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Lawan: Buhari Has Done More to Diversify Economy than Past Leaders Says but for agric intervention, Nigeria would still be net food importer Deji Elumoye and Udora Orizu in Abuja President of the Senate, Dr. Ahmad Lawan, says the President Muhammadu Buhari government has

committed more resources to diversification of the economy than any previous administration. Lawan spoke at the weekend during the inauguration of a Poultry Farm Centre established by

the National Agricultural Land Development Authority (NALDA) at Gasamu, in Jakusko Local Government Area of Yobe State.

The senate president said no past government had

invested as much resources in agriculture as Buhari’s All Progressives Congress (APC) government.

He stated, "We have promised to diversify the economy of this country.

For more than 50 years, our economy had been dependent on one single commodity and that is oil. Oil does not provide so much employment opportunities.

“There could be revenues

but, definitely, not the mainstream opportunities in terms of employment.

But when you diversify into agriculture, you would have Continued on page 57

Fayemi: All Governors Have Resolved to Dump Open Grazing... Page 6 Monday 27 September, 2021 Vol 26. No 9667. Price: N250

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Osinbajo: Nigeria’s Collective Vision Remains Undefeated at 61... Page 56

Ahead of October Launch, eNaira Platform Goes Live

Records one million hits in days after unveiling according to analytics

Obinna Chima The official website of the upcoming Central Bank of Nigeria’s (CBN) digital currency, the eNaira, has gone live, exactly one week to the planned launch of the initiative.

Remarkably, 24-hours after the website went live, it has recorded over one million hits, according to analytics monitored by THISDAY. The development shows

a reflection of the level of interest in the proposed digital currency.

The website promises easier financial transactions for users of eNaira, offers opportunity for peer-to-peer payments which allows users to send money to one another through a linked bank account or card; allows customers to move money from their bank account to their eNaira wallet with ease; can monitor their Continued on page 56

Bandits Free Another Batch of 10 Bethel Baptist Students, 11 Still in Captivity Ndume condemns killing of soldiers by insurgents in Borno Deji Elumoye in Abuja and John Shiklam in Kaduna Another batch of 10 of the remaining 21 abducted students of the Bethel Baptist High School, Damishi, Kaduna, has been released by bandits after 81 days in captivity.

Chairman of the Kaduna State chapter of the Christian Association of Nigeria (CAN),

Rev. Joseph Hayab, said the 10 students were released on Sunday afternoon and were reunited with their parents.

This is as a former Senate Leader, Senator Ali Ndume, at the weekend, condemned in strongest terms, the recent killing of some Nigerian soldiers by Boko Haram Continued on page 57

THE MONDAY INTERVIEW FASHOLA “What did we do when the next windfall came after we paid the debt? By the time it came, Dubai had built a superefficient airline, a functional city. What were the policy decisions then? The policy decisions were that, no, we don't want to hurt the people.

Keep the dollar at N120.

Use oil resources to support consumption, exchange rate, and where was the money going? Shopping in Dubai mall. It’s all gone now” ȱ ȱŢŠȱ ȱŢţ

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NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 08033506821, 08097777322

OUR FAITH IN NIGERIA, ABSOLUTE...

L-R: General Overseer of the Redeemed Christian Church, Pastor E.A. Adeboye; CAN President, Revd. Dr. Supo Ayokunle; Vice President Yemi Osinbajo SAN; Mrs. Oludolapo Osinbajo and Pastor Mrs. Folu Adeboye, at the 61st Nigerian Independence Day Thanksgiving Service at the National Christian Centre, Abuja...yesterday

Analysts Seek Revamp of Nigeria’s Trade Policy to Unlock FX Inflows Obinna Chima The federal government has been advised to take urgent steps to overhaul the country’s trade policy in order to enhance foreign exchange (FX) inflow and achieve exchange rate stability.

Economists, who spoke with THISDAY, attributed the current scarcity of FX in the economy, partly, to delayed release of an updated trade policy for the country.

Minister of Trade, Industry and Investments, Mr. Niyi Adebayo, had said his ministry was working towards producing an updated trade policy. But several attempts

by THISDAY to confirm from the minister when the policy document would be ready were unsuccessful, as he did not to respond to enquiries.

However, speaking in a chat with THISDAY, a former Director General, West African Institute of Financial and Economic Management, Professor Akpan Ekpo, stressed that trade policy was very crucial for any economy.

Ekpo said trade policy helped in creating opportunities for entrepreneurs to manufacture and export non-oil products.

He stated, “The country needs an updated trade policy as soon as possible.

But one thing is having a trade policy, another thing is implementation. So, we need a trade policy that will take into account the present situation in the economy.”

Senior Lecturer at the Department of Economics, Pan-Atlantic University, Lagos, Dr. Olalekan Aworinde, also emphasised the need for the federal government to have a practical trade policy in place.

Aworinde said, “When you have a trade policy, the implication is that the direction as well as the volume of your trade will go to a particular country or a particular part of the world. This has a lot of implications on the FX market.

“Lack of trade policy

could be one of the reasons why we have been seeing the continuous devaluation of the naira. If you have a trade policy in place, you will be looking at a situation of export expansion because it is the expansion of exports that would bring in the FX earnings.

“The implication is that you are likely going to see a situation where the naira is stable, if you have more goods from your country being exported to other

countries, because you will be receiving dollars in exchange.

This improves the dollar supply.

But in Nigeria today, the reverse is the case. We now have a situation whereby we now have more imports than exports, which is one of the reasons we have the constant pressure on the naira exchange rate.”

Former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, in a recent interview on Arise News Channel, stressed the importance of

export diversification. Moghalu pointed out that there was need for the country to have education, industrial and trade policies that are in alignment to support the growth of the economy.

He also said there was need to focus on productive knowledge in Nigeria, saying many people go through schools, but only a few have the kind of skills that can drive an industrially powered economy.

Moghalu stated, “We find that the oil sector still continues

to be the main source of revenue for the country, whereas export diversification should focus on value added manufactured goods that are competitively produced in the country, traded in the international market, and bringing us forex back into the country. That means you need to deal with trade policy. Why should goods that are imported from China be cheaper than goods manufactured in Nigeria?

“That is a practical problem for industrial production in

Nigeria. So, these are things we need to look at with trade policy, to export finished products. The way you benefit from devaluing the naira is that your foreign trade becomes more beneficial to you.

“But we still continue to be an import-dependent economy and the gap between our export and import is so huge. So, trade policy is very important. We conduct monetary policy, fiscal policy, forex policy, without an alignment with trade, so there is broken connection.”

NASU, SSAUTHRIAI Accuse FG of Abandoning Agreements with Labour Unions Onyebuchi Ezigbo in Abuja The Non-Academic Staff Union of Universities and Associated Institutions (NASU) and the Senior Staff Association of Universities’ Teaching Hospitals Research Institutes and Associated Institutions (SSAUTHRIAI) have alleged that the federal government was deliberately abdicating its responsibility and refusing to honour signed agreements with labour unions.

The unions lamented that the non-implementation of agreements was responsible for persisting industrial actions in the country.

The Minister of Labour and Employment Senator Chris Ngige had said last week that the piecemeal implementation of past agreements with labour unions was necessitated by the bad economic condition the country is currently experiencing.

He had said though the federal government would not reject the agreements reach with the workers, its implementation will however depend on availability of funds.

But the General Secretary of NASU, Peters Adeyemi, who lamented non-implementation of agreement reached

with unions in research institutions 10 years ago, blamed government officials for signing agreements with a view to ending strike without intension of fulfilling the terms contained in those agreements.

Speaking in an interview with journalists in Abuja Adeyemi, said: “We have had to contend with the problem of government and employers of labour in our country abdicating their responsibility and refusing to honour signed agreements.

“It is becoming problematic because every day, government signs Memorandum of Understanding (MoU) and Memorandum of Agreements (MoA). It seems, to a large extent, that such actions are nothing but a fire brigade approach on the part of the federal government to get striking workers back to work.

“They sign these MoU and MoA, when they know, they are not going to do anything to address the grievances of unions. I am not sure the federal government even knows the number of MoU and MoA they have signed in recent time".

The NASU scribe attributed the quantum of industrial crises that happen in Nigeria to the

alleged refusal of government, particularly the federal government, to honestly and faithfully implement agreements that they freely entered into with the unions.

According to Adeyemi, the implication of the government's action will lead to many more strikes, saying, “this is because the moment they obtain these agreements, they go back to their members in good faith and the strike is suspended.

"But many months after that, nothing happens and a new set of agitations will then begin.”

Adeyemi further explained that the insertion of timelines in agreements was meant to ensure adherence to a timetable for implementation but expressed regrets that that has not also helped the situation much.

He added: “Incidentally even when timelines are attached to these agreements, it does not serve as a motivation to do anything.

“We have had agreements where timelines of six weeks were agreed upon, but nothing happen after six months and even six years. This shows clearly that the federal government willingly enter into agreements knowing fully

well it is not committed to doing anything."

Also speaking on the contentious issue, the President, Senior Staff Association of Universities’ Teaching Hospitals Research Institutes and Associated Institutions (SSAUTHRIAI), Akintola Benjamin, accused the federal government of lackadaisical attitude of concerning respect for signed agreements.

According to him, one of the issues in contention between the union and government include withdrawal of circular on non-skipping of salary grade level 10.

He explained that though the unions in the research sub-sector secured a judgment for the implementation of the non-skipping, the federal government is yet to implement the policy servicewide but chose to implement it in a few ministries.

According to him, “We are saying that the judgment should be implemented service-wide so that it will cut across the entire 14 ministries where research institutes are.

"The retirement of 65 years as applicable in the Nigerian universities, which is yet to take off in the research institutions is another issue.

“In the universities, the retirement age is 65 years for both academic and nonacademic staff. The scheme that the research institutes run is the same with that of the universities.

“The Colleges of Education and Polytechnics are enjoying the 65 years retirement age.

We are asking that both research and non-research staffers should also enjoy 65 years retirement age.

The academic staff in research institutes are already enjoying. We saying it should be extended to all the staff in order to stem migration from research institutes to other sub-sector.”

He added: “We are also asking for the establishment of a regulatory body be known as National Research Institutes Commission (NARICOM) as we have National Universities Commission (NUC) for the universities and National Commission for Colleges of Education and others.

“We are agitated by inadequate funding of research institutes. We are demanding that research should enjoy specialised funding in order to encourage research activities.

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NEWS

BOOSTING LOCAL FOOD PRODUCTION...

L-R: Emir of Bade, Abubakar Umar Sulieman; Senate President, Ahmad Ibrahim Lawan and Executive Director, National Agricultural Land Development Authority (NALDA), Prince Paul Ikonne in Yobe State at the inauguration of a Poultry Farm Center established by the National Agricultural Land Development Authourity (NALDA) in Gasamu, in Jakusko Local Government Area of Yobe State at the weekend

Fayemi: All Governors Have Resolved to Dump Open Grazing Olawale Ajimotokan in Abuja The Chairman of Nigeria Governors’ Forum (NGF) and Governor of Ekiti State, Dr. Kayode Fayemi yesterday disclosed that all governors in the country have in principle agreed that open grazing was outdated and there was need to embrace modern livestock management approaches.

He said while speaking on ‘THISDAYLIVE’ a programme

monitored on Arise News Channel.

His remark was in the light of the feud generated by the comments of Governors of Ondo State, Rotimi Akeredolu and his Kaduna counterpart, Malam Nasir El- Rufai, following the anti-open grazing laws being adopted in most southern states.

Fayemi said the governors have also subscribed to the national livestock

SERAP Urges Buhari to Publish Names of Suspected Looters of N6trn NDDC Funds Udora Orizu in Abuja Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to direct the Attorney General of the Federation and Minister of Justice Abubakar Malami to publish names of those indicted in the alleged misappropriation of over N6 trillion in the running of the Niger Delta Development Commission (NDDC) between 2000 and 2019, as documented in the recent Forensic Audit Report on NDDC. In the open letter dated 25 September 2021 and signed

by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation also urged him to direct Malami and appropriate anti-corruption agencies to promptly bring to justice anyone suspected to be responsible for the missing N6 trillion, and to fully recover any misappropriated public funds.

SERAP said it was in public interest to promptly publish names of those indicted in the audit report and to ensure that they face appropriate prosecution.

The letter read in part: “Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from trillions of naira budgeted for socio-economic development in the region primarily because of widespread grand corruption,

and the entrenched culture of impunity of perpetrators.

“The level of grand corruption in the NDDC and the devastating effects on poor Nigerians are serious enough to meet the requirements of crimes against humanity under the Rome Statute of the International Criminal Court, to which Nigeria is a state party.

"The public interest in publishing the names of those indicted by the audit report outweighs any considerations to withhold the information, as there would be no prejudice against those whose names are published as long as the information is appropriately framed and truthful.

“The audit report raises prima facie evidence of grand corruption and its staggering effects in the Niger Delta.

Nigerians have the right to know the names of those indicted and other details in the report, as guaranteed under the African Charter on Human and Peoples’ Rights and the Freedom of Information Act. “Publishing widely the report and the names of those indicted would remove the possibility of obstruction of justice, and provide insights relevant to the public debate on the ongoing efforts to combat grand corruption and the longstanding impunity of perpetrators in the country."

transformation plan via the National Economic Council decision that was taken during a meeting chaired by the Vice President, Prof Yemi Osinbajo.

“Any time there is an altercation between any of my colleagues, it is something that I feel wholly uncomfortable about because it takes us away from the substance, in this case on open grazing.

“I can tell you that we have taken a position as the NGF and both sides of the divide are correct. On the one hand, we have all agreed at the level of the NGF that open grazing is outdated and we need to look for alternative modern livestock management approaches,” Fayemi said.

He averred that there was need to balance the position of the southern governors on anti-open grazing legislation with that of the Northern Governors’ Forum by giving support to all states that have subscribed to the National Livestock Transformation Plan through funding from federal government agencies

like NARSAL in same way the Central Bank of Nigeria provided support to rice farmers through funding.

“And that this could take the form of support to those who want to engage in ranching in the north and in the south.

And that is why I said both sides are correct in the sense that Nasir El- Rufai of Kaduna State is talking about ranching as alternative way of stopping unrestrained open grazing and catering to the need of those who embark on open grazing approaches. And the southern governors are opposed to that.

“All they are saying is pending the time you are able to do that, there should also be a disincentive by way of law in ensuring those who take advantage of the activities of herders, particularly nonviolent herders and those who resort to violent crimes, need to be punished.

“But in addressing criminality, we must also address causes of criminality, which I guess is what el-Rufai is talking about,” Fayemi said.

Commenting on the Petroleum Industry Act (PIA), Fayemi said it would be wrong to assume that the proposed amendments ignored the concerns of the states.

He some of the observations which they sent to the President have been forwarded to the implementation committee chaired by the Minister of State for Petroleum, Timipre Sylva while discussion is already on-going.

Fayemi noted that some of the issues they raised related to ownership structure. According to him, the governors were of the opinion that the Ministry of Finance incorporated and the Ministry of Petroleum Resources should be the sole owner of the company that emerged out of the PIA. “We have suggested that the only body that belongs to both the federal, state and the local governments is the Nigerian Sovereign Investment Authority (NSIA) in which we are shareholders.

“And if it is held in trust by the NSIA, then we are all more

comfortable in seeing that Act as a federation company rather than a federal government company. And that is one.

“The second concern we have expressed relates to the depletion of the federal government account by the various percentages that have been earmarked for frontier states and host communities of the petroleum products. “And without prejudices to what the host communities deserve, we don’t have any problem with the host communities benefiting from this, which as a matter of fact we feel should be five per cent.

“We think that this necessarily should not lead to a depletion of the federation account or whatever is due to the fed account as a result of this,” he added.

He said the third concern which the governors had consistently raised and which they hope the signing of the PIA would help them address was petroleum subsidy and its continued use to deplete the Federation account.

‘UK Working towards Recognising Nigeria’s COVID-19 Vaccine Certificate’ Olawale Ajimotokan in Abuja The British High Commission, Abuja, yesterday announced that the United Kingdom (UK) is collaborating with the Nigeria National Primary Health Care Development Agency (NPHCDA) towards “recognising Nigeria vaccines certificate.”

It revealed this in a statement it issued on the new travel rules that takes effect from October 4.

“Following pilot with the US and the European Union, the UK is working to recognise certificates from other countries as part of a phased review of many COVID-19 vaccine certificates issued across the world.

“This include recognising Nigeria vaccines certificate and in the spirit of our long

term partnership with we are working with NPHCDA) to ensure that this happens as soon as possible” the statement said.

It said with effect from October 4, 2021, all Nigerian travellers to the UK from the majority of countries that are on the amber list, including Nigeria would be required to take a pre-departure COVID-19 test three days before travelling before they would be eligible for admission into the UK. The statement also noted that from the aforementioned date, the rules for international travel to the UK would change from the red, amber, green light system to a single red list of countries and simplified travel measures form arrivals from the rest of the world.

It stated that all passengers

who had been in a country on the red list in the 10 days before travelling would only be allowed to enter the auk if they are British or Irish national or they have residence rights in the UK. It added the affected travellers must quarantine in a managed hotel and would be required to take two COVID-19 tests.

The British High Commission stated that Nigerian travellers would have to book, take and pay for day two and day eight COVID-19 tests to be taken after arrival at any UK border and complete a passenger locator form any time in the 48 hours before arrival.

After they arrive, Nigerian travellers are also expected to quarantine at home or in the place they are staying for 10

days and take a Covid-19 test on or before day two and or after day eight.

It stated that the approach would be kept under regular review while further changes are likely as part of a phrased opening up of international travel for vaccinated travellers, adding the UK was committed to opening-up international travel as it was using its COVID-19 certification process to enable all those wishing to enter the UK to do so safely.

“We understand that there has been some frustration that the new UK travel rules will continue to require people travelling to the UK from Nigeria to quarantine despite having received two doses of recognised COVID-19 Vaccines in Nigeria,” the statement said.

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COMMENT

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

SEC AND THE BURDEN OF REGULATION Sola Oni canvasses more autonomy for SEC to discharge its regulatory functions

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mild drama over disclosure of corporate deficit and returns ensued early this month between the Securities and Exc hange Commission (SEC) and the Senate Joint Committee on Finance, National Planning, Petroleum Upstream, Downstream and Gas. As an evidence of accountability, SEC had in a document to the Committee disclosed that it recorded N9 billion deficit in the last three years. The Senate Panel, escalated the transparent disclosure into headlines, expressing concerns that the staggering amount might plunge the Commission into bankruptcy. Considering the reputational damage that such a headline may cost the Commission, its soft-spoken Director-General, Dr Lamido Yuguda, in a statement, quickly disclosed the other side of the story, saying SEC had in the review period remitted N1.5 billion into the Federation Account while 25 percent of the Commission’s gross revenue was remitted to the Federation Account in June this year. The Commission also assured the Senators that it would return into profitability in the next two years following cost cutting measures put in place. This scenario has raised a polemic question on the strategic focus of SEC as the Capital Market Apex Regulator and its funding structure.

Globally, Securities and Exchanges’ Commissions perform similar roles but operate different funding structures. At the basic level, every SEC “protects investors, maintains fair, orderly and efficient markets; and facilitates capital formation. The SEC strives to promote a market environment that is worthy of public trust…”. This implies that SEC is not for profit-making, rather a regulatory agency that ensures investor protection and custodial of rules of capital formation and its enforcement. But SEC requires adequate funding to enhance its operation as the policeman of the market. The United States Securities and Exchange Commission in Washington DC is funded by the government through appropriation processes of the Congress.

Fillings in the United States capital market do not require fees while registrations attract minimal charges. Despite this, the Commission generates fund above what it receives from the government because of large participants. However, with its expanded responsibilities of policing the market, coupled with inadequate funding by the government, it is requesting for self-funding.

In the United Kingdom, Financial Conduct Authority (FCA) is the equivalent of Securities and Exchange Commission. It is an independent public body, accountable to the Treasury but funds its operation through the fees charged the companies.

In China, China Securities Regulatory Commission (CSRC), a ministerial-level public institution under the State Council drives the securities market. In Japan, the Securities and Exchange Surveillance Commission (SESC) regulates the capital market while in Hong kong, the Securities Futures Commission (SFC), is self-funding through levies on transactions conducted on the Stock Exchange of Hong Kong (SEHK), the Hong Kong Futures Exchange (HKFE) and other fees charged to market participants. These securities markets do not remit fund to the government account.

The SEC in Nigeria is a government oversight agency that

THE COMMISSION IS WORKING HARD BUT FIGHTING MANY BATTLES. IT IS DESPERATELY CHASING LIQUIDITY IN THE MARKET CONTENDING WITH UNCERTAINTIES. MANY DEALING MEMBER FIRMS CURRENTLY SUFFER FINANCIAL HAEMORRHAGE. SEC MUST MAINTAIN CAUTIOUS BALANCING

regulates the capital market, especially through investor protection and ensures allocative efficiency of the market.

The senators’ recent lamentation on the liquidity position of SEC and expectation of higher returns to the government’s treasury is curious. Operations of Nigeria’s SEC is supposed to be subsidized with the government’s grant. This will reduce SEC’s over-dependent on fees from charges and penalties, make the market more competitive and enhance its regulatory fairness. Financial obligation to the government has probably pushed the Commission into imposing a two-year accumulated penalties on some dealing-member firms recently, running into millions of naira over their failure to render reports of any client that uses laundered money for investment. Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has directed that such reports should be channelled to it rather than any government agency. This has put dealing member firms in a quandary.

Why did the Commission wait for two years without serving the ‘erring” dealing members firms queries only to penalize them with humongous fines? The affected firms are already in panic mode. Let us sympathize with SEC. The Commission is broke. But it had benefited during the market boom and should creatively manage the burst. Investor apathy is daily fuelled by the inclement operating environment, characterized by insecurity and macroeconomic vagaries. Notwithstanding, the capital market in Nigeria remains resilient and a rewarding platform for real investors. In a chat with a respected senior stockbroker recently on the future of the market, he made a poignant summary: “SEC needs to look at how it can make the market buoyant now. Unfortunately, it seems unbothered.

The basic problem is investor confidence. There is a high level of apprehension about the market and some people are still playing games. Government has fiscal crisis. It will want SEC to fund itself. But the Commission should be concerned with market stability and the cost of transaction. As for penalties, the Commission should note that it can charge the operators out of existence.”

It is concentric circles of challenges. The Commission is working hard but fighting many battles. It is desperately chasing liquidity in the market contending with uncertainties.

Many dealing member firms currently suffer financial haemorrhage. SEC must maintain cautious balancing. This is the burden of regulation. SEC’s functions have been hijacked by the Central Bank of Nigeria (CBN) which has become the sole Administrator of Commodities Exchange. The Commission is not represented, especially by a stockbroker in the Monetary Policy Committee (MPC) of CBN to explain the implications of every monetary policy on the capital market operations before implementation. By this gap, when Godwin Emefiele sneezes, Yuguda catches cold and passes it to Oscar Onyema. It’s long overdue for the Ministry of Finance to grant more autonomy to SEC for unfettered discharge of its regulatory functions. The Commission is no longer a department of the apex bank.

Oni, Integrated Communications Strategist, Chartered Stockbroker and Commodities Broker, is the Chief Executive Officer, Sofunix Investment and Communications

PLEA B ARGAIN IN A MURDER CASE? Plea bargain in a clear case of murder is a mockery of the judicial system, argues Segun Awosanya

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n 2nd May 2019, two years after the successful launch of the #EndSARS #ReformPoliceNG Advocacy by Social Intervention Advocacy Foundation (SIAF), being the first leg of the campaign for the holistic reform of the Criminal Justice System in Nigeria, I was contacted by Mrs Modupe Oyedepo on the case of her late sister, Mrs Feyisayo Obot who was killed in her hotel room in Ikeja, Lagos.

Obot, a mother of two married to a very supportive man, arrived Lagos from Abuja on 23rd January, 2019 to sit for her Project Management exams. She checked into Citiheights Hotel on Opebi, Lagos. Until her death she worked in the Abuja Office of Save the Children, an NGO as the national administration manager. She was billed to check out on 26th January 2019 and fly back to Abuja.

Following Police investigation the family gathered that the murder suspect arrived the hotel and checked in as a guest a few hours after late Feyisayo checked-in. It was also gathered that the suspect confessed to have committed the crime having no prior encounter or knowledge of the Mrs Feyisayo Obot until the day he attacked her and that he was motivated to rob the deceased to enable him offset his hotel bill, having spent two days above the one day he paid for.

As often done with public affairs matters that require investigation and prosecution, we assisted the family in navigating the issue with the support

of one of our collaborating legal partners Citizens Gavel (Sylvester Agih Esq), who has been representing the family in the prosecution of the matter in court till date. The representation or the family of the deceased were never notified of any plea bargain on this matter until the publication.

It will be utterly irresponsible for anyone with a pulse to watch the trajectory of our society and be proud to say this is what our children deserve as a legacy. Imagine the continuous ruin of the value system, loss of identity and the reinforcement of harmful cultural practices.

Our tenacious and consistent work towards national security cum the overhaul of the criminal justice system via reforms will be in vain if salient issues are not addressed. But I must first commend Lagos State on their efforts on the visible improvement at the State’s Ministry of Justice. However, more needs to be done.

I read the report on the case in point at the Ikeja Special Offenses Court, where the 23-year- old Chef (murder suspect) was (convicted and) given a 28-year imprisonment sentence for killing a lawyer in an hotel in Opebi, Lagos. What caught my attention was the plea bargain entered into by defense as captioned in the report, “The Prosecution was still presenting witnesses in the case when Usulor proposed a plea bargain agreement.”

Again, Lagos MUST be commended with the way they have raised the bar with the state’s jurisprudence and administration of criminal justice.

Plea bargain has been identified as one of the

accepted modes of disposing criminal cases thus reducing delays while decongesting dockets.

With the understanding of what works in criminal cases outside capital murders, I’m forced to ruminate, empathize and see from the perspective of the family of victims of murderers seeking plea bargain. It is also instructive to see the equitable use of this in sane climes.

By definition, plea-bargaining is a process which occurs in relation to criminal offences whereby the offender agrees to plead guilty to a lesser charge thus dispensing with the need to go through the whole trial process to prove their guilt. It is used mostly in fraud cases (in Nigeria), where the defendant admits to the crime and agrees to pay back instead of costly protracted litigations. The plea bargain in this case becomes a transaction that benefits the state (in reduction of prosecution time) and the victims by the guarantee of the repayment of their money in exchange for a reduction of prison time for the defendant.

Globally, plea bargain is offered to avoid a difficult defendant and ease cooperation, dealing for information and dealing to protect the victim’s family from re-living the traumatic experience during prosecution. I need not stress the cost implication of any protracted criminal prosecution on the state and in cases of a difficult defense, plea bargain can be used to ease the prosecution and save cost/time.

But is this case that difficult to prove? Is the defense difficult?

There are many global instances where there is

need to exchange vital information for plea bargain where the case may require intel on capturing other conspirators on an ongoing investigation in order to save lives but is that the case here? Are we protecting the victim’s family?

To the bereaved family who may be nearing closure with the sentence, the plea bargain in a capital murder case makes mockery of death and the act of wanton murder. Justice must be seen to be served and must be served in any humane society.

I am a strong advocate of Restorative Justice, a principle that prioritizes the admittance and acknowledgment of wrongs by defendant, while sharing and demonstrating the understanding of the negative effects of their crime on social at large cum the agreement on terms of reparation.

I strongly agree also that the complexity of our society imposes on our justice system the need to focus on healing and not merely punishment and deterrent. But given the spate of decadence with some of our youth murdering their way to the promise of instant diabolical wealth, do we cap that morbid lust with an anchor of plea bargain in capital murder cases where the facts are clear?

The opinion of the victim’s family must count in these processes and I commend the Lagos Ministry of Justice for their upcoming stakeholders meeting on plea bargain.

Awosanya is President, Social Intervention Advocacy Foundation, and Panelist— Lagos Judicial Panel of Inquiry on Police (SARS) Brutality and other related matters

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T H I S D AY • MONDAY, SEPTEMBER 27, 2021

EDITORIAL

NDDC AUDIT AND THE WAY FORWARD Government should inaugurate the board while implementing the audit report

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fter months of rigmarole, the Minister of Niger Delta Affairs, Godswill Akpabio recently submitted the much-touted ‘Forensic audit’ of the Niger Delta Development Commission (NDDC) to the federal government. Although full details are still shrouded in secrecy, the audit reportedly covered a total of 13,777 contracts.

The sum of N6 trillion also accrued to the commission through statutory allocations between 2001 and 2019 which the audit covered. While receiving the audit report from Akpabio, the Attorney General of the Federation and Minister of Justice, Abubakar Malami, expressed dismay that the commission maintained an unprecedented 362 bank accounts as conduit pipes through which the NDDC funds were used to pay contractors for either unexecuted or abandoned projects.

On 17th October 2019, President Muhammadu Buhari had ordered the forensic scrutiny of NDDC while playing host to nine governors of the constituent states of the interventionist agency.

IF WE MUST ENTRENCH This followed the A CULTURE OF misgivings expressed by the governors that TRANSPARENCY AND the agency’s operations ACCOUNTABILITY IN were characterised by THE AFFAIRS OF THE poor choice of projects, COMMISSION, IT IS shoddy handling of IMPORTANT TO HAVE A jobs and lack of the SUBSTANTIVE BOARD IN required support for PLACE the efforts of the states and local government administrations in the region. The sum of N2.5 billion was reportedly earmarked for the forensic audit. The federal government also provided a total of 33 utility vehicles to aid the auditors discharge their duties while the exercise lasted. Despite this huge investment, we do not believe that the audit report will come up with anything new, assuming the authorities will release it to the public.

In October 2020, there were media reports of monumental corruption manifesting in extensive contract

Letters to the Editor

frauds, procurement law infractions, non-budgetary and extra-budgetary spending, audit violations, cronyism, fiscal recklessness. There was also flagrant disregard to procedural rules as well as other financial malpractices levelled against the management of NDDC. Many parliamentarians were fingered in the show of shame that occurred during a public hearing in the National Assembly. They were all pointers to the fact that the plunder in the NDDC cuts across players from the executive and legislative arms as well as individuals at all levels, including the minders of the agency.

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

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EVALUATING LAWMAKERS’ PERFORMANCE

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y attention has been drawn to a statement by the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, to the effect that appraising the performance of legislators based on bills sponsored is an “unhealthy practice and should not be encouraged.” It is quite unfortunate that the speaker of the Federal House of Representatives will condemn the media for evaluating lawmakers’ performance on the basis of their lawmaking capacity.

Whereas it is true that multiple indicators can be applied in evaluating a legislator’s performance, any legitimate performance evaluation of a legislator must however be primarily premised on one or more of the three core functions of a legislator: law making, representation of constituents; and oversight of the executive branch.

This is why it is rather shocking and disturbing that the speaker who is in a vantage position to know better, will condemn the media for using the ability of lawmakers to make law as a criterion to evaluate their legislative performance and effectiveness. Pray, if lawmaking is not a legitimate criterion for the media to adopt in assessing legislative performance, then what is?

Lawmaking, particularly high impact lawmaking, is not only the apex function or duty of a legislator, it is also easily the most measurable and accurate means of holding legislators accountable. Indeed, it is equally the

ut the revelations came as no surprise to stakeholders. Rather than promoting the region’s development agenda in line with its mandate, the NDDC has become a cesspool of corruption for which many of its past and present leaders as well as top government functionaries have not only been complicit but had been indicted. There is therefore an urgent need to inaugurate the already appointed board of the agency while the federal government moves to implement the audit report. The existing Interim Management Committee (IMC) has no place in law.

Now that the audit report had been submitted without the inauguration of a board to run the NDDC as stipulated by the enabling law, many stakeholders believe the whole idea of a ‘forensic audit’ was contrived. The act establishing the commission leaves no room for a situation that empowers a few people who report to the Niger Delta minister to practically run it as sole administrators. If we must entrench a culture of transparency and accountability in the affairs of the commission, it is important to have a substantive board in place.

Besides, operating outside the law to impose an interim board with elastic mandate cannot be a way to instill accountability in NDDC. If care is not taken, the agency could go the way of the Niger Delta Development Board (NDDB), created in 1958 and the Oil Mineral Producing Areas Development Commission (OMPADEC), in 1992.

The president must rectify this situation by constituting the NDDC board without any further delay.

most objective indicator to apply in measuring legislative performance and effectiveness.

Using lawmaking as a means of evaluating lawmakers’ performance is an age- old practice that is widely applied by civil society and media organizations in advanced democracies globally. To now characterize this approach as “uninspired journalism that reveals a fundamental misunderstanding of the legislative function and the role of members....” is, to say the least, curious, patronizing, political and stands logic on its head. At a time like this in our country’s history when the National Assembly has failed in enacting high impact legislation that empowers and gives voice to citizens, it is sad to see the speaker of the Federal House of Representatives speaking tongue in cheek. The incumbent government, in which the speaker occupies the number four position, has oddly distinguished itself in its intolerance of criticisms, free speech and a free press.

This is yet another clear case of this government’s haste to intimidate and silence the media at every turn.

I use this medium to strongly commend and encourage OrderPaper Nigeria for the important job of spearheading the Performance Appraisals of the ninth National Assembly as has been widely embraced and amplified by other media organizations across the country.

A New Nigeria Is Coming.

Anthony Ubani, Executive Director, FixPolitics Initiative, Lagos

CAN ABUBAKAR DELIVER ON POWER?

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anaging the Nigerian power sector is a very difficult task. The performance of the sector is a standard of assessment of a government; a failure in the sector translates into the failure of the government.

The sector is so broad that a year of successful efforts can be diluted by a 24-hour failure. For example, if the government builds power stations, transmission lines, motivates workforces; formulate excellent policies and programs within a year, a 24-hour lapse in distribution – a sector not directly managed by the government – can erode all of these.

The new minister comes with a challenge of his own. His appointment was due to the apparent failure of his predecessor in achieving deliverables. President Muhammadu Buhari sees Mr. Abubakar as someone who can make things happen, correct errors, and strengthen power generation, transmission, and distribution.

Does Abubakar have the capacity to deliver what Buhari and Nigerians expect of him?

The minister is coming into the power sector with an illustrious profile. He is a seasoned politician, a former minister of state for works

and housing, a proven technocrat, including an accomplished engineer, a Fellow of the Nigerian Society of Engineers, a member of the Council of Regulation of Engineering in Nigeria (COREN), and has the record of being the longest-serving deputy governor in Nigeria, – 10 and a half years as the deputy governor of Yobe State. These experiences will assist him in the ease of administration, and managing diverse people.

The minister must have had some of these challenges in his mind when he said “Don’t look at me as the minister of power that I have come to make magic. No, I am not a magician.

I am coming to add value to what you have already been doing. So let us work together in honesty and full commitment”.

How will Abubakar achieve his target of adding value to a sector that is very complex?

Firstly, he must employ a reductionist approach. Each component of the sector must be administered as a whole; while putting the right people and strategy in the right place.

Secondly, being a controversy-free person, the minister will certainly avoid needless controversies in terms of dealing with heads of the parastatals under his ministry.

Zayyad I. Muhammad, Abuja

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T H I S D AY ˾ MONDAY SEPTEMBER 27, 2021

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

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

NDDC Audit and the N6 Trillion Revenue Question Mark Was the recently submitted Niger Delta Development Commission forensic audit report a charade, not-thorough-work cobbled after nearly two years of rigmarole? Nseobong Okon-Ekong asks

Buhari

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ardly had the ink dried on the seemingly disturbing details of the Forensic auditors’ report on the Niger Delta Development Commission (NDDC) than no less an organisation as NDDC’s external auditors picked holes in the reported figures, and emphatically stated that NDDC received N2.396 Trillion in 19 years, and not N6 Trillion; that NDDC has never operated 362 bank accounts but 33 which were closed in 2015 following the introduction of Treasury Single Account (TSA) and reduced to four bank accounts; and that there aren’t 13,000 abandoned projects in the Niger Delta region.

