WEDNESDAY 14TH SEPTEMBER 2022 by THISDAY Newspapers Ltd

Buhari Hails CBN, NDIC, NAICOM, Others on Financial System Stability Says govt tackling insecurity, inflation Mass emigration of talents unsettles banking industry Gumel: Banking innovation must not be at expense of rural communities Ndubuisi Francis and James Emejo in Abuja President Muhammadu Buhari

yesterday commended the Central Bank of Nigeria (CBN), alongside the Nigeria Deposit Insurance Corporation (NDIC), the National

Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC), including other critical stakeholders for the apex

bank’s diligent work aimed at ensuring financial system stability over the years. Buhari, further assured that his

administration would continue to support the entire banking and finance industry in all appropriate ways to ensure it continues to

deliver on mandates while creating value innovation for customers. Continued on page 10

Report: Retail Investors Can Unlock $198bn Growth Opportunities in Nigeria... Page 5 Wednesday 14 September, 2022 Vol 27. No 10018. Price: N250

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NNPCL Set to Sign 7,000km Gas Pipeline Contract with Morocco, West African Countries... Page 8

Senate Rejects N6trn Tax, Import Duties Waivers in 2023 Proposed Budget Insists proposed N12.43trn deficit unacceptable Sunday Aborisade in Abuja The Senate yesterday rejected the 2023-2025 Medium Term Expenditure Framework and Fiscal

Strategy Paper (MTEF/FSP) which proposed a N6 trillion tax and import duties waivers proposed for in the N19.76 trillion 2023 budget which also

contained a deficit of N12.4 trillion. The Upper Legislative Chamber of the National Assembly, also directed the Nigeria Customs Service (NCS) to carry out a downward

review of the proposed waivers in the fiscal document by 50 per cent. In addition, it asked the Federal Inland Revenue Service (FIRS) to critically look into the seeming abuse

of tax credit by some companies. The lawmakers said these when the Senate Committee on Finance and the Minister of Finance, Budget and National Planning, Mrs. Zainab

Ahmed as well as heads of revenue generating agencies in the country met in Abuja, yesterday, to review the Continued on page 10

2023: Atiku Proposes $10bn Economic Stimulus Fund for MSMEs, Unfolds Blueprint Vows to privatise refineries than utilise $1.55bn to revitalise them Says he will propose legislation to remove electricity from exclusive list Meets Makinde, South-west party leaders today, promises to help PDP win Lagos Chuks Okocha in Abuja, Dike Onwuamaeze and Segun James Presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, yesterday, said he would resuscitate Nigeria’s ailing economy by launching a $10 billion Economic Stimulus Fund within his first 100 days in office, if he wins the 2023 presidential election. Atiku said the fund would prioritise support to micro, small and medium scale enterprises (MSMEs) that offer greatest opportunity for inclusive economic growth. The PDP presidential candidate spoke in Lagos during the “Lagos Chamber of Commerce and Industry (LCCI) Presidential Economic Agenda Forum for the PDP.” He laid out his economic plan to salvage the country’s economic fortunes before members of Nigeria’s organised private sector. Atiku also said he would rather privatise Nigeria’s dilapidated refineries rather than spend $1.55 billion on their revitalisation. He Continued on page 10

BUHARI IN THE HEARTLAND OF NDIGBO...

L-R: Governor Hope Uzodimma of Imo State; President Muhammadu Buhari, and Deputy President of the Senate, Sen. Ovie Omo-Agege, when the president inaugurated the ﬁrst phase of Owerri- Okigwe road during his oﬃcial visit to Imo State...yesterday

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

NEWS

AT IMF CONFERENCE IN MUNICH... Group Managing Director/CEO, Zenith Bank Plc, Mr. Ebenezer Onyeagwu (left), and Chairman, Citigroup Inc. and current President of the International Monetary Conference (IMC), John Dugan at the meeting of IMC in Munich, Germany...recently

Report: Retail Investors Can Unlock $198bn Growth Opportunities in Nigeria Eromosele Abiodun Retail investors could be the key to unlocking $198 billion finance for Environmental, Social and Governance (ESG) priorities if barriers are addressed, a report by Standard Chartered Bank has stated. The bank in a report, which explores ESG investment opportunities, revealed that for

retail investors, $198 billion could be mobilised towards top ESG priorities, particularly financing the climate transition. The Sustainable Banking Report 2022 titled, “Mobilising Retail Investor Capital,” noted that this capital could also play a critical part in bridging funding gaps in Nigeria’s other ESG priorities including food and water security as well as pollution and waste

management. Also, Standard Chartered suggested that an estimated $8.2 trillion of investable retail wealth could be channeled into sustainable investments by 2030 to finance ESG objectives in 10 growth markets. It also highlighted barriers currently faced by investors and provided solutions to expand sustainable investing (SI) into a mainstream asset class.

According to the report, “Nigeria has a high potential for growth in sustainable investing, largely due to its significant population and rising domestic wealth. “The market could mobilise $198 billion in sustainable retail investment by 2030. Across Nigeria, nearly 40 per cent of investors respectively want to put their money towards addressing climate issues. “Greater access and transpar-

ency in the sustainable investment ecosystem could mobilise Nigeria’s $198bn of retail capital potential in reaching its carbon neutrality targets, aside from other ESG issues of concern to retail investors, such as pollution, waste management and energy security. “The top ESG priorities for investors in Nigeria include: Food and water scarcity (40%), Climate change and carbon emissions (35%)

US, Nigeria Agree on Gas Deployment in Push for Renewable Energy Sources Kerry assures of technical assistance, says over half of Nigeria’s gas consumption flared Sylva seeks US’ support for gas exploration, insists Africa's contribution to emissions meagre US pledges $200m to Nigeria, others for clean energy initiative Emmanuel Addeh and Udora Orizu in Abuja The United States Special Envoy on Climate and member of the country’s security council, Mr John Kerry, yesterday assured Nigeria of the country’s technical assistance in its attempt to decarbonise its energy sources. Speaking when he visited the Minister of State, Petroleum Resources, Mr Timipre Sylva, in Abuja, Kerry, a former Secretary of State in the US, said the two countries agreed to work closely in the deployment of gas as a transition effort as part of the move towards clean and renewable energy. Also, the United States yesterday said it would commit $200 million to help Nigeria and other countries transit faster to clean energy sources. The US Special Presidential envoy for climate made this known in Abuja, during a separate courtesy visit to the Minister of Environment, Mohammed Abdullahi. Furthermore, while briefing the press on the outcome of the meet-

ing with Sylva, Kerry, a former US lawmaker, noted that the country was interested in Nigeria’s methane abatement and decarbonisation programme, promising that the initiative would be supported by his country’s Department of State, Energy. Kerry stated that it would be completely irresponsible for the United States not to acknowledge the reality of the climate change challenge, stressing that 80 per cent of all the emissions in the world come from just 20 countries. At the same time, he admitted that 48 sub-Saharan African states were responsible for just 0.5 per cent of all emissions, but said no country embarked on the industrial revolution with the intention of polluting the world. “Mother nature, whose life has been greatly disturbed by the act of human beings, doesn't measure whether the emissions are Chinese emissions or US emissions or Europe emissions. It's the conglomerate of all the emissions. “And the challenge of the climate crisis comes from the

emissions that come the choices we make, about how we power our vehicles, our homes, light our homes, heat our homes, and how we have energy that cooks and provides for our lives. That's just the reality,” he added. Stressing that Nigeria was one of the countries in Africa that would suffer the most from the consequences of the climate crisis, he explained that although he was not in the country to tell Nigeria that it was emitting too much, Nigeria needed to know that its policies would have a profound impact on the global effort to solve the problem. Quoting scientists, Kerry stated that to avoid the worst consequences of the climate crisis, the world has to reduce its emissions by a minimum of 45 per cent or up to 50 per cent. “What we don't want to have happen is that Nigeria and other countries make a decision that they're going to build out a capacity infrastructure that is going to undo what we're trying to do and set us back,” the US envoy stated. “I don't know if you know

this, but literally one half of the gas Nigeria vented, or flared, or leaked was 10 billion cubic metres of methane. That's according to the recent World Bank report. And according to the global methane pledge energy pathway, that is equivalent to over half of Nigeria's total gas consumption which was vented, flared or leaked. “That's money lost to Nigeria and if you capture that, you can sell it at a place like Europe, they have a high need for that now. So there's a great benefit to Nigeria to be involved in the methane pledge and to move forward,” Kerry stated. “We are convinced that there are significant abilities to have greater amounts of clean energy deployment in terms of solar and geothermal which cannot only provide you with clean fuel and it's cheaper, it's less expensive. “So we're not going to solve every problem here today. But I think we have set up a structure with a working group that's already been announced previously, but we want that working group to kick into higher gear.

“We want to figure out exactly how we could be helpful to each other as we go forward. What Nigeria decides to do because of its amount of gas will have a profound impact on what other countries decide. We want to be certain to try to do everything we can to avoid the worst consequences of this crisis,” he noted. Stressing that President Joe Biden had put $12 billion on the table as part of that programme, in order to help countries to reduce the obvious impacts of the climate crisis, he added that the rapidity of the melting of the ice sheets, the rising sea level, the increased heat on the planet was not what should be joked with. “15 million people die every year from the quality of the air that comes from pollution, which is greenhouse gases. 5 million people a year die from just the extreme heat and that's getting worse. So our urgency cannot be stated strongly enough," he said. In his comments, Sylva said both countries agreed on the need Continued on page 6

and Human rights, poverty and income inequality (32%).” The report further highlighted the need for investor and marketspecific barriers that need to be overcome to translate this investor interest into actual impact. It added, “Investors in Nigeria identified the following as their top barriers to increasing their sustainable investments: Accessibility (54%), Comprehensibility (46%) and Comparability (44%). “These findings demonstrate how financial institutions can play a critical role in unlocking available capital by breaking down these barriers for retail investors, using analysis based on investor behaviour and motivations.” The report showed the need for clear action to: Democratise access to sustainable investments by making more solutions available in more markets via digital platforms, provide clear and transparent information and address investor apprehensions and provide data-led advice on how to match their ESG priorities with the right solutions Commenting on the report, the Country Head, Wealth Management, Standard Chartered, Lanre Olajide, said: “Individuals have the power to be catalysts for change. Our Global research shows that $8.2 trillion of retail investor wealth could flow into sustainable investments if we remove the barriers that restrict and limit these opportunities.” According to the report, the top ESG-related issues across the 10 markets surveyed – climate change, pollution, poverty, corruption, food scarcity and energy security – correspond to the areas that investors are most interested in addressing. “We know that a rapidly growing number of our clients in Nigeria are exploring opportunities for their investments to make a positive impact on the environment and in society, and there is significant appetite to take ESG investment from a niche play to a mainstream investment strategy. “As a bank, we have both the expertise and solutions that enable investors achieve both profit and purpose. Importantly, we are well positioned to drive initiatives and solutions that enable the shift now for a more sustainable future.”

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NEWS

ANNUAL BANKING & FINANCE CONFERENCE... L-R: Union Bank Chairman/Keynote Speaker, Farouk Gumel; CIBN First Vice President, Prof. Deji Olanrewaju; Representative of President Muhammadu Buhari & Minister of Finance, Zainab Ahmed; CIBN President, Dr. Ken Opara; National Treasurer, Mrs. Mojisola Bakare-Asieru, and Registrar/CEO, Dr. 'Seye Awojobi, at the opening of the 15th Annual Banking & Finance Conference held at Transcorp Hilton, Abuja...yesterday

Buhari: We Will Drive Nigeria's Devt through Provision of Vital Infrastructure Nationwide Pledges to support Imo State Blames past administration for insecurity, others I don’t know why Nigerians are not commending my government’s excellent performance, president laments Deji Elumoye in Abuja and Amby Uneze in Owerri President Muhammadu Buhari has declared the readiness of his administration to drive the nation's economic development through the provision of vital infrastructure in all the nook and crannies of the country. The president, who spoke yesterday, in Owerri, the Imo State capital during a one-day working visit to the state stressed that his government knows the importance of critical infrastructure in economic development and was determined to drive the economic development of Nigeria through the provision of vital infrastructure across the length and breadth of the country. The commitment, he stated, could be seen, "in our commitment to certain critical projects such as Deep Sea Ports, new airport terminals and buildings, various railway projects, a network of gas and power infrastructure, roads and bridges including the Second Niger Bridge, telecommunications infrastructure to mention but a few. “I am therefore happy to see that the APC administration of Governor Uzodimma is doing similar improvement here in Imo State. “I commend the Governor for being able to do so with the limited resources at the disposal of the State Government. This proves that when leaders are dedicated and focused, much can be achieved for

our people," he added. The president also expressed dismay that despite the fact that his administration had done “extremely well,” yet people who were supposed to be promoting the achievements of his government were not doing so. Buhari said when he became President in 2015, many local government areas in Borno and Adamawa states were controlled by Boko Haram. According to him, that is no longer the case. Buhari also described Boko Haram terrorists as “fraudulent people,” adding that his government has overwhelmed them. “Between 1999 and 2015 when we came in, I would like people to check the Central Bank and the NNPC (Nigerian National Petroleum Company), the average production was 2.1 million barrels per day. Nigeria was earning at this time 2.1 million times but look at the state of infrastructure, look at the road…look at the railway, it was virtually killed. Power, we are still struggling. “But when we came, unfortunately, the militants were unleashed, production went down to half a million BPD.” He said, “Look at the problem in the Northeast, check with anybody from Borno or Adamawa, how many local governments were in the hands of the government and how many were in the hands of Boko Haram? Fraudulent people, whoever they

are, are fraudulent! But now, go and ask the hard-working governor of Borno State, a very hard-working governor. The Federal Government is in charge now. “In terms of time and resources, this administration has done extremely well. I have to say it because those who are supposed to say it are not saying it. I don’t know why.” Buhari also assured that the federal government would support Imo State in the area of infrastructure development. The president inaugurated three projects constructed by the state government. The projects were the 35 kilometers Owerri-Orlu road, the Owerri-Okigwe road (phase one) and the Imo State House of Assembly Complex, Owerri. Addressing the people of the state at the Imo State Government House, Buhari also lauded Governor

Hope Uzodimma for his efforts in developing the state, saying, “You have written your own history,’’ after he saw the ultra-modern chamber of the rebuilt House of Assembly. The president said his administration would leave a legacy of major development projects across the country, while saluting Imo State Governor for giving more attention to constructions and institutional reforms that will improve lives of the people. Buhari noted that the Imo State government had made remarkable progress with infrastructure in three years. “I am delighted to be back in Imo State – the Eastern Heartland – to commission a number of projects executed by the administration of His Excellency, Governor Hope Uzodimma.

the problem of climate change. “And we will also like to say that on the energy transition, we have certain realities that the world must take into account. Our reality is that we have this number of people without access to electricity, but we don't have the funding and the technology to be able to achieve this transition,” he added. Also, Kerry said the United States would commit $200 million to help Nigeria and other countries transit faster to clean energy sources. He said this known during a courtesy visit to the Minister of Environment. He said the support, captured under the US Clean Energy Demand Initiative, would help countries to implement the buying and production of green products. Kerry signed a memorandum

“This support is equally available to all the states of the Federation irrespective of the differences in political party affiliations,’” he assured. The president encouraged Imo State indigenes to keep supporting the governor to actualise his dream for the state, particularly on good governance. “In my last visit here, I encouraged you all to support your Governor so that he can do more for the people of Imo state. I am happy that you took my advice and today, he has presented to me three key projects for commissioning. “I have just commissioned the dualised Owerri - Orlu road, the Owerri Okigwe road (Phase 1) and the rebuilt House of Assembly Complex. Continued online

Oil Spill from Shell's Well in Bayelsa Community Traced to Equipment Failure Olusegun Samuel in Yenagoa The August 24 leak from Shell Petroleum Development Company of Nigeria (SPDC) facilities at Peremabiri community in Southern Ijaw Local Government Area of Bayelsa State has been traced to equipment failure.

The Joint Investigation Visit (JIV) to the incident site on September 5th and 6th, concluded that the oil spill in the area was caused by equipment failure. A field report of the JIV by National Oil Spills Detection and Response Agency (NOSDRA) seen by THISDAY revealed that the leak

US, NIGERIA AGREE ON GAS DEPLOYMENT IN PUSH FOR RENEWABLE ENERGY SOURCES to work together on global gas emission reduction, stating that a team has been set up to work out the details. He insisted that the “lesser evil” was to provide energy to Nigerians by utilising gas, explaining that at this moment, Nigeria is not the biggest contributor to global carbon emissions. “In fact, I will just tell you that in the scenario, that 48 countries in Africa contribute just 0.5 per cent of carbon emissions. And if we double our power production and consumption in this country, at this moment using gas, we will only be increasing carbon emissions by another 0.5 per cent. “That means we're only responsible for contributing about 1 per cent of global carbon emissions. We are not denying the fact that climate change is real. We accept

“I am happy to note that within just three years of the administration of Governor Uzodimma, I have made two official visits to Imo State to commission projects in the state. “On each occasion, I have received a very warm hospitality of Imo people, for which I am always appreciative. Ndi Imo, Ndewo! “As it is often said in local Igbo parlance, a good road deserves a second passage. It is a pleasant coincidence that the name of your governor, “Uzodimma” is derived from this same idiom. Little wonder, therefore, that he has made the provision of good roads one of his top priorities,” he said. The president said the federal government would continue to support the government of Imo State to ensure that it continues to provide the dividends of democracy to the people.

of understanding (MoU) with the minister on the initiative, saying the programme would also help to address the climate crisis and create jobs for Nigerians. “The initiative is also to accelerate the marketplace creation so that it will help the transition programme faster and help to achieve a clean energy economy as well as dealing with the climate crisis. “We have $200 million at the moment committed to startups in the process of safety for the programme. But we know that ultimately this transition is going to take billions of dollars and even trillions of private investments. “We talked today about the ways in which we can be helpful to bring a major amount of capital to the table with technology to help Nigeria move faster to the clean

energy economy. That is the future and all of the citizens of Nigeria will benefit from cleaner air.” “You are a producer of fossil fuel you have enormous gas reserves. But you also have great respect for the land and great concern about how to proceed forward. And so I would like to explore with you and listen to you to think through how we can work together as you implement your own climate change," he added. Reacting, the Minister, thanked the US government for considering Nigeria as one of the countries to participate in the Clean Energy Demand Initiative. He assured that the ministry was committed to working with the US government for the effective implementation of environmental programmes and to achieve net zero in Nigeria.

was due to operational mishap that discharged crude oil within SPDC's operational area with no impact on third party area. JIV is a statutory step that follows every oil spill incident by representatives of oil firms, host community and regulators to ascertain the cause, volume and area impacted by the oil spill incident. Mr. Return Koma, who represented the Peremabiri community on the JIV, said yesterday that officials of SPDC, as well as regulators were unanimous that the incident being investigated was traced to equipment failure. He noted that an operational mishap on August 24 at Diebu Creek Flowstation, operated by SPDC discharged a yet-to-be ascertained volume of crude into the environment. Koma, who is the Community Development Committee (CDC) Chairman of Peremabiri, however said that the JIV could not arrive at the volume of spilled crude and so did not sign the JIV report. "We have conducted the JIV, they accepted responsibility for the leak incident at the flow station and another one at nearby Well 6, both were due to equipment failure. "We were unable to agree on

the volume of spilled crude and so did not sign the report," he said. The people of Peremabiri community had lamented the adverse impact of the spill and alleged insensitivity, neglect and delayed response by SPDC. They said the delayed response to the spill by SPDC had led to damage to the land and marine environment and impacted a wider area. SPDC had in a statement on September 5, by its spokesman, Mr. Mike Adande, confirmed that the oil firm was aware of the report of the spill. Adande had said “We are working with regulators and local community to investigate the reported incident. “The Diebu Creek stopped injection into the Trans Niger Pipeline (TNP) on February 25, owing to constant breaches of the TNP by crude oil thieves. “The TNP is currently undergoing tests with water main flushing.” According to residents, the discharge of large volumes of crude into the environment has polluted the Nun river, swamps and farmlands causing hardships to the predominantly fishing and farming settlement.

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NEWS

OGUN FARMERS' THANK-YOU-VISIT TO CBN... L-R: Ogun State Governor, Prince Dapo Abiodun and Central Bank Governor, Mr. Godwin Emeﬁele, during a thank you visit by leadership of Ogun State farmers’ group and commodity associations to the CBN Governor and the team on Anchor Borrowers Programme in Abuja… recently

NNPCL Set to Sign 7,000km Gas Pipeline Contract with Morocco, West African Countries Emmanuel Addeh in Abuja

The Nigerian National Petroleum Company Limited (NNPCL) will tomorrow (Thursday) sign a Memorandum of Understanding (MoU) on a gas pipeline project with the National Office

of Hydrocarbons and Mines of Morocco and the commission of the Economic Community of West African States (ECOWAS). The MoU is expected to drive the execution of the 7,000-kilometre Nigeria-Morocco gas pipeline project which is expected to ramp

up supply to Europe. In preparation for the signing of the agreement scheduled to hold on 15 September, 2022 in Rabat, Morocco, the Group Chief Executive Officer of NNPC Ltd, Mele Kyari Tuesday paid a visit to the President of the ECOWAS

Commission, Dr. Omar Touray. Making the disclosure on its Twitter handle, the NNPCL explained that during the meeting, both the form as well as the ECOWAS Commission reaffirmed their commitment to provide gas to West African countries through

COREN Blames Use of Non-professionals for Incessant Building Collapses Seeks law on enforcement of standards Emmanuel Addeh in Abuja The Council for the Regulation of Engineering in Nigeria (COREN) yesterday blamed the deployment of non-professionals as one of the main causes of the incessant building collapses throughout the country. In a communiqué at the end of the meeting of presidents of some regulatory and professional bodies in the built environment held in Abuja, the council also fingered the use of substandard materials for the problems in the sector. A number of Nigerians have lost their lives while others have been maimed for life due to the increasing cases of building collapses in the country, especially in Lagos, the country’s former federal capital. National President of COREN, Ali Rabiu, who read the resolutions of the organisation, stated that the domestication of the national building code has also contributed to the challenge. “The use of non-professionals who have no capacity, in projects, non-verification of building design as construction mostly does not follow the strict procedures and non-legislation as well as enforcement of the National Building Code (NBC) by the National Assembly,” it said, were the culprits in the growing social problem. In addition, it stated that the disparity between the design and construction in Nigeria’s physical planning as well as the actions or non-actions of the Development Control Officers (DCOs) largely contribute to the collapse of buildings in Nigeria. “They should be held responsible for most of the collapses,” Rabiu stated.

Furthermore, COREN listed one of the reasons for building collapses as ignorance, negligence, greed and corruption, abuse in the usage of buildings as well as presence of quacks in the built environment. As part of its recommendations, COREN said there was the need for a law on enforcement and compliance of the approved national building code by the National Assembly. “This must be strictly complied with in the built environment. All state governments are advised to domesticate the codes. The Forum of Regulatory Bodies in the Built Environment (FORBEN) should drive the bill. “For implementation and enforcement, it is recommended that the government should set up a construction court to handle cases of misconduct. Education of the populace is necessary. Advocacy, enlightenment of the public and continuous engagement of government should be pursued particularly by associations in the built environment. “There is unjustifiable overconcentration of the training of high-level manpower without a corresponding emphasis on the lower level, hence we must make concerted efforts to substantially increase the production of qualified craftsmen, skilled workers, technician etc through the resuscitation and establishment of crafts technical schools across the country,” the industry’s regulator stated. Stressing that the professionals in the built environment must work together, COREN added that there should be respect for the responsibility of each professional while working together.

“It is recommended that professionals must practice in their areas of core competence and experience, to avoid delving into other areas which is tantamount to quackery. "Government should liaise with regulatory bodies in the built environment to set up a committee for the integrity tests of buildings/structures which have been constructed for some time now. Also, it needs to introduce functionality tests for buildings from two storeys upward,” COREN said. According to the regulator, desk officers at the development control

offices, who have the responsibility of approving designs, must be qualified and must engage the services of qualified consultants. COREN also noted that there should be a mechanism to ensure that only registered professionals are engaged by clients and stressed the need for the enforcement against the use of standard materials. In addition, it stated that there was the need for collaboration of all the professionals to collectively visit construction sites as a team to liaise with the monitoring teams from other regulatory bodies.

the kingdom of Morocco and subsequently to Europe. In addition, the NNPC and Morocco’s ONHYM will also sign two MoUs with SMH of Mauritania and Petrosen of Senegal to participate in the project. When completed, the project will supply about 3 billion standard cubit feet of gas along the coast of West Africa from Nigeria, Benin, Togo, Ghana, Cote d’ Ivoire, Liberia, Sierra Leone, Guinea, Guinea Bissau, Gambia, Senegal, Mauritania to Morocco. According to the NNPCL, other benefits include improvement of living standards of people, integration of the economies within the sub-region, and mitigating against desertification through sustainable and reliable gas supply. The Nigeria-Morocco Gas Pipeline (NMGP) project is an initiative of the federal government of Nigeria and the Kingdom of Morocco and was conceived during the visit of King Mohammed VI of Morocco to Nigeria in December 2016. The NMGP Project is aimed at monetisation of Nigeria’s abundant natural gas resources, thereby generating additional revenue for the Country, diversification of Nigeria’s gas export routes,

elimination of gas flaring. It will also assist in supplying gas to Morocco, 13 ECOWAS Countries and Europe, integration of the economies of the Sub-region and improvement of living standards of people within the sub-region It is further expected to create wealth and poverty alleviation, assisting in the fight against the desertification through sustainable and reliable gas supply as well as providing avenue for other Countries along the pipeline route to develop and export their gas. The pipeline is a 48 Inch X 5,300 Km (Offshore Brass Island-Nigeria to Dakhla-Morocco) and 56” X 1,700 Km (onshore from DakhlaMorocco Maghreb European Pipeline), with a total length of about over 7,000 kilometres and comprises about 13 compressor stations. The pipeline will originate from Brass Island (Nigeria) and terminate at North of Morocco, where it will be connected to the existing Maghreb European Pipeline (MEP) that originates from Algeria via Morocco to Spain. It runs across 11 West African countries and is said to be the longest offshore pipeline in the world and second-longest pipeline in the world.

Ministry, NDDC Harmonising Development Plans in Niger Delta, Says FG Ndubuisi Francis in Abuja The federal government has stated that the Ministry of Niger Delta Affairs (MNDA) and the Niger Delta Development Commission (NDDC) are currently working to harmonise all the developmental plans in the Niger Delta region into a single regional development strategy. The Permanent Secretary in the Ministry, Olufunso Adebiyi who revealed this, reaffirmed government's resolve to re-focus on strategies towards achieving sustainable development in the region. Speaking during the Pre-council activities of the 5th National Council on Niger Delta (NCND), Adebiyi said: “The Ministry and NDDC are currently working to harmonise all the developmental plans in the Niger Delta Region into a single Regional Development Strategy." He explained that the plan would help galvanise the intended

rapid development in the region and, "enhance operationalisation of Strategic Implementation Work Plan (SIWP) tool, which is another dynamic effort of the federal government to drive development in the region." A statement issued by the Director, Press and Public Relations in the Ministry, Deworitshe Patricia, the Permanent Secretary disclosed that the 5th Council would help consolidate the gains of the previous four editions of the stakeholder interaction by deepening discussion on how best to fast- track development in the region. He noted that, “this we can do by charting a responsive roadmap with measurable results and outcomes for the Niger Delta region." According to him, the event was a platform for bringing all development partners to the same table, "to discuss developmental policies, strategies, initiatives and programmes for rapid socio-

economic.” Adebiyi, who explained that the core responsibilities of the NCND was to articulate policies and development objectives of the people and ensure that the objectives form the basis for the development agenda and intervention programmes by stakeholders, solicited the support of all for a robust deliberation that would contribute to a stable, peaceful and developed region. While acknowledging the importance of the NCND as the highest advisory body to the federal government on the Niger Delta region, the Governor of Akwa Ibom State, Mr. Udom Emmanuel, who was represented by the deputy governor, Mr. Moses Frank Ekpo noted that, “development initiatives have to do with laying out plans to ensure that data-driven evidence and analysis are used effectively in policy and practice to end poverty, reduce inequality

and increase resilience." Emmanuel explained that lack of such initiatives, "creates gaps in effective development of human capacity and the physical needs of man, giving rise to poverty, crime and underdevelopment of the human environment.” The region, he said, should aim at the fullest benefit from its crude oil wealth for the greater benefit of its people, since it is endowed with crude petroleum, with current statistics indicating that oil and gas contribute about 75 per cent of foreign exchange of the nation’s total earnings. He suggested that considerations should be given to critical issues such as the proposed Water Resources Bill, the Petroleum Industry Act (PIA), the Forensic Audit Report, harmonization plans and the inauguration of a board for the NDDC, among other burning issues to achieve ultimate impact of enhancing lives in the region.

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TEN

AfDB: Nigeria, Other African Countries Losing Up to 15% of GDP Growth to Climate Change Emmanuel Addeh in Abuja Africa is losing 5 per cent to 15 per cent of its per capita economic growth due the effects of climate change and is facing a gaping climate finance shortfall, according to

the African Development Bank (AfDB). Africa has been hit disproportionately hard by the fallout from climate change, which has aggravated droughts, flooding and cyclones across the continent in recent years.

African nations received around $18.3 billion in climate finance between 2016 and 2019, Kevin Urama, the AfDB's acting Chief Economist, said in a statement released on Tuesday. But they are staring down a nearly $1.3 trillion climate

finance gap for the 2020 to 2030Tuesday, a report by Reuters noted. "These sums reflect how the crisis is," Kelvin Urama said, noting that "Investing in climate adaptation in the context of sustainable development is

the best way to cope with the climate change impacts." Rich nations promised in 2009 to deliver $100 billion in climate financing to the developing world. But that pledge has only ever been partially met and is due to expire in 2025.

African ministers meeting in Cairo last week ahead of November's COP27 climate summit decried the lack of support which they said had resulted in the continent benefiting from less than 5.5 per cent of global climate financing.

(PAPSS), a brainchild of Afrexim Bank. Buhari, among other things, noted that over the past seven years, his administration had through various initiatives supported the repositioning of the Nigerian economy within an evolving ‘glocal’ context. He further listed the intervention measures to include support of Nigeria's creative industry and indigenous Small and Mediumsized businesses as well as the agricultural sector which have enhanced the capacity of indigenous enterprises to compete with their counterparts from other countries., adding that these efforts would be sustained and extended to more sectors of the economy. He said the resolution of global issues within the local context would continue to give impetus for economic prosperity in local communities, adding that climate change, eroding purchasing power due to inflation and insecurity are currently being tackled at both local and global levels. However, in his remarks, the President of CIBN, Mr. Ken Opara, said the banking industry was not oblivious of the “brain drain or Japa syndrome” currently affecting the country’s workforce. As a result, he said the development had necessitated research finding on the topic “The Analysis of Human Capital Attrition in an Evolving ‘GLOCAL’ Context: A Case Study of the Nigerian Banking Industry,” adding that the CIBN would present the outcome of research work during the conference. Opara said the COVID-19 pandemic had been a wake-up call for the financial services industry, exposing gaps in digital service provision and cost structures. He said, “COVID-19 proved a powerful catalyst for change. Banking's digital transformation accelerated beyond everyone's imagination, as radically new ways of working remotely and serving customers facing dire circumstances were launched at a fast pace. Mobile app transaction

processing rocketed. "Cash and cheque usage dropped dramatically, replaced by high volumes of electronic and card payments. Business lending to keep the economy afloat was off the scale.” He said as the world continues to evolve, the financial services industry would need to explore innovation and reconfigure its business and operating platforms - in some cases requiring making profound changes to succeed in the future. However, in his keynote address, the Chairman, Union Bank of Nigeria Plc, Mr. Farouk Gumel, said the banking industry must help support the kind of growth that leads to inclusivity, and accused financial system operators of embracing banking innovation at the detriment of rural communities. He criticised ongoing conversations by some banks on the need to achieve operational efficiency by shutting down branches. Gumel argued that rather than close branches, the best approach was to embrace the idea of rebranching. He told THISDAY that banks don’t really require a big structure but rural branches targeted at the rural communities to drive financial inclusion. He said, “You have to be next to somebody to convince him to trust you and I think that is how the banking system should look at it. “Efficiency counts but you have to be inefficient if you are dealing with people in the rural areas.” He said there has been a disproportionate level of progress in the banking sector without consideration for the rural population who are often neglected. Specifically, he called for increased credit support for underserved Nigerians to enable them actualise their entrepreneurship aspirations. Gumel, among other things, also said banking technology should not entirely take the place of human resources in the current model.

