women in Real Estate) in its bid to empower women entrepreneurs in real estate by financing construction projects owned or managed by women.

The product launch event was live-streamed to female entrepreneurs from various parts of the country over the

weekend.

WIRE: Women in Real Estate, is designed to provide tailored finance, including construction finance that cater to the unique needs and challenges faced by women-owned real estate and construction businesses.

The bank in a statement noted that whether it’s startup capital, project financing, or growth funds, they are is committed to supporting women as they enter the real estate industry or take

their ventures to new heights.

Group Head of IT and Resources, Lolita Ejiofor stated: “ At Abbey Mortgage Bank, we believe that economic empowerment knows no gender bounds.

WIRE is not just a financial service; it’s a platform for women to overcome obstacles and redefine the real estate landscape. We are paving the way for women to excel, lead, and create a lasting impact not just in Nigeria, but across Africa.”

Tranzfar Freedom Account Extends to over 100 Countries Nume Ekeghe Tranzfar Limited, an international payment solutions provider, has announced the expansion of its revolutionary Freedom Account to over 100 countries.

The firm announced this during a media parley held in Lagos.

Speaking, the Managing Director/CEO, Tranzfar, Ryan Romeo noted that this major milestone marks a significant step forward in the company’s mission to provide accessible and secure financial solutions to people all around the world.

Romeo said: “We are indeed excited to have reached this important milestone in our journey to provide accessible financial services worldwide. Our commitment to financial inclusion and customer satisfaction remains unwavering, and we look forward to serving even more customers in the future.”

The Co-Founder and Chief Financial Officer of Tranzfar, Dr. Olusiji Sanya, stated that in the last one year, Tranzfar has recorded numerous successes with The Freedom Bank Account, from onboarding thousands of

customers to expanding its access reach to over 100 countries, which is in line with the spirit and ethos of the freedom account.

A member of the Board of Directors, Tranzfar, Sarah Essien said, “The Freedom Account has lived up to its name, liberating Africans in 100 countries by granting them access to financial possibilities that were hitherto limited to the continent. We have done this by fostering a link between Africa and the rest of the world with our secure, efficient and trustworthy platform.”

Coca Cola Promises New Experience with Fanta’s ‘Yummy Snacking’ Raheem Akingbolu In a bid to add colour to every snack bite, the promoters of the Fanta brand have launched ‘Yummy Snacking’.

In a statement, Marketing Manager, Coca-Cola Nigeria, Yusuf Murtala said the campaign seeks to enhance the enjoyment of fun activities.

“Our Fanta Yummy Snacking

campaign is one of many ways to ensure that our consumers get the best of our offerings through great-tasting beverages.

“We introduce innovative flavors in our products to engender consumer satisfaction as a focal point for every brand,” he said.

The statement added: “With Fanta, snacking is no longer a mundane routine, it becomes

an opportunity to explore a world of endless creativity and joy.

“But it doesn’t stop there.

Fanta’s Yummy Snacking Campaign is about more than just taste: It’s about embracing the spirit of fun and adventure.

Through the most fun-filled experiences, whether solo or accompanied by family and friends.”

L-R: Products & Marketing Head, Tranzfar, Okanu Ibeanu; Member, Board of Directors, Sarah Essien; Chief Executive Officer and Co-Founder, Ryan Romeo and Chief Financial Officer and Co-Founder, Dr. Olusiji Sanya, during Tranzfar media parley on its Freedom Account milestone achievements held in Lagos...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) July 2023

Money Supply (M3)

65,466,115

-- CBN Bills Held by Money Holding Sectors

442,402.18

Money Supply (M2)

64,926,250.75

-- Quasi Money

40,769,132.38

-- Narrow Money (M1)

24,157,118.36

---- Currency Outside Banks

2,209,000.87

---- Demand Deposits

21,948,117.49

Net Foreign Assets (NFA)

9,298,562.89

Net Domestic Assets(NDA)

5,6167,552.11

-- Net Domestic Credit (NDC)

86,466,629.28

---- Credit to Government (Net)

32,307,463.27

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,159,166.01

--Other Assets Net

13,165,380.65

Reserve Money (Base Money

17,376,486.41

--Currency in Circulation

2,595,761.69

--Banks Reserves --Special Intervention Reserves

14,780,724.72 405632.59

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2023

Inter-Bank Call Rate

15.80

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

18.75

Treasury Bill Rate

4.45

Savings Deposit Rate

5.24

1 Month Deposit Rate

7.11

3 Months Deposit Rate

7.62

6 Months Deposit Rate

8.25

12 Months Deposit Rate

7.81

Prime Lending rate

113.98

Maximum Lending Rate

27.38

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 25 AUGUST, 2023

The price of OPEC basket of thirteen crudes stood at $85.71 a barrel on Thursday, compared with $85.84 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).

34

MONDAY, AUGUST 28, 2023 • T H I S D AY

This Week In Tech Tech Top 5 News 08097710984

NCC: NIGERIA DOMINATES AFRICAN TELECOM SECTOR WITH 82% SUBSCRIPTIONS

T

he Nigerian Communications Commission (NCC) says Nigeria is at the forefront of the African telecom landscape, constituting 82 per cent of telecom subscriptions across the continent.

Prof Umar Danbatta, NCC’As executive vicechairman, disclosed this remarkable achievement during the inauguration of the Emerging Technology Forum for the Telecommunications Industry in Abuja.

Furthermore, Nigeria’s influence extends to 29 per cent of Africa’s internet consumption.

Nigeria’s ascendancy continues, claiming 11th spot worldwide for internet penetration and the seventh position for mobile phone usage.

However, Danbatta admitted that Nigeria’s Network Readiness Index (NRI) remains comparatively low.

This rating placed Nigeria at the 109th position out of 131 countries in 2022.

The NRI serves as a crucial metric for evaluating the role and influence of information and communication technology. It assesses the performance of economies based on technology infrastructure, governance, people, and impact.

The forum is focused on delving into the foundations of network readiness, as highlighted by Danbatta. Emphasising the importance of prioritising network readiness for Nigeria’s societal and economic transformation, he noted the event’s role in bridging the gap between aspiration and realisation.

Speaking on behalf of Danbatta at the event, Engr.

Abraham Oshadami, NCC’s director of spectrum administration said, “As agents of social and economic transformation in our nation, prioritising network readiness is not only a strategic necessity but a mandate. Throughout our deliberations, we will engage in thought-provoking forum discussions that explore the foundational pillars of NRI, through several presentations by renowned professionals in the technology landscape.”

nosakhare.alekhuogie@thisdaylive.com

GLOBAL CYBERSECURITY AWARENESS: NORDVPN STUDY REVEALS DECLINE IN ONLINE PRIVACY KNOWLEDGE

Recent research by cybersecurity firm NordVPN highlights a global decline in online privacy and cybersecurity awareness. Data from 25 key markets indicates that while people worldwide excel in recognising online risks (73%), their grasp of safe online practices and tools is lacking (52%).

The annual National Privacy Test (NPT), a worldwide survey, aims to assess cybersecurity awareness and educate about digital threats. This year, the survey collected 26,174 responses from 175 countries, underscoring its global importance.

NordVPN’s CTO, Marijus Briedis underscores

Alekhuogie

TECH PERSONALITY OF THE WEEK

O s u n ke y e : F o s t e r i n g a n Ecosystem of Tech Visionaries

B

uki Azaria Osunkeye, our featured tech personality this week, is an industry trailblazer. As the convener of the Tech Leaders Network Africa, she fosters a vibrant community of tech visionaries.

She is also a cofounder of Pora App, an innovative social networking platform that empowers people to connect with like-minded individuals globally, united by shared culture, values, and ethnicity. This inventive app is reshaping how people build connections in an interconnected world.

Moreover, Osunkeye’s entrepreneurial spirit shines through her involvement in various tech-enabled ventures. Plenti Africa, one of her brainchildren, is making a significant impact.

Additionally, she in instrumental in steering Azaria Lagos, an e-commerce brand that champions local products and empowers womenpreneurs.

Osunkeye’s achievements paint a picture of a dynamic leader with a profound impact on both the tech landscape and the communities she engages with.

Osunkeye’s journey commenced as a client service executive at an advertising agency, where she worked on the Coca-Cola account. Through dedication and determination, she climbed the ranks and eventually became the head of product marketing at Sterling Bank. Throughout her extensive advertising career, Osunkeye managed marketing budgets exceeding $1 million and orchestrated campaigns for renowned brands such as Nokia, Sterling Bank, Meta Inc, CocaCola, UBA, Peak Milk, Virgin Atlantic, MTN, Whatsapp, British Airways, Guinness, Bloomberg TV, etc. She is a strategist and inventive thinker, showcasing her prowess in running ROI-driven performance marketing projects.

LEMFI SECURES $33M IN FUNDING TO TRANSFORM IMMIGRANT REMITTANCE PAYMENTS

LemFi (formerly Lemonade Finance) has secured $33 million in Series A funding, embarking on a mission to revolutionise global remittance payments for immigrants. Spearheading the investment round is Left Lane Capital, with notable contributions from investors Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.

The primary objective of LemFi is to introduce streamlined international remittance services, catering to the African diaspora community residing in Canada.

The company has now embraced the succinct identity of LemFi. This change is more than a mere rebranding as itsignifies a departure from the intricate process that once entailed weaving together various payment or money transfer platforms. These efforts often incurred transaction fees reaching as high as 8 per cent when sending funds back to their countries of origin.

LemFi’s vision extends beyond a mere financial platform; it aspires to facilitate seamless, fee-free money transactions for immigrants hailing from developing economies. However, LemFi operates within the confines of its UK license, focusing solely on developing wallets and safeguarding user funds, as opposed to engaging in lending practices akin to traditional banking institutions.

Cofounder of LemFi, Rian Cochran, underlines the necessity of its services not only in North America and Europe but also globally. The company’s mission addresses the needs of diverse immigrant communities, akin to Africans living abroad, who require essential financial products and services. Presently, LemFi is actively pursuing EU licenses, positioning itself to extend its invaluable services to migrant workers and families residing within the European Union.

Irrespective of their origins, immigrants encounter common challenges, and one prevailing concern revolves around adapting to the financial systems of their new homelands.

Nosa

the NPT’s role in fostering a privacy-conscious community that advocates for data protection.

This initiative aligns with their vision for a safer digital landscape.

The global findings highlight strengths, including adept password creation (95%) and navigating dubious streaming offers (94%). People also understand limits on sharing sensitive data on social media (90%) and the risks associated with storing credit card details in browsers (88%).

However, only three per cent possess knowledge of tools that safeguard digital privacy, and merely 11 per cent understand ISP metadata collection.

Globally, one per cent fall into the category of “cyber wanderers,” with minimal understanding of internet privacy and cybersecurity. In contrast, 15 per cent score 75-100 points, earning the label of knowledgeable “Cyber Stars.”

Notably, the 30-54 age group showcases the strongest cybersecurity skills, housing the majority of Cyber Stars. Conversely, younger individuals, students, and those over 54 exhibit weaker performance.

Briedis identifies reasons for declining cybersecurity knowledge: the overwhelming volume of daily online activities, evolving tactics of cybercriminals, and the misconception that cybersecurity responsibility rests solely with service providers.

SECONDARY SCHOOL GIRLS UNVEIL INNOVATIVE AI ROBOT “KIKI-SAGGY”

A groundbreaking achievement has emerged from the Federal Government Girls’ College (FGGC) Sagamu in Ogun state as a group of ten secondary school girls unveiled their remarkable AI creation named “Okikiola-Sagamu.” Fondly referred to as Kiki-Saggy, this AI robot is the product of dedication and guidance from the

school’s staff.

The ambitious AI robot project was a collaborative effort undertaken by students across senior and junior classes, spanning approximately seven months for completion.

Kiki-Saggy’s capabilities encompass speech, ambulation, and gesticulation, a testament to the students’ ingenuity.

With a towering height of six feet and weighing 60kg, the robot impressively achieves a maximum speed of 10km per hour. The global introduction of ‘Kiki-Saggy’ not only showcases the potential harbored within Nigeria’s educational institutions but also emphasises the significance of nurturing youthful innovation.

Nonetheless, the triumph of the project also brings to light the hurdles surmounted by the students. From intricate technical challenges to hardware glitches, complex coding dilemmas, financial limitations, demanding drilling tasks, and seamless component integration, the girls navigated a diverse range of obstacles.

In order to cultivate and empower more young minds, it is imperative to foster an environment that encourages and nurtures such talents, ensuring they can consistently deliver groundbreaking innovations. As technology’s rapid advancement shapes the future, the enthusiasm of the nation’s youth and the proactive support of government entities illuminate the path towards progress.

According to the girls, the journey was fraught with a myriad of challenges ranging from intricate technical issues, hardware glitches, and complex coding conundrums to financial constraints, demanding hole drilling tasks, and the intricate process of integrating various components seamlessly.

GOOGLE CEO SUNDAR PICHAI LEADS AI-DRIVEN TRANSFORMATION IN HEALTHCARE

Spearheading a pivotal transformation in the healthcare realm, Sundar Pichai, the CEO of Google, is leveraging artificial intelligence (AI) technologies to reshape the landscape.

A recent revelation by Pichai unveils Google’s AI-powered ability to predict cardiovascular issues through the analysis of eye scans. This groundbreaking innovation holds the potential to supplant traditional diagnostic methods like X-rays, MRIs, and CT scans.

At the core of this innovation is the eye’s retina, which functions as a gateway to the body’s overall health. The fundus, situated at the inner back wall of the eye, harbours blood vessels that mirror the body’s well-being.

By examining this ocular data, doctors can glean crucial insights into a person’s cardiovascular health, including indicators like blood pressure, age, and smoking habits.

Google, in collaboration with Verily, harnessed the power of machine learning to analyse an extensive medical dataset, comprising over 300,000 patient profiles.

This served as the foundation for their cardiovascular prediction model. Integrating metrics such as age and blood pressure with distinctive markers found within eye scans, neural networks identified patterns to forecast potential risks.

Beyond cardiovascular concerns, this AI breakthrough holds promise for early detection of various conditions like dementia, Alzheimer’s, multiple sclerosis, Parkinson’s, and even schizophrenia. It possesses the capability to identify health issues that may elude even seasoned specialists.

The eye’s retina, as highlighted, stands as a potent source of information about one’s overall health, reaffirming the transformative role of AI in revolutionising healthcare.

T H I S D AY ˾ AY, AUGUST 28, 2023

33

MARKET NEWS

Market Cap Up N458.55bn WoW on Investors’ Renewed Interest KayodeTokede The Nigerian stock market reversed its bearish performance as investors renewed interest in BUA Foods Plc, Dangote Sugar Refinery Plc, and Transnational Corporation Plc that trigged market capitalisation growth of N458.55billion Week-on-Week (WoW).

With the likes of BUA Foods adding 7.9 per cent to N per

share, Dangote Cement appreciating by 35.7 per cent to and Transcorp gaining 39.4 per cent to N per share, the market capitalisation advanced too N35.881trillion last week from N35.422trillion it opened for trading.

The Nigerian Exchange Limited All-Share index rose by 1.29per cent WoW to close at 65,558.91 basis points from 64,721.09 basis points it closed

P R I C E S MAIN BOARD

for trading last week.

As a result, the stock market Month-to-Date and Year-to-Date gains increased to 1.90per cent and 27.92 per cent, respectively.

From a sectoral performance, the NGX Consumer Goods rose by 11.6per cent and NGX Insurance gained 1.2per cent, while the NGX Banking dropped by 3.6per cent, and NGX Oil and Gas declined

F O R

S E C U R I T I E S

DEALS

MARKET PRICE

QUANTITY TRADED

by 2.4 per cent.

The Industrial Goods index closed flat.

The market last week recorded a total turnover of 1.812 billion shares worth N29.299 billion in 31,163 deals, in contrast to a total of 1.689 billion shares valued at N29.407 billion that exchanged hands in 29,477 deals prior deals.

According to the Exchange, the financial services industry

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

(measured by volume) led the activity chart with 936.685 million shares valued at N10.116 billion traded in 12,886 deals; thus contributing 51.68per cent and 34.53per cent to the total equity turnover volume and value respectively.

“The Financial Services Industry (measured by volume) led the activity chart with 936.685 million shares valued at N10.116 billion traded in

12,886 deals; thus contributing 51.68per cent and 34.53 per cent to the total equity turnover volume and value respectively.

“The Conglomerates sector followed with 461.589 million shares worth N2.333 billion in 3,451 deals. The third place was the Consumer Goods Industry, with a turnover of 127.310 million shares worth N5.003 billion in 5,792 deals,” the report stated.