This ugly development leaves many bewildered whether the nation and Niger Deltans have not been sold a dummy, taken for a ride, and made to wait for two years without an NDDC Governing Board, all for nothing.

In the past three weeks the nation’s media has been awash with stories of the submission of the Forensic Audit report of NDDC to President Muhammadu Buhari by Minister of Niger Delta Affairs, Senator Godswill Akpabio.

The highpoints of the audit report which was received by the nation’s Attorney General and Minister of Justice, Abubakar Malami, on September 2, are that NDDC has 13,777 doubtful projects despite receiving N6 trillion allocation in 19 years, 2001 to 2019.

According to the report, within 19 years, from 2001 and 2019, the Federal Government approved over N3.3 Trillion to the agency as budgetary allocation, and N2.4 Trillion as “income from statutory and non-statutory sources” which “brings the total figure to the sum of approximately six trillion Naira given to the Niger Delta Development Commission.” Despite this, “We have on record over 13,777 projects, the execution of which is substantially compromised.”

The forensic audit report also stated that NDDC is running 362 bank accounts resulting in lack of proper reconciliation of accounts.

The NDDC forensic auditors comprised the Lead Forensic Auditors and 16 Field Audit Firms with a Security Committee for securing the lives

Lawan

and properties of the audit firms throughout the duration of the forensic audit exercise, which started in November 2019 and ended in August 2021.

To the consternation of many, however, from the letter below, dated September 6, 2021, addressed to the Interim Administrator of NDDC, signed by Otunba Funsho Owoyemi, Managing Partner of Funsho Owoyemi and Co., who are external auditors to NDDC, the auditors cast doubt on the integrity of the figures reported in the forensic audit.

Titled, Re: Report of the Forensic Auditors on the Niger Delta Development Commission, the external auditors stated that they “found it compelling to straighten the records on some of the issues being paraded in the public space.”

The detailed letter is published in full below: September 6, 2021 The Interim Administrator, Niger Delta Development Commission, 167, Aba Road, PortHarcourt, Rivers State.

Attention: Director of Finance Dear Sir, RE: REPORT OF THE FORENSIC AUDITORS ON THE NIGER DELTA DEVELOPMENT COMMISSION (NDDC) The above captioned which is

Gbajabiamila

now a subject of public discourse has come to our notice and as the current External Auditors to the Commission, we are indeed an interested party in the matter.

Therefore, we have found it compelling to straighten the records on some of the issues being paraded in the public space and our immediate reactions are as follows: (i) THE TOTAL RECEIPTS OF N6 TRILLION BETWEEN 2000 – 2019: Our attention was particularly captured by the comment that, the Commission received the sum of N6 trillion since its inception.

This assertion is grossly at variance with the records from all relevant sources including the Audited Financial Statements of the Commission over the relevant years of reference.

As the External Auditors to the Commission for the past couple of years, we provide hereunder the breakdown of aggregate receipts by the Commission from year 2000 to 2019 which stood at a total sum of N2.395 trillion: From the detailed analysis derived from the Audited Financial Statements, it is not unlikely that, unrelated figures were inadvertently included in the aggregate. (ii) STALLED DEVELOPMENT

The forensic audit report may eventually turn out to be a shambolic exercise which, ab initio, was cleverly devised to deflect and buy time to continue to maintain absolute control over the finances of NDDC, delay the inauguration of the substantive board, wittingly perpetuate the ongoing illegality of a sole administrator not known to the law setting up NDDC, and thereby unnecessarily heighten the rising tension in the region which could be inimical to oil exploration activities

PROJECTS: Although, we are not yet privy to the sums of money attached to the over 13,000 abandoned projects said to have been discovered and allegedly reported by the Forensic Auditors; below is the schedule of stalled projects, location by location as at December, 31st 2019. (iii) THE PASSAGE OF TIME AND THE NEED FOR A REALISTIC CUT– OFF DATE: As you are aware, real project development by the Commission commenced from year 2001 and it is therefore conceivable that some of the physical works may have been eroded over the period, particularly those relating to road infrastructure, clearing of water ways and the likes.

For example, some of the roads constructed over 10-15 years may have differed failures, rehabilitated and/ or reconstructed over this period.

For these reasons, it was our expectation that a realistic date for the forensic audit should have been considered in order to achieve the best possible result. (iv) REALISTIC CLASSIFICATION OF STALLED PROJECT: By our experience, the Forensic Audit of the Commission’s Development Projects could have been defined as those projects that have not witnessed any activity in the last 3-5 years and above or whose estimated completed date has lapsed for over 2-3 years and more. It could also be those projects for which contracts have been awarded mobilization paid and the contractors have not commenced several years after mobilization.

NUMBER OF BANK ACCOUNTS OPERATED BY THE COMMISSION: We have noted with some reservation, part of the information said to be contained in the Forensic Audit report to the effect that, the Commission maintained over 200 bank accounts.

However, from the information available to us, the Commission maintained a total of 24 bank accounts at the Headquarters level and 1 UBA Continued on page 19

T H I S D AY ˾ MONDAY SEPTEMBER 27, 2021

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MONDAY DISCOURSE

Akpabio

account by each state offices making a total of 33 as at December 31st, 2014.

It is also important to note that, with the introduction of the Treasury Single Account (TSA); the banks accounts have been collapsed into only (4) four as at December 31st 2015.

The government’s decision to carry out a comprehensive review of the activities of the Commission from inception is certainly a laudable step, which inter-alia will bring out useful details that will be beneficial to the Commission and provide basis for government’s future development plan. r "DDPSEJOHMZ XF IBWF DPOTJEFSFE it imperative to deal swiftly on the matters above by way of clarification to avoid a gross misunderstanding of the financial position of the Commission. r "MM GJHVSFT BCPWF XFSF EVMZ agreed with the various management of the Commission, whilst physical verification of projects carried out to justify both the quantum and values of project. r 4JNJMBSMZ DPOGJSNBUJPO PG CBOL balances were annually carried out while a post-TSA mandate compliance carried out on all the banks. It is interesting also to state that, the various oversight offices of government were regularly advised, that is, the AuditorGeneral Office, Accountant- General Office, the Public Account Committee of the National Assembly.

Besides, the various External Auditors Reports and Management Letters for each year were duly prepared, signed by the various Boards and circulated to all the relevant Agencies mentioned above.

We shall be willing at your instance to provide more clarification and/ or explanation to matters within our sphere of work as your External Auditors.

While we look forward to the full/ detailed report of the Forensic Audit

Okowa

Exercise when they are received; the above represents our immediate thoughts on the information so far in the public domain.

In a similar vein, an advocacy group, Niger Delta Justice Forum (NDJF) of No. 86 Nwaniba Road, Uyo, Akwa Ibom State, led by Bassey Ime Idongesit, in a September 7, 2021 letter to Attorney-General and Minister of Justice, and published in a national daily on September 8, 2021 also described the audit report as “mendacious and dissembling.”

According to NDJF, “The exact amount of funding received

by NDDC from 2001 to 2019 is a matter of public information and available in the Office of the Accountant-General of the Federation and that of NEITI. If this basic but fundamental element of the forensic audit report can be intentionally misrepresented to create a baseless sensation, then the report leaves much to be desired.”

It went further to list the amount audited records indicates that NDDC has received from 2001

Emmanuel

to 2019 to be as follows: FEDERAL GOVERNMENT CONTRIBUTIONS: N760,165,606,560.32 GOVT (OMPADEC ELECTRICITY FUND): N2,500,000,000.00 STATE GOVERNMENT GRANTS: N18,175,000.00 OIL COMPANIES CONTRIBUTIONS: N1,623,690,225,765.07 OTHER INCOME: N19,566,957,137.81 TOTAL RECEIPTS: N2, 405,940,964,463.20 As can be seen from the above, the figures reported by NDJF is within the same band as that indicated by the external auditor of NDDC. Whereas the NDDC external auditor states that the amount received by NDDC over the 19 years in question is N2.396 Trillion, the NDJF reports a sum of N2.405 Trillion. These figures are way below the N6 Trillion which the forensic auditors reported.

NDJF questions: “Does it mean that the auditors don’t know the difference between income and approved budget or were they instructed to engage in deliberate

Otunba Funsho Owoyemi, Managing Partner of Funsho Owoyemi and Co., who are external auditors to NDDC, the auditors cast doubt on the integrity of the figures reported in the forensic audit. Titled, Re: Report of the Forensic Auditors on the Niger Delta Development Commission, the external auditors stated that they, found it compelling to straighten the records on some of the issues being paraded in the public space

misrepresentation? This misinformation is not only misleading, wicked and unconscionable but also inimical to future growth of the Niger Delta region. It is capable of inciting other regions against the Niger Delta now already being perceived as having frittered away a whopping sum of N6 trillion.”

Already there is insinuation that the forensic auditors were tele-guided in the course of the audit exercise and were not allowed access to relevant and existing documents of NDDC. Some of the forensic auditors were said to have complained aloud of censorship and lack of access to vital documents The Akwa Ibom based advocacy group has therefore implored the attorney general to verify the forensic audit figures and urgently correct the falsehood because NDDC has had its audited report submitted to the Auditor-General of the Federation, the National Assembly, NEITI, The NDDC Presidential Reports and other regulatory agencies. It is unprofessional, they stated, for the auditors not to have liaised with any of these agencies for independent confirmation of information.

NDJF told the Minister of Justice that the “report should either be referred to the Auditor-General of the Federation for a review or be sent back to the Minister (Niger Delta Affairs) for his continuous entertainment.”

The forensic audit report may eventually turn out to be a shambolic exercise which, ab initio, was cleverly devised to deflect and buy time to continue to maintain absolute control over the finances of NDDC, delay the inauguration of the substantive board, wittingly perpetuate the ongoing illegality of a sole administrator not known to the law setting up NDDC, and thereby unnecessarily heighten the rising tension in the region which could be inimical to oil exploration activities.

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T H I S D AY ˾ MONDAY, SEPTEMBER 20, 2021

PHOTOS: SUNDAY ADIGUN

THE MONDAY INTERVIEW

Babatunde Fashola:

Comparing Elected and Appointed Public Officials is Misplaced The pre-interview engagement was though short, it however gave some inkling it would be an incisive interaction, of course, with the Minister of Works and Housing, Mr. Babatunde Fashola, SAN. The confidence was one; speaking stricto sensu to the issues was another. His takes about public concerns have always been different and that’s what many believe, distinguishes him from the lot. From his stout defence of the Muhammadu Buhari administration to clearing the air of misgivings about his ministry and the need to start focusing on the states for “real developments” that directly affect the people, Fashola, in this two-hour interview with THISDAY, held his grounds for the stretch, but mindful of the challenges of the administration and what might have led them thus far. Excerpts: As governor, your brand equity was very high and there was this consensus that you were the poster boy of your party then. Can you Compare your tenure as governor, which earned you accolades across board and the offices you’ve held afterwards, because people feel that at the federal level, you have not particularly done well, compared to your track record in Lagos? What is the challenge?

One thing you must accept is that the longer you stay in public office, the more enemies you make. Oftentimes, you see that the longer politicians or public servants last in public positions, staying popular becomes a very difficult thing. If we use numbers seriously, you will see that the honeymoon period that births a new leadership and popularity that comes with it, wanes as you begin to take decisions that affect the people’s lives.

Then the temptation to compare Lagos and Nigeria as alluring as it is, is not smart. 3000sq kilometres?

I can cover it in two to three days – from Epe to Badagry to Ikorodu. But, even that, its nooks and crannies are still difficult to reach. Compare it with over 900,000 kilometres . Don’t also forget that as an appointed person, you have delegated authority and

it’s different from being an elected person. And then, more importantly, the economic seasons have changed.

I was also governor at a time when we had some revenue windfalls from oil, which was trading at about $100 per barrel at that time, and we used our own little share of the allocations from the Federation Account Allocation Committee (FAAC) and we were also very aggressive with our Internally Generated Revenue (IGR). We also contracted debt against our IGR. So, the comparisons are not apposite; they are night and day. That said, of course, at this level, people expect certain things to happen. Then, of course, what were the longest routes in Lagos?

They were Lagos-Badagry, sixty-something kilometres; Ikorodu to Epe, sixty-something or forty-something kilometres, then, LASU-Iba road, about 27 kilometres. But here, we are dealing with four hundred and something kilometres from Tambuwal to Yauri to Kontagora and you are dealing with 570 kilometres from Maiduguri to Kano or 127 kilometres from

Lagos to Ibadan and so on.

So, the dynamics are just different and then, of course, in parliament, you have 40 House of Assembly members to negotiate with, but you have 360 House of Representatives members to negotiate with here; you have109 senators.

Is that to say that the work is overwhelming at the federal level?

Again, I think it’s important to understand the role that a minister plays. With all thanks to those that once did a good job, as I always say, I do not take all the credit for what happened in Lagos. If I did, many people would say, no, I had a role to play. So, I must acknowledge them. All I can take responsibility for is what we didn’t do well. I will tell you, because I was the team leader. So, I think that we’ve acquitted ourselves very well. In spite of the fact that we can’t finish the work that Nigeria needs to do in one administration.

That’s the bottom line. If you look across the country today, roads that had become dormant, where contractors have moved away, we literally

brought them back. Now, the real challenge is the construction time and the revenue challenges and governance is becoming more complex contrary to what people know. Using roads as a metaphor for discussion, I don’t know if people know that we have to enumerate communities to pay compensation before we can pass? I was in Akwanga in Nasarawa recently and those are some of the issues.

We have a post-assessment, post-visit report and the different departments involved. People don’t see that; they just want to see a road and I understand that. So, we just came back from Bauchi. The national council assessed some roads under construction and also our housing project.

So recently, I was in Oyo State, from Ibadan and drove through Lagos, stopped at Lotto junction on the Lagos-Ibadan expressway. Now, we need to acquire massive land to construct the interchange; people have to move.

I can’t do that because as a minister, I don’t control land. So, I had to appeal to Governor Dapo Continued on page 21

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MONDAY, SEPTEMBER 20, 2021 ˾ T H I S D AY

THE MONDAY INTERVIEW

BABATUNDE FASHOLA

Despite Misgivings, We’re A Better and Different Government Abiodun to meet me there, because under the land use act, he has responsibility over land. These are the exchanges that ultimately define when the result will come. The contractor is there and this is a road that is substantially well funded. Now, we have peoples’ issues. I was just reading a report from Governor Kayode Fayemi on environmental impact assessment for 46 kilometres for Ado-Akure road. The people in Ado-Ekiti can’t be bothered by this report. They just want to see a road. Before we can raise money, we have to enumerate all the communities there.

These are now the global governance standards for funding and this is the hallmark of democracy, getting people involved, even animal life, climatic conditions, we have to go through all that checklist.

So, you have an environmental impact assessment that’s about 46 pages. People don’t know that this is going on. So we may look to them, to be slow but these are the hurdles we have to cross before we can get to the final place, where the rubber meets the road and where they like us to be. We want to be there, like yesterday.

But as governor, peoples’ issues were also there or weren’t they?

Yes, I was their governor. I was the one elected by them. Let us take another example. We had compensation issues on the Lekki Free Zone, when the Dangote group bought the land. It took one or two meetings and we resolved it. So, here in some places, we need to call some senators to go beg their people and to the benefit of some of them, we are seeing some results. I’m just giving you examples.

I’m not giving you excuses. I’m giving you real life situations that we deal with.

Two days ago, I was talking to the Governor of Bayelsa, we have had extended correspondences and he was telling me that they’ve made progress for us in terms of compensation so that we could finish the Yenagoa-Otuoke-Kolo road, because it was stalled by compensation issues. So, this is going on across the country. That’s just one problem. In some other places, contractors can’t blast, because they don’t have access to dynamite to be able to blast the rock for quarry and that is a controlled substance even before we had these security challenges.

Now, it is even more controlled. So, again, people don’t know that I have to write to the National Security Adviser to say exempt these people and he has to exercise his own independent judgment to decide whether or not to approve. In some places, where they could get quarry to do their work, within 50 kilometres of the site; if that is a high-risk zone for blasting, they have to go as far as 400 kilometres. So, these are some of the things we are dealing with. We are also dealing with the realities of the economy. Some of these projects, many of them were inherited. So, they were awarded as far back as 2000. For instance, Lagos to Ota to Abeokuta was awarded in 2000. By the time I became minister, the contractor had left the site.

They were not funded. But during that period, we went to pay $12 billion for debt forgiveness. That’s a policy choice. By the time I became a minister, the rate had changed, so we had to renegotiate and re-award the contract. Now, it’s a N56 billion contract, but how much is in the budget? I don’t make the budget.

We propose and what comes out finally is by the other arm of government, that’s what the constitution says. So, we have over N100 million for a N56 billion contract. Once the contractor sees that, the enthusiasm dies. We have managed to get some Sukuk funds of about N4 billion now. That has been spent, so the man is waiting.

Recently, you announced plans to re-introduce tolling on some federal roads. How far has the ministry gone with this plan? As a follow-up, during Obasanjo’s time when they abolished tolling, the government said then that tolling was already factored into the price of petrol we buy in filling stations. That there was no point charging another. So does this not amount to double taxation?

Let me start from the last one. In the series of exchanges that we’ve had because the purported income in lieu of toll was to have accrued to the Federal Road Maintenance Agency (FERMA), the agency has tried to operationalise that provision in the Act. We have asked the Nigerian National Petroleum Corporation (NNPC) and they have said there’s no such provision in their pricing template.

So, what it simply means is that at the time they were making all of these noises, what ought to have been done had not been done. We took up this matter last Thursday at the National Council on Works in Bauchi and I made it clear to all the commissioners from the states that look, NNPC has said this thing is not in our template. Which one of you is ready to step forward and go and impose that levy on the people in your state and everybody said, “This is a dead horse; let’s leave it. No need to flog it.” It is different from a toll fee, which is a user charge, because if you don’t use it, you don’t pay. We need to separate the two.

Now, yes, when we did a tolling policy and announced it, it caught a lot of attention. But the tolling policy is only a very small part of what we wanted to do. What we want to do actually is to see if we can really entice the private sector to take over some of our major highways. You know, oftentimes, we hear this PPP, and it looks easy and it sometimes appears to people on the outside that we don’t seem to know what we’re doing. But I am always quick

you will go and cut tape. It’s not the same.

“We made our choices, and that’s why I say, we’ll come back to the debate about what options were open to the other side, given the track record. But it is the services sector that is first severely impacted by recession. And where recovery comes, it is the last to recover. So, if you look at this last GDP result, it was the services sector that was the driver. So, the economy is back on track.That’s the point I’m making.

Economy is back on track, but we still need to sustain, we still need to expand, we need to make it more income yielding” to remind them that many of us in government today came from that sector, so we know that there’s no magic wand there.

But we know that some people can do some things if we put some things right. So, we launched a programme called the Highway Development Management Initiative (HDMI).

That’s the programme. We have gazetted the entire Right-of-Way on 24 routes spread across the six geo-political zones. But we think 24 is heavy and the appetite and capacity of the private sector is limited and therefore, we said let’s do it in two phases and so, we started with 12 and in specifics, we issued a request. We issued a request for pre-qualification and we had 75 applicants and we have pre-qualified 18 companies.

Now, they can’t go about making financial proposals without a tolling policy, which will define for them what kind of vehicles can be tolled and what are the tolling rates. So, that was also a work-in-progress at the time. And where we are right now is that policy is now out with classified vehicles from six axle trucks, flat trucks to heavy duty buses, to light bosses to Sports Utility Vehicles (SUVs) to private cars and commercial vehicles – all of those are liable to pay tolls.

We have, as a matter of policy, said tricycles, bicycles, motorcycles, diplomatic and military

Does it mean you now better appreciate the challenges of those you criticised when you were not a part of the federal government?

I criticised them not for not inaugurating roads, but for not building them. Things are relative. At a time, given what we know, the policies they pursued were different from the ones I would have pursued.

For example, if I had $12 billion at the time, I would not have paid creditors; I would have invested it in my country’s economy, because what was the point of paying creditors only to borrow back? At that same time, UAE, Angola, and other oil-rich states invested the same resources.

Then, what did we do when the next windfall came after we paid the debt? By the time it came, Dubai had built a super-efficient airline, a functional city. What were the policy decisions then? The policy decisions were that, no, we don’t want to hurt the people. Keep the dollar at N120. Use oil resources to support consumption, exchange rate, and where was the money going? Shopping in Dubai mall. It’s all gone now.

Those were the things we criticised. You can use your revenues and your resources to do two things: defend your economy or defend your exchange rate. I will use it to defend my economy. So, I can point to what we did in Lagos with that prolific oil resource and our borrowings. You will see the Lekki bridge, you will see seven kilometres of rail, you will see road infrastructure. That’s investment when extraordinary income comes. That didn’t mean we were not borrowing, but as those things were kicking into life, each time you crossed that bridge, we were saving you 30 minutes from the other route. Time saved is money and we will accrue it back in taxes.

Property values went up, we saw land use charges coming back. So, those were the things I criticised.

You see, I never believed and I don’t expect that the president should be inaugurating roads, that’s my own view and I’ve shared this view with President Buhari. Just penultimate week, I went to meet him and I showed him Obudu-Vandekier road, I showed him Sokoto to Kontagora, I showed him sections two and three of Kano-Maiduguri,which has almost 300 kilometres of completed, marked roads. So, I said look, I was recommending to him to allow me nominate my colleagues in the cabinet from those states just to go and do the ceremonial, because it seems as if some people will not believe that it’s finished, until we have that ceremony. But I am clear in my mind that the people, who are driving on that road know that it is completed and in December, we did a survey where people were moving – going home for Christmas or returning after, and the word that came back was that this place has been completed, they know.

So, those are some of the roads that have been completed, you see me going round the bridges that have been completed: the Loko-Oweto bridge, we finished the bridge; we have finished the road to Oshogbedo to Oweto, but the part that we have not finished is the Nassarawa-Loko link road of about 74 kilometres. That was the one you might have heard about two weeks ago. We asked FEC to allow us to limit the contract to just 10km for the main contractor, because it’s slow, so that the two other contractors, who have finished their own, can take up the remaining part of the 74km, which was approved.

But people are already driving through it because it saves you the journey from Otukpo to Abuja, which would have been six hours to three hours. You cut off Lafia completely and land in Keffi. The bridge to Cameroon is finished; the bridge to Ikom is finished; Kano-Maiduguri too. Where does the president want to stand in Maiduguri to talk to the people of Kano?

So, what we’re trying to do now is to get the minister from Kano to deal with his section, the minister from Bauchi to deal with his own, minister from Yobe to deal with his side. There’s one that passes through Sambisa and it’s the one that’s most challenging.

and police and related stuff – ambulances – will be exempt from it. So, we think that those prequalified companies now will have a basis to now make plans. But, beyond tolls, there are other services around a highway that really for some time have been like unoccupied spaces if you like – advertising, trading on the highway.

When you’re going to Benin-Ore or anywhere you are buying something by the roadside, all of these things can be organised into much more prolific businesses.

So, the concessionaire, who ultimately wins this, is the person we think can do these things.

Then ambulance services, weigh bridge, vehicle towing services and so on and so forth. This is the kind of governance we expect, but the tolling is just a small part of it. Our highway is just about 45.7 metres from the centre line on each side, so we have about 100 metres and that is a space that can be put to very prolific use.

And these now have fibre optics. Katsina Ala/Ogoja, Tambuwal, Sokoto, Niger, up to Yauri, there’s Uduma in Enugu State, linking Ebonyi, this is 40 kilometres.

Just to make sense, on Lagos-Ibadan for example, when we are constructing, we don’t construct 100 kilometres at once. Sometimes, there’s a place where you have to relocate pipes. You have to relocate cables, gas lines, so we’ll close five kilometres. So, we can close this section and divert everybody to the other side. And when we finish the 5 kilometres, do you want us to come and inaugurate it?

So, across the aggregate of Lagos-Ibadan for example, we have done a cumulative of about 38 kilometres on section one before Shagamu and the total of that is 44km. We have done about 50 kilometres on the Ibadan bound, which is eighty-something, so we are almost 90 kilometres now, out of 127 kilometres and that’s why the journey time is reducing. But if you want us every 5 kilometres to come and then cut tape, of course, that will cause more traffic when we come.

In December 2019, you told Nigerians that you were building 500 roads across the country.

This is 2021, how many have you completed and inaugurated and what is the state of others?

Let me first explain to you, when you say inaugurate, how do you inaugurate a 500 kilometres road and at what end? You are comparing us to a state, where we build a 2-kilometre road,

In other climes, infrastructure lasts 20 years or more, but in Nigeria, roads begin to break down in two to three years after construction and there’s little or no attempt at constant maintenance until they become impassable. Why is this so?

I like the other climes. I tell people, first of all, Continued on page 22

T H I S D AY ˾ MONDAY, SEPTEMBER 20, 2021

22

THE MONDAY INTERVIEW

BABATUNDE FASHOLA

The Economy is Back on Track, Borrowing is Never Enough what we have done in Nigeria for the last 30 years is the eighth wonder of the world. We have been moving petroleum products, moving agro produce, moving timber, moving construction materials by road and the economy has not given up. I dare any country in the world to try it, they will collapse and that speaks only to the resilience of these Nigerian people. It is not the right thing to do, so let’s be clear and that is why in the fullness of time, people will really appreciate the investment that “this bloody government” is now making in rail.

That is one thing that will keep the roads useful for a longer time. The tonnages we move by road, no country can move it by road, except Nigeria.

There is no country that is our competitor that can try what we’re doing, just like we are the only ones who have a 1000-guest party. We are the miracle of the world. A friend of mine told me that he has never seen, where people can run, calculating money; these people are too skillful, and too talented. So, the rail is one key aspect. Then enforcement, law and order.

The HDMI that I talked about is a way to bring back the concession of the road, so that it will relieve us of the burden on bureaucracy and all of that. All of these are going to converge. The president has issued a directive to the NNPC, Nigerian Ports Authority (NPA) and all the loading points to start enforcing weight compliance from the point of loading, so that we minimise the risk on the road.

NPA has some challenges with the ports operators, because the ports don’t belong to the government anymore; they have undergone concessions. So, we are having them recalibrate their trucks. Pouring oil on the roads by mechanics does not help our roads.

Once water and those chemicals enter, they begin to dissolve the properties binding the road up. Once you put petrol or diesel, you are beginning to unbind and weaken the binding and that’s why the road begins to fail.

Some portions of the Obajana-Kabba road, the first concrete road in Nigeria built by the Dangote Group, are already showing signs they’re wearing out less than two years after its completion. Is there any arrangement with the group, which has now been awarded the Kabba-Omuo road for the maintenance of those roads?

I think it is wrong to say it’s showing signs of wearing. What happened was a section not under contract. Let me show you an example, Lagos-Ibadan is an example, we have two contractors in two sections, Abuja-Kano is in five sections and five different contractors. Obajana-Kabba, Dangote has about 50 or so kilometres and the portion they are building has no problem at all. There’s a portion, where there’s a box culvert, because of heavy rainfall, that culvert was built many years ago, when the road was originally built. The volume of water is now built due to climate change. We have the washout in Tegina, in Bauchi, in Owerri and we are responding

as best as we can. Same way hurricanes and typhoons wash off roads overseas.

There are quite a number of Nigerians, who feel that the government is over-borrowing and that there’s no immediate evidence of what these monies are being spent on. You also hold the view that the Obasanjo government should have used the $12 billion he used to pay debts on infrastructure. Could you be more lucid on this?

These are policy choices. I don’t like this generalisation that we and them are the same.

We are not the same. And these are some of the policy differences and so based on what we know, I would do things differently. So, anytime they come up with it, I say, let’s have a debate.

I love the terrain of debate. When we were not borrowing, we had $12 billion but tell me the rail we built with it and that was before the windfall. Show me the Lekki bridges we built, the airports. None. And I say that if I was in government at that time, we would have deployed these monies into infrastructure.

Oil prices have gone down, yet, we are building Ikom bridge, building Cameroon bridge and I say we are different and better. Talking about borrowing, it is legitimate to express concern, but I think we must earnestly ask ourselves, all those professors of home economics, have they been in government before? Theory is different from the real deal where the rubber meets the road. The job is easier when someone else is doing it. So, we are in a place where our population is growing rapidly. We are living on infrastructure that was built about 30-40 years ago. We are now saying don’t tax too much, and at the same time, you are saying it takes two hours to get from office to school, because the road is bad. What do you want? America owes $23 trillion, most of it used in building infrastructure and military. Their defence budget in 2019 or so was $773 billion, but when you want to go on holiday, you go to America. So, who’s paying for that debt?

That’s what built all those super-structures.

Dubai borrowed money from Abu Dhabi, because Abu Dhabi is richer. So, the Dubai tower you go and see is funded by some debts and some oil revenue. Then, we go there and take photographs.

Until Buhari came, the only place you could enter train was in Dubai, America and other places abroad. But now, you can enter train from Lagos to Abeokuta and you say you don’t know? Before now, could you take a train from Abuja to Kano?

Yes, the reality is that they started that project, but the 15 per cent contribution that was supposed to have been paid wasn’t paid and oil was selling at $100 per barrel. We came to pay, when oil was low. All the state governors filed claims for all the roads they built. That was the time money was in plentiful supply. Federal left its roads and states were constructing them, including

yours truly. This president came and paid the debt from his predecessors. Are you getting a sense of where the money is going? We met over $10 billion or so in debts. So, in order to achieve our own objective, we had to borrow or where was the money going to come from?

Or we keep giving you excuses.

But, even your Economic Adviser, Prof. Doyin Salami recently raised the alarm that the borrowing was unsustainable?

That is why I said that it is legitimate to have a conversation around it. But there are choices that we have to make. Doyin is a very respected economist. He knows choices that are available, not like some home economics professors, because home economics is different from public finance.

In home economics, you can cut off baked beans, cut off house-help, but in public finance, you can’t cut off labour, they are a given; you can’t cut off water supply to save money; you can’t stop moving refuse or cut security spending.

I am not saying you can’t have the argument.

It’s compelling. But what are the alternatives?

My parents’ generation trained in England and they were taught not to borrow. But they realised that in public finance, that thinking is not going to work. That’s what probably affected the generation of those who quickly rushed to pay debt. But by that time, the Europeans, who dominated the world economy, started seeing the necessity for debts, they say, let’s measure it against GDP, against revenue and we haven’t smelt the coffee? All of them are borrowing!

Can you tell us how the N100 billion Sukuk fund for road projects was utilised?

What we did with the Sukuk, our initial thought was to target the heavy traffic roads, about six and then use it on the A1-A4 roads. If we complete the entire length of A1-A4 , Nigeria will heave a huge sigh of relief. That’s the road from Lagos port to Sokoto, from Warri to Kano, from Calabar to Maiduguri and Port Harcourt to Yobe. But at the time, people said we wanted to use Sukuk to Islamise Nigeria, those were the odds we had to contend with. But we said irrespective of what happens, let’s divide the money into six and immediately we did that, each zone was left with N16 billion. Then they said Fashola wants to move all the money to the southwest because he’s from there.

We now had representative issues, like it’s not in my zone or state, but in the end we ended up with 25 roads for N100 billion and each road ended up getting just N4 billion. Last year, the Sukuk increased to N162 billion, but the number of roads have increased to 44.

The Lagos-Badagry road is a mess. That’s a piece of infrastructure that should be your legacy.

Some senators recently visited and were alarmed.

When all of these alarms are being raised

“I criticised them not for not commissioning roads, but for not building them. Things are relative. At a time, given what we know, the policies they pursued were different from the ones I would have pursued. For example, if I had $12 billion at the time, I would not have been paying creditors, I would have been investing it in my country’s economy, because what was the point of paying creditors only to borrow back?”

about roads in the twilight of a tenure, and in the imminence of the election, you must take them with a pinch of salt. Everybody suddenly now loves to be seen to be doing something. The question is, what did you do in the morning of the time? So, let’s go and look at Lagos-Badagry road. How much is in the budget. The constraint is money. Simple! No more or less, to start with. Now, again, let’s not forget, you know, I now look like the villain. So, let’s go back.

At the time that oil was $100 and other times that I’ve talked about it, that road belongs to the federal government.

It’s me, this villain today, who came there as a governor that took on that road. Doesn’t that count for something? So, let me explain to you, as a governor, we didn’t have all of the resources but we did it up to FESTAC. Between FESTAC and the university, there were oil pipelines and NNPC said they had to relocate and that delayed, and I left. My successors have continued. But that’s only as far as they can go. Beyond LASU, all to the border, no action. So, the first contract ever awarded on that road by the federal government was awarded by me, the villain.

That’s where my heart is. There was no contract.

Lagos State contract ended at Okoko. It’s me that said that’s not just a road in my state, but it’s an international corridor. It is the road that is the Lagos to Abidjan highway. There is an inter-ministerial committee of ministers from Nigeria, Benin, Togo, Ghana and Ivory Coast. I am the chairman of that committee of ministers. I am not just proud of being a Nigerian, I am arrogant about it and how can I be chairing this meeting, and we are still looking for the World Bank fund and all? That I must award this road.

We awarded it and how much was in the budget.

The contractor just came to me. He neededN18 billion to concentrate on that very difficult stretch, which was about 20 kilometres, because the border side was not that bad. Where am I going to find N18 billion?

That’s the problem. So, you have to first give me the authority to borrow as minister. That’s the difference between being governor and being a minister. The ministry of budget has looked at everything. They have given every ministry an envelope and that is how much you can spend. As you begin to break them down, each representative would say no, it is too small, move this away. This is it.

I’ve said before, the biggest problem is consensus.

So can we all have consensus? All those senators who made great speeches there, on the day, just put it there that they will put N18 billion in next year’s budget and then come see me in December whether we’ll perform or not. We put the road in Sukuk, but I told you it was N4 billion, so we are owing the contractor now. So he has stopped work.

So, all these borrowings, where’s the money going then?

It’s not enough and you’re saying it’s too much.

There’s not enough and you shouldn’t deal with that in isolation. The countries that they said we looked like in the 70s: China, Malaysia, Indonesia, India, Brazil; we looked like them, because we were investing in infrastructure. The Lagos airport was built for 400,000 passengers per annum, the Murtala Mohammed airport. But it is now processing 8 million.

We stopped building. That’s the context in which it is not enough. We have left things undone for 30 years. We’re living on the old refineries, living on almost the same roads and bridges. So, it is not going to be enough unless we have extraordinary income.

What legacy projects would you like to be remembered for? The second Niger bridge and Lagos-Ibadan expressway are two of these important projects. Is there any chance that these legacy projects will be completed within the tenure of this administration?

Some of them will. Alhaji Jakande also made the mark at sub-national level. It has been a humbling privilege to serve at state and national level in a country of over 200 million people. Most remarkable for me is that it is an education every day. I learn more about this country every day and I wish I could take all Nigerians for them to see how truly beautiful our country is.

The second Niger bridge will be completed next year and the Lagos-Ibadan expressway should finish next year as well. We are dealing with the land issue to build the interchange. The Abuja-Kano road, the main carriage way we hope to finish in the first quarter of 2023 to make it passable. We are making progress on the Kano-Zaria section, an over 300 dual carriageway, Kaduna to Abuja and all. So, progress is being made.

Those will be President Muhammadu Buhari’s legacy to Nigeria. For me, it is an immense privilege to have been entrusted with the responsibility to help him deliver on those commitments.

Recently, you disputed the data that claimed Nigeria had a 17 million housing deficit. From your vantage position as minister of housing, what is the annual housing deficit and what are the estimates you use in planning?

Until we have definitive reliable data, it will be difficult to give you those answers and this is taking a total view of everything. Do we have enough houses?

Are there empty houses? And if we don’t do the very serious work of how many houses are empty, how many houses are occupied and we get the data, then, Continued on page 23

23

MONDAY, SEPTEMBER 27, 2021 ˾ T H I S D AY

THE MONDAY INTERVIEW

BABATUNDE FASHOLA

Buhari has Never Asked Me for Contracts for Anyone we are running a very, very difficult race. Then, we look at how many people own houses and how many people want houses to rent and to buy and how many people can fund it? That’s what defines the market for you before you start talking of a deficit. In my secondary school economics, there is something they used to call real demand as against a wish.