BUHARI HAILS CBN, NDIC, NAICOM, OTHERS ON FINANCIAL SYSTEM STABILITY The president gave the commendation at the opening of the 15th Annual Banking and Finance Conference with the theme: “Repositioning the Financial Services Industry for an Evolving Glocal Context,” held in Abuja. Buhari, also said the government was committed to securing lives and property within the country and would not relent in ensuring a safe and secure environment for citizens as well as productive activities to thrive, noting that the menace of terrorism and banditry had been plaguing the country over the years. He said, “Indeed, the fight to rid our country of banditry, kidnapping, and insurgency is being intensified at all fronts.” Also, on the rising inflation, which had continued to cause increasing hardship for Nigerians, the president assured that his administration had over the years implemented several policies to combat inflation including an increase in Monetary Policy Rates (MPR) as well as a 30 per cent markup on savings rates. He said these policies were geared towards mopping up excessive liquidity in the economy

while encouraging savings and investment, stressing that government would continue to cushion these adverse effects through its social safety net programmes. However, he said the government would continue to formulate and implement policies that are aimed at promoting self-sustenance in critical areas including energy, agriculture, health, and technologies, adding that the outputs of the conference would be valuable in shaping relevant policy initiatives. Buhari, who was represented at the ceremony by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, pointed out that the annual conference of the CIBN, among other things, provides a credible annual platform for a holistic review and evaluation of the performance of the sector by industry practitioners and regulators while charting the path for the future. This, he said, explains why his administration had always ensured that government participation at the conference is at the highest possible level. Buhari also expressed the need for a Nigeria of the future that har-

nesses her strengths, competences, and cultural diversity to confront current challenges plaguing the people, ranging from climate change to pandemics and insecurity. Buhari, specifically noted that the theme of the conference was particularly relevant considering the need to constantly adapt internationally acceptable best practices to improve the efficiency and effectiveness of the sector in playing its primary role of holding financial assets, financial intermediation and capital formation. He said the expediency of discussions on repositioning the sector within an evolving global context cannot be over-emphasised as it stands to benefit from the experiences of other nations in navigating through emerging issues such as the fall-out from the COVID-19 pandemic and the ongoing Russian-Ukraine war which have global implications on financial service delivery in local economies. He said under the new regime, the role and significance of the finance industry cannot be overstated in driving economic prosperity by providing opportunities to create

SME start-ups, expand existing business interests and create more jobs thereby pushing the local brand overseas to frontier markets. The president added that repositioning the finance services industry involved valuable innovations to ensure global solutions reach local indigenous customers. He said the recently executed African Continental Free Trade Agreement (AfCFTA) represented a typical reference point as the deal creates a continent-wide market embracing 55 countries with 1.3 billion people and a combined GDP of $3.4 trillion. Buhari said the first phase of the regional trade agreement, which took effect in January 2021, would gradually eliminate tariffs on 90 per cent of goods and reduce barriers to trade in services. He pointed out that the finance sector would serve not just as an intermediary for lenders and borrowers but in creating a new ecosystem consisting of platforms where ordinary Africans can buy and sell their locally made products despite currency disparity as being practiced on the Pan-African Payment and Settlement System

2023: ATIKU PROPOSES $10BN ECONOMIC STIMULUS FUND FOR MSMES, UNFOLDS BLUEPRINT added that he would stop all fiscal support to ailing public enterprises and “over the medium term, I will propose legislation for the removal of the entire electricity value chain from the exclusive list and give states the power to generate, transmit and distribute electricity for themselves.” Atiku, who commenced efforts to consolidate his support base in the South-west, was due to meet the Oyo State governor, Seyi Makinde, and some leaders in the zone today and tomorrow, in Ibadan. The meeting was part of efforts to make peace with the camp of the Rivers State Governor Nyesom Wike. The presidential candidate of the main opposition party promised to support PDP to win Lagos State in next year’s governorship election. Atiku assured the captains of industry of a warm handshake, saying he would listen to the private sector more, restore investors’ confidence in the Nigerian economy, break the jinx of infrastructure finance, declare a state of emergency in the power sector, undertake far-reaching fiscal restructuring that would improve liquidity in the economy and stimulate growth, create jobs, wage war against hunger as well as ensure that over the medium term, recurrent expenditure should not exceed 45 per cent of the budget Atiku said, “Today, I will speak on the strategic steps that I will take to build the economy of our dreams and foster bondless prosperity for all Nigerians. Poverty reduction shall be the centrepiece of our economic development agenda and economic performance shall henceforth be measured by the number of jobs created and the number of people lifted out of poverty. “Within the first 100 days of in office, I will create an Economic Stimulus Fund with an initial investment capacity of $10 billion to prioritise support to MSMEs across all the economic sectors, as they offer the greatest opportunities for achieving inclusive growth. “I will undertake far-reaching fiscal restructuring to improve liquidity as well as the management of our fiscal resources in five bold steps. “First, undertake an immediate review of government spending with a view to eliminating all leak-

ages arising from subsidy payments. With its current precarious fiscal position and daunting development challenges, can Nigeria really afford to forego critical investments in education, health, security, etc. and channel scarce resources to subsidising the lifestyles of its elite? “Second, stop all fiscal support to ailing state-owned enterprises. As with subsidy payments, by holding unto these underperforming enterprises, Nigeria is sacrificing investments in critical areas, including water, sanitation, and rural infrastructure. For example, the first phase in the rehabilitation of Nigeria’s refineries is expected to gulp $1.55 billion! I will sell of them. “Third, take steps to improve spending efficiency by gradual reduction of government recurrent

expenditures. Over the medium term, recurrent expenditures should not exceed 45 per cent of the budget. ‘Finally, focus on non-debt financing by promoting a private-sector led infrastructure development fund for the financing and delivery of key infrastructure projects.” He added that his administration would be different, as it would support “the private sector to drive growth. We will establish strong partnership in investing in infrastructure, in creating jobs and income and in the fight against poverty. We will listen to the private sector more.” The PDP candidate pointed out that the Nigerian economy was presently crawling rather than growing and that the country was broke and more Nigerians

are getting poorer, more miserable today than in 2015, while capital has taken a flight. Atiku made it clear that his administration would, “allow the Central Bank of Nigeria the independence to pursue its mandate but ensure that such policies are not detrimental to Nigeria’s quest for FDI and Nigeria’s long-term growth.” He also promised to take “immediate steps to slow down the rate of debt accumulation by promoting more Public Private Partnerships in critical infrastructure funding and identifying more innovative funding options. “Our economy is bleak and our challenges daunting. There is no doubt about that. No one should Continued on page 12

SENATE RE JECTS N6TRN TAX, IMPORT DUTIES WAIVERS IN 2023 PROPOSED BUDGET contents of the proposed 2023 - 2025 MTEF/FSP. The finance minister had in her opening remarks, informed the committee that the N19.76 trillion proposed as the 2023 budget would have a deficit of N12.43 trillion because N6 trillion had been projected as tax and import duty waivers, while fuel subsidy would gulp a whopping N6 trillion. Obviously uncomfortable with the Minister's submissions, the Chairman of the Senate panel, Senator Solomon Adeola (APC Lagos West), told her that both the projected N12.43 trillion budget deficit and the N6trillion tax and import duty waivers should be critically reviewed downward before sending the proposals to the National Assembly for consideration and approval. He also told the minister to look into the list of beneficiaries of the waivers for required downward review to N3 trillion in order to give room for the reduction of the N12.43 trillion deficit figure. Adeola said, "The proposed N12.43 trillion deficit for the 2023 budget and N6 trillion waivers are very disturbing and must be critically reviewed. "Many of the beneficiaries of the waivers are not ploughing accrued gains made into expected projects as far as infrastructural developments are concerned.

"The same goes for tax credit window offered by the FIRS to some companies. "Billions and trillions of naira can be generated by government as revenue if such windows are closed against beneficiaries abusing them and invariably provide required money for budget funding with less deficit and borrowings. "The NCS should help in this direction by critically reviewing waivers being granted on import duties for some importers just as the FIRS should also review the tax credit window offered some companies without corresponding corporate social services to Nigerians in terms of expected project executions like road construction.” According to him, generally, the issue of waivers should be taken strongly by relevant authorities because Nigeria does not have the capacity for now. “We cannot accommodate this N6 trillion tax waivers. It is in this wise that the committee frowns at the projected N12.41trillion budget deficit contained in the 2023-2025 MTEF/FSP and the alarming projection of ‘no provision for treasury-funded MDAs’ capital projects in 2023. “This scenario is unacceptable and we must find ways to drastically reduce the deficit humongous figure. “It is apparent that the borrowing

trends cannot be allowed to continue unchecked and conscious efforts must be made to reduce budget deficits. “Achieving these goals requires us to look inwards towards increased revenue generation, blocking of leakages and restraints on what are generally frivolous expenditures by MDAs, particularly the Government Owned Enterprises (GEOs). “Our preliminary findings and directives to some of the agencies had led to payment of millions of naira into CRF in accordance with the Fiscal Responsibility Act 2007 and the 1999 Constitution. “It is needless to say that these millions not paid to CRF contribute to the yearly huge budget deficits of the federal government. “The investigation was also able to get some agencies to accept opting out of the federal budget altogether based on their internal revenue generating ability. Some of this findings are relevant to the proceedings of this 5-day interactive session. “From the challenges thrown up against our economy in terms of the Russia-Ukraine war, the impact of crude oil theft, insecurity, and continuing infrastructure deficits, it is time for all to agree that it cannot be business as usual for government revenue and expenditures. “We need to block all revenue leakages and misuse in MDAs

as well as control expenditure to free funds for needed infrastructure development and provision of social services.” However, the Minister said Finance explained that the exchange rate differential from N410- to N415/$ was projected in the fiscal document. She said, "On subsidy, our assumption is that we could exit by June in 2023, so that we don't leave burden for the next government and we do know that exiting has immediate impact on the citizens, but we hope that the parliament would see a better way we can exit. "On issue of budget deficit, we are concerned and debt serving is consuming a huge revenue and hence we need to improve our revenue and reduce leakages inherent in our system. "One of the ways to increase our revenue is to strengthen our monetary generating enterprises and to provide real sanctions to defaulters based on the fiscal responsibility act. "On issue of issuing tax credit to companies: Tax credit are issued only when companies construct projects and the projects are certified and issued certificate by the Federal Ministry of Works. "Government only announced the companies that expressed interest to construct some roads and Mr. President has given them

go ahead to embark the process. The procedure is that they need to negotiate the bill of quantities and the design of the project with Federal Ministry of Works.” The Chairman of the Federal Inland Revenue Service, Muhammad Mamman Nami , told the committee that tax credit was an important innovation of government which according to him had yielded positive results from September 2019 when it was introduced through the Executive Order 007 by President Muhammadu Buhari . He urged the committee not to move in the direction of scrapping, saying it is only given to companies with evidence of projects executed. He informed the committee that out of the N6.08trillion projected revenue from January to July 2022, the FIRS generated N5.59 trillion and assured that the N10.4 trillion projected for the year, would be achieved. On his part, the Comptroller General of the NCS, Col Hammed Ali (Rtd), assured the committee of an improved revenue generation in the 2023 fiscal year. The interface continues today with the Governor of Central Bank, Godwin Emefiele and Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, expected to appear before the Committee.

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WEDNESDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

KYARI VISITS ECOWAS COMMISSION... Group Chief Executive Oﬃcer, Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari (left) and President of the ECOWAS Commission, Dr. Omar Alieu Touray, during a courtesy visit by Kyari to Touray at the ECOWAS head oﬃce in Abuja…yesterday

Assassination Plot: Labour Party Wants Keyamo Placed on Terror Watch List Minister makes same demand for Obi Kingsley Nwezeh in Abuja The leadership of Labour Party yesterday called on law enforcement agencies to place the spokesperson for the All Progressives Congress’ Presidential Campaign Council and the Minister of State for Labour and Employment, Mr. Festus Keyamo, on security watch list. The party disclosed this in a statement issued by its National Publicity Secretary, Abayomi Arabambi. The opposition party’s demand was a response to Keyamo’s allegation that the presidential candidate of Labour Party, Peter Obi, was planning to fake an assassination attempt and hire some supporters dressed in the APC caps and T-shirts to attack his party offices. But in a swift response to the call for him to be placed on watchlist, Kayamo also called on security agencies to place Obi on watch list. Fuming over Keyamo’s outburst yesterday, Arabambi described the minister’s action as, "treasonable conduct" that warranted him being placed on the terror watch list by security agencies in the country. The statement partly reads, “President Muhammadu Buhari must now as a matter of urgency direct the service chiefs to place

Festus Keyamo and other APC presidential campaign members and supporters on a security watch list as they are now a threat to democracy ahead of the 2023 general elections. “I call on the Inspector General of Police to urgently commence a comprehensive investigation into Mr Festus Keyamo's unlawful and

treasonable activities. His conducts are likely to cause breach of peace and anarchy in our country if this ugly trend is not nipped in the bud and Keyamo be made to face possible prosecution in the court of law", he said. Reacting to the Labour Party's allegations and call for him to be

placed on watch-list and investigated , Keyamo also called on the security agencies to place Obi and some of his, "demented supporters on the terror watch list" for circulating an incendiary video with a fake message by one of his supporters called Powell Glad Legbe (on his Facebook page) calling on Yorubas

not to vote for Peter Obi. "Mr. Peter Obi then wrongly and wickedly attributed that quote to an amorphous ‘Tinubu group’. Up till now he has not withdrawn his accusation nor has he apologised to our candidate Asiwaju Bola Ahmed Tinubu. "It is obvious Mr. Peter Obi wants

to cause religious and tribal crises in the country and for this I call on the security agencies to place Mr. Peter Obi on security watch or invite him for thorough investigation," he alleged. "If necessary, I am prepared to be invited too as a witness to prove my case against him", he declared.

Survey Law: Lagos Challenges Judgement, Insists State Determines Who Surveys Land Wale Igbintade The Lagos State government has urged the Court of Appeal, Lagos Division to hold that the state being the owner of the land has the right to determine who works on its land just like a litigant has a right to Counsel of its choice. The Lagos State SurveyorGeneral stated this in a Notice of Appeal filed against the judgement of Justice Daniel Osiagor of the Federal High Court in Lagos, which invalidated Section 5 of the state’s Survey Law that required surveyors to obtain the written consent of the Surveyor-General, before surveying any state land. Justice Osiagor had held among

others, that the Lagos SurveyorGeneral lacks the power to deny the plaintiffs or any registered surveyor’s consent to survey any parcel in the state (whether owned by the government, corporate bodies or individuals). The judge made this pronouncement while delivering judgement in a suit marked FHC/L/ CS/1789/2020, filed by seven Surveyors, Adaranijo Ibikunle Ganiyu Rafiu, Aluko Kikelomo Sikirat (Mrs.), Adedeji Olarewaju, Adams Benjamin Olugbenga, Mekuleyi Oluseyi Samuel, Aliu Samuel, and Fashina Adedapo against the Surveyor General of Lagos State and 10 others. Dissatisfied, Lagos State Surveyor-General and eight

other Appellants in their Notice of Appeal, filed by the Lagos State Attorney-General, and Commissioner for Justice, Mr. Moyosore Onigbanjo, urged the appellate court to hold that it has the right of appointing the persons who can survey the land belonging to the state government, and that it is a right that relates to ownership of land which the lower court has no power to take away. The appellants argued that the land in dispute was a state land and being a state land, the Surveyor General has a right to appoint any registered surveyor to carry out his instruction in relation to the said land. The appellants argued that, "The trial judge erred in law when

he assumed jurisdiction over the subject of the suit by concluding that the matter is for the purpose of determining who has power to regulate survey practice in Nigeria. "The crux of the matter before the court relates to administration of state land which does not fall within the jurisdiction of the Federal High Court as contemplated and provided in Section 251 of the Constitution of the Federal Republic of Nigeria 1999 (as amended). "By the provisions of Section 1 of the Land Use Act, the control and management of land is vested in the Governor of a State and the Federal High Court lacks the requisite jurisdiction to entertain such matters by virtue of Section

251 of the Constitution of the Federal Republic of Nigeria 1999 (as amended). "The lower court was in error to have assumed jurisdiction by relying on paragraph 25 of the Concurrent Legislative List as being the provision regulating the Survey practice. "The Federal High Court does not have jurisdiction to determine the act or activities of the state as it relates to administration and management of state land.” The Appellants stated that the provision of Section 5 of Survey Law of Lagos State was to the effect that consent was required to survey State land and same does not in any way regulate the practice of survey as a profession.

2023: ATIKU PROPOSES $10BN ECONOMIC STIMULUS FUND FOR MSMES, UNFOLDS BLUEPRINT downplay the enormity of the tasks ahead. Indeed, I cannot think of a more daunting challenge than restoring confidence in the future of Nigeria as a dynamic economy and a stable democracy.” President of the LCCI, Dr. Michael Oluwale-Cole, in his welcome address, stated that though the chamber was non-partisan, it was interested in the economic agenda of the candidates and their plans to make a better Nigeria in the next dispensation. Oluwale-Cole said, “The chamber is aware of the overshadowing effect of politics over economics in managing the Nigerian economy and would, therefore, wish to contribute to the setting of a new economic order that can take our economy from the doldrums. “New policy directions, institutional reforms, and sound governance are critical to creating a new economic order in Nigeria. This is why we are gathered here today. “For the past 16 years LCCI has organised this session in every election cycle. This is a part of its public policy advocacy to

provide a first-hand opportunity for presidential candidates of the leading political parties to speak to the organised private sector on their economic blueprint for Nigeria. “All patriotic Nigerians would like to know the plans and intentions of a future president, and this will most likely enhance the choices people make at the polls.”

Atiku: I’ll Support PDP to Win Lagos

Buoyed by the presence of thousands of party faithful, who trooped out to welcome him, Atiku, yesterday, assured members of his party in Lagos State that he would give them all the necessary support to ensure that the party emerged victorious in the 2023 governorship election. Atiku gave the assurance during an interactive meeting with party members at the Balmoral Hall of the Federal Palace Hotel, Victoria Island, Lagos. He said from what he could see, the PDP governorship candidate, Dr. Jide Adediran, aka Jandor, was poised to win the election. The former vice president, who

was careful and selective in the three minutes speech to the party members, said he would support the candidacy of Adediran all the way till the realisation of the dream of the party to take over the state. He told the governorship candidate, “We will support you to any level. When I say I will support you, if you like bring down the sky, I am going to do it. Lagos is so much blessed, PDP is going to win Lagos. I believe you are going to win the governorship seat this time around. Therefore, we are going to support you to any level, when I say I will do something, I will make sure I do it." Atiku urged PDP members in the state to work harder so they could win all the elections in 2023, saying, "With the support, we will give you, we will win Lagos. "I came to see for myself that PDP is on the ground in Lagos, and Olajide Adediran will be the next governor of Lagos State. You will see what we are going to do when the campaign starts." Earlier, Adediran said the people of Lagos were prepared to work for the success of Atiku in the 2023

presidential election. He said that was why they patiently waited to hear from him the former vice president.

Atiku Consolidates in S’West, Meets Makinde, Party Leaders

Presidential candidate of PDP, Atiku Abubakar, commenced inroads into the South-west, with a meeting with Governor Seyi Makinde of Oyo State and some PDP leaders in Ibadan today. It was also believed that the move was part of effort to make peace with the camp of the Rivers State Governor Nyesom Wike. The visit to Ibadan was allegedly aimed at building confidence in his teeming supporters ahead of the take off of campaigns on the September 28, 2022. The Zonal Executive Council of the party described the scheduled visit as a strategic move to reposition the party ahead of the 2023 general election. In a statement by its Zonal Publicity Secretary, Chief Sanya Atoranti, PDP stated that the choice of Ibadan as the first point of call by the candidate was a clear

signal that PDP was one united and indivisible family, which was committed to deliver the zone for the party’s candidate in the February presidential election. The statement said, “On behalf of members of Zonal Executives Council of our great party, I welcome our candidate, His Excellency Alhaji Atiku Abubakar, to Ibadan, where he would hold a crucial meeting with all stakeholders of the party “The visit could not have come at a better time than now in view of the on-going reconciliation and fence-mending moves by top hierarchy of the party at different levels to address various interests and agitations within the party, which were blown out of proportion by the ruling APC. “As a truly democratic institution, the PDP welcomes all shades of opinions and interests, which sometimes might be misconstrued by the general public as crisis, but the inherent internal mechanism for conflict resolution of our party has set the PDP apart from our main challenger and the outcome of the recent reconciliatory moves

has begun to bear fruit. “I must also commend Governor Seyi Makinde for his exemplary leadership in the zone as he is billed to receive the visiting former Vice President on Wednesday and put in place logistics for the success of the event. Governor Makinde has once again demonstrated capacity to distinguish between self-interest and party supremacy because the PDP umbrella is our defining symbol, which must be, guided jealously going forward. “I have always held the opinion that the PDP cannot afford to fail Nigerians, because the sufferings in the land is positive campaign to our party in 2023. Thanks to APC for mismanaging the country. “So, the rescue mission of our country begins with the PDP and all hands must be on deck to put our house in order across all geo political zones and reclaim our stolen mandate of 2019. I equally enjoined Nigerians who are going through excruciating pains and agony foisted on them by APC-led wicked administration to keep their hope alive in the PDP because the storm will soon be over.”

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MIDWEEKPOLITICS

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

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Fashola Provokes Citizens’ Consciousness on Elections, Governance Works and Housing Minister, Babatunde Raji Fashola, has charged Nigerians to be actively involved in politics and governance ahead of the 2023 general election in the country. Emameh Gabriel reports

he audience was awed in silence by Works and Housing Minister, Babatunde Raji Fashola’s stunning presentation at the Ninch 2022 Annual Lecture where he invoked their consciousness to the reality that governance is beyond the optics and, thereafter consciously instilled a sense of guilt in them as citizens who have also failed to play their roles through sincere engagement. Citizens participation in the electoral process is not enough to make democracy work but the need for citizens to genuinely equip themselves with knowledge that will help them make decisions about policy choices and the proper use of authority, along with the skills to voice their concerns, act collectively and hold public officials- elected representatives; civil servants; and appointed leaders accountable. All of these are the main instrumental driver for democratic and socio-economic change, and fundamental forces to empower citizens. This was the thought provoking conversation that enveloped the atmosphere at a lecture in Lagos last week. Fashola did not mince words when he stepped on the podium at the Musical Society of Nigeria (MUSON) Centre, Onikan, Lagos to deliver a lecture titled “2023 elections and the future of Nigeria’s democracy” Fashola, former Governor of Lagos State and a learned silk, was joined by First Republic politician and human rights activist, Tanko Yakasai, who chaired the event and other high profile political and business leaders, including former Minster of Transport and presidential aspirant of the All Progressive Congress, Rotimi Amaechi; former Secretary to the Government of the Federation, Senator Anyim Pius Anyim, as well as leading presidential candidates in the 2023 elections to cross pollinate on the true ideals of democracy. At the lecture, an annual intellectual fiesta that has become a staple aimed at proffering solutions to some of Nigeria’s most daunting problems, Fashola reminded Nigerians of the potentials the 2023 general elections hold for them, noting that while citizens’ involvement in holding governments accountable in the last two decades was commendable, of course, inspiring, but they have consciously or unconsciously left open lot of salient question as to what really is it that they expect from those they elect and what do they promise to do before they vote, and what have they done for the electorate. He asked: “Did we vote for, or did we collect tricycles, sewing machines, generators etc. from them? “If we did, can we legitimately expect that the budget from which these things were procured will also provide healthcare, drugs and diagnostic equipment in our health facilities? “If they have sponsored weddings for our families, financed the burial of our dear departed ones or paid school fees for a whole community do we understand that these things or some of them are funded by the budget from which we also expect good schools, good roads and other public infrastructure and services upon which our prosperity depends collectively? “When the campaigns for election to executive office starts and we hear of free this and free that, do we engage in a conversation about how much it would cost and where the money will come from? After all, to use the cliche nothing is free even in Freetown. “Put differently, how many of us who vote truly understand how the process works? “How many of our electorate understand what the actual constitutional roles of our legislators, Local Government Chairman, Governors, and President are? “These questions may look ordinary, but my experience in government suggests that they are not. I have been surprised by how unfamiliar some of us are with the constitution and our responsibilities, although I must concede that we are fairly well acquainted when it comes to our rights. He said of a truth, elections are only a part

Fashola

of the democratic process; and this requires not only the successful party to play their role in the formation and running of government, but the opposition as watchdog, and government in waiting, has an equally important role to play in enriching the process. Fashola said sadly, most times, the focus is on the Executive as an entity rather than others who were also elected, appointed and employed in the service of the government- a situation he described as unhealthy for true development and democracy. He said: “I seek to highlight what I perceive to be a lack of appreciation of what constitutes the Federal Government and what her role is. “To start with, there is a lie that is being told and repeated and some are beginning to believe it, that we do not have a Federal type of constitutional governance partly because they think our Federation is not perfect which I agree with, but an imperfect federation is not the same thing as a non-existent Federation. “The truth is that the imperfection is probably one of the reasons why there are provisions for amendments in the constitution. “If a constitution provides that the federal, state and local govern-

ments have different responsibilities and some shared responsibilities as our constitution does in the exclusive and concurrent list of the second schedule and the fourth schedule, I think the minimum requirements of federalism have been met. “Whether the states or local governments should get more powers, lies with us to exercise the amendment in a process requiring federal legislators to initiate it and 2/3 of the states to concur with it. “If that has not happened, it seems to me that it does not extinguish the existence of a federal arrangement, neither is it solely the fault of one person such as the president or the federal government. Fashola, therefore, said this brings to mind the understanding of how the Federal Government is structured. According to him: “I have heard some federal legislators laying the blame of some failing or the other on the “Federal Government,” when in fact what they probably intended is the “Federal Executive” arm of the Federal Government. “The fact is that the federal judiciary, legislative and executive all constitutes one Federal Government operating in three arms. “If we decompose the constituents of the federal government, it will become obvious that it is all of us, the states, through our representatives who make up the federal government. Citing section 147 (3) of the 1999 constitution, which clearly explains that in the Federal Executive arm of Government, the election of the president and vice president only represents a partial composition of the federal executive

Fashola reminded Nigerians of the potentials the 2023 general elections hold for them, noting that while citizens’ involvement in holding governments accountable in the last two decades was commendable, of course, inspiring, but they have consciously or unconsciously left open lot of salient question as to what really is it that they expect from those they elect and what do they promise to do before they vote, and what have they done for the electorate

because there are 36 states ministers appointed before the federal executive is probably constituted. “In effect, each of our states makes up the much-vilified Federal Executive because the ministers represent us there. “On the federal legislative side of the federal government, the 109 senators and 360 representatives are elected to represent us from senatorial districts and federal constituencies created within our states. “The same is true in the federal judiciary at least at the Federal High Court level and largely so at the Appeal court, except for the supreme court that does not have 36 seats. “The point I seek to make therefore is that it is the representatives of the 36 states who truly constitute the federal government rather than any behemoth or entity,” said the former Lagos State governor who asked how many Nigerians are ready to engage in genuine conversation on accountability. While he said the 2023 general election provides an ample opportunity for citizens, he noted that the hype as to what the election could look like are evidently not real. In other words, political participation is showing a downward trend. Fashola said, for example, “our current situation we now have 12,332,336 newly registered voters for the 2023 election, whereas there were 14,360,053 newly registered voters in 2019, while 6,944,752 registered as new voters in 2015. “So, if the hype about 2023 is anything to go by, the number of 12,332,366 newly registered voters does not support it, because it is 2,027,687 less than the 14,360,053 newly registered voters in 2019. “Obviously, we have seen all the hype before and they detract from the real question which in my view should be: how can democracy, especially the 2023 elections, make our lives better and our country greater? “I think we should focus on this question because we must remember that democracy is simply concerned about the popular participation in choosing a leader or set of leaders. “Democracy does not guarantee that the leader or those leaders will deliver or indeed are able to deliver on what we want”, said Fashola who pointed that Nigeria has never had a weak opposition political party like what we today. His words: “Let us ask ourselves when last an opposition party prepared and detailed an alternative budget to that of the party in government. “True enough, we hear criticisms of what the party in Government is not doing or getting right; but when I ask, can you recall an opposition party offering a credible and alternative solution to what the party in Government has done wrong. “To be fair I must acknowledge the generalizations such as we will do this and do that, but very often that is where it ends. “On the question of revenue or lack thereof for example and the borrowing by Government, apart from the legitimate concerns about borrowing which are rightfully expressed, I have challenged the critics to provide the alternative; and I am still awaiting a response. “If you listen to any of the several Morning shows the issue will come up and you will hear the criticisms, which are legitimate, but you will not get any credible answer to the question – what are the alternatives? “Yes, democracy heralds freedoms including the freedom to speak. But what kind of speeches are we engaging in?, he asked again. “Heckling, online trolling, hate and in person verbal abuse in some cases or talk about ethnicity or religion. “How do we resolve the revenue problem we have with fuel subsidy without leading to social unrest which the two dominant parties have not yet resolved, and the other contenders remain quiet about. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ WEDNESDAY SEPTEMBER 14, 2022

POLITICS

Lado’s Growing Inﬂuence Unsettles APC in Katsina Francis Sardauna writes that the growing popularity and acceptability of Peoples Democratic Party and its governorship candidate in Katsina State, Senator Yakubu Lado, appears a threat to the ruling All Progressives Congress

s the battle for the soul of Katsina State continues to gather momentum, the growing influence and acceptability of the Governorship Candidate of the Peoples Democratic Party (PDP), Senator Yakubu Lado, has rattled the ruling All Progressives Congress (APC) in the state ahead of the 2023 election. The ascending acceptance and popularity of Lado in the state, is already making the camp of the APC Gubernatorial Candidate, Dikko Umar Radda, jittery over their chances or possibility of winning the March 11, 2023 governorship election despite the perceived power of incumbency. Lado, the 2023 candidate of the main opposition PDP, whose political pedigrees have made him gain unflinching support from the electorate at the grassroot, is a serial contestant of the governorship seat. He was among the 2011 governorship aspirants of the defunct Congress for Progressive Change (CPC) in the state, 2015 and 2019 governorship candidates of the People’s Democratic Movement (PDM) and the PDP respectively. The former Senator, House of Representatives member and Chairman of Kankara Local Government Area, is an astute politician and a quiet achiever but considered an old-timer on the political turf. His emergence is bringing excitement and apprehension, being a strong PDP gubernatorial candidate with age and sustainable economic track records on his side. Recent political developments in Katsina state have lent credence to the rising profile of the PDP governorship candidate because political stakeholders like the immediate past Secretary to the State Government (SSG), Dr. Mustapha Muhammed Inuwa, including members of the business community, traditional and religious leaders are said to be rallying support for Lado to chart a way forward for his 2023 victory following what political observers termed failure of the APC in the state. Inuwa, who contested the recently concluded governorship primaries of the APC but lost to Dr. Dikko Umar Radda, is an astute politician in the state that has well-stacked APC membership within his political fold. On the heels of the turn out of the primaries, the APC bigwig accused the state leadership of the party of working with other stalwarts of the party against his lifelong political ambition of succeeding Governor Aminu Bello Masari. There are strong indications that the erstwhile SSG who is considered by political observers as the engineroom of Masari’s government and thousands of his supporters may jump ship from the APC to PDP. His recent meeting with the state PDP governorship candidate, Senator Lado and some stalwarts of the party, further confirmed his plans to dump the ruling party. Lado, while addressing the former SSG and his teeming supporters during the meeting, said: “We are here to appeal to our elder brother (Inuwa), a political force who left the PDP for one reason or the other to come back and join our bid to rescue Katsina State from its current myriad of challenges. “We are appealing to him to forgive and forget whatever wrong our party has done to him in the past that made him leave the party. We know your strength and capacity. We know what you can do and we are hoping that you will join forces with the PDP soon”.

Lado

But Inuwa who is nursing grievous wounds inflicted on him during the APC primaries, told Senator Lado and his delegation that he would consult his political godfathers and supporters within and outside the state before deciding on his next political line of action which will adversely affect the APC chances of winning the poll. The former SSG who is alleged to have donated 10 offices to the PDP for the 2023 campaigns, however, vowed to work only for a competent and qualified candidate that will rescue Katsina from its current security and economic challenges in the forthcoming general election. Aside from wooing Inuwa to join the PDP, the perception in the state’s political landscape is that the opposition party is becoming an immutable political force to be reckoned with going by the massive exodus of notable APC members into the party’s fold in the last few months

because of the premeditated strategies of Senator Lado and his running mate, Ahmed Yar ’Adua. Perhaps, Inuwa’s consultations with his political associates on whether to leave the APC for the PDP has further triggered permutations within the party, especially the camp of its governorship candidate (Radda). Another issue that frets the camp is the daily defection of thousands of registered APC members to the Peoples Democratic Party. For instance, in July this year, 5,000 APC members from Matazu and Musawa Local Government Areas led by Hon. Ali Maikano dumped the party for PDP in the state. In August, another batch of 19,5000 APC members, mostly officials from Baure and Zango local governments in Daura senatorial zone of President Muhammadu Buhari, also defected to the PDP. The defectors cited unfulfilled campaign promises by the APC-led government, economic and security predicaments afflicting the state, as their reasons for leaving the party. No fewer than 15,000 APC members were also said to have left the party for PDP in Mai’Adua and Safana local governments respectively.

Recent political developments in Katsina state have lent credence to the rising proﬁle of the PDP governorship candidate because political stakeholders like the immediate past Secretary to the State Government (SSG), Dr. Mustapha Muhammed Inuwa, including members of the business community, traditional and religious leaders are said to be rallying support for Lado to chart a way forward for his 2023 victory following what political observers termed failure of the APC in the state

Sources within the party further revealed that more chieftains of the ruling APC and other political parties in the state are advancing and realigning to join the PDP ahead of the 2023 elections. Also, the emergence of Dr. Dikko Umar Radda, as expected, did not go down well with a number of party members and other stakeholders in the state. As if to add pepper to a festering sore, the selection of the former Commissioner for Budget and Economic Planning, Alhaji Faruk Lawal Jobe, as the running mate to Radda has deepened the anger in the party. The selection of Jobe as Radda’s running mate did not go down well with some chieftains of the party, including its State Vice Chairman, Bala Abu Musawa, who believes that Jobe is not politically astute enough to muster the needed votes from the southern (Funtua zone) part of the state that could help his principal coast home to victory. These schools of thought argued that the party should have picked the current Commissioner for Environment, Alhaji Hamza Sule Faskari, as running mate to its governorship candidate, whom they said, has good political pedigrees, grassroots structure and a deep pocket to invoke votes for the party. They also believe that the party may have shot itself in the foot. However, the Peoples Democratic Party has continued its moves to completely take over the political leadership of the state following its recent purchase of President Muhammadu Buhari’s first-ever campaign office in Daura. The one-storey campaign office located in the heart of the historic Daura city, was acquired by Senator Ahmed Babba Kaita and handed over to the PDP for electioneering. The Buhari Organisation (TBO) office, according to reliable sources, was retrieved from the APC following the party’s inability to pay accumulated tenancy rents. This, among many other underhand happenings in the APC in the state, is believed to be scaring Radda and his campaign team, a development that apparently made the leadership of the party to inaugurate reconciliation committees at ward, local government and state levels in order to appease aggrieved members. Unarguably, with this crux of animosity or antipathy within the camp of the ruling All Progressives Congress, the guber candidate of the party and some party’s critical stakeholders are now restless, moving from one local government to another for what they tagged ‘sensitization and familiarization visit’, all in the guise of convalescing the wounds of those they injured as well as preparing ground for the 2023 polls. But to many political pundits, the present day PDP in Katsina state could best be described as an underdog that should not be underrated as far as the 2023 general elections is concerned going by the exodus of notable politicians into the party in the past few months. The array of strong and powerful politicians paraded across the various geo political zones by Katsina state PDP, is also, quite impressive and intimidating such that it wIll be a very hectic and herculean task for the ruling party (APC) to contend with in 2023. Therefore, going by the analysis of the potential of the governorship candidates ahead of the 2023 elections, Lado has been tipped to have an edge above other flagbearers in the state.

