MONDAY 6TH SEPTEMBER 2021 by THISDAY Newspapers Ltd

Coup in Guinea as Soldiers Oust President Condé Nigeria, UN chief condemn development Michael Olugbode in Abuja and Sunday Okobi with agency report Democratic gains recorded on the continent, yesterday, suffered another tragic setback, when soldiers in Guinea, in an apparent

coup d'etat, seized power from the country’s democratically elected President, Alpha Condé. As at press time, the fate of the Guinean leader was still unclear after an unverified video showed him surrounded by soldiers and

looking somewhat rattled and disorganised. The soldiers also quickly announced the dissolution of the government on national TV. The group of soldiers responsible for the unconstitutional

takeover were alleged to be from the country's Special Forces, an elite unit of the Guinean Armed Forces. After capturing President Conde and detaining him, they announced a nationwide curfew

“until further notice” as well as the replacement of governors by the military. The junta also said in a statement read out over national television that it would convene Conde’s cabinet ministers and

other top officials at 11:00 am (1100 GMT) Monday in the capital Conakry But, in an earlier rebuttal, the defence ministry said the Continued on page 55

Atiku: Voting APC Was Nigeria’s Biggest Mistake ... Page 8 Monday 6 September, 2021 Vol 26. No 9646. Price: N250

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Why PDP May Lose All Southern States if It Zones Presidency to North Delta, Akwa Ibom, Rivers, Oyo vulnerable to APC take over Party still weak in most Northern, Middlebelt states, unlikely to make appreciable gains

Chuks Okocha in Abuja

There is a high possibility that the main opposition Peoples Democratic Party (PDP) might pick its presidential candidate for the 2023 general election from the North, as stakeholders are set to zone the chairmanship position of the party to the South in a matter of weeks. This, however, appears contrary to the survey by the THISDAY Economic Intelligence Group (EIG), which gleaned from the

field that the decision could cost PDP the elections in practically all the southern states, the presidency and governorship inclusive. Findings also revealed that the PDP might not make any appreciable gains in the north and Middlebelt states either, as the All Progressives Congress (APC), is still likely to sweep the north even with a Southern candidate. One key reality of the current state of play is that the PDP is Continued on page 55

Buhari's Administration Has Broken Many Jinxes, Says Presidency Lists achievements

Deji Elumoye in Abuja

The Presidency yesterday listed policies, legislations, and projects completed by President Muhammadu Buhari since he came into power in 2015 to include signing of 15 bills into law and completion of 17 major projects across the country. Buhari’s media adviser, Femi Adesina, in a statement, titled, “Jinxes broken by Buhari,” listed

the Petroleum Industry Bill, signed into law in 2021 after almost two decades in the works, as one of the major feats of the president. According to the statement, the Nigerian National Petroleum Corporation (NNPC) also recently announced its first profit in its 44-year history under Buhari, who doubles as Minister of Petroleum Resources. Continued on page 55

WITH LOVE FROM NIGERIA... Chairman, Heirs Holdings and Founder, Tony Elumelu Foundation (TEF), Mr. Tony Elumelu (left) and President Patrice Talon of Benin Republic, when Elumelu paid a visit to the President in Cotonou... on Friday

Doctors' Strike: FG Gives Conditions to Withdraw Suit Before Industrial Court... Page 10

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

NEWS

DEDICATION OF LOVE OF CHRIST GENERATION... L-R: Oniru of Iruland, Oba Abdulwasiu Gbolahan Lawal; Founder, Love of Christ Generation Church C&S Cathedral, Rev. Mother Esther Abimbola Ajayi; her husband, Pastor Ademuyiwa Ajayi; wife of the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Mrs. Foluke Adeboye; General Overseer of RCCG, Pastor Enoch Adeboye; Ooni of Ife, Oba Adeyeye Enitan Ogunwusi PHOTO: MUBO PETERS and former President Olusegun Obasanjo, at the Grand Opening and Dedication of Love of Christ Generation Church C & S in Lagos... yesterday

OGFZA Attracted $16.6bn FDIs in 20 Years Records N255bn local investments, generates 200,508 jobs James Emejo in Abuja The Oil and Gas Free Trade Zones Authority (OGFZA) said it had attracted $16.6 billion in foreign direct investments (FDIs) into the economy between 2001 and 2020. Managing Director/Chief Executive Officer of OGFZA, Mr. Umana Okon Umana, disclosed this to journalists in Abuja at the weekend. Umana also said a total of 200, 508 jobs had been created by the authority. He said during the same period, the authority also attracted N255.33 billion in local investments into the country. The managing director pointed out that between January and May this year, the sum of N9.41 billion was generated as revenue by OGFZA through the free trade zones. Further breakdown indicated that N2.1 billion was generated in January, while February, March, April and May had N1.45 billion, N4.39 billion, N1 billion, and

N453.98 million, respectively. Commenting on the developmental role of the agency, Umana said within the last few years, there had been great improvement in the operations of the free zones. He said this was achieved through dedicated leadership as well as the commitment and exceptional quality of members of staff of the authority. This, he stated, had resulted in the huge interests by both local and foreign investors in the zones.

Umana said, currently, about N6.1 billion worth of investments were being expected to materialise in the Liberty Oil and Gas Free Zone. The managing director said, "To grow investment also meant looking at the structures within our zones because, as I said, you can only attract foreign direct investment if you are globally competitive. "We took a number of steps, we reviewed our standard of operation, and we came out with timeline

within zones, meaning that when they move items from the zone to any other place, all the taxes will be applied. "Between 2005-2015, the authority has created 40,508 direct jobs and indirect jobs, with conservative estimate it is about 160,000.” Umana said considering the number of individuals that had been trained by expertise and various companies that came in, the actual figure from 2010 to 2020 was 35,170.

N232m for poultry production, cocoa export in Cross River

Bassey Inyang in Calabar The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.) has said with the release of N232 million to Gbagolo Integrated Farms Limited and TOAJ Nigeria Limited, it had

so far disbursed over N128 billion for agriculture and agribusiness activities in the country since it was established about 10 years ago. This was disclosed at the weekend during the official release N232 million to Gbagolo Integrated Farms Limited and TOAJ Nigeria Limited at Ikot

Demands for records of proceedings in all the suits There are indications that the Chief Judge (CJ) of Delta State will be among six other CJs of State High Courts to appear before the Chief Justice of Nigeria (CJN), Justice Ibrahim Muhammad over the menace of conflicting court orders in recent times. His said to have demanded the records of proceedings in all the suits on which conflicting exparte orders were given. Spokesperson of the National Judicial Council, Soji Oye, confirmed that the memo was indeed sent out from the office of the CJN. The Chief Judge, of Delta State, has also been invited to join the other six Chief Judges to meet with the CJN tomorrow. This is directly unconnected with the exparte order which reportedly restrained the Governor of Yobe State, Mai Mala Buni, from parading himself as a member of the All Progressives Congress (APC) national caretaker committee. The CJN is also expected to meet with the leadership of the Nigerian

to issue a new license when all the requirements have been met." In terms of job creation however, the OGFZA boss stated that the investments had been able to unlock many direct and indirect jobs, thereby empowering many Nigerians. He pointed out that between 2005 and 2015, the authority created 40,508 direct jobs and indirect jobs with a conservative estimate of about 160,000. According to him, "These incentives are applied for activities

NIRSAL: We Released N128bn for Agribusiness in 10 Yrs

Conflicting Court Orders: Delta CJ, Six Others to Appear Before CJN Today Alex Enumah in Abuja

for delivery of our services. "For example, in the past, we did not have a specific timeline for renewal of licence or to reissue new licenses or even to process cargos. "We came up with specific timelines – we say, for example, that we will take only 48 hours to clear cargos, if the cargos were consigned in free zones. It will take seven days to renew licence when all the requirements have been met and it will take 21 days

Bar Association within the week, over the issue. The unprecedented move by the leadership of the judiciary is aimed at resetting the anti-corruption efforts of the CJN and entrenching a new culture of accountability in the judicial system. The CJN had last week Monday summoned the CJs of Rivers, Kebbi, Cross Rivers, Anambra, Jigawa and Imo States to explain the rationale behind the indiscriminate issuance of exparte orders by judges in their various States. The injunctive orders were mainly against the Independent National Electoral Commission (INEC) in the planned November 6 governorship election in Anambra State and the leadership of both the All Progressives Congress (APC) and People's Democratic Party (PDP). The said restraining orders, upon exparte application by litigants, had been observed as a threat to the nation's democracy. Worried and disappointed by the development, the CJN invited the CJs of Anambra, Imo and Jigawa to

explain the roles of their courts in the Anambra governorship poll, while their counterparts in Rivers, Cross River and Kebbi are to do same in respect of the cases of the PDP Chairman, Chief Uche Secondus. However, barely few days after the CJN voiced out his disappointment that judges ought to be circumspect in their granting of injunctions, particularly in political matters, another High Court sitting in Asaba, Delta State last Wednesday, still acting upon an exparte application ordered Governor Mai Buni, to stop parading himself as the Chairman of the APC Caretaker Committee. Owing to this, THISDAY learnt that the seven CJs would appear before Justice Muhammad as a prelude to the plenary of the National Judicial Council (NJC), which is also chaired by Justice Muhammad on Monday, September 6, 2021. It was also learnt that the CJN has already demanded for the records of proceedings in all the suits from which conflicting exparte orders emanated.

Akwa Edem Umo in Akpabuyo Local Government Area of Cross River State. Speaking at the event, Managing Director of NIRSAL Plc, Mr. Aliyu Abdulhameed, said, “This huge investment translates to the creation of jobs, driving the growth of rural economies, and positively impacting Nigerian lives.” Abdulhameed said the N232 million for Gbagolo Integrated Farms Limited and TOAJ Nigeria Limited, for investment in poultry production and cocoa export value chains in Cross River State, were sourced from Union Bank and Sterling Bank Plc. Leveraging on its CRG, an instrument that NIRSAL Plc utilises to share agribusiness risks with financiers, Abdulhameed said, “NIRSAL facilitated the approval and disbursement of N81.8 million and N150 million from Union Bank Plc and Sterling Bank Plc, respectively, while Gbagolo Integrated Farms Limited will use its N81.8 million term loan to finance the purchase of 25,000 Point of Lay, 25,000 capacity battery cages and feeding compliments, TOAJ Nigeria Limited will channel its N150 million export/trade finance facility towards the sourcing and purchase of cocoa for export. “The injection of these finances into the poultry and cocoa value chains in Cross River State will create a positive knock-on effect for players along each segment of both value chains and the agribusinesses’ host communities at large. “Specifically, the purchase of 25,000 Point of Lay birds by Gbagolo Integrated Farms Limited will impact poultry feeds sellers and other inputs suppliers in the pre-upstream value chain segment; producers/sellers of Point of Lay birds in the upstream

segment, and consumers of eggs and spent layers in the downstream segment.” He said a few weeks ago, NIRSAL supported ADT Russet Limited in Lagos with 50 per cent credit guarantee on a N1.15 billion facility to source and export cocoa beans. Abdulhameed said both projects were testaments to the fact that NIRSAL in its bid to realise its vision of “transforming the economy, delivering inclusive growth and positively impacting the lives of Nigerians” supported all sizes of businesses, whether small, medium or large across the the country. Abdulhameed said as a guarantor, “NIRSAL Plc intervention positively impacts both the lender and the borrower, as well as the overall economy, implying that the lender invests safely and earns competitive returns; the borrower’s capacity utilisation and productivity is increased, and the economy reaps the benefits of the backward integration occasioned by increased local production at the expense of importation of essential goods." He said TOAJ Nigeria Limited’s facility would support thousands of farmers who supplied its inventory by providing them with a secure, sustainable, and guaranteed off take market. Furthermore, the export of cocoa would increase Nigeria’s stake in the global cocoa market and boost the country’s foreign exchange earnings, he stated. Abdulhameed urged all agricultural value chain stakeholders in the South-south and the entire country to leverage NIRSAL’s CRG as the collateral required for getting commercial bank financing for their agribusinesses, no matter their size or location. In his speech, Managing Director of Gbagolo Integrated Farms

Limited, Mr. Vincent Egbona, revealed that it would have been difficult to service the loan they received from Union Bank but for NIRSAL’s Interest Drawback (IDB) scheme. The company’s poultry department, which received the credit support, has 60,000 birds and runs an on-farm feed mill with four tons capacity mixer per hour. Egbona decried the high cost of raw materials and other agricultural inputs in the country. On his part, Managing Director, TOAJ Nigeria Limited, Mr. Taiwo Sunday, said NIRSAL’s support had helped the company to acquire a 5,000 MT-capacity warehouse in Osogbo as the company expanded its frontiers to the South-west for the purpose of export. Sunday said with NIRSAL’s support, it could now engage more farmers, procure more cocoa, and employ more staff. Union Bank Plc’s Area Business Executive, Mr. Peter Akpaudoh, stressed the value in the suite of NIRSAL’s value offerings. Beyond the credit risk guarantee provided to Gbagolo Farms, NIRSAL was also offering technical assistance and round-the-clock project monitoring, a package that really made lending to agriculture and agribusiness easy. Sterling Bank Plc, financiers of TOAJ Nigeria Limited, who had as representative at the launch its Business Executive, Commercial, South-east, Mr. Uchenna Agbowo, said at 10 per cent interest, Sterling Bank had the highest loan book for agriculture among commercial banks in Nigeria. Agbowo stated that the bank had been enjoying NIRSAL’s support and would continue to count on NIRSAL for the safety of their agribusiness investments.

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NEWS

Atiku: Voting APC Was Nigeria’s Biggest Mistake Says PDP lost 2019 polls to ruling party’s fraud, eyes 2023 Former VP is nation’s messiah, says Adamawa governor Former Vice President Atiku Abubakar says the victory of All Progressives Congress (APC) in the 2015 general election was Nigeria’s biggest mistake. Atiku stated this on Saturday in Yola at an event, where prominent APC stalwarts defected to the Peoples Democratic Party (PDP). He urged Nigerians to reject APC in subsequent elections. Atiku also alleged that PDP lost in 2019 because APC perpetrated massive fraud at the polls. Nevertheless, the former vice president intensified consultations

for his 2023 presidential bid. Adamawa State Governor Ahmadu Fintiri described Atiku as the messiah the country had been waiting for. Reiterating that PDP lost the 2019 presidential election because of the massive fraud perpetrated by APC, Fintiri called on APC members to leave the party because of what he called the ruling party’s woeful performance in power. He said the mass defections from the ruling party signalled its coming interment. Atiku said, “We have done a

big mistake before by floating a party called the APC. But from today, I am calling on you, the Adamawa people, to leave your parties and join the PDP, because it is the future and the masses’ party. APC is Nigeria’s biggest mistake. “It was PDP that gave back life to Adamawa State after it was slayed by the APC, ushering the state into her present state of infrastructural development. Our schools are now better and our health institutions are in superb shape. I pray that this

event will mark the beginning of the internment of the APC.” During the event, prominent ex-members of APC, including a former Secretary to the Adamawa State Government, Kobis Thimnu, Chief Daniel Bwala, Sali Bodes, Umar Bello, Nedo Geofrey, and Philip Gutuwa, were received by Fintiri into the PDP. The governor assured the defectors of fairness and a level playing ground. Canvassing support for Atiku’s presidential aspiration, the governor urged stakeholders in the PDP in Adamawa State

to work round-the-clock to sell his candidature outside the state, insisting that Atiku was the messiah that Nigeria earnestly awaited. Last week, Atiku spent a huge part of the weekend visiting political associates in Oyo State. He wrote on his verified Facebook account, "This morning, I led a delegation on a courtesy visit to the Aare Musulumi of Yorubaland, Edo and Delta States, Aare Dauda Akinola, at his residence in Ibadan, Oyo State. "Today, in Ibadan, I paid a

MAY YOUR REIGN BE LONG... Ekiti State Governor, Dr. Kayode Fayemi (left) with the Olu of Warri, HRM Ogiame Atuwatse III, during the governor's visit to the monarch in Warri... on Saturday

India, Netherlands, Spain Emerge Top Export Destinations for Nigeria's Crude Oil 8.42bn barrels produced in 10 years Emmanuel Addeh in Abuja India, Netherlands and Spain have now filled the vacuum left by the United States as top buyers of Nigeria's crude oil, according to a document obtained from the Nigerian National Petroleum Corporation (NNPC) yesterday. The countries were part of about 56 countries, cutting across Western Europe, Oceania/Pacific, South America, North America, Middle East, Asia and Far East as well as Africa, which were favourite destinations for the commodity. The latest Annual Statistical Bulletin (ASB) produced by the national oil company showed that India led the pack of buyers of Nigeria's crude for the 2020 trading year with 107.89 million barrels, followed by Netherlands with 73 million barrels, and Spain with 70.4 million barrels. As some buyers turned their backs on Nigeria’s crude because it was more expensive due to its top quality, India and other countries had upped their hydrocarbons trade with Nigeria, the data obtained by THISDAY showed. Although successive Nigerian

governments had expressed their desire to diversify the country's economy, the oil sector still accounted for about 90 per cent of total exports, over 86 per cent of foreign exchange earnings and a paltry 9.61 per cent of its Gross Domestic Product (GDP). The data from NNPC further showed that apart from the top three consumers of Nigeria's oil, South Africa came a close fourth with 68.3 million barrels, Italy purchased 32.5 million barrels, while China bought a total 29.6 million barrels from the country during the period under review. Other countries listed as consumers of Nigeria's crude are United Kingdom with 24.3 million barrels, Cote d'Ivoire with 20.4 million barrels, France with 19.7 million barrels, Singapore which bought 19.4 million barrels and United States Gulf Coast with a cumulative purchase of 19.4 million barrels. Togo bought 17.3 million barrels, Portugal purchased 14.8 million barrels, Turkey's total transaction for the year was 18.1 million barrels, followed by Indonesia’s 17.1 million barrels.

Included also on the list of buyers were Germany, Sweden, Norway, Poland, Australia, Peru, Uruguay, Brunei, Vietnam, Malaysia and Myanmar. Brazil, a top oil producer, bought the least quantity of 266,264 barrels. Other Nigerian crude oil customers included Philippines, Thailand, Taiwan, Ghana and Senegal. In the year under consideration, 648.5 million barrels of oil were lifted with the highest percentage of 42 per cent going to Western Europe, 31.2 per cent going to Asia, 18.28 retained in Africa while 5.7 per cent went to North America. Furthermore, an analysis of Nigeria's 10-year crude oil production revealed that the country produced about 8.425 billion barrels during the period 2010-2020. A breakdown of the figures indicated that in 2010, 896 million barrels, the highest for the period, was produced, 866.2 million barrels was produced in 2011, 852.7 million barrels in 2012, 800 million barrels in 2013, 798 million barrels in 2014, and 773 million barrels in 2015.

In addition, 2016 saw the production of 666.7 million barrels, in 2017 it was 689.7 million barrels, it was 701.4 million barrels in 2018, 735.24 million barrels in 2019, while in 2020 Nigeria produced the lowest quantity of oil estimated at 644.36 million barrels. In terms of exploration activities, a total of 81 wells were drilled, including 76 development wells and five exploratory wells. But the activity was negatively affected by the COVID-19 pandemic that ravaged the world last year. Total crude oil and condensate production for the year was 644.3 barrels, giving a daily average of 1.76 million bpd, lower than the 2019 production by 12.36 per cent. Production by fiscal regime showed that Joint Ventures (JVs) contributed 208 million barrels, Alternative Financing (AF) contributed 68.8 million barrels, Production Sharing Contracts (PSCs) contributed 254.7 million barrels, Independents and the Nigerian Petroleum Development Company (NPDC) contributed 93.4 million barrels while marginal fields added 19.3 million barrels.

condolence visit to the widow of late Alhaji Ariyibi Adedibu, Alhaja Bose Adedibu, over her mother's death. May Allah grant the deceased Aljannah Firdaus and also shine His Noor on Baba Adedibu’s face. Ameen." Atiku had visited the PDP governors of Oyo, Rivers, Delta, Enugu, and Edo states, while on Saturday, he met with the governor of his home state, Fintiri. He had also been writing letters to his close associates, appreciating them for supporting him in the 2019 general election. In a leaked letter to Dr. Kola Jones Ademujimi c/o Hon. Fatai Adams Peoples Democratic Party, of No. 3, Bishop Fagun Road, Alagbaka, Akure, Ondo State, Atiku gave signs that he might give the presidency another shot in 2023. In the letter, dated June 29, 2021, Atiku expressed gratitude to members of PDP for their role in the 2019 elections and urged the party to gear up for the 2023 elections. He noted that the party had become better equipped than it was during the last presidential election, and urged members to team up towards a new political and economic order that would radically reinvent the country. The letter to the Ondo PDP chieftain read, “It is with utmost respect that I convey to you, my deep appreciation and profound gratitude for the overwhelming support and massive electoral votes cast to support our party, the Peoples Democratic Party (PDP), and my candidature for the President of the Federal Republic of Nigeria during the 2019 general election. “Now, we are better equipped, and all our compatriots must team up today towards a new political and economic order that should radically reinvent our beloved country. “We are fully prepared to work in synergy to restore hope, pull Nigeria back from the brinks and relive the patriotic spirit of our founding fathers! I believe that together, we would rebuild our broken fences, mend our cracked walls, restore hope, and return Nigeria to the path of greatness again. Surely, we can, and we must.”

NTDC Boss Advocates Use of Digital Technology The Director-General, Nigerian Tourism Development Corporation (NTDC), Mr. Folorunsho Coker has stressed the need for stakeholders in the tourism industry to collaborate in order to drive the growth of the sector. Coker said this at the opening of the South-south Tourism Stakeholders’ Forum in Calabar, last week. The meeting organised by Coker with stakeholders from Akwa Ibom, Bayelsa, Cross River, Delta, Edo and Rivers States, held in Calabar. It was meant to brainstorm on the way forward in the sector amid COVID-19 and security challenges The theme of the forum was: “Use of Digital Technology to Revamp the Tourism and Hospitality Industry Amid Covid-19 and Security Challenges in Nigeria.” Coker said the time had come for actors in the tourism and hospitality industry to stop competing with one another and embrace collaboration to move the industry forward. “This is the season of collaboration not the season of competition. In this season of technological advancement, stakeholders should collaborate rather than compete,” he said. He further said the sector was the worst hit since the advent

of the coronavirus, noting, “the Bureau of Statistics reported that Nigeria recorded a trade deficit of N7.38 trillion in year 2020. The highest we have recorded since 1981.” According to him, the COVID-19 pandemic has created a unique opportunity for advancement by accelerating the deployment of disruptive technologies to make work and living easier. He said, “the development of digital tools and smart apps are already transforming the tourism value chain. Popular tech apps like Uber, AirBnB, Bolt, Aura, Hotels. ng and Instagram’s digital tourism pages are changing old narratives and creating new user-friendly experiences for intending travelers and tourists.” He observed that there was a disconnect in the tourism policies between the federal, states and local governments in terms of participation in tourism development. He attributed the gap to tourism laws, and stressed the need for a new legal framework for the sector. “Tourism begins at the local government, so, we need active participation of the local governments for tourism to thrive, “ he said.

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NEWS

ANOTHER GLAMOUR MAGAZINE... L-R: Chief Executive Oﬃcer, Vivianlam Glamor Magazine, Ms. Vivian Lam; Nollywood actress, Tonto Dike; President, Guardians Of The Nation International (GOTNI), Mr. Linus Okorie; another actress, PHOTO: KINGSLEY ADEBOYE Regina Daniel-Nwoko and a businessman, Chief Obi Cubana, during the inauguration of Vivianlam Glamor Magazine in Abuja...recently

Report: Nigeria Still Poverty Capital of the World Peter Uzoho Nigeria has maintained the infamous position as the poverty capital of the world, with 93.9 people in Africa's most populous country currently living below the poverty line. Managing Director, Financial Derivatives Company (FDC) Limited and a member of President Muhammadu Buhari’s Economic Advisory Council (EAC), Mr. Bismarck Rewane, has stated. Quoting a World Bank data, Rewane, in a presentation at the monthly Lagos Business School’s economic breakfast meeting for September 2021, stated that seven million Nigerians fell into extreme poverty in 2020. The report was titled: “Re: Growth Spikes (5.01 per cent), But People are Hungry?” Nigeria, with its 200 million plus population, was first declared world's poverty capital in 2018 in a report by the Brookings Institution, knocking off India from the position. The report had then stated that the number of Nigerians in extreme poverty increases by six people every minute. The Brookings Institution's report had stated in 2018, “At the end of May 2018, our trajectories suggest that Nigeria had about 87 million people in extreme poverty, compared with India’s 73 million. What is more, extreme poverty in Nigeria is growing by six people every minute, while poverty in India continues to fall." Rewane pointed out in the latest report that the Petroleum Industry Act (PIA), which is in the process of being implemented, would have minimal impact on new investments in the downstream sector of the Nigerian oil and gas industry. He based his projection on the fact that petrol subsidy was still in existence, despite the deregulation of the downstream sector by the PIA, coupled with investors’ on-going transition towards investments in renewable and clean energy. The EAC member said, “Implementation of the PIA to continue but subsidies will remain. Minimal impact on new

investments in the downstream sector as investors’ transition towards investments in renewable and clean energy.” Although, deregulation of the downstream petroleum sector is among the provisions in the PIA, the federal government has ruled out immediate removal of petrol subsidy pending when an alternative to petrol is made available. In his fiscal policy outlook, the economist stated that public finance deficit would remain in its N5.6 trillion for 2021, adding that oil revenue would be insufficient to meet the country’s expenditure needs. Predicting that tax revenue would be undermined by widespread evasion and a large informal sector, he further said the federal government’s debt burden would intensify as ways and means advances climb. Ahead of the next Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) slated for September 20 and 21, 2021, Rewane predicted that the committee would likely bring down Monetary Policy Rate (MPR) commonly known as the benchmark interest rate by 0.5 per cent to 11 per cent. This, he said, would be supported by sustained positive growth rate (5.01 per cent) and continued moderation in inflation rate (16.8 per cent in August), while other interest rates would remain constant. He further forecasted intensified efforts toward convergence of the exchange rates and the reduction of the parallel market premium. However, Rewane pointed out some positive developments that could make Nigerians cheer, including the fact that the value of transactions across e-payment channels increased by 46.24 per cent in the second quarter (Q2) of 21 to N72.39 trillion from N49.5 trillion recorded in Q2’20. They also include the climbing of the Federal Allocation (FAAC) disbursements by 3.76 per cent to N760.7 billion from N733.1 billion in July. Others are vessels awaiting berth sharply down by 68.75 per cent to five in Lagos ports

from 16 in July; as well as the signing of the PIB into law. Added was that the MediumTerm National Development Plan (2021- 2025) would be unveiled in October, 10 months after the expiration of the Economic Recovery and Growth Plan

(ERGP) (2017- 2020). Also included as part of the positives was the increasing of dollar supply to commercial banks by 200 per cent by the CBN. However, on the negative side, the FDC boss listed some

developments that should worry Nigerians, including the falling of total capital importation to $875.62 million in Q2’21, from $1.91 billion in Q1’21, and the crashing of the parallel market rate to N526/$ on Foreign Exchange (FX) supply shortages.

Commenting on inflation, he said, “While we expect inflation for August to fall again to 16.8 per cent, the impact of insecurity, exchange rate pass through and higher energy costs could exacerbate inflationary pressures.”

Doctors' Strike: FG Gives Conditions to Withdraw Suit Before Industrial Court Insists on implementing 'no work, no pay' policy

Deji Elumoye in Abuja The federal government has expressed its readiness to withdraw the suit it instituted at the National Industrial Court against the striking Resident Doctors, if the doctors return to their duty post. It also insisted on implementing the 'no work, no pay' policy against the striking doctors, saying it is a global practice which is also captured in Section 43 of the Trade Dispute Act under the International Labour Organisation (ILO). This is just as President Muhammadu Buhari and the Minister of Labour and Employment, Senator Chris Ngige have taken a review of the nation's health system. Speaking with newsmen at the State House, Abuja, at the weekend, after meeting with President Buhari, Ngige said the 12-point demand of the Nigerian Association of Resident Doctors (NARD) have been met. He, however, noted that government would not be arm twisted by the striking doctors not to follow the global standard. The Minister who is the Conciliator-in-Chief of the federal government said he was in the State House to discuss the state of the healthcare system industrial disputes with the president. He said: "As you well know, the resident doctors are still on strike, their strike has now entered the 33rd day today. Meanwhile, government is doing everything possible to make sure they get back to work. “Out of their 12-point issues

raised in their demands, we have done all, we have come to agreements on all, including those that even affect the Medical and Dental Consultants Association of Nigeria and medical doctors who are in academics and teaching universities. "So, we have handled all, the only point of disagreement now is that they said that the agreements and the memorandum of action, government should inserts, include that Section 43 of the Trade Dispute Act will not apply to them. That section says that when a worker withdraws his services from his employer, the employer is at liberty to withhold payment of emoluments to him and the ILO principles at work and strike said you can use that money to pay other people you have engaged in that particular period of strike. "So, you have a right to strike, but your employer has also the right to withhold your emolument. More importantly, in other climes, before unions go on strike, by that principle, they discuss with their workers and bring out what they call strike funds and it's from that strike funds that the union will use to pay the workers have gone on strike.” According to the minister, “they will also agree on the number of days the strike will last. That's why overseas and in other climes, you don't see strikes getting more than three days or four days or five days, highest and more importantly again, people on essential services, medical services, in particular,

where you can lose live, they don't go on strike any anyhow. They only do picketing and things like that, because people's lives are involved." The Minister emphasised that government had before now applied the 'no work, no pay' rule on some unions that embarked on strike. According to him, "So, this is where we are with them and we are saying that even if anybody cares to put it in any agreement, that clause will be void ab initio because it’s against the law of the land and we will not, as a government, succumb to undue arm twisting and then go and sign that. “Other workers have lost their pay during strikes; the Joint Health Systems Union JOHESU), they lost their pay in 2018, when they went on four months strike, they lost about two or three months’ pay when the no-work, no-pay was invoked. "Academic Staff Union of Universities (ASUU), no-work, no-pay applied to them. Nobody paid them anything for six months and it was during COVID-19. So, we can handle things administratively, but nobody should arm-twist. "I briefed Mr. President and we’ve agreed that they should come back to work and if they come back to work, we can take other things from there; we'll drop the case in court and then they will come back and get things done. "The Salaries, Incomes and Wages Commission, in conjunction with the Office of the Head of Service, had a meeting and they

are jointly going to do a circular that will be issued for Salaries, Incomes and Wages to reiterate that the House Officers and Youth Corps doctors are still on CONMES scale, one and two respectively. So, I think we are doing the implementation. "Also, from the monitoring meeting we did this morning, Ministry of Health has gotten the list of doctors who supposedly are to benefit from the Medical Residency Training Fund. Total submission of about 8000 names were gotten and the Ministry of Health is scrutinising them, we have done the first round or scrutinization and they will now compare what they have with the Post-Graduate Medical College and the Chief Medical Directors who submitted the names. "The Association of Resident Doctors, in each of the tertiary centres, worked with the CMDs to produce those names, but now that the names are being verified, we discovered that about 2000 names shouldn't be there because they don't have what is called Postgraduate Reference Numbers of National Postgraduate Medical College and (or) that of the West African Postgraduate Medical College. "So, this is it and that is the only thing holding back the Residency Fund payment because it is there already for… incurred expenditure has been done by the Finance Minister and an it’s in the Accountant-General's office. So, once the verify they authenticity of those they are submitting, the Accountant-General will pay.”

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 6, 2021

COMMENT

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

CONTAINING THE BLOODBATH IN BENUE Carl Umegboro writes that Samuel Ortom should pursue peaceful measures to secure the peace

he killings in Benue State must not continue unabated. The incessant massacres and destruction of possessions, be it ethnic, religious or politically-motivated must stop. Human lives cannot continue to be wasted. Many families have lost loved ones including parents and innocent children to these heinous crimes against humanity. Over time, Benue State governor, Samuel Ortom has always criticised President Muhammadu Buhari on account of the herdsmen who are mostly of Fulani stock, the president’s ethnic nationality. Observably, these have become the governor’s visible actions to the endless violent disturbances. Meanwhile, the helpless people under his watch are on regular basis butchered or gunned down by their rivals. The negligence leaves much to be desired. Measuring from Section 14(2)(b) of the 1999 Constitution as amended, which provides that “the security and welfare of the people shall be the primary purpose of government”, the governor has failed in his duties to protect lives and property in his domain. A leader must be proactive. There’s no strong excuse that can justify the endless horrible scenes in Benue. Propagandas can wait. A state governor must take charge and ensure that the territory is calm and secure at every point in time. President Buhari had charged governors to take charge in their domains. Remarkably, Kogi State which is adjacent to Benue had earlier witnessed similar ugly scenes but the governor, Yahaya Bello sat down and fashioned a lasting solution that successfully tamed the regular violence in Kogi. The governor convened a stakeholders meeting involving warring groups, set up a joint committee involving hostcommunities, farmers and herdsmen with powers to monitor activities and control excesses to prevent retributive or retaliatory violence which usually escalates losses in the area. With the joint committees in place, any person be it from the host-communities, farmers or herdsmen that violate the rules will be sanctioned and made to pay for damages after evaluation by the committees. Among the rules is that if a cow enters a farm and cause any damage, the farmer is expected to report to the committee, and not to retaliate by attacking the cows or herdsmen. As soon as the committee establishes the allegations, the damage will be evaluated for the owners of the cows to pay to the farmers without delay. By this mechanism, anyone taking laws into his hands from any sides will also be sanctioned accordingly. And it has worked excellently. Instructively, former US President, Ronald Reagan once said, “Peace is not absence of conflict, it is the ability to handle conflict by peaceful means”. Similarly, an American political theorist, Saul Alinsky said, “Change means movement. Movement means friction. Only in the

PEACE IS NOT ABSENCE OF CONFLICT, IT IS THE ABILITY TO HANDLE CONFLICT BY PEACEFUL MEANS

frictionless vacuum of a nonexistent abstract world can movement or change occur without that abrasive friction of conflict.” Likewise, Lawrence Butler, a US Ambassador to the Republic of Macedonia from 2002 to 2005 in a remark said, “If war is the violent resolution of conflict, then peace is not the absence of conflict, but rather, the ability to resolve conflict without violence.” Putting these remarks together, they point to one direction - conflict is inevitable in human existence, and occurs in all levels of human society – at home, across ethnic groups, business relations, amongst others. In other words, it’s difficult to eliminate differences considering that each person has his thoughts in all cultures, races and societies. Suffice to say that oversights of Benue government in controlling the conflicts amounts to weakness and a failure of the administration. It makes no sense that people that elected the leaders are frequently sent to their early graves and the governor who is the chief security officer of the state only stands by to attack the president as if the dead bodies can be revived afterwards with the blusters. The constitution proactively empowers governors with security votes. Perceptively, it has become a pattern of politicians particularly public office holders that are bereft of ideas to resort to verbal attacks to divert attentions. This was abundantly witnessed during the tenure of Ayo Fayose as Ekiti governor. All that the people got from the administration was name-calling – ‘clueless, damaged brain’, or whatever came to his mouth and mind. No significant impact or accomplishments for the state throughout the period. Again, many have called for absolute ban of open-grazing on account it is antediluvian and promotes ethnic crisis in the society. Admitted, that’s a good idea and supports civilization. However, it can realistically succeed by gradual process and not immediate ban as cattle-rearing has existed for centuries and become a livelihood to some persons. Some grew up as herders, thus, instant ban without adequate planning and reorientation may not succeed considering that herders are nomadic; moving with cattle from one location to another through the bush without even knowing when they cross boundaries. In other words, Bello’s approaches in establishing ethnic-based conflict resolution committees in Kogi for a lasting peace between host-communities and herders are worthy of emulation. The attacks against presidency cannot birth a solution but escalate the crisis. Ortom must therefore strategically change approaches for a lasting peace in Benue. Ditto for Plateau and other states constantly facing ethnic and religious crisis that always results to bloodbath. People’s lives matter. Umegboro, ACIArb is a certiﬁed arbitrator is a public affairs analyst

THE PIA AND GAS AS TRANSITION FUEL Ogbugo K. Ukoha canvasses a 30-year transition from crude oil to renewable energy

he global movement towards cleaner energy sources continues to put pressure on fossil fuel reliance. Nigeria is Africa’s largest producer of crude oil and gas with over 183 trillion cubic feet (TCF) of proven gas reserves. The Petroleum Industry Act 2021 (PIA) establishes, amongst other funds, the Midstream and Downstream Gas Infrastructure Fund. What will be Nigeria’s future energy mix given the global outlook? Should Nigeria abandon its huge reserves? And how does the fund align with this future? This article answers these questions by proposing the adoption of gas as Nigeria’s transition fuel. To give context, it is important to first explain - “Transition”, “Natural Gas” and “Energy Mix”. Transition generally means changing from one condition to another. It implies both a process and timing. The initial and end conditions as well as the process should be finite. Natural gas is a non-renewable hydrocarbon that can sometimes be associated with crude oil. It is used for electricity generation, heating, transportation and cooking. It is also a feedstock for manufacturing fertilizer, urea and plastics. Energy mix on the other hand is simply how various countries combine the primary sources of energy – fossil fuels, renewables and nuclear. The big minus with fossil fuel is its emission of carbon dioxide which adversely changes the climate. Coal’s emission is nearly double of natural gas whilst crude oil emits 30% more than gas. Gas is therefore the cleanest of the fossil fuels. Renewables include solar, wind, hydro and biomass, all with a net zero carbon emission although some of the supporting components like batteries are made from fossils. Nuclear is clean but then it is the most dangerous and radioactive energy source when accidentally exposed. The Fukushima Daiichi nuclear disaster is a classical example. To better protect the earth, the United Nations in 2015 declared 17 Sustainable Development Goals (SDG). In particular, SDG 13 seeks urgent action in combating climate change and its impacts. This requires that economies shift towards carbon neutrality in order to arrest the increasing greenhouse gas emissions. Accordingly, 196 countries adopted

the Paris Agreement in December 2015 with the aim of reducing global warming to well below two degrees Celsius by 2050. The implementation of the agreement demands infrastructural and cultural transformations which is why it provides a framework for financial, technical and capacity building support amongst countries. It invited countries to formulate and submit by 2020 long term low greenhouse gas emission development strategies as well as Nationally Determined Contributions (NDC) that will be upwardly reviewed every five years. As the world races towards a net zero carbon emission, various countries have projected different timelines. The fastest identifiable group are countries whose energy mix are already less hydrocarbon dependent and these are considerably European. The second category comprises the most industrialised countries that are the highest emitters led by China, USA, India, Russia and Germany with their reluctance to abandon their coal deposits. The third category are developing countries whose low development indices cannot realistically match the timelines set by the first group. For instance, Sweden, targeting 2045, is looking to become one of the first net zero countries in the world. It has a population of 10.4 million which in contrast to Nigeria is less than half of the population of Lagos Metropolitan Area. Sweden’s GDP (nominal) per capita and human development indices rank 12th and 17th globally, respectively. Sweden enjoys nearly a 100% electricity coverage with an energy mix that is dominated by hydro and nuclear sources. It is home to global brands such as Volvo, Ericsson and IKEA. In comparison, Nigeria ranks very high both in global population and poverty. She currently has less than 50% electricity coverage and over 70% of her electricity generating assets are thermal, that is gas-fired, whilst the rest are hydro-powered. There is no doubt that the objective of the SDG13 and the Paris Agreement is both aspirational and commendable, but clearly, Sweden to Nigeria in relation to timelines is incomparable. Therefore, in considering a change in Nigeria’s energy mix from a high reliance on crude oil to pre-dominantly renewables, this contribution suggests a 30-year transition during

which Nigeria deliberately optimises its natural gas. To achieve this, three imperatives are suggested. First, Nigeria should lead the advocacy for special global consideration for fossil fuel rich developing countries such as Nigeria. To better understand the efforts towards meeting the long-term goals, it is suggested that the Paris Agreement’s 2024 Enhanced Transparency Framework should be preceded by an evaluation of the support from developed nations to developing nations envisaged by the treaty. Without such support, the NDCs of those countries will remain unrealistic with illusory net zero timelines. Secondly, the recently passed Petroleum Industry Act 2021 that prioritises gas usage must draw the right lessons from what is generally agreed to be the main failure of the Electricity Power Sector Reform Act 2005 (EPSRA). The power sector has failed to attract the necessary investments because recovery of cost is not assured through the combination of electricity prices that are not cost reflective and the poor guarantee on payment across the value chain of generation, transmission and distribution. Private investment decisions are predicated upon the assurance of a return on investment. In implementing the PIA, it must therefore become an over-aching priority to de-risk the whole gas value chain from upstream, midstream to downstream. The good news is that the PIA has already set out, in comparison to the EPSRA, a pathway that offers certainty in gas price. This must be complimented by instilling financial discipline that guarantees payments within the industry. The transportation of gas, especially, is capital intensive because of the temperature and pressure requirements which is why investors must from the beginning be assured of payments down the stream. Without such a comfort the sector will fail to attract investments in an industry that is already characterised by a stiff competition for capital. In this context, Section 52 of the Act establishes a Midstream and Downstream Gas Infrastructure Fund from 0.5% of both petroleum and natural gas sold wholesale. The fund will be deployed as equity investments in midstream and downstream operations infrastructure that aims to increase domestic consumption of gas in Nigeria and encourage private

investments in selected high risk projects as well as reducing or eliminating gas flares. Finally, a number of micro recommendations is pertinent to the Nigerian gas sector. Even though granular, they combine into a forceful variable in the successful optimisation of gas and the following mapping of the industry discloses these. The midstream, which spans refining and transportation, has in particular remained the least developed in Nigeria’s Oil & Gas value chain with a huge market potential for both revenue and employment. The Nigerian gas market is segmented into three: the power sector; the gas-based industries; and commercial customers. The under-performing power sector, even with the availability of natural gas, is regrettably characterised by evacuation issues, that is, in addition to the already discussed glaring matter of cost recovery. The transmission capacity of the national grid remains grossly inadequate. As an alternative, embedded generation for captive markets is beginning to gain increased consideration. The overall good news is that the electricity generating assets are substantially plugged into available gas supply and that if these other issues are mitigated then Nigeria can see electricity generation, transmission and distribution at installed capacities. The Nigerian gas-based industries have the highest market growth potential. Currently, Nigeria produces about eight billion cubic feet (BCF) of natural gas daily. The Nigerian LNG Bonny receives roughly 4BCF that is 50% of the daily natural gas production. The Bonny LNG currently has six operational trains and represents the nation’s most strategic investment since the nineties. 2.5BCF of produced gas is re-injected back. 1.4-1.6BCF is used by other industries as well as for domestic use. About 600MMCF of natural gas is flared. One of the industrial off-takers of the 1.4-1.6BCF is Notore which is the earliest Nigerian manufacturer of fertilizer and requires 30MMCF of gas daily. Indorama Petrochemicals with two operational trains and Dangote Fertilizer’s second train also in view each require 200MMCF of gas daily as feedstock. Ukoha is Energy Law & Management Consultant

T H I S D AY • MONDAY, SEPTEMBER 6, 2021

EDITORIAL

ADDRESSING NEGLECTED TROPICAL DISEASES There is urgent need for mass enlightenment on tropical infections

ealth Minister, Osagie Ehanire, recently raised the alarm that 122 million Nigerians were at risk of neglected tropical diseases (NTDs), a diverse group of viral, parasitic and bacterial diseases that afflicts mainly the poor. Nobody seems to have paid much attention to him. Yet the implication is that at least one in every two Nigerians risked contracting NTDs. With little over 500 million people on the continent said to be at risk of the public health concern, Nigeria’s 25 per cent of the indices is a huge global burden, especially as the number of those at risk increases every year in the country. Neglected tropical diseases are overlooked infectious ailments grouped together due to their often chronic, disfiguring, and stigmatising impact and their close association with poverty and geographic overlap. At least 15 of the World Health Organisation (WHO) designated 20 NTDs are present in Nigeria, including Trachoma, NATIONS ARE NO (granular conjunctiLONGER RATED BY HOW vitis), Onchocerciasis, (river blindness), DEEP THEIR FINANCIAL RESERVES ARE, OR HOW Lymphatic FilaGREAT BRIDGES AND TALL riasis, (elephantiasis), BUILDINGS ARE. THEY ARE Schistosomiasis (parasitic worms), RATED BY THEIR HUMAN Leprosy, Snakebites CAPITAL DEVELOPMENT yaws, Rabies and WHICH INCLUDES THE Buruli ulcer. AccordHEALTH OF THEIR PEOPLE ing to the United Nations Children’s Fund (UNICEF), these diseases have significantly caused illnesses and deaths chiefly among the vulnerable or disadvantaged Nigerians. It has also impacted negatively on families and the society. Reports have shown that 20 per cent of those affected or at risk in Nigeria are of pre-school age while 28 per cent of them are between ages five to 14

years. The remaining 52 per cent are adults from 15 years and above. On speciﬁcs, 119.8 million Nigerians are at risk of ﬁlariasis, a disease that affects the lymph nodes and vessels, and 51.4 million by river blindness. These diseases and more, Ehinare has argued, devastate not only the affected persons but also leave their families miserable.