The market cannot plan for the wish. So, to give you a specific answer, first, we have commissioned a study of two survey companies and we told them to help us find the number of empty and unoccupied houses in the urban centres of Nigeria, because the housing problem is an urban problem; it’s not a rural problem. I’m clear about that. Even if I don’t know how many houses are needed, I know that it’s an urban problem, because most of the people, who you see looking for land, trying to buy or let a house in an urban centre, have shelter in their village, which is usually empty. So, let’s just understand that.

If we all accept what the United Nations has been telling us that the last 50 years have seen the most rapid urbanisation, then, we must understand that’s why the economics of demand for space and housing are outstripping supply in the urban centres. But it’s not absolutely outstripping, because then, there were uneconomic things happening. How can you own so much and there are so many empty spaces, and so I like to be scientific in my approach. But the government can only do so much at the centre, but the truth is that the government at the centre doesn’t control land. So, it’s the subnational governments.

Again, I am looking at what they’re doing.

A couple of states are investing the way I did when I was governor. But more importantly, combine state and federal, there is much that we can do and that’s why I am so happy at this time, because I see the private sector is now pushing. Every day now, I’m seeing adverts for houses and they say we ‘ll give you a three-year plan. It means that our government has done something right, because this is the most busy and intense era of the private sector offering houses and offering land. So something is happening. And I think that we should leverage that as a government.

And that’s why I’m saying what we should now be doing, apart from completing those houses which are models, is how we can use our fiscal and monetary policy levers to really help those, who have started this private sector property development to even do more.

Now to politics, many still wonder why you haven’t put together your own political structure despite your popularity as Lagos governor in those days?

Structure? I have my own structure. That’s all.

Only I, know my structure.

Your party is fractured in Lagos, and in the journey to 2023, there are all sorts of forces at play. Where do you fit?

There’s no fracture, but as you said, there may be forces at play. That’s what happens in democracy.

That’s the high wave of politicking.

But Lagos APC is particularly troubled, with different emerging interests?

You see trouble, I see dynamism. I see a request for recognition and participation and inclusion. That’s energy.

On a broader note, do you think your party has really met the expectations it built in 2015?

In terms of what we set out to do, we have done a lot of them. Of course, the only part I have issues with was that we did not moderate our realities from the beginning, and people genuinely felt and legitimately so, that oh, everything was just going to happen in a blaze. So, I think, managing expectations was something we should have done better, because people just thought we could just put up a light switch and life will be better. But the challenges we’re facing now, the investments we are making, the choices we are making, will lead to a better life, and even the president continues to say in our cabinet meetings that the results of all what we are doing will only really manifest after we have gone.

For example, if you look at the recession, it was foretold before we came. The minister managing the economy had said Nigeria was heading into recession, and she said it at the time we were earning $100 per barrel. So people who are now talking about growth, unemployment; at that time, all of you were writing about jobless growth. That’s what you were writing about. Those were the headlines.

But the point is that when recession then kicked in, because we inherited it, it didn’t matter who won the 2015 election, what do you do?

We made our choices, and that’s why I say, we’ll come back to the debate about what options were open to the other side, given the track record. But it is the services sector that is first severely impacted by recession. And where recovery comes, it is the last to recover. So, if you look at this last GDP result, it was the services sector that was the driver. So, the economy is back on track. That’s the point I’m making.

Economy is back on track, but we still need to sustain, we still need to expand, we need to make it more income yielding. Because if you also go and look at it, it is the non-oil sector that drove the economy. So, all of these debates about diversifying the economy, we have achieved it. The economy is now diversified.

Growth is being driven by the non-oil sector, not by

oil. Although oil is still the big FX, earner.

So, what the diversified economy needs to do now is, earn more revenue, and earn more forex.

But the economy is diversified, infrastructure is being built, but the results will take time to form.

But your party has made a mess of the country, is it not more unsafe than it met it?

I dispute that. Again, all of these things are relative. And my experience with global, regional, and local security tells me that it’s always dynamic and fluid. So, who are the active age groups involved in crime today? What is that age bracket? When were they born? They were born about 20 years ago and we (this administration) were not here then. So, those who should have prepared for them didn’t prepare for them, but they are now our responsibility. We will look after them.

You see, we’re now trying to first clean up drugs.

It’s a big problem. Some people think that when you talk about security, it is just guns, bows and arrows, no. So, there’s a lot involved. We must get rid of drugs, enhance jobs, law enforcement.

And you know, these small things, those broken window theories that I have always talked about, that a house falls apart from the first crack, those cracks happened 19 years ago and we are now trying to rip those things apart, fix them and ensure that the house doesn’t fall apart. So, when we came in, the security challenges were in other parts of the country. So, those places that looked unsafe, when we started, are now safer. And so, the dynamics are different.

Really? But Nigerians can no longer travel safely by road…

I would have preferred for there to be no security issues in Nigeria, unfortunately, in all parts of the world this is the case, this is our reality. But, tell yourself one thing, there are some people whose livelihoods depend on the roads, they must be on the road and they are still going. If they leave the road, you won’t be able to come here. There will be no fuel, no food. Unfortunately, some of them are victims and it’s regrettable.

You are popular amongst a lot of people, and your name amongst others is being bandied about, do you have an interest in 2023?

You know what? I think Nigeria’s problems will be better dealt with if we all focus our attention on the right places and not the presidency. What is the appeal of the presidency? So, for me, given what I know and given what Nigerians seem to want and I addressed this in another forum; we are looking in the wrong place for the wrong thing. We were talking about the Jakande Housing Programme, it wasn’t the president who did it. A president can’t give you water, pack your refuse, give you

foundational education, primary school, where you learn ‘A’ for apple. Federal government does not own one primary school, federal government does not own one primary healthcare centre.

Those of you who manage public communication must begin to bring us back home to where the real issues are. We have the impression that our president is all-powerful, go and read the constitution.

We are conflicting his duties with his powers, and his responsibilities. He has powers to confirm, to appoint and all that, but he’s not all that powerful.

He can’t pass his own budget on his own. So how much of his agenda can he achieve if he can’t guarantee what his budget will look like?

Is it not the budget that defines the outcome?

So the presidency is overrated. There has been this single one-sided story, and this is one of the things I want to be addressing, as we go forward just to help Nigerians understand that the real deal is at the sub-national level. Be interested in who your governor is, be interested in who your local government chairman is, etc. When they come and tell you, we will do this, ask them how and who will pay.

What is it like working with President Buhari?

Interesting! He’s a very shy and reserved person.

Very, very shy. If he feels comfortable around you, you will get very humorous wisecracks even in self-mockery. But if he’s not comfortable around you, you can sit down there for seven hours and he won’t say anything. It is his natural self, his military discipline. Look, you saw him at the convention, it wasn’t that he was in a comfortable place. But all his opponents went home to sleep, but he sat down there all night. That’s the man for you.

I mean, the jokes he cracks in FEC sometimes or when you see him on a one-on-one basis. He has given me a lot of support in my ministry and as far as work is concerned, yes. Okay I miss, for example, Ramadan with him. One of the things he says when he invites us for breakfast is that if God did not make this thing compulsory, he wouldn’t do it. He will tell you that he loves to eat four or five times a day, but they say he must do it, so he has done it. He loves his food. One day, I saw him eating during the campaign and I asked, so you eat? He said, “I love food, don’t be deceived by my skinny frame.” Unfortunately, everybody cannot get to interact with him; everybody can’t get to see him.

We can only judge him by what we perceive, by what he does and that’s the burden of every leader. You want to be in every home, but you can’t be. The president set for me an agenda in 2015, when he appointed me and said, “look, I have four priorities in your ministry: Lagos-Ibadan, Second Niger Bridge, Abuja-Kano and Ilorin-Jebba and want to do those projects and hopefully complete

“I tell people, first of all, what we have done in Nigeria for the last 30 years is the eighth wonder of the world.

We have been moving petroleum products, moving agro produce, moving timber, moving construction materials by road and the economy has not given up. I dare any country in the world to try it, they will collapse and that speaks only to the resilience of these Nigerian people”

them. I hear some of them have court cases.

Being a lawyer in the ministry and everything and your experience, go and look at it, and come and tell me what we can do to get those projects off the ground.

“Any other thing you want to do in that ministry, I am going to trust your judgment. You have done infrastructure in Lagos, so I trust you to know what you’re doing.” Since then, he has never interfered. So, yeah, he has never called me to say, “My friend is coming, give him a contract”.

So, delegation like that is helpful, and the support and the trust.

You have been governor of Lagos and now a minister. Some of the criticisms that come your way, do you feel misunderstood, angry or feel you have been unfairly assessed?

When I took public office, one of the things I learnt was that you can only choose who your friends will be, but you cannot choose who you will serve. You will serve the entire public, whether you like them or you don’t. If their documents reach you, they must get justice before you, whether they like you or not. That’s my creed. When people criticise me, it actually inspires and challenges me.

What it tells me first is that if you don’t believe in my ability to do it, you won’t be asking me to and that’s what I tell my team that people asking us to do more trust that we can do it.

I won’t ask someone, who I know cannot iron, to iron my clothes. It’s a measure of trust.

I won’t ask someone, who cannot drive to drive me. Those who asked us for service, first of all, it’s an honour to be asked. That we are not quick enough, that comes with the territory and we will explain. But anger for me is not a strategy, because there’s no room in my body for anger.

Once I am done here, you say your own, I say my own, I go to sleep and forget and then start looking forward to the new day.

There is this assumption that the president has a liking for you. That if he had his way, he would have made you his running mate in 2015, save for the Muslim-Muslim ticket controversy.

Is that true?

Well, maybe tomorrow he will tell me whether he has a special liking for me, but I know that he has treated me and other ministers with a lot of decency. He’s a very decent man and in some sense, the courtesy. I have never seen him angry, I can’t say the same thing for myself. In some difficult working environment, I have raised my voice to some of my colleagues in cabinet meetings (as governor), but President Buhari has never raised his voice to anyone of us in six years in spite of the difficulties and you have to respect that.

In conversations, you just know how passionate he is. He will tell you that if we can fix infrastructure, viz. roads, rail, power, optic fibre to work, the ports, that Nigerians will get on with their lives and not cry too much about who is there, because their lives will be better. That’s his clear conviction and that’s why it will be seen, perhaps, that those who are involved in infrastructure appear to be the ones who get visible, because the government is woven around that from day one.

He set an expansionary programme, 30 per cent capital from 15 per cent. And if you look at the economic plan, you will see that infrastructure is one of the levers and the truth is that no government does everything.

NOTE: Read the full interview in the online edition on www.thisdaylive.com

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MONDAY SEPTEMBER 27, 2021 • T H I S D AY

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T H I S D AY ˾ MONDAY, SEPTEMBER 27, 2021

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

S E P T E M B E R

S & P INDEX

2 4 , 2 0 2 1

S & P INDEX

EXCHANGE RATE

OBB

14.00%

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565.29%

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N412.08/ 1 US DOLLAR*

OVERNIGHT

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YEAR TO DATE

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As Banks, Others Increase Lending, Credit to Private Sector Rises By N498.6bn in August to N33.26trn

Darasimi Adebisi The Central Bank of Nigeria (CBN) has disclosed that credit to private sector went up by N498.6billion in August to N33.26trillion from N32.8trillion reported in July 2021.

The N33.36trillion figure announced by the CBN is a new record that was fuelled by banks, among others increased lending to real sector.

CBN in its Money and Credit Statistics for the period revealed that credit to private sector in January was N30.65trillion and dropped by 0.47 per cent to N30.5 trillion in February.

However, in March, it closed at N31.44trillion and crossed

the N32.1trillion mark in April to N32.12 trillion.

In addition, the CBN reported N32.63trillion and N33.36trillion credit to private sector May and June respectively.

Analysts believe banks lending to real sector played a critical role in the recent increase in Nigeria’s Gross Domestic Product (GDP).

An economist and Chief Executive Officer, BIC Consultancy Services, Dr Boniface Chizea said he is optimistic that banks credit to real sector, amid severe challenges are yielding positive results.

According to him, “The volume of credit which seems humongous will deliver expected dividends despite perceived inhospitable

investment environment. We should therefore remain confident and hopeful that desired impact must be felt if not immediately then in due course.

“We must also accept the fact that we would be challenged if we want to isolate the direct impact of the credit on the economy. So, we must remain assured that the credit is not money down the drain.”

On his part, Economist & Private Sector Advocate, Dr Muda Yusuf told THISDAY that the growth in credit to private sector is laudable.

He noted that the impact would depend on the sectoral spread, quality of credit, tenure of the funds and interest rate.

Yusuf said: “My guess is that a

significant percentage of this have been given to large corporates, multinationals and high end medium enterprises. The CBN has done a lot in lending to agriculture, but the quality of the lending is an issue. Reports indicate high default rates in agricultural credit, especially the anchor borrowers’ scheme.

“Monetary intervention is imperative for real sector development. But it is not sufficient to guarantee the desired outcomes of growth and productivity. The context in which businesses are operating is as important as the funding, if not even more important. The totality of the investment environment must be

right for sustainable real sector development to be achieved.”

He added, “Therefore, to complement the credit to the private sector, the other factors that should reckoned with include infrastructure quality, especially power, roads and railways. There are also issues around the quality of the regulatory environment, the foreign exchange policy regime, the ports situation, volatility of the naira exchange rate, the tax environment and the security situation.

“These are not things monetary intervention can solve. It takes an impactful fiscal policy intervention to fix these problems. Some of the issues border on economic

reforms that need to happen.

Engagements between the private sector stakeholders and policymakers is critical to achieving sustainable development of the economy.”

The Governor, CBN, Mr. Godwin Emefiele had in his communiqué at the end of August Monetary Policy Committee (MPC) meeting said the committee noted the improvement in lending to the real sector following the introduction of the Loans-to-Deposit Ratio (LDR) in 2019.

According to him, “Industry gross credit increased by N6.63 trillion from N15.57 trillion at Continued on page 26

Visa: 50% of Women Owned SMEs in Nigeria, Kenya Have e-Commerce Presence, Likelihood of Online Payment Option Ugo Aliogo and Favour Edgar A report by Visa Incorporated has revealed that over 50 per cent of women owned SMEs in Nigeria and Kenya have strong e-commerce presence with a high likelihood of offering customers an option to pay online.

The report added that at least seven out of 10 women expect their customers’ use of e-commerce platforms to increase after the pandemic.

Visa in the report entitled, “Understanding Women Owned SMEs,” stated that it has digitally enabled 16 million small and micro businesses (SMBs) worldwide, just over 30 per cent of the multi-year goal it set in 2020 to digitize 50 million SMBs. The research which was unveiled during a virtual meeting with the theme: ‘Unlocking Digital Capabilities for African Women Entrepreneurs in The Age of Access,’ explored the role of

technologies including digital payments in enabling the business success of female entrepreneurs in South Africa, Kenya, and Nigeria.

The report further highlighted the top business challenges experienced by women entrepreneurs in South Africa, Kenya and Nigeria, the impact of Covid-19 on these businesses and how digital payments have accelerated business growth in over 80 per cent of the businesses surveyed.

Speaking at the virtual meeting,

the Senior Vice President and Head of Sub-Saharan Africa at Visa, Aida Diarra, said a report by the Global Entrepreneurship Monitor, revealed that Sub-Saharan Africa has the highest percentage of women entrepreneurs in the world, with 26 per cent starting and managing a business on the continent in 2020.

Diarra remarked that the company aims to encourage and enable even more participation of women in driving the economy,

through the company’s She’s Next initiative.

She added that their research shows that female-led businesses face unique challenges throughout their entrepreneurial journey, adding that they are committed to helping these business owners across Africa to identify opportunities for growth.

The research also highlighted that the lack of technological infrastructure, economic fluctuations and a regulatory

environment were identified as the top business challenges for women entrepreneurs in South Africa, Nigeria, and Kenya.

The research pointed out that seven out of 10 women-owned SMEs in Sub-Saharan Africa claim the pandemic has had a significant negative impact on their business revenue.

According to the research, “The impact of introducing Continued on page 26

M A R K E T D ATA A S AT F R I D AY, S E P T E M B E R 2 4 , 2 0 2 1 FGN BONDS DESCRIPTION 12.175 FGNSB 10-OCT-2021 11.244 FGNSB 16-OCT-2021 10.296 FGNSB 13-NOV-2021 13.390 FGNSB 14-NOV-2021 9.091 FGNSB 11-DEC-2021

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100.36

3.76

0.00

NTB 14-Oct-21

3.76

3.77 0.00

100.44

3.82

0.00

NTB 28-Oct-21

3.88

3.90 0.00

100.84

4.06

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NTB 11-Nov-21

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4.02 0.00

101.28

4.07

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NTB 25-Nov-21

4.12

101.01

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NTB 13-Jan-22

4.53

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS SEP 29 2021 420.93

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NGUS OCT 27 2021 422.38

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NGUS NOV 24 2021 423.83

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NGUS DEC 29 2021 425.28

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NGUS JAN 26 2022 426.73

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CMBL CP XV 11OCT-21 UBNP CP VIII 18OCT-21 CMBL CP XII 31OCT-21 CMBL CP XVII 15-NOV-21 FSDH CP III 16NOV-21

7.16

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8.77

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5.00

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MONDAY, SEPTEMBER 27, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

VISA: 50% OF WOMEN OWNED SMES IN NIGERIA, KENYA HAVE E-COMMERCE PRESENCE, LIKELIHOOD OF ONLINE PAYMENT OPTION

digital payments for businesses is positive, but the study shows room for improvement in adoption. 83 per cent of respondents that did adopt digital payments experienced improvement in revenue.

“So far, Visa has digitally

enabled 16 million small and micro businesses (SMBs) worldwide, just over 30 per cent of the multi-year goal it set in 2020 to digitize 50 million SMBs. The Visa Foundation also announced $3,500,000 million in funding to organizations across Sub-Saharan

Africa that support small and micro businesses (SMBs). This funding includes grants and impact investments to programmes that provide SMBs with training, support services and access to capital, with a gender inclusive and diverse lens.”

Visa added, “As the rate of women entrepreneurs across Sub-Saharan Africa continues to rise, Visa is expanding its global She’s Next initiative to empower women entrepreneurs on the continent, bringing practical insights and valuable tools

needed to grow and advance their businesses.

“The initiative comprises a series of programmes giving women entrepreneurs access to insights through research and engagement with small businesses, private and public sector communities

and educational resources. She’s Next, empowered by Visa, will also bring networking opportunities in partnership with She Leads Africa; a community of over 700,000 women entrepreneurs, and lastly financial support and solutions to enable digital capability.”

Nigerian Insurers Express Determination to Effect Changes in Modus Operandi for Sector Growth and Development Ebere Nwoji Insurance Operators in Nigeria have expressed their determination to effect necessary changes in their modus operandi that will illicit growth and development of the insurance sector in line with lessons they learnt from the 47th African Insurance Organisation conference hosted by Nigeria recently.

The insurers said their efforts would be channeled towards new product development, customer satisfaction and digitalisation of their business processes.

Speaking on Nigerian insurers renewed commitment, the Group Managing Director, AIICO Insurance Plc, Mr Babatunde Fajmirokun said that to achieve this, there is need for Nigerian insurers to harness the potentials of the African Continental Free Trade Agreement (AFCFTA) for growth and development of the Nigerian insurance market.

Fajmirokun, also urged Nigerian insurers to develop new insurance products and solutions, especially, property and casualty insurance market segments.

This, he stressed, would accelerate insurance penetration in Nigeria and would prepare the insurers for the systemic nature of climate-induced damages.

He called for increase access through digital innovation and wider distribution of insurance products in Nigeria.

On claims payment, he urged Nigerian insurance operators to leverage on a wide range of digital ecosystems so as to take out or reduce manual interventions in claims related tasks.

According to him, this initiative will stimulate improvements in claims processing, administration as well as fraud detection operations.

Similarly, the Managing Director/ CEO, African Alliance Insurance Plc, Joyce Ojemudia,

Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

in upscaling service delivery with respect to claims management the use of drone, robotics and artificial intelligence and electronic payment platform and synchronisation of enterprise resource programs will assist the industry in better claims management, prevention of fraudulent claims and availability of data for decision making, “he said.

He also noted that product development was no longer a buzz words, “It is either we innovate or will die. One thing for sure is that insurance will not die but some companies may die due to lack of innovation.”

He added that cyber risk cover and technology-enabled services are areas seeking innovative products from the industry.

Also, the Executive Director,

Technical, AIICO Insurance Plc, Adewale Kadiri, noted that, some companies have been committed to prompt claims payment and will continue to do so as long as they are in business.

“The conference has added color to the need to enhance our reputation as an industry and I think prompt claims payments can assist us to achieve the desired heights,” he pointed out.

Kadiri also noted that it was imperative to invest in research and development to facilitate Product developments in the industry.

“There are a lot of emerging risks which need insurance covers. But there is need for reinsurance support to enable insurers get required capacity and underwrite the business

on a large scale except you want to take the risks for your Net account which may not be significant, “he said.

Leveraging on the federal and state government participation at the conference, the Chief Executive Officer, Royal Exchange General Insurance Limited (REGIC), Benjamin Agili, urged the regulator and the umbrella body to continue their engagement and enforcement of market rates and compulsory insurances.

According to him, “these relationships have to be ongoing and NAICOM, the NIA as well as NCRIB need to take the relationship to the next level.

Lobby group within the industry to scale up the relationship are also important.”

World Bank: Global Illegal Tobacco Trade Estimated at $50bn Annually, Global Counterfeit Trade to Reach $4trn by 2022 Ugo Aliogo and Stephanie Igben

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

noted that digital expansion and continuous training of staff are keys the industry needed to tap into the opportunities provided by the Conference.

According to her, the world is totally digital and for the industry to improve, it must be totally committed to digital expansion.

She also added that local and intentional collaborations would be critical to scaling “our impact and deepening penetration in Nigeria as well as on the continent. “ On his part, the Managing Director Tangerine Insurance Plc, Mr. Ademuyiwa Adeduro, noted that claim settlement was key to the core value proposition of the industry.

“It’s expected that players will key into ever evolving technology

The World Bank has decried the rising trend in global illegal tobacco trade stressing that the trade is estimated at $40 to 50 billion yearly.

This is just as the International Chamber of Commerce (ICC) predicts that global counterfeit trade would reach $4 trillion by 2022, primarily driven by e-commerce.

In the same vein, the United Nations Office on Drugs and Crime (UNODC) has warned that COVID-19 has created new opportunities for organized crime to profit.

Speaking during a webinar with the theme, “Anti-Illicit Trade and Getting to Net Zero: Sustainable Strategies to Stamp out Illegal Trade of Tobacco Product,”Senior Global Director, Anti-Illegal Trade, Japan Tobacco International (JTI)

Ian Monteith, said criminals have and continued to take advantage of COVID with continental differences.

He also stated that they recognize that unemployment increased and purchasing power disposable income has reduced as a result of the impact of Covid-19 pandemic.

He disclosed that organized criminals are highly adaptable, creative, exploiting public anxiety and enriching themselves not just from tobacco, but other products such as PPE, alcohol and pharma even counterfeit COVID vaccines have been identified in Asia.

Monteith further explained that a JTI report noted that across the 30 European countries (EU, UK, Norway and Switzerland) 34.2 billion cigarettes smoked in 2020 were illegal, which represents 7.8 per cent of total cigarette consumption in the EU and the tax loss for governments c.€8.5 billion.

He remarked that from a KPMG survey, France is the European country with the highest illicit cigarette trade incidence – 32 per cent at the end of 2020, adding that South Africa showed Prohahition did not work, “more amazingly has been the growth of illegal manufacturing in the European Union (EU).”

He added: “So, COVID has not prevented criminals from profiting. It rather put a pressure on consumers purchasing power and push them to turn to illegal products. That’s why we need more coordinated approach and a combination of partnerships fighting the underlying causes as well consequences and symptoms. Without demand there is no supply. One important action is to educate consumers that with every illegal pack they buy they support criminal groups. Global community campaigns are required.

“Some consumers believe illegal tobacco is a victimless crime. We need to inform them of the broader social impact of buying illicit products from criminal groups. Many of these groups also traffic people and weapons, with far-reaching consequences for society.”

“Illegal trade impacts everyone: farmers, millions of retailers, and hundreds of thousands of suppliers to consumers. The loss of revenue to law-abiding people is significant, as is the impact on consumers lured into buying sub-standard products.

“Governments should take a holistic approach when tackling illegal trade. Excessive regulation and sudden and sharp tax increases incentivize illicit trade. Law enforcement is effective only if reasonable and balanced policies are in place.

As governments seek to revitalize the economy, they should consider the possible pitfall of sharp tax hikes

or additional taxation designed to change behaviors around lifestyle choices and the environment that drive down affordability, Monteith stated.

“Japan Tobacco International has been advocating for increased cooperation among countries’ intelligent agencies to stop illicit trade across borders, cooperation with enhanced intelligence sharing between law enforcement agencies (LEAs) needs to be supported by the private sectors, ”advised Monteith.

JTI, he added, has been in the forefront of global awareness campaign against illicit trade, partnering with relevant government agencies such as the Romanian Police and Directorate of Preventing and Countering Illegal Migration and Cross-Border Crime, the Nigerian Customs Service In Nigeria, and a host of others in the fight against illicit products,

AS BANKS, OTHERS INCREASE LENDING, CREDIT TO PRIVATE SECTOR RISES BY N498.6BN IN AUGUST TO N33.26TRN end-May, 2019 to N22.20 trillion at end-July, 2021. The credit growth was largely recorded in manufacturing, oil and gas and agriculture sectors.”

He expressed further that the MPC members noted the unequivocal importance of credit growth to the sustained recovery of output and the moderation

in price development as supply improves.

“It thus, called on the Bank to maintain adequate surveillance on banks to ensure compliance

with its extant credit policy, while ensuring that they are not unduly exposed to credit risks.

“The Committee also noted the relevance of the Bank’s suite of

interventions to the overall system credit, urging its continued use to fund sectors with high employment-generating capacity,” he said.

T H I S D AY ˾ MONDAY, SEPTEMBER 27, 2021

27

BUSINESSWORLD

STATUS REPORT

United Capital Sustains Growth Trajectory

Darasimi Adebisi

U

nited Capital Plc reported significant increase in profits in the half-year ended June 30, 2021 and is headed for another outstanding growth

this year.

The financial and investment services group established new peaks in revenue and profit in 2020 – its best earnings season in many years.

The high growth records of the preceding financial year are accelerating in the current year for United Capital.

The company’s half-year earnings records show a gross income of N6.8 billion, which is a 54 per cent increase year-on-year. This is an accelerated growth from a 50 per cent rise in gross earnings at the end of 2020.

The strong revenue growth came from two main earning lines of investment income and fee and commission income while net trading income dropped at the end of the period.

Investment income is the company’s main revenue source, which grew by 26.5 per cent year-on-year to N3.6 billion at the end of June. This is notwithstanding a sharp drop of 44 per cent in the company’s financial asset portfolio from the closing figure last year to N81.6 billion at the end of June.

Fee and commission income led the growth in revenue at an increase of 128 per cent year-on-year (YoY) to N3.1 billion.

However net trading income that led to revenue growth in the preceding year dropped by over 60 per cent to N38 million over the same period.

Other income is maintaining the path of decline for the second year with a drop of 44 per cent to N57 million at the end of half-year operations.

REVENUE GROWTH The strong revenue growth was reinforced by limited cost increases – leading to a decline in the cost to income ratio. This improved further the company’s already impressive profit margin.

“The gain in profit margin with the strong revenue growth is the unique strength of United Capital on profit performance so far this year. That enabled the company to grow profit well ahead of revenue during the period.”

Total operating cost grew well below gross income at less than 43 per cent to close at N3.1 billion at the end of half-year trading. Personnel expenses are again leading cost moderation for the second year at an increase of less than 6 per cent.

On the other hand, impairment charges for credit losses led to cost increases at an increase of close to 86 per cent year-on-year.

Net profit margin increased from 43 per cent in the same period in 2020 to 45.8 per cent at the end of June 2021. This is one of the highest profit margins among Nigeria’s listed companies.

The gain in profit margin with the strong revenue growth is the unique strength of United Capital on profit performance so far this year. That enabled the company to grow profit well ahead of revenue during the period.

The company posted an after-tax profit of N3.1 billion at the end of half-year operations. Outstanding profit growth is happening for the company for the second year. It closed last year’s operations with an after-tax profit of N7.8 billion.

ACCELERATED GROWTH Profit growth is accelerating for the company for the second year from 14.6 per cent in 2019 to 57 per cent in 2020 and further to 64 per cent year-on-year at the end of half-year operations in June 2021.

The company’s critical earning period lies in the second half, which is expected to contribute more to

revenue and profit than the first half. Last year, up to 45 per cent of the full-year revenue figure was generated in the fourth quarter. Also, the final quarter accounted for as much as 55 per cent of the full-year profit figure in 2020.

United Capital closed the half-year operations with earnings per share of N1.05, an increase from 64 kobo per share in the same period last year.

The company paid a cash dividend of 70 kobo Investing per share to shareholders for the 2020 operations.

However, total Assets grew by 44 year-to-date to N320.23billion as at June 30, 2021 from N222.75billion in 2020, driven majorly by a significant 366 per cent increase in cash and cash equivalents and nine per cent growth in trade and other receivables However, its total Liabilities also grew by 49.60 per cent to N296.68billion driven majorly by 82.92per cent year-to-date increase in manage funds.

United Capital’s Shareholders’ funds declined 3.57per cent to N23.55billion as at June 30, 2021 from N24.42billion reported in 2020 FY, with retained earnings down 4.90per cent due to dividend payout during the period under review.

2021 EXPECTATIONS The Group Chief Executive Officer, United Capital Plc, Mr Peter Ashade said the company ended the first half of the year upbeat, in spite of the challenging operating environment.

According to him, “I am excited

to inform our stakeholders that United Capital Plc recorded a very impressive half-year 2021 result, following a record year performance in 2020. We ended the first half of the year on a very high note as reflected in our earnings growth and strong financial performance.”

“United Capital is in a growth phase and I must say that our strong financial performance is a testament of our unwavering commitment to increasing value creation amid the harsh socio-economic environment and effects of the pandemic,” he said.

Speaking to the Company’s outlook for the 2021 financial year, Ashade said, “Our financial performance, in what was a year of protracted disruptions, is a testament of our unwavering commitment to our clients’ needs, come what may.

He added, “For us at United Capital, we are optimistic about the year 2021 as it presents greater opportunities for innovation, growth, and expansion beyond our current ecosystem.”

In addition to its outstanding financial performance, United Capital Plc also recorded landmark achievements during the year. The company’s corporate ratings improved from BBB+ to Awith a stable short-term and long-term outlook reflective of an investment-grade institution. Its flagship digital platform, InvestNow, recorded over N1billion in processed investors’ assets with its newly commissioned consumer finance business line disbursing 64,536 instant loans valued at N3.14billion, leveraging a 100per cent on digital model.

Major contributors to the company’s overall performance are its subsidiary businesses – Investment Banking, Asset Management, Securities and Trustees.

This was highlighted in the company’s emergence as the top 3 largest Fund Manager from 10th position in 2019 with its Mutual Fund Assets Under Management exceeding N162billion at the end of 2020 from N39billion as at year-end 2019.

28

MONDAY, SEPTEMBER 27, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

NAFDAC Warns of Dangers of Mixing Azo-dyes in Palm Oil, ‘Sniper’ for Food Preservatives Gilbert Ekugbe The National Agency for Food and Drug Administration and Control (NAFDAC) has raised the alarm over the use of Azo-dyes in palm oil and sniper to preserve foodstuffs, noting that mixing Azo-dyes with palm oil could increase the risk of cancer in the country.

According to NAFDAC, some of the various infractions that impact negatively on public health and healthcare delivery system include the use of Azo-dyes in Palm Oil and sniper to preserve foodstuffs.

The Director-General, NAFDAC, Prof. Mojisola Adeyeye, stated this at the flag-off of the agency’s sensitisation campaigns in Lagos.

According to her, the campaign themes are multifaceted with clear, concise, informative and educative messages aimed at arousing the awareness of the public and taking place nationwide to educate Nigerians on the negative impacts of mixing Azo-dyes with palm oil.

“These campaign themes intend to address the dangers of buying medicines from hawkers and abuse of Codeine and self-medication especially among youths. The dangerous effects of using kerosene tanker to load groundnut oil, dangerous practice of using potassium bromate to bake bread and use of Azo-dyes in palm oil which causes cancer.

Also the dangers of using `Sniper’ to preserve any type of food or to keep flies away from meat, dangers

of transfat and consumption of excessive oil, ”she said.

The NAFDAC boss stated that public awareness campaign is one of the veritable regulatory mechanisms put in place by NAFDAC to promote and protect the health of our people.

“A well informed, sensitised and educated citizenry is the bedrock of effective regulation. This is why tthis event is another major milestone in our bid to protect Nigerians against the deleterious effects of unwholesome food, falsified medical products, harmful cosmetics,

poor water and other substandard regulated products,” she said.

“The key objective of this sensitisation programme is to intensify and expand the scope of our informal and formal behaviour change communication strategies in order to reach the vulnerable communities especially at the grassroots. Dissemination of food and drug safety information is an important aspect of our regulatory work,” she added.

Adeyeye also acknowledged the fact that Nigeria was not left out

of the global problem of falsified medical products and unwholesome food.

She said the sensitisation campaign would contribute to the federal government’s effort in tackling the problem of non regulated food, drug and cosmetic products in the country, especially in the COVID-19 pandemic era.

“The advent of COVID-19 pandemic has aggravated the problem with the challenge posed by substandard and falsified Personal Protective Equipment (PPEs). The

sensitisation campaigns will, therefore, contribute significantly to the federal government’s concerted efforts to inform, sensitise, educate and alert the public about inherent dangers of intake and use of those spurious regulated products, ”she stressed.

She said the mass media; youth organisations and civil societies in the pilot states would be at the forefront of the sensitisation campaigns targeted at market people, road transport workers and employers, community youth organisations and

students.

Adeyeye appealed to the general public to sustain their support and partnership with NAFDAC in the sensitisation campaign for the benefit of all.

“Our ultimate goal is to ensure that the various communities take ownership of the care and management of their own health. Therefore, it is our expectation that at the end of the campaigns, the participants and target audiences would become dependable partners and allies of NAFDAC, ”she said.

STAKEHOLDERS FORUM…

L-R: Chairman, Petroleum Technology Association of Nigeria (PETAN), Mr. Nicholas Odinuwe; CEO, Richardson Oil & Gas Ltd, Mr. Akin Osuntoki; Chairman, Waltersmith Petroman Oil Ltd, Mr. Abdulrazaq Isa; Chairman, Radial Circle Group, Mr. Ranti Omole; Chairman, Richardson Oil & Gas Ltd, Mr. Bababode Osunkoya at the 13th edition of PSRG-RICHARDSON HSSE FORUM

Pal Pensions Launches Fund, Reiterates Mobile Operators Experienced 16,000 Commitment to Innovative Service Delivery Outages in Seven Months, Says Minister Ugo Aliogo and Favour Edgar In a bid to diversify its customers’ investment options, PAL Pensions has announced the launch of Fund VI, the sixth investment fund for its Retirement Savings Account (RSA) holders.

A statement by the group said the fund is part of the multi-fund structure, a framework that aligns the age and risk profile of RSA holders with multiple fund types designed to cater to various investor requirements.

The statement also noted that the multi-fund structure especially with the addition of the new fund also seeks to enable contributors to have better participation in the management of their funds.

The statement stated that the launch of Fund VI signals PAL Pensions’ commitment to promoting innovation, improving customer experience, and demonstrating

industry best practices.

The statement further remarked that Fund VI is a non-interest Fund regulated by the National Pension Commission (PenCom) for contributors who want their funds to be invested in non-interest bearing and ethical instruments.

The Managing Director of Pal Pensions, Mr. Funso Doherty, hinted that the company is a firm believer in value creation for its stakeholders, especially its customers.