T H I S D AY ˾ ͯͲ˜ 2022

FEATURES

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

Adedoyin Akinnurun and Olumide Ashiru: We've Made Delivery Process Easy for Diasporans Adedoyin Akinnurun and Olumide Ashiru - Balogun are USA-based co-founders of HelpMeWaka, the much-talked-about online errand services platform. Armed with expertise in the field of I.T. and driven by transparency, competence, and dedication to the attainment of customer satisfaction, the duo has carved a niche for themselves and impacted lives positively. Akinnurun, a graduate of Computer Science from the University of Ibadan, with a Master's from South- Eastern University DC, USA and professional certifications in Java and Oracle, has worked in Novell and Verizon. Balogun on the other hand, who bagged a B.SC in Computer Science and a Master's in I.T. from the prestigious Bowie State University, USA, has worked in Fortune 500 companies and is a Project Management Professional. In this interview with Mary Nnah, they spoke about this unique platform and their entrepreneurial experience

hat informed your decision to relocate to the USA? Akinnurun: I had already made up my mind to pursue a Master’s degree long before I finished my first degree. During my time, the I.T field was just emerging and with the type of course I studied, I knew I had to be on top of the game, especially if I wanted to be relevant in the field. I knew I had to rub minds with the best across our borders because such international exposure would broaden my horizon sequel to accessing their knowledge bank, thus getting me adequately prepared for the real world. Balogun: Like Akinnurun, I moved to the US for educational purposes. Students in Nigerian universities suffered from the plague of strikes which ended up prolonging their stay in school. If it wasn’t the Academic Staff Union of Universities (ASUU) going on strike, then it was the Non-Academic staff union (NASU) or Senior Staff Association of Nigerian Universities (SSANU). My parents didn’t want me to experience that and so they sent me off to where the educational system worked efficiently.

What is Helpmewaka all about? Akinnurun: Helpmewaka, popularly known as helpmewaka.com, is an online errand service platform primarily tailored towards Diasporians who need competent and trustworthy hands to run unique errands on their behalf in Nigeria and Ghana. Locally based persons with busy schedules are not exempted from sending us on errands. From groceries deliveries to loved ones in Nigeria and Ghana, processing of transcripts and certificates from Universities, Polytechnics, to the legalisation of documents at the Foreign Affairs Ministries, Embassies, and other miscellaneous unique errands, Helpmewaka has grown to become the ‘go-to’ plug for efficient errand services. We've made the delivery process easy for Diasporans. Was there a particular reason for choosing Ghana ahead of other African countries? Akinnurun: Our primary target market has always been the Diasporan population and of course, we had to start from our people. However, we noticed that apart from Nigeria, Ghana also had a huge Diasporian population spread across the world. After conducting our market research, we realised this was an untapped market that we could operate in as well. So what motivated you to start the business? Balogun: The major challenge facing every Diasporian is getting things done in Nigeria. Back then I had to call my nieces and nephews to have groceries delivered to my mother. What about getting transcripts? I realised it was a nightmare for Diasporans. For the Records office to take your case, and transmit it to the appropriate person, you would need to knock on their doors repeatedly. How many of them had the time to spare to travel down, and run around to have the same done? Many were at the mercy of whomever they sent to help them process the same. Then there were sad cases

retirement savings. Retirement savings! Wasn’t that a risky move? Balogun: Well, there’s no entrepreneur and even founders/builders of blue chip companies who didn’t venture into risktaking. Business is all about taking risks especially if you have an envisioned future for it and want to attain the set goals. When you’re starting, typically no one will believe in you or what you’re doing until they start seeing results. We couldn’t get the funds that we needed and have exhausted all options but nothing came out of it. After deliberating extensively with Doyin, we mutually agreed to use what we had i.e. our retirement savings to start operations. Looking back I’m happy we made that daring move.

HelpMeWaka Co-Founders, Akinnurun and Balogun

of Diasporans who were scammed by their friends and even family members they trusted to build houses for them. I experienced issues getting things done, likewise Doyin as well. When I discussed with him about partnering to solve these challenges, he was all in. We did our market survey, conducted our research, and deciphered what the burning challenges were that Diasporians needed solutions to. At the end of the day we realized that groceries drop off to parents and loved ones, retrieval of transcripts, renewal of nursing license in Abuja, legalization of documents at embassies and foreign Affairs Ministry, Abuja, ranked tops on the list of their challenges. We started this platform to use our professionalism to effectively run errands above and beyond their expectations.

errands for them. It’s a huge blow upon being disappointed because friends and families tend to take things for granted because of the existing bond. So why would you subject yourself to that emotional trauma which we’ve seen happen repeatedly in the Diaspora? Processing of transcripts in Nigeria or Ghana is not a walk in the park. It requires constant follow-up and paying attention to details. We’ve successfully done this countless times, so we know exactly what to do and what to apply for to make things seamless. Let’s even talk about the cost involved in using family members. It simply creates a channel for them to continuously ask you for money and you end up picking bills that you never bargained for. Balogun: In addition to what Doyin has said, let’s not forget that accountability is key. Accountability is thrown into the bin with family and friends, family friction is rife, and chances of being deceived that work is being done are high. We on the other hand uphold the principle of accountability, eliminate family friction, provide evidence of What are your views on payment made, send proof either as pictures the “my family members and or videos after groceries drop off, and give friends can run the errands” you regular updates on the progress made syndrome which is typical in in the course of running designated errands. Diasporans and how do you This has invoked trust and transparency convince them otherwise? between us and our customers. In fact, for Akinnurun: In the short term those who are blown away by our efficient or long term, it’s not a good idea errand services and find it unbelievable, we and many still have this rigged allow them to verify our reports. This has mindset. A good number of further helped in increasing and strengthenDiasporans, maybe out of fear ing customer loyalty. of not wanting to be seen as the When did Helpmewaka ofﬁcially kick family or friend bond breaker, subject themselves to going with off and how was it funded? Balogun: Helpmewaka started in Decemthe notion that they have people back home who can always run ber 2019. The initial funding came from our

Our services are very unique and we employ a solution-focused approach in executing given tasks. Where there are obstacles, we see possibilities

What challenges have you faced over time and how did you successfully weather the storm? Akinnurun: We have faced a lot of challenges. As Olumide said, there was a funding issue needed to hit the ground running. We were also going into a novel terrain, one that was virtually non-existent back then, so we learned and re-learned things as we went along the way. Then there was also the technological headache of making things work because as pioneers we had to prove to our customers and potential ones that they could trust transactions carried out on our safe platform. In all, diligence, resilience, mutual respect and views, frequent brainstorming sessions, making joint decisions, passion to deliver optimal results, and ultimate customer satisfaction time and time again, helped us weather the storm. What would you say makes it unique from other errand businesses in the country? Balogun: Our services are very unique and we employ a solution-focused approach in executing given tasks. Where there are obstacles, we see possibilities. For instance, we’ve had some Diasporians sending groceries to loved ones in remote villages across Nigeria that were impassable and our field team had to think and look for alternative ways to get to the designated delivery drop-off abode which was done. This further endeared us to their hearts and they helped spread the word about our brand. At Helpmewaka, we go above and beyond to provide customer satisfaction and exceed their expectations. How has the market responded to your services? Akinnurun: The market has responded to us very well. We are grateful for the journey that started three years ago and has grown to become the number one errand service in Nigeria and Ghana for Diasporans. Which of the errand services do people tend to frequently opt in for? Balogun: People tend to often opt in for grocery deliveries, transcripts retrieval, and legalisation of documents NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ SEPTEMBER 14, 2022

PERSPECTIVE

How Ethical Media Practice and Innovation Can Unlock Africa's Potential in a World of Misinformation Tobechukwu Okigbo

he rapid and significant shift in communication dynamics over the last decade means that this is a critical time to understand the power of the media and the impact that it has on our world - for good or bad. The history books – including popular religious opus – are packed with stories of how communication through various means has influenced some of the greatest events the world has ever witnessed. For centuries, the twin problems of miscommunication and misinformation have led to devastating wars, a breakdown of order and sanity and inspired brutal rebellion. In contrast, effective messaging at critical moments, has averted or mitigated would-be disasters of enormous proportion. One personal favourite example on the critical role of effective information dissemination is the tragic sinking of the Titanic. When the famous ship sank in 1912 on its maiden voyage, a simple but powerful “Come at once. We have struck a berg. It's a CQD, old man” distress message sent out by the ship's wireless officer, Jack Phillips, was enough to alert another ship, the Carpathia, which was about 58 miles away about the impending disaster before water overflow caused the communication system to lose signals. Although over 1,500 lives were tragically lost in the incident, the timely message meant that 705 others were rescued. Timely, credible and effective communication holds just as much importance in our world today, albeit under more complex circumstances. Advancements in technology, and increasingly easily accessible digital media channels in recent years ensures that information spreads at an incredible speed. A light tap on the 'send' icon on a smartphone or tablet can disrupt our world in seconds. Fake news continues to circulate and intoxicate the media more than the world could have envisaged centuries ago. I believe that the good of technological and digital media advancement far outweighs the bad. Nonetheless, the volatile tendencies and dangers of misinformation remain a cause for worry. I remember how, in 2019, at the height of the xenophobic attacks on foreigners in South Africa, fake news dissemination led to the destruction of some local businesses in Nigeria believed to be owned by South African nationals. The dangers of misinformation are palpable. Are we helpless? The answer is no! More than ever before, the media today wields enormous influence on people's beliefs and attitudes. A situation that ultimately places focus on the need for mass media propagators to provide factual coverage that does not sensationalise, perpetuate myths, or encourage generalisations. Media practitioners in Africa have a duty to research, query and verify information before dissemination, regardless of on whose behalf such actions are carried out. It would, however, be logical to admit that a myriad of factors continues to threaten the actualisation of ethical information dissemination. A lack of professional training, critical knowledge, social responsibility obligations and the spirit of enterprise are common contributors to the dilemma credible practitioners on the continent grapple with. And in an equally significant capacity, detachment from the modern connected world and new technological innovations pose drawbacks for the players in the media industry. Urgent actions are therefore required in the media landscape if Africa, with

Okigbo

its enormous potential, is to become a leading force in the world. Africa must conquer the challenge of misinformation inhibiting; or at the very least mitigate it. A properly trained and motivated media, through detailed, credible and reliable communication, will play a pivotal role in effectively propagating and documenting the continent's triumphs and challenges. This will consequently curb the unnecessary embellishment and dilution of facts that propels misinformation and its attendant consequences. As Africa's most populous nation, the digital media space in Nigeria is vastly expanding. According to the Nigerian Communications Commission (NCC), there are currently over 100m internet users in the country. A considerable percentage of people with internet access consume information on social media, while mobile phone ownership in the country has surpassed ownership of radio, television and computers both at the personal and household levels. This makes Nigeria, with a volatile socio-political scene, one of the countries

with the most exposure to the dangers of false information dissemination. Media practitioners in the country also have a duty to stem the polarisation of thoughts and ideas that can threaten the nation's unity. Peculiar challenges, including a dearth of young media personnel with professional backgrounds, and low technical know-how of new digital media tools, contribute to stifling Nigerian media outfits’ ability to disseminate information that is credible and ethical. The same credibility in information dissemination is required in Brand and Agency relations with the media. Brands and Agencies must use insights and adequate research in their communication strategies with target audiences, ultimately building trust and confidence needed for brand affiliation amongst consumers. The MTN Media Innovation Programme (MTN MIP) was created to contribute towards ameliorating some of these pain points. For six months, media practitioners will be trained at the School of Media & Communication, Pan-Atlantic University (PAU) on cultivating the highest intellectual, ethical and professional values of media practice. The fully-funded fellowship, by design, will bolster media practitioners' understanding of Nigeria’s technology sector and the nexus between media and technology, thereby boosting their ability to adapt to changing digital realities. As a technology company that believes in shared value, and committed to leading digital solutions in Africa,

For centuries, the twin problems of miscommunication and misinformation have led to devastating wars, a breakdown of order and sanity and inspired brutal rebellion. In contrast, effective messaging at critical moments, has averted or mitigated would-be disasters of enormous proportion

MTN understands the importance of partnering with the Nigerian media as a critical stakeholder in the socioeconomic development of the nation. Hence the investment and partnership with SMC-PAU to enable capacitybuilding initiatives and innovation in media practice, through unrestricted access to the professional resources and mentorship from the SMC-PAU faculty and MTN executives, both in Nigeria and at the Group level. Fellows will benefit from a study trip to the University of Witwatersrand, South Africa where they will learn the media business and the role of development communication in pan-Africanism amongst other benefits. The importance of this programme to the development of the Nigerian media space cannot be overstated. Participating practitioners will not only be exposed to the new technologies in carrying out their work but will also be equipped with the essential ICT skills that will boost their reputation on a global level. It has been fulfilling seeing how 22 media practitioners across the spectrum, including social media influencers, have been participating and engaging in intensive sessions on creativity, innovation, entrepreneurship, and strategic subscription business and management at the MTN MIP. A key factor driving the excitement around the programme is the belief that the better the participants become at their job following the fellowship, the greater the impact they will have on the Nigerian and African media space. This is the essence of ‘Shared Value:’ To contribute. To enable. To empower. To say that I am hopeful about the possibilities this programme will provide participants, and its general impact on Nigeria's media climate, would be repressing my enthusiasm. We are on the path to unlocking Africa’s potential across all sectors through ethical media practice. Everyone should pay attention! -Okigbo is Chief Corporate Services Officer of MTN Nigeria.

WEDNESDAY SEPTEMBER 14, 2022 • T H I S D AY

T H I S D AY ˾ WEDNESDAY, SEPTEMBER 14, 2022

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

S E P T E M B E R

S & P INDEX

1 3 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

Cheque Transactions Up 0.64% YoY to N2.12trn in Eight Months

Kayode Tokede As electronic transactions gathered significant momentum, cheque transactions rose by 0.64 per cent Year-on-Year (YoY) to N2.12trillion in eight months of 2022 from N2.11trillion in the corresponding period of 2021, data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed. THISDAY analysis of the data showed that cheque transactions in 2022 has been hovering at an average of N265.56billion with

March and July 2022 reporting the highest and lowest. According to the NIBSS data, cheque transactions in rose by 12.93 per cent Month-on-Month (M-o-M) to N293.395 billion in March and close July at N240.32billion. On the contrary, further analysis of the eight months data showed that the volume of cheque transactions dropped by 7.6 per cent YoY to 2,737.91million from 2,963.69million in eight months of 2021. The trend in cheque transactions

between 2018 and 2021 has continued to show contraction as most bank customers embraced the cashless policy of the Central Bank of Nigeria (CBN). Specifically, the total value of cheque transactions dropped by 11.45 per cent to N4.13 trillion in 2019 from N4.66 trillion reported by NIBSS in 2018. It further dropped to N2.99 trillion in 2020 and closed 2021 at N2.95trillion. The CBN had in December 2001, introduced the cashless policy in a move to reduce the amount of

physical cash in circulation thereby encouraging the use of electronic platforms for settlement or payment for goods and services. The apex had introduced cashbased transactions which stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for individuals and N3,000,000 for corporate bodies. The policy on cash-based transactions (withdrawals) in banks, aims at reducing the amount of physical cash (coins and notes) circulating in the economy, and

encouraging more electronic-based transactions (payments for goods, services, transfers, etc.) The pilot was run in Lagos State from January 2012 while the policy took effect in Rivers, Anambra, Abia, Kano, Ogun and the Federal Capital Territory (FCT) on the July 1st, 2013. The policy was implemented nationwide on July 1st, 2014. On the flipside, the data disclosed that a whopping N238.7 trillion NIBSS Instant Payments (NIP) transactions were carried

electronically in the last eight months, representing an increase of 42.15 per cent YoY from N167.893 trillion in eight months of 2021. The surge in electronic transactions shows that more Nigerians bank customers are embracing the cashless policy and dumping cheque transactions. The NIBSS NIP is an accountnumber-based, online-real-time Inter-Bank payment solution developed in the year 2011 by Continued on page 22

Pension Funds’ Domestic Equity Exposure Decline to 6.4% as Fixed Income Yields Rise

Nume Ekeghe

Pension funds’ exposure to the equities market declined by 6.4 per cent as investors pursue safer, higher yields rate in the fixed income assets, a report by Coronation Merchant Bank has revealed. The report noted that in July, the share of local equities to total pension fund assets fell to its lowest

level since November 2020. Nigerian pension funds being the largest part of the domestic offtakes with total Assets Under Management pegged at N14.36 trillion as of July 2022 has been tipped off to further recede from equities. According to the report, “ Year-to-date, domestic institutional investors have accounted for 60.0 per cent of transactions on the

NGX Exchange. Nigerian pension funds are the largest part of this group, with total Assets Under Management of N14.36 trillion as of July 2022. However, data from the pension industry regulator shows that Nigerian pension funds’ domestic equity exposure fell to 6.4 per cent in July 2022, the lowest since November 2020, from a 15-month high of 7.1per cent at the end of April.”

The withdrawal, the report said, is slated to spiral into an unprecedented outrun on the fortunes of equities, especially as foreign investors have taken flight due to economic uncertainties related to pre-election jitters. It added, “ First, we looked back at pension funds’ historical exposure to domestic equities and found that Nigerian pension funds have essentially halved their equity

exposure today, from 11.9 per cent levels at the end of 2013. This is understandable given equities have returned a measly 5.0 per cent annually in the period, compared to average inflation of over 13.0 per cent. “But how do changes in equity exposure affect stock market returns, analysing quarterly data from as far back as 2013, we found that equity market returns and

changes in Nigerian pension funds asset allocation to equities are correlated. In the month of July, PFA equity exposure fell by 42bps m/m while the NGX ASI fell by 2.8 per cent m/m.” It further added, “With domestic institutional investors continuing to dominate trading in the equities market, it is likely that further Continued on page 22

M A R K E T D ATA A S AT T U E S D AY, S E P T E M B E R 1 3 , 2 0 2 2 BILLS

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

103.65 101.08 98.69 110.80 103.73

Yield 11.50 13.01 12.98 13.05 13.00

Change Updated Time (%) -0.01 September 8, 2022 0.00 September 8, 2022 0.00 September 8, 2022 0.00 September 8, 2022 0.00 September 8, 2022

MATURITY NTB 13-Oct22 NTB 10Nov-22 NTB 26-Jan23 NTB 9-Feb23 NTB 9-Mar23

Discount

Yield

9.00

9.08

3.90

3.93

9.80

10.18

10.00

10.44

10.05

10.58

CPS

Change Updated Time (%) 8, 0.00 September 2022 8, 0.00 September 2022 8, -0.01 September 2022 8, 0.00 September 2022 8, 0.00 September 2022

MATURITY NENL CP I 24-OCT-22 FSDH CP VII 27-OCT-22 SIBP CP III 27-OCT-22 DLMG CP IV 11-NOV-22 FDHP CP III 17-MAR-23

Discount Yield 20.67 21.22 14.78 15.08 13.95 14.22 17.62 18.19 15.42 16.76

Change Updated Time (%) 8, -0.01 September 2022 8, -0.01 September 2022 8, -0.01 September 2022 8, -0.02 September 2022 8, 0.01 September 2022

OTC F X F U T U R E S CONTRACT Current Updated Time TENOR Contract Rate ($/₦) (MONTH) NGUS SEP 28 439.60 September 8, 1 2022 2022 NGUS OCT 26 441.81 September 8, 2 2022 2022 NGUS NOV 30 444.01 September 8, 3 2022 2022 NGUS DEC 28 446.22 September 8, 4 2022 2022 September 8, NGUS JAN 25 448.43 5 2023 2022

WEDNESDAY, SEPTEMBER 14, 2022 ˾ T H I S D AY

BUSINESSWORLD

DUE DELIGENCE

GTCO Sustains Profitability, Dividend Payout to Shareholders

Kayode Tokede

uaranty Trust Holding Company (GTCO) in its audited half year ended June 30, 2022 maintained a track record of profit generation, and interim dividend payout to shareholders despite numerous challenges facing the banking sector. The group reported 11 per cent growth in Profit Before Tax (PBT) to N103.25 billion in half year 2022 from N93.06 billion reported in H1 2021 with PBT contributions from Banking Entities ex-Nigeria improving to 32.8 per cent in half year 2022 from 25.5per cent in half year -2021 and the non-Banking Entities accounting for 0.6 per cent of the H1 2022 PBT. On the H2 2022 Earning Per Share (EPS) of N2.79, the board proposed an interim dividend of N0.30 and it is an interim dividend yield of 1.52 per cent as the stock closes on Monday at N19.80 on the Nigerian Exchange Limited (NGX). The management effective management of topline performance, core banking operations, and cost despite the hike in inflation played a critical role in PBT growth in the period under review. Take for instance, the Group’s gross earnings increased by 15.1 per cent to N239.3 billionn in half year 2022 from N207.9 billion in half year 2021, primarily from growth recorded on all revenue lines apart from the Other Income line that dropped by 14.9 per cent. From the profit & loss figures, Interest Income increased by 16.7 per cent to N147.2billion in half year 2022 from N126.0 billion, driven by the 17 per cent growth in average volumes of Earning Assets. A five per cent growth in the Average volume of Gross Loans (1.7 per cent actual) complemented by the 0.8 per cent yield pick-up translate to a 13.5 per cent growth in Interest earned on Loans and advances to N104.1 billion in half year 2022 from N91.7 billion in H1 2021 and played a significant role in aggregate growth of Interest Income.

INTEREST EXPENSE

The Group’s interest expense grew by 38.4 per cent to N26.4 billion in H1 2022 from N19.0 billion in half year 2021 due to an increase in Cost of Funds to one per cent in H half year 2022 from 0.7 per cent in half year 2021 and culminating in a dip in Net Interest Margin (NIM) to 6.5 per cent in half year 2022 from seven per cent in H1 2021. Also, the Group grew the volume of its fee-

based transactions resulting in a 21.4per cent (N8.2billion) growth in Fee and Commission Income to N46.5 billion in H1-2022 from N38.3 billion in H1 2021. Fee and Commission growth can be attributed specifically to the growth in Corporate Finance Fees to N5.3 billion in H1 2022 from N1.6 billon reported in half year 2021 and Current Account Maintenance Charge (CAMF) that increased to N9.4billion in H1 2022 from N7.8 billion in H1 2021 on the back of 28 per cent growth in turnover volumes to N14.7 trillion from N 11.5 trillion during the same period. The Group’s loan impairment charges decreased by 25.4 per cent to N3.5billion in half year 2022 from N4.7 billion in H1 2021 due to the level of risk reserves built up from previous years. However, the Group’s total Operating Expenses (OPEX) grew by 11.3 per cent or N10.1 billion to N99.5 billion in H1 2022 from N89.3 billion in half year 2021 primarily from increased regulatory cost associated with growth in Balance Sheet size i.e. AMCON levy and NDIC premium, incremental depreciation charge arising from capital spend, inflation hovering between 17per cent -18.6 per cent for the most part of half year 2022, the effect of an increase in energy costs and impact of adverse exchange rate movement against the US Dollar across the bank’s jurisdiction of operations outside Nigeria in H1 2022. As the Financial Holding Company continues to gain traction, as the bank stated that it is expecting revenue base to become stronger and further diversified to withstand stress. It also expected income from Non-Banking Subsidiaries (i.e., Payments, PFA, and Asset Management) to strengthen the Group’s performance with resultant improvement in profitability metrics.

STRONGER BALANCE SHEET

The Group closed H1 2022 with Balance Sheet size of N5.69 trillion representing a 4.6 per cent growth over N5.44 trillion recorded 2021 FY. Across all its jurisdictions of Operations (West Africa, East Africa and the United Kingdom), the Group’s Balance sheet remains well structured and diversified. Earning Assets, which constitute 63.1 per cent of Total Assets grew by 4.1 per cent

to N3.58 trillion in H1 2022 from N3.44 trillion in 2021 financial year. The growth in Earning Assets resulted from an improved funding base backed by the synergy created through the Holding Company i.e. multi-focused business approach and effective execution of the Group’s retail strategy; which is underpinned by customer acquisition, deployment of innovative solutions, tailored product & service offerings and well-defined business segmentations. Growth in Customer Deposits, Customers’ Escrow Balances was deployed across all the key Earning Asset Lines resulting in 8.32 per cent (N118.42billion) and 1.7per cent or N32.0 billion growth in Fixed Income Securities (FIS) and Loans and Advances, respectively. Group’s Net Loans closed at N1.835 trillion in half year 2022 from N1.803trillion in 2021; the growth noted is from the N57.6 billion increase in the loan book of Nigeria’s operations, due to increased credit flows to the Corporate (Manufacturing and Telecoms) and Retail Sectors. The growth was adequate to offset the negative impact of the translation of Subsidiaries’ Loan balances to Naira based on currency adjustment (N425.05/$1 in H1 2022 vs N435/$1 in 2021 FY). Customer Deposit Liabilities grew by 6.24 per cent or N250.3 billion) from N4.012 trillion in 2021 to N4.263 trillion in H1 2022 as a result of low-cost funds which increased by 6.5 per cent (N224.2 billion) from N3.438 trillion in 2021 to N3.662 trillion in H1 2022, resulting in low-cost deposit mix of 85.9 per cent from 85.7 per cent in 2021.

STRONGER FINANCIAL RATIOS

In spite of the challenges and headwinds which characterized the operating environment with attendant negative impact on businesses and households in half year 2022, the Group posted Pre-tax Return on Average Assets of 3.7 per cent and Pre-tax Return on Average Equity of 23.9 per cent on the back of efficient and timely deployment of appropriate strategies to deal with challenges as they arise. The group’s total capital adequacy ratio closed at 22 per cent, significantly higher than the minimum regulatory requirement of 15 per cent. The liquidity ratio closed at 38.85 per cent in half year 2022 (FY 2021: 38.26 per

cent) well above the regulatory minimum requirement of 30 per cent. Despite the pressure from intense competition and the need to cover for regulatory debits, the Group maintained an average liquidity ratio of 39.44per cent during the Period under review.

REACTIONS

The Group Chief Executive Officer of GTCO, Mr. Segun Agbaje, in a statement said, “Our results show an increase in key revenue lines and a strong performance in other financial metrics which reinforce our growth prospects as a leading financial services company. “Our priority at the start of the 2022 financial year was to bring the Group’s new businesses on-stream, starting strong with a focus on longterm viability. “At present, we have successfully expanded our financial services ecosystem to include HabariPay Limited, Guaranty Trust Fund Managers Limited, and Guaranty Trust Pension Managers Limited, and all of them are P&L positive.” He further stated that, “These newly created businesses will operate alongside our flagship banking franchise to offer increased value to our growing customer base as well as other stakeholders. “We will continue to build on our core strengths of service excellence, innovation, and flawless execution to deliver our corporate objectives for the year and further our vision of being Africa’s leading financial services institution.”

ANALYSTS VIEW

According to analysts at Coronation Research, “Net interest income was in line with our expectations. However, profits were lower than our and the market’s expectations following higher-than-expected tax charges and operating expenses. We are worried about the slow growth in the group’s loan book, while concerns remain around the elevated operating expense profile. However, we are encouraged by the fact that the group maintained its dividend payout despite the drop in earnings. “On the positive, as we expected, interest rates have risen significantly in recent weeks. As a result, the benefits of rising asset yields are likely to filter through to funded income and support earnings in Q3. In addition, the stock has declined by 23.5 per cent y-t-d and is trading at a deep discount to its peers and historical valuation. This presents an attractive entry opportunity for investors. Accordingly, we maintain our BUY recommendation on the stock.”

PENSION FUNDS’ DOMESTIC EQUITY EXPOSURE DECLINE TO 6.4% AS FIXED INCOME YIELDS RISE reductions in PFA exposure to equities, especially as fixed income yields continue rise, could lead to further softening of the NGX-ASI.” Analysts at United Capital had

in a report stated that; “PFAs who currently set the pace of equity market direction tend to develop itchy feet towards Nigerian equities in a pre-election cycle. For FPIs, the

consensus that they tend to exit emerging market equities whenever an election season starts holds true for Nigeria. For context, over the past two pre-election years, data

from the Nigerian Exchange Group (NGX) show that FPIs have been net sellers of Nigerian equities to the tune of N81.8billion in the second half of a pre-election year.

“In addition, data from the National Bureau of Statistics show that equity FPI inflows in the second half of the last three pre-election years have declined

by an average of 26.9 per cent, compared to the first half of the same year, H2-2010: -2.2 percent, H2-2014: -13.4 percent, and H2-2018: -65.0 percent.”

and electronic transfer expands, of course, we will have the phase out of cheque transactions in the banking sector. “There is cap on electronic transfer and that is why cheque transactions is still much relevant in the banking sector. By the time Nigeria’s economy extends beyond that cap, especially with digital currency, cheque transactions will witness massive phasing out in the banking sector.

He added that, “As you likely know, the digital transactions does not required third-person transactions. It is a traditional practise that cheque transactions will exceed to exist due the technological advancements in digital transactions.” The CBN in June 2022 raised the limit for ‘Highly Secured Online Funds Transfer from N100 million to N250 million for Companies and from N10 million to N25 million for individuals.

CHEQUE TRANSACTIONS UP 0.64% YOY TO N2.12TRN IN EIGHT MONTHS NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary. Analysts attributed the steady decline in cheque transactions to individuals and corporate bodies adopting Instant Payment platform (NIP) championed by the apex banking regulating body. In a chat with THISDAY, the President, Bank Customers Association of Nigeria (BCAN),

Dr. Uju Ogubunka, said, “Cheque transactions will never go out completely from the banking sector. In advanced economies, people are still using cheques and there are certain transactions bank customers will want to do that required cheques. “The law on cheque in Nigeria is very strong. We have the Bill Exchange /Cheque Acts and both are fundamental laws that can never be repel from the banking

sector. The old generation still cherish their cheque books and transact businesses with it as long as banks are offering them. “We await a day bank will totally suspend cheque transactions and I do not see that happening very soon. Cheque transactions will gradually be phasing out in the system but not completely until the generation familiar with cheque transactions are out of the system. He added, ”It is not a surprise

that cheque transaction between 2018 and 2021 has dropped amid the CBN policy of cashless policy. There has been shift in ways bank customers transact business and the decline in cheque transactions is another change everyone must embrace.” Speaking, the Vice President, Highcap Securities Limited, Mr. David Adnori said, “cheque transactions is an obsolete transfer of funds in the banking sector

T H I S D AY ˾ WEDNESDAY, SEPTEMBER 14, 2022

BUSINESSWORLD

ECONOMY

Boosting Demand for Nigeria’s Exports Through Value Addition James Emejo writes that beyond raw materials exports, government must commit itself to promoting value addition to increase quality of exports to make the country’s trade more profitable.

o doubt, Nigeria’s foreign trade may appear huge in terms of volume, and size but it is not often favourable to the country, especially in terms of the balance of payment in recent times. This is partly a result of the underlying challenges in the country’s economic structure, especially its over-reliance on crude oil revenues over time and the inability to properly diversify the economic base. Nigeria’s foreign trade is perpetually in deficit as the value of its imports appear to outweigh exports – but the real issue remains in the continuous export of raw materials without value addition.

MERCHANDISE STATISTICS The National Bureau of Statistics (NBS) in its second quarter 2022 foreign trade report, indicated that Nigeria’s total merchandise trade dropped slightly by 1.23 per cent to N12.84 trillion in the second quarter of the year (Q2 2022) compared to N13 trillion in the preceding quarter, The performance showed an increase of 32.22 per cent higher compared to the N9.71 trillion recorded in the corresponding quarter of 2021. According to report, export trade rose by 4.31 per cent to N7.40 trillion compared to N7.10 trillion in Q1 while the share of exports in total trade stood at 57.68 per cent in the review period while the value of re-exports decreased by 91.68 per cent to N9.63 billion in Q2 compared to N115.80 billion in the preceding quarter. On the other hand, total imports decreased by 7.89 per cent when compared to the N5.90 trillion in Q1 and grew by 15.83 per cent when compared to the N4.69 trillion recorded in Q1 2021. However, a decline in imports resulted in an improved trade balance of N1.97 trillion in the review quarter. But, exports trade was largely dominated by crude oil exports valued at N5.91 trillion, representing 79.77 per cent of total exports while non-crude oil exports value stood at N1.49 trillion or 20.23 per cent of total exports of which non-oil products

contributed N675.08 billion representing 9.11 per cent of total exports. Furthermore, the export component of trade showed that Nigeria exported most goods valued at N3.28 trillion or 44.29 per cent to Europe. This was followed by exports to Asia valued at N2.42 trillion or 32.77 per cent of total exports while America accounted for N1.19 trillion or 16.14 per cent of total exports. Also, exports to Africa stood at N465.28billion or 6.28 per cent of total exports of which N357.29billion worth of goods were exported to ECOWAS countries. The report also showed that India, which accounted for N1.09 trillion or 14.85 per cent of exports, remained the top export destination for Nigeria during the quarter under review. This was followed by Spain, The Netherlands, The United States of America and Indonesia and with goods valued at N1.03 trillion, or 13.98 per cent, N914.46billion or 12.35 per cent, N661.19billion or 8.93 per cent, and N625.65 billion or 8.45 per cent, respectively. Conversely, Nigeria’s imported goods were mainly from Asia, valued at N2.58 trillion or 47.63 per cent of total imports. This was followed by Europe N1.97 trillion or 36.42 per cent, America N590.62 billion or 10.87 per cent, Africa with N244.86 billion or 4.51 per cent and Oceania with N31.49 billion or 0.58 per cent. Imports from ECOWAS countries accounted for N34.92billion, or 0.64 per cent of the value of total imports. Imported goods originated mainly from China and were valued at N1.41 trillion, representing 26.10 of total imports. This was followed by Belgium with N465.19 billion, representing 8.56 per cent of total imports, India N459.20 billion or 8.45 per cent, The Netherlands 430.90 billion or 7.93 per cent, and the United States of America with N362.92billion or 6.68 per cent of total imports.