I T H I S DAY EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

T H I S DAY 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, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGED ENGBE 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

t is good that the minister of health has acknowledged the prominence of NTDs and the devastation they are causing in Nigeria. We must, however, go beyond noting these otherwise overlooked public health issues. The nation must now focus on addressing them head on just as it is presently doing with HIV, Malaria, Tuberculosis, Cholera as well as COVID-19. For a start, all levels of government should include NTDs sensitisation in their programmes, as ignorance has been fingered as the major factor fuelling the rise of the scourge. Most Nigerians do not know how to prevent themselves from NTDs or how to manage them properly. Stakeholders must make this a priority, especially in rural and hard-to-reach areas where this is concentrated. Just like Malaria and Tuberculosis, governments (both local, state, and federal) should provide significant budgetary allocations for tackling NTDs. The gains made in addressing other known health issues could come to nothing if NTDs are wreaking havocs. It is time stakeholders knew that nations are no longer rated by how deep their financial reserves are, or how great bridges and tall buildings are. They are rated by their human capital development which includes the health of their people. Although Ehinare said the country has been making efforts to contain the scourge of NTDs, he has not highlighted those measures even when the picture he painted of the challenge was of crisis proportion. Therefore, what Nigerians expect is not only a lamentation about the current situation but rather what the minister intends to do to change the unfortunate narrative.

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KADUNA ELECTIONS: WHY EL-RUFAI LOST POLLING UNIT

ne of the best performing governors in Nigeria is Mallam Nasir el-Rufai. So far, he is the best Governor of Kaduna State in recent times. However, Mallam lost his polling unit and ward in the Saturday, September 04, 2023, local government elections conducted by the Kaduna State Independent Electoral Commission. Governor El-Rufai voted at Unguwan Sarkin polling unit 001 in Kaduna North LGA of the state. Mohammed Sani, the presiding officer, announced the final results: Unguwan Sarki Ward 007 Kaduna North Chairmanship, the Peoples Democratic Party (PDP) scored 1,235 votes while the ruling All Progressives Congress (APC) scored 948 votes. For the councillorship position PDP garnered 1,405 votes while the APC was behind with 804 votes. The election witnessed low voter turnout and challenges in some polling units as the wrong machines were deployed. El-Rufai himself expressed disappointment about the low turnout of voters in the council polls. He said: “What worries me is that I noticed that people didn’t turn out much.” This could be one of the reasons the APC did poorly at Governor El-Rufai’s unit, the party may say. The big questions are: Why should a performing governor’s party be rejected by the people at the governor’s polling unit? Why should a performing governor lose at his polling unit and ward? Are the people angry with the governor, his party, including his government? Are the people not happy with the way the beautiful Kaduna Urban Renewal is being handled? Is the current insecurity the state is witnessing a major factor? Is it the issue of the sack of workers? Is the Kaduna State government out of touch with the common people? There are a lot

of questions that require answers, because the result from El-Rufai’s polling unit and ward is a big political statement from the people to the governor, his government and party. Some political pundits are of the view that Mallam El-Rufai’s major error is that his government is not doing well in balancing policies, development and politics. The pundit further said this is a reminder that development in a poor society must and should always consider the people’s survival, first. An example was the former governor of Adamawa State, Muhammadu Umaru Bindow, who did very well in constructing roads, bridges and hospitals, but the people denied him and his party the APC a second term because Bindow failed in the area of workers’ salaries and human development. Nevertheless, El-Rufa’i is still the best governor Kaduna State has had so far. APC may go on to win the majority of the local government councils as the results come it, but some pockets of the results have given the opposition more strength to fight more and take advantage of areas the government is lagging behind. One simple example is how one of the governorship hopeful Hon. Ahmad Tijjani Umar is smartly mobilization the youth and building bridges while taking advantage of the government’s weak areas. And it seems it is working well for him and his party in terms of winning support from the common people. Governor El-Rufai should be commended for conducting a free and fair election and using modern technology to advance democracy. Furthermore, the results at the governor’s polling unit and ward have given the governor some clues and the need for readjustments in future politics. Zayyad I. Muhammad, Abuja

GOVERNMENTS ARE NOT ALWAYS SANE

n this time of great upset there is still one reliable source of humour, government bureaucrats. Australia has a Permanent residency visa process including a family stream that allocates 5000 places for parents. In years when there are more than 5000 applicants they go on a waiting list for their application to be assessed. A 93-year-old father, Zack Krouse, who applied in 2014 has just been told that his application will be processed in 2064 as the waiting list is quite long. He would be 133 years old by then so it is unlikely that he will be able to contribute to Australia’s economy and thus his application may be knocked back. There should be a more rational way of running the world than letting people follow rules without thinking about them. We need a more rational world so that we can beat COVID, then work on climate control and maybe try to stop all of the arguments between countries that lead to so many deaths and refugees. Maybe if we made all of our bureaucrats work from home without access to zoom or the internet the world would be better or at least saner. These are not laughing matters. Dennis Fitzgerald, Melbourne, Australia

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY SEPTEMBER 6, 2021

POLITICS

Group Politics Editor NSEOBONG OKON-EKONG Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

M O N D AY D I S C O U R S E

How Hurricane Uba is Sweeping Through Anambra Senator Andy Uba, governorship candidate of the All Progressives Congress in the November 6 gubernatorial election in Anambra State, may have a hand in the gale of defections that has depleted the opposition parties in favour of the ruling APC, writes David-Chyddy Eleke

Umeoji

Uba

he major political parties in Anambra State; the All Progressives Congress (APC), All Progressives Grand Alliance (APGA) and the Peoples Democratic Party (PDP) are experiencing an enduring season of crises as a result of the selection process for their governorship candidates. All the parties have not quite overcome , period of anomy, through they are stoutly carrying on with the exercise, not knowing what the courts may decide. Various persons within and outside these political parties have sought intervention from the judiciary to decide if their governorship selection process strictly followed the books. Also the Independent National Electoral Commission (INEC) has set an early date next month, October to publish the final list of candidates. The November 6 governorship election in the state is highly anticipated by different stakeholders in the state and the country, at large, expectedly causing many upheavals. The APC is not an exception to many troubles in the wake of the governorship primary of the political parties. In the PDP, the choice of Mr Valentine Ozigbo was a source of rancour that led to the exit of some of his fellow contestants from the party. Some dissatisfied erstwhile members of the PDP like Dr. Godwin Maduka and Dr. Obiora Okonkwo have moved to Accord and the Zenith Laboir Party (ZLP) respectively to actualise their governorship ambitions, the APC continues to receive an increasing number of former members of the APGA and PDP into its fold. To make matters worse, another faction of the PDP elected Senator Ugochukwu Uba as its candidate. Though the court has finally settled for Ozigbo as the authentic candidate, the Ugochukwu Uba faction remains a sore irritant to the PDP

in Anambra State. For the All Progressives Grand Alliance (APGA), the confusion about the candidate of the party has partly been resolved by the court too, with former Central Bank Governor, Prof. Chukwuma Soludo finally enlisted by the Independent National Electoral Commission (INEC) as its candidate, but not without distraction from aggrieved party members, most of who are still complaining about the process that threw up Soludo as the candidate. A factional candidate of the party, Hon. Chuma Umeoji has already moved to the Supreme Court to contest Soludo’s candidacy. While this is happening, some prominent members of the party are also leaving to APC. The APC also has its fair share of the crisis that trailed its governorship. Of the 13 aspirants that went into the contest with Uba during the party’s primary election, at least 11 of them converged one day after Uba emerged as candidate, to disown the process. They said no election was held anywhere in the state, and that the announcement of Uba as winner of the primary by the

Governor Dapo Abiodun of Ogun State-led primary election committee was not acceptable. However, the unique thing about the party is that its leadership was able to pacify all involved, to the extent that the party has today accepted Uba as its candidate, and working towards delivering him at the election. Save for two of its former aspirants who moved to other smaller political parties to continue their quest for the governorship, the APC, has relatively remained intact, with little or no record of defection, as it has been seen witnessed in other political parties trying to manage angry contestantswho lost their bid for Governorticket of their political parties. As the date of the governorship contest draws near, there is no doubt that Uba is poised for victory in the election. Imediately after the governorship primary, Uba had begged his co-aspirants to join him to enable the party achieve the task of taking power in the state. Speaking with journalists, he said, “I can’t go on this journey alone. This campaign cannot be achieved with a divided

There is a staunch believe in the state that either by hook or crook, Uba is set to capture Anambra State. While Uba’s supporters believe he will win fairly because of his popularity, supporters of other political parties believe that he can never win in a fair election, and that if he ever wins, then it is by crook

Ozigbo

Ugochukwu Uba

T H I S D AY ˾ MONDAY SEPTEMBER 6, 2021

MONDAY DISCOURSE

Maduka

camp. I plead with all today that we come together to achieve our collective victory. It was a free and fair contest and by the grace of God, I emerged victorious. “I extend a hand of fellowship and brotherhood to all the brave and qualified men, who contested this election with me. I ask you to join me to walk this road to victory. I have been in your shoes several times, where I was not lucky and I joined the victor to try to achieve victory for our party. I implore you to please join me as I recognise that I cannot go on this journey alone. Some may say that it is not easy to be magnanimous in victory, but I declare today that the victory that bears my name is our collective victory. I reach out to all, to please join this crusade for eventual victory in November. There is strength in unity; we will walk away from all divisions that have stunted our development and prevented us from our collective dreams.” Having partially achieved the cooperation of his party members, Uba may have gone full blast, moving into other parties to poach their members. A known taciturn and silent mobiliser, Uba is believed to have a hand in the rancour bedeviling APGA, as regards its quarrelling governorship candidates. THISDAY gathered from sources in APGA that Uba may be the unseen hand engineering the various moves of Umeoji, who has become a serious problem to the party. Defection Gale The hand of Uba has also been seen in the recent defections by members of both APGA and PDP. Members of the APC have attributed the defections to Uba’s charm, magic wand and popularity, while others attribute it to his clandestine activities. The chairman of APC in Anambra State, Mr Basil Ejidike while briefing journalists at the state party secretariat in Awka disclosed that two serving senators in the state were set to join the party from PDP. It was believed that the two senators mentioned were Senators Uche Ekwunife and Stella Oduah, but the leadership of PDP quickly moved in to stop them. Ekwunife who was a governorship contender was named the chairman of the PDP campaign council, in what looked like a desperate attempt to keep her. She also alluded to this much during the inauguration of the campaign council, when she assured everyone that her commitment was total and that she would do all to deliver Ozigbo. She urged members of the council to give their all, saying - “as for me standing here today, ‘they’ know what it took them to get me.” A member of the PDP’s Board of trustees, Senator Joy Emordi was the first to decamp to the APC in an elaborate ceremony attended by the APC national leadership. Despite the move to placate Oduah, she has moved over to the APC, pledging to work for the party and remain a loyal member. Many believe that her change of party was engineered by unseen hands, who reminded her of her ‘unfinished business’ with the Economic and Financial Crimes Commission (EFCC), where she still has charges of corruption against her.

Stella Oduah

Okonkwo

Others will rather give the credit for Oduah’s switch of political loyalty from the PDP to the APC to the unseen hands of Uba. In APGA, the news of the defection of six members of the House of Assembly in far away Abuja into APC was not a surprise to Anambra people. The members are; Hon. Nonso Okafor representing Nnewi North; Hon. Timothy Ifedioramma representing Njikoka 1; Hon. Cater D. N Umeoduagu representing Aguata 1; Hon. Lawrence Ezeudu representing Dunukofia; Hon. Arthur Chiekwu representing Idemili North and Hon. Edward Ibuzo, representing Onisha North 2. Receiving the defectors at a brief event on Tuesday evening in Abuja, Chairman APC Caretaker Extraordinary Convention Planning Committee (CECPC) Governor Mai Mala Buni restated the party’s determination to win the Anambra governorship election, which informed the zeal in engaging critical stakeholders in Anambra State. Buni said: “Loking at what is happening, especially now that prominent and serving state lawmakers have started joining, the grassroots is moving and Anambra people are moving to the APC.” The defectors described the APC as the preferred party and promised to mobilise support towards victory in the November 6 governorship polls. To add colour to the brief event held at Imo State Governor’s Lodge, Abuja, Governors of Imo, Lagos, Osun and Kogi as well as top members of the party in Anambra State were in attendance. Arinze Igboeli, a staunch APC supporter and South-east Media Director of the party while mocking APGA, attributed the large acceptance of APC in Anambra to Andy Uba’s magic wand. He said, “For years, our party (APC) has never produced even one member of Anambra State House of Assembly, but immediately we made Andy Uba our candidate, we now have six lawmakers in the state. Andy Uba is highly accepted.” Fear of Uba Everywhere Already, there is a staunch believe

in the state that either by hook or crook, Uba is set to capture Anambra State. While Uba’s supporters believe he will win fairly because of his popularity, supporters of other political parties believe that he can never win in a fair election, and that if he ever wins, then it is by crook. The APGA has already raised the alarm, insisting that he was working hard to lure more people out of their party. The National co-ordinator of APGA Media Warriors Forum, Chinedu Obigwe in a recent press release said four serving Anambra State Commissioners and 12 lawmakers were offered N300 million to defect to the APC as well as destabilise the state. He said: “There is information on how the six saboteur lawmakers, four serving commissioners and others were lured with N300 million by Andy Uba to be part of the evil plot to set Anambra on fire.” In another press release, Obigwe lamented that the plot was to lure more members of the House of Assembly into APC to weaken APGA, and also use the legislators to harass and destabilize Governor Willie Obiano, through an attempt to impeach him. To douse the heightened tension, the Anambra State Governor, Willie Obiano, has assured Anambra people that nobody can rig the November 6 governorship election in the state. Speaking through the Commissioner for Information and Public Enlightenment, Mr. C. Don Adinuba, the governor said some people were planning a protest, over plot to rig the November poll, but assured that would not be the case. The statement read in part, “We advise our people to disregard the claims that the rigging of the forthcoming election in our dear state is a foregone conclusion. This is a propaganda stunt. They have been using the propaganda stunt to intimidate Anambra people in the last couple of years, but it has always failed them. The Anambra State of 2021 is totally different from the Anambra State of 2003 or 2007. “The rigging plans cannot work this time. The people of Anambra State, supported by their government,

News of the defection of six members of the House of Assembly in far away Abuja into APC was not a surprise to Anambra people. The members are; Hon. Nonso Okafor representing Nnewi North; Hon. Timothy Ifedioramma representing Njikoka 1; Hon. Cater D. N Umeoduagu representing Aguata 1; Hon. Lawrence Ezeudu representing Dunukofia; Hon. Arthur Chiekwu representing Idemili North and Hon. Edward Ibuzo, representing Onisha North 2

Uche Ekwunife

are ever ready to protect their state and its impressive progress of the last few years, rather than allow soldiers of fortune and buccaneers to toy with its destiny once again. The November 6 vote will be free, fair and transparent. This will be in conformity with the tradition of free polls which have come to define Anambra State political culture in recent times. The 2017 governorship poll and the 2019 general election in the state were the freest in the country.” “We trust the integrity of President Muhammadu Buhari who has consistently assured the nation that free, fair and transparent election will be one of his major legacies in the country. We have no reason to doubt him, despite the unconscionable behavior of some people in his party. Anambra State government has been working closely with such bodies as the INEC, the Police and DSS, to ensure a free and fair election on November 6. We are convinced that the relevant bodies are working in the public interest. We, therefore, advise Anambra people to discountenance the propaganda that the rigging of the forthcoming election with the aid of the federal might is a foregone conclusion. Our people are implored not to carry out the protests planned throughout Anambra State, which may be hijacked by violent elements. The political party which presents the best candidate and who will work assiduously for a greater Anambra State will certainly win the November 6 gubernatorial election.” Uba Speaks on Rigging Senator Andy Uba, the APC candidate for the election has said he has no plan to rig the election. Uba who was welcome into the state at the weekend from Abuja where he had also visited President Muhammadu Buhari and was presented the flag of the party said; “We are here to appeal to the people of Anambra State for their support. We are here to assure you that we will not take it by force. We are calling for your support. “There is a benefit inherent in being connected to the centre. The minister is on his way now to Anambra to flag off the commencement of work on failed portions of the Enugu-Onitsha Expressway that is causing the traffic on this road. Anambra will be liberated. Infact, Anambra is already liberated. The day the President gave me the flag of our party was the day Anambra was liberated,” Uba said. Uba whose popularity is on the rise was a former Presidential Aide on Domestic Affairs to President Olusegun Obasanjo. He was very influential in that administration. Emmanuel Nnamdi Uba, better known as, Andy Uba was elected and sworn in as the governor of Anambra State on 27 May 2007. He was removed by a supreme court decision on 14 June 2007. He governed the State for 14 days. He was elected the Senator to represent Anambra South Senatorial District in 2011. This is beginning to look like his most promising campaign for the Anambra governorship, having failed in two previous attempts.

T H I S D AY ˾ MONDAY SEPTEMBER 6, 2021

POLITICS

Atiku’s Political Engagements Gain Wider Traction A recent monthly social media rating of political leaders in Nigeria released by Grand Plan, a new media baseline research and communication outﬁt, puts former Vice President Atiku Abubakar above other political juggernauts. Nseobong Okon-Ekong reports

s presidential hopefuls in the Nigerian national elections of 2023 begin to oil their campaign machinery by engaging the populace on various social media platforms especially tech giant, Facebook, to sell their candidature to the people, Grand Plan Communication, a new media, baseline research and communication outfit, that has been monitoring their online engagements and the issues they are discussing has published a new report for the month of August. In the latest report by Grand Plan, former Vice President, Alhaji Atiku Abubakar emerged most engaging political leader in Nigeria. The former Vice President overtook President Muhammed Buhari and Mr. Gbenga Olawepo-Hashim in online engagement, both of who were most engaging political leaders in Nigeria for the month of July, 2021. This was contained in a report released on Friday by Grand Plan in Abuja, Nigeria. A statement by the Executive Director of Grand Plan, Mr Abdulrazaq Hamzat, disclosed that the monthly social media engagement rating is to keep tab on the online activities of political leaders in Nigeria, especially those identified as potential presidential hopeful for 2023 that may seek to succeed the incumbent President, Muhammadu Buhari. In the month of August, Atiku Abubakar recorded 317,500 engagements on his Facebook page, followed by former Senate President, Dr. Bukola Saraki who recorded 198,300 engagements and Gbenga Olawepo-Hashim, who recorded 160,800 engagements. Olawepo Hashim came second, after President Muhammed Buhari in the month of July and in August, he slipped to third position in the overall rating. However, despite slipping to third posi-

tion in the overall rating for August, Olawepo-Hashim still remains most engaging political leader in the ruling All Progressive Congress (APC), while Alhaji Atiku Abubakar remain most engaging political leader in the country as well as in the opposition People’s Democratic Party (PDP). According to Grand Plan, following the ban on popular micro blogging platform, Twitter few months ago, Nigerian politicians have become more active on Facebook and most of them have made the platform their preferred medium of communication with the people. Facebook is the most popular social media platform in the world with over 2.8billion users. It is also by far, the most popular social media platform in Nigeria with over 65% control. While their are over 104 million internet users in Nigeria, only 33 million of them are on social media, with Facebook having over 30% of the total internet users and more than 95% of social media users, with its over 31 million Facebook users in Nigeria, some of who also use other social media platforms such as Instagram, Snapchat and Tiktok. Data by Grand Plan showed that,

President Muhammed Buhari, who emerged most engaging political leader for the month of July, slipped to 4th position, going three steps back, while Atiku Abubakar who was in third position in July, went two steps up to clinch top position for August. According to data released by Grand Plan, Atiku Abubakar overtook President Buhari and Olawepo Hashim, both of whom were ahead of him in the July edition of the report. “Other political figures, including Vice President, Prof Yemi Osinbajo, Kogi State Governor, Alhaji Yahaya Bello, Chairman of Nigeria’s Governor’s Forum and Ekiti State Governor, Kayode Fayemi, Governor of Kaduna State, Mallam Nasir Elrufai and others are still behind in social media engagements” Grand Plan explained that, “President Muhammadu Buhari, who was on top in July with over 296,000 engagements saw his engagements go down to 96,700 in August and on the other hand, Olawepo-Hashim who came second in July saw his engagements rose more than double, from 98,000 in July to 160,800 engagements in August, but still couldn’t stop Atiku Abubakar and Bukola Saraki from overtaking them both.

While opposition ﬁgure, Atiku Abubakar’s July engagement rose by more than 600% in August, Bukola Saraki’s rose by more than 400%, that of Olawepo Hashim also rose by more 100%, being the best from the ruling All Progressive Congress (APC)

While opposition figure, Atiku Abubakar’s July engagement rose by more than 600% in August, Bukola Saraki’s rose by more than 400%, that of Olawepo Hashim also rose by more 100%, being the best from the ruling All Progressive Congress (APC). “Atiku Abubakar’s last eight posts recorded the 317,500 engagements, Olawepo Hashim’s last six posts recorded the 160,800 engagements, while Bukola Saraki’s last 19 posts recorded the 198,300 engagements” “On the other hand, the engagement of Governor Yahaya Bello of Kogi State went down by more than 100% in August” Executive Director of Grand Plan, Abdulrazaq Hamzat said that, increasing engagement imply growing interest in the candidate while decreasing engagement signify disenchantment. Hamzat also explained that, contrary to popular belief that claimed suspended micro blogging platform,tweeter is the platform for youths, available record shows that Facebook still remains the dominant social media platform for youths. According to him, 65% of Facebook users are under the age of 35, which means that they fall under the age demographic of millennials and generation z. It is also important to note that between 25-34 years old accounted for 32.5% of Facebook users, whereas just 2.9% of users were aged between 55 and 65 years. Grand Plan observed that, while most of the 2023 presidential hopeful were discussing general social issues that is not connected to governance, Olawepo Hashim maintained his policy based discuss, while Bukola Saraki focused on party politics. “Olawepo Hashim focused on issues of anti corruption beyond 2023, nation building and making the ruling All Progressive Congress (APC) a party of ideology.”

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

T H I S D AY ˾ ʹ, 2021

FEATURES

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

EFCC's Unorthodox Arrests as Recipe for Another #EndSARS Revolution The Economic and Financial Crimes Commission operatives have gone beyond banging doors to breaking them down. They have, in some cases, caught innocent people almost pants down. Recently, the EFCC operatives broke down the door of ex-Big Brother Naija reality TV star Dorathy Bachor. Ayodeji Ake, Sunday Ehigiator and Chiamaka Ozulumba explore the anti-graft's new stock in trade

Image of EFCC as they broke into Dorathy's Compound

n February 4, 2021, a young man reportedly evading arrest by the Economic and Financial Crimes Commission (EFCC) operatives at 1004 Estate, Lagos, jumped from the sixth floor. He did not survive. The EFCC operatives stormed the area to arrest suspected fraudsters. They shot sporadically into the air and moved from one apartment to the other. If denied access, they were ready to break the door. The deterioration of insecurity in Africa's most populous nation has made it almost impossible for Nigerians to sleep with two eyes closed. The rambunctious, gangster-style of the EFCC operatives have become double jeopardy for people living in fear of bandits and unknown gunmen. Establishment of the EFCC The EFCC investigates financial crimes such as advance fee fraud (419 frauds) and money laundering. It was established in 2003 and backed by the Economic and Financial Crimes Commission (Establishment) Act of 2004, partially responding to pressure from the Financial Action Task Force on Money Laundering (FATF). FATF had named Nigeria one of 23 countries non-cooperative in the international community's efforts to fight money laundering. Unorthodox Invasion Lately, several people have complained of the EFCC operatives barging into homes and hotel rooms at odd hours to arrest suspected internet fraudsters, otherwise known as Yahoo Boys. After a few raps on people's doors, EFCC agents do not hesitate to break into targeted apartments. On August 23, 2021, former Big Brother Naija housemate, Dorathy Bachor, narrated how the agency's operatives broke into her apartment unannounced. The first runner-up in the 2020 edition of BBNaija TV reality disclosed on her Instagram page that the operatives broke into

EFFC Raids Modzak Hotel in Lagos, Arrest Suspected Fraudsters her Lekki home at around 5:00 a.m. “What is the need of being a citizen of this country when I can’t feel safe in my own house? It’s 5:00 a.m., and I am literally shaking and so upset right now," said Bachor. “At 4:35 a.m. I heard a loud sound, and voices followed after. I rushed out almost naked to see five fully armed EFCC men in my living room and one of them saying, ‘Oh na that Big Brother babe be this.'"

Continuing, the reality TV star added, “In my confused state, I was trying to understand what in the hell was going on, why did they break down my door. Then one of them said they were looking for someone who ran into the estate and I should lock my door and stay indoors and not say a word. I’m shaking at this point and so confused because how exactly is this even okay."

Uwujaren explained that the women in some rooms pleaded nudity to stop the EFCC from arresting their targets, asserting that it was cybercriminals' ploy to evade arrest or destroy incriminating items in their devices before arrest

The EFCC invasion left her mother with a panic attack, she said. “I have never felt so helpless in my whole life. @officialEFCC, you now break into people’s houses and jump estate fences, all in the name of doing your job," stated Bachor. "Shame on you all, shame. You put a gun to people's heads and threaten their life in the name of doing your job.” Before the invasion of Bachor's home, the EFCC operatives have come under public scrutiny on how they burst into people's homes, usually without a search warrant and the decency to wait for residents to open their doors after a few knocks. Not a few people feel that EFCC's new style smacks of high-handedness that borders on official lawlessness. On July 13, 2021, EFCC operatives broke into the Parktonian Hotel in the Lekki area of Lagos. The operatives gained entry into guests’ rooms using master cards seized from the hotel management at gunpoint. Some guests were naked under the duvet when the EFCC broke into their rooms and interrogated them. “They broke into the hotel and threatened to shoot the receptionists and management workers if they didn’t immediately release the master access card to them. So, the hotel workers had to comply immediately,” said a witness. Barely a week after, a Nollywood filmmaker Biodun Stephen, alleged that armed EFCC officials broke into her hotel room in Lagos but apologised to her when they realised that she was not the one they were after. “They just burst into hotel rooms in the middle of the night, not caring who you are or what state you are in,” Stephen had lamented. Narrating her experience on her Instagram page, Stephen said the EFCC officials broke into her hotel room at 3:00 a.m. “That is how I slept in a hotel whilst filming last week. Next Continued on page 22

T H I S D AY ˾ ʹ, 2021

FEATURES

EFFC Raids Modzak Hotel in Lagos, Arrest Suspected Fraudsters thing, I opened my eyes at a little past 3:00 a.m., what did I see? Two men dressed in black with weapons. I thought I was dreaming." She added, “Then I heard the door to my room close. I sprang up, and without thinking, shouted. ‘Stay right there! Who are you?’ They replied, ‘we are EFCC’. My head sparkled. Are you kidding me? You entered my room unannounced?” The movie director further stated that the EFCC officials claimed they knocked but got no response, leaving them no choice but to break into her room. “You decide to enter my room?” she asked them. “You should have kept on knocking. I was sleeping like any normal person would,” Stephen said. “One just opened his mouth and asked, ‘Where is the man in the room?’ I was confused at first. And I replied, ‘The who’? He replied again, ‘your partner’. Anger rose up inside me. Is this one roving m*d?" she further recounted. “His partner realised his folly because he quickly apologised by saying, ‘You are not who we are looking for.’ I watched as they interviewed guests rudely and arrested a few." She added that she lost sleep afterwards and noted that she has learned that bursting into hotel rooms was the new thing with the EFCC now. “They just burst into hotel rooms in the middle of the night, not caring who you are or what state you are in,” Stephen added. Another victim of EFCC's clandestine's raid said, “I was naked, and I had to beg them (for me) to put something on. I am actually hypertensive, but I put myself together because I am not a criminal in any way.” Similarly, on June 4, 2021, EFCC operatives allegedly invaded a female hostel at Alaro Street in the Sango area of Ibadan at 2:00 a.m. A video of the invasion, which went viral on social media, showed a female hostel with apprehensive students speaking in Pidgin English shouting for help. “See what EFCC did to us. Please, we need help. We cannot sleep after 2:00 a.m. and 3:00 a.m. We are all females here. They broke our doors; tore our nets and everything. We tried to even defend ourselves because we thought they were thieves," one of the ladies in the video stated. “Please, we need justice. We are students. They were even told that we are students. None of us put on clothes. We are in Alaro, close to Ibadan Polytechnic gate, Ibadan. We need justice in Nigeria. We need justice.” Similarly, on April 28, 2021, EFCC operatives allegedly broke into students' hostel in Owo, Ondo, forcibly removing burglar-proofs, damaging the property. Commenting about the incident in a Twitter post, a resident, Olawunmi Moyin, said the EFCC agents raided the building from 12:30 a.m. to 2:00 a.m., using an axe to open doors. “They raided from 12:30 a.m. till 2:00 a.m. in the midnight. The funny thing is, rain was falling. This act is so bad and gutter-like. Who uses an axe to forcefully open burglary doors?" said Moyin. A youth leader in Ondo, Oluyemi Fasipe, who posted the video of the invaded hostel on Twitter, said, “While the EFCC reserved the right to arrest and duly prosecute internet fraudsters, the act of raiding young people’s residences for extortion was grossly unbecoming. “Especially at a time the nation is trying to recover from the economic setback it suffered as a result of last year’s #EndSars protest meant to quell similar moves by the now-defunct Special Anti-Robbery Squad (SARS).” Also, on February 9, 2021, EFCC agents

states, “The privacy of citizens, their homes, correspondence, telephone conversations, and telegraphic communications is hereby guaranteed and protected.” In the light of that provision, citizens' privacy, be it in their homes or hotels, must be respected at all times. The EFCC has continually justified the violation of that constitutional provision with the wave of supposed "search warrants."

EFCC Raid of 1004 Estate where a young man Jumped to his Death reportedly raided My Choice Hotel and The Pavilion located around the Olabisi Onabanjo University community of AgoIwoye, where an undisclosed number of people alleged to be Internet fraudsters were arrested. A few days earlier, EFCC agents had laid siege on the town, waiting to pounce on suspected Yahoo Boys. They stormed hotels in the area in a pick-up truck and Toyota Hiace bus at 2:00 a.m. in an operation that lasted about two hours. EFCC's Stance In reaction to Stephen's post, EFCC spokesman Wilson Uwujaren claimed the invasion was a sting operation. According to him, the agency arrested 30 persons, “with 24 of them already confessing involvement in cybercrimes and related activities." He added, “The agency recalled there was no incident as the hotel management, served with the relevant warrant, offered access to agents to carry out their lawful duties.” Uwujaren explained that the women in some rooms pleaded nudity to stop the EFCC from arresting their targets, asserting that it was cybercriminals' ploy to evade arrest or destroy incriminating items in their devices before arrest. “The commission will not fall for such a gimmick which is intended to prevent it from carrying out its lawful duties," he noted. There was no break-in, no molestation

and no violence of any kind during the operation.” Also reacting to Bachor's post, the EFCC explained that “operatives from the Lagos command of the commission, acting on verified intelligence, executed a search warrant at a block of flats located in the Lekki area of Lagos on Monday, August 23, 2021, during which nine internet fraud suspects were arrested.” The anti-corruption agency further stated that Bachor’s apartment "happened" to be one of the flats in the building. "EFCC operatives had knocked on her (Dorathy’s) entrance door; identified themselves as being from the commission on a mission to execute a search warrant," said the agency. "But they were refused entry for several minutes by Bachor’s sister. The operatives were left with no choice than to force their way in, lest suspects escape or destroy vital evidence.” Though the EFCC claimed its operatives captured nine suspected internet fraudsters in the building, they did not find any suspect in the BBN star’s apartment. Following the reality TV star's social media post, EFCC agents came back to her apartment to whisk her away for interrogation. She was later released. Constitutional Standpoint The Fundamental Human Rights, Chapter 4, Section 37, of the 1999 Constitution

Breaking into people’s homes to arrest a suspect, which sometimes precedes any conclusive investigation, is a ticking time bomb. It could blow into another #EndSARS revolution if the EFCC fails to show more respect for human rights in their operations, whether in broad daylight or under cover of night

Clariﬁcation for the Use of Force Security operatives can use force only if they meet opposition while effecting an arrest. The operatives are to obtain a search warrant from a magistrate or judge before conducting a search. According to the Administration of Criminal Justice Act (ACJA) 2015, a search warrant should be executed by officers of law enforcement agencies, while Section 149 (1) of the ACJA provides that a person residing in a building shall allow a law enforcement agent to get free and unhindered access to carry out a search. On the use of force, Section 149 (2) allows the reasonable use of force when access cannot be obtained by the officers executing the search warrant, stipulating that “where any building or other thing or place liable to search is closed, a person residing in or being in charge of the building, thing or place shall, on demand of the police officer or other person executing the search warrant allow him free and unhindered access to it and afford all reasonable facilities for its search." It added that "where access into the building, thing or place cannot be obtained, the police officer or other person executing the search warrant may proceed" in the manner prescribed by sections 9, 10, 12, and 13 of this Act. Many victims of EFCC's clandestine invasions felt the state agents did not fulfil the constitutional provisions to apply force. What EFCC can Learn from Dubai Police In a video released by the Dubai Police last year, series of investigations were carried out before the arrest of Ramon Olorunwa Abbas, aka Hushpuppi, and his gang. The investigation video tagged ‘Fox Hunt II', was carried out for about four months, during which Hushpuppi’s social media account, fraudulent activities, and the gang’s whereabouts were closely monitored. The Dubai e-police team tracked Hushpuppi’s every move. The team took notes of all his online activities, including the fake pages of existing websites he and his team created to redirect their victims’ payments to their accounts. They likewise found out the corporate emails he and his team had hacked to send fake messages to clients to redirect financial details and people’s bank details to their accounts. Before his arrest, the Dubai police could tell exactly the number of people he had scammed and how much Hushpuppi had in his account. During the time of his arrest, they knew exactly where he and his team were and at what time. They did not need to jump fences or break into innocent people’s homes to carry out the arrest. Even at the point of arrest, as seen in the video, it was nothing short of top-notch professionalism with no single gunshot heard. Breaking into people’s homes to arrest a suspect, which sometimes precedes any conclusive investigation, is a ticking time bomb. It could blow into another #EndSARS revolution if the EFCC fails to show more respect for human rights in their operations, whether in broad daylight or under cover of night.

T H I S D AY ˾ ʹ, 2021

FEATURES

Boss at All Seasons: Celebrating Mustapha @ 65

n the occasion of his 64th birthday last year, President Muhammadu Buhari joined the ruling All Progressives Congress, APC, and the Federal Executive Council to celebrate Boss Mustapha as “the legal luminary, party stalwart and Chairman of the Presidential Task Force on COVID-19, whose visionary and inclusive leadership style continues to strengthen the governing party and the administration, with remarkable results." The President affirmed: "Mustapha has provided strong and commendable leadership as a rallying point for the Federal Executive Council and demonstrated high-level patriotism by accepting the demanding position of chairing the Presidential Task Force on COVID-19.” He also congratulated him and the team for steadily guiding Nigerians amid health and economic uncertainties. With sincerity and deep understanding of their invaluable roles, the Secretary to the Government of the Federation, SGF, has engaged every segment of the polity - traditional rulers, religious leaders, governors and foreign envoys with open arms and a listening ear to broaden and enrich the quality of governance. Appointed on November 1, 2017, Mustapha has without doubt, redefined service in public office with his successful management of the COVID-19 pandemic since the President mandated him in March 2020 to lead the Presidential Task Force on the global scourge. Coordination is the robust suite of the Presidential Team. It has managed successfully the efforts to rally all stakeholders in tackling the national emergency. They include States and Local Governments, health sector stakeholders, players in the private sector as well as development partners. Effective coordination has earned the confidence and trust of all. Mustapha, while evaluating the county's response to COVID-19 early this year, said the PTF, which was re-designated the Presidential Steering Committee, did perform very well with a very robust national response even as he profusely praised Nigeria's health workers for working hard to combat the pandemic. He proudly gave his committee a pass mark in its assignment as he reviewed activities of the team at the national briefing of the PTF on March 22, 2021. "We have succeeded in discharging our mandate of managing the pandemic with a well-defined process and a robust national response," he said. Mustapha said strategies evolved by the PTF to manage the pandemic were copied by some other countries, especially on compulsory PCR test for travellers. Indeed, the pandemic has helped the country to scale up its health infrastructure. For instance, this country now has 158 infectious diseases testing laboratories. There was only four pre-pandemic. In January, this year, Mustapha raised the bar of accountability by issuing a detailed statement on the “allocation and management of funds for the national response to COVID-19 by the Presidential Task Force.” Sources at the PTF speak of its contributions in saving significant resources for the government by eliminating duplication of funds for activities already funded and subsequently appropriated again under the 2020 Amended COVID-19 budgets. An example is how it worked with the Federal Ministry of Health and the Federal Ministry of Finance, Budget & National Planning in late 2020 to reverse over N5 billion that was appropriated for Health Operations, and thus avoided duplication. Country Representative of the World Health Organization, Dr Walter Kazadi Mulombo has given Mustapha and his team thumbs up. “Nigeria mounted one of the most effective response to COVID-19 putting in place courageous measures and helping to avert the spread that was predicted,” he said in Abuja recently. In fact, the Global Normalcy Index ranked Nigeria 4th position in the Economist’s Global Normalcy Index, out of 50 countries. The rating aims to determine which countries are returning to their pre-pandemic levels, by grading each country using eight indicators of normal socio-economic activities. In his first encounter with the State House Press Corps as SGF, Mustapha had pledged to implement programmes and policies aimed at uplifting the quality of lives of all Nigerians. He also promised to ensure effective coordination of the activities of government so as to fulfil the promises made to the electorate.