AU G U ST / 2 5 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY AUGUST 28, 2023 • T H I S D AY

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36

T H I S D AY ˾ MONDAY, AUGUST 28, 2023

HOMES&DESIGN

High Gardens Ingrained with Luxury, Glamorous Lifestyle, Beauty High Gardens by Tetra Manor Ltd is one of Eko Atlantic City’s finest. This exquisite skyscraper is fitted with glamorous lifestyle and reserved for only a few discerning investors. Bennett Oghifo writes

T

etra Manor High Gardens is curated to mirror a luxurious and glamorous lifestyle with a combination of beauty, affluence and effervescence, created for the one per cent who appreciate the finer things of life.

This elite development in the Eko Atlantic City, which is the best real estate destination in Africa, is the perfect address for luxury living and exclusive lifestyle.

The project consists of 25 floors of luxury apartments (one-bedroom apartment, twobedroom apartment, three-bedroom apartment, three-bedroom maisonette, and four-bedroom maisonette), each valued from N140 million and above. A modern-day haven designed to be nature-friendly, making room for greenery in all the spaces.

High-end finishing features complement

the impeccable aesthetics of the High Gardens with “no value compromised,” to offer not just a place to live in, but a lifestyle to experience and revel in.

Features such as external security door, internal wooden door, aluminium EBM profile windows, standard interior decoration, smart door locks, conduit wiring, quality bedroom wardrobes, high quality kitchen cabinets, stainless steel internal railings, wired for internet and entertainment, P.O.P ceiling for living room and master bedroom, electrical fittings (Milano or Eq.), modern sanitary fittings (Milano or Eq.), high quality ceramic and verified tiles, screeded walls, and satin wall paint (internal).

Other features include elevated pool,

sea view, 24-hour surveillance, fibre optic connectivity, children’s play area, lounge/ bar, gym, office space, 24-hour power supply.

“We give significant discounts to existing offers, a convenient payment plan (of four years). It is specifically designed for families, which you can earn guaranteed or up to 20 per cent returns with top notch facilities,” said the developer.

“We always provide the best to our customer,” Tetramanor Ltd said on its website, stating that they are “a private limited liability company created to provide real estate and property development services for the numerous Nigerians who are in need of a place to call home.”

The goal of the company is to provide choice but reasonably priced residential

and commercial spaces, with focus on the commercial capital of Nigeria – Lagos.

By getting close to proposed clientele, understanding their needs and personally overseeing every aspect of projects, the Tetramanor team is able to deliver high quality spaces at reasonable costs.

“Our projects are located in choice, fully built-up locations. This ensures that our clients are able to move into their homes immediately, have access to infrastructure (power, roads and water), and get value for their money,” the firm said.

It added, “This is the promise we make to our clients: We will not compromise our standards for any reasons whatsoever, we will not extort our clients in order to make profit, and we will not sell to our clients spaces we are not willing to live in ourselves.’

37

MONDAY, AUGUST 28, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

Killing NBS’ Credibility Softly?

Obinna Chima advises the present leadership of the National Bureau of Statistics against taking steps that could erode the credibility of the agency

T

he National Bureau of Statistics (NBS) under the leadership of its StatisticianGeneral of the Federation (SGF)/Chief Executive, Semiu Adeniran, set tongues wagging last week, when it released what it termed the revised methodology for unemployment in Nigeria. To the shock of many economic analysts, users of statistics and market participants, the report put the country’s present unemployment rate at 4.1 per cent in the first quarter of the year (Q1 2023), compared to 5.3 per cent in the preceding quarter.

Interestingly, the last time the statistical agency released the country’s jobs data was in November 2021, when it made public the labour statistics for the fourth quarter of 2020, which then revealed that 23.18 million Nigerians were jobless while the unemployment rate was then put at 33.3 per cent.

From market participants, analysts, civil society organisations and other statistics users in and outside the country, the feeling was that of disbelief, rage, disappointment and concern that the Adeniran-led agency may shatter the credibility that his predecessors, especially Dr. Yemi Kale, had built for this all-important institution.

Beside the unemployment figures, in recent times, there have been reasons to also doubt the inflation figures being churned out by the bureau.

According to the NBS, its latest Nigeria Labour Force Survey (NLFS) figures followed the review and unveiling of a new methodology for the calculation of unemployment which it stated was consistent with the International Labour Organisation (ILO) standard methodology adopted in several jurisdictions.

It stated that the “enhanced methodology which was informed by the need to produce comparable labour statistics focuses on the review of definitions and concepts, data collection, coverage etc.”

The revised methodology defines employed persons as those working for pay or profit and who worked for at least one hour in the last seven days, and considers underemployed persons as those working less than 40 hours per week and declaring themselves willing and available to work more.

It also describes unemployed persons as those not in employment but actively searching and are available for work (that is, did nothing for pay or profit). In addition, it states that working-age population covers ages 15 and above, and a distinction was made between commercial and subsistence agriculture in the revised methodology.

The old methodology defined the working-age population as those within the age bracket of 15-64 years, considering those working between 20 and 39 hours as underemployed, and those working between one and 19 hours as unemployed (including those who did nothing).

Also, subsistence agriculture and temporary absentees from employment work were not properly represented in the old methodology.

According to Adeniran, “about one-third (36.4 per cent in Q4 2022 and 33.2 per cent in Q1 2023) of employed persons worked less than 40 hours per week in both quarters. This was most common among women, individuals with lower levels of education, young people, and those living in rural areas.

“Underemployment rate which is a share of employed people working less than 40 hours per week and declaring themselves willing and available to work more was 13.7 per cent in Q4 2022 and 12.2 per cent in Q1 2023. The share of wage employment was 13.4 per cent in Q4 2022 and 11.8 per cent in Q1 2023.

“Most Nigerians operate their own businesses or engaged in farming activities. The shares are 73.1 per cent and 75.4 per cent in Q4 2022 and Q1 2023 respectively.

“A further 10.7 per cent in Q4 2022 and 10.6 per cent in Q1 2023 were engaged helping in a household business. In Q4 2022, 2.6 per cent were engaged as Apprentices/Interns and 2.2 per cent in Q1, 2023.

“Unemployment stood at 5.3 per cent in Q4 2022 and 4.1 per cent in Q1 2023. This aligns with the rates in other developing countries where work, even if only for a few hours and in low-productivity jobs, is essential to make ends meet, particularly in the absence of any social protection for the unemployed.”

He stated that using the ILO definition, the underemployment rate stood at 21.2 per cent in Q1 compared to 13.7 per cent in Q4 2022.

Tinubu

Adeniran He said underemployment remained a, “more significant issue for Nigerians, whereby persons engaged in one activity or the other yet indicate interest and availability to take on more work, due to inadequacy of the jobs they are engaged in at the time.”

This, he said, meant that though persons are engaged, the engagement is not sufficient for them, and they would like to work additional hours of work.

The report further revealed that 92.6 per cent of employed persons were also engaged informally in Q1 compared to 3.5 per cent in the preceding quarter.

Adeniran said, “This is very interesting and useful information for the government, particularly at this time when discussions are ongoing on palliative measures to be taken following the removal of petrol subsidies.

“The figures today are not based on any performance of any sort, but strictly, and I repeat, strictly on the change in methodology.”

Despite all Adeniran has tried to explain, users of statistics in Nigeria are yet to come to terms that the unemployment in Nigeria is 4.1 per cent.

Statistics are very essential in policymaking as it enables policy makers to identify existing economic, social or environmental issues that need to be addressed and guides them in fixing same. Additionally, statistics are also important for developing a better understanding of issues by analysing socio-economic trends over time or patterns in the data. That is why the NBS must ensure that its numbers are reliable at all time.

Reacting to the NBS unemployment number which showed that Nigeria presently has the third lowest unemployment rate in the world, after Japan and the United States, the Founder of Stanbic IBTC, Atedo Peterside, said, he didn’t “know whether to laugh or cry.”

To the Chief Executive Officer of Proshare, Mr. Olufemi Awoyemi, the country is presently at a point where it is courting foreign investors to unlock opportunities in critical sectors, and this becomes difficult where the integrity of official data is in question.

In the same vein, the Centre for Social Justice (CSJ) dismissed the new methodology employed by the NBS, describing it as “an act deliberately antithetical to Nigeria’s lived reality.”

The CSJ rejected the NBS’ findings, arguing that they were not supported by the increasing unemployment in Nigeria since the last report in 2020 which reported 33.3 per cent unemployment rate in Nigeria.

It stated: “Since 2020, Nigeria’s economic challenges have increased with galloping inflation, factory closures, rural dwellers who have been prevented by insecurity from planting and harvesting and a public sector with a moratorium on new recruitments.”

The Lead Director of CSJ, Eze Onyekpere added, “the whole basis of a job report is to help the government to determine whether its plans, policies and laws geared at reducing unemployment are achieving the desired milestones.”

He added that: “what is the point of a job report that tells the government that more Nigerians are employed when it is a clear and notorious fact that unemployment is increasing?

“The NBS is counting people who are working for at least one hour in a week or who are self-employed in low-productivity activities as ‘employed. This is not an accurate reflection of the reality of the Nigerian labor market.

“Simply to satisfy a fad, it is a waste of taxpayers’ money to produce a report that adds no value to the Nigerian people and their economy.”

According to him, the “CSJ believes that these statistics do not in any way reflect the prevailing economic challenges experienced

by Nigerians, especially in recent times.

“The reported unemployment rate of 4.1 per cent in the NLFS raises serious concerns about the relevance and accuracy of the methodology and the relevance of the findings to the lived experiences of Nigerians.

“This reported rate is incongruent with the economic challenges faced by a significant percentage of the population.

“We call on the NBS to reconsider its methodology and ensure that it accurately captures the full spectrum of employment challenges faced by Nigerians.”

President, Association of Capital Market Academics of Nigeria, Prof. Uche Uwaleke, said the new methodology which includes apprentices, could significantly lower the bar and lead to wrong policy decisions by the government.

He said, “I think the unemployment number of 4.1 per cent for quarter 1 in 2023, recently announced by the NBS may not reflect the true situation on ground owing to a number of reasons including the low sample size of under 40,000 persons used in the survey as well as the adoption of the International labour organisation guidelines for employment

computation which considers employment from the perspective of persons of working age who are engaged in some type of jobs for at least one hour in a week for pay or profit.”

He added, “Compared to the old methodology adopted by the NBS, this new methodology which includes apprentices, tantamount to significantly lowering the bar and could lead to wrong policy decisions by the government.

“Much as the ILO guidelines provides a basis for global comparison, it is important that Nigeria adopts country-specific guidelines which closely reflect unique employment conditions prevalent in the country.”

Also, an analyst who pleaded to remain anonymous, pointed out that while international comparison was good, it shouldn’t be at the expense of policy making.

The source stressed that there should be an alignment between what the government is tracking and what the NBS is tracking, adding that evidence-based policy decisions remains the primary and most important objective of data.

The source said, “If government plans to encourage full time employment for Nigerians and expends resources towards that, then why should they be tracking one hour?

“Government can’t be targeting full time and NBS is using something else. How will policy making know whether it’s working or not, when there is a mismatch between the data they are collecting and the policy they are pursuing?

“Now they only want to focus on data comparability and it isn’t even really comparable internationally because there are still significant differences across countries.”

The source added, “Data is primarily used to give policy makers an idea of the problem so they can proffer solutions and monitor impact of those solutions. If you say the problem is four per cent, they (policymakers) will proffer solutions for four per cent and monitor progress towards that four per cent.

“But more important policy makers cannot have a target to increase full time employment and be tracking one-hour work. It’s a mismatch.”

From the foregoing, the NBS under Adeniran must understand that the usefulness of statistics has to be considered over adherence to some international standards so that the agency would not lose its credibility.

The current leadership of the NBS must also know that any attempt to manipulate government data, mislead the citizens under the guise of a partnership with the ILO and World Banksanctioned revision of the country’s unemployment figures would be counterproductive and may dampen investors’ confidence.

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T H I S D AY ˾ DAY AUGUST 28, 2023

FEATURES

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

Thank You For Your Service!

On August 13 and 14, 2023, a total of 36 personnel of the Nigerian Armed Forces paid the supreme price during an ambush by the terrorists at Zungeru-Tegina road and the subsequent jet crash that happened in Chukuba area of Shiroro, all in Niger State. Chiemelie Ezeobi writes that in thanking them for their service to the nation, the military hierarchy has begun to make good its vow to decimate the terrorists

The service chief paying last respects

W

hen the crew of MI-171E Helicopter took off from Kaduna State to carry out an evacuation of troops that were earlier ambushed by terrorists at Shiroro, Niger State, including two Nigerian Air Force (NAF) Regiment personnel, Corporal Jauro Amos and Lance Corporal Abdulrahman Abubakar, little did they know the fate that awaited them that fateful August 14, 2023.

But even if they did, they would have still shown up because in the military no one must be left behind and this they did with no hesitation. They had sworn to service the nation and this was one of such.

The four crew members comprising Flight Lieutenant Adamu Ibrahim, Flight Lieutenant Anthony Duryumus, Lance Corporal Alaribe Daniel and Lance Cpl Briggs Stephen Peter, had carried out the first evacuation successfully and had gone back for the next batch when the aircraft was brought down from the sky.

Ambush and Roll Call The evacuation were of troops who were ambushed on August 13, 2023 in ZungeruKagara area of Niger State. Some of the deceased persons include Major Segun Abiodun Oni of the Nigerian Army (NA) Infantry Corps who rose to the rank of Major on July 8, 2020.

He was Platoon Commander, 72 Special Forces Battalion, Company Second in Command, Armed Forces Special Forces Battalion, and Second in Command, Defense Headquarters Special Operations Forces Battalion.

Also deceased was Flight Lieutenant Gbenga Michael Odunsami of the 65 Regular Course.

Still of the Infantry Corps he was deployed to Defence Headquarters Special Operations Forces Brigade while Lieutenant Usman Shehu Alkalo was of the 45th Battalion were he was Platoon Commander.

Sergeant Farouk Mohammed on the other hand was of the 51 Regular Intake. Of the Infantry Corps, he was deployed to the 26th Battalion in Sokoto while Corporal Ibrahim Garba was a member of the 53 Regular Intake and Corporal Chiroma Pugoyamta was also as a member of the 64 Regular Intake and was of the Infantry Corps hence his posting to 192 Battalion in Owode.

Also of the Infantry Corps, Corporal Adamu Isaac was a member of the 66 Regular Intake and was posted to the 18 Battalion in Sokoto.

Corporal Haruna Jamilu on the other was of the 66 Regular Intake and his last unit was 242 Recce Battalion in Monguno. Corporal Samaila Bashiru was as a member of the 68 Regular Intake and his last unit was the 4th Demo Battalion in Jaji.

in the heart.

Vow to Avenge Death At the burial of the military personnel at the National Military Cemetery, the CDS vowed to avenge the death of personnel killed by the terrorists in Niger State.

He maintained that none of those adversaries will go scot-free, saying they would be hunted down by all means. He promised the bereaved families that the deaths of their loved ones would not be in vain.

"We will hunt you down, we will bring you to Justice. We will not relent until we get those causing havocs in the country," he vowed sombrely.

The deceased at their final resting place at the Nigerian Military Cemetery, Abuja Lance Corporal Sunday Okopi joined the NA as a member of the 68 Regular Intake. His last unit in the NA was the 4th Demo Battalion in Jaji before this special operations. Lance Corporal Ekpenyong Edet was a member of the 70 Regular Intake and his last unit the 4th Demo Battalion in Jaji.

Lance Corporal Yakubu Ayuba was enlisted into the NA as a member of the 75 Regular Intake and his last unit was the 54th Signal Brigade in Enugu while Lance Corporal Nura Mohammed was enlisted into the NA as a member of the 75 Regular Intake and his last unit was the 6th Division Garrison in Port Harcourt.

Private Habib Aliyu was a member of the 79 Regular Intake and was at the 2nd Battalion while Private Tanko Waje was a member of the 79 Regular Intake and was also with the 2nd Battalion.

For the Nigerian Navy, Lt Able Regulator Suleiman Mahmood Kailani joined the NN on July 9, 2012. He was at Nigerian Navy Ship WEY from where he was drafted to the Defence Special Force and subsequently deployed for Operation Whale Punch in Bida, Niger State, where he met his untimely death.

For the NAF, Flight Lieutenant Ibrahim Abubakar Adamu and Flight Lieutenant Alfred Anthony Seth Duryumsu, were both members of the 64 Regular Course on and were commissioned as a pilot officers on September 16, 2017 and promoted to the rank of Flight Lieutenants on

September 22, 2022.

Lance Corporal Briggs Stephen Stephenwas recruited into NAF as a member of Basic Military Training Course 34/2015 on June 14, 2015, and was allotted the trade of aircraft technician while Aircraft Man Abubakar Abdulrahman was recruited as a member of Basic Military Training Course 38/2017 on February 2, 2018 and allotted a Regiment Specialty as a trade.