VALUE ADDITION PLAGUED TRADE Although experts believed that the country’s trade woes were partly a

result of a lack of an effective trade policy, the inability of the country to add value to its raw material exports has been described a bigger obstacle. It is believed that the current practice of exporting raw material inputs and importing finished products in turn is the greatest undoing for the Nigerian economy as this amounts to the export of job opportunities as well as worsening the country’s foreign exchange crisis as an import-dependent economy. Earlier in March 2021, the Director General, World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, while on a working visit to the country, said although agriculture could boost Nigeria’s share of African trade, currently at about 19 per cent, and help to fix the economy, trade could play a crucial role towards the country’s economic liberation particularly through value addition to products to make them exportable. The WTO DG particularly challenged Nigerian entrepreneurs to be innovative in product packaging, and quality assurance among others in order to access the global market. Specifically, Okonjo-Iweala said Nigeria really needed to focus on adding value to products and repositioning the economy. She said, “We are an oil and gasbased economy which has sustained us for some time, and still, maybe for a couple of decades more. “But the world is moving away from fossil fuel. Before we know it everywhere will be electric cars. So, not only because of trade but its existential for us as a country that we begin to think about what we have. “And we have good news because in agriculture we have a lot we can do. There is an example I am going to be quoting everywhere of how we just help a cooperative of mainly women to process shea butter, WTO provided the technical assistance to connect them to markets and to help them improve the quality of their products. “What happened was that they were able to produce 200 metric tons of shea butter, with an order for another 500bmetric tons.”

She said if agriculture is taken seriously, it could offer immense economic potential to reset the economy.

TECHNICAL, INFRASTRUCTURAL GAPS Analysts have variously criticised the government for not doing enough to support entrepreneurs in terms of value addition to their raw materials, noting that the business landscape is still marred by policy gaps and bureaucracies even amidst efforts to reform the system and improve the ease of doing business. But the WTO had offered some sort of succour: Okonjo-Iweala, during her visit, vowed that the organisation would work with Nigeria to help deliver resources in the areas of technical assistance, training and quality upgrade as well as with other institutions in unlocking some of the bottlenecks that confront the businesses landscape.

PROCESSED RAW MATERIAL EXPORT There’s no gainsaying the fact that if properly harnessed, value addition to raw material exports could significantly tilt the country’s foreign trade to its favour. According to the President, African Cashew Alliance (ACA), Mr. Tola Faseru, processing raw materials for exports remained critical for economic diversification, pointing out that value addition in the sub-sector could help the country earn the much-needed foreign exchange, and create the much-desired employment opportunities. Faseru insisted Nigeria must change the narrative by adding value to its raw cashew exports in order to benefit significantly from the activities, and hopefully stop job exports to other countries. According to the NBS data, the value cashew nuts in shell exports in Q2 stood at N41.26 billion, Sesamum seeds N25.04 billion, superior quality cocoa beans N22.51 billion, cashew nuts shelled N11.89 billion, and natural cocoa butter N5.62 billion among others. There is no doubt that investment in value addition can go a long way in promoting economic diversification but the government’s support is crucial in this regard. The government must take advantage of the window of opportunity offered by the WTO to boost the country’s raw material export going forward.

24 T H I S D AY WEDNESDAY SEPTEMBER 14, 2022 TR

UT H

& RE A S O

Wednesday September 14, 2022 Vol 27. No 10018

opinion@thisdaylive.com

www.thisdaylive.com

SUSPENSION OF EXCISE DUTY ON TELECOM SERVICES It is a Greek gift, contends SONNY ARAGBA-AKPORE

See page 25 ELECTORAL OFFENCES COMMISSION, TO BE OR NOT TO BE? JOSEF OMOROTIONMWAN argues the desirability of the commission

See page 25 EDITORIAL THE ENDANGERED PENSION REFORM

See page 26

Ruto’s journey from out-of-favour deputy president to the presidency is a testament to his political talents, writes CHIDI ANSELM ODINKALU

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FKDSWHU LQ KRZ WKH ,&& KDV EHFRPH D IDFWRU ² DFNQRZOHGJHG RU QRW ² LQ $IULFDQ SROLWLFV :KHQ KH DWWHQGHG WKH LQDXJXUDWLRQ RI 3UHVLGHQW 8KXUX .HQ\DWWD LQ ZLWK 5XWR DV 'HSXW\ 3UHVLGHQW 8JDQGD·V 3UHVLGHQW <RZHUL 0XVHYHQL IDPRXVO\ GHFODLPHG DJDLQVW XQ QDPHG :HVWHUQ SRZHUV ZKRP KH VDLG ZHUH ´QRZ XVLQJ LW >WKH ,&&@ WR LQVWDOO OHDGHUV RI WKHLU FKRLFH LQ $IULFD DQG HOLPLQDWH WKH RQHV WKH\ GR QRW OLNH µ $W WKH WLPH 8KXUX DQG 5XWR IDFHG ,&& SHQGLQJ SURFHVVHV LQ FRQQHFWLRQ ZLWK WKH 3(9 ,Q WKH FDVH DJDLQVW .HQ\DWWD FROODSVHG OHDGLQJ WR KLV GLVFKDUJH DQG SDYLQJ WKH ZD\ IRU KLV UH HOHFWLRQ DV SUHVLGHQW WZR \HDUV ODWHU ,Q WKH WULDO RI 5XWR ´ RI WKH SURVHFXWLRQ ZLWQHVVHV VWRSSHG FR RSHUDWLQJ ZLWK WKH FRXUW DQG UHIXVHG WR WHVWLI\ EHFDXVH RI WKUHDWV LQWLPLGDWLRQ DQG IHDU RI UHSULVDOV 6HYHUDO RWKHU ZLWQHVVHV DGPLWWHG GXULQJ WKHLU WHVWLPRQLHV WR KDYH WROG OLHV WR WKH SURVHFXWRUV LQ UHWXUQ IRU PRQH\ µ 7KH FDVH ZDV IUXVWUDWHG E\ ZLWQHVV WDPSHULQJ DQG LQWLPLGDWLRQ 7KH FRXUW FRXOG QRW DFTXLW 5XWR QRU FRXOG LW À QG KLP JXLOW\ ,I WKH WULDO ZDV DQ HͿ RUW PDVWHU PLQGHG E\ DQ\RQH WR GLP WKHLU SROLWLFDO SURVSHFWV WKH RSSRVLWH VHHPV WR KDYH RFFXUUHG )DU IURP EHDULQJ RXW 3UHVLGHQW 0XVHYHQL·V WKHVLV WKH WULDO RI 8KXUX .HQ\DWWD DQG :LOOLDP 5XWR DSSHDUHG WR KDYH LQMHFWHG 6WHURLGV LQWR WKHLU SROLWLFDO FDUHHUV %XW .HQ\D LV QRW WKH RQO\ SODFH ZKHUH WKH ,&& ZDV DFFXVHG RI LQWHUQDWLRQDO LQVHUWLRQ LQWR GRPHVWLF SROLWLFV XQGHU WKH JXLVH RI SURVHFXWRULDO DFWLRQ IRU DFFRXQWDELOLW\ :KHQ WKH ,&&·V DSSHDOV FKDPEHU DFTXLWWHG IRUPHU '5& 9LFH 3UHVLGHQW -HDQ 3LHUUH %HPED RI DOO FKDUJHV LQ LW ZDV VDLG WKDW WKH MXGJPHQW ZDV ´D SROLWLFDO GHFLVLRQ DLPHG DW WKUHDWHQLQJ WKH DFWLQJ '5& 3UHVLGHQW -RVHSK 'pVLUp .DELOD ZKR LV QRW LQ D KXUU\ WR RUJDQLVH IUHH DQG IDLU HOHFWLRQV DQG OHDYH SRZHU µ 2QH FRPPHQWDWRU TXHULHG ´&RXOG WKH ,&& KDYH EHHQ PDQLSXODWHG E\ WKRVH ZKR XSKROG SUHVFULSWLYH GHPRFUDWLF LGHDOV DQG ZKR KDYH WKH QHFHVVDU\ SRZHU WR LPSRVH ¶GHPRFUDF\· LQ GHYHORSLQJ FRXQWULHV" 7KH SRVVLEOH PDQLSXODWLRQ RI WKH ,&& FRXOG KDYH OHG WR %HPED·V IUHHGRP µ )ROORZLQJ WKH LQGLFWPHQW RI 6XGDQ·V

IRUPHU 3UHVLGHQW 2PDU $O %DVKLU E\ WKH VDPH FRXUW LQ DQRWKHU REVHUYHU GHVFULEHG DQ ´LPEURJOLR RI SROLWLFDO DQG MXVWLFH FRQVLGHUDWLRQVµ LQ ZKLFK LW VHHPV WKH SROLWLFV DOZD\V ZLQV RXW ,Q 6XGDQ VRPH ZRXOG DUJXH WKH ,&& GLG QRW KDYH D UHDOLVWLF PHDQV WR EULQJ %DVKLU WR WULDO EXW XVHG WKH LQGLFWPHQW DV VWUDWHJLF OHYHUDJH RQ VXFK RWKHU LVVXHV DV WKH LQGHSHQGHQFH RI 6RXWK 6XGDQ DQG VXSSRUW IRU LQWHUQDWLRQDO terrorism. 7KH DEVHQFH RI D VPRNLQJ JXQ WR DQFKRU WKHVH FODLPV KDV QRW QHFHVVDULO\ VWRSSHG WKHP IURP Á RXULVKLQJ :KDW FDQQRW EH GLVSXWHG LV WKH IDFW WKDW WKH IRRWSULQW RI WKH ,&& LQ $IULFD KDV KDG IDU UHDFKLQJ SROLWLFDO FRQVHTXHQFHV LQ D FRQWLQHQW LQ ZKLFK WKH FRXUW KDV QRW DOZD\V EHHQ UHPDUNDEOH IRU LWV SROLWLFDO DFXLW\ RU VHQVH RI WLPLQJ 7KH LPSDFW RI WKH ,&& LQ .HQ\D ZLOO EH D PDWWHU RI FRQVLGHUDEOH VSHFXODWLRQ ZHOO LQWR WKH IRUHVHHDEOH IXWXUH 7KH EDFNJURXQG GRHV bear a brief reprise. 2Q 'HFHPEHU .HQ\DQV ZHQW WR WKH SROOV WR HOHFW D SUHVLGHQW 7KUHH GD\V ODWHU RQ 'HFHPEHU WKH (OHFWRUDO &RPPLVVLRQ RI .HQ\D (&. LQ WKH PLGGOH RI WKH QLJKW DQQRXQFHG 3UHVLGHQW 0ZDL .LEDNL RI WKH 3DUW\ RI 1DWLRQDO 8QLW\ 318 DV GXO\ HOHFWHG ZLWK RI WKH YRWHV DKHDG RI 5DLOD 2GLQJD RI WKH 2UDQJH 'HPRFUDWLF 0RYHPHQW 2'0 WR ZKRP LW JDYH +H ZDV KXUULHGO\ VZRUQ LQ 0HDQZKLOH LQ WKH SDUOLDPHQWDU\ YRWH ZKLFK WRRN SODFH ZLWK WKH SUHVLGHQWLDO EDOORW WKH 2'0 ZRQ RI WKH VHDWV RQ RͿ HU ZLWK RI WKH YRWHV EHDWLQJ RXW WKH 318 VODWH ZKLFK HQGHG XS ZLWK VHDWV IURP RI WKH YRWHV FDVW 7KHUHDIWHU DV UHSRUWHG E\ WKH 1HZ <RUN 7LPHV WKH IROORZLQJ GD\ ´>L@W WRRN DOO RI DERXW PLQXWHV« IRU WKH FRXQWU\ WR H[SORGH µ $FFRUGLQJ WR DQ LQLWLDO DVVHVVPHQW LVVXHG E\ WKH 2΀ FH RI WKH +LJK &RPPLVVLRQHU IRU +XPDQ 5LJKWV DW WKH 8QLWHG 1DWLRQV IROORZLQJ D PLVVLRQ LQ )HEUXDU\ ´PRUH WKDQ .HQ\DQV ZHUH UHSRUWHG NLOOHG WKRXVDQGV PRUH LQMXUHG RYHU SHRSOH GLVSODFHG DQG DURXQG KRXVHV DQG PDQ\ EXVLQHVVHV ZHUH ORRWHG RU GHVWUR\HG $ VLJQLÀ FDQW QXPEHU RI FDVHV RI VH[XDO YLROHQFH ZHUH DOVR UHSRUWHG µ ,W WRRN D SOXULQDWLRQDO PHGLDWLRQ OHG E\ IRUPHU 8QLWHG 1DWLRQV 6HFUHWDU\ *HQHUDO .RÀ $QDQ WR VWHP WKH YLROHQFH 7KH SRZHU VKDULQJ JRYHUQPHQW LQVWLWXWHG DW WKH HQG RI WKH PHGLDWLRQ XQGHU WKH 1DWLRQDO $FFRUG DQG 5HFRQFLOLDWLRQ $FW HVWDEOLVKHG D K\EULG LQWHUQDWLRQDO MXGLFLDO FRPPLVVLRQ RI LQTXLU\ LQWR WKH YLROHQFH 7KH WKUHH SHUVRQ FRPPLVVLRQ KHDGHG E\ 3KLOLS :DNL D MXGJH RI .HQ\D·V &RXUW RI $SSHDO PDGH WZR LPSRUWDQW À QGLQJV A lawyer and a teacher, Odinkalu can be reached at chidi.odinkalu@tufts.edu

T H I S D AY

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WEDNESDAY SEPTEMBER 14, 2022

It is a Greek gift, contends SONNY ARAGBA-AKPORE

SUSPENSION OF EXCISE DUTY ON TELECOM SERVICES “It’s not yet Uhuru” is a popular term that has lived with us for decades and we still dwell in it as events unfold. We get excited when it appears we are getting victorious over any challenge be it domestic or capital. And in the process we forget realities easily and too quickly as well. William Shakespeare was right in Julius &DHVDU ´0HQ DW VRPH WLPH DUH PDVWHUV RI WKHLU IDWHV 7KH IDXOW GHDU %UXWXV LV QRW in our stars but in ourselves, that we are underlings.” How do we begin? Telecommunications has dominated every aspect of our lives since 2001 when what has been likened to a revolution in the sector took place. The Nigerian Communications Commission (NCC) with Ernest Ndukwe

as Chief Executive and a well thought out board made up of men and women of strong characters chaired by Alhaji Ahmed Joda (God bless him) and had a free hand to carry on hence the courage to H[HFXWH WKH 'LJLWDO 0RELOH /LFHQFH '0/ DXFWLRQ OHDGLQJ WR WKH DGYHQW RI *60 services.in 2001. The board’s appointment was deliberate. President Olusegun Obasanjo ZDQWHG WR PDNH D GLͿ HUHQFH by putting in place people who could change the narrative for our telecom sector. Obasanjo gave them the authority to make things work and change the way things were done in the past. South Africa was a leading light in telecoms and Nigeria which supported that country for its long desired freedom from apartheid was doing well in telecom with a national carrier, Telkom South Africa and two mobile network operators, 9RGDFRP DQG 071 6RXWK $IULFD DQG later a third operator, Cell C. A worried Obasanjo felt very uncomfortable and gave a marching order and a free hand to operate by the new NCC team with Joda as Chairman and a technocrat, Ndukwe as Executive Vice Chairman (EVC). They went to work and put in place procedures and processes for the Digital 0RELOH /LFHQVHV DQG WRGD\ WKH UHVW LV history because the real story of what happened prior to the auction, the auction proper and the night after will be told elsewhere. The telecom sector has always been guided by rules especially since the '0/ RI -DQXDU\ &KDUOHV 5LYHUV & Associates, Commonwealth Telecom Organization (CTO), Paul Usoro (SAN) and the government representative, Aare $IH %DEDOROD 6$1 GLG D JRRG MRE E\ putting the rules together and the NCC

and bidders played by those rules. %XW WRGD\ UXOHV DUH QRW FRQVLGHUHG before actions are taken and implementation or enforcement pursued. Where the NCC is expected to exercise its independence, extraneous factors come in to truncate such moves and in the process, one man’s emotional judgment prevails. In April this year, the Association of /LFHQFHG 7HOHFRP 2SHUDWRUV RI 1LJHULD $/721 VHQW D ZRUNLQJ SDSHU WR WKH 1&& IRU XSZDUG WDULͿ UHYLHZ E\ DV PXFK as 40%. The leaked memo had its media rounds and the NCC reacted saying WDULͿ UHYLHZ KDV D IRUPDW ZKLFK PXVW EH followed before conclusions. Despite the myriad of challenges put forward by the operators for this proposal, the NCC didn’t budge and went on the SRSXOLVW ODQH WR VKRRW GRZQ WKH $/721 proposal describing it as lacking in PHULW $/721 VZDOORZHG WKH ELWWHU SLOO shrugged its shoulders and moved on. %XW EHIRUH WKH\ FRXOG VHWWOH GRZQ JRYHUQPHQW DQQRXQFHG D À YH SHUFHQW excise duty for all telecom subscribers’ activities, be it voice calls, data or text messages. $/721 IHOW ZRXQGHG DQG UDLVHG WKH alarm saying this is one pill too bitter to swallow alone, that it can no longer bear this burden and insisted its members would push the burden to the subscribers accordingly. Sensing the danger ahead, the NCC quickly put together a stakeholder conference on the 5% excise duty. The 0LQLVWU\ RI )LQDQFH %XGJHW DQG 1DWLRQDO Planning, Nigeria Custom Services, 0RELOH 1HWZRUN 2SHUDWRUV 012V DQG very many stakeholders were there. %XW VWUDQJHO\ WKH 0LQLVWHU RI Communications and Digital Economy, Dr.Isa Pantami and the NCC chief executive were not there. They were represented. Stakeholders stated their positions DIWHU ZKLFK WKH )LQDQFH 0LQLVWU\ VDLG LW was going back to the drawing board and see how they could tinker with the collection process which they later moved to January 2023 to begin. Earlier in the programme, stakeholders made various presentations to justify their positions. For instance, the NCC Chief represented by Adeleke Adewolu, executive commissioner explained why the stakeholders’ engagement that day. Even though the NCC didn’t see anything wrong with the excise duty because it is a government policy as enshrined in the Finance Act of 2020, Adewolu, simply said at the stakeholders’ meeting that the new policy came out of the Finance Act of 2020 and citing section 37 of the Finance Act, said the government amended section 21 of the &XVWRPV ([FLVH 7DULͿ E\ LQVHUWLQJ subsection 2, which provides as follows: “Telecommunications services provided in Nigeria shall be charged with duties of H[FLVH DW WKH UDWHV VSHFLÀ HG XQGHU WKH GXW\ column in the Schedule as the President may by Order prescribe pursuant to Section 13 of the Act”. Aragba-Akpore is a member of THISDAY Editorial Board

JOSEF OMOROTIONMWAN argues the desirability of the commission

ELECTORAL OFFENCES COMMISSION, TO BE OR NOT TO BE? Today, we shall examine the desirability or otherwise of a commission to deal with HOHFWRUDO RͿ HQFHV LQ 1LJHULD :H VKDOO WU\ to restrict ourselves to modern history, without returning to the dark days when GLͿ HUHQW SROLWLFDO SDUWLHV DW DQ HOHFWLRQ ZHUH assigned separate ballot boxes with their symbols. This separation made ballot box snatching easy. And in some cases, thugs of one political party could pour acid into opponents’ boxes and destroy the ballot papers therein. Nothing here vitiates the fact that the

Nigerian politics of the Fourth Republic has not been any better. If anything, it has become most brutal. Politicians have developed bigger bags of election rigging WHFKQLTXHV 7KHUH KDV EHHQ D QHDU WRWDO UHWXUQ WR DWDYLVP ZKHUH RQO\ WKH À WWHVW have survived. Thuggery and cultism have reigned supreme. We have shown in numerous articles in the past that every election has become war. Politicians behaved as if there was no life after the election. Of all the wars we have fought in Edo State, the 2007 Gubernatorial War remains the most brutal. Our political opponents had planned to eliminate us if we dared come to the voting centre on Election Day. This plan leaked to some of us. Not only did this writer stay away from the voting arena, he also hid in the pit latrine for the entire voting period. To be safe is to assume unsafe. Our counterparts who resisted them in Oredo and Ikpoba Okha local government areas did not live to tell their stories. It was that EDG 7KLV RUGHDO KDV EHHQ VX΀ FLHQWO\ GRFXPHQWHG LQ RXU SDVW ZULWH XSV War is bad. If you have come face to face with war, you would not hesitate to approve of any measure aimed at preventing war. To be or not to be, that’s the question hanging on the attempt to establish a separate &RPPLVVLRQ WR KDQGOH HOHFWRUDO RͿ HQFHV LQ Nigeria. Some have argued against the idea, maintaining that since elections are seasonal, the Commission would have nothing to do when there are no elections. This is a very narrow view of election RͿ HQFHV ,W SUHVXSSRVHV WKDW HOHFWLRQ RͿ HQFHV DUH FRPPLWWHG RQO\ RQ HOHFWLRQ GD\ (OHFWLRQ RͿ HQFHV DUH FRPPLWWHG EHIRUH during and after elections. They go far beyond the snatching of ballot boxes and IDOVLÀ FDWLRQ RI HOHFWLRQ UHVXOWV The question is relevant, what type of

election reforms do we want? Do we just want to scratch on the surface, or do we want to clean up all the rots in our elections? If the latter is our choice, we must be prepared to dig deep. As society develops, more and more of our elections will be staggered. Elections will no longer be just once in IRXU \HDUV DV ZH VKDOO KDYH PDQ\ RͿ season elections. We make good laws in Nigeria, but we hate to implement them. The Electoral Act, 2022 amply sets out limits of expenditure permitted for FDQGLGDWHV WR WKH YDULRXV R΀ FHV LQ WKH land. Yet, we open our eyes and watch presidential aspirants spend ten times the limits allowed for an entire election in one night of the primaries. We simply applaud them. We watch candidates raise funds for their elections. We care less how amounts realised from such fundraising is spent. In other climes, funds raised for an election must be spent for the election. If \RX UHDOLVH D IXQG UDLVLQJ IRU DQ HOHFWLRQ and you one day forget your wallet at home; and you dip your hands to take US$100 for lunch that day, you are a candidate for prison. Under a good system, these are the type of things that D VWDQGLQJ &RPPLVVLRQ QRW DQ DG KRF body, should be doing. 6KDOO ZH ORRN EULHÁ \ DW WKH LVVXH RI GHÀ QLWLRQV 0DQ\ GR QRW KDYH D IXOO JULS of the exact meaning of vote buying. Here, we have an administration that is at war with itself. In one breath, it decries vote buying; and in another, it is the principal culprit in vote buying. It suddenly remembers its social ,QWHUYHQWLRQ SURJUDPPHV VR FDOOHG Under the guise of Social Intervention, on the eve of an election, it moves to the marketplace and begins to distribute N5,000.00 to traders; and this is also the cost of one vote near the polling centres! If what you are doing is not vote buying, what is it; and what is? Are we no longer calling a spade a spade? He who comes to equity must FRPH ZLWK FOHDQ KDQGV 2XU À JKW against electoral malpractices must be FRPSUHKHQVLYH QRW DG KRF 6XFK D ZDU UHTXLUHV D VWURQJ DUP\ QRW D UDJ WDJ RQH Those who say that the law is coming too little, too late; and too close to the 2023 election miss the point. Good laws are made for all occasions, not for a particular event. If properly arranged, we are looking at a Commission that ZLOO EH EXV\ DOO \HDU URXQG ² LQ DQG RͿ election seasons. It may even turn out the cash cow we have been waiting for in the face of dwindling resources. It may even turn out the best legacy that 3UHVLGHQW 0XKDPPDGX %XKDUL ZLOO EH bequeathing to Nigerians. Shall we then return to Victor Hugo (1948 –1994)? “Nothing beats an idea whose time has come”. The Electoral 2Ϳ HQFHV &RPPLVVLRQ LV RQH VXFK LGHD So, let it be! Omorotionmwan writes from Canada

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T H I S D AY

WEDNESDAY SEPTEMBER 14, 2022

EDITORIAL

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

THE ENDANGERED PENSION REFORM Too many exemptions will derail this major successful government policy

he reported approval by President Muhammadu Buhari that the Head of the Civil Service of the Federation (HCSF) and permanent secretaries be exempted from the Contributory Pension Scheme (CPS) is rather disturbing. We fail to understand the motive behind the attempt to mend what is not broken. Before the CPS started in 2004, life in retirement had been hellish for civil servants. The 'HÀ QHG %HQHÀ W 6FKHPH '%6 XQGHU ZKLFK WKH\ ZHUH SODFHG UHTXLUHG VX΀ FLHQW \HDUO\ EXGJHWDU\ SURYLVLRQV by the government. This was hardly the case, and many retirees went to their graves bitter and frustrated as the government prioritised its expenditure in the wake of revenue challenges. The enactment of the Pension Reform Act 2004, amended in 2014, created the present scheme under which employees are required to make monthly contributions which are to be matched or surpassed by their employers. Upon retirement or exit from service, they will be able to draw down on the savings. Since there is no need for annual budgetary provisions for their pensions, the era of accumulated pension arrears became history. ,Q DGGLWLRQ WR WKH FHUWDLQW\ RI WKH EHQHÀ WV EHLQJ SDLG with interests as and when due, Nigeria has moved from a negative position of unfunded liability in 2004 to pension assets of N14.27 trillion as at June 2022. The total number of contributors is now about 10 million, according to the National Pension Commission (PENCOM), the industry regulator. However, there are those who believe that the new system does not favour them as they would like. This has led to the clamour to be excluded from the contributory scheme, despite its obvious success. The HCSF and the permanent secretaries in particular have always argued that they are political appointees and not civil servants and should be excluded from the CPS and placed on salaries for life, like former Presidents and Heads of 6WDWH DQG VRPH JRYHUQPHQW R΀ FLDOV VXFK DV MXGLFLDO

R΀ FHUV DQG PLOLWDU\ SHUVRQQHO ZKR DUH H[SUHVVO\ exempted by law. After many years of making a case IRU WKHPVHOYHV GXULQJ ZKLFK WKH 2΀ FH RI WKH $WWRUQH\ *HQHUDO RI WKH )HGHUDWLRQ JDYH FRQÁ LFWLQJ RSLQLRQV WKH HCSF and the permanent secretaries have now got their wish. Apart from the dangers posed to the sustenance of the reform, the exemption raises legal questions. By the provisions of section 308 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), political DSSRLQWHHV DQG FLYLO VHUYDQWV DUH GHÀ QHG DV SXEOLF R΀ FHUV 1R GLVWLQFWLRQ LV PDGH 7KHUHIRUH EHFDXVH WKH\ DUH SXEOLF R΀ FHUV WKH\ FRPH XQGHU 6HFWLRQ of the Pension Reform Act which allows PENCOM to regulate their pensions. Although they retire with IXOO EHQHÀ WV DQG 3(1&20 cannot, by law, reduce or increase the quantum of their entitlements, they are nevertheless not legally excluded from the contributory scheme. They ZLOO VWLOO JHW DOO WKHLU EHQHÀ WV 7KH RQO\ GLͿ HUHQFH LV that they will also have to contribute towards their retirement and will not be paid salaries for life. If their argument is right, then what political appointees get is severance package, not pensions or salaries. What the presidential approval has done is to further HQFRXUDJH RWKHU JRYHUQPHQW R΀ FLDOV DQG DJHQFLHV WR start their own clamour for exemption that will lead to additional budgetary line at a time of heavy debts and challenged revenues. Besides, as we have witnessed with the increasing clamour to be exempted from the Integrated Payroll and Personnel Information System (IPPIS) platform by some agencies, granting exemptions that are not backed by the law may return Nigeria to WKH HUD RI XQSDLG SHQVLRQ OLDELOLWLHV EHFDXVH RI À VFDO challenges. We call on the president to reverse the exemption of the HCSF and permanent secretaries before he derails RQH RI WKH IHZ UHIRUP HͿ RUWV WKDW KDYH ZRUNHG LQ Nigeria.

What the presidential approval has done is to further encourage other government oﬃcials and agencies to start their own clamour for exemption that will lead to additional budgetary line at a time of heavy debts and challenged revenues T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

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

LETTERS NIGERIA’S WORSENING SECURITY ENVIRONMENT 7KH PRVW LQVLGLRXV WKLQJ DERXW WKH LQVHFXULW\ ZKLFK LV FXU UHQWO\ EORZLQJ LWV LOO ZLQG DOO RYHU 1LJHULD LV WKDW LW LV DW RQFH SURYLQJ ERWK UHOHQWOHVV DQG UHPRUVHOHVV :KDW VWDUWHG LQ SRFN HWV LQ SDUWV RI WKH FRXQWU\ KDV VLQFH Á DUHG LQWR D QDWLRQDO SURE OHP RQH ZKLFK LV SRLVHG WR À QDOO\ WLS WKH FRXQWU\ RYHU WKH precipice. 7KDW ZKLFK VWDUWHG LQ %RUQR 6WDWH MXVW RYHU D GHFDGH DJR DV a cabinet of grumbles by Boko Haram has since echoed across other parts of the country. Boko Haram has since splintered LQWR GLͿ HUHQW HTXDOO\ GHDGO\ JURXSV (PEROGHQHG E\ WKH VXF cesses of the group, bandits have mobilized themselves and VXFFHVVIXOO\ WDNHQ RYHU FRPPXQLWLHV LQ WKH 1RUWK ZHVW (YHQ LQ UHJLRQV RI WKH FRXQWU\ WKDW ZHUH FRQVLGHUHG UHOD WLYHO\ SHDFHIXO QRQ VWDWH DFWRUV KDYH ERUURZHG D OHDI RXW RI WKH books of the terrorists. Together, they are constantly threatening to cause Nigeria to implode. On Sunday September 11, 2022, a sacrilegious attempt was made on the life of Mr. Ifeanyi Uba, the senator representing Anambra South Senatorial District in the National Assembly RQ WKH SODWIRUP RI WKH <33 7KH DWWDFN KDSSHQHG LQ (QXJX 8N ZX LQ $QDPEUD 6WDWH $FFRUGLQJ WR UHSRUWV D QXPEHU RI VH

curity escorts and policemen accompanying the senator were killed. ,W DSSHDUHG WKH DWWDFN ZDV D FDOFXODWHG DWWHPSW WR VQXͿ OLIH out of the Senator. The shocking attack has again drawn sharp DWWHQWLRQ WR WKH VHFXULW\ VLWXDWLRQ LQ $QDPEUD 6WDWH 7KH HDU O\ GD\V LQ R΀ FH RI 0U &KDUOHV 6ROXGR ZKR ZDV VZRUQ LQ DV JRYHUQRU RQ 0DUFK ZHUH PDUNHG E\ D EOL]]DUG RI VH curity breaches all around the state culminating in the heinous beheading of a lawmaker and the brutal murder of Mrs. Hanifa Jibril and her four children. Multiple local government headquarters were also reduced to heaps of ashes as criminals were cut loose in the state. The JRYHUQRU KDV VLQFH VHWWOHG GRZQ DQG KDV JRQH RQ WR GR D GH FHQW MRE RI VWDELOL]LQJ WKH VHFXULW\ VLWXDWLRQ LQ $QDPEUD 6WDWH +RZHYHU WKLV DWWDFN FRQÀ UPV WKDW WKH VWRUP LV IDU IURP RYHU ,Q fact, it appears that the attackers have remained in the shadows DOO DORQJ DQG DUH QRZ SRLVHG WR UH HPHUJH DQG FRQWLQXH WKHLU hail of deadly attacks on the good people of Anambra State. In Nigeria, insecurity has become a national crisis. All over the country, Nigerians now look over their shoulders, mired in endless anxiety because they do not know where the next

attack will come from. (YHU\ GD\ 1LJHULDQV DUH NLGQDSSHG DQG KHOG XQWLO RXWUD geous amounts of money are paid in ransom. Every day, many are killed, and their farms and houses ransacked and then razed to the ground. These attacks have continued in spite of WKH EHVW HͿ RUWV RI WKH VHFXULW\ IRUFHV What makes these attacks even more disturbing is the fact WKDW WKRVH WKH\ DͿ HFW WKH PRVW DUH 1LJHULDCV UXUDO GZHOOHUV ZKR were already being forced to make do with very little. These relentless attacks now have them on the brink. 7KHVH DWWDFNV WHOO DQ XJO\ VWRU\ RI ZKHUH 1LJHULD LV DW WKH PR ment. One suspects that what especially emboldens those who carry out these attacks and those who commission them is the IDLOXUH RI WKH ODZ WR VX΀ FLHQWO\ UHLQ WKHP LQ If those who make Nigerians live in fear in their own country are to be put out of their business of death and distraction, then by all means those who enforce the law in Nigeria must shake RͿ WKHLU VOXPEHU DQG JHW WR ZRUN Kene Obiezu, Twitter: @kenobiezu

WEDNESDAY, SEPTEMBER 14, 2022 ˾ T H I S D AY

BUSINESSWORLD

INSURANCE

Promoting Insurance Awareness Via Seamless Claims Settlement Claims payment in insurance contract serves as spice that attracts potential policyholders to insurance patronage. In this report, Ebere Nwoji looks at past and present efforts by NAICOM to enthrone regime of seamless claims payment in insurance industry

to save the industry from the existing bad image occasioned by non-payment of genuine claims by the early practitioners. It has often been said that the best awareness creation and advertisement insurers could do is to pay genuine claims without much argument.

nsurance claim is a formal request for compensation made by a policyholder from an insurance company for loss (es) suffered under the terms/conditions of the policy. Although a claim could be filed by a third party like lawyer or broker, only the person listed as beneficiary on the insurance policy is entitled to receive payment. Ideally insurance business is all about claims payment and claim is the main reason a policyholder takes up an insurance policy. Without claims being paid by insurance companies, people are not likely to take up insurance policies. In every insurance contract, there is always a promise that when the eventuality (claim) happens the insurance company as a risk bearer will be there to compensate the insured/policyholder. Therefore claims payment serves as a test instrument that determines the extent to which an insurance company lives up to the ‘utmost good faith’ promise. In other words, claim payment serves as brand image of an insurance company.