According to him, “At PAL Pensions, we firmly believe in the importance of delivering a top-tier experience to our customers through the deliberate pursuit of investment and operational excellence. Our recent launch of Fund VI is another example of this.

Using cutting-edge technology, it is delivered through several digital channels to facilitate an optimal experience and ease of access for

our esteemed clients.

“PenCom regulations ensure that Fund VI is carefully managed and invested to prevent destruction or loss. On this, the PAL Pensions boss stated that prudent management aligns perfectly with PAL’s investment philosophy.

“Our Investment Philosophy is premised on reliably providing our customers with secure funds post-retirement, to help them enjoy a decent standard of living. PAL ensures that contributions are well managed and grown to achieve a competitive rate of return in the medium to long term. We are always mindful of the risk tolerance of Pension Funds, and I believe this is one of the many reasons why RSA holders should switch to PAL.” The statement revealed that PAL Pensions has several digital channels to ease the pension experiences of its customers.

Emma Okonji The Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami has disclosed that there were about 16,000 reported outages by mobile network operators in the country from January 2021 to July 2021.

The outages, according to him, were due to fibre cuts, access denial and theft, leading to service disruption in the affected areas.

The Minister who disclosed this in Maiduguri, during a recent town hall meeting, where he addressed the vandalism of power and telecommunications infrastructure, noted that the protection of the critical infrastructural facility was key to the nation’s security, economic vitality, public health and safety.

The event, which was organised by the Ministry of

Information and Culture, was attended by Governor Babagana Zulum of Borno State, his Deputy, Mr. Usman Kadafur, and other stakeholders.

The Minister of Information and Culture, Alhaji Lai Mohammed, led some other ministers who were panellists at the town hall meeting.

Pantami, who was represented by the Commissioner for Technical Services, Nigerian Communications Commission (NCC), Mr. Ubale Maska, decried the situation where telecoms installations that were destroyed in the attacks by terrorists had not been replaced as a result of the lingering insecurity and tensions in parts of the North-east.

As a way forward, the minister recommended continuous stakeholders buying-in and synergy among security forces.

He also urged the National Assembly to expedite the

passage of the Critical Infrastructure Protection Bill for onward submission to the President for assent.

Pantami, also said the Fifth Generation (5G) network, that was recently approved by the Federal Executive Council, would be deployed in Nigeria in January 2022. He said when deployed, it would aid the surveillance of public assets against vandalism.

He said while the technology would boost surveillance against criminal elements vandalising public infrastructure across the country, other measures should be put in place to arrest them and bring them to book.

The minister disclosed that there were over 50,000 telecommunication sites across the country, which made it difficult to manage manually except through the deployment of modern technology.

flight to the country in 1960.

Ethiopian Airlines stopped flights to Enugu in 2019 when the Nigerian Civil Aviation Authority (NCAA) closed the airport to rehabilitate the runway.

Before the closure of the airport for runway repairs, Ethiopian was the only international airline operating into Enugu.

The airport was officially re-opened to domestic service in August 2020 and to international flights in August 2021.

Enugu is the capital of Enugu state and was the centre of administration in the former Eastern Nigeria.

Ethiopian Airlines Operates to four Airports in Nigeria,

Abuja, Lagos, Kano and Enugu.

It stopped flight service to Enugu when it was closed in 2019 and it diverted flights to the Port Harcourt International Airport, Omagwa until the suspension of international flights to Nigeria due to the COVID-19 lockdown.

Aviation stakeholders have commended the Chairman, House Committee on Aviation, Nnoli Nnaji for the critical role he played in facilitating the resumption of Ethiopian Airlines flights to Enugu.

The also commended the Minister of Aviation, Senator Hadi Sirika and the Director General of NCAA, Captain Musa Nuhu.

BUA’s Chair, Others to Speak at Africa Rising Conference After 2 Years, Ethiopian Airlines Resumes Flights to Enugu on October 1 The Chairman, BUA Group, Abdul Samad Rabiu, Global Head, Marketing & Corporate Communications, First Bank Limited, Folake Ani-Mumuney and over 20 other business leaders are expected to speak at the 2021 edition of the Africa Rising 4, a continental conference of the International Advertising Association (IAA).

According to a statement issued by the international advertising body, this year’s edition of the Africa rising 4, which will be virtual is conceptualised to further project African brands to the world and bringing together the best on the continent to discuss trends and key developments.

With the theme, “Africa to the World,” the organisation has assembled prominent experts within and outside Africa to speak on the theme and share their experiences

working on brands in Africa and how the international community can tap into the hidden treasures in the continent to further grow global economy.

The statement which was signed by the President of the Nigeria’s chapter of the association, Dr. Tunji Olugbodi, indicated that considering the current state of the world, the 2021 theme will reflect true African brands and dial the relevance of Africa as a continent to the World especially Brands as ‘The Engine Of Economic Revival in Africa’.

Meanwhile, the brochure released by the organisers indicated that this year’s conference will be focused on; strong African Brands living beyond the boundaries to become global icons, economic prospects through varying nations (AfCFTA), creativity and

the Arts within the context of the rich characteristics of Africa and technology and the digital evolution.

Other areas that will be focused are; next level of Marketing, what insights will drive the success of the continent and leadership in a challenging arena.

Commenting on the proposed focused areas and how the previous editions of the conference have impacted the industry and the market, the IAA President said; “IAA Africa Rising is Africa’s region’s most anticipated MarCom conference that brings together the very best in the industry over a 2-day period to deliberate on topics propelling the industry and find new ways to uplift the industry on the continent. The 1st edition was held in 2015 in Accra, under the theme: “Africa Rising – the New Consumer Generation. “

Chinedu Eze Ethiopian Airlines has announced that it would resume flights to Enugu, South East Nigeria with three times service and operating the state-of-the-art Boeing 787 Dreamliner.

The airline disclosed in a statement that the flights would operate on Wednesday, Friday and Saturday of every week for now.

Ethiopian Airlines said it chose October 1 because it is Nigeria’s independence day; remarking that the flight to Enugu on that day would reinforce Ethiopian Airlines good relationship with Nigeria since its first

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AfCFTA: Standards Organisation Charges Electrical Dealers on Quality The Standards Organisation of Nigeria (SON) has tasked electrical dealers in the Alaba International market to deal with only quality products to benefit from the African Continental Free Trade Agreement (AfCFTA).

The Director General, SON, Mallam Farouk Salim, explained that for the market to pride itself as the largest market in West Africa and to attract customers across the globe, it must adhere strictly to standards

and quality assurance.

Salim at a sensitisation workshop for Electrical Dealers Association of Nigeria (EDAN) in Alaba International Market, said, “The association is willing to work with us in ensuring that the market is free from substandard goods. In other for the market to have a good reputation and to have more customers across the world especially with this open border policy we are going to have, it is very important for them to police

themselves, find out those people with bad products and report them to us so that we can take them out of the market. So far, they have not given us a reason to doubt their commitment towards eradicating substandard goods, “he said.

He however commended the association for serving Nigerians with quality products, saying that if not for them, the country would have been dominated by Chinese and Indians

“Without these businessmen, we will have Chinese, Indians doing the business and also cheating us. So we thank you for the things you do. I am here to tell you just one message that SON is your friend. The people who are spoiling your businesses are our enemies and we will make sure that they do not succeed in spoiling your businesses,” he assured.

Salim stated: “Anybody here with certification or who has genuine products does not have a

problem with SON. The people who spoil your business are the people we are after. This market is your family name and we do not want it to spoil.”

He advised the association to always insist on quality products, warning that substandard electronics and electrical products are life endangering products that could destroy lives and property.

“You are dealing with electronics and electrical products and these

goods can cause fire explosion that would destroy lives and property and it is not discriminatory. Once you introduce a bad product into the market, you are exposing not just consumers to danger, but also your families.

The problem is that people do not make much profit from bad products because after a consumer purchases a bad product, he will not come back to your purchase from you, so you will lose that market.

Chinese Contractor Stops Work at MMIA Lagos over FG’s Concession Plan Chinedu Eze A Chinese construction company, China Civil Engineering Construction Corporation (CCECC) has stopped work at the international terminal of the nation’s gateway, Murtala Muhammed Airport (MMIA), Lagos over the plan by the federal government to concession the facility and others in three major airports, which conflicts

with the initial agreement that led to Chinese Exim bank loan used to construct the terminal and the ones in Kano, Abuja and Port Harcourt airports.

THISDAY learnt that CCECC had to abandon the project at advanced stage because the initial agreement indicated that after building the facility and three others at the major airports, the company would recoup

its investment by operating the terminal for a given period of time, but now that agreement seemed to be in jeopardy as the federal government is advanced stage of concession the Lagos, Abuja, Kano and Port Harcourt airport terminals.

THISDAY also learnt that besides the confusion over government’s policy summersault, CCECC is being owed by

the federal government for a contract, which started off from $500 million Chinese loan and $100 million counterpart funding to about $1 billion, which government hopes would be defrayed by the company’s management of the terminals for a given period of time. Informed source told THISDAY that the company had sought a meeting with the Minister of Aviation,

Hadi Sirika to clarify the conflicting areas in government’s later decision to concession the facilities and the agreement it entered with the government in 2013 for the construction of four airport terminals, especially on the recoup of its investment in the facilities.

The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Captain

Rabiu Yadudu had announced earlier in the year that the new terminal at the Lagos international airport would go on stream before the end of the first quarter of 2021, after it failed to be operational in December last year but due to slow work and eventual withdrawal of construction

by CCECC, the terminal is yet to be completed.

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Meter Manufacturer Urges Power Minister to Chart New Roadmap for Sector Peter Uzoho The Chairman of Momas Electricity Meter Manufacturing Company (MEMMCOL), Mr. Kola Balogun, has advised the Minister of Power, Mr Abubakar Aliyu, to chart a

new roadmap towards addressing the generation, distribution and transmission challenges in the power sector.

Balogun gave the advice at a session with journalists in Lagos, saying there was need

CSR: Eat ‘N’ Go Partners Slum2School to Mark Int’l Literacy Day Eat ‘N’ Go Limited, a leading QSR (Quick Service Restaurant) operator and lead franchisee for Domino’s Pizza, Cold Stone Creamery and Pinkberry Gourmet Yoghurt in Africa has celebrated International Literacy Day for the children residing at Tarkwa bay with the support of the company’s CSR partners, Slum2School.

Since 2017, the company has partnered the Slum2School- a non-profit organisation committed to provide sound education for underserved children across multiple communities in Nigeria. Part of these activities was the pledge by the management to support in sending 1200 children to school this year.

Group Managing Director and Chief Executive Officer, Eat ‘N’ Go, Patrick McMichael, while commenting at the event, said, “We are delighted to be an active participant of such a formidable partnership, by providing a sound education for underserved children across different communities in the country, which gives them aspiration and hope for a brighter future through provision of quality education.”

He also added, “This celebration of International Literacy

Day with our Slum2School partner and these kids here at Tarkwa bay, offers an avenue to promote collaboration between the Private sector and NGO organisations in providing education to underserved kids.

This will make an indelible mark in the future of these young Nigerians to achieve greatness and purpose to the country and world at large.

Eat ‘N’ Go has consistently demonstrated its unwavering commitment in its corporate social responsibility activities as a company with a solid and intentional focus on education.

In 2020, the Group supported 1,000 kids across various communities by donating N50million and has increased its pledge to supporting 1,200 kids this 2021.

As the leading QSR group in Africa, community touchpoints and outreach programmes are critical for the Group’s overall operations. Now more than ever, with the ravaging effects COVID-19 had on education and learning. The Eat ‘N’ Go Group ensures its active participation provides a solid foundation for human-centred recovery, starting with education for underserved kids.

NCS Faults CBN’s Choice of Bitt as Technical Partner for eNaira Emma Okonji Citing abuse of Executive Order 003 and 005, as well as capital flight that could further plunge Nigeria into deep financial crisis, the Nigeria Computer Society (NCS), the umbrella body of all Information Technology (IT) practitioners in Nigeria, has faulted the decision of the Central Bank of Nigeria (CBN) to choose Bitt Inc. as the technical partner for Nigeria’s digital currency, called eNaira project.

According to NCS, the decision also negates IT policy compliance and framework of the federal government, and should be reversed immediately, to enable CBN look inward among competent Nigerian operators, who can conveniently handle and successfully deliver the project.

Central Bank of Nigeria, through its Director of Corporate Communications Mr. Osita Nwanisobi, recently announced the formal engagement of a global Fintech company, Bitt Inc. as the technical partner for its digital currency, named eNaira project, which is due to be unveiled later in the year.

The CBN’s selection of Bitt Inc, from among highly competitive bidders was hinged on the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.

However, despite the criteria for selection of the Caribbean company as enumerated by CBN, NCS said those criteria were not enough to neglect Nigerian FinTech players who also have such qualities, adding that it has become very imperative for NCS to advise CBN on the way

forward on the issue.

Worried about the situation, NCS met and issued a statement, advising CBN to revisit its selection process, and reconsider the need to select a competent Nigerian FinTech company that can handle the Job successfully to avoid unnecessary capital flight at a time when Nigeria’s economy is in bad shape.

In the statement, which was signed by its President, Prof. Adesina Sodiya and its Secretary, Mr. Iyiola Ayoola, and made available to THISDAY, NCS observed that Bitt Inc., the Fintech company, engaged by the CBN as the technical partner for its digital currency project, is a company of not more than three staff and a lower market capitalisation compared to any of Nigeria’s major FinTech companies.

It further observed that the CBN’s decision was a missed opportunity to further strengthen the value of Nigeria’s FinTech ecosystem, reduce the country’s undue exposure to FOREX imbalance and enhance the value of the Naira struggling against major currencies.

According to the statement, “The choice of Bitt Inc., would lead to noncompliance to IT policy and framework of federal government.

By law, Ministries, Departments ams Agencies (MDAs) of government, are under obligation to seek clearance from the National Information Technology Development Agency (NITDA) before embarking on any IT project as enshrined in Section 6 of the NITDA Act, 2007, and by extension seeking clearance from Computer Professionals Registration Council of Nigeria (CPN), the only regulatory body saddled with that responsibility.

for a roadmap that would clearly define the goals of the power sector after seven years of privatisation without achieving the desired results.

According to him, the minister should engage in consultation with the stakeholders and come up with a comprehensive roadmap that will transform the sector.

Balogun said one of the ways to reposition the power sector was the decentralisation of the national grid, faulting the single grid system in place in the country.

He said, “Why do we continue to have a single grid that binds all of us together? We need to separate it in such a way that any state or local government can go into power generation and distribution to people within its area.

“If the power being generated is not enough, they can even buy from the national grid. So, power generation and distribution should be removed from the Exclusive List and moved to the Concurrent List.

“That is why we are advocating for franchising, so that Nigerians will enjoy more supply. The entire process should be done in a way that investors are able to get back their funds while their customers will get fair bills in line with global best practices,” Balogun noted that more investment was needed in the sector to upgrade feeders, transformers and substations across the country.

“If you are given an area to manage and you are bringing your

investment, you need to recoup your investment and make profit on your investment.

“Power sector requires long term investments and loans should be considered for investors in the sector bearing that in mind, he stated.

He suggested that the Central Bank of Nigeria (CBN) needs to reorientate the commercial banks on what was required in the power sector and that they should key in and become part of the process.

L-R: Head, Life Agency, Old Mutual Nigeria, Funke Sanni; Managing Director, Life Assurance, , Old Mutual Nigeria, Olusegun Omosehin; Executive Head, Marketing and Customer Experience,, Old Mutual Nigeria, Alero Ladipo; and Managing Director, General Insurance, Old Mutual Nigeria, Olalekan Oyinlade, during a media meet to reiterate the company’s commitment to PHOTO: KOLAWOLE ALLI Nigeria’s insurance market at its Ikeja office in Lagos... recently

Henkel Reaffirms Commitment to Entrepreneurship Development Gilbert Ekugbe Henkel Nigeria has restated its commitment to entrepreneurship development by creating job opportunities for the nation’s growing population.

Indeed, Nigeria’s unemployment rate rose to 33 per cent up from 27.1 per cent in the second quarter of 2020 according to the Nigeria Bureau of Statistics (NBS).

Henkel Nigeria in a statement said its Street-Smart Entrepreneur (SSE) corporate social initiative it started in 2019 seeks to reduce the level of unemployment in Nigeria According to Henkel, the SSE initiative, where Nigerians can leverage Henkel’s products to earn a living, is an avenue to

grow by converting the unemployed into entrepreneurs while developing the economy and communities at the same time.

It is a self-sustainable initiative where the beneficiaries are consistently engaged. The talents are trained and equipped with the knowledge to be entrepreneurs and provided with tools for the business, across their different locations.

The Managing Director, Rajat Kapur, said the initiative came about as a means to contribute to human capital development through entrepreneurial skills training, and also job creation by empowering youths with the tools for the business.

Kapur said the initiative, which started in 2019, but slowed down in 2020 due to

the COVID-19 pandemic, has 160 SSEs already recruited, who have reached 216,000 consumers across Nigeria. He said the detergent manufacturer in the country intends to recruit 260 SSEs by year-end 2021, and by 2026, the target is 5,000 SSEs would have been recruited.

He said the individuals are selected and trained in entrepreneurship skills to become SSEs, and the training includes classroom and field lessons in branding, bookkeeping, trading, and other skills necessary to make them self-reliant and successful in life.

“With 77 percent of the SSEs already earning over the minimum wage, the new SSEs will be equipped with the tools for the trade – pushcart,

cycle cart, motorized cart- to aid their spread all over the country, including the rural areas’’, he asserted.

The SSEs spread Henkel products - WAW and Nittol, to consumers and stores that are not covered by Henkel’s conventional sales team and make money for themselves and their families in the process.

Rufa’I Adam, an SSE in Nassarawa state explained his experience as an SSE, “I did not have anything to wake up to, I would just walk around with my friends trying to do anything possible to eat. Now I am able to fully support my unemployed mother and myself.

I am so happy to now have a purpose, thanks to Henkel, I am part of a business family.

Rite Foods Intensify Awareness on Proper Waste Disposal Gilbert Ekugbe As part of its commitment to intensifying awareness on proper waste disposal and curbing environment pollution, Rite Foods Limited, has joined other organisations across the globe to sanitise the environment by ridding the communities of post-consumer polyethylene terephthalate (PET) bottles, plastics and solid waste.

Besides, the International Food Policy Research Institute (IFPRI) had stated that of the $75 billion in estimated annual environmental damage are caused by poor disposal of plastics.

Marking this year’s World Clean-up day, Rite Foods Limited partnered Lasgidi Recyclers, a Lagos based plastic waste collection company, in ridding Iru community in Eti-Osa Local Government Area, as part of efforts at curbing environment

pollution.

The clean-up exercise, which was focused on the drainages and the environment in Iru Community, housing the popular Oniru Royal Palace and Estate, was held on September 18, 2021, on this year’s World Clean-up Day. The initiative was embarked upon by staff members of the leading food and beverage company and the recycling company, as well as volunteers in the community who picked up and removed waste from the environment, thereby making it healthier for habitation.

The Managing Director of Rite Foods Limited, Mr. Seleem Adegunwa, posits that his company is committed to a clean environment especially a plastic waste-free environment.

He added that environmental protection is an intentional project for Rite Foods Limited. “It is

important we all join hands to make these vulnerable communities especially in Lagos clean,” he asserted.

On the partnership, the CoFounder of Lasgidi Recyclers, Mrs. Idu Okeahialam, said it is an opportunity to advance her course on waste collection and recycling in the pursuit of a waste-free state.

Okeahialam also affirmed that by this laudable support from the market leader in the carbonated soft drink segment, with the 12 Bigi variants, Fearless energy drink, and sausages, she would now encourage her staff, friends, and loved ones to always buy Rite Foods’ products.

In his remark, His Royal Majesty, Abdul Wasiu Omogbolahan Abisogun 11, the Oniru of Iruland, who was represented by the Councilor of Iru ward, Honourable Joel Adesola, ex-

pressed his satisfaction with the exercise and commended Rite Foods and its partner for keeping to their vision of making Lagos cleaner, especially with plastics collection which can be recycled for other valuable purposes.

“Rite Foods has taken its clean-up programme to an admirable height, and l hope the community will practice what has been learnt on proper waste disposal,” he stated.

While eulogising both organisations, the Coordinator, Iru Community Clean-up Exercise, Anishere Olasumbo Kafilat, whose members also participated, affirmed, “It is a good thing, and that is why we have lent our support to it, and l applaud the efforts of Rite Foods and Lasgidi Recyclers for the positive steps taken in making the World Clean-up Day memorable

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HOMES&DESIGN NIGERIA’S ‘INDEPENDENCE HOUSE’ ROTS AWAY

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Independence House, Nigeria’s Symbol of Nationhood Rots Away The Independence House, a 25-storey edifice built by the British colonial government in Lagos, may have been a parting gift to Nigerians on October 1, 1960. Regrettably, 61 years after on Friday, this week, it stands decrepit, spooky, and, if it could, feels unwanted. It can be restored as a legacy structure. Bennett Oghifo writes

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he Independence House, bequeathed to Nigerians by the British government at independence on October 1, 1960, was once elegant and precious. Nigerians who visited when the building still had some glitz and glamour look back with nostalgia and anger.

The 25-storey skyscraper is located west of Tafawa Balewa Square, Onikan Lagos.

Nigerian professionals in the building industry are usually awestruck by the British mastery in its architecture and engineering.

“The Independence House symbolises the lowering of the Union Jack and the raising of the Nigerian Flag. It is like a breakaway from the colonial era. It is a legacy for generations of Nigerians yet unborn to be able to reflect back on the development of their country. It symbolises our independence,” said the National Orientation Agency.

In 1993, the building was still elegant and breathtaking, which was why the former military head of state Ibrahim Babaginda converted it to the military government’s Defence Headquarters office complex.

Years after, it assumed the soldering look,

including a mysterious and unsolved fire incident that consumed a large section of its façade and was never rehabilitated.

The building’s neglect was total, such that there was no need for a makeover after the devastating fire. Besides, the military was eyeing another equally gorgeous house in Abuja, and they got it.

Since then, it was like the national symbol stands on quicksand. It keeps deteriorating but can be restored, to the national monument it is, and at no great cost to Nigerians.

The architecture and engineering were deliberate in the building’s rendition in reinforced concrete.

“The pride of a nation rests in its past and the past of this country goes back a long way, and you can’t necessarily see going back 2000 years physically or going back 100 years or 150 years,” said John Godwin, a former professor of Architecture in the University of Lagos.

Godwin, who runs a non-governmental organisation called Legacy, has been trying to convince policymakers about how valuable some of these classic buildings are.

For Godwin, these buildings are part of a people’s heritage that enable new and future generations to trace their forebears through these landmarks.

To make things work, he said, “We’ve got to have a critical mass of interested people who believe something must be done and who will encourage those doing something to maintain the country’s heritage.”

He further noted that there should be a sense of proportion about what should be preserved because everything in the world is of historical value.

He explained that people spend a lot of time trying to keep going in the face of y challenges, and so when they are told a building needs renovation, the probable question would be, “what am I supposed to do when I’ve not even eaten?”

This is one of the reasons most historical buildings in Lagos are rundown, he stated. But for government’s buildings such as the Independence House, this should not be the question.

It can be done.

Talking about the restoration of buildings elicits a lot of passion from

Godwin, who is visibly saddened by the number of old run-down buildings. “Except the government is prepared to dedicate funding to the restoration of listed homes, we’ll just be wasting time,” he groaned.

Yet, having been in the country for some 45 years, Godwin, a Briton, said he would never give up.

“Legacy shall carry on doing these things and creating awareness. But we need a much more serious approach to this.”

He said the Independence House was built about the same time as Western House on Broad Street Lagos.

“I had no particular involvement with the building, but I knew who the architect was and being an architect here in Lagos,” he added.

He also said an unusual feature of the Independence House was that its “foundations are, in fact, on very hard yellow sand which actually forms the core of Lagos Island,” adding that to build upon the sand, a solid raft foundation, instead of piles, was used.

Through the Ministry of Commerce, plans by the federal government to restore the Independence House fell flat.

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Lighting Quality In The Home “Lighting is everything. It creates mood and has an emotional effect on you” — ZAK BAGANS. he purpose of lighting goes beyond lighting the dark. Light, especially natural light, tells our bodies the time of day and has a direct impact on our health and well-being, as well as our mood and productivity.

Have you ever walked into a room and noticed that it just feels good? Do some rooms have an atmosphere where you can relax and enjoy the space? When decorating your home or business premises, do not forget the effect of lighting. Commercial companies know how to make optimal use of lighting.

Restaurants use mood lighting such as dimly lit wall sconces and table candles for a romantic setting. There is logic to this as numerous research has gone into the way lighting can change or transform a space.

Light has always been known for its primary functions of not only enhancing visual performance but also making the occupants feel more pleasant, more comfortable, colorful, stimulated, and less oppressed.

The type of light source, its mounting position and height, the type of luminaire and its light distribution determine the quantity, quality and uniformity of illuminance in the workplace. Research has shown that the correct level of lighting and uniformity improves the visual perception of occupants and reduces signs of fatigue, including eye pain and headaches. In addition, well-maintained lighting levels increase residents ‘mood and alertness (reduce drowsiness), which are essential factors in improving occupants performance.

When planning the lighting of a room, think about the activities that will take place there. Lighting experts recommend creating a floor plan that includes the placement of windows, doors, and furniture.

Choosing the right lighting for your interior design project is more than just choosing a pretty chandelier or a unique fixture.

Lighting can change the mood or alter the perceived size of a room. The type of lighting and where it is used are important aspects of interior design. They should be

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chosen to work with the natural light present, the color palette of the project, the size of the room and the furniture that fills it.

Proper interior design lighting can effortlessly bring comfort and practicality, while highlighting your design project.

Lighting can change the mood or change the perceived size of a room. The type of lighting and where it is used are important aspects of interior design. They should be chosen to work with the natural light present, the color palette of the project, the size of the room and the furniture that fills it.

The lack of lighting affects the ambience and also the perceived size of the room.

Lighting could affect the perception of size of the room and for someone who may be dealing with claustrophobia, this could be a detractor.

It is widely believed that natural light can alleviate the symptoms of depression. Many studies have shown that depressive symptoms decrease with increasing exposure to sunlight, and artificial sunlight can have similar effects.

Therefore, providing adequate or high-quality lighting in a workspace goes beyond simply installing an adequate amount of light. It includes many factors, including lighting uniformity, luminance distributions, light colour, colour rendering and colour temperature properties, type of light (natural or artificial), protection against flicker and glare, among others. A large amount of research has identified that lighting also exerts nonvisual effects on biological rhythms, commonly known as body circadian cycle.

Designing for wellness involves controlling for variables that could cause distress to the occupants. For instance if you are considering lighting for a commercial building, factors such as placement of lighting features and windows must be considered.

From the workers’ perspective, poor lighting at work can lead to eye strain, fatigue, headaches, stress and accidents.

On the other hand, too much light can also cause safety and health problems such as “glare” headaches and stress.

Both can lead to mistakes at work, poor quality and low productivity.

It is also essential that lights are positioned in the correct place so that workers do not have to adopt poor working postures to see the task at hand. It is also important to have adequate lighting near any potential hazards such as steps, ramps, etc., and outside the facility for security at night.

Lighting improvements do not necessarily mean that you need more light and therefore use more electricity.

There are a few very simple things you can do yo optimise your lighting: r .BLF CFUUFS VTF PG FYJTUJOH MJHIUT r .BLF TVSF BMM MJHIUT BSF DMFBO BOE JO HPPE DPOEJUJPO

r .BLF TVSF MJHIUT BSF QPTJUJPOFE DPSSFDUMZ GPS FBDI UBTL BOE r PQUJNBM VTF PG OBUVSBM MJHIU It is obvious that the lighting must be adapted to the respective function of the room, as well as its users. Bright light can heighten emotions, while dimmer light has a stabilizing effect.

Blue light promotes concentration and concentration, while yellow light helps us relax. Therefore, the cooler lighting in shades of blue and white is best suited for home workplaces, offices, game rooms and exercise rooms. And in bedrooms, living rooms, and other rooms used for relaxation, lower lighting, possibly in muted, warm colors, tends to contribute to peace and calm. Natural light is essential for well-being. So think about the size and arrangement of the windows in your home and, if necessary, mimic sunlight by using artificial skylights. In multipurpose rooms, you can incorporate a combination of white / blue and warm yellow lighting in different circuits (to be able to operate them independently if necessary).

Often, just 13-15 minutes of exposure to natural light is enough to trigger the release of endorphins or “happy hormones”. We have seen evidence to

OMON ANENIH MORDI Founder, The DEW Centre

conclude that there is a strong relationship between workplace daylight exposure and office workers’ sleep, activity, and quality of life.

When deciding between cool and warm light, you’ll need to factor in what the room is used for. Break rooms and relaxing rooms should have warmer light, and brainstorming rooms and conference rooms should have cooler light.

Speaking of break rooms, light can even affect your appetite. A recent study found that “exposure to blue light, compared to exposure to low light, was associated with an increase in hunger that began 15 minutes after the light was started and persisted for almost two hours after the meal “.

This could explain why you’re getting the late-night munchies. If light really does affect hunger, then being exposed to artificial light could be telling your brain that it’s time to have a midnight snack.

No employee wants to sit under a bright or neon light for an entire 8-hour workday. It is also possible that older lighting fixtures do not match the design of the workplace and create an unsuitable work atmosphere and workplace atmosphere. By simply adding a modern lighting fixture a space can be transformed and make your workplace look fresh.

Lighting is an important tool and should never be overlooked in interior design planning. Add elegance, sophistication and style to your homes or offices while maintaining the right atmosphere and usability by selecting the right lighting.

38

MONDAY, SEPTEMBER 27, 2021 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

Zenith Bank: Consolidating on Retail Market Zenith Bank’s foray into retail banking is getting aggressive, writes Obinna Chima

O

ver the last few years, Zenith Bank has deepened its penetration in the retail space. This is in in line with the bank’s ongoing strategy, which emphasises consolidating its retail play. Ultimately, the lender hopes to achieve success in the retail segment of the market akin to that of its corporate arm.

This reflected the bank’s recently released audited results for the half-year (HI) ended 30 June 2021, whereby it recorded positive growth across key financial metrics despite a challenging macroeconomic environment exacerbated by the COVID 19 pandemic.

According to its half-year financial results, the Group recorded a growth in profit before tax of three per cent, from the N114 billion reported in H1 2020, to N117 billion in H1 2021. The Group also recorded a nine per cent growth in non-interest income from N116 billion in June 2020, to N127 billion in June 2021.

Overall, the significant reduction in interest expense by 26 per cent and growth in non-interest income by nine per cent culminated in improved profitability.

The Group’s retail journey continued to deliver positive results as retail deposits grew by N38.2 billion from N1.72 trillion to N1.76 trillion year-to-date (YTD).

Also, the financial institution’s savings balances grew marginally by two per cent YTD to close at N1.18 trillion, from N1.16 trillion as at December 2020.

The drive for increased retail deposits and a low-interest yield environment helped reduce the cost of funding from 2.2 per cent to 1.3 per cent in the current period. Furthermore, the results showed that operating expenses grew by 10 per cent year-on-year, but growth remained below the inflation rate, while the Group improved its Earnings per Share (EPS), which grew two per cent from N3.30 to Ebenezer Onyeagwu of Zenith Bank N3.38 for the half-year ended June 2021. first half 2021.

The Group also increased total customer According to management of the deposits by eight per cent to close the period bank, the accelerated agency growth, at N5.77 trillion, demonstrating growth in combined with the introduction of the its market share, just as total assets grew Virtual Debit Card, drove the over three marginally to N8.52 trillion as at June 30, million increase in the number of cards 2021, from the N8.48 trillion recorded as issued between June 2020 and June 2021. at December 31, 2020.

The bank has also set up a digital Despite the COVID-19 pandemic induced factory, signaling its shift from a strategy challenges and the challenging operating of technological assimilation to one of environment, the Group grew its risk innovation assets as gross loans were up three per The report also stated that Zenith Bank’s cent year-to-date, from N2.92 trillion to retail loans have improved, accounting N2.99 trillion. for five per cent of gross loans on average This was conservatively achieved at a over the last three years, compared to low non-performing loans (NPLs) ratio an average one per cent contribution of 4.51 per cent (FYE 2020: 4.29%) and a from its full year 2017 and full year reduced cost of risk of 1.3 per cent (June 2018 results.

2020: 1.8%).

“Impressively, the retail loan book It prudential ratios such as liquidity and has expanded by a 4-year compound capital adequacy also remained above annual growth rate (CAGR) of 88 per regulatory thresholds at 69.9 per cent and cent, compared to a moderate 7.9 per cent 22 per cent respectively. for the public, corporate, and commercial Nevertheless, Zenith Bank expects to retain and SME segments. The retail segment its dominance in the corporate banking accounted for 46 per cent of total deposit segment – its key strength area – despite growth between full year 2017 and first the current retail tilt. Its management’s half 2021, growing at a CAGR of 26.5 goal is to consolidate on its retail successes per cent, compared to nine per cent for while simultaneously strengthening the the other segments. corporate arm.

“Consequently, retail is now the Also, its trading revenue is expected to second largest contributor to deposits remain relevant for the foreseeable future. after Commercial & SMEs,” it noted.

According to analysts at Cardinal Partners Also, the Lagos-based financial and Limited, Zenith Bank may have been late advisory stated in the report that the to the retail party, but its recent strides remarkable growth in the bank’s electronic and ongoing initiatives suggest that it is transactions volume also appeared to firming its grip on the banking terrain.

The research and investment firm noted in a report that in order to accelerate its retail proposition, Zenith Bank recently launched its chatbot, the Zenith Intelligent Virtual Assistant (ZiVA), alongside other digital initiatives1 Furthermore, it noted that the bank has rapidly grown its agency network from 15,000 in first half 2020 to over 62,000 in

be partly driven by its retail strategy.

On the whole, the retail expansion drive has largely benefitted earnings, it added.

“We attribute the segment’s broad support to Group profit before tax margin to the sustained reduction in funding cost (linked to the increase in cheaper retail deposits) and growth in e-business income,” it added.

LOOKING BEYOND RETAIL

According to the report, despite the fact that the bank’s retail traction has been encouraging, its gross earnings sustainability over the mid-to-long term was likely to require more, given the dynamism of the operating environment.

It added: “Our comfort level for earnings diversification entails equal contributions from interest income and non-interest revenue (NIR) to gross earnings. Per our assessment, Zenith Bank’s NIR contribution to gross earnings has averaged about 35 per cent over the last four years.

“Although GTCO also has acomparable NIR contribution, it plans to increase it to about 50 per cent over the next two years, aided by its transition to a holding company (HoldCo). Positively, Zenith Bank agrees that it will need more than just a retail strategy to support sustainable long-term ROE. “It has also hinted that it is constantly scanning the operating environment for

“Zenith Bank’s business continuity policy is to maintain the continuity of its activities, facilities, systems and processes and where these are disrupted by any event, to enable it to return to ‘normal’ operations as soon as possible.”

threats to its current business value proposition and growth opportunities.”

Cardinal Partners maintained that the lender’s recent foray into the retail space and the accompanying successes support its positive medium-to-long-term view on the bank’s earnings It pointed out that at over N8 trillion, Zenith Bank’s funding base appears robust enough to drive long-term asset growth. “Management is also optimistic that it could always garner the level of funding needed to push its strategic goals. Notably, the bank has focused on accumulating relatively low-cost funding, as demonstrated by its 93 per cent low-cost composition of deposits as at first half 2021. This has translated to lower funding cost of 1.3 per cent, which management is confident can fall further.

“The bank has recorded successes in its FX liquidity management as reflected in the strong growth in domiciliary deposits and its ability to do swaps.

Management has also explained that it is not considering an immediate Eurobond issuance after the current one matures next year,” the report stated.

This position was underpinned by the bank’s cautious stance regarding funding long-term dollar assets. Instead, it believes swaps and domiciliary deposits can cover its short-term liquidity needs.