Not left out was Corporal Jauro Amos was recruited into NAF as a member of Basic Military Training Course 40/2019 on August 19, 2019, and allotted a regimental specialty on completion of his Basic Military Training, as well as Lance Corporal Alaribe Daniel Nnamdi, who was recruited into the NAF as a member of Basic Military Training Course 32/2014 on August 15, 2014, and allotted the trade of aircraft technician.

Last Respects Just last week Friday, the Nigerian Armed Forces paid their last respects to 22 of their fallen troops at the National cemetery in Abuja. Besides grieving family members, the Minister of Defence, Mohammed Abubakar; his state counterpart, Bello Mattawale were accompanied by the Chief of Defence Staff, General Christopher Musa; Chief of Army Staff, Lieutenant General Taoreed Lagbaja; Chief of Naval Staff, Vice Admiral Emmanuel Ogalla; Chief of Air Staff, Air Marshal Hasan Abubakar and the Chief of Defence Intelligence, Major General Emmanuel Undiandeye, amongst other senior officers.

One after the other, they laid wreath on the graves and went on to present the national flags to the deceased's next of kins. It was such a sombre affair that left gaping wounds

Assurances by NAF As heavy as the cross has been on the NAF, they still pulled up to thank the families of the men for the service their loved ones rendered to the nation, for which they paid the supreme price.

When he went to commiserate with the families of the deceased crew members of crashed MI-171E in Port Harcourt last week, the Chief of the Air Staff, Air Marshal Hasan Abubakar While condoling the families for the painful loss, Air Marshal Abubakar stated that the loss was a major setback for the NAF, which would take the service some time to get over.

He went on to assure the families that the NAF would, however, never abandon the families but would always stand by them till the end.

He also assured them that their sacrifices would not be in vain as the NAF family, as well as all Nigerians, would forever remember them for giving their lives for the survival of the nation.

According to the release by Director of Public Relations and Information, Air Commodore Edward Gabkwet, the CAS expressed his condolence to the Unit and appreciated them for their commitment and efforts in the ongoing joint military operations in the Niger Delta.

Decimating Terrorists Barely days after the attack of the Armed Forces, the military regrouped and launched a brutal onslaught against the terrorists that saw several killed, others injured and few of them surrendering. The ongoing operation has been yielding results already with so many weapons recovered too.

This onslaught is expected to continue unabated especially with the NAF set to receive 18 attack helicopters from the United States and Turkey to strengthen its fleet.

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T H I S D AY ˾ DAY AUGUST 28, 2023

FEATURES

Unravelling Allegations of Criminal Diversion, Embezzlement and Bribery against Businessman, Akintoye Akindele Popular businessman, Dr. Akintoye Akindele is currently in the eye of the storm as he battles series of allegations bordering on criminal diversion of funds, embezzlement from investors, suppliers and stakeholders of millions of dollars. Also hanging on his neck is attempted bribery of police investigators with N150million to tank the case, a move that landed him in court, Chiemelie Ezeobi reports

A

ccording to information sourced online, Dr. Akintoye Akindele is an investor, entrepreneur, lecturer, and philanthropist, all rolled into one.

When he is not busy as the Founder of Platform Capital, a growth market-focused, sector agnostic, principal investment firm, he spends his time as a faculty member at the University of Lagos Business School, lecturing on finance and entrepreneurship.

With a bachelor’s degree in Chemical Engineering with honours from the Obafemi Awolowo University, he went ok to receive a doctorate degree in Business Administration (Finance) from the International School of Management – Paris, France.

A CFA charter holder and a trustee of the CFA society of Nigeria, he is also an alumnus of the London and Said Business Schools, having attended various senior executive programmes in Management and Strategy, Advanced Corporate Finance and Private Equity amongst others.

With all these going on well for him, he also dabbled into the oil sector where he made a boom in a partnership. Beyond being the CEO of Duport Midstream Company, he is also chairman and CEO of Atlantic International Refineries & Petrochemicals Limited, co-chairman of Liquidity Club, and director of Koniku Inc., USA. So what brought about the whole allegations of embezzlement, criminal diversion of funds and even reported attempt to bribe police investigators?

Expectedly, this has sent shock ways through the business community given the respect he commands in that circle.

Initial Allegations Lagos businessman, Dr. Akintoye Akindele, has been in the news for allegations of diverting millions of dollars and Naira belonging to Summit Oil International as well as over $3 million belonging to Seplat Energy for crude handling charges.

He was also accused by several investors including popular musician, Eldee, who alleged that he took millions of naira from investors to sponsor his lifestyle.

Separate Petition by Duport Energy There is also a petition against Akindele accusing him of embezzling circa $25m belonging to Duport Midstream Company Limited where he is currently acting MD/CEO. For the company, the petition was necessary given that their ultimate goal is for "Duport Midstream to be well managed, in accordance with global best practices and established principles of corporate governance. This will be for the benefit of all shareholders, including the Nigerian Content Development and Monitoring Board (NCDMB), whose statutory responsibilities and investment in the company must not be jeopardised".

Lavish Lifestyle Taking a look at how he got into the financial impropriety, some of the aggrieved stakeholders and investors pointed at his lavish lifestyle as the Achilles Heel.

They alleged that a review of his flamboyant lifestyle over the last three years, coinciding with period in which Duport Midstream raised over $35 million in capital, will give an indication of how he got here.

Prior to this case, he was often seen on social media flying private jets, spotting luxury watches running into millions of dollars and reportedly acquiring awards with millions of dollars. Some of these awards include: Africa Business Man of the Year which supposedly cost £500,000, Obafemi Awolowo Alumni, USA branch, distinguished alumni award where he donated $500,000 and Congressional Commendation Award of the state of Georgia for which he also paid hundreds of thousands of dollars.

As a known philanthropist, he was known for his apparent generosity and it stretched to providing expensive scholarships to Ivy League schools.

The aggrieved investors also revealed that when questioned about funding for all his past times, Akindele reportedly told the police that he has not earned any income in the last three years and that he has been borrowing money from his family to pay his bills but refused to name the said family members.

They further pointed at his grandiose lifestyle could be seen the Instagram page of his then girlfriend (who he recently married in a lavish destination wedding in the Maldives). From flaunting luxury trips and goods including several Hermes Birkin bags running into millions of dollars, she hosted a Christmas party in December 2020 where gift items worth hundreds

material facts.

Olajengbesi said, “The implication of the court order is to nullify the basis upon which he was arrested in the first place which means that the arrest and search were wrongfully done without proper order from the court.

"The standard in our criminal jurisprudence is investigation before arrest. It is worrisome that the Nigeria Police Force will have to approach a magistrate court in Nasarawa State where the court has no jurisdiction to obtain such a warrant, and after the court said it lacked jurisdiction on the matter and invited the police to defend it, the police failed to show up having recognised their error in the whole unnecessary drama.”

But in their reaction, some of the stakeholders opined that the proceedings in the Nasarawa court has no bearing on the merit of the criminal allegations brought against the accused.

According to them, the Nasarawa court did not and couldn't have determined the innocence or otherwise of an accused person not arraigned before it, adding that it was immature to suggest that an accused is innocent because a detention order was discharged on the ground of lack of jurisdiction.

Dr Akindele of thousands of dollars, including Rolex Watches, Guccci bags and shoes were showered on guests.

Stonewalling Forensic Audit THISDAY gathered that when indications emerged that Akindele may have been diverting and embezzling funds, suppliers and stakeholders of Duport Midstream demanded accountability.

As part of the accountability process, the board ordered a forensic audit of the company, which he initially agreed.

He was however said to have refused to provide the required documents to enable PriceWaterHouseCoopers (PWC) proceed with the audit.

Having been stonewalled over a long period, a concerned stakeholder, Summit Oil petitioned the Inspector General of Police through the Force Intelligence Bureau (FIB) in June 2023 on alleged criminal conspiracy, criminal diversion of funds and theft.

Covering Tracks With the continued insistence of the companies for audit, the accused person was said to have begun to cover the tracks around his luxury lifestyle.

According to one of the aggrieved investors, his wife's Instagram page has been deleted to cover up tracks of the lavish lifestyle wedding they had including the expensive shopping she was known to flaunt.

Also, most of the posts on his page showcasing the lap of luxury have since been taken down, effectively erasing their visibility. Not left out was a video of the December party, which was posted on YouTube by popular influencer, Tomike Adeoye, but was also recently deleted to further cover tracks.

Alleged Threat to Life Not done, he was said to have gone for the offensive by accusing his partners of threatening his life after the AGM held last September and insisted that the forensic audit must be done.

He reported them at Zone 2 Police command they were invited over. After they wrote their statements and secured bail, all three attempts made to follow procedural joint interview proved abortive as he reportedly never showed up. The police were forced to close the case.

Snubbed Police Invitation Nine long months after the attempts to audit failed and the alleged threat to life instituted by Akindele was closed, when the aggrieved companies involved the police to take over, he was invited for questioning. However, he was alleged to have snubbed the invitation.

Arrest With the FIB investigation over a period of two months, the police found probable cause and secured a warrant of arrest for Akindele.

He was finally arrested and in custody, he was interrogated for days before he

was arraigned in court.

Alleged Attempts to Bribe Police Upon arrest, he was said to have offered the policemen investigating the case N150million, of which he paid N50million upfront. The team led

by DCP Elohor and Edwin Okpoziakpo under the supervision of AIG AbduYari S. Lafia, AIG FIB were offered N150 million and SP Ezekiel Sini, who turned his back on a N50 million cash bribe (from the N150million on the table).

Arraignment and Bail On Tuesday last week, the police arraigned him on one count bordering on bribery at the Federal Capital Territory High Court sitting in Maitama. The suit numbered CR/595/2023, had the Acting Inspector General of Police Kayode Egbetokun as the Plaintiff/Applicant.

The charge reads: “That you Akintoye Akindele, male (49 years), MD/CEO of Duport Midstream Company Limited of D2 Mambilla Close Osborne Estate, Ikoyi, Lagos between August 5 and 9 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 to allow you to escape abroad and to write a report in your favour.”

Although the prosecution said the alleged offence is punishable under Section 118 of the Penal Code Law, Akindele pleaded not guilty and Justice Hamza Muazu, then rejected the request to further detain the defendant to enable the police to conclude their investigation since the offence was a bailable.

He granted Akindele bail to the tune of N500 million with two sureties in like sum with one of the sureties owning a landed property within the jurisdiction and be a resident of the Federal Capital Territory. He was however made to deposit his passport with the court.

With the case file returned to the Chief Judge for reassignment, the million dollar question is what are the fates of all the investors who have each accused Akindele of sweeping them dry to fund his lavish lifestyle. Well, the courts will decide when a trial date is set and the judicial process begins properly.

Stance of Akindele's Lawyers Although THISDAY made attempts to reach Akindele for his reaction, his phone number was switched off and the subsequent text message sent too wasn't responded to as at press time either.

But Pelumi Olajengbesi, his lawyer in court, when a Nasarawa State Chief Magistrate Court quashed and set aside a warrant of arrest and remand against Akindele in Suit No: CMC/ MG/CR/175/2023, the court on August 23, 2023, alleged that his client's business rivals were trying to weave unfounded fraud allegations around him through cronies, describing all fraud allegations against him as untrue.

Akindele, through his lawyers, had approached the court praying for an order to set aside a warrant of arrest and a warrant of commitment to prison on remand earlier made for being a nullity on the grounds that the court lacked jurisdiction and non-disclosure as well as suppression of

Investor's Dilemma When asked if the aim is to recover all the monies involved or just ensure he is prosecuted, one of the investors said "That is a thoughtprovoking question. It precisely encapsulates our current situation. Regrettably, once the wheels of a criminal procedure are set in motion, they revolve around the interests of the state and the rule of law.

"Ideally, this situation could have been avoided had he chosen to admit his misappropriation and committed to returning the funds.

"It's important to note that without the intervention of law enforcement, we would have remained oblivious to the exact timing of Shell's payment and the diversion of funds. Our awareness is limited to the fact that he illicitly acquired the funds, depriving us of our rightful share. This circumstance is indeed unfortunate.

"It's imperative that he fulfills his obligation to repay the misappropriated funds. The retrieval of our rightful share is non-negotiable. It's a fundamental principle that when a crime has been committed, the subsequent course of action involves restitution."

Commendation for Police For a police force battling with its image, the singular action by the police investigator in reporting the alleged bribe has been force multiplier.

A director at Duport Energy Limited said, “seeing the way Summit Oil’s case has been handled so far inspires confidence that this case will be investigated impartially and the law will be allowed to take its course.”

Another investor said: "Additionally, Akintoye has, in written correspondences and various meetings, admitted to diverting these funds for unauthorised purposes. Given these confirmations, we are optimistic that justice will prevail, and we anticipate that the police will pursue charges against him for this offense as well."

Another investor had this to say, "Prior to this case, I had never interacted with the police, and I'm truly impressed by their professionalism and formality throughout the process. This admiration is the driving force behind our desire to emphasise this message and provide encouragement to the Nigerian Police Force.

"Its commendable that the police, led by the acting Inspector General, have displayed courage in pursuing this case. Despite facing considerable pressure, they're committed to duty.

"This determination is deserving of applause, as their task is far from simple. They could have chosen to avoid the matter altogether, but they've chosen to take action."

In a letter to the Chairman of the Police Service Commission, IGP Solomon Arase (Rtd), Summit Oil commended the acting Inspector General of Police, Kayode Egbetokun, for charging Mr Akintoye Akindele to court for the bribery incident.

They also commended the team led by DCP Elohor and Edwin Okpoziakpo under the supervision of AIG AbduYari S. Lafia, AIG FIB for demonstrating exceptional integrity and discipline by rejecting the bribe of N150 million from the suspect under investigation and for SP Ezekiel Sini, who turned his back on a N50 million cash bribe by reporting it to his superiors, which they said is highly commendable.

According to many, the development and professional way the police have been handling the case signal a new era in law enforcement as promised by the recently appointed acting IGP Kayode Egbetokun to rid the society of crime.

40

MONDAY, AUGUST 28, 2023 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Russian Ships Return from Joint Pacific Patrol with Chinese Ships A detachment of Russia’s navy warships returned from more than three weeks of joint patrolling of the Pacific Ocean with Chinese navy ships, the Russian Interfax news agency reported Sunday.

Warships of Russia’s Pacific Fleet, together with a detachment of Chinese navy ships travelled more than 7,000 nautical miles through the Sea of Japan, the Sea of Okhotsk, the Bering Sea and the Pacific Ocean, Interfax reported, citing the Fleet’s press service.

During the patrol, the Russian-Chinese detachment passed along the Kuril ridge, the agency reported.

The islands, off the northern Japanese island of Hokkaido, are known in Russia as the Kurils and in Japan as the Northern Territories and have been at the core of decades of tension between the neighbours.

The Russian-Chinese warships also circled part of the Aleutian Islands archipelago. Most of the Aleutian Islands belong to the U.S. state of Alaska, but the Commander Islands near the Kamchatka Peninsula are part of Russia.

The Wall Street Journal reported in early August that 11 Russian and Chinese ships steamed close to the Aleutian Islands, in what appeared to be appeared to be the largest such flotilla to approach American shores.

Indian PM Modi Calls for African Union to Join G20

Indian Prime Minister Narendra Modi called Sunday for the African Union to be made a G20 member, while also pitching his country as the solution to supply chain woes ahead of the bloc’s summit in New Delhi next month.

The Group of 20 major economies consists of 19 countries and the European Union (EU), making up about 85 percent of global GDP and two-thirds of the world’s population — but South Africa is the only member from the continent.

In December, US President Joe Biden said he wanted the African Union “to join the G20 as a permanent member,” adding that it had “been a long time in coming, but it’s going to come.”

On Sunday, current G20 host Modi also called for including the pan-African bloc, which collectively had a $3 trillion GDP last year.

“We have invited the African Union with a vision to give permanent membership,” Modi said at B20, a business forum and prelude to the September 9-10 G20 summit.

Headquartered in Ethiopia’s capital Addis Ababa, the AU at full strength has 55 members, but five junta-ruled nations are currently suspended.

Modi also said India was the “solution” to creating an “efficient and trusted global supply chain” following disruptions during the coronavirus pandemic, with New Delhi working to bolster manufacturing to compete with China.

“The world before COVID-19 and after Covid-19 has changed a lot — the world cannot view the global supply chain as before,” Modi said.

Electoral Commission Declares President Mnangagwa Winner of Zimbabwe Election

Zimbabwe’s Electoral Commission has declared President Emmerson Mnangagwa the winner of Wednesday’s general election. The main opposition party, the Citizens Coalition for Change, is disputing the results.