Mustapha

Barely two years in office, Mustapha received a commendation from the President: “I am writing to personally recognise your competence and commend the way you organised and led the Ministers' Retreat. The benefits derived from the Committee's discussions were enormous, and the added values to the Ministers' and Permanent Secretaries' experiences very much appreciated. ''Your comprehensive speech at the beginning of the second day of the Retreat proved your capacity and experience. For those of us who missed the first day of the Retreat, the speech adequately prepared us for the second and final day of the occasion. I am happy to write this short letter of appreciation to you because I am very impressed with your performance". That was rare but fitted the profile of a tried and tested bureaucrat who gets things done unobtrusively. A skilful mediator, Mustapha, barely a week after his inauguration as the SGF, visited the National Assembly and told leaders of the Senate: “As SGF, my responsibility is to coordinate the implementation of government policies and to ensure that these policies are synergised in such a manner that we will be able to deliver to the good people of Nigeria the good things of life which they rightly deserve. “I won’t be able to succeed in that task if I do not get the cooperation of the National Assembly. That is why I’m here today. To extend a hand of friendship. To extend the hand of soliciting the cooperation of the National Assembly.” Subsequently, he espoused his philosophy on political aspirations and accession to the highest office in the land, the Presidency, based on dialogue and negotiations with all power blocs, at a meeting with a delegation of South-East leaders. Walking the talk, Mustapha has discharged his duties with panache, competence, patience, dedication and

total commitment to the realisation of the yearnings of Nigerians for quick delivery of the dividends of democracy. As the coordinator of the machinery of the Federal Government, he has passionately tasked ministers and other aides to deliver on Mr President's promises to Nigerians; regarding such as a sacred duty to the populace. At the first Ministerial Retreat he organised in Abuja, Mustapha identified nine priority areas critical to attaining the objectives of good governance: building a thriving and sustainable economy; enhancing social inclusion, reducing poverty; enlarging agricultural output for food security and export, attaining energy sufficiency in power and petroleum products as well as expanding transport and other infrastructural development. Others are expanding business growth, entrepreneurship and industrialisation, access to quality education, affordable healthcare and productivity of Nigerians, building a system to fight corruption, improving governance and creating social cohesion and enhancing security for all. Barely four years in the saddle, Mustapha has functioned as the ‘stabiliser' and the non-controversial intellectual bulwark in the Buhari Administration. His appointment as Chairman of the Presidential Task Force on COVID-19 gave the public some peep into his flair for hard work, diligence and commitment. It is no surprise that the committee's painstaking national mobilisation effort did stem the feared havoc of the global pandemic on the nation. It fetched him the gratitude of the country. Born in Adamawa State, Mustapha attended Hong Secondary School, Adamawa state and North East College of Arts and Science, Maiduguri, Borno state, crowning it with WASC and HSC in 1976. He earned his Bachelor of Law (LL.B) from Ahmadu Bello University, Zaria, in 1979 and was called to bar in 1980. From 1980 to 1981, Mustapha

Barely four years in the saddle, Mustapha has functioned as the ‘stabiliser' and the non-controversial intellectual bulwark in the Buhari Administration

did the National Youth Service Corps at the Directorate of Legal Services at the Army Headquarters and was in charge of the review of Court Marshall Proceedings. After his National Service, he joined Sotesa Nigeria Limited, an Italian consultancy firm, as an Executive Director in charge of Administration, leaving in 1983 to join the law firm, Messrs Onagoruwa & Co in Lagos. With his law practice in full bloom, Mustapha became a principal counsel in the firm of Messrs Mustapha & Associates. His legal interests and expertise spanned privatisation and commercialisation of public companies and government parastatals. He was also involved in the preparation of various and miscellaneous banking documents such as Debentures, Guarantees, Mortgages, Bonds and Loan Syndications. One of his career highlights was his appointment as a member of the Interim Management Committee of the defunct Petroleum (Special) Trust Fund, serving meritoriously from 2000 to 2007. At the PTF, he was responsible for the production of an up-to-date comprehensive project and programme report, production of the final information of Assets and Liabilities, examination of the administrative structure and cost-effectiveness of PTF projects and services, among other duties. Recall that Mustapha also played key leadership roles at the Nigeria Bar Association serving as Social Secretary and Chairman at the Yola branch. Not surprising, therefore, after his stint at the PTF in 2007, he returned to full legal practice and was appointed principal partner at Adroit Lex, a thriving law firm. With a burning desire to serve the larger society, he was at various times, a member of the Constituent Assembly (1988-1989), Chairman People's Solidarity Party - Gongola State (1989-1990), State Chairman, Social Democratic Party - Gongola State (1990-1991) and emerged the gubernatorial candidate for SDP in Adamawa State in 1991. He was the Deputy National Chairman of the defunct Action Congress of Nigeria from 2010 to 2013. He was Secretary, APC Presidential Campaign Organization Mobilization (2015) and member, APC Transition Committee (2015). He is also a member, APC Board of Trustees. He served as Managing Director of Nigeria Inland Waterways Authority from June 2016 till 30 October 2017, before he was appointed the SGF. Sixty Five cheers to a leader of leaders; the Boss, our Boss!

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, SEPTEMBER 6, 2021

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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 1

S & P INDEX

EXCHANGE RATE

OBB

15.50%

CALL

INDEX LEVEL

558.25%

1/4 TO DATE

4.74%

N411.00/ 1 US DOLLAR*

OVERNIGHT

15.75 %

1-MONTH

1-DAY

0.43%

YEAR TO DATE

-16.71%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

3.91%

Driven by Short-term Capital Obligations, 10 Securities Register N385bn CPs on FMDQ Exchange in 8 Months TBills yield drops to three months low Average yield contracted to 5.4% last week

Darasimi Adebisi As the lull in the primary equities market persists and corporates requiring urgent short-term capital to finance running cost and stay afloat, Commercial Papers or CP FMDQ Exchange are becoming the new resort, THISDAY can report. Data obtained by THISDAY revealed that a total of 10 securi-

ties registered N385billion worth of commercial papers on FMDQ Exchange platform between January and August of 2021. This is just as yields on the Treasury Bills has dropped to more than three months low with average yield contracting by 13basis points to 5.4per cent last week. Across the market segments, the average yield at the T.Bills

segment declined by 34basis points to 4.6per cent. Meanwhile, the FMDQ data also revealed that 49 securities between January and August 2021 quoted CPs worth N329.06billion on its platform. CPs are short-term debt financing securities (no longer than 270 days in tenor) consisting of unsecured and discounted promissory notes issued by

large corporations with good credit ratings, which can be readily traded. Due to their relatively short maturity period, commercial papers are referred to as low-risk investments, offering competitive returns to investors in compensation for the issuer’s credit risk. CPs are quoted on FMDQ and traded on the FMDQ-Bloomberg E-Bond Trading and Surveillance

System. Duration for CP by securities on FMDQ Exchange is between 15-270 days and it carries a lower interest repayment rate than other money market instruments. Companies from the manufacturing, telecommunication, oil & gas, financial services, health, agriculture, among sectors have raised cheap funds on the FMDQ Exchange CPs platform as a

result of the lull in the primary equities market of the Nigerian Exchange Limited (NGX) and high borrowing rates from the banks. Analysis of the activities at the CPs market showed that Coronation Merchant Bank Limited in the eight months of 2021 raised one of the highest CPs Continued on page 26

Digital Marketing: Indigenous Insurers Experience Mass Product Patronage by Nigerians in Diaspora Ebere Nwoji Nigerians in diaspora are taking advantage of on going digitalisation of insurance marketing to secure insurance cover for their properties in Nigeria from indigenous insurers, THISDAY checks has revealed. Insurance managers who launched digital products in recent times told THISDAY that they were surprised to see that the products they are currently marketing digitally are mainly

patronised by Nigerians abroad than those resident in the country. The insurers also said they have devised the strategy of partnering some online supermarkets to sell insurance products. Managing Director, Afriglobal Insurance Brokers, Mr Azubuike Casmir, told THISDAY in an interview that the experience he has with the new digital marketing application his company launched recently- the Africover 247 is that among the target markets, those that have shown much interest

are Nigerians outside the country. “Those of them that have assets here and have been thinking about how they could have their assets here insured are the people we see patronising the product. Some have vehicles here that they left they are not using them. Some have landed properties that are not insured probably they felt it was going to be difficult for them to be doing insurance all the way from there but now for the first time, it is easy for them to just pick their

phones and buy insurance for any of their properties anywhere in Nigeria.” He said with the kind of interest developed on the digitalised products by Nigerians in diaspora, the acceptability of his company’s product was very wide. “Quite many people have successfully downloaded and are using the application. Many also have fully used it to buy insurance but like I said we are still upgrading. What we

have also done is to partner with some well known online markets, yes that is the right way to go let me give you an example CONGA. CONGA is like an online supermarket where you go to and you buy any product. It means when you go to CONGA you also buy insurance and when they say CONGA insurance and click, what you get there is Africover 247, that will give you the link to buy any insurance product you want,

“he explained. He however said businesses investing in technology should note the fact that investment in technology is not a one off thing but a type of investment that requires patience. “The truth is that if you invest in any technology and you think that in the next six months or one year you recover your investment, you are making a mistake. It trickles in, then builds momenContinued on page 26

M A R K E T D ATA A S AT F R I D AY, A U G U S T 2 7 , 2 0 2 1 FGN BONDS DESCRIPTION 11.150 FGNSB 11-SEP-2021 12.364 FGNSB 12-SEP-2021 12.175 FGNSB 10-OCT-2021 11.244 FGNSB 16-OCT-2021 10.296 FGNSB 13-NOV-2021

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

100.49

2.86

-0.02

NTB 9-Sep-21

2.80

2.80 0.00

100.59

2.89

-0.02

NTB 16-Sep-21

2.96

2.96 0.00

101.18

3.55

0.06

NTB 30-Sep-21

3.27

3.28 0.00

101.16

3.69

0.08

NTB 14-Oct-21

3.59

101.36

4.33

0.17

NTB 28-Oct-21

3.90

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS AUG 25 2021 420.93

NGUS SEP 29 2021 422.38

NGUS OCT 27 2021 423.83

3.61 0.00

NGUS NOV 24 2021 425.28

3.93 0.00

NGUS DEC 29 2021 426.73

C Ps MATURITY

Discount Yield

Change (%)

UNCP CP III 27AUG-21 VAAG CP I 27AUG-21 TTNG CP II 31AUG-21 SIBP CP I 2-SEP21 NBRP CP XIII 2-SEP-21

3.65

-0.07

9.62

9.63

-0.07

4.08

4.09

-0.06

3.65

-0.05

4.33

-0.05

MONDAY, SEPTEMBER 6, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

AfCFTA: Dangote Group Projects $12 billion Annual Revenue Dike Onwuamaeze The President of the Dangote Group, Mr. Aliko Dangote, has disclosed that the African Continental Free Trade Area (AfCFTA) would offer his conglomerate a business opportunity that is estimated to be worth $12 billion per annum. Dangote made this disclosure during a “High-Level Roundtable Discussion on Industrialisation in Africa,” which was organised by the Manufacturers Association of Nigeria (MAN) as part of the activities to mark its 50thanniversary celebration. He said: “You know that long before the AfCFTA, we have always designed and planned to be an export-based company. We

(Dangote Group) are interested in the AfCFTA because we are going to be its major beneficiaries. Number one, if you look at it today, we have the largest fertilizer plant in Africa so we will supply fertilizer all over the continent. We are building the largest petrochemicals on the continent. “We are also building 650,000 barrels per day petrol refinery. All these are not for the Nigerian market alone. They are actually for Sub-Saharan Africa because all the Sub-Saharan African countries are importing their petroleum products. So, when we start all our exports, we will be able to export more than $12 billion worth of goods, and that has actually put us as one of

the highest in Africa, if not the number one. “ Dangote also said that manufacturing in Africa would become globally competitive when industries in the continent begin to produce very high-quality products at the cheapest possible cost. He said: “I think that what we need to do is to concentrate first on meeting our own domestic demand, by producing high quality at the lowest price. If we do this we will be able to export to other countries and get their markets. That was what the Asian tigers did. They first concentrated on their domestic market and kept on improving on the quality and the cost of whatever that they were producing.

“When we decided that we want to make Nigeria selfsufficient in cement, what we did, knowing that people will challenge us in terms of quality, was to start by investing heavily in technology to make sure that whatever that we want to produce in terms of quality is possible so that when foreign markets open up we will be able to compete both in terms of quality and pricing. “I think we need to do quite a lot in terms of pricing because if your pricing is not right there is nothing you can do because no one is going to buy your product.” He also said that manufacturers would need governments’ support to stabilise and be able

to compete anywhere in the world by removing most of the hurdles like poor infrastructure, unfriendly business regulations and difficulties experienced at different border posts in the continent. “Today it takes us two weeks to go to Ghana from Nigeria, which is something we are supposed to do in 10 to 12 hours. You invest in trucks to take cement to Ghana and it takes you two weeks and going to Lome in Togo, which is about 270 kilometers from Lagos, is taking us 10 days today as we speak. If that is the case we are not going to be competitive. You are talking about gas? Our gas prices here are almost double than other normal areas.

So, how can we be competitive? Government has to do quite a lot in terms of having the political will to remove all these bottlenecks at the borders. So, I think that there are quite a lot of areas we have to look at to make this thing competitive. The border crossing is the most important one for us. We must make sure that crossing our borders does not take time. It will not make sense at all if it is going to take time. People would rather ship from China straight into their markets. So, we will never be competitive if we do not do that. We actually need to work with the government to remove these bottlenecks, which will need a lot of political will by governments,” Dangote said.

Spices Agro-export Startup, Agricorp Raises $17.5m Series A Funding Sunday Okobi A Nigerian-based spices producing, processing, and exporting company, Agricorp International, has raised $17.5 million in Series A funding to increase its processing capacity to 7,000 metric tonnes, to become the largest spices export startup on the Africa continent. The founder and Chief Executive Officer of the company, Kenneth Obiajulu, told THISDAY at a press conference that the fund was by Vami Nigeria, One Capital LLC, and AFEX. Nigerian-based Vami led the funding round with $11.5 million in equity, while the other investors provided working capital financing for the company. Ernst & Young (Nigeria) served as transaction advisers while Elisio Law Office and Pavestone Legal served as legal advisers. Obiajulu, who founded the

spices export startup with Wale Omotimirin, said Agricorp is contributing to meeting the growing demand of spices as an export material, adding that data from the Ministry of Agriculture shows that despite being the third highest exporter of ginger globally, Nigeria’s ginger production is put at 31 million metric tons (MT), while demand is put at 65 million MT, leaving a gap of 34 million MT. According to him, “While Nigeria accounts for more than 16 percent of the global production of ginger; it gets less than 4 percent of the export market share. “We believe that by increasing our capacity to 7,000MT, we will maximise the potentials to boost Nigeria’s forex earnings through export, contribute our quota to improving the Nigerian GDP from agriculture, and serve as a worthy model to

African youths who aspire to be agribusiness owners. We want to show them it is possible and very rewarding as well.” He added: “Agricorp International is enhancing spices production uses proprietary technology to aggregate spices (ginger, turmeric, garlic, chilli pepper, and sesame) from smallholder farmers in Nigeria, process them into various products, and export them to major buyers in the Middle East, Africa and Asia. In less than three years, the business has grown its revenue by over 585 percent to service global clients in the food processing and pharmaceutical industry.” Lamenting the effect of insecurity in the agriculture sector, Obiajulu, however, disclosed that since its launch in Nigeria in November 2018, Agricorp has supported over 5,000 smallholder farmers mostly in Kaduna, their area

of operation, with inputs and training on good agronomic practices, and has built a 0.5MT/hour spice processing plant in Kaduna, which produces value-added products for the export market. “It has also used its proprietary technology, farmbase to register, aggregate, and pay farmers for produce sold. We work with farmers to cultivate our products in our small farms. From the processing end, and working in a very volatile area (Kaduna), security is our major challenge. But we have been able to coopt the community into our system, and we have managed to avoid any ugly incident because of such seamless integration. “In a market where farmers are largely undocumented and unbanked, Agricorp collates data that can help provide detailed analysis for stakeholders (i.e. government, agribusiness, private companies and donor

organisations among others) to make informed agricultural decisions. “It also helps with traceability of all farmer activities from the need for farm input to disbursement to sales of produce and eventually, payment. Financial institutions can also use this information to provide loans, credit facilities, and insurance to interested parties,” he stated at a press conference. He stated that logistics and the believability in Nigerian products outside the country are also some of the challenges faced by many exporting startup in the country, adding that it will take a bold approach to put Nigeria on the global export radar by leveraging investments to build simple processing systems for spices and other agro products. “Agricorp aims to be that bold company standing at the

forefront of enhancing global food systems. It is building processes to enhance global food systems; set to increase its production capacity to 7,000MT,” the CEO said. In its remark, the lead investors, Vami Nigeria, said: “We led the round because we saw a clear growth path, strong social impact, excellent financial trajectory, and global collaborations with key partners. Most importantly, the depth of knowledge, passion, and resilience of the team is unrivalled. Also, the Managing Director at AFEX, Samirah Ade-Adebiyi, in his statement on the partnership, said: “Our other businesses have transacted with Agricorp on several occasions and have seen the business grow over time. Now, we are committed to providing the working capital they require to scale their operations at any level.”

NIMASA Seeks Synergy with FDFA on Safety of Fishing Vessels Eromosele Abiodun The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has called for greater synergy between the agency and the Federal Department of Fisheries and Aquaculture (FDFA) to ensure safety of fishing vessels and their operators in Nigeria.

Jamoh made the call in Lagos at a strategic meeting with officials of FDFA to discuss issues relating to safety of fishing vessels, Illegal, Unreported and Unregulated (IUU) Fishing, and broader crimes that take place during fishing operations and related matters. Represented by the Head, Special Duties (External Relations and Technical Cooperation), Mr. Isichei Osamgbi, the Director

General noted that there should be adequate information sharing between FDFA, which has the mandate to license fishing vessels, and NIMASA that is responsible for registration and survey of the vessels to ensure that unseaworthy vessels are not licensed to operate in Nigerian waters. According to him, “It is important that NIMASA and the Federal Department of Fisheries

agree to continuously collaborate on modalities for registration, survey and licensing of fishing vessels to ensure that all safety standards are met before they can be allowed to operate. This would drastically reduce incidents involving fishing vessels in our waters.” On maritime security, Jamoh said with the acquisition and training of operators of the Deep

Blue assets, the days of criminal elements in Nigeria’s maritime domain were numbered, as the assets had been fully deployed. In his own remarks, Head of Monitoring, Control and Surveillance at the FDFA Lagos Office, Mr. Paul Opuama, thanked NIMASA for hosting the meeting, saying it provides a very useful opportunity to not only clear some grey operational

areas but also foster greater collaboration in order to improve safety of fishing vessels. The one-day strategic meeting, which held under the auspices of NIMASA’s External Relations and Technical Cooperation programme, was aimed at seeking areas of collaboration between the two agencies for the benefit of the fishing industry in Nigeria.

DRIVEN BY SHORT-TERM CAPITAL OBLIGATIONS, 10 SECURITIES REGISTER N385BN CPs ON FMDQ EXCHANGE IN 8 MONTHS

Group Business Editor Eromosele Abiodun Comms/e-Business Editor Emma Okonji Aviation Editor Chinedu Eze Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafo (Energy) Emmanuel Addeh (Energy) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

on FMDQ Exchange followed by MTN Nigeria and Mixta Real Estate Plc. Coronation Merchant Bank between January and August 2021, issued 11 CPs series worth N75.25 billion while MTN Nigeria with two series of CPs and Mixta Real Estate raised N73.51 billion and N20.85billion respectively. FMDQ Exchange in February, 2021, admitted six CPs valued at N22.29 billion from Coronation Merchant Bank with a breakdown of N1.29 billion Series 11 and N2.34 billion Series 12 CP under its N100.00 billion CP issuance. In May, the FMDQ Exchange announced the quotation of the Coronation Merchant Bank

Limited N0.71 billion Series 13 and N14.13 billion Series 14 CPs in March 2021, and the N1.41 billion Series 15 and N20.19 billion Series 16 CPs in May 2021, both under its N100 billion CP Programme, on its platform. The company had explained that: “the net proceeds from these CPs will support the Issuer’s short term funding requirements.” The MD/CEO, Coronation Merchant Bank, Banjo Adegbohungbe, in a statement said: “we are delighted at the successful issuance and subsequent quotation of the Bank’s N0.71 billion Series 13 and N14.13 billion Series 14 Commercial Papers. “This transaction further under-

scores the confidence of investors in our brand and entrenches our continuous leadership in the use of market instruments to create shared prosperity for all stakeholders”. Tn May this year, the FMDQ Exchange announced the approval affirming the quotation of the MTN Nigeria N19.77 billion Series 3 and N53.74 billion Series 4 CP under its N200billion issuance programme on its platform. According to the company, the move was in line with efforts to commit to providing a reliable and credible platform to support capital formation. Speaking on the recent CP

quotation, the Chief Financial Officer, MTN Nigeria, Mr. Modupe Kadiri, stated: “MTN Nigeria is very pleased with the success of our series 3 and Series 4 CP issuances, which further diversify our funding sources, help to optimise our finance cost and strengthen the Nigerian financial markets. “The issuance was well received by the market, with strong participation from a diverse group of investors, signifying the market’s continued confidence in our business. By quoting the CPs on FMDQ Exchange, we are able to provide investors with a strong platform for liquidity and price discovery. Proceeds from

the issuance will be deployed towards the company’s working capital and general corporate purposes.” The likes of Union Bank of Nigeria Plc has issued about N34.97billion, while United Capital Plc has raised N22.25billion in four CPs programme. Commenting, analysts said companies are taking advantage of cheap access to fund through the CPs programme of FMDQ Exchange. The Managing Director, Highcap Securities Limited, Mr. David Adnori attributed trudge in corporate raising CPs through FMDQ to urgent short-term capital obligations.

DIGITAL MARKETING: INDIGENOUS INSURERS EXPERIENCE MASS PRODUCT PATRONAGE BY NIGERIANS IN DIASPORA tum and overtime you begin to see the effects. So we are very happy that the app is receiving the desired acceptability that is actually spurring us further to upgrade it further higher than we launched it”, he said.

He also debunked the fears that the advent of digital marketing will render insurance brokers irrelevant saying not all insurance products can be sold digitally. “I don’t think that is true. Anyway, some brokers that are

not alive to the realities of the day will be gearing up to go out of the market. But let me put it to you that it is not all insurance products that you can sell digitally. You and I know about some insurance

like engineering insurance that requires a lot of expertise say insurance of vessels and others like that, “he stated. According to him, for this category of insurance, you really need to be there physically to

see what it requires. He said this being the case, it is not all classes of insurance that can be sold digitally adding that you can do digital insurance mainly in retail market not in all insurances.

T H I S D AY ˾ MONDAY, SEPTEMBER 6, 2021

BUSINESSWORLD

STATUS REPORT

FMN Sustainable Growth Strategy Impacts Shareholder Value

Darasimi Adebisi

or the first quarter (Q1) ended June 31, 2021, Flour Mills of Nigeria (FMN) Plc maintained its impressive performance amid severe challenges. The performance underlined the management decision to maintain its fundamental growth strategy that tends to impact on shareholders’ value. The latest results by FMN showed impressive performance across financial parameters to signpost improved dividend payout to shareholders in 2022 financial and share price appreciation. The management had pledged to carry on with its long-term investment strategy in product development and route-to-market initiatives, with a strong emphasis on Backward Integration across all value chains. The country’s leading integrated foods and agro-allied firm’s Q1 2021 results showed that the it reported 12 per cent increase in Profit Before Tax to N7.3 billion in Q1 2021, compared to N6.5 billion in Q1 2020, while Profit After Tax rose by 10 per cent to N5.4 billion in Q1 2021, compared to N5 billion in Q1 2020. Volume and revenue continued to appreciate despite increases in international food prices and input costs during the review period. The owners of the iconic food brand – ‘Golden Penny,’ announced an average revenue increase of 51 per cent in its Q1 2021, driven by continuous improvement in the food category. The Group’s revenue was N233.7 billion in Q1 2021, compared to N154.6 billion in Q1 2020, while the company’s Q1 2021 closed at N149.9billion from N98.7billion in 2020. The impressive performance was recorded across all business segments underpinned by sustained demand in Agro-allied, particularly in Edible Oils and Fertilizer businesses, and continued improvements in the Food segment. A check revealed that revenue generated from Food rose by 61.4 per cent to N146.93billion in Q1 2021 from N91.03billion reported in Q1 2020, while revenue from Agro Allied closed Q1 2021 at N33.53billion, 44.1 per cent increase from N33.09billion in Q1 2020. In addition, revenue from Sugar rose by 24 per cent to N33.53billion from N27.04billion in Q1 20200 while revenue from “Support Services” grew significantly by 63.3 per cent to N5.56billion in Q1 2021 from N3.41billion in Q1 2020. The Q1 2021 is coming on the heels of improved year-over-year growth earnings in its food division’s Edible oils and Fertilizers business, as well as a solid operational drive in its B2C segment. FMN audited financial for the year ended March 31, 2021, showcased improvement in organic sales growth and profitability. For last year, the group revenue rose by 34 per cent to N771.61billion as against N573.77billion reported in prior year audited result and accounts.

REVENUE FROM CUSTOMERS

Revenue from customers domiciled in Nigeria amounted to N753.8 billion (2020: N569.4 billion), while revenue from foreign customers (export revenue) amounted to N17.2 billion (2020: N4.3 billion). The Group delivered impressive financial year top-line growth across all business segments with an average revenue growth of 34per cent, led by growth in Agro-allied, among others. Revenue generated from Food segment in 2021

was N478.33billion as against N358.35billion reported in 2020. Agro allied’s revenue also grew by 33per cent to N139.44billion in 2021 from N105.46billion in 2020. The growth in Food business was driven by constant product innovation and transformation in new markets, as well as operational efficiency through route-to-market investments and rapid expansion across all sectors Further breakdown of the Group’s revealed that revenue from Sugar rose by 27 per cent to N124/6billion in 2021 from N97.63billion reported in 2020, while Support Services rose significantly by nearly 137 per cent to N29.2billion in 2021 from N12.3billion in 2020. The impressive performance in 2021 financial year was as a result of resilience in a challenging year to capture first signs of economic recovery with accelerated fourth quarter (Q4) growth as against last year (Q4’21 vs Q4’20: Revenue +44 per cent). Cost of sales rose by 31 per cent to N664.85billion in 2021 from N507.99billion reported in 2020 to position FMN’s Gross profit at N106.76billion, an increase of 62.3 per cent from N65.8billion reported in 2020. Operating expenses closed 2021 at N41.13billion, about 26 per cent increase when compared to N32.6billion reported in 2020, specifically driven by Selling and distribution expenses that gained 30 per cent to N12.08billion in 2021 from N9.28billion in 2020. Administrative expenses also rose by 24.4 per cent to N29.05billion in 2021 from N23.35billion in 2020. The modest performance in total operating expenses dragged the Group operating profit to N52.2billion, an increase of 49 per cent when compared to N35.08billion in 2020. Interest income from short-term investments and bank deposits rose by 53 per cent to N3.65billion in 2021 as against N2.39billion in 2020. Amid the management effective management of its finance, last year finance cost dropped by about seven per cent to N18.6billion as against N19.98billion in 2020. About 34.86per cent drop in Interest on bank loans and overdrafts to N9.89billion in 2021 from N15.18billion in 2020 contributed to the decline in finance cost last year. With significant increase in revenue and effective management of expenses, FMN’s profit before tax rose significantly by 116 per cent to N37.28billion in 2021 from N17.25billion in 2020. Profit after tax also rose by N25.72billion in 2021, an increase of 126 per cent from N11.4billion in 2020. The growth in profits, positioned basic earnings per share at N6.38 in 2021 from N2.55 in 2020. The company has consistently maintained leadership focused on strong discipline in operational and capital efficiency by increasing local content in group-wide supply chains and supporting backward integration programs across all value chains. Based on the performance, the board has proposed a dividend of 165 kobo per share up from 140 kobo per share last year, underlining its consistency as one of the most reliable companies when it comes to consistency in dividend payment. This attribute has also over the years made the company an investor’s delight.

BALANCE SHEET

The growth in profit & loss figures couldn’t have been achieved without a robust balance sheet to operate with. In 2021 financial year, FMN’s total assets rose by 26 per cent to N544.73billion from N432.45billion in 2020. FMN’s total non-current assets dropped by 1.6 per cent to N238.7billion from N242.72billion in 2020 while Total current assets rose by 61.3 per cent to N306billion from N189.7billion in 2020. The group’s total equity gained 12.07 per cent to N174.6billion in 2021 from N155.81billion in 2020. Furthermore, the group’s total liabilities rose by 33.8 per cent to N370.12billion from N276.65bilion in 2020 with total current liabilities contributing 57 per cent. However, total current liabilities rose by 41 per cent to N209.7billion in 2021 from N148.8billion in 2020 while Total non-current liabilities gained 25 per cent to N160.4billion in 2021 as against N127.89billion in 2020. In the reporting period, FMN successfully issued N30billion corporate bond with tenor of 5 and 7 years at 5.50% and 6.25per cent respectively as part of its ongoing program to replace expensive short-term facilities. The Group ultimately remained focused on operational efficiency throughout the previous financial year, with accelerated plans for cost optimization across the organization to ensure competitive product offers and profitability in the changing operating environment.

OPERATIONAL EXCELLENCE

In 2021 financial year, less than ideal macroeconomic conditions caused consumer disposable income and confidence to weaken, posing additional challenges to Fast-moving Consumer Goods (FMCGs). Severe infrastructure gaps, high interest rates and diminishing disposable income continued to constitute a difficult operating environment for FMN and most FMCGs. These challenges were partially offset by improved economies of scale, enhanced route to market capabilities and the successful launch of new products designed to cater to the needs of specific demographics and/or regions. The FMN Group recorded organic growth as a result of continuing product innovation and market transformation, as well as enhanced operational efficiencies. New product options, including Amazing Day, Auntie B Spaghetti Slim, Spaghetti, as well as new SKUs were introduced to the market to further strengthen Golden Penny’s brand presence in target markets. The Group also made significant progress in the year under review with a robust Route to Consumer strategy. As expected, this has stimulated both volume and distribution growth in the core categories of Pasta, Ball Food, and Noodles, as well as for the development of new categories such as oils and fats and consumer sugar.

OPPORTUNITIES FOR FMN

FMN has continued to pursue strategic business opportunities, such as capacity expansion and realignment of its core food business whilst backwardly integrating in order to further mitigate reliance on imports and exposure to external volatility in the food business by increasing local content in a substantive and sustainable way.

Flour Mills invests in production capacity and looks for import institutions as well as driving local sourcing of raw materials. As a result of these initiatives, the company’s market share has increased and new products have been received positively by the market. During this period, the company consolidated and expanded its market leadership and diversified products.

FMN’S POSITION IN NIGERIA

Since the incorporation, the company has remained Nigeria’s largest and oldest integrated agro-allied business with a broad profile and robust Pan-Africa distribution network. The company’s subsidiary, Golden Sugar also increased its investment in sugar self-sufficiency and was recently Awarded ISO 50001 For Energy Management. Golden Sugar Company, the most productive in the Federal Government’s backward integration on sugar, was awarded the ISO 50001 Energy management systems certification by the International Organization for Standardization (ISO). This will lead to further cost-cutting efficiency in sugar production. Companies that adopt ISO 50001 do not only yield benefits from the energy savings but also showcase environmental responsibility to corporate customers in line with the UN sustainability goals. The Group also assisted its distributors in expanding their business through training and seminars, negotiating favorable financing terms with funding partners, and more. Within the Agro-allied space, FMN Group maintained its focus on local content by increasing backward integration investments and strategic collaborations across all value chains. To facilitate the aggregation of raw materials from a network of smallholder farmers and young entrepreneurs, FMN continued to invest in their capacities by providing enabling structures such as training and related extension services. While expansion of blending facilities and distribution hubs, as well as geographic expansion into northern and eastern markets, provide support to the Group’s Fertilizer business’s growth strategy.

BUSINESS EXPANSION

FMN Group is continuously exploring opportunities for strategic partnerships to further enhance its competitive positioning in main lines of business in Nigeria and to one day extend business activities beyond the borders of Nigeria its home market. In spite of prevailing economic headwinds, the Board is optimistic that FMN has a bright, robust and prosperous future and it continues to demonstrate its commitment to Feeding the Nation, everyday. Produce and supply products of superior quality and value to the Nigerian market thereby enriching the lives of consumers, customers, communities, employees and shareholders. The management of the company has embedded quality standards into business processes and consequently invite business partners to understand FMN values, principles and policies which are the bedrock of our business conduct. At FMN, the aim is to achieve business objectives within the ambit of applicable laws. Further value has been created for stakeholders by reinforcing the Group’s commitment to educational advancement, health, safety, security and the wellbeing of employees in the working environment.

MONDAY, SEPTEMBER 6, 2021 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Abdullahi: Nigeria has Recorded Massive Growth in Digital Economy Despite a harsh operating environment, Nigeria’s digital space keeps expanding, with the ICT sector sustaining a widely-acclaimed growth trajectory and increasing contribution to the country’s GDP, a feat underpinned by robust regulation and penetration. In this interview with Raheem Akingbolu, the Director General, National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, highlights the peculiarities of the country’s digitization drive and its impact on the economy. Excerpts: Can you please highlight how emerging technologies and the Nigerian IT ecosystem are accelerating growth of the digital economy? here are two promising emerging technologies that are going to change a lot of things in the world: Blockchain and Artificial Intelligence. Based on two reports by PWC, they projected that by year 2030, Blockchain technology will add up to $1.76 trillion to the global GDP. They added that developing countries can add 4 per cent of the GDP if they use that technology. For example, Nigeria’s GDP today is more than $400 billion. The 4 per cent of $400 billion is more than $10 billion. That is the minimum GDP Blockchain technology can generate. They also projected that Artificial Intelligence can add more than $10 trillion to the global GDP by 2030. They said developing countries like Nigeria can add up to 5.6 per cent to the GDP. If Nigeria targets only $10 billion, which is far less than 5.6 per cent of our GDP today, we can have $20 billion comfortably.

What is NITDA doing on Blockchain and Artiﬁcial Intelligence? We are doing a lot of things to ignite innovative activities in every sector, including the Blockchain. We have developed the National Adoption Strategy and because they are foundational technologies, they cut across so many sectors. So, we have developed that foundational strategy and we are working with the startup ecosystem to develop prototypes and identify the most promising ones. In the area of Artificial Intelligence, we have done a lot. We even built the National Centre for Robotics and Artificial Intelligence, which is helping to harness these potentials. The need for the growth of the SMEs is currently at the front burner of major stakeholders’ debates on national development. In this regard, how is NITDA supporting tech startups in Nigeria? Based on the Startups Genome report of 2020, the Lagos startups ecosystem is valued at more than $2 billion, and also recently, two of our startups have reached unicorn level; that means evaluation of more than $1billion each. That is Flutterwave and Interswitch. So, now we have $4 billion. The Lagos ecosystem has $2 billion, Flutterwave $1 billion, Interswitch $1 billion, and then Jumia is already valued at $1.9 billion. Roughly, you have $6 billion in Lagos alone talk less of the other parts of the country. Beyond the micro ICT industry, is digital innovation aiding growth of the media and entertainment industry? If you look at the media and entertainment industry, it is powered by digital technology, mostly startups. Based on PWC report also, the Nigeria media entertainment sector will be valued at $10 billion by 2023. So, you can see that we are almost at that targeted $30 billion. So, we hope we will exceed that target and we are on track based on our initiatives, based on government policies like the National Digital Economy Policy and Strategy (NDEPS), and other government interventions in the form of policies and infrastructural interventions. All these can help us to reach that target of $30 billion by 2030. To deepen digital inclusion, what are you doing to expand digital literacy to communities? Digital skills and literacy is a pillar in our Strategic Roadmap and Action Plan under the National Digital Economy Policy and Strategy. The government is serious about it because you need to understand technology to embrace and use it. And we are working on two fronts. Firstly, it is getting all Nigerians to understand how to use digital devices. Because you need to understand how to use the devices before you can be part of the digital economy. So, we embarked on so many initiatives, on training people with special needs, people living with disabilities, children, women, and artisans on how to use digital technology. Is there any training and capacity building initiative to strengthen this drive?

Abdullahi We recently launched our digital state initiative, which majorly targets three areas. Firstly, training people on how to use digital productivity tools like Microsoft Word, Excel, PowerPoint and so on. The second one is digital content creation. That is how to create content in digital platforms and the third one is on digital marketing. How to market your products and services on digital platforms? NITDA appears to be focusing more on digital platforms.Are there speciﬁc reasons for this? There is no special reason beyond the fact that these digital platforms, including all social media platforms, are where people go and do things in today’s market. We want Nigerians to start harnessing the value of the social media and create jobs for themselves, instead of going there to waste time. You can create content, you can build followers, do marketing and advertising and so on. We intend to provide digital literacy in major Nigeria languages. Apart from physical trainings, we have so many initiatives we do virtually. During the COVID-19 lockdown, we contextualized and created the digital academy where people can register and learn basic things in technology. Also, the ministry has the Digital Nigeria Platform where people go and learn different digital skills. If you combine the two, NITDA has trained more than 200,000 Nigerians. Do you have strategy in place to integrate ICT skills into university curriculum, may be through collaboration or endowment?

We are trying to integrate academia with the industry to create an ecosystem. We all know there are gaps. Students will graduate and cannot plug into the industry. They need to go through enhanced training or need some special training to get specialisation. It’s not that you must go to university before you can have a digital skill. You can develop the skills outside the conventional learning method. That is why we created short courses on digital literacy, and training people on how to use technology. Again, as a follow up to this, how can the agency and other relevant bodies in the IT industry, help universities with deep research for development? If you want to do deep research, you need the higher institutions for long-term research. Our focus is how we can integrate the two. So far, we are working with them (universities). We have signed MoU with some of them doing groundbreaking research to come up with ideas on emerging technologies, develop products not papers, because the challenge with academia is that the research ends up on the shelves catching dust. We said no, we don’t want this kind of research. Keep the papers aside, bring the idea and develop a product or service, we would fund it. We want to see it. We will work with industry to do the proof of concept to test and make sure it works. Can you please shed some light on the MIT-REAP model and how it would impact the economy? MIT-REAP, which is Massachusetts Institute

of Technology- Regional Entrepreneurship Acceleration Programme, is a model we are working on to drive economic growth and innovation-driven entrepreneurship in Nigeria. It was inaugurated by the Minister of Communications and Digital Economy, Dr. Isa Ali Pantami last year. The MIT-REAP model came as a result of research they did. They found out that in those places there are very strong ecosystems revolving around key stakeholders: Universities are the ones producing human capital that will provide services to corporate organizations, government institutions and others; Corporate organizations are the ones that absorb this human capital; the entrepreneurs that could be students, school dropouts or anybody; a platform to develop brilliant ideas and then the venture capitals that provide funding for startups. It’s not just about funding, they need smart fund. Taking this further, can you point out what is unique about MIT and Stanford University students? If you look at MIT or Stanford University, most of the students start businesses before they graduate. That is why today, if you consider alumni of MIT as a nation, they would be among the ten richest countries in the world because they have a GDP of more than $2 trillion. The alumni are well trained, and they have the ecosystem. As a student, you will develop your idea, test it, get investors to invest in it and sell it. As you graduate, you start your own business. They work with the industries. What measuresareyour agency, and by extension the Ministry Of Communication and Digital Economy, putting in place to spread the potentials of the MIT-REAP model in Nigeria?