As at first half 2021, Zenith Bank had $1.7 billion in swaps, $3.9 billion in domiciliary deposits and a net long position of $1.1 billion.

The strategic objective of Zenith Bank also includes a continuous improvement of its capacity to meet customers’ increasing and dynamic financial needs as well as sustain high quality growth through investments that impact the quality of service to its existing and potential customers, constant upgrade of its ICT infrastructure, unwavering investment in training and re-training of its people and regular reinforcing of its customer services delivery charter with regards to continually changing customer needs.

Additionally, Zenith Bank places high premium on the pivotal role of exceptional service delivery in its drive to consistently exceed stakeholders’ expectations. The bank has in place a well-articulated strategy to not only meet and surpass customer expectations, but also ensure that plans are fine-tuned to address the changing taste and sophistication of the customer.

Its underlying philosophy is to remain at all times, a customer-centric institution with a clear understanding of its market and environment.

Also, the bank remains committed to promoting good corporate governance and best practices in the conduct of its business. This is because it believes that good corporate governance engenders public trust and ultimately ensures that the company meets the expectation of all stakeholders.

Zenith Bank’s business continuity policy is to maintain the continuity of its activities, facilities, systems and processes and where these are disrupted by any event, to enable it to return to ‘normal’ operations as soon as possible.

Its Information Security Policy is to provide a security framework that will ensure the protection of information from unauthorised access, loss or damage while supporting the open, information-sharing needs of the bank.

Zenith Bank has clearly distinguished itself in the banking industry through superior service quality, unique customer experience, and sound financial indices.

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MONDAY, SEPTEMBER 27, 2021 ˾ T H I S D AY

BUSINESS SPECIAL

PERSPECTIVE

Emiefele: Nigerian Financial Czar and Ace of All Times Solomon Semaka

I

n 1929, Wall Street crashed signaling America’s descent in what will be described as the Great Depression. The American Stock market crashed to a terrible low marking the beginning of a decade of high unemployment, poverty, low profits, and deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement.

It was difficult to pinpoint the actual cause of the crisis but numerous factors, especially high consumer debt, ill-regulated markets that permitted overoptimistic loans by banks and investors, and the lack of high-growth new industries were suspected to have led to the American depression that ravaged the economy in the whole of the 1930s.

The daring efforts of Franklin Delano Roosevelt to ensure economic recovery for America which was dubbed the New Deal however changed the tides. In recorded history, no economic crisis has been as protracted as the Great Depression, not even the 2007/2008 economic crisis that swept the world off its feet.

Though Roosevelt was a politician and Godwin Emiefele is an expert in economic affairs, drawing parallels in their roles in salvaging two great financial crises is imperative. While one succeeded as an elected politician, the other is an appointee who is deploying his expertise in making sure that Nigeria recovers fully from the financial crisis she has been associated with for a long period. This is the essence of good leadership regardless of whether one is elected or appointed. Courageous, resourceful, and innovative leaders like Godwin Emiefele deserve praise and commendations and not condemnations.

Just as the scenario described above, Nigeria has experienced a very long period of financial mismanagement and recklessness that has left Nigeria in perpetual financial crisis with rising inflation, unemployment, rising debt profile, an ill-regulated stock and forex trade, bad loans amongst others. Just as Roosevelt saved America from the Great Depression with his economic recovery plan, the amiable Governor of the Central Bank in the person of Mr. Godwin Emiefele is doing same to the perpetual Nigerian financial

crisis that has defied every political and professional solution since he took over as the head of the bankers’ bank. Even though Emiefele does not blow his trumpet, every well-meaning Nigerian is aware of his superior grasp of the economic peculiarities of our country and what he is doing to make the lives of Nigerians better than what they were when he took over the reins as the Central Bank Governor.

For instance, during the Covid-19, the Central Bank released funds to be given as palliatives to all Nigerians through the Ministry of Humanitarian Affairs and Disaster Management. Every Nigeria village was reached and every household was given palliatives that were enough to last the whole period of the lockdown as reported by government officials. This also helped in no small measure to cushion the effect of the pandemic on ordinary Nigerians especially those in the rural areas. Even though the whole world economies were almost grounded in the wake of the Covid-19 Pandemic, prudent economic policies like these helped the Nigerian economy to remain afloat.

Knowing that most Nigerians are farmers and small business owners, the Central Bank rolled out loans to Nigerians under the Covid-19 Target Credit Facility for Households and Small-Medium Enterprises. This helped Nigerians pick up their businesses without having to lose their means of livelihood as it happened in many countries around the World. Over 100 billion naira was allocated for that intervention and every household as well as SME that applied for the loan got it. The massive repayment of the loan is a clear testimony of how beneficial the loan was and how Nigerians are grateful for the gesture.

Not just that, the Central Bank in conjunction with the Federal Government rolled out the payroll support system that ensured that all private employers of labour were given grants to enable them to meet up with staff salaries. In addition to that, a special fund was made available from artisans and those in the non-formal sectors of the Nigerian economy.

This was speedily followed by the National

Youth Investment Fund which has since been disbursed to over 25 million youth across the country. These humane, as well as professional gestures, helped to give numerous workers who would have hitherto lost their financial and purchasing power a breath of fresh air thanks to the efforts of the financial czar, Godwin Emiefele.

Aside from the loans and grants given specifically to cushion the effect of Covid-19, the Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS), an initiative of the Bankers’ Committee headed by Godwin Emiefele, is designed to support and complement the Federal Governments’ efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation.

This noble project is administered by the NIRSAL Microfinance bank and has disbursed billions of naira to Nigerian farmers and operators of small and medium businesses.

This together with other efforts such as the Anchor borrowers fund which is being championed by the Bank of Agriculture and the several similar incentives put in place by the Bank of Industry under the sterling leadership of Godwin Emiefele are worthy of commendation As a consummate financial manager, the Central Bank under the leadership of Godwin Emiefele reasoned that it will be cheaper to manage the Covid-19 pandemic with a homegrown solution. This he did by releasing funds to Nigerian academics and Pharmaceutical companies to research a cure and understanding the pattern of spread of the virus.

These researches are yielding great results and Nigerians will soon start benefiting from the foresight and professionalism of Emiefele who is doing everything within his power to grow the Nigerian economy to enviable heights. Needless to say, despite all these glaring achievements, some naysayers would want Nigerians to believe the indefatigable Governor is not doing enough.

While the CBN under the stewardship of Emiefele is doing everything to stabilise the Nigerian economy and place Nigerian

among the economically advanced nations of the world, some unscrupulous elements have continued to manipulate the media into thinking that the exchange rate of the dollar to naira is high. This is highly unpatriotic and criminal activity aimed at subverting the CBN’s strict policies which have already strengthened the naira against the dollar in recent months and rendered who criminally exploited the lapses that were hitherto found in forex transactions to their advantage. Nigerians are not fools and are aware that it is simply a case of corruption fighting back and are unperturbed by the scary exchange rates published by black market forex operators and enemies of Nigeria.

It should be noted that the CBN is the only authority charged with the responsibility of determining exchange rates of the naira to other currencies and not the other way round. The perpetrators of such heinous crimes are already being exposed and will face the full wrath of the law by the Federal Government. This will serve as a deterrent to other fraudsters whose stock in trade is manipulating public opinion using the media for their selfish gains.

With all these efforts and the muchanticipated e-money that will soon be launched with numerous benefits to Nigerians and the economy at large, it is laughable that some ill-motivated individuals are being sponsored to protest against the CBN boss. Calling for his sack on account of influenced and misleading exchange rates is not only an act of ingratitude but a show of ignorance as the facts are already on the ground to clear the doubts of anybody who is objective enough to see the reality of the situation.

Well-meaning Nigerians who feel dissatisfied with the current efforts of the CBN boss should, in the spirit of patriotism come up with suggestions on how to collectively better the Nigerian economy rather than resorting to blackmail and blind criticism. Allowing anyone to influence your opinion of others based on their selfish perspective is selfish and uncharitable. t 4FNBLB JT UIF DPOWFOFS PG 4BWF /JHFSJB .PWFNFOU

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T H I S D AY ˾ MONDAY, SEPTEMBER 27, 2021

BUSINESS SPECIAL

ANALYSIS

Access Bank: Bolstering Lending with Fresh Capital Oluchi Chibuzor writes on the successfully Eurobond issue by Access Bank Plc

T

he past few months have seen financial institutions venture into the debt market in order to strengthen their operations and heal from the devastating effects of the COVID-19 pandemic.

This is also expected to help position lenders for another burst credit in the coming years and enable them meet pent-up demand from borrowers such as households and firms in the continent like Africa with huge infrastructure deficit.

One of the financial institutions that successfully tapped the debt market recently was Access Bank Plc. The Nigerian-based tier-1 bank issued a $500 million 144A/RegS Senior Unsecured Eurobond, as part of its Global Medium-Term Note Programme.

According to a notice to the Nigerian Exchange Limited (NGX), signed by the Company Secretary, Access Bank, Sunday Ekwochi, the transaction recorded massive interest from top quality investors globally, including the United States, Europe, Middle East, Asia and Africa, anchored by a number of large tickets.

The offering, Access Bank stated, achieved the lowest (outstanding) Nigerian bank Eurobond coupon, “supported by an over 3x oversubscribed orderbook of over $1.6 billion, which represents the largest orderbook ever for a Nigerian bank Eurobond transaction.”

The bank added that the bond, which would mature on September 21, 2026, was issued with a yield and coupon of 6.125 per cent, with interest payable semi-annually in arrears.

“The coupon of 6.125 per cent is another first in the corporate Eurobond issuance space.

Interestingly, the bond is already trading at a premium from issue levels with bids around 5.89 per cent levels whilst offers are around 5.78 per cent as the unmet demand from the auction filtered into the secondary market,” Access Bank explained.

The bank had few years ago announced the final redemption of its $350 million Eurobond notes due July 25, 2017. The securities were issued in 2012, by Access Finance B.V., a direct, wholly owned subsidiary of the bank, on the back of an unconditional and irrevocable guarantee of the bank.

Indeed, the fresh capital confirms the insinuation in the industry that the Group Managing Director of Access Bank, Mr. Hebert Wigwe, is not about to slowdown anytime soon, in his aggressive expansion drive.

In the past few years, the expansionist adrenaline rush in the Chairman of the Body of Bank Chief Executive Officers (CEOs) has remained on the rise. Today, Access Bank has evolved from an obscure bank into a world-class African financial institution.

In a string of expansion across Africa, the bank had said it is leveraging the African Continental Free Trade Area agreement (AfCFTA) to expand its footprints across the continent. That is why since its acquisition in 2019 of former rival, Diamond Bank, the bank has continued to plant subsidiaries across the continent. The merger was driven by the need to combine the unique strengths of the two institutions to produce a financial powerhouse, and the desire to guarantee customer satisfaction.

Today, it is one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network; a feat which has been achieved through a robust long-term approach to client solutions – providing committed and innovative advice.

Staying true to their goal of becoming Africa’s gateway to the world, Access Bank has built its strength and success in corporate banking and is now applying that expertise to the personal, business as well as retail banking.

According to Wigwe, across Africa, there is an opportunity for the bank to expand to high-potential markets, leveraging the benefits of AfCFTA. He said AfCFTA, among other benefits, would expand intra-Africa trade and provide real opportunities for Africa.

He stated that the plan is for the bank to establish its presence in 22 African countries as well as some strategic locations outside the continent so as to diversify its earnings and take advantage of growth opportunities in Africa.

According to him, Africa has enormous potential and there are opportunities for an African bank that is well run, that understands compliance and has the capacity to support trade and the right technology infrastructure to

Wigwe support payments and remittances, without taking incremental risks.

“We believe that we are best positioned to basically do all of that. Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent.

We are focusing on the key markets.

“The approach would always be that in the country we wish to go to, that we have the right skills. We would not just be a drop in the country in which we are present, we would make sure that we have an impactful presence in each of the major countries in which we are present.

“In doing this, we are also mindful of the country we are going to so as to make sure that it is of benefit to the bank. As we do this, we are working with our friends and partners.

“We are diversifying our earnings away from volatile markets as well and we are orchestrating our operations from the global payments gateway and ensuring that using Access Bank UK, providing corresponding services from digital platforms, the overall profitability of our franchise,” he explained.

The bank sustained its positive momentum in terms of its financial performance in its recently released first half (H1) 2021 results.

In the period under review, the Group recorded an improvement in gross earnings by 14 per cent year-on-year, to N450.6 billion, as against the N396.8 billion it recorded in same period in 2020, just as its profit before tax grew significantly by 31 per cent year-on-year to N97.5 billion, up from the N74.3 billion it posted in the comparable period of 2020. Also, profit after tax (PAT) grew by 42 per cent year-on-year to N86.9 billion, higher than the N61 billion it realised in the first half of 2020.

The profit growth was buoyed by a 30

per cent year-on-year growth in interest income, 45 per cent year-on-year increase in net fee and commission income, and interest expense remaining flat (-0.7% y/y).

The assets base of the Group remained strong with total assets of N10.1 trillion in June 2021. This represented a growth of 16 per cent year-to-date, from N8.7 trillion in December 2020.

In addition, despite the inflationary environment and increased regulatory costs, the financial institution’s cost-to-income ratio stood at 60.1 per cent, a 570-basis point reduction from the 65.8 per cent it realised in the first half of 2020.

Also, the bank saw its retail banking business continued to grow with a 24 per cent year-on-year increase in gross earnings to N118.6 billion, up from the N95.8 billion recorded in the first half of 2020.

The growth was driven by a 46 per cent year-on-year increase in interest income and a 37 per cent year-on-year growth in revenue from its channels and digital businesses.

During the review period, Access Bank also recorded progress in its financial inclusion objective to bank one in every two Nigerians as it added 2,371,832 new customers as well as 16,428 new agents, creating more employment and providing convenience to our customers.

According to a report from the bank, the strides in its retail business resulted in growth in its savings deposits to N1.4 trillion, which was a four per cent growth, from the N1.3 trillion it recorded in December 2020, and a cost-of- funds reduction to 2.9 per cent, as against the 3.7 per cent posted in the first half of 2020.

Furthermore, the bank explained that its push for digital innovations to improve efficiency for its customers resulted in significant increase in its USSD transaction

volume (+62% y/y) and its mobile and internet banking transactions volume (+67% y/y).

Also, despite the challenging economic environment, Access Bank maintained strong asset quality with a stable non-performing loan (NPL) ratio of 4.3 per cent, same as of December 2020.

It also expanded its loan portfolio, supporting sectors with the highest impact on the economy, with good quality assets as reflected by the growth in its net loans and advances to N4 trillion year to-date, as against the N3.6 trillion recorded as of December 2020.

Furthermore, it maintained robust capital and liquidity positions well above regulatory levels, with a Capital Adequacy Ratio of 21.3 per cent and a liquidity ratio of 50.7 per cent, which positioned the bank to support its customers and execute its growth strategy.

Commenting on the results, Wigwe, pointed out that over the last few months, the financial institution has successfully completed acquisitions in South Africa, Mozambique, and Zambia, emphasising its footprint in key markets around the globe.

“We will continue to grow our presence in geographies with significant growth potential, especially where they support our global customers. As we become Africa’s Gateway to the World, we would also seek markets which supports our trade and payments aspirations and the African Free Trade Agreement.

“To further enhance our operating efficiency and ensure strong returns on invested capital, we will bring the best of our group assets, specifically our digital banking capabilities that support individuals and businesses, enhance financial inclusion, and deliver the benefits of a strong network effect across our enlarged Group.

“Throughout the pandemic, we have been able to demonstrate our ability and willingness to support our customers, our communities, and our colleagues.

“As the outlook improves, and as business returns to a new normal, we will continue to support our communities in order to stimulate growth and create new opportunities,” the bank chief added.

According to him, to accomplish the vision to be the World’s Most Respected African Bank, Access Bank is working together across the Group on the back of its robust balance sheet, increased retail momentum and efficiency.

“Finally, I would like to thank our staff, shareholders, and other stakeholders as we could not have achieved these results without their dedication, commitment, and support,” he added.

From Nigeria to Rwanda, South Africa, Mozambique, Kenya, Zambia, among several others, the expansionist adrenaline rush in the Chairman of the Body of Bank Chief Executive Officers (CEOs) has remained on the rise. Wigwe is not about to slowdown anytime soon.

As an established leader in the Nigerian and indeed African banking industries, Access Bank has embraced digital technology to propel both its sustainability targets and its African gateway strategic drive.

This is evident in the bank’s partnership with the Africa Fintech Foundry (AFF), aimed at nurturing the next generation of cutting-edge financial-technology firms. The AFF is a pan-African accelerator designed to find and invest in start-ups that implement a global viewpoint while still focusing product offerings on Africa.

Access Bank plans to harness the very best Nigeria has to offer, working closely with them to make Nigeria a retail banking powerhouse.

Over the last couple of years, Access Bank has focused its expansion efforts on powering digital payments across Africa.

In addition, Access Bank has digitised a significant number of its back-office processes and functions with a business process management solution, and is working towards becoming a 100-percent-paperless organization.

This allows for more seamless operations across all the ank’s branches globally.

Probably the first and most important benefit of Access Bank’s expansion is the rate at which the bank has been able to scale - growing its customer base with unprecedented ease.

Clearly, this has made it easier for it to secure a broader geographic footprint across Africa and the rest of the world.

MONDAY SEPTEMBER 27, 2021 • T H I S D AY

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42

T H I S D AY ˾ Ͱ͵˜ ͰͮͰͯ

CITYSTRINGS

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Menace of Okada Riders on Lagos Roads Chiemelie Ezeobi reports that the recent brutal murder of a chief superintendent of police by some commercial motorcycle riders at the Ajao Estate area of Lagos has again brought to the fore the menace of the riders popularly known as Okada, especially with the influx of undocumented foreigners who have taken over the business

Commercial motorcyclists

A

t Ajao Estate, one of the many suburbs that dot Lagos State, commercial motorcyclists popularly known as Okada are a permanent feature in virtually all neighbourhoods. During the day, they ferry passengers and at night, they park on the road in clusters and sleep on their motorcycles at the mercy of the elements.

It is pertinent to state that more than 80 per cent of these riders are from the Northern region, with half of that figure being undocumented migrants from neighbouring countries.

Beyond Ajao Estate, this scenario is often replicated in virtually all areas across the state, with few exceptions. Known for recklessness, these riders flout basically all road traffic rules including riding against traffic and plying expressways.

Death at Dusk Last Thursday, these riders at Ajao Estate went berserk and brutally murdered CSP Kazeem Sumonu Abonde attached to the Operations Department of the Command. Also, DPO Ajao Estate, CSP Abdullahi Malla and other police officers equally sustained varying degree of injuries.

The deceased, who was at the verge of retirement, had led the taskforce to impound motorcycles in line with the recent enforcement of the ban by the Lagos State government. After they had succeeded in impounding few, the Okada riders who fled, brought reinforcement and attacked the taskforce.

Armed with dangerous weapons such as cutlasses, bottles, battle axe, sticks and stones, they rushed the taskforce in anger. To contain the situation, the deceased was said to have asked his men not to shoot because of innocent bystanders, an action many told THISDAY represented the ethos of the peace-loving officer.

He was said to be law abiding probably because of his understanding of the law as he was also a legal practitioner.

When they saw the policemen were not ready to shoot, the riders, who were mainly from the Northern extraction, rushed in with glee, forcing the officers to flee, except Abonde, who still tried to reason with them to down their weapons.

But the riders bayed for blood as they struck him down with their weapons and gave him deep cuts before disarming him. As he cried for mercy, they taunted him as they hit him from all angles. He bled to death and from the gravity of injuries sustained.

Emboldened after shooting the SP, the riders were said to have stormed the police station where they allegedly opened fire, hitting some policemen on duty. Given the scale of violence, motorists and pedestrians, including shop owners were forced to flee to safety, with the latter abandoning their wares.

Late CSP Abonde The command headquarters had to send reinforcement before tentative peace was restored to the area. Expectedly, all commerical motorcyclists went into hiding for fear of reprisal by the police over the death and injury of their colleagues.

Police Command React Reacting to the gruesome murder, the state Police Public Relations Officer, CSP Adekunle Ajisebutu said the incident happened when tactical teams of the command comprising men drawn from RRS, Taskforce, Ajao Estate Division and other divisions were carrying out raid of identified flashpoints and enforcing the ban on use of motorcycles in restricted areas in the estate and similar places in the state.

He said: "The exercise was a routine proactive approach aimed at curtailing activities of armed robbers and other criminal elements in the state. Similar exercises were carried out in the past in other parts of the state which have resulted in reduction in crimes in the areas.

"After the successful operations which led to the arrest of some of the suspects, other criminal elements and hoodlums in their large number laid siege to the exit of the estate and attacked the policemen with guns, cutlasses and other dangerous weapons.

"Unfortunately, during the fatal attack, CSP Kazeem Sumonu Abonde attached to the Operations Department of the Command was brutally killed by the hoodlums. The DPO Ajao Estate, CSP Abdullahi Malla and other police officers equally sustained varying degrees of injuries. The corpse of the deceased officer has been deposited at the Yaba Mainland Hospital for autopsy."

He said the Commissioner of Police, CP Hakeem Odumosu while condemning the attack on the policemen who were carrying out legitimate duty at the time, has directed that a discreet investigation into the incident should be carried out immediately, while vowing to ensure that all suspects responsible for the dastardly act would be brought to

book soon.

Advent of Okada The advent of okada as an alternative means of transportation was caused by the perennial traffic snarls that has bedeviled the state since its creation more than five decades ago.

For any society to thrive, transportation is one of the key factors because it is pivotal to the economy. The reason is simple- the efficiency at which people, goods and services can move from one point to the other largely determines the quality of life of the society.

For Lagos, which boasts as the largest metropolis in Nigeria and the second most populous city in Africa, as well as currently estimated to be the 7th fastest growing city in the world with its population of 22 million people, the perennial traffic has become a huge challenge to the state traffic management and transportation system.

Chaos But with the entrance of okada, a name gotten from the defunct Okada Airways, these breed of riders have in no small measure contributed to the chaos in the mega city, also touted to be the commercial nerve centre of the nation.

Also, the rate of crimes aided by Okada and Keke keep rising as they are used as getaway means by criminals. They have been behind multiple road traffic accidents, often resulting to either death or injuries.

Umpteenth Ban Given the chaos and its resultant negative effects like accidents and deaths, the state government recently resorted to reinforce the ban by former administrations, which prohibits okada riders from six local governments, nine LCDAs, 10 highways, 40 bridges and flyovers. Also affected by the ban were commercial tricycle riders popularly known as Keke.

It was in 2010 during the administration of Governor Babatunde Fashola, that the

Unfortunately, during the fatal attack, CSP Kazeem Sumonu Abonde attached to the Operations Department of the Command was brutally killed by the hoodlums. The DPO Ajao Estate, CSP Abdullahi Malla and other police officers equally sustained varying degrees of injuries

government came all out guns blazing in a bid to ban commercial motorcycles. Given the fight they had at their hands in a bid to enforce the ban, the government went to the drawing board and thus the 2012 Lagos Traffic Law was borne.

The various laws regulating their operations as contained in Section 3 of the Road Traffic Law stipulate that they desist from plying any of the 475 roads, including highways and bridges restricted for their operations out of the 9, 200 roads in the state.

Thus, anyone found to have violated the Law will be dealt with in accordance with the Road Traffic Law, RTL 2012 Section 3 Subsection 5 which stipulates that “Any person who fails to comply with any of the provisions of this Section commits an offence and shall be liable on conviction to: imprisonment for a term of three (3) years or render community service in accordance with the provisions of Section 347 of the Administration of Criminal Justice Law of Lagos State and have his vehicle forfeited to the state.

Contained in Section 3 and Regulation 16 Sub-Section 4, 5 and 6 of the 2012 Road Traffic Law, the guidelines also stipulates the wearing of standard crash helmet with full protection for both rider and passenger.

It also prohibits the carrying of more than one passenger, carrying of children and pregnant women and also operation of okada beyond 8pm in Victoria Island, IKoyi and Ikeja and 10pm in other areas of the state.

It also strongly warns against riding of motorcycles on the kerb, median or road setbacks or in a direction prohibited by law and expects respect for all traffic laws and regulations.

Last month, CP Odumosu ordered officers and tactical commanders of the command to immediately embark on full enforcement of restriction order of the state government.

While reacting to what he described as an “act of lawlessness, recklessness and impunity being exhibited by some road users especially Okada riders” in some parts of the state, the police boss particularly ordered officers and men of the command to go after road users including Okada operators who drive against the traffic and ply BRT corridors. He emphasised that the violators should be arrested and prosecuted accordingly.

While also appealing to residents of the state to desist from violating traffic laws, he said the command will implement the full enforcement of the Lagos State Transport Sector Reform Law of 2018 and other extant laws of Lagos State.

It was in obedience to this directive that CSP Abonde, who was set to open his own law practice died at the hands of Okada riders, a death CP Odumosu said would not dampen morale of the command or discourage it from carrying out its statutory responsibility.

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T H I S D AY ˾ Ͱ͵˜ ͰͮͰͯ

CRIME&SECURITY

Lagos CP Revamps Safer Highway Unit for Better Efficiency

CRIME SITUATION REPORTS

COMPLIMENTARY SECURITIES: HOW EFFECTIVE IN FACE OF EMERGING SECURITY CHALLENGES AND WAY FORWARD (PART 5) Gbolahan Samuel Moronfolu

Odumosu Chiemelie Ezeobi

5

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NCC Apprehends Book Pirates During Anti-piracy Raid Vanessa Obioha

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44

MONDAY SEPTEMBER 27, 2021 • T H I S D AY

MONDAY SEPTEMBER 27, 2021 • T H I S D AY

45

MONDAY, ͺͿ˜ ͺ͸ͺ͹ ˾ T H I S D AY

46

PERSPECTIVE

Complicity of the Perm Sec, Federal Ministry of Education in Monumental Mismanagement of UNILAG Issues three different statements on the Agwai Panel report

Minister of Education, Adamu Adamu

Samuel Ajayi There seems to be a new twist over the University of Lagos saga seems unending as there are moves to shield the embattled Vice-Chancellor, Prof Ogundipe, from being probed by the Governing Council of the university.

A recent publication by THISDAY Newspapers of the General Agwai report has raised a lot of concerns and has also forced the Permanent Secretary, Federal Ministry of Education, Mr. Sonny Echono, to issue three different statements about the Visitation Panel Report.

The role of the Permanent Secretary of has always come under scrutiny.

Further investigations by THISDAY revealed that in 2019, the Babalakinled Council was already inundated by the reckless actions of the Prof.

Ogundipe-led Management of the university. To put an end to this gross mismanagement, the Council issued a notice of 9th May 2019 for an Emergency Meeting to hold in the Council Chambers. The two issues on the agenda were: Council Subcommittee Report on the Review of the Expenditure of the University of

Lagos since May 2017 and the Panel set up to investigate the circumstances surrounding the collapse of the library building under construction.

The meeting was to hold on 13th and 14th May 2019. Curiously and out of the blue, the Council received a letter from the Permanent Secretary of the Ministry of Education directing the Council to stay action on the Council investigation.

"To put it mildly, this was received as a shock by the Council members.

It was unusual and completely unprofessional. It was also unlawful as under the University of Lagos Act, Council is responsible for the superintendence of the University including its finances," a source close to the Council told THISDAY. The source stated that Section 7(1) of the University of Lagos Act provides that: 'Subject to the provisions of this Act relating to the Visitor, the Council shall be the governing body of the University and shall be charged with the general control and superintendence of the policy, finances and property of the University, including its relations.'

The Permanent Secretary, strangely

set up a Panel of seven members of academics to investigate the Prochancellor who was trying to sanitise the university system.

The panel has been comprehensively discredited it could not be relied upon by government for any purpose. A member of the panel, who also doubled as the Secretary, and who happened to be the Legal Adviser of the Ministry of Education, showed his biases by harassing every person that came to speak against the Vice-Chancellor, Prof. Ogundipe.

She also changed a lot of findings of the Panel especially those that indicted Prof. Ogundipe for contract splitting; frivolous expenditure by him and his cronies; and concealing the finances of the University from the Council.

The Permanent Secretary was to later release a White Paper that was not related to the Panel’s findings. No one ever saw the Panel’s report on which the White Paper was premised.

It was a fraud designed to deceive the President in order to take actions that were totally inconsistent with the findings of the Panel.

When THISDAY newspaper broke the news of the Agwai Panel report,

the Permanent Secretary showed more than a passing interest in the whole matter.

In his first reaction, he claimed that the General Agwai report did not indict Prof. Ogundipe. He did not only release a press statement, he went further to advertise this position in some national newspapers.

Even when the 241-page report conclusively indicted Prof. Ogundipe and his Management and exonerated Dr. Babalakin of any wrongdoing, the Permanent Secretary created another narrative, which was that the Agwai Panel did not have a mandate to look into the issues that were in the earlier questionable White Paper earliest issued.

Meanwhile, he had earlier stated that "all allegations made against the Vice-Chancellor and the Management of the University should be referred to regular Visitation Panel for thorough investigation and necessary recommendation.”

As it stands, it is obvious that the Permanent Secretary is bent on protecting the embattled ViceChancellor, Prof. Ogundipe from being probed by the Council. But if he will succeed in this remains to be seen.

MONDAY SEPTEMBER 27, 2021 • T H I S D AY

47

48

T H I S D AY ˾ Ͱ͵˜ 2021

BUSINESS/MONEYGUIDE

DFI, CDC Float $60m Facility as Part of African Private Credit Strategy Oluchi Chibuzor CDC Group, the UK’s development finance institution (DFI) and impact investor, has made a $60 million commitment under its African Private Credit Fund Strategy.

The effort, they said, is aimed at addressing a significant credit market dislocation and mid-market financing gap, a situation intensified by the Covid-19 crisis.

“However it marks the first fund investments under CDC’s African Private Credit Fund StrategyCommitment to help catalyse the growth of nascent asset class and support growth of mid-market companies across

Africa, “they said.

Commenting on the deal the Managing Director & Head of Private Equity Funds, CDC, Clarisa De Franco, said: “We are proud to have made our first investments executed under CDC’s African Private Credit Funds Strategy. Our partnerships with Vantage Capital and BluePeak Private Capital support underserved businesses at a critical time.

“The investments are a testament to CDC’s pledge to play an anchoring role in the success and scale of Africa’s mid-sized companies through different instruments. In addition, we are confident that our partners will steward their

investee firms to onward growth, generating favourable returns that will motivate commercial investors to invest in Africa’s nascent private credit market as we observe its rise as a promising asset class.”

Investment Director and Head of Intermediated Credit, CDC, Jo Fry, said their investments in Vantage Capital and BluePeak Private Capital present an opportunity to get capital to where it is most needed.

He also said businesses in Africa often face significant challenges in gaining access to funding, adding that the pandemic has further tightened the availability of capital in these markets.

Fitch Upgrades Bank Of Industry’s National Rating to ‘AAA(Nga)’ Fitch Ratings has upgraded Bank of Industry’s (BoI) National Long-Term Rating to ‘AAA(nga)’ from ‘AA+(nga);’ and affirmed the Nigeria-based bank’s LongTerm Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook.

It said the upgrade of BOI’s Long-Term National Rating of ‘AAA(nga)’ reflects the linkage between the bank and the sovereign has strengthened, as evident in the significant size of the CBN guarantees provided for BOI’s recent external funding.

The full list of rating actions shows that “BOI’s Long-Term IDR and SRF are equalised with the Long-Term IDR of the

sovereign as we believe that the Nigerian authorities have a high propensity to support BOI. Fitch said its assessment primarily reflects the following: The bank’s important and clearly defined policy role in funding economic growth in Nigeria; Its 99.9% state ownership, split between the Ministry of Finance (94.8%) and the Central Bank of Nigeria (CBN; 5.1%); and the entirety of the bank’s wholesale funding being either provided or guaranteed by the Nigerian state. However, Fitch also views the ability of the authorities to support BOI as limited by Nigeria’s ‘B’ Long-Term IDR. BOI is Nigeria’s primary

development bank, with the mandate of financing the country’s emerging industrial sector.

The bank plays an important role in supporting government policies and in providing countercyclical loans since the onset of the economic crisis resulting from the coronavirus pandemic.

According to the international rating agency, “BOI’s funding has increased substantially since March 2020, as the bank secured two large syndicated loan facilities of EUR1 billion and USD1 billion from syndicates of commercial banks and multilateral development banks, which are fully guaranteed by the CBN.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

A’Ibom to Certify 5000Tourism Firms

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

Okon Bassey ÓØ ãÙ

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

Akwa Ibom state government has identified 5,000 tourism companies to be issued with certificates to authenticate their businesses in the state tourism sector.

The state government has also opened Tourism Information Desk at the state Ibom Airport to guide tourists coming to the state.

The Chairman of the Akwa State Hotels and Management Board, Obong Ini Akpabio disclosed this while unveiling the Ibom Airport Tourism Information Desk.

According to him, the

authentication of the 5,000 tourism firms operating in the state would help check security breach.

He explained that the Tourism Information Desk at the airport would give the needed information to all travellers and tourists coming to the state.

“The Desk is to provide much needed information to all travellers and tourists into our state who require knowledge of hotels, restaurants, bars, supermarkets and entertainment centres that are safe for them to patronize.

“In addition, we intend to promote to visitors our tourism sites like Godswill Akpabio

International Stadium, the 21 storey Smart Building, the Ibom Golf course and when completed the International Worship centre in addition to our Heritage Sites, “he stressed Akpabio explained that provision of the Tourism Information Desk at Ibom Airport necessitated the certification and documentation of tourism premises to assist government identify any security breach.

He listed crimes associated with tourism businesses to include robbery, drug abuse , human trafficking in persons among others saying documentation will help security agencies to rise to occasion .

FBN Boss Wins Zik Prize in Professional Leadership Category The Group Managing Director of FBN Holdings Plc, UK Eke has been named winner of the 2020 Zik Prize in the Professional Leadership category.

The announcement was made during a Press Conference on Thursday, 23 September 2021 at the Centre for Values in Leadership, Victoria Island, Lagos.

Announcing the award, the Chairman, Selection Committee, Zik Prize 2020, Professor Pat Utomi, said UK Eke’s choice was based on the, “recognition of his outstanding achievements and immense contributions to the development, growth and

stability of the Nigerian and African Banking and Financial Services industry.”

Utomi further added that Eke’s unblemished record of outstanding service has marked him out as a thorough bred professional with rich experience spanning four decades in the banking and financial services industry.

While highlighting the rigorous process the awards committee went through before announcing the winners, he gave further insight into the thinking and resolve of the awards board to ensure that “this noble venture of encouraging and nurturing the

most beneficial leadership that can be found on the continent as an embodiment of the leadership values of the Great Zik of Africa in whose honour this award was instituted.”

Other honourees, in various categories, include: Babajide Sanwo-Olu, Lagos State Governor, the pioneer Managing Director, Nigeria Sovereign Investment Authority, Uche Orji, the Managing Director of Nigerian National Petroleum Corporation, Mallam Mele Kyari; the Chief Executive Officer, Nigerian Maritime and Safety Agency, Dr Bashir Jamoh.

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE ˜ ͷ

The price of OPEC basket of thirteen crudes stood at $71.82 a barrel on Thursday, compared with $71.17 the previous day, according to OPEC Secretariat calculations.

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

49

T H I S D AY ˾ Ͱ͵˜ ͰͮͰͯ

Gain in Okomu Oil, Others Lift Stock Market as NGX-ASI Closes Positive by 23bps Darasimi Adebisi The Nigerian equities market closed the trading week last Friday on a positive note as the Nigerian Exchange Limited (NGX) All Share Index or ASI rose by 0.23 per cent to close at 38,962.28pts.

Similarly, the NGX-ASI closed up by 0.05 per cent week-to-date (WTD).

At the close of trade last Friday, market breadth index

was positive with 25 gainers against 11 losers.