INDUSTRY CHALLENGE

In Nigeria, the problem of insurance industry is bad image. This has for decades stood as bane of the industry’s growth. The bad image problem of the industry dates back to early 19th century when insurance business underwriting was taken over by Nigerians from the early British managers running the few available insurance companies in the country. The way the then Nigerian managers carried out insurance business transactions especially in the area of claims payment made the public to see insurers in bad light. Indeed not until few years back, insurance industry operators were seen as group of fraudulent people that were out to collect people’s money only to cook up stories when claim occurs .The industry then was unattractive to work in as a result, operators were unable to attract young and vibrant school leavers to work in the industry. The job was therefore left for non-university graduates and old people with outdated ideas who could hardly breathe freshness into the already existing ones left by the British masters. Indeed, insurance industry then was seen as poor cousin of the bank. The way the practitioners’ package their policy statements and the products they offered to people also played role in building negative image for the industry. But in all, people felt more offended with the practitioners’ negative attitude towards claims settlement as they often use interpretation of the insurance policy wordings when claim occurs to shirk even genuine claims.

POOR ATTITUDE TO CLAIMS

Against this backdrop, the industry and its practitioners looked like the Biblical salt that has lost its taste, which should be thrown away for people to tread upon. What this means is that since the essence of buying insurance is for the policy holder to be paid claims when there is risk but the insurers who are in the business to pay the claims are no longer paying, the insuring public decided to hold their money and carry their risks by themselves when they come. This was the genesis of the industry’s poor image and patronage problems until in recent years when modern managers started feeling the negative impact. They are now earnestly searching for patronage; some sector operators are busy taking their juicy accounts to foreign insurers whom they have more confidence in. This cuts across all sectors including government business just because the public has no confidence in the ability and willingness of indigenous insurance firms to pay claims.

REBUILDING IMAGE

Realising the negative impact of the distrust, some industry operators decided to rebuild the image of the sector and give it some measure of credibility and goodwill. So they decided to embark on image laundering through publicity. This compelled them to set up a committee tagged insurance industry image committee led by one of the elders of the industry, the late Yinka Lijadu. The committee could not do much to launder the industry’s image until the late 90’s when the industry’s regulator the National Insurance Commission (NAICOM) took it upon itself to address the issue of low capital base which it envisaged was the cause of operator’s poor attitude towards claims payment. It pushed up the industry’s capital from N20 million to N100 million in the first instance for general business underwriters then to N300 million.

NIA CONSUMER COMPLAINT BUREAU

The regulator under the leadership of the erstwhile commissioner Fola Daniel took over and continued to push up the capital base of insurance firms to the present level of N2 billion for life business, N3 billion for general business, N5 billion for composite firms and N10 billion for reinsurers. This robust capital initially did not only position the industry to partially partake in the insurance of those businesses that were hitherto taken abroad but has empowered and positioned the operators to pay claims without delay. The testimony of the insuring public since the capital increase was that Nigerian insurers now pay claims unlike before. At one of the annual general meetings of one of the insurance companies held in Lagos, shareholders called on federal government and the industry regulator to use law enforcement agents to compel Nigerians to buy the listed compulsory insurance products in order to boost the industry’s premium income. They argued that this has become necessary because insurers now pay claims; therefore, nobody would say that buying the compulsory products is waste of money. Indeed the huge capital then when naira still had greater value went far in redefining the future and fortunes changed as well as people’s confidence in the industry. Recently along Ikorodu road, two motorist driving different brands of SUVs were involved in accident. While they jumped out of their vehicles to commence the usual argument that often cause long traffic jam at accident spots on Nigerian roads, an employee of Mutual Benefit Assurance, one of the underwriting firms in another vehicle recognised one of them as his company’s policy holder and approached her immediately telling her that she insured the vehicle with his company. While the woman was trying to understand what he meant, he called his office and within a short while a towing van was brought to carry the damaged vehicle for repair. This was a surprise to both parties; that just for N5000 premium paid, the insurance firm took it upon itself to bear the cost of repairing the vehicle. These are some of the incidents that become reference points indicating that the sector has changed in its disposition to claims payment. Both the industry regulator and leaders of the various trade groups in the industry have realised this and they are currently leaving no stone unturned in their effort to ensure that the operators pay genuine claims promptly. Effort in this direction started during the administration of Chief Oladipo Bailey as the industry regulator when in 2002, he compelled the operators to pay claims that emanated from the Ikeja cantonment explosion. Indeed Bailey prevailed on the insurers to pay both genuine and spurious claims from the incident as a way of advertising the industry. Also during the Dana Air crash of June 3, 2012, both the umbrella body of insurers the Nigerian insurers Association and NAICOM prevailed on operators involved in the

contract to pay claims to the victims’ dependants not minding that some employers of the victims have not renewed the contract, which was due for renewal in January. The insurers were compelled to pay the claims under the consideration of what the then chairman of Nigeria insurers Association (NIA) Mr Ladipo Ajayi called ‘gentle man’s agreement’. The most recent case being the #endSARS protest claim in which the industry paid a whooping N11 billion. These are meant to advertise the industry as claims paying industry before Nigerians and

To ensure that genuine claims are paid without much argument both the NIA and NAICOM had set up what they tagged customer compliant bureau where any member of the insuring public that has unsettled claims should lodge his complaints. According to NIA, the bureau serves as a place where displeased claimants can lodge complaints against insurance companies in Lagos. At the inauguration of the bureau, the then NIA chairman, Mr. Olusola Ladipo-Ajayi, had identified the need to change the poor public perception of the insurance industry as a major reason for introducing the bureau. According to him, “Over the years, incidences of unsatisfactory response to settlement of claims by underwriters seem to have contributed to the poor public perception of insurance as a financing option. Today, we want to shake off the yoke of the inglorious past and chart a new beginning for the insurance industry anchored on the principles of trust and utmost good faith, the basic pillars of insurance practice.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ WEDNESDAY, SEPTEMBER 14, 2022

BUSINESSWORLD

NEWS

Crown Flour Mill’s N300m Research Investment Develops Wheat Seeds for Nigeria’s Climate Dike Onwuamaeze The Crown Flour Mill (CFM) Limited announced that its N300 million wheat value chain development project, “Seed for the Future” has achieved its target of producing 10 kilogram of pre-multiplication early maturing wheat seed varieties that are suitable for Nigeria’s unique local topography and climate. The CFM, which is the wheat milling subsidiary of Olam Agri, would accelerate Nigeria’s quest to attain food security by addressing some of the major challenges in attaining self-sufficiency in wheat production. It said that the 10 kilogram premultiplication wheat seed varieties would be planted next season in a 1,000 million squared plots at the Azumbu Farm Research Station in Jigawa State to reproduce larger quantities of the seed varieties as backup and for planting during the rainy season in August 2023. This was announced on Friday during the third edition of the Olam Agri Greenland Webinar to unveil the impressive first-year report of its “Seeds for the Future” programme that was launched in 2021. Speaking during the virtual event,

the Country Head for Olam Agri Nigeria, Mr. Ashish Pande, said: “We have made quite an impressive stride on the “Seeds for the Future” programme going by the first-year report. It is a journey and we will continue to inject human, financial, and technical resources into the programme to ensure we meet our targets and derive the best results in the years ahead. “There are challenges currently in the global food value chain. What this means is that we must look inward to ensure a consistent supply of food to feed our population by channeling investment into agriculture. At CFM and Olam Agri, we are committed to investing at the production level of the wheat value chain, in line with the federal government’s food security and agriculture development agenda.” Also speaking during the unveiling of the report, the Project Scientist and Senior Scientist at the International Center for Agricultural Research in the Dry Areas (ICARDA) Dr. Filippo Bassi, revealed that “the 10 kilogram pre-multiplication wheat seed varieties produced so far will be planted next season in 1,000m2 plots at the Azumbu farm research station in Jigawa.

“However, to ensure larger quantities of seeds as backup, a subset will be planted also during the rainy season in August.” Another participant at the virtual event, the Principal Research Officer at the Lake Chad Research Institute (LCRI), Dr. Kachalla Kyari Mala, said that his team conducted a detailed survey into the agronomic practices of local smallholder farmers at the commencement of the project to understand the realities in the Nigerian wheat value chain. The Director of Agricultural Research at LCRI, Dr. Zakari Turaki, stated that strong partnerships and collaborative efforts between public institutions and private firms are essential to raise the current level of the local wheat harvest in Nigeria. Turaki added that the current partnership framework adopted for the execution of the “Seeds for the Future” programme is the best he has seen so far in the industry. However, the Chairman of the Agricultural Colleges and Institutions Committee of the Federal House of Representatives, Hon. Munir Babba Dan Agundi, called for policy consistency in the industry as well as synergy among critical stakeholders.

FG Signs MoU withAmerican University on Capacity Building for Agric Devt Gilbert Ekugbe The Federal Ministry of Agriculture and Rural Development has signed a Memorandum of Understanding (MoU) with the Washington State University (WSU) to build capacities of stakeholders in the agricultural value chain. The Minister of Agriculture and Rural Development, Mr. Mohammad Abubakar, explained that the MoU would build more mutual benefiting networks with relevant stakeholders in the agricultural and the rural management capacity building sub sector for greater impact in the sector. Abubakar stated this during the commissioning of the Agricultural and Rural Management Training Institute (ARMTI), Abuja Regional Facilitator’s Offices and Participant Hostel Facility in Abuja.

He said that the commissioning of the ARMTI would fast-track agricultural techniques, boost production and generate foreign exchange by training stakeholders in the agricultural sector. Abubakar stated that the institute would help the FMARD in achieving its mandate to ensure food security in crops, livestock and fisheries, hence stimulate agricultural employment and services. He added that the facilitators of the institute would be provided with work space, which has the ambiance required to imbue knowledge in the participants. The minister revealed that the institute has been building fastgrowing networks and collaborations with local and international agencies in the area of capacity building in agriculture and rural development.

In his welcome address, the Executive Director, ARMTI, Mr. Olufemi Oladunni, said that the development of the Abuja Regional Training Centers (RTC) of the institute was done in phases, first phase of 30 room hostel complex, the second phase – training /event hall, classrooms, office spaces, video conferencing facility, kitchen and restaurant and third phase a fully furnished 27 room staff quarters and participants’ hostel complex.’’ Oladunni added that the Abuja RTC was very strategic in the pursuit of the institute’s mandate given its location in the heart of FCT and direct connection to the rest of the world, which he said is a very good number of its partners and collaborators in the sector prefer Abuja RTC for their programmes.

AFAN’s Agricultural Show to Spotlight Capacities of Small Holder Farmers Gilbert Ekugbe The All Farmers Association of Nigeria’s (AFAN’s) agricultural show scheduled to hold from October 9 to October 14, 2022, in Abuja is expected to showcase the capacities of Nigerian Small Holder Farmers (SHFs) in their quest to achieve food security. A statement signed by the National President, AFAN, Mr. Kabir Ibrahim, said that Nigerian farmers, especially the SHFs, are working very hard as usual to make food available for the over 200 million population in Nigeria and a very large population of its neighbors such as Niger Republic, Chad, Burkina Faso, Libya regardless of the debilitating shocks arising from insecurity, soaring prices of inputs and several other challenges. According to Ibrahim, the Nigerian farmers, agro-industrial manufacturers, tractor and allied machinery suppliers and fabricators, research institutes, youths and women groups in agriculture, media groups as well as seed, fertilizers companies and fish, poultry and other exhibitors would converge to showcase what Nigeria could do despite the shocks of insecurity, flooding and the

COVID-19 pandemic. He said: “Nigerians will witness what the Nigerian SHFs can do in terms of the capacity to feed

the nearly 200 million mouths in Nigeria and the countless number of people in the neighboring countries around us.”

Accelerex Registers N20bn Bond Programme, Issues First Tranche of N2.3bn Ugo Aliogo Accelerex Holdings, has announced that its Nigerian subsidiary, Global Accelerex Limited, has registered a N20 billion bond programme and successfully issued a 5-year senior unsecured bond of N2.3 billion via a special purpose vehicle (Accelerex Funding SPV Plc). A statement by the company said FBN Quest Limited, Renaissance Securities Limited, Greenwich Merchant Bank Limited and Nova Bank Limited acted as Arrangers. The statement further explained that the Bond is rated BBB+ (Stable Outlook) by Global Credit Ratings (GCR) andBbb+ (Stable Outlook) by Agusto & Co. and is listed onthe FMDQ Exchange. The statement revealed that the issuance attracted participation from a broad array of institutional investors, including local pension

funds,insurance companies and asset managers. According to the statement, “The relativestrong demand despite the very difficult economic and operating environment confirms the market’s confidence in the Company’s creditworthiness, long term resilience, and significant growth potential. “The bond issuance, coming after Accelerex’s successful private equity round in 2020, provides its Nigerian subsidiary with critical long term and local currency capital to fund expansion and support its mission of accelerating the financial inclusion of businesses and individuals across Africa.” The Managing Director of Global Accelerex Limited, Mr. Olukayode Ariyo, stated that: “We are very happy with the result of this bond issuance as it confirms the market’s interest in advancing digital payments and financial inclusion across Nigeria.

WEDNESDAY SEPTEMBER 14, 2022 • T H I S D AY

T H I S D AY ˾ WEDNESDAY SEPTEMBER 7, 2022

EDUCATION Ochefu: Rot in Nigeria’s Education System Has Been on for 40 Years Prof Yakubu Ochefu is the Secretary-General of the Committee of Vice Chancellors in Nigeria. In this interview with Funmi Ogundare, the professor of Economic History and Development Studies explained why Nigeria must take its education seriously and provide an operating environment for people to work and earn a decent living. Excerpts

ow would you describe the current state of education in Nigeria, and how can the country drive the necessary changes? The current state of education in Nigeria, in general, and university education in particular, is very bad. We have had this sad situation of under-investment in our educational institutions for nearly 40 years now based on the development index of countries that are at par with us as far as development is concerned. We have not made the right investments in the training of the teachers. We have not made the right investment in the curriculum of our educational institutions with the economy and society. We have not made the right quantum of equipment in terms of infrastructure, especially teaching and learning infrastructure. We have not gotten it right in terms of the changing dynamics in the philosophy of education, which is very important in the sense that depending on your development agenda and where you are in the context of your development status, your philosophy of education must be aligned to that. And then finally, we have not made the right investment or not taken the right decisions in terms of the governance structure of our educational institutions. So when you put all of that together, we have a bit of education that is extremely challenged. It behoves all the stakeholders in the education ecosystem to come together to think through. This has been going on for a while, but ultimately, the political will to track some of the difficult decisions that need to be made for us to break through these challenges, are not forthcoming and that is why in the last 30 years, we are not solving the problems. For Nigeria to drive the necessary change, we need to make the right investment in education. At this stage of our national development, our education budget should be at least 15 per cent of GDP across all levels. What’s the way forward regarding the FG-ASUU impasse? In terms of the political will to take certain decisions in terms of the governance structure of our educational institutions, I hold the strong view that government does not really have any business in participating or investing in secondary or basic education at those levels. I believe that government does not have any business focusing on them. These are things that should be handled by a municipal government, local government or by the community at that level. They should hand off all Unity colleges and all secondary school level educational services but focus on post-secondary education, and in focusing on post-secondary education, they must look at the operating environment and how is the governance of these institutions structured. How are the governance organs of the Nigerian federal universities structured? Are they structured to deal with the type of autonomy that they require to do the type of things that universities all over the world are doing? And that ties to the current face-off they are having with ASUU. On the one hand, the universities are supposed to be independent entities established by the law of the National Assembly, and the law empowers them to carry out their services independent of any other university. What is your view about the struggle for university autonomy, IPPIS and UTAS? For me, IPPIS should not be a platform that should be used by any university at all because the law establishing a university says its governing council has the responsibility to oversee its finances, so if that is the case, then why is somebody else determining my finances? The federal government says they are doing so because they want to know how many people are drawing salaries from the federation account and that’s why they have this platform. In your ministry, you can do that, but the university is

or because their schools were suspended from ASUU for one act of misdemeanour or another. Some state universities are already enjoying what ASUU is asking for, so they did not see any reason to go on strike. For example, at Rivers State University, the salary that ASUU is even negotiating , for now, is not up to what they are currently enjoying. So if you are on a salary of N450,000 and you are negotiating with the federal government to pay you N800,000, and they are refusing, the N800,000 is not even what a professor in Rivers State University is already earning, why will you go on strike? For the federal universities, the process of becoming part of ASUU is such that some are not qualified for. They are like observer members and ASUU does not allow them to participate in their decisions.

Prof. Ochefu an independent entity established by law. Why did you put them on that platform? That platform was very ill-conceived. Its operation began to short-change everybody and cut people’s salaries at will. Professors saw their salaries being cut to an all-time low. The tax structure that IPPIS is using, nobody knows, and so when ASUU now challenged the fact that there’s something fatally flawed about IPPIS, the government got angry, but it came to pass when the former accountant general who was supervising IPPIS was found to have manipulated the system to enrich himself to the tune of N70 billion. So that justified all the noise that ASUU was making that this system is fatally flawed. Beyond the technical flaws is the software. Let each university look for money to pay its staff as they were doing in the past. That is what it should be according to their law. The government can now interpret its own law. You have conflicting laws, and on the other hand, you have a law that says universities are financially independent and autonomous, so that needs to be reconciled. Each university should handle its finances the way it ought to. There are people who believe that we have to borrow just to end the crisis. Do you also share in this belief? There are three things you have to borrow for. If you don’t have food, you have to go and borrow, if you are sick, you have to borrow, and if you don’t have money to

pay school fees, you have to borrow. These are the things that every nation in the world borrow for because these are the basic blocks of life . You are borrowing to do all manner of things and then when it comes to borrowing for education, you now say you cannot borrow for that. What’s been the role of the Committee of Vice Chancellors in the FG-ASUU crisis? The committee of vice chancellors have always been in the background of major policy decisions in this country. You will recall that CVCN was established in 1952, and over the years, they have been making policy suggestions that have been adopted. Things like JAMB, Nigeria University Games ( NUGA) and NYSC came out of the policy conversation of the committee. So we have been there in the background, trying to bring all parties together and letting the government know the appropriate steps to take. So, whatever agreement that is signed between the government and ASUU, it is the vice chancellors as operators of the system that will implement it. So the CVCN is always at the background proffering ideas and new solutions on the best way that these issues can be handled. For instance, we have warned the federal government that they should not force the universities to reopen because if they do so, it will have very negative consequences on the system. We know that if universities are opened by force, students come back to campus, and the lecturers are not teaching them. Then we will be sitting on a time bomb. We know that one, as a matter of fact, so we provide the government with ideas for them to consider. Are you aware that some universities did not join the strike? Some federal and state universities did not join the strike because of the kind of laws that they have. Some state universities did not join because they are either not members of ASUU

“We must be able to align the opportunities in this country to decency and dignity of labour. That way, we will begin to make fortunes”

There seems to be a dearth of professors and graduate assistants due to the federal government’s introduction of IPPIS, which doesn’t recognise adjunct professors and those on sabbaticals. According to the records of the National Universities Commission ( NUC), we don’t have enough professors within our university system. We don’t have enough graduate assistants within our university system. About 55 per cent of our lecturers have PhD, so the position of the graduate assistant is not that bad. What has happened is that because of the circular from the Office of the Head of Service, universities are not able to recruit graduate assistants as they should. Normally, if you graduate at the top of your class, your position as a graduate assistant is almost automatic. But now, you cannot employ any one staff for the university except you get express permission from the office of the head of service. How can the country reverse the trend of brain drain? Because of the cost of the operating environment that our brilliant people in academics find themselves in, they are poached by talent hunters from other parts of the world, so the cost of training a medical doctor in a Nigeria public university for over six years is about $1,000. So they are trained very cheaply. Nigerians are very smart and talented. The same medical students who are trained for $ 1,000 in Nigeria will probably need to spend $300,000 in the US or UK for the same thing. There are not a lot of people in those climes that can afford medical education, but in Nigeria, medical education in public universities is very, very cheap. So we are using our resources to train our manpower for other countries. It shouldn’t be so. The reason why they migrate is because, like I said, the operating environment and compensation are favourable. For instance, a professor who is earning N450,000 in a Nigerian university is offered a salary package of N5 million a month if you do the conversion. A recent study was done on medical doctors in the United States. You know, about 44 per cent of them said that if they are offered half of what they are currently enjoying in the US, they will come back to Nigeria. So we are the ones who are shooting ourselves in the legs by using our resources to train our manpower for other countries. In the face of wanton kidnap and abduction in the country, how do you think we can effectively curb insecurity in our schools? The challenge of insecurity has been with us for quite a while, as we know where it is coming from. It is coming from education and poverty. The nexus between education and poverty and its implication on security is very clear. So we’re not making the right investment in education. If you educate your populace and provide them with a conducive environment, then you are killing two birds with one stone, and that will open the lid off the security challenge. All the young people who are involved in kidnapping, cattle rustling and terrorism are all driven by economic pressure.

T H I S D AY ˾ WEDNESDAY SEPTEMBER 14, 2022

EDUCATION

Skills Development: Stakeholders Mull Winners of Mike Okonkwo National Curriculum Overhaul for Vocational Institutions Essay Competition Receive Prizes Uchechukwu Nnaike

Uchechukwu Nnaike The 2022 Mike Okonkwo National Essay Competition winners have been rewarded during the 21st Mike Okonkwo Annual Lecture. The competition was initiated in 2004 as part of activities to celebrate the birthday of the Presiding Bishop of TREM, Dr Mike Okonkwo, and to contribute to the development of the education sector. Miss Oluwanifemi Ayeni of State Senior High School, GRA Ikeja, Lagos came first with 65 per cent; Roqeed Yekini of Ijegun Senior Comprehensive High School, Isolo, came second with 64 per cent, while Leila Enecha of Vivian Fowler Memorial College for Girls, Ikeja came third with 63 per cent. For their efforts in the keenly contested essay, Ayeni received N100,000, a personal laptop, a trophy, and a plaque, while her school got three computers. Yekini got N75,000, a plaque and his school got two computers. Enecha got N50,000, a plaque, and her school got a computer set. According to the Chief Examiner, Prof Akachi Ezeigbo, over a thousand entries were received from secondary schools across the country on the topic ‘Nigeria, A Country At War Against Itself: The Problems, The Solutions and The Way Forward’. “As usual, the writers of the 10 best essays were invited to the second round of the competition to write on the topic, ‘2023 Election: A New Nigeria or a Descent Into Chaos’. Ezeigbo, represented by Dr Adaobi Muo, said the winners’ back-to-back scores showed the competition’s keen nature and the originality of the efforts put

into it. She, however, noted that no contestant in the first three positions during the first round was able to hold their place. “This suggests the involvement of invisible hands during the first round, and also the continuous necessity of the second round in strengthening the integrity of the competition,” Ezeigbo explained. She added that the winners showed an impressive understanding of the two topics and addressed them as exceptional students in their class and category should. She said, “Their orderly presentation of ideas and remarkable control of the English language mark them out as meticulous people with huge potential.” To continue the improvements in quality and originality, she suggested that in future, the implications of plagiarism and receiving undue help should be communicated to the participating schools in the call for entries. In his lecture, ‘Nigeria: Culture, Values, Democratic Governance and Development’, a renowned biologist, Prof Anya O. Anya, stated that the country was battling security, economic, social and leadership crises. “Unless you stabilise the security situation, you cannot tackle the economic crisis; without a handle to the economic, you cannot deal with the social crisis,” he stressed. “Your capacity to deal with these crises depends on the leadership question.” On the mismanagement of the economy, he said the country is about to drown in debts which, at the last count from the National Bureau of Statistics and the Debt Management Office, is chasing after N50 trillion.

UNIOSUN Produces First PhD Holders, Suspends Six Students for Cultism Yinka Kolawole in Osogbo

The Osun State University (UNIOSUN) has suspended six students at its Ikire Campus for their involvement in cult activities as it announced its first set of PhD holders. UNIOSUN Vice-Chancellor, Prof Clement Adebooye, who announced this at the 11th Convocation Press Conference held at the institution’s premises, said 2,033 graduands would be conferred with first degrees across the colleges of the university. He said for students to have a sense of belonging in the university, a good vice-chancellor would not isolate any students saying they are being taken good care under the dean of students’ affairs and student leaders for them to do away with all social vices. Adebooye noted that the institution implemented a series of development initiatives channelled to improve the welfare of staff and students and promote infrastructural development of the university.

He said his major achievement in students’ welfare was reorientating students to shun drug abuse, sexual harassment, examination malpractices, and cultism. He said the Students’ Union executives in July held a sensitisation campaign to educate their colleagues about the inherent dangers associated with these social vices. He added that at the 11th convocation ceremony, the institution would confer honorary degrees on two distinguished and esteemed Nigerians, whose contributions to society have positively impacted lives. They are Dr Lawrence Segun Aina, the former Chairman of Oodua Group of Companies and Dr (Mrs) Victoria Adunola Samson, the Managing Director of BOVAS Oil and Gas. The vice-chancellor also mentioned that the management, alongside the governing council, would ensure that the university’s resources are prudently utilised, leaving no room for wastage or financial mismanagement.

Concerned about the paucity of skilled manpower, with the attendant dire consequences on the country’s economy, some stakeholders have advocated the need for curriculum overhaul, especially for vocational institutions. The Chief Executive Officer of Axxela Limited, Mr Bolaji Osunsanya, stated this when Mr Ladi Lawanson, Chairman of School-Based Management Committee (SBMC) and senior staff of the Federal Science and Technical College (FSTC) Yaba, paid him a courtesy visit in Lagos. According to him, most companies’ preference for technicians trained abroad involves

assessing their competence. For instance, he said that out of about 50 applicants tested by his company recently, only a few passed and were selected. “And if you look at the selected few, it is because they had supplementary experience with one of the IOCs or big companies,” he said. Speaking further, he explained that in a bid to contribute its quota towards the development of vocational education, Axxela, through one of its subsidiaries, Gaslink, had commenced refurbishing the Welding and Fabrication Department at FSTC. The CEO noted that the company’s intervention at the college would be full spectrum and would lead to the establishment of a ‘Centre

of Excellence’ in welding and fabrication, which is expected to come in four stages. “One is the facility upgrade, which is what we are currently doing. We will also support with curriculum development and teacher training. Then we will be looking at what you will call extension work, making sure that when you impart the skills, they have the opportunity to practice in a live environment. “We will bring them in and encourage our other partner companies to use graduates of the school in real life experience. “We will also help them coordinate internships, vacation jobs and opportunities to work ultimately, not just on our own as Axxela, but leveraging our

other alliance partners. On the expectations from graduates of the proposed centre of excellence, the Axxela CEO said the test was the quality of workmen that people would begin to see in society. “I am hoping that if we call 500 welders for a test, among the top numbers, quite a sizable number will be from FSTC, and it will be clear that we are on the right track,” he said. In his remarks, Lawanson commended the Axxela CEO for his vision and gesture, which he said is the way to go. He noted that one of the key reasons for setting up the SBMC by the federal government is to support it by attracting partners, funding, ideas and knowledge to support the schools.

From Left: The Chairman, School-Based Management Committee, Federal Science and Technical College, Yaba, Mr. Ladi Lawanson,; the Chief Executive Oﬃcer of Axxela Limited, Mr.Bolaji Osunsanya,, and the General Counsel and Company Secretary, Tuoyo Ejueyitchie, when Lawanson led senior staﬀ of the school on a courtesy visit to the company in Lagos... recently

SSANIP Wants Guidelines on Appointment of Polytechnic Ofﬁcers Withdrawn James Sowole in Abeokuta

The Senior Staff Association of Nigerian Polytechnics (SSANIP) has called on the Federal Ministry of Education to withdraw the guidelines for appointing principal officers of polytechnics in Nigeria. The SSANIP pointed out that the guidelines con-

travened subsisting service schemes. The National President of SSANIP, Comrade Philip Adebanjo Ogunsipe, who made the call, in a statement, lamented that the ministry, the supervisory institution for harmonising polytechnic schemes of service to ensure quality assurance, has now

become a clog in the wheels of development of polytechnics. Ogunsipe noted with dismay that the government, through its agencies, has been grossly responsible for systemic failure in the education sector, causing persistent industrial disputes in tertiary institutions. The association appealed to the ministry to withdraw the

“contentious guidelines” for appointing principal officers of polytechnics and called on the nation’s head of service to release the schemes and conditions of service for polytechnics and allied institutions without further delay. The federal government was reminded of the N15 billion it agreed to pay SSANIP.

Revalidating Educational System through Ancient Landmark Lizzy Nkem Onyemae

The concept of revalidation is often used as the ratification of the value or authenticity of something such as education. In Nigeria, teachers’ education has become an issue that needs urgent revalidation. When Western education was first introduced in the country by the missionaries, there was the need to train the teachers to handle this vital aspect of teaching and learning. However, there was no formal training for the early teachers. Instead, they started as catechists performing many functions, such as; teaching, catechism, or giving religions instructions to children. Some of the passionate and dedicated converts became literate and were utilized as interpreters and also given some classes to teach at the Sunday school. Formal training of teachers in Nigeria was eventually started

by the British colonialists with focus on the three Rs — Reading, Writing, and Rithmetics. The first institution set up to train teachers came up in 1896, when the Church Missionary Society (CMS), now the Church of Nigeria (Anglican Communion) established St. Andrews Teachers’ College, Oyo. With time, many more Teachers’ Training Colleges (TTCs) were established. This improved the quality of teachers who were hitherto standard six certificate holders. Most of the Teacher’s Grade II Colleges received the touch of the missionaries, who were the early teachers, and infrastructure, books, etc were provided by the missionaries. The government owned colleges were properly monitored and managed. The Teachers Grade II programme was well designed to cater for the primary education of every average Nigerian child.

The curriculum was well designed and the trainees were also enthusiastic. Products of TTCs were described as professionals with deep knowledge of the content of their subjects. They possessed impressive teaching skills, good work ethics, efficiency and commitment to the teaching profession. Unfortunately, at present, the quality of teachers, as well as the quality of education in Nigeria have dwindled following the adoption of a policy stipulating that the National Certificate in Education (NCE) will be the lowest teaching qualification in Nigeria. The NCE programme is filled with students who never initially wanted to be teachers, but because of lack of admission to the university, they decided to opt for the colleges of education with the hope of getting direct admission into the university after three years. So, the students are not prepared to take teaching

as a profession but just to obtain the certificate as a sure way to the university. Furthermore, the NCE curriculum is so broad that it does not address the needs of the primary school child. The implication of this is that it can lead to crime and other social vices since the teachers cannot give what they do not have. The return of Teachers’ Training Colleges will seriously revalidate the educational system in Nigeria, especially in our primary schools. To make teacher education to be an interesting venture as well as enhance the educational system in Nigeria, there is the need to revisit the ancient landmark by revalidating the Teachers’ Training Colleges in terms of making the colleges attractive to would-be-teachers. Dr. Onyemah is a lecturer in the Department of Marketing Education, Federal College of Education, Asaba, Delta State

T H I S D AY ˾ ͯͲ˜ 2022

CITYSTRINGS

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Maryam Danna Mohammed: Raising the Bar for Humanity The General Manager, Audit and Compliance at the Niger Delta Power Holding Company Ltd, NDPHC, Maryam Danna Mohammed is basking in the euphoria of her recent multiple awards by the ISACA Abuja chapter for her years of unmatched dedication and meritorious service to humanity. Rebecca Ejifoma writes

hen Dean Cain said "Not all heroes wear capes", he was conceding the fact that although the world is full of titanic characters who have attained monumental feats, not all of their faces make the headline news or are splattered on the walls of national dailies. One of such people is Maryam Danna Mohammed, the General Manager of Audit and Compliance, Niger Delta Power Holding Company (NDPHC). She has effortlessly distinguished herself through her outstanding career which earned her three awards. At the ISACA Abuja Dinner Award ceremony in Abuja, FCT, Mohammed was decorated with an award of Meritorious Service to the Chapter by Emmanuel Omoke, President of ISACA Abuja. "This was in recognition of her ceaseless contribution, exceptional professional skill and effective leadership that has proved to be instrumental in ensuring success in audit, assurance, risk management and information system audit. She deserved every plaque in her name," Omoke expressed. And while the NDPHC boss was relishing the applause from the audience, she received the Platinum Membership award for 15 years of continuous membership and investment in professional development. This cemented her standard of excellence as a role model for other chapters to emulate in all of their endeavours. The General Manager was also presented with the Rotary International Award of Excellence for Leadership in Public Service, sterling performance in the service of humanity in their various communities. Consequently, Omoke described the awardee as a shooting star. "Her dedication and commitment are unbeatable. She started on the right note and has maintained that feat to date."