Those are members of the ruling ZANU-PF party early Sunday saying President Emmerson Mnangagwa is as sweet as honey. The praise follows the announcement by Zimbabwe Electoral Commission chairwoman Priscilla Makanyara Chigumba that Mnangagwa won reelection, beating challenger Nelson Chamisa of the Citizens Coalition for Change party — by about 380, 000 votes.

“Now therefore, I, Priscilla Makanyara Chigumba, the chairperson of Zimbabwe Electoral Commission, hereby declare that, Mnangagwa Emmerson Dambudzo of ZANU PF party is declared duly elected president of the Republic of Zimbabwe with effect from 26 August 2023,” she said.

Those are ZANU-PF officials applauding Mnangagwa’s reelection.

On Sunday, at the State House, Mnangagwa appealed to Zimbabweans for peace as he starts his final term. He also addressed his 10 presidential competitors.

Egypt, Ethiopia, Sudan Resume Negotiations Over Disputed Dam

Egypt, Ethiopia and Sudan resumed their yearslong negotiations Sunday over the controversial dam Ethiopia is building on the Nile River’s main tributary, officials said.

The resumption of talks came after President Abdel Fattah el-Sissi and Ethiopia Prime Minister Abiy Ahmed said last month that they aim to reach within four months an agreement on the operation of the $4.6 billion Grand Ethiopian Renaissance Dam on the Blue Nile. The Blue Nile meets the White Nile in Sudan’s capital of Khartoum, before

winding northward through Egypt to the Mediterranean Sea. Egypt fears a devastating impact if the dam is operated without taking its needs into account.

It called it an existential threat. The Arab world’s most populous country relies almost entirely on the Nile to supply water for agriculture and its more than 100 million people. About 85% of the river’s flow originates from Ethiopia.

The Egyptian Irrigation Ministry announced the new round of talks in Cairo. Irrigation Minister Hani Sewilam said Egypt wants a legally binding agreement on how the giant dam is operated and filled.

Sewilam said there are many “technical and legal solutions” for the dispute, without elaborating.

Tensions have heightened between Cairo and Addis Ababa after the Ethiopian government began filling the dam’s reservoir before reaching an agreement.

US Airstrike Kills 13 Al-Shabab Militants

The US military in Africa (AFRICOM) reported a “collective self-defence” airstrike against al-Shabab militants — killing 13 fighters in Somalia.

The airstrike took place in the vicinity of Seiera, approximately 45km northwest of Kismayo.

AFRICOM said Saturday’s airstrike was conducted in support of Somali forces who were engaged by al-Shabab fighters.

“Working with the Somali National Army, US Africa Command’s initial assessment is that the airstrike killed 13 al Shabab fighters and that no civilians were injured or killed,” AFRICOM said in a statement. “The command will continue to assess the results of this operation and will provide additional information as appropriate.

Specific details about the units involved and assets used will not be released in order to ensure operations security.”

The US considers al-Shabab the largest and most kinetically active al-Qaida network in the world. Al-Shabab merged with al-Qaida in February 2012. “[Al-Shabab] has proved both its will and capability to attack partner and US forces and threaten security interests in the region,” AFRICOM said.

Beijing’s ‘South China Sea Behaviour’ Must Be Challenged, US Navy Says

China’s “aggressive behaviour” in the South China Sea, including the use of a water canon by its coast guard against a Philippine vessel, must be challenged and checked, the commander of the US Navy’s Seventh Fleet said Sunday.

Vice Admiral Karl Thomas assured the Philippines of US backing in the face of “shared challenges” in the region, saying: “My forces are out here for a reason.”

The largest of the US Navy’s forward-deployed fleets, the Seventh Fleet, headquartered in Japan, operates as many as 70 ships, has around 150 aircraft and more than 27,000 sailors.

It operates over an area of 124 million square km (48 million square miles) from bases in Japan, South Korea and Singapore.

“You have to challenge people, I would say, operating in a grey zone. When they’re taking

a little bit more and more and pushing you, you’ve got to push back, you have to sail and operate,” Thomas told Reuters.

“There’s really no better example of aggressive behaviour than the activity on 5 August on the shoal,” he added.

On August 5, a Chinese coast guard ship used a water cannon against a Philippine boat carrying supplies to troops aboard a warship Manila intentionally grounded on a shoal in the South China sea, a fault line in the rivalry between the US and Beijing in the region.

The Chinese Embassy in Manila did not immediately respond to a request for comment.

Russia: Wagner Mercenary Chief Prigozhin Confirmed Dead in Plane Crash

Russian investigators said Sunday that genetic and forensic testing showed that Yevgeny Prigozhin, the chief of the Wagner mercenary fighters in Ukraine, was among the 10 people killed in a plane crash last week in Russia.

Russia’s aviation agency said the testing confirmed that a previously published list of names of the people on board the flight was accurate, and that Prigozhin, his top two lieutenants, Dmitry Utkin and Wagner logistics mastermind Valery Chekalov, were among the ten victims.

There had been some questions, especially on pro-Wagner Telegram channels, about whether Prigozhin — who was known to take various security precautions in anticipation of a possible attempt on his life — had been a passenger on the doomed flight.

The private jet they were traveling on from Moscow to St. Petersburg fell from the sky and crashed into a field Wednesday in the Tyer region northwest of Moscow, with video footage showing intense flames in the wreckage.

Authorities have yet to say what caused the crash. Russia says it was “an absolute lie” that Russian President Vladimir Putin had ordered Prigozhin to be killed as punishment for Prigozhin leading the June 23-24 mutiny and short-lived march of Wagner troops out of Ukraine and toward Moscow — before calling it off.

Western politicians and analysts have suggested, without presenting evidence, that Putin, who called the mutiny a “stab in the back,” had plotted the killing of Prigozhin, 62, who led Wagner troops in Ukraine that fought alongside Russian forces.

Protests over Power Bill Increases Spread in Pakistan

Protests against soaring power prices continued in Pakistan for a third consecutive day on Sunday, with television footage showing enraged consumers at rallies burning their electricity bills.

The power supply department in northwestern Khyber Pakhtunkhwa province formally requested that police provide security for its staff and installations in the wake of threats of attacks by protesters.

For safety purposes, the department also instructed its staff to remove the license plates from their official vehicles.

The protests erupted on Friday and spread to many cities, including Karachi, Lahore, Peshawar, Multan, Rawalpindi and Islamabad.

The unrest over the increased electricity bills comes as the poverty-stricken South Asian nation of about 241 million people faces an economic crisis, with inflation hovering at around 29 percent.

The protests prompted caretaker Prime Minister Anwaar-ul-Haq Kakar to hold an emergency meeting on Sunday to discuss the high electricity bills; however, no immediate relief was announced.

Kakar’s office said he adjourned the meeting until Monday. He also directed power sector authorities to devise “concrete steps” to reduce excess electricity bills and present the plan to him within 48 hours.

“We will not take any step in haste that will harm the country,” the prime minister said.

The increase in power prices was a condition for Islamabad to secure a much-needed $3 billion bailout from the International Monetary Fund.

The deal came in July with the lender pressing Pakistan to carry out long-awaited economic reforms.

Haitian Gang Opens Fire on Protesters

A powerful gang opened fire Saturday on a large group of parishioners led by a pastor as they marched through a community armed with machetes to rid the area of gang members.

The attack was filmed in real time by journalists at the scene, and several people were killed and others injured, Marie Yolène Gilles, director of human rights group Fondasyon Je Klere, told The Associated Press.

She watched online as hundreds of people from a local church marched through Canaan, a makeshift town in the outskirts of the capital of Port-au-Prince founded by survivors who lost their homes in the devastating 2010 earthquake.

It wasn’t immediately clear how many people were killed and injured in the attack.

Canaan is controlled by a gang led by a man identified only as “Jeff,” who is believed to be allied with the “5 Seconds” gang.

China Halves Stock Trade Tax to Boost Market

China halved the stamp duty on securities transactions, state media reported Sunday, in an effort to restore confidence in the world’s second-largest stock market as the country battles an economic slowdown.

The cut, which will take effect on Monday, is the country’s first since 2008.

China’s Ministry of Finance and its State Taxation Administration said in a joint statement the move was designed to “invigorate the capital market and boost investor confidence.”

Chinese markets have eagerly awaited the reduction of the duty from its current rate of 0.1 per cent after being shaken by slower-thanexpected growth figures, as well as a property debt crisis, weak consumption and record youth unemployment. The CSI 300 index of the top stocks traded on the Shanghai and Shenzhen exchanges has fallen by around four percent so far this year, following two consecutive years of declines, according to Bloomberg.

The fall can be partly blamed on China’s slowing economic recovery following the COVID-19 pandemic.

The stamp duty cut is expected to generate large transactions when trading resumes on Monday.

41

T H I S D AY • MONDAY, AUGUST 28, 2023

NEWS

INNOSON GROUP VISITS DEFENCE HEADQUARTERS… L-R: Chief of Defence Staff, General Christopher Gwabin Musa and the MD/CEO Innoson Group, Mr. Innocent Ifediaso Chukwuma during a courtesy visit by the MD Innoson Group to the Defence Headquarters in Abuja at weekend ENOCK REUBEN

Oil Theft: FG Lauds Tantita's Efforts at Protecting Oil Pipelines from Vandals Those opposing renewal of company’s contract sponsored by crude oil thieves, group alleges Navy: Arrested vessel, MV Cecelia laden with 250,000 litres of illicit AGO Kingsley Nwezeh, Sunday Aborisade in Abuja and Sylvester Idowu in Warri The federal government at the weekend expressed gratitude to the management of Tantita Security Services Limited for its efforts in protecting oil pipelines in the Niger Delta region.

This was contained in a statement by the Director Operations of Tantita Security Services, Captain Warredi Enisuoh, and made available to THISDAY in Abuja.

This was just as the Nigerian Navy at the weekend, explained the rationale behind the arrest of merchant vessel, MV Cecelia.

The statement by Tantita added that the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, gave the commendation while answering questions from reporters during his tour of oil facilities in the Niger Delta.

Lokpobiri, who was accompanied on the tour by the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, among other Government officials, said the President Bola Ahmed Tinubu-led administration was determined to stop all forms of pipeline vandalism and oil theft in the country.

Lokpobiri said: “We're here because of the problem of pipeline vandalisation and illegal bunkering that is going on in the Niger Delta.

“I believe that, it has become an existential problem and we need to fight them. We need to fight these criminals to submission.

“What is happening here is so bad that we cannot even know the implications unless maybe when people start dying in their numbers that is when people will know that a few persons were profiting from this crime are here to wipe all of them out.

“So as a responsible government we have decided that we are going to put a stop to it.

“We are going to work with stakeholders to ensure that we stop all this nonsense in our society. We are not going to allow them.

“I want to also use the opportunity to express our gratitude to Tantita that has been commissioned by the NNPCL to be able to do some work but we are going to do a lot more.”

On his part, the National Security Adviser (NSA), Nuhu Ribadu said the federal government would sustain its partnership with Tantita Security Services Limited, to curb the crime of pipeline vandalism and oil theft in the Niger Delta.

He added that the federal government would soon take additional measures to ensure that things change for the better in pipeline security.

Ribadu said: “We have done very well to get to where we are now.

We are certainly going to take more measures.

“So far, things are beginning to change. Give us little time and you will see things change for the better.”

Relatedly, the Niger Delta Indigenous Movement For Radical Change (NDIMRC), an oil monitoring group, has alleged that those against the renewal of Tantita Security Services were sponsored by cabals behind crude oil theft NDIMRC therefore called on President Bola Tinubu to renew the pipelines Surveillance to Tompolo for the benefit of the nation advising that no effort should be spared by the federal government in collaborating with the former militant leader in the protection of critical oil and gas infrastructure and securing permanent peace in the oil rich Niger Delta region.

While noting that the oil from the Niger Delta region remains the main stay of the nation's economy,

South African arrested with Methamphetamine Consignment at Abuja Airport Michael Olugbode in Abuja A South African, Erasmus Jean – Pierre, has been arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) at the Nnamdi Azikiwe International Airport, Abuja, over attempt to smuggling 2.6 kilogrammes of methamphetamine via the Nigerian airport to the Middle East A statement yesterday, by the spokesman of the anti-narcotics agency, Femi Babafemi, revealed that, “attempt by a 29-year-old South African, Erasmus Jean – Pierre, to export 2.6 kilogrammes of methamphetamine concealed in his luggage to the Middle East through the Nnamdi Azikiwe International Airport, NAIA Abuja on Wednesday 23rd August, 2023, was thwarted by operatives of the National Drug Law Enforcement Agency, NDLEA, who arrested him and recovered the illicit drug.”

He disclosed that the suspect was intercepted by NDLEA operatives during the outward clearance of passengers on Ethiopian Airlines flight ET 404 from Abuja to the Middle East via Addis Ababa,

Ethiopia, stating that a thorough search of his luggage led to the discovery of the whitish powdery illicit substance factory packed in different parts of the bag.

Babafemi said preliminary investigation revealed that the suspect arrived Lagos through Abidjan, Côte d’Ivoire on Saturday 19th August, came to Abuja on Tuesday 22nd August, and took possession of the brown bag containing the drug consignment last Wednesday before heading to the Abuja airport for his flight out of Nigeria.

Meanwhile, NDLEA officers in Gombe State on patrol along Darazo road last Monday, recovered an abandoned Volkswagen Sharon vehicle marked GME 76 XD containing a total of 373,420 pills of opioids including tramadol and diazepam.

“Also, operatives in Ogun State last Wednesday raided the home of a drug dealer, Ifeanyi Orji in Ibafo area of the state where 81,000 tablets of tramadol 225mg weighing 32.4 kilogrammes were recovered.

“In Adamawa state, NDLEA operatives last Tuesday recovered 60,000 pills of tramadol from a

suspect, Ibrahim Abba, 25, who was travelling in a commercial Toyota Starlet car from Kalaa village to Mubi.

Equally, in Abuja the Federal Capital Territory, operatives intercepted two consignments of skunk with a gross weight of 1, 242.1 kilogrammes.

“The first consignment of 665.1 kilogrammes was seized from a truck around Area 3 on Sunday 20th August while the second one weighing 577 kilogrammes was recovered during a stop and search operation along Lokoja- Abaji expressway same day.

“The consignment was concealed in Jumia goods delivery packs inside a container Mercedes truck, whose driver, Yusuf Yakubu Asokomhe, and his assistant, Tunde Ogundare, were arrested.

“In Kwara state, operatives on patrol along along Jebba - Minna road last Tuesday intercepted a commercial truck conveying goods from Lagos to Katsina with 37.5 kilogrammes of cannabis sativa hidden among other items. The driver, Abdulazeez Usman and his assistant, Halidu Musa were arrested for further investigation,” it added.

Similarly, it revealed that in

Yobe State, NDLEA operatives last Wednesday, intercepted an ash colour Sharon Galaxy vehicle marked AKK 484 XA along Potiskum-Gombe road coming from Baissa, Kurmi local government area of Taraba state.

Three suspects in the vehicle: Ya'u Yahuza, 30; Yahaya Muhd, 29, and Tanimu Salisu, 20, were arrested with 133 blocks of cannabis sativa weighing 62 kilogrammes.

“Operatives in Edo last Thursday stormed the Uzebba forest in Owan West local government area of the state, where they arrested Esazobor Ohioze, 33, with 54.3kgs cannabis recovered from a hut while about three hectares of cannabis farms were destroyed.”

Babafemi noted that efforts by transnational drug cartels to move a consignment of 117 grammes of ketamine neatly concealed in a pair of leather male slippers being shipped to Indonesia and 2.14 kilogrammes of skunk clinically hidden in the walls of a local wooden drum, were equally frustrated by NDLEA operatives of the Directorate of Operations and General Investigation, DOGI, attached to courier firms in Lagos.

the group implored the president not to listen to mischief makers who were not happy with the way Tompolo had handled the issue of oil bunkering in the region since he was awarded the contract by the administration of former President Muhammadu Buhari.

The group, in the statement, yesterday, signed by its President, Nelly Emma; Secretary, John Sailor and Public Relations Officer (PRO), Stanley Mukoro, acknowledged Tompolo has helped the nation greatly since he was awarded the pipeline Surveillance contract describing him as a man of peace who wants the best always for the nation and the people, but being fought by unpatriotic elements in the country who are bent on crippling the nation's economy through the stealing of crude oil.

"We want to commend President Tinubu for the good things he is doing for the nation, but we want to appeal to him not to listen to mischief makers and enemies of our country who are waging unnecessary war against Chief Government Ekpemupolo (aka Tompolo) who has been able to put those stealing our oil under check.

"They are out fighting a good man for nothing, but for their selfish interest. These people are bent on crippling the economy at a time your government is looking for money to meet the needs of Nigerians and fix the country.