The day’s performance was mainly due to the gains recorded in PHARMDEKO Plc (+9.74%), Sovereign Insurance Plc (+8.70%), Okomu Oil Plam Plc (+5.77%), Eterna Oil Plc (+4.95%) and Champion Breweries Plc (+4.71%) which offset the losses recorded in SCOA Plc (-9.38%), PRESCO Plc (-8.18%), Regal Insurance Plc (-6.38%), Total Nigeria Plc

P R I C E S MAIN BOARD

F O R DEALS

(-3.61%) and Sterling Bank Plc (-1.34%).

Sector performances were positive with the Banking (+1.86%), Consumer Goods (+0.06%) and Oil & Gas (+0.04%) sectors closing positively, while the Industrial sector closed flat.

In terms of activity levels, total volume and value jumped by 404 per cent and 409 per cent respectively as investors exchanged about 633million

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

QUANTITY TRADED

VALUE TRADED ( N )

units of shares worth about N6.45billion. FBN Holdings Plc was the most actively traded stock with about 482million units of shares worth about N3.61million.

The equities market closed up last Friday due to the gains recorded across most sectors.

Going forward, analysts expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest

T R A D E D MAIN BOARD

A S

rate space.

They reiterated that this may be a great period to pick up some quality names with a medium to long-term investment horizon.

In the fixed income market, money market rates decreased as Open Buy Back and Overnight rates rose by 100bps and 125bps to close at 16.00 per cent and 17.25 per cent respectively.

The bond market traded on a quiet note, although yields

O F

fell on some maturities. We witnessed the yields on the 5yr and 7yr benchmark bonds close flat at 10.31 per cent and 11.60 per cent respectively, while the yield on the 10yr bond closed down by 4bps at 12.02 per cent.

“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation, “said analysts at Investmentone Limited.

2 4 / 0 9 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

50

˾ MONDAY, SEPTEMBER 27, 2021

Monday, September 27, 2021 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ /ŵƉƌŽǀĞĚ ^ĞŶƟŵĞŶƚ ƌŝǀĞƐ WŽƐŝƟǀĞ WĞƌĨŽƌŵĂŶĐĞ… ^/ ƵƉ ϱďƉƐ ǁͬǁ

THISDAY AFRINVEST 40 INDEX

>ĂƐƚ ǁĞĞŬ͕ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ĞdžƚĞŶĚĞĚ ŝƚƐ ƉŽƐŝƟǀĞ Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

performance due to an ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ ůů-Share Index rose 5bps w/w ƚŽ ϯϴ͕ϵϲϮ͘Ϯϴ ƉŽŝŶƚƐ ǁŚŝůĞ zd ůŽƐƐ ŝŵƉƌŽǀĞĚ ƚŽ -ϯ͘Ϯй ĂŶĚ

ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƌŽƐĞ േϵ͘ϲďŶ ǁͬǁ ƚŽ േϮϬ͘ϯƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚLJ ŝŶĐƌĞĂƐĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ƌŽƐĞ ϰϵ͘ϲй ĂŶĚ Ϯϵ͘ϱй ǁͬǁ ƚŽ Ϯϱϲ͘Ϯŵ ƵŶŝƚƐ ĂŶĚ േϮ͘ϴďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ h ;ϳϮ͘ϰŵ ƵŶŝƚƐͿ͕ 'd K ;ϰϲ͘ϯŵ ƵŶŝƚƐͿ͕ ĂŶĚ E/d, ;ϰϬ͘ϴŵ ƵŶŝƚƐͿ ǁŚŝůĞ DdEE (േϭ͘ϬďŶͿ͕ E/d, (േϵϯϵ͘ϱŵͿ͕ ĂŶĚ h (േϱϱϮ͘ϰŵͿ ůĞĚ ƚƌĂĚĞƐ ďLJ ǀĂůƵĞ͘

WĞƌĨŽƌŵĂŶĐĞ ŵŝdžĞĚ ĂĐƌŽƐƐ ŽƵƌ ƐĞĐƚŽƌ ĐŽǀĞƌĂŐĞ ĂƐ ϯ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ƉŽƐŝƟǀĞ͕ Ϯ ŶĞŐĂƟǀĞ ǁŚŝůĞ ƚŚĞ AFR-/ d index ĐůŽƐĞĚ ŇĂƚ͘ džƚĞŶĚŝŶŐ ůĂƐƚ ǁĞĞŬ’Ɛ ŐĂŝŶ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ index

THISDAY AFRINVEST 40

1,631.65

0.46%

11.2%

63.2%

15.0%

3.5%

715.00

0.0%

28.7%

-16.1%

-16.1%

12.3%

4.4%

68.00

0.0%

10.8%

-12.1%

-12.1%

19.1%

11.2%

32.7x

6.2x

27.75

1.3%

8.7%

-14.2%

-14.2%

24.8%

3.9%

4.2x

1.0x

10.8%

23.7% 31.6%

1 Airtel Africa PLC 2 BUA Cement Plc 3 Guaranty Trust Holding Co PLC 4 Zenith Bank PLC 5 Dangote Cement PLC 6 MTN Nigeria Communications PLC 7 Nestle Nigeria PLC 8 Lafarge Africa PLC

17 11 PLC 18 Okomu Oil Palm PLC 19 Fidelity Bank PLC

/ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ ϭ͘ϰй ĂŶĚ Ϭ͘Ϯй ǁͬǁ ƌĞƐƉĞĐƟǀĞůLJ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ KEK/>

25 Transnational Corp of Nigeria 26 Presco PLC

DĞĂŶǁŚŝůĞ͕ ƚŚĞ ĂŶŬŝŶŐ and ŽŶƐƵŵĞƌ 'ŽŽĚƐ indices lost ϰϬďƉƐ ĂŶĚ ϰďƉƐ ǁͬǁ ƌĞƐƉĞĐƟǀĞůLJ ĨŽůůŽǁŝŶŐ ƐĞůů ƉƌĞƐƐƵƌĞ ŽŶ h ;-ϭ͘ϯйͿ͕ E/d, ;-ϭ͘ϯйͿ͕ ,KEz&>KhZ ;-ϱ͘ϬйͿ͕ ĂŶĚ hE/> s Z ;-Ϯ͘ϮйͿ͘

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ƐƚƌĞŶŐƚŚĞŶĞĚ ůĂƐƚ ǁĞĞŬ͕ ĂƐ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ĚŽƵďůĞĚ ƚŽ ϭ͘Ϯdž͕ ĂŝĚĞĚ ďLJ

5.2x

P/ BV

Divindend Earnings Yield Yield

0.7x

5.6%

15.5%

2.2% 3.1%

2.8%

6.9%

-5.2%

-5.2%

21.8%

2.9%

3.2x

0.6x

12.9%

6.6%

0.0%

0.0%

44.7%

17.5%

12.3x

5.3x

6.5%

8.1%

175.00

0.0%

5.4%

3.0%

3.0%

143.0%

12.4%

14.1x

17.8x

6.0%

7.1%

1,400.00

0.0%

4.0%

-7.0%

-7.0%

143.5%

17.1%

28.4x

48.6x

4.4%

3.5%

22.40

0.0%

3.8%

6.4%

6.4%

9.9%

7.1%

10.1x

1.0x

4.5%

9.9%

18.3%

1.5%

8.95

4.1%

3.2%

5.9%

5.9%

7.50

0.7%

2.5%

-13.3%

-13.3%

2.4x

0.4x

9.9%

41.7%

2.1x

0.4x

7.3%

48.5% 28.6%

7.50

0.0%

2.8%

4.9%

4.9%

10.6%

1.0%

3.5x

0.4x

6.0%

48.75

0.0%

1.9%

-12.9%

-12.9%

5.6%

2.2%

40.9x

2.3x

1.9%

2.4%

39.00

0.0%

2.2%

3.3%

3.3%

17.4%

2.1%

8.4x

1.3x

10.5%

11.9%

-5.9%

-2.5%

4.80

0.0%

1.4%

-19.3%

-19.3%

29.10

-0.9%

1.3%

11.9%

11.9%

710.00

0.0%

2.0%

76.5%

76.5%

3.1%

1.7%

-100.0%

7.4%

3.2%

0.9x

18.8x

-13.3%

0.7x

5.7%

0.6x

5.8%

5.3%

110.00

5.8%

1.1%

20.9%

20.9%

37.4%

23.6%

8.1x

2.8x

6.4%

12.3%

2.45

1.7%

0.7%

-2.8%

-2.8%

12.7%

1.2%

2.1x

0.3x

9.0%

47.0%

15.1%

27 Unilever Nigeria PLC 28 PZ Cussons Nigeria PLC 29 United Capital PLC 30 Guinness Nigeria PLC 31 Custodian and Allied Insurance 32 AIICO Insurance PLC 33 TotalEnergies Marketing Nigeri 34 Julius Berger Nigeria PLC

P/ E

0.0%

0.0%

23 Sterling Bank PLC 24 NASCON Allied Industries PLC

ROA

23.50

12 Nigerian Breweries PLC 13 Stanbic IBTC Holdings PLC 14 International Breweries PLC 15 Flour Mills of Nigeria PLC 16 SEPLAT Energy PLC

ROE

245.00

9 Access Bank PLC 10 United Bank for Africa PLC 11 FBN Holdings Plc

;нϯ͘ϰйͿ ĂŶĚ // K ;нϭ͘ϭйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ Kŝů Θ 'ĂƐ and

;нϭϰ͘ϭйͿ͕ K E K ;нϲ͘ϳйͿ͕ ĂŶĚ t W K ;нϰ͘ϮйͿ͘

Price Change Index to Date

Ticker

20 Ecobank Transnational Inc 21 Dangote Sugar Refinery PLC 22 FCMB Group Plc

ĂĚǀĂŶĐĞĚ ϭ͘ϳй ǁͬǁ ĚƵĞ ƚŽ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ D E &/d

Price Previous Change Current Price YTD Weighting Change

Current Price

5.30

2.9%

0.6%

-11.7%

-11.7%

1.5%

0.1%

17.6x

0.2x

17.20

0.0%

0.6%

-2.3%

-2.3%

25.6%

12.1%

6.6x

1.6x

8.7%

2.96

0.0%

0.5%

-11.1%

-11.1%

1.47

-1.3%

0.3%

-27.9%

-27.9%

8.9%

0.8%

3.7x

0.3x

3.4%

14.80

4.6%

0.4%

2.1%

2.1%

20.7%

5.9%

14.8x

3.0x

2.7%

6.8%

0.93

3.3%

0.4%

3.3%

3.3%

-1.3%

-0.3%

0.6x

1.1%

-2.3%

1.8x

2.7%

-4.2%

-2.7%

1.2x

73.00

-8.2%

0.3%

2.9%

2.9%

13.20

0.0%

0.2%

-5.0%

-5.0%

5.75

0.0%

0.2%

8.5%

8.5%

5.7%

5.1% 27.0%

-3.6%

8.60

2.4%

0.4%

82.6%

82.6%

35.5%

4.2%

6.6x

2.1x

8.1%

30.00

0.0%

0.3%

57.9%

57.9%

1.7%

0.8%

52.0x

0.9x

1.5%

1.9%

6.70

0.0%

0.2%

14.5%

14.5%

24.7%

7.5%

3.3x

0.8x

8.2%

30.3%

21.6%

3.3%

4.1x

0.4x 2.1%

16.4%

0.96

0.0%

0.2%

-15.0%

-15.0%

192.00

-3.6%

0.3%

47.7%

47.7%

15.2%

24.5%

6.1x

27.00

0.0%

0.2%

53.2%

53.2%

18.3%

2.4%

5.4x

0.9x

1.6%

18.4%

35 Wema Bank PLC 36 Union Bank of Nigeria PLC

0.76

0.0%

0.2%

10.1%

10.1%

11.7%

0.7%

4.3x

0.5x

5.3%

23.2%

0.0%

0.0%

5.1%

37 Oando PLC 38 Notore Chemical Industries Ltd 39 Beta Glass PLC

4.94

2.5%

0.2%

40 Transcorp Hotels Plc

33.5%

-100.0%

7.5%

0.9%

5.5x

0.6x

33.5%

14.5%

2.6%

2.1x

0.3x

5.4x

0.7x

62.50

0.0%

0.1%

0.0%

0.0%

-38.7%

-9.5%

52.95

0.0%

0.1%

-4.4%

-4.4%

12.8%

8.7%

4.95

0.0%

0.0%

37.5%

37.5%

18.3% 47.0%

2.1x

-21.2% 2.0%

18.4%

0.8x

ŐĂŝŶƐ ŝŶ Ϯϲ ƐƚŽĐŬƐ ĂƐ ĂŐĂŝŶƐƚ Ϯϭ ůŽƐĞƌƐ͘ dŚĞ ƚŽƉ ƉĞƌĨŽƌŵŝŶŐ T o p 10 G a i n e r s

stocks for the week were W, ZD < ;нϯϮ͘ϭйͿ͕ E , K ;нϭϱ͘ϭйͿ͕ ĂŶĚ KEK/> ;нϭϰ͘ϭйͿ ǁŚŝůĞ ^ K (-ϭϳ͘ϵйͿ͕

WZ ^ K (-ϴ͘ϮйͿ͕ ĂŶĚ E /D d, (-ϳ͘ϵйͿ ůĞĚ ƚŚĞ ůĂŐŐĂƌĚƐ͘

T ic k er

P ric e

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

P H A R M D EKO

2.14

9.7%

FB NH

481.5

0.0%

SOVR EN IN S

0.25

8.7%

ET I

16.6

2.9%

110.00

5.8%

Z EN IT H B A N K

12.0

2.8%

ET ER N A

7.00

4.9%

A C C ESS

11.6

4.1%

C H A M P ION

2.00

4.7%

T R A N SC OR P

9.3

3.3%

N A SC ON

14.80

4.6%

CHA M S

9.0

4.5%

CHA M S

0.23

4.5%

GT C O

7.0

1.3%

J A P A ULGOLD

0.48

4.3%

F ID ELIT YB K

5.6

1.7%

A C C ESS

8.95

4.1%

F LOUR M ILL

5.3

-0.9%

25.50

3.9%

M TNN

5.1

0.0%

OKOM UOIL

DĞĂŶǁŚŝůĞ͕ ĐĐĞƐƐ ĂŶŬ WůĐ ĂŶŶŽƵŶĐĞĚ ƚŽĚĂLJ ŽŶ ƚŚĞ E'y >ƚĚ ƚŚĂƚ ŝƚ ŚĂƐ ĂƵƚŚŽƌŝƐĞĚ ŝƟ͕ :W DŽƌŐĂŶ͕ ZĞŶĂŝƐƐĂŶĐĞ ĂƉŝƚĂů ĂŶĚ DĂƐŚƌĞƋ ĂŶŬ ĂƐ ũŽŝŶƚ ŬƌƵŶŶĞƌƐ ĂƐ ǁĞůů ĂƐ ŚĂƉĞů ,ŝůů ĞŶŚĂŵ ĂŶĚ ŽƌŽŶĂƟŽŶ DĞƌĐŚĂŶƚ ĂŶŬ ĂƐ

C ON OIL

:ŽŝŶƚ ĮŶĂŶĐŝĂů ĂĚǀŝƐĞƌƐ ƚŽ ƐĞƚ-ƵƉ Ă ŐůŽďĂů ŝŶǀĞƐƚŽƌ ĐĂůů ŽŶ ƚŚĞ ϮϳƚŚ ŽĨ ^ĞƉƚĞŵďĞƌ ϮϬϮϭ͘ dŚŝƐ ŝƐ ƚŽ ƉƌĞĐĞĚĞ ƚŚĞ ŝƐƐƵĂŶĐĞ ŽĨ ĂĚĚŝƟŽŶĂů h^ -ĚĞŶŽŵŝŶĂƚĞĚ ƟĞƌ-ϭ ƵƌŽďŽŶĚ ƵŶĚĞƌ ƚŚĞ ĂŶŬ’Ɛ ŐůŽďĂů ŵĞĚŝƵŵ-ƚĞƌŵ ŶŽƚĞ ƉƌŽŐƌĂŵŵĞ͘

T o p 10 L o s e r s

ďŽƵƌƐĞ ƚŽ ƌĞŵĂŝŶ ĞůĞǀĂƚĞĚ ŽŶ ŝŵƉƌŽǀĞĚ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͘

Afrinvest West Africa Limited

T o p 10 T r a d e s b y V a l u e

T ic k er

P ric e

P ric e C hg %

T ic k er

Value

SC OA

0.87

-9.4%

FB NH

3611.3

0.0%

73.00

-8.2%

M TNN

885.3

0.0%

P R ESC O R EGA LIN S

P ric e C hg %

0.44

-6.4%

SEP LA T

372.9

0.0%

192.00

-3.6%

Z EN IT H B A N K

279.0

2.8%

ST ER LN B A N K

1.47

-1.3%

GT C O

193.7

1.3%

C UT IX

4.65

-1.1%

T OT A L

157.4

-3.6%

F LOUR M ILL

29.10

-0.9%

F LOUR M ILL

153.5

-0.9%

A F R IP R UD

6.40

-0.8%

OKOM UOIL

120.3

5.8%

F ID SON

6.05

-0.7%

A C C ESS

100.9

4.1%

NA HCO

3.50

-0.6%

ET I

87.8

2.9%

T OT A L

&Žƌ ƚŚŝƐ ǁĞĞŬ͕ ǁĞ ĞdžƉĞĐƚ ƚŚĞ ŵŽŵĞŶƚƵŵ ŽŶ ƚŚĞ ůŽĐĂů

T o p 10 T r a d e s b y V o l u m e

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Rombert Omotunde | romo-

Abiodun Keripe |akeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com

Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

Brokerage

MONDAY SEPTEMBER 27, 2021• T H I S DAY

51

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 23Sept-2021, unless otherwise stated.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 159.08 160.41 -1.74% Afrinvest Plutus Fund 100.00 100.00 6.97% Nigeria International Debt Fund 317.51 317.51 -15.98% Afrinvest Dollar Fund 107.59 108.64 -2.93% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 9.12% AIICO Balanced Fund 3.30 3.46 -3.03% info@anchoriaam.com ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 8.07% Anchoria Equity Fund 133.01 134.66 0.76% Anchoria Fixed Income Fund 1.14 1.14 -14.11% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 19.43 20.02 7.16% ARM Discovery Balanced Fund 429.89 442.85 7.37% ARM Ethical Fund 38.20 39.36 13.33% ARM Eurobond Fund ($) 1.09 1.10 -0.89% ARM Fixed Income Fund 0.98 0.98 -6.79% ARM Money Market Fund 1.00 1.00 8.39% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 106.38 106.38 4.59% AVA GAM Fixed Income Naira Fund 1,036.75 1,036.75 3.68% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 3.30% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 8.66% Paramount Equity Fund 16.29 16.59 1.86% Women's Investment Fund 135.79 137.34 2.03% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.39% Cordros Milestone Fund 2023 119.20 119.97 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 107.74 107.74 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.64% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 8.43% EDC Nigeria Fixed Income Fund 1,161.66 1,179.64 0.88% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,420.28 1,420.28 11.65% FBN Balanced Fund 190.66 191.89 1.59% FBN Halal Fund N/A N/A N/A FBN Money Market Fund 100.00 100.00 9.60% FBN Nigeria Eurobond (USD) Fund - Retail FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

N/A 156.78

N/A N/A 158.78 3.71% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 3.98 1.58 1.19

Offer Price Yield / T-Rtn 1.00 6.12% 3.98 2.77% 1.61 3.66% 1.19 4.68% coralfunds@fsdhgroup.com

Bid Price N/A N/A N/A

Offer Price N/A N/A N/A

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

GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund N/A N/A N/A Nigeria Entertainment Fund N/A N/A N/A GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.72% Vantage Balanced Fund 2.78 2.85 -2.51% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 153.40 153.68 -1.35% Vantage Equity Income Fund (VEIF) - June Year End 1.27 1.31 0.98% Vantage Dollar Fund (VDF) - June Year End 1.10 1.10 1.11% 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 1.43 1.45 4.86% Lotus Halal Fixed Income Fund 1,152.84 1,152.84 6.13% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.26 11.31 7.52% Meristem Money Market Fund 10.00 10.00 9.13% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.67 1.70 7.11% PACAM Fixed Income Fund 11.62 11.62 -4.47% PACAM Money Market Fund 10.00 10.00 6.87% PACAM Equity Fund 1.69 1.70 6.66% PACAM EuroBond Fund 113.33 115.31 3.22% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 131.03 133.27 8.24% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.05 1.05 10.04% 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 3,283.22 3,317.43 2.22% Stanbic IBTC Bond Fund 233.25 233.25 3.74% Stanbic IBTC Ethical Fund 1.21 1.23 3.39% Stanbic IBTC Guaranteed Investment Fund 307.87 307.87 4.48% Stanbic IBTC Iman Fund 225.52 228.69 3.29% Stanbic IBTC Money Market Fund 100.00 100.00 7.38% Stanbic IBTC Nigerian Equity Fund 10,375.40 10,516.03 -1.16% Stanbic IBTC Dollar Fund (USD) 1.27 1.27 3.96% Stanbic IBTC Shariah Fixed Income Fund 115.74 115.74 4.20% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 103.98 103.98 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.30 1.32 1.86% United Capital Bond Fund 1.92 1.92 4.87% United Capital Equity Fund 0.86 0.88 8.48% United Capital Money Market Fund 1.00 1.00 9.39% United Capital Eurobond Fund 120.47 120.47 5.24% United Capital Wealth for Women Fund 1.05 1.06 2.97% United capital Sukuk Fund 1.06 1.06 6.33% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.79 12.90 7.79% Zenith Ethical Fund 14.09 14.24 15.45% Zenith Income Fund 24.39 24.39 1.69% Zenith Money Market Fund 1.00 1.00 6.44%

REITS NAV Per Share

Yield / T-Rtn

124.98 53.37

10.62% 5.66%

Bid Price

Offer Price

Yield / T-Rtn

13.31

13.41

0.67%

120.25 96.17 17.10 18.10

123.23 98.29 17.20 18.20

0.00% -3.06%

Fund Name SFS REIT Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.74 5.44 17.32 1.00 19.49 157.26

3.78 5.52 17.42 1.00 19.69 159.26

-0.78% -4.28% 6.74% 7.18% -4.99% -28.47%

NAV Per Share

Yield / T-Rtn

107.40

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

52

T H I S D AY ˾ Ͱ͵˜ ͰͮͰͯ

FEATURES

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

How Drug Abuse is Fuelling Banditry, Terrorism in Northern Nigeria The National Drug Law Enforcement Agency has confirmed a nexus between banditry, terrorism, kidnapping and other types of violent crimes in Nigeria, especially in the Northern region, to the use of illicit drugs. Recently, the agency started a manhunt for the purveyors of drugs in the region, and the efforts have started yielding results, writes Chinedu Eze

President Buhari

R

ecently the Director-General of the National Drug Law Enforcement Agency (NDLEA), Buba Marwa confirmed a connection between the use of hard drugs and insurgency, while calling on the National Assembly to halt plans to legalise the use cannabis, many pundits said would yield Nigeria billions of dollars in foreign exchange.

“Insecurity is clearly one of the key challenges, if not the most important challenge at the moment facing us as a nation today. It needs all institutions and all Nigerians to stand up to the occasion and not to leave everything to the security agencies alone. Security is everybody’s business.

“I must take this opportunity to state very, very clearly, that, there is incontrovertible evidence of a linkage between drug use and spate of insecurity.

Drugs are a clear propellant to insurgency, banditry, kidnapping and other criminal activities.

“We know that drug money funds their activities. We have arrested quite a few on their way to supply drugs to the insurgents. Since January, the NDLEA has seized over 2000 tonnes and over N90 billion worth of drugs. Consider what a fraction of that will do in support of criminal activities,” Marwa revealed.

Insecurity and Substance Abuse He also confirmed that the bandits, insurgents, and other criminals use drugs before launching t sayheir nefarious missions and noted that it is a global trait, which is not something that started in Nigeria. The agency had noted that all these criminal attacks being launched on Nigerians in different parts of the country are not unconnected with substances abuse such as cocaine, permoline, tramadol, raphnol, hemp, meth, exol5 and others.

So to inspire their dare devilry to operate deadly, and wreck great damage on mankind, these bandits resort to using multiple drugs.

Drug Heist in Katsina It is Marwa’s encouragement and support that spurred NDLEA officials

NDLEA Chairman, Buba Marwa

at different parts of the country to reinforce their fight against drugs use and distribution and recently it paid off in Katsina State. In addition to fighting drugs use and distribution, the agency has also embarked on supporting other security operatives in the zone to achieve synergy of purpose in the fight against insurgency.

In Katsina State, it has become a well known fact that bandits have subjected Malumfashi, Kankara, Safana, Musawa, Matazu, Faskari, Damusa, Sabuwa, Batsari, Jibia Local Government Areas to repeated attacks in the last few months. Bandits, for example, killed three Nigerienne soldiers and abducted four in Jibia Local Government Area of the state on August 16, 2021.

THISDAY learnt that the three soldiers from Niger Republic were murdered in Jibia when they were carrying out trans-border reconnaissance and their vehicle was set ablaze.

The Governor of Katsina State, Bello Masari had lamented severally about the increase in wave of banditry in the state, which has claimed many lives and tasked the security agencies to go after the bandits in order to save the state.

Essentially, NDLEA had noted that the issue of drugs in the state should be addressed adequately and the command has made tremendous efforts in tackling the drug menace in the state, which resulted in the

arrest of many suspects with over 212 kilograms of hemp.

To make the war against terrorists effective in the state, the governor and other well-meaning citizens of the state had called those who are desirous of peace and who know these bandits to call them out or provide information that would help the security operatives to apprehend them.

It is to support the war against bandits in the state, coupled with government’s appeals and calls to all security agencies and other state actors to join in the fight against bandits in the state, that NDLEA Katsina Command in August 2021, overpowered and arrested three interstate bandits; Adamu Shehu, Tukur Abdullahi, and Ibrahim Suleiman- all male, in the early hours of Thursday, August 5, 2021.

The acting State Commander of NDLEA, Katsina, Dr Nnanna Nwolisa, told THISDAY that the command arrested the three suspects with three AK-47 rifles, three live ammunition and three magazines on their way from Igabi Local Government Area of Kaduna State to Kankara Local Government Area of Katsina State.

“Our intelligence revealed that the three bandits belong to terror group/ syndicate that has been terrorising Kaduna, Zamfara and Katsina States in the recent past.

Similarly, the group appears to have

There is incontrovertible evidence of a linkage between drug use and spate of insecurity. Drugs are a clear propellant to insurgency, banditry, kidnapping and other criminal activities. We know that drug money funds their activities.

We have arrested quite a few on their way to supply drugs to the insurgents

carried out terror attacks in Kaduna State before they headed for Katsina where they fell into the trap of the command and hands.

"Expended ammunition shells and shards were recovered from them, while the command also intercepted phone calls from the gang’s members. Our preliminary investigation showed that Adamu Shehu is from Kamfanin Zango village, Igabi Local Government Area of Kaduna State, and Adamu Shehu is 34 years old who has been into inter-state terror activities along Kaduna- Katsina roads.

“Furthermore, Tukur Abdullahi, 45 years old, is from Dogon Dawa village, Birnin Gwari, Local Government Area of Kaduna State, who also belongs to criminal gang that terrorises Kaduna, Zamfara and Katsina States, while the third bandit, Ibrahim Suleiman, 35 years old, is from Kamfanin Zango village, Igabi Local Government Area of Kaduna State, who also is a deadly bandit whose group has wasted lives and properties along Kaduna- Zamfara- Katsina roads.

"They were all arrested with three AK-47 rifles, ammunition and magazines in a Toyota Corolla car with registration number Kaduna TRK 149 AE while they wanted to launch an attack in Kankara Local Government Area of Katsina State,” he told THISDAY. Nwolisa said the Chairman of NDLEA, Marwa, who was in Gambia when the arrest was made, commended the officers of Katsina State Command for their dedication and commitment in complementing the efforts of sister-security agencies in the fight against terrorism in the state.

Similarly, Governor Bello Masari of Katsina also commended the officers of the command in the fight against banditry and other criminal activities in the state. The governor urged the officers to continue to support the war against insecurity in the state. The Emir of Katsina, His Royal Highness Alhaji Dr Abdulmumini Kabir Usman also praised officers and men of the command in the fight against terrorism and terror activities Continued on page 22

53

T H I S D AY ˾ Ͱ͵˜ ͰͮͰͯ

FEATURES

L-R: Tukur Abdullahi, Adamu Shehu and Sulleiman, the arrested suspects

in the state, while his counterpart in Daura, His Royal Highness, Alhaji Dr Umar Farouq Umar urged the command to continue the good work.

Nwolisa told THISDAY that the three bandits and all the incriminatory items on them had been transferred to the Brigade Commander, 17 Brigade Nigeria Army, and Katsina State for joint investigations.

“The command will continue to play its strategic role in the fight against drug crimes; and at the same time, continues to partner other security agencies to fight terrorism and other terror attacks in the state in particular and Nigeria in general," he vowed.

Smuggling as Gateway for Funding Criminality Nwolisa further noted that "Global financial crimes through Internets and computers and other securitised gadgets have caused huge harm to the country’s image locally and internationally; the same way drug trafficking tarnishes the country’s prestige and reputation.

“Drug smuggling has also worsened the economy and security apparatus of Nigeria. Proceeds of illicit drugs are laundered through different economic ventures and business to deceive the public and some are used to fund arms running and other criminal operations.

"Terrorism, proceeds of illicit drugs and drug trafficking are twin- born and twin bred. Criminal activities sweeping across the states in Nigeria are largely triggered

by drug usage and addiction."

Widespread Insecurity He said the waves of violent criminal activities have not spared any part of Nigeria, noting that today many citizens hardly travel for fear of being kidnapped, killed or abducted.

“In the South-east the activities of the unknown gun and killer herdsmen have claimed many lives, and many business activities destroyed.

The story in the South-west is not also a pleasant one, as there have been persistent and repeated attacks and kidnapping and killings arising from killer herdsmen and bandits who are under the influence of hard drugs.

"Farms, villages, towns, men and women have suffered severely from these dare-devils and some of the

victims of these deadly attacks are women who are often raped.

The South-south of Nigeria is also boiling; several attacks have been launched in the areas by the pipeline vandals and militants leading to the destruction of properties, lives, installations, facilities etc,” he said.

Coastal Smuggling He also disclosed that drug smuggling is rampant in the coastal regions, as illicit drugs are smuggled in and out through the coastal routes, adding that as more Nigerians continue to use illicit drugs, it is expected that crimes would be on the increase because under the control of drugs, many young Nigerians would become gullible and could be recruited to engage in all kinds of criminal activities.

Drug smuggling has also worsened the economy and security apparatus of Nigeria. Proceeds of illicit drugs are laundered through different economic ventures and business to deceive the public and some are used to fund arms running and other criminal operations

Scorecard Giving the scorecard of the agency last week after meeting President Muhammadu Buhari at the State House, Abuja, NDLEA Boss revealed that they seized over N100 billion worth of drugs since his assumption of office, adding that about 1,630 drug dealers have so far been convicted and jailed.

Marwa also revealed that over 4,000 drug addicts were under rehabilitation in various facilities across the country, adding that his agency has embarked on an advocacy programme to discourage youth and teenagers from the ugly trend.

He said: "We have seized drugs worth billions of naira, over 100 billion, those cash has been sent to the CBN and the actual drug themselves we have sought for forfeiture from the courts for destruction. We have jailed 1,630 since January.

These criminals, shameless criminals, and murderers who traffic drugs.

"We have counseled and rehabilitated over 4,000 within our NDLEA facilities, the issues of the war against drug abuse cascade down to communities. I briefed the President on the advocacy work that we are doing across the country structures, state level, local government, communities, the role of traditional institution, NGOs, media, what families are expected to do, the school system. The Federal Ministry of Education already is working on curricula, because now kids start taking drugs from primary school. We need to get the root of it."

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MONDAY, SEPTEMBER 27, 2021 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

I Was Advised Not To Knock Out Anthony Joshua, Says Usyk Oleksandr Usyk says his trainer advised him not to knock out Anthony Joshua in the world heavyweight title clash on Saturday night, SkySports reports.

Usyk beat Joshua by unanimous decision after a sensational performance to claim the IBF, WBA and WBO belts at the Tottenham Hotspur Stadium in front of more than 60,000 fans.

“I had no objective to knock him out because my trainer, in my corner, pushed me not to do that,” Usyk said after.

On Saturday, Anthony Joshua was beaten by a glorious display of skill from Oleksandr Usyk in their pulsating world heavyweight championship fight at the Tottenham Hotspur Stadium.

Joshua’s reign as IBF, WBA and WBO champion was ended in a sensational fight which Usyk took by a unanimous decision after a scintillating performance.

North Korea Seeks Peace With South Korea North Korea is willing to consider another summit with South Korea if mutual respect between the neighbours can be assured, state news agency KCNA said on Saturday, citing Kim Yo Jong, the sister of the North’s leader Kim Jong Un.

South Korea welcomed the prospect on Sunday.

“I think that only when impartiality and the attitude of respecting each other are maintained can there be a smooth understanding between the north and the south,” said Kim Yo Jong, who is a powerful confidante of her brother.

Constructive discussions offer a chance for solutions on issues such as “the re-establishment of the north-south joint liaison office and the north-south summit, to say nothing of the timely declaration of the significant termination of the war,” Kim said.

Speaking on Tuesday to the U.N. General Assembly, South Korean President Moon Jae-in

had repeated a call for a formal end to the war but later said time was running out for such progress before his term ends in May. In Saturday’s remarks, Kim said she noted with interest the intense discussion in the South over the renewed prospect of a formal declaration.

On Sunday, responding to the remarks, Seoul’s unification ministry said in a statement, “For these discussions, the inter-Korean communication line must first be restored swiftly, as smooth and stable communication is important.”

Women Win More Seats Than Men In Iceland Parliament

In a first in Europe, women hold more than half of the seats in Iceland’s new parliament, final election results showed Sunday.

Of the 63 seats in the Althing, 33 were won by women, or 52 per cent, according to projections based on the final results.

No other European country has had more than 50 per cent women lawmakers, with Sweden coming closest at 47 per cent, according to data compiled by the World Bank.

Five other countries in the world currently have parliaments where women hold at least half the seats, according to the InterParliamentary Union: Rwanda (61 per cent), Cuba (53 per cent), Nicaragua (51 per cent) and Mexico and the United Arab Emirates (50 per cent).

Unlike some other countries, Iceland does not have legal quotas on female representation in parliament, though some parties require a minimum number of women candidates.

Iceland was the first country to elect a woman as president in 1980, and since 2018 it has had a pioneering gender-equal pay law that puts the onus on employers to prove they are paying the same wages to men and women.

Saturday’s election saw the left-right coalition government widen its majority.

T H I S D AY ˾ MONDAY, SEPTEMBER 27, 2021

55

FOREIGN DESK

Hundreds Of Tunisians Protest President Saied’s Power Grab Several hundred demonstrators gathered in Tunis on Sunday under a heavy police presence to protest against Tunisian President Kais Saied’s seizure of governing powers in July and called on him to step down, says VOA. Saied this week brushed aside much of the 2014 constitution, giving himself the power to rule by decree two months after he sacked the prime minister, suspended parliament and assumed executive authority.

Switzerland Votes For SameSex Marriage, Gays To Adopt Children Switzerland voted Sunday to allow same-sex marriage.

Earlier this month, thousands of people attended a high-spirited Pride parade in Zurich to support the legalization of same-sex marriage.

They held up posters touting “Marriage for All” campaign slogans. They called for the passage of the referendum that would grant gay and lesbian partners the same rights as heterosexual couples.

Following Sunday’s vote, all Western European countries except Italy allow same-sex marriage.

Ahead of the vote, opinion polls indicated more than 60% of the electorate supported the proposal. The head of the Marriage for all

“The people want the fall of the coup,” they chanted in the centre of Tunis along Habib Bourguiba Avenue, a focal point of the demonstrations that ended the rule of former President Zine El Abidine Ben Ali on January 14, 2011. “Step down.”