President of ISACA Abuja, Mr Emmanuel Omoke presenting the plaque to the NDPHC GM, Maryam Danna Mohammed at the ISACA Abuja Dinner and Award, recently The President believes that "Madam Dana's" achievements are a quick reminder that life is what happens when the curtains are closed, and the cameras stop rolling. "This is to encourage other members to continue the good work. It may seem like no one is acknowledging your efforts, but I assure you it will pay off someday." Portfolio Madam Danna, as she is fondly called, is a seasoned professional with over 29 years of experience in finance, risk management, information system

audit, assurance and internal control. Her immense contributions over the decades have stood her out in her career as an amazon. She started her career at the National Electric Power Authority (NEPA) in 1992 and rose through the ranks to become a Senior Manager, Audit. With her expertise, notable and outstanding performances, she was promoted to the position of Principal Manager, Audit (Market Operations) and within three years became the Assistant General Manager, Audit. In this position, Mohammed led audit teams to plan and perform audits timely, resolved major audit issues and ensured that the organisation operated in accordance with her policies and objectives.

In 2011, she joined Niger Delta Power Holding Company (NDPHC) as Deputy General Manager, Audit and in this capacity, she repositioned and deepened the capacity of NDPHC’s Audit and Compliance Department, this resulted in overall operational efficiency and value re-orientation throughout the organisation. Her expertise spans Strategic Leadership, Risk management, Assurance, Auditing and Internal Control, Information system auditing, Investigations, Financial Due Diligence, Policy Implementation, Planning and Organisation, GAAP & IFRS Application, Tax matters, Data Science and Business Analytics, Stakeholder Management, Relationship Building, Team and Performance Management and Interpersonal and Communication Skills. Mohammed is a multiple award winner, the awards included the Rotary International Award of Excellence for Leadership in Public Service, Rotary Club of Apo, District 9125, Garki, Abuja in 2015, Creative Excellence Award, ESTAC Institute of Construction Technology, Enugu in 2013, Information Systems Audit and Control Association in 2018 and 2022. She holds a Bachelor of Science in Accounting from the prestigious Ahmadu Bello University, Zaria and a Master of Business Administration in Finance from the University of Maiduguri. She is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an Associate of the Chartered Institute of Taxation of Nigeria (CITN), and a member of the Information System Audit and Control Association (ISACA) and holds other professional certifications. She also holds a Post Graduate Certificate in Data Science and Business Analytics from the University of Texas, Austin, USA. With her unwavering commitment to excellence, Mohammed is not resting on her oars. She has pledged to keep serving humanity for the good of society.

Organisation Empowers over 2,500 Women, Girls for Greatness Rebecca Ejifoma

n its continuous push for women and girls to attain optimal performance in their chosen careers and businesses, SheCan Nigeria, a non-governmental organisation, has empowered over 2,500 girls and women in Lagos State. They were extensively equipped with various skills for four days at the annual Skill Acquisition Training in Lagos Edition in Lagos State powered by NNPC/SNEPCO, ALAT/Sara, Middlechase Properties Ltd, Guinness Ltd, and Mbr Signature. The skills include photography, Makeup, 3D Graphics design, Mural Painting, Culinary Class, Ankara/ Leather Works, Crafts (Fascinator) and Digital Marketing. The founder of SheCan Nigeria, Mrs Ezinne Ezeani, described the beneficiaries as the best for bringing so much drive into the training, adding they cooperated with their facilitators to bring the best out of them. She implored them to always press on to do more, which she said will push them to understand that they would need to strive for excellence in their career, education or businesses. Speaking, the General Manager, Business Transformation at Shell/SNEPCO, Mrs Belinda Ikazoboh, expressed satisfaction with the outcome of the training. She said she was humbled, impressed, and inspired to do more. According to her, what the participants did was not just for themselves, but as inspiration for others outside to do more.

SheCan Nigeria Founder, Mrs Ezinne Ezeani ﬂanked by winners at a four-day Skill Acquisition Training, Lagos Edition held on Friday

Ikazoboh enjoined them further, “Be focused, work hard and also play forward to help others too." Thanking SheCan for achieving the great feat, Ikazoboh interceded to the organisation to keep up the good work. "Through their continuity and tenacity

in creating opportunities and inspiring people to get out there to do more, was changing Nigeria." The Group CEO of Middlechase Properties Ltd, a subsidiary of Arkbridge Integrated, Mrs Junadia Danso-Edim offered free training to participants who are interested in learning how to start a real Estate business. She said the training would help them

build a financial future regardless of what they have. Hence, Edim awarded participants of the Omalicha headgear challenge with cash prizes and an invitation to the launch. A member of the SheCan Nigeria Board, Mrs Olajumoke Ajayi hinted that through the Annual Skill Acquisition Programme, SheCan is contributing to the drive to eradicate unemployment in the country. In his remarks, the Co-founder SheCan Nigeria and Managing Director of Mbr Signature Ltd, Mr Stanley Ezeani commended sponsors and partners for believing in the dream and aligning with the vision through their unwavering support for their various programmes to ensure women continue to do more. To the participants, he said, “You have been trained and there is nothing on earth that has never happened before. What will make the difference is what you choose to do from what you have learnt. "You have been empowered so much but it is now up to you to decide what to make out of it. I encourage you to be the best and not just doing more, but doing the right thing more”. He added. A cheque of N100,000 was given to a participant from each class based on punctuality, consistency, attitude to work, and attitude in class. They include Blessed Omogene, makeup class; Blessing Simeon, graphics class; Samson Ogaro, photography class; Ezeano Blessing, catering class; Azeezat Usman, mural class; Odujirin Boluwatife, Ankara class; and Stephen Tobi, fascinator class.

T H I S D AY ˾ SEPTEMBER 14, 2022

SECURITY

Ritualist's Den, Edo Police and Need for Due Diligence The Edo State Police Command recently revealed that it bursted a ritual shrine in a building along Asoro slope, off Ekenhua road, Uzebu quarters in Benin city, recovering 20 mummified bodies and arrested three suspects. However, investigations have since revealed that it was mere propaganda to deceive the public of its readiness to combat crime, Adibe Emeyonu reports

Edo State Police Commissioner, Mr. Abutu Yaro

wo weeks ago, Edo Police Command broke the news that it smashed a purported syndicate specialised in rituals, announcing the recovery of 20 Mummified bodies and arrest of three suspects in connection with the alleged crime. The command in a press statement signed by the Deputy Spokesperson, ASP Jennifer Iwegbu, an Assistant Superintendent of Police (ASP), said the arrest was made possible through information made available to the police. Iwegbu in the statement said: "In pursuance of its operational mandate of nipping crimes in the bud, Operatives of the Edo State Police Command today 17/08/2022 unravelled a suspected ritual shrine. "Following credible information at the Command’s disposal that some corpse were discovered in a building along Asoro slope off Ekenhua road, Uzebu quarters, Benin city, operatives of the command immediately swung into action and mobilised to the scene. "At the scene, three suspects, Chimaobi Okoewu ‘M’ and Oko Samuel ‘M’ both of Afikpo in Ebonyi and Gideon Sunday ‘M’ of Akwa-Ibom State were arrested while others fled. An intensive effort is ongoing to arrest the other fleeing suspects. "Fifteen (15) mummified male corpses, three (3) mummified female corpses and two (2) mummified children corpses were discovered at the scene. "To this end, the Edo State Commissioner of Police, CP Abutu Yaro, fdc, has directed the Deputy Commissioner of Police in charge of state CID to carry out a discreet investigation to unravel the circumstances surrounding the discovered corpses and therefore enjoins the general public to be calm as the command will continue to ensure the safety of all law-abiding citizens and those residing in Edo state." As soon as this statement was issued, the media in its tradition of informing the people, put same in public domain. Added to make the police story look real was the release by the Edo State government through its media manager on the the same discovery not knowing that it was helping the police to spread falsehood without carrying out proper investigation before going to press. There was however a backlash. This is because the police failed to conduct a comprehensive inquiry before inviting the media to brand the outfit where the purported bodies were found a den of rituals. Again, upon further examination, it was discovered that the place is just a new mortuary which has not began full operation but was in the process of evacuating corpses from an old morgue to the new one. Not only that, the police swooped on the place following information by nearby residents in the area that it is a ceremonial home for agents of darkness.

Edo State Governor, Mr. Godwin Obaseki However, the true identity of the place was uncovered the next day following a mild drama when one Osaro Nappiar, a resident of Benin came to identify his mother’s corpse as one of the mummified bodied at the uncompleted mortuary. The man was among those who visited the site when the operatives of the Edo State Police Command were cordoning off the building described as a den of ritualists. The clarification nevertheless was made when the command’s spokesperson, SP, Chidi Nwabuzor, said the man told the police that he actually deposited his late mother’s corpse at a mortuary run by one Chukwu Otu as he was looking for funds for a befitting burial. “The man clarified that the owner of the place who is on the run (Otu) was operating somewhere at 1st East Circular Road, Benin City where his mother’s corpse was deposited,” he declared Chibuzor further said the man told the police that his mother died at a hospital at Uselu last year so he took the corpse to Otu’s place but had not gone there since then because he had no money for the burial. Nappiar said when he raised the money, he went to the place but was told Otu had relocated to Ekenwan road, Asoro area, and when he got there, they asked him to produce evidence of the corpse deposited there, but he was not with a card earlier given to him. Notwithstanding the above revelation, the three "suspects" earlier arrested also corroborated Nappiar's narrative that the mummified Bodies found at the uncompleted morgue were not for rituals purposes or victims rituals as the police would want the public to believe. At the site, a refrigerator, the mummified bodies with mortuary tags, an area that looked like a shrine, a bed room and a stretcher was found in the uncompleted building. One of the suspects, Chimobi Okoewu, who said he was supervising a POP work in the building, disclosed that the corpses were transferred to the new place, which is a proposed permanent site for a morgue. He said: "I was supervising a POP work in the building. The corpses they found there were the ones transferred from the place they were kept before to this new place. "The owner of the place is a mortician. He was told by his landlord to pack out of his former place. So he decided to relocate the corpses to his permanent site which is his own personal building. He was in a rented apartment before now." Another suspect, Gideon Friday, said

he had applied for the post of a driver, adding that he came to check if his application had been granted only to be beaten by youths in the community. According to him, "I came to check if my application was granted having applied for a driving job here. So when I got to this place to ask for the director, some community people came and started beating me up. "I told those that were beating me that I only came to check if my application has been granted but the community people didn't listen and kept beating me. They later took me to the police station." Also, Samuel Okoh said the owner of the building is his boss who is a mortician. He said his boss owns the building, which is proposed site for a mortuary. Members of the civil society group did not take it kindly following the above revelations, describing the police action as giving the state a bad name in order to score cheap publicity. The CSO leaders, led by Osazee Edigin, Austin Enabulele and Aliyu Umwenu described the insinuation by the police that the place is a ritualists’ den as false alarm and an attempt to paint the good people of Edo in bad light. They said the morgue might not be an illegal one or does not have the requisite permits to operate a morgue which should be subjected to thorough investigation by the police, but saying that it is a ritualists den is totally false. "A call placed to the proprietor phone was answered by a police officer who stated that he is with them is an indication that the man is not on the run," the trio declared, adding: "There was no ritualists' den anywhere in Uzebu quarters of Benin City. The Edo state police command preferred to do media propaganda than do investigation first. "Unfortunately, Edo State government is also sharing same information everywhere. What does it cost government to have its investigation network than spreading falsehood like the police too. "The owner of the morgue is registered to carry out the business. He was given quit notice in his former place of business at First East Circular (Asuen Hospital) and he bought a new place and tried to quickly build it in Asoro hill where there were other two existing morgues already." According to them, "The name of the business is St. Gabriel Funeral and partners with an existing hospital. He had stopped taking in more corpses since he was given a quit notice. He

decided to move all old remaining corpses to the new site. They have another morgue off federal road in Uselu by St. John's Hospital. "The said discovered shrine was what he worships as form of protection. He believes in it for the sustenance of his business. No fresh dead body was seen. They have a register of all the corpses seen in the videos circulating on social media space worldwide. The news became worrisome to us as Edo people have no history of ritualism or its likes. "More troublesome to us is the fact that, it was the Police Public Relations Officer of Edo state command that led a media report on same which would have suggested that proper investigation would have been carried out to arrive at what was reported in the media. Sensing the controversy that trailed the police report and the negative reactions it generated, Governor Godwin Obaseki gave the police seven days to carry our a comprehensive investigation into the purpose and ownership while calling for calm among the citizens of the facility. Obaseki who sued for calm, gave this directive at a joint press briefing with the police at the headquarters of the Edo State Police Command on Friday. Represented by his Special Adviser on Media Projects, Crusoe Osagie, Obaseki said the public would continuously be briefed on the progress of the investigations. He said: “We want to call for calm from the public, we don’t want to preempt the outcome of police investigation but the police is actively doing their investigations. There are a lot of speculations going around; some people suspect that the place is a quack morgue, and could be for ritual purposes and we are giving that to the police. "People have been apprehended and they are undergoing questioning. Some people are still being looked for. The governor has given seven days for them to come back to us with the details of what they have found out, was it just a morgue or is there any ritual involved? No conclusions have been reached yet so police will be allowed to do its work. “We are going to continuously brief the public and we are also taking measures through the Ministry of Health to ensure that there is no public health crisis in that area. Edo is safe and there is no evidence yet that anything ritual is involved until the police are through with their investigation.” On his part, the Deputy Commissioner of Police SCID, Olawore Oluwole who is handling the investigation assured that the police would do a thorough job. But can the police contradict itself with an indicted report? This is difficult because the same people who spread the falsehood are the ones asked to carry out proper investigation. This might amount to hoping too much.

T H I S D AY ˾ ˜ SEPTEMBER 14, 2022

BUSINESS/MONEYGUIDE

Access, First Bank Others Begin PTA/BTA Disbursement with Dollar Cards Nume Ekeghe Access Bank, FirsBank have informed their customers that effective immediately, Personal Travel Allowances (PTA), Business Travel Allowances (BTA), and other foreign exchange purchases would only be disbursed via a dollar travel card. Apart from the two banks that made a formal announcement to their customers, other banks had silently commenced card disbursement for customers who already had existing travel cards without making a declaration. This is all in a bid to reduce the demand for cash and check

customers who capitalise on the arbitrage. FirstBank in a statement to its customers stated, “The full Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) of $4,000 and $5,000 respectively will now be disbursed into your FirstBank Travel Card. All applications will be in line with Regulatory Requirements. “Kindly ensure that all PTA/BTA applications along with the approved Form A are submitted at the branch exactly 14 days before your proposed travel date. Sales is limited to two quarters a year.” Access Bank in a statement

to its customers stated, “We would like to once again inform you that we disburse authorised personal and business travel allowance FX requests through our Access Travel Debit Card. The Access Travel Debit Card has been created to enable you to transact seamlessly when you travel abroad.” It added with this process, customers can get instant issuance for PTA/BTA requests, easy access to international transactions via online, POS, and ATM and that the card is valid for 3 years and is usable for current and future PTA/BTA requests during its validity.”

E U Extends Coordinated Maritime Presence Scheme to February 2024 Gilbert Ekugbe The European Union (EU) has extended the Commercial Maritime Presence (CMP) scheme until February 2024, noting that the extended period is to allow ECOWAS strengthen the anti-piracy mechanism to checkmate pirate attacks against commercial vessels in the Gulf of Guinea. The Ambassador of France to Nigeria, Emmanuelle Blatman represented by the Consul General of France in Lagos, Laurence Monmayrant at the 7th Lagos International Maritime week 2022 tagged “New technologies for greener shipping in Africa” said the decision to extend the CMP scheme is coming on the heels of the successes recorded by the initiative that has reduced

more than 80 per cent of pirate attacks against commercial vessels in the Gulf of Guinea. She advised that the mechanism to be deployed by ECOWAS must involve apprehension at sea, legal finish and imprisonment. She also stated that the introduction of new patterns, both innovative and economically viable, can only be achieved if maritime routes are secure, pointing out that these routes cover huge areas where seafarers and goods must be safe for trade to happen. The Chairman, Nigeria Ports Consultative Council, Lagos, Nigeria, Kunle Folarin, said Nigeria’s shipping industry will become more environmentally friendly by strict regulation, saying that

the International Maritime Organisation (IMO) has proposed a 2020 Sulfur limit on the exhaust from the stacks of ocean-going ships. He said IMO has also called for ships to produce about 85 percent less sulfur by the end of next year, and to have their total greenhouse-gas emissions by 2050. The Chairman, Zoe Maritime Resources Limited, Oritsematosan Edodo Moore, said ports as a major part of shipping infrastructure, are top value generating facilities, that stimulates trade and also serve as revenue generating streams for governments and is a veritable source of employment, therefore its efficiency and development is extremely important for the African continent.

Chivas Regal Appoints Brand Ambassadors to Drive Campaign Chivas Regal has unveiled four brand ambassadors as part of activities to kick-off its “Be Real, Be Regal” Campaign The four ‘New Regals’ namely Folarin Falana, popularly known as Falz; Daniel Benson, now known as Bnxn; Owoh Chimaobi Chrismathner, also known as Zoro; and Tomi Garber also known as DJ TGarbs were all revealed as the new brand ambassadors of the premium scotch whisky brand. This was disclosed during the Chivas Mansion party, which held Lagos. Speaking at the event, Brand Manager, Chivas Regal, Elizabeth ‘Betty’ Anthony stated that the “Be Real, Be Regal”Campaign was borne out of the brands’ commitment to continue to

inspire the Nigerian ‘The Hustle Generation’ the older Gen-Z’s and younger millennials to embody the hustle mentality of redefining culture and creating new paths to success. Speaking on behalf of the New Regals, Folarin Falana ‘Falz’ said “For us it is about rewriting the rules, living our truth, and inspiring a new generation of achievers to succeed against all odds. We do not walk the path of success; we create our own. We are redefining culture, and we are proud to be Regals,” he said. Continuing, Anthony, said “The Hustle Gen are Nigerians pushing boundaries of a traditionally conservative society and increasingly adding cultural players to the global league heading upwards.

They are unapologetically successful. They are the street heroes, redefining luxury as an act of individuality and expressing global trends in their own way.” She described them as youths showing that success is even more important when there isn’t support from family or the society, and most importantly, they are Nigerians who celebrate success together because the belief of shared success is deeply entrenched in them. “This is who the Hustle Gen represents and who Chivas Regal celebrates,” Anthony said. On the New Regals, she added: “They are a collective of market specific influencers who authentically live the “Be Real, Be Regal” ethos.

Africa Data Centres Join Forces with Nigeria’s Top Internet Exchange Point Africa Data Centres, the largest network of interconnected, carrier- and cloud-neutral data centre facilities in Africa, and part of the Cassava Technologies group, has taken a significant step forward in its widescale expansion into Africa by joining forces with Nigeria’s principle internet exchange point: IXPN. In a statement, IXPN Chief Executive Officer, Muhammed Rudman expressed delight in the partnership with Africa Data Centres, saying: “We are

excited to partner with Africa Data Centres towards providing an additional point of presence to our members within the new Eko Atlantic City.” “ Our partnership with Africa Data Centres provides our members with access to more peering facilities, particularly in Lagos, which will significantly improve connection performance, lower bandwidth costs, and lower latency for Nigerian internet traffic, “ he concluded. “IXPN is unquestionably the

leading internet exchange point in Nigeria and provides Africa Data Centres with the connectivity it needs to give customers marketleading service,” said Africa Data Centres Group Executive: IT & Partnerships, says Dr Angus Hay. “The partnership will enable Nigerian entities to migrate their systems into a world-class data centre with total confidence, knowing they will have access to a highly available, secure, and connected ecosystem of strategic partners.”

From left: Nigerian musicians, Daniel Benson (Bnxn), Owoh Chrismathner (Zoro); Disc Jockey, Tomi Garber, (TGarbs) and Songwriter, Folarin Falana (Falz) at the Chivas Regal Mansion Party for ‘New Regals’ unveiling in Lagos...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JUNE 2022 Money Supply (M3)

48,865,823.53

-- CBN Bills Held by Money Holding Sectors

167,956.2

Money Supply (M2)

48,797,867.32

-- Quasi Money

28,405,330.1

-- Narrow Money (M1)

20,392,537.22

---- Currency Outside Banks

2,722,785.91

---- Demand Deposits

17,669,751.32

Net Foreign Assets (NFA)

6,242,394.29

Net Domestic Assets(NDA)

42,623,429.24

-- Net Domestic Credit (NDC)

57,267,178.05

---- Credit to Government (Net)

17,996,690.06

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

39,270,488

--Other Assets Net

5,566,430

Reserve Money (Base Money

11,320,304

--Currency in Circulation

3,259,269.15

--Banks Reserves --Special Intervention Reserves

11,320,303.72 384,377.56

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

June 2022

Inter-Bank Call Rate

11.10

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

13.00

Treasury Bill Rate

2.45

Savings Deposit Rate

1.38

1 Month Deposit Rate

3.48

3 Months Deposit Rate

4.55

6 Months Deposit Rate

4.97

12 Months Deposit Rate

5.30

Prime Lending rate

12.29

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, MAY 7

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

T H I S D AY ˾ ˜ ͯͲ˜ ͰͮͰͰ

Stock Market Close Flat as Investors Sentiments Prevail Kayode Tokede Investors mixed sentiments prevailed yesterday in the stock market of Nigerian Exchange Limited (NGX), leading to 0.004 per cent gain. The NGX All Share Index (ASI) rose by 2.01 basis points or 0.004 per cent to 49,627.72 basis points from 49,625.71 basis points the stock market opened for trading. Accordingly, investors gained N1.09 billion in value as market

capitalisation went up to N26.768 trillion from N26.767trillion. Sectoral performance was mixed, as the Insurance index depreciated by 0.6per cent and Banking index down by 0.1 per cent, while the Consumer Goods and Oil & Gas indices closed flat. The Industrial Goods, however, gained 0.1per cent, the sole gainer among the indices on the bourse. The upturn was impacted by gains recorded in medium and

P R I C E S MAIN BOARD

F O R DEALS

large capitalised stocks, amongst which are; Lafarge Africa, Nigerian Exchange Group, Multiverse Mining and Exploration, NPF Microfinance Bank and Cutix. However, market breadth closed negative as 16 stocks lost relative to 13 gainers. Multiverse Mining and Exploration recorded the highest price gain of 9.69 per cent to close at N2.83, per share. NPF Microfinance Bank followed with a gain of 7.84 per cent to

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

QUANTITY TRADED

close at N1.65 and Pharma-Deko Plc went up 5.13 per cent to close at N2.05, per share. Cutix up by 5.12 per cent to close at N2.26, while Fidelity Bank appreciated by 3.02 per cent to close at N3.41, per share. On the other hand, Red Star Express led the losers’ chart by 10 per cent to close at N2.43, per share. PCaverton Offshore Support Group followed with a decline of 4.55 per cent to close at N1.05, while Livestock

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S

Feeds lost 4.31 per cent to close at N1.11, per share. Sovereign Trust Insurance declined 3.70 per cent to close at 26 kobo, while Lasaco Assurance shed 3.13 per cent to close at 93 kobo, per share. The total volume of trades increased by 85.1 per cent to 160.244 million units, valued at N1.488 billion and exchanged in 3,847 deals. Transactions in the shares of Zenith Bank topped the activity chart with 26.736 million

O F

1 3

shares valued at N536.650 million. Courteville Business Solutions followed with 24.102 million shares worth N11.328 million, while Transnational Corporation of Nigeria (Transcorp) traded 16.249 million shares valued at N16.992 million. International Energy Insurance traded 12.768 million shares valued at N20.429 million, while Chams transacted 9.314 million shares worth N3.224 million.

/ 0 9 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˜ ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

ʬ ʬ

7 R S 7 U D G H V E \ 9 R OX P H

7 R S * D LQ H U V T ic k er

P ric e

T ic k er

5.65

7.6%

ST ER LN B A N K

173.8

0.0%

0.31

6.9%

UB A

54.1

3.4%

FCM B

3.50

6.1%

Z EN IT H B A N K

14.0

0.0%

UB A

7.55

3.4%

CHA M S

14.0

6.9%

30.30

3.4%

T R A N SC OR P

6.4

-2.7%

8.85

2.3%

FCM B

5.6

6.1%

WA P C O

24.90

1.8%

GT C O

5.2

-0.5%

ET ER N A

6.30

1.6%

F ID ELIT YB K

4.8

1.4%

C UT IX

2.15

1.4%

OA N D O

4.1

-1.2%

F ID ELIT YB K

3.65

1.4%

FB NH

3.8

0.0%

7 R S 7 U D G H V E \ 9 D OX H

7 R S / R V H U V T ic k er

T ic k er

Value

P ric e C hg %

UB A

400.6

3.4%

-8.9%

M TNN

289.5

0.0%

-7.7%

Z EN IT H B A N K

281.4

0.0%

ST ER LN B A N K

252.1

0.0%

P ric e

P ric e C hg %

H ON YF LOUR

2.25

-10.0%

LEA R N A F R C A

2.25

LIN KA SSUR E

0.48

WA P IC

0.38

-7.3%

J A IZ B A N K

0.85

-4.5%

N EST LE

119.2

0.0%

103.8

-0.5%

C OUR T VILLE

0.48

-4.0%

GT C O

UA C N

11.00

-3.5%

WA P C O

63.9

1.8%

40.3

0.0%

A B CTRA NS

0.28

-3.4%

FB NH

J A P A ULGOLD

0.29

-3.3%

GUIN N ESS

34.1

0.0%

-2.7%

P R ESC O

21.1

0.0%

T R A N SC OR P

Afrinvest West Africa Limited

P ric e C hg %

CHA M S

A C C ESSC OR P

Vo lum e

N EM

F LOUR M ILL

P ric e C hg %

1.07

Investment Research

Brokerage

Asset Management

Adedoyin Allen | aallen@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com Abiodun Keripe | AKeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com

Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

WEDNESDAY, SEPTEMBER 14, 2022 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 12Sept-2022, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 11.38% AIICO Balanced Fund 3.70 3.76 8.70% 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 7.51% Anchoria Equity Fund 138.94 140.50 -0.23% Anchoria Fixed Income Fund 1.17 1.17 2.64% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 21.09 21.73 3.99% ARM Discovery Balanced Fund 508.63 523.96 12.74% ARM Ethical Fund 42.45 43.73 8.96% ARM Eurobond Fund ($) 1.08 1.08 0.26% ARM Fixed Income Fund 1.06 1.06 4.27% ARM Money Market Fund 1.00 1.00 10.10% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 93.74 93.74 -3.20% AVA GAM Fixed Income Dollar Naira 1,081.65 1,081.65 8.17% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.09 2.09 2.98% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.33 2.37 9.35% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 5.92% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 12.25% Paramount Equity Fund 19.14 19.49 9.86% Women's Investment Fund 146.54 148.31 3.24% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.76% Cordros Milestone Fund 130.99 131.91 5.29% Cordros Dollar Fund ($) 111.14 111.14 5.02% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 9.37% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 10.38% EDC Nigeria Fixed Income Fund 1,115.64 1,135.51 0.40% EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 8.87% Emerging Africa Bond Fund 1.04 1.04 8.69% Emerging Africa Balanced Diversity Fund 1.04 1.04 4.14% Emerging Africa Eurobond Fund 103.34 103.34 2.14% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1501.66 1501.66 11.47% FBN Balanced Fund 193.83 195.15 10.60% FBN Halal Fund 123.37 123.37 10.72% FBN Money Market Fund 100.00 100.00 10.20% FBN Dollar Fund (Retail) 125.82 125.82 6.02% FBN Nigeria Smart Beta Equity Fund 159.08 161.23 5.98% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.54% Legacy Debt Fund 3.57 3.57 -10.83% Legacy Equity Fund 1.88 1.92 8.18% Legacy USD Bond Fund 1.24 1.24 2.79% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Coral Balanced Fund Coral Income Fund Coral Money Market Fund

4,052.32 3,616.07 100.00

4,105.98 3,616.07 100.00

6.02% 6.22% 11.04%

FSDH Dollar Fund 1.11 1.11 4.05% GUARANTY TRUST FUND MANAGERS LIMITED 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 10.10% Vantage Balanced Fund 2.93 2.97 2.88% Vantage Guaranteed Income Fund 1.00 1.00 6.00% Kedari Investment Fund (KIF) 142.73 142.73 4.01% Vantage Equity Income Fund (VEIF) - June Year End 1.23 1.27 2.20% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 0.78% 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 1.61 1.64 13.52% Lotus Halal Fixed Income Fund 1,169.17 1,169.17 6.48% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 12.10 12.18 11.06% Meristem Money Market Fund 10.00 10.00 10.80% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 102.50 102.50 9.67% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.40% 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 N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A 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 125.10 127.65 0.05% 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 1.06 1.06 9.24% 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 3,538.10 3,572.04 4.45% Stanbic IBTC Bond Fund 241.65 241.65 2.58% Stanbic IBTC Ethical Fund 1.39 1.41 11.11% Stanbic IBTC Guaranteed Investment Fund 325.93 325.94 4.09% Stanbic IBTC Iman Fund 258.12 261.86 10.65% Stanbic IBTC Money Market Fund 1.00 1.00 10.31% Stanbic IBTC Nigerian Equity Fund 11,724.64 11,884.04 7.46% Stanbic IBTC Dollar Fund (USD) 1.34 1.34 3.61% Stanbic IBTC Shariah Fixed Income Fund 119.68 119.68 2.37% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 112.17 112.17 5.45% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.95 0.97 7.33% United Capital Balanced Fund 1.34 1.36 2.73% United Capital Wealth for Women Fund 1.12 1.14 8.78% United Capital Sukuk Fund 1.08 1.08 5.00% United Capital Fixed Income Fund 1.91 1.91 4.38% United Capital Eurobond Fund 123.22 123.22 4.00% United Capital Money Market Fund 1.00 1.00 11.48% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.61 13.73 3.21% Zenith ESG Impact Fund 15.60 15.75 6.70% Zenith Income Fund 23.11 23.11 5.27% Zenith Money Market Fund 1.00 1.00 9.75% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.80 3.90 -5.16% Vetiva Consumer Goods Exchange Traded Fund 6.03 6.13 3.15% Vetiva Grifﬁn 30 Exchange Traded Fund 17.94 18.14 1.46% Vetiva Money Market Fund 1.00 1.00 9.34% Vetiva Industrial Goods Exchange Traded Fund 17.79 17.99 -10.91% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 140.57 142.57 -10.83%

REITS NAV Per Share

Yield / T-Rtn

118.56 51.93

4.66% 2.11%

Bid Price

Offer Price

Yield / T-Rtn

14.17 126.59 98.89 16.40 17.10

14.27 129.81 101.05 16.50 17.20

1.29% -0.40% -0.87% -2.87% 15.38%

NAV Per Share

Yield / T-Rtn

107.59

0.00%

Fund Name SFS REIT Union Homes REIT

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

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

WEDNESDAY SEPTEMBER 14, 2022 • T H I S D AY

WEDNESDAY, SEPTEMBER 14, 2022 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Ukraine Requests More Australian Weapons as Forces Retake Territory Ukraine has called for more artillery and ammunition from Australia after a counteroffensive in the nation’s east saw Kyiv retake a key town from Russian control. Military experts have said Ukraine needs better artillery supplies and ammunition to hold on to key positions. Ukrainian authorities have said their forces have made important gains recently in pushing back Russian troops, retaking more than 3,000 square kilometres of territory. Weapons supplied by other countries have been instrumental, observers say. Officials in Kyiv have thanked Australia for its so-called Bushmaster armoured personnel vehicles. They have an innovative ‘V-shaped floor designed to spread the impact of explosive devices more effectively than a traditional flat floor. Ukraine wants Australia to supply up to 12 howitzers after Canberra provided six lightweight, towed howitzers in April. Australia’s deputy prime minister Richard Marles, also the defence minister, has described Ukraine’s fight against Russia’s invasion as “nothing less than inspiring.” He told the Australian Broadcasting Corp. that his government would continue to support Ukraine.

Queen Elizabeth’s Coﬃn Flown to London for Final Commemorations A C-17 military aircraft carrying the coffin of Britain’s Queen Elizabeth II left Edinburgh, Scotland, and travelled to London as mourners bid a final farewell to the monarch who reigned for 70 years. Elizabeth’s only daughter, Princess Anne, was on hand Tuesday in Edinburgh as pallbearers from the Queen’s Color Squadron of the Royal Air Force carried the coffin onto the aircraft. Princess Anne was accompanying the coffin on the flight back to London. Earlier in the day, members of the public paid their respects to Elizabeth at St. Giles’ Cathedral in Edinburgh, with many waiting overnight for a final opportunity to file past her coffin before it was flown to London. The queen’s body will first be taken to Buckingham Palace, where crowds have lined the streets, waiting for an opportunity to witness history in the making. The coffin will then be transferred in a public procession led by her son, King Charles III, to the 11th-century Westminster Hall, where she will lie in state for four days. The hall will be open 23 hours a day for visitors and be guarded by soldiers from the royal household. Tens of thousands of people are expected to travel to Westminster for the occasion.

Ukraine War Overshadows SCO Summit in Uzbekistan Excitement is building in Uzbekistan ahead of this week’s Shanghai Cooperation Organization meeting, where Russian President Vladimir Putin and Chinese counterpart Xi Jinping will be the most prominent among more than a dozen world leaders visiting the Central Asian nation. “The world is coming to Samarkand” has been the theme of the preparations for the annual meeting, to be hosted by the group’s current chairman, Uzbek President Shavkat Mirziyoyev. “All SCO member states are our closest neighbours, friends and strategic partners,” he said in a prepared statement ahead of the summit. Mirziyoyev believes that Samarkand, the medieval capital of the empire of Uzbekistan’s national hero Amir Temur will be a dramatic backdrop for the gathering of leaders from eight SCO members and three observer states alongside several dialogue partner countries. Putin and Xi, who are expected to meet one-on-one on the sidelines of the two-day event, will be joined by leaders from India, Kazakhstan, Kyrgyzstan, Pakistan and Tajikistan.