"These mischief makers and enemies of the nation have done everything possible to ensure that the pipeline Surveillance contract to Tompolo is never renewed. We want to let the President and the whole world to know that Tompolo means well for our nation and those kicking against the renewal of his pipeline Surveillance contract are out to frustrate the efforts of a selfless man who is opposed to the selfish interests of a few as against the general interests of the nation and the people.

"Our investigation revealed that some disgruntled ex-militants who are opposed to the contract awarded to Tompolo by former President Buhari are working hand in hand with those stealing our oil and they have vowed to ensure that the pipeline contract to Tompolo is not renewed,” the group added.

Navy: Arrested Vessel, MV Cecelia, Laden with 250,000 Litres of Illicit AGO

Meanwhile, the Nigerian Navy at the weekend, explained the rationale behind the arrest of merchant vessel, MV Cecelia. It said the vessel was involved in transportation of illegally refined Automotive Gas Oil (AGO).

A statement signed by the Director of Information, Nigerian Navy, Ayo-Vaughan, stated that contrary to allegations by the owners of the vessel that the Navy burnt the vessel, the merchant vessel was abandoned by the owners at the point of arrest.

It said at the time of the arrest, the vessel was laden with 250,000 litres of illicit AGO. "The attention of the Nigerian Navy (NN) and Operation Delta Safe (OPDS) has been drawn to the spurious and baseless allegations by the alleged owner of Merchant Vessel (MV) Cecelia, who recently claimed that their vessel was seized and burnt by the NN. "For the avoidance of doubt and to set the records straight, MV Cecelia has been a vessel of interest and was being tracked for allegations of oil theft.

"The vessel was arrested on 15 August 2023 with products suspected to be illegally refined AGO at Meco Jetty in Port Harcourt, Rivers State following an operation by the Naval Component of OPDS. A press interview was conducted immediately after the arrest, however, the owners of the vessel remained at large. Subsequently, the sample of the products onboard the vessel was taken for laboratory analysis and it was discovered to be illicit AGO", it said.

The statement maintained that the owners of the vessel were at large and did not present themselves to witness the test in line with extant procedure.

"The behaviour of the alleged owner is not surprising as it has been the practice among oil thieves. In some cases where vessels involved in oil theft are arrested, the owners abscond leaving the NN to bear the cost of keeping and sustaining the vessels. This has cost the nation huge sums of money and has constituted serious national security problems.

42

T H I S D AY • MONDAY, AUGUST 28, 2023

NEWS

90TH BIRTHDAY CELEBRATION OF PROF. ALAGOA...

L-R: Bayelsa State Governor, Senator Douye Diri, foremost historian, Emeritus Professor Ebiegberi Alagoa, King Amalate Turner, who represented former President Goodluck Jonathan and Bayelsa State Commissioner for Agriculture, David Alagoa, during the 90th birthday celebration of Prof. Alagoa at the DSP Alamieyeseigha Banquet Hall in Yenagoa on Saturday

PSC to Constitute Board for Police Constables Recruitment Says supreme court verdict a win-win for commission, police Kingsley Nwezeh in Abuja Following the judgement of the Supreme Court pronouncing the Police Service Commission (PSC) as the agency statutorily mandated to recruit police constables in the country, the commission, weekend, said it would constitute a recruitment board to oversee the recruitment of police constables.

A statement issued by the spokesman of the commission, Ikechukwu Ani, which described the court judgment as a win-win situation for both the police and the commission, stated the commission would produce the chairman of the board.

It also said other relevant stakeholders would be members while the committee would be inaugurated soon.

The apex court, had, on July 11, 2023, decided and laid to rest the

contentious issue and controversy between the Police Service Commission and the Nigeria Police, as to whose duty it was to recruit constables for the Nigeria Police.

In the judgment, the Supreme Court pronounced the Police Service Commission as the agency statutorily mandated to do so.

Chairman of the commission, Solomon Arase, a retired InspectorGeneral of Police, while reacting to the judgment, said, "the judgment simply and legally cements the resolution of the issue in a win-win situation for the two institutions which ordinarily cannot effectively function, and deliver on its respective mandates without the cooperation of each other.

"It must be said and seen, therefore, that the judgment is delivered for the overall best interest of our national security, and goes to underscore the imperative need for

The Sun Set to Present Book, ‘The Making of Modern Nigeria’ Sept. 21 The Sun Publishing Limited, publishers of Daily Sun, Saturday Sun, Sunday Sun and Sporting Sun, would on September 21, 2023, unveil a book, The Making of Modern Nigeria - from Pre-independence Era to Date.

The public presentation of the book, scheduled for the Yar'Adua Centre, Abuja, according to a statement, was expected to attract top officials at the Presidency, National Assembly, state governments, members of the diplomatic corps, businessmen and Nigerians from all walks of life.

The statement by Managing Director/Editor-in-Chief, The Sun Publishing Limited, Mr. Onuoha Ukeh, explained that the book was sequel to an earlier one entitled, The Golden Book, published by the company to commemorate Nigeria's 50th independence anniversary in 2010.

Ukeh said the book, which has 12 chapters, was divided into sections that dwell on topical and historical issues.

Section 1 in the book, according to him, which has three chapters, dwells on the evolution of Nigeria, government institutions, and factors that shaped the country's foreign policy.

He said Section 2, with three chapters, talks about the country's economy, dissecting the era of huge agriculture production, the emergence of crude oil and its effect, and the nature of the new economy.

Section 3 centres on the nation's journey in education, from Yaba to Ibadan and the evolution of indigenous media, taking the story from the period of government's monopoly to liberalisation, The Sun MD revealed.

Ukeh further said Section 4 focuses on culture, sports, and social development, highlighting the country's glorious years in football, the stars in sports, both football and boxing, and the country's tourism landmarks.

Section 5, in the book, he said, highlights outstanding Nigerians, living and dead, as well as preeminent institutions that have contributed to the country's socioeconomic and political development.

Revealing that the book was done in collaboration with Compact Communications and Bridgehead Communications, he said the work was edited by Onuoha Ukeh, Dr. Tony Onyima and Chief Chuddy Oduenyi, all versatile journalists and communications professionals.

He revealed that the book, which had the endorsement of the federal government vide a letter by the immediate past Secretary to the Government of the Federation, Mr. Boss Mustapha, was to be presented before the inauguration of the current federal government but had to be delayed because of elections and transition activities.

He said that students of History and those who want to understand Nigeria will find the book most useful.

harmonious working relationship and mutual trust amongst agencies of Government.

"It is important that all concerned

de-escalate and eschew all forms of hostilities, misconceptions, preconceptions and prejudices against each other which were at the base

of the hitherto characterising of a no love lost relationship between the Commission and the NPF," he said.

He noted that the unnecessary

imbrogilo impacted negatively on the staff of the Police Service Commission and officers and other ranks of the Nigeria Police Force.

Nine Nigerian States May Be Flooded as Cameroon Opens Lagdo Dam Onyebuchi Ezigbo and Michael Olugbode in Abuja Adamawa, Taraba, Benue, Nasarawa, Kogi, Anambra, Edo, Delta and Bayelsa States may witness major flooding as Cameroon is planning to open up her Lagdo Dam. The nine states are surrounded by the River Benue which may witnessed an upsurge with the opening of Lagdo Dam, and subsequently caused heavy flooding in the Nigerian states.

The notice of the opening of the dam was communicated to Nigeria’s Ministry of Foreign Affairs by his Cameroonian counterpart.

This subsequent made Nigeria’s Ministry of Foreign Affairs to serve a notice on the National Emergency Management Authority (NEMA).

In a letter signed by the Director African Affairs, Amb. Umar Salisu on behalf of the Permanent Secretary, Ministry of Foreign Affairs, the Director General of NEMA, was put on notice of the decision of Cameroon.

The letter titled: “Cameroonian Officials to Open the Flood Gates of the Lagdo Dam on the Benue River in Cameroon,” read: “I have the honour to inform that the Ministry is in receipt of a Note Verbale from the

High Commission of the Republic of Cameroon informing that Cameroonian officials have resolved to open the flood gates of the Lagdo Dam on the Benue River in days ahead due to the heavy rainfall around the Dam catchment area in Northern Cameroon.”

Salisu said: “According to the note, it is pertinent to note that when the release of water becomes necessary, the authorities of the Lagdo Dam will be releasing only modulated variable small amount of water at a time in order to mitigate and avoid damages that the released water may cause along the River Benue basin in both Cameroon and in Nigeria.

“In view of the above, it would be appreciated if the esteemed Agency takes all the necessary proactive steps and actions that will mitigate the damage as well as sensitize the populace living in such areas for vigilance and all necessary precautions.”

Meanwhile, NEMA has allayed fears of Nigerians, saying actions were being taken to ensure minimum damage.

The spokesman of the agency, Manzo Ezekiel, in a correspondence with THISDAY, while confirming the receipt of notice from the Ministry of Foreign Affairs, stated: “However, NEMA wishes to allay fears of

Nigerians over the planned released of the excess water from Lagdo dam, which is located on River Benue in the Republic of Cameroon.

“The agency is working with critical

stakeholders at the federal, states and local governments to ensure that the release will not cause much negative impacts on the low-lying communities along the states that would be affected.”

Zulum Orders Remodeling of Maiduguri’s Specialist Hospital, Doctors’ Houses Borno State Governor, Babagana Umara Zulum, has directed the remodeling of the State’s Specialist Hospital in Maiduguri, with new structures to be built.

Zulum also ordered rehabilitation of ‘Buba Marwa House’ which serves as an accommodation for medical doctors working with Specialist Hospital.

The governor gave both directives at the weekend, during an assessment visit to the hospital.

“We have examined the capacity of the hospital, and we will soon embark on erecting more structures and make certain adjustments in such a way that doctors and other health allied staff will have offices in the

premises.” Zulum said.

The Governor also announced that medical equipment would be procured and more medical staff, including doctors and nurses, would be recruited.

“Borno State Government will procure medical equipments that are currently not available at the hospital.

We will recruit more doctors and nurses and ensure wash facilities are provided,” Zulum was quoted to have said in a statement.

He noted that, “all these efforts are geared towards re-positioning the health care system in Borno State."

Zulum was accompanied to the assessment by Secretary to the State Government, Bukar Tijjani, and some top Government officials.

Tribunal: Sule Closes Defence as Witnesses Expose Non-collation of APC's Votes Igbawase Ukumba in Lafia Nasarawa State Governor, Abdullahi Sule, weekend, closed his defence in the ongoing petition instituted against his victory at the March 18, 2023 governorship election by the Peoples Democratic Party (PDP) and its gubernatorial candidate, David Ombugadu.

At the continuation of proceedings at the tribunal sitting in Lafia, Sule, through his counsel, Dr. Mubarak Adekilekun, after presenting seven additional witnesses, who testified on oath to the widespread non-collation of valid All Progressives Congress' (APC) votes during the governorship election, applied to close his defence.

The witnesses, who came from Nasarawa, Kokona, Wamba and Toto Local Government Areas of

the state, testified that both Sule and the APC were shortchanged with their votes improperly collated at various Ward and Local Government Collation Centres.

A witness, Adamu Ibrahim Otto, testified that the votes of his political party, the APC was reduced and the vote of the PDP increased at the point of entering the results on Form EC8B. The witness confirmed that, the APC was shortchanged in three polling units: Apaku with Polling Unit Code 018, RW26, Andrew Wayo with Polling Unit Code 010, RW 27 and Odu/Kadu with Polling Unit Code 005, RW28, all in Kana/Onda/ Apawu Ward Registration Area of Nasarawa Local Government Area.

According to Otto, APC scored 101 votes, PDP 14 at the Apaku Polling Unit, however results at the Kana/

Onda/Apawu Ward Collation Centre showed that APC got 72 votes while PDP has 44.

Similarly, he said at RW27, APC scored 193 votes, with PDP having 32, but at the Ward Collation Centre, the result showed APC scored 115 votes, while PDP has 32.

He also testified that at RW28, APC scored 66 votes, while PDP got 42 but that results from the Ward Collation Centre showed APC scored 32 while PDP got 76.

While cross-examining the witness, lead counsel for the petitioners, Jibrin Samuel Okutekpab (SAN), sought to tender as evidence 14 Certified True Copies (CTCs) of Form EC8As as downloaded on iREV, including the two Polling Units testified by Adamu Ibrahim Otto, receipts of payments, certificate of compliance for the CTCs,

all done by INEC officials, as well as one Form EG40(2).

However, counsel to the first, second and third respondents objected to the admissibility of the documents, with Mathew Burkah (SAN) for the first respondent, rejecting the documents emphasising that they were not downloaded from the iREV. After listening to both counsel, Chairman of the tribunal, Justice Ezekiel Oyeyemi Ajayi, granted the prayers of the petitioners and marked the documents as evidence.

All the remaining witnesses: Usman Sani of Kotoko, Rabiu Musa from Katakpa, Haruna Muhammad from Kenyehu, Yohanna Faji from Toto, all in Toto LGA, while testifying on oath, exposed how the election was manipulated at the ward level in favour of the PDP.

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T H I S D AY • MONDAY, AUGUST 28, 2023

NEWS

MERISTEM BOOK LAUNCH...

L-R; Non-Executive Director, Meristem Securities Limited, Christopher Attah; Deputy Group Managing Director, Sulaiman Adedokun; Wife of the Group Managing Director, Bisola Abegunde; GMD Meristem Securities Limited, Oluwole Abegunde; Deputy Chief of staff to Lagos state governor, Representing Lagos state Governor, Gboyega Soyannwo; Vice Chairman, Board of Directors, Meristem Securities Limited, Olusegun Olusanya at the book launch and 20th anniversary of Meristem Securities limited in Lagos SUNDAY ADIGUN

Palliatives: Edo Govt Fires Back, Says FG Must Not Gag Elected Officials When They Speak Truth Adibe Emenyonu in Benin City Edo State Government has expressed displeasure over the recent press statement credited to the Minister of Information and National Orientation, Muhammed Idris, over Governor Godwin Obaseki’s comments regarding the federal government’s handling of the resultant effects of the removal of fuel subsidy.

In a statement by the Commissioner for Communication and Orientation, Mr. Chris Nehikhare, over the weekend, described as unfortunate and sad that the federal government now wants to gag citizens and even a popularly elected governor from speaking truth to power and expressing himself in the light of the perilous times we have fallen into.

He said the action of the Minister was reminiscent of what happened in 2021, when Obaseki raised the alarm over the irregular and illegal printing of money by the federal government through

the Central Bank of Nigeria.

Nehikhare said the claim by the Minister that Obaseki failed to attend the National Economic Council (NEC) meetings was blatantly false.

According to him, "The governor has attended all NEC meetings since the onset of this administration and records are there to prove this fact.

"Records of Edo State Government’s performance are also available for Nigerians to verify.

Our reforms in the education sector, especially the Edo Basic Education Sector Transformation (EdoBEST) programme has been hailed globally; in the agriculture sector the Edo State Oil Palm Programme (ESOPP) Programme is currently one of Africa’s largest agricultural programs; our radical reforms in the civil and public service with the government’s e-government and capacity enhancement initiatives, as well as the development of a valid and effective Social Register, to mention but a few.

"The area where the Minister may be referring to as nonperformance should be the condition of the extensive federal roads running through the state,

which the Federal Government has abandoned and even prevented us from intervening to repair claiming that contracts for their repairs have been awarded.

"Isn’t it rather unfortunate that the Honourable Minister in his first outing has taken this untoward route when he ought to be reconciliatory and seek to synergise

ideas and opinions on how best to carry the country along in this difficult and trying times that we have found ourselves?" Nehikhare queried.

5 STATES MARK 32 YEARS, REMINISCE ABOUT JOURNEY SO FAR State, Otti said, "Our (founding) fathers fought for the creation of this state in the confidence that its potentials for greatness would be best actualised by becoming a distinct entity, defined by peculiar traditions and values of the people."

Otti, who mounted the saddle of Abia leadership on May 29, 2023, vowed that making Abia great was a task that must be done, and, "We cannot afford to fail, for that would be the ultimate betrayal."

He said the founding fathers of the state, fondly known as God's Own State, had lofty dreams and expectations, and having passed the torch down to the current leaders, "We must keep it burning."

The governor stated that the anniversary "offers us an opportunity to think deeply and reflect." He said

he also wanted Abians "to look at how far we have come and think about how farther we can go.

"We have come a long way but the road ahead is still far. While we pat ourselves on the back for having come thus far, we must have it at the back of our minds that our founding fathers expect so much more."

KOGI STATE:

Governor Yahaya Bello of Kogi State reiterated his administration’s commitment to support President Bola Tinubu in the measures taken so far to reposition the country and to restore a renewed hope to the generality of Nigerians.