T H I S D AY ˾ MONDAY, SEPTEMBER 6, 2021

BUSINESSWORLD

INTERVIEW

“We promote innovation and we encourage business owners to key in. They develop a product, and then we have a mechanism whereby we make sure that government MDAs patronize them. Like through our project clearance, the government MDAs brings their IT projects to us for us to look at it before they implement.” Because of the strategic location and the status of Abuja as the FCT, we have MIT-REAP Abuja, which Dr. Pantami is championing. Of course, we have other stakeholders: government agencies universities, corporate organizations, entrepreneurs, and venture capitals as part of it. The government is providing interventions in terms of policies, regulations and so on. That’s why we call our regulations developmental regulation because it is an intervention to help the ecosystem unlock opportunities. On this initiative, we have reached an advanced stage. We’ve been on it for almost one and half years. By the end of this year, we will develop a strategy on how to strengthen the Abuja ecosystem and replicate it in other parts of the country. With that I’m sure the universities will be on board. Kindly talk to us on the National Public Key Infrastructure (NPKI) and its benefit to the digital economy One of the pillars of our strategic roadmap and action plan is cybersecurity. Cybersecurity is critical when you talk about the digital economy because you and I need to trust the system before we use it. This is because the trading business is about trust. You will agree with me that a lot of people don’t like putting their bank account details online because of lack of trust. People from outside, mostly; don’t trust Nigerian websites because we don’t have a digital certificate. A digital certificate is about identifying the person that claims to be

Abdullahi

who he is. Public Key Infrastructure basically provides two things: digital signature and digital certificates. So, how does the digital signature work? Digital signature serves three purposes. The first one is authentication. If you send a message, the PKI or the digital signature will give the receiver the confidence to believe that the message comes from the person who claims to have created it and sent it. Then the second one is non-repudiation. The person that sends it cannot deny sending that message because we can track it back to him because this is digital signature. The third one is integrity. The receiver will have the confidence that the message cannot be changed on transit because it is encrypted from the sender and it is the receiver that decrypts it. So, nobody can change the message in transit. That is digital signature because if I take over the control of your mobile phone or system, I can impersonate you and the person receiving the message has no reason to disbelieve that I am you because I’m using your signature. For the understanding of a layman, what exactly is the importance of digital certiﬁcate? The digital certificate is to use a third party to identify me before I send that message.

So, if I claim to be you, that third party will not allow me to send the message because he cannot identify me as being you. It’s a whole process that you can use in so many things like bank transactions, email, any online transaction, and digital identity like NIMC. You use it to verify the identity of the sender. For example, even vaccination, you can use it to verify the certificate of someone if he actually took that vaccine. You can use it to authenticate the result and so many other things. So, it will help us to build trust and confidence in our digital economy. Can you please run through the major challenges of Internet Protocol in Nigeria? To some extent, as it is today, a lot of foreign organizations don’t pay or receive payment from IP (Internet Protocol) from Nigeria because they cannot authenticate and identify the sender. Somebody can take your system or hack the message on transit and change the content because we don’t have that national digital signature. The PKI will help us address all these issues, like even our international passport, (e-passport) as you travel. When you swipe it (e-passport), it uses the digital signature to verify. As at today, we are getting the services from another country, but with the PKI we should be able to provide all these services locally

and our foreign partners can trust anything from Nigeria, and we will then achieve e-trust. What is the level of compliance to the Nigeria Data Protection Regulation (NDPR)? In terms of compliance, it’s very encouraging because this year we have more than 50 per cent increase from what happened last year. Last year we had about 630 organizations that filed audit compliance and this year so far we have more than 980 organizations, which we are hoping is going to double what we had last year. In term of revenue generation, it’s two ways: We created an industry with the regulation. How is NITDA engaging with licensed Data Protection Compliance Organizations (DPCOs)? We have licensed 103 DPCOs that are helping Nigerians to comply with the regulation. We review their performance within two years. We set up KPI (key performance indicators) to assess their performance. In Africa we are the first country to start and complete investigation of data breach, and even fine an organization. Our target is to facilitate and protect an industry worth N3.4 billion today and that has generated almost 3,000 jobs. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

A’Ibom: How Ease of Doing Business is Attracting Investments By George Bassey

he transformation in the security situation that has taken place in Akwa Ibom State in the last few years has been quite significant, compared with what obtained about six years ago when the Niger Delta, of which the state is a part, was a hotbed of militancy, kidnapping and banditry. Governor Udom Emmanuel took the first major step, upon coming into office, of creating the peaceful atmosphere that is required for businesses to thrive in order to make the state an investment destination. He enacted a law that criminalized cultism, which was a major security challenge in the state, gave amnesty to repentant cultists and bandits who agreed to lay down their arms and got them re-integrated into the society. Today, Akwa Ibom is unarguably one of the most relatively peaceful and secure places to live in the whole country, if not number one on the list. One cannot talk about the conducive atmosphere for doing business in Akwa Ibom without mentioning the incentives the government has put in place to enhance ease of doing business. Among numerous incentives is an initiative that has accelerated the process of issuance of Certificate of Occupancy (C of O) for investors wishing to set up businesses in the state – the first of its kind. The first beneficiary of this new process, Victor UkoAbasi, managing director of Masterplan Innovative Industries Limited, is full of praises for the government for re-inventing the wheel in the issuance of C of O for businesses. His company is into recycling of plastic and nylon waste, to achieve a balance in the state’s ecosystem and that of neighbouring states. Perhaps there couldn’t be a better testimony of the ease of obtaining C of O in Akwa Ibom than the comments of Engineer Oludemi Akinsanya, managing director and chief executive officer of Ibom Tropicana Shopping Mall, the world-class facility that has made shopping a pleasurable experience in Uyo, the state capital. Akinsanya

Emmanuel was reported as saying that the ease of doing business in the state is unequalled in Nigeria. He said while it took him a longer period, in some cases up to two years to obtain C of O in some states where he has investments (he has invested in nearly all the states in the country), it took him only one month to obtain the all-important document in Akwa Ibom. What is happening in Akwa Ibom, from the perspective of laying the foundation for the growth of the private sector, shows a methodological, step-by-step approach by the government to first of all create the needed environment before investors begin to come in to exploit the investment potential that

abound all over the state. Now, the state is ready, against the background of an array of areas to choose to invest in. Among the areas potential investors may find attractive is the futuristic Ibom Industrial City, which occupies 14, 517 hecters of land across four local government areas. Designed to be a national and regional economic hub, the City will accommodate several high profile industries including a refinery, petrochemical and fertilizer plants, power plant and facilities for manufacture of several products. There is also the Ibom Deep Sea Port which Vice President Yemi Osinbajo was recently reported as saying would soon become operational. The port occupies 2,565 hecters of land across about three local government areas, and will provide capacity for Nigeria’s transshipment facility for the West and Central African regions. It would provide coastal access for a railway line to the Victor Attah International Airport, and would also be beneficial to investors within and outside the state who may be interested in marine business, petrochemicals, auto plant, as well as power plant. The Liberty Oil and Gas Free Zone, for which the state has obtained a federal government approval, is going to offer investment opportunities in areas such as petrochemicals, fertilizer, poly polypropylene and others. Despite the domineering presence of ExxonMobil in Akwa Ibom, the state still boasts of oil deposits that are said to be waiting to be tapped. This should be of interest to prospective investors in the oil and gas industry. The government’s efforts at easing transportation between the rural and urban areas are not limited to construction of roads and bridges. The waterways are being opened up to create opportunities for water transport, especially since a large proportion of the state is riverine. There is investment potential in the aviation sector. The existence of the Victor Attah International Airport in Uyo, with the longest runway in the country, provides opportunity for airlines to operate cargo flights at the facility. Investors can also take advantage of its position as the gateway to Central Africa to engage in international trade

in the region. Tourism and hospitality are areas for which Akwa Ibom is well known in Nigeria. Investors are already taking advantage of the friendly climate to invest massively in hospitality, if one considers the number of hotels that have sprung up in the last few years. A pointer to the attraction hospitality holds for investors in Akwa Ibom is the decision of the Kenya-based Icon Group Hotel Africa, a household name in hospitality on the continent, to partner the state government in the running of the Ibom Icon Hotel and Resorts, the leading hospitality facility in the state. Akwa Ibom is blessed with arable land that enhances high yields in various crops all year round. The successful pilot cultivation of vegetables such cucumber, onions and tomatoes, for which the state’s soil was hitherto said not to be suitable, shows that agro-based businesses can flourish in the state. This is in addition to traditional crops like yam, cassava, plantain, bananas, among others, in which the state is rich. Investors in agriculture and agro-allied industries would certainly find this area attractive. Akwa Ibom has an abundance of natural gas reserves, which offers opportunities for investment in gas-to-liquid projects, gas gathering (dry) and distribution; renewable energy, as well as low emission fuels. The Ibom Power Plant, with current capacity for 191 megawatts, has opportunity for upgrade, to a capacity of 500 megawatts. Potential investors can tap into the opportunities available in the forgoing areas, quite certain of the full backing of a supportive government that has put everything in placed to drive industrialization in the state. The long term benefits of the investments that are going to come into Akwa Ibom as a result of the conducive environment enhanced by the ease of doing business are the impacts they would have on economic and social inclusion, like job creation and raising of standard of living for the people of the state. This is being driven by Governor Emmanuel’s wake up call to the people to strive to go forward. t(FPSHF #BTTFZ MJWFT JO 6ZP

MONDAY, SEPTEMBER 6, 2021 ˾ T H I S D AY

BUSINESSWORLD

ANALYSIS

Of Banks, Telcos and Nigeria and Burden of Jaundiced Customer Loyalty Paris Climate Accord Sonny Iroche

Okey Nwachukwu

he general proposition, often buttressed with classic examples and expert advocacy, is that the repeated patronage of a brand, product or service, is a function of customer loyalty. This is unarguably true in a normal setting, but a thorough look at the causal factors in the Nigerian context will offer a new perspective. Loyalty, as defined by an economist, is “a deeply held commitment to rebuy or repurchase a preferred product or service in the future despite situational influences or marketing efforts having the potential to cause switching behavior.” Therefore, loyalty is expected, all things being equal, to elicit recurring patronage until a factor in the mix alters. In that case, the customer backtracks to the point of consideration, from where he juggles applicable options until he reaches the purchase stage again, which may ultimately be the product or service earlier rejected. In the context of human nature where preferences are constantly changing, being able to maintain those loyalty-inducing factors in the long-term demands considerable social engineering. Even some of the most famous global brands have not attained that perfection. They have kept tweaking. On average, every Nigerian owns at least two mobile lines from different networks. Some have even more. There are several reasons for owning more than one line, the most common being the need to have a backup when one line fails to deliver a requirement. This need may be to make a call, send SMS, access the internet and the whole gamut of telecommunication services. A similar scenario exists in the banking sector where people own several accounts with different banks. Expediency, fraud and dissatisfaction, among others, often underline the ownership of many accounts. We shall return to this in a bit. A closer examination of why millions of Nigerians stick with a telco or bank will show that it is not due to customer satisfaction, which naturally engenders loyalty. They are simply stuck. In the case of mobile lines, millions of people, having become associated with specific numbers, have no choice but to stick with the number, often the individual’s first line. Instead of abandoning it, they acquire other lines. This is common among men, while women frequently change or abandon numbers as many times as they become disenchanted or misplace the phone. I have personally been using a line since September 2001, bought shortly after Econet and MTN launched in Nigeria. The purchase was facilitated by the company I was working for then, and most of the pioneer employees of that organization still use their numbers even today. I hardly avail anyone of my other numbers, despite my dissatisfaction with the first line. This is not the outcome of loyalty, it is just being trapped. The huge subscriber base and profit margins proudly flaunted every year by banks and

telcos as indicative of success cannot be traced to quality of service or operational efficiency, which propels customer satisfaction and loyalty. It is the result of limited choices and/or frustration traceable to Nigeria’s debilitating operating environment. Apart from MTN, despite its bohemian arrogance, the other networks seem to have completely forgotten the essence of customer satisfaction. The ‘NEPA’ or ‘government’ mindset has become entrenched in their marketing templates so much so that they operate as if they are doing the customer a favour rather than offering a service that is paid for. They seem so satisfied with the existing jaundiced loyalty to the extent that creativity and innovation have become defunct marketing imperatives. What they do now is essentially exploit gaps in regulation and a stifling environment, while offering ‘buy one and get one free’ as marketing and branding stunts. The banking and telecoms sectors in Nigeria are famous or perhaps infamous for brandishing figures as part of credential parade to hoodwink new customers or reassure other stakeholders. Of course, it is a global practice for quoted companies to publish their financial statements, but the intention is not necessarily to delude customers as is the case in Nigeria. It is a way of informing shareholders of the health of their company. For the telcos, flaunting the subscriber base is a way of reinforcing market ranking although there are only four of them. There is no authoritative survey yet that indicates that the growing subscriber base can be tracked to efficient service delivery. Vulnerability of the customer will be a major factor. For the banks, a huge profit declaration is indicative of sound health and a reason to bank with them. Can anyone attribute these profit margins to clean business? No. It made the headlines recently that the son of a former governor and current senator, who himself is the speaker of their state’s house of assembly, had hundreds of bank accounts, many of them with a single bank. Does it need a soothsayer to know that these accounts are for dubious purposes, especially for someone not associated with any business apart from holding a political office? Can the banks feign innocence of the malfeasance? Some of the profits being announced by players in these sectors are nothing more than proceeds of fraud as they are largely contrived charges unconnected to actual service delivery. Unethical indulgence is now a norm in these sectors and more. Regulators often turn a blind eye or give them a slap on the wrist. Client acquisition and retention has gone beyond positioning at the ‘buy’ point to offer needless incentives. Instead, it entails scanning the entire decision-making process and offering appropriate motivation or drivers that would nudge the customer towards patronage. Ultimately, it will be nice to see customers in Nigeria who stick with a brand on the strength of satisfaction derived from its products and services. That will only happen when the customer is placed at the top of the pyramid, not elsewhere.

ue to the ever present threat of global warming and the need for clean energy in keeping with the provisions of the Paris Climate Accord, signed in April 2016 by 190 countries, including Nigeria to attain Net-Zero Carbon emission by 2040. In preparation and as a precursor to achieving the aims and objectives of the Accord, most developed economies have commenced actions, ostensibly to reduce to the barest minimum, their economic reliance on fossil oil as a source of energy. While the reliance on fossil oil might not come to an end abruptly, as it still remains one of the cheapest sources of energy in the foreseeable future. However, weighed against its adverse impact on the environment and global warming, more environmentally friendly sources, such as renewables, electric and sundry energy sources have become preferred priorities over fossil oil. The big rhetoric is Nigeria ready for the burden of history? The first salvo of the gradual withdrawal from Nigeria’s crude oil business was thrown by Shell Petroleum Development Company- the pioneer oil exploration and exploitation company in Nigeria, which commenced its operations through its first oil findings in Oloibiri in 1956. Over the years, Shell has been embroiled in several litigations with local communities, to the extent that the Board of Shell, due to several reasons, ranging from the downgrade of the world crude oil business, restiveness in the exploration communities to huge legal fees/ compensation as a result of the environmental degradation from its operations, decided to pull out of the country. History seems to be playing nostalgia all over again, as Shell being the pioneer exploration company in Nigeria, is again, the pioneer to disengage from the country, after almost 65 years in Nigeria’s energy sector. There is no gainsaying that other International Oil Companies (IOCs) are likely to follow suit. Should all the major IOCs withdraw their operations from Nigeria, as envisaged in a couple of years time; what would be the likely consequences on the economy of very weak countries like Nigeria, whose economy is about 85% reliant on proceeds from the sale of crude oil? With a burgeoning youth population and in tandem with Malthusian theory, poorly educated youth population, high unemployment and a continuous emigration of some of her most educated and talented youthful population to Foreign countries that offer better opportunities and quality of life. Nigeria would definitely be in a most unprecedented and unenviable situation as a country of an estimated population of 200 million, with very weak governance structure across board, dearth of infrastructure, health care, massive corruption, kidnappings, terrorism, insecurity and religious intolerance and uprising. Nigeria’s future, to say the least, is bleak. And the unfortunate and pathetic aspect of these sad developments, is the lack of purposeful and credible leadership, both at the Federal and State governments. Further, the likely unsavory and adverse consequences of the effect of reduced importance of fossil oil in the world economy, coupled with the lack of clear economic direction of government, are, but not limited to the following: r ESBTUJD SFEVDUJPO JO GPSFJHO DVSSFODJFT accruable into the Federation accounts r TIBSQ JODSFBTF JO UIF .JTFSZ *OEFY BT reflected in unemployment, which is currently put at 33% and inflation at about 18% r TUBHáBUJPO B DPNCJOBUJPO PG IZQFSJOáBUJPO and lack of economic development

r VOQSFDFEFOUFE TPDJBM VOSFTU JODSFBTFE crime rate and violence across all regions of the country, as never witnessed before. r UISFBU UP /JHFSJB T TPWFSFJHOUZ BOE existential threat to the much touted “indivisibility of Nigeria”, due to frustrated army of unemployed youths and separatist agitators. ANY WAY FORWARD? What should any serious governments which fall within the looming quagmire of countries like Nigeria, faced with such pending challenges ought to be doing and quickly too, as a mitigation to the impending destabilization of their entire Macroeconomics, social and political systems ? First, and most importantly, is for government to come off its high horse, and to sincerely engage the citizens and to listen to the cries of all nationalities that make up the supposedly, federating units of Nigeria. And to do and be seen to be taking the necessary steps at addressing the concerns and assuage the fears of Nigerians. Secondly, bring an end to the fractured and polarized Nigerian State, by a) restructuring the country to its original Federation structure b) cause a review and/or enactment of a truly People’s Constitution. The military imposed 1999 Constitution(as Amended), no matter how many times it is amended, is unable to reflective the yearnings and aspirations of Nigerians. And if not set aside, for a people’s oriented constitution, the 1999 Constitution shall remain a major source of tension, friction and an albatross to the peaceful coexistence of the various Nationalities that make up Nigeria. Thirdly, it is foolhardy to have the misconception that any one ethnic group can dominate Nigeria. It is a lie we don’t believe any more. It has never worked and it would not work. Let us avoid the unsavory route to Kigali and now is the most auspicious time to jaw-jaw. And to put our resolutions into action, whilst there’s still little time left. The President of such a pluralistic country like Nigeria, should banish the idea and thought of being and remaining a president of only a particular religious and/or regional parochial interests. This is the 21st Century. Such mentality is not in line with today’s thinking. Forthly, earnestly drive and incentivize other non-oil income generating export products as against heavy reliance on crude oil. Fifthly, rejig both the Federal Executive Council and the Presidential Economic Advisory Committee, to position these two critical bodies, to proffer solutions that are capable of placing Nigeria, where it ought to be. Man these critical committees, with men and women, who are courageous enough to look the president straight in the eyes and tell him, Mr President- “This is not good for Nigera”. Nigeria being a signatory to the Paris Accord, does not appear to have put any systems in place, in order to actualize the Accord, considering that 2040, is a little less than 20 years away . Like other serious countries, Nigeria, should have by now, initiated a Commission charged with research and insight to start to put in place in the next 10 years, the path to decarbonization; to simulate the challenges, the cost, build and train human capacity with the set of skills needed, and the opportunities to help the country through the transition period from current fossil oil to Net-Zero clean energy. Nigeria, like most signatories to the Paris Accord has been given ample notice and lead time; to transit; let us not in our usual negligence and lackadaisical attitude, wait until it becomes too late. We should start now to dream for the next generation. t 4POOZ *SPDIF DBO CF SFBDIFE WJB 5XJUUFS !*SPDIF4POOZ

T H I S D AY ˾ MONDAY, SEPTEMBER 6, 2021

BUSINESSWORLD

NEWS

Stanbic IBTC Recommends Sustainability Models for Nigerian Businesses Nume Ekeghe Determined to see businesses flourish, Stanbic IBTC Holdings PLC, has recommended sustainability models that will aid businesses and enterprises in realising their operational goals. The recommendations were given during a recent sustainable procurement programme for its vendors themed, “Understanding Sustainability and What It Means For Your Business.” The virtual event featured

several industry experts including Partner and West African Sector Lead, Climate Change and Sustainability Services, Ernst and Young, Mr. Samuel Agbevem, and Manager, Group Physical Security at Stanbic IBTC, Mr. Oludare Oloyede. Speaking on the principles of sustainability, Agbevem said, “Sustainability is the creation of financial and economic value as well as long-term environmental and social value for a wide range of stakeholders, with

consideration for the needs of future generations. It is a holistic approach that reflects ecological, social and economic dimensions, all of which must be well thought out to find lasting prosperity.” According to him, the implementation of sustainability programmes by businesses will have lasting positive effects on the economy. “Companies or businesses can reuse, recycle and reduce

resources like paper, adopt energy-efficient appliances and energy-efficient practices to reduce energy consumption, and implement occupational health and safety procedures in the workplace,” Agbevem stated. He also provided a framework that the vendors can use to incorporate sustainability into their businesses. Addressing the issues of occupational health and safety as they relate to business sustain-

ability, Oloyede stated that the health and safety of workers are important to the current and future success of any organisation. He said: “Effective management of environmental and social risks is another pillar in building a sustainable business model. Successfully managing these risks can be achieved by developing policies focused on waste generation and disposal, developing and implementing

health and safety procedures applicable to business operations, and implementing labour policies aligned to national laws so that people are not overworked.” Speaking on the rationale behind the event, Omolola Fashesin, Head of Sustainability at Stanbic IBTC said: “The webinar was organised for Stanbic IBTC vendors to promote sustainability awareness and adoption of sustainability frameworks across the organisation’s supply chain.

Olaniwun Ajayi LP, Gets New Managing Partner, Deputy Sunday Ehigiator A full-service law firm, Olaniwun Ajayi LP, has announced the appointment of Dr. Tominiyi Owolabi and Mr. Wolemi Esan as its new Managing Partner and Deputy Managing Partner respectively. In a recent statement by the firm, the appointment of the duo took effect on September 1, 2021, as they took over from the combined leadership of Prof. Konyin Ajayi (SAN), and Oluseye Opasanya (SAN), who formerly served as the Managing Partner and Deputy Managing Partner of the firm respectively. In the statement, Tominiyi who was described as a distinguished Eisenhower Fellow, teetered on leadership, ingenuity, resilience, and industry foresight, brings to bear his doctorate in business administration, but more so his youthful nature and fresh thinking. “Tominiyi has demonstrated exceptional drive and passion for sustainable and scalable innovation and has an enviable record of winning for his clients, his team, and ultimately our esteem. “Tominiyi has been intrinsic to the emergence of Olaniwun Ajayi as a truly international firm operating out of Africa. Widely regarded internationally as a foremost commercial practitioner, Tominiyi, (who served as longstanding chair of the firm’s oil and gas practice),

brings to the leadership of the firm, a stellar record of being a perfect executioner of strategy, a warm and welcoming person, and one to do business with. “His appointment as managing partner is not only well deserved but also fitting as our firm looks forward to the new ways of work in a platform economy.” Wolemi on the other hand was described by Chambers Global 2021 as a “standout lawyer with a tremendous reputation in the market”. The statement further noted that Wolemi has an uncommon drive, exceptionality and dedication laced his brilliant career with accolades from clients who he makes flourish. “Successfully chairing the firm’s power and infrastructure practice, he built a track record of leading and advising on some of the transactions that have defined the Nigerian economy. “Wolemi belongs to the elite class of lawyers whose practices are not defined by either contentious or non-contentious matters but can advise on high-value transactions, as well as complex litigation and arbitration, with equal proficiency. “He has remained highly regarded by the firm’s clients, peers, and regulators alike, and has consistently acted as a bridge between the partnership and the firm’s younger generation of talent.”

NAAJ Tasks New Agric Minister on Effective Collaboration Gilbert Ekugbe The Nigerian Association of Agricultural Journalists (NAAJ), has commended President Mohammed Buhari on the recent cabinet reshuffle and the appointment of a new minister of Agriculture and Rural Development to drive the nation’s food security objectives. Speaking on the appointment of former Minister of Environment, Mohammed Mahmoud Abubakar as the new minister of Agriculture and Rural Development, NAAJ President, Mr. Emmanuel Ogbonnaya expressed optimism that the agricultural sector will now receive the needed direction it was lacking in reaching its true potential. He further urged the new agric minister, to foster collaborations among the stakeholders across all value chains and the 36 states including the FCT, to help secure Nigeria’s food aspirations and

avoid the lacklustre performance of the former minister of agriculture and rural development, Alhaji Sabo Nanono, which earned him a sack. According to Ogbonnaya: “The Nigerian Agricultural sector holds enormous potentials and opportunities if adequate innovation and investment is put into it and the necessary infrastructure that could enhance productivity in agric business put in place.” “Unfortunately, the former minister did not show enough commitment to the revitalization of the sector as the shortfall in food supply and the attendant high costs has aggravated the plight of many Nigerians,” he added. Ogbonnaya urged the new minister to take full advantage of the print and electronic media as partners in progress, in transmitting timely and relevant information to agric practitioners and also to showcase laudable milestones under his leadership.

PRODUCT LAUNCH…

L-R: Trophy Brand Ambassador, Mr. Femi Adebayo; Marketing Manager, Trophy, Bamise Oyegbami; Marketing Director, International Breweries Plc (IBPLC),Tolulope Adedeji; Trophy Brand Ambassador, Folarin Falana (aka Falz); and Cofounder, Empire Mates Entertainment, Tunde Demuren, at the unveiling Press conference of the Trophy “Stand By Me” PHOTO: ETOP UKUTT Initiative held in Lagos… recently

Cassava Production: Bayer Launches New Herbicide to Combat Weeds Gilbert Ekugbe

Bayer Nigeria Limited has launched a new crop protection product known as Lagon to help farmers tackle the problem of weeds in cassava and raise yield. According to a statement issued by the International Institute of Tropical Agriculture (IITA), the herbicide has been tested on more than 200 trials and demos across Nigeria and Tanzania, noting that Lagon was rated among the top best preemergence herbicides for control of both grasses and broad-leaf weeds in cassava. The Country Sales Manager, Bayer Nigeria Limited, Temitope Banjo, said the launch of Lagon aims to provide a big relief to farmers, saying that these are exciting times for cassava farmers. “Farmers need not to worry about weeds anymore,” he added. He added that weeds have

remained a major challenger to increased cassava productivity in Nigeria and Africa in general, with women spending about 500 hours annually to keep a hectare of cassava weed-free using hoes. He said manual method of weed control compromises the health of resource-constrained farmers and in some cases, children are pulled out of school to support weeding. “When left uncontrolled, weeds compete for water, nutrients and space with cassava and depress yield by 40-90 per cent,” he said. To tackle the menace of weeds, the International Institute of Tropical Agriculture (IITA) managed the Cassava Weed Management Project, and in the last eight years, screened more than 40 preemergence herbicides both on-station and on-farm. The trials and subsequently demonstrations were conducted in Abia, Benue,

Ogun and Oyo states in Nigeria, and in Tanzania. Across the four states, which represent the key agroecological zones that predominantly grow cassava in Nigeria, yield of cassava from Lagon treated fields were more than double the national average and were above 20 tons per hectare. Furthermore, cassava plants treated with Lagon were more vigorous compared to those on fields where the product was not used. The Director for Development & Delivery at the International Institute of Tropical Agriculture (IITA), Dr. Alfred Dixon, said the Cassava Weed Management Project team also conducted residue analysis on the leaves, stems and roots of cassava. “The residue analysis provided negative results, meaning that Lagon is safe to be applied on field crops, particularly cassava,”

Dixon added. Farmers who use Lagon commended the preemergence herbicides for its efficacy. According to a Cassava Commercial Seed Producer, Mrs. Ngufan Chichi, the use of Lagon on farmers’ fields was doing ‘wonders’ and helping farmers to increase their yields and profits. She said the use of Lagon has helped her group to increase the size of their cassava farm in Benue. “This is possible because we now manage weeds in cassava better,” she said, adding that with Lagon farmers were saving more on the cost of weeding,” she said. Chichi called on the government to support the dissemination of Lagon so that more farmers could have access to the product and make more returns from growing cassava.

PPAPPPAPSSAN Urges FG to Reconsider Policy on Privatisation of Three Paper Mills Ugo Aliogo The President, Pulp Paper and Paper products Printing and Publishing Senior Staff Association of Nigeria (PPAPPPAPSSAN), Comrade Dada Joseph, has called on the federal government to reconsider its policy on privatisation of the three major primary paper mills by constituting a committee of the major stakeholders including the unions in the industry to work out the strategies to revive the moribund mills with a view of

improving the economy of the country. Joseph, who disclosed this in Lagos at the 9th Triennial National Delegates Conference of the Association with the theme: “Challenges and Prospects of Paper, Printing and Publishing Industry in Nigeria, Which Way Forward,” said government urgent intervention in the paper industry at this time is vital and appealed for the provision of an enabling environment for the sector to thrive by providing the necessary infrastructures such as power

supply, access road and subsidies. He advised the federal government to liaise with the stakeholders in the industry especially the Paper and Paper Board Manufacturers and Converters Association (PPMCA) to seek for ways the sector can be assisted either by way of the financial bailout through grants or loans on a single-digit interest rate. The PPAPPPAPSSAN boss further explained that there is need for the federal government to prevail on the States and Local Governments where the paper

companies reside to grant them some level of tax reliefs. He added that tax relief is inevitable at this critical time given the fact that the paper companies are the primary source of reducing unemployment problems in the country especially in where they reside. Joseph advised the Federal, State and Local Governments to adopt and implement the Presidential Executive Order no 5 directing that anything that can be produced locally should not be contracted abroad.

MONDAY, SEPTEMBER 6, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Anti-Corruption: CAC to Grant CCB Access to Companies’ Database James Emejo in Abuja The Corporate Affairs Commission (CAC) has said it would grant the Code of Conduct Bureau (CCB) access to its database to enable the latter carry out seamless investigation of companies suspected to be engaged in illicit activities. The Registrar General/Chief Executive of the commission, Alhaji Garba Abubakar, also said that any member of the public could conduct what he called a first level check on the status of any company on the CAC website via the public search window at no cost. Abubakar gave the commitment when he received the CCB Chairman, Professor Muhammad Isah on a courtesy visit to the commission. He described the partnership with the CCB as a boost in the current administration’s fight against corruption adding that the time was ripe for the commission to explore more areas of collaboration particularly real-time. He said in view of CAC’s strategic collaboration with other anti-corruption agencies including the EFCC, ICPC and INTERPOL amongst others, the commission established a dedicated unit to expeditiously handle requests for information and other services gratis. Commenting on the introduction of Beneficial Ownership Disclosure or Person with

Significant Control, Abubakar revealed that the disclosure would soon be extended to open data format to enable investigators extract information on any company as well as query the database to amongst others detect whether a particular name had featured in different companies. He also revealed that the commission was working assiduously for integration with the National Identity Management Commission’s database to enable it validate the identity of anyone applying to register a company in order to eliminate incidences of submitting cloned copies of means of identification to the CAC. The CAC registrar general further reiterated his commitment to ensure continued synergy and collaboration with the CCB and other anti-corruption bodies in a bid to strengthen the anti-money laundering and anti-corruption initiatives of the present administration. However, Isa had expressed satisfaction with the support and cooperation the CCB had received from the registrar feneral since his assumption of office. He stressed that the CAC and CCB had a lot to do in order to enhance the economic well being of the country. The CCB chairman also expressed delight that Abubakar had ensured what he called

expeditious and effective treatment of all requests from the CCB. He said in view of emerging trends in company law, there was need for more robust collaboration between the two agencies to unravel the

identities of those perpetrating various economic crimes in the country. He added that the CCB was amongst others empowered to enforce asset declaration as one of the 14 Code of Conduct for Public Officers

and added that Conflict of Interest, Bribery, Abuse of Office, Double Remuneration, Operation of Foreign Accounts and Membership of Secret Society amongst others were all under their purview.

He described Asset Declaration as the Life wire of corruption fight to all anti-corruption agencies and therefore charged public officers to declare their assets accordingly as the measure was also meant to protect their interest.

L-R: Chief Operations Officer, Pandagric Novum Limited, Arnold Smith; Chief Executive Officer, Bruce Spain; Member, Executive Board, Theo van der Veen; and General Manager, Sales and Marketing, Tunji Osoko, during the 2021 Pandagric Novum Limited Distributor’ Conference and Unveiling of Rebranded Supreme Feeds in Abuja… recently

IFAD Commits 30% PwC, Rack Centre to Chart New Climate Finance Course for Africa’s Digital Revolution Fund to Biodiversity Emma Okonji

Oluchi Chibuzor The International Fund for Agricultural Development (IFAD) has announced that it is committing 30 per cent of its climate finance to support nature-based solutions in rural small-scale agriculture by 2030. This is coming as the United Nations body is calling for more investment in protecting biodiversity, which is crucial to fighting hunger and sustaining development in the SDGs. Speaking ahead of the International Union for Conservation of Nature (IUCN), President, IFAD, Gilbert Houngbo said, “If we do not invest more in protecting biodiversity, development cannot be sustainable and we will not eradicate hunger or achieve the Sustainable Development Goals. Biodiversity is a cornerstone of healthy and sustainable food systems. “From protecting pollinators, to improving soil fertility and building resilience to the effects of climate change, biodiversity is fundamental to addressing global hunger. But the clock is ticking. We need to increase our investments to protect biodiversity before it is too late. Our future depends on it.” However, as part of its own increase in biodiversity investments, the UN’s arm, announced a commitment to focus 30 percent of its climate finance to support nature-based solutions in rural small-scale agriculture by 2030. According to IFAD, naturebased solutions promote the proactive conservation, management and restoration of natural ecosystems and biodiversity to contribute to addressing the

challenges of climate change, food and water security, and human health. IFAD’s investments in naturebased solutions aim to promote a healthy biosphere, increasing productivity and improving food security, nutrition and resilience to climate change. Improving agricultural biodiversity on small-scale farms results in healthy, productive soils, which sequester more carbon. This therefore can also make an important cumulative contribution to carbon storage. Emphasizing the impact of the fund, Houngbo said, ”Rural communities and small-scale farmers have a vital role to play. They are dependent on biodiversity, but are also important custodians of it, growing a wider range of species and varieties than largescale farms.” The IUCN World Conservation Congress brings together governments, civil society, Indigenous Peoples, scientists and business to promote initiatives on the most urgent environmental and sustainability challenges, such as the biodiversity and climate crises in the context of the recovery from the COVID-19 pandemic. Houngbo will announce IFAD’s investment commitment at the high-level roundtable on ‘Financing for Biodiversity’ where he is a keynote speaker along with Christine Lagarde, President of the European Central Bank. Eight out of 10 of the world’s poorest people live in rural areas, and most depend on agriculture for their livelihoods. Ironically, they are the ones most likely to go hungry. There was a dramatic increase in global hunger in 2020, with up to 811 million hungry people.

PwC, a professional services firm and Rack Centre, West Africa’s Carrier Neutral Tier III Data Centre, have collaborated to explore how Africa could leverage the digital revolution in a second webinar series on Africa, titled: ‘The Next Digital Frontier’, with focus on digital infrastructure as a key enabler for growth. With Africa accelerating towards an inevitable digital future, the webinar, which is slated to hold September 16, 2021, will discuss new ways on how to realise the opportunities for growth and developments across macroeconomic levers through deliberate investments in digital infrastructure that is connected in the future. World Bank Insights note that

digital innovation is creating unprecedented opportunities for Africa to grow its economy, create jobs and transform people’s lives, offering a chance to unlock new pathways for rapid economic growth, innovation, and access to services that would have been unimaginable only a decade ago. The webinar is expected to tap into the African opportunities through its critically digital innovation conversations. Chairman and Founder of Convergence Partners, a globally respected investment management firm focused on Technology, Media, and the Telecoms sector in Africa, Mr. Andile Ngcaba, is the keynote speaker and will give a pan Africa overview. As in the previous series, the webinar is attracting technol-

ogy and business leaders as speakers, including the Group CEO of CSquared, Mr. Lanre Kolade, who manages an African centred technology company that provides broadband-enabling infrastructure throughout Africa; CEO of AFR-IX telecom, a global Internet Service Provider, Mr. Norman Albi; Chief Regulatory Officer of Bandwidth and Cloud Services Group (BCS), Susan Mulikita; CEO of Rack Centre, Dr. Ayotunde Coker, and Partner and West Africa Technology Leader for PwC Nigeria, Femi Osinubi. It will be moderated by PwC South Africa Partner & Africa Technology, Media & Telecommunications Leader, Elmo Hildebrand. According to Coker, the forthcoming webinar would build

on the success recorded in the previous one. “The population in African is predominantly youth, and technologically savvy, so planning has to consider this strategic demography dividend. Besides, the rate of Internet penetration is expanding among the general populace, digital startups are springing up, so there is a growing need to develop and position digital Infrastructure, sharpen skills, and nurture entrepreneurship in the digital space. “Rack Centre and PwC considering our leading roles in our areas of specialisation, believe we can broaden the conversation and chart a course forward as Africa takes its rightful place in the development of digital Infrastructure.”

Sterling Bank Unveils Free Banking Services for NGOs Nume Ekeghe In a bid to empower non-profit organisations across the country, Sterling Bank Plc has unveiled Africa’s first free banking services for non-governmental organisations (NGOs) christened Sterling CARES. The bank unveiled this patnership over the weekend with Sterling One Foundation and the Nigeria Network of NGOs (NNNGO), where it disclosed that the new product would allow NGOs to operate their corporate accounts without transaction charges. The Chief Executive Officer, Sterling One Foundation, Ms.

Olapeju Ibekwe at the unveiling noted that the only applicable charge on the account is for SMS notifications and that the International Day of Charity provides an excellent opportunity to publicly support the social impact and philanthropic activities of charitable instituitions in our clime via this fee-free solution. Ibekwe said: “Sterling CARES is open only to NGOs, legal entities operated for a social benefit. It is introduced to help them keep costs down at this challenging time when their work and support is needed now more than ever by people with a low socio-economic background.” Ibekwe, thus, urged the NGOs

in the country to take advantage of the novel Sterling CARES account to keep costs low. According to her, the product is exclusive to nonprofit organisations who are the primary foot soldiers working to attain the United Nations Sustainable Development Goals (SDG) for all. It is not open to religiously shaped institutions, cooperative societies, schools, and associations. She said: “We recognise that nonprofits like us help lots of people who are struggling to make ends meet through donations and various interventions. However, funding is one of the leading challenges currently

facing the NGOs.” She noted that alternative sources of income, charitable contributions, and funding for their various programs and services “are drying up, no thanks to the COVID-19 pandemic. Sterling CARES is a child of necessity introduced to support financing of the Sustainable Development Goals via fee-free banking for nonprofits.” Olapeju added that account holders also get to benefit from the partnership with giving.ng, Africa’s foremost crowd-funding platform that offers free services and gives grants to fundraisers focused on driving social impact in the society.

T H I S D AY ˾ MONDAY, SEPTEMBER 6, 2021

BUSINESSWORLD

NEWS

PwC Africa Unveils Six Focus Areas to New Strategy Goddy Egene PwC Africa has announced six key focus areas that will support the execution of its new global strategy that was announced on 15 June 2021, known as The New Equation. PwC Africa’s six key focus areas are: trust, growth, and value creation, environmental, governance and social (ESG), digitisation, international development, and workforce. According to the company, its commitment to quality and exceptional service delivery unites these key focus areas and remains the foundation of the strategy going forward. Commenting, the Chief Executive Officer (CEO) for PwC Africa, Dion Shango, said: “Our purpose as PwC

is to build trust in society and solve important problems. The New Equation will shape how we help to build trust, as well as how we deliver sustained outcomes as a community of problem solvers. Quality is at the heart of everything that we do, and therefore quality is the foundation supporting our execution of The New Equation strategy.” He explained that “PwC has been in the African region for over 70 years, noting that they continue to be optimistic about the opportunities on the continent. “In response to technological disruption, climate change, fractured geopolitics, and the continuing effects of the COVID-19 pandemic, amongst other challenges, many organisa-

tions need to refocus and that’s where we can help with The New Equation,” he said. He added that The New Equation focuses on two interconnected needs that organisations face in the coming years: building trust across a wide range of areas that are important to stakeholders and delivering sustained outcomes in an environment where the risk of disruption is more intense than ever before. “PwC Africa’s six focus areas will help to address these needs among clients, communities, and other stakeholders in Sub-Saharan Africa,” Shango stressed. In the area of trust, the CEO said it is about helping organisations to build and sustain trust in their people, products, services, operations, and the communities in which they operate.