The crisis has endangered the democratic gains that Tunisians won in a 2011 revolution that triggered the “Arab spring” protests and has also slowed efforts to tackle an

Campaign, Olga Baranova, was confident of victory.

The Swiss government has endorsed the Marriage for All referendum. However, churches and right-wing political parties in this conservative, rich Alpine country oppose it.

With the proposal approved by voters, law, lesbian and gay couples could adopt children, which they could not legally do before. It also grants easier access to sperm donations to lesbian couples who would want to start a family. Opponents say this would deny children their right to a father, as the identity of the sperm donor could not be revealed until the child reaches the age of 18.

Sudan Repels Ethiopian Forces Attempted Incursion

Sudan’s military said on Sunday it had repelled an attempted incursion by Ethiopian forces in the border area between the two

urgent threat to public finances, worrying investors.

“He (Saied) is a dictator who betrayed the revolution and betrayed democracy... he gathered all the powers...it is a coup, and we will bring down the coup in the streets.”

Saied has said his actions are needed to address a crisis of political paralysis, economic stagnation, and a poor response to the coronavirus pandemic.

countries, VOA reports.

A military statement said that the Ethiopian forces had been forced to retreat from the Umm Barakit area without giving further details.

The head of Sudan’s military, General Abdel Fattah al-Burhan, told reporters the incident took place on Saturday. He said it showed how the military was protecting the country in the wake of a coup attempt in Khartoum last week.

Colonel Getnet Adane, Ethiopia’s military spokesperson, did not immediately respond to the request for comment.

Tensions along the border between Sudan and Ethiopia have escalated since the outbreak of a conflict in Ethiopia’s northern Tigray region last year that sent tens of thousands of refugees into eastern Sudan.

The tensions have focused on an area of fertile farmland known as al-Fashqa, where the border is disputed.

Tight Contest As Germans Vote For Merkel’s Successor

Voting has ended in Germany’s national parliamentary elections with exit polling indicating a tight contest between outgoing Chancellor Angela Merkel’s centre-right Christian Democratic Union and the centre-left Social Democrats.

State Governor Armin Laschet of the Christian Democratic Union and outgoing Finance Minister and Vice-Chancellor Olaf Scholz of the Social Democrats are vying to become the leader of Europe’s biggest national economy as Merkel steps down after 16 years as chancellor.

The exit polling for ARD public broadcaster shows both parties with 25 per cent support, while a second exit poll

by ZDF public television put the Social Democrats ahead by a 26 per cent to 24 per cent margin. Both surveys had the

environmentalist Greens party with its leader, Annalena Baerbock, third with about 15 per cent support.

The newly-elected lawmakers will likely have to form a coalition government, meaning it may take some weeks before Merkel’s replacement is determined.

No party is expected to come close to a majority, with polling showing all the parties with less than 30 per cent support.

Taliban Bans Afghan Barbers From Trimming Beards

The Taliban have banned hairdressers in Afghanistan’s Helmand province from shaving or trimming beards, saying it breaches their interpretation of Islamic law.

Anyone violating the rule will be punished, Taliban religious police say.

Some barbers in the capital Kabul have said they also received similar orders.

The instructions suggest a return to the strict rulings of the group’s past tenure in power, despite promises of a milder form of government.

In a notice posted on salons in southern Helmand province, the Taliban warned that hairdressers must follow Sharia law for haircuts and beards.

“No one has a right to complain,” the notice, which was seen by the BBC, said.

“The fighters keep coming and ordering us to stop trimming beards,” one barber in Kabul said. “One of them told me they can send undercover inspectors to catch us.”

Another hairdresser, who runs one of the city’s biggest salons, said he received a call from someone claiming to be a government official. They instructed him to “stop following American styles” and not to shave or trim anyone’s beard.

During the Taliban’s first stint in power from 1996 to 2001, the hardline Islamists banned flamboyant hairstyles and insisted that men grow beards.

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PAGE FIFTY-SIX

INDEPENDENCE DAY ANNIVERSARY SERVICE...

R-L: First Lady of Lagos State, Dr. (Mrs) Ibijoke Sanwo-Olu; Governor, Mr. Babajide Sanwo-Olu; Commissioner for Home Affairs, Prince Olanrewaju Elegushi; his Energy & Mineral Resources counterpart, Mr. Olalere Odusote, during a church service to commemorate the 61st National Independence Day Anniversary at Chapel of Christ The Light in Alausa, Ikeja ... yesterday

Osinbajo: Nigeria’s Collective Vision Remains Undefeated at 61 There’s nothing to celebrate, says Wike Sanwo-Olu, Makinde, Lalong, Uzodinma, other governors urge prayers, citizens’ cooperation Segun James in Lagos, Blessing Ibunge in Port Harcourt and Seriki Adinoyi in Jos Vice President Yemi Osinbajo, yesterday, said though the country currently faced security, economic, religious, and ethnic challenges, the collective vision of a united, peaceful and prosperous Nigeria remained undefeated, 61 years after independence.

Osinbajo stated this at the 61st Independence Anniversary Inter-denominational Church Service, and 45th anniversary service of the Christian Association of Nigeria (CAN), held at the National Ecumenical Centre, Abuja.

The vice president spoke ahead of the country’s independence anniversary on Friday, October 1. But his position was strongly countered by Rivers State Governor Nyesom Wike, who declared yesterday that Nigeria, especially, under the leadership of President Muhammadu Buhari, had nothing to celebrate at 61.

But the governors of Lagos, Oyo, Plateau, and Imo states were positive about the country’s journey so far, and

they felt hopeful and optimistic about the future. They called for prayers for Nigeria and urged the citizens to continue to play their part in the unity and development of the country.

The theme of the anniversary service was, “Together, Come Let Us build,” and it was attended by several dignitaries, including Secretary to the Government of the Federation, Boss Mustapha, National Assembly members, as well as members of the judiciary and the Federal Executive Council.

There were also eminent religious leaders, including the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, and CAN President, Rev. Supo Ayokunle.

Osinbajo, in a speech titled, “The Vision Undefeated”, stated at the anniversary service, "We have since become the most educated and most entrepreneurial nation in Africa. Ten of our 36 states have larger economies than at least 15 African countries.

From our ranks, we have the most accomplished men and women in the arts, the sciences, in sports, in technology and

commerce.

"Our current trials cannot draw the curtains on our story, because the vision is for an appointed time and because this country is greater than the sum of its parts and the sum of its mistakes; and because the God we serve is greater than the sum of our collective hopes and imagination, our nation will surmount our current travails and emerge in victory."

The vice president recalled, “Sixty-one years ago, our founding fathers laid out a vision, that the many nations and ethnicities, North and South of the Niger, 300 languages or more, differing tribes, and religions, would by the grace of God become one nation.

“That their diverse strengths and gifts would coalesce into a formidable economic and regional force. And that these united nations may become the largest aggregation of black people on earth. A beacon of hope to all peoples of African descent, long bruised by the afflictions of slavery and colonial exploitation. Nigeria will be the reaffirmation of their dignity and a tonic to their spirits.

“The Lord blessed the vision and prospered the land with richness in oil, in gas, in minerals of every hue. In fruit trees, in palm trees, in crops of every kind, in savannahs and forests, arable land, seas, rivers, and the riches embedded in them. That vision of our forebears inheres in the words of our National Motto: Unity and Faith, Peace and Progress.

“Through the years, we worked that vision, through thick and thin. From subjection to colonial monarchy, to a sovereign republic, to civil rule to military rule. We fought a bitter war amongst brothers that cost millions of lives, and though we still wear the deep scars of those wounds, the Lord preserved the Republic.”

Osinbajo said, “But today, yet again, our path has been dogged by conflict, religious and ethnic, economic challenges, insurgencies and banditry, much darkness, many valleys, and many thorns.

And so many ask, ‘can the vision of the nation united, the nation peaceful, the nation righteous and the nation prosperous, yet, abide?"

He believed, “Our current trials cannot draw the curtains on our

The governor of Rivers State, Nyesom Wike, however, said there was hardly anything for Nigerians to celebrate as the country looked forward to its 61th Independence anniversary on October 1.

Wike regretted that 61 years after independence, Nigeria was still struggling with leadership challenge.

The governor spoke yesterday during an interdenominational church service at St. Paul's Anglican Church, Port Harcourt, organised to commemorate the country’s independence anniversary.

He said because of leadership failure, Nigeria was at a point in its history where it needed

God more than ever before.

"This is the time that Nigeria needs God more,” Wike stated.

He added, “The country is gone.

Insecurity everywhere. Everyone needs to say God, we need you, because man's leadership has failed this country."

The governor stated that, perhaps, the only thing Nigerians could celebrate was the existence of the name Nigeria.

He said, "At 61 years, Nigeria is full of enmity, full of divisions, hatred, ethnicity; a country that cannot put themselves together.

Everybody has responsibility, so, ask yourself the question, have I done my own part?”

Wike lamented that at 61 Nigeria was far from being a country that could compete favourably with prosperous countries of the world, despite its abundant resources. He criticised the federal legislature for, allegedly, approving almost anything from the president, notwithstanding the consequences.

He also alleged that the country’s judiciary had succumbed to intimidation, saying judges have abandoned their responsibilities out of fear.

their company in Nigeria. “The CBN will own substantially stake in that company. It is a company that will be established in Nigeria and majority holding will be the CBN,” he added.

On his part, the CBN’s Director, Corporate Communications Department, Mr. Osita Nwanisobi, explained that the eNaira project had been a long and thorough process for the apex bank following its resolve in 2017, to digitise the local currency after extensive research and exploration.

Meanwhile, China's central bank last weekend announced that all transactions of cryptocurrencies are illegal, effectively banning digital tokens such as Bitcoin.

"Virtual currency-related business activities are illegal financial activities," the BBC quoted People's Bank of China to have said, warning it "seriously endangers the safety of people's assets". China is one of the world's largest crypto-currency markets. Fluctuations there

often impact the global price of crypto-currencies.

The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.

It was the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.

Trading crypto-currency had officially been banned in China since 2019, but had continued online through foreign exchanges.

However, there has been a significant crackdown this year.

In May, Chinese state intuitions warned buyers they would have no protection for continuing to trade Bitcoin and other currencies online, as government officials vowed to increase pressure on the industry.

In June, it told banks and payment platforms to stop facilitating transactions and issued bans on "mining" the currencies - the trade of using powerful computers to make new coins.

story, because the vision is for an appointed time,” quoting Habakkuk 2:3, which says, “For indeed the vision is yet for an appointed time; though it tarries.

But at the end, it will speak, and it will not lie. We will wait for it; because it will surely come, it will not tarry.”

Wike: Nigeria Has Nothing to Celebrate at 61

AHEAD OF OCTOBER LAUNCH, ENAIRA PLATFORM GOES LIVE eNaira wallet, check balances and view transaction history; and make in-store payment using their eNaira wallet by scanning QR codes.

In addition, customers are allowed to scan the QR Code on the website to get started.

CBN Governor, Mr. Godwin Emefiele, while speaking to a gathering of foreign investors in New York, recently, had told his audience that because of activities surrounding the country’s Independence celebration on October 1, the earlier planned launch of the eNaira on same date would likely be rescheduled to October 4, 2021.

“The central bank would not want the event to take the shine away from the Independence celebration,” he said.

“We are going to be the first country in Africa to launch a digital currency. It is a novel idea because we think it will facilitate trade, Nigeria being the biggest economy in Africa, this will set the tone to tell Africa that we are ready to lead and

we would indeed lead in trade and we would make sure that happens.

“Between all central bankers in ECOWAS, we are already working on certain collaboration to make trade, payment and banking system integrate in such a way to set example on the African Continental Free Trade Area (AfCFTA),” he added.

In line with global trend, the CBN recently took a major step towards the launch of its digital currency with its formal announcement of its engagement of global fintech company, Bitt Inc. as its technical partner for the project. To choose the technical partner, the CBN went through a rigorous vendor selection process in line with the Public Procurement Act, conducted by seven departmental directors and a Deputy Governor whereby several companies were evaluated. The evaluation was based on the following criteria: technology ownership

and control; implementation timeline; efficiency, ease of adoption; support for anti-money laundering and combating the financing of terrorism (AML/CFT); platform security; interoperability; implementation experience.

Emefiele expressed optimism that the eNaira, would bring about increased cross-border trade, accelerate financial inclusion and lead to cheaper and faster remittance inflow.

He said the digital money would lead to easier targeted social interventions, as well as improvement in monetary policy effectiveness, payment systems efficiency, and tax collection.

According to him, after its unveiling, Nigerians should be able to download the eNaira app from either Google plays store or Apple app store, on board themselves and fund their eNaira wallet using their bank account or with cash at a registered agent location.

“If you are a bank customer

and you have say N10 million in your bank account, for your comfort of spending and making purchase, you can tell the bank to load N2 million out of your N10 million into your wallet.

“So, your bank balance in physical cash drops to N8 million, while your e-wallet carries N2 million. With that you can make purchases both within and across the country.

“There are so many variance of the eNaira. But this is where we would start because we are not going to pretend that there are not risks in opening your system up. We would look at the various products, determine the risk, determine the best way to mitigate the risk before we now open it up more and more,” Emefiele added.

Also shedding more light on Bitts, he said, “we chose them as a partner. In some other climes where they are, they have their software and they earn their money. But we chose that they would establish

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NEWS

FG Yet to Implement National Security Strategy on Ungoverned Spaces Two Years After Kingsley Nwezeh in Abuja Two years after the Office of the National Security Adviser (ONSA) and other stakeholders launched the National Security Strategy 2019 document, the federal government has yet to fully implement the aspect of the document that dwell on addressing insecurity stemming from ungoverned spaces.

Terrorists and armed bandits had operated largely from forests across the country, notably Sambisa Forest in Borno State, spanning many states in the North-east and neighbouring countries, Rigachiku Forest, Kaduna, Kankara Forest in Katsina and Gundumi Forest in Zamfara States, among others in the Southwest and Southeast.

The 2019 NSS document was reviewed every five years, the last being 2014.

Although there are ongoing military offensives in the North East and North West, which led to the surrender of thousands of insurgents

and a similar operation in the North West, leading to the shutting of telecommunication networks, other aspects of the NSS document have not been implemented as there are also no specific timelines for measures outlined in the document.

The document states that, "Ungoverned spaces especially, around our international boundaries, forests and game reserves provide opportunities for criminal networks to fester and generally promote crime."

Criminal herdsmen had used forest areas in the Southwest and Southeast to stage kidnappings for ransom, invasion of villages, killing of farmers notably in Benue, Ebonyi, Ondo, Delta and Enugu among other states.

Terror groups, Boko Haram, ISWAP and armed bandits also operated from forests as depicted in recent kidnappings of school children in Katsina, Zamfara, Kaduna, and Niger States.

The NSS further stated that ungoverned spaces "constitute critical fragility in Nigeria's

national security and are antithetical to the nation's security system".

In his forward to the document, the National Security Adviser, Maj Gen Babagana Monguno (rtd), said, "The implementation of all the principles and ideas expressed in this document is crucial to our national security and general wellbeing. Concerted efforts will therefore be made to implement the National Security Strategy 2019.

"The implementation will be driven systematically, transparently and accountably to ensure that all Ministries,

Departments and Agencies key into it and deliver expected measurable outcomes designed to enhance our resilience, stability and national strategy."

He said the process would involve ministries, departments, agencies, civil society organisations and development partners, while others included the armed forces, police, security and paramilitary organisations as well the general public.

On securing ungoverned spaces, the NSS document posited: "In order to dominate and protect these ungoverned spaces along our international

boundaries, we will ensure effective presence of governance in such areas.

“In particular, we will ensure the state monopoly of force in border and frontier communities by establishing more military units to provide credible presence to support border security operations by other statutory agencies."

The NSS also stated that the Nigeria Police Force would be enabled to strengthen their presence in border communities in conjunction with other statutory security agencies to consolidate law and order.

"We will ensure that forests and national game reserves are closely monitored by forest guards to prevent them from becoming safe havens for criminal gangs.

"In terms of development, we will ensure and facilitate basic infrastructural penetration by both public institutions and corporate organisations. We will also influence the development of licit and viable local economies by facilitating Small and Medium-scale Enterprises (SMEs) and lastly, promote actions to influence favourable local demographics," it said

BANDITS FREE ANOTHER BATCH OF 10 BETHEL BAPTIST STUDENTS, 11 STILL IN CAPTIVITY insurgents in Marte-Dikwa Local Council Area of Borno State.

However, while giving an update on the Bethel students kidnap debacle, Hayab expressed hope that the remaining 11 students would soon be released.

“Ten more students of Baptist High School were released this afternoon. We have 11 now with bandits. Thanking all Nigerians for their prayers and support.

Trusting God that the rest will be released very soon,” Hayab said in a WhatsApp message to THISDAY. On July 5, bandits invaded the school located about six kilometers away from Kaduna metropolis and abducted 121 students. The students have since been released in batches by the bandits.

So far, four batches of students, totaling 110 had been released, including those, who escaped from captivity.

Parents of the students were said to have paid a total of over N200 million as ransom to the bandits.

The bandits were said to have demanded and collected fresh ransom for each batch of students released.

Three suspects arrested in connection with the abduction of the students were recently paraded by the Force Headquarters of the Nigerian police in Abuja.

On the the recent killing of some soldiers by insurgents in Marte-Dikwa, Borno, Ndume implored the military not to be deterred by the incident, which reportedly claimed the lives of no fewer than 15 soldiers.

Ndume, who is the Chairman of the Senate Committee on Army, in a release on Sunday, called on the troops in war theatre area of Borno State not to allow their morale to be dampened.

According to him, what happened is not enough to

low the spirit of the soldiers but urged them to continue in the fight against insurgency and ending the menace in the country.

His words: "The killing of the soldiers between Marte and Dikwa in Borno State is highly condemnable, it is sad and unfortunate. This should not discourage the troops and the Army from taking the war to the Insurgents. We send our condolences to the family of those killed and pray that God grant them eternal rest especially, as they died in the course of serving their father land."

Ndume added that as a nation, the people must continue to encourage and pray for the Chief of Army Staff, Lt. General Farouk Yahaya, along with the military hierarchy and officers and men for the good work they have been doing to end the Boko Haram insurgency attacks.

The ranking Senator also called on the federal government to adequately fund the military so that the officers and men could perform optimally.

Last Friday, dozens of military troops on pass and on their way to Maiduguri, Borno State capital, were ambushed by suspected members of Boko Haram linked to ISWAP, killing several of them.

The incident reportedly took place between MarteDikwa council areas, when the insurgents fired rocket launchers at military trucks, which culminated into sporadic shootings targeting troops being conveyed from Marte to Maiduguri, after spending some time at the theatre.

Marte, about 180km north of Maiduguri, remains one of the council areas of Borno not fully occupied by civilian population, as most of its people have been displaced and taking refuge in Monguno, and some parts of Maiduguri.

NETWORKING IN VIRGINIA...

Chairman of the Board of Directors of the Academic Council on the United Nations System (ACUNS) and Professor of Government and Foreign Service, Georgetown University, Prof. Lise Howard (left), and member, Board of Directors of ACUNS and former Deputy Governor, Central Bank of Nigeria, Prof. Kingsley Moghalu, in Virginia, USA...recently

LAWAN: BUHARI HAS DONE MORE TO DIVERSIFY ECONOMY THAN PAST LEADERS much more people engaged, especially, our youths, who today are largely unemployed or underemployed.

"So we are diversifying the economy of Nigeria through agriculture and we have done so much as a country, as a government, in the last six years or so. No previous administration in Nigeria has committed as much funds, resources in agriculture as this administration.”

Lawan added, “I stand to be contradicted that if not because of resources that we have put in the agriculture sector, Nigeria would still have been importing the food that we eat. But everyone knows that the rice import bill have gone so low, almost to nothing today.

“We used to spend billions of dollars every year to

import rice, but we have been producing the rice that we eat."

The senate president, while thanking Buhari for approving the farm project, said it was in fulfilment of the promise made by the president on behalf of APC in 2015, to provide employment opportunities for the youths.

According to Lawan, "This is one way of doing that and this is a very practical way of doing it. We have our youths who will be engaged.

Presently, 30 youths will be engaged to manage the farm.

“This is only the direct employment on this farm.

When you look at the indirect opportunities, when you establish poultry farms across this zone, you would have brought in many youths to manage the poultry farms.

"Gasamu, because of this project, is now going to be prominent in the Nigerian map. And this is something that is very important for us as a community here. If someone will come from Kano. If someone will come from Imo. If someone will come from Akwa Ibom to buy chicks here, to go and grow them and sell them to make money, why can't we in this community do the same?

“This is one of the immediate benefits and I will urge our people not to lose the opportunity. I want to seize this opportunity also to appeal to NALDA that we want the capacity to go beyond 250,000 per annum. I want to assure you that our people will exhaust the 250,000 and they will need more."

Speaking also, Executive Secretary of NALDA, Paul Ikonne, said the farm centre was established on the mandate of the president in order to empower the youth and get the country closer towards achieving food security.

According to Ikonne, the farm has the capacity of generating 850 crates of egg daily and N1.1 million daily from the sale of birds only.

He said the birds had an incubator centre to produce day-old chicks that could be used to establish other poultry farms or sent to other poultry houses across the country.

The NALDA executive secretary said the revenue projection of the farm centre, with the capacity of 250,000 birds, was not less than N400 million annually.

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NEWS

Bandits Attack Worshippers, Kill One, Injure Others in Kaduna Church John Shiklam in Kaduna One person was killed while several others sustained injuries in an attack on worshippers yesterday at Evangelical Church Winning All (ECWA), Gabaciwa, Kachia Local Government Area of Kaduna State.

Also, one persons was killed in Kamacha community, Igabi Local Government Area of the state. The bandits were said to have attacked the worshippers during the Sunday morning service.

Although details of the attack on the church were scanty, the Commissioner for Internal Security and Home Affairs, Samuel Aruwan, confirmed both incidents in a statement.ay.

Aruwan said security agencies reported the attack to the state government, adding that one person was killed while some worshippers were seriously injured and were taken to the hospital.

The statement said Governor Nasir El-Rufai, has condemned the attack against the worshippers “in strongest terms”.

“Security agencies reported to the government that the attack occurred at ECWA Church, Gabaciwa in Kachia Local Government.

“According to the report, a life was lost and some worshippers were seriously injured, who have been rushed to a medical facility.

“The security agencies are obtaining further details, on

which the government will update the public in due course”, Aruwan said.

The statement added that El-Rufai was sad over the incident, “describing it as an evil act targetting innocent citizens

exercising their constitutional and universal rights to religious freedom.”

According to Aruwan, “the governor added that the attack on the worshippers was a divisive intent of the criminals

leveraging religious sensitivity.”

“The governor condoled the ECWA Church and the family of the deceased in particular, and prayed for the repose of the soul of the worshipper.

“The governor, who is

awaiting further reports on the incident has directed the Kaduna State Emergency Management Agency to assess the area and provide succour to the victims receiving medical attention”, the statement said.

PLEASURE HOSTING YOU…

Chief of the Naval Staff, Vice Admiral Awwal Zubairu Gambo (left), presenting a souvenir to the Comptroller-General, Nigeria Customs Service, Colonel Hameed Ibrahim Ali (rtd), during the courtesy visit by Gambo to Ali in Abuja...recently

Allocation of 3% in PIA to Police Decry Banks’ Frequent Closure over Alleged Robbery Threats Oil Communities Hurts, Says A’Ibom Gov James Sowole in Akure

Peter Uzoho Akwa Ibom State Governor, Mr. Udom Emmanuel, has decried the three per cent allocated to oil-producing communities in the Petroleum Industry Act (PIA), saying the “paltry three per cent hurt the oil-producing communities badly.”

Emmanuel said their people were not happy with the three per cent and that the attendant ill-feeling among his Niger Delta people was costing the government so much as they try to pacify their people to allow things be.

The governor stated this yesterday during a special interview on Arise News Channel, THISDAY’s sister broadcast station, saying he was

hoping that the government at the centre would reconsider its decision on the matter.

Controversies have continued to trail the PIA, a piece of legislation that is expected to guide the operation of the Nigeria oil and gas industry going forward.

Chief among the contending issues are the allocation of 30 per cent profit oil and gas of the new NNPC Limited to frontier exploration, and three per cent of oil companies’ operating expenditure to the host communities. The governor questioned the essence of the memoranda that were collected across the country during the passage of the Petroleum Industry Bill (PIB) by the National Assembly.

The Ogun State Police Command at the weekend decried banks and financial institutions over what it described as unwarranted closure of institutions in Ijebu Ode and its environs over an alleged robbery threat.

The command described the banks' frequent actions in the area, as unprofessional despite

continuous assurance of their safety, by the police and other security agencies.

The police concern, was expressed in a statement signed by the Police Public Relations Officer (PPRO) for the Ogun State Command, Mr. Abimbola Oyeyemi.

The PPRO said: "The banks' recent action can only be described as treacherous and mischievous, because they are

not the only bankers we have in the state and the country in general, yet they are the ones complaining of robbery threat every now and then.

"The command has noticed that once they are bent on this mischief, they closed their minds and eyes to other security arrangements the police in conjunction with other security agencies have on ground to protect them.

They claimed armed robbers wrote to inform them that they are coming to attack them, but they will not make the purported letter available to the police for investigation and possible apprehension of those behind it.

"It is bad that from time to time they cry wolves, carelessly and recklessly; and in none of these numerous occasions has any robbery taken place.

Name Boko Haram Sponsors to Win Insurgency War, Bauchi CAN Chairman Urges FG Segun Awofadeji in Bauchi Journalists in the country have been urged to put pressure on the federal government to as a matter of necessity publish names of alleged sponsors and financers of the dreaded Boko Haram militants and other bandits oppressing Nigerians.

The call was made by the Chairman of Christian

Association of Nigeria (CAN) Bauchi State Chapter, Reveren Abraham Damina Dimeus, in his sermon during the special church service yesterday Bishara Baptist Church, Bauchi to make the 2021 Bauchi State Nigeria Union of Journalists (NUJ) Press Week.

He stressed that the Journalists can do that true accurate, fair, unbiased and factual news

reports, features, commentaries, opinions and editorial because according to him, that is the only way to go about fighting the insurgency war.

Dimeus said: "since it is in every public domain that the sponsors and financers are known, a development government has not denied, then, the names should be made official and public so that

Nigerians will know the faces of those who have endangered our lives over the years".

Taking his text from the Book of Jeremiah 5:1-2, he said that, "many innocent lives have been lost, valuable properties have been lost, we need to know those behind all these callousness and wanton destruction of lives and properties".

Men of the Kwara State Command of the Nigeria Security and Civil Defence Corps(NSCDC) at the weekend arrested a 25-year-old man, Mr. Ismail Saliu, for allegedly murdering his brother, Mr. Azeez Saliu, for money ritual. The

perpetrate the heinous act.

Speaking with journalists in Ilorin, the state Civil Defence Corps Public Relations Officer, Mr. Zaid Afolabi Babawale, confirmed that incident happened last Friday in Kosubosu area of Baruten Local Government

September 13, 2021, operatives of the NSCDC in Kosubosu divisional office got a distressed call from a neighborhood about suspicious movement of certain individuals in their area.

"Some officers in the divisional office with operatives of the

subsequently arrested an herbalist Ahmed Nkwe 44, lsmaila Saliu 25 and Saliu Ahmed 30".

Babawale added that, the suspects lured the victim to the farm where he was gruesomely murdered by his own blood brother, lsmail Saliu.

Akeredolu, Dikio, Alaibe Advise Ex-agitators to 25-year-old Man Kills Brother for Money Ritual in Kwara suspect was alleged to have Area of the State. anti-vandal patrol team in the Hammed Shittu in Ilorin Embrace Peace connived with a herbalist to He said that, "On Friday area swung into action and Fidelis David in Akure The Governor of Ondo State, Oluwarotimi Akeredolu, former Managing Director of the Niger Delta Development Commission (NDDC), Timi Alaibe and the Interim Administrator, Presidential Amnesty Programme (PAP), Col. Milland Dixon Dikio, have called on ex-agitators to emulate the disposition of High Chief Biobopere aka Shoot-at-Sight on peace and entrepreneurship.

They spoke at the weekend when Ajube was conferred with the highest chieftaincy title in Arogbo Ijaw Ibe, Beleukoriwei (Pathfinder) by the paramount ruler of the kingdom, Pere Zaccheaus Doubara Ebgunu

in Arogbo, Ondo State.

Akeredolu, represented by his Deputy, Hon. Lucky Aiyedatiwa, described Ajube as a proud son of Ondo State, who had made tremendous impact in the lives of his people.

He said the honour was a testament to all he had been doing for his people and urged him not to relent but extend similar gestures to other parts of the state.

"We are gathered here to celebrate a man who through self-development and engagement is where he is today. We are proud of him as a true son of Ondo State. All he thinks about is development, peace and empowerment which is a good thing", he said.

Court Pardons Cybercrime Offender Wale Igbintade

In a novel judgement, Justice Taiwo Taiwo of the Federal High Court sitting in Abuja has released on probation, a 20-year-old cybercrime defendant, Aifuwa Courage Osasumwem.

Justice Taiwo Taiwo exercised the court's discretion and declined to uphold a plea

bargain agreement Osasumwem entered with the Economic and Financial Crimes Commission (EFCC).

The deal with the commission followed Osasumwem's arraignment and guilty plea to impersonation of an American with intent to defraud.

The judge referenced the fears of EFCC Chairman Abdulrasheed Bawa that, given

the prevalence of cyber crimes, 70 per cent of Nigerian youths may become ex-convicts and society would become doomed.

He explained that the principle behind his decision was that some of the youths can still be saved by counseling and probatory punishments rather than tainting their future through conviction.

Osasumwem was arraigned

last Wednesday and he pleaded guilty to the one-count charge.

This charge reads: "That you Aifuwa Courage Osasunwen sometime in 2020 at Abuja within the Jurisdiction of this court did fraudulently impersonate a United States Citizen named Van Diesel on Facebook account, geraldbuttler-01117@gmail.com with intent to obtain money from one Patty Burrier.

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NDLEA Seeks Forfeiture of Abuja Hotel Discovered to be Sex/Drug Joint Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency, NDLEA, have uncovered a hotel in Abuja where drugs are sold and young ladies camped for commercial sex.

Not less than four persons; three ladies and a man were arrested when the hotel, JAT Suites, located at 30 Lobito Crescent, Wuse 2 was raided and some quantity of Rohynol and paraphernalia for smoking crack cocaine were recovered on Wednesday 22nd September, 2021, according to a statement on Sunday by the spokesman of NDLEA, Femi Babafemi.

He said investigations revealed that the hotel is operated without requisite approvals in a high profile neighborhood and patronised by call girls while the bar served as the spot to smoke and sell drugs to the young girls and their customers.

Babafemi said the Chairman/Chief Executive of NDLEA, Brig. Gen. Buba Marwa (Retd) has directed the FCT Command and the

Directorate of Assets and Financial Investigations of the Agency to do all within the law to ensure the property

is forfeited to the federal government to serve as deterrence to others who allow their premises to be

used for drug dealing.

In another clampdown, one Ms. Ozigbo Nneka was arrested at NAHCO

Export Shed of the Murtala Mohammed International Airport, MMIA, Lagos while trying to export packs of

codeine tablets weighing 15.15 kilogrammes to the United Kingdom last Wednesday.

FOR HIV/AIDS PREVENTION…

L-R: Youth Coordinator, United Nations Population Fund (UNFPA), Mr. Adjete George; Director, Passion Against Rape and Abuse Foundation, Mrs. Foluke Daramola-Salako; Chief Executive Officer, Lagos State AIDS Control Agency (LSACA), Dr. Monsurat Adeleke; Member, JAKIN NGO, Mrs.Hannah Mabayoje; and Chief Executive Officer, JAFEXTRA Entertainment, Mr. Deji Fatokun, during the social media content strategy and message development workshop on HIV prevention for youth organized by LSACA in Lagos recently ETOP UKUTT

Man Arrested for Killing NDDC: Lawmaker Urges Buhari to Implement 9-year-old Girl for Money Forensic Audit Report Ritual in Kwara Sylvester Idowu in Warri

Hammed Shittu in Ilorin The Kwara State Police Command over the weekend nabbed a middle aged man, Mr. James Alade, who allegedly killed a 9-year-old girl, Miss Faith Samuel for money ritual.

The police command said that the incident happened at Offa in Offa Local Government Council Area of the state.

Speaking with journalists over the incident, the police command Public Relations Officer(PPRO) Ajayi Okasanmi stated that the suspect was arrested when he was trying to bury the corpse of the victim at Ikotun area of Offa.

He said: "At about 1812hrs of Saturday 25/9/2021, acting on an actionable intelligence, a team of police men arrested

a man by name Alade James of Alawe compound Offa, in the process of burying a corpse at Ikotun area of Offa.

"Preliminary investigation revealed that the suspect had killed and was burying the 9-year-old girl by name Faith Samuel of Onireke area Offa.

The corpse was recovered with a N1000 note buried with it and deposited at the mortuary after certifying her dead by a doctor, for autopsy," he said.

The PPRO said: "The suspect confessed to the killing for money making ritual and the parents of the deceased have been contacted" He however said that, "The Commissioner of Police Kwara State Command, CP Tuesday Assayomo, has ordered a discreet investigation into the murder".

Chairman, Bayelsa State House of Assembly Committee on Niger Delta Development Commission (NDDC), Hon. Wilson Dauyegha, has urged President Muhammadu Buhari to immediately implement the Niger Delta Development Commission (NDDC) forensic report to attract more

development to the Niger delta region.

Hon. Wilson, who was reacting to the NDDC audit report submitted to the Attorney General of the Federation and Minister of Justice Abubakar Malami, observed that several issues raised in the report were fundamental and mitigated development in the region.

The lawmaker, who is

representing Ekeremor Constituency 11, in a statement yesterday, said although the exercise had a chequered history, it was not done to witch-hunt anyone but to ensure that the huge sums of funds committed to the development of the region yearly are justified.

Recalling that one of the sole mandates of establishing the NDDC was the development of

the Niger Delta, the Chairman, Bayelsa House of Assembly Committee of NDDC, expressed regret that the region still wallowed in underdevelopment with the people suffering.

He urged the Ijaw National Congress (INC) and Ijaw Youth Council (IYC) and other pressure groups in the region to step up advocacy for the development of the region.

Internal Auditors Task Nigerians on Efforts against Corruption Goddy Egene The Society for West African Internal Audit Practitioners (SWAIAP) has called on Nigerians to refrain from aiding and abetting corruption by refusing to give and receive bribes or participate in every manner of corrupt practices.

The internal auditors made the call as one their resolutions at the inaugural induction,

investiture and fellowship award dialogue of the society in Lagos at the weekend.

President of SWAIAP, Mr. Patrick Nzechukwu, said that the dialogue, with the theme "Internal auditing: Effective tool for anti-corruption, risk management controls and corporate governance", was apt as corruption continues to ravage many nations of the world including Nigeria.

According to him, SWAIAP was established in June 2018 with the objective of institutionalising internal auditing in West Africa as a major tool for anti-corruption campaign as well as mitigation of inefficiency, ineffectiveness, wastes and other forms of financial and non-financial risk.

It was also conceived to "improve business processes and performance" in both private

and public sectors, he said.

Nzechukwu said: "We are committed to educating internal auditors on global best practices with emphasis on effective corporate governance, risk management system and adequate internal control and compliance and virile reporting systems, and informing stakeholders on the imperatives of effective internal auditing in West Africa."

The Miners' Association of Nigeria (MAN), has described dearth of equipment and multiple taxation as main impediments causing low productivity of the solid minerals sector in Nigeria, urging the federal government to tackle the menace for the

The Chairman of MAN,Ekiti Chapter, Mr. Abiodun Elegbede, said the sector, which ought to be money- spinning due to large solid mineral deposits in the country would continue to suffer deficit, except sophisticated equipment are provided and multiple taxation payable by miners are eradicated.