In a state broadcast to the people of Kogi State to mark the 32 anniversary of its creation, Bello

explained that Kogi State was fully in support of recent hard decisions taken by the administration of Tinubu to free Nigeria from some institutionalised practices with which ordinary Nigerians had been forced.

"The twin policies, though acutely necessary for freeing our people from the clutches of chronic exploitation, have not been without labour pains.

Indeed, their implementation has been quite hard on all Nigerians, including our people here in Kogi State. In response, the federal government has laid out a scheme of palliatives to cushion some of the painful impact.

"Let me assure us that here in Kogi State your government is putting finishing touches to your own basket of palliatives and will soon deliver them to your doorsteps.

These are hard times, but we promise to be with you every step of the way.

"On this anniversary, I have decided to reference my own contributions as a leader over the eight years of my tenure, which began on 27th of January, 2016 and will round off, by the grace of God Almighty alone, on the same day next year 2024.

"As for my predecessors, it suffices to say that their times in office, including their triumphs and failures, all contribute to the land and people we have become and are becoming as we march resolutely towards the greater future that we dream of. I salute each and every one of them and do thank them sincerely, on behalf of all of us, for their services – such as it may have been.”

TINUBU: NIGERIA CANNOT CONTINUE DEBT SERVICING WITH 90% OF REVENUE in international leadership positions at the WTO, at the UN, at the African Development Bank, at the Afreximbank, in technology, in music and entertainment, in business, in arts and in media, in film, in sports.

Indeed, in virtually every human endeavour, Nigerians excel.

"We live in a world, where the UK Secretary of State for Business and Trade grew up in Lagos and the United States Deputy Secretary of the Treasury, was born in Ibadan.

"In business, the Nigerian private sector is showing globally our capability, our ingenuity, our institutionalisation.

"We have global businesses with Nigerian origins: let me name one – UBA, the United Bank for Africa, the only African bank that operates in the USA as a deposit taking bank.

“We are now in Dubai, Paris, and London – and just as importantly 20 other countries in Africa – who would have thought 20 years ago, that Nigeria would be home to Africa’s global bank!

"But these successes, these role models are too few, too rare."

To remedy the situation, Elumelu called on the private sector, philanthropies, civil society, and, indeed, all citizens to come together and be empowered, "as real, valued and executing partners for this national renewal, this nation building."

Elumelu also called for urgent support to be giving to the youth, especially, in the area of entrepreneurial development, in order to restore hope of a better tomorrow.

He explained, "When my wife and I committed $100 million to help democratise luck and empower our youth, through the Tony Elumelu Foundation, giving annual nonrefundable grants of $5,000 seed capital to each beneficiary, now received by over 18,000 young Africans, it was not out of an abundance of wealth.

“Rather it was our own contribution in spreading prosperity and making the world a better and safer place for all."

Besides the youth, Elumelu called for investment in security, women and the power sectors, which, according to him, required new regulatory structures that rewarded success, and delivered to the people, schools, hospitals and industries the sustainable, robust power supply that the country so urgently needed.

"Is it not ironic that a country with abundant gas resources cannot optimally operate its power plants due to lack of gas!” he stated.

Furthermore, the foremost entrepreneur/banker urged Nigerians to invest in brand Nigeria, adding that he owes everything he has and has become to Nigeria. He said despite the current challenges,

Nigeria remained a great country with great people.

He stated, "Let us be proud of our country. In Washington, in Singapore, wherever you walk, you see homes, shops, offices proudly displaying their national flags. Do you see this even in government agencies here, even less in private homes or corporate places?

"Let us invest in Nigeria – so we are respected abroad and at peace and prosperous at home.

"When we speak, as we rightly do, of nation building, that is the Nigeria I dream of – it is the Africa I dream of.

"I know that with the audacity, courage, support, the goodwill, the resilience, and the dedication of those in this room, it is a dream that will also become our reality and in our lifetime.

"We know Nigerians can talk, we know – and I am surrounded today by advocates – that we can argue and dispute, but now we must act.

"There is an urgency, driven by our enormous younger generation, by the threat of climate change, by the clocks ticking on our natural resources, which will soon be left behind, as the world races towards green economy.

"In conclusion, let us approach the task of nation-building with unwavering determination, guided by the principles of unity, inclusivity,

and progress.

"Let our pursuit of nation-building be characterised by unwavering determination, empathy, and the commitment to create a legacy of progress, unity, and hope for generations to come."

Senate Unfolds Agenda to Increase Nigeria's IGR, Tackle Debt Profile The senate unfolded a comprehensive strategy that would enable the country to generate the required revenue to liquidate Nigeria's debt profile and adequately fund the annual national budget.

Specifically, the upper chamber said the informal sector and solid mineral development would be the fulcrum of its plan to revive the country's economy. It said it would expedite action on the Nigerian Minerals and Mining Act (Repeal & Re-enactment) Bill, 2023 (HB. 87) read by former Senate Leader, Senator Ibrahim Gobir, for the first time on May 27, 2023.

The bill is expected to replace the old legislation guiding mining in Nigeria, which the country has been operating since 2007, known as the Nigeria Mineral and Mining Law, that has become obsolete.

Chairman, Senate Committee on Finance, Senator Sani Musa, disclosed this in a statement made

available to THISDAY yesterday in Abuja.

The senate panel said it was seriously looking at the informal sector, which constituted about 80 per cent of the Nigerian economy.

Musa, who represents Niger East Senatorial District, said his committee would carry out necessary legislative actions to empower the informal sector, with spotlight on mining.

He added, "The informal sector, particularly the mining industry, is a hidden gem in our revenue potential.

This was corroborated by Ministry of Mines and Steel Development (MMSD) that the solid minerals have the capacity to generate about $3 billion annually.

"We will dedicate our efforts to understanding and nurturing this sector with appropriate legislation with emphasis on formalising artisanal and medium-scale mining activities.

"This strategic move will bring economic benefits while promoting safer and more responsible practices.

"We will harness and raise revenue sources from both the blue marine and the creative economies, by setting targets.

"The committee will legislate to encourage regulations of consumption and production, facilitate enabling environment through legislation for domestic industries to develop and stimulate economic growth through direct

foreign investments inflow."

The senate committee further pledged that it would uphold fiscal discipline, which it noted, was pivotal to the country's financial health.

The statement said, "As Senate Finance Committee, we will fasten our commitment to prudent revenue sourcing.

"We will ensure that every income earned is accounted for so that our nation's priorities and development goals can be addressed.

"The committee will ensure that the annual budget aligns with the Medium-Term Expenditure Framework and fiscal strategy paper to ensure a coherent roadmap, bridging medium-term aspirations."

The committee noted that the Nigerian economy currently stood at a critical juncture, navigating through a complex web of economic challenges that necessitated strategic and informed policy responses.

It explained that the recent removal of fuel subsidies had added to the burden felt by many citizens, underlining the urgency for comprehensive measures that would stabilise the economy.

The measure, it added, would ensure equitable access to basic necessities and opportunities for all segments of the society.

It said the country "is faced with dual challenges of rising debt and insufficient revenue which demand our immediate attention".

MONDAY AUGUST 28, 2023 ˾ T H I S D AY

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NEWS

PROMOTING EDUCATION…

L-R: Board Member, Lebanese Nigeria Initiatives (LNI), Nicolas Rizk; Consul General of Lebanon in Nigeria, Elias Nicolas; Bosun Adebola, LNI Scholar, Bosun Adebola; Vice-Chairman, LNI Ali Safieddine; Board Member, LNI, Nabil Sleiman, and General Manager,Marketing, Seven-Up Bottling Company Limited, Segun Ogunleye, at the unveiling of LNI 2023 Scholar in Lagos…recently

Terrorism, Kidnapping, Militancy Challenges Worry A’Ibom Speaker Okon Bassey in Uyo

The Speaker of the Akwa Ibom State House of Assembly, Hon. Udeme Otong, has stressed the need for all hands to be on deck to tackle terrorism, which is a threat to national security, peace and development of the country.

Otong said that threats to the nation’s security have become a major issue of public and security concern given the rage of kidnapping, militancy and herders attack on citizens.

The honourable speaker, who spoke with Journalists in Uyo, Akwa Ibom State capital, reminded leaders in the

country of their responsibility to provide necessary and adequate security for the safety and protection of lives of the citizens.

President Bola Tinubu has been

A Chieftain of the Peoples Democratic Party (PDP) and former Delta State gubernatorial candidate, Chief Sunny Onuesoke, has lauded the State Governor, Hon. Sheriff Oborevwori’s lofty implementation of the N5 billion allocated to each state of the federation.

In implementing the palliatives for which the money was meant for, Onuesoke noted that the increment of Delta State workers’ salaries and reduction of working days to ameliorate hardship of

the workers in the state was a policy well thought out.

Oborevwori, in attempt to reduce the hardship of the fuel increase on Delta State workers, has not only announced the increase of workers’ salaries in the state, but has equally reduced their days of working so as to cushion the hardship on them.

Reacting to Oborevwori’s action, Onuesoke, who addressed journalists yesterday in Asaba described the governor as a listening leader who has the feelings of Delta State workers at heart and has vowed to run a pro-workers welfare government.

was urged to immediately direct the Chairman, Nigerian Diaspora

Justice Mojisola Dada of the Lagos State High Court sitting in Ikeja has struck out a charge filed by the Economic and Financial Crimes Commission (EFCC) against a businessman, Mr. Kassim Alim Adeleke and his firm, Liquid Waves Energy Limited.

Justice Dada gave the order following the voluntary withdrawal of the charge, marked ID/15814C/2021, by the anti-graft agency.

The EFCC had informed the

judge that the civil dispute between Adeleke and the complainant, CFS Financial Services Ltd, which gave rise to the charge, had been successfully resolved by the parties.

The court was informed via an affidavit of facts and a notice of withdrawal of the complainant’s petition to the commission, that the charge arose from a simple civil and commercial transaction involving an auto lease finance contract, which dispute was resolved, with parties resuming their business relationship.

is worse than famine given the physical trauma, torture and pains victims experience during an encounter with their attackers.

Commission, Abike-Dabiri Erewa to dispatch a team to Ethiopian to seek the release of Nigerian citizens irrespective of their offences to be tried within the Nigerian laid down laws.

Making the call weekend in Abuja during a special session on the state of the nation and prayer

for the nation, Prophet Godwin Ikuru of Jehovah Eye Salvation Ministry, said he recently received calls days ago from citizens asking to be deported back to Nigeria.

According to him, “I daily received calls and I want to urge the president that he quickly direct the Chairman, Nigerian Diaspora

Commission to write the Ethiopian government to release its citizens.

Many are dying, being flogged and kept without trials.

“They are also in South Africa, Dubai and I can tell you, no matter the gravity of the offense, American government will never allow its citizen dying in another country.

APC Youths LeadersTheAppeal to Tinubu to Cede Youth Minister to Kwara APC youths leaders said in Ilorin , the Spokesperson of the Kwara State Progressive Forum; All HammedShittuinIlorin All Progressives Congress(APC) youths leaders in Kwara state at the weekend appealed to President Ahmed Bola Tinubu to cede the yet to be nominated minister of youth to the state in the spirit of justice and equity.

that the development would go along way of assisting the state with the two ministers in the federal executive council in view of the contributions of the APC in the state to the electoral success of President Tinubu.

Speaking at a press conference

group, Comrade Tunde Salau stated: “We know Mr. President, as a fair-minded leader and must be reasoning along this line so as to move the party forward in the state.”

Among the APC youths group that attended the event include:

Progressives Youth Forum (APYF); Kwara State; Forum of APC Kwara Central Young Stakeholders; Kwara Progressive Ladies in Politics (KPLP), KwaraYouthAgenda (KYA); Kwara Emerging Progressive Frontiers (KEPF) and Youths’ Alliance for Tinubu (YAT), Kwara State Chapter.

Economic Crisis: Baptist Church Harps on Unity, among Nigerians Gbenga Sodeinde in Ado Ekiti

Court Strikes Out Charge The National Body Baptist has emphasised against Lagos Businessman Conference the importance of unity in the Wale Igbintade

for their service year were abducted in Gasau, Zamfara State.

He noted that the issue of insecurity in the country

Rescue Nigerian Citizens Dying in Ethiopia Prisons, Tinubu Urged

Kasim Sumaina in Abuja

to as a matter of urgency Palliatives: Oborevwori Hailed for Increasing urged intervene and rescue Nigerian dying in Ethiopian prisons.

Workers’ Salaries, Reducing Working Days citizens This is even as the president

Sylvester Idowu in Warri

He noted that recently, members of National Youth Service Corp (NYSC) from Akwa Ibom State who were on their way to Sokoto State

body of Christ and called on Nigerians to work together to remain an indivisible Nation

as a way out of current Nigeria’s economic crisis.

The President, Baptist Convention, Rev. Dr. Adeyinka Aribasoye said this on Saturday, in Ado-Ekiti during the 25th Annual Session and 17th Joint Ordination Service of the Ekiti Baptist Conference,

with the theme “Oneness in Love and Synergy.”

According to him, the theme was chosen to foster unity and progress among the Baptist faith, win souls for Christ and extend the message of unity to the country.

He said: “This is the 25th

annual session of Ekiti Baptist. Our central theme for the session is ‘Oneness in Love and Synergy’. The text is taken from John 13:35 where Jesus was challenging his followers to love one another as himself as the Father love themselves.

APC Crisis: Don’t Go to Court Yet, Emenike Tells Members Emmanuel Ugwu-Nwogo in Umuahia The leader of the All Progressives Congress (APC) in Abia State, High Chief Ikechi Emenike, has restrained Local Government Chairmen and State Working Committee of the

party from taking legal action to challenge the impunity displayed by the national leadership of the party in filling the vacancies in the National Working Committee (NWC).

He gave the advice following the anger generated by the imposition

and nocturnal inauguration of the controversial NWC members.

The NWC had in the midnight of Friday inaugurated the newlyappointed members despite rejections and protests from Abia, Kogi and Cross River states.

But amidst the rising anger from

stakeholders, Emenike told the Abia APC state and local government executives not to go to court yet, as there were assiduous moves to explore all peaceful means to reverse the imposition of Hon. Donatus Nwankpa as National Welfare Secretary.

Palliatives Not the Answer to Nigerians’Problem, Says PRP National Legal Adviser Hammed Shittu in Ilorin

the fuel subsidy removal.

in

the

measures. I don’t cherish

the Peoples Redemption Party (PRP), Professor Mahmood Aliyu, at the weekend, faulted the recent palliatives being distributed by state governors occasioned by

Nigerians’ problem, but having jobs to do is the best form of palliative that the government can give to the masses.”

Speaking with journalists

Kwara State Council of the Nigeria Union of Journalists (NUJ) tagged: ‘News Keg’, the PRP chieftain said: “Nigerians are being insulted by the palliative

He added that: “The government at all levels should create the enabling environment for job creation, to make citizens self-reliant.

Ilorin

during

Aliyu, however, said: personality programme of the palliatives. Let the masses have Police Arrest Illegal Helmet Offenders The National Legal Adviser of “Palliative is not the answer to Correspondents Chapel of the access to good life.”

Becky UbaUmenyili

The Ogun Police Commissioner (CP) Abiodun Mustapha Alamutu, has ordered the arrest and prosecution of nine male bikers for using reflective tinted helmets and scarf to conceal their faces while riding their bikes.

The police boss observed that these suspects pose as commercial motorcyclists but conceal their true identities to rob unsuspecting passengers and noted that the act has

become increasingly common.

CP Alamutu further urged passengers to exercise caution especially when dealing with fully masked riders, by conducting identity checks on them before getting on board.

This precaution, he explained, is essential to avoid potential kidnappings and robberies targeting unsuspecting victims.

According to him, it is crucial for passengers to be vigilant,.

Adeleke: African Leaders Must Allow Free and Fair Elections for Democratic Survival Yinka KolawoleinOsogbo

Democracy can only survive in Africa when leaders allow free and fair elections and elected leaders serve the interest of the citizenry, Osun State Governor, Senator Ademola Adeleke has declared.

He made the assertion at a threeday executive retreat organised by the African office of the United Nations Development Programme ongoing at Kigali, the capital of Rwanda.

Speaking as part of 16 state governors who attended the

retreat, Governor Adeleke attributed challenges facing democracy in Africa to the refusal of elected officials to deploy state power in service of the people and a follow up trend of resisting free and fair electoral process.

While advancing the importance

of due process and rule of law for democratic survival, the Osun state chief executive noted that leadership positions should be seen as a tool for service to the people , urging leaders to have fear of God as foundation for leadership success.

TUESDAY AUGUST 28, 2023 ˾ T H I S D AY

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NEWS XTRA

Police Arrest 15-year-old Herder for Cutting Off Farmer’s Hand in Bauchi

Segun Awofadeji in Bauchi

Police operatives in Bauchi State have arrested a herder, Adamu Ibrahim, 15, of Jital village on Gombe road in the state, who used a machete to amputate a farmer’s hand.