NPA Partners UK Border Force on Port Security The Nigerian Ports Authority (NPA) is set to partner with the United Kingdom Border Force, on port security and facilitation of legitimate movement of persons and goods at all seaports in the country. The partnership covers security measures, coordination, information sharing and joint operations, to check persons or activities that may cause harm to operations and investments in the nation’s port industry. It seeks to safeguard shipping and cargo traffic, improve intelligence gathering and deepen revenue from maritime trade.

NPA’s acting Managing Director, Mohammed Bello-Koko, described the partnership with the UK Border Force as a strategic relations with long term economic benefits to Nigeria and Britain. The acting MD who was represented by the Executive Director, Marine and Operations, Hon. Onari Brown, eulogized the UK Agency for the good work it is doing to safeguard the economic and national interests of Britain. He expressed confidence in the partnership to engender efficiency and value for money in all aspects of port business in Nigeria. The Border Force is a law

enforcement agency charged by the UK government to manage immigration and customs checks at all British seaports and airports. The collaboration with the NPA entails the establishment of an Electronic Cargo Targeting System (ECTS), a Joint Port Control Unit (JPU) and a Mobile Task Force (MTF) with the capacity to enhance the work of Nigerian law enforcement agencies operating within the nation’s maritime domain by providing real-time data and business arterial intelligence tools.

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, SEPTEMBER 6, 2021

HOMES&DESIGN THE LUXURIA BY THE ADDRESS AS ANOTHER SHADE OF PARADISE

MONDAY, SEPTEMBER 6, 2021 ˾ T H I S D AY

HOMES&DESIGN

LIVING IT UP AT THE LUXURIA BY THE ADDRESS The Luxuria, developed by The Address Homes, undoubtedly adds top-notch sophistication to Ikoyi, Lagos, particularly its usually pristine axis, known as Old Ikoyi, where most of Nigeria’s money resides. Dr Bisi Onasanya’s dynamic ingenuity accentuates the development of the sturdy facility. He has brought to bear vast expertise and experience, including being a former managing director of First Bank. Bennett Oghifo writes

he Luxuria by The Address Homes has elegant twin towers that will grow to full height precisely along Alexander Road Old Ikoyi, a soughtafter location. Besides, Ikoyi is home to some of the country’s richest and most influential families. Luxuria sits on Alexander Road, often referred to as a billionaires’ paradise populated by residents who savour its serene, peaceful atmosphere far from the clamour and crowds of Lagos, the country’s largest city and financial centre. Alexander Road is a highly secured environment splattered with exquisite homes owned by Nigerians and foreign nationals. The current market status of Alexander Road properties is that realtors believed it is a seller’s market with land prices ranging from N500,000 to N600,000 per square meter, and it has a great road network. The Address Homes’ chairman Dr Bisi Onasanya noted that the “futuristic edifice” development started in December 2019 and would be fully available in December 2022. Onasanya said upon completion, the project would comprise 58 units of different apartments, including five-bedroom penthouses, four-bedroom maisonettes and four-bedroom apartments. The LUXURIA by the Address Homes sits on a land area measuring approximately

4890sqm, consisting of two towers. Tower A comprises 28 units (two penthouses, 20 maisonettes, and six apartments). Tower B comprises 30 units (two penthouses, 20 maisonettes, and eight apartments). The towers have different floor plan sizes; penthouses floor plan -lower floor (498.5sqm); upper floor (408.1sqm). The Maisonettes floor plan shows that the lower floor is 253.3sqm, and Upper Floor is 238.3sqm; the Apartments floor plan for Type 1 is 316.8sqm, and the Type 2 is 318.4sqm. Prices start from N380 million. Specifically, the price of the four-bedroom apartments is N350 million; the four-

bedroom maisonettes, N380 million, and five-bedroom penthouses, $3 million. Onasanya said 55 per cent of the units had been sold, and prospective buyers are expected to follow a payment plan that requires them to provide a 30 per cent initial deposit. They will spread the balance over 18 months. The Luxuria has premium amenities and facilities, including adult and children swimming pools, wet and dry kitchens, spas, gyms, 24-hour power supply, general elevators per tower, concierge desk, lounge overlooking the lobby, spacious elevator lobby, and lawn tennis court. Others are maids rooms, innovative lighting systems, floor lights, parking

”The Luxuria has premium amenities and facilities, including adult and children swimming pools, wet and dry kitchens, spas, gyms, 24-hour power supply, general elevators per tower, concierge desk, lounge overlooking the lobby, spacious elevator lobby, and lawn tennis court.”

space, double volume lounge, and smart home system. Every part of The Luxuria is elegantly finished for esthetics and functionality, said officials of The Address Homes. The towers are beautifully crafted. Coming home to The Luxuria “gives joy and excitement with so much to look forward to” in comfort and lifestyle. The Address Homes has taken the expected exquisite taste of its clientele into consideration by making it a reality with the beautiful and contemporary interior design of The Luxuria, said its chairman. According to Onasanya, Luxuria’s design considers the role of nature in the aesthetic view, thereby using large volume spaces for the living areas and the bedrooms. “The advantages of interacting with and seeing nature are numerous. Beyond technical benefits, feeling the presence of the living world around us elevates the spirit,” he noted. “Natural light flows throughout The Luxuria open, airy layout. Masterful design and modern luxury are uniquely embodied in this well-styled edifice. Coming home has never felt better at The Luxuria.” The project consultants include APD project managers, Play in Architecture Limited, OJ & T, EMMS UF-A, and Black Diamond Engineering.

MONDAY, SEPTEMBER 6, 2021 ˾ T H I S D AY

BUSINESSSPECIAL JOURNEY TOWARDS NIGERIA’S DIGITAL CURRENCY As the Central Bank of Nigeria (CBN) prepares for the launch of its digital currency next quarter, Obinna Chima writes about the expected beneﬁts of the e-Naira as well as the recently selected technical partner for the initiative

entral banks in more than 70 countries are presently studying or at advanced stages of developing their Central Bank Digital Currency (CBDC), which are digital representations of fiat currencies developed and issued by the apex banks. In line with this, in Nigeria, the Central Bank of Nigeria (CBN) took a major step towards the launch of its own digital currency, commonly known as the e-Naira last week with its formal announcement of its engagement of global fintech company, Bitt Inc. as its technical partner for the project. To choose the technical partner, the CBN went through a rigorous vendor selection process in line with the Public Procurement Act, conducted by seven departmental directors and a Deputy Governor whereby 15 companies were evaluated. The evaluation was based on the following criteria: technology ownership and control; implementation timeline; efficiency, ease of adoption; support for anti-money laundering and combating the financing of terrorism (AML/CFT); platform security; interoperability; implementation experience. According to a document seen by THISDAY, from the evaluated 15 companies, Bitt came tops with an average score of 82.3 per cent. The scores for some other bidders were: Bitt- 82.3 per cent; InterStellar – 76.9 per cent; Zimbali- 76.4 per cent; G+D – 76.3 per cent; and EmTech -66.4 Indeed, technological advances in recent years which was further propelled by the COVID-19, have led to a growing number of fast, electronic means of payment available to consumers for everyday transactions. Essentially, given their source, CBDCs are not decentralised but simply a digital token issued as the territory’s currency, regulated and backed by local monetary reserves, the report by Zerocap stated. In addition, CBDCs may or may not utilise blockchain technology, depending on the frameworks used to implement the assets into circulation. The Bank for International Settlement (BIS) noted in a report that there are various design choices for CBDCs, including: access (widely versus restricted); degree of anonymity (ranging from complete to none); operational availability (ranging from current opening hours to 24 hours a day and seven days a week); and interest bearing characteristics (yes or no). Furthermore, it points out that many forms of CBDCs are possible, with different implications for payment systems, monetary policy transmission as well as the structure and stability of the financial system. Although CBDCs will probably not function precisely like paper notes or bitcoin, they will hold some digital features similar to physical cash. Assets will be easily transferable between entities and carry the same value in third-party wallets or platforms. These properties also apply to their storage; CBDC users will store the tokens in their digital wallets and use the assets wherever they go. Citizens will most likely need to open an account with their central bank affiliations, but storage options will vary from mobile to desktop, online and offline anywhere on the planet. With CBDCs, local or international transfers can occur almost instantly and require much lower fees than the traditional system. It will drastically minimise the task of verifying funds or risk-monitoring in each banking platform, since CBDCs are the actual fiat currencies in digital form. Reducing fees at faster transfer rates will also promote economic growth and benefit lower classes through low payment fees and higher accessibility to funds. Since CBDCs are issued through central banks and available to use through digital wallets, the unbanked may access and transfer their funds without the need for private bank accounts, which are often not at their disposal. It will also benefit the underbanked through higher access to financial services with more straightforward frameworks and faster KYC. M-Pesa, a P2P payment platform released in Kenya, is a good example of such inclusion. Released in 2007, M-Pesa promoted easy payments and transactions without the need for private bank accounts. As a result, Kenya`s access to formal finance grew from 14 per cent in 2006, to 83 per cent in 2019. Also, digital fiat creates more significant obstacles to illegal activities as physical cash allows funds to be hidden and transferred outside of surveilled financial systems.

CBN’S E-NAIRA TECHNICAL PARTNER

Bitt is a leader in the CBDC industry, with subject matter experts at the intersection of technology and policy. The company deployed its flagship product in regulated, collaborative, multi-stakeholder environments, including a live CBDC in four Caribbean countries, and digital currency deployments in Barbados and Latin America. THISDAY findings also revealed that the Bitt DCMS

for Eastern Caribbean Central Bank was vetted by the International Monetary Fund (IMF) and World Bank. Also, the deployment in the Caribbean countries was driven by social impact, including financial inclusion, through special features for the unbanked, on/off-ramp through an accessible agency network, and the implementation of zero-cost mobile transactions. The systems has patent-pending offline transaction capabilities, and the ability to integrate with other CBDC networks for cross-currency exchange. Overstock, which has majority stake in the company, is a more than 20 year old publicly traded company (Nasdaq: OSTK) with over $200M invested in blockchain technology related businesses. Pelion Ventures, a 35+ year old VC firm, manages OSTK investments. In addition, Bitt was the first company to digitise a national currency on a blockchain, thus creating the first synthetic CBDC, with the support of the Central Bank of Barbados Governor and the Minister of Finance. “That system is still in operation today, and is integrated with the largest bill payment processor in the country and both major telcos. “The Government of Barbados uses it to collect payments online. mMoney has grown to service thousands of merchants andmany more individuals within Barbados. It is clearly not a closed payment system. “The main product, the Digital Currency Management System, licenced to CBN is not a closed payment system. The DCMS provides the Suite of applications for the monetary authority, commercial banks, merchants, and consumers (both, banked and unbanked),” a report stated. Furthermore, Bitt’s market-proven Digital Currency Management System (DCMS) encompasses a core transaction network, Numa architecture (network abstraction layer), a secure minting system, and a Digital Currency Manager for the monetary authority or administrator of the system. In addition, Bitt provides user interfaces for enterprises, merchants, and retail consumers that enable a variety of actions to achieve each users’ objectives in managing digital currency transactions and services. Bitt has built its DCMS to integrate with leading blockchain networks. Also, in 2015, Bitt started a project to digitise the Barbadian dollar. Also, in March this year, ‘DCash’, was designed and developed by Bitt, in partnership with the Eastern Caribbean Central Bank (ECCB) and it became the world’s first retail central bank digital currency (CBDC) to be publicly issued within a formal currency union. The historic transaction was the climax of over two years of extensive research, consultations, planning, software development, operational training, merchant acquisition, customer service, and marketing achieved through collaboration with the ECCB, Bitt and multiple external stakeholders.

CBN OPTIMISTIC ABOUT E-NAIRA

The CBN pointed out that the selection of Bitt from among highly competitive bidders was based on the company’s technical competence, efficiency, platform security, interoperability, and implementation experience. “In choosing Bitt Inc. the CBN will rely on the company’s tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean countries. “Bitt Inc. was key to the development and successful launch of the Central Bank Digital Currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021,” it explained. Speaking on the selection process that saw Bitt emerge as the CBN’s preferred technical partner for the implementation of the CBDC from a group of 15 prospective technical partners, Nwanisobi emphasised that the Bank based its selection assessment on technology ownership and control; implementation timeline; efficiency, ease of adoption; support for anti-money laundering and combating the financing of terrorism (AML/CFT); platform security; interoperability; and implementation experience, among others. “Bitt was the first company to digitise a national currency on a blockchain, thus creating the first synthetic CBDC, with the support of the Central Bank of Barbados Governor and the Minister of Finance. That system is still in operation today,” he explained. While urging members of the public to embrace the e-Naira upon unveiling, in the forthcoming weeks, he also enjoined stakeholders to support the Bank’s policies, stressing that the CBN remained focused on its resolve of being a people-centered Central Bank. Also, the CBN Governor, Mr. Godwin Emefiele expressed optimism that the e-Naira, would bring about increased cross-border trade, accelerate financial inclusion, and lead to cheaper and faster remittance inflow. He said the digital money would lead to easier targeted social interventions, as well as improvement in monetary policy effectiveness, payment systems efficiency, and tax collection. CBN’s Director, Corporate Communications Department, Mr. Osita Nwanisobi, explained that the e-Naira project had been a long and thorough process for the apex bank following its resolve in 2017, to digitise the local currency after extensive research and exploration. Nwanisobi said CBN’s decision was in line with an unmistakable global trend in which over 85 per cent of central banks were considering adopting digital currencies in their countries. On her part, the Director, Information Technology, CBN, Ms. Rakiya Mohammed, said every Nigerian would have access to the CBDCs when it is introduced.

She said: “Let me state categorically that cryptocurrency such as Bitcoin and the rest of them are not under the control of the central bank; they are purely private decisions that individuals make and are not part of this arrangement. “We have spent over two years studying this concept of central bank’s digital currency and we have identified the risks. And it is one of the reasons why I said we are setting up a central governance structure that would involve all industry stakeholders to access all the risks as we continue on this journey. “Very soon we would make an announcement on the date for the launch and by the end of the year, we should have the digital currency.” According to her, about 80 per cent of central banks across the world are presently exploring the possibility of issuing the central bank’s digital currency, saying that Nigeria cannot be left behind. Mohammed added: “You are aware that we have two forms of fiat money: The notes and the coins. So, the central bank’s digital currency is the third form of fiat money. So, this digital money is going to complement the cash and note that we have. “The central bank digital currency will just be as good as you having cash in your pocket. So, if you are having the currency in your pocket, you are as good as having cash on your phone. “Now, why did we need to go into this? There are different cases that the central bank is looking at. For instance, we have remittances, which is a huge market in Africa. We also know that in the last EFInA report, our target for this year was to achieve 80 per cent financial inclusion. We are about 60 per cent and at the rate we are going, it is unlikely we would meet this target. But the central bank digital currency would accelerate this target.” She said it would support the cashless policy as well as innovation, adding that the central bank has a “very clear roadmap on this and we are about to move to the next stage of a proof of consent after which we would start a pilot.” Commenting on the upcoming initiative, the Divisional Chief Executive at Interswitch Group, Mr. Akeem Lawal, recently described the move as a forward-looking policy initiative from the regulator’s perspective, adding that it will enhance the convertibility of the naira. He said digital currency would also help the country to benefit from the technology, which is the future of payments in every sphere of endeavour. In his contribution, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, stated that the impact of digital currency on the economy would yield positive results. Therefore, it is expected that the introduction of the e-Naira will make payments and transfers easier, drastically help in reducing fraud and money laundering risks, among other positive benefits.

T H I S D AY ˾ MONDAY, SEPTEMBER 6, 2021

INTERVIEW

IBRAHIMA BA:

COVID-19 REINFORCED IMPORTANCE OF CRITICAL INFORMATION Over the last three years, Facebook has invested heavily in infrastructure and connectivity initiatives that aim to affordably connect people in Africa and create tangible social-economic benefits. These efforts are part of a complex solution that require all stakeholders – including mobile operators, infrastructure providers and governments – to work together for the common good. One of such investments is the 2Africa subsea cables. In this interview, Facebook’s Director, Network Investments for Emerging Markets, Ibrahima Ba, speaks about the initiative. Oluchi Chibuzor brings the excerpts: What is the 2Africa project all about? Africa is one of the largest subsea cable projects in the world now running close to 40,000km long, connecting Europe, the Middle East, Asia, and many countries in Africa. It will provide internet capacity and reliability across much of the Middle East and Africa supporting the growth of 4G, 5G, and fixed broadband access for hundreds of millions of people and businesses.

What makes the project unique, and how can it help African countries compete better with the rest of the world in terms of internet access? 2Africa is the first cable system designed to serve the whole of Africa, interconnecting the east and west seaboards of Africa. It will also enable interconnectivity between 19 African countries, supporting Pan-African digital integration. The cable further supports the continent by expanding connectivity to the Middle East. The 2Africa cable will provide significant capacity by implementing a new technology, SDM1 from ASN, allowing deployment of up to 16 fibre pairs instead of the 8 fibre pairs supported by older technologies, bringing much greater and more cost-effective capacity. It benefits includes connecting people to improve lives and economies: Investing in submarine cables brings more people online to a faster internet. The COVID-19 crisis has highlighted and reinforced the importance of everyone being connected to benefit from having access to critical information such as health care, education and the ability to work remotely, communicate with family, friends, business and government. We have seen firsthand the positive impact that increased connectivity has on communities. We know that economies flourish when there is widely accessible internet for businesses. Currently, Africa is the least connected continent with under 30 per cent of its 1.3 billion people connected to the Internet. In terms of innovation, we continue to work with our partners on driving innovation on all aspects of performance and efficiency. Together, we build cables that are designed with an open, flexible architecture, making it easier to upgrade the cable equipment to meet future capacity needs. 2Africa is a perfect example of our innovative partnership model where everyone benefits through developing scale infrastructure and shared technology expertise that lead the

industry in routes, capacity and flexibility

of all kinds (including Facebook).

How will the technology from the 2Africa project improve access to the internet across the continent? 2Africa will not only be an important element for advancing connectivity infrastructure across the African continent, it is also a major investment that comes at a critical time for economic recovery. With more and more people relying on the internet, subsea cables are a vital ingredient to ensure they always are connected to what matters. While Facebook invests in submarine cables to provide better experiences for people using our products, our investments drive a more cost-effective internet for all.

Since the 2Africa project was launched last year, what has been achieved so far? The majority of the subsea route survey activity, involving ocean floor mapping to determine the length of the planned route to optimise the installation of the cable, is now complete. Marine surveys for the new sections of the cable are also scheduled for completion by the end of 2021. One of 2Africa’s key segments, the Egypt terrestrial crossing that interconnects landing sites on the Red and the Mediterranean Seas via two new and completely diverse terrestrial routes, has also been completed ahead of schedule. Currently working for a cable completion date in 2023/early 2024, we are continuing to add a number of milestones to the subsea cable build, this includes: New branches for the 2Africa subsea cable system, the branches will extend 2Africa’s connectivity to southeast Nigeria, the Seychelles, the Comoros Islands and Angola, and. The new branches join the recently announced extension to the Canary Islands. Also, Cable manufacturing, ASN has begun the manufacturing process for the cable and repeater units in its factories in Calais and Greenwich, in preparation for the deployment of the cable’s first segments in early 2022. Egypt terrestrial crossing already completed, one of 2Africa’s key segments, the Egypt terrestrial crossing that interconnects landing sites on the Red and the Mediterranean Seas via two new and completely diverse terrestrial routes, has been completed ahead of schedule. Alcatel Submarine Networks (ASN) has been selected to implement the new branches, which will increase the number of 2Africa landings to 31 in 25 countries.

Why is Facebook partnering with the 2Africa project? Access to the Internet is increasingly important throughout the world as a means for people to communicate, learn, work, trade and participate fully in everyday life. People use the internet to access content and services that can be provided from anywhere in the world, allowing connections between friends, strangers, businesses and customers that were unimaginable a generation ago. These connections are achieved through an interconnected web of networks that enable information to be exchanged between a shopkeeper in Kinshasa, a supplier in Seoul and a customer in Maputo. The infrastructure required to provide this connectivity is relatively scarce in SubSaharan Africa compared to other regions of the world. This reflects the difficulty of making a return on investment in places where incomes are low, and where people may be unaware of the benefits the Internet could bring them and may not have the skills to use online services. This lack of availability of infrastructure creates its own barrier to people getting online, and is compounded by issues related to affordability, relevance and readiness of people to get online. In response, as Facebook we’ve launched a range of connectivity initiatives aimed at tackling these barriers, by providing investments that can make infrastructure easier and cheaper to deploy. We believe that connecting more people is good for industries and companies

Who will own/manage the 2Africa landing stations? 2Africa cable landing stations will be owned and managed by 2Africa parties or, where necessary, by experienced local partners managed by one of the 2Africa parties. How will Facebook ensure the security of data in subsea cables especially when it leaves the landing port? It is important to note that the 2Africa

system is not owned by Facebook. Facebook is an investor - one of seven parties and two key suppliers involved, all with focused roles. What brings us together is the desire to build greater connectivity and deliver increased internet speeds for much of Africa. How will Facebook handle government requests for data traveling through this cable? When we receive requests from any governments around the world, we review each one carefully. Our process for responding to these requests is the same in Africa as it is around the world, and we are transparent about the action we take in response to government requests. With the penetration of the 2Africa subsea cables across Africa, will the price of data be reduced, making data more affordable for Africans? In the countries where the 2Africa cable lands, service providers will be able to access capacity at carrier-neutral data centers and open-access cable landing stations on a fair and equitable basis. This will support healthy internet ecosystem development enabling needed accessibility whilst supporting the growth of 4G, 5G, and fixed broadband access for hundreds of millions of people. Ultimately, local pricing will be set by operators. What impact will the 2Africa subsea cables have in the countries where there are landing stations? In countries where the 2Africa cable will land, service providers will obtain capacity at carrier-neutral data centres or open access landing stations, on a fair and equitable basis. This will support healthy internet ecosystem development by facilitating greatly improved accessibility for businesses and consumers alike. When does Facebook expect the subsea cable system to be completed? We are currently working for a cable completion date in 2023 / early 2024. How will COVID-19 affect the deployment of the 2Africa project? We will continue to monitor and review any potential impact this could cause, and will take appropriate action to comply with guidance and good practice in dealing with the consequences of COVID-19.

MONDAY, SEPTEMBER 6, 2021 ˾ T H I S D AY

INTERVIEW

UZOMA DOZIE: NO

REGRETS ABOUT DIAMOND BANK Uzoma Dozie is the Founder and Chief Executive Officer of Sparkle, a digital microfinance bank that is licenced by the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC). Dozie, a former Chief Executive Officer of Diamond Bank, which was acquired by Access Bank in 2019, says Sparkle, using technology provides financial, lifestyle and business support services to Nigerians across the globe. It is a smartphone enabled platform that offers many traditional banking products – providing loans, enabling savings, shopping transactions, paying bills, buying airtime, and sending money to third parties. In this interview with Obinna Chima, the entrepreneur who believes that technology along with good governance has the power to push Africa forward, talks about Nigeria’s financial technology ecosystem as well as the his experience so far with his start-up. Excerpts: Few months back, THISDAY ran a series of stories indicating that tech is now the new oil. What is your view about that, is tech really the new oil for Nigeria? echnology has always been around. Let’s go back to all the industrial revolutions, they were all technology-driven. It started from horse-power, then we went to steam engine which brought about the first industrial revolution; then we had electricity and then computing. All those were advancement in technology that resulted to increased productivity and enabled countries and businesses to thrive, especially in places like the United States and Europe. In fact, it was steam power that enabled the then Great Britain to conquer half of the world. So, technology has always been there and it simply brings about a change or revolution in the way people do things. Now, what we are talking about is the fourth industrial revolution and leveraging on those things like cloud-computing, artificial intelligence, big data and a lot more. 5G is coming in which would allow people to do many things such as 3D printing and wide range of other things. Now, it is not just having technology, everything revolves around how you use technology to achieve the things you want to achieve such as to raise productivity. For example, how you use technology to increase productivity in agriculture; how you use it to educate your population in a cost-effective manner;

how you use it to improve security and safety. So, these are the things that matter. There is financial technology (fintechs), we have agritech, and different industries leveraging on technology to drive growth and productivity. When I was in Diamond Bank, we leveraged on technology to become completely paperless to the extent that I believe we were the only organisation in Nigeria that internally we weren’t signing any paper document. Everything in the bank then was online. So, if I couldn’t sign anything online, then it is not something we can do. So, we leveraged on technology then to actually achieve that. So, if we don’t leverage on technology we are going to be left behind as a nation. So, if you are in the food business, how are you going to leverage on technology to lower cost? If you are in education, what value can you add to the system by adopting technology? If you are a government, how are you going to educate your people? Are you going to be buying books or are you going to be thinking of ipads and mobile learning and changing the curriculum in a very cost-effective way, so that we can reduce the cost of education? So, technology is not the new oil, it is a necessity. Our focus as a country and as businesses should be how to leverage technology to reduce my cost of doing business and increase productivity, and survive. So, there is no

business today that can thrive without the use of mobile phones or electronic payments, which are technology. How will such a business survive? How did people survive during the lockdown last year? Technology. Look at this interview we are having presently, it is virtual, but if it were before, it would have been physical. But now, we can speak for hours with less cost, because you would have driven to wherever I am. Then, people didn’t accept it, but now is generally accepted. So, that is the fallout of the lockdown. So, using technology is actually a necessity. Today, people who are resistance to change are going to be like outsiders and they are going to be excluded from the numerous benefits of technology. So, technology is a necessity. So, as nation, how can government levels leverage technology to diversify its foreign exchange earnings? It requires collaboration between the public and private sector. The first thing is realising that infrastructure is key. And the infrastructure required involves making sure there is internet availability across Nigeria. In India, they have succeeded in doing that, which is why in that country you don’t have things like Unstructured Supplementary Service Data (USSD), it is all internet. Secondly, we must now consider smart phones and mobile devices as part of the infrastructure. Even

the government should design a policy to make sure there is smart phone in the hand of every citizen. Once you can do that, then they have access to resources and services in a cost-effective manner. The third one is legislation and regulation. We must look at those laws and legislations that we have and change them to facilitate adoption of digital technology. For example, the Central Bank of Nigeria (CBN) is doing a laudable job with the introduction of e-Naira. But, without people having smart phones in the village, how would they be able to access or use it? So, infrastructure is key and technology devices should be classified as part of that infrastructure, legislation and regulation are also required, but more importantly, digital leadership. It is not about talking about it, but it is about using it. One of the reasons why Diamond Bank and other places I had worked in the last 10 years went paperless was because I am paperless. If you give me any paper document to sign, I am not going to sign. So, that digital leadership is very key to leverage on technology and without these factors I listed, we would still be in the dark ages. There are many countries you can look at where there is a direct relationship between digital infrastructure and productivity. We have seen a lot of ﬁntechs owned by Nigerians attract huge amounts of Venture

T H I S D AY ˾ MONDAY, SEPTEMBER 6, 2021

BUSINESS SPECIAL

INTERVIEW

UZOMA DOZIE: DIGITAL LEADERSHIP KEY TO LEVERAGING TECHNOLOGY FOR ECONOMIC DIVERSIFICATION Capital financing. What is the driving force behind that? Nigeria is the land of opportunities. Where there are lots of problem, there are lots of opportunities. We have 200 million people here; we have intelligent and highly educated people here, compared with other parts of Africa; and we have a conducive climate here and we don’t have earthquake and other natural disasters. Above all, we have a very young population – one of the youngest population in the world where 75 per cent of the people are under the age of 22. So, investors look at all these before investing in Nigerian fintechs, which is what is attracting all these monies. But what is unfortunate is that it is the outsiders that are actually seeing these opportunities in Nigeria and not the local leaders. That is why we keep talking about leadership. Nigerian fintechs as well, when they talk to Nigerian investors, they are not as structured as they would be if they are talking to a venture capital. As a Nigeria, if I don’t see that structure and organisation, why will I invest in you? You ran a traditional bank for years and today you are running a start-up, what has been the experience moving from leading a commercial bank to leading a fintech? It has been an interesting journey. An interesting journey because my last four years in Diamond Bank which I was the Managing Director, we did a lot of work going into the retail space. For us to go into the retail space, we had to partner with fintechs. For Diamond Y’ello, which was a collaboration with the fintechs, we worked with the fintechs; what we did with BETA Banking, was also a collaboration with fintechs. So, I was very conversant about what financial technology can do in terms of driving retail and driving scale in a cost-effective manner. I am also very aware of the limitations of traditional and physical banking. For example, financial inclusion has to be digital for you to get the last mile. Traditional banks can only take you far, but fintechs can take you to the last mile. But fintechs do not have the balance sheet, they don’t have the customer base, so it has to be a collaboration. Now, in coming to Sparkle, we started on the ground floor. The difference is that as the Managing Director of Diamond Bank, it was like driving high-end Mercedes that has great shock absorbers. So, if you are driving on bad roads, you won’t feel the bumps, but you will just be cruising. But when you are operating a startup, it is like driving a car without shock absorbers. Even if it is on a smooth road, you will feel every single bump on the road. So, we are learning every day. I am learning new stuffs that I would never have learnt if others were running it. So, we are starting from the ground floor and we are now beginning to understand what people want. Today, I am talking to people who are half my age, so I have to come down to their level; you have to have that entrepreneurial mindset. Although in my family, we have always been entrepreneurs, and I am bringing that to bear with Sparkle. For me, in terms of technology, I have always been good at using it, but now you must have a good understanding of how it comes together, risk management and even data. I can tell you some stories about data that would shock you and I would never have known that before. So, it’s been an exciting journey and it is one that helped me to better understand what we need to do in the financial sector to help the economy grow. I don’t know how many chief executive officers that had worked in a commercial bank and has started a start-up that is really thriving. In the course of this interview, you have made reference to Diamond Bank on more than two occasions, do you have any regret about what happened to that financial institution? I don’t have any regret at all. It been over two years now and so I can reflect and look back at what happened, you look at all the stakeholders , you look at what has happened to the new entity. Access Bank just published its first half 2021 results and you can see the numbers. What you will normally find is that bad mergers bring companies down, but that merger actually elevated Access Bank. It also elevated the staff and when you look at it from the shareholders’ perspective, they are very happy because the financial institution has moved from a tier-2 to a tier-1 bank. And the regulator must also be very happy as well because I am sure that it was one of the successful mergers. Access Bank before wasn’t considered a retail powerhouse before, but it is certainly one today. For me, I have moved on to play my role in the financial sector in a much different way, but in an exciting way. So, I have no regret and like I said, it has helped to develop my entrepreneurial skills. Sparkle is not up to two

Dozie years, but we are already getting attention. So, I have no regret at all. Can you speak about the regulatory framework for ﬁntechs in Nigeria what do you think the regulators are not doing right? What I would like to see is the regulation of activities in the sub-sector. So, Sparkle is a microfinance bank that leverages on technology to do things. Of course, there are limitations in the things we can do and so we can’t do things such as foreign exchange. Then we have merchant banks and the commercial banks. So, because the world is evolving, the limitations should be removed. With digital, anybody can open an account anywhere in Nigeria. That is, for those that want to do foreign exchange transaction, you stipulate the capital requirement, if you want to open branches, you stipulate the capital requirement. Our capital requirement is N200 million, but we spend so much more on that, even the technology we deploy are far above that N200 million. Also, if you want to use technology, then you must invest in cyber-security and all that. For me, it is the regulator coming out to state the risks of a microfinance bank doing foreign exchange. That is because microfinance banks are doing much more than people know. For the Central Bank of Nigeria, we criticise them a lot, but when you compare them with other regulators around the world, they are doing a good job. We have seen the Know-Your-Customer (KYC) initiative, we are now seeing the e-Naira initiative as well. So, they are doing well in terms of regulation, but what they can do better is to communicate much better and I guess there is also need for a lot of education because we on the private sector side need to be more informed about the processes and the concerns of the central bank. On the other hand, the central bank needs to understand what we are trying to do, where the risks are so that they can better regulate. But at the end, it boils down to making sure that the right people are in the market. Part of the central bank’s concern is that people are using their licences to do crazy things which if left unchecked might lead to financial instability and distrust in the system. Once there is distrust in the

market it has far-reaching implications. Let’s cryptocurrency as an example, it is only a few Nigerians that are actually benefiting from that because the infrastructure requires that you have a smartphone, data and that you can actually download an app. How many Nigerians can do that today? It is only a handful. So, when people say by banning crytocurrency transactions the central bank is taking people back to the dark ages, of course not. So, there is need for more collaboration and it will be nice if the central bank can be giving us more information because when you give little information about a situation, people would naturally fill the gap with whatever they feel like. Now how has the journey been for Sparkle and what do you consider to be your ﬁrm’s biggest story since it was launched? Sparkle is a microfinance bank that leverages on technology to reach our customers. We have two set of customers: Individuals and small businesses. For us, we have quite a few success stories. The first one was that we were able to forge strategic partnership with global companies such as Visa, Microsoft, to build solutions. That came from my working with these companies in my traditional banking years. The second one is that we built our banking applications from the scratch, we didn’t buy any banking application. We only look at the expectations of Nigerians and built app around that. So, if you open Sparkle app today, the look and feel is completely different and it is like bringing out your wallet to either give someone money or to receive money. It is about really leveraging on data. And there are so many firsts that we have for consumers and where we are really excited is on the small business segment and that is because of my background from traditional banking. So, on the business side we are also excited because firstly, you can open a business account without actually going to the bank, only by using your Taxpayer Identification Number. No bank does that presently. Secondly, what we have also done to the business bank account is that we have added business support services onto that

application. When you open a business bank account, you will see your staff icon that allows you to do your staff payroll, you can upload your inventory and you can also generate invoices for your customers. What that means is that you are carrying your business banking on your mobile. But it is much-more than that. All the information actually required to run a business are on your phone. Today, with the lockdown, most businesses are online and they are being started in the living room. Secondly, we are also collaborating with different digital organisations to help customers do whatever they want to do. Today, you can sit down in your house and register your business through the Sparkle ecosystem. Another thing is transparency, if you go to the Sparkle website, you will find a dashboard there that gives you our operational efficiency every day. For instance, if the NIBSS Instant Payment (NIP) is down, you will see it on the dashboard. We are the first financial institution to always inform our customers when network is down. There are so many things that we are going to do differently. In a couple of months we are going to start lending and I assure you that our lending is going to be completely different from what other financial institutions are doing. The journey is just beginning and we are really excited. What we say at Sparkle is that after this pandemic, the world needs to Sparkle. So what is your expansion plan and how do you intend to make Sparkle acceptable to more Nigerians? We are creating awareness and in the next couple of months we are going to go on a marketing drive. We haven’t made enough noise because we wanted to be sure that the system was capable of scaling and we are very comfortable that we can scale, that we have enough products and services that can excite people when they use the platform. Believe me, for us we do not have any expansion plan outside Nigeria. If you look at the Nigerians abroad and even the remittances, there is no country in Africa that can match that. If you are a Nigeria and you are in any part of the work, you can start your business and open a Sparkle account for ease of transactions as long as you have a Bank Verification Number. So, our platforms are available globally and meet global requirement so that Nigerians can join the Sparkle ecosystem.

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

MONDAY, SEPTEMBER 6, 2021 ˾ T H I S D AY

INTERVIEW

ORJI: EXPECT MORE INVESTMENTS ON INFRASTRUCTURE FROM NSIA The Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji, in this interview on Arise News Channels spoke about the newly inaugurated board of the agency. He also said with the charge by President Muhammadu Buhari for the NSIA to support economic diversiﬁcation, there would be increased investments in infrastructure. Excerpts: Can you give us some insights into the operations of the NSIA under the immediate past board of directors? will probably like to remind you that the last board was the second board of the NSIA. And to contextualise my answer I will go back to speak to the role of the first board, the second board and how I think the third board picks up the baton and run with it. The first board spent some time putting together the core foundation of the NSIA and made sure we lived through the principles of accountability, transparency and kick started the investment programme of the NSIA. They also laid the foundation of investing 20 per cent of the Stabilisation Fund; 40 per cent in Future Generations fund and 40 per cent in the Nigeria Infrastructure Fund. The second board drove more into infrastructure, they left 20 per cent in Stabilisation and 30 per cent in Future Generation, but shifted to 50 per cent in Infrastructure Fund. The reason was we wanted to spend more time looking at domestic infrastructure of the country. And this led us into quite a number things. You saw us getting involved in healthcare, roads, agriculture and other aspects of investments. Secondly, on the second board, we split our investment committee into two - one investment committee looking after the Future Generations Fund and the Stabilisation Fund and another committee looking after the direct investment and Infrastructure Fund. As we looked at that, we saw that the reflection of that was more in seeing us get very deep into domestic infrastructure. And I think that is really the effect of part of the role of the second board. And I think as we go into the third one, the president has given us a mandate to drive more economic diversification and make sure that there is more impact. So you will expect to see more in investments in infrastructure. That has also been the strategy of the organisation anyway, I think we have talked to that many times on this show. You are going to see us drive more and more into different aspects of infrastructure and direct investments in the country that will benefit Nigerians.

What is the key mandate of each of the two

boards? I think the mandate is the mandate of the NSIA. The NSIA was set up with the objective of providing stabilisation support in times of economic stress; it was set up with the objective of saving funds for future generations of Nigerians and then the third mandate is to enhance domestic infrastructure. This is the mandate as established in the law that set up the NSIA. And I think every alteration of the governance and leadership works towards that mandate. I mean and of course the organisation started with really nothing, there was nothing, it was built from scratch. And so as time evolves and different boards come on, we are all striving to fulfill that mandate that was set by the law. And that is what really the law says. So, it as about driving returns, it is about balancing impact and making sure you are making impact in the economy, balancing social impact and commercial returns and ensuring that investments are of national importance, ensuring that you are performing and earnings are not just on track with market, but also above the market where we can make them better. So, these are the things that I think board after board at the NSIA is working towards. So there is really no difference between the second board and the third board. We have an overall mandate by the law of NSIA, but it is just about the evolution of NSIA as it grows, as it invests and as it makes more impact. So the agency has to make investments in various areas home and broad and in various asset classes. How does the board arrive at making those decisions that are in the best interest of Nigeria? When you think about the NSIA, it is important to understand that that there are three different and distinct funds in the NSIA, each of them with a different investment policy statement and each of them with a different objective. So, I will give you an example, let’s start with the Stabilisation Fund. What is the essence of the Stabilisation Fund? It is to provide funds for the government when it is needed during times of economic stress. Last year, during the COVID crisis, the NSIA had to

withdraw $150 million from that fund to give to the government. The government made a call as stipulated by the law and you have to make that fund available within seven days. That is the process we run within the NSIA. So, that fund is invested in short-term liquid instruments. The investment policy statement was defined through management, working with investment advisers and presented to the board and the board approved it. And that was to invest in short-term liquid instruments, investments grade instruments and treasury bills but mostly kept in US dollars. So that is the essence of that Stabilisation Fund – it has very little risk. Then for the Future Generation Fund, the board decided that we needed not to take as much risk as our peers are taking. So we split it into four equal parts across the four asset classes that we invest in. We invest in private equity - 25 per cent of the fund; we invest in public equity, again 25 per cent of the fund, and we invest in what we call other alternatives and hedge funds. We tweak these things around within a certain strategic asset and location range depending on how we see the market. So, for example, last year, when market opportunity came up and things were not as strong in the market, we took advantage to invest. So, we increased our location into public equities and that paid off handsomely last year. And so the decision process is very intricate, I mean management meets three times a week and them of course it goes to the board if you want to make any changes. One more thing you need to know is that we tend to run this also by an investment international adviser who we work with. So these are some of the processes we undertake. Within the tenure of the last board, you have done investments in agriculture, healthcare, diagnostic centres in LUTH and elsewhere. These are some of the areas that seem interesting that should interest Nigerians. Can you speak more about that? So, let me speak to the infrastructure fund. The Infrastructure Fund, we have process wise, you make sure the investments are of national importance. It is very important to us that investment benefits is

not privatised, but that it is something that benefits the country. And we make sure that we can get commercial and social returns balanced, make sure that we can attract other investors with us and then make sure that there are conducive legal and regulatory environment. These are the four tests that we must pass. Because of the size of the fund, we decided to start with a handful of sectors. We added some sector later on, but we started with toll roads, agriculture, healthcare, power, gas industrialisation, financial markets infrastructure and more recently we added technology. So, these are the areas we are focused on at the moment, we are developing projects here and we are investing in projects. In healthcare, we developed our first three projects with LUTH which is a cancer centre and the radiology and diagnostic centres in Kano and Umuahia. Those have become very successful and actually better than I expected. We now have a mandate to now roll out 20 across the country, including a centre for advance medicine which we are going to build here in Abuja in partnership with somebody else. In agriculture, the president designed the Presidential Fertilizer Initiative which we have drawn. We have evolved, we have restructured that, it has continued to be successful. When we started there were less than seven blending plants, today there are 51 blending plants. When we started there were shortages of fertilizer, subsidies were very high, today there is an excess quantity of fertilizer and hardly any subsidy. So there is a lot of domestic production - that is success. We have also gone on to make direct investment in agriculture. We have a farm in Nasarawa State for example. And then of course you know about the three big road projects, Lagos-Ibadan, second Niger Bridge and Abuja-Kano road. These are all things that we are working on. What should be expected in this regard speciﬁcally when Mr. President said your new board should make investments that relate to economic diversiﬁcation? Basically I think the question and the demand is very straight forward and that is to drive more investment in the domestic sector. And I think we

T H I S D AY ˾ MONDAY, SEPTEMBER 6, 2021

BUSINESS SPECIAL

INTERVIEW

Orji: Expect More Investments on Infrastructure from NSIA are going to see more of the direct investments of the NSIA and I think will benefits a number of people. At our inaugural meeting, we talked to a number of things and it is quite for me, very heart-warming to see the devolution of the various NSIA boards. This is the third board and the quality of conversations going on in the board, you can see the strength and diversity of different board members. Especially with regards to having deep local knowledge within the country. I mean we are having conversations about logistics Yobe, Lagos, Port Harcourt, and agriculture and healthcare and all sort of things. So, there is enough strength and depth and knowledge to continue to drive that. So look for us to do more of the domestic infrastructure investments. Like I said before, we have plan to do 20 of these healthcare projects, which I think is going to create a lot of jobs. The LUTH Cancer Centre employs in an excess of a 100 people. And I think in the diagnostic centres we have more than 50 people each. And we are going to have 20 more and a big hospital coming up in healthcare. Not only is that going to save us foreign exchange going for medical treatment abroad which saw with the LUTH Cancer Centre during COVID, people could not travel. So, most people who unfortunately cancer had ended up paying and coming to our centre and we have very good therapist. The second thing is that of course you have seen us in agriculture, and you are going to see more in agriculture. The farm in Nasarawa is doing very well which is very interesting. But there is a lot more in logistic that you are going to see us play a role in agriculture. This I think is going to be very important for economic diversification. But what is even more fascinating is what you are going to see us do in technology. We have not been in technology for a while, we started investing in venture capital two years ago, and now we are going to start making direct investment in technology. And it is everything from networking, from sub-marine cable systems, cable landing stations, all the way through to metro network fibre and Fintech. I want to ask if you are putting some money in some of our ﬁntech start-ups? There are ways to invest in them. The NSIA has invested in almost every private equity company that exist in Nigeria today. And we have made a decision to also invest in venture capital firms that exist in the country. So, we have started making those investments, and some of our venture capital and private equity investments that we have made end up investing in those companies. So, yes we do have some exposure, you know one step you move yes, but at the moment that is a level of exposure because it is also risk management for us. As we continue to development and evolve, we are now feeling more confident to start taking direct steps into this area.