Armenia, Azerbaijan Clash Along Border Fresh clashes broke out Tuesday between

8.3 per cent rate in August, the Bureau of Labor Statistics reported. The figure was down from the 8.5 per cent mark recorded in July and the 9.1 per cent inflation rate in June, which was the biggest increase in four decades. Even as US motorists have gladly watched gasoline prices fall sharply in recent weeks — down 10.6 per cent from their peak — costs for food and apartment rentals have continued to increase. Overall, as a result, the government said that consumer prices were up one-tenth of a per cent in August compared to July. Food prices were up 0.8 per cent in the past month, while costs for housing, medical care, new cars and household furnishings all increased in August compared to July.

Lack of Democratic Reforms Risks Further Instability in Sri Lanka

Armenia and Azerbaijan, with each side reporting casualties and blaming the other for the violence. Armenia said Azerbaijani forces attacked several points near the border, killing 49 Armenian soldiers. Azerbaijan said Armenian forces fired on its positions, leaving an unspecified number of casualties. The two countries have had a decades-long conflict involving the Nagorno-Karabakh region inside Azerbaijan but mainly populated by ethnic Armenians. A six-week war in 2020 killed more than 6,600 people and saw Azerbaijan reclaim territory in and around the region. US Secretary of State Antony Blinken called on the two sides to “end any military hostilities immediately,” saying in a statement that there is no military solution to the conflict. Russia’s Foreign Ministry also urged Armenia and Azerbaijan to resolve the conflict through political and diplomatic means.

Kenya Swears in President Ruto After Heated Elections Kenya swore in its new president, William Ruto, on Tuesday, following a tightly contested election. Numerous African leaders attended the ceremony for Ruto, but his chief election rival, Raila Odinga, stayed away. As Kenya’s fifth president, Ruto faces a struggling economy, massive debt, and a record drought that has devastated northern parts of the country. In an elaborate ceremony, William Ruto took the oath to be Kenya’s fifth president at Moi International Sports Center in Nairobi. Tens of thousands of Kenyans, a host of African leaders, representatives from foreign governments and ambassadors witnessed the inauguration. Ruto takes the reins of power from former boss Uhuru Kenyatta, for whom he served as deputy president for the past 10 years. The incoming president likened his win to that of the country gaining independence from colonizers. “Our special gratitude also goes to millions of Kenyans in the hustler movement for tirelessly mobilizing for the campaign and executing a historic revolutionary feat perhaps as great as the daring exploits of our legendary freedom fighters,” he said. After years of neglect, the incoming government campaigned on what it called a “hustler” platform to empower the poor.

Lithuania Strengthens Ties with Taiwan Amid China Threats Lithuania’s new representative office in Taiwan has begun operations, although it has yet to physically open its doors due to

delays, according to media reports. Lithuania’s representative to Taiwan had only recently finished quarantine procedures and was still preparing the new trade office, local media reported on Tuesday. A similar report by Reuters cited a Taiwanese diplomat saying the new office was still being “fitted out.” Taiwanese media earlier reported that the new office would open on September 12, but the date came and went without an official announcement. Both Lithuania’s and Taiwan’s Ministry of Foreign Affairs declined to specify a date when the office would formally open its doors following inquiries from VOA. The Baltic state said last year it would open the office to cement its growing ties with Taiwan even as both sides risk attracting the ire of China. Lithuania, a nation of around 2.7 million, has emerged as one of Taiwan’s most unlikely yet outspoken allies in Europe as it pursues a “values-first” foreign policy.

DRC Welcomes Uganda War Reparations Payment Uganda has made its first war reparations payment to the Democratic Republic of Congo for losses its troops caused during wars and occupations in the 1990s. Uganda paid Kinshasa $65 million, the first of five annual payments ordered in February by the International Court of Justice. Uganda’s payment came as a surprise after years of proceedings and talks with the DRC. Uganda’s payment to the Democratic Republic of Congo follows a ruling by the International Court of Justice early this year. The court ordered Uganda to pay $325 million to the DRC as reparations for an invasion that lasted from 1998 to 2003. Under the order, Uganda is to pay $65 million in September of each year from 2022 through 2026. Uganda Ministry of Finance spokesperson Apollo Mughinda tells VOA that the first payment is a gesture by Uganda that it is willing to pay the amount set by the court. “Uganda has paid the first instalment as per the requirement. We paid 65 million dollars. And you can see the goodwill,” Mughinda said. “If something happens along the way because we are brothers, we are all members of the East African community, well, it can be negotiated further.”

US Inﬂation Rate Eased in August, but Remains High US consumer price increases eased in August compared to a year ago, the government said Tuesday, but the drop was modest and may not be noticed much by financially squeezed American households. The inflation rate was up at an annualized

A report on the human rights situation in Sri Lanka urges the newly elected government to implement democratic reforms and combat impunity to prevent the recurrence of human rights violations. The report was submitted Monday to the UN Human Rights Council. Widespread protests over high levels of inflation and shortages of fuel, food, medicines, and other essential items led to the resignation of the previous Sri Lankan president on July 14. A week later, a new president was elected by parliament. The handover of power was largely peaceful. However, the UN acting high commissioner for human rights, Nada Al-Nashif, expressed concern over certain actions the new government took in recent weeks. She said the government has a fresh opportunity to steer the country toward justice and reconciliation and address the legacy of conflict. Sri Lanka’s 26-year-long civil war ended 13 years ago. However, AlNashif noted tens of thousands of survivors still do not know the fate of their missing loved ones, nor have they received justice and reparations. In response, Sri Lanka’s Minister of Foreign Affairs, Ali Sabry, said the government was aware of the socio-economic hardships faced by its people and was taking measures to improve their situation. He said steps also had been taken to strengthen democratic governance and combat corruption.

Police ﬁnd weapons on mosque’s roof in Pakistan Michael Olugbode with agency report

Pakistani police have claimed it has found a cache of arms and ammunition on a mosque’s rooftop in Karachi’s Shah Faisal Colony. Shah Faisal colony police and Al-Falah conducted an intelligence-based raid in the mosque, where they found the weapons in a fridge that was kept on the rooftop. The seized weapons included three submachine guns, one light machine gun, two shotguns, three pistols, one rifle, and over 500 ammunitions. The weapons had been sent to the forensic division of the police for examination. Also, the Sahil police arrested three suspects for stealing the car tapes, panels and mirrors from expensive cars. According to an agency report, the suspects were identified as Bilal, Yasir, and Umair, who recently stole a panel of a car parked under an apartment building in Defence Housing Authority. The report said a case was registered at the Sahil police station and the police traced and arrested the suspects involved in the theft. Police said the gang comprised seven members, three of whom had been arrested. While in Nazimabad, the body of a missing woman was found in the underground water tank at her maternal uncle’s house.

WEDNESDAY SEPTEMBER 14, 2022 • T H I S D AY

WEDNESDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

PARALLEX BANK PAYMENT CARD DATA SECURITY AND ISO 29100 CERTIFICATES... L-R: Chief Risk Officer, Parallex Bank, Saheed Alamutu; Chief Finance Officer, Bola Ibrahim; Executive Director, Matthew Okojie; Chief Compliance Officer, Isioma Gogo-Anazodo; MD/CEO, Femi Bakre; Country Rep, FrenchCert UK, Dr. Orlando Odejide; Chief Information Officer, Oluwakemi Orimoloye; Chief Information Security Officer, Akinshola Akintilo, during the presentation of the Payment Card Industry Data Security Standards (PCIDSS), COBIT 2019, ISO 27017, ISO 27031 and ISO 29100 certificates at the bank’s head office….recently

Yahaya: Military’s Loyalty to Constitution, President Unalloyed Says they’ll secure 2023 polls, distributes new conduct code, engagement rules on elections to personnel Posits kinetic operations dismantled cohesion of insurgents, forced their surrender Troops rescue 10 kidnapped persons, neutralise several bandits in Kaduna Chuks Okocha, Kingsley Nwezeh in Abuja and John Shiklam in Kaduna Chief of Army Staff, Lt. Gen. Faruk Yahaya, yesterday, said the loyalty of the military high command to the constitution of the country and President Muhammadu Buhari remained absolute. Yahaya also pledged to sustain the support of the military for civil authority by ensuring a secure 2023 general election. Speaking at the Chief of Army Staff Third Quarter Conference 2022, held at the Army Headquarters Command Officers Mess 1, Asokoro, Abuja, the army chief thanked the president for his immense support

for the activities and operations of the armed forces across the six geo-political zones. He ordered the immediate distribution of the reviewed code of conduct and rules of engagement to his personnel. Yahaya stated that the military's kinetic actions in the North-east and other theatres of operation across the six geo-political zones had continued to dismantle the cohesion of the insurgents, resulting in massive surrender of the terrorists. In a related development, 10 kidnap victims were rescued by Nigerian Army troops, while several bandits were neutralised in Chikun Local Government Area

of Kaduna State. The Chief of Army Staff said at the conference, "I wish to most sincerely thank and appreciate the President, Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria, His Excellency Muhammadu Buhari, GCFR, for his strategic guidance and untiring support and encouragement. "I also appreciate the confidence the president reposes in the Nigerian Army. I want assure him of the unalloyed loyalty of the officers and soldiers to the President Commander-in-Chief and the Constitution of the Federal Republic of Nigeria." Yahaya announced that the

Okotie: Fringe Parties Can't Win Presidential Election in Nigeria Segun James Restructuring advocate, Rev Chris Okotie, has said fringe parties can't win the presidential election in Nigeria, because of the way the system was structured. The Reverend insisted that unless Nigeria was restructured to make political participation all-inclusive, fringe parties won't be able to win the all-important presidential election, even if they had the best candidate. On the chances of the Labour Party's Peter Obi, who was viewed as the third force behind the APC and the PDP, Okotie said the fact that only the bigger parties had ruled the country since the return to democracy in 1999 showed clearly how powerful they were. "Only the PDP and the APC have the national spread and network required to win the Presidency. No small party has such capacity. Until the political system is restructured to shift the emphasis away from parties to the people, the dominant parties would continue to hold sway," Okotie said. On why he set up FRESH after running for president on the Justice Party, and the NDP, Okotie said, it was a deliberate effort to promote

his agenda for a paradigm shift, adding that, he knew he would never be able to defeat the two dominant parties in a presidential election. He explained why he didn't join either the APC or the PDP, "If I join any of these parties, I would become part of the problem. Most of the big men go to these parties, because all they want is power for personal aggrandizement." Asked if he ever considered the option of relocating abroad, because of the complex problems

facing the nation, Okotie said he would not leave Nigeria. "I don't want anyone to take from me the land that God gave to me,” he said, adding that he would continue to promote restructuring and its interim government component, ruling out the option of giving up. “I am already successful in my area of calling. I don't need to run away. A time will come, when people will depend on what I have said in this restructuring campaign, "Okotie explained."

reviewed Rules of Engagement (RoE) and Code of Conduct document for 2023 general election were ready for distribution to personnel. He said, "The Nigerian Army is also firming up its preparations to provide the necessary security assistance to ensure the successful conduct of the 2023 general election. "As electioneering activities for general election begin, I wish to once again assure the public that the Nigerian Army remains committed to discharge its constitutional responsibilities and assist in providing secured environment for the conduct of the general election through Operation Safe Conduct. "You may all recall that in the last conference, I mentioned that the Nigerian Army will review its Rules of Engagement and Code of Conduct for general election. I am happy to inform you all that the reviewed document is ready and will be distributed at the end of this conference. "Commanders are, therefore, to ensure that all personnel deployed for security duties during the election period are given personal copies and thoroughly educated on the guidelines provided in the document." On military's kinetic actions in the North-east and other theatres of operation across the six geo-political zones, Yahaya said the efforts had continued to dismantle the cohesion of the insurgents, resulting in their massive surrender. He said, "This has positively impacted on the morale of troops

and greatly bolstered the confidence of the citizens. Efforts must, therefore, be geared towards leveraging the gains so far recorded to stamp out the miscreants permanently." Yahaya said the weeklong third quarter conference would provide an important platform to further appraise the army’s performance and bring in fresh ideas to enhance activities on all fronts. He stated, "I, therefore, expect all participants, particularly, the newly appointed commanders, to advance new strategies accordingly. Also, starting from this conference, we have invited some selected commanding officers, particularly from the manoeuvre and other arms and services. "We have also invited all the Regimental Sergeant Majors (RSMs) of all the divisions of the Nigerian Army. The aim is to drive home first-hand some vital information, instructions and guidance down the chain of command." The army chief explained that the commanding officers were tactical commanders, who led or deployed the point sections and contact troops in most operations. According to him, "Talking to them directly through the conference is expected to improve their confidence, operational skills and competences and, thus, enhance the outcomes of our operations. “The RSMs are well-respected fathers of their formations and units, custodians of Nigerian Army ethics, customs and traditions and regimentation.

"In that unique position, they provide critical link between officers and soldiers and it is expected that their attendance of the conference will further enhance that connect, improve their confidence, information flow and understanding and ensures soldiers get insights firsthand from their RSMS on the issues discussed, conclusions reached and decisions taken at the conference." Meanwhile, 10 kidnap victims were rescued while several bandits were neutralised in Chikun Local Government Area of Kaduna State. In a statement, yesterday, Commissioner for Internal Security and Home Affairs, Samuel Aruwan, said the bandits were dislodged from their camps by troops of “Operation Forest Sanity” during clearance operations conducted across some hard-to-reach locations, spanning Chikun and Igabi local government areas. Aruwan said after the troops had cleared out the bandits, they stormed their hideouts and rescued 10 kidnapped persons, who were chained and bound with ropes. He stated, “As disclosed in an operational feedback, the troops neutralised an unspecified number of bandits while clearing out insurgent and bandit camps at Apewohe in Chikun LGA.” According to him, “The operation extended to Dakwala and Kunai hills in the same LGA, where more hideouts were cleared, though no contact was made with bandits. Continued online

d.light Launches Life Transforming Solar Energy Solutions in Nigeria Dike Onwuamaeze d.light, one of the global leaders in social transformation has officially launched into the Nigerian market with a promise to transform one billion lives globally by 2030. Founded in 2007 by Ned Tozun a Canadian & Sam Goldman an American who met at Stanford Business School, d.light has operated in several markets globally like India, China and Kenya, Uganda, Tanzania, Ethiopia in Africa before expanding to the Nigerian market with over 25 million sustainable

products including solar lanterns, solar home systems, TVs, radios and smartphones sold globally across over 70 countries. Speaking at the official country launch of the firm in Lagos yesterday, the Chairperson of the company’s board, Mrs Ibukun Awosika, reiterated the need to transform lives as the driving force of the d.light initiative. According to her, “the bottom line is that Nigeria does not have enough power generated as at now. And even if we have it, we do not have extensive distribution network

to take power to the last man. We are in Nigeria to transform Africa one community at a time.” Giving the opening address at the launch, the co-founder and president Sam Goldman said, "The reality is that we are still so far from where we need to be in terms of our population and their needs. “Hence our target market are the low income individuals; not just the rural communities which is why the company adopts the 'pay-as-you-go’ model. Access to sustainable energy will not

be possible except we solve the funding problem. The co-founder and CEO, Ned Tozun in his address stated that d.light has provided employment for over 6,000 people across Africa. He added, "Our target is lower income individuals. There is sun in the village and the cities, so when we just say a rural market, it is not. The guy who lives in Lagos, but doesn’t have a generator shouldn’t even use a generator if he can have a solar solution. Why? Because of environmental sustainability. “So, when you think about all

the ESG matters, you will encourage more people to use alternate sources of energy rather than polluting sources of energy and that helps everywhere; whether you are in the city or in the village. It is about lower income. “What we’ve done is to think of the entire problem chain. Firstly, innovate the product. Two, how do you deliver it? Deliver it to them at the most reasonable price. Thirdly, make sure it’s affordable for them. How is it affordable? It is pay-as-you-go. They don’t have to look for the capital to buy.

WEDNESDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

INSPECTING UBEC/SUBEB INTERVENTION PROJECT IN OGELE... L-R: Kwara State SUBEB Chairman Prof AbdulRaheem Shehu Adaramaja; Hon Ganiyu Cook Olododo; and Chairman House of Representatives Committee on Basic Education and Services Prof Julius Ihonvbere; during the inspection visit by the House Committee to UBEC/SUBEB Intervention Project in Ogele LGEA School, in Asa LGA of the state, on Monday.

DSS to Court: Mamu is Part of International Terror Syndicate Gets permission to detain negotiator for 60 days Alex Enumah in Abuja The Department of State Services (DSS), yesterday, told a Federal High Court, Abuja, that the detained negotiator for the Abuja-Kaduna train kidnap victims, Tukur Mamu, was part of an international terrorist network that used the cover of journalism to perpetrate crime. The allegation formed part of an affidavit presented before a Federal High Court in Abuja to secure the court's permission to keep Mamu in DSS custody, pending the conclusion of investigation. The agency said Mamu, who had negotiated the release of some victims kidnapped during the Abuja-Kaduna train attack by terrorists, was arrested on his way to an international terrorist summit in Egypt. In the affidavit in support of its ex-parte application marked: FHC/ ABJ/CS/1617/2022, the DSS begged the court to allow it keep Mamu for further investigation, because it had established act of terrorism financing against him. Following the submission, Justice Nkeonye Maha of the Federal High Court, Abuja, ordered Mamu’s detention for the next 60 days. Maha added that if not done with its investigation within the period, the agency could come back to the

court to renew the detention order. In the motion dated and filed on September 12 by its lawyer, Mr U.N. Dauda, DSS had sought “an order enabling the State Security Service/ applicant to detain the respondent (Mamu) for a period of Sixty (60) days in the first instance, pending the conclusion of investigation.” Deponent of the affidavit, Mr Hamza Pandogari, a legal officer with the DSS, told the court why it was necessary to detain Mamu for 60 days in the first instance, pending the conclusion of investigation of various acts of terrorism against him. According to the affidavit, "The self-acclaimed Kaduna train negotiator exploit the opportunity to perpetrate, aid and abets as well as render support to both local and international terrorist organisations." DSS stated that Mamu "was intercepted by the Nigerian foreign partners at Cairo, Egypt, on September 6, 2022, while on his way to Saudi Arabia for a clandestine meeting with commanders and top leaders of terrorists organisations across the globe." The deponent said upon his interception, and subsequent repatriation back to Nigeria, a duly signed search warrant was executed in his residence and office at No. 4, Ali Ladan Street, Sabon Kawo GRA and No. 14, Mamona

Road, Anguwan Sarki, Kaduna State and various exhibits and items to establish his complicity with terrorists were recovered. Some of the items the agency said it recovered from Manu’s residence and office included 151 dollars, 20 pounds sterling; 1, 530 Indian Rupees; one Saudi Riyald; 70 Dirham; one million, five hundred and six thousand naira; and 16 assorted foreign coins. The DSS also alleged that two packs of pump action cartridges; 16 ATM (auto-mated machine) cards

from both local and foreign banks; seven cheque books of different banks; six laptops; four tablets; 24 handsets and three international passports belonging to Mamu; one firearm licence; eight pieces of Nigerian Army uniforms; 16 pieces of Nigerian Naval uniforms, were recovered. The agency claimed that the “preliminary investigation so far established, amongst others, were the offences of logistic supplier, aiding and abetting acts of terrorism as well as terrorism financing.

The Benin Royal Museum fundraising launch is set to take off in Benin City, Edo State. This was disclosed in a statement yesterday, by the Chief Press Secretary to the Oba of Benin, Iguobaro Osaigbovo. The federal government had promised to take temporarily custody of the 1,130 looted Benin artefacts when the items are repatriated, pending the completion of the Benin Royal Museum where the artifacts would be kept. Osaigbovo quoted the Chairman of the Benin Royal Museum

Fundraising Committee, Mr. Aigbojie Imoukhuede, to have disclosed this when he paid a courtesy visit to Oba of Benin palace in Benin City. According to him, "Imoukhuede said Benin Royal Trustee Board members will meet and ramp up modalities for the launch before the end of the year. “Imoukhuede assured the Benin monarch that the mandate of the committee would be realised based on the proven records of integrity of personalities behind the project.” He thanked President Muhammadu Buhari for giving his approval to the Benin Royal Museum and the artefacts when the later played

assumed a wider dimension and sophistication requiring time and advance expertise to conclude. “That some of the suspects working with the defendant are at large and premature release of the defendant will jeopardise the on-going investigation. “That it is in the interest of justice and national security to grant this application. That the activities of the defendant and his associates at large constitute a potent threat to the unity and peaceful co-existence of Nigeria.”

PSC Workers Protest Hijack of Constitutional Powers by Police Pass vote of no confidence on ex-IGP, Musiliu Smith Kingsley Nwezeh in Abuja Workers of the Police Service Commission (PSC) yesterday protested the alleged hijack of the commission’s constitutional powers by the Nigeria Police. The workers, who carried placards with the inscriptions,

"Police Service Commission not a rubber stamp", "Smith the betrayer", “No more ex-police boss as PSC chair", passed a vote of no confidence on Chairman of PSC and former InspectorGeneral of Police, Musiliu Smith, for what they termed working against the interest

Returned Artifact: Benin Royal Museum Set for Fundraising Adibe Emenyonu in Benin City

The DSS claimed that the defendant had used the cover of his profession as a journalist to aid both local and international terrorist groups. It stated, “That the action of the defendant has orchestrated the untimely death of several security personnel in North-central and North-east parts of Nigeria. “That the defendant has discreetly given several information to bandits and terrorists that escalated various acts of terrorism in Nigeria. “That the investigation has

host to Oba of Benin and members of the committee in Abuja few months ago. Continuing, Iguobaro said Imoukhuede also solicited for prayers and support of the monarch and the people of the kingdom just as he thanked the federal government for supporting the palace. The Fundraising Committee chairman was also quoted to have said, "very soon and hopefully before the end of this year, 2022, members of the Trustee will be meeting in Benin City with his Royal Majesty. "We hope to be given a very detailed briefing with respect to

the steps. Certainly, I believe and understand that one of them is to commence the fundraising and the entire nation about the very clear governance arrangement that has been made to ensure that the Trust operates with the very best international practices." Responding, the Oba of Benin, His Royal Majesty, Oba Ewuare II who allayed the fears of concerned citizens about ongoing development, said the Benin Royal Museum project was on course. "In case they are wondering what is still going on, everything is well with the Benin Royal Museum," he said.

of the commission and the workers. The workers’ union presented letters of protest to the National Assembly and Office of the Secretary to the Government of Federation (SGF). The Joint Union Congress of PSC had last week issued a notice of indefinite strike to the management of the commission over alleged breach of agreement. The union noted that the industrial action would commence from Monday, August 29, 2022. Addressing newsmen in Abuja, Chairman of the Joint Service Union, PSC chapter, Mr. Adoyi Adoyi, said the protest followed disagreement between workers of the commission, Smith, and the Inspector General of Police, Usman Baba, on which body should be responsible for recruitment, promotion, and appointment of constables and officers. He stated that the IGP and other police chiefs, in connivance

with the chairman of the PSC, overruled the constitutional duty of the PSC. Adoyi said the IGP, allegedly, took it upon himself to carry out the functions of the PSC in flagrant disregard of the Nigeria constitution, a verdict of the Appeal Court, and the authorities of the PSC. He stated, “We are embarking on an indefinite strike to show our discontent with the way the PSC is being run by the chairman of the commission, and the flagrant disregard for the constitution, the court of law, and the PSC by the police chief. “The duties of the PSC are spelt out in the constitution, but the IGP has disregarded all of that, and has taken over the duties of the commission. He appoints and promotes at will as opposed to what is stated in the constitution. “According to the constitution, the appointment, promotion, and recruitment of police officers and constables are the prerogative of the PSC, not the IGP.”

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NEWS

60TH BIRTHDAY DINNER... L-R: Former Liberian Ambassador to Nigeria, Prof. Dew Tuan-Wleh Mayson; Celebrant/Group Chairman, Mutual Beneﬁts Assurance Plc, Dr. Akin Ogunbiyi; his wife, Dotun and former ECOWAS Ambassador to Liberia, Mr. Tunde Ajisomo, during the 60th birthday dinner for Ogunbiyi in Lagos…recently PHOTO: ABIODUN AJALA

Tambuwal, Salisu Buhari, Ihedioha, Opara, Others Mobilise for Atiku APC chieftain cautions members against 'unholy romance' with Wike Ayu leaves for Europe today, hands over to deputy Ohuabunwa: Rivers gov, others fighting for justice, equity Chuks Okocha in Abuja In order not to leave anything to chance as far as the 2023 general election is concerned, former principal officers of the Peoples Democratic Party (PDP) in the House of Representatives, have begun to mobilise to lead the Atiku Abubakar campaign to enable them win the presidency in 2023. This is just as it was announced yesterday that the PDP National Chairman, Dr. Iyorchia Ayu, will leave Nigeria for Europe tomorrow ( today). In a statement by Simon ImoboTswam, the Special Adviser to the National Chairman Media and Communications, he said Ayu will be out of the country for about two weeks. While away, the statement said that the Deputy Chairman (North), Amb. Iliya Damagun, will act in his place. The statement went on

to state that the National chairman has communicated the handover to the Independent National Electoral Commission (INEC). He is expected back at month-end. The group of former principal officers, which includes the first Speaker of the House of Representatives, Salisu Buhari, who later resigned over falsification of certificate, Aminu Tambuwal, Emeka Ihedioha, Usman Bayero Nafada, Chibudom Nwuche and Austin Opara were to lead thousands of other House members to a meeting in support of Atiku. It was gathered that the meeting scheduled for today in Abuja, has been communicated to all the former legislators. The meeting is the second in a series to mobilise support for the PDP presidential candidate Atiku and his running mate, Senator Ifeanyi Okowa, ahead of

the official flagging of presidential campaigns. In a statement by former deputy leader of the House, Hon Muktar Ahmed, the meeting would discuss strategies for winning the coming general election and other burning issues, major happenings in the country under the failed APC government, and why it was important for the former vice-president to take over power come next year. Muktar said the meeting would be a gathering of key political actors, cutting across all the nation’s federal constituencies with the aim of mobilising support and wooing Nigerians to support Atiku, whom he described as,” a leader Nigeria needs”. In their last meeting, the former lawmakers had agreed to meet monthly as a way of marketing the capacity and capabilities of the former Vice President and

reawakening new leadership ideas needed for a contemporary democratic administration. “The significance of such a gathering is better imagined than described. It is fallout of patriotic concern for the nation and the sheer willingness to put heads together to change the course of governance for the better. "As politicians committed to the nation, it is not palatable to be watching the diminishing style of governance in the country under the current dispensation in which the strong legacies of the PDP are being depleted. The truth is that governance has been reduced to its lowest ebb. "Having lost power in 2015 and 2019 to the APC, the ruling party has not done anything close to what was achieved by the PDP between 1999 and 2015, hence the fervent desire to reinvent previous

successes and prosperity for Nigeria Kudos to the former lawmakers,” Muktar said. However, as the leadership crisis in the PDP festers, Dr Blessing Agbomhere, the South-south Zonal Organising Secretary of All Progressives Congress (APC), has cautioned party leaders over the frequent invitation of APC chieftains to commission projects in Rivers State by Governor Nyesom Wike, arguing that it does not augur well for the expected victory of the party in the state and at national level in the 2023 election. He said if Wike wanted to join the APC, he should do it through the front door, but not through the back door. He said the influx of APC chieftains to Rivers, could affect the moral of its members in the state while boosting that of the PDP members.

Ekiti Assembly Ratifies State Police, Judicial Autonomy, Others Victor Ogunje in Ado Ekiti Ekiti State House of Assembly, yesterday, approved the creation of State Police and Judicial Autonomy in the ongoing fifth alteration to the Amendments to the 1999 Constitution of the Federal Republic of Nigeria. As part of its concurrence to the Constitutional Amendment bill, the Assembly also aligned with the National Assembly on the alteration to stipulated rules on how the principal officers of the Houses of Assembly should be removed from offices to ensure stability in the system. The amended bills were transmitted to the House of Assembly for ratification in March, 2022. Speaking with journalists in Ado Ekiti, House Leader, Hon Gboyega Aribisogan, said the lawmakers ratified the alteration to the issue of law reform in the country for radical improvement in the qualities of laws that would guide the three arms of government. "At the plenary, today, the assembly approved four areas being

considered for amendment to the 1999 constitution by the National Assembly. What we did was just a concurrence to the amendments and not further alterations to what had been done by the National Assembly. "These include the approval for the law mandating the state to have a state police to improve security across the county. We also approved a law stating the procedure to be followed for the removal of the principal officers of the Houses of Assembly to ensure stability and improve the quality of governance. "The Assembly also unanimously approved the alteration to the constitution allowing state to have a law backing the establishment of State Judicial Council just like the National Judicial Council at the Federal level, so that the judiciary can be autonomous. "It also approved the amendment to the proper regulation of the law reform to ensure that quality laws are made to guarantee good legislation and robust governance and equality in the system." Also, at the plenary, the Ekiti

State Economic Development Council (Amendment) Bill 2022, which deal with composition and other matters of the Council was also passed, while a bill for the creation of additional three local Council Development Areas (LCDA) and two other bills were considered by the lawmakers.

The bill on creation of additional council development areas generated reactions from Hon Akin Osho, representing Ido Osi ll and Hon Adeyemi Ajibade, Moba l constituency. The two lawmakers called on the House to use its constitutional power to consider their areas, say-

ing the two constituencies were long due to have an LCDA or Council areas. In his submission, the speaker of the Assembly Rt. Hon. Funminiyi Afuye admonished the lawmakers to liaise with the appropriate committee on their demands for possible consideration.

“We cannot afford to promote the policies and projects of an opposition ruling party in a state on the one hand and expect to win elections in that state as an opposition party,” he said. Meanwhile, a former presidential aspirant of the PDP, Mazi Sam Ohuabunwa, has described the ongoing leadership crisis in the party as a demand for justice and equity. Ohuabunwa said this was the essence of the demand by Wike and his associates, explaining that their demands were genuine. Speaking on a television programme monitored in Abuja, Ohuabunwa said the leadership of the party should “appreciate Wike’s circumstances. If you can empathise with the situation of the southern governors or Governor Wike. Appreciate his circumstances, appreciate what he’s talking about. Listen to him, put yourself in his own shoes. “You begin to understand that he is not a crying wolf. He is demanding justice, he is demanding equity. And that is right for him to do. If things from the beginning were done in the right way, I wouldn’t say there won’t be any disagreement but it won’t have been this way. I don’t think Wike is impossible to deal with. He has shown that he is a team player, when the team is a reasonable team,” he stated.

Release of Bio-data: Alleged Organ Harvesting Victim Has Nothing to Fear, Ekweremadu Tells Court Alex Enumah in Abuja Contrary to the position of Mr David Ukpo, the alleged victim of organ harvesting, the detained former Deputy Senate President, Senator Ike Ekweremadu, yesterday, said Ukpo had nothing to fear regarding the release of his bio-data to a London Court. Ekweremadu gave the assurance in his reply to Ukpo's suit at the Abuja Division of the Federal High Court challenging the order for the release of his bio-data by

the court. In the counter affidavit argued by his lawyer, Mr Eyitayo Fatigun, SAN, the former Deputy Senate President, while urging the court to dismiss the suit, said Ukpo could only entertain any fear if he had lied concerning his age. In the counter affidavit deposed to by one Bright Ekweremadu, immediate younger brother of the detained senator denied the allegations that he demanded for Ukpo's bio-data. Rather, the deponent averred

that what the Federal High Court ordered to be released to the London Court was Ukpo's bank account opening package and the information supplied in his visa application form. Ekweremadu revealed that based on July 1, 2022 order of the court, the required documents had since been transmitted to two different courts in the United Kingdom. The senator averred that it was too late in the day for Ukpo to seek reversal of a valid order that

had been executed to determine his real age only, and therefore prayed the court to dismiss the suit for being frivolous, abuse of court and lacking in merit having been overtaken by event. At yesterday’s proceedings, Ukpo's lawyer, Mr Ojonugwa Oguche, prayed the court to adjourn the matter for him to react to the counter affidavit. The request was granted and the matter fixed for September 20 for hearing by Justice Inyang Ekwo.

WEDNESDAY SEPTEMBER 14, 2022 ˾ T H I S D AY

NEWS

INSPECTING THE COMPUTER BASED TEST EXAM CENTRE…

L-R: Secretary to the Board, Hajia Aisha Rufai; Federal Commissioner in Charge of Discipline & Recruitment, Assistant Comptroller General Ado Jafaru; Minister of Interior, Ogbeni Rauf Aregbesola, and the Federal Commissioner in Charge of Promotions and Appointments, Gen. E. E. Bassey (rtd), during the inspection tour of the Computer-Based Test Exam Centre for the Civil Defence, Corrections, Fire and Immigration Officers in Abuja...recently

Kidnappers who Killed NSCDC Operatives, Abducted Family Nabbed in Ekiti Victor Ogunje in Ado Ekiti

Four kidnapers, who allegedly killed an operative of the Nigerian Security and Civil Defence

Corps(NSCDC), Segun Ayebulu, in Ekiti State last week have been nabbed by local hunters. The abductors, who shot the operative along Oke-Ako/Irele

Akiotu Hails the Media for Sustaining Democracy Since 1999 OkonBasseyinUyo The Group Managing Director of Daar Communications Plc, Mr. Tony Akiotu, has said that the media in the country should be praised in the efforts to restore and ensure the sustenance of democracy after many years of military dictatorship. Akiotu stated this yesterday at the 2022 retreat organised by the Correspondents’ Chapel of Nigeria Union of Journalists (NUJ), Akwa Ibom State that ends in Abuja today (Wednesday). The four-day retreat has as it theme “In search of a better Nigeria through Responsible Journalism”. He noted that the media stood resolutely against military rule and ùnbroken democracy since civilian

rule was installed. In a keynote address titled “The Trajectory of Nigeria Media: Past, Present and Future” Akiotu said modern day media have also lived above board. Represented by the Group News Editor of Daar Communications Plc, Adebayo Bodurin, he said “It has been globally acknowledged that the Nigerian media stood firm in the struggle to restore democracy.” He posited that in spite of operating under an inclement political atmosphere, which recorded detention, physical elimination, repression, persecution, unjust imprisonment, arrests, seizure of market ready publications and forced closure of media houses, the Nigerian media was resolute in the discharge of its responsibility.