According to a statement made available to journalists at the weekend by the state Police Public Relations Officer (PPRO), Superintendent of Police Ahmed Mohammed Wakil, the suspect was arrested by the operatives of the Area Command’s Metro.

The statement added that: “One Adamu Ibrahim of Jital village on Gombe road, Bauchi

State, has been arrested for trespass, mischief and causing grievous hurt.”

It further explained that preliminary investigation revealed that the suspect had on several occasions trespassed into the victim’s farmland with his cows while rearing.

The PPRO said the unfortunate incident followed a series of complaints to the suspect’s father by the victim for intrusion into his rice farmland by the suspect.

The statement also explained that: “Investigation revealed that on August 24, 2023, the suspect, who was armed with a stick

and machete, mischievously invaded the victim’s farmland and destroyed the yet-to-beascertained value of crops.”

Wakil said a disagreement had ensued in the course of which the suspect stabbed the victim upon asking him to vacate his farmland; the suspect drew his machete and chopped off the left hand of the victim.”

He said on receiving the report, the Area Commander, Metropolitan, swung into action and activated more preventive measures to avert circumstances that might result in a herderfarmer clash in the area.

Emergency Communication Centres Creating Job Opportunities, Says NCC Emma Okonji The Nigerian Communications Commission (NCC) has stated that beyond providing essential emergency response services to the Nigerian public, the Emergency Communications Centres (ECC) being implemented by NCC has now provided employment placements for many Nigerian youths and professionals, as well as offering informal business activities to the citizens across the country.

NCC in a statement signed by its Director of Public Affairs, Mr. Reuben Muoka, said the centres, which are now fully operational in

27 state capitals across the country, are reachable on toll-free number 112 and is operating in a similar design to the 911 emergency numbers in some developed parts of the world.

The ECC centres provide succor to individuals who are witnesses or under distress of emergency, arising from fire outbreaks, robbery or violent attacks, domestic and road accidents, and health crises to instantly reach response agencies through the toll-free number 112.

Four more centres are currently undergoing test runs to commence services in September 2023, bringing the total to 31, while another set

of four is expected to come into operation before the end of the year.

According to the statement, “The commission provides technology platforms such as Computer-Aided Dispatch (CAD) systems for the respective response agencies such as the police, Nigeria Security and Civil Defence Corps (NSCDC), Fire Service, Federal Road Safety Corp (FRSC), Nigerian Centre for Disease Control (NCDC), Ambulance Service, and State Emergency Management Agencies (SEMA), to facilitate the dispatch of emergency calls through the national emergency toll-free number 112.

PANDEF Reinstates Support for NDDC’s Boss Blessing Ibunge inPortHarcourt A former spokesman of the Pan Niger Delta Forum (PANDEF), Anabs Sara-Igbe, has reinstated support for the Managing Director of the Niger Delta Development Commission (NDDC), Dr. Samuel Ogbuku.

This as the Niger Delta elder statesman condemned the recent call by a group under the aegis of Niger Delta Elders and Stakeholders seeking the removal of Ogbuku, as the managing director of NDDC. Sara-Igbe, who spoke with journalists in Port Harcourt, River

State, said the group raised a false alarm that there was anger in the region after President Bola Tinubu refused to sack Ogbuku from the position.

The national coordinator of South-south Leadership Forum said the call for the sack of the NDDC boss was made by a “faceless and non-existing group called ‘Niger Delta Elders and Stakeholders’.

He also condemned the allegation that the commission’s leadership was involved in “reckless spending, fraud, shoddy deals, and disloyalty during the February 25, 2023, presidential election and unnecessary spending

of public funds and payment of outstanding contractual obligations.”

Sara-Igbe said the leadership of the said group is an alleged enemy of the region, insisting that “there is no visible anger in any of the states of the Niger Delta region.”

He recalled that “respected organisations, including the various ethnic nationalities, South-south Leadership Forum, MOSENG, and the Phase 1-3 Ex Agitators of the Niger Delta region led by PANDEF recently paid a solidarity visit to the managing director and his team at the NDDC headquarters in Port Harcourt.”

Ogun Disburses N5.233bn to 20 LGAs The Ogun State Joint Account Allocation Committee (JAAC) has disbursed N5, 233,379,834.30 among the 20 local government areas in the state.

The disbursement was outlined during the August 2023 edition of the JAAC meeting held at the Conference Hall, Oba’s Complex, Oke-Mosan, Abeokuta.

The Permanent Secretary of the Ministry of Local Government and Chieftaincy Affairs, Dr. Rotimiolu Akinlesi, in his welcome address at the meeting, said the purpose of

the gathering was to foster accountability, transparency, and integrity, noting that the chairmen of the local government areas were there to represent and seek the interest of the people.

He called on the chairmen to carry out more developmental projects in their various council areas, commending them for the feats achieved in the last two years, despite the various challenges facing the country.

In his presentation, the Permanent Secretary and Accountant-General of the

State Treasury, Mr. Babatunde Aregbesola, outlined that N5,233,379,834.30 from Statutory Revenue, Value Added Tax (VAT), Exchange Difference and Electronic Money Transfer Levy (EMTL) was accrued to the 20 local government areas in the state for August 2023.

He said N5, 143,138,652.

75 would be used to pay the first-line charges, which include primary school teachers’ salaries, local government staff salaries and allowances of the traditional councils as well as pensions, among others.

Arewa Oil and Gas Marketers, Foreign Partners to Invest in Domestic Gas Utilisation Ahmad Sorondinki in Kano The Chairman of Arewa Oil and Gas Marketers Association (AROGMA), Bashir Ahmad Dan-Mallam, has stated that arrangements have been concluded between the association and foreign companies to invest in the elastic gas utilisation value chain in the region.

Dan-Mallam, who is the newly elected chairman of AROGMA, disclosed this during a press conference in Kano yesterday.

He said Nigerians, especially northerners, are set to witness an energy transition and alternative energy from petrol to Compressed Natural Gas (CNG).

According to him, “AROGMA, with the active support of the Nigeria National Petroleum Company Limited (NNPCL), is set to invite companies from Qatar, Turkey, Germany, and India for the establishment of gas facilities in Nigeria.”

He disclosed that the association was already in contact

with their foreign partners and is currently studying their various proposals.

The chairman noted that the project would be a great achievement for Nigeria, and would be another milestone in the country’s development, especially in the Northern region.

He further explained that the move would ease the biting economic hardship, especially in northern Nigeria, occasioned by the removal of fuel subsidies.

T H I S D AY • MONDAY, AUGUST 28, 2023

46

BACKPAGE CONTINUATION ON BRINK OF JOINING BRICS and then in 1984 when the Buhari military regime recognized Sahrawi Arab Democratic Republic [SADR] and snubbed Morocco.

All the current BRICS member states have a mild to hard anti-Western foreign policy stance. South Africa’s ruling ANC has an instinctive hostility to the West driven by bitter historical experience, when the Western powers stood akimbo while Apartheid rule raged in the country and only East Bloc nations, Cuba, China and radical African countries offered support to the anti-Apartheid struggle. Nigeria however did its little bit; in the 1970s we declared ourselves to be a “Frontline State” alongside Angola, Zimbabwe, Mozambique, Zambia and Tanzania.

The most defining matter today in defining a country’s stance on the international alliance equilibrium is the war in Ukraine, with both Russia and the West pushing smaller nations to support their side of the conflict.

Although the Vice President represented Nigeria at the recent Russia-Africa Summit in St. Petersburg, we don’t appear to have a desire to support Russia’s side, OPEC Plus amity notwithstanding. Things are really complicated; in the 1960s the old Soviet Union aided the Federal Government of Nigeria to put down Biafran secession, but Russia now wants our support to dismember Ukraine and help ethnic Russians in three Republics of eastern Ukraine to secede. The Western powers, which did not lift a finger to prevent the dismemberment of Nigeria in the 1960s, now want our support to prevent the carving up of Ukraine.

Nigeria’s foreign policy architects must be scratching their heads right now about

how our country will fit into BRICS. The Tinubu Administration’s most assertive foreign policy goal so far has been to insist on democratic rule in West Africa.

In BRICS, we would have found ourselves sitting next to India, the world’s largest liberal democracy, and next to China, the world’s largest one-party state. Russia is best described as a Putinocracy. India’s world acclaimed liberal democratic tradition is somewhat tainted by the Hindu nationalists at the helm, while Brazil’s democracy was only recently salvaged from the far-right Bolsonaro and is back in the hands of Lula Da Silva, who is more interested in left wing activism than in liberal democracy.

The new BRICS members will complicate matters even further, with respect to both democracy and foreign policy tilts. Saudi Arabia and UAE are Western-lauded absolute monarchies, a misnomer if ever there is one. In the 1990s when Western powers were putting pressure on African nations to democratize, I asked the Political Affairs Counselor in the British High Commission in Abuja why they were not asking Saudi Arabia to democratise. He said, “Saudi Arabia is ok as it is,” meaning it serves the West’s oil-guzzling purposes just fine. In BRICS we would also have been sitting next to Egypt. With the benefit of hindsight from what is happening in Sudan, we Africans applaud Field Marshal Al-Sisi for preventing Egypt from going that way a decade ago, coup against an elected president notwithstanding.

As for international alliances, Saudi Arabia and UAE are firmly in the Western camp,

though the former has recently improved ties with China. And with Iran, its biggest regional foe, with whom the two nations have fought a most brutal proxy war in Yemen. Now they will sit side by side in the new BRICS. Egypt however is one of the biggest recipients of American military aid since 1978, when it signed the Camp David Accords with Israel. It is a bribe, if you like, for it not to deploy its huge army against Israel, and without Egypt, Arab nations can hardly exert military pressure on Israel.

More recently, there is much talk in BRICS of inter-trading in local currencies, with a medium- and long-term goal of dislodging the US dollar as the world’s top reserve currency. Well, it is good to try, because the dollar’s dominant position in international commerce is a bigger pillar of American imperialism than even its military power.

One snag in the drive to have a common currency is that it will require having a common central bank. Adopting the euro by European nations, for example, necessitated having a European Central Bank. ECOWAS member states’ now paused drive to have a single regional currency also needed a common central bank, and they didn’t appear ready to have one.

Vice President Kashim Shettima said Nigeria did not apply to join BRICS because President Tinubu is a democrat who must consult widely with Federal Executive Council, his economic advisory team and the National Assembly in order to build national consensus first. Remember that when Babangida’s regime joined the

Organisation of Islamic Conference [OIC] in 1986, there was no consensus even in the Armed Forces Ruling Council, much less in the country, leading to Chief of General Staff Commodore Ebitu Ukiwe telling reporters that he was not aware of the entry, which in turn led to his sack.

The Tinubu Administration must have learnt lessons from that episode and the recent Niger Republic saga, when it rushed to talk to ECOWAS before it exhausted discussions at home. ECOWAS launched a diplomatic initiative backed by military threats before Nigerians were consulted. National Assembly, whose approval is essential, indicated that it will not welcome the idea.

While contemplating the idea of applying to join BRICS, we need to do a census of the international organisations we have joined since 1960, whether we reaped any dividends from joining them, which ones have since disappeared with time, which ones are still relevant and we should stay in, which ones we should exit, and which ones we ought to dine with a long spoon. I understand that the Frontline States ended when South Africa became free of Apartheid in 1994, but where is the Non-Aligned Movement? When next we meet Indian Prime Minister Narendra Modi at a BRICS summit, we should ask him whether, in Jawaharlal Nehru’s will, he told him to abandon the Non-Aligned Movement and create BRICS instead.

We should not be in a hurry to apply to join BRICS. As the VP said, build national consensus first, otherwise one day, someone will apply for us to join NATO before the National Assembly hears of it.

CHINA'S LEADERSHIP PLAYBOOK AND NIGERIA'S REALITY second is Deng Xiaoping, the champion of reform, which opened China to the world in 1978. Lastly, Xi Jinping is the father of modernisation and the current leader of China. He is leading the digital China: digital industrialisation, industrial digitisation, digital governance, and data 'valurisation'.

All three leaders share five common traits: their subscription to the power of ideas, strategic thinking, pragmatism, discipline, and resilience in sticking to a clear vision.

Mao Zedong's Great Leap Forward and Deng Xiaoping's economic reforms transformed China's economy, and subsequent leaders have prioritised economic growth and development to maintain social stability.

Xi Jinping also follows a similar path of economic prosperity as a pathway to social peace.

China is unarguably the world's manufacturing hub. It is a product of vision, strong leadership, discipline, meticulous planning, hard work, and resilience. Powered by visionary leadership, China is focused on modernisation and digital civilisation today. They achieved zero poverty society in 2021, number 2 in research and development globally in the past five years and above USD 3 trillion in reserves since 2011. The power of visionary leadership does not submit to excuses.

In contrast, historically, Nigeria was a product of colonisation and cannot lay serious claim to historic economic progress of any significance in Africa. It is a fact that Nigeria suffered the double whammy of slavery and colonialism and was just a property for subjugation by Britain. Its fight in the pre-colonial period was a fight for survival and statehood. Having been conquered culturally, religiously, and economically, Nigeria was gasping for air to breathe when Britain gave independence.

The independence, by all ramifications, was just a paper victory, and the fight for freedom and prosperity started in 1960 when our leaders were clamouring for the dignity of the black man.

Post-1960s, much remained the same concerning leadership outcomes. Our leadership quality has even worsened and has since plummeted. Except for a handful, each subsequent leader plunges Nigeria more into the abyss. And Nigeria is in dire need of visionary leaders that will transform it like the Chinese leaders did to China. Who are our innovative and visionary leaders in the mould of Chairman Mao, Deng Xiaoping, and Xi Jinping? Who among our leaders has created a vision of

President Tinubu and President of China, Xi Jinping

economic growth based on productivity and put in place the structures and systems that will make it work? Unlike most Nigerian leaders, most Chinese leaders are long-term thinkers. Developing strategic thinking involves thinking about more significant macro issues, unlike the micro focus many tend to take in Nigeria. Strategic thinking means seeing how the world, the country and the broader economy will evolve and function. It also includes thinking long-term in contrast to near-term, our trademark in Nigeria.

Notably, in 1978, when China laid the foundations of economic emancipation, Nigeria's per capita income was better than the Chinese. China's per capita income was around $155 to $175. Nigeria's per capita income was around $350 to $400.

Nigeria's per capita income was double that of China. In 2022, China's per capita was $12,814, while Nigeria's was $2184. This is over 10,000 USD more than Nigeria's. It beggars belief! Since 1978, China's per capita has increased by over 50 times by 2022,

whilst Nigeria's has increased marginally by five times. We don't need to look further to identify the cause of this. What is our shared or common vision? China, from 1978, focused on Better Life and Prosperity for all. Leaders and strategy have changed, but every leader has yet to abandon this vision. We had Development plans at various times: Operation Feed the Nation, Green Revolution, Vision 2010, Vision 2035, and Vision 2050. What happened to all our long- and medium-term plans? Why did they fail, and did the Chinese succeed?

China's economic growth is a multifaceted force reshaping the world order in complex ways. It challenges existing norms and global power structures, creates new opportunities in business, supply chain, technology and innovation. China’s growing influence has forced countries, especially in Africa, to navigate a changing geopolitical and resource control landscape. How these implications unfold will depend on the strategies and policies adopted by China and other countries in response to this

evolving global dynamic. China's hard and soft power is evident, and the world has taken notice. Besides, China is vying for global economic pre-eminence with the US but has no economic comparative advantage yet. However, the leadership factor puts it at a strategic advantage because of its unique one-party authoritarian model that aggressively pushes for growth and defies the hitherto philosophy that economic advancement is impossible outside the Western democratic and capitalist model.

Nigeria needs more focused economic planning, a clear and achievable vision and goals, and a clear understanding of its position in the emerging New World Order. In this Order, capital and economic development is premium. The core lesson from the China experiment is that pragmatic and visionary leadership makes a tremendous difference in economic growth. Nigeria needs such now more than ever. Our new president has a date with history to map a course that makes him such a leader. History beckons.

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MONDAY, AUGUST 28, 2023 • T H I S D AY

MONDAYSPORTS Black Sunday for Nigeria as Enyimba, Remo Stars Knocked Out

SUNDAY SPORTS

Edited by: Duro Ikhazuagbe

email:Duro.Ikhazuagbe@thisdaylive.com

Femi Solaja

The jinx of Nigerian clubs failing to reach the money-spinning stage of the CAF Champions League continued yesterday as two-time former champions, Enyimba of Aba, and new entrant, Remo Stars of Ikenne, failed to progress to the next stage of the topmost club competition in the continent.

In Aba, Nigeria’s most successful club, Enyimba, played a goalless

draw with visiting Libyan side, Al Ahly Benghazi and thus got eliminated 3-4 on aggregate.