Central and of course there is Isiekwana Ikemefuna Louis, a lawyer. The law requires that we must have an imminent legal personality and Isiekwana Ikemefuna is that lawyer and he also represents the South-South region of the country. And then there is Babatunde Sobamowo, who represents the South West again, who has very experience in the capital market, who has also joined the board. So this is a group with deep experience across many sectors, many of them know Nigeria better than I do. But interaction of the board, first day for me was really remarkable. Every day you learn and I think this is one of the things I find fascinating just from our early interactions. I have very high hopes for what this board is going to accomplish.

Orji So just watch out that is all I can tell you, a lot of work has gone into them and I believe between now and the end of the year you will see us announce a number of real important interventions for investments in these areas. This is something I feel very confident that Nigeria is going to build a competitive advantage. When we were investing in healthcare, one thing was clear, in New York, Nigerians have a competitive advantage in healthcare, same in London, we have doctors, we have good people. So, healthcare investment for us was straight forward. Same in technology, there is a huge competitive advantage in technology that are going to work out to help grow as NSIA. Can you unveil your new board? Our chairman is Mr. Faouk Mohammed Gumel. Gumel was a partner at Pwc and then he has gone on to work for a conglomerate that is involved in commodities and agriculture called TGI Group. He is am executive director there and chairman of a number of subsidiaries. Farouk Gumel is

somebody who knows the NSIA very well, we met in 2012, that was actually when I arrived to start the NSIA. The then Minister of Finance, Ngozi Okonjo-Iweala introduced Farouk and I, and he is been very close to the NSIA, and he ran our first strategic session. So this is not somebody who is a stranger to the NSIA, he knows the story very well. He has been very instrumental in the history of many things that we have done including fertilizer, roads and all that. So he is the chairman and we are very glad and he is an inspired choice from the president and we are very happy to have him as our chairman. We have Ali Goni Kadugum, a top scholar at the College of Education in Yobe State, who is also now a member of the board representing North East. There is Mr. Ike Chioke, a first class engineer, who runs Afrinvest, a Rhodes Scholar and Oxford Scholar. This is someone I have known for a very long time and he is somebody that we are very pleased to have on our board. We have Oniyangi Kabir Sulaiman who was at the NDIC as a top examiner, representing North

How would your new board and the existing executive management team position for the global economic market development such as the US Trade inﬂation, the tapering of bond buying and so on? If you remember when who spoke during our earnings announcement and even in January and maybe first quarter when I spoke on the show, I made it clear that one of the things that really worried me was inflation. We had very successful 2020 and I was very clear that 2021 may not be as strong as 2020 because we were going to start taking some risk off. We may have taken some risk off too early, because one of the other thing also emerging in the market unfortunately is that against all the data of inflation and growth that is not quite matching up to the stock market exuberance, people continue to invest in the market, because many times people have come to realise that they have no options. So, you have seen more and more money go into the market. But we have taken some risk off, a number of things for us is essentially what you mentioned which is inflation. Some of us are old school when it comes to investing, I understand what inflation can do to the market. It is an extraordinary task on the market and makes it very difficult for people to invest. What happens with inflation - interest rates have to rise, to slow down inflation and once they rise equity markets goes down and bond market goes down. So we decided to take some risk off and you saw us also swivel more to Europe. We started buying more European equities because Europe has a lot of value and highly rich devalued stocks in the United States. So there is a lot of what you call value investment going in Europe. So we made a switch into European equities a little bit at the beginning of the year and we are going to maintain that. Look, I would rather just leave the last five per cent on the table than chase it all the way and fall off a cliff.

HOMES&DESIGN

IN SEARCH OF SKYSCRAPERS IN NIGERIA’S REAL ESTATE MARKET Nigeria’s real estate industry is young and vibrant, developing fast and increasingly attracting investors, especially in economically advantaged states like Lagos, Port Harcourt, and the country’s capital, Abuja, writes Samuel Nwite

here was a rush of adrenaline. It was just a year short of Nigeria’s 20th independence anniversary. The skylines were bereft of tall buildings. Nothing to compare to the Tower of Babel of ancient fame left uncompleted at its prime. As Nigeria almost turned a full circle of the second decade, a giant rose in the sky. It was a delight to behold, a sensation in the sky. Embraced by the clouds and caressed by the sun, it glistened in splendour. Towering and shimmering above any known tall building in Africa’s most populous nation, the NET Building (NITEL, NECOM) has stood the test of time as the incontrovertible tallest building in Nigeria. It is number four in Africa and 234 in the world.

42 YEARS AFTER...

With exploding population and rising housing deficit driving the demand, experts have predicted a bright outlook of 10 to 20 per cent value increase for Nigeria’s real estate market in 2021, despite COVID-19 downturns. However, as the industry bubbles to a brighter future, its failure to bridge the widening housing deficit gap pinpoints a giant vacuum in its housing development mechanism. There are many real estate companies in Nigeria, concentrating on the states where housing demand is higher. Each of the developers marketing multiple lands, houses, and office space properties. One peculiar thing notably missing in their catalogue is skyscrapers (high-rise buildings), a housing infrastructural system that has seen highly populated and landlocked countries like China and Singapore stem the tide of housing deficit. In 2014, Dr Anthony Ede, in a study on ‘Challenges Affecting the Development and Optimal Use of Tall Buildings in Nigeria,’ attributed lack of tall buildings

in Nigeria to factors such as “a 100 per cent absence of regulation for high rise construction and maintenance, about 90 per cent lack of domestic expertise for high rise buildings and poor public supply of electricity and water.”

BUT THERE IS MORE.

“The barriers include cultural bias to high rise, lack of technology, epileptic power supply, poor maintenance culture, poor fire service delivery, inadequate policies, and investment funding,” said Prof Adeolu Afolabi said in his research work ‘Vertical Architecture Construction: Prospects and Barriers in Solving Lagos Housing Deficit’. Many real estate developers believe the major constraint is funding, and it is multidimensional. They said it is not just about the cash, but the things that will unlock cash are not exactly easy. They said, in Nigeria, it is difficult to use the land as asset-backed security to unlock financing. So, it becomes a situation where people have to put in raw cash instead of that asset to unlock the cash. With a booming population of more than 206 million people, Nigeria can only boast of about 40 high-rise buildings. The 526ft 32-storey NECOM House in Lagos built in 1979, leads the pack, while the rest, located in different parts of the country, fall under 500ft, with the least being under 200ft. Most buildings were constructed before 2000, highlighting skyscrapers’ missing features in emerging Nigeria’s real estate market. Although there have been attempts to bridge the gap with ongoing projects like the $1 billion Abuja World Trade Centre and the multibilliondollar Eko Atlantic City, the high-rise feature in Nigeria significantly falls short.

The slow progress of the projects is attributed to poor funding, which developers said is the main reason few high-rises dot the skyline of Africa’s most populous country. But apart from funding, the three most feared hazards of tall buildings, fire, terrorist attacks, and building collapse, have also been fingered as factors hampering the development of high-rise buildings in Nigeria. Some real estate developers believe that the lack of government participation and support is also stymieing the potential growth of high-rise buildings in Nigeria, as poor economic policies and developments have spooked foreign direct investment. He pointed out that Dubai has a record of developing high-end mixed-use structures by giving tax holidays to the developer and those that will occupy the building and other forms of incentives like pioneer status, but these incentives are lacking in Nigeria. For a landlocked place like Lagos, the lack of skyscrapers in Nigeria’s real estate development only exacerbates its housing crisis buoyed mainly by its meagre land size of about 1,171.28 square kilometres, a landmass so cramped for its over 20 million population. Although other places like Abuja, Calabar, Port Harcourt, and Enugu, with distressing housing situations, have larger landmass, they face major housing crises in the near future. The United Nations projects Nigeria’s population will double in 2050, reaching about 401.31 million due to its 3.2 per cent yearly growth rate. With an anticipated future full of people, the remedy for Nigeria’s housing crisis lies greatly in incorporating high-rise buildings in its emerging real estate market.

LEARNING FROM CHINA AND SINGAPORE

When it comes to housing, China and Singapore share common challenges with Nigeria. In China, the challenge is a large population of people. While in Singapore, it is a limited landmass, a situation similar to Lagos. China has more populated regions than Nigeria but has managed to contain its housing deficit using the high-rise building template. With more than 1400 skyscrapers above 492 ft constructed, the South Asian giant has the largest number of tall buildings in the world. This number of tall buildings has enabled China to shelter its over 1.4 billion people, the largest population in the world. Singapore, with a landmass of 728.6km, is one of the smallest countries in the world. Home to a growing population of multicultural groups and a tourist centre, the Asian country has constructed more than 8,600 high-rise buildings, a development believed to have helped eliminate its housing crisis. A real estate developer, Dim Chukwu, said for Nigeria to meet its affordable housing needs, highrise buildings must come into play. “Developers are concerned about so many factors. There is a lack of funds, and there is a lack of expertise to construct tall buildings. Individuals are only building what they can afford to build. The government is not showing enough commitment, and major real estate companies are concerned about return on investment,” he noted. Ede explained that to harness the many advantages of high-rise buildings fully, the government and all stakeholders must take bolder steps to confront the challenges. “This will go a long way in providing an answer to the problem of inadequate housing in Nigeria, particularly in Abuja and Lagos, where there is limited availability of buildings and usable land,” he said.

MONDAY, SEPTEMBER 6, 2021 ˾ T H I S D AY

TRIBUTE CAPTAIN HOSA: HIS WHOLE ESSENCE WAS MAKING SACRIFICE FOR OTHERS Greg Uanseru

have been saddled with Herculean roles throughout my six decades of existence. One of the hardest tasks I have had to take up, however, is penning this tribute in honour of my bosom friend and brother, Captain Idahosa Wells Okunbo, with whom I shared ancestry, career history, and an unbreakable filial bond. These saw us through thick and thin and consolidated our strong ties. It is hard to write this heartfelt eulogy for a good friend without it bringing a tear to one’s eyes, knowing that we have lost one of the most courageous and profoundly noble human beings that any of us will share time with on earth. The demise of Capi as I used to call him, has left a huge gap nobody can fill because he was unique and wired differently. His fierce dignity, compassion, and unbending will to sacrifice for the greater good, in the interest of the larger society, speaks volumes of his uncommon personality. Many have said a lot about Capi – extolling his magnanimous spirit and the generosity of his large heart – but as someone who was close to him, I was privileged with a deeper knowledge of his extraordinary humaneness. In a world, filled with people of different shades and backgrounds with uncertain motives, Captain Hosa’s natural ability to deal successfully with everyone, without compromising his honesty and transparency spoke volumes of his excellent human relations and diplomatic prowess. I recall vividly, that, many years ago, he told me that: “If you want to play the game, it is important to know all the players. This knowledge prepares you ahead and helps you to navigate through and manage every conflict that may arise.” Such was his profound depth - which clearly distinguished him as a corporate titan and socioeconomic player of note. Captain Hosa hardly prevaricated on any matter. He was a man of conviction, whose intents were always known from the word ‘Go!’ He never gave room for anyone to question his integrity because his words were his bond. Even so, he never claimed to be sanctimonious. If anyone had issues with him, chances were that they would be at fault, for he would never take advantage of anyone. In fact, he would rather deprive and sacrifice his material benefits should they stand in the way of the robust relationships he had with people. For Captain Hosa, peace trumped everything and formed the basis of his existence; and core to his pursuit of peace was his capacity to show love. This is why most tributes about him dwell on his benevolence and generosity. Capi and I shared a bond that could best be described as filial. It wouldn’t be out of place for anyone to describe our relationship as that of two brothers from different mothers. We were that close. Our brotherhood dated back to our formative years. We had a great, long-standing relationship rooted in shared respect and understanding of our common values. I will try to illustrate the depth of our bond with three poignant stories. A month before his death, Capi had called me to ask when I would visit him in London. He wished to spend time with me. But he was particularly interested in me coming to see him so we could have our favourite delicacy - bean porridge. This was a routine we both enjoyed from childhood through our struggling years as young men. And the habit had stuck with us, even after God blessed us with prosperity. So, off I went to London, to see my friend and brother. He was so happy to see me and we feasted on our bean porridge delicacy in the company of a few mutual friends. Capi was in high spirit but little did I know that that would be our last meal together. A few weeks after our meeting, I returned to Nigeria but I was suddenly called to see

Greg (right) and Captain Hosa Capi. He had been rushed to the hospital after his health relapsed. I travelled back to see him, but I had to quarantine, first in London, due to the COVID-19 guidelines in the United Kingdom. A day after the end of the quarantine, I got a Whatsapp message from the daughter saying, “Uncle start coming to the hospital”! I rushed down to the hospital and beheld my best friend, lying almost lifeless on the bed. I barely managed to control my tears. I called him, by some of the special names I used to call him from our childhood days. He opened his eyes, looked at me, and shut his eyes because he could not talk to me. It dawned on me that life was ebbing out of my best friend. That was it. I succumbed to grief and burst into tears. Capi and I shared many sobriquets by which we hailed ourselves. The sobriquets

“We had special names by which we called ourselves during the good moments. And we had the special names by which we hailed ourselves during the notso-good times. They were shared, strictly just by the two of us. Such was the depth of our bond.”

were used for many of the memorable moments we shared as friends and brothers. We had special names by which we called ourselves during the good moments. And we had the special names by which we hailed ourselves during the not-so-good times. But they were special names because they carried meaningful endearment with them. They were shared, strictly just by the two of us. Such was the depth of our bond. Capi, was a beacon of hope for many people, with whom he came in contact. His was a story in conquests - conquest over poverty and rising from a lowly beginning to the pinnacle of his professional calling in the aviation sector. He was an outstanding pilot with feats and feathers to his cap. I was a first-hand witness to his exploits in aviation because I operated side-by-side with him. His bravery was conspicuous in the face of the few challenges and setbacks he had while here. The manner he handled his struggles with grace and good humour, and his ability to acknowledge his own imperfections made him remarkable. I am one of the thousands of people who drew inspiration from Captain Hosa’s life. I paid attention to his words and actions, which sometimes served as life lessons in spite of the fact that we were contemporaries. The fact that he achieved greatness in all ramifications speaks of how much one can achieve when they are guided by their hopes and not by their fears. I cannot fully imagine my own life

without the example set by this illustrious, true son of Edo. We shared so many beautiful moments when we were growing up. He had been kind from when he barely had much to give. For him, giving was a religion which he practiced unabashedly. He would always be with people in their difficult times. His philanthropy was without any sociological limitations or any primordial sentiments. As friends and partners, we had our moments of disagreement on issues, but we both allowed the sacred saying of Apostle Paul in his epistle to the Ephesians in chapter 4 verse 26 to be our watchword: “…let not the sun go down upon your wrath.” In fact, each argument we had, deepened our knowledge about each other and strengthened our bond. Captain Hosa was also big on passion. He constantly sought out new passions and gave every last ounce of himself to his pursuits. More importantly, he was a great dad, an amazing husband, who dedicated himself to his family. He loved his children with all his heart. He never left anything in the tank; he left it all on the floor. I strongly believe that is what he would want us to do. I solemnly make a promise from this day forward that I will live with the memories of knowing that I had a friend and a brother, whose whole essence was making sacrifices for others to live well. To the Okunbos, I extend my deepest sympathy and gratitude for sharing this extraordinary man with us. Rest in peace, my dear great friend.

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

T H I S D AY ˾ ˜ SEPTEMBER 6, 2021

BUSINESS/MONEYGUIDE

CBN Highlights Beneﬁts of Development Finance Interventions Gideon Arinze in Enugu The Central Bank of Nigeria (CBN) has said it introduced a total of 37 intervention programmes as part of its efforts to boost the Nigerian economy. The Director, Corporate Communications Department, CBN, Mr. Osita Nwanisobi, made this known during a one-day interactive session with organised labour and civil society on the 5-year policy thrust of CBN in Enugu State at the weekend. According to him, the interventions of the Bank are purpose-driven, functionally based and also well thought out as well as borne out of the critical issues within the economic space. He noted that challenges

such as insecurity, exchange rate, issues of price adjustment in terms of power or fuel and others have led to the inflation that is being experienced today. He regretted that the dollar exchange rate for instance, increased as a result of the massive importation of goods, reiterating the need to diversify the economy. He said already the central bank’s interventions were meant to support economic diversification. “That is also why the CBN is doing massive intervention especially in agriculture and that is why we are here to discuss our policies and interventions programmes with some significant stakeholders in this country,” he explained. He said the goal was to relate the message of what the

CBN was doing to workers and leaders in the state to enable take the message back to their people in the language they will understand. Also speaking, the Director General of Michael Imodu National Institute of Labour Studies, Issah Aremu, disclosed that CBN has been financing indigenous companies to improve production of locally made goods. He commended the CBN Governor, Mr. Godwin Emefiele for setting the agenda for Nigerians to start producing locally what they consume. Earlier, the Chairman of the Nigeria Labour Congress, Enugu State chapter, Virginus Nwobodo, said the interactive session would go a long way in encouraging Nigerians to patronise locally made goods.

MARKET INDICATORS

First Bank Launches Mobile Banking Application In furtherance of its commitment to spearhead value-driven mobile and digital banking in Nigeria, First Bank of Nigeria Limited has announced the launch of the LIT Application, created to revolutionise the culture and experience of mobile banking in Nigeria. The bank in a statement signed by its Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney said the banking app is the first of its kind in the industry, “exposing customers to a wealth of opportunities to promote their safety, convenience whilst ensuring they are at an edge in today’s digital banking world. It is a mobile banking app developed and owned by the Bank and configured with a wide range of exciting features to meet the needs of its dynamic customers.” The statement added, “LIT application is not just about bills payment, funds transfer or airtime recharge, but also the app is equipped with several other exciting features that reiterate the Bank’s resolve to continually expand its digital architecture to

modernise its interaction with customers, irrespective of where they may be across the world. These functions of the LIT app include: multiple transfers which allow customers to select several beneficiaries at once for a single transfer; account opening opportunities for non-customers as well as account management, enabling customers to identify their relationship managers for immediate assistance, should the need arise. “In addition, customers can generate bank statements with options to download as pdf or send an email whilst having receipts generated as far back as one wants. With the LIT app, customers are also able to log and manage their complaint(s) without having to visit the branch. The LIT app is not all about usage but rewards as users (customers) are rewarded for using the application.” CEO, First Bank of Nigeria Limited, Dr. Adesola Adeduntan in the statement said, “The LIT App is designed to strengthen our commitment to our customers,

ensuring the continued safety of their funds and providing them with access to renewed transformative and adaptable solutions especially in today’s digital world. Developing the application is essential to make certain that our customers have more ways to seamlessly interact with us. The LIT App is the latest addition to the Bank’s robust electronic banking family, with others being the multiple global award-winning FirstMobile, *894# USSD Banking, FirstOnline internet banking, WhatsApp chat banking, amongst many others.” He added, “First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years. With over 750 business locations and over 120,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers.

LOTUS Bank Commences Operations in Three New Locations With the simultaneous opening of three new locations in Lagos, LOTUS Bank Limited now has physical presence in four locations in Lagos. The newest and third NonInterest Bank (NIB) in the country, LOTUS Bank obtained its regional licence from the Central Bank of Nigeria (CBN) in May this year as a commercial bank. The Bank commenced operations from its flagship branch in Victoria Island on July 7, 2021, with a strong digital orientation. The new physical locations are to complement the bank’s digital capabilities in serving its growing customer base. LOTUS Bank’s new locations are at Idumagbo on Lagos Island as well as Allen Avenue, Ikeja and Oshodi Transport Interchange on Lagos Mainland. The Oshodi outlet is a purpose-built Digital Service Centre designed to offer customers an exciting banking

experience.Poised to have its customers experience banking with ease, LOTUS Bank launches with digital offerings, which enable customers to open accounts online on the its website and transact via USSD banking. This is in addition to the issuance of free debit cards to account holders and zero account maintenance charge. Speaking about the bank’s offerings, the Managing Director, Mrs. Kafilat Araoye stated that, “With evolving digital solutions and a millennial generation coming into centre-stage, LOTUS Bank is bringing on board innovative and comprehensive non-interest compliant financial solutions in investment banking, consumer banking, asset management, private banking, and wealth management.” “At LOTUS Bank, we believe in fairness to all parties in every business transaction. This is a

requirement for building any strong economy. Everyone can thrive where fairness prevails. Non-Interest Banking stands for equity and ethics in business, as well as growth for the real sector” she added. “Financial Inclusion is also a strong motive for setting up LOTUS Bank. The concept of financial inclusion targeting the unbanked and underbanked population cannot remain just a concept but must be seen as an actual necessity, for the nation’s economic growth” Araoye further noted. With a growth strategy focused on continuously evolving by providing endearing financial products, innovative solutions, and expanding coverage across regions, LOTUS Bank aims to be of service to its current and future customers, who are looking for an alternative banking model in Non-Interest Banking.

MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

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Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

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OPEC DAILY BASKET PRICE AS AT THURSDAY, SEPTEMBER 2

The price of OPEC basket of thirteen crudes stood at $71.27 a barrel on Wednesday, compared with $71.43 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), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ ˜ ʹ˜ ͰͮͰͯ

Yuguda: SEC Remits N1.5bn to FG, Assures of Profitability In Two Years Darasimi Adebisi Following comments attributed to the Nigerian Senate that the Securities and Exchange Commission (SEC) was gradually becoming insolvent and could go bankrupt very soon, DirectorGeneral, of the SEC, Mr. Lamido Yuguda has disclosed that the Commission as at the end of June 2021 remitted about N1.5billion to federal government treasury. In a statement, the SEC boss

noted that the commission has been paying 25 per cent of gross revenues into the coffers of government. He, however, unveiled plans to reduce its operating costs in order to boost profitability within the next two years. While admitting that the commission has been operating under very difficult circumstances since it is currently superintending over a market that was affected by the negative impact of the

P R I C E S MAIN BOARD

F O R DEALS

coronavirus pandemic, he assured that steps are being taken to reverse the fortunes of the SEC. He said: “If we go through the Medium-Term Expenditure Framework which we started last year, if we look at 2022 and 2023, you will see that we have worked on our expenditure so that by 2023, the deficit will actually turn into a surplus of N1.23billion and by 2024 we should have N2.5billion surplus.

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“We therefore need the support of all to engineer the kind of transition we are thinking of at the SEC and that 30 per cent which is taking most of the staff cost is part of the set we are targeting for the early retirement programme. “There is a lot of interest within the Commission to do it but we are really short of the funds to do it now. We have done a lot of revenue rising drives just to ensure that the

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Commission stays on track.This is something we are mindful of and we have the intent and capacity to deliver on this.” On the high overhead costs, the SEC DG explained that this is being reduced aggressively. Yuguda said, “It has reduced because we have since we came, aggressively looked at the overhead and staff cost and reduced certain components of our staff pay that has gener-

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ated over N2billion of savings as at now. If you take the MTEF numbers, as you go forward, you find that by 2024 staff cost reduces to only N5.88billion. So that is the trajectory that we are working on.” To shore up the resources of SEC, he said the Commission has approached a number of institutions like the African Development Bank, Financial Sector Development Africa and a number of other donors.

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MONDAY SEPTEMBER 6, 2021 • T H I S D AY

T H I S D AY ˾ ʹ, 2021

CITYSTRINGS

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Promoting Sustainable Environment through Recycling in Local Communities Chiemelie Ezeobi reports that Sahara Foundation, the CSR arm of Sahara Group, through its 'Green Life' initiative is promoting sustainable environment through recycling in local communities. Recently at Ijora, a suburb in Lagos, the foundation partnered WeCyclers to unveil a recycle hub in the community

lobally, plastic waste management is a critical issue that is needs proper management. According to reports, over 300 million metric tons of plastics are produced in the world annually. For Nigeria some 32 million tonnes of waste are generated per year, of which 2.5 million tonnes are plastic waste. In Lagos alone, 9,000 tonnes of waste are generated daily with about 86 per cent of it plastic, consisting bottles and bags. Despite that plastics are very suitable for reuse or recycling including production of blocks, new plastics or pallets for lock production, sadly, most of these end up in landfills, sewers, beaches and water bodies, thereby harming the Ecosystem. These plastic wastes make up a significant proportion of solid wastes and litter the state, thus becoming a highly visible part of the waste stream (PET, Styrofoam and nylon commonly being used for water and beverages, take away plates and cups, carrier bags and others). Consequences Climate Change is one of the most pivotal issues of our time and we are at a critical point. Across the world, there are changes to our weather patterns that threaten humanity, food production, alarming rises in sea levels that pose the risk of life threatening and disastrous floods as well as soil erosion due to climate-induced flooding. The menace of poor management of plastic waste that enters the environment is caused by open dumping, open burning, and disposal in waterways and even on the road. Inevitably, these waste pose great dangers to the environment. The environmental challenges they pose include ocean and lagoon debris, Ecosystems degradation, drainage clogging and flooding. Effort by Sahara Reporters In 2020, Sahara Foundation- the corporate citizenship vehicle for Sahara Group revised its focus areas to two key pillars for all interventions going forward: Access to Energy and Promoting Sustainable Environments. In an effort to bring this to fruition, the Sahara Foundation through the Green Life Project recently launched its recycle exchange hub in Ijora community. The Ijora Recycle Exchange Hub in partnership with WeCyclers, (a social enterprise which gives low-income communities in Nigeria a chance to capture value from waste and clean up their neighborhoods through incentive-based recycling). The Green Life Initiative is one of the many Corporate Social Responsibility and sustainability initiatives, which Sahara Group has undertaken for the 25 years it has been in business, impacting millions of beneficiaries directly and indirectly. Creating Value from Waste To achieve this, the foundation advocated for the waste to wealth initiative to rescue the environment from negative impacts of climate change as residents will be rewarded with cash or heath insurance in exchange for recyclable waste/ single use plastics. According to Pearl Uzokwe, Director of Governance and Sustainability at Sahara Group, the project stems from the Sahara Group’s #GreenLife initiative launched in 2018 aimed at recycling to promote a circular economy, upcycling, sustainable training, recycling for health care and access to clean energy initiatives. Uzokwe also mentioned that “At Sahara Group, we have commenced an extensive recycling programme at our various offices of operation to drive environmental protection. We will kick-off with the recycling of paper, plastic and aluminum. Our aim is to promote a circular economy aimed at minimising waste and making the most of our resources. According to Project Manager, Wecyclers, Charles Eyonomue, the goal is essentially for

L-R: Finance Manager, Asharami Synergy, Ademola Johnson; Head, Business Development, Sahara Power Group, Victoria Loko Gom; Bashorun Ojora & Iganmu kingdom, High Chief Hakeem Oyewole Ojora; Eletu of Ojora & Iganmu kingdom, Chief Surajudeen Dosumu; Director Governance and Sustainability, Sahara Group, Pearl Uzokwe; and Manager Sahara Foundation, Oluseyi Ojurongbe

The recycling hub sustainable plastic waste management to create value from the waste. This will formalise the waste-pickers’ sector to improve livelihoods and reduce the pressure on landfill. It will also help the drainage channels and reduce plastic pollution in the marine environment. He said the recycle hub will serve the Ijora community to properly collect recyclable waste and ensure a sustainable environment for all as community members will be able to exchange their recyclables for benefits such as cash and health insurance. For Oluseyi Ojurongbe, Sahara Foundation Manager, this initiative aligns with the foundation’s key pillar of ‘promoting

suitable environments’ and has received immense support from the community. "We look forward to seeing this blossom. We are optimistic that this project will become a template for replicating other interventions across Africa. This is also a means to improve the livelihoods of the people. This initiative aligns with the foundation’s pillar of promoting suitable environments". Ijora Recycle Hub Putting action to words, the foundation recently launched Ijora Recycle Exchange Hub in partnership with WeCyclers and Unilever. Ojurongbe said the Recycle Hub will provide the Ijora community, "where we

The recycle hub would serve as a collection point where community members can get money or earn points to build towards health insurance in exchange for plastics and other relevant waste in their communities

have one of our offices, circular economy with an avenue to dispose recyclable waste. Community members can exchange their recyclables for benefits such as cash and health insurance amongst others. "The hub would serve as a collection point where community members can get money or earn points to build towards health insurance in exchange for plastics and other relevant waste in their communities. "Plastic, aluminum and paper waste collected from the center will be processed and recycled for other uses through We Cyclers. While we are tackling the environmental challenges caused by waste, we are also improving livelihoods through job creation and environmental sustainability". At the launch, the Ojora of Ijora and Iganmu Kingdom, Oba Dr. Abdulfatai Aremu Oyeyinka Aromire Oyegbemi The Second, represented by the Bashorun of Ijora and Iganmu Kingdom, High Chief Hakeem Bashorun Oyewole Ojora, expressed appreciation on behalf of His Royal Highness and people of Ijora on the gesture Sahara Foundation has extended to the community. He said this is coming at time when more emphasis needs to be paid to environmental pollution and also assured the management of Sahara that the facility would be put into good use.

T H I S D AY ˾ ʹ, 2021

CRIME&SECURITY

Army Champions Multi-agency Cooperation to Enhance Security Operations

CRIME SITUATION REPORTS

COMPLIMENTARY SECURITIES: HOW EFFECTIVE IN FACE OF EMERGING SECURITY CHALLENGES AND WAY FORWARD (PART 2) Gbolahan Samuel Moronfolu

MERITS OF CONTRACT S E C U R I T Y S E RV I C E S 1. Legal Liabilities: Unlike in owning personal s e c u r i t y g u a rd , c o n t r a c t s e c u r i t y i s i n s u re d t o undertake liabilities for incidents involving there personnel, on course of d u t y. 2 . C o nv e n i e n c e : H i ring your own security p e r s o n n e l re q u i re s a l o t of work, but a contract security company advertises the position, undertakes re c r u i t m e n t , t r a i n i n g o f s t a ff a n d a c q u i s i t i o n o f p re - re q u i s i t e e q u i p m e n t a n d d e p l o y m e n t o f P e rsonnel, at client instance.

Lagos State Governor, Mr. Babajide Sanwo-Olu (middle), ﬂanked by GOC 81 Division, Major General Lawrence Fejokwu (right) and FOC Western Naval Command, Rear Admiral Jason Gbassa (left), at the event Precious Ugwuzor

o enhance security operations, the 81 Division of the Nigerian Army has called for continuous multi-agency cooperation. The army made this call at the Nigerian Army 81 Division Operations Planning Cadre 2021, held at the division Officers’ Mess, Outer Marina, Lagos, recently. The event themed "enhancing multi-agency cooperation in contemporary security environment," was attended by heads of all security and law enforcement agencies in Lagos, including the Lagos State Governor, Babajide Sanwo-Olu. In his welcome address, the General Officer Commanding (GOC), 81 Division, Major General Lawrence Fejokwu, said the training was in line with the vision of the Chief of Army Staff (COAS) Lieutenant General Farouk Yahaya, which is to have a “professional Nigerian Army ready to accomplish assigned missions within a joint environment in the defence of Nigeria". He further emphasised the army's recognition of the need to groom its officers with necessary skills in planning and execution of operations in the light of current security challenges in the division’s Area of Responsibilities (AOR) and Nigeria at large. He noted that "the Operations Planning Cadre is also aimed at improving the professional efficiency and harmonious relationship between the Nigerian Army and other stakeholders in promoting synergy in addressing all forms of internal security challenges that may arise in Lagos State and environs. "In contemporary Nigeria, the effect of rural-urban migration resulting in the growth of cities has some attendant security challenges such as armed robbery, social crises and - kidnapping. "The large populations of urban centres are also potent with the difficulty to identifying terrorists, insurgents and other troublemakers from law-abiding citizens. "The propensity for confrontation and clashes between various security agencies and stakeholders as is occasionally being experienced

in Lagos and elsewhere have also added new dimensions to some of the security challenges arising from urbanisation. "I must say that we will have to remain focused in our efforts towards combating security challenges in the modern day complex environment." Speaking, Lagos Governor, Babajide Sanwo-Olu, also called for an all systems approach to solving security challenges in the country, this is just as he advocated constant update, upgrade of security architecture to enhance, and in keeping with evolving demands and threats faced tod According to Sanwo-Olu, the division's operation planning cadre could not have come at a better time considering the security challenges that have bedevilled the country. He noted that the challenges had brought to fore, existing gaps in approaches and various responses which must be seen as opportunity to re-assess security strategies strategies solutions. He said: "We must however see this gap as opportunity to re-assess our security strategies and solution. I belief this can be done at all levels of governance. "It is therefore incumbent upon us as a society to constantly update and upgrade our security architecture to enhance and in keeping with the evolving demands and threats that we all face today. "You will all agree with me that no single security agency possess all the required skills and ability to sustainably secure this great country. The whole of systems approach is required for solving our security challenges. "All security agencies are

putting their hearts and minds together to surmount any and all of the challenges we are facing today. "I am glad to note that this year's operations planning cadre has an expanded audience covering all security agencies. Such cooperation by all, will certainly go a long way towards addressing the identified and emerging gaps in the security and protection of life and property not only in Lagos State but in the country as a whole. "Therefore, this strong understanding and appreciation of the Nigerian Army's place within the larger security architecture is very much welcome and will no doubt play a critical positive role in the outcomes we are seeing and expecting at various theatres of operation across the nooks and crannies of our country. "It is therefore my hope and belief that every other security and law enforcement agency in the country will demonstrate a similar appreciation of this kind of cooperation and collaboration required to decisively defeat the forces of violence and criminality that are around all of us today." At the event were the Flag Officer Commanding (FOC) Western Naval Command, Rear Admiral Jason Gbassa; Air Officer Commanding (AOC) Logistics Command, Air Vice Marshal (AVM) Sunday Makinde; Assistant Inspector General of Police (AIG) in charge of Zone II, Babatunde Kokumo; Lagos State Commissioner, Hakeem Odumosu; and representatives of the Department of State Services (DSS), Nigerian Security and Civil Defence Corps (NSCDC), among others.