Ekiti on Saturday , at a three-day capacity building organised by African Centre for Leadership, Strategy and Development (center LSD), Abuja in partnership with Ford Foundation for Host community representatives and artisanal miners in Ekiti State.

Elegbede said the training

opportunities abound in the solid minerals value chain, if only Nigerians could take advantage of it.

"The most difficult challenges are low access to finance to purchase equipment, multiple taxation, poor orientation, crisis with host communities and many others.

‘Restructure Nigeria Multiple Taxation in Mining Sector, FG Told Using 1963 Constitution’ Eradicate growth of the economic unit.

Elegbede spoke in Ado was an eye opener that so many Victor Ogunje in Ado Ekiti Ugo Aliogo and Stephanie Igen The President of Anambra State Anglican Fellowship, Archbishop Vining Memorial Anglican Church, (AVMCC), Chris Obuekwe, has advised the federal government to restructure the country using the provisions of 1963 constitution.

Obuekwe, who gave the advice during the celebration of the AVMCC National Harvest tagged: ‘Harvest of Restoration’ said the 1963 constitution provides a framework which enables every state to be productive, develop at its own pace.

He also stated that the constitution provides for inclusivity which prevents tribalism and nepotism, thereby ensuring that every citizen feels a sense of belonging.

He appealed for the entrenchment of true federalism in the country so that states can be responsible for their resources, and economic growth.

“Nigeria has had some semblance of national conferences, but the recommendations and solutions of those conferences have not been implemented by government. For instance, the recommendations of the 2014 national conference, which was agreed upon by every member of the conference as a remedy to some of the problems we are facing as country were not implemented by the administration of President Goodluck Jonathan. The conference was a huge waste of resources. I am calling for total restructuring of Nigeria using the provisions of the 1963 constitution.”

Zamfara Police Debunk Alleged Attack on Shinkafi Station Onuminya Innocent in Gusau The Zamfara State Command of the Nigeria Police yesterday debunked allegations that suspected bandits attacked its station in Shinkafi, Shinkafi Local Government Area of the state.

In a statement issued yesterday by the state Police Public Relations Officer, SP Mohammed Shehu, the police

there was not aware of attack on the police station in Shinkafi or any part of Zamfara State as wrongly reported by a section of media.

On September 25, 2021, it was reported that bandits attacked Shinkafi Police Station.

"Contrary to misleading report in a national daily of September 25, 2021, that ‘Bandits attack police stations, Shinkafi town’,”

Shehu added.

He maintained that the report of attack on Shinkafi town was not only false but inaccurate, adding, however, that “what happened was that in the early hours of September 24, 2021, bandits in their large number attempted to attack Shinkafi, but were proactively repelled by the joint police and military operatives stationed in the town,

with heavy casualties suffered by the bandits. No loss of life either from the security forces or the inhabitants of the area.

Similarly, nobody was abducted.”

He noted that at present, the security situation in the town is very calm, with members of the communities going about their legitimate business, while new security measures are being enforced effectively.

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Police Confirm Attempt to Steal Corpse of Suspect from Morgue Olusegun Samuel in Yenagoa The Bayelsa State Police Command has confirmed the failed attempt to steal the corpse of the 27years old suspect, Mr. Goodluck Oviekeme, who was arrested but died in custody which triggered protest in the state capital on Saturday.

Oviekeme was arrested on Tuesday alongside eight others over alleged attack on a policeman and theft of his service rifle, but died after a strange ailment at the police clinic while he was being treated.

The spokesman of the Bayelsa State Police Command, Asinim Butswat, confirmed that there was an attempt to steal the corpse of the deceased suspect but was foiled by vigilance of police men on duty.

Butswat said: "At about midnight on Saturday, there was an attempt to steal the corpse of the deceased but it was foiled by vigilant security men."

THISDAY gathered that the reasons for the attempt to allegedly steal the corpse,

which was deposited at the morgue of the Federal Medical Centre by the police, were unknown.

It was gathered that at about 12a.m., mortuary attendants at the Federal Medical Center alerted the men of the Operation Puff Adder and operatives of the Anti-cultism squad of the police on the strange request of some youths including a State House of Assembly member for the release of the corpse.

Eye Witnesses at the hospital told THISDAY that strange men arrived the hospital morgue in a Prado Jeep numbered PF 8025 C at about 12 a.m. and were accosted by men of the Operation Puff Adder, Operatives of the anti-cultism squad and an assistant commissioner of police, Operations.

According to a senior police source, about four unidentified youths were seen in the vehicle led by one ACP Emmanuel Asufi Idowu and a member of the State House Assembly (names withheld).

"We got information that the politician, four boys and a politicians were trying to

retrieve the corpse.

When the men of Operation Puff Adder arrived in company of another senior police officer,

ACP, Operation. They could not retrieve the corpse. "When they were asked what they were doing at the morgue at an

unholy hour, they claimed they were at the medical centre to pay the mortuary bill for the deceased. He was then asked

if he was the one that dropped the corpse? He said “no.” And they drove out of the FMC premises. "

PROMOTING GREEN HABITAT…

L-R: District Governor, Rotary Club 9110, Mr. Remi Bello; Ogun State Commissioner for Foresty, Mr. Tunji Akinosi, and the District Chairman for Planet Earth and Tree Planting Campaign, Mr. Henry Akinbobola, at a ceremony to honour promoters of green habitat, in Lagos... recently

Edo Police Declare Two Wanted Minister Explains Low Revenue Contribution over Alleged N27m Fraud of Mineral Sector to GDP Adibe Emenyonu in Benin City

The Edo State Police Command has declared two male suspects, Mr. Donald Enwereji and Mr. Desmond Alabi Omotakpor, wanted over their alleged involvement in a case of N27 million frauds.

Consequently, a warrant of arrest has been issued by a Magistrate Court in Benin City against the suspects.

According to the police command, the two were wanted for the offences of "Conspiracy, Advance Fee Fraud, Obtaining Money Under False Pretense and Diversion of Funds" to the tune of Twenty Seven Million Naira (N27,000,000.00) in Benin City.

In a statement signed by the Public Relations Officer of the Command, Mr. Bello Kontongs, one of the suspects, Desmond Alabi Omotakpor, "is a supervisor in GT Fast Food located at First East Circular Road Benin City.

He is Esan by tribe. He hails from Ujemen-Ekpoma in Esan West Local Government Area of Edo State.

He is 31 years old, 5.5 feet tall, bulky body weight, round face, large mouth, thin lips, good teeth, black eyes, dark in complexion, round chin, large head and low forehead.

"He was last seen on 24th August, 2021 and his last known address is No. 13 Ifouah Street, off Benin-Agbor Road Benin City, Edo State."

The statement alleged that the second suspect, Enwereji "is a supervisor in GT Fast Food located at Uselu Road Benin City. He is Igbo by tribe. He hails from Ezinihitte Mbaise in Imo state and he is 35 years old, 5 feet tall, medium built, oval face, no tribal marks, thin lips, good teeth, black eyes, fair in complexion, medium head, low forehead ,eye bra but not too bushy."

Kasim Sumaina in Abuja The Minister of Mines and Steel Development, Mr. Uchechukwu Sampson Ogah, has disclosed that several factors were responsible for the low contribution of the mineral sector to the country's economic development.

Highlighting the major achievement of his ministry in support of President Muhammadu Buhari's

diversification agenda, Ogah, stated that the ministry has, however, evaluated the issues and has taken some policy actions including the new export guidelines to address the causes of low revenue.

The Minister of State, in his address at the Annual Kaduna Economic and investment Summit, in Kaduna, said that in achieving President Muhammadu Buhari's mandate of diversifying

the economy, the ministry has among other things achieved the following: "The Optimization of revenue from the mining sector, strengthen collaboration with state governments and relevant security agencies to ensure security and safety of mining areas, introduce incentives to improve the investment climate for mining activities.

"Efforts are being made to stamp out illegal mining

and formalizing artisanal and small-scale mining activities across the country, collaborate with the private sector to create a large number of well-paying jobs for Nigerian youths."

Ogah, in a statement yesterday in Abuja, further said that, "arising from the above vision of Mr. President, the ministry of Mines and Steel Development has initiated the following programmes /interventions:

‘Doctors Nationwide Strike Would Be Resolved Soon’

Hammed Shittu inIlorin

The Chairman of House of Representatives’ Committee on Economic Development and National Planning, Hon. Abdulganiyu Olododo, during the weekend hinted that the ongoing nationwide strike of the members of the National Association of Resident Doctors (NARD) in the country would be

resolved in the next few weeks.

Olododo, who represent Ilorin East/Ilorin South Federal Constituency at the National Assembly, dropped the hint in Ilorin during a chat with journalists on the sideline of the flagging off of a 3km roads, inspection of site of Federal Medical Center located at Fufu Town, installation of 400 solar lights and 100 boreholes, among others, he attracted to his federal

constituency.

He said that the leadership of the National Assembly have been working round the clock with the leaders of the NARD to suspend the strike action.

Olododo added that “with the level of understanding the federal government have with doctors so far, I know the strike would soon be over in the next few weeks.”

The lawmaker enthused that

he facilitated the Federal Medical Center to my federal constituency based on the campaign promises he made to the people of the constituency.

He said: "During my campaign period in 2018/2019, I promised my people that when I'm elected into National Assembly I will facilitate federal presence to my constituency and this is one of such projects that God used me to get.

Pest Association Wants Govt Niger Youths Give Ultimatum to Articulated Vehicle Drivers action of the trailer/ tanker The Chairman of the holding travelers to ransom, to Priority Disease Control Laleye Dipo in Minna drivers as illegal.

Coalition, Mr. Bello Barau hence crippling and halting Funke Olaode

The Pest Control Association of Nigeria (PECAN) yesterday joined the rest of the world to mark the World Environmental Health Day with a call of the federal government, the public and private sector organisations to give priority to the regular disinfection of the public places in order to get rid of harmful diseases.

The theme for 2021 world environmental health day is, ‘Prioritising environmental health for healthier communities in the global recovery’.

The National President of PECAN, Olakunle Williams, said there is an integral connection among the environment, health, and economy, thereby demanding

more investment in the healthy recovery of the green and brown environment, in interface with the International Federation of Environmental Health, Environmental Health Officers Registration Council of Nigeria, the Federal Ministry of Health, all the states Ministries of Health, the environmental health practice bodies, the environmental health workforce and PECAN. According to him, “The Pest Control Association of Nigeria (PECAN) has the responsibility to ensure that the environment in our homes, workplaces, schools, shopping, recreational centres among others are safe and hygienic for healthy living through the collaborative efforts of its members throughout the country.

A coalition of Youth Associations in Niger State has issued a 48-hour ultimatum to articulated vehicle drivers who are currently protesting resulting in their blocking of Minna- Bida and Lambatta Bida roads.

This is just as the state government has declared the

The youths under the umbrella of the National Youth Council of Nigeria (NYCN) Niger State chapter warned the protesters that they could be forced to take "the laws into our hands at the expiration of the ultimatum" if the drivers did not withdraw their vehicles from the highway.

Yussuf, said: “The implications of this heinous act by these drivers who have constituted themselves not only as nuisance, but as a government within government, blocking and stampeding major highways at the slightest provocation, is that they are causing untold hardship and

economic activities."

He also asked NARTO and members of the Association of Tanker Drivers to apologise to Nigerlites and other road users with immediate effect before advising them to "be civil in addressing grievances rather than infringing on other citizens’ rights in the future."

Coalition Vows to Mobilise Workers to Form Political Party Ibrahim Oyewale in Lokoja Piqued by the current challenges facing Nigeria as a nation, a coalition , the People's Alternative Political Movement (TPAP-M) has vowed to mobilise the working class and individuals to form a political party towards bringing about the socialist transformation of

Nigeria.

The coalition made this known at the maiden town hall meeting in Lokoja at the weekend , stated that the TPAP-M has been established as movement for engagement , social intervention and struggle for political power.

The Chairman, Steering Sommittee of TPAP-M, Mr.

Opaluwa Eleojo, has disclosed that the time has come for the people to rescue the nation from near-total collapse in view of litany of challenges confronting the country now.

"We are going to mobilize the working masses of Nigeria towards attaining political power replacing the Nigerian ruling class and end anti

people economic and social policies.

"We are going to strengthen our relationship with the labour movement to fully empower the working masses, broaden the base and promote working peoples' control of political and economic process of Nigeria for the realization of Socialist transformation of Nigeria.

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MONDAYSPORTS

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

0811 181 3083 SMS ONLY Nigeria’s D’Tigress celebrating winning their third consecutive AfroBasket Championship title in Yaounde, Cameroon...last night

D’Tigress Beat Mali to Win Third Consecutive AfroBasket Title Duro Ikhazuagbe Niges.

Nigeria’s senior women’s basketball team, the D’Tigress continued their domination of the game in the continent last night as they claimed their third consecutive AfroBasket Championship title in Yaounde, Cameroon.

D’Tigress defeated Mali 70 – 59 to emerge champions of the 2021 AfroBasket

Championship.

Apart from the honour of winning Nigeria’s fifth title in the continent, the Coach Otis Hughley Jr led team have now gone 21 games unbeaten in Africa since 2017.

They are Africa’s second most successful team behind Senegal who have 11 AfroBasket titles.

The Nigerian ladies started the business of the day with precision. They

SEC Beats CBN to Emerge All Financial Institutions Champions Bassey Inyang in Calabar The Security and Exchange Commission (SEC), Football Club has emerged the winners of the 2021 edition of the All Financial Institutions Football Competition which ended in Calabar on Saturday.

In the final match played at the UJ. Esuene Sports Stadium, the SEC FC defeated CBN FC 4-2 by penalty shootout after an entertaining match that ended goalless at full time.

The CBN FC was the defending champions.

Before the final match, the Federal Inland Revenue Service (FIRS) FC, beat Babayoro FC 2-0 to win the Third placed match.

Both goals were scored by FIRS prolific striker, Ikeagwu ThankGod in the 78th, and 92nd minutes respectively.

Delivering his address as part of events to mark the end of this year's competition, the Governor of Central Bank, CBN, Mr. Godwin Emefiele said this was the 34th edition since the competition sponsored by the apex bank and organised in

collaboration with the Nigeria Football Federation (NFF) was inaugurated in 1979.

The CBN Governor who was represented by the CBN’s Deputy Director, Corporate Communications, Mr. Samuel Okogbue, said the annual competition aside from creating the necessary avenue for social interaction among financial institutions and regulators also facilitates the promotion of harmony in the nation's financial system.

Okogbue said that as part of its Corporate Social Responsibility (CSR) of the CBN, the bank remains committed to making positive contributions towards the promotion, and development of football and other sporting competitions such as golf and tennis.

He said the CBN will continue the sponsorship of the annual competition.

The CBN boss announced that the champions of this year's competition will receive N2 million, while the 1st runners-up, and the 3rd place teams will receive N1.5million, and N1 million, respectively.

raced to the front in the first quarter leading Mali by 11 points with a score of 22 points to the 11 of the girls from Bamako.

Although Mali fought back, outshooting Nigeria in the second quarter by 13-9, the Nigerian ladies merely used the quarter to assess laying down guards to feel the pressure.

They returned to the front again in the third quarter (59 – 38), leading with 21 points before heading into the final fourth quarter.

They then stepped on the gas, racing to 70-59 before the final second buzzer with

the third consecutive trophy already in the back.

Nigeria has now won the three last editions hosted in Bamako (2017), Dakar (2019) and now Yaounde (2021) .

Meanwhile, Nigeria’s Sports Minister, Sunday Dare, has sent congratulatory messages to the team in Yaounde, Cameroon.

Dare said Nigeria's victory is confirmation of her dominance of the sport in Africa.

"Clearly now Nigeria's dominance of the sport is indisputable. This is the evidence that Nigeria's women basketball can be

ranked as a world-class programme. We have to sustain this momentum.

This is remarkable, winning the Afrobasketball Championships for an unprecedented third time.

"I salute the team(D'Tigress) for their professional commitment and execution. They have done the nation proud and maintained the positive results we have achieved in sports in the last few weeks,” he noted with pride.

The victorious team was hosted to a dinner last night by Nigeria’s ambassador to that country,

Ambassador Gabriel Abayomi Olorinsakin.

Team sources said last night that Ambassador Olorinsakin who had served Nigeria in recent years as the Chief of Defence Staff was of a great support to the team since they arrived in Yaoundé last week.

The Ambassador and his staff supported the team from the stands at the stadium; visited the team’s Yaahot Hotel residence to check on them and supplied baskets of fruits and other goodies to team on a daily basis till they triumphed last night.

Osimhen Leads Napoli to Reclaim Top Spot of Italian Serie A

Victor Osimhen (right) celebrating with his Napoli teammates after the 2-0 defeat of Cagliari...yesterday

Victor Osimhen helped Napoli maintained their perfect start to the Italian Serie A season yesterday with a 2-0 win over Cagliari which ensured they reclaimed top spot from AC Milan.

Luciano Spalletti's side cruised to their sixth victory in as many league games against a Cagliari team coached by former Napoli manager Walter Mazzarri thanks to Victor Osimhen's sixth goal in all competitions this month and Lorenzo Insigne's second-half penalty.

They are two points ahead of AC Milan after another confident display that ends a week in which they scored 10 goals without reply in three league matches.

They made easy work of a passive Cagliari, with Osimhen making it four Serie A goals in five appearances this campaign in the 11th minute when he met Piotr Zielinski's low cross with a typically assured finish.

Osimhen was involved again when a lowkey match was settled in the 57th minute, the in-form Nigeria attacker being cleaned out by Diego Godin and Insigne lashing home the subsequent penalty to ensure a simple win.

Next weekend Napoli travel to Fiorentina in what will be the first true test of their title credentials, as their 2-1 win over Juventus earlier this month came against a team missing a host of starters.

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MONDAY, ͺͿ˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS

HERO WITH ZERO

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igerians were treated to a spectacle at the Tokyo 2020 Olympic Games.

As each day passed by, Blessing Oborududu became an instant hero with her steady and skillful way of fighting that a lot of viewers started calling herAmalinze the cat (thanks to Chinua Achebe’s classic Things Fall Apart). She always jogged battle ready like a combatant into the fighting arena and showed each time she was being introduced to fight.

With each fight, she outscored her opponents easily earning technical knockouts. The hopes of millions of expectant viewers rose each day on her as our hopes for medals waned in many other sports as the Games progressed.

And she delivered. She won the silver medal (our highest Medal at the Tokyo Games) losing to America's Tamyra Mensah-Stock in the finals thus becoming the first Nigerian to win an Olympic medal in wrestling.

Despite the shock and relief in equal measure at Oborududu winning Nigeria’s solitary Silver medal at the Olympics in Tokyo (The other medal was won by Ese Brume-a bronze medal in the Long Jump), she has not been generally unknown. She has won a gold medal at the African Wrestling Championships every year for the last 11 years,

Ese Brume (left) and Blessing Oborududu...snubbed by big brands

except for 2012 when she did not enter due to competing in the 2012 Summer Olympics. She won the bronze medal in the women's middleweight at the 2014 Commonwealth Games after defeating Chloe Spiteri in her bronze medal match and upgraded the medal to a gold medal at the Gold Coast 2018 Commonwealth Games. So for the better part of a decade, she has been a colossus in world freestyle wrestling.

So why has such a great champion been relatively unknown to Nigerians and why after such a heroic feat at the Olympics is she not celebrated nationally, endorsed by big corporations and branded as a great role model to young girls? Where is the dollar rain that usually comes to people that achieve this type of success?

We have seen people of less worthy achievements become ambassadors for organizations in Nigeria. We know how some telecom companies throw millions at some young ladies for just appearing on TV as actresses or even less talent required appearances like Big Brother? Why would someone that portrays determination, hard work, focus, single-minded goals, strength and patriotism not be an instant bride to organizations that have these as part of their core values?

This question was posed by a sports lover online and Nigerian came up with different views. A lot of people postulated that she does not represent the vulgarity of sex and that is why she has no endorsement in the male dominated corporate world.

She does not ‘twerk’ online, her

appearance has no sex appeal (euphemism for not having big breasts and an over rounded buttocks). In a country where morality is slowly fading from the community, a lot of people agree that if she were having sex publicly on TV like some do in Big Brother, she would have had lots of money and endorsements already.

In an industry where great champions make millions of dollars off the field of play, Nigerian sports men and women get nothing. Let us look at some ladies worldwide in other climes.

Simone Biles, an American gymnast and Olympian earns at least $5 million annually in endorsements, according to Forbes estimates, and has a dozen partners: Athleta, SK-II skin care products, Visa, United Airlines, Mondelez’s Oreo brand, Core Power fitness shakes, Candid teeth aligners, GK Elite gymnastics apparel, Spieth America gymnastics equipment, Uber Eats, MasterClass and Facebook Watch. Alex Morgan, an American soccer player, has more than a dozen current sponsors, including Nike, Coca-Cola KO -0.3%, Volkswagen and AT&T. Her latest is an Alex Morgan Barbie Doll, as part of the brand’s Role Model Series. Katie Ladecky (swimming) earns over 3 million dollars a year in endorsements and Sue Bird (Basketball) over

a million dollars a year. This is not adding the big earners like Naomi Osaka and Serena Williams who both earn over 27 million dollars a year in endorsements alone.

Three days after shocking the world and winning the US open, 18-year-old tennis star, Emma Raducanu, got her first endorsement, an ambassador for the iconic Tiffany and Co jewelry store where she will earn close to 10 million dollars. In fact, sponsorship and PR experts have predicted Emma Raducanu could earn up to £1billion across her career - with many big-name brands circling after her US Open win.

So why aren’t our Nigerian successful athletes recognized by our Nigerian companies?

Why do our female athletes not get any endorsements?

(The male footballers like Kanu Nwankwo, Austin Jay jay Okocha, Odion Ighalo have attracted some brands.) Brand endorsements would go a long way of inspiring younger ones to take up the sports and stop some other vices they may go into.

Do we put the blame on the athletes? Some criticize them of not being educated enough, or savvy or lacking of business acumen. Do we blame the sports journalists that do not expose them enough? Or write about their stories? Do we blame the corporate organizations that feel sports and sports people are just charity cases? Who do not see value in the hours of hard work it takes to be a champion? Do we blame sports managers or brand managers?

Who do not see these people are worthy of a brand and feel women need to appear in a particular non-sporty way to look attractive to brands. Do we blame an ignorant public?

Who cheer these girls during the big competitions and careless of what they go through and how they do so once the competition is over.

The problems would not be solved with a magic wand but the fact remains that Blessing Oborududu and Ese Brume our only medalists at the Tokyo 2020 Olympic Games may be heroes to us all but have nothing in cash to show for it for now.

NIGERIANS IN EUROPEAN LEAGUES

Bukayo Saka...score first goal since January as Spurs crumble at the Emirates Stadium....yesterday

Moses Simon’s Goal Not Enough for Nantes Joel Obi and Simy Fall in Sassuolo PREMIER LEAGUE

Arsenal Gun Down Spurs in a North London Derby Arsenal's revival gathered pace as Tottenham's recent decline continued in an entertaining north London derby at Emirates Stadium.

The Gunners propped up the table after three games while Spurs were top under new manager Nuno Espirito Santo - how things have changed as a rampant Arsenal ripped their shambolic rivals to shreds in a brilliant first half.

Emile Smith Rowe started the celebrations for the Arsenal fans when he arrived unmarked to sweep home Bukayo Saka's cross after 12 minutes before the scorer turned provider as PierreEmerick Aubameyang got the second midway through the half.

Spurs were producing a horror show and nothing summed it up better than Arsenal's third after 34 minutes. Harry Kane fell over the ball in a Spurs attack then missed two tackles on Saka as he raced back into his own penalty area to try to rescue the situation. Saka compounded the agony with a calm finish.

Inevitably, Spurs improved after the break, Kane bringing a good save from Aaron Ramsdale and wasting a good chance, before Son Heung-min pulled one back.

Ramsdale spared Arsenal any late anxiety with another superb stop, touching Lucas Moura's shot on to the bar as Mikel Arteta's side closed out a richly deserved win.

Nigerian internationals Simy Nwankwo and Joel Obi, were introduced as subs in the 64th minute in the Salernitana versus Sassuolo clash in the Italian Serie A yesterday but that could not stop Salernitana from dropping points.

The lone goal scored by

Obi

Domenico Berardi in the 54th minute was all the hosts Sassuolo needed to clinch all three points and move up to 12th spot on the Italian topflight log.

Salernitana stay rooted at the bottom on just one miserable point from six games so far this season.

Nwankwo

Moses Simon scored a goal as Nantes lost their French Ligue 1 clash at Reims 3-1 yesterday. His goal was not enough to make their share the spoil with the hosts.

The Super Eagles winger who made his seventh appearance for Nantes brought back parity the visitors in the 62nd minutes after Thomas Foket had given Reims the lead in the 51st minutes.

That hope of a share of the points at stake however faded when Hugo Ekitike extended Reims lead to 2-1 in the 72nd minutes before grabbing his brace in the 78th minutes with a simple finish.

The victory ensure the host pick the three points and move 10th on the table on 10 points while Nantes sit ninth on the log. Simon played all 90 minutes and has made five assists.

Horrible Day for Okoye in Dutch Eredivisie In the Dutch Eredivisie yesterday, Maduka Okoye had a terrible day in the office as Sparta Rotterdam were hammered 4-0 at home to Cambuur.

Okoye has now conceded in all of Sparta Rotterdam’s seven games played so far this season.

The Super Eagles first choice goalkeeper has now conceded 14 goals in the early stages of the current campaign.

Sunday’s humiliating defeat to Cambuur means Sparta Rotterdam are winless in their last three games (two draws, one loss) The defeat leaves Sparta in 13th position on six points in the 18-team league table.

Okoye

Monday September 27, 2021

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& RE A SO

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Price: N250

MISSILE Bianca to Obiano “It is ironic that today Governor Willie Obiano has resuscitated Dim Ojukwu’s pictures for use in campaigning for the upcoming elections in Anambra. This is the height of opportunism and hypocrisy” – Wife of the late Biafran leader, Odumegwu Ojukwu, Bianca, criticising Anambra State Governor, Willie Obiano, for using the name of husband to campaign.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Still on Renewables and the Future of Gas

I No, Renewables Cannot Change the Future of Gas n our last intervention on Monday, September 5, 2020, we argued that despite the aggressive push for green and clean energy, Nigeria should focus on utilising its enormous

gas reserves for its economic benefit.

Today, as it is our tradition, we yield the column to a subject matter expert to share his views on gas and renewables.

Dr. Godswill Ihetu, an octogenarian,

I

have read your brilliant, seminal and well researched article on this subject matter and I am provoked to reply. My contribution is not in disagreement. It is rather in not only agreeing but to amplify and emphasize the enormous importance of this subject matter, considering our country’s huge natural gas assets.

Climate change issues have brought us to this point. Alarms being sounded about global warming and reducing carbon dioxide emissions have been identified as a major strategy in mitigating this phenomenon, and thereby reducing the socalled severe weather events such as hurricanes, fires and even droughts. Global warming has also led to the melting of arctic ice over the years, resulting in the rise of sea levels which in turn cause severe floods. Climate change scientists have found that fuels, such as coal and hydrocarbons consisting of crude oil, natural gas and methane, emit excessive carbon dioxide into the atmosphere thereby depleting the ozone layer in the atmosphere. They have, therefore, advocated the reduction or elimination fossil fuels which have been fueling civilizations for decades, if not centuries. The 2015 Paris Climate Change Agreement had tried to obtain a global consensus regarding ways to reduce the use of fossil fuels and therefore emissions. The industrial revolution would probably never have happened without coal. Before the advent of electric and diesel driven locomotives in railway, coal was used in steam engines. Coal was also burned for space heating in temperate climates, and in furnaces used in converting ore minerals into their useful states. Coal was versatile in application hence it earned the sobriquet ‘King Coal’. Unfortunately, burning coal is one of the biggest contributors to carbon emissions. Phasing out coal plants will be on the agenda in COP26 in Glasgow this November. Research reports indicate that globally, plans for new coal power plants were cancelled since 2015, following the Paris Climate Agreement. Consequently, about 40 countries no longer have any future coal power plants.

Renewables are now energy sources that are planned to replace fossil fuels. However, they have their limitations because of which I believe they pose no threat to the future of gas. Nuclear is the largest source of renewable energy. Other major sources are solar, wind, hydro, geothermal and hydrogen. Hydrogen is the new kid on the block. Although Shell sees hydrogen-based fuels as the long-term zero-emission fuels, Wood McKenzie is quoted as saying that hydrogen is so new that its future remains unclear. Renewables produce energy for use in electricity for cars, trains, industry, and space heating and cooling.

On the other hand, natural gas produces not only electricity, but also provides feedstock for manufacture of chemicals, petrochemicals and fertilizers. Renewable resources are localized, whereas natural gas can be transported across the world by pipelines or by LNG ships. Solar has its limitations in application in temperate areas of the northern hemisphere which does not have sufficient sunshine all year round. For wind turbines, wind speed is weather dependent and may also not produce energy all year round.

They therefore generate electricity intermittently

Buhari in some locations. Other limitations on wind are that turbine farms constitute an eyesore on the landscape and generate noise pollution for nearby communities. Because Solar and wind sources can be intermittent, they often require natural gas as back up energy source for electric power to fill the gap because it is easy to switch on and off. Hydro and geothermal have always been available and occur naturally in some countries, but hydro also depends, to some extent, on rainfall and can also be affected by drought. In summary, these renewable sources can be volatile whereas gas is clean, available and reliable; and poses little threats to the environment. The CEO of Chevron, Mike Wirth is quoted as saying that the company will not be betting heavily on wind and solar power, unlike other oil majors because it believes it will not create enough value for shareholders. There appears to be no consensus in this debate, and the jury appears to be still out on renewables.

To reduce the dangers in burning coal and fossil fuels, the advanced economies embraced nuclear technology for power generation. Uranium is the fuel most widely used in nuclear power plants.

Uranium is derived from mines around the world.

These mines also emit carbon in mining operations.

Nuclear power has since replaced much of coal and fossil fuels in electricity generation. Nuclear power is carbon free and is playing a key role in energy transition. However, nuclear power, despite being clean and efficient, has neither been entirely popular nor safe. The 1986 nuclear accident in Chernobyl in present day Ukraine was the worst nuclear disaster in history. As recently as 2011 we witnessed the Fukushima Daiichi nuclear power station disaster in Japan, resulting from a weather event of earthquake and accompanying tsunami. It was the most severe nuclear accident since Chernobyl. The cost of decommissioning the damaged nuclear plants was put at $73 billion. Consequently, nuclear reactors were shut, leaving Japan completely without nuclear-produced power for the first time since 1970.

was a Managing Director of Nigerian Liquefied Natural Gas (NLNG). He was also a one-time Managing Director of Nigerian Gas Company (NGC) as well as GED, Engineering & Technology, NNPC.

I guess we cannot get any better than this and we thank Dr. Ihetu immensely for adding value to this discourse. He would love to get feedback via gsihetu@ gmail.com

This accident dealt a blow to the plans to scale up nuclear to address climate change issues.

Consequently, several countries, including Germany, opted to phase out nuclear energy. Natural gas was called to step into the gap. Germany increased its gas import from Russia even against opposition from the United States. Obviously, the safety and reliability of nuclear energy cannot be guaranteed. Whereas the French had invested substantially and were perhaps comfortable with retaining their plants, the Italians were not. In 1989, Italy voted in a referendum and rejected further use of nuclear power plants. ENEL, the national electricity company of Italy, was in a panic and started looking for gas frantically.

Probably, without the Chernobyl accident our LNG project would not have taken off when it did. Here is how. Nigeria LNG was incorporated in 1989, and as with all gas sales projects, you must find a long-term customer before you commit to construction of your facilities. NLNG had offers to sell gas to France, USA, Italy and Spain. The prices being offered were not attractive enough to make the NLNG project economically viable. Then suddenly we were approached by ENEL. In their desperation they were willing to buy at prices which were double those already being offered by other buyers. We grabbed the opportunity and were willing to offer almost 50% of our capacity to ENEL. That singular transaction changed the economics of the NLNG project and made it viable. I should add that the agreement, signed in 1991 with ENEL, is still in place to this day.

The object lesson here is that often, forecasts and targets are frustrated by unforeseen circumstances.

This was a world heading for nuclear as fuel of the future and suddenly it returned to gas.

Even some coal mines that had been closed were re-opened after the Chernobyl nuclear disaster. Today, there are forecasts and projections regarding the demise of fossil fuels. We must be reminded that some developed countries are still using coal for power generation even though it has long been established that natural gas is a much cleaner fuel. The death of coal had been pronounced decades ago. Shell has a target to achieve net zero-emissions by 2050. Given the huge investment required to achieve this goal, Shell like most International Oil Companies (IOCs) is not confident that this target is realistic. As we have seen in Chernobyl and Fukushima, it takes a major accident or weather incident to change the forecasts and energy transition scenarios.

Oil and gas prices are currently rising, causing a gas supply and electric power supply crisis in Europe and the US. This is driving up demand and the prices of pipeline gas and LNG exports. To bridge the shortfall in electricity supply, Germany has made a dramatic return to coal. There are countries in Asia returning to coal and fuel oil for power generation as gas prices spike. The rise in gas prices is partly being blamed on hurricane Ida damage to oil facilities in the US Gulf of Mexico, which led to gas shut ins. In fact, prices have doubled this year which seems to confirm that companies worldwide accept natural gas as the clean fuel of choice. In my opinion, this situation clearly demonstrates the pivotal role

of gas in global energy supply and industrial production. It is said that the rising demand and low inventories are attracting investors into natural gas production in the US. Some analysts are of the opinion that oil and gas prices will remain high for longer as companies resist the urge and are reluctant to increase production and development, due to investors being nervous about the long-term future of their investments.

One analyst thinks that the gas supply crunch is “going to put the focus on this commodity that’s been overlooked for the past several years.”

My answer to the question posed by this article, if renewable will change the future of gas, is No. What does the rise of renewable portend for the future of gas in Nigeria? Nigeria and the world at large, is endowed with enormous oil and gas resources, which are not likely to be abandoned. If we must produce natural gas, we must produce crude oil, because we cannot produce oil without the Associated Gas (AG).

Nigeria needs to produce crude oil because we need the revenue badly. We also need crude oil for our domestic refineries with an installed refining capacity soon to be in excess of 1.1 million barrels per day, considering the potential production from the NNPC, Dangote Industries and privately-owned mini refineries.

The challenge we have with AG is to fully utilise them. Because of our low industrial base, we flare some of the AG. Thankfully, Nigeria NLNG now processes much of this gas in its Trains 1 to 6 plants, with Train 7 on the way. Excess AG can find home in NLNG plants or new LNG projects. OKLNG which was hitherto abandoned can be re-launched.

Our huge reserves of Non-Associated Gas (NAG) were discovered in the search for oil.

What should we do with these reserves? We can use them in power generation, manufacturing of chemicals, and urea for fertilizers. Natural gas is also used for processing of chemicals, fertilizers, paper and glass, among other products. The federal government has announced its National Gas Expansion Programme (NGEP) which plans to fuel vehicles with Compressed Natural Gas (CNG). The NGEP may well represent one of our own responses to energy transition without recognizing it. Nigeria LNG has declared a Decade of Gas and has therefore been optimistic enough to foresee expansion of its capacity to Trains 8, 9 and 10. Is there a market for this? Should we trust their optimism? They should know. NLNG was a joint winner of a World LNG award for most outstanding contribution in the industry for 2020. NLNG was “adjudged to be one of the two best organizations that have made outstanding contributions to the industry and has shown itself to be an industry leader.” This award was earned despite the covid-19 pandemic of 2020. r%S ( 4 *IFUV XBT B .BOBHJOH %JSFDUPS PG /JHFSJBO -JRVFà FE /BUVSBM (BT /-/( .BOBHJOH %JSFDUPS PG /JHFSJBO (BT $PNQBOZ /($ BOE (&% &OHJOFFSJOH 5FDIOPMPHZ //1$ NOTE: Read the full piece in the online edition on www.thisdaylive.com

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