The Libyans won the first leg by a slim 4-3 margin last week, giving hope of redemption to the Aba Elephant to progress at home.

Playing at their forte inside the Enyimba Stadium in Aba, the hosts dominated the proceedings but it was Benghazi’s game-plan to shut out the Nigerians that worked perfectly.

CAF CHAMPIONS LEAGUE

The former African champions continued to press the Libyan side but found it extremely difficult to break down their water-tight defence with the first half ending goalless.

The second half resumed with the Nigerian side throwing everything forward to break the deadlock but Benghazi put in

everything to nullify the threat.

The biggest chance in the second half fell to George Owen in the 75th minute but fired across the goal line.

Even the added six minutes failed to give Enyimba the desired result to move on, thus crashing out of the competition 4-3 on aggregate.

In Ikenne, Remo Stars cancelled

Organizers say that the Ceremonies team will be involved with everything from bringing up creative ideas and collaborating with people, to overseeing auditions with local artists and managing the technical aspects of the production.

“Our vision is that Gateway Games 2024 will honour the different cultures of the predominant ethnic groups in Ogun State, recognise their representatives in formal protocols, and share the history and contemporary stories of our state. “ Mrs. Sarafa-Yusuf for many years, was Globacom’s Head of Sponsorships spearheaded the telecoms company’s organisation of the Glo-CAF Awards and the Glo-Lagos Marathon.

The Moshood Abiola Stadium in Abeokuta is set to be the venue for both the Opening and Closing Ceremonies of the 2024 National Sports Festival.

Ogun State also hosted the National Sports Festival in 2006; an endeavor which was generally regarded as one of the best ever organised in Nigeria.

Duro Ikhazuagbe

Bundesliga: Kane Scores Double in Bayern Home Debut Win England Captain, Harry Kane, scored twice on his home Bundesliga debut for Bayern Munich as the champions continued their winning start to the league season against Augsburg.

Kane became the first English player to score in his first two Bundesliga games when he clipped a penalty down the middle just before half-time.

The ex-Tottenham forward wrapped up the 3-1 win after the break with a lovely finish with the outside of his foot.

Thomas Tuchel’s side dominated possession throughout.

“Great game today,” said Kane in a video on social media afterwards. “To score two goals in front of you fans was a special feeling.

“Lots of improvement still to come but to start the season with

two wins is a really great start, so thanks for the support as always.

“You know [I] appreciate every single one of you there in the stadium singing my name, so look forward to next week now, recover well and let’s keep it going.”

After a sluggish start, Bayern got into their stride and opened the scoring when Leroy Sane’s shot hit the post and went in off defender Felix Uduokhai.

Referee Sascha Stegemann then awarded a penalty for Niklas Dorsch’s handball after being called to check his monitor by the Video Assistant Referee, with Kane converting the spot-kick with ease.

After the break Bayern looked far brighter, Sane curling a fine shot against the post, before Alphonso Davies found Kane onside and free in the middle to loft a calm finish into the net.

Harry Kane scored twice as Bayern Munich defeated Augsburg 3-1 yesterday

scramble. It took the eagle eye of the assistant referee 1 who signalled to the centre referee that the ball had crossed the line before awarding the hosts the goal that cancelled out their 1-0 defeat from the first leg in Cape Coast last week.

That equaliser dragged the match straight into penalty shootouts but nerves failed Remo in the eventual spot kicks, crashing out 3-2.

Team Nigeria Returning from World Athletics Championships Empty-handed!

NSF 2024: Organisers Begin Search for Ceremonies Team Organisers of the Gateway Games, 2024 have launched their quest for creative groups to produce show-stopping Opening and Closing Ceremonies for the next National Sports Festival.

This follows the inauguration of the Local Organising Committee for the Games by Governor Dapo Abiodun last month.

“Ogun State is not just the educational capital, we’re also the creative capital of Nigeria and there’ll be so much local talent and inspiration for our ceremonies production team to draw upon to tell the Ogun State story,” Modele Sarafa-Yusuf, Chairperson of the Protocol and Ceremonial subcommittee said. “An Expression of Interest is the first phase in recruiting the production team.”

The 2024 Games are the second to be hosted in Ogun State and organisers are challenging creative industries to use the tender as “an opportunity to think differently.”

“Ogun is a trailblazer in all respects and that’s what I want the nation to see during our opening and closing ceremonies,” Sarafa-Yusuf added.

out their 1-0 deficit from the first leg against Medeama SC in Cape Coast last week but lost out 3-2 in the ensuing penalty shootouts.

The capacity crowd had to endure pains for greater part of the match as the home side pressed hard for a goal but the Ghanaian side were more purposeful at holding their line.

The stadium raptured into celebration in the 70th minute when Remo scored from a goal-mouth

Tobi Amusan...down but not out.

Her world Record unmatched at the just concluded World Athletics Championships in Budapest, Hungary

....Chidi Imoh Sad Over Poor Outing at Budapest 2023 Following the dismal outing of Team Nigeria at the just concluded 2023 World Athletics Championships in Budapest, Hungary, a former Nigerian sprint champion, Chidi Imoh, has called on the leadership of the Athletics Federation of Nigeria (AFN) to learn from the mistakes made and prioritise athletes’ needs ahead of next year’s Olympic Games in Paris.

Speaking on Sportsville Sportsprogramme aired on Channels TV yesterday, the Barcelona ‘92 Olympic Games silver medalist said that if Nigeria wants to do well at Paris 2024, “AFN needs to learn from the mistakes (in Budapest 2023) and prioritise athletes’ needs, especially ahead of next year’s Olympics in Paris.”

Imoh insisted that Nigeria’s top athlete, Tobi Amusan, must be helped to regain her confidence to get back to the form that gave her the world record and gold medal in

the women’s 100m hurdles at Oregon 2022.

“Now, the Federation (AFN) should be able to go in and ask her (Amusan) what she needs to be ready for the Olympics and invest in her so she can be ready and focus on the Games rather than on commercial activities,” observed the 1987 All-Africa Games 100m gold medalist.

He admits that divided loyalty between chasing money on the circuit and focusing on the Olympics are two different things.

“These things affected me in my time which was why in many of the championships, I wasn’t able to perform to the level I’m accustomed to. I was chasing money to take care of my family and do other things but if the Federation can go in now and put resources on her, her mind can be calm and she can focus on training for the Games,” observed the former sprint star.

With inability of Tobi Amusan to overcome the psychological trauma inflicted on her by Athletics Integrity Unit (AIU), finishing sixth in the women’s 100m hurdles final and Ese Brume also placing outside the podium in the long jump, Team Nigeria will be returning home from the 2023 World Athletics Championships which ended last night in Budapest, Hungary, empty-handed.

This is the 11th time in the 19 editions of the Worlds that no Nigerian athlete will make it to the podium.

At the last edition in Oregon, USA last yesterday, Amusan won the country’s first individual gold medal and also set a world record of 12.12secs in the sprint hurdles. Brume on the other hand, built on the bronze medal she won at Doha 2019, with a silver medal at Oregon 2022.

Amusan missed the sprint hurdles bronze by the whiskers in Doha, placing 4th. The then 25-year-old Amusan followed up with a first ever gold medal by a Nigerian at World Athletics’ flagship event!

Nigeria failed to win any medal in Shanghai 2015 and London 2017.

With Amusan and Brume out of the Budapest 2023 medals equation, attention shifted to the relays to salvage the country’s image. Sadly, Nigeria’s men and women’s 4x100m relay quartet failed to make it to the final with the women’s team even dropping the baton.

Similarly, the women’s 4x400m team that made it to Sunday’s final, failed in the bid for a relay medal. Two of the athletes who qualified Nigeria amongst the 16 teams for the Championships relay were turned ‘dumped’ because the AFN failed to include them in the registered pool of athletes to be tested for three out-of-competition tests which was a pre-condition for any Nigerian athlete to fulfill before they can compete in any major international competitions and Games.

Unlike previous outings, Team Nigeria had only two athletes in the final which makes this edition one of the worst in terms of performance.

Shot Putter, Chukwuebuka Enekwechi, who, for the first time in three editions, failed to make it to the final, finished

13th in the final classification.

The women’s Discus throw trio of Chioma Onyekwere, Ashley Anumba and Obiageri Pamela Amaechi failed to extend their historic participation (first time Nigeria is having three throwers in the same event) to at least a spot at the podium.

Onyekwere, the Commonwealth Games champion finished 21st (58.58m), Anumba, the 2022 National Sports Festival queen 25th (57.77m) and Amaechi (51.60m) finished 37th, the last spot in the overall classification.

In the 400m, Imaobong Nse Uko and Dubem Nwachkwu failed to race beyond the first round in the women and men’s races while Ezekiel Nathaniel’s bid to become the second Nigerian after Henry Amike (1987) to make the final of the 400m hurdles ended at the semifinal stage.

While the duo of Ushoritse Itsekiri and Seye Ogunlewe failed to make it to the final in the 100m, Favour Ashe was disqualified in the first round for a false start.

In the women’s version, Rosemary Chukwuma failed to advance to the final, exiting at the semifinal stage.

Alaba Akintola and Favour Ofili did not advance beyond the semifinal while only the duo of Brume and Amusan made it to the final.

Nigeria first failed to make the podium in 1991 in Tokyo, Japan and repeated the same feat two years later in Stuttgart, Germany in 1993.

Sunday Bada, now late, anchored Nigeria’s 4x400m relay team to a bronze medal finish in 1995 in Gothenburg, Sweden and Davidson Ezinwa followed suit two years later in Athens, Greece where he led the 4x100m team to an African record and a silver medal.

The duo of Glory Alozie and Francis Obikwelu returned Team Nigeria to individual podium finishes in Seville, Spain in 1999, 12 years after Innocent Egbunike won Nigeria’s second individual medal at the Championships (after Ajayi Agbebaku won a triple jump bronze in 1983).

Alozie won a silver medal in the 100m hurdles while Obikwelu settled for bronze after raising hopes of a first ever gold medal in the 200m with his 19.84 run in the semifinal.

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Monday, August 28, 2023

UT H

& RE A SO

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Price: N250

MISSILE Enugu Govt to Fuel Stations “The administration has received tons of complaints on this issue of sharp practices by petroleum products marketers in the state. Sadly, after our unscheduled visits to 15 filling stations, we discovered that none of their metres was accurate. Yet they sold petrol at between N600 and N620 per litre. We view this as both ungodly and pure economic sabotage" –Commissioner for Special Duties, Emeka Ajogwu, restating Enugu State Government's vow to seal fraudulent fuel stations. Could other state governments and even the FG, take a cue from this?

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5( $ 6 2

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\HDUV 4*/$&

MAHMUDJEGA VIEW FROM THE GALLERY

On Brink of Joining BRICS A t the close of last week, many Nigerians were expressing what they called “worry” and “sadness” that Nigeria was not admitted into BRICS, the grouping of Brazil, Russia, India, China and South Africa that just ended its summit meeting in Johannesburg. One writer even described it as “Nigeria’s biggest foreign policy humiliation” that six other countries were invited to join the group from January 1, next year and we were not among them.

It could not be because of economic size, because Nigeria’s economy is larger than South Africa’s, not to mention Egypt’s or Ethiopia’s, though South Africa’s economy is more industrially advanced than our own But wait a minute. How can you be admitted into a place when you did not apply for admission into it in the first place?

However good your grades are, which school in Nigeria will admit you if you did not apply for admission? Vice President Kashim Shettima, who represented President Bola Tinubu as an observer at the meeting, said Nigeria did not apply to join the group.

Shettima

One “fact checking” site however quoted a South African minister as having said while on a visit to India last year that the group was planning to expand and she

mentioned Nigeria, Mexico and some other countries as potential members. On that basis alone, this “fact checker” concluded that Nigeria must have applied. I think this fact checker needs a fact check of his own.

Some years ago, one Nigerian writer wished that BRICS will become BRINCS with Nigeria’s entry. It is not clear what the name will be from January when Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and United Arab Emirates [UAE] formally join the group. There is a local adage here that you can tell who a person is by the kind of company he keeps. Looking at the expanded BRICS membership, it is very difficult indeed to definitively say what kind of person this organization will be.

Clearly it is not a First World entity such as European Union [EU] or OECD. With the mass admission of Eastern European nations, EU too is now a mix of First and Second World nations. BRICS can be called a union of Third World nations on the basis of GDP per capita, though not quite, because Russia was once categorized as a Second World nation and China and India today

are more powerful overall than most First World nations, even with lesser GDPs per capita.

BRICS started with a mildly anti-Western flavour, a desire to strike an independent economic course almost along the lines of the “New World Order” of the 1980s.

Nigeria’s foreign policy has never been distinctly anti-Western. The only five flashes of Nigerian foreign policy independence, by my count, were in the 1960s when the Tafawa Balewa government opposed French nuclear tests in the Sahara; in 1973 when General Gowon broke relations with Israel in compliance with an OAU decision because it occupied the territory of Egypt, an OAU member state; in 1975 when General Murtala Mohammed rejected a circular sent by from US President Gerald Ford to all African rulers and recognized Angola’s MPLA; in 1982 when President Shehu Shagari, after initial hesitation, went to Tripoli to attend an OAU Summit despite Western orders not to please Muammar Gaddafi; Continued on page 46

DAKUKUPETERSIDE GUEST COLUMNIST

China's Leadership Playbook and Nigeria's Reality

T

ouching down at the bustling Beijing Capital International Airport, you cannot miss that China has again opened to the world after COVID-19 shut down, nor will you miss the pervasive positive spirit and a sense of endless possibilities in the atmosphere. If you have any doubt, a 30-minute drive from the airport to Changping District, North of Beijing, tells the story of a country's metamorphosis, ancient roots, and what pragmatic leadership can do. I am a guest of the Chinese government from the 20th of August till the 2nd of September. It has proven to be a unique opportunity to understand Chinese leadership thinking and the nation's development trajectory. It has allowed me to do contrastive leadership and political models between China and Nigeria to see if there are vital lessons to be learnt and applied in Nigeria to accelerate our socioeconomic development.

Although different in many ways, China and Nigeria represent giants in their respective continents (Asia and Africa}.

They symbolise the hopes and aspirations of their people in a highly competitive and polarised world dominated for over

500 years by the West. The story of how China got it right and has become the quintessential alternative economic and political power, whilst Nigeria has, at best, remained stagnant over the past decades, is fascinating. No doubt, a multiplicity of factors contributed to this dichotomous and contrasting outcome, which will merit elaborate analysis at an appropriate forum.

We must delve into their past to understand China's and Nigeria's present.

First, let us look at China. Chinese civilisation dates to the first Chinese dynasty, Xia, founded in 2070 BC. From the period of this dynasty, through the Middle Han dynasty in the 3rd century to the North Song dynasty of the 10th to 13th century, ancient China was credited with four great inventions: gunpowder, paper making, compass, and moveabletype printing. Ancient China also grew in economic power, constituting 26% of the world GDP in 206 BC, 58% in the 7-9th century, and 60% of the global GDP in the 10-13th century. Like all ancient civilisations, ancient China declined in power and influence and was invaded

by Western forces and Japan in the 18th century, which influenced the Chinese

psyche for generations. This history of past economic development, though not a predictor of future economic status, mirrors hope, possibilities and what could be achieved with visionary leadership and excellent governance structures for China. Although almost on its knees by the middle of the 20th century, China came up with a way of working out of the dungeons of lack of productivity and economic quagmire.

The founding of the People's Republic of China in 1949, led by Mao Zedong, opened a new chapter in Chinese history.

From the ashes of the Korean War, the PR of China effectively began economic reconstruction with the first five-year development plan as the foundation.

Within 1953-1957, the visionary Chinese leaders established a solid foundation for its industrial renaissance. The scheme delivered over 10,000 large-scale industrial projects covering the construction of 250,000 km of railways, aviation, power generation, automobile production, precision equipment, steel pipes, and radio.

1978 marked a turning point in the development of China. Deng Xiaoping opened China to the outside world,

introduced foreign direct investment, and legalised private investment. The private sector-led economy led to the establishment of a socialist market economy system and the development of capital markets and stock exchanges.

The government privatised almost all small and medium-sized state-owned enterprises and lifted price control over most products.

But this pragmatic approach is only the beginning of a phenomenal development.

This unprecedented and rapid economic development reflects the quality of Chinese practical and visionary leadership.

The leaders of China centred the emancipation of China on economic growth.

They pursued a vision of a new China using the instrumentality of economic growth as a strategy to power a great nation. A study of three of China's most consequential leaders revealed a remarkable pattern contributing to their phenomenal prosperity. The three leaders are Mao Zedong, popularly called Chairman Mao, who is the architect of a unified China and the People's Republic of China. The Continued on page 46

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