The Operations Planning Cadre is also aimed at improving the professional efficiency and harmonious relationship between the Nigerian Army and other stakeholders

3 . S e c u r i t y O ff i c e r R eassignment: A client not satisfied with the performance of a contract security personnel can easily call for a replacement and i t w i l l b e e ff e c t e d . 4. Commitment: Cont r a c t e n t e re d i n t o , i s a commitment and a trust which forms between the two parties over time. It s e r v e s a s t h e l e g a l d o c ument of commitment that states how each party will do their part. Contract security services are under the oath of that contract, a n d m u s t p ro v i d e s a f e t y and security services that meet and/or exceed the expectations of that contract. Less time spent managing security issues etc. DEMERITS OF CONT R AC T S E C U R I T Y Lack of loyalty to the c o n t r a c t i n g c o m p a n y, Low wages, Poor performance No immediate control.” 2. PRIVATE SECURITY GUARD: A private guard is a person contracted or h i re d f o r t h e p ro v i s i o n of armed and unarmed security services and expertize to public and private clients. DUTIES AND RESPONSIBILITIS OF A P R I VAT E SECURITY G UA R D S e c u re p re m i s e s a n d p e r s o n n e l b y p a t ro l l i n g p ro p e r t y ; monitoring surveillance equipment; inspecting buildings, equipment and access points; permitting entry. Obtain help by sounding alarms. Prevent losses and d a m a g e b y re p o r t i n g i rre g u l a r i t i e s , i n f o r m i n g violators of policy and p ro c e d u re s ; re s t r a i n i n g t re s p a s s e r s . A s e c u r i t y g u a rd p l a y s many different roles, but his primary task is to prevent crime. Let’s take a look at various qualities

and other responsibilities o f s e c u r i t y g u a rd s . 1. Maintain Order and Create a Safe Environment: Security guards are e m p l o y e d t o p a t ro l b o t h the interior and exterior o f t h e p re m i s e s i n w h i c h t h e y a re d e p l o y e d . T h e y e n s u re w i n d o w s , d o o r s and gates properly locked. They closely look at every aspect and persons t o e n s u re o v e r a l l s a f e t y is maintained and the e n v i ro n m e n t i s s a f e f o r e v e r y o n e . T h e y a re a l s o responsible for preventing unauthorized activities w i t h i n t h e p re m i s e s . 2. Identify Suspicious Behavior or Safety Risks: S e c u r i t y g u a rd s s h o u l d be highly observant by developing the ability to w a t c h a n d o b s e r v e a re a s without distractions. With t h e h e l p o f t h e i r p ro f e s sional training, they should be able to identify the suspicious behavior of staff or visitors. Not only this, they are also trained to identify the signs of a potential criminal activity, fire breakout, mishap, etc. 3 . R e s p o n d t o E m e rg e n cy S i t u a t i o n s a n d C r i s i s : S e c u r i t y g u a rd s a re t h e f i r s t re s p o n d e n t s t o e m e rg e n c y s i t u a t i o n s like natural calamities, fire breakouts, robberies, b re a k - i n s , e t c . T h e y a re t r a i n e d t o re m a i n c a l m and tackle such situations and also manage the c ro w d . S p e c i a l s e c u r i t y g u a rd s l i k e f i r s t a i d a n d C P R g u a rd s , f i re w a t c h g u a rd s , c r i s i s m a n a g e m e n t g u a rd s , e t c . a re e v e n m o re t r a i n e d a n d specialized in dealing with particular situations. 4. Communicate with Pe o p l e : P ro p e r c o m munication is essential to maintaining safety and security within the a re a . S e c u r i t y g u a rd s a re a l s o re s p o n s i b l e f o r communicating with p e o p l e e ff i c i e n t l y. C o m munication may include helping the visitors and d i re c t i n g t h e m t o w a rd s the property, communicating suspicious behavior or activity to the higher authorities, communicating the situation of e m e rg e n c y t o t h e p e o p l e - M o ro n f o l u i s a s e a soned security consultant with many years of security and policing experie n c e . F E L L O W, F o u r t h Estate P ro f e s s i o n a l Society (FFPS), he has also partaken in peace keeping operations within and outside the country and has flair for general security education. ...Cont'd next week

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

MONDAY SEPTEMBER 6, 2021• T H I S DAY

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 02Sept-2021, 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 160.90 162.25 -0.62% Afrinvest Plutus Fund 100.00 100.00 5.19% Nigeria International Debt Fund 324.13 324.13 -15.98% Afrinvest Dollar Fund 110.40 110.40 -0.51% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds 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 6.59% AIICO Balanced Fund 3.31 3.47 -2.69% info@anchoriaam.com ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 7.78% Anchoria Equity Fund 138.75 140.42 4.32% Anchoria Fixed Income Fund 1.15 1.15 -13.69% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 19.57 20.16 7.92% ARM Discovery Balanced Fund 431.91 444.93 7.88% ARM Ethical Fund 38.15 39.30 13.17% ARM Eurobond Fund ($) 1.09 1.10 -0.56% ARM Fixed Income Fund 0.97 0.98 -7.14% ARM Money Market Fund 1.00 1.00 8.49% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 106.03 106.03 4.25% AVA GAM Fixed Income Naira Fund 1,031.03 1,031.03 3.10% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.04 2.04 -8.11% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.12 2.16 -7.45% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.01 1.01 2.88% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 8.15% Paramount Equity Fund 16.49 16.80 3.13% Women's Investment Fund 136.48 138.05 2.55% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 7.18% Cordros Milestone Fund 2023 118.54 119.28 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 108.08 108.08 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 7.96% Coronation Balanced Fund 1.21 1.22 0.72% Coronation Fixed Income Fund 1.41 1.41 -10.80% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.82% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 7.58% EDC Nigeria Fixed Income Fund 1,157.37 1,174.17 0.48% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,410.64 1,410.64 11.64% FBN Balanced Fund 191.53 192.78 2.05% FBN Halal Fund N/A N/A N/A FBN Money Market Fund 100.00 100.00 10.11% FBN Nigeria Eurobond (USD) Fund - Retail FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

126.98 158.55

126.98 3.48% 160.77 4.87% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 3.97 1.59 1.19

Offer Price Yield / T-Rtn 1.00 5.82% 3.97 2.54% 1.62 4.46% 1.19 4.40% coralfunds@fsdhgroup.com

Bid Price N/A N/A N/A

Offer Price N/A N/A N/A

Yield / T-Rtn N/A N/A N/A

GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund N/A N/A N/A Nigeria Entertainment Fund N/A N/A N/A GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.75% Vantage Balanced Fund 2.79 2.85 -2.39% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 152.79 153.07 -1.74% Vantage Equity Income Fund (VEIF) - June Year End 1.28 1.32 1.54% Vantage Dollar Fund (VDF) - June Year End 1.10 1.10 0.64% 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 1.42 1.44 4.17% Lotus Halal Fixed Income Fund 1,147.76 1,147.76 5.69% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.47 11.50 8.88% Meristem Money Market Fund 10.00 10.00 9.10% 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 1.67 1.69 7.15% PACAM Fixed Income Fund 11.57 11.56 -4.91% PACAM Money Market Fund 10.00 10.00 6.01% PACAM Equity Fund 1.64 1.66 3.86% PACAM EuroBond Fund 113.02 114.91 2.91% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 131.60 134.17 8.84% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.05 1.05 10.02% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,299.58 3,334.47 2.73% Stanbic IBTC Bond Fund 232.69 232.69 3.49% Stanbic IBTC Ethical Fund 1.22 1.24 4.24% Stanbic IBTC Guaranteed Investment Fund 306.68 306.68 4.08% Stanbic IBTC Iman Fund 226.32 229.67 3.70% Stanbic IBTC Money Market Fund 100.00 100.00 7.58% Stanbic IBTC Nigerian Equity Fund 10,467.45 10,614.58 -0.26% Stanbic IBTC Dollar Fund (USD) 1.27 1.27 3.66% Stanbic IBTC Shariah Fixed Income Fund 115.48 115.48 3.96% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 103.44 103.44 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.31 1.33 2.42% United Capital Bond Fund 1.91 1.91 4.47% United Capital Equity Fund 0.87 0.89 9.74% United Capital Money Market Fund 1.00 1.00 8.97% United Capital Eurobond Fund 120.06 120.06 4.89% United Capital Wealth for Women Fund 1.06 1.08 4.11% United capital Sukuk Fund 1.06 1.06 6.12% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.86 12.97 8.35% Zenith Ethical Fund 14.31 14.46 17.21% Zenith Income Fund 24.33 24.33 1.44% Zenith Money Market Fund 1.00 1.00 6.11%

REITS NAV Per Share

Yield / T-Rtn

124.98 53.10

10.62% 5.15%

Bid Price

Offer Price

Yield / T-Rtn

13.31

13.41

0.67%

121.32 96.51 17.42 18.25

124.34 98.61 17.51 18.35

0.90% -2.73%

Fund Name SFS REIT Union Homes REIT

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Grifﬁn 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.89 5.44 17.38 1.00 19.47 158.16

3.93 5.52 17.48 1.00 19.67 160.16

3.00% -4.29% 7.13% 0.00% -5.09% -28.10%

NAV Per Share

Yield / T-Rtn

107.40

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

MONDAY, ;˜ ͺ͸ͺ͹ ˾ T H I S D AY

FIFTY-FIVE WHY PDP MAY LOSE ALL SOUTHERN STATES IF IT ZONES PRESIDENCY TO NORTH still vulnerable in many northern states, including the ones it currently controls and the ones it doesn't. The party might, however, lose states like Taraba, Benue and unable to win back Plateau, if it decided to zone presidency to the north. At centre of the war of attrition over the chairmanship of the party lies the desperate permutations of where the party zones its presidential ticket to. The Southerners, who want Secondus out, want him out to pave the way for a replacement from the north, while the northern group led by Atiku and co, wants him to either stay or be replaced by another southerner to solidify their push for the presidential ticket to be zoned to the north. In the south, the particularly vulnerable key states that the PDP is likely to lose are Delta, Akwa Ibom, Rivers and Oyo, if the ruling APC played smart by zoning its presidential ticket to the South. Such a move, findings showed, could give the APC a sweeping momentum in the countdown to the 2023 elections that would see it maintaining its hold on power. According to the THISDAY EIG survey, “If the PDP zones the Presidency to the North, they are likely to lose all their current Southern states, essentially, because of the mood in the South that Nigeria’s Presidency should rotate between the North and the South. “Most Southerners believe that, for equity, balance, cohesion, security and stability of the union, the next president should come from the Southern part of Nigeria, after Buhari would have completed eight years in 2023. To propose

otherwise is almost an anathema among the political class and even among the average southerner. “It is that mood of the southern people that was reflected, when 17 southern governors met and asked that the president should go to the South. Right now, Southern leaders are so united that they don’t want to be divided on the issue and don't mind where in the south the president comes from - whether from the South-east, South-south or South-west. “They are of the view that it is in the collective interest of the entire south to produce the next president. They believe all southern people should be entitled to run and whoever gets the ticket from the region would be accepted. “This is actually the undercurrent in the crisis over Uche Secondus’ chairmanship in PDP, which has pitted Governor Nyesom Wike against Secondus, with many southern governors silently supporting Wike’s position, believing that if Secondus retains the chairmanship of the party after the convention, the Presidency would automatically go to the North, which they don’t want. Wike's attempt to force Secondus out is supported by most of the southern PDP governors, albeit quietly.” The survey further gathered that, “Many of them (governors) are looking to people like Makarfi as a possible chairman of the party after Secondus. However, to counter them, the northern group with presidential bid led by a former Vice President, Alhaji Atiku Abubakar; for President of the Senate, Bukola Saraki; Sokoto

State Governor, Aminu Tambuwal; and his Bauchi State counterpart, Bala Muhammed, supported tacitly by Senator Rabiu Kwankwaso, a former Kano State governor, want the South to produce the next PDP chairman, even after Secondus, so that the presidency could be in the North.” To achieve this, the northern group has engaged individuals, like the Chairman of Daar Communications, Dr. Raymond Dokpesi, and others, who are also seeking to be vice president, from the South, to start speaking in support of the northern PDP members’ agenda. From the analysis of the survey, if the trajectory of the country was reviewed from 1960, the North has produced more presidents, and in the 1999 Constitution, there is an agreement that for the survival of the country, power must rotate between North and South. It was based on these undercurrents, that the THISDAY EIG carried out a survey, as it has always done since 1999, where it noticed that in each of the PDP states in the South, PDP was likely to lose the governorship with a northern presidency, given the overwhelming move in the South for a president from the region. That momentum, from all indications, might therefore lead to the loss of states likes Cross River (the governor has already defected), Akwa Ibom, Rivers, Delta, Abia, Enugu and Oyo. Currently, there would not be an election in Edo next year. However, Obaseki, although a PDP governor, the survey showed, is a firm believer in the southern

presidency. The southern governors believe that for the survival of the PDP post-2023, power has to move down South. According to the survey, the factors in each of the critical southern states, with seeming PDP influence, painted scenarios peculiar to them. In Cross River, for instance, even though the governor has defected to the ruling APC, the state is predominantly PDP. But the governor, Professor Ben Ayade, the survey showed, would get momentum and defeat Liyel Imoke and Donald Duke – two former governors combined – if PDP chose a northern president and APC settled for a southern presidential candidate. This, the survey added, could make the governor take the state deeper into APC. The Akwa Ibom situation is not quite different, according to the survey. While the governor, Udom Emmanuel, is by every measure considered to be doing well, a northern presidential candidate as the PDP standard bearer, would be a hard sell for him and could lose the state to other forces, such as the current APC National Secretary, Senator James Akpanudoedehe, and the Minister of Niger Delta, Senator Godswill Akpabio, who would use federal incumbency to sweep PDP away. Rivers, a crucial PDP state, might easily slip the way of former Governor Chibuike Amaechi, who is currently the Minister of Transportation, and effectively dislodging Governor Nyesom Wike, should the party embrace

Call for Emergency Rule in Benue Needless, Says Moro Chuks Okocha in Abuja Senator representing Benue South senatorial district, Abba Moro, has condemned in its entirety, call by a former governor of Benue State, Senator George Akume, for the declaration of a state of emergency in the state. Akume, who is the current minister of special duties and intergovernmental affairs, had at a press conference in Abuja, asked President Muhammadu Buhari to declare a state of emergency in Benue, as a way of tackling the heightened wave of insecurity in the state. According to Akume, “Since Governor Ortom has consistently alleged that the security situation in Benue State, has deteriorated in such a manner that lives of Benue people are not secured,

we call on Mr. President as Commander-in-Chief of the Armed Forces to declare a state of emergency in Benue State to bring the security situation in the state under control.” But Moro, in responding, said it was unfortunate that a respected leader and erstwhile governor of the state would be asking for the dismantling of the democratic structure in Benue State as his suggested solution to the problem of insecurity in the state. “I couldn’t imagine that Senator George Akume, an esteemed leader, who once administered the affairs of our dear state, and should therefore be working hand-in-hand with the incumbent Governor Samuel Ortom, regardless of his political affiliation, and come up with better suggestions as to how the security situation in

Benue can effectively be tackled, in the interest of our people, would rather be requesting the President to declare a state of emergency in Benue state. “I don’t understand why any well-meaning Benue citizen would think that the best way to address the issue of insecurity in the state will be to declare an emergency rule. I condemn in its totality, the reported call by Senator Akume on President Muhammadu Buhari for the declaration of the state of emergency in Benue State. “I implore the President never to heed to such a request as it was made in bad faith and not in the best interest of the good people of Benue State, who have suffered so much the consequence of the high level insecurity in the state with the destruction of many lives and property.

COUP IN GUINEAN AS SOLDIERS OUST PRESIDENT CONDÉ attempted takeover had been thwarted by the presidential guards. This followed hours of heavy gunfire near the presidential palace in the capital, Conakry. Guinea joined the growing list of countries on the continent that have recently fallen into military rule. Equatorial Guinea in December 2017, Gabon in January 2019, Sudan in April 2019, Mali in August 2020. And in March this year, Niger Republic foiled an attempt by the military to seize power. Meanwhile, the Nigerian Government and the United Nations Secretary-General, Antonio Guterres, have condemned the coup and demanded immediate release of President Condé. A statement issued by the spokesperson of the Nigerian Ministry of Foreign Affairs, Mrs. Esther Sunsuwa, yesterday said: “The Nigerian Government is saddened by the apparent coup d'état that has taken place in the Republic of Guinea today (yesterday), in clear violation of the ECOWAS Protocol on Democracy and Good Governance. “The government strongly condemns and rejects any unconstitutional change of government and therefore calls on those behind this coup to restore constitutional order without delay and protect all

lives and property.” The West African country of Guinea is rich in natural resources, but years of unrest and mismanagement have made the country to become one of the world’s poorest. Nine unnamed soldiers, severally draped in the red, gold and green national flag, said they had taken over power, because of rampant corruption, mismanagement and poverty. Calling themselves the National Committee for Reconciliation and Development, they said the constitution had been dissolved and that there would be consultations to create a new, more inclusive one. Numerous reports have stated that the coup was led by an elite unit headed by a former French legionnaire, Lt.Col Mamady Doumbouya. Also, in a viral video, which the media, including the BBC, has not been able to verify, the soldiers asked President Condé, 83, to confirm he was unharmed, but he refused to respond. Sitting barefoot on a sofa wearing jeans and a printed shirt, he did not have any visible injuries. His current whereabouts were also unknown at press time. Those behind the coup said all land and air borders had been closed for a week. But from the defence ministry,

forces loyal to the president have "contained the threat and repelled the group of assailants." Earlier, the only bridge connecting the mainland to the Kaloum peninsular, housing most ministries and the presidential palace, was sealed off while many soldiers, some heavily armed, were posted around the palace, a military source told Reuters news agency. There were unconfirmed reports that three soldiers had been killed. As a result of the unrest, Guinea's football World Cup qualifying match against Morocco at home on 6 September has equally been postponed. Football body FIFA said the decision was made to "ensure the safety and security of all players and to protect all match officials." President Condé was re-elected for a controversial third term in office amid violent protests last year, after the people suspected he amended the constitution to emerge the country’s life president. The veteran opposition leader was first elected in 2010 in the country's first democratic transfer of power. Despite overseeing some economic progress, he has since been accused of presiding over numerous human rights abuses and harassment of his critics.

“The federal government has the primary responsibility to secure Nigerians with all the security architectures under its control. So, as against the declaration of emergency rule, the federal government should rise to the occasion by intensifying its effort to tackle the menace of insecurity that is ravaging not only Benue State but different parts of the country,” Moro stated. The Benue South senator, who had recently visited Akume in his Abuja office, despite their political differences, to discuss critical Benue matters of mutual interest, said it was important for all citizens of the state to support Ortom with the extent of resilience, courage and doggedness he has been showing to confront the problem.

a northern presidential candidate. The state is already 50-50 for both leading parties and the APC has federal might to its advantage. Bayelsa State is even more vulnerable, because despite the misgivings about the APC governorship candidate, David Lyon, who won by a majority of the public votes in the last election, the party still won. But the PDP only came in through the court. However, with the current Minister of State for Petroleum Resources, Timipre Sylva, and huge federal forces and privileges, APC would just replay the card it played the last time, if the APC put forward a southern candidate and PDP went North. From Delta’s axis, there’s no debating the fact that Governor Ifeanyi Okowa is popular, especially, based on his performance record. But in the face of a southern candidate for APC and a northern candidate for PDP, his popularity would not save his party. The party would most likely be swept out by the combined forces of the Deputy Senate President, Ovie Omo-Agege, and the Minister of State for Labour, Festus Keyamo, as well as others in the APC. With federal support, they would dislodge the PDP in Delta and sweep Okowa away, should the PDP present a northern president. This scenario also applies to Oyo, being PDP’s only state in the South-west, where Governor Seyi Makinde, is surrounded by counterparts from the ruling party. In fact, survey showed he is hugely disadvantaged. The survey, nonetheless, from the permutations that came out during PDP’s 92nd National Executive Committee (NEC) meeting some weeks ago, there were indications that the party might actually zone its presidential ticket to the North and the office of the national chairman to the South. As a result of this, the governors of the party from the North, believed to have presidential interest, have begun to jostle to ensure the emergence of a national chairman that would be disposed to their aspiration. A former military governor of Lagos State and later civilian governor of Osun State, Col. Olagunsoye Oyinlola, for instance, is said to be the favourite of many of the bigwigs, should the incumbent, Secondus, decide not to re-contest in the October 30th and 31th national convention in Abuja. Secondus, in a statement, had

stated that his tenure as the national chairman would end on December 9 2021, because he was elected on December 9, 2017, and sworn in same day. Regardless, the embattled national chairman had recently debunked rumours that he had resigned from his position. A statement by his Special Adviser on Media, Mr. Ike Abonyi, dismissed the report as untrue, but he contended that he was merely obeying an interim court order at the time. He added that as a law-abiding citizen, who had been an adherent of the rule of law as a basis for democracy, he had to stay away as a form of respect for the courts. The offices of the national chairman of the PDP and other members of the National Working Committee (NWC) are guaranteed four-year term. Officially, PDP is expected to submit the approved zoning of offices of the members of the NWC to the coming NEC meeting on September 9 2021, other stakeholders have been plotting to see that the NWC members elected were pliable to their aspiration. In this regard, some stakeholders were believed to be working to ensure that the national chairmanship of the party was micro-zoned to the South-west, but a few others insisted that zoning it to the Southwest might prove difficult, as it could amount to abridging the constitutional rights of Secondus to seek a constitutional re-election. On his part, Dokpsei too has since debunked reports that he was in the chairmanship race. A statement from him claimed he wanted to keep his integrity and not soil or dent it. Unfortunately, nobody from the South-east has indicated interest in the presidential run, not even a former governor of Anambra State, Peter Obi, who was Atiku’s running mate in the 2019 presidential election. However, from the North, the list has continued to increase. There are several posters at the party secretariat in Abuja announcing the aspirations of Tambuwal, Atiku, Mohammed, Kwankwaso, and a former governor of Jigawa State, Sule Lamido. Ahead of the zoning for both the presidential ticket and office of the national chairman, the chairman, Board of Trustees (BoT) of the PDP, Senator Waliid Jubrin, and Dokpesi have said the main opposition party stood a better chance in 2023 with a northern candidate.

BUHARI ADMINISTRATION HAS BROKEN MANY JINXES, SAYS PRESIDENCY Adesina stated that the Buhari administration launched the first National Social Investment Programme in the country’s history, stressing that it is today the largest Social Investment Programme in Africa and one of the largest in the world. He also mentioned the restoration of the Federal Budget to a January-to-December cycle, after more than a decade. Adesina recounted other successes of the Buhari government to include, "Finance Acts 2019 and 2020 – the first time ever that federal budgets are being accompanied by dedicated and specific reform legislation, to support implementation. Discrimination Against Persons With Disabilities (Prohibition) Act, 2018: another unprecedented piece of legislation in Nigeria. Treasury Single Account (TSA) started in 2012, expanded across the entire government by President Buhari." On projects, the media adviser said Buhari was the first president to start and complete a rail project in Nigeria’s history (Lagos-Ibadan Rail). He said the president had completed 12 inherited dam projects across the country. These he listed to include Kashimbila Multipurpose Dam, Taraba; Ogwashi-Uku Multipurpose Dam, Delta; Adada Dam, Enugu; Sulma Earth Dam, Katsina; Gimi Earth Dam, Kaduna; Amla-Otukpo Dam, Benue; Amauzari Earth Dam,

Imo; Ibiono-Ibom Earth Dam, Akwa Ibom; Gadau/Lafia Zigau Dam, Bauchi; Alajue Small Earth Dam, Osun; Kampe Omi Dam, Kogi (Rehabilitation); and Kargo Dam, Kaduna (Rehabilitation). Other achievements listed by Adesina include, “Deep Offshore and Inland Basin (Production Sharing Contracts) Act, 2019, amended for the first time since 1993. More than $6 billion of inherited cash call arrears now being cleared by the Buhari administration, since 2016. “Also, more than $3 billion of the arrears (payments due to International Oil Companies) have since been paid. The Buhari administration has overseen the first successful Marginal Fields Bid Round in almost 20 years. In addition, the Buhari administration has launched the first National Social Investment Programme in the country’s history. “Today it is the largest Social Investment Programme in Africa and one of the largest in the world. The Nigeria Centre for Disease Control (NCDC) was established in 2011, and for its first seven years did not have an enabling Act of the National Assembly — until 2018, when President Buhari assented to the NCDC Act.” Adesina listed others to include:, “The Nigeria Police Act 2020, the first overhaul of the Police Act since it was originally enacted in 1943; Nigeria Correctional Service Act, 2019 – overhauled the existing

Prisons Act, almost 50 years after it was first enacted. “The Suppression of Piracy and Other Maritime Offences Act (SPOMO), 2019 – the first of its kind in the entire Gulf of Guinea, dedicated to prosecuting maritime offences. “CAMA, 2020 – the first overhaul of the Companies and Allied Matters Act (CAMA) in 30 years. Discrimination Against Persons With Disabilities (Prohibition) Act, 2018: another unprecedented piece of legislation in Nigeria. “Itakpe-Warri Rail Line, started in 1987, abandoned for decades, and finally completed in 2020; the completion of four standard gauge railway projects between 2016 and 2021: Abuja-Kaduna Rail Line, Abuja Metro Line, ItakpeWarri Rail Line, and Lagos-Ibadan Rail Line. “President Buhari is the first president to start and complete a rail project in Nigeria’s history (Lagos-Ibadan Rail). The last NLNG Train project (Train 6) was completed in 2008. President Buhari has successfully flagged off Train 7 construction. “Apapa-Oshodi-Oworonshoki Expressway, undergoing full reconstruction for the first time since it was constructed in the late 1970s. Bodo-Bonny Bridges and Road: construction finally kicked off in 2017, after several decades of planning, and three false starts.”

MONDAY, ;˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

ACCEPT OUR CONDOLENCES... L-R: Chairman, Senate Committee on FERMA, Senator Gershon Bassey; Chairman, Senate Committee on Finance, Senator Solomon Adeola; Ogun State Governor, Prince Dapo Abiodun and the chairman, Senate Committee on Local and Foreign Debt, Senator Cliﬀord Ordia, during a condolence visit to the Abiodun family over the death of their patriarch, Dr Emmanuel Abiodun at Iperu Remo, Ogun State... yesterday

Late Sowore, Victim of Circumstance, Says Edo Police

Adibe Emenyonu in Benin City

The Edo State Police Command yesterday said Felix Olajide Sowore, the younger brother of the convener of "Revolution Now," Mr. Omoyele Sowore who was killed by persons suspected to be kidnappers, was a victim of circumstance. The Command's Public Relations Officer, Bello Kontongs, who gave the clarification at a media briefing in Benin, said the younger Sowore was not an occupant of the bus from which five persons were kidnapped. According to him, the late Sowore was driving from Okada to Benin City, when he ran into the suspected kidnappers, who were shooting at the commercial bus, which broke down on Friday night and the occupants had to find somewhere else to sleep. Kontongs explained that the stranded commuters had returned early on Saturday to pick their personal effects from the bus, when the kidnappers, who had laid ambush, opened fire on the commuters and Sowore drove

into the firing line, unknowingly. The PPRO added that the Tactical Team of the Command and some local vigilantes, including the DPO of Okada Police Station, had already gone into the bush, looking for the kidnappers, with the aim of arresting them and rescuing the victims. He added that three occupants of the bus, who escaped had been brought to the Command's Headquarters and profiled, while the kidnappers had not made any contact with the police over the victims, though he would not know if the families of the kidnapped victims had been contacted. Kontong's statement read: "It has become very necessary to inform the general public because of the panic that the incident is creating among the general public, especially, the residents of Edo State, as regard the killing of one Felix Olajide Sowore on September 4, 2021 at about 6:45 hours yesterday (Saturday). "It has become necessary for us to brief the press to inform

the general public that police is on top of the situation since the incident happened. “Bush combing has started, the Commissioner of Police has directed the tactical team to put hands together with the Divisional Police Headquarters at Okada for the bush combing since yesterday. "As I speak to you the local vigilantes in that area, the police tactical team from the state command and the Divisional Police Headquarters at Okada are all together in the bush right now combing the forests in an efforts to arresting the assailants and possible rescuing five other persons that are still with the

kidnappers.” It added: "The Sowore Felix was not one of the occupants of the bus that some of them were kidnapped. He was just someone that ran into the incident. He was coming and met the situation on ground. "The bus actually was coming from the South going towards Lagos. The bus belonged to a private transport company, and broken down at around 2:00am in the early hours of Saturday, and the occupants look for somewhere to sleep. "That early hours in the morning the occupants came with the intention to pack their belongings from the bus,

The federal government has been challenged to expand the laws that grants the Asset Management Corporation of Nigeria (AMCON) special debt recovery powers in the corporation’s Act as amended into a national law. This would insulate the banking sector against reckless borrowers and recalcitrant debtors that AMCON is currently chasing for the recovery of trillions of naira. Speaking at the weekend at the training of Solicitors, Receivers and Receiver/Managers in Lagos, Mr. Oluwakemi Balogun, SAN, of the firm of Oluwakemi LP said debt recovery in Nigeria would continue to be a burden to AMCON as well as the financial sector as long as the system allows some Nigerians to brazenly walk into banks to borrow money with no intention to repay the loan obligation. The federal government’s debt recovery agency, which has since inception in 2010 recovered over N1.4 trillion had at different phases from the year of its establishment purchased 12,743

non-performing loans (NPLs) or Eligible Bank Assets (EBAs) worth N3.8 trillion from 22 Eligible Financial Institutions (EFIs) for a purchase price of N1.8 trillion. Since then, AMCON has worked tirelessly to recover the huge debt, which were covered by various collaterals. But as the years roll by, AMCON obligors have become more daring, and hiding under all manners of legal technicalities to delay the agency from recovery. Having watched such financial rascality for some decade, a statement quoted the SAN to have said something drastic must be done by the government to save the country. According to him, some Nigerians in the last 25 years have perfected the act of going to different banks to borrow money and have serially defaulted in the repayment agreement because they country has no policy that guides such recklessness. As a mitigant to such ugly development, the legal luminary added, “We need to have a national law that will assistant lenders (banks and financial

the Commissioner of police is doing everything possible to ensure that they are arrested and those kidnapped are rescued. "Until now, there is no contact from the kidnappers. We don't know if they have contacted the families of those kidnapped, but to the police and those escaped they have made no contact. "The police is also trying to use tactical means in order to tract the kidnapped victims.” According to the statement, “some of the occupants of the bus who escaped and some we met hiding in the bush we brought to the police headquarters, and we have profiled them. They are three in number."

We'll Resist Rigging of Anambra Election, Says PDP Benjamin Nworie in Abakaliki The leadership of the Peoples Democratic Party (PDP), has vowed that it would resist any attempt to rig or manipulate the November 6 governorship election

in Anambra State. The PDP, however, assured all stakeholders of Anambra to mobilise their people to register to vote, adding that all votes must count in the election. National Vice Chairman

AMCON: Expert Seeks National Policy on Debt Recovery Dike Onwuamaeze

but unknown to them, the kidnappers have laid ambush, and immediately they opened the bus, the kidnappers came out from the bush and started shooting at the bus in an attempt to create fears in them, but some of them try to escape. "Sowore was coming from Okada to Benin. He was just a victim. They kidnappers tried to stop him, but he refused to stop. The bullet hit his car and one of the bullets got him, and he died on the spot. He was confirmed by the doctors, and his corpse has been deposited at Igbinedion University Teaching Hospital. "That is the situation, and

institutions). We must have a national policy. There must be a national law on debt recovery. “This law should not just be for only AMCON as a government agency but for the nation as a whole. That is one of the ways we can curb the bad behaviour. In some other economies you cannot borrow money and refuse to pay back and go scot-free. Therefore, Nigeria should not allow recalcitrant debtors to go unpunished.” Balogun was reacting to the different presentations at the programme including the keynote address of the AMCON Managing Director/CEO, Mr. Ahmed Kuru, who was represented at the event by Group Head of Asset Management, Mr. Benedict Daminabo. The AMCON CEO had earlier said the agency will continue to highlight the dangers of not recovering the debt because of its grave implication. According to him, “We have repeatedly made the point at every opportunity that all stakeholders must view the AMCON mandate as one of serious national importance. If at sunset AMCON

is unable to recover the huge debt of over N5trillion, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ monies will be used to settle. “The implication is that the public will be made to pay for the recklessness of only a few individuals who continue to take advantage of the loopholes in our laws to escape their moral and legal obligations to repay their debts. “As a matter of fact, we have reached a point in our country where all stakeholders (the federal government, the judiciary, the legislature and the public) must work together to fight the common enemy of this huge debt burden.” But challenging as the agency’s debt recovery activities have shown especially given its peculiar situation, AMCON is steadily making remarkable recoveries but still has about 7,902 outstanding obligors with total outstanding loan of N3.142 trillion. Of this number, 350 of the agency’s obligors account for N2.053 trillion, which is above 65 per cent of total outstanding amount.

of the party, South-east zone, Chief Ali Odefa, who stated this in Abakaliki, Ebonyi State capital, while addressing Anambra indigenes resident in the state,when the governorship candidate of PDP, Chief Valentine Ozigbo, visited to meet with the Anambra people in the area, threatened that anyone, who manipulated the results might not be alive to tell the story. Odefa, who also reiterated that the election must be free, fair and credible, added that no agents of government or political party would manipulate election results again in Nigeria. He noted that Anambra governorship election would be used by the party to continue to protect the nation’s democracy and urged the electorate to protect their votes, insisting that votes must count at the poll. The PDP Boss said, “Anambra election, you will write the result but you will not live to see the result. If you attempt to write Anambra governorship election result, you will die. This is democracy, elections must be free and fair; whether you are the ruling party at the federal, at the state, at the local government, you cannot write result of elections in Nigeria again. “Mobilize our people let them go and register to vote. Anambra is where we will use as a test case to continue to protect the democracy of Nigeria. Your votes must count, it must count. We will vote and we will stay and watch our votes, they cannot write the

results, it is not possible. “Even in Ebonyi here, they keep saying ‘I am connected to the centre, I will write the result’. Where will you stay and write the results? Where will you stay and write Ebonyi results or Anambra results? It is not possible. Before you will write the results in Anambra or Ebonyi, write your will and share your property first. As God will liberate Anambra in November 6, by February 2023, God will liberate Ebonyi State”. Odefa described Ozigbo as a man that would bring Anambra out of the trouble they are now and take them to the promise land. Ozigbo, on his part, has described Friday Appeal Court verdict, which described him as the validly elected candidate of the PDP as victory for democracy, the people of Anambra State and those, who took him to court. Ozigbo, while speaking with reporters in Abakaliki, Ebonyi State capital, called on his opponent to join hand for the victory of the party at the poll. “What we achieved on Friday was victory for the Anambra people including those who took me to court. And so, I will make effort to actually call them which I am doing. Our opponent is not within, he is on the outside. “And so, I am using this medium to urge everybody, let’s come together. This is the time for PDP to takeover Anambra State and nothing will be spared. This judgment will boost our momentum and I am going to win the election,” he said.

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

NEWS

Bandits Kidnap Katsina Lawmaker’s Wife, Two Children Francis Sardauna in Katsina Gunmen suspected to be bandits on Saturday night abducted the wife and two children of Dr. Ibrahim Kurami, Katsina State Lawmaker representing Bakori Local Government Area at the State House of Assembly. The suspected bandits, it was gathered, stormed the residence of the lawmaker in Kurami village in Bakori Local Government Area of the state at about 9:15 and shot at a member of the First Aid group of Islam they met at the main gate. A resident of the area, Kamilu Sabo, who confirmed the abduction of the victims in a telephone interview with THISDAY on Sunday, said the bandits left the member of the First Aid group of Islam with varying degree of injuries. Police Public Relations Officer in the state, SP Gambo Isah, could not be reached for comments as his telephone lines were not connecting as at press time. Also, efforts by THISDAY to reach the lawmaker, who immediately left for Katsina

after participating in the Saturday APC Congress in the area, were futile. But Sabo said: “Bandits

his two children. They also shot one of our members of First Aid group of Islam. He is cureently receiving treatment

in Bakori General Hospital.” According to him, the lawmaker was not in the house, when the hoodlums

invaded his country home, alleging that the target of the hooligans was to kidnap the legislator.

INDUSTRIALISATION ON THE MINDS…

L–R: Chairman, Senate Committee on Industry, Senator Saidu Alikali; Group Chairman, Nigerian Exchange Group Plc, Mr. Abimbola Ogunbanjo; Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, and Chief Executive Oﬃcer, Nigerian Exchange Limited, Mr. Temi Popoola, during the high-level roundtable on industrialisation in Africa organised by the Manufacturers Association of Nigeria in Lagos…recently

South African Former President Zuma Placed on Medical Parole The South African Department of Correctional Service has confirmed that the jailed former President, Jacob Zuma, has been placed on medical parole because of his ill health. The medical parole eligibility for the 79-year-old Zuma follows a medical report received by the Department of Correctional Services, Last month prison authorities said Zuma, serving a 15-month sentence in Estcourt prison for contempt of court underwent unspecified surgery at an outside hospital where he had been sent for observation. He remained in the hospital with more operations planned. According to the statement issued by the department, “Medical parole placement for President Zuma means that he will complete the remainder of the sentence

attacked the residence of our lawmaker, Dr. Ibrahim Kurami yesterday (Saturday) and kidnapped his wife and

in the system of community corrections, whereby he must comply with a specific set of conditions and will be subjected to supervision until his sentence expires.” The department spokesman, Singabakho Nxumalo, said that Zuma, who was imprisoned in early July, was still in hospital but could go home to continue receiving medical care. He gave no details on Zuma’s illness, his parole conditions or whether his health had deteriorated since surgery. “We want to reiterate that placement on medical parole is an option available to all sentenced offenders, provided they meet all requirements. We appeal to all South African to afford Mr. Zuma dignity as he continues to receive medical treatment,” the statement noted

Pro-Tinubu Group Sues Buni, APC over Ekiti Ward Congress Victor Ogunje in Ado Ekiti Dissatisfied with the conduct of the July 31 ward congress in Ekiti State, a Pro-Tinubu group under the auspices of Southwest Agenda for 2023 Presidency (SWAGA), has dragged the All Progressives Congress to Court, calling for outright annulment of the election. In a suit Number FHC/

AD/CS/21/2021 filed at the Federal High Court, Ekiti State Division, the group sought an interlocutory injunction stopping the conduct of the local government congress or an order declaring the outcome illegal. The suit deposed to by 36 SWAGA members and contestants in the ward congress on behalf of over

3,650 members of the group in Ekiti was filed by their Lawyers, Barrister Ayodeji Odu and five others for the plaintiffs. Joined in the suit are APC (1st defendant), Chairman, Caretaker Committee, Governor Mai Mala Buni (2nd defendant), Ekiti APC Chairman, Paul Omotoso (3rd defendant), Chairman, Ekiti Congress Screening Committee, Samuel Abejide (4th defendant)

and the Independent National Electoral Commission (5th defendant). The plaintiffs sought an order declaring the congress of the 1st defendarnt purportedly held on July 31, organised and conducted by or under the instruction/supervision of 2nd and 3rd defendants in Ekiti State as unconstitutional, illegal, null and void.

Ogun Moves to Curtail Outbreak of Gastroenteritis Abolade Sokunbi in Abeokuta Ogun State has recorded the outbreak of gastroenteritis in Magboro, Ofada Ward of Obafemi Owode Local Government Area of the state. The disease, which is also known as stomach flu, is an intestinal infections marked by diarrhea, nausea, vomiting and fever. The disease

is spread by having contact with an infected person or contaminated water or food. In a statement signed by The Commissioner for Health of the state, Dr. Tomi Coker, said in a statement that the reported case of the outbreak is predominant among motorcycle riders and scavengers in the area. According to the

commissioner, the index case who was reported to have returned from a trip outside the state has been linked to the source of the outbreak, while the common public toilet used has been the channel of transmission. Coker added that the causative agent cannot be confirmed yet because appropriate sample could not

be collected as there were no active case yet to commence antibiotics. The commissioner pointed out that a number of people are currently receiving treatment to control the number of casualties. Coker also noted that an unregistered clinic run by a quack has also contributed to the outbreak, as the cases were being managed unreported.

Teacher Defiles 14 Pupils, Infects Some with HIV/AIDS Attacks: Plateau, Kaduna to Set up Laleye also said to have infected some Department (CID) of the force. said, pointing out that on the Dipo in Minna female pupils of the school with “The suspect is with the completion of the investigation Joint Security Committee A primary school teacher in the the dreaded HIV/ AIDs virus. command over allegations of he will be charged to court. SerikiAdinoyiinJos The Kaduna State Governor, Mr. Nasir el-Rufai, has recommended collaboration between Kaduna and Plateau States in setting up a joint security committee that would work towards ending bandits’ attacks and other security challenges against the two states, especially at the border communities. el-rufai made the recommendation in Jos while speaking with journalists after he called on his Plateau State counterpart, Mr. Simon Lalong. He was received by the Plateau State Deputy Governor, Professor Sonni Tyoden, on behalf of Lalong. He said: “The reason I am here in Plateau State today is to commiserate with the state over

recent violence, and also to discuss common strategies on how to manage our borders and to set up a joint committee for the two states to be working on daily basis to end the incessant attacks on border communities.” He said that putting the committee together would help in finding lasting solutions to the reoccurrence of tragic and unfortunate incidents. The governor also added that he has been working with Lalong since they were elected in 2015 when they realised that the two states played host to many people across Nigeria, and that with the common boundary whatever happens to one have some indirect effect on the other.

Borgu Local Government Area of Niger State has been arrested by the police for allegedly defiling 14 pupils in his school. The teacher, Usman Galadima, of Central Primary School Karabonde in New Bussa, was

The Police Public Relations Officer of Niger State Police Command, DSP. Wasiu Abiodun, confirmed the incident and told journalists that the suspect had been apprehended and brought to the Criminal Investigation

sexual assault in his school,” Abiodun said, adding that the teacher had initially escaped arrest before being caught and brought to Minna. “Investigation into the case has begun,” the police spokesman

In the meantime, the State Commissioner for Education, Ms. Hannatu Jibrin Salihu, is already heading a committee set up by the state government to investigate the authenticity of the claim.

Address Causes of Growing IDP Camps, Group Tells FG Alex Enumah in Abuja Worried by the increasing number of Internally Displaced Person (IDPs) camps across the country, a non-profit organisation (NGO) over the weekend urged the federal government to take necessary measures to address its root cause.

The organisation, known as the Buni Yadi Foundation (BYF), made the appeal during the launch of its new project, “Buni Yadi Kitchen (BYF Kitchen)” at the Kuchingoro IDP Camp, Abuja. Speaking at the occasion, the founder of the organisation, Mr. Adeniyi Ayoola-Daniels, harped on the need for the

government to get to the root cause in order to resolved the problem, which he noted have lingered for a very long time. Meanwhile the foundation also distributed some items such as: cooked food, drinks, sanitary towels cartons of noodles, cartons of biscuits, bath soap, loaves of bread and drugs to displaced persons at

the camp. ‘’My advice to government is to vigorously address the root causes of rapidly growing IDP camps in the country. Any problem that does not go to the root causes can never be solved. ‘’What are these root causes of rapidly growing IDP camps in the country?

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

NEWS XTRA

NDLEA Arrests 22-year-old Corps Member for Importing Drugged Candies from UK Michael Olugbode in Abuja A 22-year-old youth corps member, Arnold Maniru, has been arrested in Abuja by operatives of the National Drug Law Enforcement Agency (NDLEA) for allegedly importing four kilogrammes of drugged candies from the United Kingdom. Also, the NDLEA operatives had intercepted in Lagos, some cookies laced with drugs and being shipped to the United Arab Emirate. A statement by the NDLEA Spokesman, Femi Babafemi on Sunday, said the youth corps member serving with a government agency in Abuja, was arrested on Saturday 28th August, 2021 following the interception of a consignment at the warehouse of a transport company. He said a controlled delivery of the parcel, which contained the candies laced with Arizona, a strong variant of cannabis and some liquid, was subsequently carried out. In another clampdown, the operatives attached to courier companies in Lagos intercepted 1.2 kilogrammes of cannabis concealed inwside locally made cookies going to Dubai, UAE and 920 grammes of cocaine hidden inside synthetic hair heading to Saudi Arabia. Another 1.08 kilogrammes of cannabis concealed in spray

cans going to Pakistan and 625 grammes of methamphetamine hidden in clothing heading to Australia were also seized. Babafemi said across the states, operatives had intensified arrests of traffickers and seized

illicit drugs, with atotal of 384.7 kilogrammes of assorted narcotics being transported to the nation’s capital, Abuja, for sale were intercepted and seized at patrol points in Lokoja, Kogi State on Monday 30th August

and Thursday, September 2, 2021. He said a truck with registration number, Plateau AA 462 QAP, driven by a 50-year-old Danlami Dodo, coming from Onitsha, Anambra, with Abuja, FCT as destination, was intercepted at

a patrol point. He said when searched, the following psychoactive substances were discovered packed in sacks and cartons: 1,975 bottles of Cough Syrup with Codeine weighing 282 kilogrammes; 199 packets

of Exol-5 tablets weighing 75.4 kilogrammes; 250 packets of Diazepam tablets weighing 15.4 kilogrammes; Cannabis Sativa weighing 5.9 kilogrammes; and 1 packet of Ketamine injection, all weighing 378.7 kilogrammes.