Jigawa Senator Donates N20m, Food, Materials to Flood Victims Sunday Aborisade in Abuja Chairman of the Senate Committee on Information and National Orientation, Senator Danladi Sankara, has donated N20 million cash, 10,000 bags of rice and sundry relief materials to victims of the recent flood disaster in the state. The items and cash, according to the Senator, would be distributed in the 12 local government areas making up the Jigawa North-west Senatorial Constituency of Jigawa State. The senator, who personally

went round to inspect the affected flood areas, made the donations yesterday. He commiserated with the victims as well as prayed for the repose of the souls of those who lost their lives in the incidents. While addressing the victims of the flood in the various communities, Senator Sankara disclosed that he had since written official letters to the Honourable Minister of Humanitarian Affairs, Disaster Management and Social Development to come to the aid of the victims of the flood in Jigawa North-west.

Evercare Hospital Fights Arthritis One of Nigeria’s leading hospitals, Evercare has decided to shed light on Arthritis and its effect on the everyday man. According to Orthopedic Surgeon, Evercare Hospital, Dr. Thompson Akpokonyan, the health concern is a painful joint resulting from wear and tear in the adjoining. He explained that in a normal joint, the ends of the bones that meet are normally lined by a biologic plastic like covering called cartilage which permits the joint surfaces to rub upon each other smoothly during motion with little to no friction and in addition, prevents the bones of the joint themselves

from touching each other which can lead to excruciatingly pain. Akpokonyan said: “The different types of arthritis in man include Osteoarthritis, Inflammatory arthritis, Arthritis from crystal forming disorders, Infective arthritis and Port traumatic. It’s most common symptom which could vary in intensity from being mild to becoming very severe. Other symptoms include joint stiffness, joint deformities like increased bowing or knocking of the knees, joint instability which may lead to falls, dependence on pain medications and depression due to the chronic pain experienced.

road, also abducted three members of the deceased’s family and collected a sum of N5 million ransom before they were let off the hook. The vehicle conveying the dead operative and his family, was waylaid while travelling to his hometown at Ogbe,Yagba West

Local Government area of Kogi State at about 6.30pm on Saturday, September 3, 2022, and rained bullets on them. The chairman of Ajoni Local Council Development Area of Ekiti State, Mr. Micheal Ogungbemi, who confirmed to journalists in Ado Ekiti, yesterday that

the suspects were arrested by Ajoni Local Security Network codenamed Operation Eradicating Bandits at the Borders of Rural Ajoni Communities(EBBORAC). He said the local security operatives arrested the culprits while patrolling the border area between Ekiti and Kwara

yesterday evening. He said: “They had confessed to have perpetrated the killing of the NSCDC operative and kidnapping of his family members.” “If not for the prompt action I took, they would have been mobbed by angry youths.

More Casualties Recorded from Monkey Pox, Measles, Lassa Fever, Says FG Onyebuchi Ezigbo in Abuja Federal government has expressed worry over rising cases of Monkey pox, Measles and Lassa fever in the country. While giving update on the epidemiological situation in Nigeria at a briefing organised by the Federal Ministry of Health, the Director General of the Nigeria

Centre for Disease Control (NCDC), Ifedayo Adetifa, said that Nigeria have so far recorded 815 suspected cases of Monkey pox with 318 confirmed cases, and seven deaths this year. He said the country has witnessed 909 confirmed cases and 170 deaths of Lassa fever as at week 34, from 25 states and 101 LGAs. Of all confirmed cases,

70 per cent are from Ondo, Edo and Bauchi States. Giving update on COVID-19, the NCDC boss said Nigeria had recorded 5,547,250 samples tested, 264,802 confirmed cases, 257,880 discharged cases and unfortunately 3,155 deaths. He said the virus is still circulating, adding that the people must continue to adhere to all

measures to prevent transmission, while strengthening our capacity to respond across states. The DG said stated that just as the impacts of COVID-19 continue to be felt across several other areas including the increase in the risk of measles and probable increase in yellow fever outbreaks due to delayed planned vaccination campaigns

Court Restrains Plateau from Engaging Jaiz Bank to Rebuild Jos Market Seriki Adinoyi in Jos A Jos High Court yesterday granted a perpetual injunction restraining Governor Simon Lalong, the Plateau State Government and the Attorney General of the State from rebuilding the burnt Jos Main Market. Justice P S Gang in his ruling

granted the injunction in a suit which was filed on the 2nd of August 2022 by a member representing Jos South/Jos East in the House of Representatives, Mr. Dachung Bagos, challenging the planned signing of an MoU with Jaiz Bank to rebuild the Jos Main Market Authority. Bagos had, through his Counsel Darong Niri, raised four issues for

determination before the Court and sought seven reliefs and the court granted all seven reliefs. Justice Gang in his ruling granted an order of perpetual injunction restraining Governor Simon Lalong, Plateau State Government and the Attorney General and Commissioner for Justice from “running managing building or entering into any

agreement or partnership to build any market in Plateau State, particularly the Jos Main Market”. The Court also granted that the defendants have no powers whatsoever to run, manage, build and enter into any agreement to build or manage any market in Plateau State, particularly the Jos Main Market.

Niger Delta Group Raises the Alarm over Plot to Kick Out Dikio Blessing Ibunge in PortHarcourt A Niger Delta group, the Watchdog for Progressive Ijaw (WPI) has raised the alarm over alleged plan to sponsor a campaign against reappointment of the Interim Administrator, Presidential Amnesty Programme (PAP), Col. Milland Dikio (rtd),

for substantive position. The group alleged that the ongoing campaign was being sponsored by few selfish politicians and other enemies of the region. In a statement yesterday, the Coordinator, WPI, Mr. Lambart Olambo, said their investigations revealed that the motive behind the sinister campaign, bankrolled

against the general interests of the Niger Delta, was to deny Dikio his well-deserved confirmation as the substantive coordinator of the programme. The statement said some politicians, who were desperately trying to covet the amnesty office and use resources meant for ex-agitators to fund their

personal political ambitions were bankrolling the campaign to make spurious, baseless and unfounded claims against Dikio. Olambo said already one self-styled Chairman of Second Phase ex-agitators, John Esuku, had allegedly been recruited by his paymasters to drive the Dikio must go campaign.

Group Tasks Tinubu Supporters on Issues Based Campaigns Ibrahim Shuaibu in Kano

Tinubu Support Group in Kano State has urged supporters of the APC Presidential Candidate, Bola Ahmed Tinubu to focus on issues-based campaigns rather than criticising and castigating presidential candidates of other parties.

The State Coordinator of the group, Alhaji Baffa Babba-Dan Agundi made the call in a statement, a copy of which was made available to newsmen in Kano yesterday. He said the call was necessary in view of the fact that some supporters of Tinubu had engaged in “clandestine social

media attacks on the personality of other presidential candidates. “Issues based campaigns should be our focus not attacks on personality of other Presidential candidates even if their supporters criticize or abuse our Presidential candidate. “It is not in our character and training to go on castigating

opposition in replying back to whatever they say against our Presidential candidate, Bola Ahmed Tinubu. “Instead, we should reply to them by showcasing the numerous achievements recorded by Tinubu during his two-term tenure as Lagos state governor.

Oyo Approves Purchase of Vans, Security Equipment for Operation Burst Kemi Olaitan in Ibadan The Oyo State government yesterday said it has approved the purchase of 25 JAC Pick-up Vans for security operatives in the state at the sum of N603, 881,250.00. The state Commissioner

for Information, Culture and Tourism, Dr. Wasiu Olatunbosun, who made the disclosure, while briefing journalists after the executive council meeting in Ibadan, said the JAC Pick-up vans will enhance the security of lives and properties in the state, stating that the Council

also approved the purchase of security equipment for Oyo State Joint Security Task Force, Operation Burst at the cost of N175,4 million. According to him, the security vehicles will enhance the job of the security personnel and protect operatives in the outfit.

The commissioner equally explained that arrangements have been concluded for the inauguration of the Idi-ApeOdogbo Barrack Road and General Gas Flyover to be performed by the Governor of Ekiti State, Dr. Kayode Fayemi.

WEDNESDAY SEPTEMBER 14, 2022 ˾ T H I S D AY

NEWSXTRA

SUPPORTING EDUCATION…

L-R: Executive Director, Costarchem Building Solutions Nigeria Limited , Mr. Anthony Ajulo; Chairperson, Board of Director, Costarchem Building Solutions Nigeria Limited, Mrs. Bakare Okoya-Thomas;National Sales Manager, Costarchem Building Solutions Nigeria Limited, Mr. Umesh Kuchian; School Manager, Sogunle Primary School, Ikeja, Mrs Edith Ehirim; Executive Director, Costarchem Building Solutions Nigeria Limited, Mr. Collins Balogun; Marketing Manager, Costarchem Building Solutions Nigeria Limited, Mrs. Irene Ntiokiet; pupils of Sogunle Primary School, Ikeja, Master Ayoade Ali, and Miss Joy James, at the presentation of educational support materials to the school in Lagos…recently

Pregnant Woman, Two Minor, Nine Others Arrested for Oil Bunkering in Ondo Fidelis David in Akure

The Ondo State Command of the Nigeria Security and Civil Defence Corps (NSCDC) has arrested a

pregnant woman, two minors and nine other suspects involved in alleged illegal oil bunkering in the state. This was contained in a

statement made available to Journalists in Akure yesterday by the command’s Public Relations Officer, Daniel Aidamebor. The statement quoted the Commandant of the Corps, Dr. Hammed Abodunrin, as

explaining that the suspects were arrested at Waterway in Iju-Osun, Irele Local Government Area of the state with products suspected to be adulterated diesel. He noted that the quantity had not been ascertained, adding that

the product was packed in drums, polythene bags and jerrycans loaded in four wooden boats. Abodunrin said the arrest of the suspects was in response to the directive of NSCDC Commandant General to

reorganise the corps’ antivandalism unit to strengthen its operations. He said that the command had benefited from the recent deployment of gunboats to beep up operations in the waterways.

BlessingIbungeinPortHarcourt

comment by Governor Wike during a public function in Port Harcourt on Monday, addressing the former governor Amaechi as a ‘total failure’ for perceived inability to attract development to Rivers in over seven years as minister. The Rivers APC leader had expressed disappointment at Governor Wike led administration’s absence at the burial ceremony

of a federal minister, Alabo T O Graham-Douglas in Abonema, Asari-Toru Local Government Area of the state. Responding to the Governor’s words attack on Amaechi, Spokesperson to Rivers APC, Darlington Nwauju, said though the party wasn’t prepared to drift into toxic communication to get even with Wike, the leadership would

not fold their hands and allow the Governor denigrate their leader in perceived distortion of history. Justifying the footprints of Amaechi in Rivers and Nigeria at large as Governor and later minister with a list of achievements, Nwauju said: “The APC is not a shallow ground where people cannot keep ,records or lacking institutional memory.”

Sales Rep Jailed Four Years for Stealing Boss’ N4.590m Rivers APC to Wike: You Can’t Blackmail our Leader Rebecca Ejifoma A sales representative, Mr. Kehinde Ajani, has been sentenced to four and a half-years in prison with hard labour for stealing his boss’ N4.590million. Ajani was convicted and sentenced by Chief Magistrate Victor Ugoji of a Port-Harcourt State Chief Magistrate’s Court four years after he committed the crime. In 2018, the offender was said to have diverted 30,000 litres of Automotive Gas Oil (AGO) valued at N4,590,000 belonging to his employer, Hyde Energy Limited. Ajani, who was employed in 2008, was to oversee about

eight stations across the country where products were loaded and dispatched. He was, however, accused of diverting the products after loading sometime in 2018 which he sold for personal use. When asked, Ajani had told his employer that he was yet to load the product due to delays by the tank farm. Not convinced by his claims, the company’s management was said to have instructed another employee to confirm after Ajani had left the company. It was then discovered that Ajani had since loaded the product, sold it and fled Port Harcourt, the Rivers State capital.

Rotary Donates N1.2m to Child Cancer Patient in Abuja The Rotary Club of Abuja Maitama yesterday donated N1.2million to a four-year old girl-child, Elizabeth Chineyenwa Nwokocha, who has cancer ailment. The donation included N1,097,000 cheque and N107,000 cash. Elizabeth, who was expected to undergo 24 sessions of chemotherapy, has had six before her parents got financially stuck. But the Rotary Club of Abuja Maitama rally round the girl-child to raise funds for her care at the National

Hospital in Abuja. Members of the club came out in large number to identify with Elizabeth’s challenge and presented a N1.2million cheque and other essential commodities as part of the first phase of their intervention. Speaking during the presentation, the President of the Rotary Club of Abuja Maitama, Rtn. Yusuf Alli, said: “As part of our humanitarian focus, we decided to rally round Elizabeth because of the trauma she is going through and lack of funds to bear her burden by her parents.

Daikin Inaugurates First Training Centre

Ijeoma Okonji

Daikin, the leading global innovator and provider of advanced, high-quality air conditioning, heating, ventilation, and refrigeration (HVAC-R) products and solutions has announced the opening of its first training centre in Nigeria, in partnership with ETIWA TECH LTD/GTE. With Daikin and ETIWA, the new development center will be an extension to Daikin’s expertise and know-how to further build the skills and knowledge in the market. Given that Africa is a

key market for growth and expansion, the opening of the Daikin’s new training center aims to bring the knowledge and expertise to build a generation of well-equipped technicians and installers in Nigeria. In addition, the partnership is to further pursue the social corporate responsibility policy of Daikin. Speaking at the event in Lagos, President, Daikin MEA, Masaaki Miyatake, said: “With the opening of the new training centre, Daikin aims to further develop and respond to the growing needs of the Nigerian market.”

TheAll Progressives Congress (APC) in Rivers state has said that the state Governor Nyesom Wike cannot blackmail his predecessor and former Minister of Transportation, Rotimi Amaechi that he has not contributed meaningfully to the development of the state. The party was reacting to

FG Pledges More Commitment to Advance Course of Human Rights Michael OlugbodeinAbuja The federal government has again pledged its commitment to advance the course of human rights in order to consolidate on the achievements made so far in the area of human rights promotion and protection in the country. The promise was made by the

Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, when the fifth Governing Council of the National Human Rights Commission (NHRC) led by its Chairperson, Dr. Salamatu Sulaiman, paid him a courtesy visit. The Attorney-General, who described the visit as a quest

towards advancing the course of human rights in the country, said Nigeria has recorded tremendous successes with regard to human rights consideration, adding that the country has put in place both legislative and institutional frameworks to promote and protect human rights. According to him, “The

President Muhammadu Buhari administration has advanced the services, functions and responsibilities of the NHRC which has risen from the position of barking to biting; and the compensation paid to victims of Apo killing is a testimonial of the government commitment to human rights in this country.”

Three Killed, Houses, Vehicles Burnt in Ogun Obaship Tussle James Sowole in Abeokuta No fewer than three persons have been reportedly killed in Agosasa community in Ipokia Local Government Area of Ogun State, as Obaship tussle hit the town. The community had been under tension over who will become the next monarch,

after the demise of the first Oja of Agosasa, Oba James Elegbede, in February 2022. It was gathered that the Obaship tussle got to its climax last Sunday when the youths of Agosasa took to the streets to warn against the installation of an unpopular candidate as the next Oja. A source said the youths of

Agosasa are against the steps being taken by a socialite and member of the All Progressives Congress (APC), Otunba Akeem Adigun, to install a king. He said: “Last Sunday, about five persons were reportedly injured and taken to hospital when the face-off started. “The intervention of soldiers, policemen and traditionalists

helped to stop the crisis last Sunday evening. I could not pass through the town while going home,” an Ipokia resident told THISDAY The source said situation got out of hand last Monday with the murder of one Nafiu Amosun, who was said to be the closest ally to the candidate being supported by the youths of Agosasa.

House Committee Lauds Kwara over Judicious Utilisation of Education Grants Hammed Shittu in Ilorin House of Representatives Ad-hoc Committee on Basic Education and Services yesterday lauded Kwara state government for efficient use of basic education grants and the state government’s determination to improve

standard of education. Speaking with newsmen in Ilorin, the state capital yesterday after the committee’s two-days oversight visit to inspect the completed and ongoing UBECSUBEB projects in the state, the Chairman of the committee, Prof. Julius Ihonvbere, specifically applauded Governor

AbdulRahman AbdulRazaq for quality service delivery seen in the management of the Universal Basic Education Commission matching grants, saying the state deserves a pat on the back for the quality of the schools and other facilities funded from the money so far accessed.

He said: “What we have seen so far in Kwara is of high quality and satisfactory. There is evidence of focus and commitment, and a clear interest in promoting basic education and empowering our children to survive in an increasingly complex technology driven global system”.

Enugu North Traditional Rulers Endorse Ugwuanyi’s Senatorial Bid Traditional rulers from Enugu North Senatorial District of Enugu State have presented ‘Ofo’ to Governor Ifeanyi Ugwuanyi, who is the candidate of the Peoples Democratic Party (PDP) for Enugu North Senatorial District in the 2023 general election, as a symbol of their solidarity and endorsement of his senatorial bid.

Presenting the ‘Ofo’ (traditional symbol of authority) to Ugwuanyi when all members of the Executive of Enugu North Zonal Council of Traditional Rulers visited the governor at the Government House, Enugu, the Grand Patron of Enugu State Council of Traditional Rulers, HRH Igwe Simeon Osisi Itodo, told the governor that the royal fathers

and the people of Nsukka zone are behind him, his administration and his senatorial bid in 2023. Igwe Itodo, on behalf of the monarchs, prayed for Ugwuanyi saying: “Nsukka people are behind you. You will be going and coming back. Nothing bad will ever happen to you. “We are saying you have done

well. Fear not, God Almighty is with you, we are also with you, Nsukka people are equally with you.” In another development, Gov. Ugwuanyi yesterday inaugurated a committee on creation of autonomous communities in the state. The committee is chaired by Prof. Felix C. Asogwa.

WEDNESDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

WEDNESDAYSPORTS Amusan, Brume Storm Lagos after Spectacular Athletics Season Femi Solaja FemiSolaja Two of Nigeria's brightest and best track and field stars, Oluwatobiloba Amusan and Ese Brume are to be unveiled in Lagos today as Primus Trust Bank Brand Ambassadors. The unveiling ceremony scheduled to hold at the Eko Hotels and Suites will have in attendance the Sports Minister, Chief Sunday Dare and AFN President, Tonobok Okowa, amongst other high profile guests. Both Amusan and Brume played huge roles in the federation's rising profile. Brume won a bronze at the delayed Tokyo Olympics to ensure Nigeria's return to the podium at the quadrennial games 13 years after the country last did.

Amusan also made history when she became the first Nigerian to win a Diamond League discipline at the Diamond League final in Zurich last year. This year, Brume also ensured Nigeria's return to the podium at the World Indoor Championships in Belgrade, 14 years after Olusoji Fasuba won a medal at the competition. The duo also made history at the World Athletics Championships in Oregon, USA in July. While Amusan became the first Nigerian athlete to win a world outdoor title and set a world record, Brume became the first Nigerian to win medals at two separate editions of the championships. It was an Amusan and Brume

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

0811 181 3083 SMS ONLY

show again at the Commonwealth Games in Birmingham as they became the first Nigerian track and field athletes to win individual medals at two editions of the Games. Amusan became the first Nigerian track and field athlete to successfully defend a Commonwealth Games title while Brume also became the first athlete in the competition history to hit the 7m mark in the women’s long jump event. Both achieved their golden runs at the Games in record breaking fashion. Amusan ran a new 12.30 seconds Games record to win the 100m hurdles title while Brume leapt a distance of 7.00m to win the long jump title.

Injured Sadiq Umar Goes for Surgery in Spain With no prospect of action again this season, AFCON 2021 in Cameroon debutant for Super Eagles, Sadiq Umar, will undergo mandatory surgery tomorrow in Spain. La Liga side, Real Sociedad, confirmed yesterday that their injured forward, will visit the surgeon tomorrow in the city of Gasteiz. The lanky Sadiq sustained a season-ending injury on Sunday

when Real Sociedad played Getafe in which they ended up losing 2-1. The Nigerian international was confirmed to have ruptured his anterior cruciate ligament which automatically ruled him out of the season. The club in the statement on its website stressed that Sadiq was in good frame of mind and ready for the medicals with the hope that he will return to action

earlier than expected. "Sadiq Umar will undergo surgery for the rupture of the anterior cruciate ligament in his right knee by Dr Mikel Sánchez on Thursday, September 15, in Gasteiz", the club confirmed. Sadiq opened his goal account for the club when he netted the equaliser against Atletico Madrid at Wanda Metropolitano Stadium in his debut game in the Spanish topflight.

Tobi Amusan (left) and Ese Brume will be unveiled today in Lagos as Brand Ambassadors of Primus Trust Bank

Lewandowski Wasteful as Bayern Beat Barca in Germany CHAMPIONS LEAGUE

Sadiq Umar (right) being helped out of the ﬁeld after he got injured last weekend

Missed chances by Robert Lewandowski on his return to Bayern Munich proved costly as his Barcelona side lost 2-0 in Germany. Outplayed in the first half, Bayern blew their Spanish opponents away after the break with goals from Lucas Hernandez and Leroy Sane. Hernandez headed in at the near post after 50 minutes, before Sane clipped home to seal the win shortly after. Lewandowski spurned a number of clear openings in an entertaining match.

Elsewhere, Joel Matip's late header gave Liverpool their first Champions League win this season with a dramatic 2-1 victory against Ajax at Anfield. Manager Jurgen Klopp demanded a reaction to the "horror show" of the 4-1 defeat away to Napoli in their opening Group A game and this was certainly a vast improvement. Liverpool created plenty of openings and were deservedly ahead after 17 minutes when Mohamed Salah swept home Diogo Jota's pass.

RESULTS V’Plzen Liverpool Leverkusen FC Porto B’Munich Sporting Marseille

0-2 Inter Milan 2-1 Ajax 2-0 Atletico 0-4 Club Brugge 2-0 Barcelona 2-0 Tottenham 0-1 E’Frankfurt

TODAY Rangers AC Milan Chelsea Shakhtar R’Madrid Copenhagen Man City Juventus M’Haifa

v Napoli v D’Zagreb v Salzburg v Celtic v RB Leipzig v Sevilla v Dortmund v Benfica v PSG

Nigeria’s Piety Runs Riot as Rwanda Pick Sole U19 WC Ticket BOWFT: Edo Queens, Nasarawa FC, Robo Nigeria’s Lucky Piety’s 106-run off 42 balls has earned her the batman of the maiden African Under-19 Women Cricket World Cup Qualifiers concluded on Monday in Gaborone, Botswana. The Nigerian girls crashed in their first two matches to Rwanda (by 9 runs) and Tanzania (by 115 runs) before finding brilliant forms in their last two encounters against Mozambique (won by 9 wickets) and Malawi (won by 115 runs). According to the General Manager of the Nigeria Cricket Federation, Emeka Igwilo, “the event could have been better for the girls but you know that for teenagers, their emotions were running wild and it took them

time to settle into the tournament. “These are school kids that had limited exposure and a large chunk of them were getting that level of exposure for the first time. They were overwhelmed, by the time they settled into the tournament they had lost the chance to be in the top four,” observed Igwilo. Piety’s brilliant run was in Nigeria’s last encounter against Malawi where she stepped in with Oseyande Omonkhobhio after fall of first-two wickets. She went on to make the fastest half ton - of the tournament; and eventually the fastest of the tournament to take her team’s total to 191/7 at the end of their 20 overs, in the game Nigeria won by 117 runs.

Meanwhile, Rwanda on Monday in the final match of the qualifier eased past Tanzania to bag their first ever World Cup ticket and the maiden one for the Under-19 Women’s World Cup. Tanzania, who had defeated Rwanda in their group game, again chose to bat first in Monday’s final. Rahima Kibwana’s 33 from 39 balls gave Tanzania a platform, but excellent and disciplined bowling from Rwanda made sure the rate never got going. They were superb in the field effecting two run outs, one of which was the dangerous Agnes Qwele, who was dismissed at the non-strikers end without facing a ball.

FC Delta Queens Seek Final Berth Today

Edo Queens will today battle Lafiabased Nasarawa Amazons FC in one of the semifinal matches of the Betsy Obaseki Women Football Tournament (BOWFT). The annual tournament, in its second edition, is taking place in Benin City between September 7 and September 17, 2022. The semi-final match between Edo Queens and Nasarawa Queens FC is scheduled to take place at the Samuel Ogbemudia Stadium, Benin City, at 1pm while the second semi-final match between FC Robo and Delta Queens is to begin at 4pm at same venue. Edo Queens reached this phase

of the tournament after crushing Heartland FC of Owerri 4-0 earlier in the week. They however have a tough opponents in a well-organised Nasarawa Queens side that have continued to show tact and superiority all through the competition. The girls from Lafia showed character against another strong Naija Ratels, beating them 3-2 to secure a spot in the last four. FC Robo Queens on the other hand, comfortably qualified for the semi-finals after hitting six goals past their rival, Confluence Queens. They will be facing a promising Delta Queens who thrashed their rival, Royal Queens 2-1 to secure

the semi-finals spot. The tournament, which is Nigeria’s only pre-season women football championship, is a brainchild of the Edo State First Lady, Mrs. Betsy Obaseki. The tournament is themed Say No to Drugs, aimed at raising awareness on the adverse effects of drug abuse among youths. In a related development, the organisers of the tournament have presented consolation prizes to Confluence Queens, Royal Queens, Heartland Queens and Naija Ratels after they crashed out in the quarterfinals stage of the tournament. The teams received N500,000 cheques each as consolation prizes.

Wednesday, September 14, 2022

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MISSILE Bello to Party Members “You can be in the social media and say anything. I don’t care. If you do anything contrary, you will be dealt with. They can be in the social media to make noise, but on the ﬁeld, we will deal with them”– Governor Yahaya Bello of Kogi State warning some members of his party, the All Progressives Congress (APC), against anti-party activities.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Climate Change on the Agenda E

nvironment is hardly a prominent issue in Nigerian politics. None of the more than a dozen political parties presenting presidential candidates in the next year’s election is a green party. No political party has ever made the issue of environment its battle cry. The passion for the environment is not quite evident in the Nigerian political culture. Nothing, perhaps, demonstrates this low premium placed on the environment in politics and policy more than the poor management of the ecological funds by some state governments. In a few days from now political parties and their candidates are expected to roll out their various agendas as solutions to the nation’s problems. Embodied in such agendas would be policy preferences on the economy, security, social sector, rule of law, the federal structure, public service etc. More often than not, environment is often added as an adjunct in the process of policy conception and articulation. Beyond the socio-economic and political policies contained in the various agendas, it is legitimate to ask questions about the ecological content of the manifestoes. The basis of this central question of development should be obvious to politicians and their policy advisers. Environment should be conspicuous in any consideration of sustainable development. After all, the ultimate success of the socio-economic and political strategies of development depends primarily on the state of the habitat. For instance, the implementation of the programmes on industrialisation, agricultural revolution, energy sufficiency, privatisation, social sector and security is hinged on the impact of climate change. And global warming is linked to the climate change in a complex manner. The lack of emphasis on the environment has persisted despite the fact that Nigeria is confronted multi-dimensional environmental problems. The disasters in the environment also worsen the problems of poverty, food insecurity, physical security, collapse of infrastructure etc. With desertification in the north, erosion in the east, environmental degradation in the Niger Delta and ocean surge in the coastal areas, Nigeria surely has its own share of global environmental problems. Regardless of what happens to policy on the environment, floods, for instance, continue to wreak havoc in different parts of Nigeria. About a month ago, the Nigerian Metrological Agency predicted that some states would face huge risks of flooding and unusual level of rainfall before the end of the year. Among the states mentioned by the agency are states that are as geographically far apart as Bayelsa, Kaduna and Borno. This goes to show that the environmental disorder is a national headache. The metrological agency has also been monitoring the unusual rainfalls in different parts of the country. As predicted, floods have been reported in parts of the country with loss of lives and destruction of property. The agencies responsible for providing mitigation in moments of disaster have also been put on the alert. In fact, the National Emergency Management Agency (NEMA) has also warned that 233 local government areas in 32 states might be prone to flooding. These are predictions that are scientifically grounded and should be

Minister of Environment Mohammed Abdullahi taken seriously by all tiers of government. Watching the footages of flood disaster in Pakistan in recent days should compel the government and members of the public to heed the warnings and take safety steps in the event of disaster. About a third of the land mass of Pakistan was under water with more than 1, 400 lives lost including those of about 500 children. Millions of people have been displaced. It is estimated that the disaster could cost the Asian country $10 billion. Doubtless, environmental problems constitute a central issue of development that should be a priority of policy. Only yesterday, the World Metrological Organisation (WMO) reported that the clear message of Climate science is that the world is “heading in the wrong direction.” The latest report has established “ a huge gap between aspirations and reality.” The climate change discussion is certainly fraught with enormous contradictions. A pointer to this fact is that since the global energy crisis triggered by the Russo-Ukraine war, the enthusiasm for decarbonisation has become somewhat diminished. Some developed countries that are largely responsible for carbon emission are now frantically seeking sources of fossil fuel that is implicated in global warming. Yet the report of Climate Science contains the following grim picture of things globally: “…Greenhouse gas concentrations continue to rise to record highs. Fossil fuel emission rates are now above pre-pandemic levels after a temporary drop due to lockdowns. The ambition of emissions reduction pledges for 2030 needs to be seven times higher to be in line with the 1.5 °C goal of the Paris Agreement. “The past seven years were the warmest on record. There is a 48% chance that, during at least one year in the next 5 years, the annual mean temperature will temporarily be 1.5°C higher than 1850-1900 average. As global warming

increases, “tipping points” in the climate system can not be ruled out. “Cities that host billions of people and are responsible for up to 70% of human-caused emissions will face increasing socio-economic impacts. The most vulnerable populations will suffer most, says the report which gives examples of extreme weather in different parts of the world this year. “Floods, droughts, heatwaves, extreme storms and wildfires are going from bad to worse, breaking records with alarming frequency. Heatwaves in Europe. Colossal floods in Pakistan. Prolonged and severe droughts in China, the Horn of Africa and the United States.” United Nations Secretary -General António Guterres has put the problem in the following perspective: “There is nothing natural about the new scale of these disasters. They are the price of humanity’s fossil fuel addiction. “Climate science is increasingly able to show that many of the extreme weather events that we are experiencing have become more likely and more intense due to human-induced climate change. We have seen this repeatedly this year, with tragic effect.” The implication of the foregoing for those aspiring to be in charge of governance at all levels is that the environment component is the sine qua non for a sustainable strategy of development. And that is not to say that it is an easy task formulating a national environment policy in the circumstance. Environment policy is not only a

scientific exercise. It also has other dimensions. The economics, politics and sociology of the issues of environment are complex. There are even historical factors to be duly considered. Furthermore, on all these dimensions of the problem experts hold divergent views. There are scientists who still deny climate change. Nothing is certain about the science of climate change. Meanwhile, the environment impinges on energy policies. All these make matters more complicated for policy makers. Nigeria is, of course, part of the global negotiations for the reduction of carbon emissions. Like other countries with legitimate aspiration for industrialisation, Nigeria should continue to push for justice in the global energy transition meant to reduce the risk of global warming. In fact, Nigeria should be a regional champion for this legitimate cause at the global arena. The countries which are the main polluters of our common habitat should bear the cost of decarbonisation as proposed in the global agreement. A solid national policy is, however, required to make adequate impact in the global politics of environment. While environmental disasters respect no national boundary, it is still the responsibility of each nation to tackle issues of the environment within its territory with effective policies. That’s why it is important for political parties and their candidates to be clear-headed in formulating and articulating their environment policies.

For Double Chief

ccomplished journalist Duro Onabule, who died at 83 on August 16, 2022, will be buried in Ijebu-Ode on Friday after a Christian wake tomorrow. Today, an evening of tributes will be held in his memory at Muson Centre in Lagos. The story of how Onabule, the Jagunmolu of Ijebuland, came about the sobriquet, Double Chief, is an interesting one. He was the editor of National Concord when General Ibrahim Babangida came to power in a military coup in 1985. The military president appointed Onabule as his Chief Press Secretary. Meanwhile Onabule was already a chief appointed by the Awujale of Ijebuland, Oba Sikiru Kayode Adetona. So he was a Chief of Ijebuland as well as Chief Press Secretary to the President. His boss, Babangida, decided to simply call him ”Double Chief.” After almost 30 years that he ceased being chief press secretary, not a few of his colleagues and friends continued to call Onabule Double Chief. Chief Onabule was as passionate about quality journalism as he was about his Ijebu heritage. He maintained his newspaper column in The Sun till his last days on earth. He was always critical of journalistic errors and ethical infractions. Onabule always expressed concerns about the future of his profession. He was also a senior journalist at the Daily Times. Onabule enjoyed arguments, ever supporting his point of view with rich historical insights. He could disagree with you sharply without a bile.

The late Chief Duro Onabule Onabule was a convinced Zikist, an ardent follower of the first president of Nigeria, Dr. Nnamdi Azikiwe. A broad-minded personality, Onabule’s political outlook was consistently national. The veteran journalist was also a proud Ijebu man. He held the Awujale in so much reverence and spoke about the dignity of the monarch with a flourish. We offer our deepest condolences to his family.

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