ALL HAIL THE ROTARY PRESIDENT…

Mrs. Rashi Mehta, wife of the 116th Rotary International President, Mr. Shekhar Mehta; Governor Ifeanyi Ugwuanyi of Enugu State and the District Governor, District 9142, Mr. Okey Okonkwo, when Ugwuanyi hosted the Rotary International president in Enugu….yesterday

‘Kogi Lost Property Worth Adamawa Orders School Closure over Insecurity N63bn to Flood in 2012’ Daji Sani in Yola

Ibrahim Oyewale in Lokoja A former Director General of Nigeria Meteorological Agency, Mr. Anthony Anuforom, has warned Nigerians and vulnerable states to be wary of the devastating effect of flood occasioned by climate change, recalling that Kogi State alone lost property worth N63.4 billion to flood in 2012. He said Nigeria was rated as 10th most vulnerable to climate change or global warming, because of the nature the country hosting two biggest rivers and Atlantic ocean, noting that there has been high intensity of rainfall in the country and the attendants flooding would continue to pose serious threats in the years to come.

Anuforom, who gave this warning while speaking at the 10th year anniversary of Confluence International Academy in Lokoja, stated that the story of climate change would not be palatable for the future generations while stakeholders must adopt a strategy and functional development plan for response to mitigate the emerging effects of global warming. He lamented that the 2012 flood wreaked havoc in no fewer than 22 states including Kogi State, saying apart from pockets of deaths recorded, property, farmland and produce estimated at N63.4 billion were destroyed in the affected nine local government areas of the state.

The Adamawa State Government has announced the closure of 30 boarding Junior Secondary Schools in the state over insecurity. According to a statement that was signed by the Commissioner for Education and Human Capital Development, Mrs. Wilbina

Jackson, yesterday, the closure is to take effect from today (September 6, 2021) till further notice. The statement added that the move was a proactive measure to ensure the safety of the students in view of the insecurity bedeviling Nigeria. “The state government’s action came amidst escalating banditry in the country

resulting in the kidnap of hundreds of schoolchildren across many states in Nigeria,” Jackson said. She also said that the four schools exempted from the closure are Government Girls Junior Secondary School (GGJSS), Yola; General Murtala Mohammed College, Yola; Special School Jada and Special School, Mubi.

“The Hon. Commissioner Ministry of Education and Human Capital Development, wishes to announce that 30 boarding junior secondary schools out of the 34 schools in the state, have been de-boarded with effect from September 6, 2021. From now henceforth, all the 30 government junior secondary schools are now day schools.

FG to Establish Farm Estates in All 109 Senatorial Districts Deji Elumoye in Abuja The federal government has directed the National Agricultural Land Development Authority (NALDA) to set up integrated farm estates in all the 109 senatorial districts in the country. Already, the agency’s Executive Secretary, Mr. Paul Ikonne, has called on state governors to key into the

President’s desire to make land available for farm estates to be established, which is expected to take away youth from unemployment market and engage them with a view to achieving food security in a very short period of time. The NALDA boss, who made this known at the weekend while speaking with newsmen after a close-door meeting with

President Muhammadu Buhari at the State House, Abuja, added that the Kogi State Government had donated 700 hectares of land to NALDA for the integrated land estate, while the 100 hectares of land donated by the Ogun State government has already been cleared. According to him, the President was committed to and working towards ensuring

that the country achieved food security. His words: “What you see is that agriculture is one of Mr. President’s heartbeat projects, and he wants to see that we achieve food security in the country and NALDA is purely under the supervision of Mr. President and that is why you can see the progress that we are making.

Council Polls: APC Wins Eight LGs, Loses One Minister Advises Youths to Kaduna headquarters by returning Kaura. The APC won in Jama’a John Shiklam in Kaduna officers of the Kaduna In Sabon, the candidate of LGA, one of its strongholds Embrace Agriculture Nine of Saturday’s council State Independent Electoral the APC, Mohammed Usman, of the PDP.

Minister of State, Power, Dr. Goddy Jedy-Agba, has charged young people in the country not to see farming as unattractive venture. Jedy-Agba, who stated this while speaking to young people in his country home in Utugwang, Obudu Local Government Area of Cross River State during the Obudu New Yam festival, charged them to key into President Muhammadu Buhari’s agricultural revolution. The minister reminded his audience that before oil boom in the 70s, agriculture was the mainstay of the nation’s economy. He intimated them that the government of President Buhari, through its economic

diversification drive is investing hugely in agriculture through different schemes where farmers can access loans and grants. He said: “I am happy to be with you here today. It is always a privilege and honour to enjoy this very unique celebration of new yam festival with you, my people. We are blessed with very fertile land and very hardworking people. I am happy with all of you who harvested the yams you used for today’s occasion from your farms. For those who did not, I enjoin you to invest in agriculture. Farming is not demeaning as some of you think. As a minister, I am a farmer, it is in my CV. Please, my people, let us support the President’s Agric revolution.

polls in Kaduna state were announced on yesterday with the ruling All Progressives Congress (APC), winning eight while the Peoples Democratic Party (PDP) won one. The results were announced at the various local government

Commission (KADSIECOM). According to the results released in nine of the 19 LGAs where elections were held, the APC won in Sabon Gari, Jama’a, Kagarko, Zaria, Igabi, Kubau, Kudan and Lere LGAs while the PDP won in

emerged as chairman having polled 32,405 to defeat his closest contender, Abdu Bello of the PDP who got 13,777 votes. The results were declared in Sabon Gari, Zaria, by the Returning Officer, AbubakarMohammed Sadiq.

Announcing the results in Kafanchan, the Returning Officer, Dr. Sunday Ibrahim, said Yunana Barde of the APC scored 24, 255 votes to defeat the candidate of the PDP, Peter Averik, who scored 23, 215 votes.

Tackling Systemic Corruption Requires Govt, Citizen’s Approach, Says ICPC Chairman Ugo Aliogo The Chairman, the Independent Corrupt Practices Commission (ICPC), Prof. Bolaji Owasonye, has stated that tackling systemic corruption requires government and citizen approach, rather than focus on corrupt people

as opposed to a corrupt system. Owasonye, who disclosed this yesterday during a virtual meeting with the theme: ‘Curbing Corruption: A New Framework’ said due to the organic nature of corruption, there is no single approach to tackling corruption and called for the combination of

law and order and behavioural changes to tackle the menace. He also stated that as part of the commission commitment to win the anti-corruption, they have developed the 4S models known as Sanction, Systems, Society and sustainability. He further stated that there is

need for continuous strengthening of legal and institutional framework to prevent and combat corruption, adding that it is vital to mainstream anti-corruption activities into governance and service delivery at national levels especially within the Ministries, Departments and Agencies of government.

T H I S D AY • MONDAY SEPTEMBER 6, 2021

NEWS XTRA

Unfazed by Mischief Makers, Works Ministry Gives Progress Report on Burnt Bridge Repairs The Ministry of Works and Housing, has denied reports by a section of the media, alleging neglect of a burnt bridge in Toyota bus stop, Apapa Oshodi-Express way, saying despite deliberate mischief, the ministry has maintained meticulous repairs of the said bridge. According to a press release by the Federal Controller of Works, Lagos/Engineer’s Representative, Engr. J.O Popoola, “The Project was awarded to the contractor on the 21st of April, 2021 and the contractor mobilised to site on the 26th of May, 2021. “At the resumption of the contractor to site, work commenced immediately on site with the commencement of site preparatory works and development of a practical traffic management plan to be adopted during the execution of works. “Like every other project within and outside the state, challenges have come up but with the pro-activeness of the Ministry’s supervisory team, Federal and Lagos State Government Traffic Management Agencies, the Nigerian Police and the contractor have been able to mitigate these challenges to the barest minimum.” Popoola, who supported his

claims with several pictures of progress report, said, “So far we have been able to accomplish an effective traffic management system, the cleaning of the smoke stained areas of the bridge and the setup of

temporary support at the burnt bridge Pier, to support the bridge during the execution of the repair works. “Presently, the investigation of the burnt pier foundation has been completed and

reinforcement works of the burnt pier will commence, after which the pier will be casted and fully rehabilitated. “Motorists are advised to ply alternative routes and cooperate with traffic

management agencies, as traffic control officers will be on-ground to direct and help with the flow of traffic.” While regretting whatever inconveniences the repairs might have caused the

public, he, on behalf of the supervising minister, Mr. Babatunde Raji Fashola, SAN, thanked the public for their perseverance since the commencement of the project.

SPECIAL RECOGNITION…

Chief Operating Oﬃcer, Soulcommunications PR Limited, Mrs. Mojisola Saka (left), and Chief Executive Oﬃcer, TVC Communications, Mr. Andrew Hanlon, during the presentation of MarketingEdge’s ‘Outstanding PR Personality of the Decade’ award to Saka in Lagos...recently

Kidnappers Abduct Mother, INEC Redeploys Five RECs, Four Directors in Two Daughters in FCT New Administrative Changes Olawale Ajimotokan in Abuja

A mother and her two daughters were kidnapped in the early hours of yesterday in Pegi, Kuje Local Government Area of the Federal Capital Territory. The incident was confirmed by the Chairman of Pegi Community Development Association, (PECDA), Mr Taiwo Aderibigbe. Aderibigbe said the incident occurred in Pegi Resettlement Zone A of the area. He said the kidnappers succeeded broke the burglary door to the apartment where the victims were living before they were abducted. The victims are 45-year-old Mrs. Oladapo Bukola, and her daughters, Miss Oladapo Glory, 17 and Miss Oladapo Moyo 14.

Ironically, the husband, Pastor Gabriel Oladapo, was out of Abuja when the incident occurred. He said that the kidnappers had not contacted him. Aderibigbe decried the rampant incidents of kidnapping in Pegi while urging security agencies to come to the rescue of the residents, who are living in perpetual fear of being abducted. “At about 11:15 pm, I got a call from one the zonal leaders of the community, that assailants had invaded the premises of Pastor Gabriel Oladapo and abducted his wife and two children. “It is quite worrisome that Pegi, Kuje, is being targeted by kidnappers and security agencies are not doing much,” Aderibigbe said.

Professor of Law, Uvieghara, Passes On Prof Egerton Uvieghara, a retired Professor of Law at the University of Lagos and former Chairman of the Governing Board of the Nigerian Copyright Commission as well as former Commissioner at the Nigerian Law Reform Commission, is dead. He died in London after a brief illness at age 85. Uvieghara was member, six-member committee, two each representing government, employers and labour on reform of Nigerian Labour Laws, which worked with the International Labour Organisation (ILO) and produced four draft Bills already presented to government on Collective Labour Relations; Labour Standards; Occupational Safety and Health and; Labour Institutions.

He was consultant on the revision of the laws establishing the National Industrial Court and its functions, new draft Bill passed by Senate in 2005. Uvieghara was a participant at the Congress of the International Council for Commercial Arbitration, Lausanne, Switzerland, 1984, which finalised the Model Law on Commercial Arbitration prepared by the United Nations Commission on International Trade Law, UNCITRAL, upon which Nigerian statute was based. For over four decades, he delivered lectures on labour laws in both the public and especially the private sector.

Chuks Okocha in Abuja As part of administrative restructuring to strengthen the Independent National Electoral Commission (INEC) ahead of the 2023 general election, the commission has announced the redeployment five Resident

Electoral Commissioners (RECs). It has also deployed of five of its directors to new offices, while announcing the commencement of terminal leave of Nick Dazang, the hitherto Director of Voter Education.

In a statement signed by the National Commissioner in charge of Publicity and Voter Education, Festus Okoye, the commission said in the new postings, the Resident Electoral Commissioner (REC) for Osun State, Mr. Olusegun Agbaje, has been redeployed to Ogun State.

At the same time, the statement said his counterpart in Ogun State, Prof. AbdulGaniy Olayinka Raji, will take charge as REC, Osun State, while the REC for Bayelsa State, Dr. Cyril Omorogbe, would take up his new role as the REC for Cross River State.

Ogun Police Arrest Three for Stealing N4.7m Goods Abolade Sokunbi in Abeokuta The Ogun State Police Command has arrested a driver, Oluwaseyi Oyetunde, and two business men, Segun Oluwaseun and Chijoke Ogbu over the diversion of goods valued at N4.7million belonging to a company in Lagos. The arrest was contained in a press statement issued by the Police Public Relations Officer (PPRO), DSP Abimbola Oyeyemi

and made available to THIS DAY n Abeokuta, yesterday. The release stated that the suspects were arrested following a report made at Agbara Divisional Headquarters by one Oluwatosin Ayodeji who reported that one Oluwaseyi Oyetunde, a driver to the company loaded goods worth N4.7 million which was supposed to be delivered to a customer in Lagos, but since that day, the 24th of August 2021,

the said driver had absconded with the goods and the truck. “Upon the report, the DPO Agbara Division, SP Saleh Dahiru detailed his crack detectives to unravel the mystery behind the sudden disappearance of the driver and the goods. “The team embarked on intelligence-based investigation and traced the driver and the truck to Lagos State where he was promptly arrested with the

empty truck. “On interrogation, the driver confessed that he diverted the goods to another buyers who bought the goods from him at a give-away price. “His confession led the policemen to the shops of the two receivers Segun Oluwaseun and Chijeoke Ogbu, where parts of the stolen goods were recovered and the two receivers arrested”, the statement reads

We Will Continue to Balance Appointments, Says Makinde Oyo State Governor, ‘Seyi Makinde, yesterday said that his administration would continue to balance political appointments between Christians and Muslims in the state. The governor, who stated this at the 1443/2021 Hijrah luncheon in Ibadan, added

that Muslims and the people of Oyo State knew that his administration was doing the right things. He said: “I want to use the opportunity of today’s event to address the issues some people brought up. Every time I go through social media and read what

people are saying, those who know how we did campaign in 2019 will admit that we did not abuse anyone. “As a matter of fact, the people of Oyo State know we are doing the right thing. We released the Roadmap for Accelerated Development of Oyo State

(2019-2023) document and told the people to hold us accountable by the document. I am saying today again, go and look at the document. All the things we are doing now have been documented and we are just following the roadmap.”

Glo Adds One Million Subscribers, Leads in Voice, Data in July Emma Okonji Globacom added over a million new customers to its subscriber base in the month of July, 2021, according to latest statistics published on the website of telecom industry regulator, the Nigerian Communications Commission (NCC).

From the statistics Globacom is the only network that gained new subscribers in July, as other telecoms operators suffered losses. The data shows that Globacom added 1,007,259 new subscribers to see its subscriber base grow from 50,130,540 in June to 51,137,799 at the end of July.

Conversely, MTN lost 447,460 subscribers as its figure fell from 73,571,192 in June to 73,123,732 in July. Similarly, Airtel’s subscriber base which stood at 50,665,723 in June fell to 50,301,237 in July, showing a loss of 364,486 customers. The fourth operator, 9mobile, neither gained nor lost as the

figures for the two months remained unchanged at 12,908,092. The NCC report indicates that Globacom was the only operator that added new data customers during the period. Its internet subscribers rose from 37,875,966 in June to 38,214,155 in July, a growth of 338,189 new data customers.

MONDAY SEPTEMBER 6, 2021 • T H I S D AY

MONDAY, ;˜ ͺ͸ͺ͹ ˾ T H I S D AY

MONDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Cape Verde senior national team players have vowed to pick all three points when Nigeria visit tomorrow

Amuneke Raises the Alarm over ‘Slippery’ Cape Verde Says: 'Super Eagles mental alertness must be very high to check the compact style of play of Cape Verde’s Blue Sharks' Femi Solaja With Nigeria firmly in the driver’s seat of Group C of the 2022 World Cup qualifiers, former Super Eagles forward, Emmanuel Amuneke, has warned Coach Gernot Rohr and his wards to be extra vigilant when they play Cape Verde on Tuesday night in Praia. Super Eagles who left Lagos at 2.00am this morning by chartered flight for Cape Verde, sit at the top of the log on three points following the 2-0 defeat of Liberia on Friday in Lagos. Cape Verde and Central African Republic who played

1-1 two days earlier have just one point each so far. But on Tuesday night at the 5,000 capacity Estadio Municipal Aderito Sena on the Island of Mindelo, the Blue Sharks will be aiming to win to stand a chance of upstaging three-time African champions Nigeria. But Amuneke who is a former Golden Eaglets of Nigeria and Taifa Stars of Tanzanian national team coach, is looking beyond the array of stars on Eagles’ list but the compact nature of play by the Southern African nation. “Cape Verde are the emerging force in continental football today. Nigeria must be wary

W O R L D C U P Q UA L I F I E R S of their ability both home and away going by their performance in the last four years. “Nigeria no doubt have the potential to keep them in check especially away from home but the mental alertness of the players must be very high to check the compact style of play of the Blue Sharks,”stressed the former African Footballer of the year. Interestingly, as coach of Tanzania to the last AFCON 2019 tournament in Egypt,

Amuneke’s team played against Cape Verde in the qualifying series. His team lost 0-3 in the first leg on October 12th 2018 but won the return leg 2-0 in Dar-es-Salaam four days later. “The mental speed of the team was very high and that has been their way going by the status the country has attained today. They are swift in their approach and look tireless as they play with almost the same strength and speed from the start to finish.

Chiwetel, Kienka, Others Shine at Ikoyi Club Chiwetel Njokanma emerged men’s Category A winner of the 2021 Ikoyi Club Zenith Bank Tennis Championship following a 6-3 7-6 (2) win over Destiny Da Silva. At a colourful final day of the week-long championship which featured over 90 participants, Njokanma, who edged out top ranked Rume Dubre in the semifinal, was on top of his game against Da Silva, a former national team player. Bola Oyerinde failed to hold on to his advantage as he won the first set 7-6 before scratching in the second set allowing Sesan Dada to clinch the men’s Category B title while the women’s top prize was clinched by Juliana Kpamor at the expense of Maryann Chuks. Grassroots tennis administrator, Godwin Kienka also shone as he took out Edet Akpaso 6-0 6-1 to clinch the veteran’s title while Innocent Ihebuzor got the better of Walter

ZENITH BANK TENNIS Jibunor to bag the top prize in the Super Veteran class. In the teams event which

had eight players competing for eight teams, Zenith Bank Timeless led by Da Silva and Tunde Majekodunmi defeated Wale Opejin and Sesan Dada-led Prestige Banking Team with the

General Manager/Head, Risk Management, Zenith Bank, Adamu Lawani (left) presenting award to the winner of the Ladies Singles Final of this year’s Ikoyi Club Zenith Bank Tennis Championship, Juliana Kpamor, at the Ikoyi Club, Lagos… at the weekend.

ZECA and Aspire Team settling for joint third position. Scan to Pay, Diaspora Banking, Eazy Banking and ZIVA are the other teams of which are the service platform of Zenith Bank. GM, Head Risk Management Zenith Bank, Adamu Lawani, commended the high standard displayed restating the sponsors commitment for the event. “The standard of tennis here is very high and as sponsors we are delighted to put our money on this programme. We are already looking forward to the next edition,” Lawani said. Section Chairman, Maryann Chuks, who finished first runners up in the Ladies Single, pointed out that the Zenith Bank’s Tennis Championship is one of the foremost programmes on the calendar of the section. She added: “Zenith Bank is undoubtedly the premiere bank in Nigeria and we owe them lots of thanks for keeping faith in sponsoring this championship.”

“Nigeria no doubt has experienced players but the team must be focused all through the night until valuable points are in the kitty,” warns the former Nigerian ex international. Tomorrow’s game against Cape Verde is to be played on a synthetic pitch and would

be behind closed doors because of COVID-19 rules. Since Saturday evening, Coach Gernot Rohr has moved his team to National Stadium in Lagos where the players had their work out at the Legacy pitch located within the complex.

FIFA, CAF Postpone GuineavMoroccoDue to Coup in Conakry The political situation in Guinea which has seen the army arresting the country’s president leading to political upheaval, both FIFA and CAF have announced the postponement of the World Cup qualifying match between Guinea and Morocco which was initially slated for Monday (today) September 6. According to the statement issued by FIFA, “the current political and security situation in Guinea is quite volatile and is being closely monitored by FIFA and CAF. “To ensure the safety and security of all players and to protect all match officials, FIFA and CAF have decided to postpone the FIFA World Cup 2022 qualifying match Guinea vs. Morocco, which had scheduled to be hosted in Conakry, Guinea, on Monday 6 September. Rescheduling information will be made available at a later date,” concludes the statement. Meanwhile, Moroccan players and Cameroonian match officials trapped in Conakry as a result of the coup that ousted

President Alpha Conde from power have been allowed to fly out of the capital city. Guinean journalist Cellou Diallo has told BBC Sport Africa that Morocco have received clearance from their embassy to travel to the airport, where the Moroccan federation's plane was ready to evacuate the players. Both the Morocco delegation, as well as the Cameroonian match officials, have been allocated an escort to the airport, he added. "Guinea's borders are currently closed, but the Moroccans and match officials have been given special authorisation to leave," Diallo, who often reports for Canal+, added. Morocco's national team was trapped in Guinea, where they were set to play a World Cup qualifier today, after an attempted coup took place in the capital Conakry on Sunday. The Moroccan team is captained by Wolves defender Roman Saiss and also includes QPR striker Ilias Chair and Watford duo Adam Masina and Imran Louza.

MONDAY, ;˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS

Bale’s Hat-trick Spare Wales Embarrassment against Belarus Gareth Bale completed a match-winning hat-trick deep in injury time to spare Wales from embarrassment against Belarus in Russia and keep alive their hopes of qualifying for the 2022 World Cup. The game ended 3-2 in favour of Wales. Wales made the ideal start as

the first of two Bale penalties gave them an early lead, but they unravelled in two calamitous first-half minutes as goals from Vitali Lisakovich and Pavel Sedko put Belarus in front. Lisakovich scored from the spot after Chris Gunter was

WORLD CUP 2022 QUALIFIERS penalised for a raised foot, before an unmarked Sedko punished shambolic defending from Wales, who were fortunate not to be further behind at half-time.

Bale scored his second penalty to bring Wales level midway through the second half and, in the third of four minutes of injury time, the captain

came to his country's rescue with a low shot that squirmed under Belarus goalkeeper Sergei Chernik and into the net. After losing their opening match of the campaign to group leaders Belgium, Wales could ill afford to draw this game, never mind lose it. And having stared at an ignominious defeat in Kazan which would have effectively ended their aspirations of qualifying automatically for the 2022 World Cup in Qatar, this fortuitous victory keeps the dream intact, no matter how improbable it may be. Only the group winners qualify automatically and Group E leaders Belgium, ranked number one in the world and unbeaten in their four matches to date, remain overwhelming favourites ahead of the second-placed Czech

Republic and Wales, who are third with a game in hand. Robert Page's side have another five games catch their rivals - starting against Estonia in Cardiff on Wednesday - but, even at this early stage, the playoffs look like their likeliest route to a first World Cup appearance since 1958. Finishing second in their group would secure a play-off spot, but Wales at least have the peace of mind that winning their most recent Nations League group has all but ensured their passage to the play-offs. That might have been what most would have expected of Wales when they were drawn in such a challenging group but, after this escape act against a Belarusian side 89th in the world rankings, they still have an outside chance of overhauling Belgium.

Ghana Without Six Key Players for Bafana Bafana Clash Ghana arrived in Johannesburg with a 25-man squad but without six regulars to take on South Africa in their World Cup qualifier at Soccer City on Monday. Coach Charles Akonnor must do without the Leicester City pair of Daniel Amartey and Jeffrey Schlupp, defenders Andrew Yiadom and Baba Abdul Rahman from Reading and key forward Jordan Ayew, who plays for Crystal Palace. The six would have to face quarantine on their return to Britain if they had travelled to South Africa. All six players featured in Ghana’s nervy 1-0 home win over Ethiopia on Friday,

which means there will be considerable changes for the Group G encounter. Two other players missing trip are Stade Rennes’ new signing Kamaldeen Suleymana and Daniel Kyereh of German side St Pauli, who were also barred from the game by their clubs. Coach Charles Akonnor also had to do without absentees on the Black Stars’ last visit to Soccer City but earned a 1-1 draw that booked them a ticket to the Africa Cup of Nations finals in Cameroon early next year. But Mohammed Kudus of Ajax Amsterdam, who scored in that match and also against South Africa at Cape Coast last November, is out injured.

Gareth Bale...scores hat-trick in Wales 3-2 defeat of Belarus...yesterday

Saka Celebrates Birthday with Goal as Three Lions Crush Andorra England secured a predictably comfortable 4-0 win over Andorra at Wembley as the smooth path to next year's World Cup in Qatar continued with a fifth successive victory in their qualifying group. And in a moment greeted with real joy around Wembley, Arsenal's Bukayo Saka, whose last Wembley experience was missing the decisive penalty in England's Euro 2020 Final loss to

Italy, celebrated his 20th birthday by scoring with a neat header five minutes from time. Manager Gareth Southgate made 11 changes from the side that won 4-0 in Hungary in readiness for arguably the toughest test in European Group I, in Poland on Wednesday. Leeds United striker Patrick Bamford was given a debut but was unable to find the net in the

Bukayo Saka...birthday boy on scorer’s sheet

usual one-sided contest against Andorra, although their damage limitation exercise was relatively successful until the last 20 minutes. Jesse Lingard gave England the lead with a left-foot finish after 18 minutes but it then took then until the 72nd minute to double their advantage when Harry Kane, on as substitute for Bamford, scored his 40th goal for his country from the penalty spot after Christian

Garcia fouled Mason Mount. Andorra, inevitably, tired and Lingard got his second and England's third with a low shot that the evaded the grasp of Andorra keeper Josep Gomes.

Charles Akonnor...Ghana Head Coach

HiFL 2021: AAUA Luminaries, UNN Lions Qualify for S’finals University of Nigeria football team (UNN Lions) at the weekend knocked out high-flying UNIBEN Royals from playing in the semi-finals of the ongoing Higher Institution Football League (HiFL) despite losing 1-0 to the Benin-City team. The Lions edge the Coach Onome Komi led Royals on a 2-1 goals aggregate having won their home game 2-0 at Nsukka. Odor Daniel scored the only goal for the Royals in the 42nd minute through a penalty kick. Further attempts by the Royals to score the second goal that would have pushed the game into an extra time were frustrated by a determined Lions defence led by Emeka Alex. UNIBEN Royals dumped out defending champion UNICAL Malabites when both teams clashed at the quarterfinal stage.

In the other game played at the University of Maiduguri Sports Complex, UNIMAID Desert Warriors, led by Coach Dauda Daniel, defeated 2018 champions UAM Tillers by 3-0 to qualify for the semi-finals on a 3-1 goals aggregate. The Borno Boys pegged the Tillers to their half from the beginning of the match, pilling numerous attacks on the Priscilla Vande led team. Stanbic Man-of-the-Match, Usman Sani eventually found the back of the net in the 16th minute before Sulieman Ali Salah added the second in the 41st minute. In the second half, the Tillers went in search of the one goal needed to oust their host on the away goals rule but their hope was ruined in the 88th minute when Oche Francis scored the third goal for the Desert Warriors.

In the game played at Akungba, AAUA Luminaries qualified for the next round through a penalty kick scored by Abiodun Ogundeji in the 10th minute of the added time. This would be the first time that UNIMAID Desert Warriors, UNN Lions and the AAUA Luminaries would qualify for the semi-finals of the HiFL. In his reaction, Chief Strategy Officer at Pace Sports and Entertainment Marketing, Goodness Onyejiaku expressed delight regarding the standard of the matches stating that“with the display of these young people, the future of football and indeed the Nigerian sports scene is bright. “We appreciate our partners including NUGA, StanbicIBTC, Nivea Men, Bold and Minimie for making it possible for us to keep exposing these talents weekly.”

MONDAY, ;˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS

Brunson Targets Adesanya after Win over Till at UFC Vegas 36 Derek Brunson dominated England's Darren Till at UFC Vegas 36 before calling immediately for a re-match with

middleweight champion Israel Adesanya. Adesanya beat him at UFC 230 back in November 2018

and Brunson is eager to show how far he has come - but he received a swift and dismissive reply from the Last Stylebender.

After sealing victory in Las Vegas, Brunson roared into the camera: “Israel Adesanya, boy, I ain't been working all this

time for nothing boy. You next, boy. You next!” Brunson then added postfight: “I'm tired of these guys

Israel Adesanya (left) has been challenged by Derek Brunson

not mentioning my name. “You know (Adesanya), look at the camera, mention my name. I heard you mentioning Till and (Jared) Cannonier. “Because I've been busting my butt, four years after my loss to get back to this point. I'm ready to contend.” Adesanya, often quick to respond when called out, was dismissive. He posted on Twitter: “Calm down... boy. You still a bum... son” in an apparent play on words on Brunson's surname. Adesanya also included a video of Brunson calling him out on Saturday night overlaid with the caption: “...Remember the last time he called me 'boy.'' Till, 28, from Liverpool, opened the middleweight bout with some strong boxing but struggled to defend against Brunson's superior wrestling. Brunson took Till to the ground multiple times in the first two rounds, inflicting a hefty amount of damage. The third round began in similar fashion to the first with Till wobbling Brunson with a deft one-two combo. However he was unable to capitalise, eventually succumbing to another takedown and allowing Brunson to take his back and lock in a rear-naked choke. Till was upbeat despite a fourth loss in his last five fights and posted pictures of two fighters - Michael Bisping and Charles Oliveira - who struggled before rising to become UFC champions. Oliveira replied by saying: “Keep your head up, never give up! God knows everything. Return home, get back in the gym - train and dedicated (sic) yourself.”

Neymar Hits Back at Critics on Weight Posture Lagos Emerges Champions at Paris Saint-Germain star Neymar has hit back at criticisms over his supposed weight gain, posting a topless photo on Instagram to prove he is in peak physical condition. The 30-year-old was pictured on a yacht after the Copa America looking rather out of shape, and then received even more backlash after being substituted in PSG's victory over Reims, and following his display for Brazil against Chile. Neymar took to social media to defend himself against these allegations, claiming that the jersey he wore for Brazil was a size too big, making him appear overweight. He joked that next time he would make sure to 'order a medium' size, and not a large. And to prove that he is back to his ideal weight, the forward posted a photo of himself in training for Brazil on Instagram. Neymar was keen to display his set of abs in the picture, demonstrating that he is in much better shape than his doubters believe. The former Barcelona star will hope that this post puts to bed any questions about his weight or professionalism, after an indifferent start to the new season. Neymar suffered the heartbreak of a Copa America final defeat at the hands of Argentina this summer, and was awarded some

extra time away from Paris to recover. He missed PSG's opening three Ligue 1 fixtures for the 2021/22 campaign, but started in the 2-0 win over Reims. However, he struggled to make his mark on

the game, and was substituted on 66 minutes, replaced by football icon Lionel Messi. PSG coach Mauricio Pochettino will be hoping that Neymar gets up to speed quickly, so that he can form part of one of

the deadliest forward lines in European football. The Brazilian could line up alongside Messi and Kylian Mbappe this year, after the Frenchman failed in his bid to land a move to Real Madrid this summer.

Qatar 2022: Rwanda Fight Back to Hold Kenya to Draw Rwanda came from behind to hold Kenya to a 1-1 draw in a CAF second-round 2022 Fifa World Cup qualifying match at Stade Régional Nyamirambo in Kigali on Sunday. The result leaves both teams winless after two rounds of fixtures and with a mountain to climb if they are to challenge for a place in the third round of qualifying for the 2022 World Cup hosted in Qatar. The Harambee Stars opened the scoring nine minutes into the encounter through Michael Olunga. The Qatari-based forward had the beating of Emery Mvuyekure who failed to hold onto the Kenyan forward's shot. Amavubi took little time to respond and levelled matters through Abdul Rwatubyaye in the 20th minute of the match. Despite a positive end to an exciting first half which promised more goals in the second, none followed as the game ultimately ended in a draw.

Michael Olunga scored the opening goal for Kenya before Rwanda rallied back to share points with the Harambee Stars A point moves Kenya within one of Group E leaders Mali who are away to Uganda on Monday. Kenya will face Mali in home

and away fixtures in the next international window while Rwanda continue their qualifying quest with back-to-back matches against Uganda in October.

Maiden School Racket Games With four gold, two silver and three bronze medals, host, Lagos State emerged the overall champion of the maiden National Schools Racket Games which ended at the Indoor Sports Hall of the National Stadium, Surulere, Lagos over the weekend 13 states across the country took part in the five-day championships organised by the Nigeria School Sports Federation (NSSF) in partnership with the Nigeria Badminton Federation (NBF) and Nigeria Table Tennis Federation (NTTF). The event involved table tennis and badminton events with Ondo finishing second with four gold medals while Kwara came third with three gold and six bronze medals. The Akanbi sisters of Lagos were the cynosure of all eyes as the pair dominated most of the events in singles and doubles. President of NSSF, Olabisi Joseph expressed satisfaction with the successful completion of the competition and promised that NSSF will be looking forward to more states participating in the event during the second edition

billed for Lagos next year. “We in NSSF are grateful to God that the event has successfully ended in this maiden edition of the National Schools’ Racket Games without any major eventuality. “As you can see, a lot of talented stars in the badminton and table tennis events were discovered here and it is good we are going to see that these ones are given encouragement to actualize their dreams in their chosen fields. “Kudos must go to all the kids and their teachers for a successful event. Special thanks also goes to the Lagos State Sports Commission, alongside the Nigeria Table Tennis Federation and the Badminton Federation of Nigeria for their technical support. Nkana Mbora who represented the Minister of Youth and Sports Development, Mr. Sunday Dare, hailed the quality of competition, officiating and skills exhibited by the budding stars from schools. She also charged the students who took part in the competition to put all their experiences into use to help the country achieve success in sports.

Monday September 6, 2021

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Price: N250

MISSILE

Governor Diri to Politicians

“In this country, most politicians no longer have values but only pursue their selﬁsh interests. As far as their interest is protected or fortiﬁed, they can damn any consequences and even the interest of the people they are leading. That is why some of them can change like chameleon and jump ship easily” ––Bayelsa State Governor, Douye Diri, bemoaning the insecurity in the country, saying Nigeria in dire need of competent managers.

OSITACHIDOKA GUEST COLUMNIST

DCP Abba Kyari and FBI: A Reform Opportunity

few weeks ago, the news media was awash with stories about the issue of the FBI report on DCP Abba Kyari. Subsequently, the Police high command suspended the Deputy Commissioner of Police and instituted an investigation panel headed by a Deputy Inspector General of Police. The Special Investigation Panel submitted their report on August 26, 2021. We await the outcome of the Inspector General’s review. The FBI, as widely reported, named DCP Abba Kyari as an accomplice in an international fraud case. A US court issued a warrant for DCP Abba Kyari’s arrest over his alleged involvement in a $1.1m Internet fraud allegedly perpetrated by an Instagram influencer, Abbas Ramon, popularly known as Hushpuppi and four others; AbdulRahman Juma; Vincent Kelly Chibuzo (Kelly); Rukayat Motunrayo Fashola; and Bolatito Agbabiaka. The FBI claimed that Kyari detained Chibuzor at the behest of Hushpuppi for one month to enable the latter and his co-conspirators to fleece their Qatari victim of over $1m. In typical Nigerian style, the issue of the FBI report has adorned a national toga of pseudo nationalism or ethnic rallying point. On either side, it represents our national descent to moral ambivalence. DCP Abba Kyari is a renowned officer with many feathers to his cap for his courage, dedication to duty and unceasing battle against criminals. I am one of his numerous distant admirers and will continue to praise his work as a crime fighter. In my opinion, as a police officer, he should willingly appear before any authority to clear his name and show respect to constituted authority. He does not need to be extradited to the United States unless he has embraced the growing national culture of shamelessness. The real issues that concern Nigerians are: Did DCP Abba Kyari arrest and detain Mr Kelly Chibuzo for ONE month? What offence was recorded in the police entry against Mr Chibuzo? Did DCP Abba Kyari obtain a court order to detain him initially or subsequently? Who was the complainant in the detention of Mr Chibuzo? These questions deserve simple answers. Suppose the answers affirm that he arrested a Nigerian citizen and detained him for more than 48 hours without charging him to court for a whole month. In that case, we have serious issues here—issues of impunity, violation of our constitution, and lack of internal compliance mechanism. Democracy, or rather the appearance of democracy measured by the presence of institutions like legislature and judiciary, periodic elections, and citizens’ rights, can present a vast opportunity for state capture. A Police organisation in which an individual, no matter how rich or powerful, can induce an officer to arrest and detain

Kyari

Ramon

Chibuzo

a citizen is a danger to any citizen without government connection or protection. This captured state is the Nigeria that we need to fix. That Nigeria that provides cover for egregious acts of impunity will not change if we don’t restructure citizens control of institutions. The opportunity before us as a nation today is to take the Abba Kyari issue as a basis for the reform of the Nigerian Police. Who oversights the Police? Does the Police have an internal compliance unit that ensures officers and, in the case of Kyari, highly decorated officers acting with broad discretion, comply with the rules of the Police? Does the Police have an Ombudsman to who the public can complain about abuses by officers? In the event of the failure of the Police Ombudsman, the next stop should be the Police Service Commission with the mandate to discipline officers. If fundamental rights are breached the National Human Rights Commission has the responsibility to investigate and provide citizen redress against such violations. Are these organs working? If so why did Chibuzo spend over one month in detention without triggering an internal inquiry? Why do we need a Special Investigation Panel if normal organs are functional to investigate DCP Abba Kyari? By way of example, the FBI has a Chief Inspector who oversees internal inquiries and performance audits. The Office of Integrity and Compliance ensures that officers are monitored and comply with the spirit and letter of rules. I recommend the same to the Nigeria Police if they do not have such an office. Such an office would have a mechanism to trigger internal inquiry when, for example, a person is detained

beyond the constitutionally provided time of 48 hours without a court order. The important story is that many public functionaries like DCP Abba Kyari in the government may use the instrument of public office for their end. The growing rise of impunity amongst government officials and failure of the government to oversight its institutions is one of the outcomes of a captured state. Nigeria is a state captured by special interests, and its institutions are used to further the welfare of its ruling elite. To use this Abba Kyari scandal as a learning and reform moment, the government should do the following: 1. Review the current Police reporting mechanism and institute an online platform that provides daily information on detainees and the number of days in detention without the names of the detainees. 2. If it does not exist, the Police should appoint a senior officer at the rank of Assistant Inspector General of Police to head a compliance unit for internal monitoring, investigation, and enforcement of officer’s compliance to rules equivalent to the Military Police in the Army. 3. The Police should clearly define an Ombudsman to deal with public reports of abuses or infractions by officers. 4. The National Human Rights Commission should Conduct an independent audit of Police cells across the country to determine the number of detainees and those in custody against constitutional provisions. 5. The Police Service Commission should Review records of police detention activities and ensure proper record

keeping of documents about arrest and detention of citizens. It should invite the public to report cases of unlawful detention and try the officers involved appropriately. 6. The Police Service Commission and the National Human Rights Commission should collaboratively conduct quarterly oversight of Police activities that impact fundamental rights and publish reports. It is the responsibility of Nigerians to hold the Police accountable. I call on all illegally detained Nigerians to speak up now. The Police Service Commission (PSC) is mandated to appoint, promote, and discipline officers of the Nigerian Police except the Inspector General of Police. It will be of public interest if the Commission can make public its procedures and mechanism to proactively control the behaviour of Police officers. The office of the Police Ombudsman should ideally be in the PSC. In the event of fundamental rights violations, the National Human Rights Commission (NHRC), as a statutory organ with investigative powers should lead the inquiry and seek redress for breach of rights through unlawful detention. Nigerians should use the NHRC to hold the Police accountable. The path to Unlocking the self-created gridlock obstructing our path to progress is through citizen activism. Citizens must lead the fight to make sure that good officers like DCP Abba Kyari do not get carried away and succumb to a growing culture of impunity. Let’s #unlocknaija together. Osita Chidoka is the founder of UnlockNaija Movement, a volunteer-driven organisation committed to the renewal of the idea of Nigeria

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